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2021-04-17

Any good suggestions

Buy a house or stocks? This is how American residents currently view it

2021-04-17

This news any suggestions

Apple Spring Event Preview: What New Products Will Be Showcased at This Year's "Tech Spring Festival Gala"?

2021-04-16

Verygood

JPMorgan Chase will issue $13 billion in bonds, setting a new record for the largest bank bond issuance.

2021-04-14

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2021-04-13

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Ctrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.

2021-04-13

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2021-04-12

Whose problem

Whose fault is it that automakers are facing chip shortages and bottlenecks?

2021-04-12

This is something

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2021-04-11

Very good

2021-04-09

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Ctrip, which is going public in Hong Kong for the second time, really knows how to play!

2021-04-09

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Lychee: Institutional investors will buy $30 million in ADS and warrants

2021-04-08

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2021-04-07

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Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year

2021-04-06

Very good

2021-04-05

Huat

2021-04-01

Very Good

Sorry, the original content has been removed

2021-03-22

Good luck

2021-03-22

Good luck

Sorry, the original content has been removed

2021-03-22

?

Aauto Quicker joins the second-hand e-commerce track, accumulating 630,000 orders in the past 3 months

2021-03-19

Good luck

Pre-market fluctuations: Digital asset craze heats up! NFT concept stocks surge

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This is how American residents currently view it","url":"https://stock-news.laohu8.com/highlight/detail?id=2128537854","media":"格隆汇","summary":"2021年，美国家庭更加青睐房地产。","content":"<p>The significant increase in household savings due to the impact of the pandemic is almost a common problem facing the world. Besides consumption, how can we make reasonable investment plans? This report from the New York Fed might give me some clues. Some U.S. real estate data slowed in the first quarter of this year, but from a micro perspective, we might as well be optimistic.</p><p><b>text</b></p><p><b>Housing is the largest asset owned by most households and the main means of wealth accumulation, especially for the middle class.</b>。 However, our understanding of how families view and compare real estate and financial investments is limited, partly because their differences exceed common risk and return standards. On the one hand, housing is an important source of household leverage, and it is also a reliable tool for preserving savings. Owner-occupied residences can also provide stability and effective hedging against rising housing costs. On the other hand, housing is far less liquid than financial assets and requires more time to manage.</p><p>In this article, we use data from the recently released SCE Housing Survey to answer several related questions about how households view real estate: Do households view housing as a good investment option compared to financial assets such as stocks? Do different groups have different preferences for housing investment? What factors do families consider when choosing between the housing market and the stock market?</p><p><h3><b>Design of survey data</b></h3>The SCE Housing Survey recently launched a new survey that targets households' preferences for real estate and the stock market and the reasons behind them. In the survey, respondents will imagine themselves giving financial advice to a local couple in their 30s: buy a house or buy stocks. The couple has just received a gift that could fully cover the down payment on their home. There are two scenarios for the question: one is to ask the young couple whether they should buy their own home or invest in the stock market, and the other is to assume that the couple already owns a home and whether they should invest in rental real estate or stocks.</p><p>Each respondent randomly answered one of the above questions. After giving a suggestion, respondents were asked to choose a reason for making the suggestion from a range of factors, including higher stock returns, less volatile real estate returns, whether it was a reliable savings preservation tool, or they could provide their own reasons. This survey was conducted in February 2020 (primarily prior to the COVID-19 outbreak in the United States), October 2020, and February 2021, and the results are reported below:</p><p><h3><b>Housing is a good investment</b></h3>The table below lists the distribution of results from real estate and stock market financial advice at different stages. Generally speaking,<b>Compared with the stock market, families generally believe that housing is a good investment</b>。 When asked whether to invest in rental real estate or the stock market, more than 50% of the surveyed families recommended housing. When choosing between first-time homebuyers and stocks, more than 90% of respondents chose housing, indicating a stronger preference for housing.</p><p>An interesting finding is that,<b>People's preference for real estate declined in October 2020, but returned to pre-pandemic levels in February 2021.</b>。 By examining the reasons for these choices, we found that this shift from real estate preferences in October 2020 was not driven by lower house price expectations, but reflected other reasons. For example, investors are more concerned about the risk of vacant rental properties. Regarding the purchase of owner-occupied homes, respondents were less concerned about the stability provided by owner-occupied homes after the outbreak of the pandemic. This may be due to concerns that the inability to pay mortgages will shorten the period of time they will live in their current homes.</p><p><img src=\"https://static.tigerbbs.com/7446f0bfef91d753b549564a8bb711bb\" tg-width=\"1080\" tg-height=\"832\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/847eb2c2296ba22d4e737a7120244700\" tg-width=\"1080\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p><h3><b>What are the differences in how different groups view real estate investment?</b></h3>Next, we examined the differences in perceptions of real estate investment among different groups.<b>Two important factors affecting questionnaire responses were gender and education</b>。 In this analysis, we focus on the comparison between rental housing and stocks. The next chart shows,<b>Women and non-college graduates prefer housing more than others</b>。</p><p>Part of the explanation for the gender difference is that in our sample, men are more willing to take risks and invest in the stock market than women, because stock market returns are more volatile. Regarding the education gap, college graduates tend to believe that the stock market offers higher returns than the housing market, and cite \"time-consuming management of rental properties\" as one of the reasons for choosing the stock market.</p><p>We also noted that in the October 2020 survey, these gender and education gaps narrowed significantly as women and non-college graduates temporarily reduced their preferences for real estate. In future research, we intend to examine the factors behind the gender and education gaps, and why they temporarily reduced their preference for the housing market during the pandemic.</p><p><img src=\"https://static.tigerbbs.com/6f2d9bb4a87ab766c9b9efd11c4e9187\" tg-width=\"500\" tg-height=\"435\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Reasons for choosing housing</b></h3>When discussing reasons for choosing housing, the chart below shows the percentage of respondents who recommended choosing to buy their first home rather than investing in the stock market. Respondents can choose multiple reasons. As you can see, the selection ratio for each reason is quite reasonable. \"An ideal and stable living environment\" and \"relatively low price fluctuations\" are the most common reasons. Compared to the answers in 2020,<b>In 2021, more respondents chose higher housing returns and lower volatility for two reasons.</b>However, fewer respondents chose other reasons, including saving on rent, stability, locking in housing costs, and effective savings methods.</p><p><img src=\"https://static.tigerbbs.com/7b5e4a78e93e5b919a8ccf14824ba5c6\" tg-width=\"500\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p><h3><b>conclusion</b></h3>Real estate is an important asset class for middle-class families. Surveys conducted before and during the pandemic indicate that investors perceive housing (including rental properties and owner-occupied residences) as a sound investment relative to the stock market. There are significant differences in housing preferences among different groups, with women and non-college graduates preferring housing more. Compared to before the pandemic, more families are now citing higher returns and lower volatility as reasons to enter the housing market.</p><p><i>This article is translated from a recent report by the New York Federal Reserve.</i><b><i>Do People View Housing as a Good Investment and Why?</i></b><i>》，Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang</i></p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy a house or stocks? 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This is how American residents currently view it\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-04-17 14:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The significant increase in household savings due to the impact of the pandemic is almost a common problem facing the world. Besides consumption, how can we make reasonable investment plans? This report from the New York Fed might give me some clues. Some U.S. real estate data slowed in the first quarter of this year, but from a micro perspective, we might as well be optimistic.</p><p><b>text</b></p><p><b>Housing is the largest asset owned by most households and the main means of wealth accumulation, especially for the middle class.</b>。 However, our understanding of how families view and compare real estate and financial investments is limited, partly because their differences exceed common risk and return standards. On the one hand, housing is an important source of household leverage, and it is also a reliable tool for preserving savings. Owner-occupied residences can also provide stability and effective hedging against rising housing costs. On the other hand, housing is far less liquid than financial assets and requires more time to manage.</p><p>In this article, we use data from the recently released SCE Housing Survey to answer several related questions about how households view real estate: Do households view housing as a good investment option compared to financial assets such as stocks? Do different groups have different preferences for housing investment? What factors do families consider when choosing between the housing market and the stock market?</p><p><h3><b>Design of survey data</b></h3>The SCE Housing Survey recently launched a new survey that targets households' preferences for real estate and the stock market and the reasons behind them. In the survey, respondents will imagine themselves giving financial advice to a local couple in their 30s: buy a house or buy stocks. The couple has just received a gift that could fully cover the down payment on their home. There are two scenarios for the question: one is to ask the young couple whether they should buy their own home or invest in the stock market, and the other is to assume that the couple already owns a home and whether they should invest in rental real estate or stocks.</p><p>Each respondent randomly answered one of the above questions. After giving a suggestion, respondents were asked to choose a reason for making the suggestion from a range of factors, including higher stock returns, less volatile real estate returns, whether it was a reliable savings preservation tool, or they could provide their own reasons. This survey was conducted in February 2020 (primarily prior to the COVID-19 outbreak in the United States), October 2020, and February 2021, and the results are reported below:</p><p><h3><b>Housing is a good investment</b></h3>The table below lists the distribution of results from real estate and stock market financial advice at different stages. Generally speaking,<b>Compared with the stock market, families generally believe that housing is a good investment</b>。 When asked whether to invest in rental real estate or the stock market, more than 50% of the surveyed families recommended housing. When choosing between first-time homebuyers and stocks, more than 90% of respondents chose housing, indicating a stronger preference for housing.</p><p>An interesting finding is that,<b>People's preference for real estate declined in October 2020, but returned to pre-pandemic levels in February 2021.</b>。 By examining the reasons for these choices, we found that this shift from real estate preferences in October 2020 was not driven by lower house price expectations, but reflected other reasons. For example, investors are more concerned about the risk of vacant rental properties. Regarding the purchase of owner-occupied homes, respondents were less concerned about the stability provided by owner-occupied homes after the outbreak of the pandemic. This may be due to concerns that the inability to pay mortgages will shorten the period of time they will live in their current homes.</p><p><img src=\"https://static.tigerbbs.com/7446f0bfef91d753b549564a8bb711bb\" tg-width=\"1080\" tg-height=\"832\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/847eb2c2296ba22d4e737a7120244700\" tg-width=\"1080\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p><h3><b>What are the differences in how different groups view real estate investment?</b></h3>Next, we examined the differences in perceptions of real estate investment among different groups.<b>Two important factors affecting questionnaire responses were gender and education</b>。 In this analysis, we focus on the comparison between rental housing and stocks. The next chart shows,<b>Women and non-college graduates prefer housing more than others</b>。</p><p>Part of the explanation for the gender difference is that in our sample, men are more willing to take risks and invest in the stock market than women, because stock market returns are more volatile. Regarding the education gap, college graduates tend to believe that the stock market offers higher returns than the housing market, and cite \"time-consuming management of rental properties\" as one of the reasons for choosing the stock market.</p><p>We also noted that in the October 2020 survey, these gender and education gaps narrowed significantly as women and non-college graduates temporarily reduced their preferences for real estate. In future research, we intend to examine the factors behind the gender and education gaps, and why they temporarily reduced their preference for the housing market during the pandemic.</p><p><img src=\"https://static.tigerbbs.com/6f2d9bb4a87ab766c9b9efd11c4e9187\" tg-width=\"500\" tg-height=\"435\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Reasons for choosing housing</b></h3>When discussing reasons for choosing housing, the chart below shows the percentage of respondents who recommended choosing to buy their first home rather than investing in the stock market. Respondents can choose multiple reasons. As you can see, the selection ratio for each reason is quite reasonable. \"An ideal and stable living environment\" and \"relatively low price fluctuations\" are the most common reasons. Compared to the answers in 2020,<b>In 2021, more respondents chose higher housing returns and lower volatility for two reasons.</b>However, fewer respondents chose other reasons, including saving on rent, stability, locking in housing costs, and effective savings methods.</p><p><img src=\"https://static.tigerbbs.com/7b5e4a78e93e5b919a8ccf14824ba5c6\" tg-width=\"500\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p><h3><b>conclusion</b></h3>Real estate is an important asset class for middle-class families. Surveys conducted before and during the pandemic indicate that investors perceive housing (including rental properties and owner-occupied residences) as a sound investment relative to the stock market. There are significant differences in housing preferences among different groups, with women and non-college graduates preferring housing more. Compared to before the pandemic, more families are now citing higher returns and lower volatility as reasons to enter the housing market.</p><p><i>This article is translated from a recent report by the New York Federal Reserve.</i><b><i>Do People View Housing as a Good Investment and Why?</i></b><i>》，Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang</i></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/460858\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b88e2fdae8e5bd88881023c7c82026ea","relate_stocks":{"09979":"绿城管理控股"},"source_url":"http://www.gelonghui.com/p/460858","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2128537854","content_text":"疫情冲击下居民储蓄大幅增加几乎是全球面临的共同问题。除了消费外，如何合理进行投资布局？纽约联储的这篇报告可能给我一些线索。美国房地产的部分数据在今年第一季度有所放缓，但从微观层面来看，我们不妨乐观一点。\n正文\n住房是大多数家庭拥有的最大额资产，并且是财富积累的主要手段，对于中产阶级尤其如此。然而，对于家庭如何看待和比较房地产投资和金融投资我们了解很有限，这部分是因为它们的差异超出了常见的风险和收益标准。一方面，住房是家庭加杠杆的重要来源，同时也是可靠的储蓄保值工具。自住住宅还可以为住房成本上涨提供稳定性和有效对冲。另一方面，住房的流动性远低于金融资产，并且需要更多的时间来管理。\n在这篇文章中，我们使用来自刚刚发布的SCE住房调查的数据来回答有关家庭如何看待房地产的几个相关问题：与金融资产（例如股票）相比，家庭是否将住房视为一种良好的投资选择？不同人群是否对住房投资的偏好存在差异？家庭选择房市还是股市时会考虑哪些因素？\n调查数据的设计\nSCE住房调查中最近推出一项新调查，针对性调研住户对房地产和股市的偏好及背后的原因。在调查中，受访者将在假想自己为本地区一对30多岁的夫妇提供理财建议：买房子还是买股票，这对夫妇正好刚获得一笔可以足额支付购房预付款的馈赠资金。问题有两种场景：一种是问这对年轻夫妇是购买自住住宅还是投资于股票市场，另一种是假设这对夫妇已经拥有住房，他们是该投资租赁地产还是股票。\n每个受访者随机回答上述某一问题。在给出建议后，受访者还需从一系列因素中选择作出该项建议的理由，这些因素包括股票收益更高，房地产收益波动更小，是不是可靠的储蓄保值工具等，或者也可以提供自己的理由。这一调查分别在2020年2月（主要是在美国COVID-19爆发之前），2020年10月和2021年2月进行，结果报告如下：\n住房是一种很好的投资\n下表列出了不同阶段房市股市理财建议的结果分布情况。一般而言，与股市相比，家庭普遍认为住房是一种好的投资。当被问及是投资租赁房地产还是投资股市时，超过50%的调查家庭都推荐了住房。在首套住宅与股票的选择场景中，超过90%的受访者选择住房，对住房的偏好更为强烈。\n一个有趣的发现是，人们对房地产的偏好在2020年10月有所下降，到2021年2月又回到了疫情前的水平。通过考察这些选择的理由，我们发现2020年10月，这种从房地产偏好的转变并不是由较低的房价预期推动，而是反映了其他原因。例如，投资者更担心空置出租房屋的风险。对于购买自住住宅，疫情爆发后调查对象更少在意自住住宅提供的稳定性，这可能是因为担心无法支付抵押贷款导致在当前房屋中居住的期限会缩短。\n\n\n不同人群看待房地产投资有什么差异？\n接下来我们研究了不同人群对房地产投资的看法差异。影响问卷回答的两个重要因素是性别和教育。在这一分析中，我们将重点放在租赁住房与股票的比较上。下一张图表显示，女性和非大学毕业生比其他人更青睐住房。\n对于性别差异，部分解释是在我们的样本中，男性比女性更愿意承担风险，更愿意投资股市，因为股市的回报率波动性更大。对于教育差距，大学毕业生倾向于认为股市的回报高于住房市场，并将“管理租赁房产耗时”作为选择股市的理由之一。\n我们还注意到，在2020年10月的调查中，由于女性和非大学毕业生暂时降低对房地产的偏好，这些性别和教育方面的差距大大缩小。在未来的研究中，我们打算研究性别和教育差距背后的因素，以及为什么他们在疫情爆发期间暂时降低对房市的青睐。\n\n选择住房的原因\n谈到选择住房的原因，下图显示了受访者推荐选择购买首套住宅而不是投资股市的各个原因的比例。受访者可以选择多个原因。可以看到每个理由的选择比例都很合理。\"理想稳定的生活环境 \"和 \"房价波动较小 \"是最常见的原因。与2020年的回答相比，2021年有更多的调查对象选择了更高的住房回报、波动性较小这两个原因，而选择其他原因的调查对象则较少，包括例如节省租金、稳定、锁定住房成本、有效的储蓄手段等。\n\n结论\n房地产是中产阶级家庭的重要资产类别。疫情爆发前和期间进行的调查表明，相对于股票市场而言，投资者认为住房（包括租赁房产和自住住宅）是一项良好的投资。不同人群对住房的偏好存在重要差异，女性和非大学毕业生更偏好住房。与疫情爆发前相比，现在有更多的家庭将较高的回报和较低的波动性作为进入房市的理由。\n本文译自纽约联储近日发表的《Do People View Housing as a Good Investment and Why?》，Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang","news_type":1,"symbols_score_info":{"09979":0.9}},"isVote":1,"tweetType":1,"viewCount":3452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379905952,"gmtCreate":1618647756376,"gmtModify":1704713808012,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"This news any suggestions&nbsp;","listText":"This news any suggestions&nbsp;","text":"This news any suggestions","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379905952","repostId":"1198410511","repostType":4,"repost":{"id":"1198410511","kind":"news","pubTimestamp":1618831731,"share":"https://ttm.financial/m/news/1198410511?lang=en_US&edition=fundamental","pubTime":"2021-04-19 19:28","market":"us","language":"zh","title":"Apple Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198410511","media":"CSDN","summary":"苹果春季发布会定档 北京时间4月21日凌晨1点。","content":"<p>Spring is in full bloom, a beautiful time of year.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring press conference came as a spring outing. Not long ago, Apple officially announced that its launch event will be held at 1 a.m. on April 21. On the eve of the event, we can learn about the new products that will be unveiled at this event through leakers from home and abroad.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may feature A14X and Mini LED displays, leading to an overall price increase.</b></p><p>If this launch event is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring events, the iPad has almost always been the main focus, and I believe this year will be no exception.</p><p>Reports indicate that the design of this year's iPad Pro will not change significantly, and it will still use 11-inch and 12.9-inch displays.</p><p>In terms of performance, Apple actually used the A14 chip in the iPhone 12 series as early as last year. The A14 uses a 5nm chip process and features a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the iPhone 12 chip was launched, the fourth-generation iPad Air also adopted this chip. To date, the A14 can be considered Apple's most powerful chip to date.</p><p>At the upcoming launch event, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip has been found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a brand new processor, or named A14X. It is understood that the performance of this processor is comparable to that of the M1 chip used in Macs in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to feature a new display, Mini LED. In response, Apple analyst Ming-Chi Kuo stated that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. Currently, Mini LED has been successfully installed in high-end 4K TVs. If this display is used in the iPad Pro, it will undoubtedly achieve higher contrast, brightness, color, and other performance improvements.</p><p>Unfortunately, according to foreign media outlet Nikkei Asia, the global chip shortage has led to delays in the delivery of some important components in iPads and MacBooks, which may also delay the release of new products.</p><p>However, the latest news indicates that Apple supplier Ennostar has significantly improved the yield of its mini-LED chips and is expected to expand its iPad Pro production later this month.</p><p>In addition, Apple will also enhance the iPad Pro's camera. According to foreign leaker Mr. White, its Apple Pencil accessory will also be upgraded, and the new Apple Pencil will have a smoother surface and a longer tip. In fact, based on the invitation to this press conference, many netizens speculated that it was drawn with Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no information has been revealed yet, it is not hard to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Secondly, the product is expected to be equipped with the more powerful A14X chip and a Mini LED display. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is to be expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If the A12 processor on the iPad mini in 2019 was a sign of sincerity, then continuing to use this chip on the iPad mini, which was released again at Apple's spring event in 2021, would be an absolute perfunctory gesture towards users.</p><p>Therefore, if a new iPad mini is unveiled at this launch event, the \"new\" aspect is likely to lie in upgrading its processor, with some speculating that it will most likely be equipped with the A14 Bionic chip.</p><p>However, relatively speaking, the design of the iPad mini has never been very attractive, and its huge bezels have led many users to complain that its screen-to-body ratio is too low. Many users also expressed that if the update were to be made, they would prefer Apple to increase the screen size without changing the actual size of the device.</p><p>According to foreign media reports, the new iPad mini may adopt a full-screen design, while the bezels will also be improved, changing from the original rounded design to a right-angled bezel design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will a MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually phase out Mac computers within two years.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the Apple Silicon platform with the ARM64 architecture.</p><p>In the second half of last year, Apple changed its usual approach and held three launch events in three months. During this period, it also updated the specifications of the MacBook Air, MacBook Pro, and Mac mini computers. In order to accelerate the initial transition goals, Apple is expected to make further moves.</p><p>According to foreign media reports, Apple plans to launch a higher-end MacBook Pro and the latest iMac this year, while the Mac Pro desktop is expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade from a 13-inch design to a 14-inch one, along with a 16-inch design. Meanwhile, in addition to the 12.9-inch iPad Pro mentioned above that will feature a Mini LED display, there are reports that the new MacBook Pro will also abandon the long-standing LCD screen and switch to Mini LED. This choice was made because the application of Mini LEDs also helps improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or what is also known as the M1X chip. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many leakers have indicated that the MacBook Pro and Air are expected to be released in the second half of the year, so if a Mac is seen at this spring launch event, it could be a new iMac.</p><p>Apple is reportedly developing a newly designed iMac with more screen space, a different body shape, and upgrades to Apple Silicon and other improved features. Apple is expected to adopt a similar approach to last year, starting with low-end iMacs and then gradually launching high-end models equipped with the M1X.</p><p>It's worth mentioning that not long ago, Apple announced the cessation of production of the iMac Pro, which can be interpreted as making way for the new iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovating, a HomePod with a screen is coming soon?</b></p><p>At its 2017 fall launch event, Apple released its first HomePod product. However, to everyone's surprise, just four years later, it faced the fate of \"while supplies last\". Last month, Apple officially announced the cessation of production.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Regarding the HomePod speaker product, the company officially stated that it will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of the HomePod, as a product that Apple spent 5 years developing, it has a built-in A8 processor, a 6-microphone array, a 4-inch subwoofer, and a 7-speaker array at the bottom. Among similar products, it can be said to surpass other smart speakers on the market in terms of sound quality. However, the initial price of $349 deterred many people, and due to factors such as a lack of third-party ecosystem support and insufficient intelligence, Apple ultimately missed out on the market.</p><p>According to Bloomberg, Apple is currently developing two new HomePods, one of which, citing people familiar with Apple's plans, is related to the \"screen\".</p><p>A device called HomePod TV can run tvOS and output high-definition images to Apple TV. Another option is to build an iPad-sized screen into the HomePod using a robotic arm structure.</p><p>In fact, Apple had previously explored connecting an iPad-like screen to a robotic arm that could track the user and follow them at all times as they moved through the space they were in. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept product AirTag become a reality this time?</b></p><p>An AirTag, as an item tracker, can be hung on certain items. When an item is lost, it can be found in a timely manner while offline or through iPhone location tracking. However, this technology has always remained a legend.</p><p>Its traces were first discovered in early April when Apple uploaded a video to its YouTube channel instructing users on how to use \"Find My iPhone,\" which showed traces of the AirTag.</p><p>Turning on Offline Search allows your iPhone and AirTag to be found even when they are not connected to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the video has now been deleted. However, rumors persist that the technological foundation for AirTag will rely on features Apple recently added to its U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that iPhones will soon be able to track lost items using the built-in Find My app. The software is ready, how far can the hardware go?</p><p>Are you looking forward to the above new products?</p>","source":"lsy1578046468581","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CSDN</strong><span class=\"h-time small\">2021-04-19 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Spring is in full bloom, a beautiful time of year.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring press conference came as a spring outing. Not long ago, Apple officially announced that its launch event will be held at 1 a.m. on April 21. On the eve of the event, we can learn about the new products that will be unveiled at this event through leakers from home and abroad.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may feature A14X and Mini LED displays, leading to an overall price increase.</b></p><p>If this launch event is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring events, the iPad has almost always been the main focus, and I believe this year will be no exception.</p><p>Reports indicate that the design of this year's iPad Pro will not change significantly, and it will still use 11-inch and 12.9-inch displays.</p><p>In terms of performance, Apple actually used the A14 chip in the iPhone 12 series as early as last year. The A14 uses a 5nm chip process and features a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the iPhone 12 chip was launched, the fourth-generation iPad Air also adopted this chip. To date, the A14 can be considered Apple's most powerful chip to date.</p><p>At the upcoming launch event, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip has been found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a brand new processor, or named A14X. It is understood that the performance of this processor is comparable to that of the M1 chip used in Macs in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to feature a new display, Mini LED. In response, Apple analyst Ming-Chi Kuo stated that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. Currently, Mini LED has been successfully installed in high-end 4K TVs. If this display is used in the iPad Pro, it will undoubtedly achieve higher contrast, brightness, color, and other performance improvements.</p><p>Unfortunately, according to foreign media outlet Nikkei Asia, the global chip shortage has led to delays in the delivery of some important components in iPads and MacBooks, which may also delay the release of new products.</p><p>However, the latest news indicates that Apple supplier Ennostar has significantly improved the yield of its mini-LED chips and is expected to expand its iPad Pro production later this month.</p><p>In addition, Apple will also enhance the iPad Pro's camera. According to foreign leaker Mr. White, its Apple Pencil accessory will also be upgraded, and the new Apple Pencil will have a smoother surface and a longer tip. In fact, based on the invitation to this press conference, many netizens speculated that it was drawn with Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no information has been revealed yet, it is not hard to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Secondly, the product is expected to be equipped with the more powerful A14X chip and a Mini LED display. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is to be expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If the A12 processor on the iPad mini in 2019 was a sign of sincerity, then continuing to use this chip on the iPad mini, which was released again at Apple's spring event in 2021, would be an absolute perfunctory gesture towards users.</p><p>Therefore, if a new iPad mini is unveiled at this launch event, the \"new\" aspect is likely to lie in upgrading its processor, with some speculating that it will most likely be equipped with the A14 Bionic chip.</p><p>However, relatively speaking, the design of the iPad mini has never been very attractive, and its huge bezels have led many users to complain that its screen-to-body ratio is too low. Many users also expressed that if the update were to be made, they would prefer Apple to increase the screen size without changing the actual size of the device.</p><p>According to foreign media reports, the new iPad mini may adopt a full-screen design, while the bezels will also be improved, changing from the original rounded design to a right-angled bezel design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will a MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually phase out Mac computers within two years.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the Apple Silicon platform with the ARM64 architecture.</p><p>In the second half of last year, Apple changed its usual approach and held three launch events in three months. During this period, it also updated the specifications of the MacBook Air, MacBook Pro, and Mac mini computers. In order to accelerate the initial transition goals, Apple is expected to make further moves.</p><p>According to foreign media reports, Apple plans to launch a higher-end MacBook Pro and the latest iMac this year, while the Mac Pro desktop is expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade from a 13-inch design to a 14-inch one, along with a 16-inch design. Meanwhile, in addition to the 12.9-inch iPad Pro mentioned above that will feature a Mini LED display, there are reports that the new MacBook Pro will also abandon the long-standing LCD screen and switch to Mini LED. This choice was made because the application of Mini LEDs also helps improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or what is also known as the M1X chip. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many leakers have indicated that the MacBook Pro and Air are expected to be released in the second half of the year, so if a Mac is seen at this spring launch event, it could be a new iMac.</p><p>Apple is reportedly developing a newly designed iMac with more screen space, a different body shape, and upgrades to Apple Silicon and other improved features. Apple is expected to adopt a similar approach to last year, starting with low-end iMacs and then gradually launching high-end models equipped with the M1X.</p><p>It's worth mentioning that not long ago, Apple announced the cessation of production of the iMac Pro, which can be interpreted as making way for the new iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovating, a HomePod with a screen is coming soon?</b></p><p>At its 2017 fall launch event, Apple released its first HomePod product. However, to everyone's surprise, just four years later, it faced the fate of \"while supplies last\". Last month, Apple officially announced the cessation of production.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Regarding the HomePod speaker product, the company officially stated that it will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of the HomePod, as a product that Apple spent 5 years developing, it has a built-in A8 processor, a 6-microphone array, a 4-inch subwoofer, and a 7-speaker array at the bottom. Among similar products, it can be said to surpass other smart speakers on the market in terms of sound quality. However, the initial price of $349 deterred many people, and due to factors such as a lack of third-party ecosystem support and insufficient intelligence, Apple ultimately missed out on the market.</p><p>According to Bloomberg, Apple is currently developing two new HomePods, one of which, citing people familiar with Apple's plans, is related to the \"screen\".</p><p>A device called HomePod TV can run tvOS and output high-definition images to Apple TV. Another option is to build an iPad-sized screen into the HomePod using a robotic arm structure.</p><p>In fact, Apple had previously explored connecting an iPad-like screen to a robotic arm that could track the user and follow them at all times as they moved through the space they were in. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept product AirTag become a reality this time?</b></p><p>An AirTag, as an item tracker, can be hung on certain items. When an item is lost, it can be found in a timely manner while offline or through iPhone location tracking. However, this technology has always remained a legend.</p><p>Its traces were first discovered in early April when Apple uploaded a video to its YouTube channel instructing users on how to use \"Find My iPhone,\" which showed traces of the AirTag.</p><p>Turning on Offline Search allows your iPhone and AirTag to be found even when they are not connected to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the video has now been deleted. However, rumors persist that the technological foundation for AirTag will rely on features Apple recently added to its U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that iPhones will soon be able to track lost items using the built-in Find My app. The software is ready, how far can the hardware go?</p><p>Are you looking forward to the above new products?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw\">CSDN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e968cc2fa9a8fe30f2575d1147007bba","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198410511","content_text":"春意盎然好时节，一年一度的苹果春季发布会踏春而来。不久前，苹果官宣将此次发布会定档 4 月 21 日凌晨 1 点，而在召开前夕，我们通过国内外的爆料大神，不妨提前了解一波本次发布会将会出现的新品。新款 iPad Pro 或将搭载 A14X、Mini LED，整体价格将上涨如果说这次发布会必然要发布一款新品，那么新款 iPad 肯定不会缺席。回看过往几届的苹果春季发布会，iPad 无一例外几乎都是主角，相信今年也是如此。有爆料称，在设计上，今年 iPad Pro 不会有太大变动，依然采用的是 11 英寸和 12.9 英寸。在性能方面，事实上，早在去年，苹果在 iPhone 12 系列中使用了 A14 芯片，而 A14 采用了 5nm 芯片工艺，且采用了 6 核 CPU 设计、4 核 GPU、16 核 NPU。在 iPhone 12 芯片推出不久后，第四代 iPad Air 也采用了这款芯片。截止目前，也可以将 A14 称之为是苹果迄今为止功能最为强大的芯片。而在即将到来的发布会上，新款 iPad Pro 想要超越过往，必然也会带来芯片的升级版，据外媒 9to5Mac 报道，在 iOS 14.5 Beta 的源代码中，发现了 A14X芯片的应用。基于此，也不难猜测，新款 iPad Pro 将搭载一种全新处理器，或命名为 A14X ，据悉，该处理器的性能与去年下半年 Mac 上搭载的 M1 芯片性能不分上下。此外，12.9 英寸的 iPad Pro 有望搭载一种新的显示屏 Mini LED。对此，苹果分析师郭明池表示，12.9 英寸使用 Mini LED 的 iPad Pro 将在 2021 年 4 月中下旬开始量产。目前，Mini LED 已经搭载在高端的 4K 电视中成功面市，如果该显示屏应用在 iPad Pro 中，无疑也会实现更高的对比度、亮度、色彩以及其他一些性能提升。遗憾的是，据外媒《Nikkei Asia》报道，因为全球芯片短缺，导致 iPad、MacBook 中一些重要组件延迟交付，也可能会让新品延迟发布。不过，最新消息称，苹果供应商 Ennostar 已经大大地提高了 mini-LED 芯片的良率，有望从本月稍晚些时候扩大其 iPad Pro 的产量。除此之外，苹果也会增强 iPad Pro 的摄像头，同时据国外爆料大神 Mr`White 表示，其配件 Apple Pencil 也会全新升级，且新款 Apple Pencil 具有更光滑的表面以及更长的笔尖。实际上，通过本次发布会的邀请函，就有不少网友猜测，是通过 Apple Pencil 画出来的。至于新款 iPad Pro 的定价，目前虽然没有任何消息透露出来，不过，也不难想象今年的 iPad Pro 价格会有所上涨。原因有二，其一，新款 iPad Pro 可以支持 5G 网络；其二，该产品预期搭载功能更强大的 A14X 芯片、Mini LED 显示屏，然而当前全球芯片短缺问题难以在短期之内解决，因此导致硬件成本上涨也在意料之中。全新升级的 iPad mini如果说 2019 年，iPad mini 搭载 A12 处理器是诚意满满，那么 2021 年苹果春季发布会上再次发布的 iPad mini 继续使用这款芯片那就是绝对的敷衍用户了。因此，如果这次发布会带来新款 iPad mini，那么估计其中的“新”应该重在升级其处理器方面，有人猜测极有可能搭载的是 A14 仿生芯片。但相对而言，一直以来，iPad mini 产品的设计并不是那么吸引人，巨大的边框，让不少用户吐槽其屏占比太低。也有很多用户表示，如果更新，更希望苹果能够在不改变设备实际尺寸的情况下，增加屏幕尺寸才是王道。对此，据外媒报道，新款 iPad mini 或将采用全面屏方案，同时边框也有所改进，将从原来的圆弧设计改为直角切边设计。搭载苹果自研芯片的 MacBook，这次会出现吗？2020 年 WWDC 上，苹果宣布将在两年内将 Mac 电脑逐渐从英特尔的 x86 处理器平台迁移到 ARM64 架构的 Apple Silicon 平台。去年下半年，苹果也一改往常，三个月连开了三场发布会，在此期间，也更新了 MacBook Air、MacBook Pro、Mac mini 三款电脑的配置。为了加快最初设下的过渡目标，预期接下来苹果仍然会有最新的动作。据外媒报道，苹果计划在今年推出更高端的 MacBook Pro 和最新的 iMac，而 Mac Pro 台式机预期将在 2022 年使用上 Apple Silicon 芯片。此外，MacBook Pro 有望将 13 英寸的外观升级为 14 英寸，同时还有一款 16 英寸的设计。同时，除了上文提到 12.9 英寸的 iPad Pro 将搭载 Mini LED 显示屏之外，有消息称，新款 MacBook Pro 也将放弃使用已久的 LCD 屏，改用 Mini LED。之所以做出这样的选择，是因为 Mini LED 的应用也有助于提高电池性能。新款 MacBook Pro 也将采用 M1 的下一版本 M2，又或者被称之为 M1X 芯片。据悉，新款 Apple Silicon 芯片将具有 12 个内核，其中包括 8 个性能内核和 4 个高效内核。不过，很多爆料者表示，MacBook Pro 和 Air 预计下半年推出，因此在这场春季发布会上，如果看到 Mac 的身影，那么可能是一台新的 iMac。据悉，苹果正在开发一种全新设计的 iMac，该产品具有更多的屏幕空间，不同的机身形状，并带来 Apple Sillicon 升级以及其他改进功能。预计苹果可能会采取与去年相似的方式，从低配的 iMac 开始升级，然后逐步推出搭载 M1X 的高端机型。值得一提的是，不久前，苹果刚刚宣布停止生产 iMac Pro 产品，这也从侧面可以理解为为新版 iMac 让道。推陈出新，带屏幕的 HomePod 即将到来？在 2017 年秋季发布会上，苹果发布首款 HomePod 产品，然而万万没想到的是，仅四年之后，其就迎来了“售完即止”的命运。上个月，苹果正式宣布停产智能音箱产品 HomePod，官方表示，公司将持续生产并专注于去年推出的HomePod mini。回看 HomePod 的诞生与消亡，作为一款苹果耗时 5 年研发的产品，其内置 A8 处理器，搭载 6 个麦克风阵列、4 英寸低音炮、底部配有 7 个扬声器阵列，在同类型产品中，在音质方面，可以说超越了市场上其他智能音箱。然而最终初始 349 美元的价格让很多人望而却步，同时因缺乏第三方生态的支持、不够智能等因素，最终还是导致苹果错失市场。如今，据彭博社爆料，苹果公司正在研发两款 HomePod 新品，其中援引熟悉苹果计划的人所描述的 HomePod 与“屏幕”有关。一款被称之为 HomePod TV，可以通过此产品运行 tvOS，且可以向 Apple TV 上输出高清画面。另外一款是在 HomePod 中通过机械臂的结构内置一块 iPad 大小的屏幕。实际上，Apple 此前已经探索过将类似 iPad 的屏幕与机械臂相连，该机械臂可以跟踪用户并在用户所处的空间中移动时始终跟随用户。此产品还将搭载麦克风和摄像头，用以启用视频会议。概念级产品 AirTag，这次能成为现实吗？AirTag，作为一款物品跟踪器，可以悬挂在一些物品上，当物品丢失的时候，及时在网络离线状态下，也可以通过 iPhone 定位找到。不过，一直以来，这种技术都活在了传说中。首次发现其踪迹还是因为 4 月初，苹果在 YouTube 频道上传了一则指导用户如何使用“Find My iPhone”的视频中显示了 AirTag 的踪迹：开启“离线搜索”可以让 iPhone 和 AirTag 在未连接 Wi-Fi 的情况下被找到。遗憾的是，现在这段视频已经被删除。但是仍然有传言称，AirTag 所实现的技术基础将依赖于苹果公司近期在 U1 超宽带芯片上添加的功能。与此同时，苹果宣布，iPhone 不久将能够使用内置的 Find My 应用程序跟踪丢失的物品。软件已经准备就绪，硬件还会远吗？针对以上的新品，你期待吗？","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347750987,"gmtCreate":1618532438549,"gmtModify":1704712255007,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347750987","repostId":"2127814888","repostType":4,"repost":{"id":"2127814888","kind":"news","pubTimestamp":1618519059,"share":"https://ttm.financial/m/news/2127814888?lang=en_US&edition=fundamental","pubTime":"2021-04-16 04:37","market":"us","language":"zh","title":"JPMorgan Chase will issue $13 billion in bonds, setting a new record for the largest bank bond issuance.","url":"https://stock-news.laohu8.com/highlight/detail?id=2127814888","media":"金融界网站","summary":"金融界网4月15日消息，摩根大通将发行130亿美元的债券，从而创下银行发债历史最大规模。一位知情者表示，此次发债将分五部分进行，其中期限最长的是31年期债券，预计收益率将比美国国债高出107个基点。　　此次发债的一天前，摩根大通公布了强劲的第一季度业绩。据知情人士透露，此次发行的认购金额达到约260亿美元。包括今天的发行在内，摩根大通今年已在投资级美元债券市场募集了220亿美元，超过其他任何美国的主要银行。","content":"<p><a href=\"https://laohu8.com/S/JRJC\">Financial world</a>According to a report on April 15th,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It will issue $13 billion in bonds, making it the largest bank bond issuance in history. According to a source familiar with the matter, the bond issuance will be conducted in five parts, with the longest maturity being a 31-year bond, which is expected to yield 107 basis points higher than the US Treasury Bond.</p><p>The bond issuance comes a day after JPMorgan Chase reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>They also issued bonds on Thursday. According to sources familiar with the matter, the subscription amount for this offering reached approximately $26 billion. Including today's offering, JPMorgan Chase has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Bloomberg industry research analyst Arnold Kakuda believes the massive bond issuance may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the supplemental leverage ratio (SLR) waiver expired in March.</p>","source":"jinrongjie_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase will issue $13 billion in bonds, setting a new record for the largest bank bond issuance.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase will issue $13 billion in bonds, setting a new record for the largest bank bond issuance.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融界网站</strong><span class=\"h-time small\">2021-04-16 04:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/JRJC\">Financial world</a>According to a report on April 15th,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It will issue $13 billion in bonds, making it the largest bank bond issuance in history. According to a source familiar with the matter, the bond issuance will be conducted in five parts, with the longest maturity being a 31-year bond, which is expected to yield 107 basis points higher than the US Treasury Bond.</p><p>The bond issuance comes a day after JPMorgan Chase reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>They also issued bonds on Thursday. According to sources familiar with the matter, the subscription amount for this offering reached approximately $26 billion. Including today's offering, JPMorgan Chase has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Bloomberg industry research analyst Arnold Kakuda believes the massive bond issuance may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the supplemental leverage ratio (SLR) waiver expired in March.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml\">金融界网站</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ecccb954c9a03cd26d576ebec5c96d6","relate_stocks":{"161121":"银行","JPM":"摩根大通"},"source_url":"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127814888","content_text":"金融界网4月15日消息，摩根大通将发行130亿美元的债券，从而创下银行发债历史最大规模。一位知情者表示，此次发债将分五部分进行，其中期限最长的是31年期债券，预计收益率将比美国国债高出107个基点。\n此次发债的一天前，摩根大通公布了强劲的第一季度业绩。竞争对手高盛也在周四发行债券。据知情人士透露，此次发行的认购金额达到约260亿美元。包括今天的发行在内，摩根大通今年已在投资级美元债券市场募集了220亿美元，超过其他任何美国的主要银行。\n彭博行业研究分析师Arnold Kakuda认为，此次巨额债券发行可能与摩根大通的法定流动资金比率要求有关，此前补充杠杆比率（SLR）的宽免措施在3月份到期。","news_type":1,"symbols_score_info":{"161121":0.9,"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":3437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345774746,"gmtCreate":1618358005185,"gmtModify":1704709536370,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[{"img":"https://static.tigerbbs.com/5cb4a11df52161e4ff596b3afd6f33a8","width":"750","height":"1625"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345774746","isVote":1,"tweetType":1,"viewCount":3024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":345185926,"gmtCreate":1618288032765,"gmtModify":1704708639436,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345185926","repostId":"2127109478","repostType":4,"repost":{"id":"2127109478","kind":"highlight","pubTimestamp":1618287482,"share":"https://ttm.financial/m/news/2127109478?lang=en_US&edition=fundamental","pubTime":"2021-04-13 12:18","market":"us","language":"zh","title":"Ctrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.","url":"https://stock-news.laohu8.com/highlight/detail?id=2127109478","media":"华尔街见闻","summary":"一度活在传言中的携程回港二次上市，终于靴子落地。\n不过，最新消息显示，携程回港的上市指导价或比前市场预计的333港元/股更低，至268港元。\n在打新阶段，携程与彼时快手、百度以及哔哩哔哩的火热认购形成","content":"<p>Ctrip's return to Hong Kong for a secondary listing, which had once been a subject of rumors, has finally been finalized.</p><p>However, the latest news indicates that the listing guidance price for Ctrip's return to Hong Kong may be lower than the market expectation of HK$333 per share, to HK$268.</p><p>During the IPO subscription phase, Ctrip, along with Kuaishou at the time,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>as well as<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The oversubscription created a stark contrast, with an oversubscription of approximately 4.96 times, making it the worst-performing of the 13 Chinese concept stocks listed in Hong Kong.</p><p>With its business model almost completely established, it was difficult to tell a new story, and it still had to face Meituan's \"pursuit of its advantage.\" At the age of 22, Ctrip left investors with the question of \"whether it could still succeed.\"</p><p><h2>IPO subscriptions met with a</h2>According to Reuters' media outlet IFR on April 13, Ctrip's Hong Kong IPO price guide is HK$268 per share, raising HK$8.47 billion.</p><p>According to previous reports, referring to the price of Ctrip's depositary shares (ADSs) listed on NASDAQ in the United States, the highest offering price for Ctrip's public offering in Hong Kong is HK$333 per share, and the initial public offering is expected to raise HK$10.5 billion.</p><p>The funds raised by Ctrip will be mainly used for three aspects: expanding one-stop travel services, consolidating Ctrip's leading position in the industry, and general corporate purposes.</p><p>In order to get off to a satisfactory start, Ctrip intentionally chose to stagger the timing of its IPO subscriptions to avoid investors lacking funds due to IPOs of other giants.</p><p>On April 6, Ctrip's secondary IPO in Hong Kong passed the hearing of the Hong Kong Stock Exchange. On April 8, Ctrip officially launched its IPO, becoming the fastest Hong Kong-listed company to launch an IPO after passing the hearing recently. Currently, it is in the IPO gap period of Hong Kong-listed giants.</p><p>Even so, reality still dealt this leading online travel platform a heavy blow.</p><p>On April 12, according to data from securities firms, Ctrip recently recorded HK$4.398 billion in margin financing, equivalent to an oversubscription of approximately 4.96 times, which contrasts sharply with the hot subscriptions of Kuaishou, Baidu, and Bilibili at that time.</p><p>In January 2021, Kuaishou Technology went public on the Hong Kong Stock Exchange, and the total margin trading amount on that day reached HK$283.9 billion, an oversubscription of 269 times. Baidu began its IPO in March, raising HK$34 billion in margin trading on its first day, resulting in an oversubscription of 23.25 times. Later, Bilibili launched its IPO, and the oversubscription rate reached five times within half a trading day.</p><p>Since the Hong Kong Stock Exchange revised its listing system in 2018, 13 Chinese concept stocks have retained their listing status on the US stock exchange while achieving a return to China through secondary listing on the Hong Kong stock exchange, the vast majority of which are highly sought after.</p><p>Regarding the lukewarm reception of Ctrip's IPO subscriptions, a fund manager who participated in Hong Kong-listed IPOs once said:</p><p>\"Its core business is unstable and continuously impacted. As soon as it returned to Hong Kong to list and publicly raised subscription funds, it was met with a cold reception from investors. Ctrip's market performance after its listing is worrying.\"<h2><b>Is it all the old man's fault?</b></h2>Why has Ctrip received differential treatment despite being both internet companies?</p><p>As we all know, \"storytelling\" has become an important means for an internet company to support its valuation. Ctrip, founded in 1999 and listed in the United States in 2003, may no longer seem like anything new to investors.</p><p>Currently, Ctrip's business model is almost entirely established, with its main businesses including hotel booking (38.94%), transportation ticketing (39.02%), backpacking (6.78%), and business travel (4.79%).</p><p>Faced with bottlenecks, Ctrip is also looking for new areas of focus to slow down its declining performance. For example, in 2020, Ctrip launched more than 60,000 products through its online live streaming platform, and the Ctrip live streaming + flash sale channel achieved a total transaction volume of more than 5 billion yuan.</p><p>In addition to finding it difficult to tell a new story, Ctrip also faces threats from Meituan.</p><p>In the second quarter of 2020, Meituan's in-store, hotel and travel business revenue surpassed Ctrip's, and its advantage subsequently grew larger.</p><p>Looking at the 2020 financial data,<a href=\"https://laohu8.com/S/90926\">Meituan Dianping</a>Total revenue from \"in-store, hotel and tourism\" was 21.3 billion yuan, while Ctrip's total revenue was 18.3 billion yuan.</p><p>Some analysts also say that Meituan's data is not limited to the tourism sector, but also includes in-store business, so the two may not be comparable.</p><p>However, even so, under the impact of the COVID-19 pandemic, Ctrip became the biggest loser in its industry.</p><p>In 2020, Ctrip's total transaction volume, revenue, and profit all declined. According to its prospectus, Ctrip's total revenue of RMB 18.3 billion in 2020 decreased by 49% year-on-year compared to RMB 35.7 billion in 2019, and its net loss of RMB 3.247 billion decreased by 146% year-on-year compared to its net profit of RMB 7 billion in 2019.</p><p>Meituan stated that the recovery of its \"in-store, hotel and tourism businesses,\" which were most affected by the pandemic in 2020, is gradually on track, but has not yet fully returned to normal levels. Revenue decreased by 4.6% year-on-year to RMB 21.3 billion in 2020. The operating profit margin rose from 37.7% to 38.5%.</p><p><h2>institutional perspective</h2>Regarding Ctrip's future, investors chose to vote with their feet. Securities firms and investment banks, as professional investment institutions, are also not optimistic about Ctrip's post-IPO performance.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>The research report reiterated its \"underweight\" rating, expecting the COVID-19 pandemic to be under control in China and the domestic tourism market to continue to recover. However, outside of mainland China, travel restrictions and cross-border travel bans are expected to remain in place for the remainder of 2021. Ctrip has significant operations outside mainland China, which are expected to continue to drag down its profitability this year.</p><p>The research department of Zhifu Group also gave Ctrip only 3 stars out of 5. Its research report believes that since January 2020, a large number of customers have canceled and made refund requests, new international and domestic travel and accommodation orders have decreased, and the supply of domestic transportation and international air tickets has also declined significantly. Ctrip suffered a net loss of 3.3 billion yuan in 2020. Although it has adopted cost control measures to deal with the pandemic, its operating expenses may still increase in the future, which will affect its performance.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ctrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCtrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-13 12:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Ctrip's return to Hong Kong for a secondary listing, which had once been a subject of rumors, has finally been finalized.</p><p>However, the latest news indicates that the listing guidance price for Ctrip's return to Hong Kong may be lower than the market expectation of HK$333 per share, to HK$268.</p><p>During the IPO subscription phase, Ctrip, along with Kuaishou at the time,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>as well as<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The oversubscription created a stark contrast, with an oversubscription of approximately 4.96 times, making it the worst-performing of the 13 Chinese concept stocks listed in Hong Kong.</p><p>With its business model almost completely established, it was difficult to tell a new story, and it still had to face Meituan's \"pursuit of its advantage.\" At the age of 22, Ctrip left investors with the question of \"whether it could still succeed.\"</p><p><h2>IPO subscriptions met with a</h2>According to Reuters' media outlet IFR on April 13, Ctrip's Hong Kong IPO price guide is HK$268 per share, raising HK$8.47 billion.</p><p>According to previous reports, referring to the price of Ctrip's depositary shares (ADSs) listed on NASDAQ in the United States, the highest offering price for Ctrip's public offering in Hong Kong is HK$333 per share, and the initial public offering is expected to raise HK$10.5 billion.</p><p>The funds raised by Ctrip will be mainly used for three aspects: expanding one-stop travel services, consolidating Ctrip's leading position in the industry, and general corporate purposes.</p><p>In order to get off to a satisfactory start, Ctrip intentionally chose to stagger the timing of its IPO subscriptions to avoid investors lacking funds due to IPOs of other giants.</p><p>On April 6, Ctrip's secondary IPO in Hong Kong passed the hearing of the Hong Kong Stock Exchange. On April 8, Ctrip officially launched its IPO, becoming the fastest Hong Kong-listed company to launch an IPO after passing the hearing recently. Currently, it is in the IPO gap period of Hong Kong-listed giants.</p><p>Even so, reality still dealt this leading online travel platform a heavy blow.</p><p>On April 12, according to data from securities firms, Ctrip recently recorded HK$4.398 billion in margin financing, equivalent to an oversubscription of approximately 4.96 times, which contrasts sharply with the hot subscriptions of Kuaishou, Baidu, and Bilibili at that time.</p><p>In January 2021, Kuaishou Technology went public on the Hong Kong Stock Exchange, and the total margin trading amount on that day reached HK$283.9 billion, an oversubscription of 269 times. Baidu began its IPO in March, raising HK$34 billion in margin trading on its first day, resulting in an oversubscription of 23.25 times. Later, Bilibili launched its IPO, and the oversubscription rate reached five times within half a trading day.</p><p>Since the Hong Kong Stock Exchange revised its listing system in 2018, 13 Chinese concept stocks have retained their listing status on the US stock exchange while achieving a return to China through secondary listing on the Hong Kong stock exchange, the vast majority of which are highly sought after.</p><p>Regarding the lukewarm reception of Ctrip's IPO subscriptions, a fund manager who participated in Hong Kong-listed IPOs once said:</p><p>\"Its core business is unstable and continuously impacted. As soon as it returned to Hong Kong to list and publicly raised subscription funds, it was met with a cold reception from investors. Ctrip's market performance after its listing is worrying.\"<h2><b>Is it all the old man's fault?</b></h2>Why has Ctrip received differential treatment despite being both internet companies?</p><p>As we all know, \"storytelling\" has become an important means for an internet company to support its valuation. Ctrip, founded in 1999 and listed in the United States in 2003, may no longer seem like anything new to investors.</p><p>Currently, Ctrip's business model is almost entirely established, with its main businesses including hotel booking (38.94%), transportation ticketing (39.02%), backpacking (6.78%), and business travel (4.79%).</p><p>Faced with bottlenecks, Ctrip is also looking for new areas of focus to slow down its declining performance. For example, in 2020, Ctrip launched more than 60,000 products through its online live streaming platform, and the Ctrip live streaming + flash sale channel achieved a total transaction volume of more than 5 billion yuan.</p><p>In addition to finding it difficult to tell a new story, Ctrip also faces threats from Meituan.</p><p>In the second quarter of 2020, Meituan's in-store, hotel and travel business revenue surpassed Ctrip's, and its advantage subsequently grew larger.</p><p>Looking at the 2020 financial data,<a href=\"https://laohu8.com/S/90926\">Meituan Dianping</a>Total revenue from \"in-store, hotel and tourism\" was 21.3 billion yuan, while Ctrip's total revenue was 18.3 billion yuan.</p><p>Some analysts also say that Meituan's data is not limited to the tourism sector, but also includes in-store business, so the two may not be comparable.</p><p>However, even so, under the impact of the COVID-19 pandemic, Ctrip became the biggest loser in its industry.</p><p>In 2020, Ctrip's total transaction volume, revenue, and profit all declined. According to its prospectus, Ctrip's total revenue of RMB 18.3 billion in 2020 decreased by 49% year-on-year compared to RMB 35.7 billion in 2019, and its net loss of RMB 3.247 billion decreased by 146% year-on-year compared to its net profit of RMB 7 billion in 2019.</p><p>Meituan stated that the recovery of its \"in-store, hotel and tourism businesses,\" which were most affected by the pandemic in 2020, is gradually on track, but has not yet fully returned to normal levels. Revenue decreased by 4.6% year-on-year to RMB 21.3 billion in 2020. The operating profit margin rose from 37.7% to 38.5%.</p><p><h2>institutional perspective</h2>Regarding Ctrip's future, investors chose to vote with their feet. Securities firms and investment banks, as professional investment institutions, are also not optimistic about Ctrip's post-IPO performance.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>The research report reiterated its \"underweight\" rating, expecting the COVID-19 pandemic to be under control in China and the domestic tourism market to continue to recover. However, outside of mainland China, travel restrictions and cross-border travel bans are expected to remain in place for the remainder of 2021. Ctrip has significant operations outside mainland China, which are expected to continue to drag down its profitability this year.</p><p>The research department of Zhifu Group also gave Ctrip only 3 stars out of 5. Its research report believes that since January 2020, a large number of customers have canceled and made refund requests, new international and domestic travel and accommodation orders have decreased, and the supply of domestic transportation and international air tickets has also declined significantly. Ctrip suffered a net loss of 3.3 billion yuan in 2020. Although it has adopted cost control measures to deal with the pandemic, its operating expenses may still increase in the future, which will affect its performance.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3627547\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1da50c4560325761eecdc4362108a54c","relate_stocks":{"09961":"携程集团-S"},"source_url":"https://wallstreetcn.com/articles/3627547","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127109478","content_text":"一度活在传言中的携程回港二次上市，终于靴子落地。\n不过，最新消息显示，携程回港的上市指导价或比前市场预计的333港元/股更低，至268港元。\n在打新阶段，携程与彼时快手、百度以及哔哩哔哩的火热认购形成强烈反差，超购约4.96倍的成绩成回港上市13家中概股中表现最差的一支。\n业务模式几乎都已确定，新故事难讲，还要面对美团的“乘胜追击\"，时年22岁的携程给投资者留下了“尚能饭否”的疑问。\n打新遇冷\n据路透社旗下媒体IFR 4月13日消息，携程香港上市价格指引在每股268港元，筹资84.7亿港元。\n据此前消息，参考携程在美国纳斯达克上市的存托股票（ADS）的价格，携程此次在香港上市公开发售的最高发行价为333港元/股，首发募资预计为105亿港元。\n此次携程所募集资金将主要用于拓展一站式旅行服务、巩固携程行业领先地位以及一般公司用途三个方面。\n为了得到满意的开局，在打新的时间点上携程有意选择错峰，以求避开投资者因打新其他巨头而导致的资金缺乏。\n4月6日，携程回港二次IPO通过港交所聆讯。4月8日，携程就正式招股打新，成为近期通过聆讯后最快开启招股的港股上市公司，当前正值港股巨头IPO空档期。\n可即便如此，现实还是给了这家在线旅行平台龙头一记沉重的打击。\n4月12日， 综合券商数据，携程最新录得43.98亿港元孖展，相当于超购约4.96倍，与彼时快手、百度以及哔哩哔哩等的火热认购形成强烈反差。\n2021年1月，快手科技赴港交所招股，当天的孖展总额达2839亿港元，超购达269倍；百度3月开始招股，首日孖展340亿港元，超购达23.25倍；稍后，哔哩哔哩启动招股，半个交易日的超购也达到了5倍。\n自2018年港交所修改上市制度以来，已有13只中概股保留美股上市地位同时通过在港股二次上市方式实现回归，其中绝大多数都备受追捧。\n对于携程的打新遇冷，一位港股打新的基金人士曾表示：\n\n “核心业务不稳，持续遭受冲击，甫一回港上市公开筹措认购资金，又遭遇投资者冷待，携程上市后市场表现堪忧”。\n\n都是老的错？\n同样是互联网企业，为什么携程遭受了差别待遇？\n众所周知，“讲故事”已经成为一个互联网企业支撑估值的一个重要手段。而1999年成立，2003年就在美国上市的携程在投资者眼中可能已毫无新意。\n目前，携程的业务模式几乎都已确定， 其主要业务包括酒店预订（占比38.94%）、交通票务（39.02%）、背包旅游（6.78%）、商旅旅行（4.79%）等。\n面对瓶颈，携程也在寻找新的发力点，努力减缓下滑的业绩。比如2020年全年，携程通过在线直播平台推出超过60000种产品，携程直播+特卖频道实现商品交易总额超过50亿元。\n另外，除了新故事难讲，携程还要面对来自美团的威胁。\n2020年第二季度，美团的到店、酒店及旅游业务营收超越携程，随后其优势越拉越大。\n从2020年财务数据来看，美团点评在“到店、酒店及旅游”的总收入为213亿元，而携程总收入为183亿元。\n也有分析人士表示，美团的数据不仅仅是旅游板块，还包含了到店业务，因此两者未必可比。\n不过，即便如此，在新冠疫情冲击下，在所属行业中，携程变成了头号输家。\n2020年，携程的交易总额、营收、利润均下滑。根据招股文件，携程2020年183亿元的总收入较2019年的357亿元同比减少49%， 32.47亿元的净亏损相较于2019年70亿净利润同比下滑146%。\n美团表示，2020年受疫情影响最大的“到店、酒店及旅游业务”的恢复逐步步入正轨，但尚未完全回复到正常水平，收入同比减少4.6%至2020年的213亿元。经营利润率则由37.7%升至38.5%。\n机构看法\n对于携程后市，投资者选择了用脚投票，作为专业投资机构的券商投行，同样对于携程的二次上市后走势并不看好。\n国泰君安研报重申“减持”评级，预计新冠疫情在国内已经得到控制，国内旅游市场将持续复苏，但中国大陆以外地区，预计在2021年剩余时间里，旅行限制和跨境旅游禁令将持续。携程在中国大陆以外地区有重要业务，预计将继续拖累今年的盈利能力。\n致富集团研究部对携程的推荐度也只打出了3星（满分5星），其研报认为，自2020年1月以来，客户大量取消和提出退款请求，且国际、国内旅行及住宿新订单有所减少，国内交通运输和国际机票供应亦大幅下降。携程2020年净亏损33亿元，尽管已采用成本控制措施应对疫情，但日后经营开支仍可能增加，影响业绩。","news_type":1,"symbols_score_info":{"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":4019,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345937336,"gmtCreate":1618271770525,"gmtModify":1704708343596,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[{"img":"https://static.tigerbbs.com/ebd3ef16f89e12b99fb9aa36a52c4979","width":"750","height":"1625"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":3,"link":"https://ttm.financial/post/345937336","isVote":1,"tweetType":1,"viewCount":5046,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":342625323,"gmtCreate":1618213215862,"gmtModify":1704707576264,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Whose problem&nbsp;","listText":"Whose problem&nbsp;","text":"Whose problem","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342625323","repostId":"2126059738","repostType":4,"repost":{"id":"2126059738","kind":"news","pubTimestamp":1618209183,"share":"https://ttm.financial/m/news/2126059738?lang=en_US&edition=fundamental","pubTime":"2021-04-12 14:33","market":"us","language":"zh","title":"Whose fault is it that automakers are facing chip shortages and bottlenecks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2126059738","media":"深燃","summary":"全世界都开始闹“芯”慌了。\n因为缺“芯”（芯片），车企直接停产了。蔚来就喊话：我们撑不住了，必须得停产五天。而且这还不是一家缺“芯”，也不单是中国车企告急。\n国外的大众、通用，甚至是一向以供应链安全为","content":"<p>The whole world is starting to panic about chips.</p><p>Due to a shortage of chips, automakers have stopped production altogether.<a href=\"https://laohu8.com/S/NIO\">Nio</a>They shouted: \"We can't hold on any longer, we have to stop production for five days.\" Moreover, this isn't just a chip shortage, nor is it just a Chinese automaker facing a crisis.</p><p>Foreign companies such as Volkswagen, GM, and even Toyota and Honda, which have always prioritized supply chain security, are also facing a chip shortage crisis.</p><p>In fact, since the beginning of December last year, some car companies have been reported by the media to have stopped production one after another due to chip shortages. The following year, the first quarter had already passed, and the chip crisis not only failed to be resolved, but instead intensified and even spread to the world, becoming a global supply chain crisis.</p><p>Der Spiegel reported, citing Roland Berger management consulting firm expert Berrett, that the automotive supply chain has not encountered such serious problems since the Fukushima nuclear disaster in Japan. According to statistics, due to the chip shortage, global automobile production in the first quarter of 2021 will be about 672,000 vehicles less than expected, with China being the country most severely affected by the shortage, reducing production by about 250,000 vehicles in the first quarter.</p><p>These century-old automotive giants have suffered a series of crushing blows because of their tiny chips—production cuts, shutdowns, work stoppages, and even direct economic losses.</p><p>Why is there a sudden chip shortage? What do chips mean for cars?</p><p>Global automakers are collectively panicking about chips.</p><p>The first to be exposed for chip shortages were North and South Volkswagen.</p><p>Last December, a news report on CCTV's \"Economic Information Broadcast\" made the issue of \"chip shortage\" a hot topic. The report stated that due to insufficient chip supply, SAIC Volkswagen suspended production on December 4, while FAW-Volkswagen also entered a production halt in early December.</p><p>Afterwards, Volkswagen responded that they were trying to find a solution, which was tantamount to a disguised admission—\"Yes, we are out of chips.\"</p><p>At this point, many people might still think that the chip shortage among automakers is temporary. But subsequent developments made everyone realize that things were not so simple.</p><p>Following the exposure of chip shortages between North and South Volkswagen, auto parts giants such as Continental and Bosch have both issued statements warning that the shortage of chips used in automobile manufacturing could affect automobile production, including in the Chinese market, and that this impact would continue until next year.</p><p>The shadow of chip shortages is gradually looming over the global automotive supply chain. In the following years, more and more automakers have reported running out of chips. Instead of resolving the crisis, it intensified like dominoes.</p><p><img src=\"https://static.tigerbbs.com/99e1017f189dc306ad40ed28392c15d3\" tg-width=\"550\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p>Source / Unsplash</p><p>Nissan, Volvo, Ford, Volkswagen, Mitsubishi, and more and more automakers are being forced to reduce or halt production due to chip shortages. Moreover, it's not just China; factories in many parts of the world, including Germany, the United States, and India, are facing chip shortages.</p><p>Even Toyota and Honda, which have always prioritized supply chain security, are facing a crisis.<a href=\"https://laohu8.com/S/HMC\">Honda Motor</a>In March, it was announced that most of the company's car factories in the United States and Canada would close starting March 22 and continuing until March 29.<a href=\"https://laohu8.com/S/TM\">Toyota</a>It also announced production cuts at four factories in North America.</p><p>Some automakers have had to tighten their belts to supply their limited chips to the product lines that need them most. For example, Daimler prioritizes supplying chips to production lines for models such as the Mercedes-Benz S-Class;<a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>Ensure that the chips are prioritized for supply to Porsche models and Skoda's newly launched pure electric SUV models...</p><p>As time went by, this chip shortage list not only failed to shorten, but even grew longer. On March 26,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The announcement that due to a chip shortage, the company has decided to suspend production at its Hefei JAC Nio manufacturing plant for five working days starting March 29, 2021, caused a public uproar.</p><p>Due to a shortage of chips, upstream suppliers have begun to raise prices arbitrarily. Some manufacturers have raised prices by 10-20%, and delivery times have been extended from the normal two months to four months. Dutch automotive chip supplier<a href=\"https://laohu8.com/S/NXPI\">NXP</a>Customers have begun to be informed that prices for all products will have to increase due to \"significant increases\" in material costs and a \"severe shortage\" of chips.</p><p>Even more critically, with production cuts or even shutdowns, automakers facing chip shortages are suffering huge losses in this global crisis.</p><p>Volkswagen, which initially reported a chip shortage, calculated that it would produce 100,000 fewer cars in the first quarter due to the chip shortage. A Volkswagen spokesperson even angrily stated that they would consider claiming compensation from poorly prepared first-tier suppliers such as Bosch and Continental.<a href=\"https://laohu8.com/S/F\">Ford Motor</a>The chip shortage is expected to reduce profits by $2.5 billion this year.</p><p>Globally, due to the chip shortage, global automobile production in the first quarter of 2021 will be approximately 672,000 fewer vehicles than expected, with China being the country most severely affected by the shortage, reducing production by about 250,000 vehicles in the first quarter.</p><p>Who's to blame for the chip shortage?</p><p>A little-known fact is that nowadays, both gasoline and electric vehicles are equipped with dozens of chips. Among them, an ordinary car will use at least 40 kinds of chips, while high-end models will need more than 150 kinds of chips.</p><p>Wang Feng, a representative from Leapmotor, explained the importance of chips to the current automotive industry: Modern cars differ from traditional cars mainly in...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>In terms of software and hardware. The core technologies of traditional automobiles are the engine, transmission, and axle, while the core technologies of future new energy vehicles will be batteries and chips.</p><p>\"If it were a car from a long time ago, it might not have needed a chip, but that doesn't work now. Our users have changed.\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The needs of driving and connected vehicles both require chip technology, so chips can be considered one of the differentiating features of modern automobiles.</p><p>The chips in cars have different functions and can be roughly divided into several categories such as microprocessors (MCUs), analog circuits, sensors, and AI chips. The MCU accounts for the largest proportion (approximately 30%).</p><p>Chips are also graded. High-end chips, such as autonomous driving chips and intelligent cockpit chips, are not needed by automakers; one or two are enough. The production of low-end chips is large enough, so there is no shortage. \"This time, automakers are short of chips, mainly in the mid-range 8-bit functional MCU chips,\" pointed out Cao Shufeng, an automotive electronics engineer.</p><p>These mid-range chips are not technologically advanced and cost at most a few dollars each, but they are widely used in vehicles. An MCU is like a cerebellum that controls each function of a car. Various subsystems of the vehicle body, including fan control, air conditioning control, wipers, sunroof, etc., all require MCU control. This means that if these MCU chips are missing, some very basic functions of the car will be unusable, and the car will be wasted.</p><p>Wang Feng stated, \"There is indeed a chip shortage for MCUs right now. In particular, this has prevented the ESP electronic stability system, including the ECU trip computer, from functioning.\"</p><p>This explains why the chip shortage has had such a significant impact on the automotive manufacturing industry, and why the crisis has even swept the globe.</p><p>But in the end, why is there a shortage of MCU chips? Without chips, wouldn't we just have to remanufacture them?</p><p>It's not that simple. The chip manufacturing industry chain is long and complex. The average semiconductor wafer production cycle takes about 12 weeks, followed by assembly, testing, manufacturing into the final product, and delivery. Overall, the delivery time from the customer placing the order to receiving the final product may take up to 26 weeks (about six months).</p><p>In other words, automakers need to anticipate market conditions and place orders six months in advance. Moreover, automakers often do not communicate directly with MCU chip manufacturers; instead, they have to go through intermediaries such as wafer foundries and first- and second-tier suppliers to profit from the price difference.</p><p><img src=\"https://static.tigerbbs.com/68d0f3f16577d107c15a2066eabdd3fb\" tg-width=\"550\" tg-height=\"350\" referrerpolicy=\"no-referrer\"></p><p>Source: Yuekai Securities Research Report</p><p>Report Source / CVSource Input Data</p><p>This means that once there is a mismatch between supply and demand, or an error occurs in a certain link, the rhythm of the entire upstream and downstream industrial chain will be disrupted, and a storm will sweep across the entire industry.</p><p>Seeing this, you can roughly understand that the series of crises mentioned above must have been caused by a problem in some link of the industrial chain.</p><p>In fact, the biggest variable in the entire industry is the pandemic. At the beginning of 2020, McKinsey predicted that due to the severe impact of the pandemic, global car sales in 2020 may decrease by nearly 30%, sales in the Chinese market will decline by 15%, sales in the United States and Europe will decrease by 18%-36%, and production will decrease by nearly 5 million vehicles each, which is not likely to recover in the short term.</p><p>With production expected to decrease, major automakers have reduced their chip orders. Unexpectedly, in the second half of the year, the car market began to recover or even rebound, especially the Chinese market, which began to experience explosive growth. With a surge in orders on the demand side, according to the original plan, chips would definitely be in short supply.</p><p>There wasn't enough to supply, and there were also people vying for supplies. For chip manufacturers, the most profitable and largest demand comes from the consumer electronics industry, such as laptops and games. Similarly, due to the pandemic, people have spent more time staying at home, and the demand for consumer electronics has surged since 2020. More chip orders will definitely be prioritized for wealthy and high-volume buyers. Automakers, which already have a small market share and are slow to react, have clearly lost in this round of competition.</p><p>Let's look at the supply side again.</p><p>It's important to understand that MCU chip manufacturers have always been reluctant to manufacture automotive chips because the profits are low and the standards are high, making it arduous and tiring work. There are only a few manufacturers worldwide willing to manufacture this type of chip. Moreover, these manufacturers have always been at the bottom of the entire industry chain, with little say, making it difficult to expand production or change production lines.</p><p>The entire industrial chain is very fragile. Once a large order is encountered, it will definitely be impossible to supply it even after working overtime.</p><p>There were already many monks but little meat, and there were many natural disasters. The most important material for chip manufacturers is actually the wafer. Last year, several semiconductor companies suffered frequent fires, leading to a wafer shortage. For example, at the end of October last year, a fire broke out at the Asahi Kasei factory, a Japanese semiconductor company that produces wafers. The fire lasted for three days before it was stopped, and the factory stopped production on the spot. Semiconductor factories need to operate 24 hours a day, and the losses from a few days of shutdown are extremely heavy.</p><p>\"In other words, the chip shortage problem is caused by a combination of factors. This mismatch between supply and demand has jointly triggered this crisis,\" Wang Feng said.</p><p>Is there any way out of the chip shortage crisis?</p><p>Is it possible to alleviate the chip shortage problem?</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>The assessment is that the shortage may last for more than a year.</p><p>IHS (Exon Huamai, a financial information company) predicts that although supply chains will remain constrained in the third quarter, the shortage of automotive chips will bottom out around the end of March and improve from the end of April, but it will still not be able to meet the demand of OEMs. In the third quarter, the supply of MCUs could meet the ongoing demand from OEMs at the time, but it may not be able to make up for the demand lost in the first half of 2021. To put it bluntly, it can't be solved anytime soon.</p><p>Cao Shufeng pointed out to Shenran: Chip production capacity cannot be replenished in a short time. The global demand for consumer electronics is stable now, and the wafer production capacity for consumer electronics cannot be evenly distributed to automotive electronics. Building a new 8-inch production line cannot be completed in a short time, so the shortage of automotive chips will continue for some time.</p><p><img src=\"https://static.tigerbbs.com/43c4c0a26e0a51e3fdb96f12986d5878\" tg-width=\"550\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>Source / Pexels</p><p>However, for the domestic market, this chip shortage has exposed a bigger problem—the localization rate of MCUs in China is very low.</p><p>China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>According to the Automotive Supply Chain White Paper, only one of the top 20 companies in the automotive semiconductor industry is domestically produced in China. In China's annual automotive market of 28 million vehicles, China's automotive semiconductor output accounts for less than 5% of the global total, and the import rate of some key components exceeds 80%-90%.</p><p>The global power semiconductor supply chain is almost entirely controlled by<a href=\"https://laohu8.com/S/0KED.UK\">Infineon</a>、<a href=\"https://laohu8.com/S/ONNN\">ON Semiconductor</a>In the hands of foreign semiconductor manufacturers such as STMicroelectronics. In other words, China's semiconductor industry chain is still very weak in the automotive sector, making it difficult to seize a share of the market.</p><p>\"Therefore, for domestic automakers, another fundamental reason for this chip crisis is that China relies heavily on imports for chips. This means that if suppliers encounter problems, OEMs will be affected and face chip shortages,\" Wang Feng pointed out. \"In fact, under the trend of globalization, most OEMs choose to purchase from suppliers that are more convenient and cost-effective. Moreover, my country started late in the chip industry. In addition, chips are high-precision technologies, and their deployment and application will take some time.\"</p><p>However, this is a rare opportunity, as the semiconductor industry has recently become hot, and the stock prices of related companies have soared. Many automakers have also entered the automotive chip industry to make up for the shortcomings.<a href=\"https://laohu8.com/S/600104\">SAIC Motor</a>、<a href=\"https://laohu8.com/S/002594\">BYD</a>Automakers such as Great Wall Motors have established joint ventures with semiconductor manufacturers. Horizon,<a href=\"https://laohu8.com/S/688256\">Cambrian</a>Domestic companies such as Chipdrive Technology are also focusing on the field of automotive-grade chips.</p><p>In the long run, these mid-to-low-end chips may be gradually replaced by high-end AI chips such as autonomous driving and vehicle infotainment systems. One analyst pointed out: \"With the trend of centralized computing architectures, one or two main chips can completely replace all the MCUs and computing chips in current distributed electronic and electrical architectures.\"</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>This is a prime example. with<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>After parting ways,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It took three years to develop our own FSD chip, which is among the best in the industry in terms of both manufacturing process and computing power. This is equivalent to Tesla gaining autonomy, being able to customize its own chips without being constrained by the supply chain.</p><p>Cao Shufeng pointed out, \"High-end AI chips definitely need to be researched independently, because once a car company's autonomous driving roadmap is fixed, developing an ASIC chip that best matches its own AI algorithm is the most cost-effective way.\"</p><p>In order to achieve chip freedom, more and more automakers are entering the market. For example BAIC, Geely and<a href=\"https://laohu8.com/S/002594\">BYD</a>Once automakers start manufacturing chips; Nio also announced its independent chip development, led by Chairman and CEO Li Bin. On October 27, 2020, Leapmotor released its first fully domestically produced automotive-grade AI intelligent driving chip with completely independent intellectual property rights – the Lingxin 01 chip.</p><p>\"The trend of electronic and electrical architecture is gradually evolving from distributed architecture to integrated architecture. Theoretically, it can be controlled by a single chip, but it is not absolute,\" Wang Feng said. \"Because some functions are due to cost and safety considerations, or because there are many electronic control modules in automobiles that still need to be provided by component suppliers, some MCUs or ECUs will still exist. However, the trend of self-developed chips is undoubtedly the general direction for the future.\"</p><p>*Cover image from Pexels. At the interviewee's request, Wang Feng is a pseudonym in the article.</p><p>Disclaimer: All content provided by We Media Comprehensive is sourced from We Media, and the copyright belongs to the original author. Please contact the original author with permission for reproduction. The views expressed in this article are solely those of the author and do not represent...<a href=\"https://laohu8.com/S/SINA\">Sina</a>Position. If the content involves investment advice, it is for reference only and should not be used as an investment basis. Investing involves risks; please exercise caution when entering the market.</p>","source":"lsy1598506047654","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Whose fault is it that automakers are facing chip shortages and bottlenecks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhose fault is it that automakers are facing chip shortages and bottlenecks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">深燃</strong><span class=\"h-time small\">2021-04-12 14:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The whole world is starting to panic about chips.</p><p>Due to a shortage of chips, automakers have stopped production altogether.<a href=\"https://laohu8.com/S/NIO\">Nio</a>They shouted: \"We can't hold on any longer, we have to stop production for five days.\" Moreover, this isn't just a chip shortage, nor is it just a Chinese automaker facing a crisis.</p><p>Foreign companies such as Volkswagen, GM, and even Toyota and Honda, which have always prioritized supply chain security, are also facing a chip shortage crisis.</p><p>In fact, since the beginning of December last year, some car companies have been reported by the media to have stopped production one after another due to chip shortages. The following year, the first quarter had already passed, and the chip crisis not only failed to be resolved, but instead intensified and even spread to the world, becoming a global supply chain crisis.</p><p>Der Spiegel reported, citing Roland Berger management consulting firm expert Berrett, that the automotive supply chain has not encountered such serious problems since the Fukushima nuclear disaster in Japan. According to statistics, due to the chip shortage, global automobile production in the first quarter of 2021 will be about 672,000 vehicles less than expected, with China being the country most severely affected by the shortage, reducing production by about 250,000 vehicles in the first quarter.</p><p>These century-old automotive giants have suffered a series of crushing blows because of their tiny chips—production cuts, shutdowns, work stoppages, and even direct economic losses.</p><p>Why is there a sudden chip shortage? What do chips mean for cars?</p><p>Global automakers are collectively panicking about chips.</p><p>The first to be exposed for chip shortages were North and South Volkswagen.</p><p>Last December, a news report on CCTV's \"Economic Information Broadcast\" made the issue of \"chip shortage\" a hot topic. The report stated that due to insufficient chip supply, SAIC Volkswagen suspended production on December 4, while FAW-Volkswagen also entered a production halt in early December.</p><p>Afterwards, Volkswagen responded that they were trying to find a solution, which was tantamount to a disguised admission—\"Yes, we are out of chips.\"</p><p>At this point, many people might still think that the chip shortage among automakers is temporary. But subsequent developments made everyone realize that things were not so simple.</p><p>Following the exposure of chip shortages between North and South Volkswagen, auto parts giants such as Continental and Bosch have both issued statements warning that the shortage of chips used in automobile manufacturing could affect automobile production, including in the Chinese market, and that this impact would continue until next year.</p><p>The shadow of chip shortages is gradually looming over the global automotive supply chain. In the following years, more and more automakers have reported running out of chips. Instead of resolving the crisis, it intensified like dominoes.</p><p><img src=\"https://static.tigerbbs.com/99e1017f189dc306ad40ed28392c15d3\" tg-width=\"550\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p>Source / Unsplash</p><p>Nissan, Volvo, Ford, Volkswagen, Mitsubishi, and more and more automakers are being forced to reduce or halt production due to chip shortages. Moreover, it's not just China; factories in many parts of the world, including Germany, the United States, and India, are facing chip shortages.</p><p>Even Toyota and Honda, which have always prioritized supply chain security, are facing a crisis.<a href=\"https://laohu8.com/S/HMC\">Honda Motor</a>In March, it was announced that most of the company's car factories in the United States and Canada would close starting March 22 and continuing until March 29.<a href=\"https://laohu8.com/S/TM\">Toyota</a>It also announced production cuts at four factories in North America.</p><p>Some automakers have had to tighten their belts to supply their limited chips to the product lines that need them most. For example, Daimler prioritizes supplying chips to production lines for models such as the Mercedes-Benz S-Class;<a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>Ensure that the chips are prioritized for supply to Porsche models and Skoda's newly launched pure electric SUV models...</p><p>As time went by, this chip shortage list not only failed to shorten, but even grew longer. On March 26,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The announcement that due to a chip shortage, the company has decided to suspend production at its Hefei JAC Nio manufacturing plant for five working days starting March 29, 2021, caused a public uproar.</p><p>Due to a shortage of chips, upstream suppliers have begun to raise prices arbitrarily. Some manufacturers have raised prices by 10-20%, and delivery times have been extended from the normal two months to four months. Dutch automotive chip supplier<a href=\"https://laohu8.com/S/NXPI\">NXP</a>Customers have begun to be informed that prices for all products will have to increase due to \"significant increases\" in material costs and a \"severe shortage\" of chips.</p><p>Even more critically, with production cuts or even shutdowns, automakers facing chip shortages are suffering huge losses in this global crisis.</p><p>Volkswagen, which initially reported a chip shortage, calculated that it would produce 100,000 fewer cars in the first quarter due to the chip shortage. A Volkswagen spokesperson even angrily stated that they would consider claiming compensation from poorly prepared first-tier suppliers such as Bosch and Continental.<a href=\"https://laohu8.com/S/F\">Ford Motor</a>The chip shortage is expected to reduce profits by $2.5 billion this year.</p><p>Globally, due to the chip shortage, global automobile production in the first quarter of 2021 will be approximately 672,000 fewer vehicles than expected, with China being the country most severely affected by the shortage, reducing production by about 250,000 vehicles in the first quarter.</p><p>Who's to blame for the chip shortage?</p><p>A little-known fact is that nowadays, both gasoline and electric vehicles are equipped with dozens of chips. Among them, an ordinary car will use at least 40 kinds of chips, while high-end models will need more than 150 kinds of chips.</p><p>Wang Feng, a representative from Leapmotor, explained the importance of chips to the current automotive industry: Modern cars differ from traditional cars mainly in...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>In terms of software and hardware. The core technologies of traditional automobiles are the engine, transmission, and axle, while the core technologies of future new energy vehicles will be batteries and chips.</p><p>\"If it were a car from a long time ago, it might not have needed a chip, but that doesn't work now. Our users have changed.\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The needs of driving and connected vehicles both require chip technology, so chips can be considered one of the differentiating features of modern automobiles.</p><p>The chips in cars have different functions and can be roughly divided into several categories such as microprocessors (MCUs), analog circuits, sensors, and AI chips. The MCU accounts for the largest proportion (approximately 30%).</p><p>Chips are also graded. High-end chips, such as autonomous driving chips and intelligent cockpit chips, are not needed by automakers; one or two are enough. The production of low-end chips is large enough, so there is no shortage. \"This time, automakers are short of chips, mainly in the mid-range 8-bit functional MCU chips,\" pointed out Cao Shufeng, an automotive electronics engineer.</p><p>These mid-range chips are not technologically advanced and cost at most a few dollars each, but they are widely used in vehicles. An MCU is like a cerebellum that controls each function of a car. Various subsystems of the vehicle body, including fan control, air conditioning control, wipers, sunroof, etc., all require MCU control. This means that if these MCU chips are missing, some very basic functions of the car will be unusable, and the car will be wasted.</p><p>Wang Feng stated, \"There is indeed a chip shortage for MCUs right now. In particular, this has prevented the ESP electronic stability system, including the ECU trip computer, from functioning.\"</p><p>This explains why the chip shortage has had such a significant impact on the automotive manufacturing industry, and why the crisis has even swept the globe.</p><p>But in the end, why is there a shortage of MCU chips? Without chips, wouldn't we just have to remanufacture them?</p><p>It's not that simple. The chip manufacturing industry chain is long and complex. The average semiconductor wafer production cycle takes about 12 weeks, followed by assembly, testing, manufacturing into the final product, and delivery. Overall, the delivery time from the customer placing the order to receiving the final product may take up to 26 weeks (about six months).</p><p>In other words, automakers need to anticipate market conditions and place orders six months in advance. Moreover, automakers often do not communicate directly with MCU chip manufacturers; instead, they have to go through intermediaries such as wafer foundries and first- and second-tier suppliers to profit from the price difference.</p><p><img src=\"https://static.tigerbbs.com/68d0f3f16577d107c15a2066eabdd3fb\" tg-width=\"550\" tg-height=\"350\" referrerpolicy=\"no-referrer\"></p><p>Source: Yuekai Securities Research Report</p><p>Report Source / CVSource Input Data</p><p>This means that once there is a mismatch between supply and demand, or an error occurs in a certain link, the rhythm of the entire upstream and downstream industrial chain will be disrupted, and a storm will sweep across the entire industry.</p><p>Seeing this, you can roughly understand that the series of crises mentioned above must have been caused by a problem in some link of the industrial chain.</p><p>In fact, the biggest variable in the entire industry is the pandemic. At the beginning of 2020, McKinsey predicted that due to the severe impact of the pandemic, global car sales in 2020 may decrease by nearly 30%, sales in the Chinese market will decline by 15%, sales in the United States and Europe will decrease by 18%-36%, and production will decrease by nearly 5 million vehicles each, which is not likely to recover in the short term.</p><p>With production expected to decrease, major automakers have reduced their chip orders. Unexpectedly, in the second half of the year, the car market began to recover or even rebound, especially the Chinese market, which began to experience explosive growth. With a surge in orders on the demand side, according to the original plan, chips would definitely be in short supply.</p><p>There wasn't enough to supply, and there were also people vying for supplies. For chip manufacturers, the most profitable and largest demand comes from the consumer electronics industry, such as laptops and games. Similarly, due to the pandemic, people have spent more time staying at home, and the demand for consumer electronics has surged since 2020. More chip orders will definitely be prioritized for wealthy and high-volume buyers. Automakers, which already have a small market share and are slow to react, have clearly lost in this round of competition.</p><p>Let's look at the supply side again.</p><p>It's important to understand that MCU chip manufacturers have always been reluctant to manufacture automotive chips because the profits are low and the standards are high, making it arduous and tiring work. There are only a few manufacturers worldwide willing to manufacture this type of chip. Moreover, these manufacturers have always been at the bottom of the entire industry chain, with little say, making it difficult to expand production or change production lines.</p><p>The entire industrial chain is very fragile. Once a large order is encountered, it will definitely be impossible to supply it even after working overtime.</p><p>There were already many monks but little meat, and there were many natural disasters. The most important material for chip manufacturers is actually the wafer. Last year, several semiconductor companies suffered frequent fires, leading to a wafer shortage. For example, at the end of October last year, a fire broke out at the Asahi Kasei factory, a Japanese semiconductor company that produces wafers. The fire lasted for three days before it was stopped, and the factory stopped production on the spot. Semiconductor factories need to operate 24 hours a day, and the losses from a few days of shutdown are extremely heavy.</p><p>\"In other words, the chip shortage problem is caused by a combination of factors. This mismatch between supply and demand has jointly triggered this crisis,\" Wang Feng said.</p><p>Is there any way out of the chip shortage crisis?</p><p>Is it possible to alleviate the chip shortage problem?</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>The assessment is that the shortage may last for more than a year.</p><p>IHS (Exon Huamai, a financial information company) predicts that although supply chains will remain constrained in the third quarter, the shortage of automotive chips will bottom out around the end of March and improve from the end of April, but it will still not be able to meet the demand of OEMs. In the third quarter, the supply of MCUs could meet the ongoing demand from OEMs at the time, but it may not be able to make up for the demand lost in the first half of 2021. To put it bluntly, it can't be solved anytime soon.</p><p>Cao Shufeng pointed out to Shenran: Chip production capacity cannot be replenished in a short time. The global demand for consumer electronics is stable now, and the wafer production capacity for consumer electronics cannot be evenly distributed to automotive electronics. Building a new 8-inch production line cannot be completed in a short time, so the shortage of automotive chips will continue for some time.</p><p><img src=\"https://static.tigerbbs.com/43c4c0a26e0a51e3fdb96f12986d5878\" tg-width=\"550\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>Source / Pexels</p><p>However, for the domestic market, this chip shortage has exposed a bigger problem—the localization rate of MCUs in China is very low.</p><p>China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>According to the Automotive Supply Chain White Paper, only one of the top 20 companies in the automotive semiconductor industry is domestically produced in China. In China's annual automotive market of 28 million vehicles, China's automotive semiconductor output accounts for less than 5% of the global total, and the import rate of some key components exceeds 80%-90%.</p><p>The global power semiconductor supply chain is almost entirely controlled by<a href=\"https://laohu8.com/S/0KED.UK\">Infineon</a>、<a href=\"https://laohu8.com/S/ONNN\">ON Semiconductor</a>In the hands of foreign semiconductor manufacturers such as STMicroelectronics. In other words, China's semiconductor industry chain is still very weak in the automotive sector, making it difficult to seize a share of the market.</p><p>\"Therefore, for domestic automakers, another fundamental reason for this chip crisis is that China relies heavily on imports for chips. This means that if suppliers encounter problems, OEMs will be affected and face chip shortages,\" Wang Feng pointed out. \"In fact, under the trend of globalization, most OEMs choose to purchase from suppliers that are more convenient and cost-effective. Moreover, my country started late in the chip industry. In addition, chips are high-precision technologies, and their deployment and application will take some time.\"</p><p>However, this is a rare opportunity, as the semiconductor industry has recently become hot, and the stock prices of related companies have soared. Many automakers have also entered the automotive chip industry to make up for the shortcomings.<a href=\"https://laohu8.com/S/600104\">SAIC Motor</a>、<a href=\"https://laohu8.com/S/002594\">BYD</a>Automakers such as Great Wall Motors have established joint ventures with semiconductor manufacturers. Horizon,<a href=\"https://laohu8.com/S/688256\">Cambrian</a>Domestic companies such as Chipdrive Technology are also focusing on the field of automotive-grade chips.</p><p>In the long run, these mid-to-low-end chips may be gradually replaced by high-end AI chips such as autonomous driving and vehicle infotainment systems. One analyst pointed out: \"With the trend of centralized computing architectures, one or two main chips can completely replace all the MCUs and computing chips in current distributed electronic and electrical architectures.\"</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>This is a prime example. with<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>After parting ways,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It took three years to develop our own FSD chip, which is among the best in the industry in terms of both manufacturing process and computing power. This is equivalent to Tesla gaining autonomy, being able to customize its own chips without being constrained by the supply chain.</p><p>Cao Shufeng pointed out, \"High-end AI chips definitely need to be researched independently, because once a car company's autonomous driving roadmap is fixed, developing an ASIC chip that best matches its own AI algorithm is the most cost-effective way.\"</p><p>In order to achieve chip freedom, more and more automakers are entering the market. For example BAIC, Geely and<a href=\"https://laohu8.com/S/002594\">BYD</a>Once automakers start manufacturing chips; Nio also announced its independent chip development, led by Chairman and CEO Li Bin. On October 27, 2020, Leapmotor released its first fully domestically produced automotive-grade AI intelligent driving chip with completely independent intellectual property rights – the Lingxin 01 chip.</p><p>\"The trend of electronic and electrical architecture is gradually evolving from distributed architecture to integrated architecture. Theoretically, it can be controlled by a single chip, but it is not absolute,\" Wang Feng said. \"Because some functions are due to cost and safety considerations, or because there are many electronic control modules in automobiles that still need to be provided by component suppliers, some MCUs or ECUs will still exist. However, the trend of self-developed chips is undoubtedly the general direction for the future.\"</p><p>*Cover image from Pexels. At the interviewee's request, Wang Feng is a pseudonym in the article.</p><p>Disclaimer: All content provided by We Media Comprehensive is sourced from We Media, and the copyright belongs to the original author. Please contact the original author with permission for reproduction. The views expressed in this article are solely those of the author and do not represent...<a href=\"https://laohu8.com/S/SINA\">Sina</a>Position. If the content involves investment advice, it is for reference only and should not be used as an investment basis. Investing involves risks; please exercise caution when entering the market.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/F10IXCjqFs0AT-MUA7Eh7A\">深燃</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/43c4c0a26e0a51e3fdb96f12986d5878","relate_stocks":{"NIO":"蔚来","F":"福特汽车"},"source_url":"https://mp.weixin.qq.com/s/F10IXCjqFs0AT-MUA7Eh7A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126059738","content_text":"全世界都开始闹“芯”慌了。\n因为缺“芯”（芯片），车企直接停产了。蔚来就喊话：我们撑不住了，必须得停产五天。而且这还不是一家缺“芯”，也不单是中国车企告急。\n国外的大众、通用，甚至是一向以供应链安全为核心的丰田和本田也陷入了缺芯危机。\n事实上，自去年12月初起，就有汽车企业被媒体爆出因缺芯陆续停产。转过年来，第一个季度已经过去了，芯片危机不仅没能解决，反而愈演愈烈，甚至蔓延至全球成为了全球性供应链危机。\n《明镜周刊》报道援引罗兰贝格管理咨询公司专家贝雷特的观点，自从日本福岛核灾以来，汽车供应链就没遇到过这么严重的问题。据统计，受芯片短缺影响，2021年第一季度全球汽车产量将比预期少约67.2万辆，其中中国是受短缺影响最严重的国家，第一季度约减产25万辆。\n这些百年车企巨头，因为小小的芯片，接连遭受暴击——减产、停产、停工，甚至是直接面临巨额的经济损失。\n为什么突然缺芯了呢？芯片对于车来说意味着什么？\n全球车企，集体“芯”慌\n首先被爆出缺芯的是南北大众。\n去年12月份，央视《经济信息联播》一则新闻就让“缺芯”这事儿火出了圈。报道中称大众汽车受芯片供应不足影响，上汽大众在12月4日开始停产，而一汽大众也在12月初进入了停产状态。\n事后，大众回应表示正在想办法解决，相当于变相承认了——“是的，我们没芯了”。\n到这个时候，可能很多人都还以为，车企缺芯是一时的。但随后的事态发展，才让大家意识到——事情没那么简单。\n在南北大众缺芯被曝光后，大陆集团以及博世集团等汽车零部件巨头不约而同地发声，预警用于汽车制造的芯片短缺可能会影响包括中国市场在内的汽车生产，而且这种影响将会一直持续至明年。\n缺芯的阴霾开始逐渐笼罩全球汽车供应链。转过年来，越来越多的车企爆出没芯了。危机不但没能解决，还愈演愈烈，仿佛多米诺骨牌一样。\n\n来源/Unsplash\n日产、沃尔沃、福特、大众、三菱等等，越来越多的车企因为缺芯被迫减产停产。而且不止是中国，德国、美国、印度等全球范围内的多地工厂都面临芯片不足的情况。\n就连一向以供应链安全为核心的丰田和本田也陷入了危机。本田汽车3月份宣布，公司位于美国和加拿大的大多数汽车工厂将从3月22日开始关闭，一直持续到3月29日。丰田汽车也宣布削减北美四家工厂的产量。\n有些车企不得不勒紧裤腰带把有限的芯片供给最需要的产品线。比如戴姆勒优先把芯片提供给生产奔驰S级等车型的生产线；大众集团确保芯片能优先供应保时捷旗下车型以及斯柯达新推出的纯电动SUV车型……\n随着时间的推移，这份缺芯名单不仅没能减短，甚至变得越来越长。3月26日，蔚来宣布，由于芯片短缺，公司决定自2021年3月29日起，合肥江淮蔚来制造工厂暂停生产5个工作日，一时舆论哗然。\n由于芯片供不应求，上游的供应商们开始坐地起价。有些厂商供货的价格调涨10-20%，交货期由正常的两个月延长到了四个月。荷兰汽车芯片供应商恩智浦已开始告知客户，由于材料成本“大幅上涨”和芯片“严重短缺”，所有产品的价格都得提高。\n更要命的是，减产甚至到停产，这场波及全球的大危机中，缺芯的车企们在蒙受巨大的损失。\n最开始爆出缺芯的大众算了一下账，第一季度将因为芯片短缺少生产10万辆汽车。大众对外发言人甚至非常愤怒地表示，将考虑向准备不周的博世、大陆集团等一级供应商索赔。福特汽车预计，芯片短缺或使今年的利润减少25亿美元。\n从全球看来，受芯片短缺影响，2021年第一季度全球汽车产量将比预期少约67.2万辆，其中中国是受短缺影响最严重的国家，第一季度约减产25万辆。\n缺芯背后，谁的锅？\n一个冷知识是，如今无论是燃油车还是电动车，车身上都会配置几十颗芯片。其中，一辆普通汽车至少会用到40多种芯片，而高端车型则需要150多种芯片。\n零跑汽车相关负责人王峰解释了芯片对于当下汽车产业的重要性：现在的汽车区别于传统的汽车，主要是在智能化的软硬件方面。传统汽车的核心技术是发动机、变速箱、车桥三大件，未来新能源汽车的核心技术则是电池和芯片。\n“如果是很早以前的汽车，可能并不需要芯片，但是当下行不通了，我们的用户已经变了。智能驾驶的需求、车联网的需求都需要芯片技术，所以芯片可以说是现在汽车差异化的表现之一。”\n汽车身上的芯片功能各异，大致分为微处理器（MCU）、模拟电路、传感器、AI芯片等多种类别。而MCU是占比最大的部分（约占30%）。\n芯片也分等级，高端芯片比如自动驾驶芯片和智能座舱芯片，车企需要的不多，一两个就够了。低端芯片产量足够大，所以也不缺。“这次车企缺芯，缺的主要是中端的8位功能MCU芯片。”汽车电子工程师曹书峰指出。\n这些中端芯片技术含量不高，单价最多几美元，但是在车身上的应用较多。一个MCU相当于控制汽车一个个功能的小脑。车体的各个次系统，包括风扇控制、空调控制、雨刷、天窗等等都需要MCU的控制。这就意味着，如果这些MCU芯片缺失，汽车的一些非常基础的功能都无法应用，一辆车也就白造了。\n王峰表示，“现在确实是MCU的芯片短缺。尤其是导致ESP电子稳定系统，包括ECU行车电脑等功能无法实现。”\n这也就解释了，为什么芯片吃紧对汽车制造行业产生如此大的影响，甚至这场危机席卷了全球。\n但说到底，为什么会缺MCU芯片呢？没芯片，再造不就完了吗？\n事情没那么简单。芯片制造产业链漫长而复杂。生产半导体晶圆的周期平均大约需要12周，之后还得组装、测试、制成最终成品、交付。整体计算下来，从客户下订单到收到最终产品的交货时间最多可能需要26周（半年左右）。\n相当于，车企需要提前半年预判行情下订单。而且，很多时候车厂并不是直接和MCU芯片厂商沟通，中间还要经历晶圆代工厂、一级二级供应商等中间商赚差价。\n\n资料来源/粤开证券研报\n报告来源 / CVSource投中数据\n这也就意味着，一旦供需出现错配，或者某个环节出现错误，整个上下游产业链节奏就会打乱，风暴会席卷整个行业。\n看到这儿差不多就理解，上述一系列的危机，肯定是产业链哪个环节出了问题。\n事实上，整个行业最大的变数就是疫情。2020年年初，麦肯锡预计受疫情严重影响，2020年世界汽车销量或将减少近三成，中国市场销量下降15%，美国和欧洲的销量将减少18%-36%，产量将分别减少近500万辆，短期内不可恢复。\n预计产量可能会减少，于是各大车企就纷纷减少了芯片的订单。万万没想到的是，到了下半年，车市开始恢复甚至反弹，尤其是中国市场开始爆发式增长。需求端的订单量激增，按照原先的计划，芯片肯定是供不应求的。\n本身就不够用，还有抢货源的。对于芯片厂来说，最赚钱的、订单量最大的需求其实来自消费类电子产品行业，比如笔记本电脑、游戏等等。也同样是因为疫情，人们宅家的时间变多了，2020年以来消费电子产品需求量猛增，更多的芯片订单肯定优先供给有钱且走量的需求方。本身就份额不多，而且反应还慢半拍的车企，显然在这一轮的抢货大战中败下阵来。\n我们再看供给端。\n要知道，一直以来，MCU芯片厂商们大多不愿意制造汽车芯片，因为利润低，而且标准高，是苦活累活。愿意制造这类芯片的，从全球来看也就几家厂商。而且这类厂商一直站在整个产业链的底端，没什么话语权，很难进行扩产或者改变生产线。\n整个产业链非常脆弱，一旦遇到大订单，肯定加班加点也供给不过来。\n本身就僧多肉少，天灾还很多。芯片厂最重要的材料其实是晶圆。去年几家半导体公司频频失火，导致晶圆紧缺。比如去年10月底，日本一家生产晶圆的半导体公司旭化成厂房起火，烧了三天才止住，工厂当场就停工了。半导体工厂是需要24小时不停歇运营的，几天的关停损失非常惨重。\n“相当于，缺芯的问题是由一些综合的原因共同导致的。这场供需端的错配，联合引发了这样一场危机。”王峰表示。\n缺芯危机还有救吗？\n缺芯的问题，有可能缓解吗？\n兴业证券的判断是，缺货可能还会持续一年以上。\nIHS（埃信华迈，一家金融信息公司）预计，尽管供应链第三季度仍会受限，但汽车芯片短缺的情况将在3月底左右触底，4月底起将有所改善，但仍不能满足主机厂的需求。在三季度，MCU的供应可以满足主机厂当时的持续需求，但可能无法弥补2021年上半年损失的需求。说白了就是，一时半会也解决不了。\n曹书峰对深燃指出：芯片产能不是一时半会说补就能补上的，现在全球消费电子需求稳定，消费电子晶圆产能无法匀给汽车电子，新建8英寸产线又不是一时半会能建成的，所以汽车缺芯还需要持续一段时间。\n\n来源/Pexels\n但是对于国内市场来说，这次缺芯暴露出来一个更大的问题——中国MCU的国产化率很低。\n《中国新能源汽车供应链白皮书》报告显示，汽车半导体行业排名前20的企业，中国的本土企业只有1家，在中国每年2800万辆的汽车市场，中国汽车半导体产值占全球的比例不到5%，部分关键零部件进口度比例超过80%—90%。\n全球功率半导体供应链几乎全部掌握在英飞凌、安森美、意法等国外半导体厂商手中。相当于，中国半导体产业链在汽车方面还很弱，很难抢占蛋糕。\n“所以这次芯片危机，对于国内车企来说，还有一层根本的原因是中国的芯片大部分依赖进口，这也导致，供应商一旦出现问题，主机厂就会受到牵连而缺芯。”王峰指出，“事实上，在全球化的趋势下，大多数主机厂选择更为方便和节约成本的供应商采购。而且我国在芯片方面起步晚。再加上，芯片属于高精尖技术，布局到应用需要一定时间。”\n但这也算是难得的机遇，最近半导体行业热了起来，相关公司股价飞涨。不少车企也纷纷下场布局车用芯片产业，以弥补短板。上汽集团、比亚迪、长城等车企与半导体厂商成立合资公司。地平线、寒武纪、芯驰科技等国内企业也在发力于车规级芯片领域。\n长远来看，这些中低端芯片有可能被高端AI芯片如自动驾驶、车机系统等芯片逐步取代。一位分析师指出：“在中央计算架构的趋势下，一两颗主芯片完全可以把现在分布式电子电气架构上的所有MCU和计算芯片所取代。”\n特斯拉就是一个最典型的例子。与英伟达分道扬镳后，特斯拉用了3年时间，自研了FSD芯片，无论是制程还是算力在业内都算数一数二。相当于特斯拉掌握了自主权，能够自我定制芯片，不受供应链牵制。\n曹书峰指出，“对于高端的AI芯片肯定是要自硏的，因为当一家汽车公司的自动驾驶路线固定以后，单独开发最匹配自家AI算法的ASIC芯片，是性价比最高的途径。”\n为了实现芯片自由，越来越多的车企开始入局。比如北汽、吉利和比亚迪等车企开始下场造芯；蔚来也宣布自主研发芯片，由董事长兼CEO李斌主推。2020年10月27日，零跑汽车发布了首款全国产化、具有完全自主知识产权的车规级AI智能驾驶芯片——凌芯01芯片。\n“电子电气架构的趋势方向是逐渐从分布式架构到集成式架构演进，理论上可以实现一颗芯片来控制，但不是绝对的。”王峰表示：“因为有些功能出于成本和安全性能考虑，或者由于汽车的电子控制模块也比较多，仍需由零部件供应商来提供，会导致一些MCU或ECU仍然存在。但自研芯片的趋势无疑是未来的大方向。”\n*题图来源于Pexels。应受访者要求，文中王峰为化名。\n免责声明：自媒体综合提供的内容均源自自媒体，版权归原作者所有，转载请联系原作者并获许可。文章观点仅代表作者本人，不代表新浪立场。若内容涉及投资建议，仅供参考勿作为投资依据。投资有风险，入市需谨慎。","news_type":1,"symbols_score_info":{"F":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342622529,"gmtCreate":1618213185961,"gmtModify":1704707575423,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"This is something&nbsp;","listText":"This is something&nbsp;","text":"This is something","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342622529","repostId":"1163218788","repostType":4,"isVote":1,"tweetType":1,"viewCount":3338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342919965,"gmtCreate":1618148864257,"gmtModify":1704706976038,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Very good","listText":"Very good","text":"Very good","images":[{"img":"https://static.tigerbbs.com/c5cb3a398e587a4c7086bd4d93046c16","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342919965","isVote":1,"tweetType":1,"viewCount":3226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":348436399,"gmtCreate":1617950018611,"gmtModify":1704705210138,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348436399","repostId":"1159720741","repostType":4,"repost":{"id":"1159720741","kind":"news","weMediaInfo":{"introduction":"记录新经济的每一个节点","home_visible":1,"media_name":"节点财经","id":"1021708884","head_image":"https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e"},"pubTimestamp":1617948539,"share":"https://ttm.financial/m/news/1159720741?lang=en_US&edition=fundamental","pubTime":"2021-04-09 14:08","market":"hk","language":"zh","title":"Ctrip, which is going public in Hong Kong for the second time, really knows how to play!","url":"https://stock-news.laohu8.com/highlight/detail?id=1159720741","media":"节点财经","summary":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴","content":"<p>If we were to select the most hardworking entrepreneur of 2020, Liang Jianzhang of Ctrip would definitely be on the list.</p><p>Here are some of Liang Jianzhang's schedules:</p><p>He traveled more than 9,000 kilometers in 6 provinces and 25 cities in one month; You need to switch between 20 scenes a day; Before the live broadcast, they need to conduct an investigation. After the live broadcast, they need review and manage the company's various affairs, working non-stop for more than ten hours a day. There wasn't even a 30-minute \"whole block of time\"; On the plane to the next live stream location, you have to take out your phone and write your own copy for the hotel live stream.</p><p>As a result of the \"working hard\" efforts, the OTA industry underwent the biggest change in 2020: Ctrip drove the industry to embark on new explorations at the fastest pace under special circumstances.</p><p>Liang Jianzhang has transformed himself into a major influencer by embodying different characters in different travel scenarios, which has also allowed Ctrip to use live streaming as a starting point to interpret the true meaning of \"opportunity amidst crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Public information</b></p><p><b>/ 01 / He is a big V, and also a \"big V\"</b></p><p>According to Ctrip's prospectus, it has consistently ranked first in the national online travel industry in terms of transaction volume over the past 10 years and has led the global online travel industry for three consecutive years. Last year, due to the impact of the pandemic, the global tourism industry lost $1.3 trillion in revenue, making it \"the worst year in the history of the tourism industry,\" and Ctrip was not spared.</p><p><b>The core of a successful company is not its glory at its peak, but its resilience in times of hardship.</b></p><p>In Q1 2020, Ctrip's revenue decreased by 42.1% due to the pandemic; In Q2, all industries were preparing to resume work and production. Although scenic spots were open, no one dared to go. This was also the busiest time for Liang Jianzhang's live streams, and Ctrip's revenue fell by 63.7%; In Q3, Ctrip showed slight improvement, with the revenue decline narrowing to 47.9%. By Q4, Ctrip's revenue had reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel bookings recovered, leading the industry by approximately 15%. Ctrip's average daily order volume in March increased by 50% compared to February, and the platform's average daily new customers achieved double-digit growth month-on-month. During the recently concluded Qingming Festival holiday, Ctrip's total bookings increased by 300% year-on-year, with the growth rate of many businesses even exceeding the level of the same period in 2019. A month ago, when Ctrip released its 2020 annual report, CEO Sun Jie said that Ctrip's flight and wine bookings had fully recovered.</p><p>Although its Q1 2021 report has not yet been released, Ctrip has achieved a significant V-shaped curve through its rapid \"recovery plan,\" surpassing fellow OTA giants Booking and Expdia.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Financial reports from various companies</b></p><p>While Ctrip is recovering, Ctrip's shareholders...<a href=\"https://laohu8.com/S/90129\">Tongcheng-eLong</a>By also capitalizing on the lower-tier market in lower-tier cities, Ctrip has accelerated the growth of new users in lower-tier markets, further solving the congestion faced by OTA platforms in the domestic market.</p><p>According to the prospectus, in 2020, more than 40% of new transaction users on the Ctrip platform came from third-tier cities and below. In fact, Ctrip already has an advantage over other platforms in the domestic market. According to an Analysys report, in 2019, the GMV of the world's top five travel platforms accounted for 7.0% of the total market share, with Ctrip ranking first at 2.3%, 0.4 percentage points higher than the second-ranked platform. In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Trip.com Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live streaming influencer\" to the company's emergence as a major \"V,\" it can be seen that Ctrip still possesses the resilience rare among startups, and is still sharp in its rebound and recovery.</p><p><b>/ 02 / Reconstructing the \"People, Goods, and Field\" of Tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In its prospectus for its return to Hong Kong, Ctrip also clearly stated that one of the ways to use the raised funds is to expand Ctrip's \"one-stop travel services and improve user experience\".</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs a core support to connect the various chains in travel, and that core is content.</p><p>Some say that Ctrip's content creation is difficult to do well because it lacks genes, and this story is short.</p><p>Are you saying Ctrip lacks content DNA? This may indicate a somewhat \"superficial\" understanding of Ctrip.</p><p>When it was founded in 2000, Ctrip was one of the earliest internet travel communities in China;</p><p>In 2011, Ctrip launched Lvping.com;</p><p>In 2016, the Ctrip travel guide community was launched;</p><p>In 2018, Ctrip began building a travel short video content platform, and in December, Ctrip's \"Travel Photography Channel\" was officially launched.</p><p>In 2020, Ctrip once again put its strategic planning on the agenda.</p><p><b>Besides genes, the most important thing in content creation is that \"everyone has their own expertise.\" Travel content is about how to have fun, and of course, it is created by the most skilled travel platforms.</b></p><p>Recently, Ctrip launched the \"1+3 strategy,\" using the \"Planet\" as a carrier to aggregate three major sectors: traffic, content, and products, refreshing the \"people (users) - goods (tourism products, ticketing services, etc.) - venues (scenarios)\" in the tourism industry.</p><p>In the past, the tourism industry was basically about people and goods, with almost no real-world applications. Alternatively, OTA platforms provide relatively scattered and fragmented content, failing to accurately match high traffic, thus leading to a disconnect between content and products.</p><p>In terms of \"people,\" when \"fun-loving\" travel enthusiasts flock to Ctrip's Planet Account with their own shared content, Ctrip's huge product inventory and transaction platform attributes can smoothly convert content into transactions.</p><p>In terms of \"goods,\" participants across the entire tourism chain can open a Planet account in the Ctrip community. Leveraging Ctrip's 300 million users and 200 million MAUs (monthly active users), as well as the growing number of sensitive people under 25 who \"understand fun,\" they can supply all the best-selling products for food, accommodation, transportation, travel, and shopping.</p><p>In terms of scenarios, Ctrip Live and Ctrip Community will provide scenarios for content monetization. Within the entire content scenario, Ctrip can also provide target audience profiles based on algorithms and private domain traffic management, achieving a new \"100 billion yuan small goal\" of travel advertising.</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment by tourism suppliers, the total size of China's tourism advertising market is expected to reach 80-100 billion yuan in 2021, and tourism advertising will become a new \"100 billion yuan track\" for the tourism industry in the future.</p><p><b>Whether the results are good or not, the data speaks for itself.</b></p><p>According to Ctrip's prospectus, when the \"1+3 strategy\" was still in its infancy last year, Ctrip launched more than 60,000 products through its online live streaming platform in 2020, and the total transaction volume of Ctrip's live streaming + flash sale channel exceeded 5 billion yuan. After the \"1+3 strategy\" is fully implemented, we have reason to believe that Ctrip can leverage its advantage of \"knowing how to play\" to let more users \"play on Ctrip\".</p><p><b>/ 03 / High-net-worth users who know how to have fun</b> <b>Deepen the moat again</b></p><p>In Ctrip's prospectus, there is another highlight that has been overlooked but is enough to reshape Ctrip's valuation: the rapid growth of high-end consumer users.</p><p><b>High-net-worth users are both a competitive barrier for Ctrip and a cornerstone driving its performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared to the \"boom\" in holiday travel, high-net-worth users prefer quality travel, which will become a new growth point for Ctrip's performance.</p><p>The domestic tourism market can be basically divided into three parts: business travel, mass leisure travel, and quality leisure travel. According to Analysys' forecast, quality leisure tourism, represented by high-star hotels and boutique private tours in China, will surpass the mass leisure tourism sector in 2024, with its market size reaching 3.8 trillion yuan by 2025.</p><p>According to Analysys data, 82.2% of people on the Ctrip platform have a moderate or above consumption level, and 77.7% are born in the 1990s and 1980s. There are many high-net-worth young people who know how to have fun.</p><p>Whether on Wall Street or the Hong Kong Stock Exchange, high average order value and high gross profit have always been favored by capital. In other words, if Ctrip can continue this momentum, the natural competitive barriers formed by the high entry threshold in the quality leisure travel market will also become a new growth point for Ctrip's performance.</p><p>To maintain our advantage in the quality leisure tourism sector, we must rely on the supply chain, since good resources are scarce.</p><p>Ctrip previously disclosed information about its supply chain in the quality leisure travel sector: from July to December 2020, the number of Ctrip private tour suppliers increased by 50%; More than 2,000 suppliers provide users with approximately 60,000 private tour products through Ctrip; It covers more than 200 tourist destinations in China; The number of private tour products increased by more than 400%.</p><p>Regarding hotels, the most critical aspect of the supply chain, as of December 31, 2019, Ctrip offered the largest number of airfare and hotel accommodation products in China. Large-scale hotel partnerships with Ctrip have created a highly competitive price advantage for Ctrip.</p><p>Among them, the number of high-star hotels that designated Ctrip Group as their general distributor increased by more than 10% quarter-on-quarter in both the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the final conversion rate brought about by the channels remains at around 20% on average, but Ctrip's conversion rate is higher than the average. Just like a good bird chooses a good tree to perch on, high-end hotels are also willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and hotels have maintained a \"mutually beneficial\" relationship during the pandemic. In order to safeguard the brand bottom line for the long-term operation of hotels, Ctrip has packaged many rich products according to the characteristics of different hotels, such as food packages and family packages, to provide differentiated products, attract customers and release the value of the hotels themselves.</p><p>Therefore, for challengers who want to break through Ctrip's dominant position among high-net-worth users, seizing more high-star hotel inventory from Ctrip requires two aspects: first, proving channel capabilities to high-star hotels; and second, continuously finding users with high spending power. This is not something that can be achieved overnight.</p><p>All of this is done by Ctrip not only to maintain its reputation on Wall Street today, but also to secure its prospects on the Hong Kong Stock Exchange tomorrow.</p><p><b>/ 04 / Returning to Hong Kong is both a journey home and a departure.</b></p><p>The world's three major OTAs, Ctrip and Booking.com,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>Although Ctrip has ranked first in global transaction volume for the past three years, its stock price has remained undervalued.</p><p>Since the P/E of the three giants may be negative in 2020, and everyone is facing similar environmental difficulties due to the pandemic, the price-to-sales ratio can be a comparison of valuations.</p><p>Ctrip's latest market capitalization is $23.3 billion, 8.3 times its 2020 revenue;</p><p>Booking's latest market capitalization is $98.7 billion, 14.5 times its 2020 revenue;</p><p>Expedia's latest market capitalization is $24.7 billion, 4.75 times its 2020 revenue, but its stock price has rebounded nearly three times from its low.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Caption: Stock price trends of the three giants over the past year</b></p><p>Since Ctrip has not gained corresponding recognition on the US stock market, its secondary listing is a watershed moment for Ctrip to break away from its past development model and a new attempt to leverage the value of travel content and deeply root itself in the tourism industry.</p><p>Every listed company's stock price has experienced periods of fluctuations, but for Ctrip, what we should focus on is its future.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCtrip, which is going public in Hong Kong for the second time, really knows how to play!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1021708884\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">节点财经 </p>\n<p class=\"h-time smaller\">2021-04-09 14:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If we were to select the most hardworking entrepreneur of 2020, Liang Jianzhang of Ctrip would definitely be on the list.</p><p>Here are some of Liang Jianzhang's schedules:</p><p>He traveled more than 9,000 kilometers in 6 provinces and 25 cities in one month; You need to switch between 20 scenes a day; Before the live broadcast, they need to conduct an investigation. After the live broadcast, they need review and manage the company's various affairs, working non-stop for more than ten hours a day. There wasn't even a 30-minute \"whole block of time\"; On the plane to the next live stream location, you have to take out your phone and write your own copy for the hotel live stream.</p><p>As a result of the \"working hard\" efforts, the OTA industry underwent the biggest change in 2020: Ctrip drove the industry to embark on new explorations at the fastest pace under special circumstances.</p><p>Liang Jianzhang has transformed himself into a major influencer by embodying different characters in different travel scenarios, which has also allowed Ctrip to use live streaming as a starting point to interpret the true meaning of \"opportunity amidst crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Public information</b></p><p><b>/ 01 / He is a big V, and also a \"big V\"</b></p><p>According to Ctrip's prospectus, it has consistently ranked first in the national online travel industry in terms of transaction volume over the past 10 years and has led the global online travel industry for three consecutive years. Last year, due to the impact of the pandemic, the global tourism industry lost $1.3 trillion in revenue, making it \"the worst year in the history of the tourism industry,\" and Ctrip was not spared.</p><p><b>The core of a successful company is not its glory at its peak, but its resilience in times of hardship.</b></p><p>In Q1 2020, Ctrip's revenue decreased by 42.1% due to the pandemic; In Q2, all industries were preparing to resume work and production. Although scenic spots were open, no one dared to go. This was also the busiest time for Liang Jianzhang's live streams, and Ctrip's revenue fell by 63.7%; In Q3, Ctrip showed slight improvement, with the revenue decline narrowing to 47.9%. By Q4, Ctrip's revenue had reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel bookings recovered, leading the industry by approximately 15%. Ctrip's average daily order volume in March increased by 50% compared to February, and the platform's average daily new customers achieved double-digit growth month-on-month. During the recently concluded Qingming Festival holiday, Ctrip's total bookings increased by 300% year-on-year, with the growth rate of many businesses even exceeding the level of the same period in 2019. A month ago, when Ctrip released its 2020 annual report, CEO Sun Jie said that Ctrip's flight and wine bookings had fully recovered.</p><p>Although its Q1 2021 report has not yet been released, Ctrip has achieved a significant V-shaped curve through its rapid \"recovery plan,\" surpassing fellow OTA giants Booking and Expdia.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Financial reports from various companies</b></p><p>While Ctrip is recovering, Ctrip's shareholders...<a href=\"https://laohu8.com/S/90129\">Tongcheng-eLong</a>By also capitalizing on the lower-tier market in lower-tier cities, Ctrip has accelerated the growth of new users in lower-tier markets, further solving the congestion faced by OTA platforms in the domestic market.</p><p>According to the prospectus, in 2020, more than 40% of new transaction users on the Ctrip platform came from third-tier cities and below. In fact, Ctrip already has an advantage over other platforms in the domestic market. According to an Analysys report, in 2019, the GMV of the world's top five travel platforms accounted for 7.0% of the total market share, with Ctrip ranking first at 2.3%, 0.4 percentage points higher than the second-ranked platform. In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Trip.com Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live streaming influencer\" to the company's emergence as a major \"V,\" it can be seen that Ctrip still possesses the resilience rare among startups, and is still sharp in its rebound and recovery.</p><p><b>/ 02 / Reconstructing the \"People, Goods, and Field\" of Tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In its prospectus for its return to Hong Kong, Ctrip also clearly stated that one of the ways to use the raised funds is to expand Ctrip's \"one-stop travel services and improve user experience\".</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs a core support to connect the various chains in travel, and that core is content.</p><p>Some say that Ctrip's content creation is difficult to do well because it lacks genes, and this story is short.</p><p>Are you saying Ctrip lacks content DNA? This may indicate a somewhat \"superficial\" understanding of Ctrip.</p><p>When it was founded in 2000, Ctrip was one of the earliest internet travel communities in China;</p><p>In 2011, Ctrip launched Lvping.com;</p><p>In 2016, the Ctrip travel guide community was launched;</p><p>In 2018, Ctrip began building a travel short video content platform, and in December, Ctrip's \"Travel Photography Channel\" was officially launched.</p><p>In 2020, Ctrip once again put its strategic planning on the agenda.</p><p><b>Besides genes, the most important thing in content creation is that \"everyone has their own expertise.\" Travel content is about how to have fun, and of course, it is created by the most skilled travel platforms.</b></p><p>Recently, Ctrip launched the \"1+3 strategy,\" using the \"Planet\" as a carrier to aggregate three major sectors: traffic, content, and products, refreshing the \"people (users) - goods (tourism products, ticketing services, etc.) - venues (scenarios)\" in the tourism industry.</p><p>In the past, the tourism industry was basically about people and goods, with almost no real-world applications. Alternatively, OTA platforms provide relatively scattered and fragmented content, failing to accurately match high traffic, thus leading to a disconnect between content and products.</p><p>In terms of \"people,\" when \"fun-loving\" travel enthusiasts flock to Ctrip's Planet Account with their own shared content, Ctrip's huge product inventory and transaction platform attributes can smoothly convert content into transactions.</p><p>In terms of \"goods,\" participants across the entire tourism chain can open a Planet account in the Ctrip community. Leveraging Ctrip's 300 million users and 200 million MAUs (monthly active users), as well as the growing number of sensitive people under 25 who \"understand fun,\" they can supply all the best-selling products for food, accommodation, transportation, travel, and shopping.</p><p>In terms of scenarios, Ctrip Live and Ctrip Community will provide scenarios for content monetization. Within the entire content scenario, Ctrip can also provide target audience profiles based on algorithms and private domain traffic management, achieving a new \"100 billion yuan small goal\" of travel advertising.</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment by tourism suppliers, the total size of China's tourism advertising market is expected to reach 80-100 billion yuan in 2021, and tourism advertising will become a new \"100 billion yuan track\" for the tourism industry in the future.</p><p><b>Whether the results are good or not, the data speaks for itself.</b></p><p>According to Ctrip's prospectus, when the \"1+3 strategy\" was still in its infancy last year, Ctrip launched more than 60,000 products through its online live streaming platform in 2020, and the total transaction volume of Ctrip's live streaming + flash sale channel exceeded 5 billion yuan. After the \"1+3 strategy\" is fully implemented, we have reason to believe that Ctrip can leverage its advantage of \"knowing how to play\" to let more users \"play on Ctrip\".</p><p><b>/ 03 / High-net-worth users who know how to have fun</b> <b>Deepen the moat again</b></p><p>In Ctrip's prospectus, there is another highlight that has been overlooked but is enough to reshape Ctrip's valuation: the rapid growth of high-end consumer users.</p><p><b>High-net-worth users are both a competitive barrier for Ctrip and a cornerstone driving its performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared to the \"boom\" in holiday travel, high-net-worth users prefer quality travel, which will become a new growth point for Ctrip's performance.</p><p>The domestic tourism market can be basically divided into three parts: business travel, mass leisure travel, and quality leisure travel. According to Analysys' forecast, quality leisure tourism, represented by high-star hotels and boutique private tours in China, will surpass the mass leisure tourism sector in 2024, with its market size reaching 3.8 trillion yuan by 2025.</p><p>According to Analysys data, 82.2% of people on the Ctrip platform have a moderate or above consumption level, and 77.7% are born in the 1990s and 1980s. There are many high-net-worth young people who know how to have fun.</p><p>Whether on Wall Street or the Hong Kong Stock Exchange, high average order value and high gross profit have always been favored by capital. In other words, if Ctrip can continue this momentum, the natural competitive barriers formed by the high entry threshold in the quality leisure travel market will also become a new growth point for Ctrip's performance.</p><p>To maintain our advantage in the quality leisure tourism sector, we must rely on the supply chain, since good resources are scarce.</p><p>Ctrip previously disclosed information about its supply chain in the quality leisure travel sector: from July to December 2020, the number of Ctrip private tour suppliers increased by 50%; More than 2,000 suppliers provide users with approximately 60,000 private tour products through Ctrip; It covers more than 200 tourist destinations in China; The number of private tour products increased by more than 400%.</p><p>Regarding hotels, the most critical aspect of the supply chain, as of December 31, 2019, Ctrip offered the largest number of airfare and hotel accommodation products in China. Large-scale hotel partnerships with Ctrip have created a highly competitive price advantage for Ctrip.</p><p>Among them, the number of high-star hotels that designated Ctrip Group as their general distributor increased by more than 10% quarter-on-quarter in both the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the final conversion rate brought about by the channels remains at around 20% on average, but Ctrip's conversion rate is higher than the average. Just like a good bird chooses a good tree to perch on, high-end hotels are also willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and hotels have maintained a \"mutually beneficial\" relationship during the pandemic. In order to safeguard the brand bottom line for the long-term operation of hotels, Ctrip has packaged many rich products according to the characteristics of different hotels, such as food packages and family packages, to provide differentiated products, attract customers and release the value of the hotels themselves.</p><p>Therefore, for challengers who want to break through Ctrip's dominant position among high-net-worth users, seizing more high-star hotel inventory from Ctrip requires two aspects: first, proving channel capabilities to high-star hotels; and second, continuously finding users with high spending power. This is not something that can be achieved overnight.</p><p>All of this is done by Ctrip not only to maintain its reputation on Wall Street today, but also to secure its prospects on the Hong Kong Stock Exchange tomorrow.</p><p><b>/ 04 / Returning to Hong Kong is both a journey home and a departure.</b></p><p>The world's three major OTAs, Ctrip and Booking.com,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>Although Ctrip has ranked first in global transaction volume for the past three years, its stock price has remained undervalued.</p><p>Since the P/E of the three giants may be negative in 2020, and everyone is facing similar environmental difficulties due to the pandemic, the price-to-sales ratio can be a comparison of valuations.</p><p>Ctrip's latest market capitalization is $23.3 billion, 8.3 times its 2020 revenue;</p><p>Booking's latest market capitalization is $98.7 billion, 14.5 times its 2020 revenue;</p><p>Expedia's latest market capitalization is $24.7 billion, 4.75 times its 2020 revenue, but its stock price has rebounded nearly three times from its low.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Caption: Stock price trends of the three giants over the past year</b></p><p>Since Ctrip has not gained corresponding recognition on the US stock market, its secondary listing is a watershed moment for Ctrip to break away from its past development model and a new attempt to leverage the value of travel content and deeply root itself in the tourism industry.</p><p>Every listed company's stock price has experienced periods of fluctuations, but for Ctrip, what we should focus on is its future.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1da50c4560325761eecdc4362108a54c","relate_stocks":{"09961":"携程集团-S","TCOM":"携程网"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159720741","content_text":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴转十几个小时；连30分钟的“整块时间”都没有；在赶到下一个直播点的飞机上得掏出来手机自己写酒店直播的文案。\n“拼命三郎”的结果是，2020年，OTA行业出现了最大的变化：携程带动行业在特殊环境下以最快的速度，开始了新探索。\n梁建章在不同旅游场景里化身不同的人物把自己变成了大V，也让携程用直播这个切入点也诠释了“危中有机”的真正内涵。\n\n图片来源：公开信息\n/ 01 /是大V，也是\"大V\"\n携程的招股书显示，在过去10年中，交易额连续保持全国在线旅游行业第一，并连续3年领跑全球在线旅游行业。而去年在疫情的影响下，全球旅游业收入损失1.3万亿美元，成为“旅游业历史上最糟糕年份”，携程也未能幸免。\n成功企业内核并不是巅峰时的辉煌，而是看艰苦时的韧性。\n2020年Q1，由于疫情，携程营收下降42.1%；Q2各行各业都在做复工复产的准备，景区虽然开放了但是没人敢去。这也是梁建章直播最忙碌的时刻，携程营收跌了63.7%；Q3，携程略有起色，营收下降幅度收窄到47.9%；到了Q4，携程营收达到2019年同期的六成。\n而进入2021年，Q1的上半季度，携程的国内酒店预订恢复领先行业约15%；携程在3月份的日均订单量环比2月增长50%，平台日均新客量环比实现双位数增长；在刚刚结束的清明节假期，携程总预订量同比增长300%，多项业务的增速甚至超越2019年同期水平，在一个月前携程发布2020年年报之时，CEO孙洁表示携程的机酒预订达到全量恢复。\n虽然2021年Q1季报还未发布，但携程用迅速的“回血计划”，复苏领先于同是OTA巨头的Booking和Expdia，走出了大大的V形曲线。\n\n数据来源：各家财报\n在携程复苏的同时，携程参股的同程艺龙还抓住了低线城市的下沉市场，携程的低线市场新用户加速增长，进一步解决了OTA平台们在国内市场上的拥堵。\n招股文件显示，2020年，携程平台上超过40%的新交易用户来自三线及以下城市。其实在国内市场中，携程本来就较其他平台占有优势。根据易观报告，2019年全球前5大旅行平台的GMV在总市场份额的占比为7.0%，第一名携程占比为2.3%，较第二名高出0.4个百分点；2019年，中国前5大旅行平台在总市场份额的占比为21.5%，其中，携程集团占比为13.7%。\n2020年，从梁建章颇具创新性的变成“直播大V”到公司走出大“V”趋势可以看出，携程仍然具有初创企业少有的韧性，在反弹和复苏上宝刀未老。\n/ 02 /重构旅游的“人货场” 携程你可真会玩儿！\n在此次回港的招股书中，携程也明确表示募资的使用途径之一是拓展携程的“一站式旅行服务及改善用户体验”。\n\n图片来源：携程招股书\n作为业内为数不多的“一站式”平台，携程要把旅行中的各个的链条串起来，需要有内核在其中支撑，这个核心就是内容。\n有人说，携程做内容，因为缺乏基因所以很难做好，这个故事讲不长。\n说携程没有内容基因？这可对携程的认识有些“浅薄”。\n2000年诞生之初，携程就是中国最早的互联网旅游社区之一；\n2011年，携程推出驴评网；\n2016年，上线携程攻略社区；\n2018年，携程开始着手搭建旅行短视频内容平台，12月携程频道“旅拍频道正式上线；\n2020年，携程再次把布局内容提上日程。\n除了基因外，做内容更重要的是“术业有专攻”，旅行内容就是讲怎么玩，当然由最会玩的旅行平台来做。\n日前，携程推出了“1+3战略”，以“星球号”为载体，聚合流量、内容、商品三大板块，刷新了旅游行业中的“人（用户）-货（旅游产品、票务服务等）-场（场景）”。\n以前的旅游行业中基本上是人-货，几乎没有场景落地；或者是OTA平台提供了比较分散和碎片化的内容，无法与大流量形成精准匹配，因此导致内容和商品的脱节。\n在“人”上，当“会玩儿”的旅行达人们带着自己的分享内容涌入携程的星球号，由于携程庞大的产品库存和交易平台的属性，可以使内容顺畅地转化为交易；\n在“货”上，旅游全链路的参与者，均可在携程社区开设星球号，借助携程的3亿的用户量和2亿的MAU（每月活跃用户），还有越来越多的25岁以下“懂玩”的敏感人群，来供给吃、住、行、游、购所有爆款产品。\n在场景中，携程直播与携程社区将给予内容变现的场景，携程在整个内容场景中，还可以根据算法和私域流量管理，提供目标人群画像，实现一个新的“千亿小目标”，旅游广告投放；\n根据Fastdata数据，2021年随着中国旅游业的复苏及旅游供应商广告投入强度的增加，预计全年中国旅游广告市场规模将达到800-1000亿元，未来旅游广告将会成为旅游业新的“千亿赛道”。\n效果好不好，数据会说话。\n携程招股书显示，在去年“1+3战略“还处于雏形阶段时，2020年全年，携程通过在线直播平台推出超过60000种产品，携程直播+特卖频道实现商品交易总额超过50亿元人民币，在“1+3战略”全部落地后，我们有理由相信携程可以借着“会玩”的优势，让更多的用户“玩在携程”。\n/ 03 /会玩的高净值用户 再次加深护城河\n在携程递交的招股书中，还有一个被人忽视，但是足以重塑携程估值的亮点，那就是高消费用户快速增长。\n高净值用户既是携程的竞争壁垒，也是驱动业绩增长的基石。\n随着消费升级，旅游业也在升级，比起节假日旅游“下饺子”，高净值用户们更喜欢的品质游，将成为携程新的业绩增长点。\n国内旅游市场基本可以分为三大部分：商旅、大众休闲游及品质休闲游。根据易观预测，国内高星酒店、精品私家团为代表的品质休闲游将于2024年超过大众休闲游板块，其市场规模将于2025年达到3.8万亿元。\n易观数据显示，携程平台中等及以上消费水平人群占比为82.2%，95后-80后人群占比为77.7%，高净值且会玩的年轻人有很多。\n不论是在华尔街还是在港交所，高客单价、高毛利一直都很受资本的青睐，也就是说，如果携程可以延续这个势头，品质休闲游市场的高准入门槛所形成的天然竞争壁垒，也将成为携程新的业绩增长点。\n要维持品质休闲游领域的优势，就得倚仗供应链，毕竟好资源都是稀缺的。\n携程此前披露过关于品质休闲游领域相关供应链的情况：2020年7-12月，携程私家团供应商数量增加 50%；超过2000家供应商通过携程为用户提供约6万条私家团产品；覆盖国内200多个旅游目的地；私家团产品数量增涨400%以上。\n在供应链中最关键的酒店方面，截至2019年12月31日，携程在中国境内提供了数量最多的机票及酒店住宿产品，大规模的酒店与携程合作，为携程创造了极具市场竞争力的价格优势。\n其中，指定携程集团作为总经销的高星酒店数量在2020年第二和第三季度均环比增长超过10%，携程在中高端酒店市场的竞争优势进一步扩大。\n从酒店行业来看，渠道能带来的最终转化整体平均保持在20%左右，但携程的转化高于平均水平，就像良禽择佳木而栖一样，高端酒店也愿意选择携程。\n据节点财经(ID:jiedian2018)了解，携程与酒店在疫情期间还成为了“互相成就”的关系，为了守住酒店长远经营的品牌底线，携程根据不同酒店的特色包装出了许多丰富的产品，比如美食套餐、亲子套餐，提供差异化的产品，吸引顾客的同时也释放酒店本身的价值。\n所以，对于想突破携程在高净值用户上统治地位的挑战者来说，从携程手里抢到更多的高星酒店库存，一是要向高星酒店证明渠道能力，二是持续寻找到高消费能力的用户，并不是一蹴而就的。\n而携程做的这一切，既是为了守住今天在华尔街的口碑，也是为了赢得明天在港交所的前景。\n/ 04 /回港，是归途也是启程\n世界三大OTA头部携程、Booking、Expedia中，携程在近三年来，虽然占据全球交易额第一，但携程的股价一直处于被低估状态。\n由于2020年三巨头的市盈率或为负，而疫情大家面临的环境困难都差不多，市销率可以成为估值高低的比较。\n携程最新市值233亿美元，为2020年营收的8.3倍；\nBooking最新市值987亿美元，为2020年营收的14.5倍；\nExpedia 最新市值247亿美元，为2020年营收的4.75倍，但Expedia的股价已经从低点反弹了近3倍。\n\n图注：三巨头近一年股价走势\n既然携程在美股没有得到相应的认可，二次上市，就是携程挥别过去发展模式的分水岭，也是发挥旅行内容价值、深度扎根旅游产业的新尝试。\n任何一家上市公司的股价都曾有过“苟且”，但对于携程来说，更应该看到的是它的远方。","news_type":1,"symbols_score_info":{"TCOM":0.9,"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":3756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348549425,"gmtCreate":1617945289867,"gmtModify":1704705151937,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348549425","repostId":"1155078663","repostType":4,"repost":{"id":"1155078663","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1617943560,"share":"https://ttm.financial/m/news/1155078663?lang=en_US&edition=fundamental","pubTime":"2021-04-09 12:46","market":"us","language":"zh","title":"Lychee: Institutional investors will buy $30 million in ADS and warrants","url":"https://stock-news.laohu8.com/highlight/detail?id=1155078663","media":"老虎资讯综合","summary":"荔枝：已与机构投资者签订证券购买协议，以注册直接发行方式购买价值3000万美元的美国存托股票(ADS)和认股权证。","content":"<p>Lychee: has entered into securities purchase agreements with institutional investors to purchase $30 million worth of American Depositary Shares (ADS) and warrants in a registered direct offering.</p><p><img src=\"https://static.tigerbbs.com/758b6906965a03047547f389f752c97e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lychee: Institutional investors will buy $30 million in ADS and warrants</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; 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.h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLychee: Institutional investors will buy $30 million in ADS and warrants\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-09 12:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Lychee: has entered into securities purchase agreements with institutional investors to purchase $30 million worth of American Depositary Shares (ADS) and warrants in a registered direct offering.</p><p><img src=\"https://static.tigerbbs.com/758b6906965a03047547f389f752c97e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1811f77d8d8344fa4e0044687620a5b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155078663","content_text":"荔枝：已与机构投资者签订证券购买协议，以注册直接发行方式购买价值3000万美元的美国存托股票(ADS)和认股权证。","news_type":1,"symbols_score_info":{"LIZI":0.9}},"isVote":1,"tweetType":1,"viewCount":1211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341794741,"gmtCreate":1617853854883,"gmtModify":1704703968233,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Very good&nbsp;","listText":"Very good&nbsp;","text":"Very good","images":[{"img":"https://static.tigerbbs.com/0a3a8d0cfe6b98890f7f91ab69052744","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341794741","isVote":1,"tweetType":1,"viewCount":1000,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":343750105,"gmtCreate":1617757170607,"gmtModify":1704702670264,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Very good","listText":"Very good","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/343750105","repostId":"1136729071","repostType":4,"repost":{"id":"1136729071","kind":"news","pubTimestamp":1617756714,"share":"https://ttm.financial/m/news/1136729071?lang=en_US&edition=fundamental","pubTime":"2021-04-07 08:51","market":"sh","language":"zh","title":"Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year","url":"https://stock-news.laohu8.com/highlight/detail?id=1136729071","media":"Wind资讯","summary":"美国时间4月5日，Faraday Future(法拉第未来，FF)在美国证监会正式提交S-4上市文件。文件对FF的财务状况、持股比例以及新车上市时间都进行了披露，预计将在5月完成借壳并上市交易。今年1","content":"<p>On April 5th, US time, Faraday Future (Faraday Future, FF) formally submitted its S-4 listing documents to the US Securities and Exchange Commission. The document discloses FF's financial status, shareholding ratio and the timing of the new vehicle's launch, and it is expected to complete the backdoor and go public in May. In January this year, FF reached a final agreement on the merger with PSAC, a special purpose listed company. After the merger is completed, it will be listed on the Nasdaq stock exchange with the stock code \"FFIE\".</p><p>FF Listing Details</p><p>According to the filing, the valuation of FF this time is $12.2 per share, totaling $3.428 billion (about RMB 23 billion).</p><p><img src=\"https://static.tigerbbs.com/2d4a86d6f9abc3499f430a7f927ec546\" tg-width=\"602\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>In terms of shareholders, the original shareholders and creditors of FF (through debt-to-equity swap) will hold 66% of the company's equity after the transaction. Jia Yueting, the founder of FF, does not directly hold the shares of the company, but transfers his personal assets to creditors through creditor trust, so that creditors become shareholders of FF. At the same time, the document discloses FF's supplier trust and debt-to-equity swap model, and a number of core suppliers convert their creditor's rights into equity through FF's unique supplier trust shareholding plan.</p><p><img src=\"https://static.tigerbbs.com/badd41b11bac49fcbd4801486547cefe\" tg-width=\"558\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>In terms of finance, in 2019 and 2020, FF's research and development costs were US$28.28 million and US$19.9 million, sales and marketing expenses were US$5.3 million and US$3.67 million, and net losses were US$142 million (approximately RMB910 million) and US$147 million (approximately RMB950 million), respectively. FF has passed its 2020 financial audit, according to the documents.</p><p><img src=\"https://static.tigerbbs.com/848e01abb7f6aaa5d535373f82e20978\" tg-width=\"558\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>When to build a car?</p><p>On the production front, FF's flagship EV model, the FF 91, is scheduled to be launched within approximately 12 months of the completion of the merger, with the first batch of mass-produced EVs expected to be delivered in 2022, and a cumulative delivery of over 450,000 units could be possible in 2025. It is reported that FF will continue to use its factory in Hanford, California, USA, and use this factory as the main base for production in the United States in the future.</p><p>Jia Yueting moves frequently</p><p>Previously, FF also appointed nine global board members. On April 1st, Jia Yueting forwarded FF Weibo message on the social platform with a text saying, \"Congratulations to FF's nine global board members. Their cross-disciplinary professional ability and rich industry accumulation will help FF achieve its mission and strategic goals, and help FF 91 deliver on time and with high quality, creating maximum value for users and shareholders.\"</p><p>According to the information disclosed by FF's official Weibo, FF's appointment of nine global board members will take effect after the completion of the merger transaction with PSAC. The new board will be comprised of experts from diverse industries including technology, automotive, finance, government and regulation, transportation and energy. Including FF Global CEO Carsten Breitfeld (Breitfeld), current FF board members Brian Krolicki, Matthias Aydt, Christine Harada, Lee Liu (Liu Hui), Sue Swenson, Jordan Vogel, Scott Vogel and Bob Ye (Ye Qing).</p><p>Founder Jia Yueting is not listed.</p><p>On March 17th, FF announced that Chen Xuefeng, the former vice president of Chery Jaguar Land Rover, was appointed as the CEO of FF China, and reported directly to Bi Fukang, the global CEO of FF.</p><p>In terms of share price, since the announcement of backdoor PSAC on January 28th this year, the company's share price once rose by more than 80%, but the strong share price didn't last long before it began to fall back.</p><p><img src=\"https://static.tigerbbs.com/7e0383d853ef18e02c298632e55a88d6\" tg-width=\"558\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p>At present, the share price of LeTV 3, which is traded on the New Third Board, has risen from 0.19 yuan to 0.42 yuan. At present, Jia Yueting is still the largest shareholder of the company with a shareholding ratio of 22.52%.</p><p><img src=\"https://static.tigerbbs.com/5336d8c3f06b530dc52e2b0d3aaa9d63\" tg-width=\"558\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p>","source":"wind","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wind资讯</strong><span class=\"h-time small\">2021-04-07 08:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On April 5th, US time, Faraday Future (Faraday Future, FF) formally submitted its S-4 listing documents to the US Securities and Exchange Commission. The document discloses FF's financial status, shareholding ratio and the timing of the new vehicle's launch, and it is expected to complete the backdoor and go public in May. In January this year, FF reached a final agreement on the merger with PSAC, a special purpose listed company. After the merger is completed, it will be listed on the Nasdaq stock exchange with the stock code \"FFIE\".</p><p>FF Listing Details</p><p>According to the filing, the valuation of FF this time is $12.2 per share, totaling $3.428 billion (about RMB 23 billion).</p><p><img src=\"https://static.tigerbbs.com/2d4a86d6f9abc3499f430a7f927ec546\" tg-width=\"602\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>In terms of shareholders, the original shareholders and creditors of FF (through debt-to-equity swap) will hold 66% of the company's equity after the transaction. Jia Yueting, the founder of FF, does not directly hold the shares of the company, but transfers his personal assets to creditors through creditor trust, so that creditors become shareholders of FF. At the same time, the document discloses FF's supplier trust and debt-to-equity swap model, and a number of core suppliers convert their creditor's rights into equity through FF's unique supplier trust shareholding plan.</p><p><img src=\"https://static.tigerbbs.com/badd41b11bac49fcbd4801486547cefe\" tg-width=\"558\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>In terms of finance, in 2019 and 2020, FF's research and development costs were US$28.28 million and US$19.9 million, sales and marketing expenses were US$5.3 million and US$3.67 million, and net losses were US$142 million (approximately RMB910 million) and US$147 million (approximately RMB950 million), respectively. FF has passed its 2020 financial audit, according to the documents.</p><p><img src=\"https://static.tigerbbs.com/848e01abb7f6aaa5d535373f82e20978\" tg-width=\"558\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>When to build a car?</p><p>On the production front, FF's flagship EV model, the FF 91, is scheduled to be launched within approximately 12 months of the completion of the merger, with the first batch of mass-produced EVs expected to be delivered in 2022, and a cumulative delivery of over 450,000 units could be possible in 2025. It is reported that FF will continue to use its factory in Hanford, California, USA, and use this factory as the main base for production in the United States in the future.</p><p>Jia Yueting moves frequently</p><p>Previously, FF also appointed nine global board members. On April 1st, Jia Yueting forwarded FF Weibo message on the social platform with a text saying, \"Congratulations to FF's nine global board members. Their cross-disciplinary professional ability and rich industry accumulation will help FF achieve its mission and strategic goals, and help FF 91 deliver on time and with high quality, creating maximum value for users and shareholders.\"</p><p>According to the information disclosed by FF's official Weibo, FF's appointment of nine global board members will take effect after the completion of the merger transaction with PSAC. The new board will be comprised of experts from diverse industries including technology, automotive, finance, government and regulation, transportation and energy. Including FF Global CEO Carsten Breitfeld (Breitfeld), current FF board members Brian Krolicki, Matthias Aydt, Christine Harada, Lee Liu (Liu Hui), Sue Swenson, Jordan Vogel, Scott Vogel and Bob Ye (Ye Qing).</p><p>Founder Jia Yueting is not listed.</p><p>On March 17th, FF announced that Chen Xuefeng, the former vice president of Chery Jaguar Land Rover, was appointed as the CEO of FF China, and reported directly to Bi Fukang, the global CEO of FF.</p><p>In terms of share price, since the announcement of backdoor PSAC on January 28th this year, the company's share price once rose by more than 80%, but the strong share price didn't last long before it began to fall back.</p><p><img src=\"https://static.tigerbbs.com/7e0383d853ef18e02c298632e55a88d6\" tg-width=\"558\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p>At present, the share price of LeTV 3, which is traded on the New Third Board, has risen from 0.19 yuan to 0.42 yuan. At present, Jia Yueting is still the largest shareholder of the company with a shareholding ratio of 22.52%.</p><p><img src=\"https://static.tigerbbs.com/5336d8c3f06b530dc52e2b0d3aaa9d63\" tg-width=\"558\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.stcn.com/sd/202104/t20210407_3006086.html\">Wind资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1a3754f388f30b5f7e5d59651613a82b","relate_stocks":{},"source_url":"https://news.stcn.com/sd/202104/t20210407_3006086.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136729071","content_text":"美国时间4月5日，Faraday Future(法拉第未来，FF)在美国证监会正式提交S-4上市文件。文件对FF的财务状况、持股比例以及新车上市时间都进行了披露，预计将在5月完成借壳并上市交易。今年1月， FF就和特殊目的上市公司PSAC合并达成最终协议，合并完成后将在纳斯达克证券交易市场上市，股票代码为“ FFIE”。\nFF上市细节\n文件显示，此次对FF的估值为每股12.2美元，总计34.28亿美元（约人民币230亿元）。\n\n股东方面，FF原有股东以及债权人(通过债转股)将在交易后持有公司股权比例达66%。FF创始人贾跃亭并不直接持有公司的股份，而将其个人资产通过债权人信托的方式转让给债权人，让债权人成为FF的股东。同时，文件披露了FF的供应商信托和债转股模式，多家核心供应商通过FF独有的供应商信托持股计划将债权转变为股权。\n\n财务方面，在2019年和2020年，FF的研发成本分别为2828万美元和2019万美元，销售与市场营销费用为530万美元及367万美元，净亏损1.42亿美元（约合人民币9.1亿）及1.47亿美元（约人民币9.5亿元）。文件显示，FF已通过2020年财务审计。\n\n什么时候造车？\n生产方面，FF的旗舰电动车型FF 91计划在合并完成后约12个月内推出，预计在2022年交付首批量产电动车，并可能在2025年累计交付超45万辆。据悉，FF将继续使用其位于美国加州汉福德的工厂，并在未来将该工厂作为在美生产的主要基地。\n贾跃亭动作频频\n此前，FF还任命了9名全球董事会成员。4月1日，贾跃亭在社交平台转发FF微博消息并配文称，“恭喜FF九名全球董事会成员。他们跨领域跨学科的专业能力和丰富的行业积累将帮助FF实现使命和战略目标，并助力FF 91按时、高品质交付，为用户和股东创造最大价值。”\n根据FF官方微博披露的信息，FF任命9名全球董事会成员，将在与PSAC的合并交易完成后生效。新董事会将由包括科技、汽车、金融、政府和监管、交通和能源等不同行业的专家组成。包括FF全球首席执行官Carsten Breitfeld（毕福康）、现任FF董事会成员Brian Krolicki、Matthias Aydt、Christine Harada、Lee Liu（刘辉）、Sue Swenson、Jordan Vogel、Scott Vogel和Bob Ye（叶青）。\n创始人贾跃亭并不在列。\n而在3月17日，FF宣布原奇瑞捷豹路虎副总裁陈雪峰出任FF中国区CEO，并向FF全球CEO毕福康直接汇报。\n股价方面，自今年1月28日宣布借壳PSAC以来，公司股价一度上涨超过80%，但强势股价并未持续太久就开始回落。\n\n而目前在新三板交易的乐视网3，股价已经从0.19元，上涨到0.42元。目前，贾跃亭仍然以22.52%的持股比例，为公司的第一大股东。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343696808,"gmtCreate":1617710518404,"gmtModify":1704702058222,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Very good&nbsp;","listText":"Very good&nbsp;","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/343696808","isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349665514,"gmtCreate":1617606942538,"gmtModify":1704700753136,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Huat&nbsp;","listText":"Huat&nbsp;","text":"Huat","images":[{"img":"https://static.tigerbbs.com/7350c7eabb6a3dc1a3658b5c671d3da1","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349665514","isVote":1,"tweetType":1,"viewCount":1487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":357858490,"gmtCreate":1617262480510,"gmtModify":1704697941230,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Very Good","listText":"Very Good","text":"Very Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/357858490","repostId":"1120111334","repostType":4,"isVote":1,"tweetType":1,"viewCount":1557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359230105,"gmtCreate":1616401770807,"gmtModify":1704793528420,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[{"img":"https://static.tigerbbs.com/498a460e6f570a4c24b4869ac3776922","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359230105","isVote":1,"tweetType":1,"viewCount":1433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":359297552,"gmtCreate":1616401718776,"gmtModify":1704793527441,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Good luck","listText":"Good luck","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359297552","repostId":"1175922758","repostType":4,"isVote":1,"tweetType":1,"viewCount":1588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359295866,"gmtCreate":1616401511655,"gmtModify":1704793524178,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359295866","repostId":"1110579319","repostType":4,"repost":{"id":"1110579319","kind":"news","pubTimestamp":1616401392,"share":"https://ttm.financial/m/news/1110579319?lang=en_US&edition=fundamental","pubTime":"2021-03-22 16:23","market":"hk","language":"zh","title":"Aauto Quicker joins the second-hand e-commerce track, accumulating 630,000 orders in the past 3 months","url":"https://stock-news.laohu8.com/highlight/detail?id=1110579319","media":"新浪科技","summary":"快手更多是顺应用户需求进入了二手市场。","content":"<p>It is reported that the second-hand business of Aauto Quicker e-commerce started at the end of December last year. In the past three months, it has attracted more than 1,000 professional anchors to settle in, with accumulated orders exceeding 630,000. Professional second-hand platforms and institutions such as Paipai, a second-hand trading platform under JD.COM, and Feiyu, an idle luxury trading platform, have settled in.</p><p>It is reported that the cooperation between Pai Pai and Aauto Quicker does not stop at selling goods. Through Aauto Quicker's Good Things Alliance, Pai Pai provides reliable supply to Aauto Quicker's second-hand anchors. At present, all digital products on sale have online \"ID cards\", one machine and one report.</p><p>The reason why Aauto Quicker chose this node to enter the second-hand market is that Zou Ji 'an, head of home improvement and second-hand industry operation of Aauto Quicker, said that before the second-hand business started, Aauto Quicker e-commerce already had many second-hand transactions, and many of the second-hand markets were orphans. Compared with traditional e-commerce, live e-commerce can solve this pain point of the industry very well, and Aauto Quicker entered the second-hand market more in line with users' needs.</p>","source":"sina_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Aauto Quicker joins the second-hand e-commerce track, accumulating 630,000 orders in the past 3 months</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAauto Quicker joins the second-hand e-commerce track, accumulating 630,000 orders in the past 3 months\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-03-22 16:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It is reported that the second-hand business of Aauto Quicker e-commerce started at the end of December last year. In the past three months, it has attracted more than 1,000 professional anchors to settle in, with accumulated orders exceeding 630,000. Professional second-hand platforms and institutions such as Paipai, a second-hand trading platform under JD.COM, and Feiyu, an idle luxury trading platform, have settled in.</p><p>It is reported that the cooperation between Pai Pai and Aauto Quicker does not stop at selling goods. Through Aauto Quicker's Good Things Alliance, Pai Pai provides reliable supply to Aauto Quicker's second-hand anchors. At present, all digital products on sale have online \"ID cards\", one machine and one report.</p><p>The reason why Aauto Quicker chose this node to enter the second-hand market is that Zou Ji 'an, head of home improvement and second-hand industry operation of Aauto Quicker, said that before the second-hand business started, Aauto Quicker e-commerce already had many second-hand transactions, and many of the second-hand markets were orphans. Compared with traditional e-commerce, live e-commerce can solve this pain point of the industry very well, and Aauto Quicker entered the second-hand market more in line with users' needs.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/2021-03-22/doc-ikknscsi9410301.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b357ea96419dc9b92c0d7b67ea8625e3","relate_stocks":{"01024":"快手-W"},"source_url":"https://finance.sina.com.cn/tech/2021-03-22/doc-ikknscsi9410301.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110579319","content_text":"据悉，快手电商二手业务于去年12月底开启，过去3个月，已经吸引超过1000个专业主播入驻，累积订单超过63万，已有京东旗下二手交易平台拍拍、闲置奢侈品交易平台妃鱼等专业二手平台及机构入驻。\n据悉，拍拍与快手的合作并非止步于卖货，通过快手的好物联盟，拍拍给快手的二手主播提供靠谱货源。目前拍拍在售的所有数码产品都有线上“身份证”，一机一报告。\n快手之所以选择这个节点进入二手市场，快手家装与二手行业运营负责人邹继安表示，在二手业务开启之前，快手电商已经有不少二手交易，而且二手市场很多都是孤品，相较于传统电商，直播电商非常能解决行业这一痛点，快手更多是顺应用户需求进入了二手市场。","news_type":1,"symbols_score_info":{"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":1324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350997234,"gmtCreate":1616146821228,"gmtModify":1704791520174,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350997234","repostId":"1139313031","repostType":4,"repost":{"id":"1139313031","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616144162,"share":"https://ttm.financial/m/news/1139313031?lang=en_US&edition=fundamental","pubTime":"2021-03-19 16:56","market":"us","language":"zh","title":"Pre-market fluctuations: Digital asset craze heats up! NFT concept stocks surge","url":"https://stock-news.laohu8.com/highlight/detail?id=1139313031","media":"老虎资讯综合","summary":"3月19日，美国三大股指期货震荡上扬，截至发稿，道指期货微涨0.20%；标普500指数期货涨0.37%；纳斯达克100指数期货涨0.72%。NFT概念股盘前大涨热门中概股盘前走高区块链板块盘前上扬大麻","content":"<p>On March 19, futures for the three major U.S. stock indexes fluctuated upwards, with Dow Jones Industrial Average futures up slightly by 0.20% as of press time. S&P 500 futures rose 0.37%; Nasdaq 100 futures rose 0.72%.</p><p><img src=\"https://static.tigerbbs.com/5e0841950e3d8eb7264f11a67ac13299\" tg-width=\"478\" tg-height=\"189\" referrerpolicy=\"no-referrer\"></p><p>NFT concept stocks surged in pre-market trading</p><p><img src=\"https://static.tigerbbs.com/7e33ef5d5fea3066322cdef025ba9033\" tg-width=\"478\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p>Popular Chinese concept stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/fde34ffa6a28fa90bcc951ae20d99a8a\" tg-width=\"478\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Blockchain stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/1ff419b9144c1efd9787271df6943533\" tg-width=\"478\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>Cannabis stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/04079d9d955196f1850e3eed71b0016d\" tg-width=\"478\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>The stock rose 4% in pre-market trading after the company's third-quarter revenue exceeded expectations.</p><p><img src=\"https://static.tigerbbs.com/427b6ae8559da58e54ad1a327b34a43d\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/IDRA\">Idera Pharmaceutical</a>The stock fell nearly 60% in pre-market trading after the company's drug trials failed to meet their final targets.</p><p><img src=\"https://static.tigerbbs.com/11e23bd82ede75f24dd78108d245cd39\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PLUG\">Plug Energy</a>The stock fell more than 3% in pre-market trading after the company said it received a letter from Nasdaq's listing eligibility department stating that the company did not comply with certain listing rules.</p><p><img src=\"https://static.tigerbbs.com/908d0e43606ad04d2470b2c8ef9ffa12\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/TUYA\">graffiti intelligence</a>It fell more than 4% in pre-market trading, but closed up 19% on the New York Stock Exchange yesterday.</p><p><img src=\"https://static.tigerbbs.com/3aa49684d14d6c31bfb639eaa33b928b\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Nike shares fell more than 3% in pre-market trading after its third-quarter revenue for fiscal year 2021 fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/47a2a3583dd4681be45f3084632794d8\" tg-width=\"822\" tg-height=\"653\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pre-market fluctuations: Digital asset craze heats up! NFT concept stocks surge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPre-market fluctuations: Digital asset craze heats up! NFT concept stocks surge\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-19 16:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On March 19, futures for the three major U.S. stock indexes fluctuated upwards, with Dow Jones Industrial Average futures up slightly by 0.20% as of press time. S&P 500 futures rose 0.37%; Nasdaq 100 futures rose 0.72%.</p><p><img src=\"https://static.tigerbbs.com/5e0841950e3d8eb7264f11a67ac13299\" tg-width=\"478\" tg-height=\"189\" referrerpolicy=\"no-referrer\"></p><p>NFT concept stocks surged in pre-market trading</p><p><img src=\"https://static.tigerbbs.com/7e33ef5d5fea3066322cdef025ba9033\" tg-width=\"478\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p>Popular Chinese concept stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/fde34ffa6a28fa90bcc951ae20d99a8a\" tg-width=\"478\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Blockchain stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/1ff419b9144c1efd9787271df6943533\" tg-width=\"478\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>Cannabis stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/04079d9d955196f1850e3eed71b0016d\" tg-width=\"478\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>The stock rose 4% in pre-market trading after the company's third-quarter revenue exceeded expectations.</p><p><img src=\"https://static.tigerbbs.com/427b6ae8559da58e54ad1a327b34a43d\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/IDRA\">Idera Pharmaceutical</a>The stock fell nearly 60% in pre-market trading after the company's drug trials failed to meet their final targets.</p><p><img src=\"https://static.tigerbbs.com/11e23bd82ede75f24dd78108d245cd39\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PLUG\">Plug Energy</a>The stock fell more than 3% in pre-market trading after the company said it received a letter from Nasdaq's listing eligibility department stating that the company did not comply with certain listing rules.</p><p><img src=\"https://static.tigerbbs.com/908d0e43606ad04d2470b2c8ef9ffa12\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/TUYA\">graffiti intelligence</a>It fell more than 4% in pre-market trading, but closed up 19% on the New York Stock Exchange yesterday.</p><p><img src=\"https://static.tigerbbs.com/3aa49684d14d6c31bfb639eaa33b928b\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Nike shares fell more than 3% in pre-market trading after its third-quarter revenue for fiscal year 2021 fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/47a2a3583dd4681be45f3084632794d8\" tg-width=\"822\" tg-height=\"653\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139313031","content_text":"3月19日，美国三大股指期货震荡上扬，截至发稿，道指期货微涨0.20%；标普500指数期货涨0.37%；纳斯达克100指数期货涨0.72%。NFT概念股盘前大涨热门中概股盘前走高区块链板块盘前上扬大麻股盘前走高联邦快递盘前涨4%，公司第三财季营收超预期。生物制药公司井寺制药盘前跌近60%，因公司药物试验未达到终期目标。普拉格能源盘前跌超3%，公司称收到了来自纳斯达克交易所上市资格部门的信，称公司不符合某些上市规则。涂鸦智能盘前跌超4%，昨日纽交所首挂收涨19%。耐克盘前跌超3%，2021财年第三财季营收不及预期。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":345937336,"gmtCreate":1618271770525,"gmtModify":1704708343596,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[{"img":"https://static.tigerbbs.com/ebd3ef16f89e12b99fb9aa36a52c4979","width":"750","height":"1625"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":3,"link":"https://ttm.financial/post/345937336","isVote":1,"tweetType":1,"viewCount":5046,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":343750105,"gmtCreate":1617757170607,"gmtModify":1704702670264,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Very good","listText":"Very good","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/343750105","repostId":"1136729071","repostType":4,"repost":{"id":"1136729071","kind":"news","pubTimestamp":1617756714,"share":"https://ttm.financial/m/news/1136729071?lang=en_US&edition=fundamental","pubTime":"2021-04-07 08:51","market":"sh","language":"zh","title":"Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year","url":"https://stock-news.laohu8.com/highlight/detail?id=1136729071","media":"Wind资讯","summary":"美国时间4月5日，Faraday Future(法拉第未来，FF)在美国证监会正式提交S-4上市文件。文件对FF的财务状况、持股比例以及新车上市时间都进行了披露，预计将在5月完成借壳并上市交易。今年1","content":"<p>On April 5th, US time, Faraday Future (Faraday Future, FF) formally submitted its S-4 listing documents to the US Securities and Exchange Commission. The document discloses FF's financial status, shareholding ratio and the timing of the new vehicle's launch, and it is expected to complete the backdoor and go public in May. In January this year, FF reached a final agreement on the merger with PSAC, a special purpose listed company. After the merger is completed, it will be listed on the Nasdaq stock exchange with the stock code \"FFIE\".</p><p>FF Listing Details</p><p>According to the filing, the valuation of FF this time is $12.2 per share, totaling $3.428 billion (about RMB 23 billion).</p><p><img src=\"https://static.tigerbbs.com/2d4a86d6f9abc3499f430a7f927ec546\" tg-width=\"602\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>In terms of shareholders, the original shareholders and creditors of FF (through debt-to-equity swap) will hold 66% of the company's equity after the transaction. Jia Yueting, the founder of FF, does not directly hold the shares of the company, but transfers his personal assets to creditors through creditor trust, so that creditors become shareholders of FF. At the same time, the document discloses FF's supplier trust and debt-to-equity swap model, and a number of core suppliers convert their creditor's rights into equity through FF's unique supplier trust shareholding plan.</p><p><img src=\"https://static.tigerbbs.com/badd41b11bac49fcbd4801486547cefe\" tg-width=\"558\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>In terms of finance, in 2019 and 2020, FF's research and development costs were US$28.28 million and US$19.9 million, sales and marketing expenses were US$5.3 million and US$3.67 million, and net losses were US$142 million (approximately RMB910 million) and US$147 million (approximately RMB950 million), respectively. FF has passed its 2020 financial audit, according to the documents.</p><p><img src=\"https://static.tigerbbs.com/848e01abb7f6aaa5d535373f82e20978\" tg-width=\"558\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>When to build a car?</p><p>On the production front, FF's flagship EV model, the FF 91, is scheduled to be launched within approximately 12 months of the completion of the merger, with the first batch of mass-produced EVs expected to be delivered in 2022, and a cumulative delivery of over 450,000 units could be possible in 2025. It is reported that FF will continue to use its factory in Hanford, California, USA, and use this factory as the main base for production in the United States in the future.</p><p>Jia Yueting moves frequently</p><p>Previously, FF also appointed nine global board members. On April 1st, Jia Yueting forwarded FF Weibo message on the social platform with a text saying, \"Congratulations to FF's nine global board members. Their cross-disciplinary professional ability and rich industry accumulation will help FF achieve its mission and strategic goals, and help FF 91 deliver on time and with high quality, creating maximum value for users and shareholders.\"</p><p>According to the information disclosed by FF's official Weibo, FF's appointment of nine global board members will take effect after the completion of the merger transaction with PSAC. The new board will be comprised of experts from diverse industries including technology, automotive, finance, government and regulation, transportation and energy. Including FF Global CEO Carsten Breitfeld (Breitfeld), current FF board members Brian Krolicki, Matthias Aydt, Christine Harada, Lee Liu (Liu Hui), Sue Swenson, Jordan Vogel, Scott Vogel and Bob Ye (Ye Qing).</p><p>Founder Jia Yueting is not listed.</p><p>On March 17th, FF announced that Chen Xuefeng, the former vice president of Chery Jaguar Land Rover, was appointed as the CEO of FF China, and reported directly to Bi Fukang, the global CEO of FF.</p><p>In terms of share price, since the announcement of backdoor PSAC on January 28th this year, the company's share price once rose by more than 80%, but the strong share price didn't last long before it began to fall back.</p><p><img src=\"https://static.tigerbbs.com/7e0383d853ef18e02c298632e55a88d6\" tg-width=\"558\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p>At present, the share price of LeTV 3, which is traded on the New Third Board, has risen from 0.19 yuan to 0.42 yuan. At present, Jia Yueting is still the largest shareholder of the company with a shareholding ratio of 22.52%.</p><p><img src=\"https://static.tigerbbs.com/5336d8c3f06b530dc52e2b0d3aaa9d63\" tg-width=\"558\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p>","source":"wind","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wind资讯</strong><span class=\"h-time small\">2021-04-07 08:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On April 5th, US time, Faraday Future (Faraday Future, FF) formally submitted its S-4 listing documents to the US Securities and Exchange Commission. The document discloses FF's financial status, shareholding ratio and the timing of the new vehicle's launch, and it is expected to complete the backdoor and go public in May. In January this year, FF reached a final agreement on the merger with PSAC, a special purpose listed company. After the merger is completed, it will be listed on the Nasdaq stock exchange with the stock code \"FFIE\".</p><p>FF Listing Details</p><p>According to the filing, the valuation of FF this time is $12.2 per share, totaling $3.428 billion (about RMB 23 billion).</p><p><img src=\"https://static.tigerbbs.com/2d4a86d6f9abc3499f430a7f927ec546\" tg-width=\"602\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>In terms of shareholders, the original shareholders and creditors of FF (through debt-to-equity swap) will hold 66% of the company's equity after the transaction. Jia Yueting, the founder of FF, does not directly hold the shares of the company, but transfers his personal assets to creditors through creditor trust, so that creditors become shareholders of FF. At the same time, the document discloses FF's supplier trust and debt-to-equity swap model, and a number of core suppliers convert their creditor's rights into equity through FF's unique supplier trust shareholding plan.</p><p><img src=\"https://static.tigerbbs.com/badd41b11bac49fcbd4801486547cefe\" tg-width=\"558\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>In terms of finance, in 2019 and 2020, FF's research and development costs were US$28.28 million and US$19.9 million, sales and marketing expenses were US$5.3 million and US$3.67 million, and net losses were US$142 million (approximately RMB910 million) and US$147 million (approximately RMB950 million), respectively. FF has passed its 2020 financial audit, according to the documents.</p><p><img src=\"https://static.tigerbbs.com/848e01abb7f6aaa5d535373f82e20978\" tg-width=\"558\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>When to build a car?</p><p>On the production front, FF's flagship EV model, the FF 91, is scheduled to be launched within approximately 12 months of the completion of the merger, with the first batch of mass-produced EVs expected to be delivered in 2022, and a cumulative delivery of over 450,000 units could be possible in 2025. It is reported that FF will continue to use its factory in Hanford, California, USA, and use this factory as the main base for production in the United States in the future.</p><p>Jia Yueting moves frequently</p><p>Previously, FF also appointed nine global board members. On April 1st, Jia Yueting forwarded FF Weibo message on the social platform with a text saying, \"Congratulations to FF's nine global board members. Their cross-disciplinary professional ability and rich industry accumulation will help FF achieve its mission and strategic goals, and help FF 91 deliver on time and with high quality, creating maximum value for users and shareholders.\"</p><p>According to the information disclosed by FF's official Weibo, FF's appointment of nine global board members will take effect after the completion of the merger transaction with PSAC. The new board will be comprised of experts from diverse industries including technology, automotive, finance, government and regulation, transportation and energy. Including FF Global CEO Carsten Breitfeld (Breitfeld), current FF board members Brian Krolicki, Matthias Aydt, Christine Harada, Lee Liu (Liu Hui), Sue Swenson, Jordan Vogel, Scott Vogel and Bob Ye (Ye Qing).</p><p>Founder Jia Yueting is not listed.</p><p>On March 17th, FF announced that Chen Xuefeng, the former vice president of Chery Jaguar Land Rover, was appointed as the CEO of FF China, and reported directly to Bi Fukang, the global CEO of FF.</p><p>In terms of share price, since the announcement of backdoor PSAC on January 28th this year, the company's share price once rose by more than 80%, but the strong share price didn't last long before it began to fall back.</p><p><img src=\"https://static.tigerbbs.com/7e0383d853ef18e02c298632e55a88d6\" tg-width=\"558\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p>At present, the share price of LeTV 3, which is traded on the New Third Board, has risen from 0.19 yuan to 0.42 yuan. At present, Jia Yueting is still the largest shareholder of the company with a shareholding ratio of 22.52%.</p><p><img src=\"https://static.tigerbbs.com/5336d8c3f06b530dc52e2b0d3aaa9d63\" tg-width=\"558\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.stcn.com/sd/202104/t20210407_3006086.html\">Wind资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1a3754f388f30b5f7e5d59651613a82b","relate_stocks":{},"source_url":"https://news.stcn.com/sd/202104/t20210407_3006086.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136729071","content_text":"美国时间4月5日，Faraday Future(法拉第未来，FF)在美国证监会正式提交S-4上市文件。文件对FF的财务状况、持股比例以及新车上市时间都进行了披露，预计将在5月完成借壳并上市交易。今年1月， FF就和特殊目的上市公司PSAC合并达成最终协议，合并完成后将在纳斯达克证券交易市场上市，股票代码为“ FFIE”。\nFF上市细节\n文件显示，此次对FF的估值为每股12.2美元，总计34.28亿美元（约人民币230亿元）。\n\n股东方面，FF原有股东以及债权人(通过债转股)将在交易后持有公司股权比例达66%。FF创始人贾跃亭并不直接持有公司的股份，而将其个人资产通过债权人信托的方式转让给债权人，让债权人成为FF的股东。同时，文件披露了FF的供应商信托和债转股模式，多家核心供应商通过FF独有的供应商信托持股计划将债权转变为股权。\n\n财务方面，在2019年和2020年，FF的研发成本分别为2828万美元和2019万美元，销售与市场营销费用为530万美元及367万美元，净亏损1.42亿美元（约合人民币9.1亿）及1.47亿美元（约人民币9.5亿元）。文件显示，FF已通过2020年财务审计。\n\n什么时候造车？\n生产方面，FF的旗舰电动车型FF 91计划在合并完成后约12个月内推出，预计在2022年交付首批量产电动车，并可能在2025年累计交付超45万辆。据悉，FF将继续使用其位于美国加州汉福德的工厂，并在未来将该工厂作为在美生产的主要基地。\n贾跃亭动作频频\n此前，FF还任命了9名全球董事会成员。4月1日，贾跃亭在社交平台转发FF微博消息并配文称，“恭喜FF九名全球董事会成员。他们跨领域跨学科的专业能力和丰富的行业积累将帮助FF实现使命和战略目标，并助力FF 91按时、高品质交付，为用户和股东创造最大价值。”\n根据FF官方微博披露的信息，FF任命9名全球董事会成员，将在与PSAC的合并交易完成后生效。新董事会将由包括科技、汽车、金融、政府和监管、交通和能源等不同行业的专家组成。包括FF全球首席执行官Carsten Breitfeld（毕福康）、现任FF董事会成员Brian Krolicki、Matthias Aydt、Christine Harada、Lee Liu（刘辉）、Sue Swenson、Jordan Vogel、Scott Vogel和Bob Ye（叶青）。\n创始人贾跃亭并不在列。\n而在3月17日，FF宣布原奇瑞捷豹路虎副总裁陈雪峰出任FF中国区CEO，并向FF全球CEO毕福康直接汇报。\n股价方面，自今年1月28日宣布借壳PSAC以来，公司股价一度上涨超过80%，但强势股价并未持续太久就开始回落。\n\n而目前在新三板交易的乐视网3，股价已经从0.19元，上涨到0.42元。目前，贾跃亭仍然以22.52%的持股比例，为公司的第一大股东。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343696808,"gmtCreate":1617710518404,"gmtModify":1704702058222,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Very good&nbsp;","listText":"Very good&nbsp;","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/343696808","isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347750987,"gmtCreate":1618532438549,"gmtModify":1704712255007,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347750987","repostId":"2127814888","repostType":4,"repost":{"id":"2127814888","kind":"news","pubTimestamp":1618519059,"share":"https://ttm.financial/m/news/2127814888?lang=en_US&edition=fundamental","pubTime":"2021-04-16 04:37","market":"us","language":"zh","title":"JPMorgan Chase will issue $13 billion in bonds, setting a new record for the largest bank bond issuance.","url":"https://stock-news.laohu8.com/highlight/detail?id=2127814888","media":"金融界网站","summary":"金融界网4月15日消息，摩根大通将发行130亿美元的债券，从而创下银行发债历史最大规模。一位知情者表示，此次发债将分五部分进行，其中期限最长的是31年期债券，预计收益率将比美国国债高出107个基点。　　此次发债的一天前，摩根大通公布了强劲的第一季度业绩。据知情人士透露，此次发行的认购金额达到约260亿美元。包括今天的发行在内，摩根大通今年已在投资级美元债券市场募集了220亿美元，超过其他任何美国的主要银行。","content":"<p><a href=\"https://laohu8.com/S/JRJC\">Financial world</a>According to a report on April 15th,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It will issue $13 billion in bonds, making it the largest bank bond issuance in history. According to a source familiar with the matter, the bond issuance will be conducted in five parts, with the longest maturity being a 31-year bond, which is expected to yield 107 basis points higher than the US Treasury Bond.</p><p>The bond issuance comes a day after JPMorgan Chase reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>They also issued bonds on Thursday. According to sources familiar with the matter, the subscription amount for this offering reached approximately $26 billion. Including today's offering, JPMorgan Chase has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Bloomberg industry research analyst Arnold Kakuda believes the massive bond issuance may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the supplemental leverage ratio (SLR) waiver expired in March.</p>","source":"jinrongjie_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase will issue $13 billion in bonds, setting a new record for the largest bank bond issuance.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase will issue $13 billion in bonds, setting a new record for the largest bank bond issuance.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融界网站</strong><span class=\"h-time small\">2021-04-16 04:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/JRJC\">Financial world</a>According to a report on April 15th,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It will issue $13 billion in bonds, making it the largest bank bond issuance in history. According to a source familiar with the matter, the bond issuance will be conducted in five parts, with the longest maturity being a 31-year bond, which is expected to yield 107 basis points higher than the US Treasury Bond.</p><p>The bond issuance comes a day after JPMorgan Chase reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>They also issued bonds on Thursday. According to sources familiar with the matter, the subscription amount for this offering reached approximately $26 billion. Including today's offering, JPMorgan Chase has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Bloomberg industry research analyst Arnold Kakuda believes the massive bond issuance may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the supplemental leverage ratio (SLR) waiver expired in March.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml\">金融界网站</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ecccb954c9a03cd26d576ebec5c96d6","relate_stocks":{"161121":"银行","JPM":"摩根大通"},"source_url":"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127814888","content_text":"金融界网4月15日消息，摩根大通将发行130亿美元的债券，从而创下银行发债历史最大规模。一位知情者表示，此次发债将分五部分进行，其中期限最长的是31年期债券，预计收益率将比美国国债高出107个基点。\n此次发债的一天前，摩根大通公布了强劲的第一季度业绩。竞争对手高盛也在周四发行债券。据知情人士透露，此次发行的认购金额达到约260亿美元。包括今天的发行在内，摩根大通今年已在投资级美元债券市场募集了220亿美元，超过其他任何美国的主要银行。\n彭博行业研究分析师Arnold Kakuda认为，此次巨额债券发行可能与摩根大通的法定流动资金比率要求有关，此前补充杠杆比率（SLR）的宽免措施在3月份到期。","news_type":1,"symbols_score_info":{"161121":0.9,"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":3437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342919965,"gmtCreate":1618148864257,"gmtModify":1704706976038,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Very good","listText":"Very good","text":"Very good","images":[{"img":"https://static.tigerbbs.com/c5cb3a398e587a4c7086bd4d93046c16","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342919965","isVote":1,"tweetType":1,"viewCount":3226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":348436399,"gmtCreate":1617950018611,"gmtModify":1704705210138,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348436399","repostId":"1159720741","repostType":4,"repost":{"id":"1159720741","kind":"news","weMediaInfo":{"introduction":"记录新经济的每一个节点","home_visible":1,"media_name":"节点财经","id":"1021708884","head_image":"https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e"},"pubTimestamp":1617948539,"share":"https://ttm.financial/m/news/1159720741?lang=en_US&edition=fundamental","pubTime":"2021-04-09 14:08","market":"hk","language":"zh","title":"Ctrip, which is going public in Hong Kong for the second time, really knows how to play!","url":"https://stock-news.laohu8.com/highlight/detail?id=1159720741","media":"节点财经","summary":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴","content":"<p>If we were to select the most hardworking entrepreneur of 2020, Liang Jianzhang of Ctrip would definitely be on the list.</p><p>Here are some of Liang Jianzhang's schedules:</p><p>He traveled more than 9,000 kilometers in 6 provinces and 25 cities in one month; You need to switch between 20 scenes a day; Before the live broadcast, they need to conduct an investigation. After the live broadcast, they need review and manage the company's various affairs, working non-stop for more than ten hours a day. There wasn't even a 30-minute \"whole block of time\"; On the plane to the next live stream location, you have to take out your phone and write your own copy for the hotel live stream.</p><p>As a result of the \"working hard\" efforts, the OTA industry underwent the biggest change in 2020: Ctrip drove the industry to embark on new explorations at the fastest pace under special circumstances.</p><p>Liang Jianzhang has transformed himself into a major influencer by embodying different characters in different travel scenarios, which has also allowed Ctrip to use live streaming as a starting point to interpret the true meaning of \"opportunity amidst crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Public information</b></p><p><b>/ 01 / He is a big V, and also a \"big V\"</b></p><p>According to Ctrip's prospectus, it has consistently ranked first in the national online travel industry in terms of transaction volume over the past 10 years and has led the global online travel industry for three consecutive years. Last year, due to the impact of the pandemic, the global tourism industry lost $1.3 trillion in revenue, making it \"the worst year in the history of the tourism industry,\" and Ctrip was not spared.</p><p><b>The core of a successful company is not its glory at its peak, but its resilience in times of hardship.</b></p><p>In Q1 2020, Ctrip's revenue decreased by 42.1% due to the pandemic; In Q2, all industries were preparing to resume work and production. Although scenic spots were open, no one dared to go. This was also the busiest time for Liang Jianzhang's live streams, and Ctrip's revenue fell by 63.7%; In Q3, Ctrip showed slight improvement, with the revenue decline narrowing to 47.9%. By Q4, Ctrip's revenue had reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel bookings recovered, leading the industry by approximately 15%. Ctrip's average daily order volume in March increased by 50% compared to February, and the platform's average daily new customers achieved double-digit growth month-on-month. During the recently concluded Qingming Festival holiday, Ctrip's total bookings increased by 300% year-on-year, with the growth rate of many businesses even exceeding the level of the same period in 2019. A month ago, when Ctrip released its 2020 annual report, CEO Sun Jie said that Ctrip's flight and wine bookings had fully recovered.</p><p>Although its Q1 2021 report has not yet been released, Ctrip has achieved a significant V-shaped curve through its rapid \"recovery plan,\" surpassing fellow OTA giants Booking and Expdia.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Financial reports from various companies</b></p><p>While Ctrip is recovering, Ctrip's shareholders...<a href=\"https://laohu8.com/S/90129\">Tongcheng-eLong</a>By also capitalizing on the lower-tier market in lower-tier cities, Ctrip has accelerated the growth of new users in lower-tier markets, further solving the congestion faced by OTA platforms in the domestic market.</p><p>According to the prospectus, in 2020, more than 40% of new transaction users on the Ctrip platform came from third-tier cities and below. In fact, Ctrip already has an advantage over other platforms in the domestic market. According to an Analysys report, in 2019, the GMV of the world's top five travel platforms accounted for 7.0% of the total market share, with Ctrip ranking first at 2.3%, 0.4 percentage points higher than the second-ranked platform. In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Trip.com Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live streaming influencer\" to the company's emergence as a major \"V,\" it can be seen that Ctrip still possesses the resilience rare among startups, and is still sharp in its rebound and recovery.</p><p><b>/ 02 / Reconstructing the \"People, Goods, and Field\" of Tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In its prospectus for its return to Hong Kong, Ctrip also clearly stated that one of the ways to use the raised funds is to expand Ctrip's \"one-stop travel services and improve user experience\".</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs a core support to connect the various chains in travel, and that core is content.</p><p>Some say that Ctrip's content creation is difficult to do well because it lacks genes, and this story is short.</p><p>Are you saying Ctrip lacks content DNA? This may indicate a somewhat \"superficial\" understanding of Ctrip.</p><p>When it was founded in 2000, Ctrip was one of the earliest internet travel communities in China;</p><p>In 2011, Ctrip launched Lvping.com;</p><p>In 2016, the Ctrip travel guide community was launched;</p><p>In 2018, Ctrip began building a travel short video content platform, and in December, Ctrip's \"Travel Photography Channel\" was officially launched.</p><p>In 2020, Ctrip once again put its strategic planning on the agenda.</p><p><b>Besides genes, the most important thing in content creation is that \"everyone has their own expertise.\" Travel content is about how to have fun, and of course, it is created by the most skilled travel platforms.</b></p><p>Recently, Ctrip launched the \"1+3 strategy,\" using the \"Planet\" as a carrier to aggregate three major sectors: traffic, content, and products, refreshing the \"people (users) - goods (tourism products, ticketing services, etc.) - venues (scenarios)\" in the tourism industry.</p><p>In the past, the tourism industry was basically about people and goods, with almost no real-world applications. Alternatively, OTA platforms provide relatively scattered and fragmented content, failing to accurately match high traffic, thus leading to a disconnect between content and products.</p><p>In terms of \"people,\" when \"fun-loving\" travel enthusiasts flock to Ctrip's Planet Account with their own shared content, Ctrip's huge product inventory and transaction platform attributes can smoothly convert content into transactions.</p><p>In terms of \"goods,\" participants across the entire tourism chain can open a Planet account in the Ctrip community. Leveraging Ctrip's 300 million users and 200 million MAUs (monthly active users), as well as the growing number of sensitive people under 25 who \"understand fun,\" they can supply all the best-selling products for food, accommodation, transportation, travel, and shopping.</p><p>In terms of scenarios, Ctrip Live and Ctrip Community will provide scenarios for content monetization. Within the entire content scenario, Ctrip can also provide target audience profiles based on algorithms and private domain traffic management, achieving a new \"100 billion yuan small goal\" of travel advertising.</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment by tourism suppliers, the total size of China's tourism advertising market is expected to reach 80-100 billion yuan in 2021, and tourism advertising will become a new \"100 billion yuan track\" for the tourism industry in the future.</p><p><b>Whether the results are good or not, the data speaks for itself.</b></p><p>According to Ctrip's prospectus, when the \"1+3 strategy\" was still in its infancy last year, Ctrip launched more than 60,000 products through its online live streaming platform in 2020, and the total transaction volume of Ctrip's live streaming + flash sale channel exceeded 5 billion yuan. After the \"1+3 strategy\" is fully implemented, we have reason to believe that Ctrip can leverage its advantage of \"knowing how to play\" to let more users \"play on Ctrip\".</p><p><b>/ 03 / High-net-worth users who know how to have fun</b> <b>Deepen the moat again</b></p><p>In Ctrip's prospectus, there is another highlight that has been overlooked but is enough to reshape Ctrip's valuation: the rapid growth of high-end consumer users.</p><p><b>High-net-worth users are both a competitive barrier for Ctrip and a cornerstone driving its performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared to the \"boom\" in holiday travel, high-net-worth users prefer quality travel, which will become a new growth point for Ctrip's performance.</p><p>The domestic tourism market can be basically divided into three parts: business travel, mass leisure travel, and quality leisure travel. According to Analysys' forecast, quality leisure tourism, represented by high-star hotels and boutique private tours in China, will surpass the mass leisure tourism sector in 2024, with its market size reaching 3.8 trillion yuan by 2025.</p><p>According to Analysys data, 82.2% of people on the Ctrip platform have a moderate or above consumption level, and 77.7% are born in the 1990s and 1980s. There are many high-net-worth young people who know how to have fun.</p><p>Whether on Wall Street or the Hong Kong Stock Exchange, high average order value and high gross profit have always been favored by capital. In other words, if Ctrip can continue this momentum, the natural competitive barriers formed by the high entry threshold in the quality leisure travel market will also become a new growth point for Ctrip's performance.</p><p>To maintain our advantage in the quality leisure tourism sector, we must rely on the supply chain, since good resources are scarce.</p><p>Ctrip previously disclosed information about its supply chain in the quality leisure travel sector: from July to December 2020, the number of Ctrip private tour suppliers increased by 50%; More than 2,000 suppliers provide users with approximately 60,000 private tour products through Ctrip; It covers more than 200 tourist destinations in China; The number of private tour products increased by more than 400%.</p><p>Regarding hotels, the most critical aspect of the supply chain, as of December 31, 2019, Ctrip offered the largest number of airfare and hotel accommodation products in China. Large-scale hotel partnerships with Ctrip have created a highly competitive price advantage for Ctrip.</p><p>Among them, the number of high-star hotels that designated Ctrip Group as their general distributor increased by more than 10% quarter-on-quarter in both the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the final conversion rate brought about by the channels remains at around 20% on average, but Ctrip's conversion rate is higher than the average. Just like a good bird chooses a good tree to perch on, high-end hotels are also willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and hotels have maintained a \"mutually beneficial\" relationship during the pandemic. In order to safeguard the brand bottom line for the long-term operation of hotels, Ctrip has packaged many rich products according to the characteristics of different hotels, such as food packages and family packages, to provide differentiated products, attract customers and release the value of the hotels themselves.</p><p>Therefore, for challengers who want to break through Ctrip's dominant position among high-net-worth users, seizing more high-star hotel inventory from Ctrip requires two aspects: first, proving channel capabilities to high-star hotels; and second, continuously finding users with high spending power. This is not something that can be achieved overnight.</p><p>All of this is done by Ctrip not only to maintain its reputation on Wall Street today, but also to secure its prospects on the Hong Kong Stock Exchange tomorrow.</p><p><b>/ 04 / Returning to Hong Kong is both a journey home and a departure.</b></p><p>The world's three major OTAs, Ctrip and Booking.com,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>Although Ctrip has ranked first in global transaction volume for the past three years, its stock price has remained undervalued.</p><p>Since the P/E of the three giants may be negative in 2020, and everyone is facing similar environmental difficulties due to the pandemic, the price-to-sales ratio can be a comparison of valuations.</p><p>Ctrip's latest market capitalization is $23.3 billion, 8.3 times its 2020 revenue;</p><p>Booking's latest market capitalization is $98.7 billion, 14.5 times its 2020 revenue;</p><p>Expedia's latest market capitalization is $24.7 billion, 4.75 times its 2020 revenue, but its stock price has rebounded nearly three times from its low.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Caption: Stock price trends of the three giants over the past year</b></p><p>Since Ctrip has not gained corresponding recognition on the US stock market, its secondary listing is a watershed moment for Ctrip to break away from its past development model and a new attempt to leverage the value of travel content and deeply root itself in the tourism industry.</p><p>Every listed company's stock price has experienced periods of fluctuations, but for Ctrip, what we should focus on is its future.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCtrip, which is going public in Hong Kong for the second time, really knows how to play!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1021708884\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">节点财经 </p>\n<p class=\"h-time smaller\">2021-04-09 14:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If we were to select the most hardworking entrepreneur of 2020, Liang Jianzhang of Ctrip would definitely be on the list.</p><p>Here are some of Liang Jianzhang's schedules:</p><p>He traveled more than 9,000 kilometers in 6 provinces and 25 cities in one month; You need to switch between 20 scenes a day; Before the live broadcast, they need to conduct an investigation. After the live broadcast, they need review and manage the company's various affairs, working non-stop for more than ten hours a day. There wasn't even a 30-minute \"whole block of time\"; On the plane to the next live stream location, you have to take out your phone and write your own copy for the hotel live stream.</p><p>As a result of the \"working hard\" efforts, the OTA industry underwent the biggest change in 2020: Ctrip drove the industry to embark on new explorations at the fastest pace under special circumstances.</p><p>Liang Jianzhang has transformed himself into a major influencer by embodying different characters in different travel scenarios, which has also allowed Ctrip to use live streaming as a starting point to interpret the true meaning of \"opportunity amidst crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Public information</b></p><p><b>/ 01 / He is a big V, and also a \"big V\"</b></p><p>According to Ctrip's prospectus, it has consistently ranked first in the national online travel industry in terms of transaction volume over the past 10 years and has led the global online travel industry for three consecutive years. Last year, due to the impact of the pandemic, the global tourism industry lost $1.3 trillion in revenue, making it \"the worst year in the history of the tourism industry,\" and Ctrip was not spared.</p><p><b>The core of a successful company is not its glory at its peak, but its resilience in times of hardship.</b></p><p>In Q1 2020, Ctrip's revenue decreased by 42.1% due to the pandemic; In Q2, all industries were preparing to resume work and production. Although scenic spots were open, no one dared to go. This was also the busiest time for Liang Jianzhang's live streams, and Ctrip's revenue fell by 63.7%; In Q3, Ctrip showed slight improvement, with the revenue decline narrowing to 47.9%. By Q4, Ctrip's revenue had reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel bookings recovered, leading the industry by approximately 15%. Ctrip's average daily order volume in March increased by 50% compared to February, and the platform's average daily new customers achieved double-digit growth month-on-month. During the recently concluded Qingming Festival holiday, Ctrip's total bookings increased by 300% year-on-year, with the growth rate of many businesses even exceeding the level of the same period in 2019. A month ago, when Ctrip released its 2020 annual report, CEO Sun Jie said that Ctrip's flight and wine bookings had fully recovered.</p><p>Although its Q1 2021 report has not yet been released, Ctrip has achieved a significant V-shaped curve through its rapid \"recovery plan,\" surpassing fellow OTA giants Booking and Expdia.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Financial reports from various companies</b></p><p>While Ctrip is recovering, Ctrip's shareholders...<a href=\"https://laohu8.com/S/90129\">Tongcheng-eLong</a>By also capitalizing on the lower-tier market in lower-tier cities, Ctrip has accelerated the growth of new users in lower-tier markets, further solving the congestion faced by OTA platforms in the domestic market.</p><p>According to the prospectus, in 2020, more than 40% of new transaction users on the Ctrip platform came from third-tier cities and below. In fact, Ctrip already has an advantage over other platforms in the domestic market. According to an Analysys report, in 2019, the GMV of the world's top five travel platforms accounted for 7.0% of the total market share, with Ctrip ranking first at 2.3%, 0.4 percentage points higher than the second-ranked platform. In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Trip.com Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live streaming influencer\" to the company's emergence as a major \"V,\" it can be seen that Ctrip still possesses the resilience rare among startups, and is still sharp in its rebound and recovery.</p><p><b>/ 02 / Reconstructing the \"People, Goods, and Field\" of Tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In its prospectus for its return to Hong Kong, Ctrip also clearly stated that one of the ways to use the raised funds is to expand Ctrip's \"one-stop travel services and improve user experience\".</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs a core support to connect the various chains in travel, and that core is content.</p><p>Some say that Ctrip's content creation is difficult to do well because it lacks genes, and this story is short.</p><p>Are you saying Ctrip lacks content DNA? This may indicate a somewhat \"superficial\" understanding of Ctrip.</p><p>When it was founded in 2000, Ctrip was one of the earliest internet travel communities in China;</p><p>In 2011, Ctrip launched Lvping.com;</p><p>In 2016, the Ctrip travel guide community was launched;</p><p>In 2018, Ctrip began building a travel short video content platform, and in December, Ctrip's \"Travel Photography Channel\" was officially launched.</p><p>In 2020, Ctrip once again put its strategic planning on the agenda.</p><p><b>Besides genes, the most important thing in content creation is that \"everyone has their own expertise.\" Travel content is about how to have fun, and of course, it is created by the most skilled travel platforms.</b></p><p>Recently, Ctrip launched the \"1+3 strategy,\" using the \"Planet\" as a carrier to aggregate three major sectors: traffic, content, and products, refreshing the \"people (users) - goods (tourism products, ticketing services, etc.) - venues (scenarios)\" in the tourism industry.</p><p>In the past, the tourism industry was basically about people and goods, with almost no real-world applications. Alternatively, OTA platforms provide relatively scattered and fragmented content, failing to accurately match high traffic, thus leading to a disconnect between content and products.</p><p>In terms of \"people,\" when \"fun-loving\" travel enthusiasts flock to Ctrip's Planet Account with their own shared content, Ctrip's huge product inventory and transaction platform attributes can smoothly convert content into transactions.</p><p>In terms of \"goods,\" participants across the entire tourism chain can open a Planet account in the Ctrip community. Leveraging Ctrip's 300 million users and 200 million MAUs (monthly active users), as well as the growing number of sensitive people under 25 who \"understand fun,\" they can supply all the best-selling products for food, accommodation, transportation, travel, and shopping.</p><p>In terms of scenarios, Ctrip Live and Ctrip Community will provide scenarios for content monetization. Within the entire content scenario, Ctrip can also provide target audience profiles based on algorithms and private domain traffic management, achieving a new \"100 billion yuan small goal\" of travel advertising.</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment by tourism suppliers, the total size of China's tourism advertising market is expected to reach 80-100 billion yuan in 2021, and tourism advertising will become a new \"100 billion yuan track\" for the tourism industry in the future.</p><p><b>Whether the results are good or not, the data speaks for itself.</b></p><p>According to Ctrip's prospectus, when the \"1+3 strategy\" was still in its infancy last year, Ctrip launched more than 60,000 products through its online live streaming platform in 2020, and the total transaction volume of Ctrip's live streaming + flash sale channel exceeded 5 billion yuan. After the \"1+3 strategy\" is fully implemented, we have reason to believe that Ctrip can leverage its advantage of \"knowing how to play\" to let more users \"play on Ctrip\".</p><p><b>/ 03 / High-net-worth users who know how to have fun</b> <b>Deepen the moat again</b></p><p>In Ctrip's prospectus, there is another highlight that has been overlooked but is enough to reshape Ctrip's valuation: the rapid growth of high-end consumer users.</p><p><b>High-net-worth users are both a competitive barrier for Ctrip and a cornerstone driving its performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared to the \"boom\" in holiday travel, high-net-worth users prefer quality travel, which will become a new growth point for Ctrip's performance.</p><p>The domestic tourism market can be basically divided into three parts: business travel, mass leisure travel, and quality leisure travel. According to Analysys' forecast, quality leisure tourism, represented by high-star hotels and boutique private tours in China, will surpass the mass leisure tourism sector in 2024, with its market size reaching 3.8 trillion yuan by 2025.</p><p>According to Analysys data, 82.2% of people on the Ctrip platform have a moderate or above consumption level, and 77.7% are born in the 1990s and 1980s. There are many high-net-worth young people who know how to have fun.</p><p>Whether on Wall Street or the Hong Kong Stock Exchange, high average order value and high gross profit have always been favored by capital. In other words, if Ctrip can continue this momentum, the natural competitive barriers formed by the high entry threshold in the quality leisure travel market will also become a new growth point for Ctrip's performance.</p><p>To maintain our advantage in the quality leisure tourism sector, we must rely on the supply chain, since good resources are scarce.</p><p>Ctrip previously disclosed information about its supply chain in the quality leisure travel sector: from July to December 2020, the number of Ctrip private tour suppliers increased by 50%; More than 2,000 suppliers provide users with approximately 60,000 private tour products through Ctrip; It covers more than 200 tourist destinations in China; The number of private tour products increased by more than 400%.</p><p>Regarding hotels, the most critical aspect of the supply chain, as of December 31, 2019, Ctrip offered the largest number of airfare and hotel accommodation products in China. Large-scale hotel partnerships with Ctrip have created a highly competitive price advantage for Ctrip.</p><p>Among them, the number of high-star hotels that designated Ctrip Group as their general distributor increased by more than 10% quarter-on-quarter in both the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the final conversion rate brought about by the channels remains at around 20% on average, but Ctrip's conversion rate is higher than the average. Just like a good bird chooses a good tree to perch on, high-end hotels are also willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and hotels have maintained a \"mutually beneficial\" relationship during the pandemic. In order to safeguard the brand bottom line for the long-term operation of hotels, Ctrip has packaged many rich products according to the characteristics of different hotels, such as food packages and family packages, to provide differentiated products, attract customers and release the value of the hotels themselves.</p><p>Therefore, for challengers who want to break through Ctrip's dominant position among high-net-worth users, seizing more high-star hotel inventory from Ctrip requires two aspects: first, proving channel capabilities to high-star hotels; and second, continuously finding users with high spending power. This is not something that can be achieved overnight.</p><p>All of this is done by Ctrip not only to maintain its reputation on Wall Street today, but also to secure its prospects on the Hong Kong Stock Exchange tomorrow.</p><p><b>/ 04 / Returning to Hong Kong is both a journey home and a departure.</b></p><p>The world's three major OTAs, Ctrip and Booking.com,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>Although Ctrip has ranked first in global transaction volume for the past three years, its stock price has remained undervalued.</p><p>Since the P/E of the three giants may be negative in 2020, and everyone is facing similar environmental difficulties due to the pandemic, the price-to-sales ratio can be a comparison of valuations.</p><p>Ctrip's latest market capitalization is $23.3 billion, 8.3 times its 2020 revenue;</p><p>Booking's latest market capitalization is $98.7 billion, 14.5 times its 2020 revenue;</p><p>Expedia's latest market capitalization is $24.7 billion, 4.75 times its 2020 revenue, but its stock price has rebounded nearly three times from its low.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Caption: Stock price trends of the three giants over the past year</b></p><p>Since Ctrip has not gained corresponding recognition on the US stock market, its secondary listing is a watershed moment for Ctrip to break away from its past development model and a new attempt to leverage the value of travel content and deeply root itself in the tourism industry.</p><p>Every listed company's stock price has experienced periods of fluctuations, but for Ctrip, what we should focus on is its future.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1da50c4560325761eecdc4362108a54c","relate_stocks":{"09961":"携程集团-S","TCOM":"携程网"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159720741","content_text":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴转十几个小时；连30分钟的“整块时间”都没有；在赶到下一个直播点的飞机上得掏出来手机自己写酒店直播的文案。\n“拼命三郎”的结果是，2020年，OTA行业出现了最大的变化：携程带动行业在特殊环境下以最快的速度，开始了新探索。\n梁建章在不同旅游场景里化身不同的人物把自己变成了大V，也让携程用直播这个切入点也诠释了“危中有机”的真正内涵。\n\n图片来源：公开信息\n/ 01 /是大V，也是\"大V\"\n携程的招股书显示，在过去10年中，交易额连续保持全国在线旅游行业第一，并连续3年领跑全球在线旅游行业。而去年在疫情的影响下，全球旅游业收入损失1.3万亿美元，成为“旅游业历史上最糟糕年份”，携程也未能幸免。\n成功企业内核并不是巅峰时的辉煌，而是看艰苦时的韧性。\n2020年Q1，由于疫情，携程营收下降42.1%；Q2各行各业都在做复工复产的准备，景区虽然开放了但是没人敢去。这也是梁建章直播最忙碌的时刻，携程营收跌了63.7%；Q3，携程略有起色，营收下降幅度收窄到47.9%；到了Q4，携程营收达到2019年同期的六成。\n而进入2021年，Q1的上半季度，携程的国内酒店预订恢复领先行业约15%；携程在3月份的日均订单量环比2月增长50%，平台日均新客量环比实现双位数增长；在刚刚结束的清明节假期，携程总预订量同比增长300%，多项业务的增速甚至超越2019年同期水平，在一个月前携程发布2020年年报之时，CEO孙洁表示携程的机酒预订达到全量恢复。\n虽然2021年Q1季报还未发布，但携程用迅速的“回血计划”，复苏领先于同是OTA巨头的Booking和Expdia，走出了大大的V形曲线。\n\n数据来源：各家财报\n在携程复苏的同时，携程参股的同程艺龙还抓住了低线城市的下沉市场，携程的低线市场新用户加速增长，进一步解决了OTA平台们在国内市场上的拥堵。\n招股文件显示，2020年，携程平台上超过40%的新交易用户来自三线及以下城市。其实在国内市场中，携程本来就较其他平台占有优势。根据易观报告，2019年全球前5大旅行平台的GMV在总市场份额的占比为7.0%，第一名携程占比为2.3%，较第二名高出0.4个百分点；2019年，中国前5大旅行平台在总市场份额的占比为21.5%，其中，携程集团占比为13.7%。\n2020年，从梁建章颇具创新性的变成“直播大V”到公司走出大“V”趋势可以看出，携程仍然具有初创企业少有的韧性，在反弹和复苏上宝刀未老。\n/ 02 /重构旅游的“人货场” 携程你可真会玩儿！\n在此次回港的招股书中，携程也明确表示募资的使用途径之一是拓展携程的“一站式旅行服务及改善用户体验”。\n\n图片来源：携程招股书\n作为业内为数不多的“一站式”平台，携程要把旅行中的各个的链条串起来，需要有内核在其中支撑，这个核心就是内容。\n有人说，携程做内容，因为缺乏基因所以很难做好，这个故事讲不长。\n说携程没有内容基因？这可对携程的认识有些“浅薄”。\n2000年诞生之初，携程就是中国最早的互联网旅游社区之一；\n2011年，携程推出驴评网；\n2016年，上线携程攻略社区；\n2018年，携程开始着手搭建旅行短视频内容平台，12月携程频道“旅拍频道正式上线；\n2020年，携程再次把布局内容提上日程。\n除了基因外，做内容更重要的是“术业有专攻”，旅行内容就是讲怎么玩，当然由最会玩的旅行平台来做。\n日前，携程推出了“1+3战略”，以“星球号”为载体，聚合流量、内容、商品三大板块，刷新了旅游行业中的“人（用户）-货（旅游产品、票务服务等）-场（场景）”。\n以前的旅游行业中基本上是人-货，几乎没有场景落地；或者是OTA平台提供了比较分散和碎片化的内容，无法与大流量形成精准匹配，因此导致内容和商品的脱节。\n在“人”上，当“会玩儿”的旅行达人们带着自己的分享内容涌入携程的星球号，由于携程庞大的产品库存和交易平台的属性，可以使内容顺畅地转化为交易；\n在“货”上，旅游全链路的参与者，均可在携程社区开设星球号，借助携程的3亿的用户量和2亿的MAU（每月活跃用户），还有越来越多的25岁以下“懂玩”的敏感人群，来供给吃、住、行、游、购所有爆款产品。\n在场景中，携程直播与携程社区将给予内容变现的场景，携程在整个内容场景中，还可以根据算法和私域流量管理，提供目标人群画像，实现一个新的“千亿小目标”，旅游广告投放；\n根据Fastdata数据，2021年随着中国旅游业的复苏及旅游供应商广告投入强度的增加，预计全年中国旅游广告市场规模将达到800-1000亿元，未来旅游广告将会成为旅游业新的“千亿赛道”。\n效果好不好，数据会说话。\n携程招股书显示，在去年“1+3战略“还处于雏形阶段时，2020年全年，携程通过在线直播平台推出超过60000种产品，携程直播+特卖频道实现商品交易总额超过50亿元人民币，在“1+3战略”全部落地后，我们有理由相信携程可以借着“会玩”的优势，让更多的用户“玩在携程”。\n/ 03 /会玩的高净值用户 再次加深护城河\n在携程递交的招股书中，还有一个被人忽视，但是足以重塑携程估值的亮点，那就是高消费用户快速增长。\n高净值用户既是携程的竞争壁垒，也是驱动业绩增长的基石。\n随着消费升级，旅游业也在升级，比起节假日旅游“下饺子”，高净值用户们更喜欢的品质游，将成为携程新的业绩增长点。\n国内旅游市场基本可以分为三大部分：商旅、大众休闲游及品质休闲游。根据易观预测，国内高星酒店、精品私家团为代表的品质休闲游将于2024年超过大众休闲游板块，其市场规模将于2025年达到3.8万亿元。\n易观数据显示，携程平台中等及以上消费水平人群占比为82.2%，95后-80后人群占比为77.7%，高净值且会玩的年轻人有很多。\n不论是在华尔街还是在港交所，高客单价、高毛利一直都很受资本的青睐，也就是说，如果携程可以延续这个势头，品质休闲游市场的高准入门槛所形成的天然竞争壁垒，也将成为携程新的业绩增长点。\n要维持品质休闲游领域的优势，就得倚仗供应链，毕竟好资源都是稀缺的。\n携程此前披露过关于品质休闲游领域相关供应链的情况：2020年7-12月，携程私家团供应商数量增加 50%；超过2000家供应商通过携程为用户提供约6万条私家团产品；覆盖国内200多个旅游目的地；私家团产品数量增涨400%以上。\n在供应链中最关键的酒店方面，截至2019年12月31日，携程在中国境内提供了数量最多的机票及酒店住宿产品，大规模的酒店与携程合作，为携程创造了极具市场竞争力的价格优势。\n其中，指定携程集团作为总经销的高星酒店数量在2020年第二和第三季度均环比增长超过10%，携程在中高端酒店市场的竞争优势进一步扩大。\n从酒店行业来看，渠道能带来的最终转化整体平均保持在20%左右，但携程的转化高于平均水平，就像良禽择佳木而栖一样，高端酒店也愿意选择携程。\n据节点财经(ID:jiedian2018)了解，携程与酒店在疫情期间还成为了“互相成就”的关系，为了守住酒店长远经营的品牌底线，携程根据不同酒店的特色包装出了许多丰富的产品，比如美食套餐、亲子套餐，提供差异化的产品，吸引顾客的同时也释放酒店本身的价值。\n所以，对于想突破携程在高净值用户上统治地位的挑战者来说，从携程手里抢到更多的高星酒店库存，一是要向高星酒店证明渠道能力，二是持续寻找到高消费能力的用户，并不是一蹴而就的。\n而携程做的这一切，既是为了守住今天在华尔街的口碑，也是为了赢得明天在港交所的前景。\n/ 04 /回港，是归途也是启程\n世界三大OTA头部携程、Booking、Expedia中，携程在近三年来，虽然占据全球交易额第一，但携程的股价一直处于被低估状态。\n由于2020年三巨头的市盈率或为负，而疫情大家面临的环境困难都差不多，市销率可以成为估值高低的比较。\n携程最新市值233亿美元，为2020年营收的8.3倍；\nBooking最新市值987亿美元，为2020年营收的14.5倍；\nExpedia 最新市值247亿美元，为2020年营收的4.75倍，但Expedia的股价已经从低点反弹了近3倍。\n\n图注：三巨头近一年股价走势\n既然携程在美股没有得到相应的认可，二次上市，就是携程挥别过去发展模式的分水岭，也是发挥旅行内容价值、深度扎根旅游产业的新尝试。\n任何一家上市公司的股价都曾有过“苟且”，但对于携程来说，更应该看到的是它的远方。","news_type":1,"symbols_score_info":{"TCOM":0.9,"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":3756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359297552,"gmtCreate":1616401718776,"gmtModify":1704793527441,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Good luck","listText":"Good luck","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359297552","repostId":"1175922758","repostType":4,"isVote":1,"tweetType":1,"viewCount":1588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350997234,"gmtCreate":1616146821228,"gmtModify":1704791520174,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350997234","repostId":"1139313031","repostType":4,"repost":{"id":"1139313031","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616144162,"share":"https://ttm.financial/m/news/1139313031?lang=en_US&edition=fundamental","pubTime":"2021-03-19 16:56","market":"us","language":"zh","title":"Pre-market fluctuations: Digital asset craze heats up! NFT concept stocks surge","url":"https://stock-news.laohu8.com/highlight/detail?id=1139313031","media":"老虎资讯综合","summary":"3月19日，美国三大股指期货震荡上扬，截至发稿，道指期货微涨0.20%；标普500指数期货涨0.37%；纳斯达克100指数期货涨0.72%。NFT概念股盘前大涨热门中概股盘前走高区块链板块盘前上扬大麻","content":"<p>On March 19, futures for the three major U.S. stock indexes fluctuated upwards, with Dow Jones Industrial Average futures up slightly by 0.20% as of press time. S&P 500 futures rose 0.37%; Nasdaq 100 futures rose 0.72%.</p><p><img src=\"https://static.tigerbbs.com/5e0841950e3d8eb7264f11a67ac13299\" tg-width=\"478\" tg-height=\"189\" referrerpolicy=\"no-referrer\"></p><p>NFT concept stocks surged in pre-market trading</p><p><img src=\"https://static.tigerbbs.com/7e33ef5d5fea3066322cdef025ba9033\" tg-width=\"478\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p>Popular Chinese concept stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/fde34ffa6a28fa90bcc951ae20d99a8a\" tg-width=\"478\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Blockchain stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/1ff419b9144c1efd9787271df6943533\" tg-width=\"478\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>Cannabis stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/04079d9d955196f1850e3eed71b0016d\" tg-width=\"478\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>The stock rose 4% in pre-market trading after the company's third-quarter revenue exceeded expectations.</p><p><img src=\"https://static.tigerbbs.com/427b6ae8559da58e54ad1a327b34a43d\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/IDRA\">Idera Pharmaceutical</a>The stock fell nearly 60% in pre-market trading after the company's drug trials failed to meet their final targets.</p><p><img src=\"https://static.tigerbbs.com/11e23bd82ede75f24dd78108d245cd39\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PLUG\">Plug Energy</a>The stock fell more than 3% in pre-market trading after the company said it received a letter from Nasdaq's listing eligibility department stating that the company did not comply with certain listing rules.</p><p><img src=\"https://static.tigerbbs.com/908d0e43606ad04d2470b2c8ef9ffa12\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/TUYA\">graffiti intelligence</a>It fell more than 4% in pre-market trading, but closed up 19% on the New York Stock Exchange yesterday.</p><p><img src=\"https://static.tigerbbs.com/3aa49684d14d6c31bfb639eaa33b928b\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Nike shares fell more than 3% in pre-market trading after its third-quarter revenue for fiscal year 2021 fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/47a2a3583dd4681be45f3084632794d8\" tg-width=\"822\" tg-height=\"653\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pre-market fluctuations: Digital asset craze heats up! NFT concept stocks surge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPre-market fluctuations: Digital asset craze heats up! NFT concept stocks surge\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-19 16:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On March 19, futures for the three major U.S. stock indexes fluctuated upwards, with Dow Jones Industrial Average futures up slightly by 0.20% as of press time. S&P 500 futures rose 0.37%; Nasdaq 100 futures rose 0.72%.</p><p><img src=\"https://static.tigerbbs.com/5e0841950e3d8eb7264f11a67ac13299\" tg-width=\"478\" tg-height=\"189\" referrerpolicy=\"no-referrer\"></p><p>NFT concept stocks surged in pre-market trading</p><p><img src=\"https://static.tigerbbs.com/7e33ef5d5fea3066322cdef025ba9033\" tg-width=\"478\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p>Popular Chinese concept stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/fde34ffa6a28fa90bcc951ae20d99a8a\" tg-width=\"478\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Blockchain stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/1ff419b9144c1efd9787271df6943533\" tg-width=\"478\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>Cannabis stocks rose in pre-market trading.</p><p><img src=\"https://static.tigerbbs.com/04079d9d955196f1850e3eed71b0016d\" tg-width=\"478\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>The stock rose 4% in pre-market trading after the company's third-quarter revenue exceeded expectations.</p><p><img src=\"https://static.tigerbbs.com/427b6ae8559da58e54ad1a327b34a43d\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/IDRA\">Idera Pharmaceutical</a>The stock fell nearly 60% in pre-market trading after the company's drug trials failed to meet their final targets.</p><p><img src=\"https://static.tigerbbs.com/11e23bd82ede75f24dd78108d245cd39\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PLUG\">Plug Energy</a>The stock fell more than 3% in pre-market trading after the company said it received a letter from Nasdaq's listing eligibility department stating that the company did not comply with certain listing rules.</p><p><img src=\"https://static.tigerbbs.com/908d0e43606ad04d2470b2c8ef9ffa12\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/TUYA\">graffiti intelligence</a>It fell more than 4% in pre-market trading, but closed up 19% on the New York Stock Exchange yesterday.</p><p><img src=\"https://static.tigerbbs.com/3aa49684d14d6c31bfb639eaa33b928b\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Nike shares fell more than 3% in pre-market trading after its third-quarter revenue for fiscal year 2021 fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/47a2a3583dd4681be45f3084632794d8\" tg-width=\"822\" tg-height=\"653\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139313031","content_text":"3月19日，美国三大股指期货震荡上扬，截至发稿，道指期货微涨0.20%；标普500指数期货涨0.37%；纳斯达克100指数期货涨0.72%。NFT概念股盘前大涨热门中概股盘前走高区块链板块盘前上扬大麻股盘前走高联邦快递盘前涨4%，公司第三财季营收超预期。生物制药公司井寺制药盘前跌近60%，因公司药物试验未达到终期目标。普拉格能源盘前跌超3%，公司称收到了来自纳斯达克交易所上市资格部门的信，称公司不符合某些上市规则。涂鸦智能盘前跌超4%，昨日纽交所首挂收涨19%。耐克盘前跌超3%，2021财年第三财季营收不及预期。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349665514,"gmtCreate":1617606942538,"gmtModify":1704700753136,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Huat&nbsp;","listText":"Huat&nbsp;","text":"Huat","images":[{"img":"https://static.tigerbbs.com/7350c7eabb6a3dc1a3658b5c671d3da1","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349665514","isVote":1,"tweetType":1,"viewCount":1487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":359230105,"gmtCreate":1616401770807,"gmtModify":1704793528420,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"title":"","htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[{"img":"https://static.tigerbbs.com/498a460e6f570a4c24b4869ac3776922","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359230105","isVote":1,"tweetType":1,"viewCount":1433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}