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2021-08-13

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2021-07-11

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2021-07-14

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2021-06-29

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Nayuki's tea has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.

2021-07-06

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Chaoju Eye Hospital has a 5.67% success rate in winning a single lot; subscribing to 18 lots guarantees one lot.

2021-07-19

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OPEC+ agrees to increase oil production, ending the current stalemate.

2021-07-07

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The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.

2021-08-10

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TSMC's 3nm chips officially entered mass production a year ahead of schedule, with Intel beating Apple to become the first company to adopt them.

2021-08-08

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CICC Overseas: What if US Treasury yields rises again?

2021-07-22

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Foreign media headlines: Delta variant rampant, global economic recovery sending warning signals

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00:01","market":"us","language":"zh","title":"TuSimple Future surged over 15%, reportedly receiving another increase in holdings from the \"Queen of the Bull Market\".","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>Thursday,<a href=\"https://laohu8.com/S/TSP\">Tucson Future</a>open low continued its upward trend, with its stock price rising steadily, 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 \"Queen of the Bull Market\" and founder of ARK Fund, increased her holdings in TuSimple by approximately 221,000 shares on Wednesday, and the stock closed up 2.65% that day.</p><p>In terms of performance, TuSimple achieved revenue of US$1.482 million in the second quarter of 2021, a year-on-year increase of 463.5% and a quarter-on-quarter increase of 57%. The net loss was $117 million, an increase of 316.6% year-on-year; Operating losses were $121 million, an increase of 331.8% year-on-year.</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>TuSimple Future surged over 15%, reportedly receiving another increase in holdings from the \"Queen of the Bull Market\".</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\">\nTuSimple Future surged over 15%, reportedly receiving another increase in holdings from the \"Queen of the Bull Market\".\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>Thursday,<a href=\"https://laohu8.com/S/TSP\">Tucson Future</a>open low continued its upward trend, with its stock price rising steadily, 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 \"Queen of the Bull Market\" and founder of ARK Fund, increased her holdings in TuSimple by approximately 221,000 shares on Wednesday, and the stock closed up 2.65% that day.</p><p>In terms of performance, TuSimple achieved revenue of US$1.482 million in the second quarter of 2021, a year-on-year increase of 463.5% and a quarter-on-quarter increase of 57%. The net loss was $117 million, an increase of 316.6% year-on-year; Operating losses were $121 million, an increase of 331.8% year-on-year.</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":5373,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":5971,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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 officially entered mass production a year ahead of schedule, with Intel beating Apple to become the first company to adopt them.","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>towards<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order includes three types of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 chips, and mass production will officially begin next July. According to the Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. The process will be used to produce server chips. Chip casting is expected to begin in the second quarter of next year at TSMC's Factory 18b, and mass production will officially begin in July. The actual mass production time is a year ahead of schedule.</p><p>For a long time, TSMC's most advanced chip manufacturing processes have typically been...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processors for the latest iPhone of that year.</p><p>This collaboration between Intel and TSMC signifies that the company affirms TSMC's lead over...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Its advantageous position. According to TSMC's previous statement, 3nm processability can be improved by 10-15% compared to 5nm, and power consumption can be reduced by 25-30%.</p><p>According to a TSMC supplier cited by Taiwan's Economic Daily, Intel's order from TSMC includes three types of server CPUs with integrated graphics cards, all of which are the company's core products, with an initial quantity of approximately 4,000 chips.</p><p>Recently, TSMC Chairman Liu Deyin, in response to a shareholder's question about Intel's involvement in wafer foundry, emphasized that \"Intel is a customer of TSMC, and we believe Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's collaboration with TSMC on 3-nanometer chip production has already been decided.</p><p>As of yesterday's US stock market close, Intel's stock price was $54.05, up 0.24%. TSMC shares closed 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 officially entered mass production a year ahead of schedule, with Intel beating Apple to become the first company to adopt them.</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 officially entered mass production a year ahead of schedule, with Intel beating Apple to become the first company to adopt them.\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>towards<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order includes three types of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 chips, and mass production will officially begin next July. According to the Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. The process will be used to produce server chips. Chip casting is expected to begin in the second quarter of next year at TSMC's Factory 18b, and mass production will officially begin in July. The actual mass production time is a year ahead of schedule.</p><p>For a long time, TSMC's most advanced chip manufacturing processes have typically been...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processors for the latest iPhone of that year.</p><p>This collaboration between Intel and TSMC signifies that the company affirms TSMC's lead over...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Its advantageous position. According to TSMC's previous statement, 3nm processability can be improved by 10-15% compared to 5nm, and power consumption can be reduced by 25-30%.</p><p>According to a TSMC supplier cited by Taiwan's Economic Daily, Intel's order from TSMC includes three types of server CPUs with integrated graphics cards, all of which are the company's core products, with an initial quantity of approximately 4,000 chips.</p><p>Recently, TSMC Chairman Liu Deyin, in response to a shareholder's question about Intel's involvement in wafer foundry, emphasized that \"Intel is a customer of TSMC, and we believe Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's collaboration with TSMC on 3-nanometer chip production has already been decided.</p><p>As of yesterday's US stock market close, Intel's stock price was $54.05, up 0.24%. TSMC shares closed 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,"EWT":0.9,"03145":0.9,"TSM":0.9,"AAPL":0.9,"INTC":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":5599,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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: What if US Treasury yields rises 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-farm payrolls data (943,000), released on Friday, exceeded expectations and the previous value, showing a trend of slowing or even stagnating in some areas due to the recurrence of variant viruses, but still continuing to improve overall. Based on this, we updated our calculations for when the job market will reach the Federal Reserve's threshold, finding that it will take about 5 more months to reach a threshold similar to the 64% threshold when employment was officially reduced in 2013. Therefore,<b>The FOMC officially reduced volume in December.</b>、<b>The September revision statement suggests that it still appears to be a highly probable event.</b>。</p><p>Apart from that, the non-farm payroll data itself may not be particularly noteworthy.<b>However, the data, which did not far exceed expectations, drove US Treasury yields and the US Dollar Index up significantly.</b>The underlying reasons are worth investigating, as they may indicate that the previously continuously low interest rates and the suppressed short-selling rebound only needed a trigger.</p><p><b>We believe that the direction of interest rates over the past period is not incomprehensible, but the magnitude of the decline is even more surprising.</b>。 Against this backdrop, it is necessary to pay attention to and even guard against the possibility that interest rates, which have been continuously suppressed like springs for whatever reason, may rebound under the influence of some catalysts.</p><p><b>What could potentially become a catalyst for rising interest rates?</b></p><p><b>1) Restoration of growth expectations</b>If key growth data improves or the mutated virus epidemic subsides. The progress of Biden's new round of infrastructure development, which is currently underway, is also worth noting.</p><p><b>2）</b><b>Expectations of policy withdrawal are rising</b>For example, the FOMC hinted at tapering in September or the Jackson Hole meeting in August began to blow. Since interest rate changes reflect expectations in advance, it is more important to start hinting at a reduction than to formally implement it. In addition, the Ministry of Finance can issue bonds again after the debt ceiling issue is resolved, and the increase in Treasury Bond supply may also increase upward pressure on interest rates.</p><p><b>What is the impact of rising interest rates again?</b></p><p><b>1）</b><b>speed</b>Rapidly rising interest rates mean increased volatility in bond assets, which will lead to cross-asset volatility contagion, thereby affecting the US stock market and other markets, especially...<b>Relatively high valuation sectors</b>It causes significant disturbances;<b>2）</b><b>Direction and structure</b>Rising long-term interest rates, especially widening interest rate spreads, are beneficial.<b>Finance</b>Sector performance;<b>3）</b><b>driving factors</b>Rising real interest rates are detrimental to interest rate-sensitive assets, such as...<b>gold</b>At the same time, it may also push up<b>dollar</b>。 In terms of style,<b>Value</b>It is also relatively better than<b>grow up</b>However, high-quality growth with reasonable valuations remains attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-farm payroll data and its impact on monetary policy? Year-end reduction, hinted at in September, is still highly probable.</b></p><p>The July non-farm payrolls data (943,000) released on Friday exceeded expectations (870,000) and the previous value (938,000), showing that local areas (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of the mutated virus, but overall employment continues to improve (Charts 1-2). Based on this, we updated our calculations of when the job market will reach the Federal Reserve's threshold (the so-called further substantial progress), and found that it will take about 5 more months to reach a level similar to the 64% employment recovery during the formal reduction in 2013 (Chart 3). Therefore,<b>The FOMC's official reduction in quantitative easing in December and its revised statement in September suggest that this remains a highly probable 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>Aside from the characteristics mentioned above, the non-farm payroll data itself may not have been particularly noteworthy, but the data, which did not exceed expectations, drove US Treasury yields and the US Dollar Index up significantly (Chart 5). The reasons behind this are worth investigating.<b>This may explain the previously low interest rates and the suppressed short-selling rebound.</b>(Chart 6)<b>All it takes is a primer.</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 for and implications for the recent decline in interest rates? The direction is understandable, but the level doesn't match.</b></p><p>The 10-year US Treasury bond yield has been declining since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50 basis points from its peak. First, it was dominated by a decline in inflation expectations (\"Overseas Asset Allocation Monthly Report (2021-7), then a decline in inflation trading\"). After the FOMC meeting in June, real interest rates took over and hit a record low (\"Why did the US dollar rise and long-term bonds fall recently? June 14-20, 2021\"). During this period, the Federal Reserve's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields Downturn Trading? July 5-11, 2021\"), short covering, China's unexpected reserve requirement ratio cut triggered growth concerns, and a surge in reverse repos actually increased demand for Treasury Bond (\"How to Understand the Fed's Reverse Repo Surge and Interest Rate Corridor Mechanism? June 28-4, 2021\", \"The Fed Has De Facto 'shrinking balance sheet'? July 19-25, 2021\"), as well as the recent resurgence of the Delta variant virus (\"How Severe is the Variant Outbreak That Caused the Market Plunge?\"). While there may be coincidences, they gave bulls a reason to remain bullish on bonds, leading to a three-month, unexpectedly large decline in interest rates (Charts 9-10).</p><p><b>We believe that the direction of interest rates over the past period is not incomprehensible.</b>After all, we had previously indicated during the rapid rise in interest rates that interest rate increases were intermittent and required new catalysts; Meanwhile, it is relatively certain that long-term inflation expectations will gradually decline, and the disruption of short-term growth momentum caused by the resurgence of mutated viruses cannot be completely ignored.<b>In contrast, the magnitude of its decline is even more unexpected and puzzling.</b>In particular, the record low in real interest rates is more driven by expectations of an economic recession than by the current slowdown in growth momentum.<b>。</b></p><p>Against this backdrop,<b>We believe we need to pay attention to, and even guard against, the possibility of interest rates, which have been continuously suppressed like springs for whatever reason, rebounding under some catalysts.</b>The performance of long-term interest rates after Friday's non-farm payroll data may be a case in point.</p><p><b>3. What could potentially be a catalyst for rising interest rates? The pandemic, the FOMC, infrastructure programs, and the debt ceiling</b></p><p>Admittedly, short-term interest rate trends are often influenced by trading factors and cannot be fully explained by fundamentals. However, some inflection points still follow patterns, especially some key event catalysts. Considering the forces that led to the decline in interest rates in the past, we believe the following events or timing points are worth paying attention to:</p><p><b>► Growth expectations are recovering: If key growth data improves or the mutated virus epidemic peaks and declines.</b></p><p>In our \"Overseas Asset Allocation Monthly Report (2021-8): A Short-Term Stagflation-Like Trading,\" we analyzed that we believe the market may have overestimated the impact of the mutated virus and the pressure of declining growth, which has led to recent new low interest rates. Although the market is concerned that real interest rates may not return to previous levels due to the still unstable long-term growth outlook, such a low level is clearly inconsistent.<b>Moreover, this resurgence of variant viruses may not be as severe as it appears on the surface for countries that have already achieved large-scale vaccination.</b>。 Mass vaccination ensures that hospitalizations and deaths remain low while new confirmed cases continue to rise, thus eliminating the need for strict policy lockdowns to avoid a run on medical resources (Chart 11). This epidemic prevention path seems to have gradually taken effect in the UK (\"Lessons from the UK's Phase-by-Phase Achievements in the Fight Against the Epidemic: Weekly Tracking of the Resumption of Work (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries, such as the United States (Charts 12-13). If that's the case, the recent market concerns, particularly those reflected in real interest rates, may be excessive.<b>The future decline from the peak of the pandemic could become a turning point for interest rates to rise.</b>。 Of course, some key data, such as Friday's better-than-expected non-farm payroll data, can also help allay growth concerns.</p><p>In addition,<b>The progress of Biden's new round of infrastructure development, which is currently underway, is also worth noting.</b>A crucial vote will be held in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the changes in expectations that may result from achieving breakthroughs are still worth noting.</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 exit are rising: for example, the FOMC hinted at tapering in September, or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since interest rate changes reflect expectations in advance, it is more important to start hinting at a reduction than to formally implement it.</b>This was the case before the official reduction in volume in 2013. At the FOMC meeting in October that year, the Federal Reserve maintained its September statement and established that volume reduction was imminent. After that, interest rates bottomed out and rebounded, until they peaked after the official reduction began in December. During this period, real interest rates were the main driver (Chart 17). Given that real interest rates are currently at historically low levels, and long-term inflation expectations are expected to decline as policy tightening is anticipated and the supply-demand imbalance eases marginally (such as the repair of used car production capacity and inventory, Charts 14-15), real interest rates are still likely to rise.</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>Once the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates.</b>。 In the early stages, the Treasury Department's TGA account released a large amount of liquidity and returned it to the Federal Reserve's account through reverse repos. While \"locking in\" some liquidity, it also substantially increased demand for Treasury Bond. Looking ahead, once the debt ceiling is resolved (the Treasury’s emergency measures can continue until the end of September) (Chart 19), the Treasury can issue bonds again and is expected to replenish some of its TGA cash reserves (Chart 20), while increased Treasury Bond supply may also increase 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, catalyzed by some future growth and liquidity events or policies,<b>Long-term interest rates, especially real interest rates, cannot be ruled out to rise again. The signals from the Federal Reserve's September FOMC meeting regarding tapering deserve close attention, but a gradual peak cannot be ruled out once tapering officially begins.</b>(Figure 21).</p><p>So, what impact will it have if interest rates rise again? We believe this is mainly reflected in the following aspects:</p><p><b>1) Speed,</b>A rapid rise in interest rates means increased volatility in bond assets, which will lead to cross-asset volatility and contagion, thereby causing significant disruption to US stocks and other markets, especially relatively overvalued sectors (Chart 22).</p><p><b>2) Direction and structure:</b>Rising long-term interest rates, especially widening interest rate spreads, are beneficial to the performance of the financial sector (Charts 23-24), as was the case after Friday's non-farm payroll data.</p><p><b>3) Driving factors:</b>Rising real interest rates are detrimental to interest rates, especially interest rate-sensitive assets, such as...<b>gold</b>(Chart 25), which may also push up...<b>dollar</b>(Figure 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since we are no longer in the phase of accelerated increases and liquidity introduction is gradually approaching, and although we expect interest rates to rise again, 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: Better-than-expected non-farm payrolls data drove a surge in US Treasury yields and the US dollar, with banks leading the gains; Emerging bulls have decreased, and US Treasury bulls have plummeted.</b></p><p><b>► Asset performance: Leading. Stocks > Bonds > Commodities; US Treasury yields rebounds, banks lead gains</b></p><p>July's non-farm payrolls data exceeded expectations. Although the recurring pandemic has dragged down the recovery of some service industries, the overall job market remains strong, with the US dollar and US Treasury yields factors rising sharply, and banks leading the gains. Overall, among major global assets, stocks > bonds > commodities, with natural gas, Bitcoin, Indian and South Korean stock markets leading the gains, while crude oil, VIX bulls, copper and gold led the declines. Looking at different sectors, the financial sector, including banking, integrated finance, and insurance, led the gains last week. The 10-year US Treasury yields closed at 1.30%, up about 7 basis points, real interest rates rose 11 basis points, and inflation expectations fell 4 basis points.</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 positions: Emerging market long positions plummet, while long-term US Treasury long positions decrease.</b></p><p>Over the past week, the ratio of bearish/bullish options in US stocks continued to decline compared to the previous week. In terms of positions, net long positions in US stocks increased slightly, while net long positions in the US Dollar Index continued to increase; Net long positions in 10-year US Treasury bonds have decreased significantly, while net short positions in 2-year US Treasury bonds have turned into net long positions.</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>► Fund Flow: Stock Market Inflow Slows, Emerging Markets Shift to Outflow</b></p><p>Over the past week, inflows into the bond market have slowed slightly, inflows into the stock market have slowed significantly, and money market funds have continued to flow in. Looking at different markets, US stock inflows slowed significantly, European and Japanese stocks continued to flow in but also slowed down, and emerging markets turned to outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and Policies: July non-farm payrolls exceeded expectations, ISM manufacturing PMI declined.</b></p><p><b>The ISM manufacturing PMI declined in July, with prices and customer inventories falling significantly.</b>The ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, lower than the expected 61.0. Looking at the individual items, the price index fell the most since March 2020, which to some extent indicates that inflationary pressures have eased. The employment index and orders on hand index rose, while the customer inventory index hit a record low.</p><p>In addition,<b>July's non-farm payrolls remained strong, with leisure hotels remaining the main source of data.</b>。 Non-farm payrolls increased by 943,000 in July, higher than the revised previous figure (938,000) and the expected figure (870,000). By category, leisure hotels remain the main source of new employment, with 380,000 new jobs added in July. Education and health, transportation and warehousing, financial activities, and information technology improved the most compared to the previous month. The unemployment rate also fell to 5.4% in July from 5.9% the previous month, lower than the expected 5.7%. Meanwhile, wage growth in July remained at the same level as in June, reaching 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>► US stock valuations are above the support level of the growth and interest rate environment.</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500's static P/E ratio of 27.1 is higher than the reasonable level (~26.8 times) supported by growth (July PMI = 59.5) and liquidity (10-year US Treasury yields of 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: What if US Treasury yields rises 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: What if US Treasury yields rises 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-farm payrolls data (943,000), released on Friday, exceeded expectations and the previous value, showing a trend of slowing or even stagnating in some areas due to the recurrence of variant viruses, but still continuing to improve overall. Based on this, we updated our calculations for when the job market will reach the Federal Reserve's threshold, finding that it will take about 5 more months to reach a threshold similar to the 64% threshold when employment was officially reduced in 2013. Therefore,<b>The FOMC officially reduced volume in December.</b>、<b>The September revision statement suggests that it still appears to be a highly probable event.</b>。</p><p>Apart from that, the non-farm payroll data itself may not be particularly noteworthy.<b>However, the data, which did not far exceed expectations, drove US Treasury yields and the US Dollar Index up significantly.</b>The underlying reasons are worth investigating, as they may indicate that the previously continuously low interest rates and the suppressed short-selling rebound only needed a trigger.</p><p><b>We believe that the direction of interest rates over the past period is not incomprehensible, but the magnitude of the decline is even more surprising.</b>。 Against this backdrop, it is necessary to pay attention to and even guard against the possibility that interest rates, which have been continuously suppressed like springs for whatever reason, may rebound under the influence of some catalysts.</p><p><b>What could potentially become a catalyst for rising interest rates?</b></p><p><b>1) Restoration of growth expectations</b>If key growth data improves or the mutated virus epidemic subsides. The progress of Biden's new round of infrastructure development, which is currently underway, is also worth noting.</p><p><b>2）</b><b>Expectations of policy withdrawal are rising</b>For example, the FOMC hinted at tapering in September or the Jackson Hole meeting in August began to blow. Since interest rate changes reflect expectations in advance, it is more important to start hinting at a reduction than to formally implement it. In addition, the Ministry of Finance can issue bonds again after the debt ceiling issue is resolved, and the increase in Treasury Bond supply may also increase upward pressure on interest rates.</p><p><b>What is the impact of rising interest rates again?</b></p><p><b>1）</b><b>speed</b>Rapidly rising interest rates mean increased volatility in bond assets, which will lead to cross-asset volatility contagion, thereby affecting the US stock market and other markets, especially...<b>Relatively high valuation sectors</b>It causes significant disturbances;<b>2）</b><b>Direction and structure</b>Rising long-term interest rates, especially widening interest rate spreads, are beneficial.<b>Finance</b>Sector performance;<b>3）</b><b>driving factors</b>Rising real interest rates are detrimental to interest rate-sensitive assets, such as...<b>gold</b>At the same time, it may also push up<b>dollar</b>。 In terms of style,<b>Value</b>It is also relatively better than<b>grow up</b>However, high-quality growth with reasonable valuations remains attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-farm payroll data and its impact on monetary policy? Year-end reduction, hinted at in September, is still highly probable.</b></p><p>The July non-farm payrolls data (943,000) released on Friday exceeded expectations (870,000) and the previous value (938,000), showing that local areas (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of the mutated virus, but overall employment continues to improve (Charts 1-2). Based on this, we updated our calculations of when the job market will reach the Federal Reserve's threshold (the so-called further substantial progress), and found that it will take about 5 more months to reach a level similar to the 64% employment recovery during the formal reduction in 2013 (Chart 3). Therefore,<b>The FOMC's official reduction in quantitative easing in December and its revised statement in September suggest that this remains a highly probable 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>Aside from the characteristics mentioned above, the non-farm payroll data itself may not have been particularly noteworthy, but the data, which did not exceed expectations, drove US Treasury yields and the US Dollar Index up significantly (Chart 5). The reasons behind this are worth investigating.<b>This may explain the previously low interest rates and the suppressed short-selling rebound.</b>(Chart 6)<b>All it takes is a primer.</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 for and implications for the recent decline in interest rates? The direction is understandable, but the level doesn't match.</b></p><p>The 10-year US Treasury bond yield has been declining since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50 basis points from its peak. First, it was dominated by a decline in inflation expectations (\"Overseas Asset Allocation Monthly Report (2021-7), then a decline in inflation trading\"). After the FOMC meeting in June, real interest rates took over and hit a record low (\"Why did the US dollar rise and long-term bonds fall recently? June 14-20, 2021\"). During this period, the Federal Reserve's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields Downturn Trading? July 5-11, 2021\"), short covering, China's unexpected reserve requirement ratio cut triggered growth concerns, and a surge in reverse repos actually increased demand for Treasury Bond (\"How to Understand the Fed's Reverse Repo Surge and Interest Rate Corridor Mechanism? June 28-4, 2021\", \"The Fed Has De Facto 'shrinking balance sheet'? July 19-25, 2021\"), as well as the recent resurgence of the Delta variant virus (\"How Severe is the Variant Outbreak That Caused the Market Plunge?\"). While there may be coincidences, they gave bulls a reason to remain bullish on bonds, leading to a three-month, unexpectedly large decline in interest rates (Charts 9-10).</p><p><b>We believe that the direction of interest rates over the past period is not incomprehensible.</b>After all, we had previously indicated during the rapid rise in interest rates that interest rate increases were intermittent and required new catalysts; Meanwhile, it is relatively certain that long-term inflation expectations will gradually decline, and the disruption of short-term growth momentum caused by the resurgence of mutated viruses cannot be completely ignored.<b>In contrast, the magnitude of its decline is even more unexpected and puzzling.</b>In particular, the record low in real interest rates is more driven by expectations of an economic recession than by the current slowdown in growth momentum.<b>。</b></p><p>Against this backdrop,<b>We believe we need to pay attention to, and even guard against, the possibility of interest rates, which have been continuously suppressed like springs for whatever reason, rebounding under some catalysts.</b>The performance of long-term interest rates after Friday's non-farm payroll data may be a case in point.</p><p><b>3. What could potentially be a catalyst for rising interest rates? The pandemic, the FOMC, infrastructure programs, and the debt ceiling</b></p><p>Admittedly, short-term interest rate trends are often influenced by trading factors and cannot be fully explained by fundamentals. However, some inflection points still follow patterns, especially some key event catalysts. Considering the forces that led to the decline in interest rates in the past, we believe the following events or timing points are worth paying attention to:</p><p><b>► Growth expectations are recovering: If key growth data improves or the mutated virus epidemic peaks and declines.</b></p><p>In our \"Overseas Asset Allocation Monthly Report (2021-8): A Short-Term Stagflation-Like Trading,\" we analyzed that we believe the market may have overestimated the impact of the mutated virus and the pressure of declining growth, which has led to recent new low interest rates. Although the market is concerned that real interest rates may not return to previous levels due to the still unstable long-term growth outlook, such a low level is clearly inconsistent.<b>Moreover, this resurgence of variant viruses may not be as severe as it appears on the surface for countries that have already achieved large-scale vaccination.</b>。 Mass vaccination ensures that hospitalizations and deaths remain low while new confirmed cases continue to rise, thus eliminating the need for strict policy lockdowns to avoid a run on medical resources (Chart 11). This epidemic prevention path seems to have gradually taken effect in the UK (\"Lessons from the UK's Phase-by-Phase Achievements in the Fight Against the Epidemic: Weekly Tracking of the Resumption of Work (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries, such as the United States (Charts 12-13). If that's the case, the recent market concerns, particularly those reflected in real interest rates, may be excessive.<b>The future decline from the peak of the pandemic could become a turning point for interest rates to rise.</b>。 Of course, some key data, such as Friday's better-than-expected non-farm payroll data, can also help allay growth concerns.</p><p>In addition,<b>The progress of Biden's new round of infrastructure development, which is currently underway, is also worth noting.</b>A crucial vote will be held in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the changes in expectations that may result from achieving breakthroughs are still worth noting.</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 exit are rising: for example, the FOMC hinted at tapering in September, or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since interest rate changes reflect expectations in advance, it is more important to start hinting at a reduction than to formally implement it.</b>This was the case before the official reduction in volume in 2013. At the FOMC meeting in October that year, the Federal Reserve maintained its September statement and established that volume reduction was imminent. After that, interest rates bottomed out and rebounded, until they peaked after the official reduction began in December. During this period, real interest rates were the main driver (Chart 17). Given that real interest rates are currently at historically low levels, and long-term inflation expectations are expected to decline as policy tightening is anticipated and the supply-demand imbalance eases marginally (such as the repair of used car production capacity and inventory, Charts 14-15), real interest rates are still likely to rise.</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>Once the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates.</b>。 In the early stages, the Treasury Department's TGA account released a large amount of liquidity and returned it to the Federal Reserve's account through reverse repos. While \"locking in\" some liquidity, it also substantially increased demand for Treasury Bond. Looking ahead, once the debt ceiling is resolved (the Treasury’s emergency measures can continue until the end of September) (Chart 19), the Treasury can issue bonds again and is expected to replenish some of its TGA cash reserves (Chart 20), while increased Treasury Bond supply may also increase 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, catalyzed by some future growth and liquidity events or policies,<b>Long-term interest rates, especially real interest rates, cannot be ruled out to rise again. The signals from the Federal Reserve's September FOMC meeting regarding tapering deserve close attention, but a gradual peak cannot be ruled out once tapering officially begins.</b>(Figure 21).</p><p>So, what impact will it have if interest rates rise again? We believe this is mainly reflected in the following aspects:</p><p><b>1) Speed,</b>A rapid rise in interest rates means increased volatility in bond assets, which will lead to cross-asset volatility and contagion, thereby causing significant disruption to US stocks and other markets, especially relatively overvalued sectors (Chart 22).</p><p><b>2) Direction and structure:</b>Rising long-term interest rates, especially widening interest rate spreads, are beneficial to the performance of the financial sector (Charts 23-24), as was the case after Friday's non-farm payroll data.</p><p><b>3) Driving factors:</b>Rising real interest rates are detrimental to interest rates, especially interest rate-sensitive assets, such as...<b>gold</b>(Chart 25), which may also push up...<b>dollar</b>(Figure 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since we are no longer in the phase of accelerated increases and liquidity introduction is gradually approaching, and although we expect interest rates to rise again, 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: Better-than-expected non-farm payrolls data drove a surge in US Treasury yields and the US dollar, with banks leading the gains; Emerging bulls have decreased, and US Treasury bulls have plummeted.</b></p><p><b>► Asset performance: Leading. Stocks > Bonds > Commodities; US Treasury yields rebounds, banks lead gains</b></p><p>July's non-farm payrolls data exceeded expectations. Although the recurring pandemic has dragged down the recovery of some service industries, the overall job market remains strong, with the US dollar and US Treasury yields factors rising sharply, and banks leading the gains. Overall, among major global assets, stocks > bonds > commodities, with natural gas, Bitcoin, Indian and South Korean stock markets leading the gains, while crude oil, VIX bulls, copper and gold led the declines. Looking at different sectors, the financial sector, including banking, integrated finance, and insurance, led the gains last week. The 10-year US Treasury yields closed at 1.30%, up about 7 basis points, real interest rates rose 11 basis points, and inflation expectations fell 4 basis points.</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 positions: Emerging market long positions plummet, while long-term US Treasury long positions decrease.</b></p><p>Over the past week, the ratio of bearish/bullish options in US stocks continued to decline compared to the previous week. In terms of positions, net long positions in US stocks increased slightly, while net long positions in the US Dollar Index continued to increase; Net long positions in 10-year US Treasury bonds have decreased significantly, while net short positions in 2-year US Treasury bonds have turned into net long positions.</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>► Fund Flow: Stock Market Inflow Slows, Emerging Markets Shift to Outflow</b></p><p>Over the past week, inflows into the bond market have slowed slightly, inflows into the stock market have slowed significantly, and money market funds have continued to flow in. Looking at different markets, US stock inflows slowed significantly, European and Japanese stocks continued to flow in but also slowed down, and emerging markets turned to outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and Policies: July non-farm payrolls exceeded expectations, ISM manufacturing PMI declined.</b></p><p><b>The ISM manufacturing PMI declined in July, with prices and customer inventories falling significantly.</b>The ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, lower than the expected 61.0. Looking at the individual items, the price index fell the most since March 2020, which to some extent indicates that inflationary pressures have eased. The employment index and orders on hand index rose, while the customer inventory index hit a record low.</p><p>In addition,<b>July's non-farm payrolls remained strong, with leisure hotels remaining the main source of data.</b>。 Non-farm payrolls increased by 943,000 in July, higher than the revised previous figure (938,000) and the expected figure (870,000). By category, leisure hotels remain the main source of new employment, with 380,000 new jobs added in July. Education and health, transportation and warehousing, financial activities, and information technology improved the most compared to the previous month. The unemployment rate also fell to 5.4% in July from 5.9% the previous month, lower than the expected 5.7%. Meanwhile, wage growth in July remained at the same level as in June, reaching 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>► US stock valuations are above the support level of the growth and interest rate environment.</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500's static P/E ratio of 27.1 is higher than the reasonable level (~26.8 times) supported by growth (July PMI = 59.5) and liquidity (10-year US Treasury yields of 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":{"IEI":"iShares Barclays 3-7 Year Trea","TLT":"20+年以上美国国债ETF-iShares","GOVT":"iShares安硕核心美国国债ETF","BND":"债券指数ETF-Vanguard美国","SHY":"债券指数ETF-iShares Barclays 1-3年国债","IEF":"债券指数ETF-iShares Barclays 7-10年"},"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":{"BND":0.9,"GOVT":0.9,"IEF":0.9,"ZBmain":0.9,"ZTmain":0.9,"TLT":0.9,"ZFmain":0.9,"ZNmain":0.9,"TNmain":0.9,"UBmain":0.9,"IEI":0.9,"SHY":0.9}},"isVote":1,"tweetType":1,"viewCount":6866,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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,"isVote":1,"tweetType":1,"viewCount":5086,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/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":"us","language":"zh","title":"Foreign media headlines: US household debt saw its largest increase since 2013 in the second quarter.","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 main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. The mortgage boom has driven the largest increase in US household debt since 2013.</b><b>2. Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 general election before making a rate hike.</b><b>3. U.S. SEC Chairman Gensler guides Bitcoin ETFs: Accept strict regulation.</b><b>4. The Delta variant virus is on the rise, and the herd immunity threshold is expected to be raised to over 80%.</b><b>5. Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b><b>6. The UK is reportedly considering blocking the US's largest chip manufacturer 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>The mortgage boom drove the largest increase in U.S. household debt since 2013.</b></p><p>Driven by a mortgage boom, U.S. household debt grew at its fastest rate since 2013 in the second quarter. Low borrowing costs and a desire for more spacious home office space have fueled mortgage demand.</p><p>A report released by the New York Federal Reserve on Tuesday showed that household debt rose by $313 billion to $14.96 trillion as of the end of June, a 2.1% increase from three months ago. The increase mainly comes from mortgage loan balances.</p><p>The Federal Reserve's July survey of senior lending commissioners, released Monday, showed that credit standards have been easing for other types of credit, such as auto loans and credit cards.</p><p>Overall, household debt as a percentage of the economy remains far below the peak reached in the years leading up to the 2008 financial crisis. Moreover, some loan balances are still lower than before the outbreak of the pandemic.</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>French Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 election before rate hike.</b></p><p>Bond investors expecting the Federal Reserve 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 Americas economist at Banque Française, said in an interview on Tuesday. “Look at the last two cycles, the average time from the last interest rate cut to the first rate hike is seven years. So that’s not that unusual.”</p><p>LaVorgna previously served as a financial markets and economic advisor to former U.S. President Donald Trump, serving as special assistant and chief economist of the National Economic Council. He stated that after strong growth this year, economic growth is expected to slow in 2022, putting little pressure on the Federal Reserve to take interest rate actions.</p><p>“Next year I think the growth rate will be 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 guides Bitcoin ETFs: subject to strict regulation</b></p><p>U.S. Securities and Exchange Commission Chairman Gary Gensler hinted at a path to approving the establishment of a Bitcoin ETF, stating that ETFs that comply with the SEC's strict rules on mutual funds would provide investors with the necessary protection.</p><p>Cryptocurrency enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream. In his first major speech on cryptocurrencies, Gensler also hinted at being open to ETFs focused on Bitcoin futures. These futures are offered by CME group and require investors to put up a considerable amount of margin.</p><p>“With these important safeguards in place, I look forward to staff reviewing such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,” he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under Gensler and former chairman Jay Clayton, the SEC repeatedly refused to approve cryptocurrency ETFs, citing concerns about the transparency and manipulation risks of 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>The Delta variant is on the rise, and the threshold for herd immunity is expected to be raised to over 80%.</b></p><p>The Infectious Diseases Society of America said at a briefing on Tuesday that the spread of the delta variant of the novel coronavirus has pushed the threshold for herd immunity to more than 80% and may approach 90%.</p><p>Richard Franco, an assistant professor at the University of Alabama, said this is \"much higher\" than the previous estimate of 60% to 70%, because delta's transmission rate is twice that 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 when a certain percentage of the population has been vaccinated or has been previously infected and is immunized, it will help protect a 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>Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b></p><p>Earnings season has settled, and the combined profits of more than a dozen of the largest banks over the past four quarters have exceeded $170 billion, highlighting how much the industry has changed compared to the downturn in the early days of the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It was particularly outstanding, generating profits equivalent to $131 million per day.</p><p>Some successful deals early in the COVID-19 pandemic helped the industry. As market volatility subsided last year, investment bankers are preparing to drive acquisitions and financing activities through special purpose acquisition tools. 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 is benefiting the retail sector, 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 broke their own profit records, surpassing their European counterparts.<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays' profits both hit 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>Other banks stated that their businesses benefited from the improvement in the global economy. Bank stocks reflected the impact of this strong earnings wave, with the Dow Jones...<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the Stoxx European Bank Stock 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 due to national security concerns.</b></p><p>According to sources, the UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks.</p><p>Nvidia, the largest chip company in the United States by market capitalization, announced last September that it would acquire Arm for $40 billion in order to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by the Japanese conglomerate SoftBank.</p><p>In April of this year, British 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 summarize any national security concerns raised by third parties.</p><p>The assessment report, released at the end of July, included national security concerns, and the UK is currently inclined to reject the deal. Another person familiar with the matter said that the UK may conduct a more in-depth assessment of the acquisition 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: US household debt saw its largest increase since 2013 in the second quarter.</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: US household debt saw its largest increase since 2013 in the second quarter.\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 main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. The mortgage boom has driven the largest increase in US household debt since 2013.</b><b>2. Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 general election before making a rate hike.</b><b>3. U.S. SEC Chairman Gensler guides Bitcoin ETFs: Accept strict regulation.</b><b>4. The Delta variant virus is on the rise, and the herd immunity threshold is expected to be raised to over 80%.</b><b>5. Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b><b>6. The UK is reportedly considering blocking the US's largest chip manufacturer 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>The mortgage boom drove the largest increase in U.S. household debt since 2013.</b></p><p>Driven by a mortgage boom, U.S. household debt grew at its fastest rate since 2013 in the second quarter. Low borrowing costs and a desire for more spacious home office space have fueled mortgage demand.</p><p>A report released by the New York Federal Reserve on Tuesday showed that household debt rose by $313 billion to $14.96 trillion as of the end of June, a 2.1% increase from three months ago. The increase mainly comes from mortgage loan balances.</p><p>The Federal Reserve's July survey of senior lending commissioners, released Monday, showed that credit standards have been easing for other types of credit, such as auto loans and credit cards.</p><p>Overall, household debt as a percentage of the economy remains far below the peak reached in the years leading up to the 2008 financial crisis. Moreover, some loan balances are still lower than before the outbreak of the pandemic.</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>French Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 election before rate hike.</b></p><p>Bond investors expecting the Federal Reserve 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 Americas economist at Banque Française, said in an interview on Tuesday. “Look at the last two cycles, the average time from the last interest rate cut to the first rate hike is seven years. So that’s not that unusual.”</p><p>LaVorgna previously served as a financial markets and economic advisor to former U.S. President Donald Trump, serving as special assistant and chief economist of the National Economic Council. He stated that after strong growth this year, economic growth is expected to slow in 2022, putting little pressure on the Federal Reserve to take interest rate actions.</p><p>“Next year I think the growth rate will be 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 guides Bitcoin ETFs: subject to strict regulation</b></p><p>U.S. Securities and Exchange Commission Chairman Gary Gensler hinted at a path to approving the establishment of a Bitcoin ETF, stating that ETFs that comply with the SEC's strict rules on mutual funds would provide investors with the necessary protection.</p><p>Cryptocurrency enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream. In his first major speech on cryptocurrencies, Gensler also hinted at being open to ETFs focused on Bitcoin futures. These futures are offered by CME group and require investors to put up a considerable amount of margin.</p><p>“With these important safeguards in place, I look forward to staff reviewing such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,” he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under Gensler and former chairman Jay Clayton, the SEC repeatedly refused to approve cryptocurrency ETFs, citing concerns about the transparency and manipulation risks of 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>The Delta variant is on the rise, and the threshold for herd immunity is expected to be raised to over 80%.</b></p><p>The Infectious Diseases Society of America said at a briefing on Tuesday that the spread of the delta variant of the novel coronavirus has pushed the threshold for herd immunity to more than 80% and may approach 90%.</p><p>Richard Franco, an assistant professor at the University of Alabama, said this is \"much higher\" than the previous estimate of 60% to 70%, because delta's transmission rate is twice that 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 when a certain percentage of the population has been vaccinated or has been previously infected and is immunized, it will help protect a 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>Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b></p><p>Earnings season has settled, and the combined profits of more than a dozen of the largest banks over the past four quarters have exceeded $170 billion, highlighting how much the industry has changed compared to the downturn in the early days of the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It was particularly outstanding, generating profits equivalent to $131 million per day.</p><p>Some successful deals early in the COVID-19 pandemic helped the industry. As market volatility subsided last year, investment bankers are preparing to drive acquisitions and financing activities through special purpose acquisition tools. 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 is benefiting the retail sector, 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 broke their own profit records, surpassing their European counterparts.<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays' profits both hit 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>Other banks stated that their businesses benefited from the improvement in the global economy. Bank stocks reflected the impact of this strong earnings wave, with the Dow Jones...<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the Stoxx European Bank Stock 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 due to national security concerns.</b></p><p>According to sources, the UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks.</p><p>Nvidia, the largest chip company in the United States by market capitalization, announced last September that it would acquire Arm for $40 billion in order to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by the Japanese conglomerate SoftBank.</p><p>In April of this year, British 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 summarize any national security concerns raised by third parties.</p><p>The assessment report, released at the end of July, included national security concerns, and the UK is currently inclined to reject the deal. Another person familiar with the matter said that the UK may conduct a more in-depth assessment of the acquisition 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","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares",".SPX":"S&P 500 Index","QID":"两倍做空纳斯达克指数ETF-ProShares","CAN":"嘉楠科技","SDS":"两倍做空标普500 ETF-ProShares","OEX":"标普100","SSO":"2倍做多标普500ETF-ProShares","DJX":"1/100道琼斯","EBON":"亿邦国际","OEF":"标普100指数ETF-iShares","SH":"做空标普500-Proshares","QQQ":"纳指100ETF","DXD":"两倍做空道琼30指数ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","DOG":"道指ETF-ProShares做空","TQQQ":"纳指三倍做多ETF","DDM":"2倍做多道指ETF-ProShares",".DJI":"道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares",".IXIC":"NASDAQ Composite","IVV":"标普500ETF-iShares","SQQQ":"纳指三倍做空ETF"},"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,"SDS":0.9,"DOG":0.9,"OEX":0.9,"QQQ":0.9,"SH":0.9,"SSO":0.9,"PSQ":0.9,"IVV":0.9,"UPRO":0.9,"NQmain":0.9,"DJX":0.9,".IXIC":0.9,"ESmain":0.9,"UDOW":0.9,"EBON":0.9,"CAN":0.9,"DXD":0.9,"SQQQ":0.9,".SPX":0.9,"BTCmain":0.9,"TQQQ":0.9,"QLD":0.9,".DJI":0.9,"DDM":0.9,"OEF":0.9,"XBTmain":0.9,"QID":0.9,"SPXU":0.9,"SDOW":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4677,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":"other","language":"zh","title":"AMD shares rose over 3% to a record high, prompting several major banks to raise their target prices after its earnings report.","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>On July 30,<a href=\"https://laohu8.com/S/AMD\">AMD</a>The stock rose more than 3% and is currently trading at $106.2, hitting a new all-time high. The cumulative increase in the past three trading days has exceeded 16%, and several major banks raised their target prices after the earnings report.</p><p><img src=\"https://static.tigerbbs.com/6ff371be500c72b396cac54bbf67a525\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD's revenue reached $3.85 billion in the second quarter, a year-over-year increase of 99%; Net profit reached $710 million, a year-on-year increase of 352%. Following the company's earnings report, several major banks raised their target prices.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Believing that Wall Street underestimated AMD's potential for long-term and short-term revenue growth and profit margin expansion, it raised its price target from $106 to $115. Goldman Sachs reiterated its \"buy\" rating on Supermicro, while also reiterating its position on its confident buy list.</p><p>Mizuho raised its price target for AMD from $107 to $110; Argus raised its target price to $120 from $106, maintaining its \"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 shares rose over 3% to a record high, prompting several major banks to raise their target prices after its earnings report.</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 shares rose over 3% to a record high, prompting several major banks to raise their target prices after its earnings report.\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>On July 30,<a href=\"https://laohu8.com/S/AMD\">AMD</a>The stock rose more than 3% and is currently trading at $106.2, hitting a new all-time high. The cumulative increase in the past three trading days has exceeded 16%, and several major banks raised their target prices after the earnings report.</p><p><img src=\"https://static.tigerbbs.com/6ff371be500c72b396cac54bbf67a525\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD's revenue reached $3.85 billion in the second quarter, a year-over-year increase of 99%; Net profit reached $710 million, a year-on-year increase of 352%. Following the company's earnings report, several major banks raised their target prices.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Believing that Wall Street underestimated AMD's potential for long-term and short-term revenue growth and profit margin expansion, it raised its price target from $106 to $115. Goldman Sachs reiterated its \"buy\" rating on Supermicro, while also reiterating its position on its confident buy list.</p><p>Mizuho raised its price target for AMD from $107 to $110; Argus raised its target price to $120 from $106, maintaining its \"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":{"GS":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":4540,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":8372,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/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":"Is it possible for Chinese concept stocks to withdraw from the US market?","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>By Jia Ming</p><p>On July 23, a document issued by the General Office of the CPC Central Committee entitled \"Opinions on Further Reducing the Homework Burden and Extracurricular Training Burden of Students in the Compulsory Education Stage\" circulated online. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions and prohibiting all subject-based training institutions from going public for financing, causing overseas-listed education stocks to fall in response. For example, New Oriental's stock price on the Hong Kong Stock Exchange once \"halved\" (New Oriental S closed down 40.61% on the 23rd and another 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), Gaotu fell by 63.26% on the 23rd in the US stock market, and TAL Education Group fell by more than 70%.</p><p>The official document was released on the evening of July 24, and multiple media outlets have reposted the full text. Interested readers can find it to read.</p><p>Today's article does not analyze Document No. 40 issued by the General Office of the CPC Central Committee, but rather aims to explore two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering incidents such as Sino-US relations, Luckin Coffee's fraud, and Didi's removal from its platform, what will be the future fate of these Chinese concept stocks listed overseas?</p><p><b>main reason</b></p><p>Chinese companies are more enthusiastic about listing on U.S. stock exchanges than almost any other non-U.S. company, even after a significant cooling in U.S.-China relations.</p><p>In 2019, 32 companies went public in the United States, 34 in 2020, and 37 companies completed their listings in the United States in the first half of 2021. According to wind data, as of July 2021, a total of 286 Chinese companies were listed in the United States—including those registered in offshore centers such as Hong Kong or the Cayman Islands, but whose revenue and profits mostly came from mainland China—in fact, most Chinese companies listed in the United States adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listing in the US. The overall environment for Chinese companies listing in the US is not favorable. So why do Chinese companies still resolutely choose to list in the US?</p><p>Several well-known reasons are:</p><p>First, the United States' capital market was established relatively early, and its financing system and laws and regulations are relatively more mature and complete. From the perspective of the overall financing environment, the United States is generally optimistic about internet companies and high-tech companies. The same stock listed in the United States is relatively easier to obtain a higher valuation and raise more funds.</p><p>Secondly, and more importantly, the US capital market adopts a registration system, which does not set profit thresholds for companies planning to go public. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. my country adopts a review system, and the necessary condition for applying for A-share listing is to be profitable for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always very short of money. Some internet companies, after only a few years of establishment, may become unicorns with a valuation exceeding one billion yuan. At this time, they face pressure from investors to monetize and further develop, and need to prepare for a large-scale fundraising listing. However, most companies may have just started to make a profit at this time, or even not yet, so they cannot meet the conditions for three consecutive years of profitability and therefore cannot list on the A-share market for financing. If the company waits two or three years to go public and raise funds, it may not only miss the best development opportunity and fail to raise funds, but it is also uncertain whether the company can survive. Therefore, I can only go abroad.</p><p>Third, the length of my country's listing approval cycle varies. If the listing approval is suspended and a company wants to go public, the entire process may take three or four years. Time is money, and many companies can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons why Chinese companies go public in the United States. However, in addition to these, there are several other reasons that should not be ignored.</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 often refer to the year around 2000 as the first year of the Internet in China. However, we must not forget that in the early days of internet development, few people could understand this business model, so these companies could not obtain bank loans.</p><p>In fact, it's not just in the early stages of internet startups; all startups find it difficult to obtain bank loans. Due to commercial banks' strict loan approval procedures and inherent risk aversion, they would rather earn less loan interest than lend money to stable companies.</p><p>Banks are not institutions that invest in startups. Investing in startups should be something that angel investors and venture capital firms do. At that time, there was no venture capital (VC) or private equity (PE) in my country. These internet companies can't find money in China, but they need money to develop. What should they do? Only foreign capital can be introduced.</p><p>It's important to understand that in the early stages of our reform and opening up, we also exchanged domestic markets for foreign capital and technology. Therefore, as Deng Xiaoping said, it doesn't matter if it's a black cat or a white cat, as long as it can catch mice, it's a good cat. Capital is inherently neutral and doesn't care about good or bad. If we only use geography as the basis for classification, that's certainly acceptable. However, when making value judgments, it is more important to look at the specific things that these capitals are used for, rather than the origin of these capitals.</p><p>Therefore, many of my country's internet giants (which will not be given examples here to avoid unnecessary trouble) were Sino-foreign joint ventures when they were first established. This raises another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE) structure, often referred to as \"agreement control,\" refers to a listed Entity registered overseas by a company planning to go public, separated from its mainland business operator. The overseas listed Entity controls the domestic business operator through an agreement and transfers revenue and profits to the overseas company. The VIE architecture has spawned many different forms, but the essence is the same, which will not be elaborated on here.</p><p>Because Chinese law strictly restricts the entry of foreign capital into the \"information transmission, software and information technology services\" industry, foreign capital is not allowed to directly invest in telecommunications and internet-related companies. Of course, companies in these industries are not allowed to directly raise funds or list overseas. Therefore, these companies adopt a VIE structure to circumvent regulation.</p><p>Regulators are certainly aware of this form, and the reason they haven't completely banned it is twofold: firstly, this structure is not \"obviously illegal,\" and secondly, it is certainly a form of regulatory wisdom.</p><p>However, if such companies are listed domestically, they still have to strictly comply with the regulatory requirements for listing, which raises questions about the legality of this VIE structure, so they cannot be listed directly domestically.</p><p>This means that some internet companies have had crooked roots from the day they were born. If your roots aren't crooked, you won't survive; if you survive, you'll leave behind a bad background—\"lack of money - introducing foreign capital - becoming a joint venture - adopting a VIE structure - having questions about the legality of domestic listing - listing overseas.\"</p><p>Things are much better now. my country's multi-tiered capital market is becoming increasingly complete, and there are more RMB venture capitalists and private equity firms. The problem of not being able to find money domestically has been greatly alleviated.</p><p>In \"The Silent Majority,\" Wang Xiaobo said that making value judgments is too easy. If we were a male rabbit, we would 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. Understanding the above background is somewhat like a multiplication table: no matter what value assessment we make about internet companies going public overseas—how we assess it is our freedom—at least our judgment is based on the complete background of the matter.</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>Two other reasons are the free flow of capital and the pursuit of dual-class share structures.</p><p>As mentioned earlier, since many companies have funding sources including international private equity funds and venture capital firms, and China implements foreign exchange controls, listing domestically would make it troublesome for venture capital funds to profit and exit, and there would be exchange rate risks. Therefore, they are also motivated to encourage business owners to list overseas. Some business owners have ambitions to become multinational corporations and are willing to list in the United States. This not only helps expand the company's brand awareness, but also facilitates its global fundraising and asset layout, achieving multiple benefits at once.</p><p>I need to be a little more verbose. Private equity and venture capital are all about high risk and high return. As long as they can make money in accordance with the law, we can't say there's anything wrong with them exiting after their companies go public. Of course, if someone violates the law or discipline, they will inevitably be held accountable according to law.</p><p>Some might ask, does listing in Hong Kong allow capital to flow freely? Entrepreneurs and early investors in listed companies can easily convert the Hong Kong dollars raised through an IPO into US dollars or any other currency. This brings us to another reason: \"equal rights for all shares\" and \"different rights for all shares\".</p><p>Companies listed in mainland my country must strictly abide by the regulations on equal rights for all shareholders, meaning that the number of shares you own in the company determines the voting rights you have when voting on major events. This is why many companies do not want to go public, fearing that they will not own many shares after listing, which will lead to the company founders having no say on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" hostile takeovers. As long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Prior to 2018, listing in Hong Kong also required equal rights for all shareholders. In 2018, the Hong Kong Stock Exchange introduced a reform that allowed technology companies and life science companies to adopt the US-style dual-class share structure. Since then, more and more Chinese companies have chosen to list in Hong Kong, or to list simultaneously in both Hong Kong and New York.</p><p>It's not that equal rights for all shareholders are bad. Everything has its advantages and disadvantages. Founders with limited shareholding and equal voting rights are required to be cautious about going public, as they may be sidelined or even kicked out of the decision-making level after going public. However, being cautious about going public may slow down the company's development and cause it to miss the golden period of development.</p><p>Listing in the United States offers a dual-class share option, which means that even if you hold less than 50% of the company's shares, even if you only hold 10% or even less, you can still maintain control over the company. While it makes it easier for companies to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of a company is not the largest shareholder, when the interests of the shareholders and the interests of the operators conflict, the actual controller is prone to abuse his position for personal gain, enrich his own pockets, or engage in risky business practices. In some countries, dual-class share structures are considered 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 explained why Chinese companies are more willing to list in the United States. There are various reasons, including regulatory reasons and business operations. Overall, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States imposed a series of sanctions on Chinese companies, some of which were Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some listed companies are not sanctioned, the risks brought about by changes in international relations between the two countries are also increasing. In 2020, Luckin Coffee's financial fraud further exacerbated the crisis of trust in Chinese concept stocks.</p><p>The Trump administration seized the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening that if China fails to obtain audit working papers from the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese-listed companies will be delisted from the U.S. stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting date could be brought forward by a year.</p><p>The direct reason the United States is threatening to delist Chinese companies is to protect American investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems to make a lot of sense. Financial fraud is a crime, not only in the United States, but we believe that the capital markets of any country must combat financial fraud.</p><p>But there are a few questions here.</p><p>First, China and the United States have been consulting on the issue of the audit working papers, but why have they suddenly turned against each other now?</p><p>In 2009, my country enacted a law requiring enterprises to \"store working papers and other files formed in China by securities companies and securities service institutions that provide related securities services during the process of issuing and listing securities overseas.\"</p><p>In 2013, my country and the PCAOB of the United States signed a memorandum of understanding on cooperation and provided the PCAOB with audit working papers of four companies.</p><p>From 2016 to 2019, the regulatory authorities of both sides have been exploring how to conduct effective inspections and have made some attempts at cooperation. When the relationship is good, there is room for discussion; when the relationship is bad, there is a tendency to turn against others.</p><p>Second, is providing accounting working papers an effective way to combat financial fraud?</p><p>The United States' securities market regulations have been constantly being upgraded. For example, in 2002, in response to the Enron financial fraud scandal, significant revisions were made to the Securities Act of 1933 and the Securities Exchange Act of 1934, resulting in the Public Company Accounting Reform and Investor Protection Act of 2002, or the Sarbanes-Oxley Act, which made many new provisions in areas such as corporate governance, Accounting profession regulation, and securities market regulation. This is actually beneficial for both listed companies and investors, which is a good thing.</p><p>However, the U.S. Public Company Accounting Oversight Board, established after the Sarbanes-Oxley Act, was already able to review the audit drafts of public companies, but then accounting problems arose at WorldCom, Southern Healthcare, Freddie Mac, American International Group, and Lehman Brothers. Most serious accounting fraud cases are often discovered by professional short-selling firms using techniques such as \"private server undercover investigations\" to conduct on-site investigations of company business traffic. Auditing firms do not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not be able to detect these financial frauds through audit working papers. In other words, audit drafts may help combat financial fraud, but they are not an essential method, nor are they always 100% effective.</p><p>Third, a key target of the Foreign Company Accountability Act is Chinese companies listed in the US, but this is not the first time the US has known that Chinese listed companies adopt the VIE structure. If the United States believes there are problems with the VIE structure, it can simply ban Chinese companies listed in the US.</p><p>When the two countries have friendly relations, audit working papers are not a very important issue. The two countries can resolve the issue through negotiation and cooperate in supervision because they trust each other. This mutual trust is gone now.</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>Plan ahead</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. However, if the gap between the two countries widens, then Chinese companies listed in the US do need to be prepared for both scenarios.</p><p>For both China and the United States, the delisting of Chinese companies from the US market does not seem to be an unbearable price.</p><p>For the United States, although Chinese concept stocks fluctuate greatly, their overall performance outperforms most US-listed companies, and the losses caused by financial fraud by Chinese companies are far less than those of American companies like Enron and Lehman Brothers.</p><p>If Chinese concept stocks are delisted, American investors will lose a relatively good investment target. However, after delisting, Chinese concept stocks can be listed on the Hong Kong Stock Exchange and the A-share market. If American investors remain optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the Stock Connect mechanism.</p><p>For China, as a high-savings country and a net capital exporter, it is not necessary to list and raise funds in the United States. my country's own capital market is gradually improving, and the registration-based IPO system is 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 companies listing in China will be greatly improved. Although valuations may shrink when listing on the A-share or Hong Kong stock exchanges, this is not an unacceptable challenge for the country as a whole.</p><p>Therefore, if Chinese companies delist from the US market, it is not an unacceptable event for both countries; their fate will be more influenced by international relations and the course of history. At this point, what businesses should do is plan ahead and take preventative measures.</p><p>No one wants bad things to happen, but if they do, they shouldn't 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>Is it possible for Chinese concept stocks to withdraw from the US market?</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\">\nIs it possible for Chinese concept stocks to withdraw from the US market?\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>By Jia Ming</p><p>On July 23, a document issued by the General Office of the CPC Central Committee entitled \"Opinions on Further Reducing the Homework Burden and Extracurricular Training Burden of Students in the Compulsory Education Stage\" circulated online. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions and prohibiting all subject-based training institutions from going public for financing, causing overseas-listed education stocks to fall in response. For example, New Oriental's stock price on the Hong Kong Stock Exchange once \"halved\" (New Oriental S closed down 40.61% on the 23rd and another 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), Gaotu fell by 63.26% on the 23rd in the US stock market, and TAL Education Group fell by more than 70%.</p><p>The official document was released on the evening of July 24, and multiple media outlets have reposted the full text. Interested readers can find it to read.</p><p>Today's article does not analyze Document No. 40 issued by the General Office of the CPC Central Committee, but rather aims to explore two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering incidents such as Sino-US relations, Luckin Coffee's fraud, and Didi's removal from its platform, what will be the future fate of these Chinese concept stocks listed overseas?</p><p><b>main reason</b></p><p>Chinese companies are more enthusiastic about listing on U.S. stock exchanges than almost any other non-U.S. company, even after a significant cooling in U.S.-China relations.</p><p>In 2019, 32 companies went public in the United States, 34 in 2020, and 37 companies completed their listings in the United States in the first half of 2021. According to wind data, as of July 2021, a total of 286 Chinese companies were listed in the United States—including those registered in offshore centers such as Hong Kong or the Cayman Islands, but whose revenue and profits mostly came from mainland China—in fact, most Chinese companies listed in the United States adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listing in the US. The overall environment for Chinese companies listing in the US is not favorable. So why do Chinese companies still resolutely choose to list in the US?</p><p>Several well-known reasons are:</p><p>First, the United States' capital market was established relatively early, and its financing system and laws and regulations are relatively more mature and complete. From the perspective of the overall financing environment, the United States is generally optimistic about internet companies and high-tech companies. The same stock listed in the United States is relatively easier to obtain a higher valuation and raise more funds.</p><p>Secondly, and more importantly, the US capital market adopts a registration system, which does not set profit thresholds for companies planning to go public. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. my country adopts a review system, and the necessary condition for applying for A-share listing is to be profitable for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always very short of money. Some internet companies, after only a few years of establishment, may become unicorns with a valuation exceeding one billion yuan. At this time, they face pressure from investors to monetize and further develop, and need to prepare for a large-scale fundraising listing. However, most companies may have just started to make a profit at this time, or even not yet, so they cannot meet the conditions for three consecutive years of profitability and therefore cannot list on the A-share market for financing. If the company waits two or three years to go public and raise funds, it may not only miss the best development opportunity and fail to raise funds, but it is also uncertain whether the company can survive. Therefore, I can only go abroad.</p><p>Third, the length of my country's listing approval cycle varies. If the listing approval is suspended and a company wants to go public, the entire process may take three or four years. Time is money, and many companies can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons why Chinese companies go public in the United States. However, in addition to these, there are several other reasons that should not be ignored.</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 often refer to the year around 2000 as the first year of the Internet in China. However, we must not forget that in the early days of internet development, few people could understand this business model, so these companies could not obtain bank loans.</p><p>In fact, it's not just in the early stages of internet startups; all startups find it difficult to obtain bank loans. Due to commercial banks' strict loan approval procedures and inherent risk aversion, they would rather earn less loan interest than lend money to stable companies.</p><p>Banks are not institutions that invest in startups. Investing in startups should be something that angel investors and venture capital firms do. At that time, there was no venture capital (VC) or private equity (PE) in my country. These internet companies can't find money in China, but they need money to develop. What should they do? Only foreign capital can be introduced.</p><p>It's important to understand that in the early stages of our reform and opening up, we also exchanged domestic markets for foreign capital and technology. Therefore, as Deng Xiaoping said, it doesn't matter if it's a black cat or a white cat, as long as it can catch mice, it's a good cat. Capital is inherently neutral and doesn't care about good or bad. If we only use geography as the basis for classification, that's certainly acceptable. However, when making value judgments, it is more important to look at the specific things that these capitals are used for, rather than the origin of these capitals.</p><p>Therefore, many of my country's internet giants (which will not be given examples here to avoid unnecessary trouble) were Sino-foreign joint ventures when they were first established. This raises another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE) structure, often referred to as \"agreement control,\" refers to a listed Entity registered overseas by a company planning to go public, separated from its mainland business operator. The overseas listed Entity controls the domestic business operator through an agreement and transfers revenue and profits to the overseas company. The VIE architecture has spawned many different forms, but the essence is the same, which will not be elaborated on here.</p><p>Because Chinese law strictly restricts the entry of foreign capital into the \"information transmission, software and information technology services\" industry, foreign capital is not allowed to directly invest in telecommunications and internet-related companies. Of course, companies in these industries are not allowed to directly raise funds or list overseas. Therefore, these companies adopt a VIE structure to circumvent regulation.</p><p>Regulators are certainly aware of this form, and the reason they haven't completely banned it is twofold: firstly, this structure is not \"obviously illegal,\" and secondly, it is certainly a form of regulatory wisdom.</p><p>However, if such companies are listed domestically, they still have to strictly comply with the regulatory requirements for listing, which raises questions about the legality of this VIE structure, so they cannot be listed directly domestically.</p><p>This means that some internet companies have had crooked roots from the day they were born. If your roots aren't crooked, you won't survive; if you survive, you'll leave behind a bad background—\"lack of money - introducing foreign capital - becoming a joint venture - adopting a VIE structure - having questions about the legality of domestic listing - listing overseas.\"</p><p>Things are much better now. my country's multi-tiered capital market is becoming increasingly complete, and there are more RMB venture capitalists and private equity firms. The problem of not being able to find money domestically has been greatly alleviated.</p><p>In \"The Silent Majority,\" Wang Xiaobo said that making value judgments is too easy. If we were a male rabbit, we would 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. Understanding the above background is somewhat like a multiplication table: no matter what value assessment we make about internet companies going public overseas—how we assess it is our freedom—at least our judgment is based on the complete background of the matter.</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>Two other reasons are the free flow of capital and the pursuit of dual-class share structures.</p><p>As mentioned earlier, since many companies have funding sources including international private equity funds and venture capital firms, and China implements foreign exchange controls, listing domestically would make it troublesome for venture capital funds to profit and exit, and there would be exchange rate risks. Therefore, they are also motivated to encourage business owners to list overseas. Some business owners have ambitions to become multinational corporations and are willing to list in the United States. This not only helps expand the company's brand awareness, but also facilitates its global fundraising and asset layout, achieving multiple benefits at once.</p><p>I need to be a little more verbose. Private equity and venture capital are all about high risk and high return. As long as they can make money in accordance with the law, we can't say there's anything wrong with them exiting after their companies go public. Of course, if someone violates the law or discipline, they will inevitably be held accountable according to law.</p><p>Some might ask, does listing in Hong Kong allow capital to flow freely? Entrepreneurs and early investors in listed companies can easily convert the Hong Kong dollars raised through an IPO into US dollars or any other currency. This brings us to another reason: \"equal rights for all shares\" and \"different rights for all shares\".</p><p>Companies listed in mainland my country must strictly abide by the regulations on equal rights for all shareholders, meaning that the number of shares you own in the company determines the voting rights you have when voting on major events. This is why many companies do not want to go public, fearing that they will not own many shares after listing, which will lead to the company founders having no say on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" hostile takeovers. As long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Prior to 2018, listing in Hong Kong also required equal rights for all shareholders. In 2018, the Hong Kong Stock Exchange introduced a reform that allowed technology companies and life science companies to adopt the US-style dual-class share structure. Since then, more and more Chinese companies have chosen to list in Hong Kong, or to list simultaneously in both Hong Kong and New York.</p><p>It's not that equal rights for all shareholders are bad. Everything has its advantages and disadvantages. Founders with limited shareholding and equal voting rights are required to be cautious about going public, as they may be sidelined or even kicked out of the decision-making level after going public. However, being cautious about going public may slow down the company's development and cause it to miss the golden period of development.</p><p>Listing in the United States offers a dual-class share option, which means that even if you hold less than 50% of the company's shares, even if you only hold 10% or even less, you can still maintain control over the company. While it makes it easier for companies to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of a company is not the largest shareholder, when the interests of the shareholders and the interests of the operators conflict, the actual controller is prone to abuse his position for personal gain, enrich his own pockets, or engage in risky business practices. In some countries, dual-class share structures are considered 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 explained why Chinese companies are more willing to list in the United States. There are various reasons, including regulatory reasons and business operations. Overall, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States imposed a series of sanctions on Chinese companies, some of which were Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some listed companies are not sanctioned, the risks brought about by changes in international relations between the two countries are also increasing. In 2020, Luckin Coffee's financial fraud further exacerbated the crisis of trust in Chinese concept stocks.</p><p>The Trump administration seized the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening that if China fails to obtain audit working papers from the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese-listed companies will be delisted from the U.S. stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting date could be brought forward by a year.</p><p>The direct reason the United States is threatening to delist Chinese companies is to protect American investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems to make a lot of sense. Financial fraud is a crime, not only in the United States, but we believe that the capital markets of any country must combat financial fraud.</p><p>But there are a few questions here.</p><p>First, China and the United States have been consulting on the issue of the audit working papers, but why have they suddenly turned against each other now?</p><p>In 2009, my country enacted a law requiring enterprises to \"store working papers and other files formed in China by securities companies and securities service institutions that provide related securities services during the process of issuing and listing securities overseas.\"</p><p>In 2013, my country and the PCAOB of the United States signed a memorandum of understanding on cooperation and provided the PCAOB with audit working papers of four companies.</p><p>From 2016 to 2019, the regulatory authorities of both sides have been exploring how to conduct effective inspections and have made some attempts at cooperation. When the relationship is good, there is room for discussion; when the relationship is bad, there is a tendency to turn against others.</p><p>Second, is providing accounting working papers an effective way to combat financial fraud?</p><p>The United States' securities market regulations have been constantly being upgraded. For example, in 2002, in response to the Enron financial fraud scandal, significant revisions were made to the Securities Act of 1933 and the Securities Exchange Act of 1934, resulting in the Public Company Accounting Reform and Investor Protection Act of 2002, or the Sarbanes-Oxley Act, which made many new provisions in areas such as corporate governance, Accounting profession regulation, and securities market regulation. This is actually beneficial for both listed companies and investors, which is a good thing.</p><p>However, the U.S. Public Company Accounting Oversight Board, established after the Sarbanes-Oxley Act, was already able to review the audit drafts of public companies, but then accounting problems arose at WorldCom, Southern Healthcare, Freddie Mac, American International Group, and Lehman Brothers. Most serious accounting fraud cases are often discovered by professional short-selling firms using techniques such as \"private server undercover investigations\" to conduct on-site investigations of company business traffic. Auditing firms do not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not be able to detect these financial frauds through audit working papers. In other words, audit drafts may help combat financial fraud, but they are not an essential method, nor are they always 100% effective.</p><p>Third, a key target of the Foreign Company Accountability Act is Chinese companies listed in the US, but this is not the first time the US has known that Chinese listed companies adopt the VIE structure. If the United States believes there are problems with the VIE structure, it can simply ban Chinese companies listed in the US.</p><p>When the two countries have friendly relations, audit working papers are not a very important issue. The two countries can resolve the issue through negotiation and cooperate in supervision because they trust each other. This mutual trust is gone now.</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>Plan ahead</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. However, if the gap between the two countries widens, then Chinese companies listed in the US do need to be prepared for both scenarios.</p><p>For both China and the United States, the delisting of Chinese companies from the US market does not seem to be an unbearable price.</p><p>For the United States, although Chinese concept stocks fluctuate greatly, their overall performance outperforms most US-listed companies, and the losses caused by financial fraud by Chinese companies are far less than those of American companies like Enron and Lehman Brothers.</p><p>If Chinese concept stocks are delisted, American investors will lose a relatively good investment target. However, after delisting, Chinese concept stocks can be listed on the Hong Kong Stock Exchange and the A-share market. If American investors remain optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the Stock Connect mechanism.</p><p>For China, as a high-savings country and a net capital exporter, it is not necessary to list and raise funds in the United States. my country's own capital market is gradually improving, and the registration-based IPO system is 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 companies listing in China will be greatly improved. Although valuations may shrink when listing on the A-share or Hong Kong stock exchanges, this is not an unacceptable challenge for the country as a whole.</p><p>Therefore, if Chinese companies delist from the US market, it is not an unacceptable event for both countries; their fate will be more influenced by international relations and the course of history. At this point, what businesses should do is plan ahead and take preventative measures.</p><p>No one wants bad things to happen, but if they do, they shouldn't 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":4511,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":"[Focus] Intel shares fall over 5%; CEO says chip shortage will continue 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>On July 23,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The chip price fell by more than 5%, with the CEO saying the chip shortage will continue until 2023.</p><p>A growing number of people in the industry believe that chip supply disruptions will not be resolved anytime soon, and Gelsinger's prediction adds to the voices of leading figures in the industry. In an interview on Thursday, he said it could take one to two years for the semiconductor industry to restore a reasonable balance between supply and demand. 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 manufacturing plants, although some of these capacities will not 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>[Focus] Intel shares fall over 5%; CEO says chip shortage will continue 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[Focus] Intel shares fall over 5%; CEO says chip shortage will continue 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>On July 23,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The chip price fell by more than 5%, with the CEO saying the chip shortage will continue until 2023.</p><p>A growing number of people in the industry believe that chip supply disruptions will not be resolved anytime soon, and Gelsinger's prediction adds to the voices of leading figures in the industry. In an interview on Thursday, he said it could take one to two years for the semiconductor industry to restore a reasonable balance between supply and demand. 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 manufacturing plants, although some of these capacities will not 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":5600,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":"sh","language":"zh","title":"The \"secret\" of Tenfold Fund: How can fund investors truly 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>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all 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 located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the 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 June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</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 June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</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 Tenfold Fund: How can fund investors truly 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 Tenfold Fund: How can fund investors truly 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>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all 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 located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the 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 June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</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 June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</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":1827,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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 Federal Reserve's major July meeting is next week! What key points should we focus 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 will hold its monetary policy meeting on July 27 and 28, and although stock market sentiment remains relatively optimistic, it will meet in an uneasy atmosphere. Besides the market's urgent need to know Powell's current attitude, the more important question is whether the Federal Reserve has already provided details on tapering its policy.</p><p>Federal Reserve Chairman Jerome Powell recently made it clear during his testimony to Congress that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an imminent policy shift. After all, employment levels are still more than 6 million lower than before the pandemic began, and the latest COVID-19 pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>However, ING strategists mentioned that at the upcoming Jackson Hole Federal Reserve Conference at the end of August, Fed officials will begin preparing to taper quantitative easing, further refining it at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, although perhaps not as quickly as some expected earlier this year. In addition, many companies urgently need workers, but millions of people are still unemployed. In recent weeks, vaccination rates have stagnated and the number of infections has risen. Nevertheless, the Federal Reserve is facing pressure to tighten, such as tapering QE. However, most people still expect the Federal Reserve to not announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of the tapering on the table\" for discussion.</p><p>Labor market signs suggest that the Federal Reserve's easing is far from over. Economists and market watchers had hoped that by April, when vaccines became widely available and many economic restrictions began to be lifted, employers would begin hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the U.S. Bureau of Labor Statistics, non-farm payroll growth has been generally unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider tapering some of the easing stimulus policies it has already implemented. Three-month moving average data from the Federal Reserve Bank of Atlanta showed that while wages were 3.2% higher in June than a year earlier, inflation rose even higher. Compared to the same period last year, the consumer price index rose 5.4% in June, meaning that inflation-adjusted incomes fell by more than 2%. Even the Federal Reserve's favorite measure of Core personal consumption expenditures (Core PCE), which excludes fluctuations in food and energy prices, rose 3.4% in May compared to the same period last year.</p><p>In fact, a month ago, the Federal Reserve raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue rising for the rest of the year. However, the Federal Reserve may not be in a hurry to intervene. In a speech last August, Powell said that the Federal Reserve 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 moderate period of time before tightening.</p><p>However, the minutes of the Federal Reserve's most recent meeting show increased interest in discussing tapering bond purchases. The Federal Reserve currently buys $120 billion worth of bonds every month, but a short-term rate hike may still take several years.</p><p>ING strategists believe that although the Federal Reserve is not expected to change policy at its July meeting, the market may hear more news about discussions on tapering bond purchases that began in June. Discussions around this issue are likely to heat up at the Jackson Hole meeting in August, as the Federal Reserve's current signals continue to favor earlier policy normalization. His remarks about Chairman Powell may suggest that while discussions about reducing quantitative easing have begun, there is still plenty of time before they need to reach a conclusion on 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 Federal Reserve's major July meeting is next week! What key points should we focus 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 Federal Reserve's major July meeting is next week! What key points should we focus 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 will hold its monetary policy meeting on July 27 and 28, and although stock market sentiment remains relatively optimistic, it will meet in an uneasy atmosphere. Besides the market's urgent need to know Powell's current attitude, the more important question is whether the Federal Reserve has already provided details on tapering its policy.</p><p>Federal Reserve Chairman Jerome Powell recently made it clear during his testimony to Congress that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an imminent policy shift. After all, employment levels are still more than 6 million lower than before the pandemic began, and the latest COVID-19 pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>However, ING strategists mentioned that at the upcoming Jackson Hole Federal Reserve Conference at the end of August, Fed officials will begin preparing to taper quantitative easing, further refining it at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, although perhaps not as quickly as some expected earlier this year. In addition, many companies urgently need workers, but millions of people are still unemployed. In recent weeks, vaccination rates have stagnated and the number of infections has risen. Nevertheless, the Federal Reserve is facing pressure to tighten, such as tapering QE. However, most people still expect the Federal Reserve to not announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of the tapering on the table\" for discussion.</p><p>Labor market signs suggest that the Federal Reserve's easing is far from over. Economists and market watchers had hoped that by April, when vaccines became widely available and many economic restrictions began to be lifted, employers would begin hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the U.S. Bureau of Labor Statistics, non-farm payroll growth has been generally unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider tapering some of the easing stimulus policies it has already implemented. Three-month moving average data from the Federal Reserve Bank of Atlanta showed that while wages were 3.2% higher in June than a year earlier, inflation rose even higher. Compared to the same period last year, the consumer price index rose 5.4% in June, meaning that inflation-adjusted incomes fell by more than 2%. Even the Federal Reserve's favorite measure of Core personal consumption expenditures (Core PCE), which excludes fluctuations in food and energy prices, rose 3.4% in May compared to the same period last year.</p><p>In fact, a month ago, the Federal Reserve raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue rising for the rest of the year. However, the Federal Reserve may not be in a hurry to intervene. In a speech last August, Powell said that the Federal Reserve 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 moderate period of time before tightening.</p><p>However, the minutes of the Federal Reserve's most recent meeting show increased interest in discussing tapering bond purchases. The Federal Reserve currently buys $120 billion worth of bonds every month, but a short-term rate hike may still take several years.</p><p>ING strategists believe that although the Federal Reserve is not expected to change policy at its July meeting, the market may hear more news about discussions on tapering bond purchases that began in June. Discussions around this issue are likely to heat up at the Jackson Hole meeting in August, as the Federal Reserve's current signals continue to favor earlier policy normalization. His remarks about Chairman Powell may suggest that while discussions about reducing quantitative easing have begun, there is still plenty of time before they need to reach a conclusion on 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","DDM":"2倍做多道指ETF-ProShares","TQQQ":"纳指三倍做多ETF","OEF":"标普100指数ETF-iShares","OEX":"标普100","DJX":"1/100道琼斯","QQQ":"纳指100ETF","SH":"做空标普500-Proshares","DXD":"两倍做空道琼30指数ETF-ProShares","DOG":"道指ETF-ProShares做空","PSQ":"做空纳斯达克100指数ETF-ProShares",".DJI":"道琼斯","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares",".SPX":"S&P 500 Index","SPY":"标普500ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares"},"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,"SPXU":0.9,".IXIC":0.9,"QQQ":0.9,"IVV":0.9,"DDM":0.9,"TQQQ":0.9,"SSO":0.9,"SDOW":0.9,"OEF":0.9,"DXD":0.9,"NQmain":0.9,"DJX":0.9,"MNQmain":0.9,"UPRO":0.9,"ESmain":0.9,".DJI":0.9,"SQQQ":0.9,"SH":0.9,"SPY":0.9,"OEX":0.9,"QID":0.9,"UDOW":0.9,"DOG":0.9,".SPX":0.9,"QLD":0.9,"PSQ":0.9,"SDS":0.9}},"isVote":1,"tweetType":1,"viewCount":1585,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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-based global broadcasting technology 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><div>Alibaba Cloud, Alibaba's Cloud computing service platform, announced that OBS Cloud, the Olympic broadcasting Cloud jointly developed with Olympic Broadcasting Services, will be put into use for the first time at this year's Tokyo Olympics, providing Cloud broadcasting support for global broadcasters. This will be the first time in Olympic history that Cloud computing has been used to support global broadcasting. Zhang Jianfeng, president of Alibaba Cloud Intelligence, said that for the first time, global audiences will watch the Olympics in the \"cloud\"; Based on OBS Cloud, broadcasters can not only receive event content but also establish their own content creation, management, and distribution systems on the platform, eliminating the need for broadcaster staff to...</p><p><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\">Web page link</a></div></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-based global broadcasting technology 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-based global broadcasting technology 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><div>Alibaba Cloud, Alibaba's Cloud computing service platform, announced that OBS Cloud, the Olympic broadcasting Cloud jointly developed with Olympic Broadcasting Services, will be put into use for the first time at this year's Tokyo Olympics, providing Cloud broadcasting support for global broadcasters. This will be the first time in Olympic history that Cloud computing has been used to support global broadcasting. Zhang Jianfeng, president of Alibaba Cloud Intelligence, said that for the first time, global audiences will watch the Olympics in the \"cloud\"; Based on OBS Cloud, broadcasters can not only receive event content but also establish their own content creation, management, and distribution systems on the platform, eliminating the need for broadcaster staff to...</p><p><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\">Web page link</a></div></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":1791,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":"Yuehua Entertainment receives investment from Alibaba and ByteDance, and Tencent supports Wajijiwa, a major company aiming to enter the \"entertainment industry.\"","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>China Times reporter Yu Yujin reports from Beijing: No field can be left behind; major companies' track layouts have extended to the entertainment industry. According to Tianyancha APP, on July 19, the brokerage company Beijing Yuehua Entertainment Culture Communication Co., Ltd. (hereinafter referred to as \"Yuehua Entertainment\") underwent industrial and commercial registration changes, adding Zhejiang Dongyang Alibaba Pictures Co., Ltd. (hereinafter referred to as \"Alibaba Pictures\") and Beijing Quantum Leap Technology Co., Ltd. (hereinafter referred to as \"Quantum Leap\"), an affiliated company of ByteDance, as shareholders. At the same time, Tencent has also been supporting Wajijiwa, which was founded in early 2017. An unnamed securities analyst told China Fortune...</p><p><a href=\"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml\">Web page 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>Yuehua Entertainment receives investment from Alibaba and ByteDance, and Tencent supports Wajijiwa, a major company aiming to enter the \"entertainment industry.\"</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\">\nYuehua Entertainment receives investment from Alibaba and ByteDance, and Tencent supports Wajijiwa, a major company aiming to enter the \"entertainment industry.\"\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>China Times reporter Yu Yujin reports from Beijing: No field can be left behind; major companies' track layouts have extended to the entertainment industry. According to Tianyancha APP, on July 19, the brokerage company Beijing Yuehua Entertainment Culture Communication Co., Ltd. (hereinafter referred to as \"Yuehua Entertainment\") underwent industrial and commercial registration changes, adding Zhejiang Dongyang Alibaba Pictures Co., Ltd. (hereinafter referred to as \"Alibaba Pictures\") and Beijing Quantum Leap Technology Co., Ltd. (hereinafter referred to as \"Quantum Leap\"), an affiliated company of ByteDance, as shareholders. At the same time, Tencent has also been supporting Wajijiwa, which was founded in early 2017. An unnamed securities analyst told China Fortune...</p><p><a href=\"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml\">Web page 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":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数"},"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":{"TCEHY":1,"00700":1,"QNETCN":0.6}},"isVote":1,"tweetType":1,"viewCount":1747,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":2106,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":"U.S. existing home sales fell slightly short of expectations in June, and median home prices hit a new high.","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 data from the National Association of Realtors (NAR), seasonally adjusted annual home sales in June were 5.86 million units, slightly lower than the market expectation of 5.9 million units. This figure represents a significant increase of 22.9% compared to the same period last year and a 1.4% increase month-on-month. In addition, the annualized sales of completed homes in May have been revised to 5.78 million units.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Regarding housing supply, according to statistics, as of the end of June, the supply of existing homes for sale was 1.25 million units, up about 3.3% from the previous month and down 18.8% year-on-year. Based on the current sales rate, it would take 2.6 months to digest the above inventory. This rate is slightly higher than the 2.5 months last month, but compared to the 3.9 months in the same period last year, the aforementioned inventory reduction rate is still relatively fast. In addition, existing home sales continued to accelerate, with an average time from listing to sale of 17 days. In June, 88% of the homes sold had been on the market for less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, a record high, up 23.4% year-over-year. However, according to statistics, the median price of existing homes has been rising since the beginning of the year. In a press release on its official website, NAR's chief economist, Lawrence Yun, stated that on a broader level, there is no risk of a decline in median home prices due to remaining tight inventory, but he expects price increases to 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>U.S. existing home sales fell slightly short of expectations in June, and median home prices hit a new high.</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\">\nU.S. existing home sales fell slightly short of expectations in June, and median home prices hit a new high.\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 data from the National Association of Realtors (NAR), seasonally adjusted annual home sales in June were 5.86 million units, slightly lower than the market expectation of 5.9 million units. This figure represents a significant increase of 22.9% compared to the same period last year and a 1.4% increase month-on-month. In addition, the annualized sales of completed homes in May have been revised to 5.78 million units.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Regarding housing supply, according to statistics, as of the end of June, the supply of existing homes for sale was 1.25 million units, up about 3.3% from the previous month and down 18.8% year-on-year. Based on the current sales rate, it would take 2.6 months to digest the above inventory. This rate is slightly higher than the 2.5 months last month, but compared to the 3.9 months in the same period last year, the aforementioned inventory reduction rate is still relatively fast. In addition, existing home sales continued to accelerate, with an average time from listing to sale of 17 days. In June, 88% of the homes sold had been on the market for less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, a record high, up 23.4% year-over-year. However, according to statistics, the median price of existing homes has been rising since the beginning of the year. In a press release on its official website, NAR's chief economist, Lawrence Yun, stated that on a broader level, there is no risk of a decline in median home prices due to remaining tight inventory, but he expects price increases to 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":1759,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":"Earnings Preview: Standing at the $2 trillion mark, Microsoft ushers in a new beginning.","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>The company will release its financial results for the fourth quarter of fiscal year 2021 on July 27 (next Tuesday). Microsoft's stock price has performed strongly this year, surging more than 26% and recently hitting new all-time highs. The fourth fiscal quarter was significant for Microsoft, as it became the next...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Subsequently, the second American company to surpass $2 trillion in market capitalization stood at a new starting point; Microsoft's board of directors unanimously approved current CEO Satya Nadella as the new chairman, making him the second person to hold two positions after Bill Gates.</p><p>It took Microsoft 33 years from its IPO to reaching its first $1 trillion market capitalization in 2019, while it only took about 2 years to go from $1 trillion to $2 trillion, and it has the potential to move towards a $3 trillion market capitalization 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 revenue and profit in the third quarter of fiscal year 2021 both exceeded market consensus expectations. Financial reports show that Microsoft's revenue reached $41.7 billion in the third fiscal quarter, a year-over-year increase of 19%; Net profit was $15.5 billion, up 44% year-over-year. Among them, Microsoft's Xbox and cloud services-related businesses both showed 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 fourth fiscal quarter, with a strong rebound in enterprise IT spending contributing to revenue growth for Dynamics, Azure, and LinkedIn. Consumer PC revenue momentum may begin to slow, but business PC revenue may begin to rebound after a year-long delay in upgrades.</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>Cloud business accounted for 33.8% of Microsoft's revenue in 2020, making it the largest of its three major business units for the first time. According to analysts' forecasts, Microsoft's cloud computing revenue in the fourth fiscal quarter will be between $16.2 billion and $16.45 billion, driven by a rebound in Azure and IT spending. Judging from the current market landscape<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>AWS remains at the forefront, but judging from the trend, the gap between Microsoft Azure and AWS is 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 cloud computing field on the future development of Microsoft's cloud computing business. On July 6, the U.S. Department of Defense canceled a $10 billion cloud computing project contract signed with Microsoft during the Trump administration and will initiate a new procurement process. Microsoft and other top cloud computing companies including Amazon,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>Parent company Alphabet and<a href=\"https://laohu8.com/S/IBM\">IBM</a>Competition among companies is becoming increasingly fierce.</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. This is 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 its better compatibility with Google and Apple's mobile platforms, its partnership with the Amazon app store, and its support for installing and running Android apps. Cloud-based Office 365 allows you to view recent documents on iOS and Android in real time, optimizing the touch experience on Windows tablets. Company CEO Satya Nadella stated that Windows 11 is one of the important milestones for 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 gaming business will continue to grow. The head of Microsoft Xbox stated that Microsoft will not abandon single-player narrative games and will continue to acquire studios. In addition, Microsoft poached the creator of Portal to oversee its cloud gaming business, expanded its cloud gaming platform, and acquired more publishers like Bethesda to develop exclusive first-party games. Microsoft may also gradually remove the gaming boundaries between Windows PCs and Xbox consoles, offering more local streaming and cloud gaming options. Industry insiders predict that the stay-at-home economy effect will enable the explosive growth of Microsoft's gaming business to continue.</p><p><b>Analyst Forecast</b></p><p>According to Bloomberg's consensus forecast, Microsoft's revenue for the fourth quarter of fiscal year 2021 was $44.27 billion, adjusted net income was $14.574 billion, and adjusted EPS was $1.92. Of the 44 analysts, 40 have given a buy rating and 4 have given a hold rating, with a target price of $298.37, representing approximately 6% upside potential 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>Earnings Preview: Standing at the $2 trillion mark, Microsoft ushers in a new beginning.</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\">\nEarnings Preview: Standing at the $2 trillion mark, Microsoft ushers in a new beginning.\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>The company will release its financial results for the fourth quarter of fiscal year 2021 on July 27 (next Tuesday). Microsoft's stock price has performed strongly this year, surging more than 26% and recently hitting new all-time highs. The fourth fiscal quarter was significant for Microsoft, as it became the next...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Subsequently, the second American company to surpass $2 trillion in market capitalization stood at a new starting point; Microsoft's board of directors unanimously approved current CEO Satya Nadella as the new chairman, making him the second person to hold two positions after Bill Gates.</p><p>It took Microsoft 33 years from its IPO to reaching its first $1 trillion market capitalization in 2019, while it only took about 2 years to go from $1 trillion to $2 trillion, and it has the potential to move towards a $3 trillion market capitalization 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 revenue and profit in the third quarter of fiscal year 2021 both exceeded market consensus expectations. Financial reports show that Microsoft's revenue reached $41.7 billion in the third fiscal quarter, a year-over-year increase of 19%; Net profit was $15.5 billion, up 44% year-over-year. Among them, Microsoft's Xbox and cloud services-related businesses both showed 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 fourth fiscal quarter, with a strong rebound in enterprise IT spending contributing to revenue growth for Dynamics, Azure, and LinkedIn. Consumer PC revenue momentum may begin to slow, but business PC revenue may begin to rebound after a year-long delay in upgrades.</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>Cloud business accounted for 33.8% of Microsoft's revenue in 2020, making it the largest of its three major business units for the first time. According to analysts' forecasts, Microsoft's cloud computing revenue in the fourth fiscal quarter will be between $16.2 billion and $16.45 billion, driven by a rebound in Azure and IT spending. Judging from the current market landscape<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>AWS remains at the forefront, but judging from the trend, the gap between Microsoft Azure and AWS is 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 cloud computing field on the future development of Microsoft's cloud computing business. On July 6, the U.S. Department of Defense canceled a $10 billion cloud computing project contract signed with Microsoft during the Trump administration and will initiate a new procurement process. Microsoft and other top cloud computing companies including Amazon,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>Parent company Alphabet and<a href=\"https://laohu8.com/S/IBM\">IBM</a>Competition among companies is becoming increasingly fierce.</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. This is 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 its better compatibility with Google and Apple's mobile platforms, its partnership with the Amazon app store, and its support for installing and running Android apps. Cloud-based Office 365 allows you to view recent documents on iOS and Android in real time, optimizing the touch experience on Windows tablets. Company CEO Satya Nadella stated that Windows 11 is one of the important milestones for 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 gaming business will continue to grow. The head of Microsoft Xbox stated that Microsoft will not abandon single-player narrative games and will continue to acquire studios. In addition, Microsoft poached the creator of Portal to oversee its cloud gaming business, expanded its cloud gaming platform, and acquired more publishers like Bethesda to develop exclusive first-party games. Microsoft may also gradually remove the gaming boundaries between Windows PCs and Xbox consoles, offering more local streaming and cloud gaming options. Industry insiders predict that the stay-at-home economy effect will enable the explosive growth of Microsoft's gaming business to continue.</p><p><b>Analyst Forecast</b></p><p>According to Bloomberg's consensus forecast, Microsoft's revenue for the fourth quarter of fiscal year 2021 was $44.27 billion, adjusted net income was $14.574 billion, and adjusted EPS was $1.92. Of the 44 analysts, 40 have given a buy rating and 4 have given a hold rating, with a target price of $298.37, representing approximately 6% upside potential 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":1850,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":"[Unusual Movement] Anti-epidemic concept stocks surged, with United Health Products rising over 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, US stocks related to the fight against the pandemic surged.<a href=\"https://laohu8.com/S/AHPI\">combined health products</a>It rose more than 10%.<a href=\"https://laohu8.com/S/BNTX\">BioNTech</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\" 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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, US stocks related to the fight against the pandemic surged.<a href=\"https://laohu8.com/S/AHPI\">combined health products</a>It rose more than 10%.<a href=\"https://laohu8.com/S/BNTX\">BioNTech</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":1726,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":1613,"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,"idStr":"3579764409572228","authorIdStr":"3579764409572228"},"themes":[],"title":"","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":1793,"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":[],"title":"","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":5971,"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":[],"title":"","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":1564,"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":[],"title":"","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":1269,"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":[],"title":"","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":"sh","language":"zh","title":"Nayuki's tea has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.","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 29th news, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>The company issued an announcement stating that it will issue 257 million shares at a price of HK$19.8 per share, with 500 shares per lot, and is expected to list on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an 8% success rate per lot. Subscribing to 40 lots guarantees one lot.</p><p>Group B consisted of 300,000 shares (600 lots) and was allocated 3,000 shares (6 lots).<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\">During the public offering phase, Nayuki Tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, representing 50% of the total number of 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 oversubscribed, with the final number of shares offered being 129 million (excluding over-allocated shares), representing 50% of the total number of shares offered.</p><p>Regarding the use of funds, the company intends to use the net proceeds from the global offering, estimated at 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 its tea shop network and increase its market penetration over the next three years; Approximately 10.0% will be used over the next three years to further enhance overall operations by strengthening technological capabilities, thereby improving operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities over the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 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's 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 tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. 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 for the same stores in 2019 and 2020.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from RMB 1.087 billion in 2018 to RMB 3.057 billion in 2020, representing a compound annual growth rate of 67.7% from 2018 to 2020. The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of RMB 2.115 billion and adjusted net profit of RMB 4.484 million. The domestic food industry has been significantly impacted by the pandemic, and the company's adjusted net profit has narrowed under pressure, but revenue has still maintained 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 has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.</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 has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.\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 29th news, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>The company issued an announcement stating that it will issue 257 million shares at a price of HK$19.8 per share, with 500 shares per lot, and is expected to list on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an 8% success rate per lot. Subscribing to 40 lots guarantees one lot.</p><p>Group B consisted of 300,000 shares (600 lots) and was allocated 3,000 shares (6 lots).<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\">During the public offering phase, Nayuki Tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, representing 50% of the total number of 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 oversubscribed, with the final number of shares offered being 129 million (excluding over-allocated shares), representing 50% of the total number of shares offered.</p><p>Regarding the use of funds, the company intends to use the net proceeds from the global offering, estimated at 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 its tea shop network and increase its market penetration over the next three years; Approximately 10.0% will be used over the next three years to further enhance overall operations by strengthening technological capabilities, thereby improving operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities over the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 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's 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 tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. 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 for the same stores in 2019 and 2020.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from RMB 1.087 billion in 2018 to RMB 3.057 billion in 2020, representing a compound annual growth rate of 67.7% from 2018 to 2020. The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of RMB 2.115 billion and adjusted net profit of RMB 4.484 million. The domestic food industry has been significantly impacted by the pandemic, and the company's adjusted net profit has narrowed under pressure, but revenue has still maintained 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":1072,"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":[],"title":"","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 Eye Hospital has a 5.67% success rate in winning a single lot; subscribing to 18 lots guarantees one lot.","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 Eye Hospital</a>The company issued an announcement stating that it will offer 170.93 million shares globally, including 85.465 million shares offered in Hong Kong and 85.465 million shares offered internationally, with a 15% over-allotment option. The Offer Price has been fixed at HK$10.60 per Offer Share with board lots of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>and Huatai International are the Joint Sponsors, and the Shares are expected to be listed on the Main Board of the Stock Exchange on July 7, 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 5.67% success rate per lot. One lot is guaranteed to be successful after subscribing to 18 lots.</p><p>Group B consisted of 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 oversubscribed by approximately 17.83 times. The Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 153,275 valid applications were received for a total of 1.948 billion Shares, representing approximately 113.97 times the total number of Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.</p><p>Based on the offer price of HK$10.60 per offer share, cornerstone investors have subscribed for a total of 74.6745 million offer shares under the cornerstone investment agreement, representing approximately 10.86% of the company's issued share capital 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 offer price of HK$10.60 per offer share, the latest estimate is that the company will receive net proceeds from the global offering of approximately HK$1,357.1 million (assuming the over-allotment option is not exercised). The company plans to use approximately 35.8% of the net proceeds to build new hospitals and relocate, upgrade and renovate 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 suitable opportunities arise; Approximately 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 Eye Hospital has a 5.67% success rate in winning a single lot; subscribing to 18 lots guarantees one lot.</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 Eye Hospital has a 5.67% success rate in winning a single lot; subscribing to 18 lots guarantees one lot.\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 Eye Hospital</a>The company issued an announcement stating that it will offer 170.93 million shares globally, including 85.465 million shares offered in Hong Kong and 85.465 million shares offered internationally, with a 15% over-allotment option. The Offer Price has been fixed at HK$10.60 per Offer Share with board lots of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>and Huatai International are the Joint Sponsors, and the Shares are expected to be listed on the Main Board of the Stock Exchange on July 7, 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 5.67% success rate per lot. One lot is guaranteed to be successful after subscribing to 18 lots.</p><p>Group B consisted of 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 oversubscribed by approximately 17.83 times. The Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 153,275 valid applications were received for a total of 1.948 billion Shares, representing approximately 113.97 times the total number of Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.</p><p>Based on the offer price of HK$10.60 per offer share, cornerstone investors have subscribed for a total of 74.6745 million offer shares under the cornerstone investment agreement, representing approximately 10.86% of the company's issued share capital 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 offer price of HK$10.60 per offer share, the latest estimate is that the company will receive net proceeds from the global offering of approximately HK$1,357.1 million (assuming the over-allotment option is not exercised). The company plans to use approximately 35.8% of the net proceeds to build new hospitals and relocate, upgrade and renovate 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 suitable opportunities arise; Approximately 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":1427,"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":[],"title":"","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":"other","language":"zh","title":"OPEC+ agrees to increase oil production, ending the 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 had hindered an agreement. Representatives at the meeting stated that the organization will increase production by up to 400,000 barrels per day per month until all idle capacity is restored. Under the agreement, the UAE, Iraq, and Kuwait will receive higher production quotas starting in May 2022. The agreement will ease looming supply shortages and reduce the risk of rising oil prices. This also brought an end to a deadlock that had unsettled traders.</p><p>OPEC+ has agreed to a new baseline for crude oil production cuts in the UAE of 3.5 million barrels per day, which will take effect in May 2022.</p><p>Besides the UAE, other OPEC+ members are also expected to receive new production cut benchmarks, with Iraq and Kuwait each raising their production baselines by 150,000 barrels per day.</p><p>OPEC+ agreed to adjust benchmark oil production for Saudi Arabia and Russia from 11 million barrels per day to 11.5 million barrels per day, starting in May 2022.</p><p>OPEC+ also agreed to further ease production cuts starting in August, with the new crude oil production cut benchmark set to take 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 production cut agreement until the end of 2022.</p><p>The OPEC draft statement indicates that OPEC+ plans to completely cancel the 5.8 million barrel/day production cut by September 2022, market conditions permitting.</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 increase oil production, ending the 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 increase oil production, ending the 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 had hindered an agreement. Representatives at the meeting stated that the organization will increase production by up to 400,000 barrels per day per month until all idle capacity is restored. Under the agreement, the UAE, Iraq, and Kuwait will receive higher production quotas starting in May 2022. The agreement will ease looming supply shortages and reduce the risk of rising oil prices. This also brought an end to a deadlock that had unsettled traders.</p><p>OPEC+ has agreed to a new baseline for crude oil production cuts in the UAE of 3.5 million barrels per day, which will take effect in May 2022.</p><p>Besides the UAE, other OPEC+ members are also expected to receive new production cut benchmarks, with Iraq and Kuwait each raising their production baselines by 150,000 barrels per day.</p><p>OPEC+ agreed to adjust benchmark oil production for Saudi Arabia and Russia from 11 million barrels per day to 11.5 million barrels per day, starting in May 2022.</p><p>OPEC+ also agreed to further ease production cuts starting in August, with the new crude oil production cut benchmark set to take 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 production cut agreement until the end of 2022.</p><p>The OPEC draft statement indicates that OPEC+ plans to completely cancel the 5.8 million barrel/day production cut by September 2022, market conditions permitting.</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":{"CLmain":0.9,"BZmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1339,"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":[],"title":"","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":"The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.","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>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots 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 compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is 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 oversubscribed, 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 oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion 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>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital 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 company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital 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>The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.</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 winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.\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>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots 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 compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is 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 oversubscribed, 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 oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion 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>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital 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 company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</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":1268,"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":[],"title":"","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 officially entered mass production a year ahead of schedule, with Intel beating Apple to become the first company to adopt them.","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>towards<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order includes three types of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 chips, and mass production will officially begin next July. According to the Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. The process will be used to produce server chips. Chip casting is expected to begin in the second quarter of next year at TSMC's Factory 18b, and mass production will officially begin in July. The actual mass production time is a year ahead of schedule.</p><p>For a long time, TSMC's most advanced chip manufacturing processes have typically been...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processors for the latest iPhone of that year.</p><p>This collaboration between Intel and TSMC signifies that the company affirms TSMC's lead over...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Its advantageous position. According to TSMC's previous statement, 3nm processability can be improved by 10-15% compared to 5nm, and power consumption can be reduced by 25-30%.</p><p>According to a TSMC supplier cited by Taiwan's Economic Daily, Intel's order from TSMC includes three types of server CPUs with integrated graphics cards, all of which are the company's core products, with an initial quantity of approximately 4,000 chips.</p><p>Recently, TSMC Chairman Liu Deyin, in response to a shareholder's question about Intel's involvement in wafer foundry, emphasized that \"Intel is a customer of TSMC, and we believe Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's collaboration with TSMC on 3-nanometer chip production has already been decided.</p><p>As of yesterday's US stock market close, Intel's stock price was $54.05, up 0.24%. TSMC shares closed 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 officially entered mass production a year ahead of schedule, with Intel beating Apple to become the first company to adopt them.</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 officially entered mass production a year ahead of schedule, with Intel beating Apple to become the first company to adopt them.\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>towards<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order includes three types of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 chips, and mass production will officially begin next July. According to the Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. The process will be used to produce server chips. Chip casting is expected to begin in the second quarter of next year at TSMC's Factory 18b, and mass production will officially begin in July. The actual mass production time is a year ahead of schedule.</p><p>For a long time, TSMC's most advanced chip manufacturing processes have typically been...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processors for the latest iPhone of that year.</p><p>This collaboration between Intel and TSMC signifies that the company affirms TSMC's lead over...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Its advantageous position. According to TSMC's previous statement, 3nm processability can be improved by 10-15% compared to 5nm, and power consumption can be reduced by 25-30%.</p><p>According to a TSMC supplier cited by Taiwan's Economic Daily, Intel's order from TSMC includes three types of server CPUs with integrated graphics cards, all of which are the company's core products, with an initial quantity of approximately 4,000 chips.</p><p>Recently, TSMC Chairman Liu Deyin, in response to a shareholder's question about Intel's involvement in wafer foundry, emphasized that \"Intel is a customer of TSMC, and we believe Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's collaboration with TSMC on 3-nanometer chip production has already been decided.</p><p>As of yesterday's US stock market close, Intel's stock price was $54.05, up 0.24%. TSMC shares closed 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,"EWT":0.9,"03145":0.9,"TSM":0.9,"AAPL":0.9,"INTC":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":5599,"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":[],"title":"","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: What if US Treasury yields rises 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-farm payrolls data (943,000), released on Friday, exceeded expectations and the previous value, showing a trend of slowing or even stagnating in some areas due to the recurrence of variant viruses, but still continuing to improve overall. Based on this, we updated our calculations for when the job market will reach the Federal Reserve's threshold, finding that it will take about 5 more months to reach a threshold similar to the 64% threshold when employment was officially reduced in 2013. Therefore,<b>The FOMC officially reduced volume in December.</b>、<b>The September revision statement suggests that it still appears to be a highly probable event.</b>。</p><p>Apart from that, the non-farm payroll data itself may not be particularly noteworthy.<b>However, the data, which did not far exceed expectations, drove US Treasury yields and the US Dollar Index up significantly.</b>The underlying reasons are worth investigating, as they may indicate that the previously continuously low interest rates and the suppressed short-selling rebound only needed a trigger.</p><p><b>We believe that the direction of interest rates over the past period is not incomprehensible, but the magnitude of the decline is even more surprising.</b>。 Against this backdrop, it is necessary to pay attention to and even guard against the possibility that interest rates, which have been continuously suppressed like springs for whatever reason, may rebound under the influence of some catalysts.</p><p><b>What could potentially become a catalyst for rising interest rates?</b></p><p><b>1) Restoration of growth expectations</b>If key growth data improves or the mutated virus epidemic subsides. The progress of Biden's new round of infrastructure development, which is currently underway, is also worth noting.</p><p><b>2）</b><b>Expectations of policy withdrawal are rising</b>For example, the FOMC hinted at tapering in September or the Jackson Hole meeting in August began to blow. Since interest rate changes reflect expectations in advance, it is more important to start hinting at a reduction than to formally implement it. In addition, the Ministry of Finance can issue bonds again after the debt ceiling issue is resolved, and the increase in Treasury Bond supply may also increase upward pressure on interest rates.</p><p><b>What is the impact of rising interest rates again?</b></p><p><b>1）</b><b>speed</b>Rapidly rising interest rates mean increased volatility in bond assets, which will lead to cross-asset volatility contagion, thereby affecting the US stock market and other markets, especially...<b>Relatively high valuation sectors</b>It causes significant disturbances;<b>2）</b><b>Direction and structure</b>Rising long-term interest rates, especially widening interest rate spreads, are beneficial.<b>Finance</b>Sector performance;<b>3）</b><b>driving factors</b>Rising real interest rates are detrimental to interest rate-sensitive assets, such as...<b>gold</b>At the same time, it may also push up<b>dollar</b>。 In terms of style,<b>Value</b>It is also relatively better than<b>grow up</b>However, high-quality growth with reasonable valuations remains attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-farm payroll data and its impact on monetary policy? Year-end reduction, hinted at in September, is still highly probable.</b></p><p>The July non-farm payrolls data (943,000) released on Friday exceeded expectations (870,000) and the previous value (938,000), showing that local areas (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of the mutated virus, but overall employment continues to improve (Charts 1-2). Based on this, we updated our calculations of when the job market will reach the Federal Reserve's threshold (the so-called further substantial progress), and found that it will take about 5 more months to reach a level similar to the 64% employment recovery during the formal reduction in 2013 (Chart 3). Therefore,<b>The FOMC's official reduction in quantitative easing in December and its revised statement in September suggest that this remains a highly probable 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>Aside from the characteristics mentioned above, the non-farm payroll data itself may not have been particularly noteworthy, but the data, which did not exceed expectations, drove US Treasury yields and the US Dollar Index up significantly (Chart 5). The reasons behind this are worth investigating.<b>This may explain the previously low interest rates and the suppressed short-selling rebound.</b>(Chart 6)<b>All it takes is a primer.</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 for and implications for the recent decline in interest rates? The direction is understandable, but the level doesn't match.</b></p><p>The 10-year US Treasury bond yield has been declining since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50 basis points from its peak. First, it was dominated by a decline in inflation expectations (\"Overseas Asset Allocation Monthly Report (2021-7), then a decline in inflation trading\"). After the FOMC meeting in June, real interest rates took over and hit a record low (\"Why did the US dollar rise and long-term bonds fall recently? June 14-20, 2021\"). During this period, the Federal Reserve's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields Downturn Trading? July 5-11, 2021\"), short covering, China's unexpected reserve requirement ratio cut triggered growth concerns, and a surge in reverse repos actually increased demand for Treasury Bond (\"How to Understand the Fed's Reverse Repo Surge and Interest Rate Corridor Mechanism? June 28-4, 2021\", \"The Fed Has De Facto 'shrinking balance sheet'? July 19-25, 2021\"), as well as the recent resurgence of the Delta variant virus (\"How Severe is the Variant Outbreak That Caused the Market Plunge?\"). While there may be coincidences, they gave bulls a reason to remain bullish on bonds, leading to a three-month, unexpectedly large decline in interest rates (Charts 9-10).</p><p><b>We believe that the direction of interest rates over the past period is not incomprehensible.</b>After all, we had previously indicated during the rapid rise in interest rates that interest rate increases were intermittent and required new catalysts; Meanwhile, it is relatively certain that long-term inflation expectations will gradually decline, and the disruption of short-term growth momentum caused by the resurgence of mutated viruses cannot be completely ignored.<b>In contrast, the magnitude of its decline is even more unexpected and puzzling.</b>In particular, the record low in real interest rates is more driven by expectations of an economic recession than by the current slowdown in growth momentum.<b>。</b></p><p>Against this backdrop,<b>We believe we need to pay attention to, and even guard against, the possibility of interest rates, which have been continuously suppressed like springs for whatever reason, rebounding under some catalysts.</b>The performance of long-term interest rates after Friday's non-farm payroll data may be a case in point.</p><p><b>3. What could potentially be a catalyst for rising interest rates? The pandemic, the FOMC, infrastructure programs, and the debt ceiling</b></p><p>Admittedly, short-term interest rate trends are often influenced by trading factors and cannot be fully explained by fundamentals. However, some inflection points still follow patterns, especially some key event catalysts. Considering the forces that led to the decline in interest rates in the past, we believe the following events or timing points are worth paying attention to:</p><p><b>► Growth expectations are recovering: If key growth data improves or the mutated virus epidemic peaks and declines.</b></p><p>In our \"Overseas Asset Allocation Monthly Report (2021-8): A Short-Term Stagflation-Like Trading,\" we analyzed that we believe the market may have overestimated the impact of the mutated virus and the pressure of declining growth, which has led to recent new low interest rates. Although the market is concerned that real interest rates may not return to previous levels due to the still unstable long-term growth outlook, such a low level is clearly inconsistent.<b>Moreover, this resurgence of variant viruses may not be as severe as it appears on the surface for countries that have already achieved large-scale vaccination.</b>。 Mass vaccination ensures that hospitalizations and deaths remain low while new confirmed cases continue to rise, thus eliminating the need for strict policy lockdowns to avoid a run on medical resources (Chart 11). This epidemic prevention path seems to have gradually taken effect in the UK (\"Lessons from the UK's Phase-by-Phase Achievements in the Fight Against the Epidemic: Weekly Tracking of the Resumption of Work (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries, such as the United States (Charts 12-13). If that's the case, the recent market concerns, particularly those reflected in real interest rates, may be excessive.<b>The future decline from the peak of the pandemic could become a turning point for interest rates to rise.</b>。 Of course, some key data, such as Friday's better-than-expected non-farm payroll data, can also help allay growth concerns.</p><p>In addition,<b>The progress of Biden's new round of infrastructure development, which is currently underway, is also worth noting.</b>A crucial vote will be held in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the changes in expectations that may result from achieving breakthroughs are still worth noting.</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 exit are rising: for example, the FOMC hinted at tapering in September, or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since interest rate changes reflect expectations in advance, it is more important to start hinting at a reduction than to formally implement it.</b>This was the case before the official reduction in volume in 2013. At the FOMC meeting in October that year, the Federal Reserve maintained its September statement and established that volume reduction was imminent. After that, interest rates bottomed out and rebounded, until they peaked after the official reduction began in December. During this period, real interest rates were the main driver (Chart 17). Given that real interest rates are currently at historically low levels, and long-term inflation expectations are expected to decline as policy tightening is anticipated and the supply-demand imbalance eases marginally (such as the repair of used car production capacity and inventory, Charts 14-15), real interest rates are still likely to rise.</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>Once the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates.</b>。 In the early stages, the Treasury Department's TGA account released a large amount of liquidity and returned it to the Federal Reserve's account through reverse repos. While \"locking in\" some liquidity, it also substantially increased demand for Treasury Bond. Looking ahead, once the debt ceiling is resolved (the Treasury’s emergency measures can continue until the end of September) (Chart 19), the Treasury can issue bonds again and is expected to replenish some of its TGA cash reserves (Chart 20), while increased Treasury Bond supply may also increase 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, catalyzed by some future growth and liquidity events or policies,<b>Long-term interest rates, especially real interest rates, cannot be ruled out to rise again. The signals from the Federal Reserve's September FOMC meeting regarding tapering deserve close attention, but a gradual peak cannot be ruled out once tapering officially begins.</b>(Figure 21).</p><p>So, what impact will it have if interest rates rise again? We believe this is mainly reflected in the following aspects:</p><p><b>1) Speed,</b>A rapid rise in interest rates means increased volatility in bond assets, which will lead to cross-asset volatility and contagion, thereby causing significant disruption to US stocks and other markets, especially relatively overvalued sectors (Chart 22).</p><p><b>2) Direction and structure:</b>Rising long-term interest rates, especially widening interest rate spreads, are beneficial to the performance of the financial sector (Charts 23-24), as was the case after Friday's non-farm payroll data.</p><p><b>3) Driving factors:</b>Rising real interest rates are detrimental to interest rates, especially interest rate-sensitive assets, such as...<b>gold</b>(Chart 25), which may also push up...<b>dollar</b>(Figure 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since we are no longer in the phase of accelerated increases and liquidity introduction is gradually approaching, and although we expect interest rates to rise again, 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: Better-than-expected non-farm payrolls data drove a surge in US Treasury yields and the US dollar, with banks leading the gains; Emerging bulls have decreased, and US Treasury bulls have plummeted.</b></p><p><b>► Asset performance: Leading. Stocks > Bonds > Commodities; US Treasury yields rebounds, banks lead gains</b></p><p>July's non-farm payrolls data exceeded expectations. Although the recurring pandemic has dragged down the recovery of some service industries, the overall job market remains strong, with the US dollar and US Treasury yields factors rising sharply, and banks leading the gains. Overall, among major global assets, stocks > bonds > commodities, with natural gas, Bitcoin, Indian and South Korean stock markets leading the gains, while crude oil, VIX bulls, copper and gold led the declines. Looking at different sectors, the financial sector, including banking, integrated finance, and insurance, led the gains last week. The 10-year US Treasury yields closed at 1.30%, up about 7 basis points, real interest rates rose 11 basis points, and inflation expectations fell 4 basis points.</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 positions: Emerging market long positions plummet, while long-term US Treasury long positions decrease.</b></p><p>Over the past week, the ratio of bearish/bullish options in US stocks continued to decline compared to the previous week. In terms of positions, net long positions in US stocks increased slightly, while net long positions in the US Dollar Index continued to increase; Net long positions in 10-year US Treasury bonds have decreased significantly, while net short positions in 2-year US Treasury bonds have turned into net long positions.</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>► Fund Flow: Stock Market Inflow Slows, Emerging Markets Shift to Outflow</b></p><p>Over the past week, inflows into the bond market have slowed slightly, inflows into the stock market have slowed significantly, and money market funds have continued to flow in. Looking at different markets, US stock inflows slowed significantly, European and Japanese stocks continued to flow in but also slowed down, and emerging markets turned to outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and Policies: July non-farm payrolls exceeded expectations, ISM manufacturing PMI declined.</b></p><p><b>The ISM manufacturing PMI declined in July, with prices and customer inventories falling significantly.</b>The ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, lower than the expected 61.0. Looking at the individual items, the price index fell the most since March 2020, which to some extent indicates that inflationary pressures have eased. The employment index and orders on hand index rose, while the customer inventory index hit a record low.</p><p>In addition,<b>July's non-farm payrolls remained strong, with leisure hotels remaining the main source of data.</b>。 Non-farm payrolls increased by 943,000 in July, higher than the revised previous figure (938,000) and the expected figure (870,000). By category, leisure hotels remain the main source of new employment, with 380,000 new jobs added in July. Education and health, transportation and warehousing, financial activities, and information technology improved the most compared to the previous month. The unemployment rate also fell to 5.4% in July from 5.9% the previous month, lower than the expected 5.7%. Meanwhile, wage growth in July remained at the same level as in June, reaching 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>► US stock valuations are above the support level of the growth and interest rate environment.</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500's static P/E ratio of 27.1 is higher than the reasonable level (~26.8 times) supported by growth (July PMI = 59.5) and liquidity (10-year US Treasury yields of 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: What if US Treasury yields rises 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: What if US Treasury yields rises 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-farm payrolls data (943,000), released on Friday, exceeded expectations and the previous value, showing a trend of slowing or even stagnating in some areas due to the recurrence of variant viruses, but still continuing to improve overall. Based on this, we updated our calculations for when the job market will reach the Federal Reserve's threshold, finding that it will take about 5 more months to reach a threshold similar to the 64% threshold when employment was officially reduced in 2013. Therefore,<b>The FOMC officially reduced volume in December.</b>、<b>The September revision statement suggests that it still appears to be a highly probable event.</b>。</p><p>Apart from that, the non-farm payroll data itself may not be particularly noteworthy.<b>However, the data, which did not far exceed expectations, drove US Treasury yields and the US Dollar Index up significantly.</b>The underlying reasons are worth investigating, as they may indicate that the previously continuously low interest rates and the suppressed short-selling rebound only needed a trigger.</p><p><b>We believe that the direction of interest rates over the past period is not incomprehensible, but the magnitude of the decline is even more surprising.</b>。 Against this backdrop, it is necessary to pay attention to and even guard against the possibility that interest rates, which have been continuously suppressed like springs for whatever reason, may rebound under the influence of some catalysts.</p><p><b>What could potentially become a catalyst for rising interest rates?</b></p><p><b>1) Restoration of growth expectations</b>If key growth data improves or the mutated virus epidemic subsides. The progress of Biden's new round of infrastructure development, which is currently underway, is also worth noting.</p><p><b>2）</b><b>Expectations of policy withdrawal are rising</b>For example, the FOMC hinted at tapering in September or the Jackson Hole meeting in August began to blow. Since interest rate changes reflect expectations in advance, it is more important to start hinting at a reduction than to formally implement it. In addition, the Ministry of Finance can issue bonds again after the debt ceiling issue is resolved, and the increase in Treasury Bond supply may also increase upward pressure on interest rates.</p><p><b>What is the impact of rising interest rates again?</b></p><p><b>1）</b><b>speed</b>Rapidly rising interest rates mean increased volatility in bond assets, which will lead to cross-asset volatility contagion, thereby affecting the US stock market and other markets, especially...<b>Relatively high valuation sectors</b>It causes significant disturbances;<b>2）</b><b>Direction and structure</b>Rising long-term interest rates, especially widening interest rate spreads, are beneficial.<b>Finance</b>Sector performance;<b>3）</b><b>driving factors</b>Rising real interest rates are detrimental to interest rate-sensitive assets, such as...<b>gold</b>At the same time, it may also push up<b>dollar</b>。 In terms of style,<b>Value</b>It is also relatively better than<b>grow up</b>However, high-quality growth with reasonable valuations remains attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-farm payroll data and its impact on monetary policy? Year-end reduction, hinted at in September, is still highly probable.</b></p><p>The July non-farm payrolls data (943,000) released on Friday exceeded expectations (870,000) and the previous value (938,000), showing that local areas (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of the mutated virus, but overall employment continues to improve (Charts 1-2). Based on this, we updated our calculations of when the job market will reach the Federal Reserve's threshold (the so-called further substantial progress), and found that it will take about 5 more months to reach a level similar to the 64% employment recovery during the formal reduction in 2013 (Chart 3). Therefore,<b>The FOMC's official reduction in quantitative easing in December and its revised statement in September suggest that this remains a highly probable 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>Aside from the characteristics mentioned above, the non-farm payroll data itself may not have been particularly noteworthy, but the data, which did not exceed expectations, drove US Treasury yields and the US Dollar Index up significantly (Chart 5). The reasons behind this are worth investigating.<b>This may explain the previously low interest rates and the suppressed short-selling rebound.</b>(Chart 6)<b>All it takes is a primer.</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 for and implications for the recent decline in interest rates? The direction is understandable, but the level doesn't match.</b></p><p>The 10-year US Treasury bond yield has been declining since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50 basis points from its peak. First, it was dominated by a decline in inflation expectations (\"Overseas Asset Allocation Monthly Report (2021-7), then a decline in inflation trading\"). After the FOMC meeting in June, real interest rates took over and hit a record low (\"Why did the US dollar rise and long-term bonds fall recently? June 14-20, 2021\"). During this period, the Federal Reserve's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields Downturn Trading? July 5-11, 2021\"), short covering, China's unexpected reserve requirement ratio cut triggered growth concerns, and a surge in reverse repos actually increased demand for Treasury Bond (\"How to Understand the Fed's Reverse Repo Surge and Interest Rate Corridor Mechanism? June 28-4, 2021\", \"The Fed Has De Facto 'shrinking balance sheet'? July 19-25, 2021\"), as well as the recent resurgence of the Delta variant virus (\"How Severe is the Variant Outbreak That Caused the Market Plunge?\"). While there may be coincidences, they gave bulls a reason to remain bullish on bonds, leading to a three-month, unexpectedly large decline in interest rates (Charts 9-10).</p><p><b>We believe that the direction of interest rates over the past period is not incomprehensible.</b>After all, we had previously indicated during the rapid rise in interest rates that interest rate increases were intermittent and required new catalysts; Meanwhile, it is relatively certain that long-term inflation expectations will gradually decline, and the disruption of short-term growth momentum caused by the resurgence of mutated viruses cannot be completely ignored.<b>In contrast, the magnitude of its decline is even more unexpected and puzzling.</b>In particular, the record low in real interest rates is more driven by expectations of an economic recession than by the current slowdown in growth momentum.<b>。</b></p><p>Against this backdrop,<b>We believe we need to pay attention to, and even guard against, the possibility of interest rates, which have been continuously suppressed like springs for whatever reason, rebounding under some catalysts.</b>The performance of long-term interest rates after Friday's non-farm payroll data may be a case in point.</p><p><b>3. What could potentially be a catalyst for rising interest rates? The pandemic, the FOMC, infrastructure programs, and the debt ceiling</b></p><p>Admittedly, short-term interest rate trends are often influenced by trading factors and cannot be fully explained by fundamentals. However, some inflection points still follow patterns, especially some key event catalysts. Considering the forces that led to the decline in interest rates in the past, we believe the following events or timing points are worth paying attention to:</p><p><b>► Growth expectations are recovering: If key growth data improves or the mutated virus epidemic peaks and declines.</b></p><p>In our \"Overseas Asset Allocation Monthly Report (2021-8): A Short-Term Stagflation-Like Trading,\" we analyzed that we believe the market may have overestimated the impact of the mutated virus and the pressure of declining growth, which has led to recent new low interest rates. Although the market is concerned that real interest rates may not return to previous levels due to the still unstable long-term growth outlook, such a low level is clearly inconsistent.<b>Moreover, this resurgence of variant viruses may not be as severe as it appears on the surface for countries that have already achieved large-scale vaccination.</b>。 Mass vaccination ensures that hospitalizations and deaths remain low while new confirmed cases continue to rise, thus eliminating the need for strict policy lockdowns to avoid a run on medical resources (Chart 11). This epidemic prevention path seems to have gradually taken effect in the UK (\"Lessons from the UK's Phase-by-Phase Achievements in the Fight Against the Epidemic: Weekly Tracking of the Resumption of Work (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries, such as the United States (Charts 12-13). If that's the case, the recent market concerns, particularly those reflected in real interest rates, may be excessive.<b>The future decline from the peak of the pandemic could become a turning point for interest rates to rise.</b>。 Of course, some key data, such as Friday's better-than-expected non-farm payroll data, can also help allay growth concerns.</p><p>In addition,<b>The progress of Biden's new round of infrastructure development, which is currently underway, is also worth noting.</b>A crucial vote will be held in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the changes in expectations that may result from achieving breakthroughs are still worth noting.</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 exit are rising: for example, the FOMC hinted at tapering in September, or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since interest rate changes reflect expectations in advance, it is more important to start hinting at a reduction than to formally implement it.</b>This was the case before the official reduction in volume in 2013. At the FOMC meeting in October that year, the Federal Reserve maintained its September statement and established that volume reduction was imminent. After that, interest rates bottomed out and rebounded, until they peaked after the official reduction began in December. During this period, real interest rates were the main driver (Chart 17). Given that real interest rates are currently at historically low levels, and long-term inflation expectations are expected to decline as policy tightening is anticipated and the supply-demand imbalance eases marginally (such as the repair of used car production capacity and inventory, Charts 14-15), real interest rates are still likely to rise.</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>Once the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates.</b>。 In the early stages, the Treasury Department's TGA account released a large amount of liquidity and returned it to the Federal Reserve's account through reverse repos. While \"locking in\" some liquidity, it also substantially increased demand for Treasury Bond. Looking ahead, once the debt ceiling is resolved (the Treasury’s emergency measures can continue until the end of September) (Chart 19), the Treasury can issue bonds again and is expected to replenish some of its TGA cash reserves (Chart 20), while increased Treasury Bond supply may also increase 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, catalyzed by some future growth and liquidity events or policies,<b>Long-term interest rates, especially real interest rates, cannot be ruled out to rise again. The signals from the Federal Reserve's September FOMC meeting regarding tapering deserve close attention, but a gradual peak cannot be ruled out once tapering officially begins.</b>(Figure 21).</p><p>So, what impact will it have if interest rates rise again? We believe this is mainly reflected in the following aspects:</p><p><b>1) Speed,</b>A rapid rise in interest rates means increased volatility in bond assets, which will lead to cross-asset volatility and contagion, thereby causing significant disruption to US stocks and other markets, especially relatively overvalued sectors (Chart 22).</p><p><b>2) Direction and structure:</b>Rising long-term interest rates, especially widening interest rate spreads, are beneficial to the performance of the financial sector (Charts 23-24), as was the case after Friday's non-farm payroll data.</p><p><b>3) Driving factors:</b>Rising real interest rates are detrimental to interest rates, especially interest rate-sensitive assets, such as...<b>gold</b>(Chart 25), which may also push up...<b>dollar</b>(Figure 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since we are no longer in the phase of accelerated increases and liquidity introduction is gradually approaching, and although we expect interest rates to rise again, 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: Better-than-expected non-farm payrolls data drove a surge in US Treasury yields and the US dollar, with banks leading the gains; Emerging bulls have decreased, and US Treasury bulls have plummeted.</b></p><p><b>► Asset performance: Leading. Stocks > Bonds > Commodities; US Treasury yields rebounds, banks lead gains</b></p><p>July's non-farm payrolls data exceeded expectations. Although the recurring pandemic has dragged down the recovery of some service industries, the overall job market remains strong, with the US dollar and US Treasury yields factors rising sharply, and banks leading the gains. Overall, among major global assets, stocks > bonds > commodities, with natural gas, Bitcoin, Indian and South Korean stock markets leading the gains, while crude oil, VIX bulls, copper and gold led the declines. Looking at different sectors, the financial sector, including banking, integrated finance, and insurance, led the gains last week. The 10-year US Treasury yields closed at 1.30%, up about 7 basis points, real interest rates rose 11 basis points, and inflation expectations fell 4 basis points.</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 positions: Emerging market long positions plummet, while long-term US Treasury long positions decrease.</b></p><p>Over the past week, the ratio of bearish/bullish options in US stocks continued to decline compared to the previous week. In terms of positions, net long positions in US stocks increased slightly, while net long positions in the US Dollar Index continued to increase; Net long positions in 10-year US Treasury bonds have decreased significantly, while net short positions in 2-year US Treasury bonds have turned into net long positions.</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>► Fund Flow: Stock Market Inflow Slows, Emerging Markets Shift to Outflow</b></p><p>Over the past week, inflows into the bond market have slowed slightly, inflows into the stock market have slowed significantly, and money market funds have continued to flow in. Looking at different markets, US stock inflows slowed significantly, European and Japanese stocks continued to flow in but also slowed down, and emerging markets turned to outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and Policies: July non-farm payrolls exceeded expectations, ISM manufacturing PMI declined.</b></p><p><b>The ISM manufacturing PMI declined in July, with prices and customer inventories falling significantly.</b>The ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, lower than the expected 61.0. Looking at the individual items, the price index fell the most since March 2020, which to some extent indicates that inflationary pressures have eased. The employment index and orders on hand index rose, while the customer inventory index hit a record low.</p><p>In addition,<b>July's non-farm payrolls remained strong, with leisure hotels remaining the main source of data.</b>。 Non-farm payrolls increased by 943,000 in July, higher than the revised previous figure (938,000) and the expected figure (870,000). By category, leisure hotels remain the main source of new employment, with 380,000 new jobs added in July. Education and health, transportation and warehousing, financial activities, and information technology improved the most compared to the previous month. The unemployment rate also fell to 5.4% in July from 5.9% the previous month, lower than the expected 5.7%. Meanwhile, wage growth in July remained at the same level as in June, reaching 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>► US stock valuations are above the support level of the growth and interest rate environment.</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500's static P/E ratio of 27.1 is higher than the reasonable level (~26.8 times) supported by growth (July PMI = 59.5) and liquidity (10-year US Treasury yields of 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":{"IEI":"iShares Barclays 3-7 Year Trea","TLT":"20+年以上美国国债ETF-iShares","GOVT":"iShares安硕核心美国国债ETF","BND":"债券指数ETF-Vanguard美国","SHY":"债券指数ETF-iShares Barclays 1-3年国债","IEF":"债券指数ETF-iShares Barclays 7-10年"},"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":{"BND":0.9,"GOVT":0.9,"IEF":0.9,"ZBmain":0.9,"ZTmain":0.9,"TLT":0.9,"ZFmain":0.9,"ZNmain":0.9,"TNmain":0.9,"UBmain":0.9,"IEI":0.9,"SHY":0.9}},"isVote":1,"tweetType":1,"viewCount":6866,"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":[],"title":"","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":"hk","language":"zh","title":"Foreign media headlines: Delta variant rampant, global economic recovery 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 main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. The Delta variant virus is raging, sending warning signals to the global economic recovery.</b><b>2. SEC Chairman: Warns against virtual stocks on blockchain; cryptocurrencies need more regulation.</b><b>3. Musk:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It is \"very likely\" that Bitcoin payments will be accepted</b><b>4. United Airlines CEO: Travel demand will fluctuate until more people are vaccinated.</b><b>5、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>We are prepared to deal with the impact of the Delta variant; when the market is limited, people will focus on larger brands.</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>The outbreak of the Delta variant virus is sending warning signals to the global economic recovery.</b></p><p>Global stock markets suffered a sharp decline this week, and a large influx of safe-haven funds into the US Treasury Bond indicates that investors are now doubting whether the much-anticipated post-pandemic return to normal can be achieved in the near future.</p><p>Data from major global economies shows that the recent rapid growth of the global economy has slowed down as prices of various commodities and raw materials rise.</p><p><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist Saravelos told clients that the market may be sending alarm signals about the global economic outlook as the Delta variant causes a resurgence in the pandemic.</p><p>\"As prices rise, consumers have been reducing demand rather than spending in advance. This is contrary to expectations for a true inflationary environment, indicating 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 Chairman: Warns of Virtual Stocks on Blockchain; Cryptocurrencies Need More Regulation</b></p><p>U.S. Securities and Exchange Commission Chairman Gary Gensler has warned against the emergence of synthetic stocks on the blockchain: companies that sell tokens to U.S. investors may eventually run into trouble with regulators.</p><p>Gensler made it clear in his speech on Wednesday that mapping<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Tokens whose stock prices are well-known companies such as Tesla may still be regulated by U.S. securities laws. He also pledged to use all of the SEC's enforcement resources to hold accountable those who may be providing such assets without registration.</p><p>At an event hosted by the American Bar Association, Gensler stated that whether it is stock tokens, security-backed stablecoins, or other virtual products that provide synthetic exposure to underlying securities, \"these platforms—whether in decentralized or centralized finance—are governed by securities laws and must operate within our securities regime.\"</p><p>Gensler has repeatedly stated 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 the gap in investor protection.”</p><p><img src=\"https://static.tigerbbs.com/627b780083c8f7cff885d64fef8ded31\" tg-width=\"550\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>Musk: Tesla is \"very likely\" to accept Bitcoin payments again.</b></p><p>On Wednesday, Tesla CEO Elon Musk said at a conference that Tesla is likely to resume accepting Bitcoin payments. Prior to Musk's remarks, Tesla had stated in May that it would stop accepting Bitcoin to buy cars.</p><p>Musk stated that in addition to Bitcoin owned by Tesla and SpaceX, he personally owns Bitcoin, Ethereum, and Dogecoin.</p><p>“I want to see Bitcoin succeed,” Musk said. “If Bitcoin prices fall, I will lose money.”</p><p>Musk stated that Tesla is likely to resume accepting purchases from Bitcoin once the environmental burden of mining in Bitcoin decreases.</p><p>“It looks like Bitcoin is shifting more towards renewable energy,” Musk said. “I want to wait until we confirm that the percentage of renewable energy use reaches or exceeds 50%.”</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 fluctuate until more people are vaccinated.</b></p><p>United Airlines CEO Scott Kirby predicts that travel demand will continue to recover despite the resurgence of the pandemic caused by the more contagious Delta variant. However, he warned on Wednesday that uncertainty remains until more people are vaccinated.</p><p>Kirby said in an investor call, \"Things will fluctuate from now on. We hope that enough people around the world will be vaccinated and this pandemic will truly become a thing of the past.\"</p><p>Kirby stated, \"We believe the most likely outcome is that the continued recovery in demand is largely unabated. This is because there is overwhelming evidence that vaccinated individuals are highly preventable from severe illness, hospitalization, and death.\" But currently only about half of eligible Americans are fully vaccinated against COVID-19.</p><p>United Airlines stated that it does not expect to resume flights to Europe before spring 2022, or at least to Asia until 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 to deal with the impact of the Delta variant; people will focus on larger brands when the market is limited.</b></p><p>Coca-Cola Chief Financial Officer John Murphy said on Wednesday that the company will rely on its pandemic-tested strategy to focus on larger brands and increase investment in its supply chain to address the potential impact of the Delta variant of the novel coronavirus.</p><p>Murphy stated that sales in some Asian markets in the second quarter were impacted by the resurgence of the pandemic. Some possible impacts have also been added to the upward sales forecast.</p><p>Murphy stated, \"When the market is more restricted, you focus on bigger brands.\"</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 United States and sold its ZICO coconut juice brand.</p><p><img src=\"https://static.tigerbbs.com/c37897d9e027fd0424c8dd846b4ef019\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\"><b>Wedbush analyst: Netflix's foray into video games is \"unwise\"</b></p><p>Netflix's subscriber growth has stalled in recent quarters with the addition of new streaming services. To attract new members and reduce churn, the company is expanding into the video game sector.</p><p>This move builds on Netflix's vast content library, which will not only allow the company to expand its proprietary intellectual property but also access important user data. 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 cautious about Netflix's foray into video games, calling it an \"ill-considered attempt.\"</p><p>\"While burning money, Netflix has chosen to expand its content offerings, including podcasts (which we think is wise) and games (which we think is not wise),\" Wedbush analyst Patchett wrote in a research note on 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 rampant, global economic recovery 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 rampant, global economic recovery 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 main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. The Delta variant virus is raging, sending warning signals to the global economic recovery.</b><b>2. SEC Chairman: Warns against virtual stocks on blockchain; cryptocurrencies need more regulation.</b><b>3. Musk:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It is \"very likely\" that Bitcoin payments will be accepted</b><b>4. United Airlines CEO: Travel demand will fluctuate until more people are vaccinated.</b><b>5、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>We are prepared to deal with the impact of the Delta variant; when the market is limited, people will focus on larger brands.</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>The outbreak of the Delta variant virus is sending warning signals to the global economic recovery.</b></p><p>Global stock markets suffered a sharp decline this week, and a large influx of safe-haven funds into the US Treasury Bond indicates that investors are now doubting whether the much-anticipated post-pandemic return to normal can be achieved in the near future.</p><p>Data from major global economies shows that the recent rapid growth of the global economy has slowed down as prices of various commodities and raw materials rise.</p><p><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist Saravelos told clients that the market may be sending alarm signals about the global economic outlook as the Delta variant causes a resurgence in the pandemic.</p><p>\"As prices rise, consumers have been reducing demand rather than spending in advance. This is contrary to expectations for a true inflationary environment, indicating 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 Chairman: Warns of Virtual Stocks on Blockchain; Cryptocurrencies Need More Regulation</b></p><p>U.S. Securities and Exchange Commission Chairman Gary Gensler has warned against the emergence of synthetic stocks on the blockchain: companies that sell tokens to U.S. investors may eventually run into trouble with regulators.</p><p>Gensler made it clear in his speech on Wednesday that mapping<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Tokens whose stock prices are well-known companies such as Tesla may still be regulated by U.S. securities laws. He also pledged to use all of the SEC's enforcement resources to hold accountable those who may be providing such assets without registration.</p><p>At an event hosted by the American Bar Association, Gensler stated that whether it is stock tokens, security-backed stablecoins, or other virtual products that provide synthetic exposure to underlying securities, \"these platforms—whether in decentralized or centralized finance—are governed by securities laws and must operate within our securities regime.\"</p><p>Gensler has repeatedly stated 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 the gap in investor protection.”</p><p><img src=\"https://static.tigerbbs.com/627b780083c8f7cff885d64fef8ded31\" tg-width=\"550\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>Musk: Tesla is \"very likely\" to accept Bitcoin payments again.</b></p><p>On Wednesday, Tesla CEO Elon Musk said at a conference that Tesla is likely to resume accepting Bitcoin payments. Prior to Musk's remarks, Tesla had stated in May that it would stop accepting Bitcoin to buy cars.</p><p>Musk stated that in addition to Bitcoin owned by Tesla and SpaceX, he personally owns Bitcoin, Ethereum, and Dogecoin.</p><p>“I want to see Bitcoin succeed,” Musk said. “If Bitcoin prices fall, I will lose money.”</p><p>Musk stated that Tesla is likely to resume accepting purchases from Bitcoin once the environmental burden of mining in Bitcoin decreases.</p><p>“It looks like Bitcoin is shifting more towards renewable energy,” Musk said. “I want to wait until we confirm that the percentage of renewable energy use reaches or exceeds 50%.”</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 fluctuate until more people are vaccinated.</b></p><p>United Airlines CEO Scott Kirby predicts that travel demand will continue to recover despite the resurgence of the pandemic caused by the more contagious Delta variant. However, he warned on Wednesday that uncertainty remains until more people are vaccinated.</p><p>Kirby said in an investor call, \"Things will fluctuate from now on. We hope that enough people around the world will be vaccinated and this pandemic will truly become a thing of the past.\"</p><p>Kirby stated, \"We believe the most likely outcome is that the continued recovery in demand is largely unabated. This is because there is overwhelming evidence that vaccinated individuals are highly preventable from severe illness, hospitalization, and death.\" But currently only about half of eligible Americans are fully vaccinated against COVID-19.</p><p>United Airlines stated that it does not expect to resume flights to Europe before spring 2022, or at least to Asia until 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 to deal with the impact of the Delta variant; people will focus on larger brands when the market is limited.</b></p><p>Coca-Cola Chief Financial Officer John Murphy said on Wednesday that the company will rely on its pandemic-tested strategy to focus on larger brands and increase investment in its supply chain to address the potential impact of the Delta variant of the novel coronavirus.</p><p>Murphy stated that sales in some Asian markets in the second quarter were impacted by the resurgence of the pandemic. Some possible impacts have also been added to the upward sales forecast.</p><p>Murphy stated, \"When the market is more restricted, you focus on bigger brands.\"</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 United States and sold its ZICO coconut juice brand.</p><p><img src=\"https://static.tigerbbs.com/c37897d9e027fd0424c8dd846b4ef019\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\"><b>Wedbush analyst: Netflix's foray into video games is \"unwise\"</b></p><p>Netflix's subscriber growth has stalled in recent quarters with the addition of new streaming services. To attract new members and reduce churn, the company is expanding into the video game sector.</p><p>This move builds on Netflix's vast content library, which will not only allow the company to expand its proprietary intellectual property but also access important user data. 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 cautious about Netflix's foray into video games, calling it an \"ill-considered attempt.\"</p><p>\"While burning money, Netflix has chosen to expand its content offerings, including podcasts (which we think is wise) and games (which we think is not wise),\" Wedbush analyst Patchett wrote in a research note on 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":{"CAN":"嘉楠科技","NFLX":"奈飞","EBON":"亿邦国际","TSLA":"特斯拉","QNETCN":"纳斯达克中美互联网老虎指数"},"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":{"CAN":0.9,"QNETCN":0.9,"NFLX":0.9,"TSLA":0.9,"EBON":0.9,"BTCmain":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}