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mengseng
2021-08-13
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mengseng
2021-07-11
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mengseng
2021-07-14
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mengseng
2021-06-29
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Nayuki's tea winning rate is 8%, and 40 hands are subscribed to win steadily
mengseng
2021-07-06
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Chaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable
mengseng
2021-07-19
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OPEC + agrees to boost oil production, ending current stalemate
mengseng
2021-07-07
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Connoya-B has a successful rate of 6.5% in the first lot, and 70 subscriptions have won the first lot steadily
mengseng
2021-08-10
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TSMC's 3nm chips are officially mass-produced one year ahead of schedule, and Intel steals Apple's first adoption
mengseng
2021-08-08
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CICC Overseas: If US Treasury yields goes up again?
mengseng
2021-07-22
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Foreign media headlines: Delta variant rages, global economic recovery is sending warning signals
Go to Tiger App to see more news
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00:01","market":"us","language":"zh","title":"Tucson surged more than 15%, and it was said that it was overweight by the \"bull market queen\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1177892933","media":"老虎资讯综合","summary":"周四,图森未来低开高走,股价一路抬升,截至发稿涨幅扩大至15%。\n\n市场消息,“牛市女皇”、ARK基金的创始人凯西·伍德(Catherine Wood)在周三增持图森未来约22.1万股,当日该股收涨2","content":"<p>On Thursday,<a href=\"https://laohu8.com/S/TSP\">TuSimple</a>open low went high, and its share price rose all the way, expanding to 15% as of press time.</p><p><img src=\"https://static.tigerbbs.com/e1212649a8e8e4b1eda6464876147076\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>According to market news, Catherine Wood, the \"bull queen\" and founder of ARK Fund, increased her holdings of TuSimple by about 221,000 shares on Wednesday, and the stock closed up 2.65% on that day.</p><p>In terms of performance, TuSimple achieved revenue of US$1.482 million in the second quarter of 2021, representing a year-over-year increase of 463.5% and a quarter-over-quarter increase of 57%; Net loss was US$117 million, an increase of 316.6% year-on-year; Operating loss was $121 million, a year-over-year expansion of 331.8%.</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>Tucson surged more than 15%, and it was said that it was overweight by the \"bull market queen\"</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\">\nTucson surged more than 15%, and it was said that it was overweight by the \"bull market queen\"\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\">2021-08-20 00:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Thursday,<a href=\"https://laohu8.com/S/TSP\">TuSimple</a>open low went high, and its share price rose all the way, expanding to 15% as of press time.</p><p><img src=\"https://static.tigerbbs.com/e1212649a8e8e4b1eda6464876147076\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>According to market news, Catherine Wood, the \"bull queen\" and founder of ARK Fund, increased her holdings of TuSimple by about 221,000 shares on Wednesday, and the stock closed up 2.65% on that day.</p><p>In terms of performance, TuSimple achieved revenue of US$1.482 million in the second quarter of 2021, representing a year-over-year increase of 463.5% and a quarter-over-quarter increase of 57%; Net loss was US$117 million, an increase of 316.6% year-on-year; Operating loss was $121 million, a year-over-year expansion of 331.8%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b9accdc5716a7368b1240a904c5b874","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177892933","content_text":"周四,图森未来低开高走,股价一路抬升,截至发稿涨幅扩大至15%。\n\n市场消息,“牛市女皇”、ARK基金的创始人凯西·伍德(Catherine Wood)在周三增持图森未来约22.1万股,当日该股收涨2.65%。\n业绩方面,2021年第二季度图森未来实现营收148.2万美元,同比增长463.5%,环比上一季度增长57%;净亏损为1.17亿美元,同比扩大316.6%;运营亏损1.21亿美元,同比扩大331.8%。","news_type":1,"symbols_score_info":{"TSP":0.9}},"isVote":1,"tweetType":1,"viewCount":3205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894109547,"gmtCreate":1628809820889,"gmtModify":1676529859143,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894109547","repostId":"1160603020","repostType":4,"isVote":1,"tweetType":1,"viewCount":3471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896349714,"gmtCreate":1628558503538,"gmtModify":1703508054394,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896349714","repostId":"1167003752","repostType":4,"repost":{"id":"1167003752","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1628558299,"share":"https://ttm.financial/m/news/1167003752?lang=en_US&edition=fundamental","pubTime":"2021-08-10 09:18","market":"us","language":"zh","title":"TSMC's 3nm chips are officially mass-produced one year ahead of schedule, and Intel steals Apple's first adoption","url":"https://stock-news.laohu8.com/highlight/detail?id=1167003752","media":"华尔街见闻","summary":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片,明年7月正式量产。\n\n据中国台湾经济日报,英特尔将成为第一家采用台积电3nm芯片制程的半导体","content":"<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order includes three server CPUs with integrated graphics cards, all of which are the core products of the company. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will be the first semiconductor company to adopt TSMC's 3nm chip process. This process will be used to produce server chips. It is expected that the film will be put into TSMC's 18b factory in the second quarter of next year, and it will be officially mass-produced in July. The actual mass-production time is one year ahead of the original plan.</p><p>For a long time, TSMC's state-of-the-art chip manufacturing processes have generally been<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processors of the latest iPhone that year.</p><p>This partnership between Intel and TSMC means that the company affirms that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The dominant position of. According to TSMC's previous statement, 3nm processability can be improved by 10~15% compared with 5nm, and power consumption can be reduced by 25~30%.</p><p>China Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order to TSMC this time includes three server CPUs with integrated graphics cards, all of which are the company's core products, with the first batch of about 4,000 pieces.</p><p>Recently, Liu Deyin, chairman of TSMC, answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" He emphasized that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology\". The implication seems to be that Intel and its cooperation in the production of 3nm chips have long been concluded.</p><p>As of yesterday's closing of U.S. stocks, Intel's share price was reported at $54.05, up 0.24%; TSMC shares were trading at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" 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>TSMC's 3nm chips are officially mass-produced one year ahead of schedule, and Intel steals Apple's first adoption</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\">\nTSMC's 3nm chips are officially mass-produced one year ahead of schedule, and Intel steals Apple's first adoption\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-08-10 09:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order includes three server CPUs with integrated graphics cards, all of which are the core products of the company. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will be the first semiconductor company to adopt TSMC's 3nm chip process. This process will be used to produce server chips. It is expected that the film will be put into TSMC's 18b factory in the second quarter of next year, and it will be officially mass-produced in July. The actual mass-production time is one year ahead of the original plan.</p><p>For a long time, TSMC's state-of-the-art chip manufacturing processes have generally been<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processors of the latest iPhone that year.</p><p>This partnership between Intel and TSMC means that the company affirms that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The dominant position of. According to TSMC's previous statement, 3nm processability can be improved by 10~15% compared with 5nm, and power consumption can be reduced by 25~30%.</p><p>China Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order to TSMC this time includes three server CPUs with integrated graphics cards, all of which are the company's core products, with the first batch of about 4,000 pieces.</p><p>Recently, Liu Deyin, chairman of TSMC, answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" He emphasized that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology\". The implication seems to be that Intel and its cooperation in the production of 3nm chips have long been concluded.</p><p>As of yesterday's closing of U.S. stocks, Intel's share price was reported at $54.05, up 0.24%; TSMC shares were trading at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" 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/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"159813":"芯片","TSM":"台积电","03145":"华夏亚洲高息股","EWT":"台湾ETF-iShares MSCI","AAPL":"苹果","INTC":"英特尔"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167003752","content_text":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片,明年7月正式量产。\n\n据中国台湾经济日报,英特尔将成为第一家采用台积电3nm芯片制程的半导体公司。该制程将用于生产服务器芯片,预计明年二季度开始在台积电18b厂投片,7月份正式量产,实际量产时间较原计划提前一年。\n长期以来,台积电最先进的芯片制程通常以苹果作为第一个客户,主要生产当年最新款iPhone的A系列处理器。\n英特尔与台积电的本次合作,意味着该公司肯定台积电领先于三星的优势地位。按照台积电此前的说法,3nm工艺性较5nm能提升10~15%,功耗降低25~30%。\n中国台湾经济日报援引台积电供应商称,此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片。\n近日,台积电董事长刘德音答股东问“如何看待英特尔涉足晶圆代工时强调“英特尔是台积电的客户,我们相信英特尔会采用台积电的最先进技术”。言下之意似乎对英特尔与其合作3纳米芯片生产早有定论。\n截至昨日美股收盘,英特尔股价报54.05美元,涨0.24%;台积电股价报118.22美元,涨0.01%。","news_type":1,"symbols_score_info":{"159813":0.9,"03145":0.9,"EWT":0.9,"AAPL":0.9,"INTC":0.9,"TSM":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891466099,"gmtCreate":1628413014211,"gmtModify":1703506035456,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/891466099","repostId":"1183188196","repostType":4,"repost":{"id":"1183188196","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点:美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1628405337,"share":"https://ttm.financial/m/news/1183188196?lang=en_US&edition=fundamental","pubTime":"2021-08-08 14:48","market":"us","language":"zh","title":"CICC Overseas: If US Treasury yields goes up again?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183188196","media":"Kevin策略研究","summary":"摘要\n周五公布的7月非农(94.3万)超出预期和前值,呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上,我们更新了对于就业市场何时达到美联储门槛的测算,发现大概还需要5个","content":"<p><b>Abstract</b></p><p>The July non-agricultural (943,000) released on Friday exceeded expectations and the previous value, showing a trend of local slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continuous improvement. On this basis, we updated the calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of employment repair to 64% similar to the official reduction in 2013. Therefore,<b>FOMC officially reduces volume in December</b>、<b>The September revision statement suggests that it still appears to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index sharply higher</b>The reasons behind it are worth thinking about, which may indicate that the previous continuously lower interest rate and the suppressed short rebound only need an introduction.</p><p><b>We believe that the direction of interest rate in the past period is not incomprehensible, but the magnitude of the decline is even more surprising</b>。 In this context, we need to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will reverse under the induction of some catalysts.</p><p><b>What may be the catalyst for upward interest rates in the future?</b></p><p><b>1) Repair of growth expectations</b>: If the key growth data improves or the mutated virus epidemic falls back. The current progress of Biden's new round of infrastructure construction is also worth paying attention to.</p><p><b>2)</b><b>Policy Exit Expectation Heats Up</b>: For example, the FOMC hinted at a reduction in September or the Jackson Hole meeting began to blow in August. Since interest rate changes reflect expectations in advance, the point at which reductions begin to be hinted at is more important than formal implementation. In addition, after the debt ceiling problem is solved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of interest rates going up again?</b></p><p><b>1)</b><b>Speed</b>: Too fast rising interest rates mean that bond assets will fluctuate more, which will bring cross-asset volatility contagion, which will in turn affect U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring larger disturbance;<b>2)</b><b>Direction and structure</b>: The upward trend of long-term interest rates, especially the widening of interest spreads, is conducive to<b>Financials</b>Performance of the sector;<b>3)</b><b>Driving factors</b>: Rising real interest rates are detrimental to interest rate-sensitive assets, such as<b>Gold</b>But may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but quality growth at reasonable valuations remains attractive.</p><p><b>Focus of the Week: Possible Triggers for Again Upward Rate Rates and Their Implications</b></p><p><b>1. Non-farm data and its impact on monetary policy? Reduction at the end of the year and hints in September are still a high probability</b></p><p>The July non-agricultural (943,000) released on Friday exceeded the expectation (870,000) and the previous value (938,000), showing that some (such as retail, leisure hotels and other service industries) slowed down or even stagnated due to the recurrence of the mutated virus, but the overall employment continued to improve (Figures 1~2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment repair at the official reduction in 2013 (Chart 3). Therefore,<b>The official reduction of FOMC in December and the revised statement in September suggest that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the features mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index sharply higher (Chart 5). The reasons behind it are worth pondering.<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>All I need is an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenment of the decline in interest rates in the past period? The directions are understandable, and the levels do not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum decline of more than 50bp from the high point. First, the decline in inflation expectations was dominated (\"Overseas Asset Allocation Monthly Report (2021-7) Reflation Trading Decline\"), and after the FOMC meeting in June, the real interest rate took over and reached a record low (\"Why did the US dollar rise and long bonds fall recently? June 14~ June 20, 2021\"). During this period, the Fed's dot plot and technical adjustment to the Interest Rate Corridor triggered \"selling short and buying long\" (\"What is US Treasury yields trading downward? July 5~ July 11, 2021\"), short covering, China's unexpected RRR cut triggered growth concerns, and the surge of reverse repo substantially increased demand for Treasury Bond (\"How to understand the Fed's reverse repo surge and the Interest Rate Corridor mechanism? June 28~ July 4, 2021\", \"The Fed has been de facto\" shrinking balance sheet \"? July 19~ July 25, 2021\") and the recent recurrence of the Delta variant virus (\"How serious is the variant epidemic that triggered the market crash?\"). Although there may be coincidences, it gave bulls a reason to keep bullish on bonds, which in turn contributed to the three-month-long and more-than-expected interest rate decline (Charts 9~10).</p><p><b>In our view, that direction of interest rate over the past period is not incomprehensible</b>After all, in the previous stage of rapid upward interest rate, we suggested that the upward interest rate was intermittent and needed new catalysts; At the same time, the gradual decline of long-term inflation expectations is relatively certain, and the disturbance of short-term growth kinetic energy caused by the recurrence of mutated viruses cannot be completely ignored.<b>By contrast, the magnitude of the decline is even more surprising and puzzling</b>In particular, the trend of record low real interest rates is more about trading a recession than about expectations of a slowdown in growth momentum<b>。</b></p><p>Against this background,<b>We think we need to pay attention to, and even guard against, the possibility that interest rates, which are constantly suppressed like springs for whatever reason, will pull back under some catalyst</b>, the performance of long-end interest rates after Friday's non-farm data may be an example.</p><p><b>3. What may be a catalyst for upward interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>It is true that in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to fully explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. With reference to the forces that led to the downward trend of interest rates in the previous period, we believe the following events or points in time are worth paying attention to:</p><p><b>► Expected growth repair: such as key growth data improving or the mutated virus epidemic peaking and falling back.</b></p><p>We have analyzed in \"Overseas Asset Allocation Monthly Report (2021-8): Short-lived Stagflation-like Trading\" that we believe that the market may have overestimated the impact of the mutant virus and the pressure of declining growth, which in turn led to the recent sustained new low interest rates. Although the market is worried that real interest rates may not return to previous levels because long-term growth prospects remain unstable, being at such a low position is clearly a mismatch.<b>What's more, this round of mutant virus recurrence may not be as severe as it appears for countries that have already achieved mass vaccination</b>。 Mass vaccination ensures that hospitalizations and deaths remain low while new confirmed cases continue to rise, and eliminates the need for strict policy lockdowns to avoid a run on medical resources (Chart 11). This epidemic prevention path seems to have gradually become effective in the UK (\"Weekly Tracking of the Resumption of Epidemic Situation from the Enlightenment of the Phased Anti-epidemic Achievements in the UK (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figures 12-13). If so, there may be too much concern reflected in recent markets, particularly through real interest rates,<b>In the future, the fall of the pandemic from its high point may become an inflection point for interest rate recovery</b>。 Of course, some key data, such as the better-than-expected non-farm data released on Friday, can also have the effect of dispelling growth concerns.</p><p>In addition,<b>The current progress of Biden's new round of infrastructure construction is also worth watching</b>Next week will see a crucial vote in the Senate. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may result from achieving breakthrough progress are still worth paying attention to.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Expectations of policy withdrawal are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting began to blow in August.</b></p><p><b>Since interest rate changes reflect expectations in advance, the point at which reductions begin to be hinted at is more important than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its statement in September that the interest rate bottomed out and rebounded after the reduction was about to come, until it peaked after the official reduction started in December. Real interest rates were the main driver during this period (Chart 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to drop with the policy tightening expectation and the marginal relief of the contradiction between supply and demand (such as used car production capacity and inventory repair, Figures 14~15), it is still possible that the real interest rate will go up.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>In addition,<b>The Treasury can issue bonds again after the debt ceiling issue is resolved, and rising supply in Treasury Bond may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Treasury Department released a large amount of liquidity and returned to the Federal Reserve account through reverse repurchase, which \"locked\" some liquidity and substantially increased the demand of Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish some of the TGA cash reserves (Chart 20), and the increase in supply in Treasury Bond may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of rising interest rates again? Speed, Structure and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>The long-term interest rate does not rule out the upward trend again, especially the real interest rate. Among them, the signal of the FOMC meeting of the Federal Reserve in September on the reduction deserves close attention, but it does not rule out the gradual topping after the official reduction starts</b>(Figure 21).</p><p>So, if interest rates go up again, what will be the impact? We think it is mainly reflected in the following aspects:</p><p><b>1) speed,</b>The excessive rise of interest rates means that the volatility of bond assets will increase, which will bring fluctuation infection across assets, which will bring great disturbance to US stocks and other markets, especially the relatively high valuation sectors (Chart 22);</p><p><b>2) Orientation and Structure:</b>The upward trend of long-term interest rates, especially the widening of interest spreads, is conducive to the performance of the financial sector (Figures 23~24), which is the case after Friday's non-agricultural data;</p><p><b>3) Drivers:</b>An upward trend in real interest rates is detrimental to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), but may also push up<b>dollar</b>(Figure 26). In addition, value is also relatively better than growth in terms of style performance (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the liquidity launch is gradually approaching, and although we expect another round of upward interest rate, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuations remains attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-agriculture exceeded expectations, pushing the US Treasury yields and the US dollar to rise sharply, with banks leading the gains; Emerging Bulls Decline, U.S. Debt Bulls Plunge</b></p><p><b>► Asset Performance: Leading. Stock> Debt> Bulk; US Treasury yields picks up, banks lead gains</b></p><p>In July, the non-farm employment data exceeded expectations. Although the epidemic has repeatedly dragged down the repair of some service industries, the overall job market is still strong, with the US dollar and US Treasury yields factors rising sharply, and banks leading the gains. On the whole, among the major assets in the world, stocks> debt> bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, and crude oil, VIX bulls, copper and gold led the decline. In terms of sectors, the financial sector, including banking, comprehensive finance and insurance, led the gains last week. The 10-year US bond interest rate closed at 1.30%, up by about 7bps, the real interest rate rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment Position: Emerging Bulls Plunge, Long-End U.S. Debt Bulls Decline</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, while the net long position of the US Dollar Index continued to increase; The net long position of 10-year US debt has been significantly reduced, and the net short position of 2-year US debt has turned into net long position.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Money Flows: Stock Market Inflows Slow, Emerging Turns to Outflows</b></p><p>Over the past week, bond market inflows have slowed slightly, equity market inflows have slowed sharply, and money market funds have continued to flow in. In terms of sub-markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and Policy: Non-farm exceeded expectations in July, ISM Manufacturing PMI declined</b></p><p><b>In July, ISM manufacturing PMI declined, and prices and customer inventory dropped significantly.</b>The July ISM Manufacturing PMI fell to 59.5 in July from 60.6 in June, which fell short of expectations of 61.0. In terms of items, the price index dropped the largest since March 2020, which indicates that inflationary pressure has eased to some extent. The employment index and the orders on hand index rose, and the customer inventory index reached a record low.</p><p>In addition,<b>Non-farm remains strong in July, leisure hotels are still the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expected (870,000); In terms of items, leisure hotels are still the main source of new jobs, with 380,000 new jobs in July. Education and health, transportation and warehousing, financial activities and information industries improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% the previous month, down from the expected 5.7%. Meanwhile, month-on-month wage growth in July maintained its June level at 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuation above growth and interest rate environment support levels</b></p><p>With the rise of 10-year US bond interest rate and the fall of ISM manufacturing PMI, the current static P/E of S&P 500 index is 27.1 times higher than the reasonable level (~26.8 times) that can be supported by growth (July PMI =59.5) and liquidity (10-year US bond interest rate 1.30%).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" 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>CICC Overseas: If US Treasury yields goes up again?</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\">\nCICC Overseas: If US Treasury yields goes up again?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-08-08 14:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Abstract</b></p><p>The July non-agricultural (943,000) released on Friday exceeded expectations and the previous value, showing a trend of local slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continuous improvement. On this basis, we updated the calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of employment repair to 64% similar to the official reduction in 2013. Therefore,<b>FOMC officially reduces volume in December</b>、<b>The September revision statement suggests that it still appears to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index sharply higher</b>The reasons behind it are worth thinking about, which may indicate that the previous continuously lower interest rate and the suppressed short rebound only need an introduction.</p><p><b>We believe that the direction of interest rate in the past period is not incomprehensible, but the magnitude of the decline is even more surprising</b>。 In this context, we need to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will reverse under the induction of some catalysts.</p><p><b>What may be the catalyst for upward interest rates in the future?</b></p><p><b>1) Repair of growth expectations</b>: If the key growth data improves or the mutated virus epidemic falls back. The current progress of Biden's new round of infrastructure construction is also worth paying attention to.</p><p><b>2)</b><b>Policy Exit Expectation Heats Up</b>: For example, the FOMC hinted at a reduction in September or the Jackson Hole meeting began to blow in August. Since interest rate changes reflect expectations in advance, the point at which reductions begin to be hinted at is more important than formal implementation. In addition, after the debt ceiling problem is solved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of interest rates going up again?</b></p><p><b>1)</b><b>Speed</b>: Too fast rising interest rates mean that bond assets will fluctuate more, which will bring cross-asset volatility contagion, which will in turn affect U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring larger disturbance;<b>2)</b><b>Direction and structure</b>: The upward trend of long-term interest rates, especially the widening of interest spreads, is conducive to<b>Financials</b>Performance of the sector;<b>3)</b><b>Driving factors</b>: Rising real interest rates are detrimental to interest rate-sensitive assets, such as<b>Gold</b>But may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but quality growth at reasonable valuations remains attractive.</p><p><b>Focus of the Week: Possible Triggers for Again Upward Rate Rates and Their Implications</b></p><p><b>1. Non-farm data and its impact on monetary policy? Reduction at the end of the year and hints in September are still a high probability</b></p><p>The July non-agricultural (943,000) released on Friday exceeded the expectation (870,000) and the previous value (938,000), showing that some (such as retail, leisure hotels and other service industries) slowed down or even stagnated due to the recurrence of the mutated virus, but the overall employment continued to improve (Figures 1~2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment repair at the official reduction in 2013 (Chart 3). Therefore,<b>The official reduction of FOMC in December and the revised statement in September suggest that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the features mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index sharply higher (Chart 5). The reasons behind it are worth pondering.<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>All I need is an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenment of the decline in interest rates in the past period? The directions are understandable, and the levels do not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum decline of more than 50bp from the high point. First, the decline in inflation expectations was dominated (\"Overseas Asset Allocation Monthly Report (2021-7) Reflation Trading Decline\"), and after the FOMC meeting in June, the real interest rate took over and reached a record low (\"Why did the US dollar rise and long bonds fall recently? June 14~ June 20, 2021\"). During this period, the Fed's dot plot and technical adjustment to the Interest Rate Corridor triggered \"selling short and buying long\" (\"What is US Treasury yields trading downward? July 5~ July 11, 2021\"), short covering, China's unexpected RRR cut triggered growth concerns, and the surge of reverse repo substantially increased demand for Treasury Bond (\"How to understand the Fed's reverse repo surge and the Interest Rate Corridor mechanism? June 28~ July 4, 2021\", \"The Fed has been de facto\" shrinking balance sheet \"? July 19~ July 25, 2021\") and the recent recurrence of the Delta variant virus (\"How serious is the variant epidemic that triggered the market crash?\"). Although there may be coincidences, it gave bulls a reason to keep bullish on bonds, which in turn contributed to the three-month-long and more-than-expected interest rate decline (Charts 9~10).</p><p><b>In our view, that direction of interest rate over the past period is not incomprehensible</b>After all, in the previous stage of rapid upward interest rate, we suggested that the upward interest rate was intermittent and needed new catalysts; At the same time, the gradual decline of long-term inflation expectations is relatively certain, and the disturbance of short-term growth kinetic energy caused by the recurrence of mutated viruses cannot be completely ignored.<b>By contrast, the magnitude of the decline is even more surprising and puzzling</b>In particular, the trend of record low real interest rates is more about trading a recession than about expectations of a slowdown in growth momentum<b>。</b></p><p>Against this background,<b>We think we need to pay attention to, and even guard against, the possibility that interest rates, which are constantly suppressed like springs for whatever reason, will pull back under some catalyst</b>, the performance of long-end interest rates after Friday's non-farm data may be an example.</p><p><b>3. What may be a catalyst for upward interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>It is true that in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to fully explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. With reference to the forces that led to the downward trend of interest rates in the previous period, we believe the following events or points in time are worth paying attention to:</p><p><b>► Expected growth repair: such as key growth data improving or the mutated virus epidemic peaking and falling back.</b></p><p>We have analyzed in \"Overseas Asset Allocation Monthly Report (2021-8): Short-lived Stagflation-like Trading\" that we believe that the market may have overestimated the impact of the mutant virus and the pressure of declining growth, which in turn led to the recent sustained new low interest rates. Although the market is worried that real interest rates may not return to previous levels because long-term growth prospects remain unstable, being at such a low position is clearly a mismatch.<b>What's more, this round of mutant virus recurrence may not be as severe as it appears for countries that have already achieved mass vaccination</b>。 Mass vaccination ensures that hospitalizations and deaths remain low while new confirmed cases continue to rise, and eliminates the need for strict policy lockdowns to avoid a run on medical resources (Chart 11). This epidemic prevention path seems to have gradually become effective in the UK (\"Weekly Tracking of the Resumption of Epidemic Situation from the Enlightenment of the Phased Anti-epidemic Achievements in the UK (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figures 12-13). If so, there may be too much concern reflected in recent markets, particularly through real interest rates,<b>In the future, the fall of the pandemic from its high point may become an inflection point for interest rate recovery</b>。 Of course, some key data, such as the better-than-expected non-farm data released on Friday, can also have the effect of dispelling growth concerns.</p><p>In addition,<b>The current progress of Biden's new round of infrastructure construction is also worth watching</b>Next week will see a crucial vote in the Senate. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may result from achieving breakthrough progress are still worth paying attention to.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Expectations of policy withdrawal are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting began to blow in August.</b></p><p><b>Since interest rate changes reflect expectations in advance, the point at which reductions begin to be hinted at is more important than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its statement in September that the interest rate bottomed out and rebounded after the reduction was about to come, until it peaked after the official reduction started in December. Real interest rates were the main driver during this period (Chart 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to drop with the policy tightening expectation and the marginal relief of the contradiction between supply and demand (such as used car production capacity and inventory repair, Figures 14~15), it is still possible that the real interest rate will go up.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>In addition,<b>The Treasury can issue bonds again after the debt ceiling issue is resolved, and rising supply in Treasury Bond may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Treasury Department released a large amount of liquidity and returned to the Federal Reserve account through reverse repurchase, which \"locked\" some liquidity and substantially increased the demand of Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish some of the TGA cash reserves (Chart 20), and the increase in supply in Treasury Bond may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of rising interest rates again? Speed, Structure and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>The long-term interest rate does not rule out the upward trend again, especially the real interest rate. Among them, the signal of the FOMC meeting of the Federal Reserve in September on the reduction deserves close attention, but it does not rule out the gradual topping after the official reduction starts</b>(Figure 21).</p><p>So, if interest rates go up again, what will be the impact? We think it is mainly reflected in the following aspects:</p><p><b>1) speed,</b>The excessive rise of interest rates means that the volatility of bond assets will increase, which will bring fluctuation infection across assets, which will bring great disturbance to US stocks and other markets, especially the relatively high valuation sectors (Chart 22);</p><p><b>2) Orientation and Structure:</b>The upward trend of long-term interest rates, especially the widening of interest spreads, is conducive to the performance of the financial sector (Figures 23~24), which is the case after Friday's non-agricultural data;</p><p><b>3) Drivers:</b>An upward trend in real interest rates is detrimental to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), but may also push up<b>dollar</b>(Figure 26). In addition, value is also relatively better than growth in terms of style performance (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the liquidity launch is gradually approaching, and although we expect another round of upward interest rate, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuations remains attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-agriculture exceeded expectations, pushing the US Treasury yields and the US dollar to rise sharply, with banks leading the gains; Emerging Bulls Decline, U.S. Debt Bulls Plunge</b></p><p><b>► Asset Performance: Leading. Stock> Debt> Bulk; US Treasury yields picks up, banks lead gains</b></p><p>In July, the non-farm employment data exceeded expectations. Although the epidemic has repeatedly dragged down the repair of some service industries, the overall job market is still strong, with the US dollar and US Treasury yields factors rising sharply, and banks leading the gains. On the whole, among the major assets in the world, stocks> debt> bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, and crude oil, VIX bulls, copper and gold led the decline. In terms of sectors, the financial sector, including banking, comprehensive finance and insurance, led the gains last week. The 10-year US bond interest rate closed at 1.30%, up by about 7bps, the real interest rate rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment Position: Emerging Bulls Plunge, Long-End U.S. Debt Bulls Decline</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, while the net long position of the US Dollar Index continued to increase; The net long position of 10-year US debt has been significantly reduced, and the net short position of 2-year US debt has turned into net long position.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Money Flows: Stock Market Inflows Slow, Emerging Turns to Outflows</b></p><p>Over the past week, bond market inflows have slowed slightly, equity market inflows have slowed sharply, and money market funds have continued to flow in. In terms of sub-markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and Policy: Non-farm exceeded expectations in July, ISM Manufacturing PMI declined</b></p><p><b>In July, ISM manufacturing PMI declined, and prices and customer inventory dropped significantly.</b>The July ISM Manufacturing PMI fell to 59.5 in July from 60.6 in June, which fell short of expectations of 61.0. In terms of items, the price index dropped the largest since March 2020, which indicates that inflationary pressure has eased to some extent. The employment index and the orders on hand index rose, and the customer inventory index reached a record low.</p><p>In addition,<b>Non-farm remains strong in July, leisure hotels are still the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expected (870,000); In terms of items, leisure hotels are still the main source of new jobs, with 380,000 new jobs in July. Education and health, transportation and warehousing, financial activities and information industries improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% the previous month, down from the expected 5.7%. Meanwhile, month-on-month wage growth in July maintained its June level at 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuation above growth and interest rate environment support levels</b></p><p>With the rise of 10-year US bond interest rate and the fall of ISM manufacturing PMI, the current static P/E of S&P 500 index is 27.1 times higher than the reasonable level (~26.8 times) that can be supported by growth (July PMI =59.5) and liquidity (10-year US bond interest rate 1.30%).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{"GOVT":"iShares安硕核心美国国债ETF","TLT":"20+年以上美国国债ETF-iShares","BND":"债券指数ETF-Vanguard美国","IEI":"iShares Barclays 3-7 Year Trea","IEF":"债券指数ETF-iShares Barclays 7-10年","SHY":"债券指数ETF-iShares Barclays 1-3年国债"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183188196","content_text":"摘要\n周五公布的7月非农(94.3万)超出预期和前值,呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上,我们更新了对于就业市场何时达到美联储门槛的测算,发现大概还需要5个月达到类似2013年正式减量时就业修复至64%的门槛。因此,12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件。\n除此之外,此次非农数据本身可能并无太多圈点之处,但并未太超预期的数据却推动美债利率和美元指数大幅走高,背后原因值得寻味,这可能说明此前持续走低的利率和被压制的空头反弹,只需要一个引子而已。\n我们认为,过去一段时间利率走向在方向上并非不能理解,但回落幅度更让人意外。在这一背景下,需要关注甚至防范,不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性。\n后续有什么可能成为利率上行的催化剂?\n1)增长预期修复:如关键增长数据向好或者变异病毒疫情回落。当前正在推进的拜登新一轮基建进展也值得关注。\n2)政策退出预期升温:如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。由于利率变化会提前反应预期,因此比起正式执行,开始暗示减量的时点更为重要。此外,债务上限问题解决后财政部可以再度发债,国债供给上升也可能增加利率上行压力。\n利率再度上行的影响?\n1)速度:利率过快上行意味着债券资产波动加大,将会带来跨资产的波动传染,进而对美股和其他市场、特别是相对高估值板块带来较大扰动;2)方向和结构:长端利率上行特别是利差走阔有利于金融板块的表现;3)驱动因素:实际利率上行不利于利率敏感型资产,例如黄金,同时也可能推升美元。从风格表现上,价值也相对好于成长,但估值合理的优质成长仍具吸引力。\n本周焦点:利率再度上行的可能触发因素及其影响\n1. 非农数据及其对货币政策的影响?年底减量、9月暗示仍是大概率\n周五公布的7月非农(94.3万)超出预期(87.0万)和前值(93.8万),呈现出局部(如零售、休闲酒店等服务业)受变异病毒复发影响步伐放缓甚至停滞、但整体就业依然持续改善的态势(图表1~2)。在此基础上,我们更新了对于就业市场何时达到美联储门槛(所谓进一步重大进展further substantial progress)的测算,发现大概还需要5个月达到类似2013年正式减量时就业修复64%的水平(图表3)。因此,12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件(图表4)。\n\n除了上文中提到的特征外,此次非农数据本身可能并无太多圈点之处,但并未太超预期的数据却推动美债利率和美元指数大幅走高(图表5),背后原因值得寻味,这可能说明此前持续走低的利率和被压制的空头反弹(图表6),只需要一个引子而已。\n\n2. 过去一段时间利率回落的原因与启示?方向可以理解,水平并不匹配\n10年美债自5月中旬以来持续下行,一度降至1.17%的低位,从高点计最多降幅超过50bp。先是通胀预期回落主导(《海外资产配置月报(2021-7)再通胀交易的回落》),6月FOMC会议后实际利率接棒下行并创历史新低(《近期美元涨长债跌为哪般?2021年6月14日~6月20日》)。这期间,美联储点阵图和对利率走廊的技术调整引发“卖短买长”(《美债利率下行在交易什么?2021年7月5日~7月11日》)、空头回补、中国意外降准引发增长担忧、逆回购激增实质上增加对国债需求(《如何理解美联储逆回购激增与利率走廊机制?2021年6月28日~7月4日》、《美联储已经事实上“缩表”?2021年7月19日~7月25日》)以及近期Delta变异病毒复发(《引发市场大跌的变种疫情有多严重?》),虽然可能存在巧合,但却给了多头不断看多债券一环扣一环的理由,进而促成了长达3个月且幅度超预期的利率下行(图表9~10)。\n我们认为,过去一段时间利率走向在方向上并非不能理解,毕竟我们在此前利率快速上行阶段就提示利率上行是间歇性的、且需要新的催化剂;同时,长端通胀预期逐步回落较为确定,变异病毒复发对短期增长动能的扰动也不能完全无视。相比之下,其回落幅度更让人意外和费解,特别是实际利率创新低的走势更多是在交易经济衰退而非眼下增长动能放缓的预期。\n在这一背景下,我们认为就需要关注甚至防范,不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性,周五非农数据后长端利率的表现可能就是一个例子。\n3. 什么可能成为利率上行的催化剂?疫情、FOMC、基建方案和债务上限\n诚然,很多时候,利率的短期走势会受交易因素影响而难以完全用基本面来解释,但是一些拐点依然有规律可循,特别是一些关键的事件性催化剂。参考前期导致利率下行的力量,我们认为以下事件或时间点值得关注:\n►增长预期修复:如关键增长数据向好或者变异病毒疫情见顶回落。\n我们在《海外资产配置月报(2021-8):短暂的类滞胀交易》中曾经分析到,我们认为市场可能高估了变异病毒的影响和增长回落的压力,进而导致近期利率持续新低。虽然市场担心因为长期增长前景依然不稳固可能使得实际利率回不到此前水平,但处于这么低的位置显然是不匹配的。更何况,此轮变异病毒复发对已经实现大规模疫苗接种的国家而言可能也没有表面上显现的那么严峻。大规模疫苗接种保证了新增确诊不断攀升时住院和死亡人数却能维持低位,进而无需采取从政策层面严格封锁以避免对对医疗资源的挤兑(图表11)。这一防疫路径似乎在英国已经逐渐成效(《英国阶段性抗疫成果的启示疫情复工周度追踪(7月31日)》),进而可能成为其他类似国家如美国未来防疫路径的样板(图表12~13)。如果是这样的话,近期市场特别是通过实际利率所反映的担忧可能就过多,未来疫情从高点回落就有可能成为利率回升的拐点。当然,一些关键数据,例如周五公布的非农数据好于预期也可以起到打消增长担忧的效果。\n此外,当前正在推进的拜登新一轮基建进展也值得关注,下周将在参议院迎来关键投票。尽管规模明显小于此前预期(图表29),但实现突破性进展可能带来的预期变化依然值得关注。\n\n►政策退出预期升温:如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。\n由于利率变化会提前反应预期,因此比起正式执行,开始暗示减量的时点更为重要。2013年正式减量之前就是如此,当年10月FOMC会议美联储维持9月声明确立减量即将到来后利率见底回升,直到12月正式减量开启后见顶。这一期间,实际利率是主要驱动力(图表17)。考虑到当前实际利率处于历史低位,而长端通胀预期随着政策收紧预期和供需矛盾边际缓解有望回落(如二手车产能和库存修复,图表14~15),因此依然可能是以实际利率上行为主。\n\n此外,债务上限问题解决后财政部可以再度发债,国债供给上升也可能增加利率上行压力。前期财政部TGA账户释放大量流动性通过逆回购又回到美联储账上,在“锁住”部分流动性的同时、也实质上增加了国债的需求。往前看,待债务上限得到解决后(财政部紧急措施可以持续到9月末)(图表19),财政部可以再度发债并预计补充部分TGA现金储备(图表20),而国债供给增加也可能会增加利率上行的压力。\n\n4. 利率再度上行的影响?速度、结构和驱动\n综合上文分析,在未来一些增长和流动性事件或政策的催化下,长端利率不排除再度上行、特别是实际利率,这其中美联储9月FOMC会议关于减量的信号值得密切关注,但待正式减量开启后不排除逐步筑顶(图表21)。\n那么,如果利率再度上行,会带来什么影响呢?我们认为主要体现在以下几个方面:\n1)速度,利率过快上行意味着债券资产波动加大,将会带来跨资产的波动传染,进而对美股和其他市场、特别是相对高估值板块带来较大扰动(图表22);\n2)方向和结构:长端利率上行特别是利差走阔有利于金融板块的表现(图表23~24),周五非农数据后的情形便是如此;\n3)驱动因素:实际利率的上行不利于对利率特别是利率敏感型资产,例如黄金(图表25),同时也可能推升美元(图表26)。此外,从风格表现上,价值也相对好于成长(图表27)。不过,需要说明的是,由于当前已经不处于增加加速阶段且流动性推出逐步临近,同时我们虽然预期利率还有一轮上行但也有可能是最后一波,因此估值合理的优质成长依然具有吸引力。\n\n市场动态:非农超预期,推动美债利率和美元大涨,银行领涨;新兴多头减少,美债多头骤降\n►资产表现:领先。股>债>大宗;美债利率回升,银行领涨\n7月非农就业数据超预期,虽然疫情反复对于部分服务行业的修复产生拖累,但整体就业市场依然强劲,美元和美债利率因素大幅抬升,银行领涨。整体看,全球主要资产中,股>债>大宗,天然气、比特币、印度及韩国股市领涨,原油、VIX多头、铜、黄金领跌。分板块看,包括银行、综合金融、保险在内的金融板块上周领涨。10年美债利率收于1.30%,抬升约7bps,实际利率抬升11bps,通胀预期回落4bp。\n\n►情绪仓位:新兴多头骤降,长端美债多头减少\n过去一周,美股看空/看多期权比例较上周继续回落。仓位方面,美股净多头仓位略有抬升,美元指数净多头仓位继续增加;10年美债净多头仓位大幅减少,2年美债净空头转为净多头。\n\n►资金流向:股市流入放缓、新兴转为流出\n过去一周,债市流入略有放缓,股市流入大幅放缓,货币市场基金持续流入。分市场看,美股流入大幅放缓,欧洲和日本继续流入但同样放缓,新兴市场转为流出。\n\n►基本面与政策:7月非农超预期,ISM制造业PMI下滑\n7月ISM制造业PMI下滑,物价及客户库存回落明显。7月ISM制造业PMI从6月的60.6降至7月的59.5,不及预期的61.0。分项看,物价指数降幅创2020年3月以来最大,一定程度上说明通胀压力有所缓解。就业指数及在手订单指数抬升,客户库存指数创历史新低。\n此外,7月非农依旧强劲,休闲酒店仍是主要来源。7月非农新增就业94.3万,高于修正后前值(93.8万)和预期(87.0万);分项看,休闲酒店依然是新增就业的主要来源,7月新增38.0万。教育健康、运输仓储业、金融活动、信息业较前月改善最多。7月失业率也从前月5.9%回落至5.4%,低于预期的5.7%。与此同时,7月工资环比增速维持6月水平,达0.4%,高于预期的0.3%。\n\n►美股估值高于增长和利率环境支撑水平\n伴随10年美债利率抬升及ISM制造业PMI回落,当前标普500指数27.1倍静态P/E高于增长(7月PMI=59.5)和流动性(10年美债利率1.30%)能够支撑的合理水平(~26.8倍)。","news_type":1,"symbols_score_info":{"UBmain":0.9,"ZFmain":0.9,"TNmain":0.9,"GOVT":0.9,"IEF":0.9,"TLT":0.9,"SHY":0.9,"IEI":0.9,"ZNmain":0.9,"BND":0.9,"ZTmain":0.9,"ZBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890549697,"gmtCreate":1628125594719,"gmtModify":1703501638499,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890549697","repostId":"2157748502","repostType":4,"repost":{"id":"2157748502","kind":"news","pubTimestamp":1628124485,"share":"https://ttm.financial/m/news/2157748502?lang=en_US&edition=fundamental","pubTime":"2021-08-05 08:48","market":"sh","language":"zh","title":"Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again","url":"https://stock-news.laohu8.com/highlight/detail?id=2157748502","media":"证券时报网","summary":" 人民银行近期公布的下半年重点工作安排中,再提“发展离岸人民币市场”。站在当前“双循环”的新发展格局下,随着人民币汇率市场化改革的深化以及跨境资金流动的日趋频繁,离岸人民币市场的发展有望再提速。 多位接受证券时报记者采访的专家认为,人民币汇率走势相对平稳、境外机构加快增配人民币资产和跨境投融资活动的需要,是当前积极推动离岸人民币市场发展的主要原因。","content":"<p><div>In the key work arrangements for the second half of the year recently announced by the People's Bank of China, \"developing the offshore RMB market\" was mentioned again. Under the current new development pattern of \"dual circulation\", with the deepening of the market-oriented reform of the RMB exchange rate and the increasingly frequent cross-border capital flows, the development of the offshore RMB market is expected to accelerate again. Many experts interviewed by Securities Times reporters believe that the relatively stable trend of the RMB exchange rate and the need for overseas institutions to accelerate the allocation of RMB assets and cross-border investment and financing activities are the main reasons for actively promoting the development of the offshore RMB market. However, compared with simply increasing the supply of RMB liquidity in the offshore market, the future...</p><p><a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">Web link</a></div></p>","source":"sina_fut","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>Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again</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\">\nFront page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券时报网</strong><span class=\"h-time small\">2021-08-05 08:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>In the key work arrangements for the second half of the year recently announced by the People's Bank of China, \"developing the offshore RMB market\" was mentioned again. Under the current new development pattern of \"dual circulation\", with the deepening of the market-oriented reform of the RMB exchange rate and the increasingly frequent cross-border capital flows, the development of the offshore RMB market is expected to accelerate again. Many experts interviewed by Securities Times reporters believe that the relatively stable trend of the RMB exchange rate and the need for overseas institutions to accelerate the allocation of RMB assets and cross-border investment and financing activities are the main reasons for actively promoting the development of the offshore RMB market. However, compared with simply increasing the supply of RMB liquidity in the offshore market, the future...</p><p><a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">证券时报网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/62b889d823b16eb88fde7821485a6ea1","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157748502","content_text":"人民银行近期公布的下半年重点工作安排中,再提“发展离岸人民币市场”。站在当前“双循环”的新发展格局下,随着人民币汇率市场化改革的深化以及跨境资金流动的日趋频繁,离岸人民币市场的发展有望再提速。\n多位接受证券时报记者采访的专家认为,人民币汇率走势相对平稳、境外机构加快增配人民币资产和跨境投融资活动的需要,是当前积极推动离岸人民币市场发展的主要原因。不过,相比于单纯增加离岸市场的人民币流动性供给,未来离岸人民币市场的发展需要全方位深化,包括深化人民币汇率市场化改革,丰富和活跃香港、伦敦等主要离岸人民币市场外汇衍生品交易产品,完善离岸人民币清算体系,以及完善人民币跨境资本流动管理框架等,以实现与在岸市场有出有进的内外畅通。\n离岸人民币市场\n正积蓄提速发展动能\n2015年“8·11”汇改后,人民币汇率经历过一轮急跌的惊心动魄时刻。彼时为稳定汇率,离岸人民币流动性受到一定控制,离岸人民币市场规模也相应地萎缩。香港金管局公布的数据显示,作为第一大离岸人民币市场,香港银行体系的人民币存款在“8·11”之前一度高达1万多亿元,但“8·11”之后一路震荡走低,一度低至5000亿元左右。\n离岸人民币流动性的收紧客观上起到了对冲人民币贬值预期、稳定人民币汇率的作用,但相应的,也会降低离岸市场人民币交易的活跃度。不过,随着汇改后人民币汇率的逐步企稳,恢复离岸人民币市场发展的动能重新积蓄。\n从市场主体的交易层面看,国际清算银行(BIS)发布的最新数据显示,全球交易最活跃货币中人民币排名第八位,在新兴市场国家货币中排名第一,全球人民币日均交易量从2016年的2020亿美元增至2840亿美元。从货币当局的举措看,2018年底,人民银行在香港推出离岸央票,这一工具通过对离岸人民币流动性的调节,可以不断完善离岸人民币市场利率曲线,目前已形成常态化的发行机制;同时,近年来推出的债券通等跨境证券投资开放管道,其交易汇兑环节也放在离岸市场完成,增强了离岸人民币市场交易的活跃性。\n香港金管局的最新数据显示,截至2021年5月末,香港银行体系的人民币存款已达8211亿元,逼近“8·11”汇改前的万亿高峰。\n发展离岸市场有何用意?\n官方政策的正式推出与实施往往有迹可循而非突然之举,就在央行此番年中工作会议正式提出“发展离岸人民币市场”之前,政策“吹风”实际上时有发生。\n2020年底,央行金融研究所所长周诚君就在公开场合提出,人民币资产的投资回报大幅优于其它货币资产,目前持有人民币的境外投资者占比相对较低。下一步要广泛地促进离岸人民币市场,尤其是离岸人民币外汇市场建设,为不同时区的投资者提供7×24小时不间断的外汇交易所需要的流动性,这需要中央银行和监管部门共同努力和推动。\n中国银行研究院高级研究员王有鑫对证券时报记者表示,目前积极推动离岸人民币市场发展主要有以下方面考量:一方面,在外部形势波动背景下,人民币汇率走势相对稳定,境外机构加快增配人民币资产,深化离岸市场发展有利于进一步便利人民币跨境使用,吸引更多外资流入。\n“从外资便利化投资的角度看,发展离岸人民币市场可以提供流动性管理渠道,互联互通机制下外资买卖内地证券以人民币报价和交易,丰富离岸人民币流动性可满足更多境外投资者投资内地资本市场需求。”王有鑫称。\n另一方面,王有鑫表示,“双循环”新发展格局下人民币离岸市场发展是重要配套措施,是题中应有之义。人民币内外循环畅通有利于推动跨境贸易、投融资等活动开展。此外,根据国际货币基金组织(IMF)统计,目前国际主权财富机构、央行等持有的人民币储备资产越来越多,具有深度的离岸市场、丰富的离岸人民币金融产品体系、便利的投融资渠道和汇兑安排,以及完善的金融基础设施,都将进一步推动人民币承担储备货币职能。\n德意志银行大中华区宏观策略主管刘立男对证券时报记者表示,发展离岸人民币市场将为外资提供更多投资渠道,并推进人民币的自由可兑换,提升流动性。同时,央行此时再提发展离岸人民币市场,可能也是在为债券通开放“南向通”做准备,随着跨境资本市场的进一步放开以及海外人民币资金池的增长,必然要求离岸人民币市场与之匹配协调发展。\n离岸人民币市场发展≠增加流动性\n随着跨境资金流动的日趋频繁,不少分析指出,相比于单纯增加离岸市场的人民币流动性供给,未来发展离岸人民币市场的内涵也有望进一步丰富,深化人民币汇率市场化改革、活跃主要离岸人民币市场外汇衍生品交易产品、完善离岸人民币清算体系,以及完善人民币跨境资本流动管理框架等均有发展空间,以实现与在岸市场有出有进的内外畅通。\n一在港中资机构的外汇交易员对记者表示,发展离岸人民币市场不是让离岸市场独大,核心目的还是要形成良好的人民币内外循环机制,让离岸人民币流动性既能放出去也能收回来。否则仅仅增加离岸人民币流动性,而没有太多可供投资的人民币资产标的,万一遭遇极端风险,就容易成为境外机构用来集中做空汇率的“武器”。\n“离岸央票是一种调节流动性的方式,但这一工具的作用是有限的,要实现人民币内外畅通,以及离岸流动性的收放自如,关键还是要丰富境外投资人民币资产的品种和渠道,以及人民币汇率形成机制的更加市场化。”上述外汇交易员称。\n丰富境外投资人民币资产的品种不仅包括境内的债券、股权等资产,也可进一步发展壮大离岸人民币债券市场。刘立男就表示,如何在离岸市场推动人民币国际化,提供更多人民币资产的投资机会等议题愈发重要。目前海外央行量化宽松政策下,美元、欧元的绝对利率较低,使得企业通过美元、欧元融资的成本较低,相较而言,离岸人民币的融资成本仍相对较高。未来可考虑进一步提升人民币资金流动性保障,以吸引发行人在离岸人民币市场发债。\n此外,对于持有外币的市场主体而言,汇率风险对冲的需求会一直存在,这就需要发展完善的外汇衍生工具。央行近期发布的工作论文中就建议,研究各类汇率衍生品对汇率形成作用,适时建立人民币汇率期货市场,或引导境内相关主体有效利用离岸期货市场规避汇率风险;加强对全球人民币流动、资产配置和价格变动的监测,健全人民币汇率风险的宏观审慎管理体系,稳步推进人民币国际化。\n不过,即使离岸人民币市场有望再获提速发展,但也并不意味着会一路坦途。王有鑫表示,发展离岸市场将主要面临三方面挑战:一是人民币定价权问题,参考离岸美元利率定价权旁落教训,离岸市场人民币快速发展,可能加大对在岸市场利率和汇率的冲击,特别是在人民币贬值阶段,在岸汇率通常跟随离岸汇率波动。二是人民币跨境流动规模增加可能加大货币政策管理难度,货币政策除要考虑对国内流动性影响,还要考虑对离岸市场的影响及离岸市场的可能反应。三是离岸人民币清算系统有待进一步完善,离岸人民币产品创新有待强化,人民币跨境资本流动管理框架有待完善。\n上述外汇交易员还表示,美联储可能会于今年底或明年初开始缩减购债规模,美联储货币政策逐步回归正常化势必会引发全球外汇市场和跨境流动资金的波动,届时过快地向离岸人民币市场注入大规模流动性反而会增加风险。\n“当年‘8·11’汇改前,全球也是面临着美联储缩减购债、加息的货币政策环境,当前及未来一段时间所面临的大环境与当年有些类似。有了此前汇改的经验教训,相信央行会注意把握离岸人民币市场发展的节奏。”上述外汇交易员称。","news_type":1,"symbols_score_info":{"CYB":0.9,"UCmain":0.9,"CNHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807873964,"gmtCreate":1628032597958,"gmtModify":1703499790819,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807873964","repostId":"2156201911","repostType":4,"repost":{"id":"2156201911","kind":"news","pubTimestamp":1628026500,"share":"https://ttm.financial/m/news/2156201911?lang=en_US&edition=fundamental","pubTime":"2021-08-04 05:35","market":"sh","language":"zh","title":"Foreign Media Headlines: Household Debt in the Second Quarter of the United States Increased by the Largest Increase in 2013","url":"https://stock-news.laohu8.com/highlight/detail?id=2156201911","media":"新浪财经","summary":" 在抵押贷款热潮推动下,第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。 纽约联储周二公布报告显示 ,截至6月底,家庭负债增长3130亿美元,至14.96万亿美元,较三个月前增长2.1%。 总体而言,家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。","content":"<p><b>The headlines that the global financial media paid common attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. French Commerce Bank: It is expected that the Federal Reserve will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides the way for Bitcoin ETF: accept strict supervision</b><b>4. The Delta variant virus is fierce and the threshold of herd immunity is expected to be pushed up to more than 80%</b><b>5. The world's biggest banks made $170 billion in profit during the epidemic, the most profitable year ever</b><b>6. Britain is reported to be considering blocking the largest US chipmaker due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>Acquisition of Arm</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest rise since 2013</b></p><p>U.S. household debt grew at the fastest pace since 2013 in the second quarter, fueled by the mortgage boom. Low borrowing costs and a desire for more spacious home office space have spawned demand for mortgages.</p><p>Household debt rose $313 billion to $14.96 trillion at the end of June, up 2.1% from three months ago, according to a report released by the New York Fed on Tuesday. The increase was mainly from mortgage balances.</p><p>Credit standards have been easing for other types of credit, such as auto loans and credit cards, according to the Federal Reserve's July Senior Lending Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs reached in the years leading up to the 2008 financial crisis. And some borrowing balances remain below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Fed is expected to wait until after 2024 election before rate hike: Fédération</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief economist for the Americas at Commerce France, said in an interview Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So it's really not that unusual.\"</p><p>LaVorgna served as a financial markets and economic adviser to former U.S. President Donald Trump, where he served as special assistant and chief economist at the National Economic Council. He said that after strong growth this year, economic growth is poised to slow in 2022, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think growth is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>U.S. SEC Chairman Gensler Shows the Way for Bitcoin ETFs: Accept Strict Regulation</b></p><p>Gary Gensler, chairman of the U.S. Securities and Exchange Commission, hinted at a path to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream. In his first major speech on cryptocurrencies, Gensler also hinted at an openness to Bitcoin futures-focused ETFs. The futures are offered by CME group and require investors to put up a substantial margin.</p><p>\"With these important safeguards in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in a speech prepared for the Aspen Safety Forum on Tuesday.</p><p>Under Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and risk of manipulation in the Bitcoin spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Delta variant virus is fierce and the threshold of herd immunity is expected to be pushed up to more than 80%</b></p><p>The spread of the delta coronavirus variant has pushed the threshold for herd immunity above 80 percent and could approach 90 percent, the American Society for Infectious Diseases said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said this is \"much higher\" than previous estimates of 60 to 70 percent because delta has twice the spread rate of previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a certain percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The world's biggest banks earn $170 billion in pandemic, record their most profitable year ever</b></p><p>The dust has settled on earnings season and the combined profits of more than a dozen of the biggest banks over the past four quarters exceeded $170 billion, underscoring how dramatically the industry has changed from the downturn of the early pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially good, earning the equivalent of $131 million a day.</p><p>Some successful deals in the early days of COVID helped the industry. As last year's market volatility recedes, investment bankers are poised to drive acquisition and fundraising activities through special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management divisions enjoyed the dividends of the stock market. The same trend has benefited the retail division, which has long been seen as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both break their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays' profits were at their highest levels in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Société Générale</a>And other banks said their businesses had benefited from the improving global economy. Bank stocks reflect the impact of this wave of strong results, Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% over the past year, and the European Stoxx index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reportedly considering blocking Nvidia's acquisition of Arm, the largest US chipmaker, over national security concerns</b></p><p>The United Kingdom is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced last September that it would acquire Arm for $40 billion to expand its territory in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment, released at the end of July, contains national security concerns, and the UK is currently inclined to dismiss the deal. Another person familiar with the matter said the UK could take a more in-depth assessment of the merger due to national security concerns.</p>","source":"sina","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>Foreign Media Headlines: Household Debt in the Second Quarter of the United States Increased by the Largest Increase in 2013</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\">\nForeign Media Headlines: Household Debt in the Second Quarter of the United States Increased by the Largest Increase in 2013\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-04 05:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The headlines that the global financial media paid common attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. French Commerce Bank: It is expected that the Federal Reserve will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides the way for Bitcoin ETF: accept strict supervision</b><b>4. The Delta variant virus is fierce and the threshold of herd immunity is expected to be pushed up to more than 80%</b><b>5. The world's biggest banks made $170 billion in profit during the epidemic, the most profitable year ever</b><b>6. Britain is reported to be considering blocking the largest US chipmaker due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>Acquisition of Arm</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest rise since 2013</b></p><p>U.S. household debt grew at the fastest pace since 2013 in the second quarter, fueled by the mortgage boom. Low borrowing costs and a desire for more spacious home office space have spawned demand for mortgages.</p><p>Household debt rose $313 billion to $14.96 trillion at the end of June, up 2.1% from three months ago, according to a report released by the New York Fed on Tuesday. The increase was mainly from mortgage balances.</p><p>Credit standards have been easing for other types of credit, such as auto loans and credit cards, according to the Federal Reserve's July Senior Lending Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs reached in the years leading up to the 2008 financial crisis. And some borrowing balances remain below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Fed is expected to wait until after 2024 election before rate hike: Fédération</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief economist for the Americas at Commerce France, said in an interview Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So it's really not that unusual.\"</p><p>LaVorgna served as a financial markets and economic adviser to former U.S. President Donald Trump, where he served as special assistant and chief economist at the National Economic Council. He said that after strong growth this year, economic growth is poised to slow in 2022, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think growth is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>U.S. SEC Chairman Gensler Shows the Way for Bitcoin ETFs: Accept Strict Regulation</b></p><p>Gary Gensler, chairman of the U.S. Securities and Exchange Commission, hinted at a path to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream. In his first major speech on cryptocurrencies, Gensler also hinted at an openness to Bitcoin futures-focused ETFs. The futures are offered by CME group and require investors to put up a substantial margin.</p><p>\"With these important safeguards in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in a speech prepared for the Aspen Safety Forum on Tuesday.</p><p>Under Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and risk of manipulation in the Bitcoin spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Delta variant virus is fierce and the threshold of herd immunity is expected to be pushed up to more than 80%</b></p><p>The spread of the delta coronavirus variant has pushed the threshold for herd immunity above 80 percent and could approach 90 percent, the American Society for Infectious Diseases said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said this is \"much higher\" than previous estimates of 60 to 70 percent because delta has twice the spread rate of previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a certain percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The world's biggest banks earn $170 billion in pandemic, record their most profitable year ever</b></p><p>The dust has settled on earnings season and the combined profits of more than a dozen of the biggest banks over the past four quarters exceeded $170 billion, underscoring how dramatically the industry has changed from the downturn of the early pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially good, earning the equivalent of $131 million a day.</p><p>Some successful deals in the early days of COVID helped the industry. As last year's market volatility recedes, investment bankers are poised to drive acquisition and fundraising activities through special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management divisions enjoyed the dividends of the stock market. The same trend has benefited the retail division, which has long been seen as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both break their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays' profits were at their highest levels in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Société Générale</a>And other banks said their businesses had benefited from the improving global economy. Bank stocks reflect the impact of this wave of strong results, Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% over the past year, and the European Stoxx index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reportedly considering blocking Nvidia's acquisition of Arm, the largest US chipmaker, over national security concerns</b></p><p>The United Kingdom is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced last September that it would acquire Arm for $40 billion to expand its territory in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment, released at the end of July, contains national security concerns, and the UK is currently inclined to dismiss the deal. Another person familiar with the matter said the UK could take a more in-depth assessment of the merger due to national security concerns.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","DOG":"道指ETF-ProShares做空","SSO":"2倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares",".DJI":"道琼斯","SH":"做空标普500-Proshares","DDM":"2倍做多道指ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares",".IXIC":"NASDAQ Composite","SDOW":"三倍做空道指30ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares",".SPX":"S&P 500 Index","UPRO":"三倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","TQQQ":"纳指三倍做多ETF","CAN":"嘉楠科技","QQQ":"纳指100ETF","IVV":"标普500ETF-iShares","EBON":"亿邦国际","SPXU":"三倍做空标普500ETF-ProShares","DJX":"1/100道琼斯","OEX":"标普100","OEF":"标普100指数ETF-iShares"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2156201911","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有:\n\n1、抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n\n\n2、法国外贸银行:预计美联储要等到2024年大选后才加息\n\n\n3、美国SEC主席根斯勒为比特币ETF指路:接受严格监管\n\n\n4、Delta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n\n\n5、全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n\n\n6、英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n\n\n抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n在抵押贷款热潮推动下,第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。\n纽约联储周二公布报告显示 ,截至6月底,家庭负债增长3130亿美元,至14.96万亿美元,较三个月前增长2.1%。增量主要来自抵押贷款余额。\n美联储周一公布的7月高级贷款专员意见调查显示,对于其他类型的信贷,例如汽车贷款和信用卡,信贷标准一直在放松。\n总体而言,家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。\n\n法国外贸银行:预计美联储要等到2024年大选后才加息\n期待美联储改弦更张的债券投资者可能要等很久。\n“我的猜测是我们要等到下一次总统大选之后才会收紧政策,”法国外贸银行首席美洲经济学家Joseph LaVorgna周二接受采访时表示。“你看看最近两个周期,从最后一次降息到第一次加息的平均时间是七年。所以这真不是那么不寻常。”\nLaVorgna曾任美国前总统唐纳德·特朗普的金融市场和经济顾问,职务是国家经济委员会特别助理兼首席经济学家。他表示,在今年强劲增长后,2022年经济增长势将放缓,令美联储采取利率行动的压力不大。\n“明年我认为增长率只有2%,甚至更低,”他说。“通胀将是暂时的。这是市场告诉我们的。”\n\n美国SEC主席根斯勒为比特币ETF指路:接受严格监管\n美国证券交易委员会主席根斯勒(Gary Gensler)暗示了一条批准设立比特币ETF的途径,表示符合SEC关于共同基金严格规则的ETF能给投资者提供必要的保护。\n加密货币爱好者认为,比特币ETF对于加密货币进入主流领域至关重要。在他首次有关加密货币的重要演讲中,Gensler还暗示对专注于比特币期货的ETF持开放态度。这种期货由芝商所提供,并要求投资者拿出可观的保证金。\n“有了这些重要的保护措施,我期待工作人员对此类申请进行审查,特别是如果这些ETF仅限于CME交易的比特币期货,”他在周二为阿斯彭安全论坛准备的讲话中表示。\n在Gensler及前任主席Jay Clayton领导下,SEC多次拒绝批准加密货币ETF,担心比特币现货市场的透明度和操纵风险。\n\nDelta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n美国传染病学会周二在一次情况通报会上表示,delta新冠病毒变种的传播已将群体免疫的门槛推高至80%以上,并可能接近90%。\n阿拉巴马大学助理教授Richard Franco表示,这比之前估计的60%至70%“高得多”,因为delta的传播率是先前病毒的两倍。\n“显然这是一种非常危险的病毒,比原始病毒危险得多,” Franco说。\n群体免疫是基于这样的想法:当一定比例的人口已经接种疫苗或之前曾感染而获得免疫,将有助于保护更广泛的人群并减少病毒的传播。\n\n全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n财报季尘埃落定,十几家最大银行过去四个季度的利润总和超过1700亿美元,彰显出该行业与疫情早期的低迷相比发生了多么巨大的变化。摩根大通尤为出色,所获利润相当于每天赚进1.31亿美元。\n新冠疫情早期一些成功的交易帮助了该行业。随着去年的市场波动消退,投资银行家准备通过特殊目的收购工具来推动收购和筹资活动。然后随着世界经济开始复苏,拥有财富管理和资产管理部门的银行享受到了股市的红利。同样的趋势也惠及长期以来被视为拖业绩后腿的零售部门,因为他们开始削减贷款损失拨备。\n高盛和摩根士丹利双双打破自身盈利纪录,欧洲同行瑞银和巴克莱的利润都创十年来最高水平。德意志银行和法国兴业银行等银行表示业务受益于全球经济改善。银行股反映了这一波强劲业绩的影响,道琼斯美国银行业指数过去一年上涨59%,欧洲斯托克银行股指数上涨56%。\n\n英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n据知情人士透露,英国因潜在国家安全风险正考虑阻止英伟达收购Arm Ltd.。\n按市值计算美国最大芯片公司英伟达去年9月宣布以400亿美元收购Arm,以在发展迅猛的半导体市场扩大地盘。Arm目前为日本企业集团软银所有。\n今年4月,英国文化大臣Oliver Dowden要求竞争和市场管理局(CMA)准备一份有关该交易是否可被视为反竞争的报告,并汇总第三方提出的任何国家安全关切。\n7月底出炉的评估报告包含国家安全关切,英国目前倾向于否定该交易。另一位知情人士表示,出于国家安全考虑,英国可能会对这笔并购进行更深入的评估。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,".DJI":0.9,"OEF":0.9,".SPX":0.9,"SDS":0.9,"IVV":0.9,"QID":0.9,"MNQmain":0.9,"TQQQ":0.9,"SQQQ":0.9,"QLD":0.9,"PSQ":0.9,"DOG":0.9,"XBTmain":0.9,"QQQ":0.9,"DJX":0.9,"SDOW":0.9,"BTCmain":0.9,"EBON":0.9,"SH":0.9,"UPRO":0.9,".IXIC":0.9,"NQmain":0.9,"SPXU":0.9,"OEX":0.9,"SSO":0.9,"CAN":0.9,"DDM":0.9,"DXD":0.9,"ESmain":0.9,"UDOW":0.9}},"isVote":1,"tweetType":1,"viewCount":2830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806564390,"gmtCreate":1627680566410,"gmtModify":1703494497374,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806564390","repostId":"1114965747","repostType":4,"repost":{"id":"1114965747","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":1627655569,"share":"https://ttm.financial/m/news/1114965747?lang=en_US&edition=fundamental","pubTime":"2021-07-30 22:32","market":"us","language":"zh","title":"AMD rose more than 3% to a record high, and received a number of major banks to raise their target prices after the results","url":"https://stock-news.laohu8.com/highlight/detail?id=1114965747","media":"老虎资讯综合","summary":"7月30日,AMD涨超3%,现报106.2美元,股价再创历史新高,近3个交易日累计涨幅已超16%,绩后获多家大行上调目标价。\n\nAMD二季度营收达38.5亿美元,同比增长99%;净利润达7.1亿美元,","content":"<p>July 30,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 3%, now reported at $106.2, and the stock price reached a record high. In the past three trading days, the cumulative increase has exceeded 16%. After the results, many major banks raised the target price.</p><p><img src=\"https://static.tigerbbs.com/6ff371be500c72b396cac54bbf67a525\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD's revenue in the second quarter reached $3.85 billion, a year-on-year increase of 99%; Net income reached $710 million, up 352% year over year. After the company's results, a number of major banks raised their target prices.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Arguing that Wall Street underestimated AMD's potential for long-and short-term revenue growth and margin expansion, it raised its price target to $115 from $106. Goldman Sachs reiterated its \"Buy\" rating on Supermicro, while reiterating where Supermicro sits on its Confident Buy list.</p><p>AMD price target raised to $110 from $107 at Mizuho; Argus rose to $120 from a price target of $106, maintaining a \"buy\" rating.</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>AMD rose more than 3% to a record high, and received a number of major banks to raise their target prices after the results</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\">\nAMD rose more than 3% to a record high, and received a number of major banks to raise their target prices after the results\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\">2021-07-30 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 30,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 3%, now reported at $106.2, and the stock price reached a record high. In the past three trading days, the cumulative increase has exceeded 16%. After the results, many major banks raised the target price.</p><p><img src=\"https://static.tigerbbs.com/6ff371be500c72b396cac54bbf67a525\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD's revenue in the second quarter reached $3.85 billion, a year-on-year increase of 99%; Net income reached $710 million, up 352% year over year. After the company's results, a number of major banks raised their target prices.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Arguing that Wall Street underestimated AMD's potential for long-and short-term revenue growth and margin expansion, it raised its price target to $115 from $106. Goldman Sachs reiterated its \"Buy\" rating on Supermicro, while reiterating where Supermicro sits on its Confident Buy list.</p><p>AMD price target raised to $110 from $107 at Mizuho; Argus rose to $120 from a price target of $106, maintaining a \"buy\" rating.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"AMD":"美国超微公司","GS":"高盛"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114965747","content_text":"7月30日,AMD涨超3%,现报106.2美元,股价再创历史新高,近3个交易日累计涨幅已超16%,绩后获多家大行上调目标价。\n\nAMD二季度营收达38.5亿美元,同比增长99%;净利润达7.1亿美元,同比增长352%。公司绩后获多家大行上调目标价,高盛认为华尔街低估了AMD的长短期收入增长和利润率扩张的潜力,因此将其目标价从106美元上调至115美元。高盛重申了美国超微公司“买入”评级,同时重申美国超微公司在其确信购买名单上的位置。\n瑞穗将AMD目标价从107美元上调至110美元;Argus从目标价106美元升至120美元,维持“买入”评级。","news_type":1,"symbols_score_info":{"AMD":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":2741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803360000,"gmtCreate":1627421480300,"gmtModify":1703489466813,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803360000","repostId":"1168202239","repostType":4,"isVote":1,"tweetType":1,"viewCount":5203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803384752,"gmtCreate":1627421314776,"gmtModify":1703489464968,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803384752","repostId":"1120859674","repostType":4,"repost":{"id":"1120859674","kind":"news","weMediaInfo":{"introduction":"秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌,包括微信公众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域,关注重点为全球和中国财经商业热点、企业家精神、创新与发明创造、商业文明探索等。","home_visible":1,"media_name":"秦朔朋友圈","id":"60","head_image":"https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e"},"pubTimestamp":1627352185,"share":"https://ttm.financial/m/news/1120859674?lang=en_US&edition=fundamental","pubTime":"2021-07-27 10:16","market":"us","language":"zh","title":"Chinese Concept Stocks Exit from the US Market, Could This Happen?","url":"https://stock-news.laohu8.com/highlight/detail?id=1120859674","media":"秦朔朋友圈","summary":"谁都不希望坏事发生,但如果发生,也不至于措手不及。","content":"<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the CPC Central Office entitled \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" circulated on the Internet. The \"Opinions\" include measures such as \"capitalization\" operation of education and training institutions, and all discipline training institutions are prohibited from listing for financing. Overseas listed education stocks have fallen in response. For example, the share price of New Oriental on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd and 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd in the US stock market). On the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official has officially announced the document on the evening of July 24th, and many media have forwarded it in full. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 of the Central Office, but wants to explore two issues.</p><p>First, why do so many Chinese companies choose to go public in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's removal from the shelves and other events, what is the future fate of these Chinese stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on US stock exchanges than any other non-US company, even after the apparent chill in US-China relations.</p><p>In 2019, 32 companies went public in the United States, compared to 34 in 2020, and in the first half of 2021, 37 companies completed listing in the United States. According to wind data, as of July 2021, there were 286 Chinese companies listed in the United States — including those registered in offshore centers such as Hong Kong, China or the Cayman Islands, but most of their revenue and profits came from mainland China — in fact, most Chinese companies listed in the United States basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised its audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several well-known reasons are;</p><p>First, the capital market construction in the United States is relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the perspective of the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the US capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet businesses are growing fast, so they are always very short of money. Some Internet companies, perhaps only a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further development, they have to prepare to go public for large-scale fundraising. However, most companies may have just begun to make profits at this time, or even not yet, so they can't meet the conditions of making profits for three consecutive years, and they can't go public for financing in the A-share market. If you wait for two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the enterprise can survive. Therefore, we can only go abroad.</p><p>Third, the length of China's listing approval cycle is uncertain. When the listing approval is suspended and the company wants to go public, the whole process may take three or four years. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, here are a few reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of origin</b></p><p>We often say now that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the initial stage of the Internet, but also in the initial stage of all enterprises. Because of the strict loan approval procedures and natural risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be something that angel investors and venture capital institutions do. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. Therefore, as Deng Gong said, it doesn't matter if it is black cat or white cat, if it can catch mice, it is a good cat. Capital is neutral, regardless of whether it is good or bad. If only geography is used as the classification basis, it is certainly possible. But if you want to make a value judgment, it is more important to look at the specific things that these capitals are used for, rather than the origins of these capitals.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary trouble, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This begs another question: the question of the legitimacy of the VIE architecture.</p><p>Variable Interest Entity Structure, referred to as VIE Structure, usually referred to as \"Agreement Control\", refers to a listed Entity registered overseas by a proposed listed company, which is separated from the mainland business operating Entity, and the overseas listed Entity controls the domestic business operating Entity through an agreement, and transfers its income and profits to the overseas company. VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws have strict restrictions on the industry access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these enterprises adopt VIE architecture to bypass supervision.</p><p>Of course, regulation knows this form. The reason why it is not completely forbidden is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is certainly a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements of listing. Then the legality of this VIE structure becomes a problem, so it can't be listed directly in China.</p><p>This means that the roots of some Internet companies are crooked from the day they were born. If the root is not crooked, you can't survive, and if you survive, you will leave a bad background-\"lack of money-introduce foreign capital-become a joint venture-adopt a VIE structure-the legality of domestic listing is problematic-overseas listing\".</p><p>It is much better now. China's multi-level capital market construction is becoming more and more perfect, and there are more RMB venture capital and private placement. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in \"The Silent Majority\" that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the multiplication table. Figuring out the above background is a bit like a multiplication table. No matter what kind of value evaluation we make on Internet companies going public overseas-how to evaluate it is our freedom-at least our judgment is based on the complete ins and outs of things.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are also two reasons, respectively, the free circulation of capital and the pursuit of different rights of the same share.</p><p>As mentioned earlier, because many enterprises are funded by international private equity funds and venture capital companies, and China implements foreign exchange control and lists at home, it will be troublesome for venture capital funds to make profits and have exchange risks, so they also have the incentive to encourage business owners to list abroad. Some business owners have the ambition of being multinational enterprises and are willing to go public in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of fund-raising and assets of enterprises, achieving multiple goals with one stone.</p><p>To be more verbose, private equity and venture capital eat the bowl of rice with high risk and high return. As long as they can make money in compliance with the law, it can't be said that there is anything wrong with people making a profit and exiting after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask that when listed in Hong Kong, capital can also flow freely. Listed company entrepreneurs and early investors can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This leads to another reason, \"the same shares have the same rights\" and \"the same shares have different rights\".</p><p>Companies listed in mainland China should strictly abide by the regulations of same shares and same rights, that is, how many shares you own in the company will have as many voting rights when voting on major events. This is the reason why many companies don't want to go public, and are afraid that they will not own many shares after listing, which will lead to the company founders being speechless on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" malicious takeovers, as long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement of the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences to adopt an American-style structure of same shares with different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or in both Hong Kong, China and New York, USA.</p><p>Not that equal shares and equal rights are bad. Everything has pros and cons. Founders with the same shares and rights are required to be cautious about listing, because they may be overlooked or even kicked out of the decision-making level after listing. However, cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the equity of the company, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". As the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, the actual controller will easily pretend to be public for personal gain, enrich his own pockets, or adopt some risky business behaviors. In some countries, identical rights are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese enterprises are more willing to go public in the United States. There are various reasons, including regulatory system and business operation. Generally speaking, it is a very normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States has successively sanctioned Chinese companies, some of which are Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some companies that have already listed are not sanctioned, the risks brought by changes in international relations between the two countries are increasing. In 2020, Luckin's financial fraud aggravated the trust crisis of Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening to delist Chinese listed companies from American stock exchanges if China fails to allow the U.S. Public Company Accounting Oversight Board (PCAOB) to obtain audit working papers for three consecutive years.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time could be advanced by one year.</p><p>The immediate reason for the U.S. threatening to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country should crack down on financial fraud.</p><p>But here are a few questions.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why are they suddenly turning their faces now?</p><p>In 2009, China issued a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided PCAOB with audit working papers of four enterprises.</p><p>From 2016 to 2019, the regulatory authorities of both sides have also made some cooperative attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it is a bit of turning your face and denying people.</p><p>Second, whether providing accounting papers is an effective form of combating financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to the financial fraud incident of Enron Company, forming the Public Company Accounting Reform and Investor Protection Act of 2002, or Sarbanes-Oxley Act for short, which made many new provisions in corporate governance, Accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>But the U.S. Public Company Accounting Oversight Board established after Sarbanes-Oxley Act can already review the audit papers of listed companies, but then there are accounting problems with WorldCom, Southern Health Care, Freddie Mac, AIG and Lehman Brothers. However, most serious accounting fraud incidents are often found by professional short-selling organizations by using \"private unannounced visits\" to investigate the company's business flow on the spot, and audit companies will not use these means.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to discover these financial frauds by auditing working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential method and are not always 100 percent effective.</p><p>Third, the important target of the Foreign Company Accountability Act is Chinese stock companies, but it is not the first day that the United States knows that Chinese listed companies adopt VIE structure. If the United States thinks that there is a problem with the VIE structure, it can directly ban the listing of Chinese stocks.</p><p>When the relationship between the two countries is friendly, the audit paper is not a very important issue. The two countries can negotiate and solve it, and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. But if the gap between the two countries gets wider and wider, then Chinese companies listed in the United States really need to be prepared.</p><p>For China and the United States, the delisting of Chinese companies from the U.S. market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese stocks is relatively large, the overall performance of Chinese stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese enterprises are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese stocks are delisted, American investors will lose a better investment target. However, after the delisting of Chinese stocks, they can go to Hong Kong stocks and A shares to be listed. If American investors are still optimistic about Chinese enterprises, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a country with high savings and a net exporter of capital, so it is not necessary to list in the United States to raise funds. China's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese enterprises listing in China will be greatly improved. Although the valuation of listing in A shares or Hong Kong stocks is likely to shrink, this is not an unacceptable challenge for the whole country.</p><p>Therefore, if Chinese enterprises delist in the United States, it is not an unacceptable event for both countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they do, they will not be caught off guard.</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>Chinese Concept Stocks Exit from the US Market, Could This Happen?</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\">\nChinese Concept Stocks Exit from the US Market, Could This Happen?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/60\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">秦朔朋友圈 </p>\n<p class=\"h-time smaller\">2021-07-27 10:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the CPC Central Office entitled \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" circulated on the Internet. The \"Opinions\" include measures such as \"capitalization\" operation of education and training institutions, and all discipline training institutions are prohibited from listing for financing. Overseas listed education stocks have fallen in response. For example, the share price of New Oriental on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd and 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd in the US stock market). On the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official has officially announced the document on the evening of July 24th, and many media have forwarded it in full. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 of the Central Office, but wants to explore two issues.</p><p>First, why do so many Chinese companies choose to go public in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's removal from the shelves and other events, what is the future fate of these Chinese stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on US stock exchanges than any other non-US company, even after the apparent chill in US-China relations.</p><p>In 2019, 32 companies went public in the United States, compared to 34 in 2020, and in the first half of 2021, 37 companies completed listing in the United States. According to wind data, as of July 2021, there were 286 Chinese companies listed in the United States — including those registered in offshore centers such as Hong Kong, China or the Cayman Islands, but most of their revenue and profits came from mainland China — in fact, most Chinese companies listed in the United States basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised its audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several well-known reasons are;</p><p>First, the capital market construction in the United States is relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the perspective of the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the US capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet businesses are growing fast, so they are always very short of money. Some Internet companies, perhaps only a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further development, they have to prepare to go public for large-scale fundraising. However, most companies may have just begun to make profits at this time, or even not yet, so they can't meet the conditions of making profits for three consecutive years, and they can't go public for financing in the A-share market. If you wait for two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the enterprise can survive. Therefore, we can only go abroad.</p><p>Third, the length of China's listing approval cycle is uncertain. When the listing approval is suspended and the company wants to go public, the whole process may take three or four years. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, here are a few reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of origin</b></p><p>We often say now that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the initial stage of the Internet, but also in the initial stage of all enterprises. Because of the strict loan approval procedures and natural risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be something that angel investors and venture capital institutions do. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. Therefore, as Deng Gong said, it doesn't matter if it is black cat or white cat, if it can catch mice, it is a good cat. Capital is neutral, regardless of whether it is good or bad. If only geography is used as the classification basis, it is certainly possible. But if you want to make a value judgment, it is more important to look at the specific things that these capitals are used for, rather than the origins of these capitals.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary trouble, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This begs another question: the question of the legitimacy of the VIE architecture.</p><p>Variable Interest Entity Structure, referred to as VIE Structure, usually referred to as \"Agreement Control\", refers to a listed Entity registered overseas by a proposed listed company, which is separated from the mainland business operating Entity, and the overseas listed Entity controls the domestic business operating Entity through an agreement, and transfers its income and profits to the overseas company. VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws have strict restrictions on the industry access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these enterprises adopt VIE architecture to bypass supervision.</p><p>Of course, regulation knows this form. The reason why it is not completely forbidden is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is certainly a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements of listing. Then the legality of this VIE structure becomes a problem, so it can't be listed directly in China.</p><p>This means that the roots of some Internet companies are crooked from the day they were born. If the root is not crooked, you can't survive, and if you survive, you will leave a bad background-\"lack of money-introduce foreign capital-become a joint venture-adopt a VIE structure-the legality of domestic listing is problematic-overseas listing\".</p><p>It is much better now. China's multi-level capital market construction is becoming more and more perfect, and there are more RMB venture capital and private placement. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in \"The Silent Majority\" that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the multiplication table. Figuring out the above background is a bit like a multiplication table. No matter what kind of value evaluation we make on Internet companies going public overseas-how to evaluate it is our freedom-at least our judgment is based on the complete ins and outs of things.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are also two reasons, respectively, the free circulation of capital and the pursuit of different rights of the same share.</p><p>As mentioned earlier, because many enterprises are funded by international private equity funds and venture capital companies, and China implements foreign exchange control and lists at home, it will be troublesome for venture capital funds to make profits and have exchange risks, so they also have the incentive to encourage business owners to list abroad. Some business owners have the ambition of being multinational enterprises and are willing to go public in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of fund-raising and assets of enterprises, achieving multiple goals with one stone.</p><p>To be more verbose, private equity and venture capital eat the bowl of rice with high risk and high return. As long as they can make money in compliance with the law, it can't be said that there is anything wrong with people making a profit and exiting after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask that when listed in Hong Kong, capital can also flow freely. Listed company entrepreneurs and early investors can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This leads to another reason, \"the same shares have the same rights\" and \"the same shares have different rights\".</p><p>Companies listed in mainland China should strictly abide by the regulations of same shares and same rights, that is, how many shares you own in the company will have as many voting rights when voting on major events. This is the reason why many companies don't want to go public, and are afraid that they will not own many shares after listing, which will lead to the company founders being speechless on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" malicious takeovers, as long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement of the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences to adopt an American-style structure of same shares with different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or in both Hong Kong, China and New York, USA.</p><p>Not that equal shares and equal rights are bad. Everything has pros and cons. Founders with the same shares and rights are required to be cautious about listing, because they may be overlooked or even kicked out of the decision-making level after listing. However, cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the equity of the company, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". As the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, the actual controller will easily pretend to be public for personal gain, enrich his own pockets, or adopt some risky business behaviors. In some countries, identical rights are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese enterprises are more willing to go public in the United States. There are various reasons, including regulatory system and business operation. Generally speaking, it is a very normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States has successively sanctioned Chinese companies, some of which are Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some companies that have already listed are not sanctioned, the risks brought by changes in international relations between the two countries are increasing. In 2020, Luckin's financial fraud aggravated the trust crisis of Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening to delist Chinese listed companies from American stock exchanges if China fails to allow the U.S. Public Company Accounting Oversight Board (PCAOB) to obtain audit working papers for three consecutive years.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time could be advanced by one year.</p><p>The immediate reason for the U.S. threatening to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country should crack down on financial fraud.</p><p>But here are a few questions.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why are they suddenly turning their faces now?</p><p>In 2009, China issued a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided PCAOB with audit working papers of four enterprises.</p><p>From 2016 to 2019, the regulatory authorities of both sides have also made some cooperative attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it is a bit of turning your face and denying people.</p><p>Second, whether providing accounting papers is an effective form of combating financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to the financial fraud incident of Enron Company, forming the Public Company Accounting Reform and Investor Protection Act of 2002, or Sarbanes-Oxley Act for short, which made many new provisions in corporate governance, Accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>But the U.S. Public Company Accounting Oversight Board established after Sarbanes-Oxley Act can already review the audit papers of listed companies, but then there are accounting problems with WorldCom, Southern Health Care, Freddie Mac, AIG and Lehman Brothers. However, most serious accounting fraud incidents are often found by professional short-selling organizations by using \"private unannounced visits\" to investigate the company's business flow on the spot, and audit companies will not use these means.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to discover these financial frauds by auditing working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential method and are not always 100 percent effective.</p><p>Third, the important target of the Foreign Company Accountability Act is Chinese stock companies, but it is not the first day that the United States knows that Chinese listed companies adopt VIE structure. If the United States thinks that there is a problem with the VIE structure, it can directly ban the listing of Chinese stocks.</p><p>When the relationship between the two countries is friendly, the audit paper is not a very important issue. The two countries can negotiate and solve it, and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. But if the gap between the two countries gets wider and wider, then Chinese companies listed in the United States really need to be prepared.</p><p>For China and the United States, the delisting of Chinese companies from the U.S. market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese stocks is relatively large, the overall performance of Chinese stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese enterprises are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese stocks are delisted, American investors will lose a better investment target. However, after the delisting of Chinese stocks, they can go to Hong Kong stocks and A shares to be listed. If American investors are still optimistic about Chinese enterprises, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a country with high savings and a net exporter of capital, so it is not necessary to list in the United States to raise funds. China's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese enterprises listing in China will be greatly improved. Although the valuation of listing in A shares or Hong Kong stocks is likely to shrink, this is not an unacceptable challenge for the whole country.</p><p>Therefore, if Chinese enterprises delist in the United States, it is not an unacceptable event for both countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they do, they will not be caught off guard.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab6f6a5034baf0d08c9227da13ca9733","relate_stocks":{"513050":"中概互联网ETF易方达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120859674","content_text":"文/贾铭\n7月23日,一份名为《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》的中办发文件在网络流传。《意见》包含,严禁教育培训机构“资本化”运作,学科类培训机构一律不得上市融资等措施,海外上市的教育类股票应声而跌。比如,新东方在港交所的股价一度“腰斩”(新东方S,23号收跌40.61%,26号再收跌47.02%;新东方在线23号和26号分别收跌28.07%、33.45%;新东方在美股收盘跌幅23号为54.22%),23号,高途在美股跌幅达63.26%,好未来跌幅更是超过70%。\n官方已经于7月24日晚正式公布该文件,多家媒体有全文转发,感兴趣的读者可以找来看。\n今天这篇文章,并不分析中办的40号文,而是想探讨两个问题。\n第一,为什么这么多中国企业选择在美上市?\n第二,考虑到中美关系、瑞幸造假、滴滴下架等事件,在海外上市的这些中概股,未来命运如何?\n主要原因\n中国企业在美国的证券交易所上市的热情,差不多超过其他任何非美国的企业,即使在中美关系明显遇冷之后,依然如此。\n2019年,有32家企业赴美上市,2020年为34家,2021年上半年,已完成赴美上市的企业有37家。据wind数据,截至2021年7月,共有286家中国企业在美国上市——包括那些注册在中国香港或者开曼群岛等离岸中心,但大部分收入和利润来自中国内地的企业——事实上,大部分在美国上市的中国企业,基本都采取了这种上市方式。\n2018年以来,美国在打压中国科技企业的同时,提高了对赴美上市中国企业的审计要求,中企赴美上市的整体环境并不佳,那为什么中国企业仍毅然选择赴美上市呢?\n众所周知的几个原因是:\n第一,美国的资本市场建设比较早,融资体系和法律法规相对来讲更加成熟和完善。从总体融资环境看,美国对于互联网公司、高科技公司普遍看好,同样的一只股票,在美国上市,相对容易获得更高的估值,募集更多的资金。\n第二,更重要的是,美国资本市场采取注册制,对于拟上市公司不设盈利门槛。只要你的公司业务高速增长,占据很大的市场份额,即便亏损也能上市。我国采取审核制,申请A股上市的必要条件是连续三年盈利。\n互联网企业成长很快,所以总是非常缺钱。有的互联网企业,或许仅仅创立几年,就成为了估值超过十亿的独角兽,这时候面临投资人变现的压力和进一步发展的压力,就要准备上市做大规模筹资了,但是多数企业这时候可能才刚刚开始盈利,甚至还没有盈利,所以达不到连续三年盈利的条件,也就无法在A股市场上市融资。要是等两三年后再去上市筹资,不仅可能错过最好的发展时机,融不到资,企业能不能活下去都成了未知数。所以,只能去国外。\n第三,我国的上市审批周期长短不定,遇到上市审批暂停,企业想上市,整个流程长的话可能要三四年。时间就是金钱,很多企业等不起。\n以上三个原因,尤其是第二和第三,应该是中国企业赴美上市最主要的两个原因。但除此之外,还有以下几个原因不应该被忽视。\n\n出身原因\n我们现在经常说,中国的互联网企业做的很好。我们又通常把2000年前后,称为中国的互联网元年。但我们不能忘记,在互联网发展初期,没有几个人能看得懂这种业态,所以这些企业不可能拿到银行贷款。\n其实不仅仅是互联网初创期,所有企业初创期,都很难拿到银行贷款。由于商业银行严格的贷款审批手续和天生的风险厌恶属性,它宁愿少赚点贷款利息,也更愿意把钱贷给四平八稳的企业。\n银行本来就不是给初创企业投资的机构,给初创企业投资,应该是天使投资人和风投机构干的事儿,而我国那时候没有什么风险投资(VC)和私募股权(PE)。这些互联网企业在国内找不到钱,但发展又需要钱,怎么办?只能引进境外资本。\n要知道,我们的改革开放早期,也是用境内的市场换境外的资本和技术。所以还是邓公说的好,管它黑猫白猫,能抓老鼠就是好猫。资本本是中性,无所谓好坏,如果只是用地域作为分类依据,当然是可以的。但如果要做价值判断,更重要的是要看这些资本被用来做的具体的事情,而不是这些资本的出身。\n所以,我国的很多互联网巨头(为了避免不必要的麻烦,这里就不举例了),在设立之初,就是中外合资企业。这又引出了另一个问题:VIE架构的合法性问题。\n可变利益实体架构(Variable Interest Entity),简称VIE架构,通常被称为“协议控制”,是指拟上市公司在境外注册的上市实体,与内地业务经营主体分离,由境外上市实体透过协议方式控制境内业务经营主体,并把收入和利润转移到境外公司。VIE架构又衍生出很多不同的形式,但本质是一样的,这里不展开。\n因为我国法律对境外资金在“信息传输、软件和信息技术服务业”的行业准入有严格限制,不允许境外资本直接投资电信、互联网相关企业。当然也不允许这些行业的公司直接在海外集资或者上市。所以,这些企业采取VIE架构绕开监管。\n监管当然知道这种形式,之所以没有完全禁绝,一方面是这种架构并不“明显违法”,另一方面当然也是一种监管智慧。\n但这种企业在境内上市的话,还是要严格按照上市的监管要求,那这种VIE架构的合法性就成了问题,所以不能直接境内上市。\n这就意味着,一部分互联网企业从诞生的那天起,根就是歪的。根不歪就活不下来,活下来了又留下了不好的出身——“缺钱-引进外资-变成合资企业-采取VIE架构-境内上市的合法性有问题-境外上市”。\n现在好多了,我国的多层次资本市场建设越来越完善,人民币风投和私募也多了,在国内找不到钱的问题,得到了很大的缓解。\n王小波在《沉默的大多数》中说,做价值判断太容易了,如果我们是一只公兔子,我们天然就知道大灰狼坏,母兔子好。但兔子不知道怎么背九九乘法表。搞清楚上面这个背景,就有点九九乘法表的意思,无论我们对互联网企业去境外上市做出何种价值评价——如何评价是我们的自由——但起码我们的评判是基于事情完整的来龙去脉做出来的。\n\n其他原因\n还有两个原因分别是,资本的自由流通和同股不同权的追求。\n如前所述,由于很多企业的资金来源包括国际私募基金和风险投资公司,而中国又实行外汇管制,在境内上市,风投资金获利退出会很麻烦,有汇兑风险,所以他们也有动力鼓励企业所有者在境外上市。有的企业所有者有做跨国企业的雄心,也愿意在美国上市,这既有利于拓展企业的知名度,又有利于企业募资和资产的全球布局,一举多得。\n又得啰嗦一点,私募和风投吃的就是高风险高收益这碗饭,只要他们能遵纪守法地赚钱,就不能说人家在企业上市后获利退出有什么不对。当然,如果违法乱纪,那必然是要依法追责的。\n有人可能会问,在香港上市,资本也可以自由流动啊。上市公司创业者与早期投资者可以轻松地将上市筹集的港元兑换成美元或其他任何货币。这就到了另一个原因,“同股同权”和“同股不同权”。\n在我国内地上市的公司要严格遵守同股同权的条例,即你拥有该公司多少股份,在重大事件投票时就拥有多少的投票权,这就是很多公司不想上市的原因,害怕上市之后拥有的股份不多,导致公司创始人在董事会说不上话甚至会被踢出局。这也是之前流行的“野蛮人”恶意收购的原因,只要别人持有比你更多的股份,哪怕你是创始人,也会被踢出局。\n在2018年以前,在香港上市,也是同股同权的要求。2018年,港交所推出了一项改革,允许科技企业和生命科学领域里的企业采用美国式的同股不同权的结构。此后,越来越多的中国企业选择在香港上市,或者在中国香港和美国纽约两地同时挂牌。\n不是说同股同权不好。凡事都是有利有弊。同股同权要求持股不多的创始人谨慎上市,因为上市后可能被架空甚至踢出决策层,但谨慎上市又可能拖慢企业发展的速度,错过黄金发展期。\n赴美上市提供了一个同股不同权的选项,这就意味着,即使持有企业小于50%的股权,哪怕只持有10%甚至更低,也可以保持对企业的控制权。虽然方便了企业上市融资,但这很容易导致“内部人控制”问题。由于企业的实际控制人并不是最大的股东,那股东利益与经营者利益存在冲突的时候,实控人就容易假公济私,中饱私囊,或者采取一些风险比较大的经营行为。在一些国家,同股不同权被认为是企业治理问题的根源之一。\n\n信任危机\n前文基本解释了中国企业为啥更愿意去美国上市,有各种原因,有监管制度上的,有企业经营上的,总体而言,是一种很正常的趋利避害的商业行为。\n但中美贸易冲突升级以后,美国接连制裁中国的企业,有一些就是在美上市的中国企业。这增大了在美上市的风险,已经上市的部分企业,即使没有被制裁,因两国国际关系变动而带来的风险也在变大。2020年,瑞幸财务造假,更加剧了中概股的信任危机。\n特朗普政府趁机在任期结束之前签署《外国公司问责法案》,威胁说,如果中国方面连续三年不能够让美国上市公司会计监督委员会(PCAOB)获得审计工作底稿,中国的上市企业将会被美国证券交易所摘牌。\n2021年6月22日,美国参议院又通过了另一项提案,提出退市时间可以提前一年。\n美国威胁要让中国企业退市的直接理由是保护美国投资者免受类似于去年瑞幸咖啡那样的会计造假带来的损失。说实话,这看起来其实挺有道理。财务造假是犯罪,不仅美国,我们相信任何一个国家的资本市场都要打击财务造假。\n但这里有几个问题。\n第一,中美双方一直在就审计底稿的问题进行磋商,但为啥现在突然翻脸。\n2009年,我国出台法律,要求企业“在境外发行证券与上市过程中,提供相关证券服务的证券公司、证券服务机构在境内形成的工作底稿等档案应当存放在境内”。\n2013年,我国和美国的PCAOB签署了一份合作谅解备忘录,并向PCAOB提供了4家企业的审计工作底稿。\n2016年到2019年,双方监管部门也一直就如何来有效地检查,有过一些合作尝试。关系好的时候有商有量,关系不好的时候就有点翻脸不认人的意思。\n第二,提供会计底稿是不是打击财务造假的一种有效形式。\n美国的证券市场监管法规一直在不断升级,比如2002年针对安然公司财务造假事件对《1933年证券法》《1934年证券交易法》做出大幅修订,形成了《2002年上市公司会计改革和投资者保护法案》(Public Company Accounting Reform and Investor Protection Act of 2002),简称《萨班斯-奥克斯利法案》,在公司治理、会计职业监管、证券市场监管等方面作出了许多新的规定。这事实上既有利于保护上市公司,也有利于保护投资者,是好事儿。\n但《萨班斯-奥克斯利法案》之后建立的美国上市公司会计监督委员会已经可以审阅上市公司的审计底稿了,可之后又出现了世通、南方保健、房地美、美国国际集团和雷曼兄弟的会计问题。而大多数比较严重的会计造假事件,往往是由专业的卖空机构,通过使用“私服暗访”实地调查公司业务流量等技巧手段发现问题的,审计公司不会使用这些手段。\n美国上市公司会计监督委员会(PCAOB)不一定能通过审计工作底稿来发现这些财务造假。换言之,审计底稿或许有助于打击财务造假,但并不是一种必不可少的方式,也不总是百分百有效。\n第三,《外国公司问责法案》的重要目标就是中概股公司,但美国不是第一天知道中国上市公司采用VIE架构。如果美国认为VIE架构有问题,那直接禁止中概股上市即可。\n两国在关系友好的时候,审计底稿并不是一个很重要的问题,两国可以协商解决,合作监管,因为互相信任。现在这种互信没有了。\n\n未雨绸缪\n我们希望中美关系可以在新的竞争关系中复归友好。但如果两国的隔阂越来越大,那在美上市的中国企业,确实需要做好两手准备。\n对中美两国来讲,中国企业从美国市场退市,似乎都不是难以承受的代价。\n对美国来讲,尽管中概股的波动比较大,但中概股的整体表现优于大部分美国上市公司股票,中国企业财务造假带来的损失,也远小于安然、雷曼这些美国公司。\n如果中概股退市,美国投资者会失去一个比较好的投资标的。但中概股退市后可以去港股和A股上市,如果美国投资者依旧看好中国企业,可以继续在香港地区通过合格境外投资者机制(QFII)或者互联互通机制买进,进行投资。\n对中国来讲,我国是一个高储蓄国家和资本净出口国,并非一定要在美国上市募资。我国自己的资本市场也在逐渐完善,注册制也在科创板试点,很可能不久后的未来就会全面铺开,未来中国企业在国内上市的便利度会大幅度提升,虽然在A股或者港股上市,估值很可能有缩水,但这对整个国家来讲,并不是什么不可接受的挑战。\n所以,如果中国企业在美退市,对两国来讲并不是什么不可接受的事件,那它们的命运就更多地受国际关系和历史进程的影响。这时候,企业应该做的就是未雨绸缪,防患于未然。\n谁都不希望坏事发生,但如果发生,也不至于措手不及。","news_type":1,"symbols_score_info":{"513050":0.9}},"isVote":1,"tweetType":1,"viewCount":2674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177492503,"gmtCreate":1627256637602,"gmtModify":1703485974163,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177492503","repostId":"2153840759","repostType":4,"repost":{"id":"2153840759","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":1627052471,"share":"https://ttm.financial/m/news/2153840759?lang=en_US&edition=fundamental","pubTime":"2021-07-23 23:01","market":"us","language":"zh","title":"[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2153840759","media":"老虎资讯综合","summary":"7月23日,英特尔跌超5%,CEO 称芯片短缺将持续至2023年。\n业界越来越多的人认为,芯片供应中断不会很快得到解决,Gelsinger的预测为这种观点增添了业内领先人物的声音。 在周四的采访中,他","content":"<p>July 23,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Dropped more than 5%, CEO said chip shortage will last until 2023.</p><p>There is a growing belief in the industry that chip supply disruptions won't be resolved anytime soon, and Gelsinger's predictions add to the voices of the industry's leading figures. In an interview Thursday, he said it could take one to two years for the semiconductor industry to return to a reasonable supply-demand balance. We still have a long way to go because it takes a long time to build manufacturing capacity. In addition, Intel is already adding new chip production plants, though some of that capacity won't be in place for about two years.<img src=\"https://static.tigerbbs.com/198a9c06c3ac52d89ba193e88d320c04\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></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>[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023</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\">\n[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023\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\">2021-07-23 23:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 23,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Dropped more than 5%, CEO said chip shortage will last until 2023.</p><p>There is a growing belief in the industry that chip supply disruptions won't be resolved anytime soon, and Gelsinger's predictions add to the voices of the industry's leading figures. In an interview Thursday, he said it could take one to two years for the semiconductor industry to return to a reasonable supply-demand balance. We still have a long way to go because it takes a long time to build manufacturing capacity. In addition, Intel is already adding new chip production plants, though some of that capacity won't be in place for about two years.<img src=\"https://static.tigerbbs.com/198a9c06c3ac52d89ba193e88d320c04\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"INTC":"英特尔"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153840759","content_text":"7月23日,英特尔跌超5%,CEO 称芯片短缺将持续至2023年。\n业界越来越多的人认为,芯片供应中断不会很快得到解决,Gelsinger的预测为这种观点增添了业内领先人物的声音。 在周四的采访中,他表示,半导体行业可能需要一到两年时间才能恢复合理的供需平衡。 我们还有很长的路要走,因为建立制造产能需要很长的时间。此外,英特尔已经在增加新的芯片生产工厂,不过其中一些产能在大约两年内不会到位。","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177306096,"gmtCreate":1627178939715,"gmtModify":1703485102656,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177306096","repostId":"1194494092","repostType":4,"repost":{"id":"1194494092","kind":"news","pubTimestamp":1627109486,"share":"https://ttm.financial/m/news/1194494092?lang=en_US&edition=fundamental","pubTime":"2021-07-24 14:51","market":"hk","language":"zh","title":"The \"secret\" of ten times the base, how can Christians really make money?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194494092","media":" 兴证全球基金","summary":"挖掘出十倍的投资标的,无疑是所有投资者的梦想。正所谓难以实现才叫梦想,但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢?\n为什么是十倍?\n“十倍”(Tenbagger)是美国投资大师","content":"<p>It is undoubtedly the dream of all investors to dig up ten times the investment target. As the saying goes, it is difficult to realize dreams, but we find that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why tenfold?</b></p><p>\"Tenbagger\" is the word mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>It probably means that after a long-term development, the stock price of an enterprise can rise 10 times with the support of revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to find them from the side. If you can't find them there, you will go to the shopping center to find them. It was from the \"side\" that he became associated with ten-fold stocks in his early days.</b></p><p>Peter Lynch once discovered that all three of his daughters were using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are opened in more conspicuous places such as street corners, not just in shopping malls.</p><p>Peter Lynch's research found that the company's products were relatively standardized, affordable and covered a wide range of age groups. Expansion by adding franchise chains, and multinational operations from the beginning, market expansion ability is strong.</p><p>Peter Lynch jumped at The opportunity and The body Shop climbed steadily after its UK listing, eventually becoming a veritable Tenbagger (tenfold stock).</p><p><b>Tenbagger in the Public Fund Market</b></p><p>Tenbagger was later extended to the fund circle, which means funds whose net value has increased ten times or more compared with that at the time of issuance. As of June 25, 2021, there were 56 ten times funds in domestic public offering of funds. (Source: Galaxy Securities, as of 2021/6/25)</p><p>What kind of markets have these funds experienced, and what are their common characteristics?</p><p><b>Births – mostly born in 2006 and before</b></p><p>Among the 56 funds, except 2 funds, the remaining 54 funds were established in 2006 and before, and experienced the big bull market from 2006 to 2007, and also experienced the market decline in 2008. After several bull-bear transitions, as of June 25, 2021, the average establishment time was 16.6 years. (Source: Galaxy Securities, as of 2021/6/25)</p><p><b>It can be seen that good investment does need time to witness.</b></p><p>Ten-fold basis establishment time and corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of 2021/6/25, the histogram represents the number of ten times the base established in that year, the line chart represents the Shanghai Composite Index, the left axis is the corresponding index point, and the right side is the number of funds established. Historical performance does not represent the future, so fund investment needs to be cautious.</p><p><b>Growth – not always the top of the \"class\"</b></p><p>During the growth of ten-fold funds, we found that they rarely rank in the top few of their kind in a single year in a row. One of the important reasons is that these funds rarely pursue short-term hot spots and abandon long-term investment strategies and styles.</p><p>Among the 56 ten-fold funds, only 7 funds have won the same category championship (2007-2020), 13 funds have not entered the top 10 of the same category in a single year, and few funds have been ranked in the top 10 of the same category for two consecutive years. (Source: Galaxy Securities, as of 2021/6/25)</p><p>We have listed the annual \"report cards\" of the top ten-fold funds. These funds can't always be in the top quarter in the short term, but their value is highlighted under the influence of time.</p><p>Part of ten times the base \"report card\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of 2021/6/25. Historical performance does not represent the future, so fund investment needs to be cautious.</p><p><b>Adults-Solving \"difficult problems\" is a mandatory course</b></p><p>The A-share market is short and long. Ten times the base has often experienced several bear markets, and difficult problems are also their compulsory courses.</p><p>We have selected several typical unilateral downward markets in the A-share market, and the average decline of ten times base in these markets is lower than that of Shanghai Composite Index and partial stock fund index.</p><p>Ten times base unilateral downside market performance</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" way of inquiry, the performance of these funds in the unilateral downward market still gives us some inspiration.</p><p>One of the most important ones is,<b>\"Seek undefeated first, then win\", and sophisticated investors know that a 50% drop requires about 100% gain to return to square one</b>。</p><p>Not only that, in the regular reports of ten times base, we found that in the hot market period, most ten times funds have a certain defensive tendency towards the market. In the first quarterly report of 2007, the reports of many of the above funds mentioned \"improving the portfolio defensiveness\"; In 2015, some ten times fund reports mentioned \"reducing the concentration of shareholding\" and so on.</p><p><b>Therefore, ten times base not only relies on the rise in the \"easy\" market, but also relies on the fact that it will not perform too poorly when faced with difficult \"test papers\".</b></p><p><b>Success-the bonus of \"family background\" and \"noble person\"</b></p><p>Fund companies and fund managers play an important role in exploring ten-fold bases.</p><p>Most of the ten-fold family backgrounds have solid investment and research strength, which is one of the foundations supporting the long-term excellent performance of the fund.</p><p><b>From the perspective of fund managers, a good fund manager can be described as a \"noble person\" with ten times the base.</b></p><p>Huabao Securities once produced a four-quadrant chart of fund managers, which depicts the industry allocation and investment philosophy of fund managers.</p><p>On the whole, there are more ten-fold fund managers in the left quadrant, that is, the industry is scattered or concentrated, and the industry is less switched. Equilibrium and dispersion of industries + less switching of industries can control the risk of the portfolio as much as possible; Fund managers with centralized industry allocation + less industry switching are usually more optimistic about a high-quality track and hold it for a long time.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Warburg Securities</p><p>Of course, when choosing ten times the base, you should also pay attention to analyzing the time under management and related performance of the current fund manager, and choose products that are more in line with your risk-return preference.</p><p><b>Who is guarding the \"ten-fold base\"?</b></p><p><b>In fact, the growth, adulthood and \"difficult periods\" experienced by a fund will also be experienced by holders, and many can accompany the fund for one year, but few for ten years.</b></p><p><b>The idea of long-term investment is to be a friend of time. 'The most romantic thing I can think of is to grow old with you'.</b></p><p><b>— — Mr. Li held the fund for 17 years</b></p><p><b>The longest-term fund investment is more than 10 years, and it was originally bought with children's lucky money. I believe in the long-term power of investment and will always persist.</b></p><p><b>— — Ms. Han held the fund for 13 years</b></p><p><b>It is possible that I am the only one who has only bought and not sold since release.</b></p><p><b>— — Message for the \"Looking for Trend Million Holders\" campaign</b></p><p><b>Only through the accumulation of time and hard work can we gain the possibility of qualitative change, grow together and move forward together.</b></p><p><b>— — Discussion Forum Christians</b></p><p>Investors' notes have done relevant research, and found the holders of ten times base from the regular reports of the fund. Their characteristic is that they dare to buy when the market is panicking, and are more patient than most investors. Some people say that maybe he \"forgot\" his position, but this \"forgetting\" has also become the staunch guardian of ten times base from another aspect.</p><p><b>Finally, reasonable expectations are the prerequisite for investment and companionship. The road to investment requires competing for strength and endurance. If it is a high-quality fund, you might as well give it more time to let the value settle.</b></p>","source":"lsy1619314504794","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>The \"secret\" of ten times the base, how can Christians really make money?</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\">\nThe \"secret\" of ten times the base, how can Christians really make money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 兴证全球基金</strong><span class=\"h-time small\">2021-07-24 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It is undoubtedly the dream of all investors to dig up ten times the investment target. As the saying goes, it is difficult to realize dreams, but we find that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why tenfold?</b></p><p>\"Tenbagger\" is the word mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>It probably means that after a long-term development, the stock price of an enterprise can rise 10 times with the support of revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to find them from the side. If you can't find them there, you will go to the shopping center to find them. It was from the \"side\" that he became associated with ten-fold stocks in his early days.</b></p><p>Peter Lynch once discovered that all three of his daughters were using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are opened in more conspicuous places such as street corners, not just in shopping malls.</p><p>Peter Lynch's research found that the company's products were relatively standardized, affordable and covered a wide range of age groups. Expansion by adding franchise chains, and multinational operations from the beginning, market expansion ability is strong.</p><p>Peter Lynch jumped at The opportunity and The body Shop climbed steadily after its UK listing, eventually becoming a veritable Tenbagger (tenfold stock).</p><p><b>Tenbagger in the Public Fund Market</b></p><p>Tenbagger was later extended to the fund circle, which means funds whose net value has increased ten times or more compared with that at the time of issuance. As of June 25, 2021, there were 56 ten times funds in domestic public offering of funds. (Source: Galaxy Securities, as of 2021/6/25)</p><p>What kind of markets have these funds experienced, and what are their common characteristics?</p><p><b>Births – mostly born in 2006 and before</b></p><p>Among the 56 funds, except 2 funds, the remaining 54 funds were established in 2006 and before, and experienced the big bull market from 2006 to 2007, and also experienced the market decline in 2008. After several bull-bear transitions, as of June 25, 2021, the average establishment time was 16.6 years. (Source: Galaxy Securities, as of 2021/6/25)</p><p><b>It can be seen that good investment does need time to witness.</b></p><p>Ten-fold basis establishment time and corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of 2021/6/25, the histogram represents the number of ten times the base established in that year, the line chart represents the Shanghai Composite Index, the left axis is the corresponding index point, and the right side is the number of funds established. Historical performance does not represent the future, so fund investment needs to be cautious.</p><p><b>Growth – not always the top of the \"class\"</b></p><p>During the growth of ten-fold funds, we found that they rarely rank in the top few of their kind in a single year in a row. One of the important reasons is that these funds rarely pursue short-term hot spots and abandon long-term investment strategies and styles.</p><p>Among the 56 ten-fold funds, only 7 funds have won the same category championship (2007-2020), 13 funds have not entered the top 10 of the same category in a single year, and few funds have been ranked in the top 10 of the same category for two consecutive years. (Source: Galaxy Securities, as of 2021/6/25)</p><p>We have listed the annual \"report cards\" of the top ten-fold funds. These funds can't always be in the top quarter in the short term, but their value is highlighted under the influence of time.</p><p>Part of ten times the base \"report card\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of 2021/6/25. Historical performance does not represent the future, so fund investment needs to be cautious.</p><p><b>Adults-Solving \"difficult problems\" is a mandatory course</b></p><p>The A-share market is short and long. Ten times the base has often experienced several bear markets, and difficult problems are also their compulsory courses.</p><p>We have selected several typical unilateral downward markets in the A-share market, and the average decline of ten times base in these markets is lower than that of Shanghai Composite Index and partial stock fund index.</p><p>Ten times base unilateral downside market performance</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" way of inquiry, the performance of these funds in the unilateral downward market still gives us some inspiration.</p><p>One of the most important ones is,<b>\"Seek undefeated first, then win\", and sophisticated investors know that a 50% drop requires about 100% gain to return to square one</b>。</p><p>Not only that, in the regular reports of ten times base, we found that in the hot market period, most ten times funds have a certain defensive tendency towards the market. In the first quarterly report of 2007, the reports of many of the above funds mentioned \"improving the portfolio defensiveness\"; In 2015, some ten times fund reports mentioned \"reducing the concentration of shareholding\" and so on.</p><p><b>Therefore, ten times base not only relies on the rise in the \"easy\" market, but also relies on the fact that it will not perform too poorly when faced with difficult \"test papers\".</b></p><p><b>Success-the bonus of \"family background\" and \"noble person\"</b></p><p>Fund companies and fund managers play an important role in exploring ten-fold bases.</p><p>Most of the ten-fold family backgrounds have solid investment and research strength, which is one of the foundations supporting the long-term excellent performance of the fund.</p><p><b>From the perspective of fund managers, a good fund manager can be described as a \"noble person\" with ten times the base.</b></p><p>Huabao Securities once produced a four-quadrant chart of fund managers, which depicts the industry allocation and investment philosophy of fund managers.</p><p>On the whole, there are more ten-fold fund managers in the left quadrant, that is, the industry is scattered or concentrated, and the industry is less switched. Equilibrium and dispersion of industries + less switching of industries can control the risk of the portfolio as much as possible; Fund managers with centralized industry allocation + less industry switching are usually more optimistic about a high-quality track and hold it for a long time.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Warburg Securities</p><p>Of course, when choosing ten times the base, you should also pay attention to analyzing the time under management and related performance of the current fund manager, and choose products that are more in line with your risk-return preference.</p><p><b>Who is guarding the \"ten-fold base\"?</b></p><p><b>In fact, the growth, adulthood and \"difficult periods\" experienced by a fund will also be experienced by holders, and many can accompany the fund for one year, but few for ten years.</b></p><p><b>The idea of long-term investment is to be a friend of time. 'The most romantic thing I can think of is to grow old with you'.</b></p><p><b>— — Mr. Li held the fund for 17 years</b></p><p><b>The longest-term fund investment is more than 10 years, and it was originally bought with children's lucky money. I believe in the long-term power of investment and will always persist.</b></p><p><b>— — Ms. Han held the fund for 13 years</b></p><p><b>It is possible that I am the only one who has only bought and not sold since release.</b></p><p><b>— — Message for the \"Looking for Trend Million Holders\" campaign</b></p><p><b>Only through the accumulation of time and hard work can we gain the possibility of qualitative change, grow together and move forward together.</b></p><p><b>— — Discussion Forum Christians</b></p><p>Investors' notes have done relevant research, and found the holders of ten times base from the regular reports of the fund. Their characteristic is that they dare to buy when the market is panicking, and are more patient than most investors. Some people say that maybe he \"forgot\" his position, but this \"forgetting\" has also become the staunch guardian of ten times base from another aspect.</p><p><b>Finally, reasonable expectations are the prerequisite for investment and companionship. The road to investment requires competing for strength and endurance. If it is a high-quality fund, you might as well give it more time to let the value settle.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA\"> 兴证全球基金</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194494092","content_text":"挖掘出十倍的投资标的,无疑是所有投资者的梦想。正所谓难以实现才叫梦想,但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢?\n为什么是十倍?\n“十倍”(Tenbagger)是美国投资大师彼得·林奇在其自传《One Up On Wall Street》中提及的词汇。\n大概意思是指企业经过长期发展,在营收与利润增长的支持下,股价能够上涨10倍的股票。\n彼得·林奇在自传中曾写道:寻找十倍股最佳的方式就是从身边找起,在那里找不到,就去购物中心里去找,而他早期与十倍股结缘,也正是从“身边”开始的。\n彼得·林奇有一次发现自己的三个女儿都在使用来自一家名叫美体小铺(The body Shop)公司的化妆品。The body Shop 虽然是一个美妆品牌,但它在欧美地区的大多数连锁店,都是开在街角等较为显眼的地方,而不仅仅是在商场里。\n彼得·林奇研究发现,这家公司的产品相对标准化,价格亲民,客户覆盖的年龄段相当宽泛。通过增加特许连锁店的方式进行扩张,而且一开始就进行跨国经营,市场扩张能力很强。\n彼得·林奇把握住了这一机会,The body Shop 在英国上市后,股价节节攀升,最终成为名副其实的Tenbagger(十倍股)。\n公募基金市场中的Tenbagger\nTenbagger后来也被延用到了基金圈,意指基金净值较发行时增长十倍及以上的基金,截至到2021年6月25日,国内公募基金共有56只十倍基。(数据来源:银河证券,截至2021/6/25)\n这些基金都经历过怎样的市场,又都有什么共同的特点呢?\n出生——大部分生于2006年及之前\n在56只基金中,除了2只基金,其余54只基金均成立于2006年及之前,经历过2006年-2007年的大牛市,也经历过2008年市场下跌,历经数度牛熊转换,截至2021年6月25日,平均成立时间16.6年。(数据来源:银河证券,截至2021/6/25)\n可见,好的投资,确实需要时间的见证。\n十倍基成立时间及对应指数点位\n\n数据来源:银河证券,截至2021/6/25,柱状图代表在当年成立的十倍基数量,折线图代表沪指,左侧轴为相对应指数点位,右侧为基金成立数量。历史业绩不代表未来,基金投资需谨慎。\n成长——不总是“班上”前几名\n在十倍基的成长过程中,我们发现,它们很少能连续在单一年度业绩排在同类前几名,其中重要的原因之一是,这些基金较少会追求短期热点而放弃长期坚持的投资策略和风格。\n在56只十倍基中,仅有7只基金曾获得过同类别冠军(2007年-2020年),有13只基金未进入过单一年度同类前10,鲜有基金能连续两年排进同类前10。(数据来源:银河证券,截至2021/6/25)\n我们罗列了排在前几位的十倍基每年的“成绩单”,这些基金在短期内无法总在前1/4,但在时间的作用下价值凸显。\n部分十倍基“成绩单”\n\n数据来源:银河证券,截至2021/6/25。历史业绩不代表未来,基金投资需谨慎。\n成人——解决“难题”是必修课\nA股市场牛短熊长,十倍基往往都经历过数个熊市,而难题也是它们的必修课。\n我们选取了A股市场中几个较为典型的单边下行市场,十倍基在这些市场中的平均跌幅均低于上证指数及偏股基金指数。\n十倍基单边下行市场表现情况\n\n数据来源:wind,银河证券,截至2021/6/25\n尽管这是一种“上帝视角”的探究方式,但这些基金在单边下行市场中的表现,还是给了我们一定的启发。\n其中很重要的一条是,“先求不败,再求胜”,而老练的投资者熟知,下跌50%,需要约100%的涨幅才能回到原点。\n不仅如此,在十倍基的定期报告中我们发现,在市场较热时期,大部分的十倍基金对市场都有一定的防守倾向,2007年一季报中,上述基金中多只基金的报告中提到“提高组合防御性”;2015年部分十倍基金报告中提及“降低持股集中度”等。\n所以,十倍基不仅仅是靠着“容易”市场中的上涨,还靠着在面对难“试卷”的时候,也不会表现得太差。\n成功 —— “家世”与“贵人”的加成\n探究十倍基,基金公司及基金经理扮演着重要的角色。\n十倍基的家世,多数都拥有扎实的投研实力,这是支撑基金长期业绩优异的基础之一。\n从基金经理来看,好的基金经理可谓是十倍基的“贵人”。\n华宝证券曾制作基金经理四象限图,刻画基金经理的行业配置及投资理念。\n整体来看,十倍基基金经理在左侧象限较多,即行业分散或集中、行业少切换。行业均衡分散+行业少切换可以尽可能控制组合的风险;行业集中配置+行业少切换的基金经理通常较为坚定看好某一优质赛道并长期持有。\n\n资料来源:华宝证券\n当然,在选择十倍基的时候,也要注意分析现任基金经理的在管时间和相关业绩表现,选择更符合自己风险收益偏好的产品。\n谁在守护“十倍基”?\n实际上,一只基金经历的成长、成人以及过程中的“困难时期”,持有人也一样会经历,而能陪伴基金一年者甚多,但十年者甚少。\n长期投资的理念是要做时间的朋友,‘我能想到最浪漫的事就是和你一起慢慢变老’。\n——李先生 持有基金17年\n最长期的基金投资不止10年,最开始是用小孩的压岁钱买的。相信投资的长期力量,会一直坚持。\n——韩女士 持有基金13年\n我有可能是唯一一个从发行到现在只买不卖的人。\n—— “寻找趋势百万持有人”活动留言\n只有经过时间的积累和努力才有收获质变的可能,一起成长,共同前行。\n—— 讨论区基民\n投资人记事曾做过相关研究,从基金定期报告中,找到十倍基的持有者,他们的特点是,敢于在市场恐慌的时候买入,并比多数投资者更有耐心,有人说,也许他“遗忘”了自己的持仓,但这种“遗忘”,也从另一个侧面成为了十倍基的坚定守护者。\n最后,合理的预期是投资和陪伴的前提。投资之路,既要比拼实力,也要比拼耐力,如果是一只优质的基金,不妨多给它一些时间,让价值沉淀。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174447499,"gmtCreate":1627133117211,"gmtModify":1703484656143,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174447499","repostId":"2153809933","repostType":4,"repost":{"id":"2153809933","kind":"highlight","pubTimestamp":1627105483,"share":"https://ttm.financial/m/news/2153809933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 13:44","market":"us","language":"zh","title":"The Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153809933","media":"智通财经网","summary":"美联储于7月27日和28日召开货币政策会议,虽然股市目前情绪还较乐观,它将在一种不安的气氛中开会。","content":"<p>The Federal Reserve holds its monetary policy meeting on July 27th and 28th. Although the stock market is still in a more optimistic mood, it will meet in an uneasy atmosphere. In addition to the urgent need for the market to know Powell's current attitude, more importantly, whether the Fed already has the details of its tapering policy.</p><p>In recent testimony before Congress, Fed Chairman Powell made it clear that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an impending shift in policy. After all, employment levels are still more than six million below what they were before the pandemic began, and the latest Covid pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>But ING strategists talked about the upcoming Jackson Hole Federal Reserve Conference at the end of August, where Fed officials will begin preparing for the tapering of their quantitative easing and refine it further at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, though perhaps not as fast as some expected earlier this year. In addition, many businesses desperately need workers, but millions are still unemployed. Vaccination rates have stagnated in recent weeks and the number of infections has risen. Nevertheless, the Fed is facing tightening pressures, such as tapering QE. But most people still don't expect the Fed to announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of tapering on the table\" for discussion.</p><p>Labor market signs suggest the Fed's easing is far from over. Economists and market watchers had hoped that by April, when vaccines were widely available and many economic restrictions began to lift, employers would start hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the Bureau of Labor Statistics, non-farm growth has generally been unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider reducing some loose stimulus policies that have been implemented. Three-month moving averages from the Federal Reserve Bank of Atlanta show that even though wages were 3.2% higher in June than a year earlier, inflation rose even higher. The consumer price index rose 5.4% in June compared to a year earlier, meaning inflation-adjusted incomes fell more than 2%. Even the Fed's favored Core personal consumption expenditure (Core PCE) measure, which strips out volatility in food and energy prices, rose 3.4% in May from a year earlier.</p><p>In fact, a month ago, the Fed raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue to rise for the rest of the year. However, the Fed may not be in a hurry to intervene. In a speech last August, Powell said the Fed had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a modest period of time before tightening.</p><p>Minutes from the Fed's latest meeting, though, show increased interest in discussing tapering bond purchases. The Fed is currently buying $120 billion worth of bonds each month, but a short-term rate hike could still be years away.</p><p>ING strategists believe that although the Fed is not expected to change policy at its July meeting, the market may hear more about tapering discussions that began in June. Discussion around the issue is likely to heat up at the Jackson Hole meeting in August, as the Fed's current signals still lean toward earlier policy normalization. Its reference to Chairman Powell may suggest that while discussions have already begun about tapering quantitative easing, there is still plenty of time before they need to draw conclusions about the actions they will take.</p>","source":"highlight_zhitongcaijin","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>The Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?</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\">\nThe Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-24 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve holds its monetary policy meeting on July 27th and 28th. Although the stock market is still in a more optimistic mood, it will meet in an uneasy atmosphere. In addition to the urgent need for the market to know Powell's current attitude, more importantly, whether the Fed already has the details of its tapering policy.</p><p>In recent testimony before Congress, Fed Chairman Powell made it clear that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an impending shift in policy. After all, employment levels are still more than six million below what they were before the pandemic began, and the latest Covid pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>But ING strategists talked about the upcoming Jackson Hole Federal Reserve Conference at the end of August, where Fed officials will begin preparing for the tapering of their quantitative easing and refine it further at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, though perhaps not as fast as some expected earlier this year. In addition, many businesses desperately need workers, but millions are still unemployed. Vaccination rates have stagnated in recent weeks and the number of infections has risen. Nevertheless, the Fed is facing tightening pressures, such as tapering QE. But most people still don't expect the Fed to announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of tapering on the table\" for discussion.</p><p>Labor market signs suggest the Fed's easing is far from over. Economists and market watchers had hoped that by April, when vaccines were widely available and many economic restrictions began to lift, employers would start hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the Bureau of Labor Statistics, non-farm growth has generally been unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider reducing some loose stimulus policies that have been implemented. Three-month moving averages from the Federal Reserve Bank of Atlanta show that even though wages were 3.2% higher in June than a year earlier, inflation rose even higher. The consumer price index rose 5.4% in June compared to a year earlier, meaning inflation-adjusted incomes fell more than 2%. Even the Fed's favored Core personal consumption expenditure (Core PCE) measure, which strips out volatility in food and energy prices, rose 3.4% in May from a year earlier.</p><p>In fact, a month ago, the Fed raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue to rise for the rest of the year. However, the Fed may not be in a hurry to intervene. In a speech last August, Powell said the Fed had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a modest period of time before tightening.</p><p>Minutes from the Fed's latest meeting, though, show increased interest in discussing tapering bond purchases. The Fed is currently buying $120 billion worth of bonds each month, but a short-term rate hike could still be years away.</p><p>ING strategists believe that although the Fed is not expected to change policy at its July meeting, the market may hear more about tapering discussions that began in June. Discussion around the issue is likely to heat up at the Jackson Hole meeting in August, as the Fed's current signals still lean toward earlier policy normalization. Its reference to Chairman Powell may suggest that while discussions have already begun about tapering quantitative easing, there is still plenty of time before they need to draw conclusions about the actions they will take.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"http://www.zhitongcaijing.com/content/detail/520599.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/98a01b74d12bd250d548a4cdbf0d9091","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPXU":"三倍做空标普500ETF-ProShares","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空","SSO":"2倍做多标普500ETF-ProShares","DJX":"1/100道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares","OEX":"标普100","DXD":"两倍做空道琼30指数ETF-ProShares","SPY":"标普500ETF","SH":"做空标普500-Proshares","UDOW":"三倍做多道指30ETF-ProShares",".DJI":"道琼斯","SDOW":"三倍做空道指30ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares",".IXIC":"NASDAQ Composite","UPRO":"三倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF","TQQQ":"纳指三倍做多ETF","QQQ":"纳指100ETF","IVV":"标普500ETF-iShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/520599.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2153809933","content_text":"美联储于7月27日和28日召开货币政策会议,虽然股市目前情绪还较乐观,它将在一种不安的气氛中开会。除了市场急需知道鲍威尔目前的态度,更重要的是美联储是否已经有了缩减政策细节。\n美联储主席鲍威尔最近在国会作证时明确表示,他仍然认为通胀压力在很大程度上是暂时的,没有任何迫切需要发出政策即将转变的信号。毕竟,就业水平仍比疫情开始前低600多万,而最新的新冠疫情增加了另一层不确定性,可以用来为不采取行动辩护。\n但是ING策略师谈到即将在8月底举行的杰克逊霍尔美联储会议(Jackson Hole Federal Reserve Conference)上,美联储官员将开始为缩减量化宽松做准备,并在9月份的FOMC会议上进一步细化,然后在12月份正式宣布。\n经济正在增长,尽管可能没有今年早些时候一些人预期的那么快。此外许多企业迫切需要工人,但仍有数百万人失业。最近几周,疫苗接种率停滞不前,感染病例数量上升。尽管如此美联储正面临着收紧压力,如缩减QE。但大部分人还是预计美联储不会在下周会议上宣布任何新举措,但焦点是鲍威尔是否会把缩减细节“摆上桌面”来讨论。\n劳动力市场迹象暗示美联储的宽松远没有结束。经济学家和市场观察人士曾希望,到4月份疫苗广泛普及、许多经济限制开始解除的时候,雇主将开始大批雇佣工人。然而,现实却远没有这么乐观。根据美国劳工统计局(Bureau of Labor Statistics)的最新数据显示非农增速在最近数月总体不是很稳定。\n另外一方面,当下通胀环境又让美联储不得不考虑缩减一些已经实施的宽松刺激政策。亚特兰大联邦储备银行的三个月移动平均数据显示,尽管6月份的工资比去年同期高出3.2%,但通货膨胀率却上升得更高。与去年同期相比,6月份消费者价格指数增长了5.4%,这意味着经通胀调整后的收入下降了2%以上。即便是美联储青睐的剔除食品和能源价格波动的核心个人消费支出(Core PCE)指标,5月份也较上年同期上涨了3.4%。\n事实上,一个月前,美联储将2021年的通胀预期从3月份的2.2%上调至3%,但即便如此也可能过于乐观。在今年余下的时间里,通胀可能会持续上升。不过,美联储也未必会不急于介入。在去年8月的一次讲话中,鲍威尔表示,美联储在过去犯了太多的错误,他愿意在收紧之前,让价格在一段适度的时间内超过央行2%的目标。\n不过,美联储最近一次会议的纪要显示,人们对讨论缩减债券购买规模的兴趣有所增加。美联储目前每月购买价值1200亿美元的债券,但短期加息可能仍需数年时间。\nING策略师认为尽管美联储预计在7月份的会议上不会改变政策,但市场可能会听到更多有关6月份开始的缩减购债讨论的消息。在8月份的杰克逊霍尔(Jackson Hole)会议上,围绕这一问题的讨论可能会升温,因为美联储目前发出的信号仍倾向于更早的政策正常化。其谈到鲍威尔主席可能会暗示,虽然有关缩减量化宽松的讨论已经开始,但在他们需要就他们将采取的行动得出结论之前,还有很多时间。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DOG":0.9,"SSO":0.9,"SPY":0.9,".IXIC":0.9,"OEX":0.9,"QID":0.9,"UDOW":0.9,"PSQ":0.9,"QLD":0.9,".DJI":0.9,"MNQmain":0.9,"OEF":0.9,"SPXU":0.9,"DXD":0.9,"UPRO":0.9,"SDS":0.9,"IVV":0.9,"DJX":0.9,"QQQ":0.9,"TQQQ":0.9,"ESmain":0.9,"SH":0.9,"NQmain":0.9,".SPX":0.9,"SQQQ":0.9,"DDM":0.9,"SDOW":0.9}},"isVote":1,"tweetType":1,"viewCount":985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174331516,"gmtCreate":1627075615935,"gmtModify":1703483714447,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174331516","repostId":"2153360675","repostType":2,"repost":{"id":"2153360675","kind":"news","pubTimestamp":1627004209,"share":"https://ttm.financial/m/news/2153360675?lang=en_US&edition=fundamental","pubTime":"2021-07-23 09:36","market":"us","language":"zh","title":"Alibaba Cloud provides cloud global broadcast technical support for the Olympics","url":"https://stock-news.laohu8.com/highlight/detail?id=2153360675","media":"AAFN","summary":"阿里 旗下云端运算服务平台阿里云表示,与奥林匹克广播服务公司联手打造的奥林匹克转播云OBS Cloud将在今年东京奥运会上首次投入使用,为全球转播机构提供云上转播支持,将是奥运历史上首次采用云计算支撑全球转播。国际奥委会主席巴赫表示,今年奥运首次采用云支撑全球转播,是数字化水平最高的一届,3D模拟技术亦提供全新的观看体验。","content":"<p><html><body>Alibaba Cloud, a cloud computing service platform owned by Alibaba, said that OBS Cloud, an Olympic broadcasting cloud jointly created with Olympic Broadcasting Service Company, will be put into use for the first time at this year's Tokyo Olympic Games, providing cloud broadcasting support for global broadcasters. It will be the first time in the history of the Olympic Games that cloud computing supports global broadcasting. Alibaba Cloud<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>President Zhang Jianfeng said that the global audience will watch the Olympics in the cloud for the first time; Based on OBS Cloud, broadcasters can not only receive event content, but also establish their own content creation, management and distribution system on the platform. Broadcaster staff will not have to go to the Tokyo Olympics site in person and can complete broadcasting and editing work remotely. International Olympic Committee President Bach said that this year's Olympic Games used cloud to support global broadcast for the first time, which is the highest level of digitalization. 3D simulation technology also provides a brand-new viewing experience. It is an important step into the digital age. (gc/w) ~ Aastock Financial News Website: www.aastocks.com</p><p></body></html></p>","source":"aastocks","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>Alibaba Cloud provides cloud global broadcast technical support for the Olympics</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\">\nAlibaba Cloud provides cloud global broadcast technical support for the Olympics\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AAFN</strong><span class=\"h-time small\">2021-07-23 09:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Alibaba Cloud, a cloud computing service platform owned by Alibaba, said that OBS Cloud, an Olympic broadcasting cloud jointly created with Olympic Broadcasting Service Company, will be put into use for the first time at this year's Tokyo Olympic Games, providing cloud broadcasting support for global broadcasters. It will be the first time in the history of the Olympic Games that cloud computing supports global broadcasting. Alibaba Cloud<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>President Zhang Jianfeng said that the global audience will watch the Olympics in the cloud for the first time; Based on OBS Cloud, broadcasters can not only receive event content, but also establish their own content creation, management and distribution system on the platform. Broadcaster staff will not have to go to the Tokyo Olympics site in person and can complete broadcasting and editing work remotely. International Olympic Committee President Bach said that this year's Olympic Games used cloud to support global broadcast for the first time, which is the highest level of digitalization. 3D simulation technology also provides a brand-new viewing experience. It is an important step into the digital age. (gc/w) ~ Aastock Financial News Website: www.aastocks.com</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1114805&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">AAFN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c6c9a7d77e798f12f2e1532e2204e1c5","relate_stocks":{"09988":"阿里巴巴-W"},"source_url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1114805&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","is_english":false,"share_image_url":"https://static.laohu8.com/51f6b9126f36f92bbf92982596066e5a","article_id":"2153360675","content_text":"阿里 旗下云端运算服务平台阿里云表示,与奥林匹克广播服务公司联手打造的奥林匹克转播云OBS Cloud将在今年东京奥运会上首次投入使用,为全球转播机构提供云上转播支持,将是奥运历史上首次采用云计算支撑全球转播。阿里云智能总裁张建锋表示,全球观众将首次以「云」方式观看奥运;而基於OBS Cloud,转播方不仅可以接收赛事内容,还可以在平台上建立自己的内容创作、管理和分发系统,转播方工作人员将不必亲赴东京奥运现场,可以远程完成转播和编辑工作。国际奥委会主席巴赫表示,今年奥运首次采用云支撑全球转播,是数字化水平最高的一届,3D模拟技术亦提供全新的观看体验。是迈入数字时代的重要一步。(gc/w)~阿思达克财经新闻网址: www.aastocks.com","news_type":1,"symbols_score_info":{"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174333502,"gmtCreate":1627075542906,"gmtModify":1703483713121,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174333502","repostId":"2153099276","repostType":2,"repost":{"id":"2153099276","kind":"news","pubTimestamp":1627007649,"share":"https://ttm.financial/m/news/2153099276?lang=en_US&edition=fundamental","pubTime":"2021-07-23 10:34","market":"sh","language":"zh","title":"Lehua Entertainment received investment from Alibaba and Byte, and Tencent supported Wow Haw Wow Big Factory to enter the \"entertainment circle\"","url":"https://stock-news.laohu8.com/highlight/detail?id=2153099276","media":"华夏时报","summary":"华夏时报记者 于玉金 北京报道一个领域都不能少,大厂们的赛道布局触及到娱乐圈。天眼查APP显示,7月19日,经纪公司北京乐华圆娱文化传播有限公司(下称“乐华娱乐”)发生工商变更,新增浙 ...","content":"<p><div>Huaxia Times reporter Yu Yujin reported in Beijing that no field is missing, and the track layout of major manufacturers touches the entertainment industry. Tianyancha APP shows that on July 19, the brokerage company Beijing Lehua Yuanyu Culture Communication Co., Ltd. (hereinafter referred to as \"Lehua Entertainment\") underwent industrial and commercial changes, adding Zhejiang Dongyang Alibaba Pictures Co., Ltd. (hereinafter referred to as \"Alibaba Pictures\"), ByteDance affiliated company Beijing Quantum Leap Technology Co., Ltd. (hereinafter referred to as \"Quantum Leap\"), etc. are shareholders. At the same time, Tencent has also been supporting Wow Haw Wow, which was established in early 2017. A brokerage analyst who did not want to be named was accepting the \"China...</p><p><a href=\"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml\">Web link</a></div></p>","source":"tonghuashun","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>Lehua Entertainment received investment from Alibaba and Byte, and Tencent supported Wow Haw Wow Big Factory to enter the \"entertainment circle\"</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\">\nLehua Entertainment received investment from Alibaba and Byte, and Tencent supported Wow Haw Wow Big Factory to enter the \"entertainment circle\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华夏时报</strong><span class=\"h-time small\">2021-07-23 10:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Huaxia Times reporter Yu Yujin reported in Beijing that no field is missing, and the track layout of major manufacturers touches the entertainment industry. Tianyancha APP shows that on July 19, the brokerage company Beijing Lehua Yuanyu Culture Communication Co., Ltd. (hereinafter referred to as \"Lehua Entertainment\") underwent industrial and commercial changes, adding Zhejiang Dongyang Alibaba Pictures Co., Ltd. (hereinafter referred to as \"Alibaba Pictures\"), ByteDance affiliated company Beijing Quantum Leap Technology Co., Ltd. (hereinafter referred to as \"Quantum Leap\"), etc. are shareholders. At the same time, Tencent has also been supporting Wow Haw Wow, which was established in early 2017. A brokerage analyst who did not want to be named was accepting the \"China...</p><p><a href=\"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml\">华夏时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2983fe6cedcdbad074bb89556ca1b665","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"source_url":"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/f0343184bd9b9c963ed02b302442e2b8","article_id":"2153099276","content_text":"华夏时报记者 于玉金 北京报道 一个领域都不能少,大厂们的赛道布局触及到娱乐圈。 天眼查APP显示,7月19日,经纪公司北京乐华圆娱文化传播有限公司(下称“乐华娱乐”)发生工商变更,新增浙江东阳阿里巴巴影业有限公司(下称“阿里影业”)、字节跳动关联公司北京量子跃动科技有限公司(下称“量子跃动”)等为股东。与此同时,腾讯也一直在扶植2017年初成立的哇唧唧哇。 有不愿具名券商分析师在接受《华夏时报》记者采访时表示,“(哇唧唧哇与乐华娱乐等老牌的艺人经纪公司)不存在差距,目前的互联网流量优势太强,传统的艺人经纪公司在互联网巨头面前,可溢价的空间有限。” 乐华娱乐获阿里与字节投资 天眼查APP显示,乐华娱乐新增股东阿里影业占股15%,量子跃动占股4.99%,分别为乐华娱乐第三和第六大股东。 作为老牌艺人经纪公司,乐华娱乐成立于2009年,注册资本11000万元,法定代表人为杜华,经营范围包括组织文化艺术交流活动(不含演出);市场调查;影视策划;营销策划;经营演出及经纪业务等。目前,乐华娱乐旗下艺人众多,包括韩庚、王一博、李汶翰、孟美岐、吴宣仪、范丞丞等。 2015年9月22日,乐华文化(即乐华娱乐;833564.OC)登陆新三板挂牌交易,交易方式为协议交易。 挂牌3个月后,乐华文化就宣布以23.2亿元的价格将100%股权卖给共达电声(002655)(002655.SZ),拟登陆A股市场;2016年10月,经过双方调整估值,共达电声将以18.87亿元收购乐华文化全部股权,乐华文化曾承诺2016年-2018年净利润分别为至1.5亿、1.9亿、2.5亿,但乐华文化2016年净利润仅为6448.38万元。多重原因导致该笔交易以失败而告终。 乐华文化董事长杜华曾在接受媒体采访时表示,“乐华不管是业务形态,或者未来的业务成长模式,各方面我觉得都有发展的空间,我们对自己的未来充满信心。因此,我们想单独地IPO。” 在此次获得阿里、字节投资之前,2012年,乐华娱乐获得乐搏资本、融玺创投A轮数千万人民币融资,2014年,获得华人文化集团2.55亿元人民币B轮融资。 一位文娱行业人士则告诉本报记者,乐华娱乐资本化是显而易见的,但是如果赴港上市,在二级市场上的表现则可以参考稻草熊娱乐(02125.HK)。 对于此次乐华娱乐获得大厂投资,是否预示着距离资本市场更近了,上述不愿具名券商分析师表示,“是否上市,目前还不知道,这个涉及公司自己的财务情况和监管机构对该类业务的审核态度。” 不过,乐华娱乐与字节跳动早有合作。当顶流偶像接连因私生活丑闻而“塌房”时,人设永不倒的虚拟偶像则吸引了更多目光,乐华娱乐与字节跳动的合作也是在虚拟偶像领域。字节跳动全资子公司北京游逸科技有限公司此前全资入股杭州看潮信息咨询有限公司,后者拥有乐华娱乐旗下虚拟偶像女团A-SOUL成员虚拟偶像的美术著作权。 据头豹行业研报显示,虚拟偶像是通过绘画、音乐、动画、CG等形式制作,在因特网等虚拟场景或现实场景进行演艺活动,但本身并不以实体形式存在的人物形象,具有参与性强、可控性强、无负面信息、周边产业多等特点。虚拟偶像在制作完成后,需进行IP打造、运营,完成人气积累后,再通过演唱会、音乐、广告代言、直播等路径进行变现。 该报告显示,2016年至2020年间,中国虚拟偶像市场规模(按收入)从3.1亿元增长至14.8亿元。预计未来5年,中国虚拟偶像市场规模仍将保持较高的增速增长,并于2025年增长至41.6亿元。 上述不愿具名分析师分析认为:“所谓虚拟偶像只是一个IP的玩法,并不是什么新的东西,只是创造了一个词语而已;我是认可虚拟偶像的价值的,虚拟偶像的优势在于可控性,以及边际成本为很低。” 大厂探索娱乐产业 字节跳动并非头一次押注艺人经纪公司,从2015年开始,其就通过投资不断布局明星经纪公司、网红MCN机构、虚拟偶像等娱乐产业。 泰洋川禾2020年3月获得了字节跳动独家战略投资的1.8亿元B轮融资。泰洋川禾是成立于2015年的新型娱乐集团,以传统艺人经纪业务起家,随后转向多元化发展,相继成立了papitube(短视频MCN机构)、泰洋恒星(新人演员培养厂)等厂牌。 虽然,王子文、周冬雨、Angelababy陆续与泰洋川禾解约,但泰洋川禾内部艺人储备依然丰厚,除了陈赫、张钧甯、孙艺洲、金晨、尹正等近50位全约艺人外,还手握papi酱、爆胎草莓粥、王蓝莓等数十位短视频博主。 而在今年7月2日,字节跳动投资了顶流网红李子柒的签约公司微念品牌管理,持股1.48%。 字节跳动开启投资时,另一家巨头腾讯也在布局娱乐领域。 腾讯一直扶植由“选秀教母”龙丹妮创立的哇唧唧哇娱乐文化有限公司(下称“哇唧唧哇”)。 哇唧唧哇成立于2017年初,采取从偶像挖掘、培训、养成、经纪到粉丝经济的全产业链闭环打造偶像模式,以“偶像”为核心,通过养成综艺、影视IP、潮流音乐等维度,给年轻人带来正能量的偶像产品。 天眼查显示,2017年7月,哇唧唧哇获得君联资本、华兴资本及正心谷资本A轮融资;2018年3月,哇唧唧哇获得腾讯投资战略投资,而傍上了腾讯后,哇唧唧哇获得资金、流量与资源。 据《华夏时报》记者了解,哇唧唧哇成立之初,就签下内地男子偶像团体X玖少年团,但存在感并不高;随后参与出品《明日之子》第一、二季,签下毛不易在内的所有人气选手,其中《明日之子》第一季由企鹅影视、哇唧唧哇和微博联合出品,《明日之子》第二季,由腾讯视频、哇唧唧哇、TME联合出品。 而在2018年之后,哇唧唧哇还拿下了腾讯选秀节目《创造101》、《创造营2019》、《创造营2020》成团的火箭少女女团、R1SE男团、硬糖少女303女团的运营权。与此同时,哇唧唧哇旗下艺人频频出现在腾讯视频相关剧综项目中的概率极高。 以周震南为例,他在2017年参加《明日之子》以第四名出道后,先后参与了《放开我北鼻第三季》《潮音战纪》《超新星全运会》等腾讯视频的综艺项目,并在2019年于《创造营2019》加入R1SE以C位再次出道。 对于头部厂商布局艺人经纪公司,上述不愿具名分析师认为,“互联网巨头作为产业布局,投资各种娱乐资产很常见,主要就是生态补足和资源把控。” 责任编辑:黄兴利 主编:寒丰\n关注同花顺财经(ths518),获取更多机会\n\n责任编辑:jdm","news_type":1,"symbols_score_info":{"00700":1,"TCEHY":1,"QNETCN":0.6}},"isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175062987,"gmtCreate":1626999067449,"gmtModify":1703482052458,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175062987","repostId":"1165946057","repostType":4,"isVote":1,"tweetType":1,"viewCount":1297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172476041,"gmtCreate":1626990112983,"gmtModify":1703481820783,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172476041","repostId":"2153747626","repostType":4,"repost":{"id":"2153747626","kind":"highlight","pubTimestamp":1626966018,"share":"https://ttm.financial/m/news/2153747626?lang=en_US&edition=fundamental","pubTime":"2021-07-22 23:00","market":"us","language":"zh","title":"US existing home sales slightly worse than expected in June, median home prices hit new highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2153747626","media":"华尔街见闻","summary":"根据美国全国房地产经纪人协会(NAR)的数据,6月份季调后年化成屋销售为586万套,略低于市场预期的590万套。该数据与去年同期相比大增22.9%,环比则上升1.4%。此外,5月的年化成屋销售已修正为","content":"<p>According to the National Association of Realtors (NAR), seasonally adjusted annualized home sales in June were 5.86 million units, slightly below market expectations of 5.9 million units. This data increased by 22.9% compared with the same period last year and 1.4% month-on-month. Additionally, annualized existing home sales for May have been revised to 5.78 million.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In terms of housing supply, according to statistics, as of the end of June, the supply of existing houses for sale was 1.25 million sets, an increase of about 3.3% over the previous month and a decrease of 18.8% over the previous year. If calculated according to the current sales rate, it will take 2.6 months to digest the above inventory, which is slightly higher than that of 2.5 months last month. However, compared with that of 3.9 months in the same period last year, the above-mentioned destocking speed is still fast. In addition, the speed of existing home sales continues to accelerate, with an average speed from listing to sale of 17 days. 88% of houses sold in June were listed on the market in less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, the highest in history, and rose 23.4% year-on-year. However, according to statistics, the median existing home price has been rising since the beginning of the year. Lawrence Yun, chief economist of NAR, said in a press release on official website that at a broader level, because inventory is still tight, there is no risk that the median house price will decline, but he expects that the increase of house prices may slow down by the end of the year.</p><p><img src=\"https://static.tigerbbs.com/095ec3a8f01ca000e5257bff1ff8d1b2\" tg-width=\"1222\" tg-height=\"665\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>US existing home sales slightly worse than expected in June, median home prices hit new highs</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\">\nUS existing home sales slightly worse than expected in June, median home prices hit new highs\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\">2021-07-22 23:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the National Association of Realtors (NAR), seasonally adjusted annualized home sales in June were 5.86 million units, slightly below market expectations of 5.9 million units. This data increased by 22.9% compared with the same period last year and 1.4% month-on-month. Additionally, annualized existing home sales for May have been revised to 5.78 million.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In terms of housing supply, according to statistics, as of the end of June, the supply of existing houses for sale was 1.25 million sets, an increase of about 3.3% over the previous month and a decrease of 18.8% over the previous year. If calculated according to the current sales rate, it will take 2.6 months to digest the above inventory, which is slightly higher than that of 2.5 months last month. However, compared with that of 3.9 months in the same period last year, the above-mentioned destocking speed is still fast. In addition, the speed of existing home sales continues to accelerate, with an average speed from listing to sale of 17 days. 88% of houses sold in June were listed on the market in less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, the highest in history, and rose 23.4% year-on-year. However, according to statistics, the median existing home price has been rising since the beginning of the year. Lawrence Yun, chief economist of NAR, said in a press release on official website that at a broader level, because inventory is still tight, there is no risk that the median house price will decline, but he expects that the increase of house prices may slow down by the end of the year.</p><p><img src=\"https://static.tigerbbs.com/095ec3a8f01ca000e5257bff1ff8d1b2\" tg-width=\"1222\" tg-height=\"665\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3636115\">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/486336673db1298d2fbd9e144e9c53b2","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636115","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153747626","content_text":"根据美国全国房地产经纪人协会(NAR)的数据,6月份季调后年化成屋销售为586万套,略低于市场预期的590万套。该数据与去年同期相比大增22.9%,环比则上升1.4%。此外,5月的年化成屋销售已修正为578万套。\n房屋供应方面,根据统计,截至6月底待售成屋供应量为125万套,较上月上升约3.3%,同比去年则下降18.8%,如按照目前销售速度计算,消化完以上库存需要2.6个月,该速度与上月的2.5个月相比略有增加,但相对去年同期的3.9个月,上述去库存速度仍然较快。此外,成屋销售速度也继续加快,平均从挂牌到售出的速度为17天,6月所售房屋当中有88%在市场上挂牌的时间不到一个月。\n销售价格方面,6月份的成屋价格中位数达到36.33万美元,创下历史最高记录,同比则上升23.4%。不过根据统计,成屋价格中位数自年初以来一直处于上升当中。对此NAR的首席经济学家Lawrence Yun在官网的新闻稿当中表示,在更广泛的层面上,由于库存仍然紧张,房屋价格中位数没有下降的风险,但他预期到年底之前房价的涨幅可能会放慢。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172471012,"gmtCreate":1626989913236,"gmtModify":1703481817650,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172471012","repostId":"1113819989","repostType":4,"repost":{"id":"1113819989","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":1626691417,"share":"https://ttm.financial/m/news/1113819989?lang=en_US&edition=fundamental","pubTime":"2021-07-19 18:43","market":"us","language":"zh","title":"Financial report preview: Standing on the top of US $2 trillion, Microsoft ushered in a new starting point","url":"https://stock-news.laohu8.com/highlight/detail?id=1113819989","media":"老虎资讯综合","summary":"微软将于7月27日(下周二)公布2021财年第四季度财报。今年以来,微软股价表现强劲,大涨超26%,并于近日连创历史新高。第四财季对于微软来说意义重大,季度内微软成为继苹果之后第二家市值突破2万亿美元","content":"<p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It will announce its fourth quarter financial report for fiscal 2021 on July 27 (next Tuesday). Since the beginning of this year, Microsoft's stock price has performed strongly, rising by more than 26%, and has hit record highs in recent days. The fourth fiscal quarter is significant for Microsoft, which became the next<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After that, the second American company with a market value exceeding US $2 trillion stood at a new starting point; Microsoft's board of directors unanimously approved the current CEO Nadella as the new chairman, taking charge of Microsoft. He holds two positions like this. Nadella is the second person after Bill Gates.</p><p>It took Microsoft 33 years from its listing to reaching a market value of US $1 trillion for the first time in 2019, while it only took about 2 years to go from US $1 trillion to US $2 trillion. It is expected to move towards a market value of US $3 trillion in the future.</p><p><img src=\"https://static.tigerbbs.com/0aaaf90f5a139e3b7cbd2d7d1106a484\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Last Quarter Review</b></p><p>Microsoft's third-quarter fiscal 2021 revenue and profit both exceeded market consensus expectations. Financial report data shows that Microsoft's revenue in the third fiscal quarter reached US $41.7 billion, a year-on-year increase of 19%; Net profit was US $15.5 billion, a year-on-year increase of 44%. Among them, Microsoft's Xbox and cloud service-related businesses have shown strong growth.</p><p><img src=\"https://static.tigerbbs.com/9302fd3ffa2d0caef2adf59953eca3e4\" tg-width=\"1274\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Highlights of this quarter</b></p><p>Microsoft is expected to continue its strong revenue performance in the fiscal fourth quarter, and a strong rebound in enterprise IT spending will help the revenue growth of Dynamics, Azure and LinkedIn. Consumer PC revenue momentum may start to slow down, but after a year's delay in upgrades, business PC revenue may start to pick up.</p><p><img src=\"https://static.tigerbbs.com/9bc588c7f8d46ce1ca2d362c3dd7bd64\" tg-width=\"1747\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Cloud computing is growing strongly.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cloud business accounted for 33.8% of Microsoft's revenue in 2020, becoming the largest of the three major business units for the first time. According to analysts' forecasts, Microsoft's cloud computing revenue in the fourth quarter will be between US $16.2 billion and US $16.45 billion, driven by the rebound in Azure and IT spending. Judging from the current market structure,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>AWS is still at the forefront, but from the trend point of view, the gap between Microsoft Azure and AWS is constantly narrowing.</p><p><img src=\"https://static.tigerbbs.com/fe1da1faa7a065174ee9e62c24c53a64\" tg-width=\"580\" tg-height=\"382\" referrerpolicy=\"no-referrer\"></p><p>At the same time, we should also pay attention to the impact of intensified competition in the field of cloud computing on the future development of Microsoft's cloud computing business. On July 6th, the U.S. Department of Defense canceled the $10 billion cloud computing project contract signed with Microsoft during the Trump administration, and will start a new procurement process. Microsoft and other top cloud computing companies include Amazon,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>Parent company Alphabet and<a href=\"https://laohu8.com/S/IBM\">IBM</a>The competition for companies is more intense.</p><p><img src=\"https://static.tigerbbs.com/8b731e6dcc807918fe5ae315457b8cf6\" tg-width=\"1227\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>Productivity and business process business growth is likely to rise due to strong demand for LinkedIn, Dynamics and Office 365, with fiscal fourth-quarter revenue expected to be between $13.8 billion and $14.05 billion. On July 14, Microsoft officially released Windows 365 Cloud PC for enterprise users, a new cloud service that will allow enterprise customers to experience Windows 10 or Windows 11 from the cloud on any device.</p><p><img src=\"https://static.tigerbbs.com/7eafd47cad37d7db6d587c1ec9fd2ce6\" tg-width=\"1210\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>Nearly six years after the release of Windows 10, Microsoft has finally released a new version of its desktop operating system, Windows 11. The biggest highlight of Windows 11 is that it is more in line with the mobile platforms of Google and Apple. It cooperates with the Amazon App Store to support the installation and running of Android applications; Cloud-based Office 365 allows real-time viewing of recent documents on iOS and Android, optimizing the touch experience for Windows tablets. Company CEO Nadella said that Windows 11 is one of the important milestones of Windows, \"this is the beginning of a new generation.\"</p><p><img src=\"https://static.tigerbbs.com/8f689979d59db96355ac58d772666c9d\" tg-width=\"1231\" tg-height=\"737\" referrerpolicy=\"no-referrer\"></p><p>Microsoft's game business will continue to grow. The head of Microsoft Xbox said that Microsoft will not give up stand-alone narrative games and will continue to acquire studios. In addition, Microsoft hired the producer of \"Portal\" to be responsible for the cloud game business, expanded its cloud game platform, and acquired more publishers like Bethesda to develop exclusive first-party games. Microsoft may also phase out the gaming boundaries between Windows PCs and Xbox consoles, offering more on-premise streaming and cloud gaming options. Industry insiders predict that the stay-at-home economy effect will enable the explosive growth of Microsoft's game business to continue.</p><p><b>Analyst Forecasts</b></p><p>According to Bloomberg's consensus forecast, Microsoft's revenue in the fourth quarter of fiscal year 2021 will be US $44.27 billion, adjusted net profit will be US $14.574 billion, and adjusted EPS will be US $1.92. Forty of the 44 analysts have a buy rating and four have a hold rating with a price target of $298.37, which represents an upside of ~ 6% from the current price of $280.75.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c9fb53c72f77ad11002c8b399f23611\" tg-width=\"1917\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>Source: Bloomberg</span></p><p><table><tbody></tbody></table></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>Financial report preview: Standing on the top of US $2 trillion, Microsoft ushered in a new starting point</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\">\nFinancial report preview: Standing on the top of US $2 trillion, Microsoft ushered in a new starting point\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\">2021-07-19 18:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It will announce its fourth quarter financial report for fiscal 2021 on July 27 (next Tuesday). Since the beginning of this year, Microsoft's stock price has performed strongly, rising by more than 26%, and has hit record highs in recent days. The fourth fiscal quarter is significant for Microsoft, which became the next<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After that, the second American company with a market value exceeding US $2 trillion stood at a new starting point; Microsoft's board of directors unanimously approved the current CEO Nadella as the new chairman, taking charge of Microsoft. He holds two positions like this. Nadella is the second person after Bill Gates.</p><p>It took Microsoft 33 years from its listing to reaching a market value of US $1 trillion for the first time in 2019, while it only took about 2 years to go from US $1 trillion to US $2 trillion. It is expected to move towards a market value of US $3 trillion in the future.</p><p><img src=\"https://static.tigerbbs.com/0aaaf90f5a139e3b7cbd2d7d1106a484\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Last Quarter Review</b></p><p>Microsoft's third-quarter fiscal 2021 revenue and profit both exceeded market consensus expectations. Financial report data shows that Microsoft's revenue in the third fiscal quarter reached US $41.7 billion, a year-on-year increase of 19%; Net profit was US $15.5 billion, a year-on-year increase of 44%. Among them, Microsoft's Xbox and cloud service-related businesses have shown strong growth.</p><p><img src=\"https://static.tigerbbs.com/9302fd3ffa2d0caef2adf59953eca3e4\" tg-width=\"1274\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Highlights of this quarter</b></p><p>Microsoft is expected to continue its strong revenue performance in the fiscal fourth quarter, and a strong rebound in enterprise IT spending will help the revenue growth of Dynamics, Azure and LinkedIn. Consumer PC revenue momentum may start to slow down, but after a year's delay in upgrades, business PC revenue may start to pick up.</p><p><img src=\"https://static.tigerbbs.com/9bc588c7f8d46ce1ca2d362c3dd7bd64\" tg-width=\"1747\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Cloud computing is growing strongly.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cloud business accounted for 33.8% of Microsoft's revenue in 2020, becoming the largest of the three major business units for the first time. According to analysts' forecasts, Microsoft's cloud computing revenue in the fourth quarter will be between US $16.2 billion and US $16.45 billion, driven by the rebound in Azure and IT spending. Judging from the current market structure,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>AWS is still at the forefront, but from the trend point of view, the gap between Microsoft Azure and AWS is constantly narrowing.</p><p><img src=\"https://static.tigerbbs.com/fe1da1faa7a065174ee9e62c24c53a64\" tg-width=\"580\" tg-height=\"382\" referrerpolicy=\"no-referrer\"></p><p>At the same time, we should also pay attention to the impact of intensified competition in the field of cloud computing on the future development of Microsoft's cloud computing business. On July 6th, the U.S. Department of Defense canceled the $10 billion cloud computing project contract signed with Microsoft during the Trump administration, and will start a new procurement process. Microsoft and other top cloud computing companies include Amazon,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>Parent company Alphabet and<a href=\"https://laohu8.com/S/IBM\">IBM</a>The competition for companies is more intense.</p><p><img src=\"https://static.tigerbbs.com/8b731e6dcc807918fe5ae315457b8cf6\" tg-width=\"1227\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>Productivity and business process business growth is likely to rise due to strong demand for LinkedIn, Dynamics and Office 365, with fiscal fourth-quarter revenue expected to be between $13.8 billion and $14.05 billion. On July 14, Microsoft officially released Windows 365 Cloud PC for enterprise users, a new cloud service that will allow enterprise customers to experience Windows 10 or Windows 11 from the cloud on any device.</p><p><img src=\"https://static.tigerbbs.com/7eafd47cad37d7db6d587c1ec9fd2ce6\" tg-width=\"1210\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>Nearly six years after the release of Windows 10, Microsoft has finally released a new version of its desktop operating system, Windows 11. The biggest highlight of Windows 11 is that it is more in line with the mobile platforms of Google and Apple. It cooperates with the Amazon App Store to support the installation and running of Android applications; Cloud-based Office 365 allows real-time viewing of recent documents on iOS and Android, optimizing the touch experience for Windows tablets. Company CEO Nadella said that Windows 11 is one of the important milestones of Windows, \"this is the beginning of a new generation.\"</p><p><img src=\"https://static.tigerbbs.com/8f689979d59db96355ac58d772666c9d\" tg-width=\"1231\" tg-height=\"737\" referrerpolicy=\"no-referrer\"></p><p>Microsoft's game business will continue to grow. The head of Microsoft Xbox said that Microsoft will not give up stand-alone narrative games and will continue to acquire studios. In addition, Microsoft hired the producer of \"Portal\" to be responsible for the cloud game business, expanded its cloud game platform, and acquired more publishers like Bethesda to develop exclusive first-party games. Microsoft may also phase out the gaming boundaries between Windows PCs and Xbox consoles, offering more on-premise streaming and cloud gaming options. Industry insiders predict that the stay-at-home economy effect will enable the explosive growth of Microsoft's game business to continue.</p><p><b>Analyst Forecasts</b></p><p>According to Bloomberg's consensus forecast, Microsoft's revenue in the fourth quarter of fiscal year 2021 will be US $44.27 billion, adjusted net profit will be US $14.574 billion, and adjusted EPS will be US $1.92. Forty of the 44 analysts have a buy rating and four have a hold rating with a price target of $298.37, which represents an upside of ~ 6% from the current price of $280.75.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c9fb53c72f77ad11002c8b399f23611\" tg-width=\"1917\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>Source: Bloomberg</span></p><p><table><tbody></tbody></table></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63bcdd40747dbacf61bd55b0f5f96a16","relate_stocks":{"MSFT":"微软"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113819989","content_text":"微软将于7月27日(下周二)公布2021财年第四季度财报。今年以来,微软股价表现强劲,大涨超26%,并于近日连创历史新高。第四财季对于微软来说意义重大,季度内微软成为继苹果之后第二家市值突破2万亿美元的美国公司,站上新起点;微软董事会全票通过现任CEO纳德拉担任新任董事长,执掌微软,像这样兼任两个职位,纳德拉是继比尔·盖茨后的第二人。\n微软从上市到2019年首次达到1万亿美元市值用了33年,而从1万亿美元至2万亿美元市值仅用了约2年时间,未来有希望向3万亿美元市值迈进。\n\n上季度回顾\n微软2021财年第三季度营收和利润均超出市场一致预期。财报数据显示,微软第三财季营收达417亿美元,同比增长19%;净利润为155亿美元,同比增长44%。其中,微软的Xbox和云服务相关业务都表现出了强劲增长的态势。\n\n本季度看点\n微软第四财季有望延续强劲的营收业绩,企业IT支出的强劲反弹,将有助于Dynamics、Azure和LinkedIn的营收增长。消费者个人电脑营收势头可能开始放缓,不过在升级推迟一年后,商用电脑收入可能开始回升。\n\n云计算强劲增长。智能云业务占微软2020年营收的33.8%,首次成为三大主要业务部门中最大的一个。根据分析师预测,受Azure、IT支出反弹的推动,微软第四财季云计算营收将在162亿美元至164.5亿美元之间。从目前的市场格局看,亚马逊AWS依然跑在了最前面,但从趋势上看,微软Azure与AWS的差距在不断缩小。\n\n同时还要关注云计算领域竞争加剧对微软云计算业务未来发展的影响。7月6日,美国国防部取消了特朗普政府时期与微软签订的价值100亿美元的云计算项目合同,并将启动一个新的采购程序。微软与其他顶级云计算公司包括亚马逊、甲骨文、谷歌母公司Alphabet以及IBM公司的竞争更加激烈。\n\n由于对LinkedIn、Dynamics和Office 365的强劲需求,生产力和业务流程业务增长可能会上升,预计第四财季营收将在138亿美元至140.5亿美元之间。7月14日,微软正式发布面向企业用户的Windows 365云电脑(Cloud PC),这是一项新的云服务,将可让企业客户从云端在任何设备上体验Windows 10或Windows 11。\n\nWindows 10发布近六年之后,微软终于发布了新版桌面操作系统Windows 11。Windows 11的最大亮点是更加契合谷歌和苹果的移动平台,与亚马逊应用商店合作,支持安装运行Android应用;基于云端的Office 365可以实时查看iOS和Android上的最近文档,优化了对Windows平板的触控体验。公司CEO纳德拉称,Windows 11是Windows重要里程碑之一,“这是新一代的开始”。\n\n微软的游戏业务将继续增长,微软Xbox负责人表示,微软不会放弃单机叙事游戏,会继续收购工作室。另外微软挖来《传送门》制作人负责云游戏业务,扩展其云游戏平台,并收购更多像Bethesda这样的发行商来开发独家的第一方游戏。微软还可能逐步取消Windows PC和Xbox游戏机之间的游戏界限,提供更多本地流媒体和云游戏选择。业内人士预计,宅经济效应令微软游戏业务暴发性增长得以持续。\n分析师预测\n根据彭博一致预期,微软2021财年第四季度营收为442.7亿美元,调整后净利润为145.74亿美元,调整后EPS为1.92美元。44位分析师中有40位给出买入评级,4位给出持有评级,目标价298.37美元,较当前280.75美元的价格有约6%的上涨空间。\n来源:彭博","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176577812,"gmtCreate":1626910547536,"gmtModify":1703480268368,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176577812","repostId":"1185896619","repostType":4,"repost":{"id":"1185896619","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":1626881333,"share":"https://ttm.financial/m/news/1185896619?lang=en_US&edition=fundamental","pubTime":"2021-07-21 23:28","market":"us","language":"zh","title":"[Change] The anti-epidemic concept sector rose, and United Health Products rose by more than 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1185896619","media":"老虎资讯综合","summary":"7月21日,美国抗疫概念板块拉升,联合保健产品涨超10%,BioNTech SE涨4.6%,Moderna涨近2%,Ocugen涨超1%。","content":"<p>On July 21, the U.S. anti-epidemic concept sector rose.<a href=\"https://laohu8.com/S/AHPI\">United Healthcare Products</a>Up more than 10%,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>It rose 4.6%, Moderna rose nearly 2%, and Ocugen rose more than 1%.</p><p><img src=\"https://static.tigerbbs.com/8c400382e287b8ad4484860491b6601f\" 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>[Change] The anti-epidemic concept sector rose, and United Health Products rose by more than 10%</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; 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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\">\n[Change] The anti-epidemic concept sector rose, and United Health Products rose by more than 10%\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\">2021-07-21 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 21, the U.S. anti-epidemic concept sector rose.<a href=\"https://laohu8.com/S/AHPI\">United Healthcare Products</a>Up more than 10%,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>It rose 4.6%, Moderna rose nearly 2%, and Ocugen rose more than 1%.</p><p><img src=\"https://static.tigerbbs.com/8c400382e287b8ad4484860491b6601f\" 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/6e474d690ea02c536f0fd4c03fc3ddef","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185896619","content_text":"7月21日,美国抗疫概念板块拉升,联合保健产品涨超10%,BioNTech SE涨4.6%,Moderna涨近2%,Ocugen涨超1%。","news_type":1,"symbols_score_info":{"AHPI":0.9}},"isVote":1,"tweetType":1,"viewCount":1101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176547821,"gmtCreate":1626910022463,"gmtModify":1703480253365,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176547821","repostId":"1107424947","repostType":4,"isVote":1,"tweetType":1,"viewCount":1100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176548852,"gmtCreate":1626909860376,"gmtModify":1703480246073,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176548852","repostId":"1107424947","repostType":4,"isVote":1,"tweetType":1,"viewCount":1017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":894109547,"gmtCreate":1628809820889,"gmtModify":1676529859143,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894109547","repostId":"1160603020","repostType":4,"isVote":1,"tweetType":1,"viewCount":3471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148402782,"gmtCreate":1625998924346,"gmtModify":1703751792430,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148402782","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145146664,"gmtCreate":1626211777058,"gmtModify":1703755466202,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145146664","repostId":"2151569582","repostType":4,"isVote":1,"tweetType":1,"viewCount":744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159359964,"gmtCreate":1624943117458,"gmtModify":1703848523960,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/159359964","repostId":"1104770632","repostType":4,"repost":{"id":"1104770632","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":1624927163,"share":"https://ttm.financial/m/news/1104770632?lang=en_US&edition=fundamental","pubTime":"2021-06-29 08:39","market":"hk","language":"zh","title":"Nayuki's tea winning rate is 8%, and 40 hands are subscribed to win steadily","url":"https://stock-news.laohu8.com/highlight/detail?id=1104770632","media":"老虎资讯综合","summary":"6月29日消息,本周二奈雪的茶发布公告,公司发行2.57亿股股份,每股定价19.8港元,每手500股,预期将于6月30日上市。分配结果:\n甲组每手500股,一手中签率8%,认购40手稳中一手。\n乙组头","content":"<p>June 29 news, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>An announcement was made that the company issued 257 million shares at a price of HK$ 19.8 per share and 500 shares per lot, which is expected to be listed on June 30th.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 8% in one lot, and 40 lots are subscribed for a steady one.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">Nayuki's tea was subscribed 432.03 times during the Public Offer, and the final number of Offer Shares allocated to the Public Offer was 129 million, representing 50% of the total Offer Shares (before any Over-allotment Option is exercised). A total of 642,033 valid applications were received.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 129 million (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares.</p><p>For fundraising purposes, the Company intends to use the estimated net proceeds received from the Global Offering of approximately HK$4.84 billion (assuming the Over-allotment Option is not exercised) for the following purposes: approximately 70.0% will be used to expand the teahouse network and increase its market penetration in the next three years; Approximately 10.0% will be used in the next three years to further enhance the overall operation by strengthening technical capabilities to improve operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities in the next three years to support the company's scale-up; Approximately 10.0% will be used as working capital and for general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is the leading high-end freshly made tea chain store in China, focusing on providing freshly made tea drinks. According to CIC, Nayuki's tea was the second largest teahouse brand in the high-end freshly made teahouse market in China with a market share of 18.9% in terms of total retail consumption value in 2020. In terms of total retail consumption in 2020, Nayuki's tea was the seventh largest teahouse brand in the overall freshly made teahouse industry in China, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the Company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the Company's Nayuki's tea shop network. The company's Nayuki's tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. Revenue generated from the Company's Nayuki teahouses increased from RMB910 million in 2018 to RMB2,292 million in 2019, and further increased to RMB2,871 million in 2020.</p><p>In addition, in terms of same store in 2018 and 2019, Nayuki's tea same store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 in terms of same-store in 2019 and 2020.</p><p>Throughout the Track Record Period, the Company's profitability continued to improve, with total revenue increasing from RMB1,087 million in 2018 to RMB3,057 million in 2020, representing a CAGR of 67.7% from 2018 to 2020; Adjusted net loss decreased significantly from RMB56.58 million in 2018 to RMB11.735 million in 2019, and further reversed to adjusted net profit of RMB16.643 million in 2020.</p><p>In the first nine months of 2020, the Company recorded revenue of RMB2.115 billion and adjusted net profit of RMB4.484 million. Under the influence of the pandemic, the domestic food industry was greatly impacted, and the adjusted net profit of the Company narrowed under pressure, but the revenue still maintained a strong growth momentum.</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>Nayuki's tea winning rate is 8%, and 40 hands are subscribed to win steadily</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\">\nNayuki's tea winning rate is 8%, and 40 hands are subscribed to win steadily\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\">2021-06-29 08:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 29 news, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>An announcement was made that the company issued 257 million shares at a price of HK$ 19.8 per share and 500 shares per lot, which is expected to be listed on June 30th.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 8% in one lot, and 40 lots are subscribed for a steady one.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">Nayuki's tea was subscribed 432.03 times during the Public Offer, and the final number of Offer Shares allocated to the Public Offer was 129 million, representing 50% of the total Offer Shares (before any Over-allotment Option is exercised). A total of 642,033 valid applications were received.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 129 million (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares.</p><p>For fundraising purposes, the Company intends to use the estimated net proceeds received from the Global Offering of approximately HK$4.84 billion (assuming the Over-allotment Option is not exercised) for the following purposes: approximately 70.0% will be used to expand the teahouse network and increase its market penetration in the next three years; Approximately 10.0% will be used in the next three years to further enhance the overall operation by strengthening technical capabilities to improve operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities in the next three years to support the company's scale-up; Approximately 10.0% will be used as working capital and for general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is the leading high-end freshly made tea chain store in China, focusing on providing freshly made tea drinks. According to CIC, Nayuki's tea was the second largest teahouse brand in the high-end freshly made teahouse market in China with a market share of 18.9% in terms of total retail consumption value in 2020. In terms of total retail consumption in 2020, Nayuki's tea was the seventh largest teahouse brand in the overall freshly made teahouse industry in China, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the Company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the Company's Nayuki's tea shop network. The company's Nayuki's tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. Revenue generated from the Company's Nayuki teahouses increased from RMB910 million in 2018 to RMB2,292 million in 2019, and further increased to RMB2,871 million in 2020.</p><p>In addition, in terms of same store in 2018 and 2019, Nayuki's tea same store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 in terms of same-store in 2019 and 2020.</p><p>Throughout the Track Record Period, the Company's profitability continued to improve, with total revenue increasing from RMB1,087 million in 2018 to RMB3,057 million in 2020, representing a CAGR of 67.7% from 2018 to 2020; Adjusted net loss decreased significantly from RMB56.58 million in 2018 to RMB11.735 million in 2019, and further reversed to adjusted net profit of RMB16.643 million in 2020.</p><p>In the first nine months of 2020, the Company recorded revenue of RMB2.115 billion and adjusted net profit of RMB4.484 million. Under the influence of the pandemic, the domestic food industry was greatly impacted, and the adjusted net profit of the Company narrowed under pressure, but the revenue still maintained a strong growth momentum.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104770632","content_text":"6月29日消息,本周二奈雪的茶发布公告,公司发行2.57亿股股份,每股定价19.8港元,每手500股,预期将于6月30日上市。分配结果:\n甲组每手500股,一手中签率8%,认购40手稳中一手。\n乙组头为30万股(600手),获配3000股(6手)。公开发售阶段奈雪的茶获432.03倍认购,分配至公开发售的发售股份最终数目为1.29亿股,占发售股份总数的50%(任何超额配股权获行使前)。合共接获642033份有效申请。\n此外,国际发售获大幅超额认购,发售股份最终数目为1.29亿股(不包括超额分配股份),相当于发售股份总数的50%。\n筹资用途方面,公司拟将收取的全球发售所得款项净额估计约48.4亿港元(假设超额配股权并无获行使)用于以下用途:约70.0%将在未来三年用于扩张茶饮店网络并提高其市场渗透率;约10.0%将在未来三年用于通过强化技术能力,进一步提升整体运营,以提升运营效率;约10.0%将在未来三年用于提升供应链能力,以支持公司的规模扩张;约10.0%将用作营运资金及作一般企业用途。\n据悉,公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店,专注于提供现制茶饮。根据灼识谘询的资料,按2020年零售消费总值计,奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌,市场份额为18.9%。按2020年零售消费总值计,奈雪的茶在中国整体现制茶饮店行业中为第七大茶饮店品牌,市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验,公司推出奈雪的茶会员体系及奈雪的茶应用程序,并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3470万名。于2020年,奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间,并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元,并进一步增至2020年的人民币28.71亿元。\n此外,就2018年及2019年的同店而言,奈雪的茶同店利润率于2018年及2019年维持稳定,分别为24.9%及25.3%。由于COVID-19爆发的影响,就2019年及2020年的同店而言,奈雪的茶同店利润率于2020年为13.5%,而2019年为21.0%。\n于整个往绩记录期间,公司的盈利能力不断提升,总营收由2018年的10.87亿元提升至2020年的30.57亿元人民币,2018~2020年的复合年增长率达67.7%;经调整净亏损由2018年的人民币5658万元大幅减少至2019年的人民币1173.5万元,并进一步扭转为2020年的经调整净利润1664.3万元人民币。\n2020年前9个月,公司录得收入21.15亿元,经调整净利润448.4万元。在疫情影响下,国内食品行业受到较大冲击,公司经调整净利润承压收窄,但营收仍保持强劲增长势头。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154579873,"gmtCreate":1625536395292,"gmtModify":1703743224751,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154579873","repostId":"1165762531","repostType":4,"repost":{"id":"1165762531","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":1625527248,"share":"https://ttm.financial/m/news/1165762531?lang=en_US&edition=fundamental","pubTime":"2021-07-06 07:20","market":"hk","language":"zh","title":"Chaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1165762531","media":"老虎资讯综合","summary":"7月6日,朝聚眼科发布公告,公司全球发售1.7093亿股股份,其中香港发售股份8546.5万股,国际发售股份8546.5万股,另有15%超额配股权;发售价已厘定为每股发售股份10.60港元,每手买卖单","content":"<p>On July 6,<a href=\"https://laohu8.com/S/02219\">Chaoju Ophthalmology</a>Announced that the company offered 170.93 million shares globally, including 85.465 million shares offered in Hong Kong, 85.465 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$10.60 per Offer Share for board lot of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>and Huatai International as a joint sponsor, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 7 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5.67%, and 18 subscriptions are stable.</p><p>Group B had 500,000 shares (1,000 lots) and was allocated 23,000 shares (46 lots).<img src=\"https://static.tigerbbs.com/c6d46a2302cf5f5cd13d74bd999ba571\" tg-width=\"551\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/22d1f538f9c2dfe684d9be93e828fe18\" tg-width=\"556\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48b32d1999086d04329dfb7fa00773ce\" tg-width=\"553\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed by approximately 17.83 times. The Offer Shares initially offered under the Hong Kong Public Offering have been very substantially over-subscribed. A total of 153,275 valid applications were received for a total of 1,948 million Shares, representing approximately 113.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Based on the Offer Price of HK$10.60 per Offer Share, pursuant to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 74,674,500 Offer Shares, representing in aggregate approximately 10.86% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 43.69% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the latest estimates, based on the Offer Price of HK$10.60 per Offer Share, the net proceeds received by the Company from the Global Offering are estimated to be approximately HK$1,357.1 million (assuming the Over-allotment Option is not exercised). Among them, the company intends to use approximately 35.8% of the net proceeds for the establishment of new hospitals and the relocation, upgrading and decoration of existing hospitals; Approximately 44.8% will be used to acquire hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when appropriate opportunities arise; About 9.4% will be used to upgrade the company's information technology systems; And approximately 10.0% will be used for working capital and other general corporate purposes.</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>Chaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable</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\">\nChaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable\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\">2021-07-06 07:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 6,<a href=\"https://laohu8.com/S/02219\">Chaoju Ophthalmology</a>Announced that the company offered 170.93 million shares globally, including 85.465 million shares offered in Hong Kong, 85.465 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$10.60 per Offer Share for board lot of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>and Huatai International as a joint sponsor, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 7 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5.67%, and 18 subscriptions are stable.</p><p>Group B had 500,000 shares (1,000 lots) and was allocated 23,000 shares (46 lots).<img src=\"https://static.tigerbbs.com/c6d46a2302cf5f5cd13d74bd999ba571\" tg-width=\"551\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/22d1f538f9c2dfe684d9be93e828fe18\" tg-width=\"556\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48b32d1999086d04329dfb7fa00773ce\" tg-width=\"553\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed by approximately 17.83 times. The Offer Shares initially offered under the Hong Kong Public Offering have been very substantially over-subscribed. A total of 153,275 valid applications were received for a total of 1,948 million Shares, representing approximately 113.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Based on the Offer Price of HK$10.60 per Offer Share, pursuant to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 74,674,500 Offer Shares, representing in aggregate approximately 10.86% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 43.69% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the latest estimates, based on the Offer Price of HK$10.60 per Offer Share, the net proceeds received by the Company from the Global Offering are estimated to be approximately HK$1,357.1 million (assuming the Over-allotment Option is not exercised). Among them, the company intends to use approximately 35.8% of the net proceeds for the establishment of new hospitals and the relocation, upgrading and decoration of existing hospitals; Approximately 44.8% will be used to acquire hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when appropriate opportunities arise; About 9.4% will be used to upgrade the company's information technology systems; And approximately 10.0% will be used for working capital and other general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02219":"朝聚眼科"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165762531","content_text":"7月6日,朝聚眼科发布公告,公司全球发售1.7093亿股股份,其中香港发售股份8546.5万股,国际发售股份8546.5万股,另有15%超额配股权;发售价已厘定为每股发售股份10.60港元,每手买卖单位500股;海通国际及华泰国际为联席保荐人,预期股份将于2021年7月7日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下:\n\n分配结果:\n甲组每手500股,一手中签率5.67%,认购18手稳中一手。\n乙组头为50万股(1000手),获配23000股(46手)。\n根据国际发售初步提呈发售的发售股份已获大幅超额认购约17.83倍。根据香港公开发售初步提呈发售的发售股份已获非常大幅超额认购。合共接获153,275份有效申请,认购合共19.48亿股,相当于根据香港公开发售初步可供认购的香港发售股份总数约113.97倍。\n基于发售价每股发售股份10.60港元计算,根据基石投资协议,基石投资者已认购合共7467.45万股发售股份,合共占紧随全球发售完成后公司已发行股本约10.86%;及全球发售项下发售股份数目约43.69%(假设超额配股权未获行使)。\n基于发售价每股发售股份10.60港元计算,根据最新估计,公司自全球发售收取的所得款项净额估计约为13.571亿港元(假设超额配股权未获行使)。其中,公司拟将所得款项净额约35.8%将用于建立新医院以及搬迁、升级及装修现有医院;约44.8%将在出现合适机遇时,用于在人口庞大且对眼科医疗服务需求相对较高的新市场中收购医院;约9.4%将用于升级公司的信息技术系统;及约10.0%将用于营运资金及其他一般企业用途。","news_type":1,"symbols_score_info":{"02219":0.9}},"isVote":1,"tweetType":1,"viewCount":876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173151642,"gmtCreate":1626649478486,"gmtModify":1703762535182,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/173151642","repostId":"1160796593","repostType":4,"repost":{"id":"1160796593","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":1626606185,"share":"https://ttm.financial/m/news/1160796593?lang=en_US&edition=fundamental","pubTime":"2021-07-18 19:03","market":"us","language":"zh","title":"OPEC + agrees to boost oil production, ending current stalemate","url":"https://stock-news.laohu8.com/highlight/detail?id=1160796593","media":"老虎资讯综合","summary":"7月18日,在沙特和阿联酋解决了一项阻碍协议达成的争端后,欧佩克及其盟友同意逐步向市场增加石油供应。与会代表表示,该组织将每月增产至多40万桶/日,直到所有闲置的产能都恢复,根据协议,阿联酋、伊拉克和","content":"<p>On July 18, OPEC and its allies agreed to gradually increase oil supplies to the market after Saudi Arabia and the UAE resolved a dispute that blocked a deal. The organization will increase production by up to 400,000 bpd per month until all spare capacity is restored, according to the agreement, with the UAE, Iraq and Kuwait receiving higher production quotas from May 2022. The agreement will ease the imminent supply crunch and reduce the risk of higher oil prices. It also capped a stalemate that unnerved traders.</p><p>OPEC + agreed a new baseline of 3.5 million barrels per day for crude oil production cuts in the UAE, which will take effect from May 2022.</p><p>In addition to the UAE, other OPEC + members are also expected to receive new benchmarks for production cuts, with Iraq and Kuwait raising their production baselines by 150,000 bpd each.</p><p>OPEC + agreed to adjust benchmark Saudi and Russian oil production to 11.5 million barrels per day from the previous 11 million barrels per day starting in May 2022.</p><p>OPEC + has also agreed to further ease production cuts from August, with a new crude oil cut benchmark coming into effect in May 2022.</p><p>OPEC + has reached an agreement on crude oil production, and the next OPEC + meeting will be held on September 21, agreeing to extend the agreement to cut production until the end of 2022.</p><p>The OPEC draft statement shows that OPEC + plans to fully cancel the 5.8 million bpd production cut by September 2022, when market conditions allow.</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>OPEC + agrees to boost oil production, ending current stalemate</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\">\nOPEC + agrees to boost oil production, ending current stalemate\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\">2021-07-18 19:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 18, OPEC and its allies agreed to gradually increase oil supplies to the market after Saudi Arabia and the UAE resolved a dispute that blocked a deal. The organization will increase production by up to 400,000 bpd per month until all spare capacity is restored, according to the agreement, with the UAE, Iraq and Kuwait receiving higher production quotas from May 2022. The agreement will ease the imminent supply crunch and reduce the risk of higher oil prices. It also capped a stalemate that unnerved traders.</p><p>OPEC + agreed a new baseline of 3.5 million barrels per day for crude oil production cuts in the UAE, which will take effect from May 2022.</p><p>In addition to the UAE, other OPEC + members are also expected to receive new benchmarks for production cuts, with Iraq and Kuwait raising their production baselines by 150,000 bpd each.</p><p>OPEC + agreed to adjust benchmark Saudi and Russian oil production to 11.5 million barrels per day from the previous 11 million barrels per day starting in May 2022.</p><p>OPEC + has also agreed to further ease production cuts from August, with a new crude oil cut benchmark coming into effect in May 2022.</p><p>OPEC + has reached an agreement on crude oil production, and the next OPEC + meeting will be held on September 21, agreeing to extend the agreement to cut production until the end of 2022.</p><p>The OPEC draft statement shows that OPEC + plans to fully cancel the 5.8 million bpd production cut by September 2022, when market conditions allow.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ba0e918dfd4ec815c4f78fc4cfc3ea3e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160796593","content_text":"7月18日,在沙特和阿联酋解决了一项阻碍协议达成的争端后,欧佩克及其盟友同意逐步向市场增加石油供应。与会代表表示,该组织将每月增产至多40万桶/日,直到所有闲置的产能都恢复,根据协议,阿联酋、伊拉克和科威特从2022年5月起将获得更高的产量配额。协议将缓解迫在眉睫的供应紧张,并降低油价上涨的风险。这也为一场令交易员不安的僵局画上了句号。\nOPEC+同意阿联酋的原油减产新基线为350万桶/日,将于2022年5月开始生效。\n除了阿联酋,其他OPEC+成员也有望获得新的减产基准,伊拉克和科威特的产量基线分别提高15万桶/天。\n欧佩克+同意从2022年5月开始,将沙特和俄罗斯的基准石油产量从之前的1100万桶/日调整为1150万桶/日。\nOPEC+还同意从8月起进一步放宽减产,新的原油减产基准线将于2022年5月生效。\n欧佩克+已经就原油生产问题达成协议,下一次欧佩克+会议将在9月21日举行,同意将减产协议延长至2022年底。\n欧佩克草案声明显示,欧佩克+计划在2022年9月之前,在市场条件允许的情况下,全面取消580万桶/日的减产。","news_type":1,"symbols_score_info":{"BZmain":0.9,"CLmain":0.9}},"isVote":1,"tweetType":1,"viewCount":871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140116790,"gmtCreate":1625636946910,"gmtModify":1703745403541,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140116790","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","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":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"Connoya-B has a successful rate of 6.5% in the first lot, and 70 subscriptions have won the first lot steadily","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日,康诺亚-B发布公告,公司全球发售5826.45万股股份,其中香港发售股份2913.3万股,国际发售股份2913.15万股,另有15%超额配股权;发售价已厘定为每股发售股份53.3港元,每手买","content":"<p>On July 7,<a href=\"https://laohu8.com/S/02162\">Connoya-B.</a>Announced that the company offered 58,264,500 shares globally, including 29,133,000 shares offered in Hong Kong, 29,131,500 shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$53.3 per Offer Share with board lot of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 6.5% in one lot, and 70 lots are subscribed for a steady one.</p><p>The head of Group B is 100,000 shares (200 lots) and will be allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly over-subscribed. A total of 249,663 valid applications were received for a total of 2,505 million Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Pursuant to the relevant Cornerstone Investment Agreements and at the Offer Price of HK$53.3 per Offer Share, the Cornerstone Investors have subscribed for a total of 27,671,500 Offer Shares, representing in aggregate approximately 10.21% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the Offer Price of HK$53.3 per Offer Share and assuming the Over-allotment Option is not exercised, the net proceeds to be received by the Company from the Global Offering are estimated to be approximately HK$2,942 million. The Company intends to use approximately 60% of the proceeds from the Global Offering in the next three to five years, which will be mainly used for the research and development and commercialization of the Company's core and major products; Approximately 15% will be used for preclinical evaluation and clinical development of the company's other product candidates; Approximately 15% will be used for the lease payments of the Group's new production and research and development facilities and the purchase of machinery and equipment; and approximately 10% will be used for general corporate and working capital purposes of the Company.</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>Connoya-B has a successful rate of 6.5% in the first lot, and 70 subscriptions have won the first lot steadily</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\">\nConnoya-B has a successful rate of 6.5% in the first lot, and 70 subscriptions have won the first lot steadily\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\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 7,<a href=\"https://laohu8.com/S/02162\">Connoya-B.</a>Announced that the company offered 58,264,500 shares globally, including 29,133,000 shares offered in Hong Kong, 29,131,500 shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$53.3 per Offer Share with board lot of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 6.5% in one lot, and 70 lots are subscribed for a steady one.</p><p>The head of Group B is 100,000 shares (200 lots) and will be allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly over-subscribed. A total of 249,663 valid applications were received for a total of 2,505 million Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Pursuant to the relevant Cornerstone Investment Agreements and at the Offer Price of HK$53.3 per Offer Share, the Cornerstone Investors have subscribed for a total of 27,671,500 Offer Shares, representing in aggregate approximately 10.21% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the Offer Price of HK$53.3 per Offer Share and assuming the Over-allotment Option is not exercised, the net proceeds to be received by the Company from the Global Offering are estimated to be approximately HK$2,942 million. The Company intends to use approximately 60% of the proceeds from the Global Offering in the next three to five years, which will be mainly used for the research and development and commercialization of the Company's core and major products; Approximately 15% will be used for preclinical evaluation and clinical development of the company's other product candidates; Approximately 15% will be used for the lease payments of the Group's new production and research and development facilities and the purchase of machinery and equipment; and approximately 10% will be used for general corporate and working capital purposes of the Company.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日,康诺亚-B发布公告,公司全球发售5826.45万股股份,其中香港发售股份2913.3万股,国际发售股份2913.15万股,另有15%超额配股权;发售价已厘定为每股发售股份53.3港元,每手买卖单位500股;摩根士丹利、中金公司及华泰国际为联席保荐人,预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下:\n\n分配结果:\n甲组每手500股,一手中签率6.5%,认购70手稳中一手。\n乙组头为10万股(200手),获配1000股(2手)。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购,相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请,认购合共25.05亿股香港发售股份,相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算,基石投资者已认购合共2767.15万股发售股份,合计占紧随全球发售完成后公司已发行股本约10.21%;及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算,并假设超额配售权未获行使,公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内,将主要用于公司核心及主要产品的研发及商业化;约15%将用于公司其他在研产品的临床前评估及临床开发;约15%将用于集团新生产及研发设施的租赁付款,及购买机械及设备;及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896349714,"gmtCreate":1628558503538,"gmtModify":1703508054394,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896349714","repostId":"1167003752","repostType":4,"repost":{"id":"1167003752","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1628558299,"share":"https://ttm.financial/m/news/1167003752?lang=en_US&edition=fundamental","pubTime":"2021-08-10 09:18","market":"us","language":"zh","title":"TSMC's 3nm chips are officially mass-produced one year ahead of schedule, and Intel steals Apple's first adoption","url":"https://stock-news.laohu8.com/highlight/detail?id=1167003752","media":"华尔街见闻","summary":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片,明年7月正式量产。\n\n据中国台湾经济日报,英特尔将成为第一家采用台积电3nm芯片制程的半导体","content":"<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order includes three server CPUs with integrated graphics cards, all of which are the core products of the company. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will be the first semiconductor company to adopt TSMC's 3nm chip process. This process will be used to produce server chips. It is expected that the film will be put into TSMC's 18b factory in the second quarter of next year, and it will be officially mass-produced in July. The actual mass-production time is one year ahead of the original plan.</p><p>For a long time, TSMC's state-of-the-art chip manufacturing processes have generally been<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processors of the latest iPhone that year.</p><p>This partnership between Intel and TSMC means that the company affirms that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The dominant position of. According to TSMC's previous statement, 3nm processability can be improved by 10~15% compared with 5nm, and power consumption can be reduced by 25~30%.</p><p>China Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order to TSMC this time includes three server CPUs with integrated graphics cards, all of which are the company's core products, with the first batch of about 4,000 pieces.</p><p>Recently, Liu Deyin, chairman of TSMC, answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" He emphasized that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology\". The implication seems to be that Intel and its cooperation in the production of 3nm chips have long been concluded.</p><p>As of yesterday's closing of U.S. stocks, Intel's share price was reported at $54.05, up 0.24%; TSMC shares were trading at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" 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>TSMC's 3nm chips are officially mass-produced one year ahead of schedule, and Intel steals Apple's first adoption</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\">\nTSMC's 3nm chips are officially mass-produced one year ahead of schedule, and Intel steals Apple's first adoption\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-08-10 09:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order includes three server CPUs with integrated graphics cards, all of which are the core products of the company. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will be the first semiconductor company to adopt TSMC's 3nm chip process. This process will be used to produce server chips. It is expected that the film will be put into TSMC's 18b factory in the second quarter of next year, and it will be officially mass-produced in July. The actual mass-production time is one year ahead of the original plan.</p><p>For a long time, TSMC's state-of-the-art chip manufacturing processes have generally been<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processors of the latest iPhone that year.</p><p>This partnership between Intel and TSMC means that the company affirms that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The dominant position of. According to TSMC's previous statement, 3nm processability can be improved by 10~15% compared with 5nm, and power consumption can be reduced by 25~30%.</p><p>China Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order to TSMC this time includes three server CPUs with integrated graphics cards, all of which are the company's core products, with the first batch of about 4,000 pieces.</p><p>Recently, Liu Deyin, chairman of TSMC, answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" He emphasized that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology\". The implication seems to be that Intel and its cooperation in the production of 3nm chips have long been concluded.</p><p>As of yesterday's closing of U.S. stocks, Intel's share price was reported at $54.05, up 0.24%; TSMC shares were trading at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" 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/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"159813":"芯片","TSM":"台积电","03145":"华夏亚洲高息股","EWT":"台湾ETF-iShares MSCI","AAPL":"苹果","INTC":"英特尔"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167003752","content_text":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片,明年7月正式量产。\n\n据中国台湾经济日报,英特尔将成为第一家采用台积电3nm芯片制程的半导体公司。该制程将用于生产服务器芯片,预计明年二季度开始在台积电18b厂投片,7月份正式量产,实际量产时间较原计划提前一年。\n长期以来,台积电最先进的芯片制程通常以苹果作为第一个客户,主要生产当年最新款iPhone的A系列处理器。\n英特尔与台积电的本次合作,意味着该公司肯定台积电领先于三星的优势地位。按照台积电此前的说法,3nm工艺性较5nm能提升10~15%,功耗降低25~30%。\n中国台湾经济日报援引台积电供应商称,此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片。\n近日,台积电董事长刘德音答股东问“如何看待英特尔涉足晶圆代工时强调“英特尔是台积电的客户,我们相信英特尔会采用台积电的最先进技术”。言下之意似乎对英特尔与其合作3纳米芯片生产早有定论。\n截至昨日美股收盘,英特尔股价报54.05美元,涨0.24%;台积电股价报118.22美元,涨0.01%。","news_type":1,"symbols_score_info":{"159813":0.9,"03145":0.9,"EWT":0.9,"AAPL":0.9,"INTC":0.9,"TSM":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891466099,"gmtCreate":1628413014211,"gmtModify":1703506035456,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/891466099","repostId":"1183188196","repostType":4,"repost":{"id":"1183188196","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点:美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1628405337,"share":"https://ttm.financial/m/news/1183188196?lang=en_US&edition=fundamental","pubTime":"2021-08-08 14:48","market":"us","language":"zh","title":"CICC Overseas: If US Treasury yields goes up again?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183188196","media":"Kevin策略研究","summary":"摘要\n周五公布的7月非农(94.3万)超出预期和前值,呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上,我们更新了对于就业市场何时达到美联储门槛的测算,发现大概还需要5个","content":"<p><b>Abstract</b></p><p>The July non-agricultural (943,000) released on Friday exceeded expectations and the previous value, showing a trend of local slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continuous improvement. On this basis, we updated the calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of employment repair to 64% similar to the official reduction in 2013. Therefore,<b>FOMC officially reduces volume in December</b>、<b>The September revision statement suggests that it still appears to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index sharply higher</b>The reasons behind it are worth thinking about, which may indicate that the previous continuously lower interest rate and the suppressed short rebound only need an introduction.</p><p><b>We believe that the direction of interest rate in the past period is not incomprehensible, but the magnitude of the decline is even more surprising</b>。 In this context, we need to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will reverse under the induction of some catalysts.</p><p><b>What may be the catalyst for upward interest rates in the future?</b></p><p><b>1) Repair of growth expectations</b>: If the key growth data improves or the mutated virus epidemic falls back. The current progress of Biden's new round of infrastructure construction is also worth paying attention to.</p><p><b>2)</b><b>Policy Exit Expectation Heats Up</b>: For example, the FOMC hinted at a reduction in September or the Jackson Hole meeting began to blow in August. Since interest rate changes reflect expectations in advance, the point at which reductions begin to be hinted at is more important than formal implementation. In addition, after the debt ceiling problem is solved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of interest rates going up again?</b></p><p><b>1)</b><b>Speed</b>: Too fast rising interest rates mean that bond assets will fluctuate more, which will bring cross-asset volatility contagion, which will in turn affect U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring larger disturbance;<b>2)</b><b>Direction and structure</b>: The upward trend of long-term interest rates, especially the widening of interest spreads, is conducive to<b>Financials</b>Performance of the sector;<b>3)</b><b>Driving factors</b>: Rising real interest rates are detrimental to interest rate-sensitive assets, such as<b>Gold</b>But may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but quality growth at reasonable valuations remains attractive.</p><p><b>Focus of the Week: Possible Triggers for Again Upward Rate Rates and Their Implications</b></p><p><b>1. Non-farm data and its impact on monetary policy? Reduction at the end of the year and hints in September are still a high probability</b></p><p>The July non-agricultural (943,000) released on Friday exceeded the expectation (870,000) and the previous value (938,000), showing that some (such as retail, leisure hotels and other service industries) slowed down or even stagnated due to the recurrence of the mutated virus, but the overall employment continued to improve (Figures 1~2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment repair at the official reduction in 2013 (Chart 3). Therefore,<b>The official reduction of FOMC in December and the revised statement in September suggest that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the features mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index sharply higher (Chart 5). The reasons behind it are worth pondering.<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>All I need is an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenment of the decline in interest rates in the past period? The directions are understandable, and the levels do not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum decline of more than 50bp from the high point. First, the decline in inflation expectations was dominated (\"Overseas Asset Allocation Monthly Report (2021-7) Reflation Trading Decline\"), and after the FOMC meeting in June, the real interest rate took over and reached a record low (\"Why did the US dollar rise and long bonds fall recently? June 14~ June 20, 2021\"). During this period, the Fed's dot plot and technical adjustment to the Interest Rate Corridor triggered \"selling short and buying long\" (\"What is US Treasury yields trading downward? July 5~ July 11, 2021\"), short covering, China's unexpected RRR cut triggered growth concerns, and the surge of reverse repo substantially increased demand for Treasury Bond (\"How to understand the Fed's reverse repo surge and the Interest Rate Corridor mechanism? June 28~ July 4, 2021\", \"The Fed has been de facto\" shrinking balance sheet \"? July 19~ July 25, 2021\") and the recent recurrence of the Delta variant virus (\"How serious is the variant epidemic that triggered the market crash?\"). Although there may be coincidences, it gave bulls a reason to keep bullish on bonds, which in turn contributed to the three-month-long and more-than-expected interest rate decline (Charts 9~10).</p><p><b>In our view, that direction of interest rate over the past period is not incomprehensible</b>After all, in the previous stage of rapid upward interest rate, we suggested that the upward interest rate was intermittent and needed new catalysts; At the same time, the gradual decline of long-term inflation expectations is relatively certain, and the disturbance of short-term growth kinetic energy caused by the recurrence of mutated viruses cannot be completely ignored.<b>By contrast, the magnitude of the decline is even more surprising and puzzling</b>In particular, the trend of record low real interest rates is more about trading a recession than about expectations of a slowdown in growth momentum<b>。</b></p><p>Against this background,<b>We think we need to pay attention to, and even guard against, the possibility that interest rates, which are constantly suppressed like springs for whatever reason, will pull back under some catalyst</b>, the performance of long-end interest rates after Friday's non-farm data may be an example.</p><p><b>3. What may be a catalyst for upward interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>It is true that in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to fully explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. With reference to the forces that led to the downward trend of interest rates in the previous period, we believe the following events or points in time are worth paying attention to:</p><p><b>► Expected growth repair: such as key growth data improving or the mutated virus epidemic peaking and falling back.</b></p><p>We have analyzed in \"Overseas Asset Allocation Monthly Report (2021-8): Short-lived Stagflation-like Trading\" that we believe that the market may have overestimated the impact of the mutant virus and the pressure of declining growth, which in turn led to the recent sustained new low interest rates. Although the market is worried that real interest rates may not return to previous levels because long-term growth prospects remain unstable, being at such a low position is clearly a mismatch.<b>What's more, this round of mutant virus recurrence may not be as severe as it appears for countries that have already achieved mass vaccination</b>。 Mass vaccination ensures that hospitalizations and deaths remain low while new confirmed cases continue to rise, and eliminates the need for strict policy lockdowns to avoid a run on medical resources (Chart 11). This epidemic prevention path seems to have gradually become effective in the UK (\"Weekly Tracking of the Resumption of Epidemic Situation from the Enlightenment of the Phased Anti-epidemic Achievements in the UK (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figures 12-13). If so, there may be too much concern reflected in recent markets, particularly through real interest rates,<b>In the future, the fall of the pandemic from its high point may become an inflection point for interest rate recovery</b>。 Of course, some key data, such as the better-than-expected non-farm data released on Friday, can also have the effect of dispelling growth concerns.</p><p>In addition,<b>The current progress of Biden's new round of infrastructure construction is also worth watching</b>Next week will see a crucial vote in the Senate. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may result from achieving breakthrough progress are still worth paying attention to.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Expectations of policy withdrawal are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting began to blow in August.</b></p><p><b>Since interest rate changes reflect expectations in advance, the point at which reductions begin to be hinted at is more important than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its statement in September that the interest rate bottomed out and rebounded after the reduction was about to come, until it peaked after the official reduction started in December. Real interest rates were the main driver during this period (Chart 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to drop with the policy tightening expectation and the marginal relief of the contradiction between supply and demand (such as used car production capacity and inventory repair, Figures 14~15), it is still possible that the real interest rate will go up.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>In addition,<b>The Treasury can issue bonds again after the debt ceiling issue is resolved, and rising supply in Treasury Bond may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Treasury Department released a large amount of liquidity and returned to the Federal Reserve account through reverse repurchase, which \"locked\" some liquidity and substantially increased the demand of Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish some of the TGA cash reserves (Chart 20), and the increase in supply in Treasury Bond may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of rising interest rates again? Speed, Structure and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>The long-term interest rate does not rule out the upward trend again, especially the real interest rate. Among them, the signal of the FOMC meeting of the Federal Reserve in September on the reduction deserves close attention, but it does not rule out the gradual topping after the official reduction starts</b>(Figure 21).</p><p>So, if interest rates go up again, what will be the impact? We think it is mainly reflected in the following aspects:</p><p><b>1) speed,</b>The excessive rise of interest rates means that the volatility of bond assets will increase, which will bring fluctuation infection across assets, which will bring great disturbance to US stocks and other markets, especially the relatively high valuation sectors (Chart 22);</p><p><b>2) Orientation and Structure:</b>The upward trend of long-term interest rates, especially the widening of interest spreads, is conducive to the performance of the financial sector (Figures 23~24), which is the case after Friday's non-agricultural data;</p><p><b>3) Drivers:</b>An upward trend in real interest rates is detrimental to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), but may also push up<b>dollar</b>(Figure 26). In addition, value is also relatively better than growth in terms of style performance (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the liquidity launch is gradually approaching, and although we expect another round of upward interest rate, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuations remains attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-agriculture exceeded expectations, pushing the US Treasury yields and the US dollar to rise sharply, with banks leading the gains; Emerging Bulls Decline, U.S. Debt Bulls Plunge</b></p><p><b>► Asset Performance: Leading. Stock> Debt> Bulk; US Treasury yields picks up, banks lead gains</b></p><p>In July, the non-farm employment data exceeded expectations. Although the epidemic has repeatedly dragged down the repair of some service industries, the overall job market is still strong, with the US dollar and US Treasury yields factors rising sharply, and banks leading the gains. On the whole, among the major assets in the world, stocks> debt> bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, and crude oil, VIX bulls, copper and gold led the decline. In terms of sectors, the financial sector, including banking, comprehensive finance and insurance, led the gains last week. The 10-year US bond interest rate closed at 1.30%, up by about 7bps, the real interest rate rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment Position: Emerging Bulls Plunge, Long-End U.S. Debt Bulls Decline</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, while the net long position of the US Dollar Index continued to increase; The net long position of 10-year US debt has been significantly reduced, and the net short position of 2-year US debt has turned into net long position.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Money Flows: Stock Market Inflows Slow, Emerging Turns to Outflows</b></p><p>Over the past week, bond market inflows have slowed slightly, equity market inflows have slowed sharply, and money market funds have continued to flow in. In terms of sub-markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and Policy: Non-farm exceeded expectations in July, ISM Manufacturing PMI declined</b></p><p><b>In July, ISM manufacturing PMI declined, and prices and customer inventory dropped significantly.</b>The July ISM Manufacturing PMI fell to 59.5 in July from 60.6 in June, which fell short of expectations of 61.0. In terms of items, the price index dropped the largest since March 2020, which indicates that inflationary pressure has eased to some extent. The employment index and the orders on hand index rose, and the customer inventory index reached a record low.</p><p>In addition,<b>Non-farm remains strong in July, leisure hotels are still the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expected (870,000); In terms of items, leisure hotels are still the main source of new jobs, with 380,000 new jobs in July. Education and health, transportation and warehousing, financial activities and information industries improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% the previous month, down from the expected 5.7%. Meanwhile, month-on-month wage growth in July maintained its June level at 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuation above growth and interest rate environment support levels</b></p><p>With the rise of 10-year US bond interest rate and the fall of ISM manufacturing PMI, the current static P/E of S&P 500 index is 27.1 times higher than the reasonable level (~26.8 times) that can be supported by growth (July PMI =59.5) and liquidity (10-year US bond interest rate 1.30%).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" 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>CICC Overseas: If US Treasury yields goes up again?</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\">\nCICC Overseas: If US Treasury yields goes up again?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-08-08 14:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Abstract</b></p><p>The July non-agricultural (943,000) released on Friday exceeded expectations and the previous value, showing a trend of local slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continuous improvement. On this basis, we updated the calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of employment repair to 64% similar to the official reduction in 2013. Therefore,<b>FOMC officially reduces volume in December</b>、<b>The September revision statement suggests that it still appears to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index sharply higher</b>The reasons behind it are worth thinking about, which may indicate that the previous continuously lower interest rate and the suppressed short rebound only need an introduction.</p><p><b>We believe that the direction of interest rate in the past period is not incomprehensible, but the magnitude of the decline is even more surprising</b>。 In this context, we need to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will reverse under the induction of some catalysts.</p><p><b>What may be the catalyst for upward interest rates in the future?</b></p><p><b>1) Repair of growth expectations</b>: If the key growth data improves or the mutated virus epidemic falls back. The current progress of Biden's new round of infrastructure construction is also worth paying attention to.</p><p><b>2)</b><b>Policy Exit Expectation Heats Up</b>: For example, the FOMC hinted at a reduction in September or the Jackson Hole meeting began to blow in August. Since interest rate changes reflect expectations in advance, the point at which reductions begin to be hinted at is more important than formal implementation. In addition, after the debt ceiling problem is solved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of interest rates going up again?</b></p><p><b>1)</b><b>Speed</b>: Too fast rising interest rates mean that bond assets will fluctuate more, which will bring cross-asset volatility contagion, which will in turn affect U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring larger disturbance;<b>2)</b><b>Direction and structure</b>: The upward trend of long-term interest rates, especially the widening of interest spreads, is conducive to<b>Financials</b>Performance of the sector;<b>3)</b><b>Driving factors</b>: Rising real interest rates are detrimental to interest rate-sensitive assets, such as<b>Gold</b>But may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but quality growth at reasonable valuations remains attractive.</p><p><b>Focus of the Week: Possible Triggers for Again Upward Rate Rates and Their Implications</b></p><p><b>1. Non-farm data and its impact on monetary policy? Reduction at the end of the year and hints in September are still a high probability</b></p><p>The July non-agricultural (943,000) released on Friday exceeded the expectation (870,000) and the previous value (938,000), showing that some (such as retail, leisure hotels and other service industries) slowed down or even stagnated due to the recurrence of the mutated virus, but the overall employment continued to improve (Figures 1~2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment repair at the official reduction in 2013 (Chart 3). Therefore,<b>The official reduction of FOMC in December and the revised statement in September suggest that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the features mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index sharply higher (Chart 5). The reasons behind it are worth pondering.<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>All I need is an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenment of the decline in interest rates in the past period? The directions are understandable, and the levels do not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum decline of more than 50bp from the high point. First, the decline in inflation expectations was dominated (\"Overseas Asset Allocation Monthly Report (2021-7) Reflation Trading Decline\"), and after the FOMC meeting in June, the real interest rate took over and reached a record low (\"Why did the US dollar rise and long bonds fall recently? June 14~ June 20, 2021\"). During this period, the Fed's dot plot and technical adjustment to the Interest Rate Corridor triggered \"selling short and buying long\" (\"What is US Treasury yields trading downward? July 5~ July 11, 2021\"), short covering, China's unexpected RRR cut triggered growth concerns, and the surge of reverse repo substantially increased demand for Treasury Bond (\"How to understand the Fed's reverse repo surge and the Interest Rate Corridor mechanism? June 28~ July 4, 2021\", \"The Fed has been de facto\" shrinking balance sheet \"? July 19~ July 25, 2021\") and the recent recurrence of the Delta variant virus (\"How serious is the variant epidemic that triggered the market crash?\"). Although there may be coincidences, it gave bulls a reason to keep bullish on bonds, which in turn contributed to the three-month-long and more-than-expected interest rate decline (Charts 9~10).</p><p><b>In our view, that direction of interest rate over the past period is not incomprehensible</b>After all, in the previous stage of rapid upward interest rate, we suggested that the upward interest rate was intermittent and needed new catalysts; At the same time, the gradual decline of long-term inflation expectations is relatively certain, and the disturbance of short-term growth kinetic energy caused by the recurrence of mutated viruses cannot be completely ignored.<b>By contrast, the magnitude of the decline is even more surprising and puzzling</b>In particular, the trend of record low real interest rates is more about trading a recession than about expectations of a slowdown in growth momentum<b>。</b></p><p>Against this background,<b>We think we need to pay attention to, and even guard against, the possibility that interest rates, which are constantly suppressed like springs for whatever reason, will pull back under some catalyst</b>, the performance of long-end interest rates after Friday's non-farm data may be an example.</p><p><b>3. What may be a catalyst for upward interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>It is true that in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to fully explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. With reference to the forces that led to the downward trend of interest rates in the previous period, we believe the following events or points in time are worth paying attention to:</p><p><b>► Expected growth repair: such as key growth data improving or the mutated virus epidemic peaking and falling back.</b></p><p>We have analyzed in \"Overseas Asset Allocation Monthly Report (2021-8): Short-lived Stagflation-like Trading\" that we believe that the market may have overestimated the impact of the mutant virus and the pressure of declining growth, which in turn led to the recent sustained new low interest rates. Although the market is worried that real interest rates may not return to previous levels because long-term growth prospects remain unstable, being at such a low position is clearly a mismatch.<b>What's more, this round of mutant virus recurrence may not be as severe as it appears for countries that have already achieved mass vaccination</b>。 Mass vaccination ensures that hospitalizations and deaths remain low while new confirmed cases continue to rise, and eliminates the need for strict policy lockdowns to avoid a run on medical resources (Chart 11). This epidemic prevention path seems to have gradually become effective in the UK (\"Weekly Tracking of the Resumption of Epidemic Situation from the Enlightenment of the Phased Anti-epidemic Achievements in the UK (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figures 12-13). If so, there may be too much concern reflected in recent markets, particularly through real interest rates,<b>In the future, the fall of the pandemic from its high point may become an inflection point for interest rate recovery</b>。 Of course, some key data, such as the better-than-expected non-farm data released on Friday, can also have the effect of dispelling growth concerns.</p><p>In addition,<b>The current progress of Biden's new round of infrastructure construction is also worth watching</b>Next week will see a crucial vote in the Senate. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may result from achieving breakthrough progress are still worth paying attention to.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Expectations of policy withdrawal are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting began to blow in August.</b></p><p><b>Since interest rate changes reflect expectations in advance, the point at which reductions begin to be hinted at is more important than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its statement in September that the interest rate bottomed out and rebounded after the reduction was about to come, until it peaked after the official reduction started in December. Real interest rates were the main driver during this period (Chart 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to drop with the policy tightening expectation and the marginal relief of the contradiction between supply and demand (such as used car production capacity and inventory repair, Figures 14~15), it is still possible that the real interest rate will go up.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>In addition,<b>The Treasury can issue bonds again after the debt ceiling issue is resolved, and rising supply in Treasury Bond may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Treasury Department released a large amount of liquidity and returned to the Federal Reserve account through reverse repurchase, which \"locked\" some liquidity and substantially increased the demand of Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish some of the TGA cash reserves (Chart 20), and the increase in supply in Treasury Bond may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of rising interest rates again? Speed, Structure and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>The long-term interest rate does not rule out the upward trend again, especially the real interest rate. Among them, the signal of the FOMC meeting of the Federal Reserve in September on the reduction deserves close attention, but it does not rule out the gradual topping after the official reduction starts</b>(Figure 21).</p><p>So, if interest rates go up again, what will be the impact? We think it is mainly reflected in the following aspects:</p><p><b>1) speed,</b>The excessive rise of interest rates means that the volatility of bond assets will increase, which will bring fluctuation infection across assets, which will bring great disturbance to US stocks and other markets, especially the relatively high valuation sectors (Chart 22);</p><p><b>2) Orientation and Structure:</b>The upward trend of long-term interest rates, especially the widening of interest spreads, is conducive to the performance of the financial sector (Figures 23~24), which is the case after Friday's non-agricultural data;</p><p><b>3) Drivers:</b>An upward trend in real interest rates is detrimental to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), but may also push up<b>dollar</b>(Figure 26). In addition, value is also relatively better than growth in terms of style performance (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the liquidity launch is gradually approaching, and although we expect another round of upward interest rate, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuations remains attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-agriculture exceeded expectations, pushing the US Treasury yields and the US dollar to rise sharply, with banks leading the gains; Emerging Bulls Decline, U.S. Debt Bulls Plunge</b></p><p><b>► Asset Performance: Leading. Stock> Debt> Bulk; US Treasury yields picks up, banks lead gains</b></p><p>In July, the non-farm employment data exceeded expectations. Although the epidemic has repeatedly dragged down the repair of some service industries, the overall job market is still strong, with the US dollar and US Treasury yields factors rising sharply, and banks leading the gains. On the whole, among the major assets in the world, stocks> debt> bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, and crude oil, VIX bulls, copper and gold led the decline. In terms of sectors, the financial sector, including banking, comprehensive finance and insurance, led the gains last week. The 10-year US bond interest rate closed at 1.30%, up by about 7bps, the real interest rate rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment Position: Emerging Bulls Plunge, Long-End U.S. Debt Bulls Decline</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, while the net long position of the US Dollar Index continued to increase; The net long position of 10-year US debt has been significantly reduced, and the net short position of 2-year US debt has turned into net long position.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Money Flows: Stock Market Inflows Slow, Emerging Turns to Outflows</b></p><p>Over the past week, bond market inflows have slowed slightly, equity market inflows have slowed sharply, and money market funds have continued to flow in. In terms of sub-markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and Policy: Non-farm exceeded expectations in July, ISM Manufacturing PMI declined</b></p><p><b>In July, ISM manufacturing PMI declined, and prices and customer inventory dropped significantly.</b>The July ISM Manufacturing PMI fell to 59.5 in July from 60.6 in June, which fell short of expectations of 61.0. In terms of items, the price index dropped the largest since March 2020, which indicates that inflationary pressure has eased to some extent. The employment index and the orders on hand index rose, and the customer inventory index reached a record low.</p><p>In addition,<b>Non-farm remains strong in July, leisure hotels are still the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expected (870,000); In terms of items, leisure hotels are still the main source of new jobs, with 380,000 new jobs in July. Education and health, transportation and warehousing, financial activities and information industries improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% the previous month, down from the expected 5.7%. Meanwhile, month-on-month wage growth in July maintained its June level at 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuation above growth and interest rate environment support levels</b></p><p>With the rise of 10-year US bond interest rate and the fall of ISM manufacturing PMI, the current static P/E of S&P 500 index is 27.1 times higher than the reasonable level (~26.8 times) that can be supported by growth (July PMI =59.5) and liquidity (10-year US bond interest rate 1.30%).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{"GOVT":"iShares安硕核心美国国债ETF","TLT":"20+年以上美国国债ETF-iShares","BND":"债券指数ETF-Vanguard美国","IEI":"iShares Barclays 3-7 Year Trea","IEF":"债券指数ETF-iShares Barclays 7-10年","SHY":"债券指数ETF-iShares Barclays 1-3年国债"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183188196","content_text":"摘要\n周五公布的7月非农(94.3万)超出预期和前值,呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上,我们更新了对于就业市场何时达到美联储门槛的测算,发现大概还需要5个月达到类似2013年正式减量时就业修复至64%的门槛。因此,12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件。\n除此之外,此次非农数据本身可能并无太多圈点之处,但并未太超预期的数据却推动美债利率和美元指数大幅走高,背后原因值得寻味,这可能说明此前持续走低的利率和被压制的空头反弹,只需要一个引子而已。\n我们认为,过去一段时间利率走向在方向上并非不能理解,但回落幅度更让人意外。在这一背景下,需要关注甚至防范,不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性。\n后续有什么可能成为利率上行的催化剂?\n1)增长预期修复:如关键增长数据向好或者变异病毒疫情回落。当前正在推进的拜登新一轮基建进展也值得关注。\n2)政策退出预期升温:如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。由于利率变化会提前反应预期,因此比起正式执行,开始暗示减量的时点更为重要。此外,债务上限问题解决后财政部可以再度发债,国债供给上升也可能增加利率上行压力。\n利率再度上行的影响?\n1)速度:利率过快上行意味着债券资产波动加大,将会带来跨资产的波动传染,进而对美股和其他市场、特别是相对高估值板块带来较大扰动;2)方向和结构:长端利率上行特别是利差走阔有利于金融板块的表现;3)驱动因素:实际利率上行不利于利率敏感型资产,例如黄金,同时也可能推升美元。从风格表现上,价值也相对好于成长,但估值合理的优质成长仍具吸引力。\n本周焦点:利率再度上行的可能触发因素及其影响\n1. 非农数据及其对货币政策的影响?年底减量、9月暗示仍是大概率\n周五公布的7月非农(94.3万)超出预期(87.0万)和前值(93.8万),呈现出局部(如零售、休闲酒店等服务业)受变异病毒复发影响步伐放缓甚至停滞、但整体就业依然持续改善的态势(图表1~2)。在此基础上,我们更新了对于就业市场何时达到美联储门槛(所谓进一步重大进展further substantial progress)的测算,发现大概还需要5个月达到类似2013年正式减量时就业修复64%的水平(图表3)。因此,12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件(图表4)。\n\n除了上文中提到的特征外,此次非农数据本身可能并无太多圈点之处,但并未太超预期的数据却推动美债利率和美元指数大幅走高(图表5),背后原因值得寻味,这可能说明此前持续走低的利率和被压制的空头反弹(图表6),只需要一个引子而已。\n\n2. 过去一段时间利率回落的原因与启示?方向可以理解,水平并不匹配\n10年美债自5月中旬以来持续下行,一度降至1.17%的低位,从高点计最多降幅超过50bp。先是通胀预期回落主导(《海外资产配置月报(2021-7)再通胀交易的回落》),6月FOMC会议后实际利率接棒下行并创历史新低(《近期美元涨长债跌为哪般?2021年6月14日~6月20日》)。这期间,美联储点阵图和对利率走廊的技术调整引发“卖短买长”(《美债利率下行在交易什么?2021年7月5日~7月11日》)、空头回补、中国意外降准引发增长担忧、逆回购激增实质上增加对国债需求(《如何理解美联储逆回购激增与利率走廊机制?2021年6月28日~7月4日》、《美联储已经事实上“缩表”?2021年7月19日~7月25日》)以及近期Delta变异病毒复发(《引发市场大跌的变种疫情有多严重?》),虽然可能存在巧合,但却给了多头不断看多债券一环扣一环的理由,进而促成了长达3个月且幅度超预期的利率下行(图表9~10)。\n我们认为,过去一段时间利率走向在方向上并非不能理解,毕竟我们在此前利率快速上行阶段就提示利率上行是间歇性的、且需要新的催化剂;同时,长端通胀预期逐步回落较为确定,变异病毒复发对短期增长动能的扰动也不能完全无视。相比之下,其回落幅度更让人意外和费解,特别是实际利率创新低的走势更多是在交易经济衰退而非眼下增长动能放缓的预期。\n在这一背景下,我们认为就需要关注甚至防范,不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性,周五非农数据后长端利率的表现可能就是一个例子。\n3. 什么可能成为利率上行的催化剂?疫情、FOMC、基建方案和债务上限\n诚然,很多时候,利率的短期走势会受交易因素影响而难以完全用基本面来解释,但是一些拐点依然有规律可循,特别是一些关键的事件性催化剂。参考前期导致利率下行的力量,我们认为以下事件或时间点值得关注:\n►增长预期修复:如关键增长数据向好或者变异病毒疫情见顶回落。\n我们在《海外资产配置月报(2021-8):短暂的类滞胀交易》中曾经分析到,我们认为市场可能高估了变异病毒的影响和增长回落的压力,进而导致近期利率持续新低。虽然市场担心因为长期增长前景依然不稳固可能使得实际利率回不到此前水平,但处于这么低的位置显然是不匹配的。更何况,此轮变异病毒复发对已经实现大规模疫苗接种的国家而言可能也没有表面上显现的那么严峻。大规模疫苗接种保证了新增确诊不断攀升时住院和死亡人数却能维持低位,进而无需采取从政策层面严格封锁以避免对对医疗资源的挤兑(图表11)。这一防疫路径似乎在英国已经逐渐成效(《英国阶段性抗疫成果的启示疫情复工周度追踪(7月31日)》),进而可能成为其他类似国家如美国未来防疫路径的样板(图表12~13)。如果是这样的话,近期市场特别是通过实际利率所反映的担忧可能就过多,未来疫情从高点回落就有可能成为利率回升的拐点。当然,一些关键数据,例如周五公布的非农数据好于预期也可以起到打消增长担忧的效果。\n此外,当前正在推进的拜登新一轮基建进展也值得关注,下周将在参议院迎来关键投票。尽管规模明显小于此前预期(图表29),但实现突破性进展可能带来的预期变化依然值得关注。\n\n►政策退出预期升温:如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。\n由于利率变化会提前反应预期,因此比起正式执行,开始暗示减量的时点更为重要。2013年正式减量之前就是如此,当年10月FOMC会议美联储维持9月声明确立减量即将到来后利率见底回升,直到12月正式减量开启后见顶。这一期间,实际利率是主要驱动力(图表17)。考虑到当前实际利率处于历史低位,而长端通胀预期随着政策收紧预期和供需矛盾边际缓解有望回落(如二手车产能和库存修复,图表14~15),因此依然可能是以实际利率上行为主。\n\n此外,债务上限问题解决后财政部可以再度发债,国债供给上升也可能增加利率上行压力。前期财政部TGA账户释放大量流动性通过逆回购又回到美联储账上,在“锁住”部分流动性的同时、也实质上增加了国债的需求。往前看,待债务上限得到解决后(财政部紧急措施可以持续到9月末)(图表19),财政部可以再度发债并预计补充部分TGA现金储备(图表20),而国债供给增加也可能会增加利率上行的压力。\n\n4. 利率再度上行的影响?速度、结构和驱动\n综合上文分析,在未来一些增长和流动性事件或政策的催化下,长端利率不排除再度上行、特别是实际利率,这其中美联储9月FOMC会议关于减量的信号值得密切关注,但待正式减量开启后不排除逐步筑顶(图表21)。\n那么,如果利率再度上行,会带来什么影响呢?我们认为主要体现在以下几个方面:\n1)速度,利率过快上行意味着债券资产波动加大,将会带来跨资产的波动传染,进而对美股和其他市场、特别是相对高估值板块带来较大扰动(图表22);\n2)方向和结构:长端利率上行特别是利差走阔有利于金融板块的表现(图表23~24),周五非农数据后的情形便是如此;\n3)驱动因素:实际利率的上行不利于对利率特别是利率敏感型资产,例如黄金(图表25),同时也可能推升美元(图表26)。此外,从风格表现上,价值也相对好于成长(图表27)。不过,需要说明的是,由于当前已经不处于增加加速阶段且流动性推出逐步临近,同时我们虽然预期利率还有一轮上行但也有可能是最后一波,因此估值合理的优质成长依然具有吸引力。\n\n市场动态:非农超预期,推动美债利率和美元大涨,银行领涨;新兴多头减少,美债多头骤降\n►资产表现:领先。股>债>大宗;美债利率回升,银行领涨\n7月非农就业数据超预期,虽然疫情反复对于部分服务行业的修复产生拖累,但整体就业市场依然强劲,美元和美债利率因素大幅抬升,银行领涨。整体看,全球主要资产中,股>债>大宗,天然气、比特币、印度及韩国股市领涨,原油、VIX多头、铜、黄金领跌。分板块看,包括银行、综合金融、保险在内的金融板块上周领涨。10年美债利率收于1.30%,抬升约7bps,实际利率抬升11bps,通胀预期回落4bp。\n\n►情绪仓位:新兴多头骤降,长端美债多头减少\n过去一周,美股看空/看多期权比例较上周继续回落。仓位方面,美股净多头仓位略有抬升,美元指数净多头仓位继续增加;10年美债净多头仓位大幅减少,2年美债净空头转为净多头。\n\n►资金流向:股市流入放缓、新兴转为流出\n过去一周,债市流入略有放缓,股市流入大幅放缓,货币市场基金持续流入。分市场看,美股流入大幅放缓,欧洲和日本继续流入但同样放缓,新兴市场转为流出。\n\n►基本面与政策:7月非农超预期,ISM制造业PMI下滑\n7月ISM制造业PMI下滑,物价及客户库存回落明显。7月ISM制造业PMI从6月的60.6降至7月的59.5,不及预期的61.0。分项看,物价指数降幅创2020年3月以来最大,一定程度上说明通胀压力有所缓解。就业指数及在手订单指数抬升,客户库存指数创历史新低。\n此外,7月非农依旧强劲,休闲酒店仍是主要来源。7月非农新增就业94.3万,高于修正后前值(93.8万)和预期(87.0万);分项看,休闲酒店依然是新增就业的主要来源,7月新增38.0万。教育健康、运输仓储业、金融活动、信息业较前月改善最多。7月失业率也从前月5.9%回落至5.4%,低于预期的5.7%。与此同时,7月工资环比增速维持6月水平,达0.4%,高于预期的0.3%。\n\n►美股估值高于增长和利率环境支撑水平\n伴随10年美债利率抬升及ISM制造业PMI回落,当前标普500指数27.1倍静态P/E高于增长(7月PMI=59.5)和流动性(10年美债利率1.30%)能够支撑的合理水平(~26.8倍)。","news_type":1,"symbols_score_info":{"UBmain":0.9,"ZFmain":0.9,"TNmain":0.9,"GOVT":0.9,"IEF":0.9,"TLT":0.9,"SHY":0.9,"IEI":0.9,"ZNmain":0.9,"BND":0.9,"ZTmain":0.9,"ZBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176543511,"gmtCreate":1626909791933,"gmtModify":1703480242919,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/176543511","repostId":"2153640970","repostType":4,"repost":{"id":"2153640970","kind":"highlight","pubTimestamp":1626903189,"share":"https://ttm.financial/m/news/2153640970?lang=en_US&edition=fundamental","pubTime":"2021-07-22 05:33","market":"us","language":"zh","title":"Foreign media headlines: Delta variant rages, global economic recovery is sending warning signals","url":"https://stock-news.laohu8.com/highlight/detail?id=2153640970","media":"新浪财经","summary":" 全球股市本周遭遇重挫,且大量避险资金涌入美国国债,表明投资者现在怀疑备受期待的疫情后恢复常态是否能在近期内实现。 综合全球主要经济体的数据显示,随着各种商品和原材料价格的上涨,全球经济近期的高速增长放缓。 德意志银行首席外汇策略师Saravelos对客户表示,在Delta变种病毒致疫情反弹之际,市场可能正在就全球经济前景发出警报信号。","content":"<p><b>The headlines that the global financial media paid common attention to last night and this morning mainly include:</b></p><p><b>1. The Delta variant virus rages, and the global economic recovery is sending a warning signal</b><b>2. SEC Chairman: Warning on Virtual Stocks on Blockchain Cryptocurrencies Need More Regulation</b><b>3. Musk:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Reacceptance of Bitcoin payments 'likely'</b><b>4. United Airlines CEO: Travel demand will \"rise and fall\" before more people are vaccinated</b><b>5、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>: Prepared to deal with the impact of Delta variant People look at bigger brands when the market is constrained</b><b>6. Wedbush analyst: Netflix's foray into video games is \"unwise\"</b><img src=\"https://static.tigerbbs.com/4fcc4201341d30b87836270ad00eccdf\" tg-width=\"550\" tg-height=\"385\" referrerpolicy=\"no-referrer\"></p><p><b>Delta variant virus ravages global economic recovery is sending warning signals</b></p><p>Global stock markets have been slammed this week, and a flood of safe-haven money has flooded the US Treasury Bond, suggesting that investors now doubt whether the much-anticipated post-pandemic return to normalcy will materialize in the near future.</p><p>Combined data from the world's major economies show that the recent high growth of the global economy has slowed down with the rise in prices of various commodities and raw materials.</p><p><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist Saravelos told clients that markets may be sending alarm signals about the global economic outlook at a time when the pandemic rebounds due to the Delta variant virus.</p><p>\"As prices have risen, consumers have been reducing demand rather than spending ahead of time. This is the opposite of what one would expect from a real inflationary environment, which suggests that the global economy has a very low speed limit.\"</p><p><img src=\"https://static.tigerbbs.com/2078f0930fe8e85b2ae089f5d7e6b01f\" tg-width=\"550\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>SEC Chair: Warning on Virtual Stocks on Blockchain Cryptocurrencies Need More Regulation</b></p><p>SEC Chairman Gary Gensler has issued a warning about synthetic stocks appearing on blockchains: Companies selling tokens to U.S. investors could end up in trouble with regulators.</p><p>Gensler made it clear in his speech Wednesday that mapping<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Tokens for the stock prices of well-known companies such as, Tesla, etc. may still be regulated by U.S. securities laws. He also promised to use all of the SEC's enforcement resources to hold accountable those who may not be registered to provide such assets.</p><p>Whether it's equity tokens, security-backed stable-value tokens, or other virtual products that offer synthetic exposure to underlying securities, \"these platforms — whether decentralized or centralized in the financial sector — are governed by securities laws and must operate within our securities regime,\" Gensler said at an event hosted by the American Bar Association.</p><p>Gensler has repeatedly said that cryptocurrencies need more regulation. He told a House committee in May that he looked forward to working with Congress and other regulators to \"fill gaps in investor protections.\"</p><p><img src=\"https://static.tigerbbs.com/627b780083c8f7cff885d64fef8ded31\" tg-width=\"550\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>Musk: Tesla's 'likely' to reaccept Bitcoin payments</b></p><p>On Wednesday, EV maker Tesla CEO Elon Musk said at a conference that Tesla is likely to return to accepting Bitcoin payments. Musk's comments come after Tesla said in May that it would stop accepting cars from Bitcoin.</p><p>Musk said he personally owns Bitcoin, Ethereum and Dogecoin in addition to Bitcoin owned by Tesla and SpaceX.</p><p>\"I want to see Bitcoin succeed,\" Musk said, \"and if prices go down in Bitcoin, I'll lose money.\"</p><p>Musk said Tesla will likely resume accepting Bitcoin purchases once the burden of mining in Bitcoin decreases on the environment.</p><p>\"It looks like Bitcoin is moving more towards renewables,\" Musk said, \"I want to wait until it is confirmed that the percentage of renewable use is 50% or more.\"</p><p><img src=\"https://static.tigerbbs.com/a97fa06041cd69f37d669466a13dc2e1\" tg-width=\"550\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>United Airlines CEO: Travel demand will 'rise and fall' until more people are vaccinated</b></p><p>United CEO Scott Kirby expects travel demand to continue to recover despite the resurgence of the pandemic caused by the more contagious Delta variant. He warned Wednesday, though, that uncertainty remained until more people were vaccinated.</p><p>\"There's going to be ups and downs from now on and wait until enough people around the world are vaccinated to make this pandemic truly a thing of the past, which is what we're looking forward to,\" Kirby said on an investor call.</p><p>\"The most likely outcome, we think, is that the continued recovery in demand is largely unabated. Because there is overwhelming evidence that vaccinated people are highly protected from severe illness, hospitalization and death,\" Kirby said. But only about half of eligible Americans are currently fully vaccinated against COVID-19.</p><p>United, for its part, said it does not expect to resume flights to Europe until spring 2022, and to Asia until at least 2023.</p><p><img src=\"https://static.tigerbbs.com/48f2ef83646736b442862a71b2164007\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Coca-Cola: Prepared for Delta Variant Impact People look at bigger brands when the market is constrained</b></p><p>Coca-Cola Chief Financial Officer John Murphy said Wednesday that the company will rely on its pandemic-tested strategy to focus on larger brands and increase its commitment to the supply chain to address the potential impact of the Delta variant of the novel coronavirus.</p><p>Murphy said sales in some Asian markets in the second quarter were hit by a rebound in the pandemic. Some possible implications have also been added to the upgraded sales forecast.</p><p>\"When the market is more restricted, you focus on bigger brands,\" Murphy said.</p><p>Coca-Cola has streamlined its product range over the past year to mitigate the impact of the pandemic. The company, which owns brands such as Sprite, Fanta and Dasani, has discontinued its TaB diet soda and Coca-Cola Energy brands in the U.S. and sold its ZICO coconut milk brand.</p><p><img src=\"https://static.tigerbbs.com/c37897d9e027fd0424c8dd846b4ef019\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\"><b>Netflix's foray into video games is 'ill-advised': Wedbush analyst</b></p><p>Netflix's subscriber growth has stalled in recent quarters with the addition of new streaming services. In an effort to attract new members and reduce churn, the company is expanding into video games.</p><p>The move builds on Netflix's vast content library, which will not only allow the company to expand its proprietary intellectual property, but will also gain access to vital data about users. These games could power Netflix's future shows and movies, enhancing the brand's appeal to consumers.</p><p>While subscribers may be excited about the gaming prospects of popular TV series like Stranger Things, at least one Wall Street analyst is wary of Netflix's push into video games, calling it an \"ill-conceived attempt.\"</p><p>\"While burning money, Netflix has chosen to expand its content offering to include podcasts (which we think is wise) and games (which we don't think is wise),\" Wedbush analyst Pachter wrote in a research note Wednesday.</p>","source":"highlight_sina","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>Foreign media headlines: Delta variant rages, global economic recovery is sending warning signals</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\">\nForeign media headlines: Delta variant rages, global economic recovery is sending warning signals\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-07-22 05:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The headlines that the global financial media paid common attention to last night and this morning mainly include:</b></p><p><b>1. The Delta variant virus rages, and the global economic recovery is sending a warning signal</b><b>2. SEC Chairman: Warning on Virtual Stocks on Blockchain Cryptocurrencies Need More Regulation</b><b>3. Musk:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Reacceptance of Bitcoin payments 'likely'</b><b>4. United Airlines CEO: Travel demand will \"rise and fall\" before more people are vaccinated</b><b>5、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>: Prepared to deal with the impact of Delta variant People look at bigger brands when the market is constrained</b><b>6. Wedbush analyst: Netflix's foray into video games is \"unwise\"</b><img src=\"https://static.tigerbbs.com/4fcc4201341d30b87836270ad00eccdf\" tg-width=\"550\" tg-height=\"385\" referrerpolicy=\"no-referrer\"></p><p><b>Delta variant virus ravages global economic recovery is sending warning signals</b></p><p>Global stock markets have been slammed this week, and a flood of safe-haven money has flooded the US Treasury Bond, suggesting that investors now doubt whether the much-anticipated post-pandemic return to normalcy will materialize in the near future.</p><p>Combined data from the world's major economies show that the recent high growth of the global economy has slowed down with the rise in prices of various commodities and raw materials.</p><p><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist Saravelos told clients that markets may be sending alarm signals about the global economic outlook at a time when the pandemic rebounds due to the Delta variant virus.</p><p>\"As prices have risen, consumers have been reducing demand rather than spending ahead of time. This is the opposite of what one would expect from a real inflationary environment, which suggests that the global economy has a very low speed limit.\"</p><p><img src=\"https://static.tigerbbs.com/2078f0930fe8e85b2ae089f5d7e6b01f\" tg-width=\"550\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>SEC Chair: Warning on Virtual Stocks on Blockchain Cryptocurrencies Need More Regulation</b></p><p>SEC Chairman Gary Gensler has issued a warning about synthetic stocks appearing on blockchains: Companies selling tokens to U.S. investors could end up in trouble with regulators.</p><p>Gensler made it clear in his speech Wednesday that mapping<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Tokens for the stock prices of well-known companies such as, Tesla, etc. may still be regulated by U.S. securities laws. He also promised to use all of the SEC's enforcement resources to hold accountable those who may not be registered to provide such assets.</p><p>Whether it's equity tokens, security-backed stable-value tokens, or other virtual products that offer synthetic exposure to underlying securities, \"these platforms — whether decentralized or centralized in the financial sector — are governed by securities laws and must operate within our securities regime,\" Gensler said at an event hosted by the American Bar Association.</p><p>Gensler has repeatedly said that cryptocurrencies need more regulation. He told a House committee in May that he looked forward to working with Congress and other regulators to \"fill gaps in investor protections.\"</p><p><img src=\"https://static.tigerbbs.com/627b780083c8f7cff885d64fef8ded31\" tg-width=\"550\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>Musk: Tesla's 'likely' to reaccept Bitcoin payments</b></p><p>On Wednesday, EV maker Tesla CEO Elon Musk said at a conference that Tesla is likely to return to accepting Bitcoin payments. Musk's comments come after Tesla said in May that it would stop accepting cars from Bitcoin.</p><p>Musk said he personally owns Bitcoin, Ethereum and Dogecoin in addition to Bitcoin owned by Tesla and SpaceX.</p><p>\"I want to see Bitcoin succeed,\" Musk said, \"and if prices go down in Bitcoin, I'll lose money.\"</p><p>Musk said Tesla will likely resume accepting Bitcoin purchases once the burden of mining in Bitcoin decreases on the environment.</p><p>\"It looks like Bitcoin is moving more towards renewables,\" Musk said, \"I want to wait until it is confirmed that the percentage of renewable use is 50% or more.\"</p><p><img src=\"https://static.tigerbbs.com/a97fa06041cd69f37d669466a13dc2e1\" tg-width=\"550\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>United Airlines CEO: Travel demand will 'rise and fall' until more people are vaccinated</b></p><p>United CEO Scott Kirby expects travel demand to continue to recover despite the resurgence of the pandemic caused by the more contagious Delta variant. He warned Wednesday, though, that uncertainty remained until more people were vaccinated.</p><p>\"There's going to be ups and downs from now on and wait until enough people around the world are vaccinated to make this pandemic truly a thing of the past, which is what we're looking forward to,\" Kirby said on an investor call.</p><p>\"The most likely outcome, we think, is that the continued recovery in demand is largely unabated. Because there is overwhelming evidence that vaccinated people are highly protected from severe illness, hospitalization and death,\" Kirby said. But only about half of eligible Americans are currently fully vaccinated against COVID-19.</p><p>United, for its part, said it does not expect to resume flights to Europe until spring 2022, and to Asia until at least 2023.</p><p><img src=\"https://static.tigerbbs.com/48f2ef83646736b442862a71b2164007\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Coca-Cola: Prepared for Delta Variant Impact People look at bigger brands when the market is constrained</b></p><p>Coca-Cola Chief Financial Officer John Murphy said Wednesday that the company will rely on its pandemic-tested strategy to focus on larger brands and increase its commitment to the supply chain to address the potential impact of the Delta variant of the novel coronavirus.</p><p>Murphy said sales in some Asian markets in the second quarter were hit by a rebound in the pandemic. Some possible implications have also been added to the upgraded sales forecast.</p><p>\"When the market is more restricted, you focus on bigger brands,\" Murphy said.</p><p>Coca-Cola has streamlined its product range over the past year to mitigate the impact of the pandemic. The company, which owns brands such as Sprite, Fanta and Dasani, has discontinued its TaB diet soda and Coca-Cola Energy brands in the U.S. and sold its ZICO coconut milk brand.</p><p><img src=\"https://static.tigerbbs.com/c37897d9e027fd0424c8dd846b4ef019\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\"><b>Netflix's foray into video games is 'ill-advised': Wedbush analyst</b></p><p>Netflix's subscriber growth has stalled in recent quarters with the addition of new streaming services. In an effort to attract new members and reduce churn, the company is expanding into video games.</p><p>The move builds on Netflix's vast content library, which will not only allow the company to expand its proprietary intellectual property, but will also gain access to vital data about users. These games could power Netflix's future shows and movies, enhancing the brand's appeal to consumers.</p><p>While subscribers may be excited about the gaming prospects of popular TV series like Stranger Things, at least one Wall Street analyst is wary of Netflix's push into video games, calling it an \"ill-conceived attempt.\"</p><p>\"While burning money, Netflix has chosen to expand its content offering to include podcasts (which we think is wise) and games (which we don't think is wise),\" Wedbush analyst Pachter wrote in a research note Wednesday.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://finance.sina.com.cn/world/gjcj/2021-07-22/doc-ikqcfnca8245616.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4fcc4201341d30b87836270ad00eccdf","relate_stocks":{"EBON":"亿邦国际","QNETCN":"纳斯达克中美互联网老虎指数","NFLX":"奈飞","TSLA":"特斯拉","CAN":"嘉楠科技"},"source_url":"https://finance.sina.com.cn/world/gjcj/2021-07-22/doc-ikqcfnca8245616.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2153640970","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有:\n\n1、Delta变种病毒肆虐 全球经济复苏正发出警告信号\n\n\n2、SEC主席:对区块链上的虚拟股票发出警告 加密货币需要更多监管\n\n\n3、马斯克:特斯拉“很可能”重新接受比特币支付\n\n\n4、美联航CEO:在更多的人接种疫苗之前 旅行需求会“起起落落”\n\n\n5、可口可乐:已准备应对Delta变体影响 市场受限时人们会关注更大品牌\n\n\n6、Wedbush分析师:Netflix进军视频游戏是“不明智的”\n\n\nDelta变种病毒肆虐 全球经济复苏正发出警告信号\n全球股市本周遭遇重挫,且大量避险资金涌入美国国债,表明投资者现在怀疑备受期待的疫情后恢复常态是否能在近期内实现。\n综合全球主要经济体的数据显示,随着各种商品和原材料价格的上涨,全球经济近期的高速增长放缓。\n德意志银行首席外汇策略师Saravelos对客户表示,在Delta变种病毒致疫情反弹之际,市场可能正在就全球经济前景发出警报信号。\n“随着价格的上涨,消费者一直在减少需求,而不是提前消费。这与人们对真正的通胀环境的预期相反,这表明全球经济有一个非常低的速度极限。”\n\nSEC主席:对区块链上的虚拟股票发出警告 加密货币需要更多监管\n美国证券交易委员会主席Gary Gensler对区块链上出现的合成股票发出警告:向美国投资者出售代币的公司可能最终会遇到监管机构的麻烦。\nGensler在周三的演讲中明确表示,映射亚马逊、特斯拉等知名公司股价的代币可能仍受美国证券法的监管。他还承诺使用SEC的所有执法资源来追责那些可能未注册而提供此类资产的人。\nGensler在美国律师协会举办的活动中表示,无论是股票代币、证券支持的稳定价值代币,还是其他提供基础证券合成敞口的虚拟产品,“这些平台——无论是去中心化还是中心化的金融领域——都受证券法管辖,必须在我们的证券制度内运作。”\nGensler多次表示,加密货币需要更多监管。他在今年5月告诉众议院的一个委员会,他期待与国会和其他监管机构合作“填补投资者保护的缺口”。\n\n马斯克:特斯拉“很可能”重新接受比特币支付\n周三,电动汽车制造商特斯拉CEO埃隆·马斯克在一次会议上表示,特斯拉很可能重新接受比特币支付。马斯克发表此番言论之前,特斯拉曾在5月份表示,将停止接受比特币购买汽车。\n马斯克表示,除了特斯拉和SpaceX拥有的比特币外,他个人还拥有比特币、以太坊和狗狗币。\n“我希望看到比特币成功,”马斯克说,“如果比特币的价格下跌,我就会赔钱。”\n马斯克表示,一旦比特币挖矿对环境的负担减少,特斯拉很可能会恢复接受比特币购买。\n“看起来比特币正在更多地转向可再生能源,”马斯克说,“我想等到确认可再生能源的使用百分比达到或超过50%。”\n\n美联航CEO:在更多的人接种疫苗之前 旅行需求会“起起落落”\n美联航CEO斯科特·柯比预计,尽管传染性更强的Delta变体导致疫情卷土重来,但旅行需求将继续复苏。不过他周三警告称,在更多的人接种疫苗之前,情况仍存在不确定性。\n柯比在投资者电话会议上表示,“从现在开始情况会有起伏,等到全世界足够多的人接种疫苗,让这场疫情真正成为过去式,这是我们所期待的。”\n柯比表示:“我们认为,最有可能的结果是,需求的持续复苏基本上没有减弱。因为有压倒性的证据表明,接种疫苗的人可以高度预防严重疾病、住院和死亡。”但目前只有大约一半符合条件的美国人完全接种了COVID-19疫苗。\n美联航方面表示,预计在2022年春季之前不会恢复飞往欧洲的航班,至少在2023年之前不会恢复飞往亚洲的航班。\n\n可口可乐:已准备应对Delta变体影响 市场受限时人们会关注更大品牌\n可口可乐首席财务官John Murphy周三表示,该公司将依靠其经过疫情考验的战略,专注于更大的品牌,并加大对供应链的投入,以应对新型冠状病毒Delta变种的潜在影响。\nMurphy表示,第二季亚洲部分市场的销售因疫情反弹而受到冲击。在上调的销售预测中,也加入了一些可能的影响。\nMurphy表示:“当市场受到更多限制时,你就会关注更大的品牌。”\n可口可乐在过去的一年里精简了产品范围,以缓解疫情的影响。这家拥有雪碧、芬达和达萨尼等品牌的公司已经停止了在美国的TaB健怡汽水和可口可乐能源品牌,并出售了其ZICO椰汁品牌。\nWedbush分析师:Netflix进军视频游戏是“不明智的”\n随着新的流媒体服务的加入,Netflix的用户增长在最近几个季度陷入停滞。为了吸引新会员并减少流失率,该公司正在向电子游戏领域扩张。\n这一举措建立在Netflix庞大的内容库的基础上,这不仅允许该公司扩展其专有知识产权,还将获取用户的重要数据。这些游戏可以为Netflix未来的节目和电影提供动力,增强该品牌对消费者的吸引力。\n虽然订户可能对《怪奇物语》(Stranger Things)等热门电视剧的游戏前景感到兴奋,但至少有一位华尔街分析师对Netflix进军视频游戏领域持谨慎态度,称这是“欠考虑的尝试”。\nWedbush分析师帕切特周三在一份研究报告中写道:“在烧钱的同时,Netflix选择扩大内容供应,包括播客(我们认为这是明智的)和游戏(我们认为这不是明智的)。”","news_type":1,"symbols_score_info":{"XBTmain":0.9,"BTCmain":0.9,"TSLA":0.9,"CAN":0.9,"QNETCN":0.9,"EBON":0.9,"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":1054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}