青天照大街 personal page - To The Moon

青天照大街

青天照大街

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青天照大街

2022-11-14

$老虎证券(TIGR)$

青天照大街

2021-09-14

$Histogenics Corporation(OCGN)$20 20 20??? to the ???

青天照大街

2021-08-05

Meng

Square, the "North American Alipay," continues to rise, hitting a new all-time high.

青天照大街

2021-07-27

?

Sorry, the original content has been removed

青天照大街

2021-07-25

?

When we buy funds, what are we buying?

青天照大街

2021-07-22

Zan

Sorry, the original content has been removed

青天照大街

2021-07-21

Zan

Volvo Cars will acquire Geely Holding's equity in Chinese joint ventures

青天照大街

2021-07-19

Zan

Sorry, the original content has been removed

青天照大街

2021-07-19

Zan

If you can't stick to it for a long time, how can you get good returns?

青天照大街

2021-07-15

Zan

Fosun Pharma and AH shares both rose after reports circulated that its COVID-19 vaccine had passed expert review.

青天照大街

2021-07-14

Zan

The performance of second-tier liquor stocks is against the sky, and the plate breaks out. Is it a risk or an opportunity?

青天照大街

2021-07-07

OK

FTSE Russell: It will still be included in Didi as planned on July 8.

青天照大街

2021-07-06

Zan

Suning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved

青天照大街

2021-07-06

Zan

Suning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved

青天照大街

2021-07-04

Zan

Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.

青天照大街

2021-07-01

Zan

Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.

青天照大街

2021-06-30

Zan

Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.

青天照大街

2021-06-29

Zan

Sorry, the original content has been removed

青天照大街

2021-06-28

Zan

3.2 billion yuan in margin calls occurred in 24 hours, cryptocurrencies collapsed across the board, and mining rigs were sold off at 50% off.

青天照大街

2021-06-26

Zan

Dark Horse Atour's "Bestune IPO": How to Tell the Story of the New Accommodation Economy?

Go to Tiger App to see more news

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href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>20 20 20??? to the ???","text":"$Histogenics Corporation(OCGN)$20 20 20??? to the ???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886732804","isVote":1,"tweetType":1,"viewCount":5004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899639361,"gmtCreate":1628176905353,"gmtModify":1703502701246,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Meng&nbsp;","listText":"Meng&nbsp;","text":"Meng","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/899639361","repostId":"1177628375","repostType":4,"repost":{"id":"1177628375","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":1628175372,"share":"https://ttm.financial/m/news/1177628375?lang=en_US&edition=fundamental","pubTime":"2021-08-05 22:56","market":"us","language":"zh","title":"Square, the \"North American Alipay,\" continues to rise, hitting a new all-time high.","url":"https://stock-news.laohu8.com/highlight/detail?id=1177628375","media":"老虎资讯综合","summary":"周四，美国移动支付企业Square开盘后持续走高，截至发稿涨超6%，创历史新高。\n\n公司近日提前公开二季度财报。总净收入增长超过 143%，毛利润同比增长91%达到11.4亿美元，总交易支付额（GPV","content":"<p>On Thursday, US mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>The market continued to rise after the opening, rising more than 6% as of press time, setting a new all-time high.</p><p><img src=\"https://static.tigerbbs.com/8616749dc4d59b9cf8728aeaf1cc3b42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>The company recently released its second-quarter financial report ahead of schedule. Total net revenue increased by more than 143%, gross profit increased by 91% year-over-year to $1.14 billion, and gross transaction payments (GPV) increased by 88% to $42.8 billion. Total revenue, including Bitcoin, was $4.68 billion, of which $2.72 billion came from Bitcoin.</p><p>In addition, Square announced the acquisition of Australian financial payments company Afterpay for $29 billion. This is Square's largest acquisition to date, not only expanding its consumer market but also presenting a good opportunity for Afterpay to continue expanding into the US market.</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>Square, the \"North American Alipay,\" continues to rise, hitting a new all-time 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\">\nSquare, the \"North American Alipay,\" continues to rise, hitting a new all-time high.\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\">2021-08-05 22:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Thursday, US mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>The market continued to rise after the opening, rising more than 6% as of press time, setting a new all-time high.</p><p><img src=\"https://static.tigerbbs.com/8616749dc4d59b9cf8728aeaf1cc3b42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>The company recently released its second-quarter financial report ahead of schedule. Total net revenue increased by more than 143%, gross profit increased by 91% year-over-year to $1.14 billion, and gross transaction payments (GPV) increased by 88% to $42.8 billion. Total revenue, including Bitcoin, was $4.68 billion, of which $2.72 billion came from Bitcoin.</p><p>In addition, Square announced the acquisition of Australian financial payments company Afterpay for $29 billion. This is Square's largest acquisition to date, not only expanding its consumer market but also presenting a good opportunity for Afterpay to continue expanding into the US market.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7c35001aff2d0c88ed509c6e83cf2e54","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177628375","content_text":"周四，美国移动支付企业Square开盘后持续走高，截至发稿涨超6%，创历史新高。\n\n公司近日提前公开二季度财报。总净收入增长超过 143%，毛利润同比增长91%达到11.4亿美元，总交易支付额（GPV）增长88%达到428亿美元。包括比特币在内的总营收为46.8亿美元，其中比特币一项收入达到27.2亿美元。\n此外，Square还宣布以290亿美元的价格收购澳洲金融支付公司Afterpay。这是迄今为止Square最大的一笔收购，不仅为自己扩大了消费者市场，对Afterpay继续开拓美国市场无疑也是个好机会。","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809200579,"gmtCreate":1627369856191,"gmtModify":1703488541822,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"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/809200579","repostId":"2154960559","repostType":4,"isVote":1,"tweetType":1,"viewCount":5553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177689352,"gmtCreate":1627209362076,"gmtModify":1703485584852,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"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/177689352","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"hk","language":"zh","title":"When we buy funds, what are we buying?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>With lithium, it can travel all over the world; without it, it's impossible to move an inch. Recently, with the continued fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" are gaining momentum, causing the new energy sector to surge. Many investors, seeing the strong upward trend in the new energy sector, are starting to get excited and are looking for a new energy-themed fund to buy.</p><p>“Some investors buy funds because they are optimistic about certain sectors, such as consumer and military industries, and then find fund managers in the market who are most similar to their ideas and holdings, and then buy them. This is putting the cart before the horse,” said Ye Erle of Guosheng Metal Machinery. “For the same stock or industry, each fund manager’s logic may be completely different, and the money they can ultimately make will also be completely different.”</p><p>Ye Erle believes that we often ask fund managers \"what did we buy\" without knowing \"why did we buy it,\" and the latter question may be more important. Recently, one of his research reports, \"What Money Do Public Funds Really Make? - A Series of Reports on the Evolution of Fund ALPHA,\" has attracted widespread attention in the industry and received unanimous praise from many institutions. In his report, he provided a detailed analysis of the fund's sources of income and introduced a method that differs from the traditional approach to classifying fund managers' abilities.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metal Machinery</p><p>Last month, our Yuanchuan Research Institute spoke with Ye Erle, an analyst at Guosheng Metal Machinery, to discuss what kind of money public funds actually make. We hope that this conversation can bring new inspiration to investors about \"buying funds\".</p><p>Below are some of Ye Erle's views on questions such as what to buy in funds, what abilities fund managers possess, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Many people ask when buying funds, \"Is it still worth buying this fund after it has risen so much?\" Ye Erle answers: Buying funds is different from buying stocks; it's not advisable to chase high prices in stocks.<b>However, funds can \"chase high prices\" under certain circumstances.</b>Overall, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification methods.</p><p>Stock pricing is the result of expectation exchange and expectation game between people based on publicly available market data.<b>The pricing of the fund is determined by the fund manager alone.</b>For stocks to rise, more and more people are persuaded to buy them by a certain narrative or logic. For funds to rise, fund managers need to have the ability to perceive this logic in advance, buy stocks in advance of everyone, and sell them when everyone buys in.</p><p>Stocks have clear valuations, while funds do not have valuation issues in the sense of net asset value. Stocks that rise too much will fall, and stocks that fall too much will rise. However, funds that rise well do not necessarily perform poorly in the future, nor do funds that perform poorly in the past necessarily perform well in the future. There's a highly extrapolated indicator for buying funds called ALPHA, which means...<b>A good past and a good future essentially depend on the ability of a fund manager. Only when a fund manager's capabilities are stable in a certain area can they have long-term momentum in a certain sub-sector's returns, and this long-term momentum in a certain sub-sector's returns also proves that the fund is stable in this type of capability.</b></p><p>Stocks possess inherent risks at the company level, which can be controlled through diversified holdings. Funds are portfolios of stocks, and the risks in this regard are relatively small. Risk control cannot rely solely on simple diversification. For example, if you buy a bunch of funds that tend to favor stocks, although the proportion of individual funds may be very small, the risk of the portfolio in terms of the \"favoring factor\" is very high. Once the favoring collapses, the entire fund portfolio will have a great pullback/retracement risk. In that case, it may not be as good as choosing one fund for each large-cap, mid-cap, and small-cap fund, as the risk is more diversified. So,<b>Fund risk needs to penetrate into the underlying style to diversify.</b></p><p>So what is the essence of a fund?</p><p>Yerle believes that the fund remains unchanged.<b>Essentially, a fund manager's so-called circle of competence includes personality, investment system, information sources, and investment model.</b>After years of evolution, it has become difficult for fund managers to classify themselves using simple investment styles such as \"large and small caps,\" \"value growth,\" and \"industry themes.\" Such classifications are less stable and require further attribution of fund returns to summarize the fund manager's stock selection logic and reveal their true capabilities.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money do mutual funds actually make?</p><p>After attributing the returns of public funds in his report, Ye Erle concluded that fund returns include money that fund managers cannot stably earn, money that is inevitably lost, and money that can be stably earned.</p><p>First, the money a fund earns is unstable in terms of market capitalization and valuation. I've only made money in two waves in terms of market capitalization: one was with a small market capitalization in 2014-2016, and the other was with a large market capitalization from the end of last year to the beginning of this year. Market capitalization is very difficult to grasp. In terms of valuation, mutual funds favor overvalued stocks, which brought negative returns before 2019 and positive returns afterward, and the money earned in terms of valuation is not stable.</p><p>Furthermore, mutual funds prefer stocks with high volatility and liquidity, which leads to long-term losses. High volatility refers to the fact that a stock has risen and fallen sharply in the past, which can lead to trading losses. Public funds, constrained by their large size and publicly offered nature, must buy highly liquid stocks. High liquidity corresponds to high pricing efficiency, and the duration of quick-logic money in these stocks has been shortening in recent years.<b>Public funds find it difficult to engage in high-frequency trading and make money from such fast-paced logic, so they basically hand it over to private high-frequency traders.</b></p><p>Therefore, neither money with market capitalization, valuation, nor money with high volatility and liquidity is something that most fund managers can stably control. Yerle believes that<b>When buying funds, one should pay more attention to the fund manager's ability to make stable profits.</b></p><p>Then<b>If mutual funds cannot make quick money, they can only make slow money.</b>Slow-logic money is reflected in the returns of two styles:<b>Momentum and growth.</b>Momentum refers to a logic that can only lead to a steady rise in stock prices over the past 12 months if it develops gradually. Yerle calls this characteristic of steady rise momentum. Growth means that a company has growth potential, and verifying growth potential takes time and thus relies on slow logic.</p><p>Regarding making money from the growth logic, Ye Erle summarized three advantages: (1) The growth logic needs time to be verified and cannot be fully reacted to in the short term, leaving fund managers enough time; (2) The logic of growth will be realized in the short term, which can be verified in stages according to the quarterly report. Each verification can realize some excess returns and make the stock rise continuously. (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors. The logic of growth, such as the judgment of the company’s growth rate over 5 years, will definitely have a fact in the next 5 years to verify whether what was said 5 years ago was correct or not.</p><p>Yerle believes that<b>The primary purpose of mutual funds is to predict company performance and profit from growth logic.</b>Because most public funds currently focus on short-term performance assessments, growth stocks are more cost-effective than value stocks: it may take 1 to 3 years for value to return to earn excess returns, and the timing is highly uncertain, while growth stocks can logically realize their returns every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor that enables funds to make money at the company level in the long term, in addition to performance growth—analyst enthusiasm. Analyst enthusiasm refers to the fact that fund managers typically pay close attention to analysts' recommendations, thereby translating them into their own investment logic.<b>The advantage of having access to information compared to the public is also a reason why mutual funds make money in the long run, as fund managers have faster channels to receive information.</b></p><p>In general, mutual funds in<b>Momentum, Growth, Analyst Sentiment</b>These factors generate long-term profits and are where fund managers' capabilities lie. However, style-based returns such as market capitalization and valuation, as well as trading-based returns such as high volatility and high liquidity, are beyond the control of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the sources of fund returns, how should we proceed when it comes to classifying fund manager competency labels and constructing fund portfolios?</p><p>Yerle uses examples to show us how to analyze a fund. Taking a well-performing fund this year as an example, he quantified the fund's returns, thus summarizing the ability labels that fund managers possess.</p><p>First, Yerle completely broke down the fund's returns into four major sources of income. The fund's performance in \"strategic returns\" was average, but its contribution in \"dynamic returns\" was significant. This means that the fund manager's overall stock selection ability was average, but his swing trading ability was strong. The fund also contributes significantly to \"industry returns,\" indicating that it has chosen a good industry. Based on this, fund managers can be labeled with: dynamic return capabilities and industry allocation capabilities.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Next, we analyzed the fund's \"style returns.\" Since changing fund managers in 2020, the fund's style has shifted to small and medium-sized market capitalization, high momentum, high volatility, high valuation, and high growth, and the style is stable. We found that the fund manager likes to buy small-cap stocks and popular sectors. This labeled him: small to medium market capitalization, popular sector investment, and historically stable style.</p><p>Let's look at the characteristics of industry returns: the concentration of holdings is high, with pharmaceuticals buying nearly 50% of the position and machinery buying nearly 40%. Once you are optimistic about the industry, you bet heavily. In terms of industry switching, they are highly sensitive to cycles, shifting significantly to machinery and chemicals in the second quarter of last year, while the market as a whole paid close attention to these two industries in the fourth quarter. Based on this, it can be labeled as industry concentration.</p><p>Finally, it was observed that the fund had low exposure to the analyst sentiment factor in the second quarter of last year, which means that it was earlier than analysts expected, and its subsequent operations were the opposite of analysts' recommendations. The more analysts recommended it, the more it sold, indicating that it was sensitive to left-side/information changes.</p><p>Based on this, Yerle concluded that the fund manager demonstrated [misconduct] during the management of this fund from January 2020 to March 2021.<b>Strong dynamic investment capabilities and a small to mid-cap investment style.</b>It was able to quickly process market information, decisively and concentratedly adjust positions at critical points on the left and right sides, conduct effective meso-level industry allocation and dynamic individual stock operations, invest in popular sectors with relatively small market capitalizations, and avoid the crowded blue-chip sectors at the time.</p><p>After analyzing such a fund manager, Ye Erle believes that one can focus on the \"personality\" of this fund manager, find similar fund managers, and build a portfolio.</p><p>For example, we could build a portfolio of fund managers who all have strong dynamic return capabilities, or bring out a certain type of fund manager who also have strong stock selection and industry allocation capabilities, continue to track them, and analyze what kind of market this portfolio is suitable for.<b>When you need a fund manager with certain characteristics, Guosheng Metal Machinery can use quantitative methods to select them from a portfolio of fund managers.</b></p><p>Guosheng Metal Machinery has built a long-term tracking fund portfolio on Wind: Guosheng Fund Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of classifying fund managers' abilities is an important contribution to Ye Erle's research report. He redefined the dimensions of fund managers, dividing them into various abilities and investment logics. Compared to the previous approach of dividing fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities possessed by fund managers when buying funds. Our official WeChat account, \"Yuanchuan Investment Review,\" frequently updates with research and interviews with fund managers, serving as a window for everyone to understand the circle of competence of fund managers.</p><p>Through continuous learning, you will learn which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so that you can choose funds that meet your preferences.</p><p>For capabilities that fund managers cannot grasp, such as market capitalization, we can diversify fund risk by building portfolios by combining funds with different market styles (such as large-cap and small-cap).</p><p>However, when building a fund portfolio, everyone's expected returns and risk appetite are different. Understanding yourself and allocating funds according to your own needs are the most important things.</p><p>Finally, Yerle gave ordinary fund investors...<b>Some suggestions:</b></p><p>1. Do not blindly follow trends and buy funds recommended on Alipay's homepage. Be cautious when everyone else is buying.</p><p>2. Don't expect funds with a size exceeding 5 billion yuan to generate strong excess returns outside of the style industry. Guosheng Metal Machinery conducted a test on fund size. On average, the fund's alpha is strongest between 500 and 2 billion yuan under management. Once the fund manager's management scale becomes particularly large, the alpha is likely to decline.</p><p>3. If fund investors lack clear judgment ability, it is recommended to invest regularly to diversify costs and reduce their sensitivity to the win rate.</p>","source":"lsy1583835599575","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>When we buy funds, what are we buying?</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\">\nWhen we buy funds, what are we buying?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With lithium, it can travel all over the world; without it, it's impossible to move an inch. Recently, with the continued fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" are gaining momentum, causing the new energy sector to surge. Many investors, seeing the strong upward trend in the new energy sector, are starting to get excited and are looking for a new energy-themed fund to buy.</p><p>“Some investors buy funds because they are optimistic about certain sectors, such as consumer and military industries, and then find fund managers in the market who are most similar to their ideas and holdings, and then buy them. This is putting the cart before the horse,” said Ye Erle of Guosheng Metal Machinery. “For the same stock or industry, each fund manager’s logic may be completely different, and the money they can ultimately make will also be completely different.”</p><p>Ye Erle believes that we often ask fund managers \"what did we buy\" without knowing \"why did we buy it,\" and the latter question may be more important. Recently, one of his research reports, \"What Money Do Public Funds Really Make? - A Series of Reports on the Evolution of Fund ALPHA,\" has attracted widespread attention in the industry and received unanimous praise from many institutions. In his report, he provided a detailed analysis of the fund's sources of income and introduced a method that differs from the traditional approach to classifying fund managers' abilities.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metal Machinery</p><p>Last month, our Yuanchuan Research Institute spoke with Ye Erle, an analyst at Guosheng Metal Machinery, to discuss what kind of money public funds actually make. We hope that this conversation can bring new inspiration to investors about \"buying funds\".</p><p>Below are some of Ye Erle's views on questions such as what to buy in funds, what abilities fund managers possess, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Many people ask when buying funds, \"Is it still worth buying this fund after it has risen so much?\" Ye Erle answers: Buying funds is different from buying stocks; it's not advisable to chase high prices in stocks.<b>However, funds can \"chase high prices\" under certain circumstances.</b>Overall, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification methods.</p><p>Stock pricing is the result of expectation exchange and expectation game between people based on publicly available market data.<b>The pricing of the fund is determined by the fund manager alone.</b>For stocks to rise, more and more people are persuaded to buy them by a certain narrative or logic. For funds to rise, fund managers need to have the ability to perceive this logic in advance, buy stocks in advance of everyone, and sell them when everyone buys in.</p><p>Stocks have clear valuations, while funds do not have valuation issues in the sense of net asset value. Stocks that rise too much will fall, and stocks that fall too much will rise. However, funds that rise well do not necessarily perform poorly in the future, nor do funds that perform poorly in the past necessarily perform well in the future. There's a highly extrapolated indicator for buying funds called ALPHA, which means...<b>A good past and a good future essentially depend on the ability of a fund manager. Only when a fund manager's capabilities are stable in a certain area can they have long-term momentum in a certain sub-sector's returns, and this long-term momentum in a certain sub-sector's returns also proves that the fund is stable in this type of capability.</b></p><p>Stocks possess inherent risks at the company level, which can be controlled through diversified holdings. Funds are portfolios of stocks, and the risks in this regard are relatively small. Risk control cannot rely solely on simple diversification. For example, if you buy a bunch of funds that tend to favor stocks, although the proportion of individual funds may be very small, the risk of the portfolio in terms of the \"favoring factor\" is very high. Once the favoring collapses, the entire fund portfolio will have a great pullback/retracement risk. In that case, it may not be as good as choosing one fund for each large-cap, mid-cap, and small-cap fund, as the risk is more diversified. So,<b>Fund risk needs to penetrate into the underlying style to diversify.</b></p><p>So what is the essence of a fund?</p><p>Yerle believes that the fund remains unchanged.<b>Essentially, a fund manager's so-called circle of competence includes personality, investment system, information sources, and investment model.</b>After years of evolution, it has become difficult for fund managers to classify themselves using simple investment styles such as \"large and small caps,\" \"value growth,\" and \"industry themes.\" Such classifications are less stable and require further attribution of fund returns to summarize the fund manager's stock selection logic and reveal their true capabilities.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money do mutual funds actually make?</p><p>After attributing the returns of public funds in his report, Ye Erle concluded that fund returns include money that fund managers cannot stably earn, money that is inevitably lost, and money that can be stably earned.</p><p>First, the money a fund earns is unstable in terms of market capitalization and valuation. I've only made money in two waves in terms of market capitalization: one was with a small market capitalization in 2014-2016, and the other was with a large market capitalization from the end of last year to the beginning of this year. Market capitalization is very difficult to grasp. In terms of valuation, mutual funds favor overvalued stocks, which brought negative returns before 2019 and positive returns afterward, and the money earned in terms of valuation is not stable.</p><p>Furthermore, mutual funds prefer stocks with high volatility and liquidity, which leads to long-term losses. High volatility refers to the fact that a stock has risen and fallen sharply in the past, which can lead to trading losses. Public funds, constrained by their large size and publicly offered nature, must buy highly liquid stocks. High liquidity corresponds to high pricing efficiency, and the duration of quick-logic money in these stocks has been shortening in recent years.<b>Public funds find it difficult to engage in high-frequency trading and make money from such fast-paced logic, so they basically hand it over to private high-frequency traders.</b></p><p>Therefore, neither money with market capitalization, valuation, nor money with high volatility and liquidity is something that most fund managers can stably control. Yerle believes that<b>When buying funds, one should pay more attention to the fund manager's ability to make stable profits.</b></p><p>Then<b>If mutual funds cannot make quick money, they can only make slow money.</b>Slow-logic money is reflected in the returns of two styles:<b>Momentum and growth.</b>Momentum refers to a logic that can only lead to a steady rise in stock prices over the past 12 months if it develops gradually. Yerle calls this characteristic of steady rise momentum. Growth means that a company has growth potential, and verifying growth potential takes time and thus relies on slow logic.</p><p>Regarding making money from the growth logic, Ye Erle summarized three advantages: (1) The growth logic needs time to be verified and cannot be fully reacted to in the short term, leaving fund managers enough time; (2) The logic of growth will be realized in the short term, which can be verified in stages according to the quarterly report. Each verification can realize some excess returns and make the stock rise continuously. (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors. The logic of growth, such as the judgment of the company’s growth rate over 5 years, will definitely have a fact in the next 5 years to verify whether what was said 5 years ago was correct or not.</p><p>Yerle believes that<b>The primary purpose of mutual funds is to predict company performance and profit from growth logic.</b>Because most public funds currently focus on short-term performance assessments, growth stocks are more cost-effective than value stocks: it may take 1 to 3 years for value to return to earn excess returns, and the timing is highly uncertain, while growth stocks can logically realize their returns every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor that enables funds to make money at the company level in the long term, in addition to performance growth—analyst enthusiasm. Analyst enthusiasm refers to the fact that fund managers typically pay close attention to analysts' recommendations, thereby translating them into their own investment logic.<b>The advantage of having access to information compared to the public is also a reason why mutual funds make money in the long run, as fund managers have faster channels to receive information.</b></p><p>In general, mutual funds in<b>Momentum, Growth, Analyst Sentiment</b>These factors generate long-term profits and are where fund managers' capabilities lie. However, style-based returns such as market capitalization and valuation, as well as trading-based returns such as high volatility and high liquidity, are beyond the control of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the sources of fund returns, how should we proceed when it comes to classifying fund manager competency labels and constructing fund portfolios?</p><p>Yerle uses examples to show us how to analyze a fund. Taking a well-performing fund this year as an example, he quantified the fund's returns, thus summarizing the ability labels that fund managers possess.</p><p>First, Yerle completely broke down the fund's returns into four major sources of income. The fund's performance in \"strategic returns\" was average, but its contribution in \"dynamic returns\" was significant. This means that the fund manager's overall stock selection ability was average, but his swing trading ability was strong. The fund also contributes significantly to \"industry returns,\" indicating that it has chosen a good industry. Based on this, fund managers can be labeled with: dynamic return capabilities and industry allocation capabilities.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Next, we analyzed the fund's \"style returns.\" Since changing fund managers in 2020, the fund's style has shifted to small and medium-sized market capitalization, high momentum, high volatility, high valuation, and high growth, and the style is stable. We found that the fund manager likes to buy small-cap stocks and popular sectors. This labeled him: small to medium market capitalization, popular sector investment, and historically stable style.</p><p>Let's look at the characteristics of industry returns: the concentration of holdings is high, with pharmaceuticals buying nearly 50% of the position and machinery buying nearly 40%. Once you are optimistic about the industry, you bet heavily. In terms of industry switching, they are highly sensitive to cycles, shifting significantly to machinery and chemicals in the second quarter of last year, while the market as a whole paid close attention to these two industries in the fourth quarter. Based on this, it can be labeled as industry concentration.</p><p>Finally, it was observed that the fund had low exposure to the analyst sentiment factor in the second quarter of last year, which means that it was earlier than analysts expected, and its subsequent operations were the opposite of analysts' recommendations. The more analysts recommended it, the more it sold, indicating that it was sensitive to left-side/information changes.</p><p>Based on this, Yerle concluded that the fund manager demonstrated [misconduct] during the management of this fund from January 2020 to March 2021.<b>Strong dynamic investment capabilities and a small to mid-cap investment style.</b>It was able to quickly process market information, decisively and concentratedly adjust positions at critical points on the left and right sides, conduct effective meso-level industry allocation and dynamic individual stock operations, invest in popular sectors with relatively small market capitalizations, and avoid the crowded blue-chip sectors at the time.</p><p>After analyzing such a fund manager, Ye Erle believes that one can focus on the \"personality\" of this fund manager, find similar fund managers, and build a portfolio.</p><p>For example, we could build a portfolio of fund managers who all have strong dynamic return capabilities, or bring out a certain type of fund manager who also have strong stock selection and industry allocation capabilities, continue to track them, and analyze what kind of market this portfolio is suitable for.<b>When you need a fund manager with certain characteristics, Guosheng Metal Machinery can use quantitative methods to select them from a portfolio of fund managers.</b></p><p>Guosheng Metal Machinery has built a long-term tracking fund portfolio on Wind: Guosheng Fund Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of classifying fund managers' abilities is an important contribution to Ye Erle's research report. He redefined the dimensions of fund managers, dividing them into various abilities and investment logics. Compared to the previous approach of dividing fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities possessed by fund managers when buying funds. Our official WeChat account, \"Yuanchuan Investment Review,\" frequently updates with research and interviews with fund managers, serving as a window for everyone to understand the circle of competence of fund managers.</p><p>Through continuous learning, you will learn which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so that you can choose funds that meet your preferences.</p><p>For capabilities that fund managers cannot grasp, such as market capitalization, we can diversify fund risk by building portfolios by combining funds with different market styles (such as large-cap and small-cap).</p><p>However, when building a fund portfolio, everyone's expected returns and risk appetite are different. Understanding yourself and allocating funds according to your own needs are the most important things.</p><p>Finally, Yerle gave ordinary fund investors...<b>Some suggestions:</b></p><p>1. Do not blindly follow trends and buy funds recommended on Alipay's homepage. Be cautious when everyone else is buying.</p><p>2. Don't expect funds with a size exceeding 5 billion yuan to generate strong excess returns outside of the style industry. Guosheng Metal Machinery conducted a test on fund size. On average, the fund's alpha is strongest between 500 and 2 billion yuan under management. Once the fund manager's management scale becomes particularly large, the alpha is likely to decline.</p><p>3. If fund investors lack clear judgment ability, it is recommended to invest regularly to diversify costs and reduce their sensitivity to the win rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</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/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172603557,"gmtCreate":1626956255279,"gmtModify":1703481274774,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172603557","repostId":"1149284740","repostType":4,"isVote":1,"tweetType":1,"viewCount":5583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176911235,"gmtCreate":1626853775827,"gmtModify":1703479315085,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/176911235","repostId":"1195538044","repostType":4,"repost":{"id":"1195538044","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":1626852370,"share":"https://ttm.financial/m/news/1195538044?lang=en_US&edition=fundamental","pubTime":"2021-07-21 15:26","market":"hk","language":"zh","title":"Volvo Cars will acquire Geely Holding's equity in Chinese joint ventures","url":"https://stock-news.laohu8.com/highlight/detail?id=1195538044","media":"老虎资讯综合","summary":"沃尔沃汽车已经与母公司吉利控股达成协议，将收购吉利控股所持两家公司在华合资企业的股权，目的是全面拥有其在中国的汽车制造厂和销售业务。\n根据公告，尽管两家合资公司已经纳入沃尔沃汽车的财务报表，但在交易完","content":"<p>Volvo Cars has reached an agreement with its parent company, Geely Holding, to acquire Geely Holding's stake in the two companies' joint ventures in China, with the aim of fully owning its car manufacturing plants and sales operations in China.</p><p>According to the announcement, although the two joint ventures have been included in Volvo Cars' financial statements, Volvo Cars' share of net profit and equity will increase after the transaction is completed. The transaction will be completed in two phases, starting with China's removal of joint venture requirements for automobile manufacturing in 2022, and is expected to be officially completed in 2023. The transaction is subject to regulatory approval and financial details will not be disclosed.</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>Volvo Cars will acquire Geely Holding's equity in Chinese joint ventures</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\">\nVolvo Cars will acquire Geely Holding's equity in Chinese joint ventures\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-21 15:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Volvo Cars has reached an agreement with its parent company, Geely Holding, to acquire Geely Holding's stake in the two companies' joint ventures in China, with the aim of fully owning its car manufacturing plants and sales operations in China.</p><p>According to the announcement, although the two joint ventures have been included in Volvo Cars' financial statements, Volvo Cars' share of net profit and equity will increase after the transaction is completed. The transaction will be completed in two phases, starting with China's removal of joint venture requirements for automobile manufacturing in 2022, and is expected to be officially completed in 2023. The transaction is subject to regulatory approval and financial details will not be disclosed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/895c78542e623e85e47d4f65b83d0817","relate_stocks":{"00175":"吉利汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195538044","content_text":"沃尔沃汽车已经与母公司吉利控股达成协议，将收购吉利控股所持两家公司在华合资企业的股权，目的是全面拥有其在中国的汽车制造厂和销售业务。\n根据公告，尽管两家合资公司已经纳入沃尔沃汽车的财务报表，但在交易完成后，沃尔沃汽车在净利润和股权中所占比例将会增加。交易将分两步完成，从2022年中国取消汽车制造合资要求开始，预计将在2023年正式完成。交易尚待监管部门批准，财务细节不会披露。","news_type":1,"symbols_score_info":{"00175":0.9}},"isVote":1,"tweetType":1,"viewCount":5957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173516090,"gmtCreate":1626669251710,"gmtModify":1703763051685,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/173516090","repostId":"1162382593","repostType":4,"isVote":1,"tweetType":1,"viewCount":5458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173250012,"gmtCreate":1626664082236,"gmtModify":1703762955929,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173250012","repostId":"1112014098","repostType":4,"repost":{"id":"1112014098","kind":"news","weMediaInfo":{"introduction":"100%全部原创，没有一篇转载。全部都是干货，没有任何广告或者软文。覆盖的主题：金融、投资、商业、经济和时事。","home_visible":1,"media_name":"伍治坚证据主义","id":"69","head_image":"https://static.tigerbbs.com/97e09863206344e0b010e09146f1c4fc"},"pubTimestamp":1626660566,"share":"https://ttm.financial/m/news/1112014098?lang=en_US&edition=fundamental","pubTime":"2021-07-19 10:09","market":"us","language":"zh","title":"If you can't stick to it for a long time, how can you get good returns?","url":"https://stock-news.laohu8.com/highlight/detail?id=1112014098","media":"伍治坚证据主义","summary":"1964年，美国电影明星伊丽莎白·泰勒和她的第五任丈夫，理查德·伯顿结婚。这段婚姻持续了十年，是泰勒历任丈夫中婚姻时间持续最长的。1974年，在接受媒体采访时，泰勒说道：\n\n 没有任何事情能将我俩分开","content":"<p>In 1964, American film star Elizabeth Taylor married her fifth husband, Richard Burton. This marriage lasted ten years, the longest of Taylor's husbands. In 1974, in a media interview, Taylor said:</p><p>Nothing can separate us. Our marriage will last at least another ten years. Five days later, Taylor and Burton divorced.</p><p>This example tells us that it is very difficult to make long-term plans. Often, we think we have a long-term plan that can plan 10, 20, or even further into the future, but the reality may be completely different.</p><p>The traditional Chinese virtue of \"patience\" is becoming increasingly rare. Many teachers who teach at universities must have a deep understanding of this. It's harder than climbing to heaven to get students to concentrate and listen attentively for more than 30 minutes in class. If you confiscate their smartphones and stipulate that they can only be used on weekends, they might fight you to the death.</p><p>In an experiment conducted by the University of Virginia and Harvard University in the United States (Roach, 2016), professors had subjects sit alone in an empty room and think quietly. They were told they needed to sit in a chair for 15 minutes and do nothing. If they really can't sit still, they can choose to end this \"cruel torture\" by electrocuting themselves. As a result, about two-thirds of men and one-quarter of women could not stand the 15 minutes of \"doing nothing\" and chose to end the \"long\" 15 minutes early by electrocuting themselves.</p><p>This impatient behavior has greatly affected the investment behavior of many investors in the financial market.</p><p>Statistics from Orcam Financial Group show that in 1995, the average U.S. stock investor held a stock for more than three months. By 2010, the average length of time investors held stocks had dropped to less than a month. Fast forward to 2020, when the coronavirus broke out, many people were locked at home doing nothing and joined the ranks of day traders. This led to retail investors exceeding institutional investors in the US stock market, becoming the largest contributor to liquidity in the stock market.</p><p>Retail investors lack patience in investing, and institutional investors are no better off. In 2016, State Street conducted a survey of executives from 400 of the largest investment institutions in the United States. The results showed that 80% of institutions could not tolerate a fund performing poorly for two consecutive years, while as many as 99% could not tolerate a fund performing poorly for three consecutive years. In other words, the investment model of most large institutional investors is not much different from that of retail fund investors who chase highs and sell lows. They simply look at the performance of a fund over the past three years: if it is good, they buy or increase their holdings; if it is bad, they reduce their holdings or redeem them. That's all.</p><p>The problem is that this kind of investment behavior that focuses on the short term is unlikely to bring investors the good returns they expect. Based on historical research on the US stock market over the past 25 years (Tidmore and Hon, 2020), focusing on selecting value stocks with low price-to-book ratios can yield returns exceeding the broader market index by 1.1% per year. If you specifically select low-volatility stocks, you can achieve an annual return of 1.9% higher than the broader market index. The problem is that these returns are based on long-term returns accumulated over 25 years. If we analyze carefully how these 25 years have passed, we will find that the vast majority of investors simply could not persevere.</p><p>For example, if we were to choose the past year, there would be a 48% and 52% probability that value strategies and low volatility strategies would perform poorly, lagging behind the broader market index. If we choose any time span over the past three years, the probability of value strategies and low volatility strategies underperforming is 49% and 47%, respectively. In other words, for an investment method that can bring excess returns in the long run, if we only look at short-term performance returns over 1 to 3 years, there is about a 50% chance that it will not work at any time.</p><p>For this reason, even if there are excellent funds that can outperform the index in the long run, most investors find it difficult to buy them, and even if they do, it is difficult to hold them. For example, a statistical study of 2,600 mutual funds in the US market over the past 25 years (Tidmore and Hon, 2020) found that for those mutual funds that outperformed the benchmark index, more than 70% of the sample underperformed their benchmark index returns by 40% to 60% in a given year historically. 80% of the sample performed in the bottom 25% of similar funds within a certain five-year historical period. Most impatient investors' first reaction in this situation is to sell such funds, thus missing the subsequent rebound, let alone trying to beat the market by buying such funds.</p><p>To truly become a long-term investor and a friend of time is easier said than done. Charlie Munger said of Warren Buffett:</p><p>One of his most unique aspects is that he spends a lot of time reading and quietly thinking every day. We've all read stories about kittens fishing since we were little, and we deeply understand that kittens can't even catch a single fish because they lack patience. Many investors agree with the long-standing investment philosophy. However, when it comes to practical application, they often become short-termists who are eager for quick success and instant benefits. Research shows that no single investment strategy can make investors money every month, every day, and every moment. Many investment strategies that can yield better returns in the long run are volatile in the short term, and may not yield poor returns for three or even more than five consecutive years. Under such investment realities, a kitten that lacks patience and is inattentive will find it difficult to catch a big fish. Smart investors need to overcome the bad habit of pursuing short-term profits, take a long-term view, and strive to become a big winner in the long run.</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>If you can't stick to it for a long time, how can you get good returns?</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\">\nIf you can't stick to it for a long time, how can you get good returns?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/69\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/97e09863206344e0b010e09146f1c4fc);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">伍治坚证据主义 </p>\n<p class=\"h-time smaller\">2021-07-19 10:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>In 1964, American film star Elizabeth Taylor married her fifth husband, Richard Burton. This marriage lasted ten years, the longest of Taylor's husbands. In 1974, in a media interview, Taylor said:</p><p>Nothing can separate us. Our marriage will last at least another ten years. Five days later, Taylor and Burton divorced.</p><p>This example tells us that it is very difficult to make long-term plans. Often, we think we have a long-term plan that can plan 10, 20, or even further into the future, but the reality may be completely different.</p><p>The traditional Chinese virtue of \"patience\" is becoming increasingly rare. Many teachers who teach at universities must have a deep understanding of this. It's harder than climbing to heaven to get students to concentrate and listen attentively for more than 30 minutes in class. If you confiscate their smartphones and stipulate that they can only be used on weekends, they might fight you to the death.</p><p>In an experiment conducted by the University of Virginia and Harvard University in the United States (Roach, 2016), professors had subjects sit alone in an empty room and think quietly. They were told they needed to sit in a chair for 15 minutes and do nothing. If they really can't sit still, they can choose to end this \"cruel torture\" by electrocuting themselves. As a result, about two-thirds of men and one-quarter of women could not stand the 15 minutes of \"doing nothing\" and chose to end the \"long\" 15 minutes early by electrocuting themselves.</p><p>This impatient behavior has greatly affected the investment behavior of many investors in the financial market.</p><p>Statistics from Orcam Financial Group show that in 1995, the average U.S. stock investor held a stock for more than three months. By 2010, the average length of time investors held stocks had dropped to less than a month. Fast forward to 2020, when the coronavirus broke out, many people were locked at home doing nothing and joined the ranks of day traders. This led to retail investors exceeding institutional investors in the US stock market, becoming the largest contributor to liquidity in the stock market.</p><p>Retail investors lack patience in investing, and institutional investors are no better off. In 2016, State Street conducted a survey of executives from 400 of the largest investment institutions in the United States. The results showed that 80% of institutions could not tolerate a fund performing poorly for two consecutive years, while as many as 99% could not tolerate a fund performing poorly for three consecutive years. In other words, the investment model of most large institutional investors is not much different from that of retail fund investors who chase highs and sell lows. They simply look at the performance of a fund over the past three years: if it is good, they buy or increase their holdings; if it is bad, they reduce their holdings or redeem them. That's all.</p><p>The problem is that this kind of investment behavior that focuses on the short term is unlikely to bring investors the good returns they expect. Based on historical research on the US stock market over the past 25 years (Tidmore and Hon, 2020), focusing on selecting value stocks with low price-to-book ratios can yield returns exceeding the broader market index by 1.1% per year. If you specifically select low-volatility stocks, you can achieve an annual return of 1.9% higher than the broader market index. The problem is that these returns are based on long-term returns accumulated over 25 years. If we analyze carefully how these 25 years have passed, we will find that the vast majority of investors simply could not persevere.</p><p>For example, if we were to choose the past year, there would be a 48% and 52% probability that value strategies and low volatility strategies would perform poorly, lagging behind the broader market index. If we choose any time span over the past three years, the probability of value strategies and low volatility strategies underperforming is 49% and 47%, respectively. In other words, for an investment method that can bring excess returns in the long run, if we only look at short-term performance returns over 1 to 3 years, there is about a 50% chance that it will not work at any time.</p><p>For this reason, even if there are excellent funds that can outperform the index in the long run, most investors find it difficult to buy them, and even if they do, it is difficult to hold them. For example, a statistical study of 2,600 mutual funds in the US market over the past 25 years (Tidmore and Hon, 2020) found that for those mutual funds that outperformed the benchmark index, more than 70% of the sample underperformed their benchmark index returns by 40% to 60% in a given year historically. 80% of the sample performed in the bottom 25% of similar funds within a certain five-year historical period. Most impatient investors' first reaction in this situation is to sell such funds, thus missing the subsequent rebound, let alone trying to beat the market by buying such funds.</p><p>To truly become a long-term investor and a friend of time is easier said than done. Charlie Munger said of Warren Buffett:</p><p>One of his most unique aspects is that he spends a lot of time reading and quietly thinking every day. We've all read stories about kittens fishing since we were little, and we deeply understand that kittens can't even catch a single fish because they lack patience. Many investors agree with the long-standing investment philosophy. However, when it comes to practical application, they often become short-termists who are eager for quick success and instant benefits. Research shows that no single investment strategy can make investors money every month, every day, and every moment. Many investment strategies that can yield better returns in the long run are volatile in the short term, and may not yield poor returns for three or even more than five consecutive years. Under such investment realities, a kitten that lacks patience and is inattentive will find it difficult to catch a big fish. Smart investors need to overcome the bad habit of pursuing short-term profits, take a long-term view, and strive to become a big winner in the long run.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/939332859a8a952a612c5d07d00550df","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112014098","content_text":"1964年，美国电影明星伊丽莎白·泰勒和她的第五任丈夫，理查德·伯顿结婚。这段婚姻持续了十年，是泰勒历任丈夫中婚姻时间持续最长的。1974年，在接受媒体采访时，泰勒说道：\n\n 没有任何事情能将我俩分开。我们的婚姻会至少再维持十年。\n\n5天之后，泰勒和伯顿离婚了。\n这个例子告诉我们，要想做长期的长远打算，是很难的。很多时候，我们自以为有一个长期的打算，可以计划到10年、20年以后甚至更远的将来，然而现实很可能完全是另一回事。\n“耐心”这个传统的中华美德，正在变得越来越稀有。很多在大学教书的老师对此一定深有体会。在课堂里要想让同学们集中精神，心无旁骛的听课超过30分钟，简直比登天还难。如果把他们的智能手机没收，规定要等到双休日才能再使用，那对方可能会和你拼命。\n在美国弗吉尼亚大学和哈佛大学做的一个实验（Roach, 2016）中，教授让实验对象独自坐在一个空房间内安静的思考。他们被告知，需要在椅子上静坐15分钟，什么都不做。如果他们实在坐不下去，则可以选择通过电击自己的方式来结束这“残酷的折磨”。结果，大约有2/3的男士和1/4的女士无法忍受“无所事事”的15分钟，选择用电击自己的方式提前结束这“漫长”的15分钟。\n如此“缺乏耐心”的行为习惯，也极大的影响了广大投资者在金融市场上的投资行为。\nOrcam Financial Group的统计研究显示，在1995年，美国股民平均持有股票的时间为3个多月。而到了2010年，股民平均持有股票的时间长度下降到不到1个月。再快进到2020年，新冠病毒爆发，很多人被锁在家里无所事事，加入了日间交易的大军，导致美国股市中散户的交易量超过机构，成为股市中流动性的最大贡献力量。\n散户在投资中缺乏耐心，机构也好不到哪里去。2016年，道富公司向美国400家规模最大的投资机构的高管发起问卷调查，统计结果显示：80%的机构无法容忍一个基金连续两年回报不佳，而高达99%的机构无法容忍一个基金连续三年回报不佳。也就是说，绝大多数规模比较大的机构投资者，他们的投资模式其实和追涨杀跌的散户基民没啥大差别，无非就是看一个基金过去3年的回报表现：好的话就买入或者增持，差的话就减持或者赎回，仅此而已。\n问题在于，这种专注于短期的投资行为，是不太可能为投资者带来期望中的好回报的。基于美国股市过去25年的历史研究（Tidmore and Hon, 2020）显示，如果专注于挑选市净率比较低的价值股，可以获得超过大盘指数每年1.1%的回报。如果专门挑选那些低波动股票，可以获得超过大盘指数每年1.9%的回报。问题在于，这些回报是基于25年积累下来的长期回报。而如果我们细细分析这25年是怎么过来的，就会发现绝大部分投资者根本无法坚持下来。\n举例来说，如果我们任选过去1年，那么价值策略和低波动策略分别有48%和52%的概率表现不佳，落后大盘指数。如果我们任选过去3年的时间跨度，价值策略和低波动策略表现不佳的概率分别为49%和47%。也就是说，对于一个长期来看能够带来超额投资回报的投资方法，如果我们只看1到3年的短期业绩回报，那么在任何时候，都有差不多一半的概率行不通。\n正是因为这个原因，即使存在那些长期能够战胜指数的优秀基金，大部分投资者也很难买到，即使买到也很难持有。比如基于美国市场过去25年，2600只公募基金的统计研究（Tidmore and Hon, 2020）发现，对于那些战胜基准指数的公募基金来说，有超过70%的样本，在历史上的某一年内，比其基准指数回报落后40%到60%。有80%的样本，在历史上的某一个5年内，其业绩位于同类基金最差的25%类别。绝大部分缺乏耐心的投资者，在这种情况下，第一反应就是把这样的基金卖掉，因此也就错过了接下来的反弹，更别提通过购买这样的基金来战胜市场了。\n要想真正成为长期投资者，做时间的朋友，说起来容易做起来难。查理·芒格在评价沃伦·巴菲特时说过：\n\n 他的一个最与众不同的地方就是每天都花大量的时间看书，并且静静的思考。\n\n我们从小都读过小猫钓鱼的故事，深深明白小猫由于缺乏耐心而连一条鱼都钓不到。很多投资者，都认同长期坚持的投资哲学。但是到了实践操作的时候，却往往变成了急功近利的短期主义者。研究显示，没有什么投资策略，是能够让投资者每月，每天，每时每刻都赚钱的。很多长期来看能够获得更好回报的投资策略，在短期内却充满着波动，很可能连续3年，甚至5年以上回报不佳。在这样的投资现实之下，缺乏耐心、三心二意的小猫，是很难钓到大鱼的。聪明的投资者，需要克服短期逐利的坏习惯，眼光放长远，力争做一个长期的大赢家。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144730289,"gmtCreate":1626313531141,"gmtModify":1703757652665,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/144730289","repostId":"1134354713","repostType":4,"repost":{"id":"1134354713","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":1626313344,"share":"https://ttm.financial/m/news/1134354713?lang=en_US&edition=fundamental","pubTime":"2021-07-15 09:42","market":"sh","language":"zh","title":"Fosun Pharma and AH shares both rose after reports circulated that its COVID-19 vaccine had passed expert review.","url":"https://stock-news.laohu8.com/highlight/detail?id=1134354713","media":"老虎资讯综合","summary":"7月15日，复星医药港股盘初大涨涨近7%，报61.3港元；复星医药A股涨逾5%，报68.17元。\n据财新，复星医药在股东大会上回复投资人问询时表示，国家药监局对mRNA新冠疫苗“复必泰”的审定工作已经","content":"<p>On July 15,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>Hong Kong stocks surged nearly 7% in early trading to HK$61.3;<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>A-shares rose more than 5% to 68.17 yuan.</p><p>According to Caixin, Fosun Pharma responded to investor inquiries at the shareholders' meeting, stating that the National Medical Products Administration's review and approval of the mRNA COVID-19 vaccine \"Fubitai\" has been basically completed, the expert review has been passed, and the administrative approval stage is currently being expedited.</p><p>Fosun Pharma and BioNTech have started production preparations in advance, and once the FubiTech vaccine is approved, it can be supplied to China as soon as possible; Sources familiar with the matter say that in the future, Fubitai is likely to be used as a booster shot in China and administered free of charge.</p><p><img src=\"https://static.tigerbbs.com/fcda9ea7ea213d3473fb919157b59bc5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eb875ce2002f9e31d921cfdc9eadf9b4\" 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>Fosun Pharma and AH shares both rose after reports circulated that its COVID-19 vaccine had passed expert review.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFosun Pharma and AH shares both rose after reports circulated that its COVID-19 vaccine had passed expert review.\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\">2021-07-15 09:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 15,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>Hong Kong stocks surged nearly 7% in early trading to HK$61.3;<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>A-shares rose more than 5% to 68.17 yuan.</p><p>According to Caixin, Fosun Pharma responded to investor inquiries at the shareholders' meeting, stating that the National Medical Products Administration's review and approval of the mRNA COVID-19 vaccine \"Fubitai\" has been basically completed, the expert review has been passed, and the administrative approval stage is currently being expedited.</p><p>Fosun Pharma and BioNTech have started production preparations in advance, and once the FubiTech vaccine is approved, it can be supplied to China as soon as possible; Sources familiar with the matter say that in the future, Fubitai is likely to be used as a booster shot in China and administered free of charge.</p><p><img src=\"https://static.tigerbbs.com/fcda9ea7ea213d3473fb919157b59bc5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eb875ce2002f9e31d921cfdc9eadf9b4\" 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/6abbd3fc26184cc69ef95a83e11f6419","relate_stocks":{"150130":"医药A","600196":"复星医药","02196":"复星医药"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134354713","content_text":"7月15日，复星医药港股盘初大涨涨近7%，报61.3港元；复星医药A股涨逾5%，报68.17元。\n据财新，复星医药在股东大会上回复投资人问询时表示，国家药监局对mRNA新冠疫苗“复必泰”的审定工作已经基本完成，专家评审已经通过了，目前正在加紧进行行政审批阶段。\n复星医药已与BioNTech提前启动生产准备工作，复必泰疫苗一旦获批，就能第一时间供应到国内；知情人士称，未来，复必泰在国内很可能会作为加强针使用，免费接种。","news_type":1,"symbols_score_info":{"150130":0.9,"600196":0.9,"02196":0.9}},"isVote":1,"tweetType":1,"viewCount":6317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145579208,"gmtCreate":1626233321004,"gmtModify":1703756043400,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145579208","repostId":"1140197743","repostType":4,"repost":{"id":"1140197743","kind":"news","pubTimestamp":1626232549,"share":"https://ttm.financial/m/news/1140197743?lang=en_US&edition=fundamental","pubTime":"2021-07-14 11:15","market":"sh","language":"zh","title":"The performance of second-tier liquor stocks is against the sky, and the plate breaks out. Is it a risk or an opportunity?","url":"https://stock-news.laohu8.com/highlight/detail?id=1140197743","media":"第一财经","summary":"7月14日早盘，白酒板块逆市拉升，截至发稿，$广誉远$、$海南椰岛$涨停，$舍得酒业$、$中恒集团$等多股纷纷跟涨。7月12日，山西汾酒发布业绩预告指出，预计上半年营收同比增长70%~80%，归母净利润同比增长110%~130%，创下公司近10来的最好成绩。公司表示，今年上半年，受国内疫情逐步得到控制，中高端白酒消费市场明显回暖，公司老酒战略逐步被市场接受等原因影响，公司营业收入实现较大幅度增长。","content":"<p><div>In early trading on July 14th, the liquor sector rose against the market. As of press time, Guangyuyuan and Hainan Yedao had their daily limit, and many stocks such as Shede Liquor Industry and Zhongheng Group followed suit. Following Jiugui Liquor, this week, Shanxi Fenjiu and Shede Liquor Industry successively released semi-annual performance forecasts, and the three performances were all promising. On July 12th, Shanxi Fenjiu released a performance forecast, pointing out that it is expected that the revenue in the first half of the year will increase by 70% ~80% year-on-year, and the net profit attributable to the parent will increase by 110% ~130% year-on-year, setting the best result of the company in the past 10 years. Since the beginning of this year, the liquor sector has been popular with funds, and the share price of Shanxi Fenjiu has even reached a new high, once hitting a...</p><p><a href=\"https://www.yicai.com/news/101109824.html\">Web link</a></div></p>","source":"dyvj","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 performance of second-tier liquor stocks is against the sky, and the plate breaks out. Is it a risk or an opportunity?</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 performance of second-tier liquor stocks is against the sky, and the plate breaks out. Is it a risk or an opportunity?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-07-14 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>In early trading on July 14th, the liquor sector rose against the market. As of press time, Guangyuyuan and Hainan Yedao had their daily limit, and many stocks such as Shede Liquor Industry and Zhongheng Group followed suit. Following Jiugui Liquor, this week, Shanxi Fenjiu and Shede Liquor Industry successively released semi-annual performance forecasts, and the three performances were all promising. On July 12th, Shanxi Fenjiu released a performance forecast, pointing out that it is expected that the revenue in the first half of the year will increase by 70% ~80% year-on-year, and the net profit attributable to the parent will increase by 110% ~130% year-on-year, setting the best result of the company in the past 10 years. Since the beginning of this year, the liquor sector has been popular with funds, and the share price of Shanxi Fenjiu has even reached a new high, once hitting a...</p><p><a href=\"https://www.yicai.com/news/101109824.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101109824.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"600519":"贵州茅台"},"source_url":"https://www.yicai.com/news/101109824.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140197743","content_text":"7月14日早盘，白酒板块逆市拉升，截至发稿，广誉远、海南椰岛涨停，舍得酒业、中恒集团等多股纷纷跟涨。\n\n继酒鬼酒之后，本周山西汾酒、舍得酒业相继发布半年度业绩预告，三家业绩均预喜。\n\n 7月12日，山西汾酒发布业绩预告指出，预计上半年营收同比增长70%~80%，归母净利润同比增长110%~130%，创下公司近10来的最好成绩。今年以来，白酒板块频受资金热捧，山西汾酒股价也连创新高，一度创下356.21元/股的最高纪录，市值持续突破4000亿元。\n\n\n 同日发布业绩预告的舍得酒业公告显示，预计公司2021年半年度实现归属于上市公司股东的净利润为7.1亿元到7.5亿元，与上年同期相比增加5.46亿元到5.86亿元，同比增长332.42%到356.78%；预计上半年实现归属于上市公司股东的扣除非经常性损益的净利润为7.03亿元到7.43亿元，同比增长377.42%到404.59%。公司表示，今年上半年，受国内疫情逐步得到控制，中高端白酒消费市场明显回暖，公司老酒战略逐步被市场接受等原因影响，公司营业收入实现较大幅度增长。股价方面，受摘帽、易主、业绩预增等利好提振，公司股价从3月份的不足60元，一跃至最高点254.88元。\n\n\n 酒鬼酒预计上半年业绩表现同样较好，其公告显示，公司预计营业收入较上年同期增长137%左右，上半年实现归属于上市公司股东的净利润5亿元至5.2亿元，同比增长170.96%至181.79%，净利超去年全年净利润总额。\n\n东兴证券指出，从基本面来看，目前白酒企业经营较为良性，上半年把握住了消费回暖的浪潮，目标达成率都较为超预期，渠道库存也较为良性，行业仍处于良性发展状态中，应理性看待短期业绩增速的波动，重视白酒的长期公司价值，建议关注增长确定性高、业绩弹性大的公司。重点推荐：贵州茅台、五粮液。\n中泰证券食品饮料团队认为，分化成长仍是白酒板块的主旋律。第二季度，白酒板块高端、次高端分化，高端延续稳健，预计茅台维持双位数增长；五粮液、泸州老窖增长中枢维持20%；次高端在低基数下实现高增长，预计普遍在20%以上，部分高成长标的业绩弹性将持续释放。\n华创证券认为，茅台酒价持续走高打开行业价格空间，贵州茅台自身经营以稳定调，留给次高端酒企充分量价空间，次高端加速全国化招商，区域次高端价格带升级，均带动第二季度业绩在低基数下实现高增长，坚持白酒板块全年区间震荡的判断。","news_type":1,"symbols_score_info":{"600519":0.9}},"isVote":1,"tweetType":1,"viewCount":1947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140386675,"gmtCreate":1625629761997,"gmtModify":1703745275255,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/140386675","repostId":"2149360103","repostType":4,"repost":{"id":"2149360103","kind":"news","pubTimestamp":1625629456,"share":"https://ttm.financial/m/news/2149360103?lang=en_US&edition=fundamental","pubTime":"2021-07-07 11:44","market":"us","language":"zh","title":"FTSE Russell: It will still be included in Didi as planned on July 8.","url":"https://stock-news.laohu8.com/highlight/detail?id=2149360103","media":"新浪财经","summary":"富时罗素表示，仍将按计划于7月8日将滴滴纳入其全球指数，除非这家中国打车软件公司的股票周三在美国市场暂停交易。\n富时罗素在其网站上的一份声明中表示：“如果滴滴全球的ADS在周三美国市场交易时段暂停交易","content":"<p><img src=\"https://static.tigerbbs.com/e10cd7b688e3d7f9f31deec226950e1e\" tg-width=\"550\" tg-height=\"355\" referrerpolicy=\"no-referrer\"></p><p>FTSE Russell stated that it will still proceed as planned on July 8th.<a href=\"https://laohu8.com/S/DIDI\">Didi</a>It will be included in its global index unless the Chinese ride-hailing software company's shares are suspended from trading on the U.S. market on Wednesday.</p><p>In a statement on its website, FTSE Russell said: \"If Didi Global's ADS are suspended from trading during Wednesday's U.S. market trading session, FTSE Russell will not conduct rapid inclusion and monitoring in accordance with its index policy of suspending trading and closing markets.\"</p><p>FTSE Russell announced last Thursday that Didi will be included in its Global stock indices on July 8, including the FTSE All-World Index, the FTSE Global Large Cap Index, and the FTSE Emerging Markets Index.</p>","source":"sina_symbol","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>FTSE Russell: It will still be included in Didi as planned on July 8.</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\">\nFTSE Russell: It will still be included in Didi as planned on July 8.\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\">2021-07-07 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/e10cd7b688e3d7f9f31deec226950e1e\" tg-width=\"550\" tg-height=\"355\" referrerpolicy=\"no-referrer\"></p><p>FTSE Russell stated that it will still proceed as planned on July 8th.<a href=\"https://laohu8.com/S/DIDI\">Didi</a>It will be included in its global index unless the Chinese ride-hailing software company's shares are suspended from trading on the U.S. market on Wednesday.</p><p>In a statement on its website, FTSE Russell said: \"If Didi Global's ADS are suspended from trading during Wednesday's U.S. market trading session, FTSE Russell will not conduct rapid inclusion and monitoring in accordance with its index policy of suspending trading and closing markets.\"</p><p>FTSE Russell announced last Thursday that Didi will be included in its Global stock indices on July 8, including the FTSE All-World Index, the FTSE Global Large Cap Index, and the FTSE Emerging Markets Index.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-07/doc-ikqcfnca5426011.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/e10cd7b688e3d7f9f31deec226950e1e","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-07/doc-ikqcfnca5426011.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2149360103","content_text":"富时罗素表示，仍将按计划于7月8日将滴滴纳入其全球指数，除非这家中国打车软件公司的股票周三在美国市场暂停交易。\n富时罗素在其网站上的一份声明中表示：“如果滴滴全球的ADS在周三美国市场交易时段暂停交易，富时罗素将根据暂停交易和关闭市场的指数政策，不进行快速纳入和监控。”\n富时罗素上周四宣布，滴滴将于7月8日被纳入其全球股票指数，包括富时世界指数（FTSE All-World Index），富时全球大盘指数（FTSE Global Large Cap Index）和富时新兴市场指数（FTSE Emerging Index）。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":1973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157322181,"gmtCreate":1625567645043,"gmtModify":1703743896273,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/157322181","repostId":"1131736435","repostType":4,"repost":{"id":"1131736435","kind":"news","pubTimestamp":1625567347,"share":"https://ttm.financial/m/news/1131736435?lang=en_US&edition=fundamental","pubTime":"2021-07-06 18:29","market":"sh","language":"zh","title":"Suning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved","url":"https://stock-news.laohu8.com/highlight/detail?id=1131736435","media":"钛媒体","summary":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股","content":"<p>The boots finally hit the ground. On the evening of July 5th, Suning.com announced that it planned to transfer 16.96% of its shares to the second phase of Jiangsu Xinxin Retail Innovation Fund, which is composed of Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL, Xiaomi and other investors. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan of bail-out funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders, and their shareholding ratio drops from 24.94% to 20.35%; The direct shareholding ratio of Taobao China remained unchanged at 19.99%, making it the second largest shareholder; Xinxin Retail Fund Phase II obtained 16.96% equity and Jiangsu Xinxin Retail Innovation Fund held 5.59% shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.com entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. However, compared with the market value at the beginning of this year, Suning has dropped by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since it fell into the liquidity crisis in 2020, got a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.cn, the main business with a loss of over 4 billion yuan in 2020, is still a problem to be solved in Suning.</p><p>Shenzhen's state-owned assets withdrew, Ali did not fully take over</p><p>Since 2020, Suning has been in a liquidity crisis. According to the statistics of public channels, the scale of Suning's surviving corporate bonds is as high as about 40 billion yuan, and the total amount of various debts due in 2021 is about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and some of the debt crisis was lifted by Evergrande's backdoor listing of deep and deep houses. In the end, however, Zhang Jindong's \"big gamble\", the founder of Suning, ended with the failure of Evergrande's backdoor listing. On the surface, the 20 billion yuan share capital actually became Evergrande's debt from Suning. Evergrande, which is also burdened with hundreds of billions of debts, is difficult to return this money to Suning in the short term.</p><p>Therefore, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to draw funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan of emergency funds; Jiangsu Suning Football Club was shut down, and even once it was rumored that staff dormitory buildings were sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of its shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right may be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Through Kunpeng Capital and Shenzhen International, Shenzhen State-owned Assets acquired a total of 23% shares of Suning.cn at a price of 9.663 billion yuan and 5.154 billion yuan, so Shenzhen State-owned Assets will become the largest shareholder of Suning. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu state-owned assets may enter the market to take over.</p><p>\"Ali's entry into the market is also a good thing for Suning.\" A Suning insider once told Titanium Media that Suning's core problem is that the executives of the business (below) are not good, and Ali's entry into the market will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali did not fully take over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that Ali and the second phase of the new retail fund did not have a concerted action relationship. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and they will exercise their voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders of Suning.cn, but Suning.cn has no controlling shareholder directly or indirectly holding more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Loss of main business remains to be solved</b></p><p>Although the entry of new shareholders has solved the urgent need of Suning's \"lack of money\", how Suning.cn, as Suning's main business, can get out of the quagmire of losses is still a problem.</p><p>According to the financial report data, since 2012, Suning.com's operating profit has been in a state of loss almost every year except in 2018. In order to achieve the positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.com's net profit has turned positive. In 2016, Suning.com once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba's shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.com did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investment with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.com Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of the core business and blindly expanding has increased the tension of Suning.com's cash flow. In the early days, Suning.cn could cover up its operating losses through asset mobilization. But in the long run, when there is a thunderstorm in a certain link, a series of crises will be triggered, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.cn quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects its net loss to reach 2.5 billion yuan-3.2 billion yuan in the first half of 2021, compared with a loss of 167 million yuan in the same period of last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.com. If others can be guaranteed, they will be kept, and if they can't, they will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company to further focus on retail business. The future development of Suning.com will be further clarified, which will enhance credit and efficiency for listed companies in the short term and restore liquidity.</p><p>However, in the face of the increasingly fierce e-commerce competition, asset mobilization has been unable to support the positive profit and the debt problem that has still not been fully solved. There are still many questions about how Suning will break the situation and move forward.</p>","source":"taimeiti","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>Suning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved</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\">\nSuning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">钛媒体</strong><span class=\"h-time small\">2021-07-06 18:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The boots finally hit the ground. On the evening of July 5th, Suning.com announced that it planned to transfer 16.96% of its shares to the second phase of Jiangsu Xinxin Retail Innovation Fund, which is composed of Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL, Xiaomi and other investors. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan of bail-out funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders, and their shareholding ratio drops from 24.94% to 20.35%; The direct shareholding ratio of Taobao China remained unchanged at 19.99%, making it the second largest shareholder; Xinxin Retail Fund Phase II obtained 16.96% equity and Jiangsu Xinxin Retail Innovation Fund held 5.59% shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.com entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. However, compared with the market value at the beginning of this year, Suning has dropped by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since it fell into the liquidity crisis in 2020, got a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.cn, the main business with a loss of over 4 billion yuan in 2020, is still a problem to be solved in Suning.</p><p>Shenzhen's state-owned assets withdrew, Ali did not fully take over</p><p>Since 2020, Suning has been in a liquidity crisis. According to the statistics of public channels, the scale of Suning's surviving corporate bonds is as high as about 40 billion yuan, and the total amount of various debts due in 2021 is about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and some of the debt crisis was lifted by Evergrande's backdoor listing of deep and deep houses. In the end, however, Zhang Jindong's \"big gamble\", the founder of Suning, ended with the failure of Evergrande's backdoor listing. On the surface, the 20 billion yuan share capital actually became Evergrande's debt from Suning. Evergrande, which is also burdened with hundreds of billions of debts, is difficult to return this money to Suning in the short term.</p><p>Therefore, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to draw funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan of emergency funds; Jiangsu Suning Football Club was shut down, and even once it was rumored that staff dormitory buildings were sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of its shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right may be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Through Kunpeng Capital and Shenzhen International, Shenzhen State-owned Assets acquired a total of 23% shares of Suning.cn at a price of 9.663 billion yuan and 5.154 billion yuan, so Shenzhen State-owned Assets will become the largest shareholder of Suning. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu state-owned assets may enter the market to take over.</p><p>\"Ali's entry into the market is also a good thing for Suning.\" A Suning insider once told Titanium Media that Suning's core problem is that the executives of the business (below) are not good, and Ali's entry into the market will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali did not fully take over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that Ali and the second phase of the new retail fund did not have a concerted action relationship. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and they will exercise their voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders of Suning.cn, but Suning.cn has no controlling shareholder directly or indirectly holding more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Loss of main business remains to be solved</b></p><p>Although the entry of new shareholders has solved the urgent need of Suning's \"lack of money\", how Suning.cn, as Suning's main business, can get out of the quagmire of losses is still a problem.</p><p>According to the financial report data, since 2012, Suning.com's operating profit has been in a state of loss almost every year except in 2018. In order to achieve the positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.com's net profit has turned positive. In 2016, Suning.com once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba's shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.com did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investment with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.com Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of the core business and blindly expanding has increased the tension of Suning.com's cash flow. In the early days, Suning.cn could cover up its operating losses through asset mobilization. But in the long run, when there is a thunderstorm in a certain link, a series of crises will be triggered, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.cn quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects its net loss to reach 2.5 billion yuan-3.2 billion yuan in the first half of 2021, compared with a loss of 167 million yuan in the same period of last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.com. If others can be guaranteed, they will be kept, and if they can't, they will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company to further focus on retail business. The future development of Suning.com will be further clarified, which will enhance credit and efficiency for listed companies in the short term and restore liquidity.</p><p>However, in the face of the increasingly fierce e-commerce competition, asset mobilization has been unable to support the positive profit and the debt problem that has still not been fully solved. There are still many questions about how Suning will break the situation and move forward.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.tmtpost.com/5457622.html\">钛媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64cd4e9d34d765eb6c97b06d579f7f39","relate_stocks":{"002024":"ST易购"},"source_url":"https://www.tmtpost.com/5457622.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131736435","content_text":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股东，苏宁将处于无控股股东、无实际控制人状态。\n从这笔交易中，苏宁方面获得了88.25亿元的纾困资金。此次股权转让价格为5.59元/股，为苏宁此次停牌前最后一个交易日的收盘价。\n此次交易完成后，苏宁创始人张近东及其一致行动人苏宁控股集团仍为第一大股东，持股比例从24.94%下降到20.35%；淘宝中国直接持股的比例不变为19.99%，为第二大股东；新新零售基金二期获得16.96%股权、江苏新新零售创新基金持股5.59%，分别为第三、四大股东。\n\n7月6日上午，苏宁易购在开盘不久即进入涨停。截至今日收盘，苏宁报每股6.15元，总市值572.57亿元。但相较于今年年初市值，苏宁已经下跌超过20%。\n从目前的局面来看，自2020年陷入流动性危机后频繁出售资产的苏宁，在此次股权交易中得到了暂时的喘息。但是，由于电商行业竞争激烈，2020年亏损超40亿元的主营业务——苏宁易购如何摆脱亏损的泥潭，仍然是苏宁一个待解难题。\n深圳国资退出，阿里未完全接盘\n自2020年起，苏宁便陷入了流动性危机。根据公开渠道的数据统计，苏宁公司存续的公司债规模高达400亿元左右，2021到期的各类债务总计约160亿元。\n此前，苏宁曾以200亿元入股恒大，借由恒大借壳深深房上市的方式解除部分债务危机。不过最终，苏宁创始人张近东这次“豪赌”以恒大借壳上市失败而收尾，明面上200亿元的入股资金实际成为了恒大向苏宁的借债。而同样背负着数千亿债务的恒大，短期内很难将这笔钱还给苏宁。\n于是，这次入股失败直接成为了压倒苏宁的最后一根稻草。\n随后，苏宁开始从各个部分抽调资金。比如，张近东主要持股平台的苏宁控股集团的全部股份质押给阿里巴巴，以此获得10亿元资金救急；关停江苏苏宁足球俱乐部，甚至一度传出出售员工宿舍楼来筹措资金。\n在多方尝试后，苏宁最终选择出售大比例股份求生。2月25日，苏宁易购突发公告，大股东拟转让整个公司至少20%的股份，控制权或将变更。\n3天后，深圳国资宣布与苏宁签订股份转让框架协议。深圳国资通过鲲鹏资本和深圳国际以96.63亿元、51.54亿元的价格，合计收购苏宁易购23%的股份，深圳国资由此将成为苏宁第一大股东。不过，这笔投资最终还是没有实际达成，随后传出阿里和江苏国资可能进场接盘。\n“阿里进场，对于苏宁来说也是好事。”一位苏宁内部人士曾对钛媒体表示，苏宁的核心问题是（底下）业务的高管不行，阿里进场会“洗掉”一拨人。\n但根据苏宁此次发布的公告，阿里方面并未完全接盘苏宁。\n此次引入新投资方后，虽然阿里巴巴成为了新零售基金二期的产业投资人之一，但苏宁并未披露阿里巴巴在基金中的持股比例，且称阿里和新新零售基金二期不存在一致行动关系。同时，苏宁方面还在公告中表示，此次阿里作为有限合伙人参与本次交易的目的、形式与淘宝中国2016年投资入股苏宁均不相同，将基于各自投资目的行使表决权。\n这就意味着，成为新新零售基金二期有限合伙人的阿里巴巴，在苏宁的持股比例并未扩大。张近东和其一致行动人苏宁控股集团仍为苏宁易购第一大股东，但苏宁易购不存在直接或者间接持股50%以上的控股股东，也不存在实际支配公司股份表决权超过30%的股东。\n主营业务亏损仍待解\n虽然新的股东方进入解决了苏宁“缺钱”的燃眉之急，但苏宁易购作为苏宁主营业务该如何走出亏损泥潭，仍然是一个问题。\n根据财报数据，自2012年以来，苏宁易购的营业利润除2018年外，几乎处于年年亏损的状态。为了实现净利润的正向表现，苏宁惯常的做法是“频繁变卖资产”。\n比如，2015年苏宁易购将旗下PPTV68%的股权，以25.81亿元出售给苏宁控股旗下的苏宁文化。利用这种集团资金输血的方式，苏宁易购的净利润得以转正。2016年，苏宁易购再次以类似的方式，将亏损的北京京朝苏宁电器出售给苏宁电器，再次扭亏。随后两年，苏宁三次出售阿里巴巴股票，分别获利33亿元和110亿元，占到了当年净利润的绝大多数份额。\n而在出售资产的同时，苏宁易购并没有实质提高盈利能力，反而在扩张的道路上越走越深。\n从2015年到2019年，苏宁易购对外总计投资额超过了700亿元。其中，包括22亿元收购PPTV、42亿元收购天天快递、95亿元入股万达商业、27亿元收购万达百货、48亿元收购家乐福中国等。\n除此之外，苏宁还以苏宁控股、苏宁置业、苏宁电器三大集团为主题进行了大量投资。如苏宁20亿元收购国际米兰70%股权、5.23亿元接收国内足球俱乐部，同时还包括苏宁置业旗下37家苏宁易购广场。\n但是，屡次的收购并没有带来更多实质性的收益，反而这种不注重核心业务盈利能力、一味扩张的方式，更加大了苏宁易购现金流的紧张程度。早期，苏宁易购通过资产腾挪还能掩盖经营亏损。但长此以往，当某个环节出现暴雷，就会引发一系列危机，亏损也会立刻传导到上市公司。\n根据公开的财务数据，苏宁易购在2019年全年实现了98.43亿元的净利润。但是，在遭遇流动性危机的2020年，苏宁易购很快就由盈转亏，净亏损达到42.75亿元。而根据最新公告，苏宁易购预计2021年上半年净亏损将达到25亿元-32亿元，上年同期亏损1.67亿元，同比亏损至少将增大近15倍。\n“现在，苏宁的（做法）就是全力保住最值钱的苏宁易购，其他的能保就保住，不能保就破产。”上述苏宁内部人士对钛媒体表示。\n事实上，苏宁官方也强调此次引进战略投资者后，有利于公司进一步聚焦零售业务。苏宁易购未来发展将进一步明朗化，短期为上市公司实现增信增效，恢复流动性。\n不过，面对日益激烈的电商竞争格局，资产腾挪已无力支撑利润转正和依然未能完全解决的债务问题，苏宁将如何破局前行，依然存在着诸多疑问。","news_type":1,"symbols_score_info":{"002024":0.9}},"isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157322914,"gmtCreate":1625567622138,"gmtModify":1703743895456,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157322914","repostId":"1131736435","repostType":4,"repost":{"id":"1131736435","kind":"news","pubTimestamp":1625567347,"share":"https://ttm.financial/m/news/1131736435?lang=en_US&edition=fundamental","pubTime":"2021-07-06 18:29","market":"sh","language":"zh","title":"Suning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved","url":"https://stock-news.laohu8.com/highlight/detail?id=1131736435","media":"钛媒体","summary":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股","content":"<p>The boots finally hit the ground. On the evening of July 5th, Suning.com announced that it planned to transfer 16.96% of its shares to the second phase of Jiangsu Xinxin Retail Innovation Fund, which is composed of Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL, Xiaomi and other investors. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan of bail-out funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders, and their shareholding ratio drops from 24.94% to 20.35%; The direct shareholding ratio of Taobao China remained unchanged at 19.99%, making it the second largest shareholder; Xinxin Retail Fund Phase II obtained 16.96% equity and Jiangsu Xinxin Retail Innovation Fund held 5.59% shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.com entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. However, compared with the market value at the beginning of this year, Suning has dropped by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since it fell into the liquidity crisis in 2020, got a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.cn, the main business with a loss of over 4 billion yuan in 2020, is still a problem to be solved in Suning.</p><p>Shenzhen's state-owned assets withdrew, Ali did not fully take over</p><p>Since 2020, Suning has been in a liquidity crisis. According to the statistics of public channels, the scale of Suning's surviving corporate bonds is as high as about 40 billion yuan, and the total amount of various debts due in 2021 is about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and some of the debt crisis was lifted by Evergrande's backdoor listing of deep and deep houses. In the end, however, Zhang Jindong's \"big gamble\", the founder of Suning, ended with the failure of Evergrande's backdoor listing. On the surface, the 20 billion yuan share capital actually became Evergrande's debt from Suning. Evergrande, which is also burdened with hundreds of billions of debts, is difficult to return this money to Suning in the short term.</p><p>Therefore, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to draw funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan of emergency funds; Jiangsu Suning Football Club was shut down, and even once it was rumored that staff dormitory buildings were sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of its shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right may be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Through Kunpeng Capital and Shenzhen International, Shenzhen State-owned Assets acquired a total of 23% shares of Suning.cn at a price of 9.663 billion yuan and 5.154 billion yuan, so Shenzhen State-owned Assets will become the largest shareholder of Suning. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu state-owned assets may enter the market to take over.</p><p>\"Ali's entry into the market is also a good thing for Suning.\" A Suning insider once told Titanium Media that Suning's core problem is that the executives of the business (below) are not good, and Ali's entry into the market will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali did not fully take over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that Ali and the second phase of the new retail fund did not have a concerted action relationship. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and they will exercise their voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders of Suning.cn, but Suning.cn has no controlling shareholder directly or indirectly holding more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Loss of main business remains to be solved</b></p><p>Although the entry of new shareholders has solved the urgent need of Suning's \"lack of money\", how Suning.cn, as Suning's main business, can get out of the quagmire of losses is still a problem.</p><p>According to the financial report data, since 2012, Suning.com's operating profit has been in a state of loss almost every year except in 2018. In order to achieve the positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.com's net profit has turned positive. In 2016, Suning.com once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba's shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.com did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investment with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.com Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of the core business and blindly expanding has increased the tension of Suning.com's cash flow. In the early days, Suning.cn could cover up its operating losses through asset mobilization. But in the long run, when there is a thunderstorm in a certain link, a series of crises will be triggered, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.cn quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects its net loss to reach 2.5 billion yuan-3.2 billion yuan in the first half of 2021, compared with a loss of 167 million yuan in the same period of last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.com. If others can be guaranteed, they will be kept, and if they can't, they will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company to further focus on retail business. The future development of Suning.com will be further clarified, which will enhance credit and efficiency for listed companies in the short term and restore liquidity.</p><p>However, in the face of the increasingly fierce e-commerce competition, asset mobilization has been unable to support the positive profit and the debt problem that has still not been fully solved. There are still many questions about how Suning will break the situation and move forward.</p>","source":"taimeiti","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>Suning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved</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\">\nSuning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">钛媒体</strong><span class=\"h-time small\">2021-07-06 18:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The boots finally hit the ground. On the evening of July 5th, Suning.com announced that it planned to transfer 16.96% of its shares to the second phase of Jiangsu Xinxin Retail Innovation Fund, which is composed of Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL, Xiaomi and other investors. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan of bail-out funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders, and their shareholding ratio drops from 24.94% to 20.35%; The direct shareholding ratio of Taobao China remained unchanged at 19.99%, making it the second largest shareholder; Xinxin Retail Fund Phase II obtained 16.96% equity and Jiangsu Xinxin Retail Innovation Fund held 5.59% shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.com entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. However, compared with the market value at the beginning of this year, Suning has dropped by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since it fell into the liquidity crisis in 2020, got a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.cn, the main business with a loss of over 4 billion yuan in 2020, is still a problem to be solved in Suning.</p><p>Shenzhen's state-owned assets withdrew, Ali did not fully take over</p><p>Since 2020, Suning has been in a liquidity crisis. According to the statistics of public channels, the scale of Suning's surviving corporate bonds is as high as about 40 billion yuan, and the total amount of various debts due in 2021 is about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and some of the debt crisis was lifted by Evergrande's backdoor listing of deep and deep houses. In the end, however, Zhang Jindong's \"big gamble\", the founder of Suning, ended with the failure of Evergrande's backdoor listing. On the surface, the 20 billion yuan share capital actually became Evergrande's debt from Suning. Evergrande, which is also burdened with hundreds of billions of debts, is difficult to return this money to Suning in the short term.</p><p>Therefore, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to draw funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan of emergency funds; Jiangsu Suning Football Club was shut down, and even once it was rumored that staff dormitory buildings were sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of its shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right may be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Through Kunpeng Capital and Shenzhen International, Shenzhen State-owned Assets acquired a total of 23% shares of Suning.cn at a price of 9.663 billion yuan and 5.154 billion yuan, so Shenzhen State-owned Assets will become the largest shareholder of Suning. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu state-owned assets may enter the market to take over.</p><p>\"Ali's entry into the market is also a good thing for Suning.\" A Suning insider once told Titanium Media that Suning's core problem is that the executives of the business (below) are not good, and Ali's entry into the market will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali did not fully take over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that Ali and the second phase of the new retail fund did not have a concerted action relationship. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and they will exercise their voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders of Suning.cn, but Suning.cn has no controlling shareholder directly or indirectly holding more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Loss of main business remains to be solved</b></p><p>Although the entry of new shareholders has solved the urgent need of Suning's \"lack of money\", how Suning.cn, as Suning's main business, can get out of the quagmire of losses is still a problem.</p><p>According to the financial report data, since 2012, Suning.com's operating profit has been in a state of loss almost every year except in 2018. In order to achieve the positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.com's net profit has turned positive. In 2016, Suning.com once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba's shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.com did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investment with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.com Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of the core business and blindly expanding has increased the tension of Suning.com's cash flow. In the early days, Suning.cn could cover up its operating losses through asset mobilization. But in the long run, when there is a thunderstorm in a certain link, a series of crises will be triggered, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.cn quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects its net loss to reach 2.5 billion yuan-3.2 billion yuan in the first half of 2021, compared with a loss of 167 million yuan in the same period of last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.com. If others can be guaranteed, they will be kept, and if they can't, they will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company to further focus on retail business. The future development of Suning.com will be further clarified, which will enhance credit and efficiency for listed companies in the short term and restore liquidity.</p><p>However, in the face of the increasingly fierce e-commerce competition, asset mobilization has been unable to support the positive profit and the debt problem that has still not been fully solved. There are still many questions about how Suning will break the situation and move forward.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.tmtpost.com/5457622.html\">钛媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64cd4e9d34d765eb6c97b06d579f7f39","relate_stocks":{"002024":"ST易购"},"source_url":"https://www.tmtpost.com/5457622.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131736435","content_text":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股东，苏宁将处于无控股股东、无实际控制人状态。\n从这笔交易中，苏宁方面获得了88.25亿元的纾困资金。此次股权转让价格为5.59元/股，为苏宁此次停牌前最后一个交易日的收盘价。\n此次交易完成后，苏宁创始人张近东及其一致行动人苏宁控股集团仍为第一大股东，持股比例从24.94%下降到20.35%；淘宝中国直接持股的比例不变为19.99%，为第二大股东；新新零售基金二期获得16.96%股权、江苏新新零售创新基金持股5.59%，分别为第三、四大股东。\n\n7月6日上午，苏宁易购在开盘不久即进入涨停。截至今日收盘，苏宁报每股6.15元，总市值572.57亿元。但相较于今年年初市值，苏宁已经下跌超过20%。\n从目前的局面来看，自2020年陷入流动性危机后频繁出售资产的苏宁，在此次股权交易中得到了暂时的喘息。但是，由于电商行业竞争激烈，2020年亏损超40亿元的主营业务——苏宁易购如何摆脱亏损的泥潭，仍然是苏宁一个待解难题。\n深圳国资退出，阿里未完全接盘\n自2020年起，苏宁便陷入了流动性危机。根据公开渠道的数据统计，苏宁公司存续的公司债规模高达400亿元左右，2021到期的各类债务总计约160亿元。\n此前，苏宁曾以200亿元入股恒大，借由恒大借壳深深房上市的方式解除部分债务危机。不过最终，苏宁创始人张近东这次“豪赌”以恒大借壳上市失败而收尾，明面上200亿元的入股资金实际成为了恒大向苏宁的借债。而同样背负着数千亿债务的恒大，短期内很难将这笔钱还给苏宁。\n于是，这次入股失败直接成为了压倒苏宁的最后一根稻草。\n随后，苏宁开始从各个部分抽调资金。比如，张近东主要持股平台的苏宁控股集团的全部股份质押给阿里巴巴，以此获得10亿元资金救急；关停江苏苏宁足球俱乐部，甚至一度传出出售员工宿舍楼来筹措资金。\n在多方尝试后，苏宁最终选择出售大比例股份求生。2月25日，苏宁易购突发公告，大股东拟转让整个公司至少20%的股份，控制权或将变更。\n3天后，深圳国资宣布与苏宁签订股份转让框架协议。深圳国资通过鲲鹏资本和深圳国际以96.63亿元、51.54亿元的价格，合计收购苏宁易购23%的股份，深圳国资由此将成为苏宁第一大股东。不过，这笔投资最终还是没有实际达成，随后传出阿里和江苏国资可能进场接盘。\n“阿里进场，对于苏宁来说也是好事。”一位苏宁内部人士曾对钛媒体表示，苏宁的核心问题是（底下）业务的高管不行，阿里进场会“洗掉”一拨人。\n但根据苏宁此次发布的公告，阿里方面并未完全接盘苏宁。\n此次引入新投资方后，虽然阿里巴巴成为了新零售基金二期的产业投资人之一，但苏宁并未披露阿里巴巴在基金中的持股比例，且称阿里和新新零售基金二期不存在一致行动关系。同时，苏宁方面还在公告中表示，此次阿里作为有限合伙人参与本次交易的目的、形式与淘宝中国2016年投资入股苏宁均不相同，将基于各自投资目的行使表决权。\n这就意味着，成为新新零售基金二期有限合伙人的阿里巴巴，在苏宁的持股比例并未扩大。张近东和其一致行动人苏宁控股集团仍为苏宁易购第一大股东，但苏宁易购不存在直接或者间接持股50%以上的控股股东，也不存在实际支配公司股份表决权超过30%的股东。\n主营业务亏损仍待解\n虽然新的股东方进入解决了苏宁“缺钱”的燃眉之急，但苏宁易购作为苏宁主营业务该如何走出亏损泥潭，仍然是一个问题。\n根据财报数据，自2012年以来，苏宁易购的营业利润除2018年外，几乎处于年年亏损的状态。为了实现净利润的正向表现，苏宁惯常的做法是“频繁变卖资产”。\n比如，2015年苏宁易购将旗下PPTV68%的股权，以25.81亿元出售给苏宁控股旗下的苏宁文化。利用这种集团资金输血的方式，苏宁易购的净利润得以转正。2016年，苏宁易购再次以类似的方式，将亏损的北京京朝苏宁电器出售给苏宁电器，再次扭亏。随后两年，苏宁三次出售阿里巴巴股票，分别获利33亿元和110亿元，占到了当年净利润的绝大多数份额。\n而在出售资产的同时，苏宁易购并没有实质提高盈利能力，反而在扩张的道路上越走越深。\n从2015年到2019年，苏宁易购对外总计投资额超过了700亿元。其中，包括22亿元收购PPTV、42亿元收购天天快递、95亿元入股万达商业、27亿元收购万达百货、48亿元收购家乐福中国等。\n除此之外，苏宁还以苏宁控股、苏宁置业、苏宁电器三大集团为主题进行了大量投资。如苏宁20亿元收购国际米兰70%股权、5.23亿元接收国内足球俱乐部，同时还包括苏宁置业旗下37家苏宁易购广场。\n但是，屡次的收购并没有带来更多实质性的收益，反而这种不注重核心业务盈利能力、一味扩张的方式，更加大了苏宁易购现金流的紧张程度。早期，苏宁易购通过资产腾挪还能掩盖经营亏损。但长此以往，当某个环节出现暴雷，就会引发一系列危机，亏损也会立刻传导到上市公司。\n根据公开的财务数据，苏宁易购在2019年全年实现了98.43亿元的净利润。但是，在遭遇流动性危机的2020年，苏宁易购很快就由盈转亏，净亏损达到42.75亿元。而根据最新公告，苏宁易购预计2021年上半年净亏损将达到25亿元-32亿元，上年同期亏损1.67亿元，同比亏损至少将增大近15倍。\n“现在，苏宁的（做法）就是全力保住最值钱的苏宁易购，其他的能保就保住，不能保就破产。”上述苏宁内部人士对钛媒体表示。\n事实上，苏宁官方也强调此次引进战略投资者后，有利于公司进一步聚焦零售业务。苏宁易购未来发展将进一步明朗化，短期为上市公司实现增信增效，恢复流动性。\n不过，面对日益激烈的电商竞争格局，资产腾挪已无力支撑利润转正和依然未能完全解决的债务问题，苏宁将如何破局前行，依然存在着诸多疑问。","news_type":1,"symbols_score_info":{"002024":0.9}},"isVote":1,"tweetType":1,"viewCount":1886,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155171650,"gmtCreate":1625395593570,"gmtModify":1703741236367,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/155171650","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","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":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"hk","language":"zh","title":"Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></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>Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.</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\">\nReminder: US stocks will be closed on July 5th due to the US Independence Day holiday.\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\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151647044,"gmtCreate":1625091516288,"gmtModify":1703735785702,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151647044","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","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":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is understood that the Hong Kong stock market will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday). The specific arrangements are as follows<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on Thursday, July 1st. The market will reopen as usual on Friday, July 2.</p><p><b>US stocks, A-shares, UK stocks, Australian stocks, and Singapore markets will continue to trade as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided from June 30 (Wednesday) to July 1 (Thursday), but will resume as usual from July 2 (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be available on Thursday, July 1st, but will resume as usual on Friday, July 2nd.</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>Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.</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\">\nReminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.\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\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is understood that the Hong Kong stock market will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday). The specific arrangements are as follows<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on Thursday, July 1st. The market will reopen as usual on Friday, July 2.</p><p><b>US stocks, A-shares, UK stocks, Australian stocks, and Singapore markets will continue to trade as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided from June 30 (Wednesday) to July 1 (Thursday), but will resume as usual from July 2 (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be available on Thursday, July 1st, but will resume as usual on Friday, July 2nd.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151091798,"gmtCreate":1625055912414,"gmtModify":1703734968393,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151091798","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","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":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is understood that the Hong Kong stock market will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday). The specific arrangements are as follows<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on Thursday, July 1st. The market will reopen as usual on Friday, July 2.</p><p><b>US stocks, A-shares, UK stocks, Australian stocks, and Singapore markets will continue to trade as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided from June 30 (Wednesday) to July 1 (Thursday), but will resume as usual from July 2 (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be available on Thursday, July 1st, but will resume as usual on Friday, July 2nd.</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>Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.</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\">\nReminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.\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\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is understood that the Hong Kong stock market will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday). The specific arrangements are as follows<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on Thursday, July 1st. The market will reopen as usual on Friday, July 2.</p><p><b>US stocks, A-shares, UK stocks, Australian stocks, and Singapore markets will continue to trade as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided from June 30 (Wednesday) to July 1 (Thursday), but will resume as usual from July 2 (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be available on Thursday, July 1st, but will resume as usual on Friday, July 2nd.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159854612,"gmtCreate":1624957778636,"gmtModify":1703848815390,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/159854612","repostId":"2147851551","repostType":4,"isVote":1,"tweetType":1,"viewCount":1283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127115153,"gmtCreate":1624839517172,"gmtModify":1703845757611,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127115153","repostId":"1165215748","repostType":4,"repost":{"id":"1165215748","kind":"news","pubTimestamp":1624762603,"share":"https://ttm.financial/m/news/1165215748?lang=en_US&edition=fundamental","pubTime":"2021-06-27 10:56","market":"us","language":"zh","title":"3.2 billion yuan in margin calls occurred in 24 hours, cryptocurrencies collapsed across the board, and mining rigs were sold off at 50% off.","url":"https://stock-news.laohu8.com/highlight/detail?id=1165215748","media":"中国证券报","summary":"北京时间6月26日晚间，比特币再度暴跌，一度下探30000美元，将这半年积累的涨幅悉数跌去。\n这也是比特币本月第二次跌至30000美元，彻底粉碎了炒币者的信心。\n仅仅两个月，虚拟货币市场的风向就出现了","content":"<p><div>On the evening of June 26, Beijing time, Bitcoin shares plummeted again, once hitting $30,000, wiping out all the gains accumulated over the past six months. This marks the second time this month that Bitcoin has fallen to $30,000, completely shattering the confidence of cryptocurrency traders. In just two months, the trend in the cryptocurrency market has reversed dramatically. Cryptocurrencies collapsed across the board. On the evening of June 26, Beijing time, after three days of fluctuating around the $30,000 level, Bitcoin prices plummeted, falling by more than 53.5% from the year's high of $64,900 on April 14. The price has now returned to what Tesla CEO Elon Musk said earlier this year...</p><p><a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">Web page link</a></div></p>","source":"zgzqb","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>3.2 billion yuan in margin calls occurred in 24 hours, cryptocurrencies collapsed across the board, and mining rigs were sold off at 50% off.</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\">\n3.2 billion yuan in margin calls occurred in 24 hours, cryptocurrencies collapsed across the board, and mining rigs were sold off at 50% off.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-06-27 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On the evening of June 26, Beijing time, Bitcoin shares plummeted again, once hitting $30,000, wiping out all the gains accumulated over the past six months. This marks the second time this month that Bitcoin has fallen to $30,000, completely shattering the confidence of cryptocurrency traders. In just two months, the trend in the cryptocurrency market has reversed dramatically. Cryptocurrencies collapsed across the board. On the evening of June 26, Beijing time, after three days of fluctuating around the $30,000 level, Bitcoin prices plummeted, falling by more than 53.5% from the year's high of $64,900 on April 14. The price has now returned to what Tesla CEO Elon Musk said earlier this year...</p><p><a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f76545b6ea7eb27730ee55d40b45ce15","relate_stocks":{"EBON":"亿邦国际"},"source_url":"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165215748","content_text":"北京时间6月26日晚间，比特币再度暴跌，一度下探30000美元，将这半年积累的涨幅悉数跌去。\n这也是比特币本月第二次跌至30000美元，彻底粉碎了炒币者的信心。\n仅仅两个月，虚拟货币市场的风向就出现了大逆转。\n虚拟货币全线崩溃\n北京时间6月26日晚间，在30000美元一线拉扯3天之后，比特币价格急转直下，较4月14日的年内最高价64900美元，跌超53.5%。目前价格已回归至今年初特斯拉CEO埃隆·马斯克力推比特币之前的水平。\n\n图片来源：欧易\nUAlCoin数据显示，虚拟货币合约一日内共爆仓超32亿元人民币，超3万多头遭血洗。\n\n图片来源：UAlCoin\nglassnode数据显示，比特币交易活跃地址数量已创下今年以来新低，比特币的交易活跃度回落至今年的底部区间，关注的人数逐渐减少。\n\n图片来源：alternative.me\nalternative.me显示，6月27日，虚拟货币交易情绪指数降至20，处于极度恐慌状态。最近一周，市场的恐慌情绪格外严重。\n百度搜索指数显示，比特币搜索量继续降低，市场关注度明显回落。\n虚拟货币投资者林海（化名）对中国证券报记者表示：“比特币刚开始跌的时候，炒币群里还一片谈笑风生，大家都在调侃什么时候加仓。自从这个月暴跌50%之后，群里都静悄悄的，大部分人不吭声了，群聊人数也开始减少，感觉快解散了。”\n有虚拟货币行情分析人士指出，比特币新增地址数近期持续下降，市场增量资金明显减少。从技术图上看，比特币上攻受阻，短线回落，考虑到上方抛压较大，短期走势逼近前期新低，反弹持续乏力，做空情绪浓厚，后续有深度回调的风险。\n特斯拉或抛售离场\n最近一周比特币价格徘徊在30000美元附近。分析师表示，很难预见比特币会出现转机。\n摩根大通团队分析师称，近期的市场是具有挑战性的。数据表明，虚拟货币的抛售是为了弥补损失，可能仍有大量低于实际价值的头寸需要通过市场清理。\n近日，摩根大通调查了来自1500多家机构的约3000名美国投资者。绝大多数参与者（占90%）表示他们的公司不会投资数字资产，80%的人声称他们永远不会进入加密货币市场。与此同时，五分之四的受访者表示，希望对虚拟货币采取更严格的限制。\n有市场人士猜测，近期比特币的下跌与马斯克对于比特币摇摆不定的态度有关，因为比特币挖矿消耗了大量能源与特斯拉的环保立场不符，特斯拉或将抛售比特币并拒绝比特币作为支付方式。目前相对脆弱的市场引发了散户的恐慌情绪。\n2月上旬，特斯拉宣布购入价值15亿美元的比特币，并透露将接受比特币作为付款方式。\n多位加密数字资产业内人士认为，这一消息是推动比特币价格从20000美元快速飙涨至60000美元的重要催化剂。然而，如今比特币的价格已经跌破当初特斯拉买入时的成本价，为特斯拉二季度的财报埋下隐患。\n根据市场预估，今年第一季度特斯拉开始投资比特币，并从中获得超过1亿美元的投资收益，占公司净利润将近四分之一。但比特币价格在二季度出现大幅调整，价格直接腰斩，若特斯拉未出售所持比特币，或造成接近1亿美元的投资损失。\n矿机遭5折甩卖\n币价腰斩，虚拟“挖矿”活动也不再活跃。\n虚拟货币“挖矿”活动的“重镇”四川省全面清理整顿挖矿行为，已经有一周时间。bytetree矿工生产和抛售累积数据数据显示，最近一周，矿工生产量和抛售量均出现下跌，显示出矿工抛售情绪明显上升，这或意味着更多矿工选择关机。\n\n图片来源：bytetree\n抛售矿机成为很多矿工的选择。大量二手矿机涌入市场，导致价格暴跌，与几个月前“一机难求“的火爆场面已是天差地别。\n一位矿机卖家指出, 原来用来交流的矿工群，现在已经用来卖变压器和矿机了。比特大陆S19jPRO-100T型号的矿机售价由7万多元腰斩至3万元左右。“只要能卖出去，什么价格都能接受。”\n\n图片来源：矿机卖家\n由于大量二手现货涌向市场，全球最大的加密货币矿机厂商比特大陆日前宣布，二手市场出货压力很大，为了帮助行业平稳过渡，决定全球暂时停售现货。","news_type":1,"symbols_score_info":{"EBON":0.9}},"isVote":1,"tweetType":1,"viewCount":2109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125586362,"gmtCreate":1624680346956,"gmtModify":1703843516651,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125586362","repostId":"1173114193","repostType":4,"repost":{"id":"1173114193","kind":"news","pubTimestamp":1624679118,"share":"https://ttm.financial/m/news/1173114193?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:45","market":"us","language":"zh","title":"Dark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173114193","media":"36氪","summary":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成","content":"<p>\"Every era needs its own brands and companies.\" \"A cup of hot tea upon entering, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious serving of fruit\"—the head of a business line at a Fortune 500 company calls this the \"Atour four-piece set.\"</p><p>Atour Group (hereinafter referred to as \"Atour\") was founded in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this name, originating from Atour Village in Yunnan, is like a fresh stream, flowing with nature, life and humanistic sentiments.</p><p>Those outside the industry may know Atour because of its viral IP cross-industry marketing activities, such as its partnership with...<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Themed hotels in collaboration with Cloud Music, etc.</p><p>For industry insiders, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Breaking through the three-way competition between Jinjiang, BTG, and BTG, Atour established its own consumer mindset in an era where budget hotels are deeply ingrained in people's hearts. It took the lead in proposing the concept of \"lifestyle brand\" and provided the entire hotel industry with an innovative approach of \"starting with hotels, not just hotels\".</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China by number of rooms.</b></p><p>More importantly,<b>Atour is about to enter the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"China's first new accommodation economy stock\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs at a pricing range of US$13.50 to US$15.50 per ADS, while granting underwriters an over-allotment option of 2.9617 million ADSs, with the aim of raising US$307 million to US$352 million.</p><p>Hillhouse Capital stated that it will subscribe at the initial public offering price and intends to subscribe to ADS worth $120 million. As cornerstone investors, renowned investment institutions demonstrate the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>The market is curious about what kind of innovative business model Atour has created, as well as its performance level. At the same time, Atour's core advantages over its peers and its future performance in the secondary market are the focus of market attention.</p><p>So, this article attempts to answer the above questions for you. (This is an opinion only and does not constitute investment advice.)</p><p><b>The \"experience-oriented\" approach makes hotels more than just sleeping.</b></p><p><b>\"Every era needs its own brands and companies.\"</b>Wang Haijun, founder and CEO of Atour, once expressed this sentiment.</p><p>Led by Wang Haijun, a group of veterans in the hotel industry gathered in an attempt to create a new era of hotel brands and enterprises. In retrospect, Atour may have become the result of their first dream.</p><p>In this era of continuous industrial and consumption upgrading, Wang Haijun no longer wants to create low-end hotels that can only meet guests' accommodation needs. Therefore, differentiating ourselves into the mid-to-high-end market and focusing on experience while meeting accommodation needs has become the development direction that Atour has been implementing to this day.</p><p><b>As a leading mid-to-high-end hotel chain in China, Atour already offers mid-range, mid-to-high-end, high-end, and...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Six brands in four major market segments</b>Specifically, this includes the mid-range brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"ATHOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour had 608 hotels in operation with over 70,000 rooms, covering 131 cities. At the same time, there were 299 hotels under development with over 30,000 rooms under development.</p><p>The differentiated market positioning stems from Atour's \"experience-oriented\" approach. The core of this approach lies in shifting from \"managing rooms\" to \"managing people.\" Furthermore, Atour has developed a set of \"standard and personalized\" service methods to ensure that services can keep pace with changes in consumer needs. According to a consumer survey by Huiping.com, Atour's overall satisfaction score has consistently ranked first among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, Atour believes that hotels are a natural setting for lifestyle experiences and the sale of daily necessities.</b>For example, when a customer finds a hotel mattress very comfortable, they can directly purchase the same mattress online. Atour has thus further upgraded from a chain hotel group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed 1,136 scenario-based retail SKUs. In 2019 and 2020, the GMV generated by the retail business was RMB 82.8 million and RMB 107.2 million, respectively, representing a year-on-year increase of 29.5%. The retail business GMV reached 32.6 million yuan in the first quarter of this year.</p><p>The scenario-based retail business, which extends from the \"experience-oriented\" concept, has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scenario retail revenue accounted for 4.5% of its total revenue, which is higher than the retail revenue generated by other domestic hotel chains.</b></p><p>Thanks to its mid-to-high-end market positioning and the development of its scenario-based retail business, which is popular among young people, Atour's audience is gradually focusing on high-net-worth users with a certain level of consumption.</p><p>First, in terms of geography, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. This means, to some extent, that the consumer spending level of Atour's hotels is not low.</p><p>Meanwhile, according to the prospectus, Atour users under the age of 30 account for over 24%, and these users contribute 35% of the transaction volume; The proportion of Atour users aged 30-40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour had more than 25 million members. From 2015 to 2020, Atour's membership grew at a compound annual growth rate of 79.6%. In the past two years, members have contributed 39.3% and 44.7% of room and night bookings, respectively, which is a relatively large proportion and is still growing.</p><p><b>Demonstrating resilience during the pandemic</b></p><p>Humanistic sentiments and content-filled spaces can win the hearts of consumers, but if Atour is to enter the capital market and directly face investors, it needs more impressive performance.</p><p>For the hotel industry, expansion requires money, and making money requires people to stay. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators for measuring hotel operations.</p><p>In early 2020, the sudden outbreak of the pandemic caught hotels of all sizes off guard. Atour has shown greater resilience during the pandemic.</p><p>Despite collectively \"falling\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>The annual revenue of Huazhu Group and Huazhu Group declined by 34% and 9% year-on-year, respectively.</p><p><b>The strong recovery and growth momentum continued into the first quarter of this year, with Atour's revenue increasing by 107.7% year-on-year and a net profit of 11.47 million yuan, turning a loss into a profit year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was RMB 119 million, cash flow from investing activities was RMB -106 million, and cash flow from financing activities was RMB 48.01 million. Currently, Atour is in a situation with positive cash flow from operating activities, negative cash flow from investing activities, and positive cash flow from financing activities. This means, to some extent, that it is still in a period of rapid expansion and is a high-growth company. High growth potential means that Atour's future has unlimited possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>In terms of occupancy rates and housing prices, Atour's business operations have recovered far faster than the industry average since the pandemic.</p><p>First, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, due to the impact of the pandemic, its occupancy rate, excluding hotels requisitioned under quarantine, was 67.1%. In April of this year, Atour Hotel's occupancy rate had recovered and exceeded pre-pandemic levels, reaching 80.4%. Data shows that over the past 10 years, as of the first quarter of 2021, the average annual occupancy rate of all star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020 when the pandemic broke out.</p><p>According to Fei Yu, president of Atour Group's Hotel BU, in September last year, Atour adopted a pricing strategy in February and March last year in order to rapidly increase the overall occupancy rate, which resulted in room prices bottoming out. However, in April and May of the same year, its housing prices rebounded strongly, and by September of last year, the overall housing price had recovered to 94% of the level of the same period last year. As of April this year, Atour's overall housing price has surpassed the pre-pandemic level, reaching 432.9 yuan, while the overall housing price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>Furthermore, breaking down Atour's revenue structure, Atour's revenue mainly comes from three parts: hotel management (i.e., franchise stores), hotel leasing (i.e., directly operated stores), and retail & others. Whether in terms of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models surpass directly operated stores, which is a major reason why Atour has strong risk resistance.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>Currently, Atour operates 575 franchise stores and only 33 directly operated stores. From 2015 to 2020, the number of Atour's franchised hotels grew at an average annual compound growth rate of 86.2%.</p><p>In 2020, the revenue share of Atour's franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the revenue share of directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>Franchise stores are the \"foundation\" of Atour, and franchisees are important partners of Atour Hotels.</b>Atour's management service solutions for franchisees and the benefits it brings to them have always been praised in the industry.</p><p>According to the prospectus, the investment recovery cycle for Atour franchisees is mostly 3 to 5 years after the hotel opens, making it one of the mid-to-high-end chain hotels with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and demonstrate high loyalty. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, former assistant president of China Construction, a real estate fund management, project management, and asset management service provider, once said, \"When we were researching the market reputation and operational status of mid-to-high-end hotel brands, our Atour partners left a deep impression on us. They not only communicated in detail about the current operational status of the hotels, but also talked about the management system behind Atour, as well as many things such as the key points and difficulties of later operations, the characteristics of customers, and why customers prefer our Atour brand.\"</p><p>In 2019, China Jianyuan franchised its sales office on Huihai South Road, the core economic zone of Beijing Capital International Airport, as Atour Hotel. The sales office has now been transformed into the best hotel in the area.</p><p><b>Atour's core advantages</b></p><p><b>Atour's core strengths lie in its mid-to-high-end positioning as a chain group and its lifestyle brands.</b></p><p><b>With its differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, as the penetration rate of mid-to-high-end hotels increases, Atour will further benefit. According to a Frost & Sullivan report, the compound average growth rate of the number of rooms in mid-to-high-end hotels was 25.7% from 2015 to 2019, while the overall chain hotel industry grew by 15.2% during the same period. The compound annual growth rate of the number of rooms in mid-to-high-end chain hotels is projected to be 18.9% from 2021 to 2025, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to-high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>Meanwhile, the low concentration of the mid-to-high-end hotel industry also allows Atour to firmly hold its position as the \"number one\" hotel brand. Currently, the top five in China<a href=\"https://laohu8.com/S/00045\">Big Hotel</a>The Group's total number of mid-to-high-end hotel rooms was 197,000, accounting for 31.8%, indicating a low concentration in the mid-to-high-end hotel industry. Among them, Atour has 58,000 mid-to-high-end rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle brands lies in brand tone and consumer loyalty.</b></p><p>On Xiaohongshu, the \"Beautiful Life Sharing Community,\" there are over 10,000 notes about Atour. Enter \"Atour\" in the search box, and the pop-up related words include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of everyday atmosphere beyond accommodation. Clicking through the related keywords receives rave reviews. During the pandemic quarantine period, the Atour Quarantine Hotel became a \"surprise\" for many netizens.</p><p>In fact, many hotels are expanding into scenario-based retail businesses. In contrast, Atour has a certain first-mover advantage and technological accumulation.</p><p>According to official introductions, Atour is the first hotel group in China to officially expand into scenario retail in the mid-to-high-end market. Currently, it has achieved a certain scale in brand integration and partner suppliers, and has established a strong consumer mindset and reputation.</p><p>As of the first quarter of 2021, Atour's scenario retail business had incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel: Atour Planet, Sahe, and Z2GO&CO.</p><p>Meanwhile, Atour has also introduced the DTC model for the production and sales of original lifestyle brands. DTC stands for Direct to Consumer, which means focusing on Consumer needs to guide manufacturers in their design, production, product selection, and marketing.</p><p><b>Furthermore, compared to traditional consumer brands, the hotel's natural lifestyle scenarios give Atour an advantage.</b>For example, each guest spends an average of 6-8 hours a day in the hotel, and there are many touchpoints for consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour be favored by investors in the secondary market?</p><p><b>Prior to its IPO, Atour secured three rounds of financing and boasted a formidable lineup of investors, including Legend Capital, Dehui Capital, and others.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, making him the largest shareholder and controlling 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2% of the shares, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>One important reason for choosing to list on the US stock market at this time may be that there are currently many favorable factors for Atour.</b></p><p>First, after the pandemic, the hotel industry accelerated its consolidation, and chain hotels are more favored by investors due to their strong resilience. Meanwhile, with the widespread availability of COVID-19 vaccines, the market is optimistic about the recovery of the hotel and tourism industry.</p><p>Regarding businesses valued by secondary market investors, Atour is expected to continue to benefit from the growth potential of its chain hotel and scenario retail businesses in the future.</p><p>According to a Frost & Sullivan report, the operating revenue of China's chain hotel industry increased from RMB 245.4 billion in 2015 to RMB 450 billion in 2019, with a compound annual growth rate of 16.4%. China's chain opening rate is only 31.5%, which still has considerable room for growth compared to the 72.9% in the United States.</p>","source":"36k","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>Dark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?</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\">\nDark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-26 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Every era needs its own brands and companies.\" \"A cup of hot tea upon entering, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious serving of fruit\"—the head of a business line at a Fortune 500 company calls this the \"Atour four-piece set.\"</p><p>Atour Group (hereinafter referred to as \"Atour\") was founded in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this name, originating from Atour Village in Yunnan, is like a fresh stream, flowing with nature, life and humanistic sentiments.</p><p>Those outside the industry may know Atour because of its viral IP cross-industry marketing activities, such as its partnership with...<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Themed hotels in collaboration with Cloud Music, etc.</p><p>For industry insiders, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Breaking through the three-way competition between Jinjiang, BTG, and BTG, Atour established its own consumer mindset in an era where budget hotels are deeply ingrained in people's hearts. It took the lead in proposing the concept of \"lifestyle brand\" and provided the entire hotel industry with an innovative approach of \"starting with hotels, not just hotels\".</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China by number of rooms.</b></p><p>More importantly,<b>Atour is about to enter the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"China's first new accommodation economy stock\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs at a pricing range of US$13.50 to US$15.50 per ADS, while granting underwriters an over-allotment option of 2.9617 million ADSs, with the aim of raising US$307 million to US$352 million.</p><p>Hillhouse Capital stated that it will subscribe at the initial public offering price and intends to subscribe to ADS worth $120 million. As cornerstone investors, renowned investment institutions demonstrate the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>The market is curious about what kind of innovative business model Atour has created, as well as its performance level. At the same time, Atour's core advantages over its peers and its future performance in the secondary market are the focus of market attention.</p><p>So, this article attempts to answer the above questions for you. (This is an opinion only and does not constitute investment advice.)</p><p><b>The \"experience-oriented\" approach makes hotels more than just sleeping.</b></p><p><b>\"Every era needs its own brands and companies.\"</b>Wang Haijun, founder and CEO of Atour, once expressed this sentiment.</p><p>Led by Wang Haijun, a group of veterans in the hotel industry gathered in an attempt to create a new era of hotel brands and enterprises. In retrospect, Atour may have become the result of their first dream.</p><p>In this era of continuous industrial and consumption upgrading, Wang Haijun no longer wants to create low-end hotels that can only meet guests' accommodation needs. Therefore, differentiating ourselves into the mid-to-high-end market and focusing on experience while meeting accommodation needs has become the development direction that Atour has been implementing to this day.</p><p><b>As a leading mid-to-high-end hotel chain in China, Atour already offers mid-range, mid-to-high-end, high-end, and...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Six brands in four major market segments</b>Specifically, this includes the mid-range brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"ATHOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour had 608 hotels in operation with over 70,000 rooms, covering 131 cities. At the same time, there were 299 hotels under development with over 30,000 rooms under development.</p><p>The differentiated market positioning stems from Atour's \"experience-oriented\" approach. The core of this approach lies in shifting from \"managing rooms\" to \"managing people.\" Furthermore, Atour has developed a set of \"standard and personalized\" service methods to ensure that services can keep pace with changes in consumer needs. According to a consumer survey by Huiping.com, Atour's overall satisfaction score has consistently ranked first among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, Atour believes that hotels are a natural setting for lifestyle experiences and the sale of daily necessities.</b>For example, when a customer finds a hotel mattress very comfortable, they can directly purchase the same mattress online. Atour has thus further upgraded from a chain hotel group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed 1,136 scenario-based retail SKUs. In 2019 and 2020, the GMV generated by the retail business was RMB 82.8 million and RMB 107.2 million, respectively, representing a year-on-year increase of 29.5%. The retail business GMV reached 32.6 million yuan in the first quarter of this year.</p><p>The scenario-based retail business, which extends from the \"experience-oriented\" concept, has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scenario retail revenue accounted for 4.5% of its total revenue, which is higher than the retail revenue generated by other domestic hotel chains.</b></p><p>Thanks to its mid-to-high-end market positioning and the development of its scenario-based retail business, which is popular among young people, Atour's audience is gradually focusing on high-net-worth users with a certain level of consumption.</p><p>First, in terms of geography, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. This means, to some extent, that the consumer spending level of Atour's hotels is not low.</p><p>Meanwhile, according to the prospectus, Atour users under the age of 30 account for over 24%, and these users contribute 35% of the transaction volume; The proportion of Atour users aged 30-40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour had more than 25 million members. From 2015 to 2020, Atour's membership grew at a compound annual growth rate of 79.6%. In the past two years, members have contributed 39.3% and 44.7% of room and night bookings, respectively, which is a relatively large proportion and is still growing.</p><p><b>Demonstrating resilience during the pandemic</b></p><p>Humanistic sentiments and content-filled spaces can win the hearts of consumers, but if Atour is to enter the capital market and directly face investors, it needs more impressive performance.</p><p>For the hotel industry, expansion requires money, and making money requires people to stay. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators for measuring hotel operations.</p><p>In early 2020, the sudden outbreak of the pandemic caught hotels of all sizes off guard. Atour has shown greater resilience during the pandemic.</p><p>Despite collectively \"falling\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>The annual revenue of Huazhu Group and Huazhu Group declined by 34% and 9% year-on-year, respectively.</p><p><b>The strong recovery and growth momentum continued into the first quarter of this year, with Atour's revenue increasing by 107.7% year-on-year and a net profit of 11.47 million yuan, turning a loss into a profit year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was RMB 119 million, cash flow from investing activities was RMB -106 million, and cash flow from financing activities was RMB 48.01 million. Currently, Atour is in a situation with positive cash flow from operating activities, negative cash flow from investing activities, and positive cash flow from financing activities. This means, to some extent, that it is still in a period of rapid expansion and is a high-growth company. High growth potential means that Atour's future has unlimited possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>In terms of occupancy rates and housing prices, Atour's business operations have recovered far faster than the industry average since the pandemic.</p><p>First, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, due to the impact of the pandemic, its occupancy rate, excluding hotels requisitioned under quarantine, was 67.1%. In April of this year, Atour Hotel's occupancy rate had recovered and exceeded pre-pandemic levels, reaching 80.4%. Data shows that over the past 10 years, as of the first quarter of 2021, the average annual occupancy rate of all star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020 when the pandemic broke out.</p><p>According to Fei Yu, president of Atour Group's Hotel BU, in September last year, Atour adopted a pricing strategy in February and March last year in order to rapidly increase the overall occupancy rate, which resulted in room prices bottoming out. However, in April and May of the same year, its housing prices rebounded strongly, and by September of last year, the overall housing price had recovered to 94% of the level of the same period last year. As of April this year, Atour's overall housing price has surpassed the pre-pandemic level, reaching 432.9 yuan, while the overall housing price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>Furthermore, breaking down Atour's revenue structure, Atour's revenue mainly comes from three parts: hotel management (i.e., franchise stores), hotel leasing (i.e., directly operated stores), and retail & others. Whether in terms of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models surpass directly operated stores, which is a major reason why Atour has strong risk resistance.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>Currently, Atour operates 575 franchise stores and only 33 directly operated stores. From 2015 to 2020, the number of Atour's franchised hotels grew at an average annual compound growth rate of 86.2%.</p><p>In 2020, the revenue share of Atour's franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the revenue share of directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>Franchise stores are the \"foundation\" of Atour, and franchisees are important partners of Atour Hotels.</b>Atour's management service solutions for franchisees and the benefits it brings to them have always been praised in the industry.</p><p>According to the prospectus, the investment recovery cycle for Atour franchisees is mostly 3 to 5 years after the hotel opens, making it one of the mid-to-high-end chain hotels with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and demonstrate high loyalty. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, former assistant president of China Construction, a real estate fund management, project management, and asset management service provider, once said, \"When we were researching the market reputation and operational status of mid-to-high-end hotel brands, our Atour partners left a deep impression on us. They not only communicated in detail about the current operational status of the hotels, but also talked about the management system behind Atour, as well as many things such as the key points and difficulties of later operations, the characteristics of customers, and why customers prefer our Atour brand.\"</p><p>In 2019, China Jianyuan franchised its sales office on Huihai South Road, the core economic zone of Beijing Capital International Airport, as Atour Hotel. The sales office has now been transformed into the best hotel in the area.</p><p><b>Atour's core advantages</b></p><p><b>Atour's core strengths lie in its mid-to-high-end positioning as a chain group and its lifestyle brands.</b></p><p><b>With its differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, as the penetration rate of mid-to-high-end hotels increases, Atour will further benefit. According to a Frost & Sullivan report, the compound average growth rate of the number of rooms in mid-to-high-end hotels was 25.7% from 2015 to 2019, while the overall chain hotel industry grew by 15.2% during the same period. The compound annual growth rate of the number of rooms in mid-to-high-end chain hotels is projected to be 18.9% from 2021 to 2025, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to-high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>Meanwhile, the low concentration of the mid-to-high-end hotel industry also allows Atour to firmly hold its position as the \"number one\" hotel brand. Currently, the top five in China<a href=\"https://laohu8.com/S/00045\">Big Hotel</a>The Group's total number of mid-to-high-end hotel rooms was 197,000, accounting for 31.8%, indicating a low concentration in the mid-to-high-end hotel industry. Among them, Atour has 58,000 mid-to-high-end rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle brands lies in brand tone and consumer loyalty.</b></p><p>On Xiaohongshu, the \"Beautiful Life Sharing Community,\" there are over 10,000 notes about Atour. Enter \"Atour\" in the search box, and the pop-up related words include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of everyday atmosphere beyond accommodation. Clicking through the related keywords receives rave reviews. During the pandemic quarantine period, the Atour Quarantine Hotel became a \"surprise\" for many netizens.</p><p>In fact, many hotels are expanding into scenario-based retail businesses. In contrast, Atour has a certain first-mover advantage and technological accumulation.</p><p>According to official introductions, Atour is the first hotel group in China to officially expand into scenario retail in the mid-to-high-end market. Currently, it has achieved a certain scale in brand integration and partner suppliers, and has established a strong consumer mindset and reputation.</p><p>As of the first quarter of 2021, Atour's scenario retail business had incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel: Atour Planet, Sahe, and Z2GO&CO.</p><p>Meanwhile, Atour has also introduced the DTC model for the production and sales of original lifestyle brands. DTC stands for Direct to Consumer, which means focusing on Consumer needs to guide manufacturers in their design, production, product selection, and marketing.</p><p><b>Furthermore, compared to traditional consumer brands, the hotel's natural lifestyle scenarios give Atour an advantage.</b>For example, each guest spends an average of 6-8 hours a day in the hotel, and there are many touchpoints for consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour be favored by investors in the secondary market?</p><p><b>Prior to its IPO, Atour secured three rounds of financing and boasted a formidable lineup of investors, including Legend Capital, Dehui Capital, and others.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, making him the largest shareholder and controlling 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2% of the shares, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>One important reason for choosing to list on the US stock market at this time may be that there are currently many favorable factors for Atour.</b></p><p>First, after the pandemic, the hotel industry accelerated its consolidation, and chain hotels are more favored by investors due to their strong resilience. Meanwhile, with the widespread availability of COVID-19 vaccines, the market is optimistic about the recovery of the hotel and tourism industry.</p><p>Regarding businesses valued by secondary market investors, Atour is expected to continue to benefit from the growth potential of its chain hotel and scenario retail businesses in the future.</p><p>According to a Frost & Sullivan report, the operating revenue of China's chain hotel industry increased from RMB 245.4 billion in 2015 to RMB 450 billion in 2019, with a compound annual growth rate of 16.4%. China's chain opening rate is only 31.5%, which still has considerable room for growth compared to the 72.9% in the United States.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.36kr.com/p/1283522749624073\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38f45e6504561f2ba5ca277e73b98680","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://www.36kr.com/p/1283522749624073","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173114193","content_text":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成立于2013年，与诸多将“豪”“锦”“万”“华”等贵气十足的文字用作品牌名称的酒店相比，这个源自云南亚朵村的名字似一股清流，流淌着自然、生活及人文情怀。\n业外人士知晓亚朵，或许是因为其出圈的IP跨界营销动作，例如与网易云音乐合作的主题酒店等。\n而对于业内人士而言，亚朵更像是一匹酒店界的黑马，在华住、锦江、首旅三足鼎立的格局中杀出重围，在快捷酒店深入人心的时代建立起属于亚朵的消费者心智，率先提出“生活方式品牌”的概念，为整个酒店行业提供了一个“始于酒店，不止于酒店”的创新思路。\n根据弗若斯特沙利文的数据，截至2020年底，按客房数量计，亚朵是中国最大的中高档连锁酒店。\n更重要的是，亚朵即将叩响资本市场的大门，以“ATAT”为股票代码在纳斯达克挂牌上市。如若成功上市，亚朵将成为“中国新住宿经济第一股”。\n根据更新后的招股书，亚朵拟发行1974.47万股ADS，定价区间为每ADS13.5美元至15.5美元，同时赋予承销商296.17万股ADS的超额配售权，计划筹资3.07亿美元至3.52亿美元。\n高瓴表示将以首次公开募股价格进行认购，并意向认购价值1.2亿美元的ADS。知名投资机构作为基石投资者，表明了资本市场对亚朵集团基本面和长期价值的认可。\n对于亚朵，市场好奇其究竟打造了怎样的创新业务模式，亦关心其业绩水平究竟如何，同时亚朵相较同业的核心优势，以及其未来在二级市场的表现都是市场关注的重点。\n那么，本文试图为你解答上述问题。（仅阐述观点，不构成投资建议。）\n“体验派”思路让酒店不止于睡觉\n“一个时代需要一个时代的品牌和企业”，亚朵创始人兼CEO王海军曾发出这样的感慨。\n在王海军的带领下，一群从事酒店行业的“老将”聚首，试图打造出一个新时代的酒店品牌及企业。如今看来，亚朵或许已成为他们第一个理想的成果。\n在这个产业与消费不断升级的时代背景下，王海军不想再做低端，仅能满足房客住宿需求的酒店。因此，差异化定位中高端市场，满足住宿需求的同时注重体验感就成为了亚朵贯彻至今的发展方向。\n作为中国头部的中高档连锁酒店，亚朵旗下已拥有中端、中高端、高端和豪华四大细分市场的6个品牌，具体包括中端品牌“轻居”，中高端品牌“亚朵酒店”、“亚朵X酒店”，高端品牌“亚朵S酒店”、“ZHOTEL”，以及豪华品牌“A.T.HOUSE”。\n数量规模方面，截至2021年一季度，亚朵在营酒店数量达608家，客房数超7万间，覆盖131个城市，同时开发中酒店的数量为299家，开发中客房的数量超3万间。\n差异化的市场定位，源自亚朵的“体验派”思路。这一思路的核心在于从“经营房间”向“经营人群”转变，不仅如此，亚朵还总结出一套“标准个性化”服务方法，保障服务能紧跟消费者需求的变化。根据慧评网的消费者调研显示，亚朵的整体满意度得分自2017年以来在6个主要的中高端酒店品牌中始终保持第一位置。\n另外在亚朵看来，酒店是一个生活方式体验及生活用品销售的天然场景。比如，当客户觉得酒店的床垫很舒适，可以直接在线上购买同款床垫。亚朵也由此从一家连锁酒店集团进一步升级为领先的生活方式品牌集团。\n截至今年3月底，亚朵共开发了1136个场景零售SKU。2019年和2020年零售业务产生的GMV分别为8280万元和1.072亿元，同比增长29.5%。今年一季度的零售业务GMV达到3260万元。\n而由“体验派”理念延伸出来的场景零售业务也早已开始为亚朵创收。\n2020年，亚朵场景零售业务收入占其总收入的4.5%，高于国内其他连锁酒店产生的零售业务收入。\n得益于中高端市场定位，以及颇受年轻人欢迎的场景零售业务发展，亚朵的受众群体逐渐聚焦于具备一定消费水平的高净值用户。\n首先，从地域来看，亚朵旗下近80%的酒店均分布在一线、新一线和二线城市的核心地段。这在一定程度上意味着，亚朵旗下酒店的受众群体消费水平不低。\n同时，根据招股书，30岁以下亚朵用户的占比超24%，这部分用户贡献的交易额占比达35%；30-40岁之间的亚朵用户占比更高达45.8%。\n截至2021年第一季度，亚朵的会员数量已超2500万。2015至2020年，亚朵的会员数量复合年均增长率高达79.6%。近两年，会员贡献的间夜预订数占比分别为39.3%和44.7%，占比较大且仍在增长。\n疫情之下彰显韧性\n人文情怀与有内容的空间可以俘获消费者的芳心，但若走向资本市场直面投资者，亚朵更需要拿得出手的业绩。\n对于酒店行业来说，想扩张就要用钱，想赚钱就要有人来住。因此，除了营收、净利润等核心业绩指标以外，入住率、ADR等常被视作衡量酒店经营情况的重要指标。\n2020年初，突如其来的疫情把大大小小的酒店打了个措手不及。而亚朵在疫情之下显现出了更强的韧性。\n在年初集体“沦陷”的情况下，亚朵2020年实现营收15.67亿元，与2019年的营收规模基本持平。而锦江酒店和华住集团的全年营收则分别同比下滑34%和9%。\n强劲的恢复与成长势头延续至今年一季度，亚朵营收的同比增幅高达107.7%，同时实现净利润1147万元，同比扭亏为盈。\n现金流方面，截至2020年底，亚朵的经营活动现金流为1.19亿元，投资活动现金流为-1.06亿元，筹资活动现金流为4801万元。当前，亚朵处于经营活动现金流为正，投资活动现金流为负，筹资活动现金流为正的情况，这在一定程度上意味着，其仍处在高速扩张期，是一家高成长性的公司。而高成长性则意味着，亚朵的未来有无限可能。\n\n而从出租率、房价来看，疫情之后，亚朵业务经营的复苏速度远超行业平均水平。\n首先，出租率方面，2019年亚朵出租率为73.4%。2020年，在疫情影响下，其不含隔离征用酒店的出租率为67.1%。而在今年4月，亚朵酒店出租率已然恢复并超过疫情前水平，高达80.4%。而有资料显示，截至2021年第一季度的10年以来，中国各星级酒店的年度平均出租率均未达到63%。这意味着，近些年亚朵的出租率水平已远超行业平均值，即使是疫情爆发的2020年也不例外。\n根据去年9月亚朵集团酒店BU总裁非鱼的介绍，去年2、3月份，亚朵为了快速拉升整体出租率，采取了价格策略，因此房价触底。但同年4、5月份，其房价就强势回弹，去年9月，整体的房价已经恢复到上年同期水平的94%。截止到今年4月，亚朵的整体房价已超越疫情前水平，达到432.9元，而2019年的整体房价则为429.5元。\n\n此外，拆解亚朵的营收结构，亚朵的营收主要来源于三部分：管理酒店（即加盟店）、租赁酒店（即直营店）、零售&其他。而不论是店面数量，还是所贡献的营收占比，主打轻资产运营模式的加盟店均超过直营店，这也是亚朵抗风险能力较强的一大重要原因。\n\n目前，亚朵经营的加盟店为575家，直营店仅33家。2015年至2020年，亚朵的加盟酒店数量年均复合增长率达86.2％。\n2020年，亚朵的加盟店营收占比由2019年的53.6%提升至59.1%。同期直营店的营收占比则由2019年的39.2%下降至31.7%。\n\n可以说，加盟店是亚朵的“立身之本”，加盟商的角色则是亚朵酒店的重要合伙人。一直以来，亚朵对加盟商输出的管理服务方案，以及为加盟商带来的效益均为业界称道。\n根据招股书，亚朵加盟商的投资回收周期多数是在酒店开业后的3至5年，是国内投资回收周期最快的中高端连锁酒店之一。\n因此，加盟商信赖亚朵，亦表现出较高的粘性。2020年，亚朵旗下31.8%的加盟商选择再次加盟。\n不动产基金管理、 项目管理、资产管理服务商中国建原助理总裁周晓军就曾表示，“我们在调研中高端酒店品牌的市场口碑、运营情况等信息时，亚朵伙伴们给我们留下了很深刻的印象，不仅会细致地沟通酒店的运营现状，也会谈到很多亚朵背后的管理体系，还有很多比如后期运营重点、难点，客户的特点，为什么客户会更喜欢我们亚朵的品牌等等”。\n2019年，中国建原将北京首都机场临空经济核心区汇海南路的售楼处加盟为亚朵酒店，目前该售楼处已转型为该区域最好的酒店。\n亚朵的核心优势\n中高端定位连锁集团以及生活方式品牌是亚朵的核心优势。\n差异化定位中高端市场，亚朵从一开始就选对了方向。\n未来，随着中高端酒店渗透率的提升，亚朵将进一步受益。根据弗若斯特沙利文报告，2015-2019年中高档酒店客房数量复合平均增速为25.7%，同期连锁酒店行业整体为15.2%。预计2021至2025年中高档连锁酒店客房数量复合平均增速为18.9%，仍将高于行业整体8.8%的增速。而中高档酒店客房的渗透率也将从2020年的10.5%提升至16.1%。\n同时，中高端酒店行业的低集中度也让亚朵可以稳坐“一哥”之席。目前，国内前五大酒店集团的中高档客房数量合计为19.7万间，占比 31.8%，中高档酒店行业集中度较低。其中，亚朵拥有5.8万家中高端客房，占比达9.4%，市占率位居行业第一。\n生活方式品牌的核心在于品牌调性和消费者忠诚度。\n在“美好生活分享社区”小红书上，关于亚朵的笔记数量高达1万+。在搜索框中输入“亚朵”，弹出的关联词包括亚朵早餐、亚朵枕头、亚朵床垫、亚朵洗发水等等，处处充满住宿以外的生活气息。顺着关联词点进去，更是好评如潮。其中，在疫情隔离期，亚朵隔离酒店成为了不少网友口中的“惊喜”。\n实际上，不少酒店都在拓展场景零售业务。相比之下，亚朵具备一定的先发优势及技术沉淀。\n据官方介绍，在中高端市场，亚朵是国内第一个正式拓展场景零售业务的酒店集团，目前其在品牌集成，合作供应商方面均已形成一定规模，且建立起较强的消费者心智和口碑。\n截至2021年第一季度，亚朵的场景零售业务已孵化出睡眠、香氛个护和出行三大品类的原创生活品牌，分别是亚朵星球、萨和及Z2GO&CO.。\n同时，针对原创生活品牌的生产和销售，亚朵还引入了DTC模式。DTC即直达消费者（Direct to Consumer），也就是以消费者的需求为重心去反向指导厂商的设计、生产、选品和营销。\n此外，与传统消费品牌相比，酒店天然具备的生活方式场景更为亚朵增加了优势。举例来看，每个房客日均在酒店内逗留的时长大约为6-8小时，可以实现消费的触点场景较多。\n亚朵的二级市场表现会怎样？\n展望未来，亚朵在二级市场会获得资本的看好吗？\n上市前，亚朵获得三轮融资，投资方阵容不逊，包括君联资本、德晖资本、阿里巴巴前CEO陆兆禧、携程等。\n根据最新更新的招股书，IPO后，王海军持股27.1%，为最大股东，掌握公司71.1%的投票权。此外，君联资本持股26.2%，德晖资本持股14%，携程持股12.8%。\n而选择此时在美股上市，一个重要原因或许是当前对亚朵利好的因素较多。\n首先，疫情之后，酒店行业加速出清，连锁酒店由于较强的抗压性更受投资者看好。同时，随着新冠肺炎疫苗的普及，市场看好酒旅行业的复苏。\n而在二级市场投资者看重的业务方面，预计未来亚朵仍将受益于连锁酒店及场景零售业务的增长空间。\n根据弗若斯特沙利文报告，中国连锁酒店业的营业收入从2015年的2454亿元增至2019年的4500亿元，年均复合增长率为16.4%。中国的连锁化率仅为31.5%，与美国的72.9%相比，仍有较大的增长空间。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":1992,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":899639361,"gmtCreate":1628176905353,"gmtModify":1703502701246,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Meng&nbsp;","listText":"Meng&nbsp;","text":"Meng","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/899639361","repostId":"1177628375","repostType":4,"repost":{"id":"1177628375","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":1628175372,"share":"https://ttm.financial/m/news/1177628375?lang=en_US&edition=fundamental","pubTime":"2021-08-05 22:56","market":"us","language":"zh","title":"Square, the \"North American Alipay,\" continues to rise, hitting a new all-time high.","url":"https://stock-news.laohu8.com/highlight/detail?id=1177628375","media":"老虎资讯综合","summary":"周四，美国移动支付企业Square开盘后持续走高，截至发稿涨超6%，创历史新高。\n\n公司近日提前公开二季度财报。总净收入增长超过 143%，毛利润同比增长91%达到11.4亿美元，总交易支付额（GPV","content":"<p>On Thursday, US mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>The market continued to rise after the opening, rising more than 6% as of press time, setting a new all-time high.</p><p><img src=\"https://static.tigerbbs.com/8616749dc4d59b9cf8728aeaf1cc3b42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>The company recently released its second-quarter financial report ahead of schedule. Total net revenue increased by more than 143%, gross profit increased by 91% year-over-year to $1.14 billion, and gross transaction payments (GPV) increased by 88% to $42.8 billion. Total revenue, including Bitcoin, was $4.68 billion, of which $2.72 billion came from Bitcoin.</p><p>In addition, Square announced the acquisition of Australian financial payments company Afterpay for $29 billion. This is Square's largest acquisition to date, not only expanding its consumer market but also presenting a good opportunity for Afterpay to continue expanding into the US market.</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>Square, the \"North American Alipay,\" continues to rise, hitting a new all-time 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\">\nSquare, the \"North American Alipay,\" continues to rise, hitting a new all-time high.\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\">2021-08-05 22:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Thursday, US mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>The market continued to rise after the opening, rising more than 6% as of press time, setting a new all-time high.</p><p><img src=\"https://static.tigerbbs.com/8616749dc4d59b9cf8728aeaf1cc3b42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>The company recently released its second-quarter financial report ahead of schedule. Total net revenue increased by more than 143%, gross profit increased by 91% year-over-year to $1.14 billion, and gross transaction payments (GPV) increased by 88% to $42.8 billion. Total revenue, including Bitcoin, was $4.68 billion, of which $2.72 billion came from Bitcoin.</p><p>In addition, Square announced the acquisition of Australian financial payments company Afterpay for $29 billion. This is Square's largest acquisition to date, not only expanding its consumer market but also presenting a good opportunity for Afterpay to continue expanding into the US market.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7c35001aff2d0c88ed509c6e83cf2e54","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177628375","content_text":"周四，美国移动支付企业Square开盘后持续走高，截至发稿涨超6%，创历史新高。\n\n公司近日提前公开二季度财报。总净收入增长超过 143%，毛利润同比增长91%达到11.4亿美元，总交易支付额（GPV）增长88%达到428亿美元。包括比特币在内的总营收为46.8亿美元，其中比特币一项收入达到27.2亿美元。\n此外，Square还宣布以290亿美元的价格收购澳洲金融支付公司Afterpay。这是迄今为止Square最大的一笔收购，不仅为自己扩大了消费者市场，对Afterpay继续开拓美国市场无疑也是个好机会。","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151647044,"gmtCreate":1625091516288,"gmtModify":1703735785702,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151647044","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","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":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is understood that the Hong Kong stock market will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday). The specific arrangements are as follows<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on Thursday, July 1st. The market will reopen as usual on Friday, July 2.</p><p><b>US stocks, A-shares, UK stocks, Australian stocks, and Singapore markets will continue to trade as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided from June 30 (Wednesday) to July 1 (Thursday), but will resume as usual from July 2 (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be available on Thursday, July 1st, but will resume as usual on Friday, July 2nd.</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>Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.</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\">\nReminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.\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\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is understood that the Hong Kong stock market will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday). The specific arrangements are as follows<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on Thursday, July 1st. The market will reopen as usual on Friday, July 2.</p><p><b>US stocks, A-shares, UK stocks, Australian stocks, and Singapore markets will continue to trade as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided from June 30 (Wednesday) to July 1 (Thursday), but will resume as usual from July 2 (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be available on Thursday, July 1st, but will resume as usual on Friday, July 2nd.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144730289,"gmtCreate":1626313531141,"gmtModify":1703757652665,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/144730289","repostId":"1134354713","repostType":4,"repost":{"id":"1134354713","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":1626313344,"share":"https://ttm.financial/m/news/1134354713?lang=en_US&edition=fundamental","pubTime":"2021-07-15 09:42","market":"sh","language":"zh","title":"Fosun Pharma and AH shares both rose after reports circulated that its COVID-19 vaccine had passed expert review.","url":"https://stock-news.laohu8.com/highlight/detail?id=1134354713","media":"老虎资讯综合","summary":"7月15日，复星医药港股盘初大涨涨近7%，报61.3港元；复星医药A股涨逾5%，报68.17元。\n据财新，复星医药在股东大会上回复投资人问询时表示，国家药监局对mRNA新冠疫苗“复必泰”的审定工作已经","content":"<p>On July 15,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>Hong Kong stocks surged nearly 7% in early trading to HK$61.3;<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>A-shares rose more than 5% to 68.17 yuan.</p><p>According to Caixin, Fosun Pharma responded to investor inquiries at the shareholders' meeting, stating that the National Medical Products Administration's review and approval of the mRNA COVID-19 vaccine \"Fubitai\" has been basically completed, the expert review has been passed, and the administrative approval stage is currently being expedited.</p><p>Fosun Pharma and BioNTech have started production preparations in advance, and once the FubiTech vaccine is approved, it can be supplied to China as soon as possible; Sources familiar with the matter say that in the future, Fubitai is likely to be used as a booster shot in China and administered free of charge.</p><p><img src=\"https://static.tigerbbs.com/fcda9ea7ea213d3473fb919157b59bc5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eb875ce2002f9e31d921cfdc9eadf9b4\" 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>Fosun Pharma and AH shares both rose after reports circulated that its COVID-19 vaccine had passed expert review.</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\">\nFosun Pharma and AH shares both rose after reports circulated that its COVID-19 vaccine had passed expert review.\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\">2021-07-15 09:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 15,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>Hong Kong stocks surged nearly 7% in early trading to HK$61.3;<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>A-shares rose more than 5% to 68.17 yuan.</p><p>According to Caixin, Fosun Pharma responded to investor inquiries at the shareholders' meeting, stating that the National Medical Products Administration's review and approval of the mRNA COVID-19 vaccine \"Fubitai\" has been basically completed, the expert review has been passed, and the administrative approval stage is currently being expedited.</p><p>Fosun Pharma and BioNTech have started production preparations in advance, and once the FubiTech vaccine is approved, it can be supplied to China as soon as possible; Sources familiar with the matter say that in the future, Fubitai is likely to be used as a booster shot in China and administered free of charge.</p><p><img src=\"https://static.tigerbbs.com/fcda9ea7ea213d3473fb919157b59bc5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eb875ce2002f9e31d921cfdc9eadf9b4\" 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/6abbd3fc26184cc69ef95a83e11f6419","relate_stocks":{"150130":"医药A","600196":"复星医药","02196":"复星医药"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134354713","content_text":"7月15日，复星医药港股盘初大涨涨近7%，报61.3港元；复星医药A股涨逾5%，报68.17元。\n据财新，复星医药在股东大会上回复投资人问询时表示，国家药监局对mRNA新冠疫苗“复必泰”的审定工作已经基本完成，专家评审已经通过了，目前正在加紧进行行政审批阶段。\n复星医药已与BioNTech提前启动生产准备工作，复必泰疫苗一旦获批，就能第一时间供应到国内；知情人士称，未来，复必泰在国内很可能会作为加强针使用，免费接种。","news_type":1,"symbols_score_info":{"150130":0.9,"600196":0.9,"02196":0.9}},"isVote":1,"tweetType":1,"viewCount":6317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155171650,"gmtCreate":1625395593570,"gmtModify":1703741236367,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/155171650","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","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":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"hk","language":"zh","title":"Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></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>Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.</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\">\nReminder: US stocks will be closed on July 5th due to the US Independence Day holiday.\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\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123310836,"gmtCreate":1624408733925,"gmtModify":1703835701963,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/123310836","repostId":"1180924155","repostType":4,"repost":{"id":"1180924155","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":1624346559,"share":"https://ttm.financial/m/news/1180924155?lang=en_US&edition=fundamental","pubTime":"2021-06-22 15:22","market":"us","language":"zh","title":"Apple stock: What's the next catalyst?","url":"https://stock-news.laohu8.com/highlight/detail?id=1180924155","media":"老虎资讯综合","summary":"到目前为止，苹果股价在6月份表现稳健，但接下来会走向何方？\n\n苹果股票在震荡的市场中继续脱颖而出。虽然到目前为止，苹果公司的股价在2021年并不轻松（微跌0.3%），但6月对于苹果来说是一个友好的月份","content":"<p>So far,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The stock price performed steadily in June, but where will it go next? Apple stock continues to stand out in a volatile market. While Apple's stock price has not had an easy year so far in 2021 (down slightly by 0.3%), June has been a friendly month for Apple, achieving gains of over 6% while the S&P 500 has only risen slightly.</p><p>What are the potential catalysts for Apple's stock price in the foreseeable future—such as the coming weeks or months?</p><p><img src=\"https://static.tigerbbs.com/a5ebba4419376ee1545287f5c1c4aea3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Macroeconomics</b></p><p>Over the past decade, the correlation coefficient between Apple stock and the broader market has been close to 0.6 (with a maximum of 1). Simply put, this means that Apple stock may be affected by macroeconomic factors such as economic activity, inflation, interest rates, etc.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/73ae72cfec65cae932b72bf0b3deed20\" tg-width=\"1828\" tg-height=\"432\" referrerpolicy=\"no-referrer\"><span>Comparison of Apple and S&P 500 performance over the past decade</span></p><p>Apple's next move is likely to be related to the hottest topics in the market today, especially monetary policy. The S&P 500 index has recently fallen for several consecutive days due to the Federal Reserve's hints that short-term interest rates may rise in 2023.</p><p>Therefore, Apple's next catalyst may be inflation data in the coming months. If the economy overheats, rate hike expectations may rise, putting pressure on Apple. Conversely, Apple may benefit if inflation becomes moderate.</p><p><b>Corporate factors</b></p><p>Factors unique to Apple may also affect the stock's performance. From a potentially bearish perspective, Apple is one of the targets of antitrust reviews, and Apple stock could be hit if the U.S. Congress moves quickly on legislation to curb the expansion of large tech companies.</p><p>From a bullish perspective, summer has always been a good season for Apple stock, and this performance is believed to be more than just a coincidence.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ead32d1799a1e7e9c890ee614aa1edff\" tg-width=\"1054\" tg-height=\"254\" referrerpolicy=\"no-referrer\"><span>Comparison of Apple's average monthly return with the S&P 500 index (seasonal)</span></p><p>July and August may be the months when investors begin to predict two key dates for Apple: (1) the release of the next-generation iPhone; (2) Holiday shopping season. It has become common for the stock to benefit from year-end chatter before the selling news pressure arrives in the fourth quarter.</p><p>Finally, the third fiscal quarter earnings date is approaching. Apple should release its results at the end of July (if not early August). Since Apple released its blockbuster earnings report in April, Wall Street has been raising its expectations for the next fiscal quarter: earnings per share are now $1.00, compared to $0.81 in March.</p><p>It's hard to say whether earnings season will be positive or negative for Apple stock. It will all come down to expectations: whether Apple can achieve satisfactory results in the later stages of the pandemic, and whether the reopening of the economy will cause trouble for the 5G cycle, the momentum of the Mac and iPad, and service sales.</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>Apple stock: What's the next catalyst?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple stock: What's the next catalyst?\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\">2021-06-22 15:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>So far,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The stock price performed steadily in June, but where will it go next? Apple stock continues to stand out in a volatile market. While Apple's stock price has not had an easy year so far in 2021 (down slightly by 0.3%), June has been a friendly month for Apple, achieving gains of over 6% while the S&P 500 has only risen slightly.</p><p>What are the potential catalysts for Apple's stock price in the foreseeable future—such as the coming weeks or months?</p><p><img src=\"https://static.tigerbbs.com/a5ebba4419376ee1545287f5c1c4aea3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Macroeconomics</b></p><p>Over the past decade, the correlation coefficient between Apple stock and the broader market has been close to 0.6 (with a maximum of 1). Simply put, this means that Apple stock may be affected by macroeconomic factors such as economic activity, inflation, interest rates, etc.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/73ae72cfec65cae932b72bf0b3deed20\" tg-width=\"1828\" tg-height=\"432\" referrerpolicy=\"no-referrer\"><span>Comparison of Apple and S&P 500 performance over the past decade</span></p><p>Apple's next move is likely to be related to the hottest topics in the market today, especially monetary policy. The S&P 500 index has recently fallen for several consecutive days due to the Federal Reserve's hints that short-term interest rates may rise in 2023.</p><p>Therefore, Apple's next catalyst may be inflation data in the coming months. If the economy overheats, rate hike expectations may rise, putting pressure on Apple. Conversely, Apple may benefit if inflation becomes moderate.</p><p><b>Corporate factors</b></p><p>Factors unique to Apple may also affect the stock's performance. From a potentially bearish perspective, Apple is one of the targets of antitrust reviews, and Apple stock could be hit if the U.S. Congress moves quickly on legislation to curb the expansion of large tech companies.</p><p>From a bullish perspective, summer has always been a good season for Apple stock, and this performance is believed to be more than just a coincidence.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ead32d1799a1e7e9c890ee614aa1edff\" tg-width=\"1054\" tg-height=\"254\" referrerpolicy=\"no-referrer\"><span>Comparison of Apple's average monthly return with the S&P 500 index (seasonal)</span></p><p>July and August may be the months when investors begin to predict two key dates for Apple: (1) the release of the next-generation iPhone; (2) Holiday shopping season. It has become common for the stock to benefit from year-end chatter before the selling news pressure arrives in the fourth quarter.</p><p>Finally, the third fiscal quarter earnings date is approaching. Apple should release its results at the end of July (if not early August). Since Apple released its blockbuster earnings report in April, Wall Street has been raising its expectations for the next fiscal quarter: earnings per share are now $1.00, compared to $0.81 in March.</p><p>It's hard to say whether earnings season will be positive or negative for Apple stock. It will all come down to expectations: whether Apple can achieve satisfactory results in the later stages of the pandemic, and whether the reopening of the economy will cause trouble for the 5G cycle, the momentum of the Mac and iPad, and service sales.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/01dbc703aef1f0437265965f5d121b80","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180924155","content_text":"到目前为止，苹果股价在6月份表现稳健，但接下来会走向何方？\n\n苹果股票在震荡的市场中继续脱颖而出。虽然到目前为止，苹果公司的股价在2021年并不轻松（微跌0.3%），但6月对于苹果来说是一个友好的月份，在标普500指数仅微幅上涨的情况实现了超过超6%的涨幅。\n苹果股价在可预见的未来——比如未来几周或几个月——潜在催化剂又有哪些？\n\n宏观经济\n在过去十年中，苹果股票与大盘的关联系数接近0.6（最大值为1）。简单来说，这意味着苹果股票可能会受到宏观层面因素（如经济活动、通胀、利率等）的影响。\n十年来苹果与标普500指数走势对比\n苹果的下一步走势很可能与当今市场上最热门的话题有关，尤其是货币政策。标普500指数最近就因受到美联储暗示短期利率可能在2023年攀升的影响连续几天下跌。\n因此，苹果的下一个催化剂可能是未来几个月的通胀数据。如果经济过热，加息预期可能会上升，从而给苹果带来压力。反之，如果通胀变得温和，苹果可能会受益。\n公司因素\n苹果特有的因素也可能影响股票的表现。从潜在看跌的一面来看，苹果公司是反垄断审查的目标之一，如果美国国会在立法上迅速采取行动以遏制大型科技公司的扩张，苹果股票可能会受到打击。\n从看涨的角度来看，夏季历来是苹果股票的好季节，相信这个表现不仅仅是出于巧合。\n苹果平均每月回报与标普500指数（季节性）的对比\n7月和8月可能是投资者开始预测苹果两个关键日期的月份：（1）下一代iPhone的发布；（2）假日购物季。在第四季度抛售新闻压力到来之前，该股票从年终的喋喋不休中受益已成为普遍现象。\n最后，第三财季收益日即将到来。苹果应该会在7月底（如果不是8月初）公布其业绩。自从4月份苹果发布井喷财报以来，华尔街一直在调高对下一个财季的预期：每股收益现在为 1.00 美元，而3月份为 0.81 美元。\n很难说财报季对苹果股票来说是正面还是负面。这一切都将归结为人们的预期：苹果能否在疫情后期取得令人满意的业绩，经济重新开放是否会给5G周期、Mac和iPad的发展势头以及服务销售带来麻烦。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886732804,"gmtCreate":1631624926208,"gmtModify":1676530592673,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>20 20 20??? to the ???","listText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>20 20 20??? to the ???","text":"$Histogenics Corporation(OCGN)$20 20 20??? to the ???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886732804","isVote":1,"tweetType":1,"viewCount":5004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176911235,"gmtCreate":1626853775827,"gmtModify":1703479315085,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/176911235","repostId":"1195538044","repostType":4,"repost":{"id":"1195538044","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":1626852370,"share":"https://ttm.financial/m/news/1195538044?lang=en_US&edition=fundamental","pubTime":"2021-07-21 15:26","market":"hk","language":"zh","title":"Volvo Cars will acquire Geely Holding's equity in Chinese joint ventures","url":"https://stock-news.laohu8.com/highlight/detail?id=1195538044","media":"老虎资讯综合","summary":"沃尔沃汽车已经与母公司吉利控股达成协议，将收购吉利控股所持两家公司在华合资企业的股权，目的是全面拥有其在中国的汽车制造厂和销售业务。\n根据公告，尽管两家合资公司已经纳入沃尔沃汽车的财务报表，但在交易完","content":"<p>Volvo Cars has reached an agreement with its parent company, Geely Holding, to acquire Geely Holding's stake in the two companies' joint ventures in China, with the aim of fully owning its car manufacturing plants and sales operations in China.</p><p>According to the announcement, although the two joint ventures have been included in Volvo Cars' financial statements, Volvo Cars' share of net profit and equity will increase after the transaction is completed. The transaction will be completed in two phases, starting with China's removal of joint venture requirements for automobile manufacturing in 2022, and is expected to be officially completed in 2023. The transaction is subject to regulatory approval and financial details will not be disclosed.</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>Volvo Cars will acquire Geely Holding's equity in Chinese joint ventures</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\">\nVolvo Cars will acquire Geely Holding's equity in Chinese joint ventures\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-21 15:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Volvo Cars has reached an agreement with its parent company, Geely Holding, to acquire Geely Holding's stake in the two companies' joint ventures in China, with the aim of fully owning its car manufacturing plants and sales operations in China.</p><p>According to the announcement, although the two joint ventures have been included in Volvo Cars' financial statements, Volvo Cars' share of net profit and equity will increase after the transaction is completed. The transaction will be completed in two phases, starting with China's removal of joint venture requirements for automobile manufacturing in 2022, and is expected to be officially completed in 2023. The transaction is subject to regulatory approval and financial details will not be disclosed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/895c78542e623e85e47d4f65b83d0817","relate_stocks":{"00175":"吉利汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195538044","content_text":"沃尔沃汽车已经与母公司吉利控股达成协议，将收购吉利控股所持两家公司在华合资企业的股权，目的是全面拥有其在中国的汽车制造厂和销售业务。\n根据公告，尽管两家合资公司已经纳入沃尔沃汽车的财务报表，但在交易完成后，沃尔沃汽车在净利润和股权中所占比例将会增加。交易将分两步完成，从2022年中国取消汽车制造合资要求开始，预计将在2023年正式完成。交易尚待监管部门批准，财务细节不会披露。","news_type":1,"symbols_score_info":{"00175":0.9}},"isVote":1,"tweetType":1,"viewCount":5957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157322181,"gmtCreate":1625567645043,"gmtModify":1703743896273,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/157322181","repostId":"1131736435","repostType":4,"repost":{"id":"1131736435","kind":"news","pubTimestamp":1625567347,"share":"https://ttm.financial/m/news/1131736435?lang=en_US&edition=fundamental","pubTime":"2021-07-06 18:29","market":"sh","language":"zh","title":"Suning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved","url":"https://stock-news.laohu8.com/highlight/detail?id=1131736435","media":"钛媒体","summary":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股","content":"<p>The boots finally hit the ground. On the evening of July 5th, Suning.com announced that it planned to transfer 16.96% of its shares to the second phase of Jiangsu Xinxin Retail Innovation Fund, which is composed of Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL, Xiaomi and other investors. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan of bail-out funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders, and their shareholding ratio drops from 24.94% to 20.35%; The direct shareholding ratio of Taobao China remained unchanged at 19.99%, making it the second largest shareholder; Xinxin Retail Fund Phase II obtained 16.96% equity and Jiangsu Xinxin Retail Innovation Fund held 5.59% shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.com entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. However, compared with the market value at the beginning of this year, Suning has dropped by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since it fell into the liquidity crisis in 2020, got a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.cn, the main business with a loss of over 4 billion yuan in 2020, is still a problem to be solved in Suning.</p><p>Shenzhen's state-owned assets withdrew, Ali did not fully take over</p><p>Since 2020, Suning has been in a liquidity crisis. According to the statistics of public channels, the scale of Suning's surviving corporate bonds is as high as about 40 billion yuan, and the total amount of various debts due in 2021 is about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and some of the debt crisis was lifted by Evergrande's backdoor listing of deep and deep houses. In the end, however, Zhang Jindong's \"big gamble\", the founder of Suning, ended with the failure of Evergrande's backdoor listing. On the surface, the 20 billion yuan share capital actually became Evergrande's debt from Suning. Evergrande, which is also burdened with hundreds of billions of debts, is difficult to return this money to Suning in the short term.</p><p>Therefore, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to draw funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan of emergency funds; Jiangsu Suning Football Club was shut down, and even once it was rumored that staff dormitory buildings were sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of its shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right may be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Through Kunpeng Capital and Shenzhen International, Shenzhen State-owned Assets acquired a total of 23% shares of Suning.cn at a price of 9.663 billion yuan and 5.154 billion yuan, so Shenzhen State-owned Assets will become the largest shareholder of Suning. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu state-owned assets may enter the market to take over.</p><p>\"Ali's entry into the market is also a good thing for Suning.\" A Suning insider once told Titanium Media that Suning's core problem is that the executives of the business (below) are not good, and Ali's entry into the market will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali did not fully take over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that Ali and the second phase of the new retail fund did not have a concerted action relationship. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and they will exercise their voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders of Suning.cn, but Suning.cn has no controlling shareholder directly or indirectly holding more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Loss of main business remains to be solved</b></p><p>Although the entry of new shareholders has solved the urgent need of Suning's \"lack of money\", how Suning.cn, as Suning's main business, can get out of the quagmire of losses is still a problem.</p><p>According to the financial report data, since 2012, Suning.com's operating profit has been in a state of loss almost every year except in 2018. In order to achieve the positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.com's net profit has turned positive. In 2016, Suning.com once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba's shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.com did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investment with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.com Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of the core business and blindly expanding has increased the tension of Suning.com's cash flow. In the early days, Suning.cn could cover up its operating losses through asset mobilization. But in the long run, when there is a thunderstorm in a certain link, a series of crises will be triggered, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.cn quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects its net loss to reach 2.5 billion yuan-3.2 billion yuan in the first half of 2021, compared with a loss of 167 million yuan in the same period of last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.com. If others can be guaranteed, they will be kept, and if they can't, they will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company to further focus on retail business. The future development of Suning.com will be further clarified, which will enhance credit and efficiency for listed companies in the short term and restore liquidity.</p><p>However, in the face of the increasingly fierce e-commerce competition, asset mobilization has been unable to support the positive profit and the debt problem that has still not been fully solved. There are still many questions about how Suning will break the situation and move forward.</p>","source":"taimeiti","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>Suning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved</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\">\nSuning sells stocks to survive: Ali has not completely taken over, and the loss of main business still needs to be solved\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">钛媒体</strong><span class=\"h-time small\">2021-07-06 18:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The boots finally hit the ground. On the evening of July 5th, Suning.com announced that it planned to transfer 16.96% of its shares to the second phase of Jiangsu Xinxin Retail Innovation Fund, which is composed of Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL, Xiaomi and other investors. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan of bail-out funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders, and their shareholding ratio drops from 24.94% to 20.35%; The direct shareholding ratio of Taobao China remained unchanged at 19.99%, making it the second largest shareholder; Xinxin Retail Fund Phase II obtained 16.96% equity and Jiangsu Xinxin Retail Innovation Fund held 5.59% shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.com entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. However, compared with the market value at the beginning of this year, Suning has dropped by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since it fell into the liquidity crisis in 2020, got a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.cn, the main business with a loss of over 4 billion yuan in 2020, is still a problem to be solved in Suning.</p><p>Shenzhen's state-owned assets withdrew, Ali did not fully take over</p><p>Since 2020, Suning has been in a liquidity crisis. According to the statistics of public channels, the scale of Suning's surviving corporate bonds is as high as about 40 billion yuan, and the total amount of various debts due in 2021 is about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and some of the debt crisis was lifted by Evergrande's backdoor listing of deep and deep houses. In the end, however, Zhang Jindong's \"big gamble\", the founder of Suning, ended with the failure of Evergrande's backdoor listing. On the surface, the 20 billion yuan share capital actually became Evergrande's debt from Suning. Evergrande, which is also burdened with hundreds of billions of debts, is difficult to return this money to Suning in the short term.</p><p>Therefore, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to draw funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan of emergency funds; Jiangsu Suning Football Club was shut down, and even once it was rumored that staff dormitory buildings were sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of its shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right may be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Through Kunpeng Capital and Shenzhen International, Shenzhen State-owned Assets acquired a total of 23% shares of Suning.cn at a price of 9.663 billion yuan and 5.154 billion yuan, so Shenzhen State-owned Assets will become the largest shareholder of Suning. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu state-owned assets may enter the market to take over.</p><p>\"Ali's entry into the market is also a good thing for Suning.\" A Suning insider once told Titanium Media that Suning's core problem is that the executives of the business (below) are not good, and Ali's entry into the market will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali did not fully take over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that Ali and the second phase of the new retail fund did not have a concerted action relationship. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and they will exercise their voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted actor Suning Holding Group are still the largest shareholders of Suning.cn, but Suning.cn has no controlling shareholder directly or indirectly holding more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Loss of main business remains to be solved</b></p><p>Although the entry of new shareholders has solved the urgent need of Suning's \"lack of money\", how Suning.cn, as Suning's main business, can get out of the quagmire of losses is still a problem.</p><p>According to the financial report data, since 2012, Suning.com's operating profit has been in a state of loss almost every year except in 2018. In order to achieve the positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.com's net profit has turned positive. In 2016, Suning.com once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba's shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.com did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investment with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.com Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of the core business and blindly expanding has increased the tension of Suning.com's cash flow. In the early days, Suning.cn could cover up its operating losses through asset mobilization. But in the long run, when there is a thunderstorm in a certain link, a series of crises will be triggered, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.cn quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects its net loss to reach 2.5 billion yuan-3.2 billion yuan in the first half of 2021, compared with a loss of 167 million yuan in the same period of last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.com. If others can be guaranteed, they will be kept, and if they can't, they will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company to further focus on retail business. The future development of Suning.com will be further clarified, which will enhance credit and efficiency for listed companies in the short term and restore liquidity.</p><p>However, in the face of the increasingly fierce e-commerce competition, asset mobilization has been unable to support the positive profit and the debt problem that has still not been fully solved. There are still many questions about how Suning will break the situation and move forward.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.tmtpost.com/5457622.html\">钛媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64cd4e9d34d765eb6c97b06d579f7f39","relate_stocks":{"002024":"ST易购"},"source_url":"https://www.tmtpost.com/5457622.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131736435","content_text":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股东，苏宁将处于无控股股东、无实际控制人状态。\n从这笔交易中，苏宁方面获得了88.25亿元的纾困资金。此次股权转让价格为5.59元/股，为苏宁此次停牌前最后一个交易日的收盘价。\n此次交易完成后，苏宁创始人张近东及其一致行动人苏宁控股集团仍为第一大股东，持股比例从24.94%下降到20.35%；淘宝中国直接持股的比例不变为19.99%，为第二大股东；新新零售基金二期获得16.96%股权、江苏新新零售创新基金持股5.59%，分别为第三、四大股东。\n\n7月6日上午，苏宁易购在开盘不久即进入涨停。截至今日收盘，苏宁报每股6.15元，总市值572.57亿元。但相较于今年年初市值，苏宁已经下跌超过20%。\n从目前的局面来看，自2020年陷入流动性危机后频繁出售资产的苏宁，在此次股权交易中得到了暂时的喘息。但是，由于电商行业竞争激烈，2020年亏损超40亿元的主营业务——苏宁易购如何摆脱亏损的泥潭，仍然是苏宁一个待解难题。\n深圳国资退出，阿里未完全接盘\n自2020年起，苏宁便陷入了流动性危机。根据公开渠道的数据统计，苏宁公司存续的公司债规模高达400亿元左右，2021到期的各类债务总计约160亿元。\n此前，苏宁曾以200亿元入股恒大，借由恒大借壳深深房上市的方式解除部分债务危机。不过最终，苏宁创始人张近东这次“豪赌”以恒大借壳上市失败而收尾，明面上200亿元的入股资金实际成为了恒大向苏宁的借债。而同样背负着数千亿债务的恒大，短期内很难将这笔钱还给苏宁。\n于是，这次入股失败直接成为了压倒苏宁的最后一根稻草。\n随后，苏宁开始从各个部分抽调资金。比如，张近东主要持股平台的苏宁控股集团的全部股份质押给阿里巴巴，以此获得10亿元资金救急；关停江苏苏宁足球俱乐部，甚至一度传出出售员工宿舍楼来筹措资金。\n在多方尝试后，苏宁最终选择出售大比例股份求生。2月25日，苏宁易购突发公告，大股东拟转让整个公司至少20%的股份，控制权或将变更。\n3天后，深圳国资宣布与苏宁签订股份转让框架协议。深圳国资通过鲲鹏资本和深圳国际以96.63亿元、51.54亿元的价格，合计收购苏宁易购23%的股份，深圳国资由此将成为苏宁第一大股东。不过，这笔投资最终还是没有实际达成，随后传出阿里和江苏国资可能进场接盘。\n“阿里进场，对于苏宁来说也是好事。”一位苏宁内部人士曾对钛媒体表示，苏宁的核心问题是（底下）业务的高管不行，阿里进场会“洗掉”一拨人。\n但根据苏宁此次发布的公告，阿里方面并未完全接盘苏宁。\n此次引入新投资方后，虽然阿里巴巴成为了新零售基金二期的产业投资人之一，但苏宁并未披露阿里巴巴在基金中的持股比例，且称阿里和新新零售基金二期不存在一致行动关系。同时，苏宁方面还在公告中表示，此次阿里作为有限合伙人参与本次交易的目的、形式与淘宝中国2016年投资入股苏宁均不相同，将基于各自投资目的行使表决权。\n这就意味着，成为新新零售基金二期有限合伙人的阿里巴巴，在苏宁的持股比例并未扩大。张近东和其一致行动人苏宁控股集团仍为苏宁易购第一大股东，但苏宁易购不存在直接或者间接持股50%以上的控股股东，也不存在实际支配公司股份表决权超过30%的股东。\n主营业务亏损仍待解\n虽然新的股东方进入解决了苏宁“缺钱”的燃眉之急，但苏宁易购作为苏宁主营业务该如何走出亏损泥潭，仍然是一个问题。\n根据财报数据，自2012年以来，苏宁易购的营业利润除2018年外，几乎处于年年亏损的状态。为了实现净利润的正向表现，苏宁惯常的做法是“频繁变卖资产”。\n比如，2015年苏宁易购将旗下PPTV68%的股权，以25.81亿元出售给苏宁控股旗下的苏宁文化。利用这种集团资金输血的方式，苏宁易购的净利润得以转正。2016年，苏宁易购再次以类似的方式，将亏损的北京京朝苏宁电器出售给苏宁电器，再次扭亏。随后两年，苏宁三次出售阿里巴巴股票，分别获利33亿元和110亿元，占到了当年净利润的绝大多数份额。\n而在出售资产的同时，苏宁易购并没有实质提高盈利能力，反而在扩张的道路上越走越深。\n从2015年到2019年，苏宁易购对外总计投资额超过了700亿元。其中，包括22亿元收购PPTV、42亿元收购天天快递、95亿元入股万达商业、27亿元收购万达百货、48亿元收购家乐福中国等。\n除此之外，苏宁还以苏宁控股、苏宁置业、苏宁电器三大集团为主题进行了大量投资。如苏宁20亿元收购国际米兰70%股权、5.23亿元接收国内足球俱乐部，同时还包括苏宁置业旗下37家苏宁易购广场。\n但是，屡次的收购并没有带来更多实质性的收益，反而这种不注重核心业务盈利能力、一味扩张的方式，更加大了苏宁易购现金流的紧张程度。早期，苏宁易购通过资产腾挪还能掩盖经营亏损。但长此以往，当某个环节出现暴雷，就会引发一系列危机，亏损也会立刻传导到上市公司。\n根据公开的财务数据，苏宁易购在2019年全年实现了98.43亿元的净利润。但是，在遭遇流动性危机的2020年，苏宁易购很快就由盈转亏，净亏损达到42.75亿元。而根据最新公告，苏宁易购预计2021年上半年净亏损将达到25亿元-32亿元，上年同期亏损1.67亿元，同比亏损至少将增大近15倍。\n“现在，苏宁的（做法）就是全力保住最值钱的苏宁易购，其他的能保就保住，不能保就破产。”上述苏宁内部人士对钛媒体表示。\n事实上，苏宁官方也强调此次引进战略投资者后，有利于公司进一步聚焦零售业务。苏宁易购未来发展将进一步明朗化，短期为上市公司实现增信增效，恢复流动性。\n不过，面对日益激烈的电商竞争格局，资产腾挪已无力支撑利润转正和依然未能完全解决的债务问题，苏宁将如何破局前行，依然存在着诸多疑问。","news_type":1,"symbols_score_info":{"002024":0.9}},"isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151091798,"gmtCreate":1625055912414,"gmtModify":1703734968393,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151091798","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","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":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is understood that the Hong Kong stock market will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday). The specific arrangements are as follows<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on Thursday, July 1st. The market will reopen as usual on Friday, July 2.</p><p><b>US stocks, A-shares, UK stocks, Australian stocks, and Singapore markets will continue to trade as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided from June 30 (Wednesday) to July 1 (Thursday), but will resume as usual from July 2 (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be available on Thursday, July 1st, but will resume as usual on Friday, July 2nd.</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>Reminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.</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\">\nReminder: Hong Kong stocks will be closed on July 1st due to the anniversary of Hong Kong's return to China.\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\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is understood that the Hong Kong stock market will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday). The specific arrangements are as follows<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on Thursday, July 1st. The market will reopen as usual on Friday, July 2.</p><p><b>US stocks, A-shares, UK stocks, Australian stocks, and Singapore markets will continue to trade as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided from June 30 (Wednesday) to July 1 (Thursday), but will resume as usual from July 2 (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be available on Thursday, July 1st, but will resume as usual on Friday, July 2nd.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125586362,"gmtCreate":1624680346956,"gmtModify":1703843516651,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580972018907173","idStr":"3580972018907173"},"themes":[],"title":"","htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125586362","repostId":"1173114193","repostType":4,"repost":{"id":"1173114193","kind":"news","pubTimestamp":1624679118,"share":"https://ttm.financial/m/news/1173114193?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:45","market":"us","language":"zh","title":"Dark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173114193","media":"36氪","summary":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成","content":"<p>\"Every era needs its own brands and companies.\" \"A cup of hot tea upon entering, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious serving of fruit\"—the head of a business line at a Fortune 500 company calls this the \"Atour four-piece set.\"</p><p>Atour Group (hereinafter referred to as \"Atour\") was founded in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this name, originating from Atour Village in Yunnan, is like a fresh stream, flowing with nature, life and humanistic sentiments.</p><p>Those outside the industry may know Atour because of its viral IP cross-industry marketing activities, such as its partnership with...<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Themed hotels in collaboration with Cloud Music, etc.</p><p>For industry insiders, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Breaking through the three-way competition between Jinjiang, BTG, and BTG, Atour established its own consumer mindset in an era where budget hotels are deeply ingrained in people's hearts. It took the lead in proposing the concept of \"lifestyle brand\" and provided the entire hotel industry with an innovative approach of \"starting with hotels, not just hotels\".</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China by number of rooms.</b></p><p>More importantly,<b>Atour is about to enter the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"China's first new accommodation economy stock\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs at a pricing range of US$13.50 to US$15.50 per ADS, while granting underwriters an over-allotment option of 2.9617 million ADSs, with the aim of raising US$307 million to US$352 million.</p><p>Hillhouse Capital stated that it will subscribe at the initial public offering price and intends to subscribe to ADS worth $120 million. As cornerstone investors, renowned investment institutions demonstrate the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>The market is curious about what kind of innovative business model Atour has created, as well as its performance level. At the same time, Atour's core advantages over its peers and its future performance in the secondary market are the focus of market attention.</p><p>So, this article attempts to answer the above questions for you. (This is an opinion only and does not constitute investment advice.)</p><p><b>The \"experience-oriented\" approach makes hotels more than just sleeping.</b></p><p><b>\"Every era needs its own brands and companies.\"</b>Wang Haijun, founder and CEO of Atour, once expressed this sentiment.</p><p>Led by Wang Haijun, a group of veterans in the hotel industry gathered in an attempt to create a new era of hotel brands and enterprises. In retrospect, Atour may have become the result of their first dream.</p><p>In this era of continuous industrial and consumption upgrading, Wang Haijun no longer wants to create low-end hotels that can only meet guests' accommodation needs. Therefore, differentiating ourselves into the mid-to-high-end market and focusing on experience while meeting accommodation needs has become the development direction that Atour has been implementing to this day.</p><p><b>As a leading mid-to-high-end hotel chain in China, Atour already offers mid-range, mid-to-high-end, high-end, and...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Six brands in four major market segments</b>Specifically, this includes the mid-range brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"ATHOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour had 608 hotels in operation with over 70,000 rooms, covering 131 cities. At the same time, there were 299 hotels under development with over 30,000 rooms under development.</p><p>The differentiated market positioning stems from Atour's \"experience-oriented\" approach. The core of this approach lies in shifting from \"managing rooms\" to \"managing people.\" Furthermore, Atour has developed a set of \"standard and personalized\" service methods to ensure that services can keep pace with changes in consumer needs. According to a consumer survey by Huiping.com, Atour's overall satisfaction score has consistently ranked first among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, Atour believes that hotels are a natural setting for lifestyle experiences and the sale of daily necessities.</b>For example, when a customer finds a hotel mattress very comfortable, they can directly purchase the same mattress online. Atour has thus further upgraded from a chain hotel group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed 1,136 scenario-based retail SKUs. In 2019 and 2020, the GMV generated by the retail business was RMB 82.8 million and RMB 107.2 million, respectively, representing a year-on-year increase of 29.5%. The retail business GMV reached 32.6 million yuan in the first quarter of this year.</p><p>The scenario-based retail business, which extends from the \"experience-oriented\" concept, has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scenario retail revenue accounted for 4.5% of its total revenue, which is higher than the retail revenue generated by other domestic hotel chains.</b></p><p>Thanks to its mid-to-high-end market positioning and the development of its scenario-based retail business, which is popular among young people, Atour's audience is gradually focusing on high-net-worth users with a certain level of consumption.</p><p>First, in terms of geography, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. This means, to some extent, that the consumer spending level of Atour's hotels is not low.</p><p>Meanwhile, according to the prospectus, Atour users under the age of 30 account for over 24%, and these users contribute 35% of the transaction volume; The proportion of Atour users aged 30-40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour had more than 25 million members. From 2015 to 2020, Atour's membership grew at a compound annual growth rate of 79.6%. In the past two years, members have contributed 39.3% and 44.7% of room and night bookings, respectively, which is a relatively large proportion and is still growing.</p><p><b>Demonstrating resilience during the pandemic</b></p><p>Humanistic sentiments and content-filled spaces can win the hearts of consumers, but if Atour is to enter the capital market and directly face investors, it needs more impressive performance.</p><p>For the hotel industry, expansion requires money, and making money requires people to stay. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators for measuring hotel operations.</p><p>In early 2020, the sudden outbreak of the pandemic caught hotels of all sizes off guard. Atour has shown greater resilience during the pandemic.</p><p>Despite collectively \"falling\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>The annual revenue of Huazhu Group and Huazhu Group declined by 34% and 9% year-on-year, respectively.</p><p><b>The strong recovery and growth momentum continued into the first quarter of this year, with Atour's revenue increasing by 107.7% year-on-year and a net profit of 11.47 million yuan, turning a loss into a profit year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was RMB 119 million, cash flow from investing activities was RMB -106 million, and cash flow from financing activities was RMB 48.01 million. Currently, Atour is in a situation with positive cash flow from operating activities, negative cash flow from investing activities, and positive cash flow from financing activities. This means, to some extent, that it is still in a period of rapid expansion and is a high-growth company. High growth potential means that Atour's future has unlimited possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>In terms of occupancy rates and housing prices, Atour's business operations have recovered far faster than the industry average since the pandemic.</p><p>First, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, due to the impact of the pandemic, its occupancy rate, excluding hotels requisitioned under quarantine, was 67.1%. In April of this year, Atour Hotel's occupancy rate had recovered and exceeded pre-pandemic levels, reaching 80.4%. Data shows that over the past 10 years, as of the first quarter of 2021, the average annual occupancy rate of all star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020 when the pandemic broke out.</p><p>According to Fei Yu, president of Atour Group's Hotel BU, in September last year, Atour adopted a pricing strategy in February and March last year in order to rapidly increase the overall occupancy rate, which resulted in room prices bottoming out. However, in April and May of the same year, its housing prices rebounded strongly, and by September of last year, the overall housing price had recovered to 94% of the level of the same period last year. As of April this year, Atour's overall housing price has surpassed the pre-pandemic level, reaching 432.9 yuan, while the overall housing price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>Furthermore, breaking down Atour's revenue structure, Atour's revenue mainly comes from three parts: hotel management (i.e., franchise stores), hotel leasing (i.e., directly operated stores), and retail & others. Whether in terms of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models surpass directly operated stores, which is a major reason why Atour has strong risk resistance.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>Currently, Atour operates 575 franchise stores and only 33 directly operated stores. From 2015 to 2020, the number of Atour's franchised hotels grew at an average annual compound growth rate of 86.2%.</p><p>In 2020, the revenue share of Atour's franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the revenue share of directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>Franchise stores are the \"foundation\" of Atour, and franchisees are important partners of Atour Hotels.</b>Atour's management service solutions for franchisees and the benefits it brings to them have always been praised in the industry.</p><p>According to the prospectus, the investment recovery cycle for Atour franchisees is mostly 3 to 5 years after the hotel opens, making it one of the mid-to-high-end chain hotels with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and demonstrate high loyalty. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, former assistant president of China Construction, a real estate fund management, project management, and asset management service provider, once said, \"When we were researching the market reputation and operational status of mid-to-high-end hotel brands, our Atour partners left a deep impression on us. They not only communicated in detail about the current operational status of the hotels, but also talked about the management system behind Atour, as well as many things such as the key points and difficulties of later operations, the characteristics of customers, and why customers prefer our Atour brand.\"</p><p>In 2019, China Jianyuan franchised its sales office on Huihai South Road, the core economic zone of Beijing Capital International Airport, as Atour Hotel. The sales office has now been transformed into the best hotel in the area.</p><p><b>Atour's core advantages</b></p><p><b>Atour's core strengths lie in its mid-to-high-end positioning as a chain group and its lifestyle brands.</b></p><p><b>With its differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, as the penetration rate of mid-to-high-end hotels increases, Atour will further benefit. According to a Frost & Sullivan report, the compound average growth rate of the number of rooms in mid-to-high-end hotels was 25.7% from 2015 to 2019, while the overall chain hotel industry grew by 15.2% during the same period. The compound annual growth rate of the number of rooms in mid-to-high-end chain hotels is projected to be 18.9% from 2021 to 2025, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to-high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>Meanwhile, the low concentration of the mid-to-high-end hotel industry also allows Atour to firmly hold its position as the \"number one\" hotel brand. Currently, the top five in China<a href=\"https://laohu8.com/S/00045\">Big Hotel</a>The Group's total number of mid-to-high-end hotel rooms was 197,000, accounting for 31.8%, indicating a low concentration in the mid-to-high-end hotel industry. Among them, Atour has 58,000 mid-to-high-end rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle brands lies in brand tone and consumer loyalty.</b></p><p>On Xiaohongshu, the \"Beautiful Life Sharing Community,\" there are over 10,000 notes about Atour. Enter \"Atour\" in the search box, and the pop-up related words include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of everyday atmosphere beyond accommodation. Clicking through the related keywords receives rave reviews. During the pandemic quarantine period, the Atour Quarantine Hotel became a \"surprise\" for many netizens.</p><p>In fact, many hotels are expanding into scenario-based retail businesses. In contrast, Atour has a certain first-mover advantage and technological accumulation.</p><p>According to official introductions, Atour is the first hotel group in China to officially expand into scenario retail in the mid-to-high-end market. Currently, it has achieved a certain scale in brand integration and partner suppliers, and has established a strong consumer mindset and reputation.</p><p>As of the first quarter of 2021, Atour's scenario retail business had incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel: Atour Planet, Sahe, and Z2GO&CO.</p><p>Meanwhile, Atour has also introduced the DTC model for the production and sales of original lifestyle brands. DTC stands for Direct to Consumer, which means focusing on Consumer needs to guide manufacturers in their design, production, product selection, and marketing.</p><p><b>Furthermore, compared to traditional consumer brands, the hotel's natural lifestyle scenarios give Atour an advantage.</b>For example, each guest spends an average of 6-8 hours a day in the hotel, and there are many touchpoints for consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour be favored by investors in the secondary market?</p><p><b>Prior to its IPO, Atour secured three rounds of financing and boasted a formidable lineup of investors, including Legend Capital, Dehui Capital, and others.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, making him the largest shareholder and controlling 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2% of the shares, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>One important reason for choosing to list on the US stock market at this time may be that there are currently many favorable factors for Atour.</b></p><p>First, after the pandemic, the hotel industry accelerated its consolidation, and chain hotels are more favored by investors due to their strong resilience. Meanwhile, with the widespread availability of COVID-19 vaccines, the market is optimistic about the recovery of the hotel and tourism industry.</p><p>Regarding businesses valued by secondary market investors, Atour is expected to continue to benefit from the growth potential of its chain hotel and scenario retail businesses in the future.</p><p>According to a Frost & Sullivan report, the operating revenue of China's chain hotel industry increased from RMB 245.4 billion in 2015 to RMB 450 billion in 2019, with a compound annual growth rate of 16.4%. China's chain opening rate is only 31.5%, which still has considerable room for growth compared to the 72.9% in the United States.</p>","source":"36k","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>Dark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?</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\">\nDark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-26 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Every era needs its own brands and companies.\" \"A cup of hot tea upon entering, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious serving of fruit\"—the head of a business line at a Fortune 500 company calls this the \"Atour four-piece set.\"</p><p>Atour Group (hereinafter referred to as \"Atour\") was founded in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this name, originating from Atour Village in Yunnan, is like a fresh stream, flowing with nature, life and humanistic sentiments.</p><p>Those outside the industry may know Atour because of its viral IP cross-industry marketing activities, such as its partnership with...<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Themed hotels in collaboration with Cloud Music, etc.</p><p>For industry insiders, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Breaking through the three-way competition between Jinjiang, BTG, and BTG, Atour established its own consumer mindset in an era where budget hotels are deeply ingrained in people's hearts. It took the lead in proposing the concept of \"lifestyle brand\" and provided the entire hotel industry with an innovative approach of \"starting with hotels, not just hotels\".</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China by number of rooms.</b></p><p>More importantly,<b>Atour is about to enter the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"China's first new accommodation economy stock\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs at a pricing range of US$13.50 to US$15.50 per ADS, while granting underwriters an over-allotment option of 2.9617 million ADSs, with the aim of raising US$307 million to US$352 million.</p><p>Hillhouse Capital stated that it will subscribe at the initial public offering price and intends to subscribe to ADS worth $120 million. As cornerstone investors, renowned investment institutions demonstrate the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>The market is curious about what kind of innovative business model Atour has created, as well as its performance level. At the same time, Atour's core advantages over its peers and its future performance in the secondary market are the focus of market attention.</p><p>So, this article attempts to answer the above questions for you. (This is an opinion only and does not constitute investment advice.)</p><p><b>The \"experience-oriented\" approach makes hotels more than just sleeping.</b></p><p><b>\"Every era needs its own brands and companies.\"</b>Wang Haijun, founder and CEO of Atour, once expressed this sentiment.</p><p>Led by Wang Haijun, a group of veterans in the hotel industry gathered in an attempt to create a new era of hotel brands and enterprises. In retrospect, Atour may have become the result of their first dream.</p><p>In this era of continuous industrial and consumption upgrading, Wang Haijun no longer wants to create low-end hotels that can only meet guests' accommodation needs. Therefore, differentiating ourselves into the mid-to-high-end market and focusing on experience while meeting accommodation needs has become the development direction that Atour has been implementing to this day.</p><p><b>As a leading mid-to-high-end hotel chain in China, Atour already offers mid-range, mid-to-high-end, high-end, and...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Six brands in four major market segments</b>Specifically, this includes the mid-range brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"ATHOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour had 608 hotels in operation with over 70,000 rooms, covering 131 cities. At the same time, there were 299 hotels under development with over 30,000 rooms under development.</p><p>The differentiated market positioning stems from Atour's \"experience-oriented\" approach. The core of this approach lies in shifting from \"managing rooms\" to \"managing people.\" Furthermore, Atour has developed a set of \"standard and personalized\" service methods to ensure that services can keep pace with changes in consumer needs. According to a consumer survey by Huiping.com, Atour's overall satisfaction score has consistently ranked first among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, Atour believes that hotels are a natural setting for lifestyle experiences and the sale of daily necessities.</b>For example, when a customer finds a hotel mattress very comfortable, they can directly purchase the same mattress online. Atour has thus further upgraded from a chain hotel group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed 1,136 scenario-based retail SKUs. In 2019 and 2020, the GMV generated by the retail business was RMB 82.8 million and RMB 107.2 million, respectively, representing a year-on-year increase of 29.5%. The retail business GMV reached 32.6 million yuan in the first quarter of this year.</p><p>The scenario-based retail business, which extends from the \"experience-oriented\" concept, has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scenario retail revenue accounted for 4.5% of its total revenue, which is higher than the retail revenue generated by other domestic hotel chains.</b></p><p>Thanks to its mid-to-high-end market positioning and the development of its scenario-based retail business, which is popular among young people, Atour's audience is gradually focusing on high-net-worth users with a certain level of consumption.</p><p>First, in terms of geography, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. This means, to some extent, that the consumer spending level of Atour's hotels is not low.</p><p>Meanwhile, according to the prospectus, Atour users under the age of 30 account for over 24%, and these users contribute 35% of the transaction volume; The proportion of Atour users aged 30-40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour had more than 25 million members. From 2015 to 2020, Atour's membership grew at a compound annual growth rate of 79.6%. In the past two years, members have contributed 39.3% and 44.7% of room and night bookings, respectively, which is a relatively large proportion and is still growing.</p><p><b>Demonstrating resilience during the pandemic</b></p><p>Humanistic sentiments and content-filled spaces can win the hearts of consumers, but if Atour is to enter the capital market and directly face investors, it needs more impressive performance.</p><p>For the hotel industry, expansion requires money, and making money requires people to stay. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators for measuring hotel operations.</p><p>In early 2020, the sudden outbreak of the pandemic caught hotels of all sizes off guard. Atour has shown greater resilience during the pandemic.</p><p>Despite collectively \"falling\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>The annual revenue of Huazhu Group and Huazhu Group declined by 34% and 9% year-on-year, respectively.</p><p><b>The strong recovery and growth momentum continued into the first quarter of this year, with Atour's revenue increasing by 107.7% year-on-year and a net profit of 11.47 million yuan, turning a loss into a profit year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was RMB 119 million, cash flow from investing activities was RMB -106 million, and cash flow from financing activities was RMB 48.01 million. Currently, Atour is in a situation with positive cash flow from operating activities, negative cash flow from investing activities, and positive cash flow from financing activities. This means, to some extent, that it is still in a period of rapid expansion and is a high-growth company. High growth potential means that Atour's future has unlimited possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>In terms of occupancy rates and housing prices, Atour's business operations have recovered far faster than the industry average since the pandemic.</p><p>First, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, due to the impact of the pandemic, its occupancy rate, excluding hotels requisitioned under quarantine, was 67.1%. In April of this year, Atour Hotel's occupancy rate had recovered and exceeded pre-pandemic levels, reaching 80.4%. Data shows that over the past 10 years, as of the first quarter of 2021, the average annual occupancy rate of all star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020 when the pandemic broke out.</p><p>According to Fei Yu, president of Atour Group's Hotel BU, in September last year, Atour adopted a pricing strategy in February and March last year in order to rapidly increase the overall occupancy rate, which resulted in room prices bottoming out. However, in April and May of the same year, its housing prices rebounded strongly, and by September of last year, the overall housing price had recovered to 94% of the level of the same period last year. As of April this year, Atour's overall housing price has surpassed the pre-pandemic level, reaching 432.9 yuan, while the overall housing price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>Furthermore, breaking down Atour's revenue structure, Atour's revenue mainly comes from three parts: hotel management (i.e., franchise stores), hotel leasing (i.e., directly operated stores), and retail & others. Whether in terms of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models surpass directly operated stores, which is a major reason why Atour has strong risk resistance.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>Currently, Atour operates 575 franchise stores and only 33 directly operated stores. From 2015 to 2020, the number of Atour's franchised hotels grew at an average annual compound growth rate of 86.2%.</p><p>In 2020, the revenue share of Atour's franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the revenue share of directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>Franchise stores are the \"foundation\" of Atour, and franchisees are important partners of Atour Hotels.</b>Atour's management service solutions for franchisees and the benefits it brings to them have always been praised in the industry.</p><p>According to the prospectus, the investment recovery cycle for Atour franchisees is mostly 3 to 5 years after the hotel opens, making it one of the mid-to-high-end chain hotels with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and demonstrate high loyalty. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, former assistant president of China Construction, a real estate fund management, project management, and asset management service provider, once said, \"When we were researching the market reputation and operational status of mid-to-high-end hotel brands, our Atour partners left a deep impression on us. They not only communicated in detail about the current operational status of the hotels, but also talked about the management system behind Atour, as well as many things such as the key points and difficulties of later operations, the characteristics of customers, and why customers prefer our Atour brand.\"</p><p>In 2019, China Jianyuan franchised its sales office on Huihai South Road, the core economic zone of Beijing Capital International Airport, as Atour Hotel. The sales office has now been transformed into the best hotel in the area.</p><p><b>Atour's core advantages</b></p><p><b>Atour's core strengths lie in its mid-to-high-end positioning as a chain group and its lifestyle brands.</b></p><p><b>With its differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, as the penetration rate of mid-to-high-end hotels increases, Atour will further benefit. According to a Frost & Sullivan report, the compound average growth rate of the number of rooms in mid-to-high-end hotels was 25.7% from 2015 to 2019, while the overall chain hotel industry grew by 15.2% during the same period. The compound annual growth rate of the number of rooms in mid-to-high-end chain hotels is projected to be 18.9% from 2021 to 2025, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to-high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>Meanwhile, the low concentration of the mid-to-high-end hotel industry also allows Atour to firmly hold its position as the \"number one\" hotel brand. Currently, the top five in China<a href=\"https://laohu8.com/S/00045\">Big Hotel</a>The Group's total number of mid-to-high-end hotel rooms was 197,000, accounting for 31.8%, indicating a low concentration in the mid-to-high-end hotel industry. Among them, Atour has 58,000 mid-to-high-end rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle brands lies in brand tone and consumer loyalty.</b></p><p>On Xiaohongshu, the \"Beautiful Life Sharing Community,\" there are over 10,000 notes about Atour. Enter \"Atour\" in the search box, and the pop-up related words include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of everyday atmosphere beyond accommodation. Clicking through the related keywords receives rave reviews. During the pandemic quarantine period, the Atour Quarantine Hotel became a \"surprise\" for many netizens.</p><p>In fact, many hotels are expanding into scenario-based retail businesses. In contrast, Atour has a certain first-mover advantage and technological accumulation.</p><p>According to official introductions, Atour is the first hotel group in China to officially expand into scenario retail in the mid-to-high-end market. Currently, it has achieved a certain scale in brand integration and partner suppliers, and has established a strong consumer mindset and reputation.</p><p>As of the first quarter of 2021, Atour's scenario retail business had incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel: Atour Planet, Sahe, and Z2GO&CO.</p><p>Meanwhile, Atour has also introduced the DTC model for the production and sales of original lifestyle brands. DTC stands for Direct to Consumer, which means focusing on Consumer needs to guide manufacturers in their design, production, product selection, and marketing.</p><p><b>Furthermore, compared to traditional consumer brands, the hotel's natural lifestyle scenarios give Atour an advantage.</b>For example, each guest spends an average of 6-8 hours a day in the hotel, and there are many touchpoints for consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour be favored by investors in the secondary market?</p><p><b>Prior to its IPO, Atour secured three rounds of financing and boasted a formidable lineup of investors, including Legend Capital, Dehui Capital, and others.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, making him the largest shareholder and controlling 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2% of the shares, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>One important reason for choosing to list on the US stock market at this time may be that there are currently many favorable factors for Atour.</b></p><p>First, after the pandemic, the hotel industry accelerated its consolidation, and chain hotels are more favored by investors due to their strong resilience. Meanwhile, with the widespread availability of COVID-19 vaccines, the market is optimistic about the recovery of the hotel and tourism industry.</p><p>Regarding businesses valued by secondary market investors, Atour is expected to continue to benefit from the growth potential of its chain hotel and scenario retail businesses in the future.</p><p>According to a Frost & Sullivan report, the operating revenue of China's chain hotel industry increased from RMB 245.4 billion in 2015 to RMB 450 billion in 2019, with a compound annual growth rate of 16.4%. China's chain opening rate is only 31.5%, which still has considerable room for growth compared to the 72.9% in the United States.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.36kr.com/p/1283522749624073\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38f45e6504561f2ba5ca277e73b98680","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://www.36kr.com/p/1283522749624073","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173114193","content_text":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成立于2013年，与诸多将“豪”“锦”“万”“华”等贵气十足的文字用作品牌名称的酒店相比，这个源自云南亚朵村的名字似一股清流，流淌着自然、生活及人文情怀。\n业外人士知晓亚朵，或许是因为其出圈的IP跨界营销动作，例如与网易云音乐合作的主题酒店等。\n而对于业内人士而言，亚朵更像是一匹酒店界的黑马，在华住、锦江、首旅三足鼎立的格局中杀出重围，在快捷酒店深入人心的时代建立起属于亚朵的消费者心智，率先提出“生活方式品牌”的概念，为整个酒店行业提供了一个“始于酒店，不止于酒店”的创新思路。\n根据弗若斯特沙利文的数据，截至2020年底，按客房数量计，亚朵是中国最大的中高档连锁酒店。\n更重要的是，亚朵即将叩响资本市场的大门，以“ATAT”为股票代码在纳斯达克挂牌上市。如若成功上市，亚朵将成为“中国新住宿经济第一股”。\n根据更新后的招股书，亚朵拟发行1974.47万股ADS，定价区间为每ADS13.5美元至15.5美元，同时赋予承销商296.17万股ADS的超额配售权，计划筹资3.07亿美元至3.52亿美元。\n高瓴表示将以首次公开募股价格进行认购，并意向认购价值1.2亿美元的ADS。知名投资机构作为基石投资者，表明了资本市场对亚朵集团基本面和长期价值的认可。\n对于亚朵，市场好奇其究竟打造了怎样的创新业务模式，亦关心其业绩水平究竟如何，同时亚朵相较同业的核心优势，以及其未来在二级市场的表现都是市场关注的重点。\n那么，本文试图为你解答上述问题。（仅阐述观点，不构成投资建议。）\n“体验派”思路让酒店不止于睡觉\n“一个时代需要一个时代的品牌和企业”，亚朵创始人兼CEO王海军曾发出这样的感慨。\n在王海军的带领下，一群从事酒店行业的“老将”聚首，试图打造出一个新时代的酒店品牌及企业。如今看来，亚朵或许已成为他们第一个理想的成果。\n在这个产业与消费不断升级的时代背景下，王海军不想再做低端，仅能满足房客住宿需求的酒店。因此，差异化定位中高端市场，满足住宿需求的同时注重体验感就成为了亚朵贯彻至今的发展方向。\n作为中国头部的中高档连锁酒店，亚朵旗下已拥有中端、中高端、高端和豪华四大细分市场的6个品牌，具体包括中端品牌“轻居”，中高端品牌“亚朵酒店”、“亚朵X酒店”，高端品牌“亚朵S酒店”、“ZHOTEL”，以及豪华品牌“A.T.HOUSE”。\n数量规模方面，截至2021年一季度，亚朵在营酒店数量达608家，客房数超7万间，覆盖131个城市，同时开发中酒店的数量为299家，开发中客房的数量超3万间。\n差异化的市场定位，源自亚朵的“体验派”思路。这一思路的核心在于从“经营房间”向“经营人群”转变，不仅如此，亚朵还总结出一套“标准个性化”服务方法，保障服务能紧跟消费者需求的变化。根据慧评网的消费者调研显示，亚朵的整体满意度得分自2017年以来在6个主要的中高端酒店品牌中始终保持第一位置。\n另外在亚朵看来，酒店是一个生活方式体验及生活用品销售的天然场景。比如，当客户觉得酒店的床垫很舒适，可以直接在线上购买同款床垫。亚朵也由此从一家连锁酒店集团进一步升级为领先的生活方式品牌集团。\n截至今年3月底，亚朵共开发了1136个场景零售SKU。2019年和2020年零售业务产生的GMV分别为8280万元和1.072亿元，同比增长29.5%。今年一季度的零售业务GMV达到3260万元。\n而由“体验派”理念延伸出来的场景零售业务也早已开始为亚朵创收。\n2020年，亚朵场景零售业务收入占其总收入的4.5%，高于国内其他连锁酒店产生的零售业务收入。\n得益于中高端市场定位，以及颇受年轻人欢迎的场景零售业务发展，亚朵的受众群体逐渐聚焦于具备一定消费水平的高净值用户。\n首先，从地域来看，亚朵旗下近80%的酒店均分布在一线、新一线和二线城市的核心地段。这在一定程度上意味着，亚朵旗下酒店的受众群体消费水平不低。\n同时，根据招股书，30岁以下亚朵用户的占比超24%，这部分用户贡献的交易额占比达35%；30-40岁之间的亚朵用户占比更高达45.8%。\n截至2021年第一季度，亚朵的会员数量已超2500万。2015至2020年，亚朵的会员数量复合年均增长率高达79.6%。近两年，会员贡献的间夜预订数占比分别为39.3%和44.7%，占比较大且仍在增长。\n疫情之下彰显韧性\n人文情怀与有内容的空间可以俘获消费者的芳心，但若走向资本市场直面投资者，亚朵更需要拿得出手的业绩。\n对于酒店行业来说，想扩张就要用钱，想赚钱就要有人来住。因此，除了营收、净利润等核心业绩指标以外，入住率、ADR等常被视作衡量酒店经营情况的重要指标。\n2020年初，突如其来的疫情把大大小小的酒店打了个措手不及。而亚朵在疫情之下显现出了更强的韧性。\n在年初集体“沦陷”的情况下，亚朵2020年实现营收15.67亿元，与2019年的营收规模基本持平。而锦江酒店和华住集团的全年营收则分别同比下滑34%和9%。\n强劲的恢复与成长势头延续至今年一季度，亚朵营收的同比增幅高达107.7%，同时实现净利润1147万元，同比扭亏为盈。\n现金流方面，截至2020年底，亚朵的经营活动现金流为1.19亿元，投资活动现金流为-1.06亿元，筹资活动现金流为4801万元。当前，亚朵处于经营活动现金流为正，投资活动现金流为负，筹资活动现金流为正的情况，这在一定程度上意味着，其仍处在高速扩张期，是一家高成长性的公司。而高成长性则意味着，亚朵的未来有无限可能。\n\n而从出租率、房价来看，疫情之后，亚朵业务经营的复苏速度远超行业平均水平。\n首先，出租率方面，2019年亚朵出租率为73.4%。2020年，在疫情影响下，其不含隔离征用酒店的出租率为67.1%。而在今年4月，亚朵酒店出租率已然恢复并超过疫情前水平，高达80.4%。而有资料显示，截至2021年第一季度的10年以来，中国各星级酒店的年度平均出租率均未达到63%。这意味着，近些年亚朵的出租率水平已远超行业平均值，即使是疫情爆发的2020年也不例外。\n根据去年9月亚朵集团酒店BU总裁非鱼的介绍，去年2、3月份，亚朵为了快速拉升整体出租率，采取了价格策略，因此房价触底。但同年4、5月份，其房价就强势回弹，去年9月，整体的房价已经恢复到上年同期水平的94%。截止到今年4月，亚朵的整体房价已超越疫情前水平，达到432.9元，而2019年的整体房价则为429.5元。\n\n此外，拆解亚朵的营收结构，亚朵的营收主要来源于三部分：管理酒店（即加盟店）、租赁酒店（即直营店）、零售&其他。而不论是店面数量，还是所贡献的营收占比，主打轻资产运营模式的加盟店均超过直营店，这也是亚朵抗风险能力较强的一大重要原因。\n\n目前，亚朵经营的加盟店为575家，直营店仅33家。2015年至2020年，亚朵的加盟酒店数量年均复合增长率达86.2％。\n2020年，亚朵的加盟店营收占比由2019年的53.6%提升至59.1%。同期直营店的营收占比则由2019年的39.2%下降至31.7%。\n\n可以说，加盟店是亚朵的“立身之本”，加盟商的角色则是亚朵酒店的重要合伙人。一直以来，亚朵对加盟商输出的管理服务方案，以及为加盟商带来的效益均为业界称道。\n根据招股书，亚朵加盟商的投资回收周期多数是在酒店开业后的3至5年，是国内投资回收周期最快的中高端连锁酒店之一。\n因此，加盟商信赖亚朵，亦表现出较高的粘性。2020年，亚朵旗下31.8%的加盟商选择再次加盟。\n不动产基金管理、 项目管理、资产管理服务商中国建原助理总裁周晓军就曾表示，“我们在调研中高端酒店品牌的市场口碑、运营情况等信息时，亚朵伙伴们给我们留下了很深刻的印象，不仅会细致地沟通酒店的运营现状，也会谈到很多亚朵背后的管理体系，还有很多比如后期运营重点、难点，客户的特点，为什么客户会更喜欢我们亚朵的品牌等等”。\n2019年，中国建原将北京首都机场临空经济核心区汇海南路的售楼处加盟为亚朵酒店，目前该售楼处已转型为该区域最好的酒店。\n亚朵的核心优势\n中高端定位连锁集团以及生活方式品牌是亚朵的核心优势。\n差异化定位中高端市场，亚朵从一开始就选对了方向。\n未来，随着中高端酒店渗透率的提升，亚朵将进一步受益。根据弗若斯特沙利文报告，2015-2019年中高档酒店客房数量复合平均增速为25.7%，同期连锁酒店行业整体为15.2%。预计2021至2025年中高档连锁酒店客房数量复合平均增速为18.9%，仍将高于行业整体8.8%的增速。而中高档酒店客房的渗透率也将从2020年的10.5%提升至16.1%。\n同时，中高端酒店行业的低集中度也让亚朵可以稳坐“一哥”之席。目前，国内前五大酒店集团的中高档客房数量合计为19.7万间，占比 31.8%，中高档酒店行业集中度较低。其中，亚朵拥有5.8万家中高端客房，占比达9.4%，市占率位居行业第一。\n生活方式品牌的核心在于品牌调性和消费者忠诚度。\n在“美好生活分享社区”小红书上，关于亚朵的笔记数量高达1万+。在搜索框中输入“亚朵”，弹出的关联词包括亚朵早餐、亚朵枕头、亚朵床垫、亚朵洗发水等等，处处充满住宿以外的生活气息。顺着关联词点进去，更是好评如潮。其中，在疫情隔离期，亚朵隔离酒店成为了不少网友口中的“惊喜”。\n实际上，不少酒店都在拓展场景零售业务。相比之下，亚朵具备一定的先发优势及技术沉淀。\n据官方介绍，在中高端市场，亚朵是国内第一个正式拓展场景零售业务的酒店集团，目前其在品牌集成，合作供应商方面均已形成一定规模，且建立起较强的消费者心智和口碑。\n截至2021年第一季度，亚朵的场景零售业务已孵化出睡眠、香氛个护和出行三大品类的原创生活品牌，分别是亚朵星球、萨和及Z2GO&CO.。\n同时，针对原创生活品牌的生产和销售，亚朵还引入了DTC模式。DTC即直达消费者（Direct to Consumer），也就是以消费者的需求为重心去反向指导厂商的设计、生产、选品和营销。\n此外，与传统消费品牌相比，酒店天然具备的生活方式场景更为亚朵增加了优势。举例来看，每个房客日均在酒店内逗留的时长大约为6-8小时，可以实现消费的触点场景较多。\n亚朵的二级市场表现会怎样？\n展望未来，亚朵在二级市场会获得资本的看好吗？\n上市前，亚朵获得三轮融资，投资方阵容不逊，包括君联资本、德晖资本、阿里巴巴前CEO陆兆禧、携程等。\n根据最新更新的招股书，IPO后，王海军持股27.1%，为最大股东，掌握公司71.1%的投票权。此外，君联资本持股26.2%，德晖资本持股14%，携程持股12.8%。\n而选择此时在美股上市，一个重要原因或许是当前对亚朵利好的因素较多。\n首先，疫情之后，酒店行业加速出清，连锁酒店由于较强的抗压性更受投资者看好。同时，随着新冠肺炎疫苗的普及，市场看好酒旅行业的复苏。\n而在二级市场投资者看重的业务方面，预计未来亚朵仍将受益于连锁酒店及场景零售业务的增长空间。\n根据弗若斯特沙利文报告，中国连锁酒店业的营业收入从2015年的2454亿元增至2019年的4500亿元，年均复合增长率为16.4%。中国的连锁化率仅为31.5%，与美国的72.9%相比，仍有较大的增长空间。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":1992,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}