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山那边的英英子

山那边的英英子

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山那边的英英子

2022-10-18

$RAFFLES EDUCATION CORP LTD(NR7.SI)$Rrfgggggvyctctrdrxrctctfrdrxrdtxxrdxrxrxtctvyvyctctctctctcycycyvyvyvjj you vnn on till B to Bcb to b to b to v to v to v gym on fm can dm an fm dj el dj dj am

山那边的英英子

2022-10-04

$Walt Disney(DIS)$

山那边的英英子

2022-10-05

$Walt Disney(DIS)$View on Walt Disney(DIS)BullishBearish

山那边的英英子

2022-09-14

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Energy Stocks Gained in Morning Trading

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2021-08-04

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Boeing shares surged during trading; the 737 Max will undergo certification testing in China.

山那边的英英子

2021-06-29

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Why does the market generally interpret the Federal Reserve as "hawkish" when it holds rates steady?

山那边的英英子

2021-05-16

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山那边的英英子

2022-09-25

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山那边的英英子

2021-06-26

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山那边的英英子

2021-06-06

t

What other good capital stories does Fangduoduo have after it "broke through its defenses"?

Go to Tiger App to see more news

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Top Tech Stocks to Buy for This Important Reason","htmlText":"Investing in cash-rich companies is a smart strategy during bear markets.Microsoft&nbsp;(MSFT)&nbsp;and&nbsp;Texas Instruments&nbsp;(TXN)&nbsp;are two tech firms that have been around for decades and successfully navigated several downturns. The important reason these companies keep going is their combination of industry leadership and financial strength.With the stocks of Microsoft and TI down 34% and 16%, respectively, year to date, the market dip presents an excellent opportunity to invest in these leaders at attractive valuations.&nbsp;Let's look at where Microsoft and TI are investing to drive long-term growth.Microsoft is on offenseDominant Microsoft has seen its share price fall 34% year to date.&nbsp;The software giant reported stable growth in its latest earnings report. Revenue w","listText":"Investing in cash-rich companies is a smart strategy during bear markets.Microsoft&nbsp;(MSFT)&nbsp;and&nbsp;Texas Instruments&nbsp;(TXN)&nbsp;are two tech firms that have been around for decades and successfully navigated several downturns. The important reason these companies keep going is their combination of industry leadership and financial strength.With the stocks of Microsoft and TI down 34% and 16%, respectively, year to date, the market dip presents an excellent opportunity to invest in these leaders at attractive valuations.&nbsp;Let's look at where Microsoft and TI are investing to drive long-term growth.Microsoft is on offenseDominant Microsoft has seen its share price fall 34% year to date.&nbsp;The software giant reported stable growth in its latest earnings report. Revenue w","text":"Investing in cash-rich companies is a smart strategy during bear markets.Microsoft (MSFT) and Texas Instruments (TXN) are two tech firms that have been around for decades and successfully navigated several downturns. The important reason these companies keep going is their combination of industry leadership and financial strength.With the stocks of Microsoft and TI down 34% and 16%, respectively, year to date, the market dip presents an excellent opportunity to invest in these leaders at attractive valuations. Let's look at where Microsoft and TI are investing to drive long-term growth.Microsoft is on offenseDominant Microsoft has seen its share price fall 34% year to date. The software giant reported stable growth in its latest earnings report. 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11:10","market":"us","language":"en","title":"The 7 Best Tech Stocks to Buy in November","url":"https://stock-news.laohu8.com/highlight/detail?id=1148576482","media":"InvestorPlace","summary":"These best tech stocks to buy all feature low risk and deep discounts.Nvidia(NVDA): Shares appear si","content":"<div>\n<p>These best tech stocks to buy all feature low risk and deep discounts.Nvidia(NVDA): Shares appear significantly undervalued following a steep sell-off.Adobe(ADBE): Its income-statement performance is ...</p>\n\n<a href=\"https://investorplace.com/best-tech-stocks/\">Source Link</a>\n\n</div>\n","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 7 Best Tech Stocks to Buy in November</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe 7 Best Tech Stocks to Buy in November\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-30 11:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/best-tech-stocks/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>These best tech stocks to buy all feature low risk and deep discounts.Nvidia(NVDA): Shares appear significantly undervalued following a steep sell-off.Adobe(ADBE): Its income-statement performance is ...</p>\n\n<a href=\"https://investorplace.com/best-tech-stocks/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LRCX":"拉姆研究","AMAT":"应用材料","NVDA":"英伟达","INTC":"英特尔","TSM":"台积电","NXPI":"恩智浦","ADBE":"Adobe"},"source_url":"https://investorplace.com/best-tech-stocks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148576482","content_text":"These best tech stocks to buy all feature low risk and deep discounts.Nvidia(NVDA): Shares appear significantly undervalued following a steep sell-off.Adobe(ADBE): Its income-statement performance is impressive.Intel(INTC): Shares look compelling at this deeply discounted price.Taiwan Semiconductor(TSM): It’s a profit-generating machine.Applied Materials(AMAT): Its returns on equity and assets are among the best in the chip industry.Lam Research(LRCX): Its ROE and ROA are even better than those of Applied Materials.NXP Semiconductors(NXPI): It’s perhaps the riskiest of the bunch but may offer greater rewards.Tech stocks have suffered disproportionately in the current bear market, as they tend to do in every bear market. But the bullish long-term bias of the market tells us that stocks will almost certainly resume their uptrend. When they do, nearly all tech stocks should bounce to some extent, but the best tech stocks could soar.Historically, the broader market tends to perform well during the November-to-April timespan. Of course, this is no guarantee for success. Still, it adds a powerful backdrop for those looking to put capital to work in one of the more speculative sectors of the market.In searching for the best tech stocks to buy, we’re sticking with financial data. Leveraging the analytical tools ofGuruFocus.com, the below equities all feature fundamentally low risk and discounted prices.Here are the best tech stocks to buy in November.Nvidia (NVDA)A multinational technology firm, Nvidia(NASDAQ:NVDA) primarily garnered attention through its specialty in graphics processing units. However, the company also made significant investments in deep learning and protocols involving artificial intelligence. Currently, the company commands a market capitalization of $345 billion. On a year-to-date basis, NVDA is down 53%.Despite the steep losses, contrarian investors should consider gradually picking up shares.GuruFocus utilizes proprietary calculations to determine that NVDA stock is significantly undervalued. Based on more traditional metrics, Nvidia features excellent income-statement performance figures. For instance, the company’s three-year revenue growth rate stands at 31.3%. Its book growth rate during the aforementioned period hit 40.2%. Both stats rank at least near the 90th percentile for the industry. On the bottom line, Nvidia carries a net margin of 26%. This ranks above 87% of the competition.To top it off, NVDA is tethered to a strong balance sheet. Mainly, its Altman Z-Score is a lofty 12 points, reflecting extremely low bankruptcy risk. Thus, NVDA easily ranks among the best tech stocks to buy in November.Adobe (ADBE)Adobe(NASDAQ:ADBE) is a software company that mainly aligns with creatives. Historically, it’s known for the creation and publication of a wide range of content, including graphics, photography, illustration, animation, multimedia/video, motion pictures and print. Currently, Adobe carries a market cap of $151 billion after slipping 43% year to date.Again, based onGuruFocus’proprietary metrics, Adobe rates as significantly undervalued. One traditional metric regarding valuation to consider is its price-earnings-growth ratio of 1.09. This rates favorably below the industry median of 1.4 times.However, Adobe draws the most attention for its income statement-related performance. For example, the company’s three-year revenue growth rate and free cash flow growth rate stand at 21.9% and 23.7%, respectively. Both figures rank conspicuously above sector averages.On the bottom line, Adobe carries a net margin of 28%, well above the industry median of 1.9%. Throw in a stable balance sheet and you have another solid candidate for best tech stocks to buy in November.Intel (INTC)One of the powerhouses in the semiconductor industry, Intel(NASDAQ:INTC) represents the world’s second-largest semiconductor chip manufacturer by revenue. Per its corporate profile, it’s also one of the developers of the x86 series of instruction sets, the instruction sets found in most personal computers. Presently, INTC commands a market cap of $119 billion and is down 44% for the year.Despite sharp losses, INTC is among the best tech stocks to buy in November. Notably, INTC is significantly undervalued based on traditional metrics. Its forward P/E ratio is 10.1, below the industry median of 13.7. Also, its Shiller P/E ratio is 7.6, below the sector median of nearly 24.On the income statement, Intel features an overall solid profile. Its three-year book growth rate stands at 12.4%, above 61.5% of the competition. For net margin, it hit 26%, better than 87% of its peers.Taiwan Semiconductor (TSM)A multinational semiconductor firm, Taiwan Semiconductor (NYSE:TSM) represents the world’s most valuable semiconductor company, the world’s largest dedicated independent semiconductor foundry, and one of Taiwan’s largest companies, per its public profile. Presently, TSM commands a market cap of nearly $322 billion and is down 48% year to date.Despite the severe erosion of equity value, TSM ranks among the best tech stocks to buy in November for contrarians. PerGuruFocus, TSM is significantly undervalued. The company’s forward P/E ratio is 10.9 is below the industry median of 13.7. Also, its price-to-owner earnings ratio is 10.5, below the industry median of 16.1.Primarily, though, TSM is all about its profitability machine. Gross, operating and net margins hit 55%, 44.7% and 40.6% respectively. Each of these metrics was well above sector median levels. As well, TSM enjoys solid growth figures, with its three-year revenue growth rate coming in at 15.5%. This ranks above 68.5% of the competition.Applied Materials (AMAT)Applied Materials(NASDAQ:AMAT) represents the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world, per its website. Currently, Applied Materials features a market cap of $77 billion, and the stock is down 43% year to date.PerGuruFocus, AMAT stock is significantly undervalued. A notable standout in terms of traditional metrics is its PEG ratio of 0.56. This ranks favorably below the industry median of 0.75.Primarily, though, Applied Materials will likely draw attention as one of the best tech stocks to buy in November because of its high-quality business. Specifically, the company’s return on equity and return on assets hit 55.5% and 26.1%, respectively. Both stats rank among the upper echelons of the semiconductor industry.To top it off, AMAT features a stable balance sheet. Most prominently, its Altman Z-Score of 7.5 implies low bankruptcy risk.Lam Research (LRCX)Lam Research(NASDAQ:LRCX) is an American supplier of wafer fabrication equipment and related services to the semiconductor industry. Currently, the company carries a market cap of slightly over $55 billion after falling 44% year to date. The stock’s average daily volume is approximately 1.9 million shares.Fundamentally, the case for LRCX as one of the top tech stocks to buy in November is two-fold. First, Lam represents a high-quality business. Its return on equity is a blistering 75.8%. That’s above 99% of the semiconductor industry. As well, the company’s return on assets hit 28.6%, ranking above 97% of its peers.Second, Lam enjoys outstanding sales-related performance. For example, its three-year revenue growth rate is 26.6%, better than 84% of the competition. As well, the company’s book growth rate during the same period is 11.9%, better than nearly 60% of its rivals.NXP Semiconductors (NXPI)Netherlands-based NXP Semiconductors(NASDAQ:NXPI) is a semiconductor designer and manufacturer. After falling 33% this year, it has a market cap of roughly $40 billion. Average trading volume is around 2.1 million shares a day.Interestingly, the YTD performance makes NXP one of the better-performing semiconductor firms. However, that’s not the reason why it’s on this list of best tech stocks to buy in November. Fundamentally, the stock is significantly undervalued based on proprietary calculations. And its forward P/E ratio of 10.6 is below the industry median of 13.7 times.The company enjoys substantive profitability margins, including an operating margin of 27%, which ranks above 84% of its peers. It’s also a high-quality business with a return on equity of nearly 36%.About the one glaring risk factor is balance sheet stability. Its Altman Z-Score pings at 2.4, which is in a gray zone. 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Disney(DIS)$","images":[{"img":"https://community-static.tradeup.com/news/507c48812b397184e45a9b473109bc3d","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9912429757","isVote":1,"tweetType":1,"viewCount":1064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9915134939,"gmtCreate":1664979932721,"gmtModify":1676537538804,"author":{"id":"3581939067431343","authorId":"3581939067431343","name":"山那边的英英子","avatar":"https://static.tigerbbs.com/8c8a7304c7112e9c83de3d44c85ec252","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939067431343","idStr":"3581939067431343"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/DIS\">$Walt Disney(DIS)$</a>View on Walt Disney(DIS)BullishBearish","listText":"<a href=\"https://ttm.financial/S/DIS\">$Walt Disney(DIS)$</a>View on Walt 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Disney(DIS)BullishBearish","images":[{"img":"https://community-static.tradeup.com/news/d45b145ff698270b21c725eac8c797be","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9915134939","isVote":1,"tweetType":1,"viewCount":1220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9934079079,"gmtCreate":1663166723092,"gmtModify":1676537218380,"author":{"id":"3581939067431343","authorId":"3581939067431343","name":"山那边的英英子","avatar":"https://static.tigerbbs.com/8c8a7304c7112e9c83de3d44c85ec252","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939067431343","idStr":"3581939067431343"},"themes":[],"title":"","htmlText":"Hu","listText":"Hu","text":"Hu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9934079079","repostId":"1159676379","repostType":4,"repost":{"id":"1159676379","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1663163318,"share":"https://ttm.financial/m/news/1159676379?lang=en_US&edition=fundamental","pubTime":"2022-09-14 21:48","market":"us","language":"en","title":"Energy Stocks Gained in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1159676379","media":"Tiger Newspress","summary":"Energy stocks gained in morning trading. Occidental, Chevron, BP, Halliburton, Callon and Exxon Mobi","content":"<html><head></head><body><p>Energy stocks gained in morning trading. Occidental, Chevron, BP, Halliburton, Callon and Exxon Mobil rose between 1% and 7%.<img src=\"https://static.tigerbbs.com/96c18de0327cf0b735f8ae6b3a6c83b8\" tg-width=\"433\" tg-height=\"424\" width=\"100%\" height=\"auto\"/></p></body></html>","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>Energy Stocks Gained in Morning Trading</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{ 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{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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nEnergy Stocks Gained in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-09-14 21:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Energy stocks gained in morning trading. Occidental, Chevron, BP, Halliburton, Callon and Exxon Mobil rose between 1% and 7%.<img src=\"https://static.tigerbbs.com/96c18de0327cf0b735f8ae6b3a6c83b8\" tg-width=\"433\" tg-height=\"424\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OXY":"西方石油","CVX":"雪佛龙"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159676379","content_text":"Energy stocks gained in morning trading. Occidental, Chevron, BP, Halliburton, Callon and Exxon Mobil rose between 1% and 7%.","news_type":1,"symbols_score_info":{"OXY":0.9,"CVX":0.9}},"isVote":1,"tweetType":1,"viewCount":1137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890819418,"gmtCreate":1628090964334,"gmtModify":1703501141737,"author":{"id":"3581939067431343","authorId":"3581939067431343","name":"山那边的英英子","avatar":"https://static.tigerbbs.com/8c8a7304c7112e9c83de3d44c85ec252","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939067431343","idStr":"3581939067431343"},"themes":[],"title":"","htmlText":"&nbsp; z","listText":"&nbsp; z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/890819418","repostId":"1167639340","repostType":4,"repost":{"id":"1167639340","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628088005,"share":"https://ttm.financial/m/news/1167639340?lang=en_US&edition=fundamental","pubTime":"2021-08-04 22:40","market":"us","language":"zh","title":"Boeing shares surged during trading; the 737 Max will undergo certification testing in China.","url":"https://stock-news.laohu8.com/highlight/detail?id=1167639340","media":"老虎资讯综合","summary":"周三盘中，波音直线拉升， 抹去日内跌幅。消息面上，波音一架737 Max客机即将启程前往中国接受认证测试。","content":"<p>During trading on Wednesday,<a href=\"https://laohu8.com/S/BA\">boeing</a>The price surged sharply, erasing the intraday decline. In terms of news, a Boeing 737 Max passenger plane is about to depart for China for certification testing.</p><p><img src=\"https://static.tigerbbs.com/295b33f8b1062f660ebe38937b8dc87d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Boeing shares surged during trading; the 737 Max will undergo certification testing in China.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBoeing shares surged during trading; the 737 Max will undergo certification testing in China.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-04 22:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>During trading on Wednesday,<a href=\"https://laohu8.com/S/BA\">boeing</a>The price surged sharply, erasing the intraday decline. In terms of news, a Boeing 737 Max passenger plane is about to depart for China for certification testing.</p><p><img src=\"https://static.tigerbbs.com/295b33f8b1062f660ebe38937b8dc87d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/02346726093e06d899a1879905b1c340","relate_stocks":{"BA":"波音"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167639340","content_text":"周三盘中，波音直线拉升， 抹去日内跌幅。消息面上，波音一架737 Max客机即将启程前往中国接受认证测试。","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":1114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159211634,"gmtCreate":1624969670228,"gmtModify":1703849034988,"author":{"id":"3581939067431343","authorId":"3581939067431343","name":"山那边的英英子","avatar":"https://static.tigerbbs.com/8c8a7304c7112e9c83de3d44c85ec252","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939067431343","idStr":"3581939067431343"},"themes":[],"title":"","htmlText":"b","listText":"b","text":"b","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/159211634","repostId":"1100369453","repostType":4,"repost":{"id":"1100369453","kind":"news","pubTimestamp":1624964887,"share":"https://ttm.financial/m/news/1100369453?lang=en_US&edition=fundamental","pubTime":"2021-06-29 19:08","market":"us","language":"zh","title":"Why does the market generally interpret the Federal Reserve as \"hawkish\" when it holds rates steady?","url":"https://stock-news.laohu8.com/highlight/detail?id=1100369453","media":"海银财富","summary":"摘要：\n北京时间6月17日，美联储公布6月议息会议声明，美联储选择按兵不动，符合预期。但鸽派的背后，我们认为此次会议更偏 “鹰派”。具体体现为：上调经济增速预期，上调利率走廊区间，及点阵图隐含美联储2","content":"<p><b>Abstract:</b></p><p>On June 17, Beijing time, the Federal Reserve released its June interest rate meeting statement, indicating that the Fed chose to hold rates steady, in line with expectations. But behind the dovish stance, we believe this meeting is more \"hawkish\". Specifically, this is reflected in: raising economic growth forecasts, raising the Interest Rate Corridor range, and the dot plot implying the possibility that the Federal Reserve will rate hike ahead of schedule in 2023.</p><p>Regarding QE tapering, we expect the Federal Reserve to likely begin formal discussions on specific plans to taper bond purchases at its September meeting and officially announce them at its December meeting. Starting in January 2022, the scale of bond purchases was gradually reduced, and QE was completely exited at the last meeting in December 2022. Regarding interest rates, we expect the Federal Reserve to begin charging interest rates at least twice in mid-2023.</p><p>However, it cannot be ruled out that if future inflation exceeds the Fed's tolerance range, the Fed may choose to rate hike earlier. At that time, the US dollar will strengthen, international capital will accelerate its return to the US market, and emerging market countries may face a triple whammy of stocks, bonds, and currencies.</p><p><b>The Federal Reserve's June policy meeting remained largely unchanged.</b></p><p>On June 17, Beijing time, the Federal Reserve released a statement regarding its June interest rate meeting. Overall, the previous monetary policy decision remained unchanged, in line with expectations. The target federal funds rate will be maintained within the 0%-0.25% range, and the monthly asset purchase volume of $120 billion will remain unchanged ($80 billion in Treasury Bond and $40 billion in MBS). However, the excess reserve rate (IOER) and the overnight reverse repo rate (ONRRP) ranges were raised by 5 basis points to 0.05%-0.15%.</p><p><b>However, their attitude is more hawkish.</b></p><p>This meeting marks the first time the Federal Reserve has released a clear signal of a hawkish turn since its \"dovish\" stance last March. This is particularly reflected in the upward adjustment of IOER and ONRRP, and a more positive economic statement. Here are three key changes at this interest rate meeting:</p><p><b>1. Adjust economic data expectations</b></p><p>The Federal Reserve raised its economic growth forecast. Compared with the previous meeting, the contribution of vaccines to the recovery from the epidemic was emphasized, and confidence in economic recovery was significantly enhanced. At this meeting, the Federal Reserve raised its 2021 growth forecast by 0.5% to 7%. the statement indicated that \"progress in vaccination has reduced the spread of the pandemic in the United States.\" the April statement further stated that \"the pandemic has caused tremendous hardship to the economy globally.\" Powell also indicated at a subsequent press conference that the U.S. economy may experience a strong recovery this year. He stated, \"Widespread vaccination efforts, along with unprecedented fiscal policy actions, have also provided strong support for the recovery. Economic activity and employment indicators continue to strengthen, and real GDP this year appears poised for its fastest growth rate in decades.\"</p><p>Inflation expectations were raised, exceeding market expectations. The statement clearly indicated that inflation levels were rising, while Powell acknowledged that inflation may be higher and last longer than expected. The Federal Reserve adjusted its 2021 PCE forecast to 3.4%, a significant increase of 1 percentage point from the previous value, and also adjusted its core PCE forecast to 3%, from only 2.2% in the previous value.</p><p>The unemployment rate remained unchanged overall. The Federal Reserve's description of job growth remains unchanged: \"have strengthened.\" Expectations for the future unemployment rate remain almost unchanged from before.</p><p>Chart 1 Federal Reserve Economic Data Forecast<img src=\"https://static.tigerbbs.com/46692bf745f5d8081a04bc48ebbec920\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\">Data source: Federal Reserve, Haiyin Research Institute</p><p><b>2. The dot plot shows that rate hike may occur twice in 2023.</b></p><p>Regarding interest rates, the dot plot implies the possibility of an early rate hike, with at least two rate hike expected in 2023. Referring to the dot plot reflecting the Federal Reserve's future interest rate policy, it can be seen that Fed officials generally believed at their March meeting that the zero interest rate policy would be maintained at least until the end of 2023. The dot plot of this meeting has changed significantly. The dot plot of the June meeting showed that most officials predicted that rate hike might take place ahead of schedule in 2023, and even the number of officials predicting rate hike in 2022 has increased significantly compared to March. In addition, the central interest rate forecast for 2023 has risen from 0.1% in March to 0.6%, meaning that the Federal Reserve may conduct at least two rate hike operations in 2023.</p><p>Chart 2 Dot plot of the Federal Reserve's March 2021 FOMC meeting<img src=\"https://static.tigerbbs.com/253e6288953039316f74da201a5e5801\" tg-width=\"592\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Data source: FED, Haiyin Research Institute</p><p>Chart 3 Dot plot of the Federal Reserve's June 2021 FOMC meeting<img src=\"https://static.tigerbbs.com/24c0102ef21f3d404bee85b60a5ce06c\" tg-width=\"595\" tg-height=\"492\" referrerpolicy=\"no-referrer\">Data source: FED, Haiyin Research Institute</p><p>3. Raise the Interest Rate Corridor range</p><p>The Federal Reserve has raised its Interest Rate Corridor range, increasing the excess reserve rate IOER and the overnight reverse repo rate ONRRP (the upper and lower limits of the Interest Rate Corridor, respectively) from 0%-0.1% to 0.05%-0.15% to support effective policy implementation and the smooth operation of the short-term dollar financing market.</p><p>Chart 4: Federal Reserve Raises Interest Rate Corridor Range<img src=\"https://static.tigerbbs.com/636f63e08baab3e9a99836bbf1f2dd53\" tg-width=\"994\" tg-height=\"568\" referrerpolicy=\"no-referrer\">Data source: Wind, Haiyin Research Institute</p><p>Overall, although the Federal Reserve did not release a Taper signal in advance at this meeting, and Powell emphasized that future interest rate trends cannot be predicted using dot plots, stating that it is too early to talk about rate hike, in order to reassure the market. However, judging from the specific content, whether it is the upward revision of economic growth forecasts, the upward revision of the Interest Rate Corridor range, or the predictions of Federal Reserve officials on the dot plot, the possibility of rate hike in advance to control persistently high inflation cannot be ruled out.</p><p><b>Predictions of when the Federal Reserve might taper QE and rate hike:</b></p><p><b>Job recovery is key</b></p><p>Regarding QE tapering, the degree of employment recovery is a key factor in determining when the Federal Reserve will Taper. If the employment recovery continues to be strong in the coming months, the Federal Reserve will begin discussing a QE tapering plan. In any case, if employment recovery falls short of expectations, the Federal Reserve may choose to remain on the sidelines until employment returns to its desired level.</p><p>Chart 5: US employment recovery is currently weaker than expected, and the Federal Reserve will remain unchanged in the short term.<img src=\"https://static.tigerbbs.com/23604df788b57dbe0ce299e66f30e2cb\" tg-width=\"1080\" tg-height=\"590\" referrerpolicy=\"no-referrer\">Data source: Wind, Haiyin Research Institute</p><p>Based on the Federal Reserve's experience in normalizing monetary policy in 2013, the Fed is very likely to begin formal discussions on specific plans to reduce bond purchases at its September meeting and officially announce them at its December meeting. Based on the current monthly bond purchase volume of $120 billion, it is expected to reduce the bond purchase volume by $15 billion each time, gradually reducing the bond purchase volume starting in January 2022, and completely exiting QE at the last meeting in December 2022.</p><p>Chart 6 We expect this round of QE to end at the end of 2022.</p><p><img src=\"https://static.tigerbbs.com/b754a7f635b7d0d6b0b1f48566708cb0\" tg-width=\"1061\" tg-height=\"728\" referrerpolicy=\"no-referrer\">Data source: Wind, Haiyin Research Institute</p><p>From rate hike. rate hike typically occur after quantitative easing (QE) ends. If QE ends at the end of 2022, the Federal Reserve is likely to begin discussing rate hike as early as early 2023 and begin at least two rate hike around mid-2023.</p><p>The 7-dot plot shows that the Federal Reserve is likely to rate hike at least twice in 2023.<img src=\"https://static.tigerbbs.com/e771012b3c148ff52d20755cd91e3944\" tg-width=\"595\" tg-height=\"492\" referrerpolicy=\"no-referrer\">Data source: FED, Haiyin Research Institute</p><p><b>Be wary of a sharp rise in inflation.</b></p><p><b>Possibility of Fed rate hike ahead of schedule</b></p><p>Against the backdrop of a continuously improving pandemic, massive fiscal stimulus in the United States and the rapid repair of the US output gap have increased recent inflationary pressures in the United States. Wind data shows that the PCE inflation indicator, which the Federal Reserve refers to when formulating monetary policy, rose 3.58% year-on-year in April, the highest level since 2008.</p><p>As the US economy further recovers in the future, inflationary pressures in the US will increase further in the second half of the year. According to Bloomberg's forecast, inflation in the United States will peak in the second quarter and then gradually decline in the third quarter. However, inflationary pressures will remain throughout the year and will remain above the 3% level.</p><p>Be wary of the impact of premature rate hike on emerging market countries. At this meeting, the Federal Reserve reiterated that it would allow inflation to be slightly above 2% for a period of time, and expressed some expectations that inflation levels might persist for a longer period and grow faster. However, it cannot be ruled out that if future inflation exceeds the Federal Reserve's tolerance range, it may prompt the Fed to choose an earlier rate hike. At that time, the US dollar will strengthen, international capital will accelerate its return to the US market, and emerging market countries may face a triple whammy of stocks, bonds, and currencies. Emerging market countries may have to continue rate hike to cope with potential capital outflow pressures. If countries with poor epidemic prevention and control, such as India, choose rate hike, it will undoubtedly be an added blow to countries that need a low-interest-rate environment to stimulate economic recovery.</p><p>Chart 8: US inflation is expected to decline in the third quarter, but will still be above 3%.</p><p><img src=\"https://static.tigerbbs.com/6a6053ec35be961844988688c521dd54\" tg-width=\"1048\" tg-height=\"540\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1614591202325","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>Why does the market generally interpret the Federal Reserve as \"hawkish\" when it holds rates steady?</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\">\nWhy does the market generally interpret the Federal Reserve as \"hawkish\" when it holds rates steady?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">海银财富</strong><span class=\"h-time small\">2021-06-29 19:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Abstract:</b></p><p>On June 17, Beijing time, the Federal Reserve released its June interest rate meeting statement, indicating that the Fed chose to hold rates steady, in line with expectations. But behind the dovish stance, we believe this meeting is more \"hawkish\". Specifically, this is reflected in: raising economic growth forecasts, raising the Interest Rate Corridor range, and the dot plot implying the possibility that the Federal Reserve will rate hike ahead of schedule in 2023.</p><p>Regarding QE tapering, we expect the Federal Reserve to likely begin formal discussions on specific plans to taper bond purchases at its September meeting and officially announce them at its December meeting. Starting in January 2022, the scale of bond purchases was gradually reduced, and QE was completely exited at the last meeting in December 2022. Regarding interest rates, we expect the Federal Reserve to begin charging interest rates at least twice in mid-2023.</p><p>However, it cannot be ruled out that if future inflation exceeds the Fed's tolerance range, the Fed may choose to rate hike earlier. At that time, the US dollar will strengthen, international capital will accelerate its return to the US market, and emerging market countries may face a triple whammy of stocks, bonds, and currencies.</p><p><b>The Federal Reserve's June policy meeting remained largely unchanged.</b></p><p>On June 17, Beijing time, the Federal Reserve released a statement regarding its June interest rate meeting. Overall, the previous monetary policy decision remained unchanged, in line with expectations. The target federal funds rate will be maintained within the 0%-0.25% range, and the monthly asset purchase volume of $120 billion will remain unchanged ($80 billion in Treasury Bond and $40 billion in MBS). However, the excess reserve rate (IOER) and the overnight reverse repo rate (ONRRP) ranges were raised by 5 basis points to 0.05%-0.15%.</p><p><b>However, their attitude is more hawkish.</b></p><p>This meeting marks the first time the Federal Reserve has released a clear signal of a hawkish turn since its \"dovish\" stance last March. This is particularly reflected in the upward adjustment of IOER and ONRRP, and a more positive economic statement. Here are three key changes at this interest rate meeting:</p><p><b>1. Adjust economic data expectations</b></p><p>The Federal Reserve raised its economic growth forecast. Compared with the previous meeting, the contribution of vaccines to the recovery from the epidemic was emphasized, and confidence in economic recovery was significantly enhanced. At this meeting, the Federal Reserve raised its 2021 growth forecast by 0.5% to 7%. the statement indicated that \"progress in vaccination has reduced the spread of the pandemic in the United States.\" the April statement further stated that \"the pandemic has caused tremendous hardship to the economy globally.\" Powell also indicated at a subsequent press conference that the U.S. economy may experience a strong recovery this year. He stated, \"Widespread vaccination efforts, along with unprecedented fiscal policy actions, have also provided strong support for the recovery. Economic activity and employment indicators continue to strengthen, and real GDP this year appears poised for its fastest growth rate in decades.\"</p><p>Inflation expectations were raised, exceeding market expectations. The statement clearly indicated that inflation levels were rising, while Powell acknowledged that inflation may be higher and last longer than expected. The Federal Reserve adjusted its 2021 PCE forecast to 3.4%, a significant increase of 1 percentage point from the previous value, and also adjusted its core PCE forecast to 3%, from only 2.2% in the previous value.</p><p>The unemployment rate remained unchanged overall. The Federal Reserve's description of job growth remains unchanged: \"have strengthened.\" Expectations for the future unemployment rate remain almost unchanged from before.</p><p>Chart 1 Federal Reserve Economic Data Forecast<img src=\"https://static.tigerbbs.com/46692bf745f5d8081a04bc48ebbec920\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\">Data source: Federal Reserve, Haiyin Research Institute</p><p><b>2. The dot plot shows that rate hike may occur twice in 2023.</b></p><p>Regarding interest rates, the dot plot implies the possibility of an early rate hike, with at least two rate hike expected in 2023. Referring to the dot plot reflecting the Federal Reserve's future interest rate policy, it can be seen that Fed officials generally believed at their March meeting that the zero interest rate policy would be maintained at least until the end of 2023. The dot plot of this meeting has changed significantly. The dot plot of the June meeting showed that most officials predicted that rate hike might take place ahead of schedule in 2023, and even the number of officials predicting rate hike in 2022 has increased significantly compared to March. In addition, the central interest rate forecast for 2023 has risen from 0.1% in March to 0.6%, meaning that the Federal Reserve may conduct at least two rate hike operations in 2023.</p><p>Chart 2 Dot plot of the Federal Reserve's March 2021 FOMC meeting<img src=\"https://static.tigerbbs.com/253e6288953039316f74da201a5e5801\" tg-width=\"592\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Data source: FED, Haiyin Research Institute</p><p>Chart 3 Dot plot of the Federal Reserve's June 2021 FOMC meeting<img src=\"https://static.tigerbbs.com/24c0102ef21f3d404bee85b60a5ce06c\" tg-width=\"595\" tg-height=\"492\" referrerpolicy=\"no-referrer\">Data source: FED, Haiyin Research Institute</p><p>3. Raise the Interest Rate Corridor range</p><p>The Federal Reserve has raised its Interest Rate Corridor range, increasing the excess reserve rate IOER and the overnight reverse repo rate ONRRP (the upper and lower limits of the Interest Rate Corridor, respectively) from 0%-0.1% to 0.05%-0.15% to support effective policy implementation and the smooth operation of the short-term dollar financing market.</p><p>Chart 4: Federal Reserve Raises Interest Rate Corridor Range<img src=\"https://static.tigerbbs.com/636f63e08baab3e9a99836bbf1f2dd53\" tg-width=\"994\" tg-height=\"568\" referrerpolicy=\"no-referrer\">Data source: Wind, Haiyin Research Institute</p><p>Overall, although the Federal Reserve did not release a Taper signal in advance at this meeting, and Powell emphasized that future interest rate trends cannot be predicted using dot plots, stating that it is too early to talk about rate hike, in order to reassure the market. However, judging from the specific content, whether it is the upward revision of economic growth forecasts, the upward revision of the Interest Rate Corridor range, or the predictions of Federal Reserve officials on the dot plot, the possibility of rate hike in advance to control persistently high inflation cannot be ruled out.</p><p><b>Predictions of when the Federal Reserve might taper QE and rate hike:</b></p><p><b>Job recovery is key</b></p><p>Regarding QE tapering, the degree of employment recovery is a key factor in determining when the Federal Reserve will Taper. If the employment recovery continues to be strong in the coming months, the Federal Reserve will begin discussing a QE tapering plan. In any case, if employment recovery falls short of expectations, the Federal Reserve may choose to remain on the sidelines until employment returns to its desired level.</p><p>Chart 5: US employment recovery is currently weaker than expected, and the Federal Reserve will remain unchanged in the short term.<img src=\"https://static.tigerbbs.com/23604df788b57dbe0ce299e66f30e2cb\" tg-width=\"1080\" tg-height=\"590\" referrerpolicy=\"no-referrer\">Data source: Wind, Haiyin Research Institute</p><p>Based on the Federal Reserve's experience in normalizing monetary policy in 2013, the Fed is very likely to begin formal discussions on specific plans to reduce bond purchases at its September meeting and officially announce them at its December meeting. Based on the current monthly bond purchase volume of $120 billion, it is expected to reduce the bond purchase volume by $15 billion each time, gradually reducing the bond purchase volume starting in January 2022, and completely exiting QE at the last meeting in December 2022.</p><p>Chart 6 We expect this round of QE to end at the end of 2022.</p><p><img src=\"https://static.tigerbbs.com/b754a7f635b7d0d6b0b1f48566708cb0\" tg-width=\"1061\" tg-height=\"728\" referrerpolicy=\"no-referrer\">Data source: Wind, Haiyin Research Institute</p><p>From rate hike. rate hike typically occur after quantitative easing (QE) ends. If QE ends at the end of 2022, the Federal Reserve is likely to begin discussing rate hike as early as early 2023 and begin at least two rate hike around mid-2023.</p><p>The 7-dot plot shows that the Federal Reserve is likely to rate hike at least twice in 2023.<img src=\"https://static.tigerbbs.com/e771012b3c148ff52d20755cd91e3944\" tg-width=\"595\" tg-height=\"492\" referrerpolicy=\"no-referrer\">Data source: FED, Haiyin Research Institute</p><p><b>Be wary of a sharp rise in inflation.</b></p><p><b>Possibility of Fed rate hike ahead of schedule</b></p><p>Against the backdrop of a continuously improving pandemic, massive fiscal stimulus in the United States and the rapid repair of the US output gap have increased recent inflationary pressures in the United States. Wind data shows that the PCE inflation indicator, which the Federal Reserve refers to when formulating monetary policy, rose 3.58% year-on-year in April, the highest level since 2008.</p><p>As the US economy further recovers in the future, inflationary pressures in the US will increase further in the second half of the year. According to Bloomberg's forecast, inflation in the United States will peak in the second quarter and then gradually decline in the third quarter. However, inflationary pressures will remain throughout the year and will remain above the 3% level.</p><p>Be wary of the impact of premature rate hike on emerging market countries. At this meeting, the Federal Reserve reiterated that it would allow inflation to be slightly above 2% for a period of time, and expressed some expectations that inflation levels might persist for a longer period and grow faster. However, it cannot be ruled out that if future inflation exceeds the Federal Reserve's tolerance range, it may prompt the Fed to choose an earlier rate hike. At that time, the US dollar will strengthen, international capital will accelerate its return to the US market, and emerging market countries may face a triple whammy of stocks, bonds, and currencies. Emerging market countries may have to continue rate hike to cope with potential capital outflow pressures. If countries with poor epidemic prevention and control, such as India, choose rate hike, it will undoubtedly be an added blow to countries that need a low-interest-rate environment to stimulate economic recovery.</p><p>Chart 8: US inflation is expected to decline in the third quarter, but will still be above 3%.</p><p><img src=\"https://static.tigerbbs.com/6a6053ec35be961844988688c521dd54\" tg-width=\"1048\" tg-height=\"540\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?src=11&timestamp=1625017730&ver=3161&signature=g7FeJ7ELPCHgUaQqGoC0ejSKlbZf2*HiG8oiMSD2jj4J3SLBEMaXVH0TTgpiuQdUQlhKBe1hB-UhfTk6QhWvApImWkixXIEB9z7MHni6pRJYFKOGlVdkzQr7DHyE2Wtf&new=1\">海银财富</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0f9e9a265cb0e7e8cb195039b2fe24a4","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s?src=11&timestamp=1625017730&ver=3161&signature=g7FeJ7ELPCHgUaQqGoC0ejSKlbZf2*HiG8oiMSD2jj4J3SLBEMaXVH0TTgpiuQdUQlhKBe1hB-UhfTk6QhWvApImWkixXIEB9z7MHni6pRJYFKOGlVdkzQr7DHyE2Wtf&new=1","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100369453","content_text":"摘要：\n北京时间6月17日，美联储公布6月议息会议声明，美联储选择按兵不动，符合预期。但鸽派的背后，我们认为此次会议更偏 “鹰派”。具体体现为：上调经济增速预期，上调利率走廊区间，及点阵图隐含美联储2023年将会提前加息的可能性。\nQE缩减方面, 我们预计美联储很有可能在9月会议上开始正式讨论缩减购债的具体计划，并于12月会议正式宣布。并从2022年1月开始逐步降低购债规模，至2022年12月最后一次会议时完全退出QE。利率方面，我们预计美联储可能会在2023年中开始，并至少计息两次。\n但不排除若未来通胀超出美联储容忍范围，美联储选择更早加息的可能。届时，美元走强，国际资本将加速回流美国市场，新兴市场国家或将遭遇股债汇三杀的局面。\n美联储6月议息会议整体维持不变\n北京时间6月17日，美联储公布6月议息会议声明。整体维持此前货币决议不变，符合预期。维持联邦基金目标利率在0%-0.25%区间内，维持每月1200亿美元资产购买规模不变（800亿美元国债，400亿美元MBS）。但将超额准备金利率IOER和隔夜逆回购利率ONRRP区间上调5bp至0.05%-0.15%。\n但态度更偏“鹰派”\n本次会议是美联储在去年3月“一路向鸽”后，首次释放明确转鹰信号。尤其体现在在上调IOER和ONRRP、经济表述更为积极等方面。下面是本次议息会议的三大重点变化：\n1. 调整经济数据预期\n美联储上调经济增速预期。跟前次会议相比，着重肯定了疫苗对疫情恢复的贡献，且对经济恢复信心明显增强。本次会议美联储将2021年增长预期上调0.5%至7%。声明显示，“疫苗接种方面的进展控制了（reduced the spread）疫情在美国的传播。”而4月声明显示，“疫情在全球范围内对经济造成巨大损害（tremendous hardship）。”鲍威尔在随后的发布会上亦表示今年美国经济可能强劲复苏。他表示“广泛的疫苗接种，以及前所未有的财政政策行动，也为复苏提供了强有力的支持。经济活动和就业指标持续走强，今年的实际国内生产总值似乎有望实现几十年来最快的增长速度。”\n上调通胀预期，上调幅度超市场预期。声明明确指出通胀水平上升，同时鲍威尔承认通胀可能比预期的水平更高和时间更长。美联储将2021年PCE预期调整为 3.4%、较前值大幅抬升1个百分点，核心 PCE 预期也调整为3%，前值仅为2.2%。\n失业率水平整体不变。美联储对就业增长的表述不变，仍为 “不断改善”（have strengthened）。对未来的失业率预期与此前几乎保持不变。\n图表 1美联储经济数据预测数据来源：美联储，海银研究院\n2. 点阵图显示，2023年内可能加息两次\n利率方面，点阵图隐含提前加息可能，2023年内可能至少加息两次。参考反映美联储未来利率政策的点阵图可看出，美联储官员在3月会议时普遍认为将至少维持零利率政策至2023年底。而此次会议点阵图有较大变化，6月会议点阵图显示大部分官员都预测2023年内可能提前加息，甚至是预测2022年加息的官员也比3月时明显增多。另外，2023年利率预测中枢从3月的0.1%抬升至0.6%，意味着2023年内美联储可能会有至少两次加息操作。\n图表 2美联储2021年3月FOMC会议点阵图数据来源：FED，海银研究院\n图表 3美联储2021年6月FOMC会议点阵图 数据来源：FED，海银研究院\n3. 上调利率走廊区间\n联储此次上调了利率走廊区间，将超额准备金利率IOER和隔夜逆回购利率ONRRP（分别为利率走廊的上下限）区间从0%-0.1%上调至0.05%-0.15%，以支持有效的政策实施和短期美元融资市场的平稳运行。\n图表 4 美联储上调利率走廊区间数据来源：Wind，海银研究院\n整体来看，美联储此次会议虽没有提前释放Taper信号，且鲍威尔也强调不能通过点阵图来预测未来利率走势，表示目前谈加息还为时尚早，以求给市场吃“安心丸”。但从具体内容来看，无论是上调经济增速预期，上调利率走廊区间，及点阵图美联储官员的预测来看，不排除提前加息以控制通胀持续高企的可能性。\n美联储缩减QE和加息可能的时点预测：\n就业恢复是关键\nQE缩减方面, 就业恢复的程度是决定美联储Taper时点的关键性因素。若未来几个月就业恢复持续强劲，美联储则会开始着手讨论QE缩减计划。反正，若就业恢复不及预期，美联储可能选择持续观望，直至就业恢复至理想水平。\n图表 5目前美国就业恢复不及预期，短期联储仍将按兵不动数据来源：Wind，海银研究院\n参照美联储2013年货币政策正常化的经验来看，美联储很有可能在9月会议上开始正式讨论缩减购债的具体计划，并于12月会议正式宣布。按照目前每月1200亿美元的购债规模来看，预计每次缩减150亿美元，从2022年1月开始逐步降低购债规模，至2022年12月最后一次会议时完全退出QE。\n图表 6我们预计本轮QE将在2022年底结束\n数据来源：Wind，海银研究院\n加息方面。加息一般发生在QE结束后，若2022年底结束QE，美联储很可能最早在2023年初开始讨论加息事项，并于2023年中左右开始至少加息两次。\n图表 7点阵图显示美联储很可能在2023年至少加息两次 数据来源：FED，海银研究院\n警惕通胀大幅上行，\n美联储提前加息的可能性\n在疫情不断好转的背景下，美国天量财政刺激及美国产出缺口的较快修复都加大了近期美国通胀的压力。Wind数据显示，美联储制定货币政策时参考的PCE通胀指标在4月同比上涨3.58%，创造了2008年以来最高水平。\n随着未来美国经济的进一步恢复，美国下半年通胀压力也将进一步加大。根据彭博预测显示，美国二季度美国将迎来通胀最高点，随后会在三季度逐渐回落，但年内通胀压力犹在，仍将处于3%水平之上。\n警惕提前加息对新兴市场国家的冲击。本次会议美联储虽再次强调允许通胀在一段时间内略高于2%的水平，且对通胀水平可能会持续更长、增长更快的可能性有一定的预期。但不排除若未来通胀超出美联储容忍范围，促使美联储选择更早加息的可能。届时，美元走强，国际资本将加速回流美国市场，新兴市场国家或将遭遇股债汇三杀的局面。新兴市场国家可能不得不采取继续加息的方式，以应对潜在的资本外流压力。若印度等疫情防控较差的国家选择加息，无疑对需要低利率环境刺激经济回暖的国家来说是雪上加霜。\n图表 8 美国通胀料将在三季度有所回落，但仍将高于3%","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192830513,"gmtCreate":1621173860832,"gmtModify":1704353615766,"author":{"id":"3581939067431343","authorId":"3581939067431343","name":"山那边的英英子","avatar":"https://static.tigerbbs.com/8c8a7304c7112e9c83de3d44c85ec252","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939067431343","idStr":"3581939067431343"},"themes":[],"title":"","htmlText":"E","listText":"E","text":"E","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/192830513","repostId":"2135598119","repostType":4,"isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9911918983,"gmtCreate":1664112696242,"gmtModify":1676537392038,"author":{"id":"3581939067431343","authorId":"3581939067431343","name":"山那边的英英子","avatar":"https://static.tigerbbs.com/8c8a7304c7112e9c83de3d44c85ec252","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939067431343","idStr":"3581939067431343"},"themes":[],"title":"","htmlText":"j","listText":"j","text":"j","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9911918983","repostId":"2269494309","repostType":4,"isVote":1,"tweetType":1,"viewCount":1587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124021710,"gmtCreate":1624709506930,"gmtModify":1703843974020,"author":{"id":"3581939067431343","authorId":"3581939067431343","name":"山那边的英英子","avatar":"https://static.tigerbbs.com/8c8a7304c7112e9c83de3d44c85ec252","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939067431343","idStr":"3581939067431343"},"themes":[],"title":"","htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/124021710","repostId":"1192755033","repostType":4,"isVote":1,"tweetType":1,"viewCount":1162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115638123,"gmtCreate":1622983336062,"gmtModify":1704194058451,"author":{"id":"3581939067431343","authorId":"3581939067431343","name":"山那边的英英子","avatar":"https://static.tigerbbs.com/8c8a7304c7112e9c83de3d44c85ec252","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939067431343","idStr":"3581939067431343"},"themes":[],"title":"","htmlText":"&nbsp;t","listText":"&nbsp;t","text":"t","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/115638123","repostId":"2141285413","repostType":4,"repost":{"id":"2141285413","kind":"news","pubTimestamp":1622971587,"share":"https://ttm.financial/m/news/2141285413?lang=en_US&edition=fundamental","pubTime":"2021-06-06 17:26","market":"us","language":"zh","title":"What other good capital stories does Fangduoduo have after it \"broke through its defenses\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2141285413","media":"节点财经","summary":"从2001年至今，房多多刚好走过了10年时间。从最初借鉴Groupon模式启程，几经演变后，房多多顶着“产业互联网SaaS第一股”的光环上市。\n如今，光环开始褪去，房多多的自身的定位、持续的亏损以及二","content":"<p>From 2001 to present,<a href=\"https://laohu8.com/S/DUO\">Fang Duoduo</a>Exactly 10 years have passed. Starting with the Groupon model, after several evolutions, Fangduoduo went public with the halo of being the \"first SaaS stock in the industrial internet\".</p><p>Today, its halo is fading, and Fangduoduo's own positioning, continuous losses, and performance in the secondary market have faced several unfavorable factors. In addition to the SaaS story not working, the stock price in the capital market being lukewarm, and intensifying competition in the industry, Fangduoduo's profitability has weakened.</p><p>Recently, Fangduoduo released its financial report for the first quarter of this year, which showed that Fangduoduo had an adjusted net loss of 93 million yuan. Losses have worsened again, and Fangduoduo seems to be facing a complete \"breakdown\"?</p><p> / 01 /</p><p>Story breaks down</p><p>How can we continue talking about \"the first real estate SaaS stock\"?</p><p>In 2010, the three founders of Fangduoduo believed that although the Internet was booming, it was far from two industries: real estate and healthcare. Among the three founders, Zeng Xi and Duan Yi both came from real estate sales backgrounds. Transforming the real estate market through the Internet became their entrepreneurial direction, and Fangduoduo was born in response.</p><p>Fangduoduo's rapid growth was largely due to the industry environment at the time. At that time, the efficiency of real estate transactions in China was extremely low, and the penetration of the Internet into the real estate industry was still in a very weak stage. The industry has pain points and a need for transformation. With the original intention of \"improving the efficiency of brokers through internet-based tools\", Fangduoduo has just filled the missing link in this industry chain.</p><p>In its early stages of development, Fangduoduo generated profits by selling coupons to homebuyers. This involved partnering with developers to obtain coupons, then selling the coupons to customers through brokers, with the brokers sharing the profits. After this model continued for four or five years, the industry underwent significant changes—houses became easier to sell, and people were rushing to buy them without needing discounts.</p><p>So Fangduoduo started collecting commissions from developers, with agents referring customers and paying commissions to Fangduoduo after the transaction was completed. To this day, this remains Fangduoduo's main source of revenue.</p><p>In recent years, under the high pressure of the \"three red lines\", the real estate industry has gradually entered an era of existing stock. Fangduoduo has launched its own new label: \"SaaS\" service. Simply put, it helps developers achieve digitalization and connects brokers with a digital platform. In other words, after creating the platform, Fangduoduo began To develop standardized products and provide B2B services.</p><p>Zeng Xi, co-CEO of Fangduoduo, once said, \"Fangduoduo aims to be a SaaS service company that helps both upstream developers achieve Internet integration and downstream brokerage companies achieve SaaS integration.\"</p><p>After telling this \"story,\" Fangduoduo transformed from a real estate transaction platform into a technology company. When Fangduoduo went public on NASDAQ in 2019, it was already known as the \"first SaaS stock in the industrial internet industry\".</p><p>But this \"story\" is not so easy to tell; there are many shadows behind the halo. In recent years, Fangduoduo's SaaS attributes have been questioned by the industry. The reason is that, in terms of revenue structure, Fangduoduo's commissions and handling fees have long accounted for more than 90%, while its innovative business revenue, including SaaS services, accounts for less than 10%.</p><p>From 2017 to 2020, commission and fee income and innovative business income accounted for 91.9% and 8.1%, respectively; 89.1%、10.9%； 96.0%、4.0%； 90.7%、9.3%。 From 2017 to 2020, revenue from innovative businesses was 146 million, 248 million, 144 million, and 228 million respectively. It can be seen that the revenue generated by SaaS services is not high and accounts for a very small proportion. Fangduoduo is also a company that makes money through commissions.</p><p><img src=\"https://static.tigerbbs.com/797e193abbaff10e77690a5e46d9d36c\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p>Data source: Fangduoduo financial report, wind</p><p>American real estate technology company<a href=\"https://laohu8.com/S/Z\">Zillow</a>It also focuses on SaaS, but SaaS tools and solutions contribute nearly 70% of its revenue. It is clear that Fangduoduo is still quite far from its proposed goal of becoming a \"real estate Taobao\".</p><p>In the fourth quarter of last year, Fangduoduo fully upgraded its SaaS to Fangyun SaaS, which serves all scenarios of digital marketing in the upstream and downstream of the industry. It helps developers connect directly and quickly with brokers online, attempting to improve the matching efficiency of real estate transactions with customers while controlling marketing costs. However, judging from the recently released first-quarter financial report, it did not meet Fangduoduo's expectations.</p><p> / 02 /</p><p>Profit breakdown</p><p>It shone brightly upon its IPO, but its profitability declined steadily.</p><p>Recently, Fangduoduo released its latest quarterly financial report. Financial reports show that in the first quarter of 2021, Fangduoduo's revenue was 291 million yuan, and its net loss was 102 million yuan. Under Non-GAAP accounting standards, Fangduoduo reported an adjusted net loss of RMB 93 million in the first quarter of 2021.</p><p>If we take the IPO as a watershed moment, then before the IPO, Fangduoduo's revenue was growing year by year, while since the IPO, Fangduoduo's losses have been widening.</p><p>Before its IPO, Fangduoduo's revenue was RMB 1.7985 billion, RMB 2.2822 billion, and RMB 3.6 billion in 2017, 2017, and 2019, respectively. After listing, the company began to decline. Starting from the first quarter of 2020, its quarterly revenue was 272.1 million yuan, 737.7 million yuan, 819.1 million yuan, and 622.4 million yuan, respectively. The year-on-year declines were -58.52%, -22.20%, -13.59%, and -40.57%, respectively.</p><p>In the first quarter of this year, Fangduoduo's revenue declined to 291 million yuan. Instead of taking off with the help of the capital market, Fangduoduo experienced a downward trend, with its net profit attributable to the parent company declining. From the first quarter of 2020 to the first quarter of 2021, Fangduoduo's net profit attributable to the parent company was -136 million yuan, -13.99 million yuan, 21.91 million yuan, -91.76 million yuan, and -102 million yuan, respectively.</p><p><img src=\"https://static.tigerbbs.com/82dd656d8813a53e71e2eaf71afcdac4\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p>Data source: Fangduoduo financial report, wind</p><p>Is the decline in performance due to the pandemic?</p><p>Although the pandemic has had some impact, the decline in Fangduoduo's revenue does not seem to be entirely attributable to the pandemic. According to data from the National Bureau of Statistics, in 2020, national sales of commercial housing reached nearly 17.4 trillion yuan, a year-on-year increase of 8.7%. During the same period, the number of housing transactions facilitated on the Fangduoduo platform decreased by 14%.</p><p>At the same time,<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Operating revenue was 70.5 billion yuan, a year-on-year increase of 53.2%; Net profit for the year reached 2.778 billion yuan, marking the first time it has achieved full-year profitability under U.S. accounting standards. By the end of 2020, Beike's GTV (total annual platform transaction volume) had exceeded 3.5 trillion yuan, with GTV growing to 3.0 times.</p><p>Excluding the influence of external factors, another crucial factor remains—the intensification of industry competition.</p><p>Fangduoduo has always prided itself on being an independent third-party platform, but the emergence of Beike and Anjuke has disrupted this balance. When Zuo Hui decided to become Beike, the industry criticized him for being both a referee and an athlete, but judging from the results, Zuo Hui's choice was correct. Back then, the loudest criticism<a href=\"https://laohu8.com/S/WUBA\">58.com</a>Now, it is also developing its subsidiary Anjuke in the same direction.</p><p>Competitors were strong and willing to invest heavily, quickly capturing the market through subsidies and commissions, which became a way for Beike and others to quickly capture users' minds. However, Fangduoduo believed that malicious subsidies would not bring sustainable growth, so it abandoned the decision to pay subsidies. This decision put pressure on Fangduoduo's business. Zeng Xi also stated that not participating in malicious subsidies put temporary pressure on the company.</p><p>In 2020, both Fangduoduo's transaction volume and revenue declined. In 2020, the total closed-loop transaction GMV facilitated by Fangduoduo was RMB 181.1 billion, a year-on-year decrease of 14.0%; Revenue reached 2.45 billion yuan, a year-on-year decrease of 31.9%.</p><p>Although it has given up subsidies, Fangduoduo is not in a hurry to see that Beike's market value has reached $64.439 billion and is heading towards a market value of 100 billion. In the fourth quarter of last year, Fangduoduo began to carry out large-scale brand promotion and advertising, with sales expenses reaching 32 million yuan, an increase of 88%. It may not seem like much, but it should be noted that its annual sales expenses were only 38 million yuan.</p><p>Nowadays, real estate developers are also starting to sell properties online, and with the entry of internet giants, Fangduoduo has had to change. Previously, Fangduoduo had always emphasized its independent third-party nature. Duan Yi promised the outside world, \"To build an independent platform, we will not hire an agent or open an offline store; we will safeguard the legitimate interests of every merchant on the platform; and we will not infringe on the private data of any merchant.\"</p><p>However, this positioning is also changing subtly. Last November, Fangduoduo announced its investment in Yuancui, a franchise service operation platform under Zhongyuan Group. Through this investment, Fangduoduo completed its transformation from online to...<a href=\"https://laohu8.com/S/300959\">Online and offline</a>During its integrated transformation, it also lost its attribute as an \"independent third-party platform\".</p><p>Giving up \"independence\" is to gain stronger leverage in competition and embrace a larger market. This is the most fundamental means and method for Fangduoduo to turn a profit.</p><p> / 03 /</p><p>Valuation \"breaks through\"</p><p>Competition intensifies, capital markets are not buying it.</p><p>The initial high-profile IPO stemmed from secondary market investors' enthusiasm for SaaS projects. Especially in the US market,<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>、<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Slack are both superstars in this field. The integration of SaaS with industry has given real estate, which has a lower technological value, an imaginative tomorrow.</p><p>After several quarters of operation, the quality of Fangduoduo's SaaS business has surfaced. In November 2019, Fangduoduo's IPO price was $13. By the close of trading on June 4, the quoted price was $3.17, a drop of more than 70%.</p><p>SaaS-related innovative service businesses have not yielded results for several years. Currently, Fangduoduo faces two problems.</p><p>First, will innovative services continue to exert their efforts?</p><p>The founding team gave a positive answer. Zeng Xi once stated that Fangduoduo has two core advantages: first, it has gathered the largest group of agents in China and is frequently online; Secondly, the capability to provide system solutions has been accumulated over the past decade. \"Based on these two advantages, we will unswervingly push developers to go online faster and help them build the systems and operational services they need to go online.\"</p><p>Secondly, how high are the barriers to entry for Fangduoduo's core competencies?</p><p>There are many service providers in the industry, such as Beike. Currently, Beike's ecosystem has nearly 300 brands, 47,000 stores, and nearly 500,000 agents. The massive amount of data gives Beike a powerful data system that can serve brokers, store managers, and platform service personnel on the platform, making operational processes online. Overall, this service remains an online operating system within the scope of real estate transactions.</p><p>Another representative type is...<a href=\"https://laohu8.com/S/00909\">Mingyuan Cloud</a>。 Mingyuan Cloud started as an enterprise ERP company and has now transformed into a marketing SaaS service provider. The main service targets are real estate companies.</p><p>It can be said that most mainstream traditional real estate companies have used Mingyuan Cloud's ERP system.</p><p>Mingyuan Cloud's SaaS business is mainly sub-divided into cloud customers, cloud chains, cloud procurement, and cloud space, covering all aspects of real estate developers' operations. Among them, Yunke (which is a marketing SaaS system) has grown rapidly in the pandemic environment. In 2020, Mingyuan Cloud quickly launched its mobile sales platform, which integrates functions such as online communication, digital showrooms, and online sales openings.</p><p>It is worth mentioning that in the fourth quarter of 2020, Fangduoduo also launched Fangyun SaaS. In terms of functionality, Fangyun SaaS's Ziqubao product has been launched in stores.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>New features such as recommendations, merchant updates, salesperson online stores, and high-intention visitor reach reminders help on-site sales quickly launch brokerage merchants on the B2B side. Meanwhile, private domain marketing tools were also launched simultaneously on the Fangyun APP, supporting new features such as developers launching live streams, short video customer acquisition, one-click VR generation of real estate projects, and online viewing by C-end users.</p><p>Since everyone's gameplay is similar, the competition will undoubtedly be more intense.</p><p>From an industry perspective, there are giants such as Beike and Anjuke. From a SaaS service perspective, there are also Mingyuan Cloud, which has transformed from ERP, and a number of small and medium-sized players.</p><p>Does Fangduoduo still have a chance? From the former perspective, real estate brokerage exhibits an internet attribute where the strong get stronger; the larger the scale, the stronger the strength. Looking at the latter, among the top 100 real estate companies in 2020, Mingyuan Cloud cooperated with 97 companies, and the average order value increased from 3.7 million yuan to 6.1 million yuan. In summary, in the fiercely competitive industry, Fangduoduo's performance is not considered a top student. In the future, it needs stronger team execution and faster speed to have a chance to overtake.</p><p>This year, Fangduoduo underwent a significant personnel change, with Liu Tianyang officially assuming the position of Senior Vice President of Fangduoduo. The newly appointed vice president currently also serves as a director of Centaline Group, vice president of Centaline Property (Mainland China), president of Yuancui, and president of Jimu Real Estate.</p><p>Fang Duoduo is the major shareholder of Yuancui. What is the deeper meaning of Liu Tianyang's joining? It is understood that Liu Tianyang will be responsible for the second-hand housing and innovation business, including the second-hand housing transaction business unit, Tinghaozhu and Haofanghui business units.</p><p>The second-hand housing market is very likely to be Fangduoduo's next key business focus after its innovative business.</p><p>In 2020, Fangduoduo's cumulative closed-loop GMV of second-hand homes reached 73.1 billion yuan, a year-on-year increase of 15.26%. In 2020, the total transaction volume of second-hand homes nationwide reached 7.3 trillion yuan, setting a new record for the largest transaction volume since 2015.</p><p>As early as 2014, Fangduoduo invested a lot of resources in the second-hand business. However, business development was not smooth. In 2016, Fangduoduo completely scaled back its second-hand housing business and returned to the new homeowner market. Is Fangduoduo really ready to bring up the second-hand housing business again this time?</p><p>Currently, Fangduoduo's market capitalization is $263 million, while Beike's market capitalization is 245 times that. In April, Anjuke submitted its listing application to the Hong Kong Stock Exchange, marking the beginning of another giant in the real estate transaction market. Facing a \"breakdown in its defenses,\" Fangduoduo needs more changes to meet the challenges.</p>","source":"jdcj","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>What other good capital stories does Fangduoduo have after it \"broke through its defenses\"?</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\">\nWhat other good capital stories does Fangduoduo have after it \"broke through its defenses\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">节点财经</strong><span class=\"h-time small\">2021-06-06 17:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>From 2001 to present,<a href=\"https://laohu8.com/S/DUO\">Fang Duoduo</a>Exactly 10 years have passed. Starting with the Groupon model, after several evolutions, Fangduoduo went public with the halo of being the \"first SaaS stock in the industrial internet\".</p><p>Today, its halo is fading, and Fangduoduo's own positioning, continuous losses, and performance in the secondary market have faced several unfavorable factors. In addition to the SaaS story not working, the stock price in the capital market being lukewarm, and intensifying competition in the industry, Fangduoduo's profitability has weakened.</p><p>Recently, Fangduoduo released its financial report for the first quarter of this year, which showed that Fangduoduo had an adjusted net loss of 93 million yuan. Losses have worsened again, and Fangduoduo seems to be facing a complete \"breakdown\"?</p><p> / 01 /</p><p>Story breaks down</p><p>How can we continue talking about \"the first real estate SaaS stock\"?</p><p>In 2010, the three founders of Fangduoduo believed that although the Internet was booming, it was far from two industries: real estate and healthcare. Among the three founders, Zeng Xi and Duan Yi both came from real estate sales backgrounds. Transforming the real estate market through the Internet became their entrepreneurial direction, and Fangduoduo was born in response.</p><p>Fangduoduo's rapid growth was largely due to the industry environment at the time. At that time, the efficiency of real estate transactions in China was extremely low, and the penetration of the Internet into the real estate industry was still in a very weak stage. The industry has pain points and a need for transformation. With the original intention of \"improving the efficiency of brokers through internet-based tools\", Fangduoduo has just filled the missing link in this industry chain.</p><p>In its early stages of development, Fangduoduo generated profits by selling coupons to homebuyers. This involved partnering with developers to obtain coupons, then selling the coupons to customers through brokers, with the brokers sharing the profits. After this model continued for four or five years, the industry underwent significant changes—houses became easier to sell, and people were rushing to buy them without needing discounts.</p><p>So Fangduoduo started collecting commissions from developers, with agents referring customers and paying commissions to Fangduoduo after the transaction was completed. To this day, this remains Fangduoduo's main source of revenue.</p><p>In recent years, under the high pressure of the \"three red lines\", the real estate industry has gradually entered an era of existing stock. Fangduoduo has launched its own new label: \"SaaS\" service. Simply put, it helps developers achieve digitalization and connects brokers with a digital platform. In other words, after creating the platform, Fangduoduo began To develop standardized products and provide B2B services.</p><p>Zeng Xi, co-CEO of Fangduoduo, once said, \"Fangduoduo aims to be a SaaS service company that helps both upstream developers achieve Internet integration and downstream brokerage companies achieve SaaS integration.\"</p><p>After telling this \"story,\" Fangduoduo transformed from a real estate transaction platform into a technology company. When Fangduoduo went public on NASDAQ in 2019, it was already known as the \"first SaaS stock in the industrial internet industry\".</p><p>But this \"story\" is not so easy to tell; there are many shadows behind the halo. In recent years, Fangduoduo's SaaS attributes have been questioned by the industry. The reason is that, in terms of revenue structure, Fangduoduo's commissions and handling fees have long accounted for more than 90%, while its innovative business revenue, including SaaS services, accounts for less than 10%.</p><p>From 2017 to 2020, commission and fee income and innovative business income accounted for 91.9% and 8.1%, respectively; 89.1%、10.9%； 96.0%、4.0%； 90.7%、9.3%。 From 2017 to 2020, revenue from innovative businesses was 146 million, 248 million, 144 million, and 228 million respectively. It can be seen that the revenue generated by SaaS services is not high and accounts for a very small proportion. Fangduoduo is also a company that makes money through commissions.</p><p><img src=\"https://static.tigerbbs.com/797e193abbaff10e77690a5e46d9d36c\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p>Data source: Fangduoduo financial report, wind</p><p>American real estate technology company<a href=\"https://laohu8.com/S/Z\">Zillow</a>It also focuses on SaaS, but SaaS tools and solutions contribute nearly 70% of its revenue. It is clear that Fangduoduo is still quite far from its proposed goal of becoming a \"real estate Taobao\".</p><p>In the fourth quarter of last year, Fangduoduo fully upgraded its SaaS to Fangyun SaaS, which serves all scenarios of digital marketing in the upstream and downstream of the industry. It helps developers connect directly and quickly with brokers online, attempting to improve the matching efficiency of real estate transactions with customers while controlling marketing costs. However, judging from the recently released first-quarter financial report, it did not meet Fangduoduo's expectations.</p><p> / 02 /</p><p>Profit breakdown</p><p>It shone brightly upon its IPO, but its profitability declined steadily.</p><p>Recently, Fangduoduo released its latest quarterly financial report. Financial reports show that in the first quarter of 2021, Fangduoduo's revenue was 291 million yuan, and its net loss was 102 million yuan. Under Non-GAAP accounting standards, Fangduoduo reported an adjusted net loss of RMB 93 million in the first quarter of 2021.</p><p>If we take the IPO as a watershed moment, then before the IPO, Fangduoduo's revenue was growing year by year, while since the IPO, Fangduoduo's losses have been widening.</p><p>Before its IPO, Fangduoduo's revenue was RMB 1.7985 billion, RMB 2.2822 billion, and RMB 3.6 billion in 2017, 2017, and 2019, respectively. After listing, the company began to decline. Starting from the first quarter of 2020, its quarterly revenue was 272.1 million yuan, 737.7 million yuan, 819.1 million yuan, and 622.4 million yuan, respectively. The year-on-year declines were -58.52%, -22.20%, -13.59%, and -40.57%, respectively.</p><p>In the first quarter of this year, Fangduoduo's revenue declined to 291 million yuan. Instead of taking off with the help of the capital market, Fangduoduo experienced a downward trend, with its net profit attributable to the parent company declining. From the first quarter of 2020 to the first quarter of 2021, Fangduoduo's net profit attributable to the parent company was -136 million yuan, -13.99 million yuan, 21.91 million yuan, -91.76 million yuan, and -102 million yuan, respectively.</p><p><img src=\"https://static.tigerbbs.com/82dd656d8813a53e71e2eaf71afcdac4\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p>Data source: Fangduoduo financial report, wind</p><p>Is the decline in performance due to the pandemic?</p><p>Although the pandemic has had some impact, the decline in Fangduoduo's revenue does not seem to be entirely attributable to the pandemic. According to data from the National Bureau of Statistics, in 2020, national sales of commercial housing reached nearly 17.4 trillion yuan, a year-on-year increase of 8.7%. During the same period, the number of housing transactions facilitated on the Fangduoduo platform decreased by 14%.</p><p>At the same time,<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Operating revenue was 70.5 billion yuan, a year-on-year increase of 53.2%; Net profit for the year reached 2.778 billion yuan, marking the first time it has achieved full-year profitability under U.S. accounting standards. By the end of 2020, Beike's GTV (total annual platform transaction volume) had exceeded 3.5 trillion yuan, with GTV growing to 3.0 times.</p><p>Excluding the influence of external factors, another crucial factor remains—the intensification of industry competition.</p><p>Fangduoduo has always prided itself on being an independent third-party platform, but the emergence of Beike and Anjuke has disrupted this balance. When Zuo Hui decided to become Beike, the industry criticized him for being both a referee and an athlete, but judging from the results, Zuo Hui's choice was correct. Back then, the loudest criticism<a href=\"https://laohu8.com/S/WUBA\">58.com</a>Now, it is also developing its subsidiary Anjuke in the same direction.</p><p>Competitors were strong and willing to invest heavily, quickly capturing the market through subsidies and commissions, which became a way for Beike and others to quickly capture users' minds. However, Fangduoduo believed that malicious subsidies would not bring sustainable growth, so it abandoned the decision to pay subsidies. This decision put pressure on Fangduoduo's business. Zeng Xi also stated that not participating in malicious subsidies put temporary pressure on the company.</p><p>In 2020, both Fangduoduo's transaction volume and revenue declined. In 2020, the total closed-loop transaction GMV facilitated by Fangduoduo was RMB 181.1 billion, a year-on-year decrease of 14.0%; Revenue reached 2.45 billion yuan, a year-on-year decrease of 31.9%.</p><p>Although it has given up subsidies, Fangduoduo is not in a hurry to see that Beike's market value has reached $64.439 billion and is heading towards a market value of 100 billion. In the fourth quarter of last year, Fangduoduo began to carry out large-scale brand promotion and advertising, with sales expenses reaching 32 million yuan, an increase of 88%. It may not seem like much, but it should be noted that its annual sales expenses were only 38 million yuan.</p><p>Nowadays, real estate developers are also starting to sell properties online, and with the entry of internet giants, Fangduoduo has had to change. Previously, Fangduoduo had always emphasized its independent third-party nature. Duan Yi promised the outside world, \"To build an independent platform, we will not hire an agent or open an offline store; we will safeguard the legitimate interests of every merchant on the platform; and we will not infringe on the private data of any merchant.\"</p><p>However, this positioning is also changing subtly. Last November, Fangduoduo announced its investment in Yuancui, a franchise service operation platform under Zhongyuan Group. Through this investment, Fangduoduo completed its transformation from online to...<a href=\"https://laohu8.com/S/300959\">Online and offline</a>During its integrated transformation, it also lost its attribute as an \"independent third-party platform\".</p><p>Giving up \"independence\" is to gain stronger leverage in competition and embrace a larger market. This is the most fundamental means and method for Fangduoduo to turn a profit.</p><p> / 03 /</p><p>Valuation \"breaks through\"</p><p>Competition intensifies, capital markets are not buying it.</p><p>The initial high-profile IPO stemmed from secondary market investors' enthusiasm for SaaS projects. Especially in the US market,<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>、<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Slack are both superstars in this field. The integration of SaaS with industry has given real estate, which has a lower technological value, an imaginative tomorrow.</p><p>After several quarters of operation, the quality of Fangduoduo's SaaS business has surfaced. In November 2019, Fangduoduo's IPO price was $13. By the close of trading on June 4, the quoted price was $3.17, a drop of more than 70%.</p><p>SaaS-related innovative service businesses have not yielded results for several years. Currently, Fangduoduo faces two problems.</p><p>First, will innovative services continue to exert their efforts?</p><p>The founding team gave a positive answer. Zeng Xi once stated that Fangduoduo has two core advantages: first, it has gathered the largest group of agents in China and is frequently online; Secondly, the capability to provide system solutions has been accumulated over the past decade. \"Based on these two advantages, we will unswervingly push developers to go online faster and help them build the systems and operational services they need to go online.\"</p><p>Secondly, how high are the barriers to entry for Fangduoduo's core competencies?</p><p>There are many service providers in the industry, such as Beike. Currently, Beike's ecosystem has nearly 300 brands, 47,000 stores, and nearly 500,000 agents. The massive amount of data gives Beike a powerful data system that can serve brokers, store managers, and platform service personnel on the platform, making operational processes online. Overall, this service remains an online operating system within the scope of real estate transactions.</p><p>Another representative type is...<a href=\"https://laohu8.com/S/00909\">Mingyuan Cloud</a>。 Mingyuan Cloud started as an enterprise ERP company and has now transformed into a marketing SaaS service provider. The main service targets are real estate companies.</p><p>It can be said that most mainstream traditional real estate companies have used Mingyuan Cloud's ERP system.</p><p>Mingyuan Cloud's SaaS business is mainly sub-divided into cloud customers, cloud chains, cloud procurement, and cloud space, covering all aspects of real estate developers' operations. Among them, Yunke (which is a marketing SaaS system) has grown rapidly in the pandemic environment. In 2020, Mingyuan Cloud quickly launched its mobile sales platform, which integrates functions such as online communication, digital showrooms, and online sales openings.</p><p>It is worth mentioning that in the fourth quarter of 2020, Fangduoduo also launched Fangyun SaaS. In terms of functionality, Fangyun SaaS's Ziqubao product has been launched in stores.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>New features such as recommendations, merchant updates, salesperson online stores, and high-intention visitor reach reminders help on-site sales quickly launch brokerage merchants on the B2B side. Meanwhile, private domain marketing tools were also launched simultaneously on the Fangyun APP, supporting new features such as developers launching live streams, short video customer acquisition, one-click VR generation of real estate projects, and online viewing by C-end users.</p><p>Since everyone's gameplay is similar, the competition will undoubtedly be more intense.</p><p>From an industry perspective, there are giants such as Beike and Anjuke. From a SaaS service perspective, there are also Mingyuan Cloud, which has transformed from ERP, and a number of small and medium-sized players.</p><p>Does Fangduoduo still have a chance? From the former perspective, real estate brokerage exhibits an internet attribute where the strong get stronger; the larger the scale, the stronger the strength. Looking at the latter, among the top 100 real estate companies in 2020, Mingyuan Cloud cooperated with 97 companies, and the average order value increased from 3.7 million yuan to 6.1 million yuan. In summary, in the fiercely competitive industry, Fangduoduo's performance is not considered a top student. In the future, it needs stronger team execution and faster speed to have a chance to overtake.</p><p>This year, Fangduoduo underwent a significant personnel change, with Liu Tianyang officially assuming the position of Senior Vice President of Fangduoduo. The newly appointed vice president currently also serves as a director of Centaline Group, vice president of Centaline Property (Mainland China), president of Yuancui, and president of Jimu Real Estate.</p><p>Fang Duoduo is the major shareholder of Yuancui. What is the deeper meaning of Liu Tianyang's joining? It is understood that Liu Tianyang will be responsible for the second-hand housing and innovation business, including the second-hand housing transaction business unit, Tinghaozhu and Haofanghui business units.</p><p>The second-hand housing market is very likely to be Fangduoduo's next key business focus after its innovative business.</p><p>In 2020, Fangduoduo's cumulative closed-loop GMV of second-hand homes reached 73.1 billion yuan, a year-on-year increase of 15.26%. In 2020, the total transaction volume of second-hand homes nationwide reached 7.3 trillion yuan, setting a new record for the largest transaction volume since 2015.</p><p>As early as 2014, Fangduoduo invested a lot of resources in the second-hand business. However, business development was not smooth. In 2016, Fangduoduo completely scaled back its second-hand housing business and returned to the new homeowner market. Is Fangduoduo really ready to bring up the second-hand housing business again this time?</p><p>Currently, Fangduoduo's market capitalization is $263 million, while Beike's market capitalization is 245 times that. In April, Anjuke submitted its listing application to the Hong Kong Stock Exchange, marking the beginning of another giant in the real estate transaction market. Facing a \"breakdown in its defenses,\" Fangduoduo needs more changes to meet the challenges.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/stockzmt/2021-06-06/doc-ikqciyzi7997555.shtml\">节点财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1b5d60c72c5bab028f3d7d10da10eef2","relate_stocks":{"DUO":"房多多"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/stockzmt/2021-06-06/doc-ikqciyzi7997555.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141285413","content_text":"从2001年至今，房多多刚好走过了10年时间。从最初借鉴Groupon模式启程，几经演变后，房多多顶着“产业互联网SaaS第一股”的光环上市。\n如今，光环开始褪去，房多多的自身的定位、持续的亏损以及二级市场的表现等多个方面出现了不利因素——SaaS故事“不灵”、资本市场股价不温不火、行业的竞争也在加剧之外，房多多的盈利能力转弱。\n近期，房多多发布了今年一季度财报，财报显示，房多多经调整后的净亏损为9300万元。亏损再一次加剧，房多多似乎正在面临全线“破防”？\n / 01 /\n故事破防\n“房产SaaS第一股”如何讲下去？\n2010年时，房多多的三位创始人认为互联网虽然发展如火如荼，但是距离两个行业很远，其一是房地产，其二是医疗。三位创始人中，曾熙和段毅都是房产销售出身，通过互联网改造房地产市场就成为他们创业的方向，房多多应运而生。\n房多多能快速成长，与当时行业的环境有极大的关系。当时，中国房地产交易效率极低，互联网对房地产行业的渗透还处在非常弱的阶段。行业有痛点和改造的需求，房多多以“通过互联网化的工具为经纪人提高效率”为初衷，刚好补上了这个产业链上所欠缺的环节。\n在发展最初阶段，房多多通过向买房者卖优惠券的方式来实现盈利，即通过与开发商合作获得购房优惠券，然后把优惠券通过经纪人卖给客户，与经纪人进行分成。这种模式延续了4、5年后，行业发生了重要的变化——房子好卖了，不需要打折也有人抢着买。\n于是房多多开始向开发商收佣金，由经纪人带客，成交以后给房多多付佣金。时至今日，这仍然是房多多最主要的收入来源。\n近几年，“三道红线”的高压之下，房地产行业逐步走进存量时代。房多多打出了自己新的标签：“SaaS”服务。简单理解，就是帮助开发商实现数字化，打通经纪人的数字化平台。也就是说房多多在做出了平台之后，开始做标准化的产品，提供To B服务。\n房多多联席CEO曾熙曾表示，“房多多就是想做一家既帮助上游开发商实现互联网化的SaaS服务公司，又帮助下游经纪公司实现SaaS化的服务公司。”\n讲出这个“故事”后，房多多从一家房产交易平台摇身一变成了科技企业。2019年，房多多在纳斯达克上市时，就顶着“产业互联网SaaS第一股”的超级光环。\n但这个“故事”并不是那么好讲，光环背后阴影面不小。近几年，房多多一直被业内质疑SaaS的属性。原因是，从收入结构看，房多多佣金及手续费占比长期维持在90%以上，包含SaaS服务的创新业务收入占比不足10%。\n2017-2020年，佣金及手续费收入及创新业务收入占比分别为91.9%、8.1%；89.1%、10.9%；96.0%、4.0%；90.7%、9.3%。2017年到2020年，创新业务收入分别为1.46亿、2.48亿、1.44亿、2.28亿，可以看出，SaaS服务所带来的营收并不高，且占比很小。房多多还是一家靠佣金赚钱的公司。\n\n数据来源：房多多财报、wind\n美国房产科技公司Zillow也以SaaS为核心，但营收中，SaaS工具及解决方案贡献收入接近70%。可见房多多距离自己提出的“房地产淘宝”目标还有相当的距离。\n去年四季度，房多多将旗下SaaS全面升级为服务产业上下游全场景数字化营销的房云SaaS，帮助开发商在线精准直连、快速启动经纪人，试图通过这一方式一边提升房地产交易的房源和客源的匹配效率，另一边控制营销成本。但从刚刚发布的一季度财报看，并未如达到房多多的期待。\n / 02 /\n盈利破防\n上市即高光，盈利能力一路下滑\n近期，房多多公布了最新的季度财报。财报显示，2021年一季度，房多多营收为2.910亿元，净亏损为1.02亿元。非美国会计准则（Non-GAAP）下，房多多2021年第一季度经调整后的净亏损为9300万元。\n如果将上市作为分水岭，那么上市前，房多多的营收呈逐年增长，而自上市后，房多多的亏损正在不断扩大。\n上市前的房多多，2017-2019年营收分别为17.985亿元、22.822亿元、36亿元。而上市后则开始走下坡路，从2020年第一季度开始，单季度营收分别为2.721亿元、7.377亿元、8.191亿元、6.224亿元。同比分别下滑了-58.52%、-22.20%、-13.59%和-40.57%。\n今年一季度，房多多的营收更下滑至2.91亿元。房多多非但没有借助资本市场腾飞，反而一个下冲，归母净利润负增长，从2020年第一季度至2021年第一季度，房多多归母净利润分别为-1.36亿元、-1399万、2191万元、-9176万元、-1.02亿元。\n\n数据来源：房多多财报、wind\n业绩下滑原因是疫情吗？\n虽然疫情有所影响，但房多多营收的下降似乎不能完全扣在疫情上。国家统计局数据显示，2020年，全国商品房销售额接近17.4万亿元，同比增长了8.7%。同期，房多多平台上促成的房屋交易额下降了14%。\n同一时间，贝壳营业收入为705亿元，同比增长53.2%；全年净利润达27.78亿元，首次实现美国会计准则下的全年盈利。而截至2020年末，贝壳GTV（全年平台总交易额）突破3.5万亿元，GTV增长至3.0倍。\n排除外界因素影响，就剩下另一个至关重要的因素——行业竞争的加剧。\n房多多一直自诩为独立第三方平台，但贝壳、安居客的出现打破这样的平衡。在左晖决定做贝壳时，业内都指责他既做裁判，又做运动员，但从结果看，左晖的选择是正确的。当初，责难声最重的58同城，如今也将旗下的安居客向同样的方向发展。\n对手们实力强劲，还舍得大手笔投放，通过补贴和佣金迅速占领市场，成为贝壳们快速占领用户心智的方法，但房多多认为恶性补贴不会带来可持续的增长，便放弃了支付补贴的决定。而这一决定让房多多在业务上承压。曾熙也表示，不参与恶性补贴给公司带来了短暂的压力。\n2020年，房多多的交易规模和收入均出现下滑。2020年，房多多促成的总闭环交易GMV(交易总额)1811亿元，同比下降14.0%；实现收入24.5亿元，同比下降31.9%。\n虽然放弃补贴，但是眼看着贝壳市值已经达到644.39亿美元、正在朝向千亿市值进发，房多多也并非不急，去年第四季度，房多多开始大规模的进行品牌推广和宣传，销售费用达到0.32亿元，增幅高达88%，看上去不多，但要知道，而其全年销售费用也只有0.38亿元。\n如今，房地产商也开始在线卖楼，加上互联网巨头的加入，房多多不得不变。此前，房多多一直强调独立第三方的属性，段毅对外界承诺，“做独立平台，不自雇一个经纪人，不开一个线下店；捍卫每一个平台商户的正当利益；不侵占任何一个商户的私有数据。”\n但潜移默化中，这一定位也在改变。去年11月，房多多宣布入股中原集团旗下加盟服务运营平台原萃，借由入股，房多多完成了由线上到线上线下的一体化转型之际，但也丢掉了“独立第三方平台”的属性。\n放弃“独立”，是为了有更强的筹码参与竞争，拥抱更大的市场，这是房多多当前想要扭亏最根本的手段和方法。\n / 03 /\n估值“破防”\n竞争加剧、资本市场不买账\n当初顶着高光上市，源自二级市场投资人对SaaS类项目的追捧。尤其是在美国市场，Salesforce、Zoom、Slack都是这一领域的超级明星。SaaS与产业相结合，给了科技含金量较低的房地产一个充满想象力的明天。\n房多多的SaaS业务跑了几个季度后，业务质地浮上水面。2019年11月，房多多上市时的发行价为13美元，截至6月4日收盘，报价为3.17美元，跌去超过7成。\nSaaS相关的创新服务业务发展几年仍然不见成效，当前，房多多面临两个问题，\n其一、创新服务是否还会持续发力？\n创始团队给出了肯定的答案。曾熙曾表示，房多多有两个核心优势，第一是聚集了中国最大的经纪人群体且高频在线；第二是过去十年积累了提供系统解决方案的能力。“基于这两个优势，我们会坚定不移地去推动开发商更快地上线，帮助开发商建设上线所需要的系统和运营服务。”\n其二、房多多所拥有的核心能力壁垒有多高？\n业内做服务的不少，比如贝壳。目前，贝壳的生态内已经有将近300个品牌，4.7万家门店和近50万经纪人入驻。大量的数据让贝壳拥有强大的数据体系，可以为平台上的经纪人、门店经理还有平台服务人员进行服务，将作业流程线上化。从整体看，这种服务仍然是在房地产交易范围内的线上化操作系统。\n另外一类比较具备代表性的就是明源云。明源云从企业ERP起家，如今转型为营销SaaS服务商。主要服务对象就是房地产企业。\n可以说目前，主流的传统房地产企业都曾经使用过明源云的ERP系统。\n明源云的SaaS业务主要细分为云客、云链、云采购、云空间等，涵盖房地产开发商运行的各个环节。其中云客（也就是营销端SaaS系统）在疫情环境下增长迅猛。2020年，明源云迅速推出了掌上售楼，集合线上传播、数字展厅、线上开盘等功能。\n值得一提的是，2020年第四季度，房多多也推出房云SaaS。在功能上，房云SaaS旗下自渠宝产品上线门店智能推荐、商户动态、销售员网店、高意向访客触达提醒等全新功能，帮助案场销售在B端快速启动经纪商户。同时，私域营销工具也同步上线至房云APP，支持开发商发起直播、短视频获客、楼盘一键生成VR、C端用户在线带看等新玩法。\n大家的玩法相似，竞争也无疑会更加激烈。\n从产业端看，有贝壳、安居客等巨头，从SaaS服务看，还有从ERP转型而来的明源云和一众中小玩家。\n房多多还有机会吗？从前者看，房地产经纪呈现强者恒强的互联网属性，规模越大，则实力将越强；而从后者看，2020 年百强房企中，明源云合作了 97 家，客单价从 370 万提升到 610 万元。两个方面总结下来，竞争激烈的行业中，房多多的成绩单算不上优等生，未来需要更强的团队执行力和更快的速度，方有反超的机会。\n今年，房多多发生了一项重要人事变化，刘天旸正式担任房多多高级副总裁。而这位新任的副总裁，目前还任中原集团董事、中原地产（中国内地）副总裁、原萃总裁和几亩置业总裁。\n房多多是原萃的大股东，刘天旸的加盟有何深意？据了解，刘天旸将负责二手房及创新业务，包括二手房交易事业部、挺好住和好房汇业务部。\n二手房，极有可能是房多多继创新业务外下一个业务重点。\n2020年，房多多二手房累计闭环GMV为731亿，同比增长15.26%。而在2020年全年，全国二手房交易金额7.3万亿，创下了自2015年以来最大值的交易额。\n早在2014年，房多多曾投入了大量的资源在二手业务上。但业务发展并不顺利，房多多在2016年把二手房的业务全面地收缩掉，回到了新房主赛道。这一次，重提二手房业务，房多多真的准备好了吗？\n当前，房多多的市值为2.63亿美元，贝壳市值是其245倍。4月份，安居客向港交所提交了上市申请，房产交易市场将迎来又一个巨无霸。面临“破防”的房多多，需要更多变化应对挑战。","news_type":1,"symbols_score_info":{"DUO":0.9}},"isVote":1,"tweetType":1,"viewCount":1732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}