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2021-09-05

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Foxconn's car manufacturing landscape emerges

2021-06-13

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2021-08-29

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2021-06-26

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09:01","market":"hk","language":"zh","title":"Foxconn's car manufacturing landscape emerges","url":"https://stock-news.laohu8.com/highlight/detail?id=2164805312","media":"汽车商业评论","summary":"“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹","content":"<p>\"Apple cars are like iPhones with four wheels. Since we can produce iPhones, we can naturally also produce electric vehicles.\" This is what Foxconn founder and former chairman Terry Gou has said more than once in internal company meetings.</p><p>Foxconn, the world's largest consumer electronics foundry and Apple's largest supplier, has long dreamed of manufacturing cars.</p><p>In 2014, Terry Gou launched an electric vehicle project codenamed \"A-Fu Initiative\". The project was not announced to the outside world at the time and was handled by a precision instruments team at Foxconn.</p><p>A person familiar with the plan said that Terry Gou promised to issue shares to each project member as a reward if the project was successful.</p><p>Unfortunately, the A-Fu Initiative was just a flash in the pan, and car manufacturing was much more complicated than expected.</p><p>But Foxconn's passion for car manufacturing has never changed.</p><p>Today, the automotive industry is at a critical juncture of transformation. The pyramid supply chain model, with automakers at the top and suppliers at the bottom, has become rigid. The company is once again promoting the development of electric vehicles.</p><p>Will it be more successful this time?</p><p><b>Electric vehicles are iPhones with four wheels.</b></p><p>Liu Yangwei, who succeeded Terry Gou two years ago, promised that by 2025, 5% of the world's electric vehicles would use Foxconn's designs, components, mechanical parts, or software.</p><p>But the company's ambitions don't stop there.</p><p>It has announced plans to build factories in the United States and Thailand to assemble complete vehicles, and is selecting sites in Europe for car manufacturing.</p><p>At the same time, Foxconn has transformed its role into an advocate for electric vehicles, developing new technologies and setting new standards for them to challenge traditional automakers.</p><p>While Foxconn's electric vehicle development is accelerating, profits in consumer electronics are declining.</p><p>In 2020, Foxconn's sales grew by only 0.3%, and its net profit has been shrinking since 2017. Electric vehicles are a crucial component if the company is to increase its gross profit margin from the current 6% to its target of 10%.</p><p>The market's enthusiasm for electric vehicles propelled Foxconn's stock price to a four-year high in March 2021, rising more than 15% since the beginning of the year.</p><p>If its electric vehicle initiative fails again this time, the risks are very high.</p><p><img src=\"https://static.tigerbbs.com/1169239b354b79e8ad7b1dfb02d52502\" tg-width=\"480\" tg-height=\"691\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2></h2>Foxconn's subsidiaries are already working on<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Traditional and electric vehicle manufacturers such as BMW offer electronic products, including dashboard displays, printed circuit boards, and a range of mechanical and plastic components.</p><p>To expand its product lineup and acquire more technologies, Liu Yangwei has signed a series of supply agreements and technology development partnerships over the past year and a half.</p><p>For example, establishing a joint venture with Stellantis, the parent company of Fiat Chrysler and the world's fourth-largest automaker, to develop connected vehicles.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cockpit software,</p><p>Another example is establishing a joint venture with Geely to sell intelligent drive systems, software platforms, and even vehicle manufacturing and consulting services.<img src=\"https://static.tigerbbs.com/f56022d0d49f0e245f73086c7f7fe979\" tg-width=\"480\" tg-height=\"894\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Foxconn has been striving to improve its software expertise, which is not an advantage for a company renowned for its hardware capabilities.</p><p>In early August, the company acquired a semiconductor factory in Taiwan to gain more control over the supply of electric vehicle chips.</p><p><b>Bringing down the supply pyramid</b></p><p>Foxconn expects its revenue from auto parts to exceed NT$10 billion (US$361 million) in 2021, excluding display panels used for automotive telematics.</p><p>The company stated that this is insignificant for a manufacturing empire with annual revenues exceeding NT$5 trillion, but it has grown by 40% year-on-year.</p><p>“Current revenue mainly comes from mechanical and plastic components, but we will expand to the system and module level and begin vehicle manufacturing in the near future,” Liu Yangwei said at an investor conference in August.<img src=\"https://static.tigerbbs.com/e4036fce5a3fbbe501b41c7612b3e7d8\" tg-width=\"550\" tg-height=\"321\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">For decades, traditional automakers have invested heavily in engines, transmissions, and complex powertrains, but now they have become obstacles to entering the electric vehicle market, giving electric vehicle startups the opportunity to flourish everywhere.</p><p>Foxconn plans to replace traditional Tier 1 suppliers and provide vehicle manufacturing services to new brands such as Fisker and Byton, as well as established brands such as Yulon in Taiwan that hope to transform.</p><p>Unlike the stagnant traditional automotive market, the electric vehicle market is constantly seeing a surge of new entrants.</p><p>Electronics manufacturer Xiaomi plans to launch smart electric vehicles by 2024. Internet giants<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It has a joint venture with Geely and plans to do the same.</p><p>More than 60% of the world's iPhones are assembled by Foxconn, and it is widely believed that Foxconn is the best candidate to produce Apple cars.</p><p>Currently, its fate is closely linked to several startups, with emerging automakers preferring to partner with emerging suppliers compared to established companies.</p><p>On October 16, 2020, Foxconn showcased an interactive dashboard for its electric vehicle open platform framework at the HHTD Forum in Taipei. ▼</p><p><img src=\"https://static.tigerbbs.com/b113d47c48d4ef2184c2b18fec0ddefa\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Foxconn is taking the lead in breaking down the pyramid of the traditional automotive supply chain.</p><p>In October 2020, Liu Yangwei launched the \"Open Electric Vehicle Alliance,\" which consists of software and hardware companies in the automotive industry. The MIH Alliance, which stands for \"Mobility in Harmony,\" aims to set industry standards and develop \"kits\" that combine hardware and software for electric vehicle manufacturers to use, thereby reducing the development time and costs of new vehicles.</p><p>The alliance has attracted more than 1,800 companies, including<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>And the world's largest battery manufacturer<a href=\"https://laohu8.com/S/300750\">CATL</a>。</p><p>Honghua, a joint venture between Foxconn and Yulon Motors, has designed an electric bus prototype for a transportation operator in Taiwan using the MIH platform, which will hit the road next year.</p><p>“What MIH needs to do is build a similar partner chain to how traditional automakers build their supply chains,” said Shinpei Kato, founder and chief technology officer of Tier IV, a Japanese autonomous driving software startup. Tier IV is an important member of the alliance.</p><p>He added, \"In the traditional supply chain, only automakers at the top of the pyramid had decision-making power. Now the situation is different.\"</p><p>In electric vehicles, key components such as the motor and battery are controlled by software, which is different from the mechanical engine at the top of the pyramid.</p><p>This suggests that components can be packaged into larger modules and integrated as subsystems, making them easier to assemble, much like smartphone development and production today, potentially providing more say.</p><p>\"The participating companies can make decisions together.\" Xinpei said, \"We may no longer need traditional automotive giants to produce electric vehicles.\"</p><p>Shinpei Kato, founder and chief technology officer of Japanese autonomous driving software startup Tier IV ▼</p><p><img src=\"https://static.tigerbbs.com/7fb5debe80f21ca6381a4c745b80e576\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Some people question how MIH will develop, how it will ultimately benefit Foxconn, and by how much.</p><p>“Component suppliers can enter the electric vehicle supply chain more quickly through the MIH alliance, while Foxconn can also gain access to more suppliers and strengthen its competitiveness in the electric vehicle industry.”</p><p>\"Whether MIH can work still depends on the supplier's true technical capabilities,\" said Chiu Shih-fang, an automotive electronics analyst at the Taiwan Institute of Economic Research (TIER) who has long tracked Foxconn.</p><p>MIH registered as a non-profit foundation in August, meaning it is no longer affiliated with Foxconn, nor are its members affiliated with the company.</p><p><b>Friend and foe</b></p><p>With the collapse of the automotive supply chain pyramid, it remains to be seen who Foxconn's partners and competitors will be.</p><p>Foxconn is not the only technology company looking to seize the opportunity presented by the electrification trend in the automotive industry; each technology company has its own unique position in the electric vehicle supply chain.</p><p>Nidec announced in July that it was in talks with Foxconn to form a joint venture in 2022.</p><p>The company is the world's largest motor manufacturer, and its products are used in most fields such as computers, smartphones, and refrigerators. Its goal is to supply 45% of electric vehicle motors by 2030.</p><p>Quanta Computer and Pegatron have been supplying electronic control units to traditional car and electric vehicle manufacturers.</p><p>Delta Electronics, a world-leading provider of power management solutions, has focused on providing power, charging, cooling, and motor management systems for electric vehicles for over a decade.</p><p>Although none of these companies have shown the same ambitions as Foxconn in vehicle manufacturing. But South Korean giant LG Electronics has been deepening its relationship with Magna. Their joint venture is also a favorite to manufacture Apple cars.</p><p>electric vehicle open platform framework ▼</p><p><img src=\"https://static.tigerbbs.com/787d5198bb81a344b2709acac6f645ae\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Meanwhile, traditional automakers at the top of the old pyramid remain unshakable, and not just because of their brand awareness. They also possess skills and experience that are difficult for others to replicate.</p><p>Building an electric car may be simpler than building a traditional car, but it must be more complicated than building an iPhone. There are at least 10 times more components, and its safety requirements are much higher than those of mobile phones, after all, car safety is a matter of life and death.</p><p>“Many eyes are watching Foxconn’s electric vehicle development, and they may think that Foxconn doesn’t understand how the industry works,” said Sanshiro Fukao, a senior researcher at Itochu Research Institute.</p><p>He said, \"A car manufacturer has the ability to assemble parts together and ensure their safety. Foxconn may think that it can gain this ability by recruiting all its secondary suppliers, which is wrong.\"</p><p>Foxconn: If it can make iPhones, it can make electric vehicles. ▼<img src=\"https://static.tigerbbs.com/827b8eae1b9907a0abdbca563973d5f7\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Other analysts who hold conservative views on Foxconn believe that the development cycle for cars is much longer than for consumer electronics, and that building car production lines is also different.</p><p>Raymond Tsang, a partner at consulting firm Bain & Company in Shanghai, points out that there are more options for personalizing cars. Customers can order specific colors, interiors, optional packages, etc., so cars manufactured on the production line must meet many unique specifications compared to standardized smartphone assembly.</p><p>Qiu Shifang of TIER said that the automotive industry has undergone a transformation from old to new technologies, and there is still a lot of room to win.</p><p>She said, \"The era of electric vehicles has created new possibilities. Cars are manufactured in different ways, with various business models. Both established and new brands will find their place. The market will be large enough to accommodate all participants.\"</p><p>Soumen Mandal, a Research analyst in charge of automobiles and emerging technologies at Counterpoint Research, said, “The cooperation agreement, especially with Stellantis, Geely and Fisk, will help Foxconn gain automotive production experience, achieve economies of scale and ensure the safety of components such as batteries.”</p><p>He said, \"With this wealth, Foxconn needs to launch top-notch products to establish a good reputation and gain the trust of major customers, including Apple.\"</p>","source":"sina_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foxconn's car manufacturing landscape emerges</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\">\nFoxconn's car manufacturing landscape emerges\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">汽车商业评论</strong><span class=\"h-time small\">2021-09-05 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Apple cars are like iPhones with four wheels. Since we can produce iPhones, we can naturally also produce electric vehicles.\" This is what Foxconn founder and former chairman Terry Gou has said more than once in internal company meetings.</p><p>Foxconn, the world's largest consumer electronics foundry and Apple's largest supplier, has long dreamed of manufacturing cars.</p><p>In 2014, Terry Gou launched an electric vehicle project codenamed \"A-Fu Initiative\". The project was not announced to the outside world at the time and was handled by a precision instruments team at Foxconn.</p><p>A person familiar with the plan said that Terry Gou promised to issue shares to each project member as a reward if the project was successful.</p><p>Unfortunately, the A-Fu Initiative was just a flash in the pan, and car manufacturing was much more complicated than expected.</p><p>But Foxconn's passion for car manufacturing has never changed.</p><p>Today, the automotive industry is at a critical juncture of transformation. The pyramid supply chain model, with automakers at the top and suppliers at the bottom, has become rigid. The company is once again promoting the development of electric vehicles.</p><p>Will it be more successful this time?</p><p><b>Electric vehicles are iPhones with four wheels.</b></p><p>Liu Yangwei, who succeeded Terry Gou two years ago, promised that by 2025, 5% of the world's electric vehicles would use Foxconn's designs, components, mechanical parts, or software.</p><p>But the company's ambitions don't stop there.</p><p>It has announced plans to build factories in the United States and Thailand to assemble complete vehicles, and is selecting sites in Europe for car manufacturing.</p><p>At the same time, Foxconn has transformed its role into an advocate for electric vehicles, developing new technologies and setting new standards for them to challenge traditional automakers.</p><p>While Foxconn's electric vehicle development is accelerating, profits in consumer electronics are declining.</p><p>In 2020, Foxconn's sales grew by only 0.3%, and its net profit has been shrinking since 2017. Electric vehicles are a crucial component if the company is to increase its gross profit margin from the current 6% to its target of 10%.</p><p>The market's enthusiasm for electric vehicles propelled Foxconn's stock price to a four-year high in March 2021, rising more than 15% since the beginning of the year.</p><p>If its electric vehicle initiative fails again this time, the risks are very high.</p><p><img src=\"https://static.tigerbbs.com/1169239b354b79e8ad7b1dfb02d52502\" tg-width=\"480\" tg-height=\"691\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2></h2>Foxconn's subsidiaries are already working on<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Traditional and electric vehicle manufacturers such as BMW offer electronic products, including dashboard displays, printed circuit boards, and a range of mechanical and plastic components.</p><p>To expand its product lineup and acquire more technologies, Liu Yangwei has signed a series of supply agreements and technology development partnerships over the past year and a half.</p><p>For example, establishing a joint venture with Stellantis, the parent company of Fiat Chrysler and the world's fourth-largest automaker, to develop connected vehicles.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cockpit software,</p><p>Another example is establishing a joint venture with Geely to sell intelligent drive systems, software platforms, and even vehicle manufacturing and consulting services.<img src=\"https://static.tigerbbs.com/f56022d0d49f0e245f73086c7f7fe979\" tg-width=\"480\" tg-height=\"894\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Foxconn has been striving to improve its software expertise, which is not an advantage for a company renowned for its hardware capabilities.</p><p>In early August, the company acquired a semiconductor factory in Taiwan to gain more control over the supply of electric vehicle chips.</p><p><b>Bringing down the supply pyramid</b></p><p>Foxconn expects its revenue from auto parts to exceed NT$10 billion (US$361 million) in 2021, excluding display panels used for automotive telematics.</p><p>The company stated that this is insignificant for a manufacturing empire with annual revenues exceeding NT$5 trillion, but it has grown by 40% year-on-year.</p><p>“Current revenue mainly comes from mechanical and plastic components, but we will expand to the system and module level and begin vehicle manufacturing in the near future,” Liu Yangwei said at an investor conference in August.<img src=\"https://static.tigerbbs.com/e4036fce5a3fbbe501b41c7612b3e7d8\" tg-width=\"550\" tg-height=\"321\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">For decades, traditional automakers have invested heavily in engines, transmissions, and complex powertrains, but now they have become obstacles to entering the electric vehicle market, giving electric vehicle startups the opportunity to flourish everywhere.</p><p>Foxconn plans to replace traditional Tier 1 suppliers and provide vehicle manufacturing services to new brands such as Fisker and Byton, as well as established brands such as Yulon in Taiwan that hope to transform.</p><p>Unlike the stagnant traditional automotive market, the electric vehicle market is constantly seeing a surge of new entrants.</p><p>Electronics manufacturer Xiaomi plans to launch smart electric vehicles by 2024. Internet giants<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It has a joint venture with Geely and plans to do the same.</p><p>More than 60% of the world's iPhones are assembled by Foxconn, and it is widely believed that Foxconn is the best candidate to produce Apple cars.</p><p>Currently, its fate is closely linked to several startups, with emerging automakers preferring to partner with emerging suppliers compared to established companies.</p><p>On October 16, 2020, Foxconn showcased an interactive dashboard for its electric vehicle open platform framework at the HHTD Forum in Taipei. ▼</p><p><img src=\"https://static.tigerbbs.com/b113d47c48d4ef2184c2b18fec0ddefa\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Foxconn is taking the lead in breaking down the pyramid of the traditional automotive supply chain.</p><p>In October 2020, Liu Yangwei launched the \"Open Electric Vehicle Alliance,\" which consists of software and hardware companies in the automotive industry. The MIH Alliance, which stands for \"Mobility in Harmony,\" aims to set industry standards and develop \"kits\" that combine hardware and software for electric vehicle manufacturers to use, thereby reducing the development time and costs of new vehicles.</p><p>The alliance has attracted more than 1,800 companies, including<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>And the world's largest battery manufacturer<a href=\"https://laohu8.com/S/300750\">CATL</a>。</p><p>Honghua, a joint venture between Foxconn and Yulon Motors, has designed an electric bus prototype for a transportation operator in Taiwan using the MIH platform, which will hit the road next year.</p><p>“What MIH needs to do is build a similar partner chain to how traditional automakers build their supply chains,” said Shinpei Kato, founder and chief technology officer of Tier IV, a Japanese autonomous driving software startup. Tier IV is an important member of the alliance.</p><p>He added, \"In the traditional supply chain, only automakers at the top of the pyramid had decision-making power. Now the situation is different.\"</p><p>In electric vehicles, key components such as the motor and battery are controlled by software, which is different from the mechanical engine at the top of the pyramid.</p><p>This suggests that components can be packaged into larger modules and integrated as subsystems, making them easier to assemble, much like smartphone development and production today, potentially providing more say.</p><p>\"The participating companies can make decisions together.\" Xinpei said, \"We may no longer need traditional automotive giants to produce electric vehicles.\"</p><p>Shinpei Kato, founder and chief technology officer of Japanese autonomous driving software startup Tier IV ▼</p><p><img src=\"https://static.tigerbbs.com/7fb5debe80f21ca6381a4c745b80e576\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Some people question how MIH will develop, how it will ultimately benefit Foxconn, and by how much.</p><p>“Component suppliers can enter the electric vehicle supply chain more quickly through the MIH alliance, while Foxconn can also gain access to more suppliers and strengthen its competitiveness in the electric vehicle industry.”</p><p>\"Whether MIH can work still depends on the supplier's true technical capabilities,\" said Chiu Shih-fang, an automotive electronics analyst at the Taiwan Institute of Economic Research (TIER) who has long tracked Foxconn.</p><p>MIH registered as a non-profit foundation in August, meaning it is no longer affiliated with Foxconn, nor are its members affiliated with the company.</p><p><b>Friend and foe</b></p><p>With the collapse of the automotive supply chain pyramid, it remains to be seen who Foxconn's partners and competitors will be.</p><p>Foxconn is not the only technology company looking to seize the opportunity presented by the electrification trend in the automotive industry; each technology company has its own unique position in the electric vehicle supply chain.</p><p>Nidec announced in July that it was in talks with Foxconn to form a joint venture in 2022.</p><p>The company is the world's largest motor manufacturer, and its products are used in most fields such as computers, smartphones, and refrigerators. Its goal is to supply 45% of electric vehicle motors by 2030.</p><p>Quanta Computer and Pegatron have been supplying electronic control units to traditional car and electric vehicle manufacturers.</p><p>Delta Electronics, a world-leading provider of power management solutions, has focused on providing power, charging, cooling, and motor management systems for electric vehicles for over a decade.</p><p>Although none of these companies have shown the same ambitions as Foxconn in vehicle manufacturing. But South Korean giant LG Electronics has been deepening its relationship with Magna. Their joint venture is also a favorite to manufacture Apple cars.</p><p>electric vehicle open platform framework ▼</p><p><img src=\"https://static.tigerbbs.com/787d5198bb81a344b2709acac6f645ae\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Meanwhile, traditional automakers at the top of the old pyramid remain unshakable, and not just because of their brand awareness. They also possess skills and experience that are difficult for others to replicate.</p><p>Building an electric car may be simpler than building a traditional car, but it must be more complicated than building an iPhone. There are at least 10 times more components, and its safety requirements are much higher than those of mobile phones, after all, car safety is a matter of life and death.</p><p>“Many eyes are watching Foxconn’s electric vehicle development, and they may think that Foxconn doesn’t understand how the industry works,” said Sanshiro Fukao, a senior researcher at Itochu Research Institute.</p><p>He said, \"A car manufacturer has the ability to assemble parts together and ensure their safety. Foxconn may think that it can gain this ability by recruiting all its secondary suppliers, which is wrong.\"</p><p>Foxconn: If it can make iPhones, it can make electric vehicles. ▼<img src=\"https://static.tigerbbs.com/827b8eae1b9907a0abdbca563973d5f7\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Other analysts who hold conservative views on Foxconn believe that the development cycle for cars is much longer than for consumer electronics, and that building car production lines is also different.</p><p>Raymond Tsang, a partner at consulting firm Bain & Company in Shanghai, points out that there are more options for personalizing cars. Customers can order specific colors, interiors, optional packages, etc., so cars manufactured on the production line must meet many unique specifications compared to standardized smartphone assembly.</p><p>Qiu Shifang of TIER said that the automotive industry has undergone a transformation from old to new technologies, and there is still a lot of room to win.</p><p>She said, \"The era of electric vehicles has created new possibilities. Cars are manufactured in different ways, with various business models. Both established and new brands will find their place. The market will be large enough to accommodate all participants.\"</p><p>Soumen Mandal, a Research analyst in charge of automobiles and emerging technologies at Counterpoint Research, said, “The cooperation agreement, especially with Stellantis, Geely and Fisk, will help Foxconn gain automotive production experience, achieve economies of scale and ensure the safety of components such as batteries.”</p><p>He said, \"With this wealth, Foxconn needs to launch top-notch products to establish a good reputation and gain the trust of major customers, including Apple.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4\">汽车商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/68c0d089cb9044afdb542c4739789af1","relate_stocks":{"601138":"工业富联","AAPL":"苹果"},"source_url":"https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164805312","content_text":"“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹果的最大供应商，长期以来一直梦想着能制造汽车。\n2014年，郭台铭发起了一个代号为“A-Fu Initiative”的电动车项目。该项目彼时未向外界公布，由富士康的一个精密仪器团队负责。\n一位熟悉该计划的人士说，郭台铭承诺，如果项目成功，将给每一位项目成员发放股份作为奖励。\n可惜A-Fu Initiative只是昙花一现，造车还是比预期的要复杂得多。\n但富士康那颗造车的心从未改变。\n如今，汽车行业处于改头换面的关键节点。汽车制造商在最上层，下面是一层一层供应商的金字塔供应链模式已经僵化不堪。该公司又在重新推动电动汽车的发展。\n这一次它会更成功吗？\n电动车是有四个轮子的iPhone\n两年前接替郭台铭的刘扬伟承诺，到2025年，全球5%的电动汽车将采用富士康的设计、部件、机械零件或软件。\n但该公司的野心不止于此。\n它已宣布计划在美国和泰国建造工厂，进行整车组装，并正在欧洲选址用于汽车制造。\n同时，富士康已将自己的角色转换为电动车的倡导者，为电动车开发新技术、制定新标准，以挑战传统汽车制造商。\n一边富士康的电动车进度条在加快，另一边消费电子产品的利润在下降。\n2020年，富士康的销售额仅增长了0.3%，自2017年以来，净利润一直在萎缩。如果该公司要将其毛利率从目前的6%提高到目标的10%，电动车是至关重要的一环。\n市场对电动车的狂热让富士康的股价在2021年3月份创下四年来的新高，自年初以来，股价上涨超过15%。\n如果这一次它的电动车行动又折戟了，那风险就很大了。\n\n\n富士康的子公司已经在为特斯拉、宝马等传统和电动汽车制造商提供电子产品，产品包括仪表盘显示器、印刷电路板以及一系列的机械和塑料部件。\n为了扩大其产品阵容和网罗更多技术，刘扬伟在过去一年半的时间里签署了一系列供应协议和技术开发伙伴关系。\n比如，与菲亚特克莱斯勒的母公司、世界第四大汽车制造商Stellantis建立合资企业，为车联网开发智能座舱软件，\n又比如与吉利成立合资企业，销售与智能驱动系统、软件平台甚至整车制造和咨询服务。富士康一直在努力提高自己在软件方面的专业技能，对于一家以硬件能力闻名于世的公司来说，软件方面它不占优势。\n8月初，该公司在台湾收购了一家半导体工厂，以获得对电动汽车芯片供应的更多控制权。\n推倒供应金字塔\n富士康预计，除开用于汽车远程信息处理的显示面板，2021年该公司来自汽车零部件的收入可能超过100亿新台币（3.61亿美元）。\n该公司称，这对于一个年收入超过5万亿新台币的制造帝国来说微不足道，但它同比增长了40%。\n“目前的收入主要来自机械和塑料部件，但我们将扩大到系统和模块层面，并在不久的将来开始整车制造。”刘扬伟在8月份的投资者会议上说。几十年来，传统汽车公司在发动机、变速箱和复杂的动力传动系统方面进行了大量投资，如今反而成了进入电动车市场的阻碍，给了电动汽车初创企业遍地开花的机会。\n富士康计划取代传统的一级供应商，为菲斯克、拜腾等新品牌，台湾裕隆等希望转型老品牌提供整车制造服务。\n与固化的传统汽车市场不同，电动汽车市场不断有新人涌入。\n电子产品制造商小米计划在2024年前推出智能电动车。互联网巨头百度与吉利有一家合资企业，也计划做同样的事。\n全球60%以上的iPhone都是富士康组装的，人们普遍认为，富士康才是生产苹果汽车的最佳候选企业。\n目前，它的命运与几家初创企业紧密相连，与老牌企业相比，新兴汽车制造商更愿意与新兴的供应商合作。\n2020年10月16日，富士康在台北的HHTD论坛上展示了电动车开放平台框架的互动仪表板▼\n富士康带头要击垮传统汽车供应链的金字塔。\n2020年10月，刘扬伟发起了由汽车行业的软件和硬件公司组成的“开放电动车联盟”。MIH联盟，MIH代表 “Mobility in Harmony”（和谐出行），旨在制定行业标准，并开发硬件和软件相结合的“套件”，供电动车制造商使用，从而减少新车的开发时间和成本。\n该联盟已经吸引了1800多家公司，包括高通、微软和世界上最大的电池制造商宁德时代。\n富士康和裕隆汽车的合资公司鸿华已经使用MIH平台为台湾一家交通运营商设计了一个电动巴士原型，并将于明年上路。\n日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培（Shinpei Kato）说：“MIH要做的是建立一个类似的合作伙伴链，就像传统汽车制造商建立他们的供应链一样。” Tier IV是该联盟的一个重要成员。\n他补充说：“在传统的供应链中，只有处于金字塔顶端的汽车制造商才具有决策权。现在情况不一样了。”\n在电动车中，电机和电池等关键部件是由软件控制的，与金字塔顶端以机械为主的发动机是两码事。\n这表明零部件可以打包成更大的模块，并作为子系统集成，使它们更容易组装，就像今天的智能手机开发和生产一样，可能会供应商更多的话语权。\n“参与的公司可以一起做出决定。” 信培说，“我们可能不再需要传统汽车巨头来生产电动汽车。”\n日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培▼\n\n有人质疑MIH将如何发展，最终它将如何让富士康受益，以及受益多少。\n“零部件供应商可以通过MIH联盟更快地进入电动车供应链，而富士康也可以获得更多供应商，加强在电动车行业的竞争力。”\n长期跟踪富士康的台湾经济研究所（TIER）汽车电子分析师邱世方（Chiu Shih-fang）说，“MIH是否能发挥作用，仍取决于供应商的真正技术能力。”\nMIH在8月份注册成为非营利性基金会，这意味着它不再属于富士康，其成员也不从属于该公司。\n亦敌亦友\n随着汽车供应链金字塔的瓦解，富士康的合作伙伴和对手会是谁，还有待观察。\n富士康不是唯一想抓住汽车行业电气化风口的科技公司，每家科技企业在电动车供应链中都有自己专有的位置。\n日本电产在7月宣布，它正在与富士康谈判在2022年组建合资企业的事宜。\n该公司是世界上最大的电机制造商，它的产品应用于电脑、智能手机、冰箱等大部分领域。它的目标是到2030年供应45%的电动车电机。\n广达电脑和和硕公司一直在为传统汽车和电动汽车制造商提供电子控制单元。\n而世界领先的电源管理解决方案供应商台达电子，十几年来一直专注于为电动汽车提供电源、充电、散热和电机管理系统。\n虽然这些公司都没有表现出富士康般整车制造的野心。但是韩国巨头LG电子一直在深化与麦格纳的关系。他们的合资企业也是制造苹果汽车的热门人选。\n电动车开放平台框架▼\n与此同时，位于旧金字塔顶端的传统汽车制造商仍保持着不可动摇的地位，这不仅仅是因为他们的品牌知名度。它们还拥有他人难以复制的技能和经验。\n制造电动车可能比制造传统汽车更简单，但它一定比制造iPhone复杂。零部件至少多了10倍，而且它的安全性能要求比手机高得多，毕竟汽车安全是关乎生死的。\n“多少双眼睛都在盯着富士康的电动车进程，他们可能认为富士康并不了解这个行业的运作方式。”伊藤忠商事研究所高级研究员深尾三四郎（Sanshiro Fukao）说。\n他说：“一个汽车制造商有能力把零部件组装到一起，并保证它的安全。而富士康可能认为，把二级供应商们都网罗到自己这边来，就可以获得这一能力，这样想是不对的。”\n富士康：能造iPhone就能造电动车▼其他对富士康造成持保守意见的分析人士认为，汽车的开发周期比消费电子产品长得多，而且建设汽车生产线也不一样。\n咨询公司贝恩驻上海的合伙人曾伟民（Raymond Tsang）指出，汽车的个性化定制选择更多一些。客户可以订购特定的颜色、内饰、选装包等，因此与标准化的智能手机组装相比，生产线上制造出来的汽车要符合许多特有规格。\nTIER的邱世方说，汽车行业经历了从旧技术到新技术的转变，赢的空间还有很多。\n她说：“电动车的时代创造了新的可能性。制造汽车的方式是不同的，有各种商业模式。无论是老牌子还是新牌子都将找到自己的位置。市场将大到足以容纳所有的参与者。”\nCounterpoint Research负责汽车和新兴技术的研究分析师苏门·曼达尔（Soumen Mandal）说，“合作协议，尤其是与Stellantis、吉利和菲斯克的合作，将帮助富士康获得汽车生产经验，获得规模经济效益，并确保电池等部件的安全性。”\n他说：“凭借这些财富，富士康要推出的产品必须是一流的，才能树立良好的信誉，以及取得大客户的信任，包括苹果。”","news_type":1,"symbols_score_info":{"601138":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813216776,"gmtCreate":1630204536695,"gmtModify":1676530242752,"author":{"id":"3581496188490922","authorId":"3581496188490922","name":"吖鵹鴣鴣","avatar":"https://static.tigerbbs.com/8f04fd321dcb09c308486d4b4d1f8679","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581496188490922","idStr":"3581496188490922"},"themes":[],"title":"","htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813216776","repostId":"2163079370","repostType":4,"isVote":1,"tweetType":1,"viewCount":5226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125843987,"gmtCreate":1624669098349,"gmtModify":1703843143991,"author":{"id":"3581496188490922","authorId":"3581496188490922","name":"吖鵹鴣鴣","avatar":"https://static.tigerbbs.com/8f04fd321dcb09c308486d4b4d1f8679","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581496188490922","idStr":"3581496188490922"},"themes":[],"title":"","htmlText":"HaUp","listText":"HaUp","text":"HaUp","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125843987","repostId":"1128748018","repostType":4,"repost":{"id":"1128748018","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1624664867,"share":"https://ttm.financial/m/news/1128748018?lang=en_US&edition=fundamental","pubTime":"2021-06-26 07:47","market":"sh","language":"zh","title":"Brokerage stocks surged, with foreign investors buying 14.1 billion yuan worth of shares. Is the interim earnings rally approaching?","url":"https://stock-news.laohu8.com/highlight/detail?id=1128748018","media":"Wind万得","summary":"6月25日，A股高开高走，沪指突破20日均线，站上3600点。券商、银行等大金融板块强势归来，煤炭、钢铁等周期股表现活跃，外资一举扫货141亿，两市成交额连续6个交易日突破万亿。\n\n//  成交额连续","content":"<p>On June 25, A-shares opened higher and continued to rise, with the Shanghai Composite Index breaking through the 20-day moving average and standing above 3600 points. The financial sector, including securities firms and banks, made a strong comeback, while cyclical stocks such as coal and steel performed actively. Foreign capital bought 14.1 billion yuan worth of shares, and the total turnover of the two markets exceeded one trillion yuan for six consecutive trading days.</p><p><img src=\"https://static.tigerbbs.com/24987f966b77536ecd07a87b7297aab5\" tg-width=\"554\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p><b>// Trading volume reached one trillion yuan for six consecutive days //</b></p><p>Looking at the specific trend of A-shares on June 25, they continued the recent trend of increased trading volume, opening higher and continuing to rise throughout the day.<b>Trading volume has once again exceeded 1 trillion yuan, remaining at the trillion-yuan level for six consecutive days.</b>In addition, from the perspective of technical indicators, Friday's closing price had broken through the high level in early June, and the volume and price were well matched.</p><p><img src=\"https://static.tigerbbs.com/04d5ed0401d3fa300f3065fad23f5799\" tg-width=\"554\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>// Brokerage stocks rally, boosting market sentiment //</b></p><p>On the market,<b>The securities sector, known as the \"bull market flagship,\" led the collective rise in the financial sector, setting the main tone for the index's surge.</b>The Wind Brokerage Index surged 3.1% overall, with BOC Securities, Jinlong Shares, and Caida Securities hitting their daily limit. Among them, BOC Securities recorded two consecutive daily limit-up days.</p><p><img src=\"https://static.tigerbbs.com/0da371bb51ec48b31dc51b3198621558\" tg-width=\"552\" tg-height=\"931\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a30b5880fc0b2f2d9abf9e2f1acf0655\" tg-width=\"470\" tg-height=\"931\" referrerpolicy=\"no-referrer\"></p><p><b>// Northbound capital saw a net inflow of over 14 billion yuan in a single day //</b></p><p>On June 25,<b>Northbound capital saw a net inflow of 14.103 billion yuan, marking the third consecutive day of net buying, with a cumulative net inflow of 20.977 billion yuan this week.</b>The movement of northbound capital often plays a significant guiding role in the performance of A-shares, and the recent continuous large net inflow may provide support for future market trends.</p><p><img src=\"https://static.tigerbbs.com/502feee3f17411fec6d6551182a620b0\" tg-width=\"557\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p>Looking at the changes in northbound capital holdings in the first four days of this week, 36 companies saw net purchases exceeding 200 million yuan. Luxshare Precision saw the largest increase in holdings during the period, exceeding 1.5 billion yuan, with a net purchase of 34.348 million shares in four days. Midea Group also increased its holdings by more than 1 billion yuan, with a net purchase of 16.0102 million shares.</p><p>In addition, companies such as Ping An Insurance, Lens Technology, WuXi AppTec, LONGi Green Energy Technology, Mindray Medical, Zijin Mining, China Merchants Bank, Will Semiconductor, CATL, and Zhonghuan Semiconductor all saw net purchases exceeding 500 million yuan.</p><p><img src=\"https://static.tigerbbs.com/32703ea3b15805c620deda0518ea751a\" tg-width=\"639\" tg-height=\"2040\" referrerpolicy=\"no-referrer\"></p><p><b>// The central bank releases signals of liquidity stabilization //</b></p><p>This week, the central bank's convention of injecting 10 billion yuan in reverse repos was broken. On June 24, the People's Bank of China conducted 30 billion yuan of reverse repurchase operations through interest rate bidding. Given that 10 billion yuan of reverse repos matured that day, the central bank injected a net 20 billion yuan.<b>This marks the first time in nearly four months that the central bank has increased the scale of reverse repurchase operations.</b></p><p>Zhang Xu of Everbright Securities stated that the scale of open market operations and injections largely depends on the market's demand for central bank funds. The rise in funding rates at the end of June is a normal seasonal phenomenon, and<b>June this year may be the most stable June in terms of liquidity in recent years.</b></p><p>According to an analysis by Mingming of CITIC Securities, June 24 was the first day of the 7-day cross-month flow of funds. The central bank slightly exceeded its reverse repurchase agreement to cope with the fluctuations in the cross-month flow of funds. By appropriately supporting the liquidity situation at the end of the first half of the year, the central bank hopes to guide market expectations for liquidity to stabilize.</p><p>However, the scale of liquidity injection did not increase compared to the same period in previous years, highlighting the principle of \"stability first\". Mingming of CITIC Securities stated that the 30 billion yuan reverse repurchase scale is far lower than the scale of liquidity injection at the end of the previous six months, indicating that the central bank is still adopting a defensive attitude to stabilize fluctuations in the liquidity situation.</p><p><b>// Is the interim earnings rally about to begin?  //</b></p><p>Friday,<b>The Shanghai Stock Exchange's scheduled interim report disclosure schedule has been released, with ST Longyun set to disclose its interim report first on July 16.</b>In addition, Western Mining will disclose on July 17, while Jianmin Group, Meihua Biotechnology, Mingwei Electronics, and Jiangquan Industry will disclose on July 20.</p><p><img src=\"https://static.tigerbbs.com/b23ce2a4a030dd467fc737c7399629ff\" tg-width=\"879\" tg-height=\"682\" referrerpolicy=\"no-referrer\"></p><p>With three trading days remaining in June, some A-share listed companies have successively released their earnings forecasts. As is past practice, listed companies with positive earnings forecasts, especially those that exceed expectations, are expected to attract the attention of market funds.</p><p>According to Wind data, as of the evening of June 25, 526 companies listed on the Shanghai and Shenzhen stock exchanges had disclosed their 2021 interim results forecasts. Among them, 326 companies expected positive results (including expected increases, slight increases, continued profits, and turnarounds), 130 companies expected worrying results (including expected decreases, slight decreases, first losses, and continued losses), and 70 companies were uncertain, with an overall positive forecast rate as high as 62%.</p><p><img src=\"https://static.tigerbbs.com/c91183ac8815fb6de56811b9a9b83a0e\" tg-width=\"725\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p><p>Following the principle of \"pretty girls getting married first,\" industries that continue to improve their performance and maintain a high level of prosperity are beginning to emerge. Judging from the companies that have already disclosed their interim earnings forecasts,<b>The steel, light manufacturing, and chemical industries have the highest positive forecast rates exceeding 80%.</b>In addition, the positive forecast rates for the food and beverage, building materials, and machinery equipment industries all exceeded 70%. The computer and leisure services sectors had the lowest anticipation rates.</p><p><img src=\"https://static.tigerbbs.com/e434898e5ffb1c2a5ddc3ff0db4afad0\" tg-width=\"556\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p>Dongwu Securities points out that market liquidity is currently relatively ample, and opportunities still exist in certain themes and sectors. In terms of trading strategy, it is recommended to maintain a neutral and flexible position to cope with market volatility. Defensively, it is recommended to adjust the portfolio position towards directions with higher valuation returns and cost-effectiveness. Offensively,<b>Pay close attention to opportunities in high-growth industries, such as cyclical and technology sectors, where interim reports exceed expectations.</b></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>Brokerage stocks surged, with foreign investors buying 14.1 billion yuan worth of shares. Is the interim earnings rally approaching?</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\">\nBrokerage stocks surged, with foreign investors buying 14.1 billion yuan worth of shares. Is the interim earnings rally approaching?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2021-06-26 07:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25, A-shares opened higher and continued to rise, with the Shanghai Composite Index breaking through the 20-day moving average and standing above 3600 points. The financial sector, including securities firms and banks, made a strong comeback, while cyclical stocks such as coal and steel performed actively. Foreign capital bought 14.1 billion yuan worth of shares, and the total turnover of the two markets exceeded one trillion yuan for six consecutive trading days.</p><p><img src=\"https://static.tigerbbs.com/24987f966b77536ecd07a87b7297aab5\" tg-width=\"554\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p><b>// Trading volume reached one trillion yuan for six consecutive days //</b></p><p>Looking at the specific trend of A-shares on June 25, they continued the recent trend of increased trading volume, opening higher and continuing to rise throughout the day.<b>Trading volume has once again exceeded 1 trillion yuan, remaining at the trillion-yuan level for six consecutive days.</b>In addition, from the perspective of technical indicators, Friday's closing price had broken through the high level in early June, and the volume and price were well matched.</p><p><img src=\"https://static.tigerbbs.com/04d5ed0401d3fa300f3065fad23f5799\" tg-width=\"554\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>// Brokerage stocks rally, boosting market sentiment //</b></p><p>On the market,<b>The securities sector, known as the \"bull market flagship,\" led the collective rise in the financial sector, setting the main tone for the index's surge.</b>The Wind Brokerage Index surged 3.1% overall, with BOC Securities, Jinlong Shares, and Caida Securities hitting their daily limit. Among them, BOC Securities recorded two consecutive daily limit-up days.</p><p><img src=\"https://static.tigerbbs.com/0da371bb51ec48b31dc51b3198621558\" tg-width=\"552\" tg-height=\"931\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a30b5880fc0b2f2d9abf9e2f1acf0655\" tg-width=\"470\" tg-height=\"931\" referrerpolicy=\"no-referrer\"></p><p><b>// Northbound capital saw a net inflow of over 14 billion yuan in a single day //</b></p><p>On June 25,<b>Northbound capital saw a net inflow of 14.103 billion yuan, marking the third consecutive day of net buying, with a cumulative net inflow of 20.977 billion yuan this week.</b>The movement of northbound capital often plays a significant guiding role in the performance of A-shares, and the recent continuous large net inflow may provide support for future market trends.</p><p><img src=\"https://static.tigerbbs.com/502feee3f17411fec6d6551182a620b0\" tg-width=\"557\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p>Looking at the changes in northbound capital holdings in the first four days of this week, 36 companies saw net purchases exceeding 200 million yuan. Luxshare Precision saw the largest increase in holdings during the period, exceeding 1.5 billion yuan, with a net purchase of 34.348 million shares in four days. Midea Group also increased its holdings by more than 1 billion yuan, with a net purchase of 16.0102 million shares.</p><p>In addition, companies such as Ping An Insurance, Lens Technology, WuXi AppTec, LONGi Green Energy Technology, Mindray Medical, Zijin Mining, China Merchants Bank, Will Semiconductor, CATL, and Zhonghuan Semiconductor all saw net purchases exceeding 500 million yuan.</p><p><img src=\"https://static.tigerbbs.com/32703ea3b15805c620deda0518ea751a\" tg-width=\"639\" tg-height=\"2040\" referrerpolicy=\"no-referrer\"></p><p><b>// The central bank releases signals of liquidity stabilization //</b></p><p>This week, the central bank's convention of injecting 10 billion yuan in reverse repos was broken. On June 24, the People's Bank of China conducted 30 billion yuan of reverse repurchase operations through interest rate bidding. Given that 10 billion yuan of reverse repos matured that day, the central bank injected a net 20 billion yuan.<b>This marks the first time in nearly four months that the central bank has increased the scale of reverse repurchase operations.</b></p><p>Zhang Xu of Everbright Securities stated that the scale of open market operations and injections largely depends on the market's demand for central bank funds. The rise in funding rates at the end of June is a normal seasonal phenomenon, and<b>June this year may be the most stable June in terms of liquidity in recent years.</b></p><p>According to an analysis by Mingming of CITIC Securities, June 24 was the first day of the 7-day cross-month flow of funds. The central bank slightly exceeded its reverse repurchase agreement to cope with the fluctuations in the cross-month flow of funds. By appropriately supporting the liquidity situation at the end of the first half of the year, the central bank hopes to guide market expectations for liquidity to stabilize.</p><p>However, the scale of liquidity injection did not increase compared to the same period in previous years, highlighting the principle of \"stability first\". Mingming of CITIC Securities stated that the 30 billion yuan reverse repurchase scale is far lower than the scale of liquidity injection at the end of the previous six months, indicating that the central bank is still adopting a defensive attitude to stabilize fluctuations in the liquidity situation.</p><p><b>// Is the interim earnings rally about to begin?  //</b></p><p>Friday,<b>The Shanghai Stock Exchange's scheduled interim report disclosure schedule has been released, with ST Longyun set to disclose its interim report first on July 16.</b>In addition, Western Mining will disclose on July 17, while Jianmin Group, Meihua Biotechnology, Mingwei Electronics, and Jiangquan Industry will disclose on July 20.</p><p><img src=\"https://static.tigerbbs.com/b23ce2a4a030dd467fc737c7399629ff\" tg-width=\"879\" tg-height=\"682\" referrerpolicy=\"no-referrer\"></p><p>With three trading days remaining in June, some A-share listed companies have successively released their earnings forecasts. As is past practice, listed companies with positive earnings forecasts, especially those that exceed expectations, are expected to attract the attention of market funds.</p><p>According to Wind data, as of the evening of June 25, 526 companies listed on the Shanghai and Shenzhen stock exchanges had disclosed their 2021 interim results forecasts. Among them, 326 companies expected positive results (including expected increases, slight increases, continued profits, and turnarounds), 130 companies expected worrying results (including expected decreases, slight decreases, first losses, and continued losses), and 70 companies were uncertain, with an overall positive forecast rate as high as 62%.</p><p><img src=\"https://static.tigerbbs.com/c91183ac8815fb6de56811b9a9b83a0e\" tg-width=\"725\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p><p>Following the principle of \"pretty girls getting married first,\" industries that continue to improve their performance and maintain a high level of prosperity are beginning to emerge. Judging from the companies that have already disclosed their interim earnings forecasts,<b>The steel, light manufacturing, and chemical industries have the highest positive forecast rates exceeding 80%.</b>In addition, the positive forecast rates for the food and beverage, building materials, and machinery equipment industries all exceeded 70%. The computer and leisure services sectors had the lowest anticipation rates.</p><p><img src=\"https://static.tigerbbs.com/e434898e5ffb1c2a5ddc3ff0db4afad0\" tg-width=\"556\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p>Dongwu Securities points out that market liquidity is currently relatively ample, and opportunities still exist in certain themes and sectors. In terms of trading strategy, it is recommended to maintain a neutral and flexible position to cope with market volatility. Defensively, it is recommended to adjust the portfolio position towards directions with higher valuation returns and cost-effectiveness. Offensively,<b>Pay close attention to opportunities in high-growth industries, such as cyclical and technology sectors, where interim reports exceed expectations.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128748018","content_text":"6月25日，A股高开高走，沪指突破20日均线，站上3600点。券商、银行等大金融板块强势归来，煤炭、钢铁等周期股表现活跃，外资一举扫货141亿，两市成交额连续6个交易日突破万亿。\n\n//  成交额连续6天达万亿  //\n从6月25日A股具体走势来看，延续近期放量态势，全天高开高走，成交额再度突破1万亿，并连续6天维持在万亿水平。此外，从技术指标来看，周五收盘已经突破6月初的高位，且量价配合良好。\n\n//  券商股发力，带动市场人气  //\n盘面上，“牛市旗手”券商板块带领大金融集体走强，为指数大涨定下了主基调。Wind券商指数整体大涨3.1%，中银证券、锦龙股份、财达证券3股涨停。其中，中银证券录得两连板。\n\n//  北向资金单日净流入超140亿  //\n6月25日，北上资金净流入141.03亿元，连续3天净买入，本周累计净流入209.77亿元。北上资金的动向对A股走势往往起到明显的指引作用，近期持续大额净流入，或对未来行情起到支撑。\n\n从北上资金本周前四天持股变动来看，有36家公司净买入金额超2亿元，区间增持金额最多的是立讯精密，增持金额超过15亿元，4天时间净买入3434.80万股；美的集团增持金额亦超过10亿元，净买入1601.02万股。\n此外，中国平安、蓝思科技、药明康德、隆基股份、迈瑞医疗、紫金矿业、招商银行、韦尔股份、宁德时代、中环股份等公司净买入金额均超过5亿元。\n\n//  央行释放流动性稳定信号  //\n本周央行连续100亿元投放逆回购的惯例被打破。6月24日，央行以利率招标方式开展300亿元逆回购操作。鉴于当日有100亿元逆回购到期，央行实现净投放200亿元。这是近4个月以来，央行首次加大逆回购操作规模。\n光大证券张旭发表观点称，公开市场操作投放规模很大程度上取决于市场对于央行资金的需求；6月末资金利率上行是正常的季节性现象，而今年6月可能成为最近几年资金面最稳的一个6月。\n中信证券明明分析表示，6月24日是7天资金跨月的第一天，央行小幅超额续作逆回购，以应对资金跨半年末时点的波动。通过适度呵护半年末资金面，央行希望引导市场对资金面的预期走向平稳。\n不过，流动性投放规模较之往年同期并未放量，凸显“稳字当头”。中信证券明明表示，300亿元逆回购规模远低于以往半年末时点的流动性投放规模，表明央行仍然以防御心态来平稳资金面波动。\n//  中报行情开启？  //\n周五，上交所中报预约披露时间表出炉，ST龙韵将于7月16日率先披露。此外，西部矿业将于7月17日披露，健民集团、梅花生物、明微电子、江泉实业将于7月20日披露。\n\n6月还剩下最后3个交易日，部分A股上市公司陆续发布业绩预告。按照以往的惯例，那些业绩预喜的，尤其是超预期的上市公司，有望迎来市场资金的关注。\nWind数据显示，截至6月25日晚间，沪深两市已有526家公司披露2021年中报业绩预告，其中业绩预喜（包括预增、略增、续盈、扭亏）的公司共326家，业绩预忧（包括预减、略减、首亏、续亏）的公司共130家，不确定70家，整体预喜率高达62%。\n\n按照“靓女先嫁”的规律，业绩继续向好、景气度维持高位的行业由此初见端倪。从目前已披露中报预告的公司来看，钢铁、轻工制造和化工三大行业预喜率超过80%居前，此外，食品饮料、建筑材料、机械设备行业预喜率均超过七成。计算机、休闲服务板块预喜率垫底。\n\n东吴证券指出，当前市场流动性较为充裕，局部题材及板块的机会仍然存在，操作上建议保持中性灵活仓位以应对市场波动，防守上，建议把组合仓位向估值收益性价比较高的方向作调整，进攻上，多关注景气度高的行业，如周期及科技等板块中报超预期的机会。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":4668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182889017,"gmtCreate":1623562556539,"gmtModify":1704206264928,"author":{"id":"3581496188490922","authorId":"3581496188490922","name":"吖鵹鴣鴣","avatar":"https://static.tigerbbs.com/8f04fd321dcb09c308486d4b4d1f8679","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581496188490922","idStr":"3581496188490922"},"themes":[],"title":"","htmlText":"Hao&nbsp;","listText":"Hao&nbsp;","text":"Hao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182889017","repostId":"1159028389","repostType":4,"isVote":1,"tweetType":1,"viewCount":4055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":814643604,"gmtCreate":1630816101208,"gmtModify":1676530400453,"author":{"id":"3581496188490922","authorId":"3581496188490922","name":"吖鵹鴣鴣","avatar":"https://static.tigerbbs.com/8f04fd321dcb09c308486d4b4d1f8679","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581496188490922","authorIdStr":"3581496188490922"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/814643604","repostId":"2164805312","repostType":2,"repost":{"id":"2164805312","kind":"news","pubTimestamp":1630803670,"share":"https://ttm.financial/m/news/2164805312?lang=en_US&edition=fundamental","pubTime":"2021-09-05 09:01","market":"hk","language":"zh","title":"Foxconn's car manufacturing landscape emerges","url":"https://stock-news.laohu8.com/highlight/detail?id=2164805312","media":"汽车商业评论","summary":"“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹","content":"<p>\"Apple cars are like iPhones with four wheels. Since we can produce iPhones, we can naturally also produce electric vehicles.\" This is what Foxconn founder and former chairman Terry Gou has said more than once in internal company meetings.</p><p>Foxconn, the world's largest consumer electronics foundry and Apple's largest supplier, has long dreamed of manufacturing cars.</p><p>In 2014, Terry Gou launched an electric vehicle project codenamed \"A-Fu Initiative\". The project was not announced to the outside world at the time and was handled by a precision instruments team at Foxconn.</p><p>A person familiar with the plan said that Terry Gou promised to issue shares to each project member as a reward if the project was successful.</p><p>Unfortunately, the A-Fu Initiative was just a flash in the pan, and car manufacturing was much more complicated than expected.</p><p>But Foxconn's passion for car manufacturing has never changed.</p><p>Today, the automotive industry is at a critical juncture of transformation. The pyramid supply chain model, with automakers at the top and suppliers at the bottom, has become rigid. The company is once again promoting the development of electric vehicles.</p><p>Will it be more successful this time?</p><p><b>Electric vehicles are iPhones with four wheels.</b></p><p>Liu Yangwei, who succeeded Terry Gou two years ago, promised that by 2025, 5% of the world's electric vehicles would use Foxconn's designs, components, mechanical parts, or software.</p><p>But the company's ambitions don't stop there.</p><p>It has announced plans to build factories in the United States and Thailand to assemble complete vehicles, and is selecting sites in Europe for car manufacturing.</p><p>At the same time, Foxconn has transformed its role into an advocate for electric vehicles, developing new technologies and setting new standards for them to challenge traditional automakers.</p><p>While Foxconn's electric vehicle development is accelerating, profits in consumer electronics are declining.</p><p>In 2020, Foxconn's sales grew by only 0.3%, and its net profit has been shrinking since 2017. Electric vehicles are a crucial component if the company is to increase its gross profit margin from the current 6% to its target of 10%.</p><p>The market's enthusiasm for electric vehicles propelled Foxconn's stock price to a four-year high in March 2021, rising more than 15% since the beginning of the year.</p><p>If its electric vehicle initiative fails again this time, the risks are very high.</p><p><img src=\"https://static.tigerbbs.com/1169239b354b79e8ad7b1dfb02d52502\" tg-width=\"480\" tg-height=\"691\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2></h2>Foxconn's subsidiaries are already working on<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Traditional and electric vehicle manufacturers such as BMW offer electronic products, including dashboard displays, printed circuit boards, and a range of mechanical and plastic components.</p><p>To expand its product lineup and acquire more technologies, Liu Yangwei has signed a series of supply agreements and technology development partnerships over the past year and a half.</p><p>For example, establishing a joint venture with Stellantis, the parent company of Fiat Chrysler and the world's fourth-largest automaker, to develop connected vehicles.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cockpit software,</p><p>Another example is establishing a joint venture with Geely to sell intelligent drive systems, software platforms, and even vehicle manufacturing and consulting services.<img src=\"https://static.tigerbbs.com/f56022d0d49f0e245f73086c7f7fe979\" tg-width=\"480\" tg-height=\"894\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Foxconn has been striving to improve its software expertise, which is not an advantage for a company renowned for its hardware capabilities.</p><p>In early August, the company acquired a semiconductor factory in Taiwan to gain more control over the supply of electric vehicle chips.</p><p><b>Bringing down the supply pyramid</b></p><p>Foxconn expects its revenue from auto parts to exceed NT$10 billion (US$361 million) in 2021, excluding display panels used for automotive telematics.</p><p>The company stated that this is insignificant for a manufacturing empire with annual revenues exceeding NT$5 trillion, but it has grown by 40% year-on-year.</p><p>“Current revenue mainly comes from mechanical and plastic components, but we will expand to the system and module level and begin vehicle manufacturing in the near future,” Liu Yangwei said at an investor conference in August.<img src=\"https://static.tigerbbs.com/e4036fce5a3fbbe501b41c7612b3e7d8\" tg-width=\"550\" tg-height=\"321\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">For decades, traditional automakers have invested heavily in engines, transmissions, and complex powertrains, but now they have become obstacles to entering the electric vehicle market, giving electric vehicle startups the opportunity to flourish everywhere.</p><p>Foxconn plans to replace traditional Tier 1 suppliers and provide vehicle manufacturing services to new brands such as Fisker and Byton, as well as established brands such as Yulon in Taiwan that hope to transform.</p><p>Unlike the stagnant traditional automotive market, the electric vehicle market is constantly seeing a surge of new entrants.</p><p>Electronics manufacturer Xiaomi plans to launch smart electric vehicles by 2024. Internet giants<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It has a joint venture with Geely and plans to do the same.</p><p>More than 60% of the world's iPhones are assembled by Foxconn, and it is widely believed that Foxconn is the best candidate to produce Apple cars.</p><p>Currently, its fate is closely linked to several startups, with emerging automakers preferring to partner with emerging suppliers compared to established companies.</p><p>On October 16, 2020, Foxconn showcased an interactive dashboard for its electric vehicle open platform framework at the HHTD Forum in Taipei. ▼</p><p><img src=\"https://static.tigerbbs.com/b113d47c48d4ef2184c2b18fec0ddefa\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Foxconn is taking the lead in breaking down the pyramid of the traditional automotive supply chain.</p><p>In October 2020, Liu Yangwei launched the \"Open Electric Vehicle Alliance,\" which consists of software and hardware companies in the automotive industry. The MIH Alliance, which stands for \"Mobility in Harmony,\" aims to set industry standards and develop \"kits\" that combine hardware and software for electric vehicle manufacturers to use, thereby reducing the development time and costs of new vehicles.</p><p>The alliance has attracted more than 1,800 companies, including<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>And the world's largest battery manufacturer<a href=\"https://laohu8.com/S/300750\">CATL</a>。</p><p>Honghua, a joint venture between Foxconn and Yulon Motors, has designed an electric bus prototype for a transportation operator in Taiwan using the MIH platform, which will hit the road next year.</p><p>“What MIH needs to do is build a similar partner chain to how traditional automakers build their supply chains,” said Shinpei Kato, founder and chief technology officer of Tier IV, a Japanese autonomous driving software startup. Tier IV is an important member of the alliance.</p><p>He added, \"In the traditional supply chain, only automakers at the top of the pyramid had decision-making power. Now the situation is different.\"</p><p>In electric vehicles, key components such as the motor and battery are controlled by software, which is different from the mechanical engine at the top of the pyramid.</p><p>This suggests that components can be packaged into larger modules and integrated as subsystems, making them easier to assemble, much like smartphone development and production today, potentially providing more say.</p><p>\"The participating companies can make decisions together.\" Xinpei said, \"We may no longer need traditional automotive giants to produce electric vehicles.\"</p><p>Shinpei Kato, founder and chief technology officer of Japanese autonomous driving software startup Tier IV ▼</p><p><img src=\"https://static.tigerbbs.com/7fb5debe80f21ca6381a4c745b80e576\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Some people question how MIH will develop, how it will ultimately benefit Foxconn, and by how much.</p><p>“Component suppliers can enter the electric vehicle supply chain more quickly through the MIH alliance, while Foxconn can also gain access to more suppliers and strengthen its competitiveness in the electric vehicle industry.”</p><p>\"Whether MIH can work still depends on the supplier's true technical capabilities,\" said Chiu Shih-fang, an automotive electronics analyst at the Taiwan Institute of Economic Research (TIER) who has long tracked Foxconn.</p><p>MIH registered as a non-profit foundation in August, meaning it is no longer affiliated with Foxconn, nor are its members affiliated with the company.</p><p><b>Friend and foe</b></p><p>With the collapse of the automotive supply chain pyramid, it remains to be seen who Foxconn's partners and competitors will be.</p><p>Foxconn is not the only technology company looking to seize the opportunity presented by the electrification trend in the automotive industry; each technology company has its own unique position in the electric vehicle supply chain.</p><p>Nidec announced in July that it was in talks with Foxconn to form a joint venture in 2022.</p><p>The company is the world's largest motor manufacturer, and its products are used in most fields such as computers, smartphones, and refrigerators. Its goal is to supply 45% of electric vehicle motors by 2030.</p><p>Quanta Computer and Pegatron have been supplying electronic control units to traditional car and electric vehicle manufacturers.</p><p>Delta Electronics, a world-leading provider of power management solutions, has focused on providing power, charging, cooling, and motor management systems for electric vehicles for over a decade.</p><p>Although none of these companies have shown the same ambitions as Foxconn in vehicle manufacturing. But South Korean giant LG Electronics has been deepening its relationship with Magna. Their joint venture is also a favorite to manufacture Apple cars.</p><p>electric vehicle open platform framework ▼</p><p><img src=\"https://static.tigerbbs.com/787d5198bb81a344b2709acac6f645ae\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Meanwhile, traditional automakers at the top of the old pyramid remain unshakable, and not just because of their brand awareness. They also possess skills and experience that are difficult for others to replicate.</p><p>Building an electric car may be simpler than building a traditional car, but it must be more complicated than building an iPhone. There are at least 10 times more components, and its safety requirements are much higher than those of mobile phones, after all, car safety is a matter of life and death.</p><p>“Many eyes are watching Foxconn’s electric vehicle development, and they may think that Foxconn doesn’t understand how the industry works,” said Sanshiro Fukao, a senior researcher at Itochu Research Institute.</p><p>He said, \"A car manufacturer has the ability to assemble parts together and ensure their safety. Foxconn may think that it can gain this ability by recruiting all its secondary suppliers, which is wrong.\"</p><p>Foxconn: If it can make iPhones, it can make electric vehicles. ▼<img src=\"https://static.tigerbbs.com/827b8eae1b9907a0abdbca563973d5f7\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Other analysts who hold conservative views on Foxconn believe that the development cycle for cars is much longer than for consumer electronics, and that building car production lines is also different.</p><p>Raymond Tsang, a partner at consulting firm Bain & Company in Shanghai, points out that there are more options for personalizing cars. Customers can order specific colors, interiors, optional packages, etc., so cars manufactured on the production line must meet many unique specifications compared to standardized smartphone assembly.</p><p>Qiu Shifang of TIER said that the automotive industry has undergone a transformation from old to new technologies, and there is still a lot of room to win.</p><p>She said, \"The era of electric vehicles has created new possibilities. Cars are manufactured in different ways, with various business models. Both established and new brands will find their place. The market will be large enough to accommodate all participants.\"</p><p>Soumen Mandal, a Research analyst in charge of automobiles and emerging technologies at Counterpoint Research, said, “The cooperation agreement, especially with Stellantis, Geely and Fisk, will help Foxconn gain automotive production experience, achieve economies of scale and ensure the safety of components such as batteries.”</p><p>He said, \"With this wealth, Foxconn needs to launch top-notch products to establish a good reputation and gain the trust of major customers, including Apple.\"</p>","source":"sina_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foxconn's car manufacturing landscape emerges</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\">\nFoxconn's car manufacturing landscape emerges\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">汽车商业评论</strong><span class=\"h-time small\">2021-09-05 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Apple cars are like iPhones with four wheels. Since we can produce iPhones, we can naturally also produce electric vehicles.\" This is what Foxconn founder and former chairman Terry Gou has said more than once in internal company meetings.</p><p>Foxconn, the world's largest consumer electronics foundry and Apple's largest supplier, has long dreamed of manufacturing cars.</p><p>In 2014, Terry Gou launched an electric vehicle project codenamed \"A-Fu Initiative\". The project was not announced to the outside world at the time and was handled by a precision instruments team at Foxconn.</p><p>A person familiar with the plan said that Terry Gou promised to issue shares to each project member as a reward if the project was successful.</p><p>Unfortunately, the A-Fu Initiative was just a flash in the pan, and car manufacturing was much more complicated than expected.</p><p>But Foxconn's passion for car manufacturing has never changed.</p><p>Today, the automotive industry is at a critical juncture of transformation. The pyramid supply chain model, with automakers at the top and suppliers at the bottom, has become rigid. The company is once again promoting the development of electric vehicles.</p><p>Will it be more successful this time?</p><p><b>Electric vehicles are iPhones with four wheels.</b></p><p>Liu Yangwei, who succeeded Terry Gou two years ago, promised that by 2025, 5% of the world's electric vehicles would use Foxconn's designs, components, mechanical parts, or software.</p><p>But the company's ambitions don't stop there.</p><p>It has announced plans to build factories in the United States and Thailand to assemble complete vehicles, and is selecting sites in Europe for car manufacturing.</p><p>At the same time, Foxconn has transformed its role into an advocate for electric vehicles, developing new technologies and setting new standards for them to challenge traditional automakers.</p><p>While Foxconn's electric vehicle development is accelerating, profits in consumer electronics are declining.</p><p>In 2020, Foxconn's sales grew by only 0.3%, and its net profit has been shrinking since 2017. Electric vehicles are a crucial component if the company is to increase its gross profit margin from the current 6% to its target of 10%.</p><p>The market's enthusiasm for electric vehicles propelled Foxconn's stock price to a four-year high in March 2021, rising more than 15% since the beginning of the year.</p><p>If its electric vehicle initiative fails again this time, the risks are very high.</p><p><img src=\"https://static.tigerbbs.com/1169239b354b79e8ad7b1dfb02d52502\" tg-width=\"480\" tg-height=\"691\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2></h2>Foxconn's subsidiaries are already working on<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Traditional and electric vehicle manufacturers such as BMW offer electronic products, including dashboard displays, printed circuit boards, and a range of mechanical and plastic components.</p><p>To expand its product lineup and acquire more technologies, Liu Yangwei has signed a series of supply agreements and technology development partnerships over the past year and a half.</p><p>For example, establishing a joint venture with Stellantis, the parent company of Fiat Chrysler and the world's fourth-largest automaker, to develop connected vehicles.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cockpit software,</p><p>Another example is establishing a joint venture with Geely to sell intelligent drive systems, software platforms, and even vehicle manufacturing and consulting services.<img src=\"https://static.tigerbbs.com/f56022d0d49f0e245f73086c7f7fe979\" tg-width=\"480\" tg-height=\"894\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Foxconn has been striving to improve its software expertise, which is not an advantage for a company renowned for its hardware capabilities.</p><p>In early August, the company acquired a semiconductor factory in Taiwan to gain more control over the supply of electric vehicle chips.</p><p><b>Bringing down the supply pyramid</b></p><p>Foxconn expects its revenue from auto parts to exceed NT$10 billion (US$361 million) in 2021, excluding display panels used for automotive telematics.</p><p>The company stated that this is insignificant for a manufacturing empire with annual revenues exceeding NT$5 trillion, but it has grown by 40% year-on-year.</p><p>“Current revenue mainly comes from mechanical and plastic components, but we will expand to the system and module level and begin vehicle manufacturing in the near future,” Liu Yangwei said at an investor conference in August.<img src=\"https://static.tigerbbs.com/e4036fce5a3fbbe501b41c7612b3e7d8\" tg-width=\"550\" tg-height=\"321\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">For decades, traditional automakers have invested heavily in engines, transmissions, and complex powertrains, but now they have become obstacles to entering the electric vehicle market, giving electric vehicle startups the opportunity to flourish everywhere.</p><p>Foxconn plans to replace traditional Tier 1 suppliers and provide vehicle manufacturing services to new brands such as Fisker and Byton, as well as established brands such as Yulon in Taiwan that hope to transform.</p><p>Unlike the stagnant traditional automotive market, the electric vehicle market is constantly seeing a surge of new entrants.</p><p>Electronics manufacturer Xiaomi plans to launch smart electric vehicles by 2024. Internet giants<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It has a joint venture with Geely and plans to do the same.</p><p>More than 60% of the world's iPhones are assembled by Foxconn, and it is widely believed that Foxconn is the best candidate to produce Apple cars.</p><p>Currently, its fate is closely linked to several startups, with emerging automakers preferring to partner with emerging suppliers compared to established companies.</p><p>On October 16, 2020, Foxconn showcased an interactive dashboard for its electric vehicle open platform framework at the HHTD Forum in Taipei. ▼</p><p><img src=\"https://static.tigerbbs.com/b113d47c48d4ef2184c2b18fec0ddefa\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Foxconn is taking the lead in breaking down the pyramid of the traditional automotive supply chain.</p><p>In October 2020, Liu Yangwei launched the \"Open Electric Vehicle Alliance,\" which consists of software and hardware companies in the automotive industry. The MIH Alliance, which stands for \"Mobility in Harmony,\" aims to set industry standards and develop \"kits\" that combine hardware and software for electric vehicle manufacturers to use, thereby reducing the development time and costs of new vehicles.</p><p>The alliance has attracted more than 1,800 companies, including<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>And the world's largest battery manufacturer<a href=\"https://laohu8.com/S/300750\">CATL</a>。</p><p>Honghua, a joint venture between Foxconn and Yulon Motors, has designed an electric bus prototype for a transportation operator in Taiwan using the MIH platform, which will hit the road next year.</p><p>“What MIH needs to do is build a similar partner chain to how traditional automakers build their supply chains,” said Shinpei Kato, founder and chief technology officer of Tier IV, a Japanese autonomous driving software startup. Tier IV is an important member of the alliance.</p><p>He added, \"In the traditional supply chain, only automakers at the top of the pyramid had decision-making power. Now the situation is different.\"</p><p>In electric vehicles, key components such as the motor and battery are controlled by software, which is different from the mechanical engine at the top of the pyramid.</p><p>This suggests that components can be packaged into larger modules and integrated as subsystems, making them easier to assemble, much like smartphone development and production today, potentially providing more say.</p><p>\"The participating companies can make decisions together.\" Xinpei said, \"We may no longer need traditional automotive giants to produce electric vehicles.\"</p><p>Shinpei Kato, founder and chief technology officer of Japanese autonomous driving software startup Tier IV ▼</p><p><img src=\"https://static.tigerbbs.com/7fb5debe80f21ca6381a4c745b80e576\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Some people question how MIH will develop, how it will ultimately benefit Foxconn, and by how much.</p><p>“Component suppliers can enter the electric vehicle supply chain more quickly through the MIH alliance, while Foxconn can also gain access to more suppliers and strengthen its competitiveness in the electric vehicle industry.”</p><p>\"Whether MIH can work still depends on the supplier's true technical capabilities,\" said Chiu Shih-fang, an automotive electronics analyst at the Taiwan Institute of Economic Research (TIER) who has long tracked Foxconn.</p><p>MIH registered as a non-profit foundation in August, meaning it is no longer affiliated with Foxconn, nor are its members affiliated with the company.</p><p><b>Friend and foe</b></p><p>With the collapse of the automotive supply chain pyramid, it remains to be seen who Foxconn's partners and competitors will be.</p><p>Foxconn is not the only technology company looking to seize the opportunity presented by the electrification trend in the automotive industry; each technology company has its own unique position in the electric vehicle supply chain.</p><p>Nidec announced in July that it was in talks with Foxconn to form a joint venture in 2022.</p><p>The company is the world's largest motor manufacturer, and its products are used in most fields such as computers, smartphones, and refrigerators. Its goal is to supply 45% of electric vehicle motors by 2030.</p><p>Quanta Computer and Pegatron have been supplying electronic control units to traditional car and electric vehicle manufacturers.</p><p>Delta Electronics, a world-leading provider of power management solutions, has focused on providing power, charging, cooling, and motor management systems for electric vehicles for over a decade.</p><p>Although none of these companies have shown the same ambitions as Foxconn in vehicle manufacturing. But South Korean giant LG Electronics has been deepening its relationship with Magna. Their joint venture is also a favorite to manufacture Apple cars.</p><p>electric vehicle open platform framework ▼</p><p><img src=\"https://static.tigerbbs.com/787d5198bb81a344b2709acac6f645ae\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Meanwhile, traditional automakers at the top of the old pyramid remain unshakable, and not just because of their brand awareness. They also possess skills and experience that are difficult for others to replicate.</p><p>Building an electric car may be simpler than building a traditional car, but it must be more complicated than building an iPhone. There are at least 10 times more components, and its safety requirements are much higher than those of mobile phones, after all, car safety is a matter of life and death.</p><p>“Many eyes are watching Foxconn’s electric vehicle development, and they may think that Foxconn doesn’t understand how the industry works,” said Sanshiro Fukao, a senior researcher at Itochu Research Institute.</p><p>He said, \"A car manufacturer has the ability to assemble parts together and ensure their safety. Foxconn may think that it can gain this ability by recruiting all its secondary suppliers, which is wrong.\"</p><p>Foxconn: If it can make iPhones, it can make electric vehicles. ▼<img src=\"https://static.tigerbbs.com/827b8eae1b9907a0abdbca563973d5f7\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Other analysts who hold conservative views on Foxconn believe that the development cycle for cars is much longer than for consumer electronics, and that building car production lines is also different.</p><p>Raymond Tsang, a partner at consulting firm Bain & Company in Shanghai, points out that there are more options for personalizing cars. Customers can order specific colors, interiors, optional packages, etc., so cars manufactured on the production line must meet many unique specifications compared to standardized smartphone assembly.</p><p>Qiu Shifang of TIER said that the automotive industry has undergone a transformation from old to new technologies, and there is still a lot of room to win.</p><p>She said, \"The era of electric vehicles has created new possibilities. Cars are manufactured in different ways, with various business models. Both established and new brands will find their place. The market will be large enough to accommodate all participants.\"</p><p>Soumen Mandal, a Research analyst in charge of automobiles and emerging technologies at Counterpoint Research, said, “The cooperation agreement, especially with Stellantis, Geely and Fisk, will help Foxconn gain automotive production experience, achieve economies of scale and ensure the safety of components such as batteries.”</p><p>He said, \"With this wealth, Foxconn needs to launch top-notch products to establish a good reputation and gain the trust of major customers, including Apple.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4\">汽车商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/68c0d089cb9044afdb542c4739789af1","relate_stocks":{"601138":"工业富联","AAPL":"苹果"},"source_url":"https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164805312","content_text":"“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹果的最大供应商，长期以来一直梦想着能制造汽车。\n2014年，郭台铭发起了一个代号为“A-Fu Initiative”的电动车项目。该项目彼时未向外界公布，由富士康的一个精密仪器团队负责。\n一位熟悉该计划的人士说，郭台铭承诺，如果项目成功，将给每一位项目成员发放股份作为奖励。\n可惜A-Fu Initiative只是昙花一现，造车还是比预期的要复杂得多。\n但富士康那颗造车的心从未改变。\n如今，汽车行业处于改头换面的关键节点。汽车制造商在最上层，下面是一层一层供应商的金字塔供应链模式已经僵化不堪。该公司又在重新推动电动汽车的发展。\n这一次它会更成功吗？\n电动车是有四个轮子的iPhone\n两年前接替郭台铭的刘扬伟承诺，到2025年，全球5%的电动汽车将采用富士康的设计、部件、机械零件或软件。\n但该公司的野心不止于此。\n它已宣布计划在美国和泰国建造工厂，进行整车组装，并正在欧洲选址用于汽车制造。\n同时，富士康已将自己的角色转换为电动车的倡导者，为电动车开发新技术、制定新标准，以挑战传统汽车制造商。\n一边富士康的电动车进度条在加快，另一边消费电子产品的利润在下降。\n2020年，富士康的销售额仅增长了0.3%，自2017年以来，净利润一直在萎缩。如果该公司要将其毛利率从目前的6%提高到目标的10%，电动车是至关重要的一环。\n市场对电动车的狂热让富士康的股价在2021年3月份创下四年来的新高，自年初以来，股价上涨超过15%。\n如果这一次它的电动车行动又折戟了，那风险就很大了。\n\n\n富士康的子公司已经在为特斯拉、宝马等传统和电动汽车制造商提供电子产品，产品包括仪表盘显示器、印刷电路板以及一系列的机械和塑料部件。\n为了扩大其产品阵容和网罗更多技术，刘扬伟在过去一年半的时间里签署了一系列供应协议和技术开发伙伴关系。\n比如，与菲亚特克莱斯勒的母公司、世界第四大汽车制造商Stellantis建立合资企业，为车联网开发智能座舱软件，\n又比如与吉利成立合资企业，销售与智能驱动系统、软件平台甚至整车制造和咨询服务。富士康一直在努力提高自己在软件方面的专业技能，对于一家以硬件能力闻名于世的公司来说，软件方面它不占优势。\n8月初，该公司在台湾收购了一家半导体工厂，以获得对电动汽车芯片供应的更多控制权。\n推倒供应金字塔\n富士康预计，除开用于汽车远程信息处理的显示面板，2021年该公司来自汽车零部件的收入可能超过100亿新台币（3.61亿美元）。\n该公司称，这对于一个年收入超过5万亿新台币的制造帝国来说微不足道，但它同比增长了40%。\n“目前的收入主要来自机械和塑料部件，但我们将扩大到系统和模块层面，并在不久的将来开始整车制造。”刘扬伟在8月份的投资者会议上说。几十年来，传统汽车公司在发动机、变速箱和复杂的动力传动系统方面进行了大量投资，如今反而成了进入电动车市场的阻碍，给了电动汽车初创企业遍地开花的机会。\n富士康计划取代传统的一级供应商，为菲斯克、拜腾等新品牌，台湾裕隆等希望转型老品牌提供整车制造服务。\n与固化的传统汽车市场不同，电动汽车市场不断有新人涌入。\n电子产品制造商小米计划在2024年前推出智能电动车。互联网巨头百度与吉利有一家合资企业，也计划做同样的事。\n全球60%以上的iPhone都是富士康组装的，人们普遍认为，富士康才是生产苹果汽车的最佳候选企业。\n目前，它的命运与几家初创企业紧密相连，与老牌企业相比，新兴汽车制造商更愿意与新兴的供应商合作。\n2020年10月16日，富士康在台北的HHTD论坛上展示了电动车开放平台框架的互动仪表板▼\n富士康带头要击垮传统汽车供应链的金字塔。\n2020年10月，刘扬伟发起了由汽车行业的软件和硬件公司组成的“开放电动车联盟”。MIH联盟，MIH代表 “Mobility in Harmony”（和谐出行），旨在制定行业标准，并开发硬件和软件相结合的“套件”，供电动车制造商使用，从而减少新车的开发时间和成本。\n该联盟已经吸引了1800多家公司，包括高通、微软和世界上最大的电池制造商宁德时代。\n富士康和裕隆汽车的合资公司鸿华已经使用MIH平台为台湾一家交通运营商设计了一个电动巴士原型，并将于明年上路。\n日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培（Shinpei Kato）说：“MIH要做的是建立一个类似的合作伙伴链，就像传统汽车制造商建立他们的供应链一样。” Tier IV是该联盟的一个重要成员。\n他补充说：“在传统的供应链中，只有处于金字塔顶端的汽车制造商才具有决策权。现在情况不一样了。”\n在电动车中，电机和电池等关键部件是由软件控制的，与金字塔顶端以机械为主的发动机是两码事。\n这表明零部件可以打包成更大的模块，并作为子系统集成，使它们更容易组装，就像今天的智能手机开发和生产一样，可能会供应商更多的话语权。\n“参与的公司可以一起做出决定。” 信培说，“我们可能不再需要传统汽车巨头来生产电动汽车。”\n日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培▼\n\n有人质疑MIH将如何发展，最终它将如何让富士康受益，以及受益多少。\n“零部件供应商可以通过MIH联盟更快地进入电动车供应链，而富士康也可以获得更多供应商，加强在电动车行业的竞争力。”\n长期跟踪富士康的台湾经济研究所（TIER）汽车电子分析师邱世方（Chiu Shih-fang）说，“MIH是否能发挥作用，仍取决于供应商的真正技术能力。”\nMIH在8月份注册成为非营利性基金会，这意味着它不再属于富士康，其成员也不从属于该公司。\n亦敌亦友\n随着汽车供应链金字塔的瓦解，富士康的合作伙伴和对手会是谁，还有待观察。\n富士康不是唯一想抓住汽车行业电气化风口的科技公司，每家科技企业在电动车供应链中都有自己专有的位置。\n日本电产在7月宣布，它正在与富士康谈判在2022年组建合资企业的事宜。\n该公司是世界上最大的电机制造商，它的产品应用于电脑、智能手机、冰箱等大部分领域。它的目标是到2030年供应45%的电动车电机。\n广达电脑和和硕公司一直在为传统汽车和电动汽车制造商提供电子控制单元。\n而世界领先的电源管理解决方案供应商台达电子，十几年来一直专注于为电动汽车提供电源、充电、散热和电机管理系统。\n虽然这些公司都没有表现出富士康般整车制造的野心。但是韩国巨头LG电子一直在深化与麦格纳的关系。他们的合资企业也是制造苹果汽车的热门人选。\n电动车开放平台框架▼\n与此同时，位于旧金字塔顶端的传统汽车制造商仍保持着不可动摇的地位，这不仅仅是因为他们的品牌知名度。它们还拥有他人难以复制的技能和经验。\n制造电动车可能比制造传统汽车更简单，但它一定比制造iPhone复杂。零部件至少多了10倍，而且它的安全性能要求比手机高得多，毕竟汽车安全是关乎生死的。\n“多少双眼睛都在盯着富士康的电动车进程，他们可能认为富士康并不了解这个行业的运作方式。”伊藤忠商事研究所高级研究员深尾三四郎（Sanshiro Fukao）说。\n他说：“一个汽车制造商有能力把零部件组装到一起，并保证它的安全。而富士康可能认为，把二级供应商们都网罗到自己这边来，就可以获得这一能力，这样想是不对的。”\n富士康：能造iPhone就能造电动车▼其他对富士康造成持保守意见的分析人士认为，汽车的开发周期比消费电子产品长得多，而且建设汽车生产线也不一样。\n咨询公司贝恩驻上海的合伙人曾伟民（Raymond Tsang）指出，汽车的个性化定制选择更多一些。客户可以订购特定的颜色、内饰、选装包等，因此与标准化的智能手机组装相比，生产线上制造出来的汽车要符合许多特有规格。\nTIER的邱世方说，汽车行业经历了从旧技术到新技术的转变，赢的空间还有很多。\n她说：“电动车的时代创造了新的可能性。制造汽车的方式是不同的，有各种商业模式。无论是老牌子还是新牌子都将找到自己的位置。市场将大到足以容纳所有的参与者。”\nCounterpoint Research负责汽车和新兴技术的研究分析师苏门·曼达尔（Soumen Mandal）说，“合作协议，尤其是与Stellantis、吉利和菲斯克的合作，将帮助富士康获得汽车生产经验，获得规模经济效益，并确保电池等部件的安全性。”\n他说：“凭借这些财富，富士康要推出的产品必须是一流的，才能树立良好的信誉，以及取得大客户的信任，包括苹果。”","news_type":1,"symbols_score_info":{"601138":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182889017,"gmtCreate":1623562556539,"gmtModify":1704206264928,"author":{"id":"3581496188490922","authorId":"3581496188490922","name":"吖鵹鴣鴣","avatar":"https://static.tigerbbs.com/8f04fd321dcb09c308486d4b4d1f8679","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581496188490922","authorIdStr":"3581496188490922"},"themes":[],"title":"","htmlText":"Hao&nbsp;","listText":"Hao&nbsp;","text":"Hao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182889017","repostId":"1159028389","repostType":4,"isVote":1,"tweetType":1,"viewCount":4055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813216776,"gmtCreate":1630204536695,"gmtModify":1676530242752,"author":{"id":"3581496188490922","authorId":"3581496188490922","name":"吖鵹鴣鴣","avatar":"https://static.tigerbbs.com/8f04fd321dcb09c308486d4b4d1f8679","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581496188490922","authorIdStr":"3581496188490922"},"themes":[],"title":"","htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813216776","repostId":"2163079370","repostType":4,"isVote":1,"tweetType":1,"viewCount":5226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125843987,"gmtCreate":1624669098349,"gmtModify":1703843143991,"author":{"id":"3581496188490922","authorId":"3581496188490922","name":"吖鵹鴣鴣","avatar":"https://static.tigerbbs.com/8f04fd321dcb09c308486d4b4d1f8679","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581496188490922","authorIdStr":"3581496188490922"},"themes":[],"title":"","htmlText":"HaUp","listText":"HaUp","text":"HaUp","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125843987","repostId":"1128748018","repostType":4,"repost":{"id":"1128748018","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1624664867,"share":"https://ttm.financial/m/news/1128748018?lang=en_US&edition=fundamental","pubTime":"2021-06-26 07:47","market":"sh","language":"zh","title":"Brokerage stocks surged, with foreign investors buying 14.1 billion yuan worth of shares. Is the interim earnings rally approaching?","url":"https://stock-news.laohu8.com/highlight/detail?id=1128748018","media":"Wind万得","summary":"6月25日，A股高开高走，沪指突破20日均线，站上3600点。券商、银行等大金融板块强势归来，煤炭、钢铁等周期股表现活跃，外资一举扫货141亿，两市成交额连续6个交易日突破万亿。\n\n//  成交额连续","content":"<p>On June 25, A-shares opened higher and continued to rise, with the Shanghai Composite Index breaking through the 20-day moving average and standing above 3600 points. The financial sector, including securities firms and banks, made a strong comeback, while cyclical stocks such as coal and steel performed actively. Foreign capital bought 14.1 billion yuan worth of shares, and the total turnover of the two markets exceeded one trillion yuan for six consecutive trading days.</p><p><img src=\"https://static.tigerbbs.com/24987f966b77536ecd07a87b7297aab5\" tg-width=\"554\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p><b>// Trading volume reached one trillion yuan for six consecutive days //</b></p><p>Looking at the specific trend of A-shares on June 25, they continued the recent trend of increased trading volume, opening higher and continuing to rise throughout the day.<b>Trading volume has once again exceeded 1 trillion yuan, remaining at the trillion-yuan level for six consecutive days.</b>In addition, from the perspective of technical indicators, Friday's closing price had broken through the high level in early June, and the volume and price were well matched.</p><p><img src=\"https://static.tigerbbs.com/04d5ed0401d3fa300f3065fad23f5799\" tg-width=\"554\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>// Brokerage stocks rally, boosting market sentiment //</b></p><p>On the market,<b>The securities sector, known as the \"bull market flagship,\" led the collective rise in the financial sector, setting the main tone for the index's surge.</b>The Wind Brokerage Index surged 3.1% overall, with BOC Securities, Jinlong Shares, and Caida Securities hitting their daily limit. Among them, BOC Securities recorded two consecutive daily limit-up days.</p><p><img src=\"https://static.tigerbbs.com/0da371bb51ec48b31dc51b3198621558\" tg-width=\"552\" tg-height=\"931\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a30b5880fc0b2f2d9abf9e2f1acf0655\" tg-width=\"470\" tg-height=\"931\" referrerpolicy=\"no-referrer\"></p><p><b>// Northbound capital saw a net inflow of over 14 billion yuan in a single day //</b></p><p>On June 25,<b>Northbound capital saw a net inflow of 14.103 billion yuan, marking the third consecutive day of net buying, with a cumulative net inflow of 20.977 billion yuan this week.</b>The movement of northbound capital often plays a significant guiding role in the performance of A-shares, and the recent continuous large net inflow may provide support for future market trends.</p><p><img src=\"https://static.tigerbbs.com/502feee3f17411fec6d6551182a620b0\" tg-width=\"557\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p>Looking at the changes in northbound capital holdings in the first four days of this week, 36 companies saw net purchases exceeding 200 million yuan. Luxshare Precision saw the largest increase in holdings during the period, exceeding 1.5 billion yuan, with a net purchase of 34.348 million shares in four days. Midea Group also increased its holdings by more than 1 billion yuan, with a net purchase of 16.0102 million shares.</p><p>In addition, companies such as Ping An Insurance, Lens Technology, WuXi AppTec, LONGi Green Energy Technology, Mindray Medical, Zijin Mining, China Merchants Bank, Will Semiconductor, CATL, and Zhonghuan Semiconductor all saw net purchases exceeding 500 million yuan.</p><p><img src=\"https://static.tigerbbs.com/32703ea3b15805c620deda0518ea751a\" tg-width=\"639\" tg-height=\"2040\" referrerpolicy=\"no-referrer\"></p><p><b>// The central bank releases signals of liquidity stabilization //</b></p><p>This week, the central bank's convention of injecting 10 billion yuan in reverse repos was broken. On June 24, the People's Bank of China conducted 30 billion yuan of reverse repurchase operations through interest rate bidding. Given that 10 billion yuan of reverse repos matured that day, the central bank injected a net 20 billion yuan.<b>This marks the first time in nearly four months that the central bank has increased the scale of reverse repurchase operations.</b></p><p>Zhang Xu of Everbright Securities stated that the scale of open market operations and injections largely depends on the market's demand for central bank funds. The rise in funding rates at the end of June is a normal seasonal phenomenon, and<b>June this year may be the most stable June in terms of liquidity in recent years.</b></p><p>According to an analysis by Mingming of CITIC Securities, June 24 was the first day of the 7-day cross-month flow of funds. The central bank slightly exceeded its reverse repurchase agreement to cope with the fluctuations in the cross-month flow of funds. By appropriately supporting the liquidity situation at the end of the first half of the year, the central bank hopes to guide market expectations for liquidity to stabilize.</p><p>However, the scale of liquidity injection did not increase compared to the same period in previous years, highlighting the principle of \"stability first\". Mingming of CITIC Securities stated that the 30 billion yuan reverse repurchase scale is far lower than the scale of liquidity injection at the end of the previous six months, indicating that the central bank is still adopting a defensive attitude to stabilize fluctuations in the liquidity situation.</p><p><b>// Is the interim earnings rally about to begin?  //</b></p><p>Friday,<b>The Shanghai Stock Exchange's scheduled interim report disclosure schedule has been released, with ST Longyun set to disclose its interim report first on July 16.</b>In addition, Western Mining will disclose on July 17, while Jianmin Group, Meihua Biotechnology, Mingwei Electronics, and Jiangquan Industry will disclose on July 20.</p><p><img src=\"https://static.tigerbbs.com/b23ce2a4a030dd467fc737c7399629ff\" tg-width=\"879\" tg-height=\"682\" referrerpolicy=\"no-referrer\"></p><p>With three trading days remaining in June, some A-share listed companies have successively released their earnings forecasts. As is past practice, listed companies with positive earnings forecasts, especially those that exceed expectations, are expected to attract the attention of market funds.</p><p>According to Wind data, as of the evening of June 25, 526 companies listed on the Shanghai and Shenzhen stock exchanges had disclosed their 2021 interim results forecasts. Among them, 326 companies expected positive results (including expected increases, slight increases, continued profits, and turnarounds), 130 companies expected worrying results (including expected decreases, slight decreases, first losses, and continued losses), and 70 companies were uncertain, with an overall positive forecast rate as high as 62%.</p><p><img src=\"https://static.tigerbbs.com/c91183ac8815fb6de56811b9a9b83a0e\" tg-width=\"725\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p><p>Following the principle of \"pretty girls getting married first,\" industries that continue to improve their performance and maintain a high level of prosperity are beginning to emerge. Judging from the companies that have already disclosed their interim earnings forecasts,<b>The steel, light manufacturing, and chemical industries have the highest positive forecast rates exceeding 80%.</b>In addition, the positive forecast rates for the food and beverage, building materials, and machinery equipment industries all exceeded 70%. The computer and leisure services sectors had the lowest anticipation rates.</p><p><img src=\"https://static.tigerbbs.com/e434898e5ffb1c2a5ddc3ff0db4afad0\" tg-width=\"556\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p>Dongwu Securities points out that market liquidity is currently relatively ample, and opportunities still exist in certain themes and sectors. In terms of trading strategy, it is recommended to maintain a neutral and flexible position to cope with market volatility. Defensively, it is recommended to adjust the portfolio position towards directions with higher valuation returns and cost-effectiveness. Offensively,<b>Pay close attention to opportunities in high-growth industries, such as cyclical and technology sectors, where interim reports exceed expectations.</b></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>Brokerage stocks surged, with foreign investors buying 14.1 billion yuan worth of shares. Is the interim earnings rally approaching?</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\">\nBrokerage stocks surged, with foreign investors buying 14.1 billion yuan worth of shares. Is the interim earnings rally approaching?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2021-06-26 07:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25, A-shares opened higher and continued to rise, with the Shanghai Composite Index breaking through the 20-day moving average and standing above 3600 points. The financial sector, including securities firms and banks, made a strong comeback, while cyclical stocks such as coal and steel performed actively. Foreign capital bought 14.1 billion yuan worth of shares, and the total turnover of the two markets exceeded one trillion yuan for six consecutive trading days.</p><p><img src=\"https://static.tigerbbs.com/24987f966b77536ecd07a87b7297aab5\" tg-width=\"554\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p><b>// Trading volume reached one trillion yuan for six consecutive days //</b></p><p>Looking at the specific trend of A-shares on June 25, they continued the recent trend of increased trading volume, opening higher and continuing to rise throughout the day.<b>Trading volume has once again exceeded 1 trillion yuan, remaining at the trillion-yuan level for six consecutive days.</b>In addition, from the perspective of technical indicators, Friday's closing price had broken through the high level in early June, and the volume and price were well matched.</p><p><img src=\"https://static.tigerbbs.com/04d5ed0401d3fa300f3065fad23f5799\" tg-width=\"554\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>// Brokerage stocks rally, boosting market sentiment //</b></p><p>On the market,<b>The securities sector, known as the \"bull market flagship,\" led the collective rise in the financial sector, setting the main tone for the index's surge.</b>The Wind Brokerage Index surged 3.1% overall, with BOC Securities, Jinlong Shares, and Caida Securities hitting their daily limit. Among them, BOC Securities recorded two consecutive daily limit-up days.</p><p><img src=\"https://static.tigerbbs.com/0da371bb51ec48b31dc51b3198621558\" tg-width=\"552\" tg-height=\"931\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a30b5880fc0b2f2d9abf9e2f1acf0655\" tg-width=\"470\" tg-height=\"931\" referrerpolicy=\"no-referrer\"></p><p><b>// Northbound capital saw a net inflow of over 14 billion yuan in a single day //</b></p><p>On June 25,<b>Northbound capital saw a net inflow of 14.103 billion yuan, marking the third consecutive day of net buying, with a cumulative net inflow of 20.977 billion yuan this week.</b>The movement of northbound capital often plays a significant guiding role in the performance of A-shares, and the recent continuous large net inflow may provide support for future market trends.</p><p><img src=\"https://static.tigerbbs.com/502feee3f17411fec6d6551182a620b0\" tg-width=\"557\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p>Looking at the changes in northbound capital holdings in the first four days of this week, 36 companies saw net purchases exceeding 200 million yuan. Luxshare Precision saw the largest increase in holdings during the period, exceeding 1.5 billion yuan, with a net purchase of 34.348 million shares in four days. Midea Group also increased its holdings by more than 1 billion yuan, with a net purchase of 16.0102 million shares.</p><p>In addition, companies such as Ping An Insurance, Lens Technology, WuXi AppTec, LONGi Green Energy Technology, Mindray Medical, Zijin Mining, China Merchants Bank, Will Semiconductor, CATL, and Zhonghuan Semiconductor all saw net purchases exceeding 500 million yuan.</p><p><img src=\"https://static.tigerbbs.com/32703ea3b15805c620deda0518ea751a\" tg-width=\"639\" tg-height=\"2040\" referrerpolicy=\"no-referrer\"></p><p><b>// The central bank releases signals of liquidity stabilization //</b></p><p>This week, the central bank's convention of injecting 10 billion yuan in reverse repos was broken. On June 24, the People's Bank of China conducted 30 billion yuan of reverse repurchase operations through interest rate bidding. Given that 10 billion yuan of reverse repos matured that day, the central bank injected a net 20 billion yuan.<b>This marks the first time in nearly four months that the central bank has increased the scale of reverse repurchase operations.</b></p><p>Zhang Xu of Everbright Securities stated that the scale of open market operations and injections largely depends on the market's demand for central bank funds. The rise in funding rates at the end of June is a normal seasonal phenomenon, and<b>June this year may be the most stable June in terms of liquidity in recent years.</b></p><p>According to an analysis by Mingming of CITIC Securities, June 24 was the first day of the 7-day cross-month flow of funds. The central bank slightly exceeded its reverse repurchase agreement to cope with the fluctuations in the cross-month flow of funds. By appropriately supporting the liquidity situation at the end of the first half of the year, the central bank hopes to guide market expectations for liquidity to stabilize.</p><p>However, the scale of liquidity injection did not increase compared to the same period in previous years, highlighting the principle of \"stability first\". Mingming of CITIC Securities stated that the 30 billion yuan reverse repurchase scale is far lower than the scale of liquidity injection at the end of the previous six months, indicating that the central bank is still adopting a defensive attitude to stabilize fluctuations in the liquidity situation.</p><p><b>// Is the interim earnings rally about to begin?  //</b></p><p>Friday,<b>The Shanghai Stock Exchange's scheduled interim report disclosure schedule has been released, with ST Longyun set to disclose its interim report first on July 16.</b>In addition, Western Mining will disclose on July 17, while Jianmin Group, Meihua Biotechnology, Mingwei Electronics, and Jiangquan Industry will disclose on July 20.</p><p><img src=\"https://static.tigerbbs.com/b23ce2a4a030dd467fc737c7399629ff\" tg-width=\"879\" tg-height=\"682\" referrerpolicy=\"no-referrer\"></p><p>With three trading days remaining in June, some A-share listed companies have successively released their earnings forecasts. As is past practice, listed companies with positive earnings forecasts, especially those that exceed expectations, are expected to attract the attention of market funds.</p><p>According to Wind data, as of the evening of June 25, 526 companies listed on the Shanghai and Shenzhen stock exchanges had disclosed their 2021 interim results forecasts. Among them, 326 companies expected positive results (including expected increases, slight increases, continued profits, and turnarounds), 130 companies expected worrying results (including expected decreases, slight decreases, first losses, and continued losses), and 70 companies were uncertain, with an overall positive forecast rate as high as 62%.</p><p><img src=\"https://static.tigerbbs.com/c91183ac8815fb6de56811b9a9b83a0e\" tg-width=\"725\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p><p>Following the principle of \"pretty girls getting married first,\" industries that continue to improve their performance and maintain a high level of prosperity are beginning to emerge. Judging from the companies that have already disclosed their interim earnings forecasts,<b>The steel, light manufacturing, and chemical industries have the highest positive forecast rates exceeding 80%.</b>In addition, the positive forecast rates for the food and beverage, building materials, and machinery equipment industries all exceeded 70%. The computer and leisure services sectors had the lowest anticipation rates.</p><p><img src=\"https://static.tigerbbs.com/e434898e5ffb1c2a5ddc3ff0db4afad0\" tg-width=\"556\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p>Dongwu Securities points out that market liquidity is currently relatively ample, and opportunities still exist in certain themes and sectors. In terms of trading strategy, it is recommended to maintain a neutral and flexible position to cope with market volatility. Defensively, it is recommended to adjust the portfolio position towards directions with higher valuation returns and cost-effectiveness. Offensively,<b>Pay close attention to opportunities in high-growth industries, such as cyclical and technology sectors, where interim reports exceed expectations.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128748018","content_text":"6月25日，A股高开高走，沪指突破20日均线，站上3600点。券商、银行等大金融板块强势归来，煤炭、钢铁等周期股表现活跃，外资一举扫货141亿，两市成交额连续6个交易日突破万亿。\n\n//  成交额连续6天达万亿  //\n从6月25日A股具体走势来看，延续近期放量态势，全天高开高走，成交额再度突破1万亿，并连续6天维持在万亿水平。此外，从技术指标来看，周五收盘已经突破6月初的高位，且量价配合良好。\n\n//  券商股发力，带动市场人气  //\n盘面上，“牛市旗手”券商板块带领大金融集体走强，为指数大涨定下了主基调。Wind券商指数整体大涨3.1%，中银证券、锦龙股份、财达证券3股涨停。其中，中银证券录得两连板。\n\n//  北向资金单日净流入超140亿  //\n6月25日，北上资金净流入141.03亿元，连续3天净买入，本周累计净流入209.77亿元。北上资金的动向对A股走势往往起到明显的指引作用，近期持续大额净流入，或对未来行情起到支撑。\n\n从北上资金本周前四天持股变动来看，有36家公司净买入金额超2亿元，区间增持金额最多的是立讯精密，增持金额超过15亿元，4天时间净买入3434.80万股；美的集团增持金额亦超过10亿元，净买入1601.02万股。\n此外，中国平安、蓝思科技、药明康德、隆基股份、迈瑞医疗、紫金矿业、招商银行、韦尔股份、宁德时代、中环股份等公司净买入金额均超过5亿元。\n\n//  央行释放流动性稳定信号  //\n本周央行连续100亿元投放逆回购的惯例被打破。6月24日，央行以利率招标方式开展300亿元逆回购操作。鉴于当日有100亿元逆回购到期，央行实现净投放200亿元。这是近4个月以来，央行首次加大逆回购操作规模。\n光大证券张旭发表观点称，公开市场操作投放规模很大程度上取决于市场对于央行资金的需求；6月末资金利率上行是正常的季节性现象，而今年6月可能成为最近几年资金面最稳的一个6月。\n中信证券明明分析表示，6月24日是7天资金跨月的第一天，央行小幅超额续作逆回购，以应对资金跨半年末时点的波动。通过适度呵护半年末资金面，央行希望引导市场对资金面的预期走向平稳。\n不过，流动性投放规模较之往年同期并未放量，凸显“稳字当头”。中信证券明明表示，300亿元逆回购规模远低于以往半年末时点的流动性投放规模，表明央行仍然以防御心态来平稳资金面波动。\n//  中报行情开启？  //\n周五，上交所中报预约披露时间表出炉，ST龙韵将于7月16日率先披露。此外，西部矿业将于7月17日披露，健民集团、梅花生物、明微电子、江泉实业将于7月20日披露。\n\n6月还剩下最后3个交易日，部分A股上市公司陆续发布业绩预告。按照以往的惯例，那些业绩预喜的，尤其是超预期的上市公司，有望迎来市场资金的关注。\nWind数据显示，截至6月25日晚间，沪深两市已有526家公司披露2021年中报业绩预告，其中业绩预喜（包括预增、略增、续盈、扭亏）的公司共326家，业绩预忧（包括预减、略减、首亏、续亏）的公司共130家，不确定70家，整体预喜率高达62%。\n\n按照“靓女先嫁”的规律，业绩继续向好、景气度维持高位的行业由此初见端倪。从目前已披露中报预告的公司来看，钢铁、轻工制造和化工三大行业预喜率超过80%居前，此外，食品饮料、建筑材料、机械设备行业预喜率均超过七成。计算机、休闲服务板块预喜率垫底。\n\n东吴证券指出，当前市场流动性较为充裕，局部题材及板块的机会仍然存在，操作上建议保持中性灵活仓位以应对市场波动，防守上，建议把组合仓位向估值收益性价比较高的方向作调整，进攻上，多关注景气度高的行业，如周期及科技等板块中报超预期的机会。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":4668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}