没起昵称呢 personal page - To The Moon

没起昵称呢

没起昵称呢

一个努力内心奔跑的人！

280Follow

152Followers

1Topic

0Badge

没起昵称呢

2021-08-06

☕️?

@一只踩不到热点的鲸:關於中概股的一點看法

没起昵称呢

2021-08-05

?

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

没起昵称呢

2021-07-23

☕️

"Wei Xiaoli" is vying for a Hong Kong Stock Exchange listing not just for money.

没起昵称呢

2021-07-13

☕️☕️☕️☕️

The photovoltaic and solar energy sector strengthened, with Solar Power rising over 11%.

没起昵称呢

2021-07-12

☕️??

没起昵称呢

2021-07-08

??????

Sorry, the original content has been removed

没起昵称呢

2021-06-29

☕️

Nvidia's stock price surpassed $800 for the first time, currently up over 5%, with its total market capitalization approaching $500 billion.

没起昵称呢

2021-06-27

?????

没起昵称呢

2021-06-26

?????

The Women Behind Ding Lei, Liu Qiangdong, and Zong Qinghou: One Man Creates Three Richest Men

没起昵称呢

2021-06-26

???

The Women Behind Ding Lei, Liu Qiangdong, and Zong Qinghou: One Man Creates Three Richest Men

没起昵称呢

2021-06-25

PAYPAL LOWE'S 183 TYSOODS

没起昵称呢

2021-06-22

??????

没起昵称呢

2021-06-22

????????

没起昵称呢

2021-06-21

☕️☕️☕️

Preview: Powell Joins Hands with US Core Inflation Data for Major Release

没起昵称呢

2021-06-17

☕️☕️☕️☕️

@小虎活动:【老虎7週年】集卡瓜分百萬獎金

没起昵称呢

2021-06-11

☕️☕️☕️☕️☕️

Opening: Three Major Indexes Open Higher, New Oriental, TAL Up Over 11%

没起昵称呢

2021-06-11

☕️☕️☕️☕️☕️

Hillhouse Capital's Zhang Lei: My life has experienced four turning points, and I admire two people the most.

没起昵称呢

2021-06-11

☕️☕️☕️☕️☕️

Didi has submitted its IPO application, with management holding over 50% of the voting rights.

没起昵称呢

2021-06-10

☕️☕️☕️☕️☕️

@价值投资为王:拒絕內卷，眼饞時代天使的朋友可曲線救國！

没起昵称呢

2021-06-10

?????

@价值投资为王:科濟藥業：細胞免疫獨角獸，高瓴資本火線入股！

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3582263827074473","uuid":"3582263827074473","gmtCreate":1619598772796,"gmtModify":1620018531305,"name":"没起昵称呢","pinyin":"mqncnmeiqinichengne","introduction":"","introductionEn":"","signature":"一个努力内心奔跑的人！","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":152,"headSize":280,"tweetSize":201,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":1,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.23","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":899245741,"gmtCreate":1628203942683,"gmtModify":1703502933769,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️?","listText":"☕️?","text":"☕️?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/899245741","repostId":"806057778","repostType":1,"repost":{"id":806057778,"gmtCreate":1627619555494,"gmtModify":1703493513173,"author":{"id":"3568564821331838","authorId":"3568564821331838","name":"一只踩不到热点的鲸","avatar":"https://static.tigerbbs.com/b58be566a2ef815103329d0966478cf7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568564821331838","idStr":"3568564821331838"},"themes":[],"title":"關於中概股的一點看法","htmlText":"今天主要針對最近暴跌的中概股分享一些看法和思考。 第一，關於這次事件我也研究了很多，其中我很認同的一種看法是此次事件是針對“第一次分配”的改革。這個話題不好展開說，不懂的可以搜一下“三次分配理論”。 中國歷史上很多朝代走到終點都是因爲貧富差距過大，不同階層的人口比例失衡。所以現在提早做這樣的事情也不難理解。 但這樣的改革必然會影響公司未來的利潤率，並且這個影響的時間還沒有定數。因此最近情緒雖然有所平復，但長期預期肯定是不如以往。我認爲至少未來半年到一年內會是這樣，所以倉位上還是應該謹慎。 第二，左側逆勢加倉一定一定要重視資金管理，不要加倉加到最後爆倉了。 最近我瞭解到很多人都爆倉了。先是重倉在線教育的，再是重倉中概股的。在我看來，他們的倉位管理本身是致命的。 在一個長期投資組合中，持有8-10只股票，平均每隻倉位在10%左右是我個人認爲最舒適的配置。特別看好的標的，倉位也最好不要超過20%。這樣的話，即使一隻股票發生腰斬，總資金的損失也只在5%-10%之間。整體影響不會很大。 數據表明，如果賬戶回撤超過20%，挽回損失會開始變得困難。賬戶回撤超過40%，就很難做到長期穩定了。而長期穩定是一個投資者能夠在股市中生存下去的基礎。 我曾經講過財富增長曲線。 正向的財富增長曲線應該是長時間微小震盪，幾乎沒什麼變化。最終偶爾一兩次的劇烈增長使財富得到突破。 而不應該是長期增長最後直線墜落，也不應該是像心電圖一樣大起大落。 正向的財富增長曲線： 錯誤的財富增長曲線： 一些人覺得看準了就是應該滿倉幹。但問題是你如何來定義這個“看準”？是不是買了賺了就叫做看準，虧了就叫做沒看準？並且以自己的認知和專業程度，這個“看準”又有多少水分呢？這可能是一個值得思考的問題。 除了倉位管理，我們還要注意投資組合的單一性風險。 即不要全買同一板塊，或同一類型的股票。比如全買中概股，或全買科技股。因爲這樣即","listText":"今天主要針對最近暴跌的中概股分享一些看法和思考。 第一，關於這次事件我也研究了很多，其中我很認同的一種看法是此次事件是針對“第一次分配”的改革。這個話題不好展開說，不懂的可以搜一下“三次分配理論”。 中國歷史上很多朝代走到終點都是因爲貧富差距過大，不同階層的人口比例失衡。所以現在提早做這樣的事情也不難理解。 但這樣的改革必然會影響公司未來的利潤率，並且這個影響的時間還沒有定數。因此最近情緒雖然有所平復，但長期預期肯定是不如以往。我認爲至少未來半年到一年內會是這樣，所以倉位上還是應該謹慎。 第二，左側逆勢加倉一定一定要重視資金管理，不要加倉加到最後爆倉了。 最近我瞭解到很多人都爆倉了。先是重倉在線教育的，再是重倉中概股的。在我看來，他們的倉位管理本身是致命的。 在一個長期投資組合中，持有8-10只股票，平均每隻倉位在10%左右是我個人認爲最舒適的配置。特別看好的標的，倉位也最好不要超過20%。這樣的話，即使一隻股票發生腰斬，總資金的損失也只在5%-10%之間。整體影響不會很大。 數據表明，如果賬戶回撤超過20%，挽回損失會開始變得困難。賬戶回撤超過40%，就很難做到長期穩定了。而長期穩定是一個投資者能夠在股市中生存下去的基礎。 我曾經講過財富增長曲線。 正向的財富增長曲線應該是長時間微小震盪，幾乎沒什麼變化。最終偶爾一兩次的劇烈增長使財富得到突破。 而不應該是長期增長最後直線墜落，也不應該是像心電圖一樣大起大落。 正向的財富增長曲線： 錯誤的財富增長曲線： 一些人覺得看準了就是應該滿倉幹。但問題是你如何來定義這個“看準”？是不是買了賺了就叫做看準，虧了就叫做沒看準？並且以自己的認知和專業程度，這個“看準”又有多少水分呢？這可能是一個值得思考的問題。 除了倉位管理，我們還要注意投資組合的單一性風險。 即不要全買同一板塊，或同一類型的股票。比如全買中概股，或全買科技股。因爲這樣即","text":"今天主要針對最近暴跌的中概股分享一些看法和思考。 第一，關於這次事件我也研究了很多，其中我很認同的一種看法是此次事件是針對“第一次分配”的改革。這個話題不好展開說，不懂的可以搜一下“三次分配理論”。 中國歷史上很多朝代走到終點都是因爲貧富差距過大，不同階層的人口比例失衡。所以現在提早做這樣的事情也不難理解。 但這樣的改革必然會影響公司未來的利潤率，並且這個影響的時間還沒有定數。因此最近情緒雖然有所平復，但長期預期肯定是不如以往。我認爲至少未來半年到一年內會是這樣，所以倉位上還是應該謹慎。 第二，左側逆勢加倉一定一定要重視資金管理，不要加倉加到最後爆倉了。 最近我瞭解到很多人都爆倉了。先是重倉在線教育的，再是重倉中概股的。在我看來，他們的倉位管理本身是致命的。 在一個長期投資組合中，持有8-10只股票，平均每隻倉位在10%左右是我個人認爲最舒適的配置。特別看好的標的，倉位也最好不要超過20%。這樣的話，即使一隻股票發生腰斬，總資金的損失也只在5%-10%之間。整體影響不會很大。 數據表明，如果賬戶回撤超過20%，挽回損失會開始變得困難。賬戶回撤超過40%，就很難做到長期穩定了。而長期穩定是一個投資者能夠在股市中生存下去的基礎。 我曾經講過財富增長曲線。 正向的財富增長曲線應該是長時間微小震盪，幾乎沒什麼變化。最終偶爾一兩次的劇烈增長使財富得到突破。 而不應該是長期增長最後直線墜落，也不應該是像心電圖一樣大起大落。 正向的財富增長曲線： 錯誤的財富增長曲線： 一些人覺得看準了就是應該滿倉幹。但問題是你如何來定義這個“看準”？是不是買了賺了就叫做看準，虧了就叫做沒看準？並且以自己的認知和專業程度，這個“看準”又有多少水分呢？這可能是一個值得思考的問題。 除了倉位管理，我們還要注意投資組合的單一性風險。 即不要全買同一板塊，或同一類型的股票。比如全買中概股，或全買科技股。因爲這樣即","images":[{"img":"https://static.tigerbbs.com/1fb241e9e14f5aa8a90465ff9e7b6c60","width":"841","height":"744"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806057778","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":6207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890628575,"gmtCreate":1628115724697,"gmtModify":1703501323824,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/890628575","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":6239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172707899,"gmtCreate":1626991863911,"gmtModify":1703481842771,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️","listText":"☕️","text":"☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172707899","repostId":"1127242118","repostType":4,"repost":{"id":"1127242118","kind":"news","pubTimestamp":1626920223,"share":"https://ttm.financial/m/news/1127242118?lang=en_US&edition=fundamental","pubTime":"2021-07-22 10:17","market":"us","language":"zh","title":"\"Wei Xiaoli\" is vying for a Hong Kong Stock Exchange listing not just for money.","url":"https://stock-news.laohu8.com/highlight/detail?id=1127242118","media":"Tech星球","summary":"资本不缺少故事，风口早已挤满对手，从马斯克把特斯拉的车钥匙交到中国车主手里开始，新造车，早已成为了最具有话题性的和投资人最放不下的赛道。\n「造车三傻」的故事起点颇为相同，故事基本发端于2014年，获得","content":"<p>Capital has no shortage of stories, and the trend has already been filled with competitors. Since Musk handed over the keys to Tesla cars to Chinese owners, new car manufacturing has long been the most talked-about sector and the one that investors can't let go of.</p><p>The story of the \"Three Fools in Car Manufacturing\" has a similar starting point. The story basically began in 2014. The founders, who had gained financial freedom, were unwilling to hide their achievements and fame and embarked on a second entrepreneurial venture in the domestic new energy vehicle sector, which was passionate enough in itself.</p><p>In 2020, just after Li Bin returned from listing on the US stock market, he internally warned, \"Now is the most dangerous time, because the most dangerous thing is after the plane takes off.\" The reality is that after seven years, the \"three idiots\" in car manufacturing have successfully transformed into the \"three treasures,\" the situation of continuous blood transfusions has not changed.</p><p>In July, XPeng Automotive was the first to list on the Hong Kong Stock Exchange, ushering in a \"dual secondary market\" listing. Li Auto also submitted an application in May, followed closely behind with a listing as early as August. According to Tencent First Line, Nio Automotive submitted a secondary listing application in Hong Kong \"secretly\" as early as March this year, even earlier than XPeng. However, there are still equity issues, and it is only a matter of time before it goes to the Hong Kong Stock Exchange.</p><p>In less than a year, emerging car manufacturers have once again rekindled their desire for capital.</p><p><b>The dual meaning of dual listing</b></p><p>\"An era has ended.\" On September 12, 2018, Nio went public on the New York Stock Exchange. After the ceremony, Li Bin returned to his hotel and couldn't help but sigh to his wife, Wang Yizhi.</p><p>Coincidentally, after XPeng Motors' recent IPO ceremony on the Hong Kong Stock Exchange, He Xiaopeng also used a metaphor when answering reporters' questions to describe the juncture facing new car manufacturers: \"Today we are facing a challenge: how to go from the Spring and Autumn Period to the Warring States Period.\"</p><p>The rebound in Hong Kong stocks occurred around 2020, during which more than ten companies, including Alibaba, Baidu, and JD.com, successfully went public for the second time and withdrew their earnings. This includes considerations such as boosting stock prices and telling new stories. However, most of them are companies that have been listed for many years. Ctrip has been listed on Nasdaq for 18 years, Baidu has been listed for 15 years, and Bilibili has also been listed on the US stock market for 3 years. They basically meet the requirements of being listed on other exchanges for a secondary listing in Hong Kong. However, the \"three idiots in car manufacturing\" are obviously not enough to meet this indicator.</p><p>As a result, emerging electric vehicle manufacturers have no choice but to abandon secondary listings and adopt a dual listing strategy, which means that the regulatory requirements they need to comply with are more stringent. Meanwhile, dual listings will be regulated by the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</p><p>The reason why emerging car manufacturers are anxious is that the new energy boom is just around the corner. If they wait two years after listing before returning to Hong Kong with a secondary listing, the market tide may have changed direction, and fundraising will face more uncertainty at that time.</p><p>After returning to the Hong Kong stock market, \"Wei Xiaoli\" is more likely to be listed on the A-share market or the Science and Technology Innovation Board. This is because many pharmaceutical companies previously listed on the Hong Kong Stock Exchange have successfully transferred to the Science and Technology Innovation Board, achieving an \"A+H\" capital market layout, which facilitates further financing. Therefore, in the future, it is very likely that new energy companies will be allowed to be spun off and listed on the A-share market and the Science and Technology Innovation Board.</p><p>Analysts at CICC Capital revealed that \"Wei Xiaoli,\" which was once listed in the United States due to restrictions on A-share listing systems, will enhance its stock liquidity and transfer pricing power if it connects with the A-share market in the future. Its further ambition lies in seizing a place and laying the foundation for listing in the three regions.</p><p>Currently, members of the second tier of emerging electric vehicle manufacturers such as WM Motor, Nezha, and Leapmotor all intend to list on the Science and Technology Innovation Board. At that time, it will create a wave of IPOs for emerging electric vehicle manufacturers. Securing a place first will help Nio, Li Auto, and XPeng set anchors, which will be conducive to the subsequent increase in stock prices.</p><p>In just one year, having entered the dual secondary market, the real core focus of \"Wei Xiaoli\" has actually fallen on \"money\".</p><p>On paper, none of the three companies are considered poor. As of July 20, 2021, Nio had a market capitalization of $67.441 billion, XPeng had a market capitalization of $28.086 billion, and Li Auto had a market capitalization of $22.019 billion. Nio, XPeng, and Ideal have cash reserves (cash and cash equivalents, restricted cash and time deposits, and short-term investment balances) of RMB 47.5 billion, RMB 36.2 billion, and RMB 30.36 billion, respectively.</p><p>However, there may not be enough tickets to enter the next battle. He Xiaopeng's recent assessment is as follows: \"If it takes about 20 billion to go from 0 to 1, the amount in the second step will definitely exceed 30 billion. This is a foundation.\"</p><p>The voiceover is, if you don't have 50 billion, don't come and play.</p><p><b>The more you sell, the bigger the losses.</b></p><p>Entering 2021, emerging electric vehicle manufacturers ushered in a bumper year, with sales soaring, and Nio, Li Auto, and XPeng gradually solidifying their positions in the top tier.</p><p>Among them, Nio sold the best, with a cumulative delivery of 41,956 units from January to June this year, exceeding 95% of the total delivery volume for the whole of last year. After a brief sales slump, Li Auto's sales soared to the top of mid-size SUVs in June, with 30,154 units delivered in half a year, also exceeding last year. XPeng is also catching up, with monthly, quarterly and semi-annual cumulative deliveries reaching record highs, with a total of 30,738 units delivered in six months, exceeding the total for the entire previous year.</p><p><img src=\"https://static.tigerbbs.com/750c6bd3d77f2257d8defc9fc4121a4f\" tg-width=\"708\" tg-height=\"531\" referrerpolicy=\"no-referrer\"></p><p>Despite a significant increase in revenue for Nio, XPeng, and Li Auto from January to June 2021, the main theme of \"Wei Xiaoli\" is still losses.</p><p>Let's take a look at the report cards of each company.</p><p>From 2018 to 2020, Nio suffered net losses of RMB 11.413 billion, RMB 11.9 billion and RMB 5.304 billion respectively, totaling RMB 28.6 billion. If the net losses of RMB 5.012.2 billion in 2017 and RMB 9.639 billion in 2018 are included, the losses reach 43.3 billion yuan.</p><p>In 2018, 2019, 2020 and the first quarter of 2021, XPeng Automotive suffered net losses of RMB 1.399 billion, RMB 3.692 billion, RMB 2.732 billion and RMB 787 million respectively, bringing the cumulative net losses over the three years to over RMB 8.6 billion.</p><p>In 2018, 2019, and 2020, Li Auto suffered net losses of 1.532 billion yuan, 2.438 billion yuan, and 152 million yuan respectively, which was a relatively good performance. However, after a brief period of profitability in the previous quarter, Li Auto turned into a loss again in Q1, with a net loss of 360 million yuan, exceeding the total loss for the whole of last year, expanding by 366.9% year-on-year, and accumulating to 4.482 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/6daaac165ae02fa845a1a10d70f23c08\" tg-width=\"1080\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p>Tech Planet did a simple calculation of the net losses of Nio, XPeng, and Li Auto from 2018 to the first quarter of 2021. XPeng' first-quarter report shows that the company suffered a loss of 787 million yuan, with an average daily loss of nearly 9 million yuan. During the same period, 13,300 units were delivered, resulting in an average loss of 60,000 yuan for each car sold. And so on, Nio lost 22,000 yuan for each car sold. Li Auto loses 28,000 yuan for every car it sells, and each company is losing more and more money with each sale.</p><p>On the other hand, the surge in sales is due to high investment in marketing, but marketing costs will only increase. Opening more and more stores is a common wish of emerging car manufacturers. Currently, NIO has 23 NIO centers and 203 NIO Spaces, covering 121 cities in China, and plans to continue to increase in 2021.</p><p>XPeng Auto's sales network consists of 178 stores (88 directly operated stores and 90 franchised stores) and 61 service centers (4 directly operated and the others franchised), covering 70 Chinese cities. Li Auto was slightly inferior, but when Li Xiang realized that the market share of a city can differ by eight times whether it has Li Auto stores or not, Li Auto increased its number of stores to 200 this year. Internally, they even encouraged it to open as many as they could without setting a ceiling.</p><p>Various companies are constantly testing consumers with price cuts. Tech Planet learned from various sales outlets that Nio has reduced the price of models in the 400,000 yuan range to under 300,000 yuan through battery swapping options, just to allow customers to enjoy new energy subsidies. Li Auto and XPeng have also launched preferential measures such as a cash offer of 5,000 yuan to 10,000 yuan to boost sales.</p><p>However, consumers are having more options. In July, Tesla unleashed another killer move: the standard navigation version of the Model Y, which directly entered the 300,000 yuan price range. Meanwhile, the long-rumored smaller and cheaper next car is also eyeing the market.</p><p><b>\"Wei Xiaoli\" urgently needs more money to build infrastructure</b></p><p>After being unable to recoup losses from car sales in a short period of time, they are facing the need to invest in infrastructure such as factory and station construction for new car manufacturers, which are still in the investment phase. \"Wei Xiaoli\" naturally needs to raise more capital to maintain its considerable investment.</p><p>Building factories is the infrastructure that emerging electric vehicle companies must build now.</p><p>Changzhou's ideal production capacity is approximately 100,000 vehicles per year, which will increase to 200,000 vehicles per year by 2022. According to Future Auto, in June 2021, Li Auto planned to invest 6 billion yuan to establish a production base in Beijing.</p><p>XPeng currently has two factories, Zhengzhou and Zhaoqing Haima. According to Tech Planet, the Guangzhou production base is under construction. The Guangzhou Economic Development Zone will invest 1.3 billion yuan to build the base and provide 1.2 billion yuan in financing to purchase equipment, ensuring that it will be put into use by the end of 2022 with a production capacity of 100,000 vehicles per year. It will be leased to XPeng and then purchased by XPeng seven years later. Meanwhile, the Wuhan factory is also under construction.</p><p>Currently, only Nio does not have its own factory. In order to increase production capacity, Nio can only start factory expansion work with JAC, with the plan to achieve a single-shift capacity of 150,000 and a double-shift capacity of 300,000 by the end of 2021. However, from the start of production in April 2018 to the end of 2020, Nio has paid more than 1.2 billion yuan to JAC.</p><p>Among the emerging electric vehicle manufacturers, only Nio remains using the \"contract manufacturing\" model. If the plan to build a factory is to be put on the agenda, it means an investment of at least 10 billion yuan. This is because Geely's SEA architecture, which took four years to build and invested more than 18 billion yuan to launch the Jike model, is a precedent.</p><p>Charging stations, as necessary infrastructure, are also an expansion that must be invested in. Nio’s battery swapping route requires Nio to deploy more swapping stations in order to enjoy more convenient services, and there are currently 301 battery swapping stations. This year's small goal is to have 700 battery swapping stations by the end of the year, with new stations being added at a rate of 600 per year. XPeng is taking a free approach, and with the addition of third parties, it already has 1,314 free supercharging stations, of which 172 are self-operated. Its goal is to build more than 500 XPeng brand supercharging stations by the end of the year.</p><p>In addition, intelligent technology is also an important expenditure for new car manufacturers. \"Since its establishment, the R&D cost has been more than 40 billion yuan. In the next few years, we will maintain an annual R&D investment of more than 5 billion yuan,\" Nio Xia Qinghua once revealed. As XPeng has embarked on its self-developed autonomous driving technology, its R&D expenses are increasing year by year, making it the highest among the three companies.</p><p>Taking the first quarter as an example, Nio, Li Auto, and XPeng invested RMB 687 million, RMB 515 million, and RMB 535 million in R&D, respectively, with R&D expenses accounting for 8.61%, 14.41%, and 18.13% of total revenue, respectively. It is understood that XPeng will invest approximately 45% of the proceeds from this Hong Kong stock offering in developing new technologies.</p><p>Building new cars, high-end marketing, supporting power stations, battery swapping stations, building factories, and investing in research and development all share a common goal: money, money, money.</p><p><b>Whether going global or expanding into lower-tier cities, emerging car manufacturers need to...</b></p><p>In \"The Three-Body Problem,\" there are two axioms of cosmic sociology: first, survival is the primary need of civilization; Second, civilization continues to grow and expand, while the total amount of matter in the universe remains unchanged.</p><p>The universe of new car manufacturing is constantly expanding, the number of car manufacturers is growing larger, and there are more and more competitors in the incremental market. This scenario is quite similar to the era when a hundred schools of thought competed for smartphones, when more than a hundred mobile phone manufacturers emerged on the market, leaving only a few smartphones that we have in our hands now. The same applies to new car manufacturers; only by capturing a larger market share can they survive.</p><p>Among the three companies \"Wei Xiaoli\" that are making inroads, XPeng has come up with a strategy of penetrating lower-tier cities, targeting third- and fourth-tier cities. Tech Planet has learned that XPeng is engaging in larger-scale incremental competition in key investment cities this year, including Ma'anshan, Putian, Baotou, Luoyang, Zhangjiakou, and Wenzhou.</p><p>Nio has chosen to go global. On May 6, it released its Norway strategy, announcing its official entry into the Norwegian market. It plans to deliver the ES8 in September this year and the ET7 in 2022. In Norway, Nio will adopt the same model as in China: direct sales, direct customer service. According to its overseas expansion plan, Nio will expand into five overseas markets next year, but Li Bin admitted that it will still incur losses in the short term.</p><p>In the first quarter of 2021, XPeng also received 77.6 million yuan in payment from a Norwegian distributor, showing initial results in its overseas expansion. Li Auto has not yet announced its overseas expansion plans, but it immediately stated that Li Auto is a global company, which seems to suggest that going global is not far off.</p><p>Faced with the increasingly unfolding new car manufacturing landscape, He Xiaopeng frankly said, \"Today, no company dares to say that it has taken the initiative.\"</p><p>However, each company has already set its own goals. Nio has not announced its sales target for this year, XPeng has set a target of 100,000 vehicles, while Li Auto has set its goal even higher and farther, aiming to become the world's number one intelligent electric vehicle company by 2030 with a market share of 20%. According to its estimates, Li Auto' annual sales will reach 4 million vehicles by then, while based on Li Auto' deliveries of 30,154 vehicles in the first half of this year, the target for 2030 is 66 times that of now.</p><p>Everyone has long understood that car manufacturing is a long-term, capital-intensive industry. In the fierce competition, it is difficult for any company to achieve profitability in a short period of time. They need to rely on economies of scale to survive longer and better. Selling cars, selling more cars, is the foundation of survival.</p><p>Li Bin predicted in early 2018 that emerging car manufacturers would find it difficult to survive if they could not achieve car sales of 100,000 units in 2020.</p><p>Three years later, apart from the \"catfish\" Tesla, no other domestic emerging force has yet reached this standard. Tesla's exceptionally formidable manufacturing cost control capabilities continue to give the Model Y ample room and possibility for price reductions. Tesla's gross profit margin of 21.32% and annual sales of over 500,000 vehicles remain the aspirations of emerging domestic manufacturers.</p><p>Domestic emerging electric vehicle manufacturers can only get involved in this never-ending war and penetrate into the other party's territory. Nio' first sedan, the ET7, will be officially delivered in the first quarter of next year. The new car is positioned as a mid-size sedan. XPeng is expected to launch a new SUV in 2022, while Li Auto, which currently only has one model, will also launch a full-size high-end SUV based on a brand-new architecture in 2022.</p><p>Li Bin and He Xiaopeng once said, \"We are all sitting at the card table, we are all in the qualifying round, we haven't reached the knockout stage yet, we haven't even gotten to the card table yet.\" The infinite war of new energy has only just begun, and it is far from time to decide the winner.</p>","source":"techxq","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>\"Wei Xiaoli\" is vying for a Hong Kong Stock Exchange listing not just for money.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Wei Xiaoli\" is vying for a Hong Kong Stock Exchange listing not just for money.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Tech星球</strong><span class=\"h-time small\">2021-07-22 10:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Capital has no shortage of stories, and the trend has already been filled with competitors. Since Musk handed over the keys to Tesla cars to Chinese owners, new car manufacturing has long been the most talked-about sector and the one that investors can't let go of.</p><p>The story of the \"Three Fools in Car Manufacturing\" has a similar starting point. The story basically began in 2014. The founders, who had gained financial freedom, were unwilling to hide their achievements and fame and embarked on a second entrepreneurial venture in the domestic new energy vehicle sector, which was passionate enough in itself.</p><p>In 2020, just after Li Bin returned from listing on the US stock market, he internally warned, \"Now is the most dangerous time, because the most dangerous thing is after the plane takes off.\" The reality is that after seven years, the \"three idiots\" in car manufacturing have successfully transformed into the \"three treasures,\" the situation of continuous blood transfusions has not changed.</p><p>In July, XPeng Automotive was the first to list on the Hong Kong Stock Exchange, ushering in a \"dual secondary market\" listing. Li Auto also submitted an application in May, followed closely behind with a listing as early as August. According to Tencent First Line, Nio Automotive submitted a secondary listing application in Hong Kong \"secretly\" as early as March this year, even earlier than XPeng. However, there are still equity issues, and it is only a matter of time before it goes to the Hong Kong Stock Exchange.</p><p>In less than a year, emerging car manufacturers have once again rekindled their desire for capital.</p><p><b>The dual meaning of dual listing</b></p><p>\"An era has ended.\" On September 12, 2018, Nio went public on the New York Stock Exchange. After the ceremony, Li Bin returned to his hotel and couldn't help but sigh to his wife, Wang Yizhi.</p><p>Coincidentally, after XPeng Motors' recent IPO ceremony on the Hong Kong Stock Exchange, He Xiaopeng also used a metaphor when answering reporters' questions to describe the juncture facing new car manufacturers: \"Today we are facing a challenge: how to go from the Spring and Autumn Period to the Warring States Period.\"</p><p>The rebound in Hong Kong stocks occurred around 2020, during which more than ten companies, including Alibaba, Baidu, and JD.com, successfully went public for the second time and withdrew their earnings. This includes considerations such as boosting stock prices and telling new stories. However, most of them are companies that have been listed for many years. Ctrip has been listed on Nasdaq for 18 years, Baidu has been listed for 15 years, and Bilibili has also been listed on the US stock market for 3 years. They basically meet the requirements of being listed on other exchanges for a secondary listing in Hong Kong. However, the \"three idiots in car manufacturing\" are obviously not enough to meet this indicator.</p><p>As a result, emerging electric vehicle manufacturers have no choice but to abandon secondary listings and adopt a dual listing strategy, which means that the regulatory requirements they need to comply with are more stringent. Meanwhile, dual listings will be regulated by the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</p><p>The reason why emerging car manufacturers are anxious is that the new energy boom is just around the corner. If they wait two years after listing before returning to Hong Kong with a secondary listing, the market tide may have changed direction, and fundraising will face more uncertainty at that time.</p><p>After returning to the Hong Kong stock market, \"Wei Xiaoli\" is more likely to be listed on the A-share market or the Science and Technology Innovation Board. This is because many pharmaceutical companies previously listed on the Hong Kong Stock Exchange have successfully transferred to the Science and Technology Innovation Board, achieving an \"A+H\" capital market layout, which facilitates further financing. Therefore, in the future, it is very likely that new energy companies will be allowed to be spun off and listed on the A-share market and the Science and Technology Innovation Board.</p><p>Analysts at CICC Capital revealed that \"Wei Xiaoli,\" which was once listed in the United States due to restrictions on A-share listing systems, will enhance its stock liquidity and transfer pricing power if it connects with the A-share market in the future. Its further ambition lies in seizing a place and laying the foundation for listing in the three regions.</p><p>Currently, members of the second tier of emerging electric vehicle manufacturers such as WM Motor, Nezha, and Leapmotor all intend to list on the Science and Technology Innovation Board. At that time, it will create a wave of IPOs for emerging electric vehicle manufacturers. Securing a place first will help Nio, Li Auto, and XPeng set anchors, which will be conducive to the subsequent increase in stock prices.</p><p>In just one year, having entered the dual secondary market, the real core focus of \"Wei Xiaoli\" has actually fallen on \"money\".</p><p>On paper, none of the three companies are considered poor. As of July 20, 2021, Nio had a market capitalization of $67.441 billion, XPeng had a market capitalization of $28.086 billion, and Li Auto had a market capitalization of $22.019 billion. Nio, XPeng, and Ideal have cash reserves (cash and cash equivalents, restricted cash and time deposits, and short-term investment balances) of RMB 47.5 billion, RMB 36.2 billion, and RMB 30.36 billion, respectively.</p><p>However, there may not be enough tickets to enter the next battle. He Xiaopeng's recent assessment is as follows: \"If it takes about 20 billion to go from 0 to 1, the amount in the second step will definitely exceed 30 billion. This is a foundation.\"</p><p>The voiceover is, if you don't have 50 billion, don't come and play.</p><p><b>The more you sell, the bigger the losses.</b></p><p>Entering 2021, emerging electric vehicle manufacturers ushered in a bumper year, with sales soaring, and Nio, Li Auto, and XPeng gradually solidifying their positions in the top tier.</p><p>Among them, Nio sold the best, with a cumulative delivery of 41,956 units from January to June this year, exceeding 95% of the total delivery volume for the whole of last year. After a brief sales slump, Li Auto's sales soared to the top of mid-size SUVs in June, with 30,154 units delivered in half a year, also exceeding last year. XPeng is also catching up, with monthly, quarterly and semi-annual cumulative deliveries reaching record highs, with a total of 30,738 units delivered in six months, exceeding the total for the entire previous year.</p><p><img src=\"https://static.tigerbbs.com/750c6bd3d77f2257d8defc9fc4121a4f\" tg-width=\"708\" tg-height=\"531\" referrerpolicy=\"no-referrer\"></p><p>Despite a significant increase in revenue for Nio, XPeng, and Li Auto from January to June 2021, the main theme of \"Wei Xiaoli\" is still losses.</p><p>Let's take a look at the report cards of each company.</p><p>From 2018 to 2020, Nio suffered net losses of RMB 11.413 billion, RMB 11.9 billion and RMB 5.304 billion respectively, totaling RMB 28.6 billion. If the net losses of RMB 5.012.2 billion in 2017 and RMB 9.639 billion in 2018 are included, the losses reach 43.3 billion yuan.</p><p>In 2018, 2019, 2020 and the first quarter of 2021, XPeng Automotive suffered net losses of RMB 1.399 billion, RMB 3.692 billion, RMB 2.732 billion and RMB 787 million respectively, bringing the cumulative net losses over the three years to over RMB 8.6 billion.</p><p>In 2018, 2019, and 2020, Li Auto suffered net losses of 1.532 billion yuan, 2.438 billion yuan, and 152 million yuan respectively, which was a relatively good performance. However, after a brief period of profitability in the previous quarter, Li Auto turned into a loss again in Q1, with a net loss of 360 million yuan, exceeding the total loss for the whole of last year, expanding by 366.9% year-on-year, and accumulating to 4.482 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/6daaac165ae02fa845a1a10d70f23c08\" tg-width=\"1080\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p>Tech Planet did a simple calculation of the net losses of Nio, XPeng, and Li Auto from 2018 to the first quarter of 2021. XPeng' first-quarter report shows that the company suffered a loss of 787 million yuan, with an average daily loss of nearly 9 million yuan. During the same period, 13,300 units were delivered, resulting in an average loss of 60,000 yuan for each car sold. And so on, Nio lost 22,000 yuan for each car sold. Li Auto loses 28,000 yuan for every car it sells, and each company is losing more and more money with each sale.</p><p>On the other hand, the surge in sales is due to high investment in marketing, but marketing costs will only increase. Opening more and more stores is a common wish of emerging car manufacturers. Currently, NIO has 23 NIO centers and 203 NIO Spaces, covering 121 cities in China, and plans to continue to increase in 2021.</p><p>XPeng Auto's sales network consists of 178 stores (88 directly operated stores and 90 franchised stores) and 61 service centers (4 directly operated and the others franchised), covering 70 Chinese cities. Li Auto was slightly inferior, but when Li Xiang realized that the market share of a city can differ by eight times whether it has Li Auto stores or not, Li Auto increased its number of stores to 200 this year. Internally, they even encouraged it to open as many as they could without setting a ceiling.</p><p>Various companies are constantly testing consumers with price cuts. Tech Planet learned from various sales outlets that Nio has reduced the price of models in the 400,000 yuan range to under 300,000 yuan through battery swapping options, just to allow customers to enjoy new energy subsidies. Li Auto and XPeng have also launched preferential measures such as a cash offer of 5,000 yuan to 10,000 yuan to boost sales.</p><p>However, consumers are having more options. In July, Tesla unleashed another killer move: the standard navigation version of the Model Y, which directly entered the 300,000 yuan price range. Meanwhile, the long-rumored smaller and cheaper next car is also eyeing the market.</p><p><b>\"Wei Xiaoli\" urgently needs more money to build infrastructure</b></p><p>After being unable to recoup losses from car sales in a short period of time, they are facing the need to invest in infrastructure such as factory and station construction for new car manufacturers, which are still in the investment phase. \"Wei Xiaoli\" naturally needs to raise more capital to maintain its considerable investment.</p><p>Building factories is the infrastructure that emerging electric vehicle companies must build now.</p><p>Changzhou's ideal production capacity is approximately 100,000 vehicles per year, which will increase to 200,000 vehicles per year by 2022. According to Future Auto, in June 2021, Li Auto planned to invest 6 billion yuan to establish a production base in Beijing.</p><p>XPeng currently has two factories, Zhengzhou and Zhaoqing Haima. According to Tech Planet, the Guangzhou production base is under construction. The Guangzhou Economic Development Zone will invest 1.3 billion yuan to build the base and provide 1.2 billion yuan in financing to purchase equipment, ensuring that it will be put into use by the end of 2022 with a production capacity of 100,000 vehicles per year. It will be leased to XPeng and then purchased by XPeng seven years later. Meanwhile, the Wuhan factory is also under construction.</p><p>Currently, only Nio does not have its own factory. In order to increase production capacity, Nio can only start factory expansion work with JAC, with the plan to achieve a single-shift capacity of 150,000 and a double-shift capacity of 300,000 by the end of 2021. However, from the start of production in April 2018 to the end of 2020, Nio has paid more than 1.2 billion yuan to JAC.</p><p>Among the emerging electric vehicle manufacturers, only Nio remains using the \"contract manufacturing\" model. If the plan to build a factory is to be put on the agenda, it means an investment of at least 10 billion yuan. This is because Geely's SEA architecture, which took four years to build and invested more than 18 billion yuan to launch the Jike model, is a precedent.</p><p>Charging stations, as necessary infrastructure, are also an expansion that must be invested in. Nio’s battery swapping route requires Nio to deploy more swapping stations in order to enjoy more convenient services, and there are currently 301 battery swapping stations. This year's small goal is to have 700 battery swapping stations by the end of the year, with new stations being added at a rate of 600 per year. XPeng is taking a free approach, and with the addition of third parties, it already has 1,314 free supercharging stations, of which 172 are self-operated. Its goal is to build more than 500 XPeng brand supercharging stations by the end of the year.</p><p>In addition, intelligent technology is also an important expenditure for new car manufacturers. \"Since its establishment, the R&D cost has been more than 40 billion yuan. In the next few years, we will maintain an annual R&D investment of more than 5 billion yuan,\" Nio Xia Qinghua once revealed. As XPeng has embarked on its self-developed autonomous driving technology, its R&D expenses are increasing year by year, making it the highest among the three companies.</p><p>Taking the first quarter as an example, Nio, Li Auto, and XPeng invested RMB 687 million, RMB 515 million, and RMB 535 million in R&D, respectively, with R&D expenses accounting for 8.61%, 14.41%, and 18.13% of total revenue, respectively. It is understood that XPeng will invest approximately 45% of the proceeds from this Hong Kong stock offering in developing new technologies.</p><p>Building new cars, high-end marketing, supporting power stations, battery swapping stations, building factories, and investing in research and development all share a common goal: money, money, money.</p><p><b>Whether going global or expanding into lower-tier cities, emerging car manufacturers need to...</b></p><p>In \"The Three-Body Problem,\" there are two axioms of cosmic sociology: first, survival is the primary need of civilization; Second, civilization continues to grow and expand, while the total amount of matter in the universe remains unchanged.</p><p>The universe of new car manufacturing is constantly expanding, the number of car manufacturers is growing larger, and there are more and more competitors in the incremental market. This scenario is quite similar to the era when a hundred schools of thought competed for smartphones, when more than a hundred mobile phone manufacturers emerged on the market, leaving only a few smartphones that we have in our hands now. The same applies to new car manufacturers; only by capturing a larger market share can they survive.</p><p>Among the three companies \"Wei Xiaoli\" that are making inroads, XPeng has come up with a strategy of penetrating lower-tier cities, targeting third- and fourth-tier cities. Tech Planet has learned that XPeng is engaging in larger-scale incremental competition in key investment cities this year, including Ma'anshan, Putian, Baotou, Luoyang, Zhangjiakou, and Wenzhou.</p><p>Nio has chosen to go global. On May 6, it released its Norway strategy, announcing its official entry into the Norwegian market. It plans to deliver the ES8 in September this year and the ET7 in 2022. In Norway, Nio will adopt the same model as in China: direct sales, direct customer service. According to its overseas expansion plan, Nio will expand into five overseas markets next year, but Li Bin admitted that it will still incur losses in the short term.</p><p>In the first quarter of 2021, XPeng also received 77.6 million yuan in payment from a Norwegian distributor, showing initial results in its overseas expansion. Li Auto has not yet announced its overseas expansion plans, but it immediately stated that Li Auto is a global company, which seems to suggest that going global is not far off.</p><p>Faced with the increasingly unfolding new car manufacturing landscape, He Xiaopeng frankly said, \"Today, no company dares to say that it has taken the initiative.\"</p><p>However, each company has already set its own goals. Nio has not announced its sales target for this year, XPeng has set a target of 100,000 vehicles, while Li Auto has set its goal even higher and farther, aiming to become the world's number one intelligent electric vehicle company by 2030 with a market share of 20%. According to its estimates, Li Auto' annual sales will reach 4 million vehicles by then, while based on Li Auto' deliveries of 30,154 vehicles in the first half of this year, the target for 2030 is 66 times that of now.</p><p>Everyone has long understood that car manufacturing is a long-term, capital-intensive industry. In the fierce competition, it is difficult for any company to achieve profitability in a short period of time. They need to rely on economies of scale to survive longer and better. Selling cars, selling more cars, is the foundation of survival.</p><p>Li Bin predicted in early 2018 that emerging car manufacturers would find it difficult to survive if they could not achieve car sales of 100,000 units in 2020.</p><p>Three years later, apart from the \"catfish\" Tesla, no other domestic emerging force has yet reached this standard. Tesla's exceptionally formidable manufacturing cost control capabilities continue to give the Model Y ample room and possibility for price reductions. Tesla's gross profit margin of 21.32% and annual sales of over 500,000 vehicles remain the aspirations of emerging domestic manufacturers.</p><p>Domestic emerging electric vehicle manufacturers can only get involved in this never-ending war and penetrate into the other party's territory. Nio' first sedan, the ET7, will be officially delivered in the first quarter of next year. The new car is positioned as a mid-size sedan. XPeng is expected to launch a new SUV in 2022, while Li Auto, which currently only has one model, will also launch a full-size high-end SUV based on a brand-new architecture in 2022.</p><p>Li Bin and He Xiaopeng once said, \"We are all sitting at the card table, we are all in the qualifying round, we haven't reached the knockout stage yet, we haven't even gotten to the card table yet.\" The infinite war of new energy has only just begun, and it is far from time to decide the winner.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzU5MTczNjIyNA==&mid=2247550608&idx=1&sn=ed7f329619dd3a0b4da693ab78234cdc&chksm=fe283a5fc95fb3493fa6f4e46a0cdc83b52558cbd58e59a8e76278c5b4dbc5f40c1de65582bd&mpshare=1&scene=1&srcid=07211LZwtmMOKNO07R970A2K&sharer_sharetime=1626870547366&sharer_shareid=42d15f61d8b2ad6d1c0fccfcdb82fc3f&version=3.1.8.3015&platform=win#rd\">Tech星球</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7c564576990fabefdec364687a49cbc","relate_stocks":{"LI":"理想汽车","TSLA":"特斯拉","NIO":"蔚来"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzU5MTczNjIyNA==&mid=2247550608&idx=1&sn=ed7f329619dd3a0b4da693ab78234cdc&chksm=fe283a5fc95fb3493fa6f4e46a0cdc83b52558cbd58e59a8e76278c5b4dbc5f40c1de65582bd&mpshare=1&scene=1&srcid=07211LZwtmMOKNO07R970A2K&sharer_sharetime=1626870547366&sharer_shareid=42d15f61d8b2ad6d1c0fccfcdb82fc3f&version=3.1.8.3015&platform=win#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127242118","content_text":"资本不缺少故事，风口早已挤满对手，从马斯克把特斯拉的车钥匙交到中国车主手里开始，新造车，早已成为了最具有话题性的和投资人最放不下的赛道。\n「造车三傻」的故事起点颇为相同，故事基本发端于2014年，获得财富自由的创始人们不愿深藏功与名，奔赴国产新能源赛道的二次创业，这本身就足够热血。\n2020年，李斌才从美股上市回来，他就在内部提醒，「现在到了最危险的时候，因为飞机起飞以后最危险。」 现实是，7年时间，「造车三傻」已成功转变为「三宝」后，不断输血的现状还未改变。\n7月，小鹏汽车最先登陆港交所，迎来了「双重二级市场」上市，理想也于5月提交申请，紧随其后最早于8月上市，据《腾讯一线》报道，蔚来汽车早在今年3月就「通过秘密方式」在港提交二次上市申请，甚至比小鹏还早，但目前还存在股权问题，奔赴港交所，应该是时间早晚的问题。\n不满一年，造车新势力们再次燃起对资本的渴望。\n双重上市的双重意味\n「一个时代结束了」，2018年9月12日，蔚来在纽交所上市，仪式结束后李斌回到下榻酒店，忍不住向妻子王屹芝感叹。\n无独有偶，在最近的小鹏汽车港交所IPO仪式后，何小鹏回答记者问时也用了一个比喻，去形容此时新造车新势力们面临的节点，「今天我们已经面临一个挑战，就是如何从春秋到战国。」\n港股的回潮发生在2020年前后，期间，阿里、百度、京东等十多家企业成功二次上市，纷纷回笼。这其中，有提振股价，也有讲新故事的考虑。但大多数都是上市多年的企业，携程纳斯达克上市18年，百度上市15年，B站也在美股走过3年，基本都符合港股二次上市对其他交易所上市满2年的要求，但「造车三傻」显然不足达成这一指标。\n于是，造车新势力们只能放弃二次上市，采取双重上市的策略，这意味着，需要遵守的监管规定更为严苛。同时，双重上市将受到美国证券交易委员会（SEC）和香港证券及期货事务监察委员会（SFC）的监管。\n让造车新势力们着急的原因是，新能源的风口箭在弦上，若是等足上市两年后再以二次上市回港，市场的潮头很可能已改变方向，到时候募资将面临更多不确定性。\n回归港股之后，「蔚小理」还更有可能登陆A股或者科创板。因为有很多之前在港股上市的医药企业都成功转战科创板，实现「A+H」的资本市场布局，便于进一步融资。所以，未来很打可能也允许新能源企业分拆至A股、科创板上市。\n中金资本的分析师透露，曾经因A股上市制度限制而远赴美国上市的「蔚小理」，如未来与A股市场的联通，将会为其提升股票流通性，带来的定价权转移。而其更远的野心，还在于抢位，奠定三地上市的基础。\n目前，威马、哪吒、零跑等造车新势力第二梯队成员均有意登陆科创板。届时，将会制造一波造车新势力IPO热潮，先占位有助于帮助蔚来、理想和小鹏定下锚点，有利于后续股价的提升。\n一年的时间，登陆双重的二级市场，「蔚小理」的真正核心落脚点其实还是落在了「钱」上。\n从账面来看，3家都不算穷，截止2021年7月20日，蔚来市值674.41亿美元，小鹏市值280.86亿美元，理想市值220.19亿美元；蔚来、小鹏、理想的现金储备（现金及现金等价物，受限现金与定期存款和短期投资余额）分别为475亿元、362亿元、303.6亿元。\n但想要进入下一场争夺战的门票可能还远远不够，何小鹏最近下的判断是这样，「如果从0到1大概要200亿的话，第二步的这个钱肯定超过300亿，这是一个基础。」\n画外音是，没500亿，别来玩儿。\n卖得越多，亏得越狠\n迈入2021年，造车新势力们迎来了丰收年，销量节节飙升，蔚来、理想、小鹏逐渐稳固第一梯队的位置。\n其中，蔚来卖得最好，今年1-6月累计交付量为41956台，已超去年全年交付量的95%，理想经历了短暂的销量低谷后，6月销量飙升至中型SUV第一，半年交付30154台，也超过去年。小鹏也在赶上，月度、季度及半年度累计交付量均创历史新高，半年累计交付30738台，已经超过上年全年数。\n\n2021年1-6月蔚来、小鹏、理想销量尽管目前营收大幅增加，但「蔚小理」的主旋律仍然是亏损。\n分别来看下各家的成绩单。\n2018-2020年，蔚来净亏损分别为114.13亿元、119亿元和53.04亿元，合计286亿元，如果加上2017年净亏损50.122亿元和2018年净亏损为96.39亿元，亏损高达433亿。\n2018年、2019年、2020年和2021年第一季度，小鹏汽车的净亏损分别为13.99亿元、36.92亿元、27.32亿元和7.87亿元，三年净亏损已经累计超过86亿元。\n2018年和2019年、2020年，理想净亏损分别为15.32亿、24.38亿，1.52亿元，成绩相对较好，但经历了短暂上一季度实现盈利后，理想Q1又转为亏损，净亏损达3.6亿元，超过去年全年，同比扩大366.9%，累计44.82亿元。\n\n2018年-2021年1季度蔚来、小鹏、理想净亏损Tech星球简单算了一笔账，小鹏一季报显示，公司亏损7.87亿元，日均亏近900万元。同期交付1.33万台，平均每卖一辆车，亏掉6万块，以此类推，蔚来每卖一辆车，亏掉2.2万元；理想每卖一辆车，亏掉2.8万元，每一家都在越卖越亏的路上。\n另一方面，销量暴增的背后是高投入的营销，但营销的费用只会越累越多，开越来越多店，是造车新势力共同的心愿，目前，蔚来有23个蔚来中心和203个NIO SPACE，覆盖中国121个城市，2021年计划继续增加。\n小鹏汽车销售网络由178间门店（直营店88间，特许授权店90间）和61个服务中心（4个直营，其它为特许授权）组成，覆盖中国70个城市。理想稍逊一筹，但当李想意识到，一个城市有没有理想汽车门店，市场占有率会相差 8倍，理想的今年门店上升至200家，内部还鼓励，不设天花板，能开多少，就开多少。\n各家都在不停地用降价试探消费者，Tech星球通过各家销售了解到，蔚来通过换电的选配，40万的区间车型降为30万元内的区间，只为让客户享受新能源补贴；理想、小鹏也推出现金5000抵1万等优惠措施冲击销量。\n但消费者手里的选项正在增多，7月，特斯拉又祭出一枚杀手锏，Model Y推出标航版，直接杀进30万区间，而一直传闻的更小更便宜的下一款车，也在虎视眈眈地盯着市场。\n「蔚小理」急需更多钱搭基建\n在卖车短时间内无法补充亏损后，面对新造车还在投入期的建厂、建站等基础设施投入。「蔚小理」自然还需要筹集更多的资本，来维持不菲的投入。\n建厂，就是新势力当下必须要搭建的基建。\n理想的常州产能约 10万辆/年，到 2022年会增加到 20 万辆/年。据《未来汽车》报道，2021 年 6 月，理想拟投资 60 亿元，在北京建立生产基地。\n小鹏目前有2座工厂，分别是郑州、肇庆海马，其中，Tech星球了解，广州生产基地正在紧密建设，由广州经济开发区将投资13亿元建设基地，并提供12亿融资用于购买设备，确保在22年底投入使用，产能10万辆/年，并以租赁的方式提供给小鹏使用，7年后再由小鹏购置。同时，武汉工厂也在同步建设中。\n目前，只有蔚来，还没有自己的工厂，为了增加产能，蔚来只能与江淮启动工厂的扩建工作，计划到2021年底实现单班15万，双班30万产能；但从2018年4月投产至2020年末，蔚来已向江淮支付超过12亿元。\n在造车新势力中，用「代工」模式的已只剩蔚来一家，如果要把建厂的规划提上日程，意味着又是起码100亿打底的投入，因为，吉利为推出极氪车型，打造的SEA浩瀚架构耗时4年，投入超过180亿元就是个前例。\n充电站作为必要的基建，也是必须投入的扩张。蔚来的换电路线，要求蔚来必须部署更多的换点站，才能享受更便捷的服务，目前已有 301 座换电站。今年的小目标是年底 700 座换电站，每年以 600 座的速度进行新增。小鹏走的是免费路线，加上第三方已拥有 1314 个免费超充站，自营运营 172座，而其目标是在年底建立超过500座小鹏品牌超充站。\n此外，智能化也是新造车势力的重要支出。「成立到现在，投入的研发成本大概有400多亿元。接下来几年，每年也将保持50亿元以上的研发投入」，蔚来夏庆华曾透露。作为小鹏走上了自研的自动驾驶技术，研发费用也在逐年递增，是三家里最多的。\n以一季度为例，蔚来、理想、小鹏的研发投入分别为6.87亿元、5.15亿元和5.35亿元，研发费用在整体营收中的占比分别为8.61%、14.41%、18.13%。据悉，此次港股募资所得款项中约45%的资金，小鹏都要投入到开发新技术上。\n造新款车、高额营销、配套电站、换电站、建工厂、研发投入，背后都有一个共同的指向，钱，钱，钱。\n出海or下沉，造车新势力都要\n《三体》中，宇宙社会学的两条公理，一是生存是文明的第一需要；二是文明不断增长和扩张，而宇宙的总体物质总量保持不变。\n新造车的宇宙还在不断扩张，造车的队伍越来越庞大，在增量的市场上竞争，对手变得越来越多。这份场景，颇与当初智能机百家争鸣时期相似，市面上接连涌现百余家手机厂商，最后留下来的，只有我们现在手里拿的智能机那么几家。对新造车而言也同理，占领更多的份额才能去谈活下来。\n进击的「蔚小理」三家中，小鹏想到的策略是下沉，是面向三四线城市的市场下沉。Tech星球了解到，小鹏在今年的重点招商城市包括马鞍山、莆田、包头、洛阳、张家口、温州等地区，在做更大规模下沉的增量竞争。\n蔚来选择出海，5月6日，发布挪威战略，宣布正式进入挪威市场，计划今年9月将交付ES8，ET7将于2022年正式进入挪威市场。在挪威，蔚来将采取与国内相同的直营、直销、直接服务客户的模式。按其出海计划，蔚来明年还将开拓除挪威以外的五个海外市场，但李斌坦言，短期内仍会是亏损。\n2021年一季度，小鹏也收到了来自挪威经销商7760万元的货款，出海初见成效。理想还没有公布出海计划，但也紧接表示理想是一个全球性企业，似乎也在暗示，出海已经不远。\n面对愈演俞烈的新造车局势，何小鹏坦诚地说，「今天没有任何一家企业敢说自己已经拿到了先手」。\n但各家的flag已经立下，蔚来没公布今年销量目标，小鹏的今年目标是10万辆，理想则把目标定的更高更远，在2030年要成为全球第一的智能电动车企业，市场占有率达到20%。按照其预计，届时理想汽车的年销量要达到400万辆，而按照理想汽车今年上半年的交付量30154辆，2030年的目标是现在的66倍。\n各家早已更懂得，造车，是一个长周期、重资产行业，在激烈的争夺战中，各家短时间内都很难实现盈利，要靠规模优势才能活的更久更好，卖车，卖更多的车，才是活下去的根本。\n李斌曾在2018年初就预言，造车新势力在2020年汽车销量无法达到10万辆，则很难活下去。\n3年后的今天，除了「鲶鱼」特斯拉，还没有哪个国产新势力能达到这一标准。而特斯拉异常恐怖的制造成本管控能力，继续给予Model Y足够的降价空间与可能性，特斯拉21.32%的毛利率，50万辆以上的年销量仍是国产新势力向往的方向。\n国产造车新势力只能卷入这场没有终局的战争中，并深入对方的区间，蔚来首款轿车ET7将于明年一季度正式交付，新车定位中型轿车，小鹏预计2022年推出新款SUV，而目前只有一款车型的理想，也要在2022年，基于全新架构的全尺寸高端SUV。\n李斌和何小鹏交流说过：「我们都坐在牌桌边，都正在资格赛里面，还没有到淘汰赛，还没上牌桌」，新能源的无限战争，游戏才刚开始，远未到分胜负的时候。","news_type":1,"symbols_score_info":{"LI":0.9,"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142258047,"gmtCreate":1626155368689,"gmtModify":1703754458017,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️☕️☕️☕️","listText":"☕️☕️☕️☕️","text":"☕️☕️☕️☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142258047","repostId":"1193473555","repostType":4,"repost":{"id":"1193473555","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":1626102457,"share":"https://ttm.financial/m/news/1193473555?lang=en_US&edition=fundamental","pubTime":"2021-07-12 23:07","market":"hk","language":"zh","title":"The photovoltaic and solar energy sector strengthened, with Solar Power rising over 11%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1193473555","media":"老虎资讯综合","summary":"周一盘中，光伏太阳能概念股走强，阳光动力涨超11%，晶科能源涨超7%，阿特斯太阳能涨超5%，Sunrun涨超3%，第一太阳能涨近3%，Sunpower、Sunnova涨超2%，大全新能源、Enphas","content":"<p>On Monday, during trading, photovoltaics<a href=\"https://laohu8.com/S/000591\">solar energy</a>Concept stocks rallied.<a href=\"https://laohu8.com/S/SPI\">solar power</a>Up more than 11%,<a href=\"https://laohu8.com/S/JKS\">Jinko Solar</a>It rose more than 7%.<a href=\"https://laohu8.com/S/CSIQ\">Canadian Solar</a>Sunrun rose over 5%, and Sunrun rose over 3%.<a href=\"https://laohu8.com/S/FSLR\">First solar</a>It rose nearly 3%, while Sunpower and Sunnova rose more than 2%.<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>、<a href=\"https://laohu8.com/S/ENPH\">Enphase Energy</a>It rose by more than 1%.</p><p><img src=\"https://static.tigerbbs.com/c3a8783435f71876858f1ebc4ced4e65\" tg-width=\"358\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Previously, Solar Power announced that its subsidiary, SolarJuice Co., Ltd., had sold more than 2GW (gigawatts) of string inverters in Australia, becoming the first solar distributor in Australia to achieve this sales volume.</p><p>On July 8, the U.S. Energy Information Administration (EIA) released a report stating that as the United States accelerates its transition to renewable energy, the country's solar power generation is growing significantly and will surpass wind power generation for the first time in 2022. The EIA's short-term energy outlook shows that by 2022, wind and solar power generation will account for 15% of total U.S. electricity generation, up from 11% in 2020. The EIA also predicts that by 2022, solar power capacity will increase by 17 billion watts, while wind power capacity will only increase by 6 billion watts. Earlier this year, Bloomberg predicted that from 2021 to 2030, the total installed capacity of solar energy at the utility scale in the United States will reach 204 billion watts, and the installed capacity of small-scale photovoltaic power generation will increase by 83 billion watts, for a total of 287 billion watts. In contrast, wind power generation will only increase by 115 billion watts over the next decade, less than half of photovoltaic power generation.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The photovoltaic and solar energy sector strengthened, with Solar Power rising over 11%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe photovoltaic and solar energy sector strengthened, with Solar Power rising over 11%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-12 23:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Monday, during trading, photovoltaics<a href=\"https://laohu8.com/S/000591\">solar energy</a>Concept stocks rallied.<a href=\"https://laohu8.com/S/SPI\">solar power</a>Up more than 11%,<a href=\"https://laohu8.com/S/JKS\">Jinko Solar</a>It rose more than 7%.<a href=\"https://laohu8.com/S/CSIQ\">Canadian Solar</a>Sunrun rose over 5%, and Sunrun rose over 3%.<a href=\"https://laohu8.com/S/FSLR\">First solar</a>It rose nearly 3%, while Sunpower and Sunnova rose more than 2%.<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>、<a href=\"https://laohu8.com/S/ENPH\">Enphase Energy</a>It rose by more than 1%.</p><p><img src=\"https://static.tigerbbs.com/c3a8783435f71876858f1ebc4ced4e65\" tg-width=\"358\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Previously, Solar Power announced that its subsidiary, SolarJuice Co., Ltd., had sold more than 2GW (gigawatts) of string inverters in Australia, becoming the first solar distributor in Australia to achieve this sales volume.</p><p>On July 8, the U.S. Energy Information Administration (EIA) released a report stating that as the United States accelerates its transition to renewable energy, the country's solar power generation is growing significantly and will surpass wind power generation for the first time in 2022. The EIA's short-term energy outlook shows that by 2022, wind and solar power generation will account for 15% of total U.S. electricity generation, up from 11% in 2020. The EIA also predicts that by 2022, solar power capacity will increase by 17 billion watts, while wind power capacity will only increase by 6 billion watts. Earlier this year, Bloomberg predicted that from 2021 to 2030, the total installed capacity of solar energy at the utility scale in the United States will reach 204 billion watts, and the installed capacity of small-scale photovoltaic power generation will increase by 83 billion watts, for a total of 287 billion watts. In contrast, wind power generation will only increase by 115 billion watts over the next decade, less than half of photovoltaic power generation.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/029c89a7ae9aba7301db383cb70a2ccb","relate_stocks":{"FSLR":"第一太阳能","SPWR":"Sunpower Inc.","RUN":"Sunrun Inc.","JKS":"晶科能源","ENPH":"Enphase Energy","DQ":"大全新能源","CSIQ":"阿特斯太阳能"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193473555","content_text":"周一盘中，光伏太阳能概念股走强，阳光动力涨超11%，晶科能源涨超7%，阿特斯太阳能涨超5%，Sunrun涨超3%，第一太阳能涨近3%，Sunpower、Sunnova涨超2%，大全新能源、Enphase Energy涨超1%。\n\n此前阳光动力宣布旗下子公司SolarJuice Co.， Ltd.在澳大利亚的串式逆变器销量超过2GW(吉瓦)，成为澳大利亚首个实现这一销售数量的太阳能分销商。\n7月8日，美国能源信息署(EIA)发布报告称，正值美国加速转向可再生能源之际，该国太阳能发电量正在大规模增长，将在2022年首次超过风能发电量。EIA的短期能源展望显示，到2022年，风能和太阳能发电量占美国总发电量的比重，将从2020年的11%上升至15%。EIA还预测，到2022年，太阳能发电装机量将增加170亿瓦特，而风能发电装机量仅会增加60亿瓦特。彭博今年早些时候预计，2021至2030年，全美公共事业规模的太阳能装机总容量将达到2040亿瓦特，小规模光伏发电装机容量将增加830亿瓦特，合计2870亿瓦特；相比之下，未来十年间风力发电量将仅增加1150亿瓦特，不到光伏发电量的一半。","news_type":1,"symbols_score_info":{"SPWR":0.9,"FSLR":0.9,"NOVA":0.9,"DQ":0.9,"JKS":0.9,"SPI":0.9,"CSIQ":0.9,"RUN":0.9,"ENPH":0.9}},"isVote":1,"tweetType":1,"viewCount":4823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146458679,"gmtCreate":1626097489991,"gmtModify":1703753314382,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️??","listText":"☕️??","text":"☕️??","images":[{"img":"https://static.tigerbbs.com/9f8f695b0608c93e21d493a46738c6e1","width":"1080","height":"2060"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146458679","isVote":1,"tweetType":1,"viewCount":5203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":149172060,"gmtCreate":1625712005950,"gmtModify":1703746906950,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149172060","repostId":"2149054390","repostType":2,"isVote":1,"tweetType":1,"viewCount":5244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159162251,"gmtCreate":1624949251573,"gmtModify":1703848645876,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️","listText":"☕️","text":"☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159162251","repostId":"2146158831","repostType":4,"repost":{"id":"2146158831","kind":"news","pubTimestamp":1624893910,"share":"https://ttm.financial/m/news/2146158831?lang=en_US&edition=fundamental","pubTime":"2021-06-28 23:25","market":"us","language":"zh","title":"Nvidia's stock price surpassed $800 for the first time, currently up over 5%, with its total market capitalization approaching $500 billion.","url":"https://stock-news.laohu8.com/highlight/detail?id=2146158831","media":"新浪财经","summary":"英伟达站上800美元大关，涨幅超5%，续刷历史新高。截止目前，成交金额达到52.22亿美元，总市值达到4986亿美元。","content":"<p><span><a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>It surpassed the $800 mark, with a gain of over 5%, continuing to set a new historical high. To date, the transaction volume has reached $5.222 billion, and the total market capitalization has reached $498.6 billion.</span>Nvidia previously announced a 1:4 stock split on July 20.</p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia's stock price surpassed $800 for the first time, currently up over 5%, with its total market capitalization approaching $500 billion.</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\">\nNvidia's stock price surpassed $800 for the first time, currently up over 5%, with its total market capitalization approaching $500 billion.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-06-28 23:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><span><a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>It surpassed the $800 mark, with a gain of over 5%, continuing to set a new historical high. To date, the transaction volume has reached $5.222 billion, and the total market capitalization has reached $498.6 billion.</span>Nvidia previously announced a 1:4 stock split on July 20.</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/7x24/2021-06-28/doc-ikqciyzk2418178.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f1c866c487eb9e101f73a62d4495ce9","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/7x24/2021-06-28/doc-ikqciyzk2418178.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146158831","content_text":"英伟达站上800美元大关，涨幅超5%，续刷历史新高。截止目前，成交金额达到52.22亿美元，总市值达到4986亿美元。此前英伟达宣布将于7月20日1:4拆股。","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":4917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124643496,"gmtCreate":1624764048415,"gmtModify":1703844703195,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"?????","listText":"?????","text":"?????","images":[{"img":"https://static.tigerbbs.com/d442dd5d7ded74a3b8b07a6de90aca4e","width":"1080","height":"2288"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124643496","isVote":1,"tweetType":1,"viewCount":4140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":125344148,"gmtCreate":1624661184884,"gmtModify":1703842868011,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"?????","listText":"?????","text":"?????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125344148","repostId":"1138767269","repostType":4,"repost":{"id":"1138767269","kind":"news","pubTimestamp":1624611475,"share":"https://ttm.financial/m/news/1138767269?lang=en_US&edition=fundamental","pubTime":"2021-06-25 16:57","market":"us","language":"zh","title":"The Women Behind Ding Lei, Liu Qiangdong, and Zong Qinghou: One Man Creates Three Richest Men","url":"https://stock-news.laohu8.com/highlight/detail?id=1138767269","media":"快刀财经","summary":"她虽不在企业创始人的功劳簿上，但却是成就创始人的不二伯乐。提起$网易$，第一联想就是创始人丁磊。看到携程二字，许多人会想到机票和旅游。提到$京东$，没人不知道刘强东。但这一众大佬背后，都站着同一个女人，她是中国第一代VC、投资界赫赫有名的“铁娘子”。2003年，丁磊迎来人生的高光时刻，32岁的他凭借76亿身价，成为当时中国最年轻的首富。此次投资徐新个人获得了800倍以上的收益。","content":"<p>By Lu Laoer</p><p>Although she is not on the list of achievements of company founders, she is the undisputed mentor who helped them achieve success.</p><p>When we think of Wahaha, Wang Leehom and that bottle of water come to mind.</p><p>mention<a href=\"https://laohu8.com/S/NTES\">NetEase</a>First Lenovo is founded by Ding Lei.</p><p>When many people see the word \"Ctrip,\" they think of airfare and travel.</p><p>refer to<a href=\"https://laohu8.com/S/JD\">JD.com</a>Everyone knows Liu Qiangdong.</p><p>When it comes to Meituan, Wang Xing and his food delivery services are the first things that come to mind.</p><p>But behind all these big shots stands the same woman: China's first generation of VCs and a renowned \"Iron Lady\" in the investment world.</p><p>For these men, she spent a fortune, investing in companies including Wahaha, JD.com, and NetEase.<a href=\"https://laohu8.com/S/300783\">Three Squirrels</a>Meituan, Ctrip<a href=\"https://laohu8.com/S/BZ\">BOSS Zhipin</a>Several listed companies, including...</p><p>She is Xu Xin.</p><p>She earned more than 1,000 times the returns from these companies, and each time she stood at the forefront of the trend, her \"precise investment\" made her the universally recognized \"Queen of Venture Capital\" and \"China's female version of Buffett\".</p><p>Her vitality is even stronger than that of a brand, and her report card still shows...<a href=\"https://laohu8.com/S/00700\">Tencent</a>Potatoes, Dianping, Ganji.com<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Little Pig Short-Term Rental<a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Xingsheng Youxuan, Guazi Used Cars...</p><p>Without her, the ups and downs of China's internet landscape would not have been so dramatic. Although she is not on the list of achievements of company founders, she is the undisputed mentor who helped them achieve success.</p><p>However, the outside world knows very little about her. What kind of person is Xu Xin?</p><p><b>A poor student turns a top student into a skilled worker.</b></p><p>Xu Xin was born in Dazu, Chongqing in 1967. She is what we call a typical \"hot girl from Chongqing\", but she had a restless school years.</p><p>Xu Xin, who has a carefree personality, has been very mischievous since childhood. He walks in the wind and speaks with teeth that can't keep up with his mouth. He likes to go crazy and make trouble with boys.</p><p>There are about 50 students in a class, and she has long been in the \"middle\" category, often skipping classes and going out to play with her best friends. My friend was watching Dream of the Red Chamber on the bank, and she was slacking off and catching shrimp in the river with her bare hands for an entire afternoon. For this, she even earned the title of \"King of Skipping School\".</p><p>It wasn't until the teacher made a home visit that the matter was revealed: \"Your Xu Xin never goes to chemistry class. He doesn't even know what Mendeleev's periodic table is. He goes to the ditch every day to catch fish and shrimp.\"</p><p>The mother was furious. As soon as the teacher left, the father picked up a clothes hanger and beat her, his eyes full of disappointment.</p><p>The older generation loves to say, \"A filial son is born under a stick, and a spoiled child is raised to be disobedient.\" Sometimes, an unforgettable beating can truly transform a person.</p><p>In any case, this meal really brought Xu Xin to his senses. After that, Xu Xin seemed to suddenly have a cheat code, and his grades skyrocketed.</p><p>In the 1980s, industrial workers had a golden rice bowl. Most people choose to attend a vocational school after graduating from junior high school, and Xu Xin's three sisters who grew up with her were no exception. Xu Xin's mother also advised her: \"If you go to a vocational school, you will earn 16.5 yuan a month and you will be assigned a job!\"</p><p>But Xu Xin chose another path: \"I want to attend a key high school!\"</p><p>After Xu Xin made her decision, her father was very supportive and hired a tutor to \"tutor\" her. In addition, she was diligent enough that Xu Xin was actually admitted to Nankai Middle School, a key middle school in the main urban area of Chongqing.</p><p>Xu Xin, who reformed from a \"rebellious underachiever,\" studied hard for three years in high school, achieved high scores in the college entrance examination, and was successfully admitted to the Department of Foreign Languages at Nanjing University.</p><p>Xu Xin graduated from Nanjing University in 1988 and was assigned to<a href=\"https://laohu8.com/S/601988\">BOC</a>At the head office, I became an ordinary teller.</p><p>Holding a secure job, many people have entered the gentle realm of \"just eating and waiting to die,\" but here, Xu Xin completed the most crucial turning point in his life.</p><p>As an ordinary teller, Xu Xin's job is extremely simple, consisting of a repetitive one-stop service of \"photocopying, registration, and stamping\". No matter how simple the job is when he first enters the workforce, Xu Xin works with great enthusiasm and strives to be number one in everything.</p><p>At her workplace, Xu Xin is known as a \"little work expert.\" She receives a perfect attendance bonus every month and strives to do everything. She even wants to be the secretary of the Youth League branch.</p><p>After working for a year, she won almost all the honors at the bank. Of the bank's 2,000 employees, there were only three \"March 8th Red Banner Pacesetters\" spots, and Xu Xin was one of them.</p><p>After working for three years, she was only 25 years old.<a href=\"https://laohu8.com/S/03988\">BOC</a>He rose to the position of deputy section chief in the sales department.</p><p>But she was still dissatisfied, feeling that she had nowhere to use her energy: \"I am very dissatisfied with this situation.\"</p><p><img src=\"https://static.tigerbbs.com/e4f6cb192ab371334127c22f774295c0\" tg-width=\"630\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Just as she was wondering about her unrecognized talent, the opportunity finally came.</p><p>In 1991, the Chinese and British governments jointly helped China train British certified public accountants, and the Bank of China secured a place for Xu Xin.</p><p>She passed the UK Chartered Accountant entrance exam with a high score, and her treasure trove of English skills finally came in handy.</p><p>And so, she was sent to PricewaterhouseCoopers in Hong Kong for three years of training, and the following year she got an internship opportunity at PricewaterhouseCoopers in Hong Kong, thus stepping into the capital circle.</p><p>During this period, in addition to interning and working on projects, Xu Xin also squeezed out time to study, completing 18 pure English CPA courses in three years and successfully obtaining a Chartered Accountant license in the UK. After the training period, Xu Xin successfully joined Peregrine, the largest local securities firm in Hong Kong at the time.</p><p>It can be said that since junior high school, Xu Xin's every magnificent turn has been inseparable from exams. In 1995, Xu Xin, a 28-year-old \"exam professional,\" finally bid farewell to auditing and entered the investment banking world.</p><p><b>Venture capital sniper, a timely helper</b></p><p>When Xu Xin first entered the investment world, the first project he took on was Zong Qinghou and his Wahaha, and his first investment went down in history.</p><p>This may be the first case of consumption upgrading in the history of venture capital in China.</p><p>In 1995, Zong Qinghou went to Paris and saw that the French were drinking bottled water \"Evian\". When he came back, he said he wanted to make bottled water. At that time, the Chinese were still drinking water with military water bottles, and no one knew what bottled water was.</p><p>Xu Xin led her team in the first investment in Wahaha, for which she invested $40 million, betting on whether Chinese people would drink fashionable bottled water like foreigners.</p><p>After receiving $40 million, Zong Qinghou invested $30 million to open three production lines simultaneously, and it took six months of overwhelming advertising to finally launch the product.</p><p>As expected, Wahaha became an instant hit.</p><p><img src=\"https://static.tigerbbs.com/9dbcb71cea4fb7d82ecd9ec3b0c8d516\" tg-width=\"630\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p>In early 1998, Peregrine went bankrupt during the financial crisis. Xu Xin transferred to Baring Investment Group, a top Dutch investment management company, and became Baring Investment's first employee in Asia, serving as a director and general manager of the China region.</p><p>The legend that made Xu Xin one of China's earliest VC textbook cases, and which is talked about in the investment circle, is that she single-handedly helped China's first generation of internet richest people.</p><p>In 1999, Baring Investment began its expansion into the mainland, and Xu Xin met Ding Lei in a small office in Hangzhou.</p><p>The company was small, with only one toilet. More than a dozen science and engineering men were so shy they rubbed their left and right hands together when they first met the female venture capitalist elite.</p><p>Ding Lei, who had seen the world, spoke first: \"Kathy (Xu Xin), I'm not used to managing people. I want to be a happy technical director. Could you help me find a CEO?\"</p><p>Xu Xin nodded and invested 5 million US dollars in NetEase at 5 yuan per share. After receiving the money, Ding Lei led NetEase to list on Nasdaq in the United States the following year, and the stock price quickly rose to 30 yuan.</p><p><img src=\"https://static.tigerbbs.com/5739a1bd37c494cbd5e823feb6bdcdd0\" tg-width=\"630\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the good times didn't last long. Starting in 2000, the US dot-com bubble burst, and overnight, NetEase ushered in its \"darkest hour.\" A junk stock with its stock price falling to 60 cents was already on the verge of delisting.</p><p>Xu Xin was caught in the vortex of a class-action lawsuit by Baring shareholders. For two years, she repeatedly called each shareholder to persuade them to help Ding Lei hold on and save NetEase.</p><p>In 2002-2003, domestic online games experienced a boom. NetEase weathered the crisis with the explosive popularity of \"A Chinese Odyssey 2\", and its market value soared to tens of billions of US dollars.</p><p>In 2003, Ding Lei ushered in the highlight of his life. At the age of 32, he became the youngest richest man in China with a net worth of 7.6 billion yuan.</p><p>In 2004, Xu Xin cashed out NetEase shares, earning an 800% return for shareholders.</p><p>Over the past five years, Xu Xin has risked everything to become the \"woman who made the richest man famous,\" proving to the world her unique vision.</p><p>Also in 1999, Xu Xin's personal angel invested in China Talent Network and served as its chairman. During the period of rapid development of China Talent Network from 2006 to 2008, it...<a href=\"https://laohu8.com/S/ZPIN\">Zhaopin.com</a>、<a href=\"https://laohu8.com/S/JOBS\">51job</a>A three-way balance of power. Xu Xin personally achieved a return of more than 800 times this investment.</p><p>Around 2005, China's VC industry experienced its first large-scale fission.</p><p>That year, Wu Shangzhi founded CDH Investments, Yan Yan led SAIF to independence, Shen Nanpeng left Ctrip to found Sequoia China, and Zhang Lei, who studied at Yale, founded Hillhouse Capital...</p><p>In the same year, Xu Xin, who had been working in investment banking for seven years, left Baring Investment and founded his own company, Today Capital.</p><p>If Xu Xin's achievement in helping China's first generation of internet billionaires become one of her most famous achievements, then what established her status as the \"Queen of Venture Capital\" in the e-commerce industry was her single-handedly building a skyscraper.</p><p>In 2006, JD.com transformed from offline to online. At that time, JD.com only had about 50 employees, not even an accountant. The previous fund originally planned to invest 5 million RMB in them, but withdrew after investing 1 million.</p><p>Liu Qiangdong searched everywhere for financing and met with dozens of investors, but no one was willing to pay attention to him. With nowhere else to turn, Liu Qiangdong even said:</p><p>\"I just want to raise 2 million to pay my buddies' salaries.\"</p><p><img src=\"https://static.tigerbbs.com/1f2324eede3645d4b864d8f06cb66285\" tg-width=\"967\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p>After going around in circles, Xu Xin was matched by someone and met Liu Qiangdong. The two chatted from 10 p.m. to 2 a.m.</p><p>The down-to-earth Liu Qiangdong didn't even have a PowerPoint presentation. He opened the website to talk about the product and directly pulled out the backend ERP system for Xu Xin to see. At that time, sales reached 50 million yuan, growing by 10% every month.</p><p>On the same day, Xu Xin helped Liu Qiangdong book the same flight from Beijing to Shanghai as him, and signed the investment framework upon landing.</p><p><img src=\"https://static.tigerbbs.com/3095e11a36c20e0733b12d7e380b8371\" tg-width=\"550\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Upon receiving the money, Liu Qiangdong led his team on a desperate journey, expanding JD.com's product range while building their own logistics network.</p><p>Logistics is a real \"money-burning\" business; 10 million yuan was quickly burned through. Collapsing because of money is the most tragic end for founders.</p><p>Seeing this tragic situation, Xu Xin played his final trump card, borrowing five bridge loans, totaling 20 million yuan, to Liu Qiangdong.</p><p>Unexpectedly, the \"stubborn donkey\" Liu Qiangdong turned around and invested all 20 million yuan in logistics. His fellow investors thought Xu Xin was crazy and had invested in a bottomless pit.</p><p>But only she herself understood that once she made the decision to risk her life to accompany her husband, she could only run like crazy.</p><p>This wait lasted eight years. When JD.com went public in 2014, Xu Xin's investment increased more than 150 times.</p><p><img src=\"https://static.tigerbbs.com/1b8705816f1e4a6504a770befc45e677\" tg-width=\"630\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p>Subsequently, Today Capital gradually reduced its holdings and disappeared from the list of major shareholders.</p><p>From NetEase, JD.com, and later Ganji.com, Three Squirrels, Yifeng Pharmacy, Meituan, and Ctrip, Xu Xin has accompanied one grassroots person after another, from the beginning of his entrepreneurial career to the bottom and then back to the top.</p><p>Her long-term holding of Tencent stock demonstrates her foresight and conviction in investing. Xu Xin once celebrated Tencent's 22nd birthday on his WeChat Moments, recounting the story of buying Tencent stock: \"Sixteen years have passed, and I haven't sold a single share. I increased my holdings as soon as I had money, and the return of more than 500 times is gratifying.\"</p><p>It is worth mentioning that Xu Xin has also invested in Meituan for many consecutive years, and has now invested (jointly invested) more than US$3.3 billion. This investment may exceed the total amount of her previous investments.</p><p><img src=\"https://static.tigerbbs.com/a5fc6e5167e7a677b51b4e23cb4bb922\" tg-width=\"620\" tg-height=\"640\" referrerpolicy=\"no-referrer\">▲ Image source: Investment Circle</p><p>When Wang Xing was mentioned, Xu Xin said with satisfaction that Wang Xing had a very good saying: \"Traditional industries are like mountain climbing, and you know where the highest peak is. But the Internet is like surfing, and you don't know where the next wave is, so you don't know if you can catch it.\"</p><p>Big waves don't necessarily happen every year. If you don't have them, just rest, wait, and wait for the waves to hit. But to catch the waves, you have to stay in the water; if the waves come, they won't hit you.</p><p>This year, the moves of the \"Queen of Venture Capital\" are puzzling.</p><p>At the end of May, before the IPO bore fruit, Xu Xin relinquished his 44.75% stake in Manner Coffee and sold it to H Capital and Coatue.</p><p>According to China Venture Capital, compared to the two rounds of tens of millions of yuan in investment, Xu Xin's \"home run\" is worth about $1 billion and has most likely already been profitable. Capital has made a fortune today.</p><p>In early June, BOSS Zhipin, China's largest recruitment platform, went public on Nasdaq and closed up 95.75% on its first day, with a market capitalization of $14.9 billion. The story of Xu Xin investing in BOSS Zhipin is almost a replica of her investment in JD.com.</p><p>Since 2015, Today Capital has increased its holdings in BOSS Zhipin five times in six years, investing a total of nearly US$40 million.</p><p><img src=\"https://static.tigerbbs.com/f6eb5bd530aa8ec401a26bf1a0639a0a\" tg-width=\"630\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>Today, Today Capital owns 14.7% of BOSS Zhipin's Class A ordinary shares, making it the largest institutional shareholder. With this investment, Xu Xin is expected to reap a return of up to 14 billion RMB.</p><p><b>Marriage terminator, controversial first pot of gold</b></p><p>When summarizing Xu Xin's investments, some media outlets discovered an interesting phenomenon: the founders of the companies she invested in were highly susceptible to \"marital breakdowns,\" leading to a joke: \"If you want a divorce, go find Xu Xin.\"</p><p>In 2006, Xu Xin invested in Kungfu. Soon after, founder Cai Dabiao divorced his wife Pan Minfeng, and the two families were embroiled in a protracted \"internal strife,\" with the couple and brothers becoming enemies. Ultimately, the court sentenced Cai Dabiao to six charges, including \"embezzlement and misappropriation of funds.\" His ex-wife, Pan Minfeng, was also physically and mentally exhausted, and the two families ultimately suffered losses.</p><p>In 2009, the same embarrassing \"marital breakdown\" occurred on Ganji.com. Wang Hongyan accused Ganji.com founder Yang Haoran of transferring all of his 50% stake in Ganji.com to his brother Yang Haoyong during their divorce proceedings in the United States. As a result, Ganji.com's competitors<a href=\"https://laohu8.com/S/WUBA\">58.com</a>However, it successfully listed on the New York Stock Exchange at the end of October 2013 and successfully acquired Ganji.com.</p><p>In November 2010, Xu Xintou's Tudou.com submitted an IPO application to the U.S. Securities and Exchange Commission. Unexpectedly, the next day, the court upheld the divorce property division lawsuit filed by Yang Lei, the ex-wife of Tudou.com founder Wang Wei, instantly freezing the equity of the company under Wang Wei's name, directly rendering Tudou.com's IPO a nightmare.</p><p>In August 2018, Liu Qiangdong was embroiled in a \"sexual assault scandal\"...</p><p>Why did all the entrepreneurs invested in by Xu Xin have \"marital breakdowns\"? Even Xu Xin himself had to express his opinion on the marital breakdown caused by the investment: \"For those who are married, we should interview their wives; for those who are divorced, we should interview their ex-wives; and for those who are not married, we should interview their parents.\"</p><p>Xu Xin, who was deeply involved in \"candlelight talks\" and \"brainstorming\" with the founder, has also been repeatedly questioned for playing a role in \"fueling the situation\".</p><p><img src=\"https://static.tigerbbs.com/a209156a0001ceca07300a6a9e27960d\" tg-width=\"630\" tg-height=\"378\" referrerpolicy=\"no-referrer\"></p><p>The vast majority of smart and ambitious women in capital operations resist being labeled with gender and relationships.</p><p>No matter how famous someone is, there will always be doubters. Xu Xin's family background, upbringing, and life are all controversial. Some say she is a legend, some say she is lucky, and some say she just \"has a good father\".</p><p>Xu Xin once revealed in an interview that his father was the director of a Sichuan automobile manufacturing plant, so some people followed the clues from an article in the magazine \"The Businessman\" titled \"Xu Rengen: A Rare Strong Man\".</p><p>Mr. Xu Rengen, whose ancestral home is Zhejiang, was assigned to the Sichuan Automobile Manufacturing Plant after graduating from Jilin University of Technology in 1960. He started as a grassroots employee and worked his way up to factory director. In 1990, Mr. Xu was the head of a large state-owned enterprise at the ministerial level with 130,000 employees, an annual production capacity of 12,000 trucks, and 17 subsidiaries.</p><p>This perfectly matches the description of Ms. Xu Xin's father in an interview with Forbes Chinese.</p><p><img src=\"https://static.tigerbbs.com/abc28ba0435b112052bc2caecac08083\" tg-width=\"711\" tg-height=\"233\" referrerpolicy=\"no-referrer\"></p><p>Some say she merely caught the \"opportunity\" of the times and caught the high-speed rail of social development, and doesn't deserve much praise.</p><p>Some say that it is normal for the first pot of gold of the second generation of officials and rich children to come from their parents. The influence of the family business atmosphere and the help of relatives can help them gain wealth and fame in a short period of time, but it cannot help them gain personal abilities permanently.</p><p>Xu Xin had no Wall Street background, no foreign business school education, and no mentorship from benefactors who could turn stone into gold. The key to her success lies in her personal ability and unique investment vision. She has developed a keen eye for navigating cycles, consistently seizing representative and outstanding companies for 23 years.</p><p>She may not be indifferent to the criticisms against her family and herself, but this is also where her strength lies: she can turn all the help into motivation, into bargaining chips in her hands, and thus take control of every step of her life.</p><p>Facing the camera, Xu Xin admitted that he hadn't grasped Kuaishou.<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>This is truly a pity.</p><p>To some extent, this is the disappointment of an investor who has experienced numerous failures and provided motivational quotes and ammunition to founders in countless difficult moments, in a new era.</p><p>In the footage, Xu Xin, with short hair, a round face, phoenix eyes, and a small mole around her lips, remains unchanged from her \"androgynous\" queen traits: \"I don't know how to spend money, nor do I like to spend money. I never go shopping, dress up, or love luxury goods.\"</p><p><b>At the end</b></p><p>Some people lament that they were born at the wrong time, while others only wish to be content with a small fortune. Being born at the right time may only be because they caught the high-speed rail of the times. A mediocre life is just God throwing the wrong dice.</p><p>Eileen Chang said that fame should be achieved early; if it comes too late, happiness won't be as enjoyable. But few people know that there is a second half to this sentence: \"Even if an individual can wait in time, times are rushing, they are already in the midst of destruction, and even greater destruction is yet to come.\"</p><p>What's even more regrettable than how difficult times are to create heroes is not that heroes are fading into obscurity, but perhaps that after accumulating strength and making a breakthrough, they can no longer achieve great things late in life.</p><p>But dreams are essential; what if they come true?</p>","source":"lsy1573183346068","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 Women Behind Ding Lei, Liu Qiangdong, and Zong Qinghou: One Man Creates Three Richest Men</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Women Behind Ding Lei, Liu Qiangdong, and Zong Qinghou: One Man Creates Three Richest Men\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">快刀财经</strong><span class=\"h-time small\">2021-06-25 16:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By Lu Laoer</p><p>Although she is not on the list of achievements of company founders, she is the undisputed mentor who helped them achieve success.</p><p>When we think of Wahaha, Wang Leehom and that bottle of water come to mind.</p><p>mention<a href=\"https://laohu8.com/S/NTES\">NetEase</a>First Lenovo is founded by Ding Lei.</p><p>When many people see the word \"Ctrip,\" they think of airfare and travel.</p><p>refer to<a href=\"https://laohu8.com/S/JD\">JD.com</a>Everyone knows Liu Qiangdong.</p><p>When it comes to Meituan, Wang Xing and his food delivery services are the first things that come to mind.</p><p>But behind all these big shots stands the same woman: China's first generation of VCs and a renowned \"Iron Lady\" in the investment world.</p><p>For these men, she spent a fortune, investing in companies including Wahaha, JD.com, and NetEase.<a href=\"https://laohu8.com/S/300783\">Three Squirrels</a>Meituan, Ctrip<a href=\"https://laohu8.com/S/BZ\">BOSS Zhipin</a>Several listed companies, including...</p><p>She is Xu Xin.</p><p>She earned more than 1,000 times the returns from these companies, and each time she stood at the forefront of the trend, her \"precise investment\" made her the universally recognized \"Queen of Venture Capital\" and \"China's female version of Buffett\".</p><p>Her vitality is even stronger than that of a brand, and her report card still shows...<a href=\"https://laohu8.com/S/00700\">Tencent</a>Potatoes, Dianping, Ganji.com<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Little Pig Short-Term Rental<a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Xingsheng Youxuan, Guazi Used Cars...</p><p>Without her, the ups and downs of China's internet landscape would not have been so dramatic. Although she is not on the list of achievements of company founders, she is the undisputed mentor who helped them achieve success.</p><p>However, the outside world knows very little about her. What kind of person is Xu Xin?</p><p><b>A poor student turns a top student into a skilled worker.</b></p><p>Xu Xin was born in Dazu, Chongqing in 1967. She is what we call a typical \"hot girl from Chongqing\", but she had a restless school years.</p><p>Xu Xin, who has a carefree personality, has been very mischievous since childhood. He walks in the wind and speaks with teeth that can't keep up with his mouth. He likes to go crazy and make trouble with boys.</p><p>There are about 50 students in a class, and she has long been in the \"middle\" category, often skipping classes and going out to play with her best friends. My friend was watching Dream of the Red Chamber on the bank, and she was slacking off and catching shrimp in the river with her bare hands for an entire afternoon. For this, she even earned the title of \"King of Skipping School\".</p><p>It wasn't until the teacher made a home visit that the matter was revealed: \"Your Xu Xin never goes to chemistry class. He doesn't even know what Mendeleev's periodic table is. He goes to the ditch every day to catch fish and shrimp.\"</p><p>The mother was furious. As soon as the teacher left, the father picked up a clothes hanger and beat her, his eyes full of disappointment.</p><p>The older generation loves to say, \"A filial son is born under a stick, and a spoiled child is raised to be disobedient.\" Sometimes, an unforgettable beating can truly transform a person.</p><p>In any case, this meal really brought Xu Xin to his senses. After that, Xu Xin seemed to suddenly have a cheat code, and his grades skyrocketed.</p><p>In the 1980s, industrial workers had a golden rice bowl. Most people choose to attend a vocational school after graduating from junior high school, and Xu Xin's three sisters who grew up with her were no exception. Xu Xin's mother also advised her: \"If you go to a vocational school, you will earn 16.5 yuan a month and you will be assigned a job!\"</p><p>But Xu Xin chose another path: \"I want to attend a key high school!\"</p><p>After Xu Xin made her decision, her father was very supportive and hired a tutor to \"tutor\" her. In addition, she was diligent enough that Xu Xin was actually admitted to Nankai Middle School, a key middle school in the main urban area of Chongqing.</p><p>Xu Xin, who reformed from a \"rebellious underachiever,\" studied hard for three years in high school, achieved high scores in the college entrance examination, and was successfully admitted to the Department of Foreign Languages at Nanjing University.</p><p>Xu Xin graduated from Nanjing University in 1988 and was assigned to<a href=\"https://laohu8.com/S/601988\">BOC</a>At the head office, I became an ordinary teller.</p><p>Holding a secure job, many people have entered the gentle realm of \"just eating and waiting to die,\" but here, Xu Xin completed the most crucial turning point in his life.</p><p>As an ordinary teller, Xu Xin's job is extremely simple, consisting of a repetitive one-stop service of \"photocopying, registration, and stamping\". No matter how simple the job is when he first enters the workforce, Xu Xin works with great enthusiasm and strives to be number one in everything.</p><p>At her workplace, Xu Xin is known as a \"little work expert.\" She receives a perfect attendance bonus every month and strives to do everything. She even wants to be the secretary of the Youth League branch.</p><p>After working for a year, she won almost all the honors at the bank. Of the bank's 2,000 employees, there were only three \"March 8th Red Banner Pacesetters\" spots, and Xu Xin was one of them.</p><p>After working for three years, she was only 25 years old.<a href=\"https://laohu8.com/S/03988\">BOC</a>He rose to the position of deputy section chief in the sales department.</p><p>But she was still dissatisfied, feeling that she had nowhere to use her energy: \"I am very dissatisfied with this situation.\"</p><p><img src=\"https://static.tigerbbs.com/e4f6cb192ab371334127c22f774295c0\" tg-width=\"630\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Just as she was wondering about her unrecognized talent, the opportunity finally came.</p><p>In 1991, the Chinese and British governments jointly helped China train British certified public accountants, and the Bank of China secured a place for Xu Xin.</p><p>She passed the UK Chartered Accountant entrance exam with a high score, and her treasure trove of English skills finally came in handy.</p><p>And so, she was sent to PricewaterhouseCoopers in Hong Kong for three years of training, and the following year she got an internship opportunity at PricewaterhouseCoopers in Hong Kong, thus stepping into the capital circle.</p><p>During this period, in addition to interning and working on projects, Xu Xin also squeezed out time to study, completing 18 pure English CPA courses in three years and successfully obtaining a Chartered Accountant license in the UK. After the training period, Xu Xin successfully joined Peregrine, the largest local securities firm in Hong Kong at the time.</p><p>It can be said that since junior high school, Xu Xin's every magnificent turn has been inseparable from exams. In 1995, Xu Xin, a 28-year-old \"exam professional,\" finally bid farewell to auditing and entered the investment banking world.</p><p><b>Venture capital sniper, a timely helper</b></p><p>When Xu Xin first entered the investment world, the first project he took on was Zong Qinghou and his Wahaha, and his first investment went down in history.</p><p>This may be the first case of consumption upgrading in the history of venture capital in China.</p><p>In 1995, Zong Qinghou went to Paris and saw that the French were drinking bottled water \"Evian\". When he came back, he said he wanted to make bottled water. At that time, the Chinese were still drinking water with military water bottles, and no one knew what bottled water was.</p><p>Xu Xin led her team in the first investment in Wahaha, for which she invested $40 million, betting on whether Chinese people would drink fashionable bottled water like foreigners.</p><p>After receiving $40 million, Zong Qinghou invested $30 million to open three production lines simultaneously, and it took six months of overwhelming advertising to finally launch the product.</p><p>As expected, Wahaha became an instant hit.</p><p><img src=\"https://static.tigerbbs.com/9dbcb71cea4fb7d82ecd9ec3b0c8d516\" tg-width=\"630\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p>In early 1998, Peregrine went bankrupt during the financial crisis. Xu Xin transferred to Baring Investment Group, a top Dutch investment management company, and became Baring Investment's first employee in Asia, serving as a director and general manager of the China region.</p><p>The legend that made Xu Xin one of China's earliest VC textbook cases, and which is talked about in the investment circle, is that she single-handedly helped China's first generation of internet richest people.</p><p>In 1999, Baring Investment began its expansion into the mainland, and Xu Xin met Ding Lei in a small office in Hangzhou.</p><p>The company was small, with only one toilet. More than a dozen science and engineering men were so shy they rubbed their left and right hands together when they first met the female venture capitalist elite.</p><p>Ding Lei, who had seen the world, spoke first: \"Kathy (Xu Xin), I'm not used to managing people. I want to be a happy technical director. Could you help me find a CEO?\"</p><p>Xu Xin nodded and invested 5 million US dollars in NetEase at 5 yuan per share. After receiving the money, Ding Lei led NetEase to list on Nasdaq in the United States the following year, and the stock price quickly rose to 30 yuan.</p><p><img src=\"https://static.tigerbbs.com/5739a1bd37c494cbd5e823feb6bdcdd0\" tg-width=\"630\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the good times didn't last long. Starting in 2000, the US dot-com bubble burst, and overnight, NetEase ushered in its \"darkest hour.\" A junk stock with its stock price falling to 60 cents was already on the verge of delisting.</p><p>Xu Xin was caught in the vortex of a class-action lawsuit by Baring shareholders. For two years, she repeatedly called each shareholder to persuade them to help Ding Lei hold on and save NetEase.</p><p>In 2002-2003, domestic online games experienced a boom. NetEase weathered the crisis with the explosive popularity of \"A Chinese Odyssey 2\", and its market value soared to tens of billions of US dollars.</p><p>In 2003, Ding Lei ushered in the highlight of his life. At the age of 32, he became the youngest richest man in China with a net worth of 7.6 billion yuan.</p><p>In 2004, Xu Xin cashed out NetEase shares, earning an 800% return for shareholders.</p><p>Over the past five years, Xu Xin has risked everything to become the \"woman who made the richest man famous,\" proving to the world her unique vision.</p><p>Also in 1999, Xu Xin's personal angel invested in China Talent Network and served as its chairman. During the period of rapid development of China Talent Network from 2006 to 2008, it...<a href=\"https://laohu8.com/S/ZPIN\">Zhaopin.com</a>、<a href=\"https://laohu8.com/S/JOBS\">51job</a>A three-way balance of power. Xu Xin personally achieved a return of more than 800 times this investment.</p><p>Around 2005, China's VC industry experienced its first large-scale fission.</p><p>That year, Wu Shangzhi founded CDH Investments, Yan Yan led SAIF to independence, Shen Nanpeng left Ctrip to found Sequoia China, and Zhang Lei, who studied at Yale, founded Hillhouse Capital...</p><p>In the same year, Xu Xin, who had been working in investment banking for seven years, left Baring Investment and founded his own company, Today Capital.</p><p>If Xu Xin's achievement in helping China's first generation of internet billionaires become one of her most famous achievements, then what established her status as the \"Queen of Venture Capital\" in the e-commerce industry was her single-handedly building a skyscraper.</p><p>In 2006, JD.com transformed from offline to online. At that time, JD.com only had about 50 employees, not even an accountant. The previous fund originally planned to invest 5 million RMB in them, but withdrew after investing 1 million.</p><p>Liu Qiangdong searched everywhere for financing and met with dozens of investors, but no one was willing to pay attention to him. With nowhere else to turn, Liu Qiangdong even said:</p><p>\"I just want to raise 2 million to pay my buddies' salaries.\"</p><p><img src=\"https://static.tigerbbs.com/1f2324eede3645d4b864d8f06cb66285\" tg-width=\"967\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p>After going around in circles, Xu Xin was matched by someone and met Liu Qiangdong. The two chatted from 10 p.m. to 2 a.m.</p><p>The down-to-earth Liu Qiangdong didn't even have a PowerPoint presentation. He opened the website to talk about the product and directly pulled out the backend ERP system for Xu Xin to see. At that time, sales reached 50 million yuan, growing by 10% every month.</p><p>On the same day, Xu Xin helped Liu Qiangdong book the same flight from Beijing to Shanghai as him, and signed the investment framework upon landing.</p><p><img src=\"https://static.tigerbbs.com/3095e11a36c20e0733b12d7e380b8371\" tg-width=\"550\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Upon receiving the money, Liu Qiangdong led his team on a desperate journey, expanding JD.com's product range while building their own logistics network.</p><p>Logistics is a real \"money-burning\" business; 10 million yuan was quickly burned through. Collapsing because of money is the most tragic end for founders.</p><p>Seeing this tragic situation, Xu Xin played his final trump card, borrowing five bridge loans, totaling 20 million yuan, to Liu Qiangdong.</p><p>Unexpectedly, the \"stubborn donkey\" Liu Qiangdong turned around and invested all 20 million yuan in logistics. His fellow investors thought Xu Xin was crazy and had invested in a bottomless pit.</p><p>But only she herself understood that once she made the decision to risk her life to accompany her husband, she could only run like crazy.</p><p>This wait lasted eight years. When JD.com went public in 2014, Xu Xin's investment increased more than 150 times.</p><p><img src=\"https://static.tigerbbs.com/1b8705816f1e4a6504a770befc45e677\" tg-width=\"630\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p>Subsequently, Today Capital gradually reduced its holdings and disappeared from the list of major shareholders.</p><p>From NetEase, JD.com, and later Ganji.com, Three Squirrels, Yifeng Pharmacy, Meituan, and Ctrip, Xu Xin has accompanied one grassroots person after another, from the beginning of his entrepreneurial career to the bottom and then back to the top.</p><p>Her long-term holding of Tencent stock demonstrates her foresight and conviction in investing. Xu Xin once celebrated Tencent's 22nd birthday on his WeChat Moments, recounting the story of buying Tencent stock: \"Sixteen years have passed, and I haven't sold a single share. I increased my holdings as soon as I had money, and the return of more than 500 times is gratifying.\"</p><p>It is worth mentioning that Xu Xin has also invested in Meituan for many consecutive years, and has now invested (jointly invested) more than US$3.3 billion. This investment may exceed the total amount of her previous investments.</p><p><img src=\"https://static.tigerbbs.com/a5fc6e5167e7a677b51b4e23cb4bb922\" tg-width=\"620\" tg-height=\"640\" referrerpolicy=\"no-referrer\">▲ Image source: Investment Circle</p><p>When Wang Xing was mentioned, Xu Xin said with satisfaction that Wang Xing had a very good saying: \"Traditional industries are like mountain climbing, and you know where the highest peak is. But the Internet is like surfing, and you don't know where the next wave is, so you don't know if you can catch it.\"</p><p>Big waves don't necessarily happen every year. If you don't have them, just rest, wait, and wait for the waves to hit. But to catch the waves, you have to stay in the water; if the waves come, they won't hit you.</p><p>This year, the moves of the \"Queen of Venture Capital\" are puzzling.</p><p>At the end of May, before the IPO bore fruit, Xu Xin relinquished his 44.75% stake in Manner Coffee and sold it to H Capital and Coatue.</p><p>According to China Venture Capital, compared to the two rounds of tens of millions of yuan in investment, Xu Xin's \"home run\" is worth about $1 billion and has most likely already been profitable. Capital has made a fortune today.</p><p>In early June, BOSS Zhipin, China's largest recruitment platform, went public on Nasdaq and closed up 95.75% on its first day, with a market capitalization of $14.9 billion. The story of Xu Xin investing in BOSS Zhipin is almost a replica of her investment in JD.com.</p><p>Since 2015, Today Capital has increased its holdings in BOSS Zhipin five times in six years, investing a total of nearly US$40 million.</p><p><img src=\"https://static.tigerbbs.com/f6eb5bd530aa8ec401a26bf1a0639a0a\" tg-width=\"630\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>Today, Today Capital owns 14.7% of BOSS Zhipin's Class A ordinary shares, making it the largest institutional shareholder. With this investment, Xu Xin is expected to reap a return of up to 14 billion RMB.</p><p><b>Marriage terminator, controversial first pot of gold</b></p><p>When summarizing Xu Xin's investments, some media outlets discovered an interesting phenomenon: the founders of the companies she invested in were highly susceptible to \"marital breakdowns,\" leading to a joke: \"If you want a divorce, go find Xu Xin.\"</p><p>In 2006, Xu Xin invested in Kungfu. Soon after, founder Cai Dabiao divorced his wife Pan Minfeng, and the two families were embroiled in a protracted \"internal strife,\" with the couple and brothers becoming enemies. Ultimately, the court sentenced Cai Dabiao to six charges, including \"embezzlement and misappropriation of funds.\" His ex-wife, Pan Minfeng, was also physically and mentally exhausted, and the two families ultimately suffered losses.</p><p>In 2009, the same embarrassing \"marital breakdown\" occurred on Ganji.com. Wang Hongyan accused Ganji.com founder Yang Haoran of transferring all of his 50% stake in Ganji.com to his brother Yang Haoyong during their divorce proceedings in the United States. As a result, Ganji.com's competitors<a href=\"https://laohu8.com/S/WUBA\">58.com</a>However, it successfully listed on the New York Stock Exchange at the end of October 2013 and successfully acquired Ganji.com.</p><p>In November 2010, Xu Xintou's Tudou.com submitted an IPO application to the U.S. Securities and Exchange Commission. Unexpectedly, the next day, the court upheld the divorce property division lawsuit filed by Yang Lei, the ex-wife of Tudou.com founder Wang Wei, instantly freezing the equity of the company under Wang Wei's name, directly rendering Tudou.com's IPO a nightmare.</p><p>In August 2018, Liu Qiangdong was embroiled in a \"sexual assault scandal\"...</p><p>Why did all the entrepreneurs invested in by Xu Xin have \"marital breakdowns\"? Even Xu Xin himself had to express his opinion on the marital breakdown caused by the investment: \"For those who are married, we should interview their wives; for those who are divorced, we should interview their ex-wives; and for those who are not married, we should interview their parents.\"</p><p>Xu Xin, who was deeply involved in \"candlelight talks\" and \"brainstorming\" with the founder, has also been repeatedly questioned for playing a role in \"fueling the situation\".</p><p><img src=\"https://static.tigerbbs.com/a209156a0001ceca07300a6a9e27960d\" tg-width=\"630\" tg-height=\"378\" referrerpolicy=\"no-referrer\"></p><p>The vast majority of smart and ambitious women in capital operations resist being labeled with gender and relationships.</p><p>No matter how famous someone is, there will always be doubters. Xu Xin's family background, upbringing, and life are all controversial. Some say she is a legend, some say she is lucky, and some say she just \"has a good father\".</p><p>Xu Xin once revealed in an interview that his father was the director of a Sichuan automobile manufacturing plant, so some people followed the clues from an article in the magazine \"The Businessman\" titled \"Xu Rengen: A Rare Strong Man\".</p><p>Mr. Xu Rengen, whose ancestral home is Zhejiang, was assigned to the Sichuan Automobile Manufacturing Plant after graduating from Jilin University of Technology in 1960. He started as a grassroots employee and worked his way up to factory director. In 1990, Mr. Xu was the head of a large state-owned enterprise at the ministerial level with 130,000 employees, an annual production capacity of 12,000 trucks, and 17 subsidiaries.</p><p>This perfectly matches the description of Ms. Xu Xin's father in an interview with Forbes Chinese.</p><p><img src=\"https://static.tigerbbs.com/abc28ba0435b112052bc2caecac08083\" tg-width=\"711\" tg-height=\"233\" referrerpolicy=\"no-referrer\"></p><p>Some say she merely caught the \"opportunity\" of the times and caught the high-speed rail of social development, and doesn't deserve much praise.</p><p>Some say that it is normal for the first pot of gold of the second generation of officials and rich children to come from their parents. The influence of the family business atmosphere and the help of relatives can help them gain wealth and fame in a short period of time, but it cannot help them gain personal abilities permanently.</p><p>Xu Xin had no Wall Street background, no foreign business school education, and no mentorship from benefactors who could turn stone into gold. The key to her success lies in her personal ability and unique investment vision. She has developed a keen eye for navigating cycles, consistently seizing representative and outstanding companies for 23 years.</p><p>She may not be indifferent to the criticisms against her family and herself, but this is also where her strength lies: she can turn all the help into motivation, into bargaining chips in her hands, and thus take control of every step of her life.</p><p>Facing the camera, Xu Xin admitted that he hadn't grasped Kuaishou.<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>This is truly a pity.</p><p>To some extent, this is the disappointment of an investor who has experienced numerous failures and provided motivational quotes and ammunition to founders in countless difficult moments, in a new era.</p><p>In the footage, Xu Xin, with short hair, a round face, phoenix eyes, and a small mole around her lips, remains unchanged from her \"androgynous\" queen traits: \"I don't know how to spend money, nor do I like to spend money. I never go shopping, dress up, or love luxury goods.\"</p><p><b>At the end</b></p><p>Some people lament that they were born at the wrong time, while others only wish to be content with a small fortune. Being born at the right time may only be because they caught the high-speed rail of the times. A mediocre life is just God throwing the wrong dice.</p><p>Eileen Chang said that fame should be achieved early; if it comes too late, happiness won't be as enjoyable. But few people know that there is a second half to this sentence: \"Even if an individual can wait in time, times are rushing, they are already in the midst of destruction, and even greater destruction is yet to come.\"</p><p>What's even more regrettable than how difficult times are to create heroes is not that heroes are fading into obscurity, but perhaps that after accumulating strength and making a breakthrough, they can no longer achieve great things late in life.</p><p>But dreams are essential; what if they come true?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqciyzk1776549.shtml\">快刀财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b95a16cbd3197991461b6d5d5e051d7e","relate_stocks":{"09999":"网易","NTES":"网易","QNETCN":"纳斯达克中美互联网老虎指数","JD":"京东","09618":"京东集团-SW"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqciyzk1776549.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138767269","content_text":"文/路老二\n她虽不在企业创始人的功劳簿上，但却是成就创始人的不二伯乐。\n想起娃哈哈，我们脑海里浮现的是王力宏和那瓶水。\n提起网易，第一联想就是创始人丁磊。\n看到携程二字，许多人会想到机票和旅游。\n提到京东，没人不知道刘强东。\n说到美团，王兴和他的外卖最先映入眼帘。\n但这一众大佬背后，都站着同一个女人，她是中国第一代VC、投资界赫赫有名的“铁娘子”。\n为了这群男人，她豪掷千金，挥手投出了包括娃哈哈、京东、网易、三只松鼠、美团、携程、BOSS直聘等在内的多家上市公司。\n她就是徐新。\n她从这些公司中赚到超过1000倍的收益，每一次站在风口上的“精准投资”，也让她成为了人人称道的“风投女王”“中国女版巴菲特”。\n她的生命力甚至比品牌还强，成绩单上还有腾讯、土豆，大众点评，赶集网，唯品会，小猪短租，知乎，兴盛优选、瓜子二手车……\n没有她，中国互联网江湖的浮沉，不会如此荡气回肠。她虽不在企业创始人的功劳簿上，但却是成就创始人的不二伯乐。\n然而外界对她却知之甚少，徐新，到底是一个怎样的人？\n学渣逆袭学霸，工作小能手\n1967年，徐新出生于重庆大足，是我们所说的典型的“重庆辣妹子”，不过她有着一段并不安分的读书岁月。\n性格大大咧咧的徐新从小就很调皮，走路起风说话牙齿跟不上嘴，喜欢和男孩子一起疯一起闹。\n一个班50来人，她长期在“中游”徘徊，经常和好朋友逃课出去玩。好友在岸边看红楼梦，她就在河里赤手空拳摸鱼抓虾，一玩就是一个下午，为此还得了一个“逃课大王”的称号。\n直到老师家访才把这事捅了出来：“你家徐新哟，化学课从来都不去上，连门捷列夫周期表都不知道是什么东东，天天到河沟里摸鱼捉虾。”\n母亲气到冒烟，老师前脚刚走，爸爸抡起衣架就是一顿打，满眼都是恨铁不成钢。\n老一辈爱说“棍棒底下出孝子，娇养造就忤逆儿”。有时候一顿刻骨铭心的暴打，或许真能促使一个人的蜕变。\n不管怎么说，这一顿把徐新打“开窍”了。此后的徐新仿佛突然开了挂，成绩一下子就窜了上来。\n80年代，产业工人就是金饭碗。初中毕业绝大多数人都会选择读技校，和徐新一起长大的3个姐妹也不例外，徐新的妈妈也劝她：“读技校，一个月有16块5还包分配！”\n但徐新选择了另一条路：“我要读重点高中！”\n徐新决定之后，爸爸也很支持，给她请家教老师“开小灶”，加上自己够勤奋，徐新居然考上了重庆主城的重点中学——南开中学。\n从“叛逆学渣”改过自新，高中3年，拼了命学习的徐新高考拿了高分，顺利考进南京大学的外语系。\n1988年，徐新从南京大学毕业，被分配到中国银行总行，成为了一名普通柜员。\n手捧铁饭碗，多少人进入了“混吃等死”的温柔乡，而在这里，徐新却完成了人生最关键的转折。\n作为普通柜员，徐新的工作极其简单，无非就是“复印、登记、盖章”周而复始的一条龙服务，初入职场，工作再简单，徐新也干得很起劲，什么都要争第一。\n在单位，徐新被称为“工作小能手”，月月拿全勤奖，事事争着做，就连团支部书记，她也要当一当。\n工作一年，她几乎把银行所有的荣誉拿遍了，全行2000名员工只有三个“三八红旗手”名额，徐新就是其中之一。\n工作三年，才25岁的她就在中国银行营业部做到了副科长。\n可她还是不满意，感觉有劲无处使：“这种状态我很不满意”。\n\n正当她在纳闷怀才不遇之际，机会终于来了。\n1991年，中国政府和英国政府联合帮助中国培养英国注册会计师，中国银行为徐新争取到了一个名额。\n参加英国注册会计师的入学考试高分通过，她的宝藏英语技能，终于派上用场。\n就这样，她被送到香港的普华会计师事务所培训3年，次年便得到了在香港普华永道工作实习的机会，一只脚踏入了资本圈。\n在这期间，除了实习做项目，徐新还挤出时间学习，3年考完18门纯英文注会课程，成功拿到英国注册会计师执照。培训期结束，徐新成功入职香港当时最大的本土券商百富勤。\n可以说从初中开始，徐新的每一次华丽转身，都与考试密不可分。1995年，28岁的“考试专业户”徐新，终于告别审计，跨进投行江湖。\n创投狙击手，雪中送炭人\n初入投资界，徐新接手的第一个项目就是宗庆后和他的娃哈哈，第一笔投资便载入史册。\n这或许是中国风投史上第一笔消费升级案例。\n1995年，宗庆后去了一趟巴黎，看到法国人都在喝瓶装水“依云”，回来就说要做瓶装水，当时中国人都还拿军用水壶在喝水，根本没有人知道瓶装水是什么。\n徐新带领团队参与了第一笔对娃哈哈的投资，为此她砸了4000万美金，赌的是“中国人会不会像外国人一样喝洋气的瓶装水”。\n拿到4000万美金后，宗庆后重仓3000万美金，齐开3条生产线，铺天盖地的广告打了6个月水才上市。\n果不其然，“娃哈哈”一炮而红。\n\n1998年初，百富勤在金融风暴中倒闭，徐新转投荷兰顶级投资管理公司霸菱投资集团，成为了霸菱投资在亚洲的第一位员工，担任中国区董事和总经理。\n而让徐新一战成就中国最早的VC教科书案例，被投资圈津津乐道的传奇，则是她一手扶起中国初代互联网首富。\n1999年，霸菱投资开始往内地开疆拓土，徐新在杭州一间狭小的办公室见到丁磊。\n公司很小，连厕所都只有一个，10多个理工男第一次见到风投女精英，都害羞得左手搓右手。\n还是见过世面的丁磊先开了口：“Kathy（徐新），我这个人不习惯管人，我要做一个快乐的技术总监，你帮我找个CEO吧。”\n徐新点了点头，以5元/股投资网易，一共投了500万美金。拿到钱的丁磊，第二年便带领网易在美国纳斯达克上市，股价也迅速涨到30元。\n\n可惜好景不长，2000年开始美国互联网泡沫破裂，一夜之间，网易迎来了“至暗时刻”，股票跌到6毛钱的垃圾股，已然站在了退市的边缘。\n徐新陷入了一场霸菱股东的集体诉讼的漩涡中，在长达2年的时间里，她反复给每一个股东打电话说服他们帮丁磊扛住，救回网易。\n2002—2003年，国产网游大爆发，网易凭借《大话西游2》的爆红扛过危机，市值飙升到百亿美元。\n2003年，丁磊迎来人生的高光时刻，32岁的他凭借76亿身价，成为当时中国最年轻的首富。\n2004年，徐新套现网易股票，为股东们赚取了800%的回报。\n5年，徐新搭上了一切，成为了“捧红首富的女人”，向世人证明了自己的独到眼光。\n同样在1999年，徐新个人天使投资中华英才网并担任其董事长。在2006-2008年中华英才网发展最迅速的时期，它与智联招聘、前程无忧三足鼎立。此次投资徐新个人获得了800倍以上的收益。\n2005年前后，中国VC行业发生了第一次大规模裂变。\n这一年吴尚志创办鼎晖创投，阎焱带领赛富独立，沈南鹏离开携程成立红杉中国，留学耶鲁的张磊创办了高瓴资本……\n也是在这一年，在投行江湖摸爬滚打7年的徐新，离开霸菱投资，创办了自己的公司——今日资本。\n如果说一手扶起中国初代互联网首富是徐新的成名之作，那奠定她江湖“风投女王”地位的，则是一手拔起一座电商江湖的高楼。\n2006年，京东从线下转型做线上，彼时的京东商城只有50来员工，甚至连会计都没有。上家基金本来说要投他们500万人民币，结果投了100万就抽身而退。\n刘强东到处找融资，见了几十个投资人，结果没人愿意搭理他，走投无路的刘强东甚至说：\n“我就想融个200万，把哥们几个的工资给发了。”\n\n兜兜转转一圈后，经人撮合，徐新碰到刘强东时，两人从晚上10点聊到凌晨2点。\n踏实本分的刘强东PPT都没有，打开网站就讲产品，直接调出后台ERP系统让徐新看，当时销售额有5000万元，每个月增长10%。\n当天，徐新就帮刘强东定了和自己同一班北京飞上海的航班，落地就把投资框架给签了。\n\n拿到钱的刘强东带领团队一路舍命狂奔，一边扩大京东的商品种类一边自建物流。\n物流是个实打实的“烧钱货”，很快1000万就烧光了，因为钱而倒下，是创始人最悲哀的结局。\n眼见这惨状，徐新给出了最后的底牌，借了5次过桥贷款，合计2000万给了刘强东。\n谁知“大倔驴”刘强东转身便把2000万悉数投到了物流里，投资同行都觉得徐新疯了，投了一个无底洞。\n可只有她自己明白，做了舍命陪君子的决定，就只有玩命狂奔。\n这一等，就是8年，2014年京东上市，徐新的投资翻了150多倍。\n\n随后，今日资本逐渐减持，并在大股东名单上消失。\n从网易、京东，以及之后的赶集网、三只松鼠、益丰大药房、美团、携程，徐新陪伴了一个又一个草根，从创业之初，跌落谷底，再重回巅峰。\n而长期持有腾讯股票证实了她在投资上的前瞻性和信念感。徐新曾在朋友圈中庆贺腾讯22岁生日，说起当初买下腾讯股票的故事：“16年过去了，我一股没卖过，一有钱就加仓，500多倍的回报是可喜的。”\n值得一提的是，徐新还连续多年加投美团，如今已投资（合投）超过了33亿美元。这笔投资，可能超过了她以往投资的总和。\n▲图源：投资界\n提及王兴，徐新欣慰地说王兴有一个说法很好：“传统行业是登山，你知道最高峰在哪里。但互联网是冲浪，你不知道下一个浪头在哪里，也就更不知道能不能赶上那个浪。”\n大浪不一定每年都有，没有你就歇着，等着，等浪打过来。但要赶上浪你必须在水里泡着，别浪来了，水也打不到你。\n今年，“风投女王”的出手让人看不懂了。\n5月底，还没等到IPO果实，徐新放弃了自己坐庄持股44.75%的Manner咖啡，转手给了H Capital、Coatue。\n据投中网的报道，相比两轮数千万的投资，徐新这一单“本垒打”约有10亿美元的量级，大概率已经落袋，今日资本赚得盆满钵满。\n6月初，中国最大招聘平台BOSS直聘登陆纳斯达克，首日收涨95.75%，市值149亿美元。徐新投资BOSS直聘的故事，几乎就是她投资京东的复刻版本。\n从2015年起，今日资本6年内5次加仓BOSS直聘，一共投资近4000万美金。\n\n如今今日资本拥有BOSS直聘14.7%的A类普通股，成为第一大机构股东，凭借这一笔投资，徐新有望斩获高达140亿人民币的回报。\n婚姻终结者，颇具争议的第一桶金\n有媒体在总结徐新的投资时，发现一个有趣的现象，她所投的公司创始人极易发生“婚变”，江湖调侃：要离婚，找徐新。\n2006年，徐新投资真功夫。不久创始人蔡达标便与妻潘敏峰离婚，两个家族之间陷入了旷日持久的“内斗”，夫妻、兄弟反目成仇。最终法院判决蔡达标“挪用资金、职务侵占”等6宗罪，前妻潘敏峰也是身心俱疲，两个家族最终两败俱伤。\n2009年，同样的“婚变”尴尬发生在赶集网上。王红艳控诉赶集网创始人杨浩然与其在美国离婚诉讼期间，将其所持有的“赶集网”50%股权全部转让给了其弟杨浩涌。其结果，赶集网的竞争对手58同城却成功于2013年10月底登陆纽交所，并顺利并购赶集网。\n2010年11月，徐新投的土豆网向美国证监会提交IPO申请。没想到第二天，法院支持了土豆网创始人王微前妻杨蕾提出的离婚财产分割诉讼，瞬间冻结了王微名下的公司股权，直接让土豆网上市成为泡影。\n2018年8月，刘强东卷入了“性侵丑闻”……\n为什么徐新投资的创业者都“婚变”了？就连徐新自己也不得不对投资引发的婚变表态，“凡是结了婚的我们要访谈老婆、离婚的我们要访谈前妻、没结婚的我们要访谈爸妈”。\n而深陷与创始人“秉烛夜谈”、“头脑风暴”的徐新，也屡次被质疑在其中起到了“推波助澜”的作用。\n\n在资本运作圈绝大部分聪明且雄心勃勃的女性都很抗拒被打上性别与关系的标签。\n有人盛誉必有人质疑，徐新的家庭背景、成长经历和她的人生都饱受争议，有人说她是传奇，有人说她算走运，也有人说她只是“有一个好爸”。\n徐新曾在采访中透露过自己的父亲是四川汽车制造厂的厂长，于是就有人从《经营者》杂志里一篇名为《徐仁根：难得的强人》的文章里顺藤摸瓜。\n里面这位徐仁根先生祖籍浙江，1960年吉林工业大学毕业后被分配到四川汽车制造厂，从基层员工干起，一直做到厂长。徐先生在1990年就是拥有职工13万，年产卡车1.2万辆，下属企业17个的正厅级大型国企掌门人。\n这和福布斯中文网采访徐新女士时对其父亲描述完全吻合。\n\n有人说她只不过是赶上了时代发展的“风口”，搭上了社会高速发展的高铁而已，不值得过多赞誉。\n也有人说，官二代富二代的第一桶金来源于父母很正常，家庭商业气氛环境的熏陶及亲属的帮助可以助他们短时间获得财富和名利，但却不能助他们永久获得个人能力。\n徐新一没华尔街背景，二没国外商学院镀金，也没有点石成金的贵人提携。她成功的关键在于个人能力和独到的投资眼光，她如同练就了穿越周期的眼光，在长达23年的时间里，持续不断的抓住具有代表意义的卓越公司。\n她未必不会不在意那些对她家庭和本人的非议，但是她的厉害之处也在此：她能将所有的助力化成动力，变成自己手中的筹码，进而掌控自己人生的每一步。\n面对镜头，徐新坦然，没有抓住快手、抖音、拼多多，也实属遗憾。\n某种程度上说，这是一位经历了多次陪跑、在无数艰难时刻为创始人送上鸡汤和弹药的投资人，在一个新时代的失落。\n镜头里，短发、圆圆脸、丹凤眼，嘴边一颗小痣的徐新依旧不改自己“雌雄同体”的女王特质：“我不会花钱，也不喜欢花钱，从不逛街，不打扮，不爱奢侈品”。\n写在最后\n有人深叹生不逢时，也有人只愿小富即安，生逢其时或许只因赶上了时代的高铁；碌碌终生也只是上帝扔错了骰子。\n张爱玲说出名要趁早，来的太晚，快乐也不那么痛快。可很少有人知道这句话还有后半句：“个人即使等得及，时代是仓促的，已经在破坏中，还有更大的破坏要来。”\n比时势再难造英雄更令人唏嘘不已的，不是英雄迟暮，或许是厚积薄发后再也不能大器晚成。\n可梦想必须要有，万一实现了呢？","news_type":1,"symbols_score_info":{"09618":0.9,"09999":0.9,"QNETCN":0.9,"NTES":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":4197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125345771,"gmtCreate":1624661166293,"gmtModify":1703842867361,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125345771","repostId":"1138767269","repostType":4,"repost":{"id":"1138767269","kind":"news","pubTimestamp":1624611475,"share":"https://ttm.financial/m/news/1138767269?lang=en_US&edition=fundamental","pubTime":"2021-06-25 16:57","market":"us","language":"zh","title":"The Women Behind Ding Lei, Liu Qiangdong, and Zong Qinghou: One Man Creates Three Richest Men","url":"https://stock-news.laohu8.com/highlight/detail?id=1138767269","media":"快刀财经","summary":"她虽不在企业创始人的功劳簿上，但却是成就创始人的不二伯乐。提起$网易$，第一联想就是创始人丁磊。看到携程二字，许多人会想到机票和旅游。提到$京东$，没人不知道刘强东。但这一众大佬背后，都站着同一个女人，她是中国第一代VC、投资界赫赫有名的“铁娘子”。2003年，丁磊迎来人生的高光时刻，32岁的他凭借76亿身价，成为当时中国最年轻的首富。此次投资徐新个人获得了800倍以上的收益。","content":"<p>By Lu Laoer</p><p>Although she is not on the list of achievements of company founders, she is the undisputed mentor who helped them achieve success.</p><p>When we think of Wahaha, Wang Leehom and that bottle of water come to mind.</p><p>mention<a href=\"https://laohu8.com/S/NTES\">NetEase</a>First Lenovo is founded by Ding Lei.</p><p>When many people see the word \"Ctrip,\" they think of airfare and travel.</p><p>refer to<a href=\"https://laohu8.com/S/JD\">JD.com</a>Everyone knows Liu Qiangdong.</p><p>When it comes to Meituan, Wang Xing and his food delivery services are the first things that come to mind.</p><p>But behind all these big shots stands the same woman: China's first generation of VCs and a renowned \"Iron Lady\" in the investment world.</p><p>For these men, she spent a fortune, investing in companies including Wahaha, JD.com, and NetEase.<a href=\"https://laohu8.com/S/300783\">Three Squirrels</a>Meituan, Ctrip<a href=\"https://laohu8.com/S/BZ\">BOSS Zhipin</a>Several listed companies, including...</p><p>She is Xu Xin.</p><p>She earned more than 1,000 times the returns from these companies, and each time she stood at the forefront of the trend, her \"precise investment\" made her the universally recognized \"Queen of Venture Capital\" and \"China's female version of Buffett\".</p><p>Her vitality is even stronger than that of a brand, and her report card still shows...<a href=\"https://laohu8.com/S/00700\">Tencent</a>Potatoes, Dianping, Ganji.com<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Little Pig Short-Term Rental<a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Xingsheng Youxuan, Guazi Used Cars...</p><p>Without her, the ups and downs of China's internet landscape would not have been so dramatic. Although she is not on the list of achievements of company founders, she is the undisputed mentor who helped them achieve success.</p><p>However, the outside world knows very little about her. What kind of person is Xu Xin?</p><p><b>A poor student turns a top student into a skilled worker.</b></p><p>Xu Xin was born in Dazu, Chongqing in 1967. She is what we call a typical \"hot girl from Chongqing\", but she had a restless school years.</p><p>Xu Xin, who has a carefree personality, has been very mischievous since childhood. He walks in the wind and speaks with teeth that can't keep up with his mouth. He likes to go crazy and make trouble with boys.</p><p>There are about 50 students in a class, and she has long been in the \"middle\" category, often skipping classes and going out to play with her best friends. My friend was watching Dream of the Red Chamber on the bank, and she was slacking off and catching shrimp in the river with her bare hands for an entire afternoon. For this, she even earned the title of \"King of Skipping School\".</p><p>It wasn't until the teacher made a home visit that the matter was revealed: \"Your Xu Xin never goes to chemistry class. He doesn't even know what Mendeleev's periodic table is. He goes to the ditch every day to catch fish and shrimp.\"</p><p>The mother was furious. As soon as the teacher left, the father picked up a clothes hanger and beat her, his eyes full of disappointment.</p><p>The older generation loves to say, \"A filial son is born under a stick, and a spoiled child is raised to be disobedient.\" Sometimes, an unforgettable beating can truly transform a person.</p><p>In any case, this meal really brought Xu Xin to his senses. After that, Xu Xin seemed to suddenly have a cheat code, and his grades skyrocketed.</p><p>In the 1980s, industrial workers had a golden rice bowl. Most people choose to attend a vocational school after graduating from junior high school, and Xu Xin's three sisters who grew up with her were no exception. Xu Xin's mother also advised her: \"If you go to a vocational school, you will earn 16.5 yuan a month and you will be assigned a job!\"</p><p>But Xu Xin chose another path: \"I want to attend a key high school!\"</p><p>After Xu Xin made her decision, her father was very supportive and hired a tutor to \"tutor\" her. In addition, she was diligent enough that Xu Xin was actually admitted to Nankai Middle School, a key middle school in the main urban area of Chongqing.</p><p>Xu Xin, who reformed from a \"rebellious underachiever,\" studied hard for three years in high school, achieved high scores in the college entrance examination, and was successfully admitted to the Department of Foreign Languages at Nanjing University.</p><p>Xu Xin graduated from Nanjing University in 1988 and was assigned to<a href=\"https://laohu8.com/S/601988\">BOC</a>At the head office, I became an ordinary teller.</p><p>Holding a secure job, many people have entered the gentle realm of \"just eating and waiting to die,\" but here, Xu Xin completed the most crucial turning point in his life.</p><p>As an ordinary teller, Xu Xin's job is extremely simple, consisting of a repetitive one-stop service of \"photocopying, registration, and stamping\". No matter how simple the job is when he first enters the workforce, Xu Xin works with great enthusiasm and strives to be number one in everything.</p><p>At her workplace, Xu Xin is known as a \"little work expert.\" She receives a perfect attendance bonus every month and strives to do everything. She even wants to be the secretary of the Youth League branch.</p><p>After working for a year, she won almost all the honors at the bank. Of the bank's 2,000 employees, there were only three \"March 8th Red Banner Pacesetters\" spots, and Xu Xin was one of them.</p><p>After working for three years, she was only 25 years old.<a href=\"https://laohu8.com/S/03988\">BOC</a>He rose to the position of deputy section chief in the sales department.</p><p>But she was still dissatisfied, feeling that she had nowhere to use her energy: \"I am very dissatisfied with this situation.\"</p><p><img src=\"https://static.tigerbbs.com/e4f6cb192ab371334127c22f774295c0\" tg-width=\"630\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Just as she was wondering about her unrecognized talent, the opportunity finally came.</p><p>In 1991, the Chinese and British governments jointly helped China train British certified public accountants, and the Bank of China secured a place for Xu Xin.</p><p>She passed the UK Chartered Accountant entrance exam with a high score, and her treasure trove of English skills finally came in handy.</p><p>And so, she was sent to PricewaterhouseCoopers in Hong Kong for three years of training, and the following year she got an internship opportunity at PricewaterhouseCoopers in Hong Kong, thus stepping into the capital circle.</p><p>During this period, in addition to interning and working on projects, Xu Xin also squeezed out time to study, completing 18 pure English CPA courses in three years and successfully obtaining a Chartered Accountant license in the UK. After the training period, Xu Xin successfully joined Peregrine, the largest local securities firm in Hong Kong at the time.</p><p>It can be said that since junior high school, Xu Xin's every magnificent turn has been inseparable from exams. In 1995, Xu Xin, a 28-year-old \"exam professional,\" finally bid farewell to auditing and entered the investment banking world.</p><p><b>Venture capital sniper, a timely helper</b></p><p>When Xu Xin first entered the investment world, the first project he took on was Zong Qinghou and his Wahaha, and his first investment went down in history.</p><p>This may be the first case of consumption upgrading in the history of venture capital in China.</p><p>In 1995, Zong Qinghou went to Paris and saw that the French were drinking bottled water \"Evian\". When he came back, he said he wanted to make bottled water. At that time, the Chinese were still drinking water with military water bottles, and no one knew what bottled water was.</p><p>Xu Xin led her team in the first investment in Wahaha, for which she invested $40 million, betting on whether Chinese people would drink fashionable bottled water like foreigners.</p><p>After receiving $40 million, Zong Qinghou invested $30 million to open three production lines simultaneously, and it took six months of overwhelming advertising to finally launch the product.</p><p>As expected, Wahaha became an instant hit.</p><p><img src=\"https://static.tigerbbs.com/9dbcb71cea4fb7d82ecd9ec3b0c8d516\" tg-width=\"630\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p>In early 1998, Peregrine went bankrupt during the financial crisis. Xu Xin transferred to Baring Investment Group, a top Dutch investment management company, and became Baring Investment's first employee in Asia, serving as a director and general manager of the China region.</p><p>The legend that made Xu Xin one of China's earliest VC textbook cases, and which is talked about in the investment circle, is that she single-handedly helped China's first generation of internet richest people.</p><p>In 1999, Baring Investment began its expansion into the mainland, and Xu Xin met Ding Lei in a small office in Hangzhou.</p><p>The company was small, with only one toilet. More than a dozen science and engineering men were so shy they rubbed their left and right hands together when they first met the female venture capitalist elite.</p><p>Ding Lei, who had seen the world, spoke first: \"Kathy (Xu Xin), I'm not used to managing people. I want to be a happy technical director. Could you help me find a CEO?\"</p><p>Xu Xin nodded and invested 5 million US dollars in NetEase at 5 yuan per share. After receiving the money, Ding Lei led NetEase to list on Nasdaq in the United States the following year, and the stock price quickly rose to 30 yuan.</p><p><img src=\"https://static.tigerbbs.com/5739a1bd37c494cbd5e823feb6bdcdd0\" tg-width=\"630\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the good times didn't last long. Starting in 2000, the US dot-com bubble burst, and overnight, NetEase ushered in its \"darkest hour.\" A junk stock with its stock price falling to 60 cents was already on the verge of delisting.</p><p>Xu Xin was caught in the vortex of a class-action lawsuit by Baring shareholders. For two years, she repeatedly called each shareholder to persuade them to help Ding Lei hold on and save NetEase.</p><p>In 2002-2003, domestic online games experienced a boom. NetEase weathered the crisis with the explosive popularity of \"A Chinese Odyssey 2\", and its market value soared to tens of billions of US dollars.</p><p>In 2003, Ding Lei ushered in the highlight of his life. At the age of 32, he became the youngest richest man in China with a net worth of 7.6 billion yuan.</p><p>In 2004, Xu Xin cashed out NetEase shares, earning an 800% return for shareholders.</p><p>Over the past five years, Xu Xin has risked everything to become the \"woman who made the richest man famous,\" proving to the world her unique vision.</p><p>Also in 1999, Xu Xin's personal angel invested in China Talent Network and served as its chairman. During the period of rapid development of China Talent Network from 2006 to 2008, it...<a href=\"https://laohu8.com/S/ZPIN\">Zhaopin.com</a>、<a href=\"https://laohu8.com/S/JOBS\">51job</a>A three-way balance of power. Xu Xin personally achieved a return of more than 800 times this investment.</p><p>Around 2005, China's VC industry experienced its first large-scale fission.</p><p>That year, Wu Shangzhi founded CDH Investments, Yan Yan led SAIF to independence, Shen Nanpeng left Ctrip to found Sequoia China, and Zhang Lei, who studied at Yale, founded Hillhouse Capital...</p><p>In the same year, Xu Xin, who had been working in investment banking for seven years, left Baring Investment and founded his own company, Today Capital.</p><p>If Xu Xin's achievement in helping China's first generation of internet billionaires become one of her most famous achievements, then what established her status as the \"Queen of Venture Capital\" in the e-commerce industry was her single-handedly building a skyscraper.</p><p>In 2006, JD.com transformed from offline to online. At that time, JD.com only had about 50 employees, not even an accountant. The previous fund originally planned to invest 5 million RMB in them, but withdrew after investing 1 million.</p><p>Liu Qiangdong searched everywhere for financing and met with dozens of investors, but no one was willing to pay attention to him. With nowhere else to turn, Liu Qiangdong even said:</p><p>\"I just want to raise 2 million to pay my buddies' salaries.\"</p><p><img src=\"https://static.tigerbbs.com/1f2324eede3645d4b864d8f06cb66285\" tg-width=\"967\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p>After going around in circles, Xu Xin was matched by someone and met Liu Qiangdong. The two chatted from 10 p.m. to 2 a.m.</p><p>The down-to-earth Liu Qiangdong didn't even have a PowerPoint presentation. He opened the website to talk about the product and directly pulled out the backend ERP system for Xu Xin to see. At that time, sales reached 50 million yuan, growing by 10% every month.</p><p>On the same day, Xu Xin helped Liu Qiangdong book the same flight from Beijing to Shanghai as him, and signed the investment framework upon landing.</p><p><img src=\"https://static.tigerbbs.com/3095e11a36c20e0733b12d7e380b8371\" tg-width=\"550\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Upon receiving the money, Liu Qiangdong led his team on a desperate journey, expanding JD.com's product range while building their own logistics network.</p><p>Logistics is a real \"money-burning\" business; 10 million yuan was quickly burned through. Collapsing because of money is the most tragic end for founders.</p><p>Seeing this tragic situation, Xu Xin played his final trump card, borrowing five bridge loans, totaling 20 million yuan, to Liu Qiangdong.</p><p>Unexpectedly, the \"stubborn donkey\" Liu Qiangdong turned around and invested all 20 million yuan in logistics. His fellow investors thought Xu Xin was crazy and had invested in a bottomless pit.</p><p>But only she herself understood that once she made the decision to risk her life to accompany her husband, she could only run like crazy.</p><p>This wait lasted eight years. When JD.com went public in 2014, Xu Xin's investment increased more than 150 times.</p><p><img src=\"https://static.tigerbbs.com/1b8705816f1e4a6504a770befc45e677\" tg-width=\"630\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p>Subsequently, Today Capital gradually reduced its holdings and disappeared from the list of major shareholders.</p><p>From NetEase, JD.com, and later Ganji.com, Three Squirrels, Yifeng Pharmacy, Meituan, and Ctrip, Xu Xin has accompanied one grassroots person after another, from the beginning of his entrepreneurial career to the bottom and then back to the top.</p><p>Her long-term holding of Tencent stock demonstrates her foresight and conviction in investing. Xu Xin once celebrated Tencent's 22nd birthday on his WeChat Moments, recounting the story of buying Tencent stock: \"Sixteen years have passed, and I haven't sold a single share. I increased my holdings as soon as I had money, and the return of more than 500 times is gratifying.\"</p><p>It is worth mentioning that Xu Xin has also invested in Meituan for many consecutive years, and has now invested (jointly invested) more than US$3.3 billion. This investment may exceed the total amount of her previous investments.</p><p><img src=\"https://static.tigerbbs.com/a5fc6e5167e7a677b51b4e23cb4bb922\" tg-width=\"620\" tg-height=\"640\" referrerpolicy=\"no-referrer\">▲ Image source: Investment Circle</p><p>When Wang Xing was mentioned, Xu Xin said with satisfaction that Wang Xing had a very good saying: \"Traditional industries are like mountain climbing, and you know where the highest peak is. But the Internet is like surfing, and you don't know where the next wave is, so you don't know if you can catch it.\"</p><p>Big waves don't necessarily happen every year. If you don't have them, just rest, wait, and wait for the waves to hit. But to catch the waves, you have to stay in the water; if the waves come, they won't hit you.</p><p>This year, the moves of the \"Queen of Venture Capital\" are puzzling.</p><p>At the end of May, before the IPO bore fruit, Xu Xin relinquished his 44.75% stake in Manner Coffee and sold it to H Capital and Coatue.</p><p>According to China Venture Capital, compared to the two rounds of tens of millions of yuan in investment, Xu Xin's \"home run\" is worth about $1 billion and has most likely already been profitable. Capital has made a fortune today.</p><p>In early June, BOSS Zhipin, China's largest recruitment platform, went public on Nasdaq and closed up 95.75% on its first day, with a market capitalization of $14.9 billion. The story of Xu Xin investing in BOSS Zhipin is almost a replica of her investment in JD.com.</p><p>Since 2015, Today Capital has increased its holdings in BOSS Zhipin five times in six years, investing a total of nearly US$40 million.</p><p><img src=\"https://static.tigerbbs.com/f6eb5bd530aa8ec401a26bf1a0639a0a\" tg-width=\"630\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>Today, Today Capital owns 14.7% of BOSS Zhipin's Class A ordinary shares, making it the largest institutional shareholder. With this investment, Xu Xin is expected to reap a return of up to 14 billion RMB.</p><p><b>Marriage terminator, controversial first pot of gold</b></p><p>When summarizing Xu Xin's investments, some media outlets discovered an interesting phenomenon: the founders of the companies she invested in were highly susceptible to \"marital breakdowns,\" leading to a joke: \"If you want a divorce, go find Xu Xin.\"</p><p>In 2006, Xu Xin invested in Kungfu. Soon after, founder Cai Dabiao divorced his wife Pan Minfeng, and the two families were embroiled in a protracted \"internal strife,\" with the couple and brothers becoming enemies. Ultimately, the court sentenced Cai Dabiao to six charges, including \"embezzlement and misappropriation of funds.\" His ex-wife, Pan Minfeng, was also physically and mentally exhausted, and the two families ultimately suffered losses.</p><p>In 2009, the same embarrassing \"marital breakdown\" occurred on Ganji.com. Wang Hongyan accused Ganji.com founder Yang Haoran of transferring all of his 50% stake in Ganji.com to his brother Yang Haoyong during their divorce proceedings in the United States. As a result, Ganji.com's competitors<a href=\"https://laohu8.com/S/WUBA\">58.com</a>However, it successfully listed on the New York Stock Exchange at the end of October 2013 and successfully acquired Ganji.com.</p><p>In November 2010, Xu Xintou's Tudou.com submitted an IPO application to the U.S. Securities and Exchange Commission. Unexpectedly, the next day, the court upheld the divorce property division lawsuit filed by Yang Lei, the ex-wife of Tudou.com founder Wang Wei, instantly freezing the equity of the company under Wang Wei's name, directly rendering Tudou.com's IPO a nightmare.</p><p>In August 2018, Liu Qiangdong was embroiled in a \"sexual assault scandal\"...</p><p>Why did all the entrepreneurs invested in by Xu Xin have \"marital breakdowns\"? Even Xu Xin himself had to express his opinion on the marital breakdown caused by the investment: \"For those who are married, we should interview their wives; for those who are divorced, we should interview their ex-wives; and for those who are not married, we should interview their parents.\"</p><p>Xu Xin, who was deeply involved in \"candlelight talks\" and \"brainstorming\" with the founder, has also been repeatedly questioned for playing a role in \"fueling the situation\".</p><p><img src=\"https://static.tigerbbs.com/a209156a0001ceca07300a6a9e27960d\" tg-width=\"630\" tg-height=\"378\" referrerpolicy=\"no-referrer\"></p><p>The vast majority of smart and ambitious women in capital operations resist being labeled with gender and relationships.</p><p>No matter how famous someone is, there will always be doubters. Xu Xin's family background, upbringing, and life are all controversial. Some say she is a legend, some say she is lucky, and some say she just \"has a good father\".</p><p>Xu Xin once revealed in an interview that his father was the director of a Sichuan automobile manufacturing plant, so some people followed the clues from an article in the magazine \"The Businessman\" titled \"Xu Rengen: A Rare Strong Man\".</p><p>Mr. Xu Rengen, whose ancestral home is Zhejiang, was assigned to the Sichuan Automobile Manufacturing Plant after graduating from Jilin University of Technology in 1960. He started as a grassroots employee and worked his way up to factory director. In 1990, Mr. Xu was the head of a large state-owned enterprise at the ministerial level with 130,000 employees, an annual production capacity of 12,000 trucks, and 17 subsidiaries.</p><p>This perfectly matches the description of Ms. Xu Xin's father in an interview with Forbes Chinese.</p><p><img src=\"https://static.tigerbbs.com/abc28ba0435b112052bc2caecac08083\" tg-width=\"711\" tg-height=\"233\" referrerpolicy=\"no-referrer\"></p><p>Some say she merely caught the \"opportunity\" of the times and caught the high-speed rail of social development, and doesn't deserve much praise.</p><p>Some say that it is normal for the first pot of gold of the second generation of officials and rich children to come from their parents. The influence of the family business atmosphere and the help of relatives can help them gain wealth and fame in a short period of time, but it cannot help them gain personal abilities permanently.</p><p>Xu Xin had no Wall Street background, no foreign business school education, and no mentorship from benefactors who could turn stone into gold. The key to her success lies in her personal ability and unique investment vision. She has developed a keen eye for navigating cycles, consistently seizing representative and outstanding companies for 23 years.</p><p>She may not be indifferent to the criticisms against her family and herself, but this is also where her strength lies: she can turn all the help into motivation, into bargaining chips in her hands, and thus take control of every step of her life.</p><p>Facing the camera, Xu Xin admitted that he hadn't grasped Kuaishou.<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>This is truly a pity.</p><p>To some extent, this is the disappointment of an investor who has experienced numerous failures and provided motivational quotes and ammunition to founders in countless difficult moments, in a new era.</p><p>In the footage, Xu Xin, with short hair, a round face, phoenix eyes, and a small mole around her lips, remains unchanged from her \"androgynous\" queen traits: \"I don't know how to spend money, nor do I like to spend money. I never go shopping, dress up, or love luxury goods.\"</p><p><b>At the end</b></p><p>Some people lament that they were born at the wrong time, while others only wish to be content with a small fortune. Being born at the right time may only be because they caught the high-speed rail of the times. A mediocre life is just God throwing the wrong dice.</p><p>Eileen Chang said that fame should be achieved early; if it comes too late, happiness won't be as enjoyable. But few people know that there is a second half to this sentence: \"Even if an individual can wait in time, times are rushing, they are already in the midst of destruction, and even greater destruction is yet to come.\"</p><p>What's even more regrettable than how difficult times are to create heroes is not that heroes are fading into obscurity, but perhaps that after accumulating strength and making a breakthrough, they can no longer achieve great things late in life.</p><p>But dreams are essential; what if they come true?</p>","source":"lsy1573183346068","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 Women Behind Ding Lei, Liu Qiangdong, and Zong Qinghou: One Man Creates Three Richest Men</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Women Behind Ding Lei, Liu Qiangdong, and Zong Qinghou: One Man Creates Three Richest Men\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">快刀财经</strong><span class=\"h-time small\">2021-06-25 16:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By Lu Laoer</p><p>Although she is not on the list of achievements of company founders, she is the undisputed mentor who helped them achieve success.</p><p>When we think of Wahaha, Wang Leehom and that bottle of water come to mind.</p><p>mention<a href=\"https://laohu8.com/S/NTES\">NetEase</a>First Lenovo is founded by Ding Lei.</p><p>When many people see the word \"Ctrip,\" they think of airfare and travel.</p><p>refer to<a href=\"https://laohu8.com/S/JD\">JD.com</a>Everyone knows Liu Qiangdong.</p><p>When it comes to Meituan, Wang Xing and his food delivery services are the first things that come to mind.</p><p>But behind all these big shots stands the same woman: China's first generation of VCs and a renowned \"Iron Lady\" in the investment world.</p><p>For these men, she spent a fortune, investing in companies including Wahaha, JD.com, and NetEase.<a href=\"https://laohu8.com/S/300783\">Three Squirrels</a>Meituan, Ctrip<a href=\"https://laohu8.com/S/BZ\">BOSS Zhipin</a>Several listed companies, including...</p><p>She is Xu Xin.</p><p>She earned more than 1,000 times the returns from these companies, and each time she stood at the forefront of the trend, her \"precise investment\" made her the universally recognized \"Queen of Venture Capital\" and \"China's female version of Buffett\".</p><p>Her vitality is even stronger than that of a brand, and her report card still shows...<a href=\"https://laohu8.com/S/00700\">Tencent</a>Potatoes, Dianping, Ganji.com<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Little Pig Short-Term Rental<a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Xingsheng Youxuan, Guazi Used Cars...</p><p>Without her, the ups and downs of China's internet landscape would not have been so dramatic. Although she is not on the list of achievements of company founders, she is the undisputed mentor who helped them achieve success.</p><p>However, the outside world knows very little about her. What kind of person is Xu Xin?</p><p><b>A poor student turns a top student into a skilled worker.</b></p><p>Xu Xin was born in Dazu, Chongqing in 1967. She is what we call a typical \"hot girl from Chongqing\", but she had a restless school years.</p><p>Xu Xin, who has a carefree personality, has been very mischievous since childhood. He walks in the wind and speaks with teeth that can't keep up with his mouth. He likes to go crazy and make trouble with boys.</p><p>There are about 50 students in a class, and she has long been in the \"middle\" category, often skipping classes and going out to play with her best friends. My friend was watching Dream of the Red Chamber on the bank, and she was slacking off and catching shrimp in the river with her bare hands for an entire afternoon. For this, she even earned the title of \"King of Skipping School\".</p><p>It wasn't until the teacher made a home visit that the matter was revealed: \"Your Xu Xin never goes to chemistry class. He doesn't even know what Mendeleev's periodic table is. He goes to the ditch every day to catch fish and shrimp.\"</p><p>The mother was furious. As soon as the teacher left, the father picked up a clothes hanger and beat her, his eyes full of disappointment.</p><p>The older generation loves to say, \"A filial son is born under a stick, and a spoiled child is raised to be disobedient.\" Sometimes, an unforgettable beating can truly transform a person.</p><p>In any case, this meal really brought Xu Xin to his senses. After that, Xu Xin seemed to suddenly have a cheat code, and his grades skyrocketed.</p><p>In the 1980s, industrial workers had a golden rice bowl. Most people choose to attend a vocational school after graduating from junior high school, and Xu Xin's three sisters who grew up with her were no exception. Xu Xin's mother also advised her: \"If you go to a vocational school, you will earn 16.5 yuan a month and you will be assigned a job!\"</p><p>But Xu Xin chose another path: \"I want to attend a key high school!\"</p><p>After Xu Xin made her decision, her father was very supportive and hired a tutor to \"tutor\" her. In addition, she was diligent enough that Xu Xin was actually admitted to Nankai Middle School, a key middle school in the main urban area of Chongqing.</p><p>Xu Xin, who reformed from a \"rebellious underachiever,\" studied hard for three years in high school, achieved high scores in the college entrance examination, and was successfully admitted to the Department of Foreign Languages at Nanjing University.</p><p>Xu Xin graduated from Nanjing University in 1988 and was assigned to<a href=\"https://laohu8.com/S/601988\">BOC</a>At the head office, I became an ordinary teller.</p><p>Holding a secure job, many people have entered the gentle realm of \"just eating and waiting to die,\" but here, Xu Xin completed the most crucial turning point in his life.</p><p>As an ordinary teller, Xu Xin's job is extremely simple, consisting of a repetitive one-stop service of \"photocopying, registration, and stamping\". No matter how simple the job is when he first enters the workforce, Xu Xin works with great enthusiasm and strives to be number one in everything.</p><p>At her workplace, Xu Xin is known as a \"little work expert.\" She receives a perfect attendance bonus every month and strives to do everything. She even wants to be the secretary of the Youth League branch.</p><p>After working for a year, she won almost all the honors at the bank. Of the bank's 2,000 employees, there were only three \"March 8th Red Banner Pacesetters\" spots, and Xu Xin was one of them.</p><p>After working for three years, she was only 25 years old.<a href=\"https://laohu8.com/S/03988\">BOC</a>He rose to the position of deputy section chief in the sales department.</p><p>But she was still dissatisfied, feeling that she had nowhere to use her energy: \"I am very dissatisfied with this situation.\"</p><p><img src=\"https://static.tigerbbs.com/e4f6cb192ab371334127c22f774295c0\" tg-width=\"630\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Just as she was wondering about her unrecognized talent, the opportunity finally came.</p><p>In 1991, the Chinese and British governments jointly helped China train British certified public accountants, and the Bank of China secured a place for Xu Xin.</p><p>She passed the UK Chartered Accountant entrance exam with a high score, and her treasure trove of English skills finally came in handy.</p><p>And so, she was sent to PricewaterhouseCoopers in Hong Kong for three years of training, and the following year she got an internship opportunity at PricewaterhouseCoopers in Hong Kong, thus stepping into the capital circle.</p><p>During this period, in addition to interning and working on projects, Xu Xin also squeezed out time to study, completing 18 pure English CPA courses in three years and successfully obtaining a Chartered Accountant license in the UK. After the training period, Xu Xin successfully joined Peregrine, the largest local securities firm in Hong Kong at the time.</p><p>It can be said that since junior high school, Xu Xin's every magnificent turn has been inseparable from exams. In 1995, Xu Xin, a 28-year-old \"exam professional,\" finally bid farewell to auditing and entered the investment banking world.</p><p><b>Venture capital sniper, a timely helper</b></p><p>When Xu Xin first entered the investment world, the first project he took on was Zong Qinghou and his Wahaha, and his first investment went down in history.</p><p>This may be the first case of consumption upgrading in the history of venture capital in China.</p><p>In 1995, Zong Qinghou went to Paris and saw that the French were drinking bottled water \"Evian\". When he came back, he said he wanted to make bottled water. At that time, the Chinese were still drinking water with military water bottles, and no one knew what bottled water was.</p><p>Xu Xin led her team in the first investment in Wahaha, for which she invested $40 million, betting on whether Chinese people would drink fashionable bottled water like foreigners.</p><p>After receiving $40 million, Zong Qinghou invested $30 million to open three production lines simultaneously, and it took six months of overwhelming advertising to finally launch the product.</p><p>As expected, Wahaha became an instant hit.</p><p><img src=\"https://static.tigerbbs.com/9dbcb71cea4fb7d82ecd9ec3b0c8d516\" tg-width=\"630\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p>In early 1998, Peregrine went bankrupt during the financial crisis. Xu Xin transferred to Baring Investment Group, a top Dutch investment management company, and became Baring Investment's first employee in Asia, serving as a director and general manager of the China region.</p><p>The legend that made Xu Xin one of China's earliest VC textbook cases, and which is talked about in the investment circle, is that she single-handedly helped China's first generation of internet richest people.</p><p>In 1999, Baring Investment began its expansion into the mainland, and Xu Xin met Ding Lei in a small office in Hangzhou.</p><p>The company was small, with only one toilet. More than a dozen science and engineering men were so shy they rubbed their left and right hands together when they first met the female venture capitalist elite.</p><p>Ding Lei, who had seen the world, spoke first: \"Kathy (Xu Xin), I'm not used to managing people. I want to be a happy technical director. Could you help me find a CEO?\"</p><p>Xu Xin nodded and invested 5 million US dollars in NetEase at 5 yuan per share. After receiving the money, Ding Lei led NetEase to list on Nasdaq in the United States the following year, and the stock price quickly rose to 30 yuan.</p><p><img src=\"https://static.tigerbbs.com/5739a1bd37c494cbd5e823feb6bdcdd0\" tg-width=\"630\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the good times didn't last long. Starting in 2000, the US dot-com bubble burst, and overnight, NetEase ushered in its \"darkest hour.\" A junk stock with its stock price falling to 60 cents was already on the verge of delisting.</p><p>Xu Xin was caught in the vortex of a class-action lawsuit by Baring shareholders. For two years, she repeatedly called each shareholder to persuade them to help Ding Lei hold on and save NetEase.</p><p>In 2002-2003, domestic online games experienced a boom. NetEase weathered the crisis with the explosive popularity of \"A Chinese Odyssey 2\", and its market value soared to tens of billions of US dollars.</p><p>In 2003, Ding Lei ushered in the highlight of his life. At the age of 32, he became the youngest richest man in China with a net worth of 7.6 billion yuan.</p><p>In 2004, Xu Xin cashed out NetEase shares, earning an 800% return for shareholders.</p><p>Over the past five years, Xu Xin has risked everything to become the \"woman who made the richest man famous,\" proving to the world her unique vision.</p><p>Also in 1999, Xu Xin's personal angel invested in China Talent Network and served as its chairman. During the period of rapid development of China Talent Network from 2006 to 2008, it...<a href=\"https://laohu8.com/S/ZPIN\">Zhaopin.com</a>、<a href=\"https://laohu8.com/S/JOBS\">51job</a>A three-way balance of power. Xu Xin personally achieved a return of more than 800 times this investment.</p><p>Around 2005, China's VC industry experienced its first large-scale fission.</p><p>That year, Wu Shangzhi founded CDH Investments, Yan Yan led SAIF to independence, Shen Nanpeng left Ctrip to found Sequoia China, and Zhang Lei, who studied at Yale, founded Hillhouse Capital...</p><p>In the same year, Xu Xin, who had been working in investment banking for seven years, left Baring Investment and founded his own company, Today Capital.</p><p>If Xu Xin's achievement in helping China's first generation of internet billionaires become one of her most famous achievements, then what established her status as the \"Queen of Venture Capital\" in the e-commerce industry was her single-handedly building a skyscraper.</p><p>In 2006, JD.com transformed from offline to online. At that time, JD.com only had about 50 employees, not even an accountant. The previous fund originally planned to invest 5 million RMB in them, but withdrew after investing 1 million.</p><p>Liu Qiangdong searched everywhere for financing and met with dozens of investors, but no one was willing to pay attention to him. With nowhere else to turn, Liu Qiangdong even said:</p><p>\"I just want to raise 2 million to pay my buddies' salaries.\"</p><p><img src=\"https://static.tigerbbs.com/1f2324eede3645d4b864d8f06cb66285\" tg-width=\"967\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p>After going around in circles, Xu Xin was matched by someone and met Liu Qiangdong. The two chatted from 10 p.m. to 2 a.m.</p><p>The down-to-earth Liu Qiangdong didn't even have a PowerPoint presentation. He opened the website to talk about the product and directly pulled out the backend ERP system for Xu Xin to see. At that time, sales reached 50 million yuan, growing by 10% every month.</p><p>On the same day, Xu Xin helped Liu Qiangdong book the same flight from Beijing to Shanghai as him, and signed the investment framework upon landing.</p><p><img src=\"https://static.tigerbbs.com/3095e11a36c20e0733b12d7e380b8371\" tg-width=\"550\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Upon receiving the money, Liu Qiangdong led his team on a desperate journey, expanding JD.com's product range while building their own logistics network.</p><p>Logistics is a real \"money-burning\" business; 10 million yuan was quickly burned through. Collapsing because of money is the most tragic end for founders.</p><p>Seeing this tragic situation, Xu Xin played his final trump card, borrowing five bridge loans, totaling 20 million yuan, to Liu Qiangdong.</p><p>Unexpectedly, the \"stubborn donkey\" Liu Qiangdong turned around and invested all 20 million yuan in logistics. His fellow investors thought Xu Xin was crazy and had invested in a bottomless pit.</p><p>But only she herself understood that once she made the decision to risk her life to accompany her husband, she could only run like crazy.</p><p>This wait lasted eight years. When JD.com went public in 2014, Xu Xin's investment increased more than 150 times.</p><p><img src=\"https://static.tigerbbs.com/1b8705816f1e4a6504a770befc45e677\" tg-width=\"630\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p>Subsequently, Today Capital gradually reduced its holdings and disappeared from the list of major shareholders.</p><p>From NetEase, JD.com, and later Ganji.com, Three Squirrels, Yifeng Pharmacy, Meituan, and Ctrip, Xu Xin has accompanied one grassroots person after another, from the beginning of his entrepreneurial career to the bottom and then back to the top.</p><p>Her long-term holding of Tencent stock demonstrates her foresight and conviction in investing. Xu Xin once celebrated Tencent's 22nd birthday on his WeChat Moments, recounting the story of buying Tencent stock: \"Sixteen years have passed, and I haven't sold a single share. I increased my holdings as soon as I had money, and the return of more than 500 times is gratifying.\"</p><p>It is worth mentioning that Xu Xin has also invested in Meituan for many consecutive years, and has now invested (jointly invested) more than US$3.3 billion. This investment may exceed the total amount of her previous investments.</p><p><img src=\"https://static.tigerbbs.com/a5fc6e5167e7a677b51b4e23cb4bb922\" tg-width=\"620\" tg-height=\"640\" referrerpolicy=\"no-referrer\">▲ Image source: Investment Circle</p><p>When Wang Xing was mentioned, Xu Xin said with satisfaction that Wang Xing had a very good saying: \"Traditional industries are like mountain climbing, and you know where the highest peak is. But the Internet is like surfing, and you don't know where the next wave is, so you don't know if you can catch it.\"</p><p>Big waves don't necessarily happen every year. If you don't have them, just rest, wait, and wait for the waves to hit. But to catch the waves, you have to stay in the water; if the waves come, they won't hit you.</p><p>This year, the moves of the \"Queen of Venture Capital\" are puzzling.</p><p>At the end of May, before the IPO bore fruit, Xu Xin relinquished his 44.75% stake in Manner Coffee and sold it to H Capital and Coatue.</p><p>According to China Venture Capital, compared to the two rounds of tens of millions of yuan in investment, Xu Xin's \"home run\" is worth about $1 billion and has most likely already been profitable. Capital has made a fortune today.</p><p>In early June, BOSS Zhipin, China's largest recruitment platform, went public on Nasdaq and closed up 95.75% on its first day, with a market capitalization of $14.9 billion. The story of Xu Xin investing in BOSS Zhipin is almost a replica of her investment in JD.com.</p><p>Since 2015, Today Capital has increased its holdings in BOSS Zhipin five times in six years, investing a total of nearly US$40 million.</p><p><img src=\"https://static.tigerbbs.com/f6eb5bd530aa8ec401a26bf1a0639a0a\" tg-width=\"630\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>Today, Today Capital owns 14.7% of BOSS Zhipin's Class A ordinary shares, making it the largest institutional shareholder. With this investment, Xu Xin is expected to reap a return of up to 14 billion RMB.</p><p><b>Marriage terminator, controversial first pot of gold</b></p><p>When summarizing Xu Xin's investments, some media outlets discovered an interesting phenomenon: the founders of the companies she invested in were highly susceptible to \"marital breakdowns,\" leading to a joke: \"If you want a divorce, go find Xu Xin.\"</p><p>In 2006, Xu Xin invested in Kungfu. Soon after, founder Cai Dabiao divorced his wife Pan Minfeng, and the two families were embroiled in a protracted \"internal strife,\" with the couple and brothers becoming enemies. Ultimately, the court sentenced Cai Dabiao to six charges, including \"embezzlement and misappropriation of funds.\" His ex-wife, Pan Minfeng, was also physically and mentally exhausted, and the two families ultimately suffered losses.</p><p>In 2009, the same embarrassing \"marital breakdown\" occurred on Ganji.com. Wang Hongyan accused Ganji.com founder Yang Haoran of transferring all of his 50% stake in Ganji.com to his brother Yang Haoyong during their divorce proceedings in the United States. As a result, Ganji.com's competitors<a href=\"https://laohu8.com/S/WUBA\">58.com</a>However, it successfully listed on the New York Stock Exchange at the end of October 2013 and successfully acquired Ganji.com.</p><p>In November 2010, Xu Xintou's Tudou.com submitted an IPO application to the U.S. Securities and Exchange Commission. Unexpectedly, the next day, the court upheld the divorce property division lawsuit filed by Yang Lei, the ex-wife of Tudou.com founder Wang Wei, instantly freezing the equity of the company under Wang Wei's name, directly rendering Tudou.com's IPO a nightmare.</p><p>In August 2018, Liu Qiangdong was embroiled in a \"sexual assault scandal\"...</p><p>Why did all the entrepreneurs invested in by Xu Xin have \"marital breakdowns\"? Even Xu Xin himself had to express his opinion on the marital breakdown caused by the investment: \"For those who are married, we should interview their wives; for those who are divorced, we should interview their ex-wives; and for those who are not married, we should interview their parents.\"</p><p>Xu Xin, who was deeply involved in \"candlelight talks\" and \"brainstorming\" with the founder, has also been repeatedly questioned for playing a role in \"fueling the situation\".</p><p><img src=\"https://static.tigerbbs.com/a209156a0001ceca07300a6a9e27960d\" tg-width=\"630\" tg-height=\"378\" referrerpolicy=\"no-referrer\"></p><p>The vast majority of smart and ambitious women in capital operations resist being labeled with gender and relationships.</p><p>No matter how famous someone is, there will always be doubters. Xu Xin's family background, upbringing, and life are all controversial. Some say she is a legend, some say she is lucky, and some say she just \"has a good father\".</p><p>Xu Xin once revealed in an interview that his father was the director of a Sichuan automobile manufacturing plant, so some people followed the clues from an article in the magazine \"The Businessman\" titled \"Xu Rengen: A Rare Strong Man\".</p><p>Mr. Xu Rengen, whose ancestral home is Zhejiang, was assigned to the Sichuan Automobile Manufacturing Plant after graduating from Jilin University of Technology in 1960. He started as a grassroots employee and worked his way up to factory director. In 1990, Mr. Xu was the head of a large state-owned enterprise at the ministerial level with 130,000 employees, an annual production capacity of 12,000 trucks, and 17 subsidiaries.</p><p>This perfectly matches the description of Ms. Xu Xin's father in an interview with Forbes Chinese.</p><p><img src=\"https://static.tigerbbs.com/abc28ba0435b112052bc2caecac08083\" tg-width=\"711\" tg-height=\"233\" referrerpolicy=\"no-referrer\"></p><p>Some say she merely caught the \"opportunity\" of the times and caught the high-speed rail of social development, and doesn't deserve much praise.</p><p>Some say that it is normal for the first pot of gold of the second generation of officials and rich children to come from their parents. The influence of the family business atmosphere and the help of relatives can help them gain wealth and fame in a short period of time, but it cannot help them gain personal abilities permanently.</p><p>Xu Xin had no Wall Street background, no foreign business school education, and no mentorship from benefactors who could turn stone into gold. The key to her success lies in her personal ability and unique investment vision. She has developed a keen eye for navigating cycles, consistently seizing representative and outstanding companies for 23 years.</p><p>She may not be indifferent to the criticisms against her family and herself, but this is also where her strength lies: she can turn all the help into motivation, into bargaining chips in her hands, and thus take control of every step of her life.</p><p>Facing the camera, Xu Xin admitted that he hadn't grasped Kuaishou.<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>This is truly a pity.</p><p>To some extent, this is the disappointment of an investor who has experienced numerous failures and provided motivational quotes and ammunition to founders in countless difficult moments, in a new era.</p><p>In the footage, Xu Xin, with short hair, a round face, phoenix eyes, and a small mole around her lips, remains unchanged from her \"androgynous\" queen traits: \"I don't know how to spend money, nor do I like to spend money. I never go shopping, dress up, or love luxury goods.\"</p><p><b>At the end</b></p><p>Some people lament that they were born at the wrong time, while others only wish to be content with a small fortune. Being born at the right time may only be because they caught the high-speed rail of the times. A mediocre life is just God throwing the wrong dice.</p><p>Eileen Chang said that fame should be achieved early; if it comes too late, happiness won't be as enjoyable. But few people know that there is a second half to this sentence: \"Even if an individual can wait in time, times are rushing, they are already in the midst of destruction, and even greater destruction is yet to come.\"</p><p>What's even more regrettable than how difficult times are to create heroes is not that heroes are fading into obscurity, but perhaps that after accumulating strength and making a breakthrough, they can no longer achieve great things late in life.</p><p>But dreams are essential; what if they come true?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqciyzk1776549.shtml\">快刀财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b95a16cbd3197991461b6d5d5e051d7e","relate_stocks":{"09999":"网易","NTES":"网易","QNETCN":"纳斯达克中美互联网老虎指数","JD":"京东","09618":"京东集团-SW"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqciyzk1776549.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138767269","content_text":"文/路老二\n她虽不在企业创始人的功劳簿上，但却是成就创始人的不二伯乐。\n想起娃哈哈，我们脑海里浮现的是王力宏和那瓶水。\n提起网易，第一联想就是创始人丁磊。\n看到携程二字，许多人会想到机票和旅游。\n提到京东，没人不知道刘强东。\n说到美团，王兴和他的外卖最先映入眼帘。\n但这一众大佬背后，都站着同一个女人，她是中国第一代VC、投资界赫赫有名的“铁娘子”。\n为了这群男人，她豪掷千金，挥手投出了包括娃哈哈、京东、网易、三只松鼠、美团、携程、BOSS直聘等在内的多家上市公司。\n她就是徐新。\n她从这些公司中赚到超过1000倍的收益，每一次站在风口上的“精准投资”，也让她成为了人人称道的“风投女王”“中国女版巴菲特”。\n她的生命力甚至比品牌还强，成绩单上还有腾讯、土豆，大众点评，赶集网，唯品会，小猪短租，知乎，兴盛优选、瓜子二手车……\n没有她，中国互联网江湖的浮沉，不会如此荡气回肠。她虽不在企业创始人的功劳簿上，但却是成就创始人的不二伯乐。\n然而外界对她却知之甚少，徐新，到底是一个怎样的人？\n学渣逆袭学霸，工作小能手\n1967年，徐新出生于重庆大足，是我们所说的典型的“重庆辣妹子”，不过她有着一段并不安分的读书岁月。\n性格大大咧咧的徐新从小就很调皮，走路起风说话牙齿跟不上嘴，喜欢和男孩子一起疯一起闹。\n一个班50来人，她长期在“中游”徘徊，经常和好朋友逃课出去玩。好友在岸边看红楼梦，她就在河里赤手空拳摸鱼抓虾，一玩就是一个下午，为此还得了一个“逃课大王”的称号。\n直到老师家访才把这事捅了出来：“你家徐新哟，化学课从来都不去上，连门捷列夫周期表都不知道是什么东东，天天到河沟里摸鱼捉虾。”\n母亲气到冒烟，老师前脚刚走，爸爸抡起衣架就是一顿打，满眼都是恨铁不成钢。\n老一辈爱说“棍棒底下出孝子，娇养造就忤逆儿”。有时候一顿刻骨铭心的暴打，或许真能促使一个人的蜕变。\n不管怎么说，这一顿把徐新打“开窍”了。此后的徐新仿佛突然开了挂，成绩一下子就窜了上来。\n80年代，产业工人就是金饭碗。初中毕业绝大多数人都会选择读技校，和徐新一起长大的3个姐妹也不例外，徐新的妈妈也劝她：“读技校，一个月有16块5还包分配！”\n但徐新选择了另一条路：“我要读重点高中！”\n徐新决定之后，爸爸也很支持，给她请家教老师“开小灶”，加上自己够勤奋，徐新居然考上了重庆主城的重点中学——南开中学。\n从“叛逆学渣”改过自新，高中3年，拼了命学习的徐新高考拿了高分，顺利考进南京大学的外语系。\n1988年，徐新从南京大学毕业，被分配到中国银行总行，成为了一名普通柜员。\n手捧铁饭碗，多少人进入了“混吃等死”的温柔乡，而在这里，徐新却完成了人生最关键的转折。\n作为普通柜员，徐新的工作极其简单，无非就是“复印、登记、盖章”周而复始的一条龙服务，初入职场，工作再简单，徐新也干得很起劲，什么都要争第一。\n在单位，徐新被称为“工作小能手”，月月拿全勤奖，事事争着做，就连团支部书记，她也要当一当。\n工作一年，她几乎把银行所有的荣誉拿遍了，全行2000名员工只有三个“三八红旗手”名额，徐新就是其中之一。\n工作三年，才25岁的她就在中国银行营业部做到了副科长。\n可她还是不满意，感觉有劲无处使：“这种状态我很不满意”。\n\n正当她在纳闷怀才不遇之际，机会终于来了。\n1991年，中国政府和英国政府联合帮助中国培养英国注册会计师，中国银行为徐新争取到了一个名额。\n参加英国注册会计师的入学考试高分通过，她的宝藏英语技能，终于派上用场。\n就这样，她被送到香港的普华会计师事务所培训3年，次年便得到了在香港普华永道工作实习的机会，一只脚踏入了资本圈。\n在这期间，除了实习做项目，徐新还挤出时间学习，3年考完18门纯英文注会课程，成功拿到英国注册会计师执照。培训期结束，徐新成功入职香港当时最大的本土券商百富勤。\n可以说从初中开始，徐新的每一次华丽转身，都与考试密不可分。1995年，28岁的“考试专业户”徐新，终于告别审计，跨进投行江湖。\n创投狙击手，雪中送炭人\n初入投资界，徐新接手的第一个项目就是宗庆后和他的娃哈哈，第一笔投资便载入史册。\n这或许是中国风投史上第一笔消费升级案例。\n1995年，宗庆后去了一趟巴黎，看到法国人都在喝瓶装水“依云”，回来就说要做瓶装水，当时中国人都还拿军用水壶在喝水，根本没有人知道瓶装水是什么。\n徐新带领团队参与了第一笔对娃哈哈的投资，为此她砸了4000万美金，赌的是“中国人会不会像外国人一样喝洋气的瓶装水”。\n拿到4000万美金后，宗庆后重仓3000万美金，齐开3条生产线，铺天盖地的广告打了6个月水才上市。\n果不其然，“娃哈哈”一炮而红。\n\n1998年初，百富勤在金融风暴中倒闭，徐新转投荷兰顶级投资管理公司霸菱投资集团，成为了霸菱投资在亚洲的第一位员工，担任中国区董事和总经理。\n而让徐新一战成就中国最早的VC教科书案例，被投资圈津津乐道的传奇，则是她一手扶起中国初代互联网首富。\n1999年，霸菱投资开始往内地开疆拓土，徐新在杭州一间狭小的办公室见到丁磊。\n公司很小，连厕所都只有一个，10多个理工男第一次见到风投女精英，都害羞得左手搓右手。\n还是见过世面的丁磊先开了口：“Kathy（徐新），我这个人不习惯管人，我要做一个快乐的技术总监，你帮我找个CEO吧。”\n徐新点了点头，以5元/股投资网易，一共投了500万美金。拿到钱的丁磊，第二年便带领网易在美国纳斯达克上市，股价也迅速涨到30元。\n\n可惜好景不长，2000年开始美国互联网泡沫破裂，一夜之间，网易迎来了“至暗时刻”，股票跌到6毛钱的垃圾股，已然站在了退市的边缘。\n徐新陷入了一场霸菱股东的集体诉讼的漩涡中，在长达2年的时间里，她反复给每一个股东打电话说服他们帮丁磊扛住，救回网易。\n2002—2003年，国产网游大爆发，网易凭借《大话西游2》的爆红扛过危机，市值飙升到百亿美元。\n2003年，丁磊迎来人生的高光时刻，32岁的他凭借76亿身价，成为当时中国最年轻的首富。\n2004年，徐新套现网易股票，为股东们赚取了800%的回报。\n5年，徐新搭上了一切，成为了“捧红首富的女人”，向世人证明了自己的独到眼光。\n同样在1999年，徐新个人天使投资中华英才网并担任其董事长。在2006-2008年中华英才网发展最迅速的时期，它与智联招聘、前程无忧三足鼎立。此次投资徐新个人获得了800倍以上的收益。\n2005年前后，中国VC行业发生了第一次大规模裂变。\n这一年吴尚志创办鼎晖创投，阎焱带领赛富独立，沈南鹏离开携程成立红杉中国，留学耶鲁的张磊创办了高瓴资本……\n也是在这一年，在投行江湖摸爬滚打7年的徐新，离开霸菱投资，创办了自己的公司——今日资本。\n如果说一手扶起中国初代互联网首富是徐新的成名之作，那奠定她江湖“风投女王”地位的，则是一手拔起一座电商江湖的高楼。\n2006年，京东从线下转型做线上，彼时的京东商城只有50来员工，甚至连会计都没有。上家基金本来说要投他们500万人民币，结果投了100万就抽身而退。\n刘强东到处找融资，见了几十个投资人，结果没人愿意搭理他，走投无路的刘强东甚至说：\n“我就想融个200万，把哥们几个的工资给发了。”\n\n兜兜转转一圈后，经人撮合，徐新碰到刘强东时，两人从晚上10点聊到凌晨2点。\n踏实本分的刘强东PPT都没有，打开网站就讲产品，直接调出后台ERP系统让徐新看，当时销售额有5000万元，每个月增长10%。\n当天，徐新就帮刘强东定了和自己同一班北京飞上海的航班，落地就把投资框架给签了。\n\n拿到钱的刘强东带领团队一路舍命狂奔，一边扩大京东的商品种类一边自建物流。\n物流是个实打实的“烧钱货”，很快1000万就烧光了，因为钱而倒下，是创始人最悲哀的结局。\n眼见这惨状，徐新给出了最后的底牌，借了5次过桥贷款，合计2000万给了刘强东。\n谁知“大倔驴”刘强东转身便把2000万悉数投到了物流里，投资同行都觉得徐新疯了，投了一个无底洞。\n可只有她自己明白，做了舍命陪君子的决定，就只有玩命狂奔。\n这一等，就是8年，2014年京东上市，徐新的投资翻了150多倍。\n\n随后，今日资本逐渐减持，并在大股东名单上消失。\n从网易、京东，以及之后的赶集网、三只松鼠、益丰大药房、美团、携程，徐新陪伴了一个又一个草根，从创业之初，跌落谷底，再重回巅峰。\n而长期持有腾讯股票证实了她在投资上的前瞻性和信念感。徐新曾在朋友圈中庆贺腾讯22岁生日，说起当初买下腾讯股票的故事：“16年过去了，我一股没卖过，一有钱就加仓，500多倍的回报是可喜的。”\n值得一提的是，徐新还连续多年加投美团，如今已投资（合投）超过了33亿美元。这笔投资，可能超过了她以往投资的总和。\n▲图源：投资界\n提及王兴，徐新欣慰地说王兴有一个说法很好：“传统行业是登山，你知道最高峰在哪里。但互联网是冲浪，你不知道下一个浪头在哪里，也就更不知道能不能赶上那个浪。”\n大浪不一定每年都有，没有你就歇着，等着，等浪打过来。但要赶上浪你必须在水里泡着，别浪来了，水也打不到你。\n今年，“风投女王”的出手让人看不懂了。\n5月底，还没等到IPO果实，徐新放弃了自己坐庄持股44.75%的Manner咖啡，转手给了H Capital、Coatue。\n据投中网的报道，相比两轮数千万的投资，徐新这一单“本垒打”约有10亿美元的量级，大概率已经落袋，今日资本赚得盆满钵满。\n6月初，中国最大招聘平台BOSS直聘登陆纳斯达克，首日收涨95.75%，市值149亿美元。徐新投资BOSS直聘的故事，几乎就是她投资京东的复刻版本。\n从2015年起，今日资本6年内5次加仓BOSS直聘，一共投资近4000万美金。\n\n如今今日资本拥有BOSS直聘14.7%的A类普通股，成为第一大机构股东，凭借这一笔投资，徐新有望斩获高达140亿人民币的回报。\n婚姻终结者，颇具争议的第一桶金\n有媒体在总结徐新的投资时，发现一个有趣的现象，她所投的公司创始人极易发生“婚变”，江湖调侃：要离婚，找徐新。\n2006年，徐新投资真功夫。不久创始人蔡达标便与妻潘敏峰离婚，两个家族之间陷入了旷日持久的“内斗”，夫妻、兄弟反目成仇。最终法院判决蔡达标“挪用资金、职务侵占”等6宗罪，前妻潘敏峰也是身心俱疲，两个家族最终两败俱伤。\n2009年，同样的“婚变”尴尬发生在赶集网上。王红艳控诉赶集网创始人杨浩然与其在美国离婚诉讼期间，将其所持有的“赶集网”50%股权全部转让给了其弟杨浩涌。其结果，赶集网的竞争对手58同城却成功于2013年10月底登陆纽交所，并顺利并购赶集网。\n2010年11月，徐新投的土豆网向美国证监会提交IPO申请。没想到第二天，法院支持了土豆网创始人王微前妻杨蕾提出的离婚财产分割诉讼，瞬间冻结了王微名下的公司股权，直接让土豆网上市成为泡影。\n2018年8月，刘强东卷入了“性侵丑闻”……\n为什么徐新投资的创业者都“婚变”了？就连徐新自己也不得不对投资引发的婚变表态，“凡是结了婚的我们要访谈老婆、离婚的我们要访谈前妻、没结婚的我们要访谈爸妈”。\n而深陷与创始人“秉烛夜谈”、“头脑风暴”的徐新，也屡次被质疑在其中起到了“推波助澜”的作用。\n\n在资本运作圈绝大部分聪明且雄心勃勃的女性都很抗拒被打上性别与关系的标签。\n有人盛誉必有人质疑，徐新的家庭背景、成长经历和她的人生都饱受争议，有人说她是传奇，有人说她算走运，也有人说她只是“有一个好爸”。\n徐新曾在采访中透露过自己的父亲是四川汽车制造厂的厂长，于是就有人从《经营者》杂志里一篇名为《徐仁根：难得的强人》的文章里顺藤摸瓜。\n里面这位徐仁根先生祖籍浙江，1960年吉林工业大学毕业后被分配到四川汽车制造厂，从基层员工干起，一直做到厂长。徐先生在1990年就是拥有职工13万，年产卡车1.2万辆，下属企业17个的正厅级大型国企掌门人。\n这和福布斯中文网采访徐新女士时对其父亲描述完全吻合。\n\n有人说她只不过是赶上了时代发展的“风口”，搭上了社会高速发展的高铁而已，不值得过多赞誉。\n也有人说，官二代富二代的第一桶金来源于父母很正常，家庭商业气氛环境的熏陶及亲属的帮助可以助他们短时间获得财富和名利，但却不能助他们永久获得个人能力。\n徐新一没华尔街背景，二没国外商学院镀金，也没有点石成金的贵人提携。她成功的关键在于个人能力和独到的投资眼光，她如同练就了穿越周期的眼光，在长达23年的时间里，持续不断的抓住具有代表意义的卓越公司。\n她未必不会不在意那些对她家庭和本人的非议，但是她的厉害之处也在此：她能将所有的助力化成动力，变成自己手中的筹码，进而掌控自己人生的每一步。\n面对镜头，徐新坦然，没有抓住快手、抖音、拼多多，也实属遗憾。\n某种程度上说，这是一位经历了多次陪跑、在无数艰难时刻为创始人送上鸡汤和弹药的投资人，在一个新时代的失落。\n镜头里，短发、圆圆脸、丹凤眼，嘴边一颗小痣的徐新依旧不改自己“雌雄同体”的女王特质：“我不会花钱，也不喜欢花钱，从不逛街，不打扮，不爱奢侈品”。\n写在最后\n有人深叹生不逢时，也有人只愿小富即安，生逢其时或许只因赶上了时代的高铁；碌碌终生也只是上帝扔错了骰子。\n张爱玲说出名要趁早，来的太晚，快乐也不那么痛快。可很少有人知道这句话还有后半句：“个人即使等得及，时代是仓促的，已经在破坏中，还有更大的破坏要来。”\n比时势再难造英雄更令人唏嘘不已的，不是英雄迟暮，或许是厚积薄发后再也不能大器晚成。\n可梦想必须要有，万一实现了呢？","news_type":1,"symbols_score_info":{"09618":0.9,"09999":0.9,"QNETCN":0.9,"NTES":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":5276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126643233,"gmtCreate":1624570494522,"gmtModify":1703840443759,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"PAYPAL&nbsp; &nbsp; &nbsp;LOWE'S 183&nbsp; &nbsp;TYSOODS","listText":"PAYPAL&nbsp; &nbsp; &nbsp;LOWE'S 183&nbsp; &nbsp;TYSOODS","text":"PAYPAL LOWE'S 183 TYSOODS","images":[{"img":"https://static.tigerbbs.com/2c757704c64fdd2ca838d3a0fa960f78","width":"1080","height":"2288"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/126643233","isVote":1,"tweetType":1,"viewCount":2167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129297090,"gmtCreate":1624373182810,"gmtModify":1703834840290,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[{"img":"https://static.tigerbbs.com/eab4a773c127f6572dfd2352978a8c86","width":"1080","height":"2180"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129297090","isVote":1,"tweetType":1,"viewCount":2013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129203029,"gmtCreate":1624372597661,"gmtModify":1703834815434,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"????????","listText":"????????","text":"????????","images":[{"img":"https://static.tigerbbs.com/fbfa6753881bbd6af41318f24eaba292","width":"795","height":"1242"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129203029","isVote":1,"tweetType":1,"viewCount":1742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":164454938,"gmtCreate":1624234513524,"gmtModify":1703830993257,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️☕️☕️","listText":"☕️☕️☕️","text":"☕️☕️☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164454938","repostId":"1129554767","repostType":4,"repost":{"id":"1129554767","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":1624183832,"share":"https://ttm.financial/m/news/1129554767?lang=en_US&edition=fundamental","pubTime":"2021-06-20 18:10","market":"us","language":"zh","title":"Preview: Powell Joins Hands with US Core Inflation Data for Major Release","url":"https://stock-news.laohu8.com/highlight/detail?id=1129554767","media":"老虎资讯综合","summary":"周二关键词：美联储主席鲍威尔讲话周二经济数据方面，主要关注英国6月CBI工业订单差值、美国5月成屋销售年化总数、欧元区6月消费者信心指数。","content":"<p><b>Abstract:</b></p><p><b>In terms of economic data:</b>China's LPR interest rate, US PCE price index, US initial jobless claims, US Markit manufacturing PMI preliminary reading...<b>Regarding new shares:</b>Full Truck Alliance (Manbang), China's leading digital freight platform, and Soul, the \"first social metaverse stock,\" are about to go public.<b>In terms of events:</b>Federal Reserve Chairman Jerome Powell, along with several other Fed officials, delivered a series of speeches.<b>Regarding financial reports:</b>Several companies, including Nike, BlackBerry, Jinko Solar, and Yidu Technology, will release their financial reports.<b>Monday (June 21) Keywords: China LPR interest rate</b></p><p><b>There was little economic data on Monday; the main focus was on China's LPR interest rate data.</b></p><p>The Bloomberg Asia team of economists wrote that the People's Bank of China's latest medium-term lending facility (MLF) operation held steady, indicating that the lending market prime rate (LPR) will remain unchanged in June. China's latest economic activity data does not provide an urgent reason for the central bank to change its policy trajectory.</p><p><b>China's one-year lending market prime rate (the reference rate for bank loans to enterprises) is likely to remain at 3.85% in June. The five-year LPR (mortgage reference rate) is likely to remain at 4.65%.</b></p><p><b>There were relatively few risk events on Monday. During the European session, the focus was on speeches by Bank of England officials, including Deputy Governor of Prudential Supervision Woods on climate risk scenario planning and Fintech Director Tom Mutton on crypto assets, stablecoins, and digital currencies.</b></p><p>New York time,<b>Williams, a permanent voting member of the FOMC and president of the Federal Reserve Bank of New York, spoke at a banking conference.</b>This needs attention.</p><p><b>Tuesday (June 22) Keywords: Federal Reserve Chairman Powell's speech</b><img src=\"https://static.tigerbbs.com/78c64fef53276362a340b4399b87f3b7\" tg-width=\"627\" tg-height=\"209\" referrerpolicy=\"no-referrer\">Regarding Tuesday's economic data, the main focus will be on the UK's June CBI industrial orders gap, the US's May annualized total existing home sales, and the Eurozone's June consumer confidence index.</p><p>In comparison, speeches by Federal Reserve officials are more noteworthy. Generally, Fed officials will deliver speeches a week after a Fed decision, from which investors can obtain more details about future monetary policy.</p><p>New York time,<b>Federal Reserve Chairman Jerome Powell will address Congress on the COVID-19 response and the economic outlook.</b>This will be the focus of market attention.</p><p>At a press conference following the Fed's interest rate decision on June 17, Federal Reserve Chairman Jerome Powell pointed out that there is still a long way to go before the economic recovery is sufficient for the Fed to begin tapering its monthly bond purchases. He added that the timing of interest rate hikes was not even mentioned in the discussions. In comparison, Powell's attitude is slightly more dovish than the Fed's decision. If Powell delivers a more dovish speech, one needs to be wary of the risk of a dollar correction and a rebound in gold prices.</p><p><b>Wednesday (June 23) Keywords: Europe and the US June Markit Manufacturing PMI Preliminary Report</b><img src=\"https://static.tigerbbs.com/a1ada5dfc03bdde86a678460e27d6a51\" tg-width=\"625\" tg-height=\"628\" referrerpolicy=\"no-referrer\"><b>The United States will release its preliminary June Markit Manufacturing PMI.</b>。<b>The market expects the US Markit Manufacturing PMI to fall slightly to 61.8 in June, but it is still at a historically high level and is still favorable to stocks, commodities and risky assets.</b></p><p>In addition,<b>Federal Reserve Governor Bowman, Atlanta Fed President Bostic, and Boston Fed President Rosengren will deliver speeches respectively, which investors should pay close attention to.</b></p><p><b>Thursday (June 24) Keywords: Initial filing data, Fed official speech, Soul IPO, Nike/BlackBerry earnings report</b><img src=\"https://static.tigerbbs.com/a613c99edd05cba1056a8acb4759ac4f\" tg-width=\"628\" tg-height=\"471\" referrerpolicy=\"no-referrer\">In terms of data, investors need to pay attention to<b>Changes in the number of initial jobless claims in the United States</b>。<b>The number of people applying for unemployment benefits may continue to decline.</b>Because Americans are more willing to seek jobs after supplemental unemployment benefits expire in many states.</p><p>Regarding financial reports,<b><a href=\"https://laohu8.com/S/NKE\">Nike</a>、<a href=\"https://laohu8.com/S/BB\">Blackberry</a>、<a href=\"https://laohu8.com/S/FDX\">FedEx</a>The new quarterly financial report will be released.</b></p><p>Regarding new stocks,<b>The first social networking company in metaverse<a href=\"https://laohu8.com/S/SSR\">Soul</a>It will be listed on Nasdaq.</b></p><p>In addition,<b>FOMC permanent voting members Williams, President of the New York Federal Reserve, and Bullard, President of the St. Louis Federal Reserve, will deliver speeches separately, which investors should also pay close attention to.</b></p><p><b>Friday (June 25) Keywords: US May PCE data</b><img src=\"https://static.tigerbbs.com/c6539b1d406c9cd4841b089f661b184f\" tg-width=\"633\" tg-height=\"392\" referrerpolicy=\"no-referrer\">On Friday, the market will receive one of two key data points monitored by the Federal Reserve—<b>The US PCE price index is a key indicator for measuring private consumer inflation in the United States.</b></p><p>The May report on personal income and spending will show how much Americans are trying to make up for losses during the pandemic. Although the latest retail sales report showed a decline in goods consumption last month, upcoming data may indicate that accelerated growth in the services sector has offset the loss in goods spending.</p><p>Regarding financial reports,<b><a href=\"https://laohu8.com/S/JKS\">Jinko Solar</a>、<a href=\"https://laohu8.com/S/02158\">Yidu Technology</a>The new quarterly financial report will be released.</b>Investors may wish to take note.</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>Preview: Powell Joins Hands with US Core Inflation Data for Major Release</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\">\nPreview: Powell Joins Hands with US Core Inflation Data for Major Release\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-20 18:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Abstract:</b></p><p><b>In terms of economic data:</b>China's LPR interest rate, US PCE price index, US initial jobless claims, US Markit manufacturing PMI preliminary reading...<b>Regarding new shares:</b>Full Truck Alliance (Manbang), China's leading digital freight platform, and Soul, the \"first social metaverse stock,\" are about to go public.<b>In terms of events:</b>Federal Reserve Chairman Jerome Powell, along with several other Fed officials, delivered a series of speeches.<b>Regarding financial reports:</b>Several companies, including Nike, BlackBerry, Jinko Solar, and Yidu Technology, will release their financial reports.<b>Monday (June 21) Keywords: China LPR interest rate</b></p><p><b>There was little economic data on Monday; the main focus was on China's LPR interest rate data.</b></p><p>The Bloomberg Asia team of economists wrote that the People's Bank of China's latest medium-term lending facility (MLF) operation held steady, indicating that the lending market prime rate (LPR) will remain unchanged in June. China's latest economic activity data does not provide an urgent reason for the central bank to change its policy trajectory.</p><p><b>China's one-year lending market prime rate (the reference rate for bank loans to enterprises) is likely to remain at 3.85% in June. The five-year LPR (mortgage reference rate) is likely to remain at 4.65%.</b></p><p><b>There were relatively few risk events on Monday. During the European session, the focus was on speeches by Bank of England officials, including Deputy Governor of Prudential Supervision Woods on climate risk scenario planning and Fintech Director Tom Mutton on crypto assets, stablecoins, and digital currencies.</b></p><p>New York time,<b>Williams, a permanent voting member of the FOMC and president of the Federal Reserve Bank of New York, spoke at a banking conference.</b>This needs attention.</p><p><b>Tuesday (June 22) Keywords: Federal Reserve Chairman Powell's speech</b><img src=\"https://static.tigerbbs.com/78c64fef53276362a340b4399b87f3b7\" tg-width=\"627\" tg-height=\"209\" referrerpolicy=\"no-referrer\">Regarding Tuesday's economic data, the main focus will be on the UK's June CBI industrial orders gap, the US's May annualized total existing home sales, and the Eurozone's June consumer confidence index.</p><p>In comparison, speeches by Federal Reserve officials are more noteworthy. Generally, Fed officials will deliver speeches a week after a Fed decision, from which investors can obtain more details about future monetary policy.</p><p>New York time,<b>Federal Reserve Chairman Jerome Powell will address Congress on the COVID-19 response and the economic outlook.</b>This will be the focus of market attention.</p><p>At a press conference following the Fed's interest rate decision on June 17, Federal Reserve Chairman Jerome Powell pointed out that there is still a long way to go before the economic recovery is sufficient for the Fed to begin tapering its monthly bond purchases. He added that the timing of interest rate hikes was not even mentioned in the discussions. In comparison, Powell's attitude is slightly more dovish than the Fed's decision. If Powell delivers a more dovish speech, one needs to be wary of the risk of a dollar correction and a rebound in gold prices.</p><p><b>Wednesday (June 23) Keywords: Europe and the US June Markit Manufacturing PMI Preliminary Report</b><img src=\"https://static.tigerbbs.com/a1ada5dfc03bdde86a678460e27d6a51\" tg-width=\"625\" tg-height=\"628\" referrerpolicy=\"no-referrer\"><b>The United States will release its preliminary June Markit Manufacturing PMI.</b>。<b>The market expects the US Markit Manufacturing PMI to fall slightly to 61.8 in June, but it is still at a historically high level and is still favorable to stocks, commodities and risky assets.</b></p><p>In addition,<b>Federal Reserve Governor Bowman, Atlanta Fed President Bostic, and Boston Fed President Rosengren will deliver speeches respectively, which investors should pay close attention to.</b></p><p><b>Thursday (June 24) Keywords: Initial filing data, Fed official speech, Soul IPO, Nike/BlackBerry earnings report</b><img src=\"https://static.tigerbbs.com/a613c99edd05cba1056a8acb4759ac4f\" tg-width=\"628\" tg-height=\"471\" referrerpolicy=\"no-referrer\">In terms of data, investors need to pay attention to<b>Changes in the number of initial jobless claims in the United States</b>。<b>The number of people applying for unemployment benefits may continue to decline.</b>Because Americans are more willing to seek jobs after supplemental unemployment benefits expire in many states.</p><p>Regarding financial reports,<b><a href=\"https://laohu8.com/S/NKE\">Nike</a>、<a href=\"https://laohu8.com/S/BB\">Blackberry</a>、<a href=\"https://laohu8.com/S/FDX\">FedEx</a>The new quarterly financial report will be released.</b></p><p>Regarding new stocks,<b>The first social networking company in metaverse<a href=\"https://laohu8.com/S/SSR\">Soul</a>It will be listed on Nasdaq.</b></p><p>In addition,<b>FOMC permanent voting members Williams, President of the New York Federal Reserve, and Bullard, President of the St. Louis Federal Reserve, will deliver speeches separately, which investors should also pay close attention to.</b></p><p><b>Friday (June 25) Keywords: US May PCE data</b><img src=\"https://static.tigerbbs.com/c6539b1d406c9cd4841b089f661b184f\" tg-width=\"633\" tg-height=\"392\" referrerpolicy=\"no-referrer\">On Friday, the market will receive one of two key data points monitored by the Federal Reserve—<b>The US PCE price index is a key indicator for measuring private consumer inflation in the United States.</b></p><p>The May report on personal income and spending will show how much Americans are trying to make up for losses during the pandemic. Although the latest retail sales report showed a decline in goods consumption last month, upcoming data may indicate that accelerated growth in the services sector has offset the loss in goods spending.</p><p>Regarding financial reports,<b><a href=\"https://laohu8.com/S/JKS\">Jinko Solar</a>、<a href=\"https://laohu8.com/S/02158\">Yidu Technology</a>The new quarterly financial report will be released.</b>Investors may wish to take note.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/46744ceebcd5f9f6cbe09f85295d7cfe","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129554767","content_text":"摘要：\n\n经济数据方面：中国LPR利率、美国PCE物价指数、美国初请失业金人数、美国Markit制造业PMI初值...\n\n\n新股方面：中国领先的数字货运平台“满帮”、“社交元宇宙第一股”Soul即将上市；\n\n\n事件方面：美联储主席鲍威尔携手多位美联储官员密集发表讲话；\n\n\n财报方面：耐克、黑莓、晶科能源、医渡科技等多家公司将公布财报。\n\n周一（6月21日）关键词：中国LPR利率\n周一经济数据较少，主要留意中国的LPR利率数据。\n彭博亚洲经济学家团队撰文称，中国人民银行最近一次中期借贷便利(MLF)操作利率持稳，表明贷款市场报价利率(LPR)6月份将维持不变。中国最新的经济活动数据没有给央行改变政策轨道提供紧迫的理由。\n中国一年期贷款市场报价利率（银行对企业贷款参考利率）6月份可能维持在3.85%。五年期LPR（抵押贷款参考利率）可能维持在4.65%。\n周一风险事件也比较少，欧洲时段主要留意英国央行官员讲话，其中审慎监管副行长伍兹就气候风险情景规划发表讲话，金融科技总监 Tom Mutton 就加密资产、稳定币和数字货币发表讲话。\n纽约时段，FOMC永久票委、纽约联储主席威廉姆斯在银行业大会上发表讲话，需要予以关注。\n周二（6月22日）关键词：美联储主席鲍威尔讲话周二经济数据方面，主要关注英国6月CBI工业订单差值、美国5月成屋销售年化总数、欧元区6月消费者信心指数。\n相对而言，美联储官员的讲话更加值得关注，一般在美联储决议后的一周，美联储官员会陆续发表讲话，投资者可以从中获取官员们对未来货币政策的更多细节。\n纽约时段，美联储主席鲍威尔将在国会就新冠疫情应对措施和经济前景发表讲话。这将是市场关注的焦点所在。\n美联储主席鲍威尔6月17日在美联储利率决议后新闻发布会上指出，经济复原程度足以让美联储开始缩减月度购债之前，还有一段长路要走，他并称讨论中甚至没有提到升息时点。相对而言，鲍威尔的态度比美联储决议要稍微鸽派一点，如果鲍威尔发表更加鸽派的讲话，则需要提防美元回调、金价反弹的风险。\n周三（6月23日）关键词：欧美6月Markit制造业PMI初值美国将公布美国6月Markit制造业PMI初值。市场预计美国6月Markit制造业PMI将小幅回落至61.8，但仍处于历史较高水平，仍偏向利好股市、大宗商品和风险资产。\n此外，美联储理事鲍曼、亚特兰大联储主席博斯蒂克、波士顿联储主席罗森格伦将分别发表讲话，投资者也需要重点关注。\n周四（6月24日）关键词：初请数据、联储官员讲话、Soul上市、耐克/黑莓财报数据方面，投资者需要关注美国的初请失业金人数变动。申领失业救济人数或将继续呈下降趋势，因为许多州的补充失业救济福利到期后，美国人求职意愿增强。\n财报方面，耐克、黑莓、联邦快递将公布新一季财报。\n新股方面，社交元宇宙第一股Soul将登陆纳斯达克上市。\n此外，FOMC永久票委、纽约联储主席威廉姆斯和圣路易斯联储主席布拉德将分别发表讲话，投资者也需要重点关注。\n周五（6月25日）关键词：美国5月PCE数据周五，市场将迎来美联储重点监控的两个数据之一——美国PCE物价指数，这是衡量美国民间消费通胀的关键指标。\n5月份的个人收入和支出报告将显示美国人在多大程度上试图弥补大流行期间的缺失。虽然最新的零售销售报告显示上月商品消费下降，但即将发布的数据可能表明服务业的加速增长弥补了商品支出的损失。\n财报方面，晶科能源、医渡科技将公布新一季财报，投资者可作关注。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163689654,"gmtCreate":1623882807378,"gmtModify":1703822191056,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️☕️☕️☕️","listText":"☕️☕️☕️☕️","text":"☕️☕️☕️☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163689654","repostId":"114899451","repostType":1,"repost":{"id":114899451,"gmtCreate":1623063308869,"gmtModify":1704195267674,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/44a4f89726b3f6319d06a0075bf9ff76","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【老虎7週年】集卡瓜分百萬獎金","htmlText":"老虎7週年給大家發福利了，集齊TIGER五個字母即有機會瓜分百萬獎金，你準備好了嗎？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可參與活動</a> &#x1;如何參與？ 用戶可通過完成活動頁面展示的當日任務列表來獲得字母卡，每完成一個任務即可隨機獲得一個字母，用戶集齊“TIGER”五個字母即可參與瓜分百萬股票代金券，每個用戶單日最多可獲得20張字母卡（不包括好友贈予和魔法卡）。 用戶在活動期間邀請累計7名好友完成註冊並開戶（註冊時間和開戶時間均在活動期間），即可獲得一張魔法卡（每人僅可獲得一張魔法卡）。魔法卡可用於兌換TIGER中的任意一個字母。&#x1;如果用戶的某一字母卡數量爲0，則字母卡爲灰色，用戶可通過點擊灰色的字母卡向好友索要卡片；如果用戶的字母卡數量大於0，則字母卡爲彩色，用戶可通過點擊彩色的字母卡向好友贈送卡片。當用戶集齊TIGER之後將無法再索要卡片或者贈送卡片。 &#x1; &#x1;如何獲得獎勵？ 用戶可在2021年7月1日至2021年7月2日期間進行開獎，所有集齊TIGER的客戶可點擊活動頁面的“開獎”按鈕，即可查看自己瓜分到的股票代金券獎勵。在開獎時間段內未點擊開獎的用戶將無法獲得獎勵。&#x1; 獎勵發放： 股票代金券將在開獎後的1個工作日內發放至用戶的獎勵中心，用戶需要在獎勵發放後的20天內前往【Tiger Trade APP &gt; 我的 &gt; 活動獎勵】領取，過期未領取的獎勵將自動失效。 重要提示： 本次7週年活動涉及不同國家和地區，由於各地區的監管要求不同，不同地區的活動獎勵會有所區別。欲知詳情，請點擊下方活動鏈接，登陸您的賬號，並點擊“活動規則“查看詳情。","listText":"老虎7週年給大家發福利了，集齊TIGER五個字母即有機會瓜分百萬獎金，你準備好了嗎？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可參與活動</a> &#x1;如何參與？ 用戶可通過完成活動頁面展示的當日任務列表來獲得字母卡，每完成一個任務即可隨機獲得一個字母，用戶集齊“TIGER”五個字母即可參與瓜分百萬股票代金券，每個用戶單日最多可獲得20張字母卡（不包括好友贈予和魔法卡）。 用戶在活動期間邀請累計7名好友完成註冊並開戶（註冊時間和開戶時間均在活動期間），即可獲得一張魔法卡（每人僅可獲得一張魔法卡）。魔法卡可用於兌換TIGER中的任意一個字母。&#x1;如果用戶的某一字母卡數量爲0，則字母卡爲灰色，用戶可通過點擊灰色的字母卡向好友索要卡片；如果用戶的字母卡數量大於0，則字母卡爲彩色，用戶可通過點擊彩色的字母卡向好友贈送卡片。當用戶集齊TIGER之後將無法再索要卡片或者贈送卡片。 &#x1; &#x1;如何獲得獎勵？ 用戶可在2021年7月1日至2021年7月2日期間進行開獎，所有集齊TIGER的客戶可點擊活動頁面的“開獎”按鈕，即可查看自己瓜分到的股票代金券獎勵。在開獎時間段內未點擊開獎的用戶將無法獲得獎勵。&#x1; 獎勵發放： 股票代金券將在開獎後的1個工作日內發放至用戶的獎勵中心，用戶需要在獎勵發放後的20天內前往【Tiger Trade APP &gt; 我的 &gt; 活動獎勵】領取，過期未領取的獎勵將自動失效。 重要提示： 本次7週年活動涉及不同國家和地區，由於各地區的監管要求不同，不同地區的活動獎勵會有所區別。欲知詳情，請點擊下方活動鏈接，登陸您的賬號，並點擊“活動規則“查看詳情。","text":"老虎7週年給大家發福利了，集齊TIGER五個字母即有機會瓜分百萬獎金，你準備好了嗎？ 戳我即可參與活動 \u0001如何參與？ 用戶可通過完成活動頁面展示的當日任務列表來獲得字母卡，每完成一個任務即可隨機獲得一個字母，用戶集齊“TIGER”五個字母即可參與瓜分百萬股票代金券，每個用戶單日最多可獲得20張字母卡（不包括好友贈予和魔法卡）。 用戶在活動期間邀請累計7名好友完成註冊並開戶（註冊時間和開戶時間均在活動期間），即可獲得一張魔法卡（每人僅可獲得一張魔法卡）。魔法卡可用於兌換TIGER中的任意一個字母。\u0001如果用戶的某一字母卡數量爲0，則字母卡爲灰色，用戶可通過點擊灰色的字母卡向好友索要卡片；如果用戶的字母卡數量大於0，則字母卡爲彩色，用戶可通過點擊彩色的字母卡向好友贈送卡片。當用戶集齊TIGER之後將無法再索要卡片或者贈送卡片。 \u0001 \u0001如何獲得獎勵？ 用戶可在2021年7月1日至2021年7月2日期間進行開獎，所有集齊TIGER的客戶可點擊活動頁面的“開獎”按鈕，即可查看自己瓜分到的股票代金券獎勵。在開獎時間段內未點擊開獎的用戶將無法獲得獎勵。\u0001 獎勵發放： 股票代金券將在開獎後的1個工作日內發放至用戶的獎勵中心，用戶需要在獎勵發放後的20天內前往【Tiger Trade APP > 我的 > 活動獎勵】領取，過期未領取的獎勵將自動失效。 重要提示： 本次7週年活動涉及不同國家和地區，由於各地區的監管要求不同，不同地區的活動獎勵會有所區別。欲知詳情，請點擊下方活動鏈接，登陸您的賬號，並點擊“活動規則“查看詳情。","images":[{"img":"https://static.tigerbbs.com/fd956a9c2fc9ee609753ae5f967072a7","width":"415","height":"616"},{"img":"https://static.tigerbbs.com/92e88357b534f504b3088bc22f577a83","width":"415","height":"326"},{"img":"https://static.tigerbbs.com/fe0400cc487fb56f85d401ab03df4d5e","width":"415","height":"356"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/114899451","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":8,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181093748,"gmtCreate":1623365974884,"gmtModify":1704201603424,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️☕️☕️☕️☕️","listText":"☕️☕️☕️☕️☕️","text":"☕️☕️☕️☕️☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181093748","repostId":"1182413920","repostType":4,"repost":{"id":"1182413920","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":1623331928,"share":"https://ttm.financial/m/news/1182413920?lang=en_US&edition=fundamental","pubTime":"2021-06-10 21:32","market":"us","language":"zh","title":"Opening: Three Major Indexes Open Higher, New Oriental, TAL Up Over 11%","url":"https://stock-news.laohu8.com/highlight/detail?id=1182413920","media":"老虎资讯综合","summary":"6月10日，美股三大指数集体高开，道指涨0.50%，纳指涨0.16%，标普500指数涨0.34%。美国5月CPI同比增长5%，创2008年来最大增幅，表明通胀压力继续增大。上周初请失业救济人数降至37","content":"<p>On June 10th, the three major U.S. stock indexes opened higher collectively, with the Dow rising 0.50%, the Nasdaq rising 0.16% and the S&P 500 rising 0.34%. U.S. CPI rose 5% year-on-year in May, the biggest increase since 2008, indicating that inflationary pressures continue to mount. Initial jobless claims fell to 376,000 last week.</p><p><img src=\"https://static.tigerbbs.com/410500cd884d76d3827d2126b75f3f73\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>China education stocks rose generally,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/TAL\">TAL</a>It rose by more than 11%,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Up nearly 10%.</p><p><a href=\"https://laohu8.com/S/MVIS\">Vision Image</a>(MVIS.O) opened 7% higher and the stock will be included in the Russell 2000.</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>It opened nearly 6% lower after results, and Q1 net profit was slightly worse than expected.</p><p>Ocugen plummeted 20% at the beginning of the session. The company announced that it would no longer apply for emergency use authorization (EUA) for the Covaxin vaccine because the U.S. Food and Drug Administration required the company to submit more materials.</p><p>RH rose by more than 12%, the company's first-quarter performance greatly exceeded market expectations, and raised its full-year guidance.</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>Opening: Three Major Indexes Open Higher, New Oriental, TAL Up Over 11%</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\">\nOpening: Three Major Indexes Open Higher, New Oriental, TAL Up Over 11%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-10 21:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 10th, the three major U.S. stock indexes opened higher collectively, with the Dow rising 0.50%, the Nasdaq rising 0.16% and the S&P 500 rising 0.34%. U.S. CPI rose 5% year-on-year in May, the biggest increase since 2008, indicating that inflationary pressures continue to mount. Initial jobless claims fell to 376,000 last week.</p><p><img src=\"https://static.tigerbbs.com/410500cd884d76d3827d2126b75f3f73\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>China education stocks rose generally,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/TAL\">TAL</a>It rose by more than 11%,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Up nearly 10%.</p><p><a href=\"https://laohu8.com/S/MVIS\">Vision Image</a>(MVIS.O) opened 7% higher and the stock will be included in the Russell 2000.</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>It opened nearly 6% lower after results, and Q1 net profit was slightly worse than expected.</p><p>Ocugen plummeted 20% at the beginning of the session. The company announced that it would no longer apply for emergency use authorization (EUA) for the Covaxin vaccine because the U.S. Food and Drug Administration required the company to submit more materials.</p><p>RH rose by more than 12%, the company's first-quarter performance greatly exceeded market expectations, and raised its full-year guidance.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"TAL":"好未来",".SPX":"S&P 500 Index",".DJI":"道琼斯","09901":"新东方-S",".IXIC":"NASDAQ Composite","EDU":"新东方"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182413920","content_text":"6月10日，美股三大指数集体高开，道指涨0.50%，纳指涨0.16%，标普500指数涨0.34%。美国5月CPI同比增长5%，创2008年来最大增幅，表明通胀压力继续增大。上周初请失业救济人数降至37.6万。\n\n中概教育股普涨，新东方、好未来涨超11%，高途涨近10%。\n维视图像(MVIS.O)高开7%，该股将纳入罗素2000指数。\n游戏驿站绩后低开近6%，Q1净利润稍逊预期。\nOcugen盘初大跌20%，公司宣布不再就Covaxin疫苗申请紧急使用授权（EUA），因美国食品药品监督管理局要求公司递交更多材料。\nRH涨超12%，公司一季度业绩大超市场预期，并提高了全年指引。","news_type":1,"symbols_score_info":{"09901":0.9,".DJI":0.9,"EDU":0.9,".IXIC":0.9,"TAL":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181099657,"gmtCreate":1623365898179,"gmtModify":1704201600677,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️☕️☕️☕️☕️","listText":"☕️☕️☕️☕️☕️","text":"☕️☕️☕️☕️☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181099657","repostId":"1155033069","repostType":4,"repost":{"id":"1155033069","kind":"news","pubTimestamp":1623306885,"share":"https://ttm.financial/m/news/1155033069?lang=en_US&edition=fundamental","pubTime":"2021-06-10 14:34","market":"sh","language":"zh","title":"Hillhouse Capital's Zhang Lei: My life has experienced four turning points, and I admire two people the most.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155033069","media":"投资人","summary":"01 人生四次转折\n成为投资人我经历了四个转折点。\n第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；","content":"<p><b>01 Four Turning Points in Life</b></p><p>I experienced four turning points in becoming an investor.</p><p>First, I almost failed the elementary school entrance exam for junior high school. Because my grades were relatively poor at the time, the minimum admission score for elementary school to junior high school was 140 points, and I scored 141 points, which was just over 1 point. I probably didn't start working hard until my second year of high school; This was the first time I felt I had to work hard, and it left a particularly deep impression on me.</p><p>Secondly, I think it's about studying at Renmin University. Many of the good friends I make now are from when I was studying at Renmin University. Some of them are now friends, some are close partners, and some are even engaged in some public welfare undertakings together.</p><p>Third, I work at the Yale University Endowment. The agonizing process of finding a job made me rediscover myself. Coupled with the kind of people I worked with in my first job, I think these two things had a big impact on me. In fact, I had no choice but to do it when I first started my internship at the Yale Foundation. I looked for several other job opportunities, but they were all rejected.</p><p>Fourth, there is entrepreneurship. Between working for a company or starting my own business, I chose to start my own business. At the time, my job was quite good, and I had a good relationship with the then CEO of the New York Stock Exchange, John Thain, so he appointed me as the first NYSE representative in China. This was a very good development opportunity, and I could have continued, but later I decided to start my own business. In 2005, I founded Hillhouse Capital.</p><p><b>02 Do things well</b></p><p>Now I often think about it repeatedly, and I've discovered that my biggest characteristic is that I love to make changes, am not satisfied with the status quo, and love to challenge myself. The company has grown so large today, but I always talk about starting a second business within the company and always starting a business. Just as I enjoy sports with an adventurous spirit, I also love to experiment in my career. Furthermore, I am never satisfied with the status quo. Some people may think that if you have a fund worth tens of billions of dollars, collecting management fees is enough and you don't need to go through all that trouble. But I don't want to do that. If I'm going to do it, I have to do it to the best of my ability, or I don't want to do it at all.</p><p>I think I think about problems quite thoroughly and comprehensively, and I like to repeatedly examine and ponder many things. like to plan ahead. In fact, I started planning very early before starting my own business. I first worked at a fund, and then at other institutions. These institutions often sent me back to China, giving me a transition period to think about and arrange my affairs. I took each step in a solid manner.</p><p>In fact, choosing what kind of people to do things with is very important. I'm very picky about this, and I like to work with familiar people based on long-term trust. My core colleagues are either classmates from Renmin University or former colleagues. My career started with a small group of friends.</p><p><b>03 I admire the two people the most</b></p><p>There are two people I admire most: Buffett and Svenson. I have had the opportunity to get to know both of these people quite closely. What I admire most about Buffett is his investment ability, and I also greatly admire that he is a person with strong empathy. I really like this kind of empathetic person; Empathy allows him to better understand young people, people who are different from him, and management. So today I often tell my managers that we need to have empathy, and I learned that from him.</p><p>Buffett can always think from someone else's perspective. For example, suppose, strictly speaking, there is a management team that is not the best, but they can always put themselves in other people's shoes, assume they are in that environment, and analyze whether this situation is caused by one or another reason. He doesn't just stand from his own perspective, but also from the perspective of investors. I think it's not easy to think from someone else's perspective, because everyone is used to thinking from their own perspective.</p><p>I think empathy is a very good quality for investing, life, and even family and interpersonal relationships. I also often communicate with children, asking them to think about what it would be like if you were thinking from someone else's perspective. Empathy is very important and can help you resonate with people better.</p><p>Speaking of Svensson, what I admire most about him is that he has a very strong sense of morality and responsibility. You could say he was the best combination of fiduciary duty and intellectual honesty I've ever met. These two people will always be my role models and the people I admire most.</p><p>Svenson also taught me many things, such as long-term value investing, institutional investing, asset allocation, and an understanding of risk. Many Chinese companies, such as the Social Security Bureau and China Investment Corporation, regard his books as required reading. I believe these methods can promote the institutionalization of investment in China; Thinking about institutional issues and building systems are both helpful. However, for example, there are many restrictions on how to apply effective boundaries in China. Therefore, many things still need to be done to better integrate them with the Chinese situation.</p><p><b>04 Three Future Opportunities</b></p><p>For the internet/mobile internet, I think there are many opportunities, and integrating the entire industry chain is a very important part. However, I am more optimistic about internet finance, which uses the internet to combine the entire financial industry chain and financial products, from insurance and mortgage loans to consumer finance. Many things that come together are just beginning; there are still many opportunities to come.</p><p>Our subsidiary, Qingliu Capital, has already invested in several companies in this area. For example, 51 Credit Card, which is like Mint in the United States, manages everyone's financial management and credit cards. We have only just begun investing in this area, and I believe there is still much to come.</p><p>Regarding investment opportunities over the next five years, I am firstly optimistic about innovation; secondly, I am optimistic about the huge consumption opportunities brought by the middle class; and thirdly, I am optimistic about the financial and asset management industries. Current demand is far from being met, especially in asset management, where I believe many good business models will emerge.</p><p><b>05 Everyone can fight</b></p><p>Some people say that I am not only a successful investor, but also an excellent leader. But I think these two roles are different and often conflict. A good investor needs a strong ability to question, and a good manager needs stronger affinity and management skills.</p><p>My leadership style is influenced by two aspects: first, ancient Chinese culture, especially Lao-Zhuang philosophy; Second, internet thinking and internet spirit.</p><p>From the perspective of Chinese philosophy, it is more like Lao Tzu's \"governing by doing nothing\". From a true organizational behavior perspective, I believe in a disruption brought about by the internet model, which I call a decentralized management model. When fighting on the front lines, I think for Ren Zhengfei, it should be the person who hears the artillery fire who makes the decision, rather than the person who hears the artillery fire having to call the company commander, then the battalion commander, and then the battalion commander calling the regimental commander before making the decision. Decentralized decision-making models can significantly improve the combat capabilities of squad leaders and soldiers on the front lines.</p><p>The second is to significantly reduce the number of hierarchies in the company. Our company has very few hierarchies: I am on the first floor, the six partners are on the first floor, and all the employees are on the first floor. There is only one partner level between each employee and me. This would significantly reduce the hierarchy. At the same time, each employee is carefully selected. \"Decentralization\" combined with \"reducing hierarchies\" aims to enable everyone to fight.</p><p>However, I will also encounter many challenges in the management process. First, temptation. There are many things to do in China. How can we choose what suits us amidst temptation? \"There are three thousand weak waters, but we must choose only one.\" Second, the challenge is talent cultivation. This process will take longer than I thought, but we have now found a good path. People have to put in the effort to choose, and once they're selected, they have to spend a lot of time refining themselves according to Hillhouse Capital's culture and values. Curiosity, honesty, and independence are the corporate culture of Hillhouse Capital.</p><p>Whenever I have time, I also exercise, such as surfing and snowboarding, which allow me to fully express my personality and require me to concentrate completely during exercise. Just like when you're on a snow-capped mountain, what else can you think about? I often go surfing in the summer, three or four times a week. I go out at eight o'clock, come back at nine o'clock to take a shower, and go to work at 9:30. It's easy in the summer, but I go skiing in the winter.</p><p><b>06 Zhang Lei's Investment Philosophy</b></p><p>Hillhouse Capital represents a very different investment institution, covering early venture capital investments, private equity investments, listed company investments, and post-listing mergers and acquisitions investments. We are the only institution in China that works on the entire industry chain, which is actually rare in the world.</p><p>Because in the United States, there is no distinction between private equity and listed company equity, the best, most successful, and largest companies in the entire equity industry chain are actually in the United States. For example, Buffett bought Coca-Cola (45.430, +0.80%) stock and listed company stock, while also doing venture capital and even private equity investment himself. Essentially, this is how investing should be done; don't define whether it's venture capital or listed equity investment.</p><p>In reality, in ever-changing China, one year is equivalent to ten or twenty years in the West. The most important thing is not the equity format, but the business model and the people involved. In Hillhouse Capital's internal training, the first lecture was about people and business. What kind of people should we invest in, what kind of business model should we invest in, and the combination of people and business is our first criterion for selecting a company.</p><p>Why can't most people meet this standard? Some people say I should either do venture capital or do listed equity investment. I think there is only one belief, which is our first principle in investing. What is that? \"We don't have to do anything.\" This is our first philosophical idea in investing. When you say you don't need to do anything, you have the opportunity to do what you consider most important. We practice this principle throughout the investment process.</p><p>Our global investment scale and returns are also among the highest. Many people know that I am of the Yale school of thought, and many people know that the Yale Investment Fund gave me ideas on how to invest. While translating \"The Innovative Path of Institutional Investors,\" I gained a deep understanding of investing. Actually, I worked in many industries before, and it wasn't until later that I found what I wanted to do.</p><p>The most difficult thing about investing in China is that the market is very volatile. Every day someone tells you what's happening in the market. How do I stay calm in a volatile market? That's my first investment philosophy: \"Govern the country with integrity, use strength in military operations, and uphold integrity with strength.\" When you can be \"upright,\" you can withstand all kinds of temptations and challenges.</p><p>Why use Qi? Why would a person rather experience conventional failure than unconventional success? Unwilling to break with convention and make mistakes, all kinds of people, after \"upholding the right path,\" cannot break through all kinds of limitations to \"use the unusual.\" If your ideas are different from others, you can forge your own path.</p><p>When investing in China, knowing how much you can fit in your bowl is more important. So the second point I want to make is, \"There are three thousand weak waters, but one should be chosen.\" Your daily effort should be to make your ladle bigger, stronger, and deeper, instead of drinking and eating everything in the pot and on the table all day long. There's a theorem in investing: Chinese and Western cultures are the same. To foreigners, it's like \"a piece of mine.\" Do you get anxious when you see someone else investing in something great but can't get it? You will find it if you have this philosophical support. the piece of mine, something you think makes sense.</p><p>You can only focus on doing your job well when you're low-key. You were very high-profile in your early years, quoting God as saying, \"If you want to destroy them first, you must first make them mad.\" Be low-key and down-to-earth in your investments. Truly good resources, truly good investors, and good investment projects will gradually find you.</p><p>The most dangerous thing in this industry is that you are driven by money. Either you've made a lot of money quickly and you don't know what to do with it, or you're in a hurry because you haven't made any money and you don't know what to do with it. So being driven by money is an extremely dangerous idea. Money isn't important; it's the ultimate natural income. It shouldn't be a goal. You're definitely pursuing a passion that will lead you down this path.</p><p>We are an \"outlier\" who thinks independently and doesn't care about the market or other investment institutions.</p>","source":"lsy1585022731199","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>Hillhouse Capital's Zhang Lei: My life has experienced four turning points, and I admire two people the most.</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\">\nHillhouse Capital's Zhang Lei: My life has experienced four turning points, and I admire two people the most.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资人</strong><span class=\"h-time small\">2021-06-10 14:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>01 Four Turning Points in Life</b></p><p>I experienced four turning points in becoming an investor.</p><p>First, I almost failed the elementary school entrance exam for junior high school. Because my grades were relatively poor at the time, the minimum admission score for elementary school to junior high school was 140 points, and I scored 141 points, which was just over 1 point. I probably didn't start working hard until my second year of high school; This was the first time I felt I had to work hard, and it left a particularly deep impression on me.</p><p>Secondly, I think it's about studying at Renmin University. Many of the good friends I make now are from when I was studying at Renmin University. Some of them are now friends, some are close partners, and some are even engaged in some public welfare undertakings together.</p><p>Third, I work at the Yale University Endowment. The agonizing process of finding a job made me rediscover myself. Coupled with the kind of people I worked with in my first job, I think these two things had a big impact on me. In fact, I had no choice but to do it when I first started my internship at the Yale Foundation. I looked for several other job opportunities, but they were all rejected.</p><p>Fourth, there is entrepreneurship. Between working for a company or starting my own business, I chose to start my own business. At the time, my job was quite good, and I had a good relationship with the then CEO of the New York Stock Exchange, John Thain, so he appointed me as the first NYSE representative in China. This was a very good development opportunity, and I could have continued, but later I decided to start my own business. In 2005, I founded Hillhouse Capital.</p><p><b>02 Do things well</b></p><p>Now I often think about it repeatedly, and I've discovered that my biggest characteristic is that I love to make changes, am not satisfied with the status quo, and love to challenge myself. The company has grown so large today, but I always talk about starting a second business within the company and always starting a business. Just as I enjoy sports with an adventurous spirit, I also love to experiment in my career. Furthermore, I am never satisfied with the status quo. Some people may think that if you have a fund worth tens of billions of dollars, collecting management fees is enough and you don't need to go through all that trouble. But I don't want to do that. If I'm going to do it, I have to do it to the best of my ability, or I don't want to do it at all.</p><p>I think I think about problems quite thoroughly and comprehensively, and I like to repeatedly examine and ponder many things. like to plan ahead. In fact, I started planning very early before starting my own business. I first worked at a fund, and then at other institutions. These institutions often sent me back to China, giving me a transition period to think about and arrange my affairs. I took each step in a solid manner.</p><p>In fact, choosing what kind of people to do things with is very important. I'm very picky about this, and I like to work with familiar people based on long-term trust. My core colleagues are either classmates from Renmin University or former colleagues. My career started with a small group of friends.</p><p><b>03 I admire the two people the most</b></p><p>There are two people I admire most: Buffett and Svenson. I have had the opportunity to get to know both of these people quite closely. What I admire most about Buffett is his investment ability, and I also greatly admire that he is a person with strong empathy. I really like this kind of empathetic person; Empathy allows him to better understand young people, people who are different from him, and management. So today I often tell my managers that we need to have empathy, and I learned that from him.</p><p>Buffett can always think from someone else's perspective. For example, suppose, strictly speaking, there is a management team that is not the best, but they can always put themselves in other people's shoes, assume they are in that environment, and analyze whether this situation is caused by one or another reason. He doesn't just stand from his own perspective, but also from the perspective of investors. I think it's not easy to think from someone else's perspective, because everyone is used to thinking from their own perspective.</p><p>I think empathy is a very good quality for investing, life, and even family and interpersonal relationships. I also often communicate with children, asking them to think about what it would be like if you were thinking from someone else's perspective. Empathy is very important and can help you resonate with people better.</p><p>Speaking of Svensson, what I admire most about him is that he has a very strong sense of morality and responsibility. You could say he was the best combination of fiduciary duty and intellectual honesty I've ever met. These two people will always be my role models and the people I admire most.</p><p>Svenson also taught me many things, such as long-term value investing, institutional investing, asset allocation, and an understanding of risk. Many Chinese companies, such as the Social Security Bureau and China Investment Corporation, regard his books as required reading. I believe these methods can promote the institutionalization of investment in China; Thinking about institutional issues and building systems are both helpful. However, for example, there are many restrictions on how to apply effective boundaries in China. Therefore, many things still need to be done to better integrate them with the Chinese situation.</p><p><b>04 Three Future Opportunities</b></p><p>For the internet/mobile internet, I think there are many opportunities, and integrating the entire industry chain is a very important part. However, I am more optimistic about internet finance, which uses the internet to combine the entire financial industry chain and financial products, from insurance and mortgage loans to consumer finance. Many things that come together are just beginning; there are still many opportunities to come.</p><p>Our subsidiary, Qingliu Capital, has already invested in several companies in this area. For example, 51 Credit Card, which is like Mint in the United States, manages everyone's financial management and credit cards. We have only just begun investing in this area, and I believe there is still much to come.</p><p>Regarding investment opportunities over the next five years, I am firstly optimistic about innovation; secondly, I am optimistic about the huge consumption opportunities brought by the middle class; and thirdly, I am optimistic about the financial and asset management industries. Current demand is far from being met, especially in asset management, where I believe many good business models will emerge.</p><p><b>05 Everyone can fight</b></p><p>Some people say that I am not only a successful investor, but also an excellent leader. But I think these two roles are different and often conflict. A good investor needs a strong ability to question, and a good manager needs stronger affinity and management skills.</p><p>My leadership style is influenced by two aspects: first, ancient Chinese culture, especially Lao-Zhuang philosophy; Second, internet thinking and internet spirit.</p><p>From the perspective of Chinese philosophy, it is more like Lao Tzu's \"governing by doing nothing\". From a true organizational behavior perspective, I believe in a disruption brought about by the internet model, which I call a decentralized management model. When fighting on the front lines, I think for Ren Zhengfei, it should be the person who hears the artillery fire who makes the decision, rather than the person who hears the artillery fire having to call the company commander, then the battalion commander, and then the battalion commander calling the regimental commander before making the decision. Decentralized decision-making models can significantly improve the combat capabilities of squad leaders and soldiers on the front lines.</p><p>The second is to significantly reduce the number of hierarchies in the company. Our company has very few hierarchies: I am on the first floor, the six partners are on the first floor, and all the employees are on the first floor. There is only one partner level between each employee and me. This would significantly reduce the hierarchy. At the same time, each employee is carefully selected. \"Decentralization\" combined with \"reducing hierarchies\" aims to enable everyone to fight.</p><p>However, I will also encounter many challenges in the management process. First, temptation. There are many things to do in China. How can we choose what suits us amidst temptation? \"There are three thousand weak waters, but we must choose only one.\" Second, the challenge is talent cultivation. This process will take longer than I thought, but we have now found a good path. People have to put in the effort to choose, and once they're selected, they have to spend a lot of time refining themselves according to Hillhouse Capital's culture and values. Curiosity, honesty, and independence are the corporate culture of Hillhouse Capital.</p><p>Whenever I have time, I also exercise, such as surfing and snowboarding, which allow me to fully express my personality and require me to concentrate completely during exercise. Just like when you're on a snow-capped mountain, what else can you think about? I often go surfing in the summer, three or four times a week. I go out at eight o'clock, come back at nine o'clock to take a shower, and go to work at 9:30. It's easy in the summer, but I go skiing in the winter.</p><p><b>06 Zhang Lei's Investment Philosophy</b></p><p>Hillhouse Capital represents a very different investment institution, covering early venture capital investments, private equity investments, listed company investments, and post-listing mergers and acquisitions investments. We are the only institution in China that works on the entire industry chain, which is actually rare in the world.</p><p>Because in the United States, there is no distinction between private equity and listed company equity, the best, most successful, and largest companies in the entire equity industry chain are actually in the United States. For example, Buffett bought Coca-Cola (45.430, +0.80%) stock and listed company stock, while also doing venture capital and even private equity investment himself. Essentially, this is how investing should be done; don't define whether it's venture capital or listed equity investment.</p><p>In reality, in ever-changing China, one year is equivalent to ten or twenty years in the West. The most important thing is not the equity format, but the business model and the people involved. In Hillhouse Capital's internal training, the first lecture was about people and business. What kind of people should we invest in, what kind of business model should we invest in, and the combination of people and business is our first criterion for selecting a company.</p><p>Why can't most people meet this standard? Some people say I should either do venture capital or do listed equity investment. I think there is only one belief, which is our first principle in investing. What is that? \"We don't have to do anything.\" This is our first philosophical idea in investing. When you say you don't need to do anything, you have the opportunity to do what you consider most important. We practice this principle throughout the investment process.</p><p>Our global investment scale and returns are also among the highest. Many people know that I am of the Yale school of thought, and many people know that the Yale Investment Fund gave me ideas on how to invest. While translating \"The Innovative Path of Institutional Investors,\" I gained a deep understanding of investing. Actually, I worked in many industries before, and it wasn't until later that I found what I wanted to do.</p><p>The most difficult thing about investing in China is that the market is very volatile. Every day someone tells you what's happening in the market. How do I stay calm in a volatile market? That's my first investment philosophy: \"Govern the country with integrity, use strength in military operations, and uphold integrity with strength.\" When you can be \"upright,\" you can withstand all kinds of temptations and challenges.</p><p>Why use Qi? Why would a person rather experience conventional failure than unconventional success? Unwilling to break with convention and make mistakes, all kinds of people, after \"upholding the right path,\" cannot break through all kinds of limitations to \"use the unusual.\" If your ideas are different from others, you can forge your own path.</p><p>When investing in China, knowing how much you can fit in your bowl is more important. So the second point I want to make is, \"There are three thousand weak waters, but one should be chosen.\" Your daily effort should be to make your ladle bigger, stronger, and deeper, instead of drinking and eating everything in the pot and on the table all day long. There's a theorem in investing: Chinese and Western cultures are the same. To foreigners, it's like \"a piece of mine.\" Do you get anxious when you see someone else investing in something great but can't get it? You will find it if you have this philosophical support. the piece of mine, something you think makes sense.</p><p>You can only focus on doing your job well when you're low-key. You were very high-profile in your early years, quoting God as saying, \"If you want to destroy them first, you must first make them mad.\" Be low-key and down-to-earth in your investments. Truly good resources, truly good investors, and good investment projects will gradually find you.</p><p>The most dangerous thing in this industry is that you are driven by money. Either you've made a lot of money quickly and you don't know what to do with it, or you're in a hurry because you haven't made any money and you don't know what to do with it. So being driven by money is an extremely dangerous idea. Money isn't important; it's the ultimate natural income. It shouldn't be a goal. You're definitely pursuing a passion that will lead you down this path.</p><p>We are an \"outlier\" who thinks independently and doesn't care about the market or other investment institutions.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/7BrGRylc59CUAS9DqPG17Q\">投资人</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/890dd2dfb205aa8aa1d140672304b3c8","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/7BrGRylc59CUAS9DqPG17Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155033069","content_text":"01 人生四次转折\n成为投资人我经历了四个转折点。\n第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；这是我第一次开始感觉要努力，印象特别深。\n第二，我觉得是在人民大学读书。现在我交的很多很好的朋友还都是当年在人大读书的时候认识的，他们当中，现在有的是朋友，有的是关系很深的合作伙伴，有的还一起从事一些公益性事业。\n第三，我在耶鲁大学捐赠基金工作。在找工作这个煎熬的过程使自己重新发现了自己，再加上第一份工作中跟什么样的人工作，我觉得这两件事对我影响比较大，其实刚进耶鲁基金实习工作是不得已而为之。找了好几个别的工作机会，都被拒绝了。\n第四，就是创业。在为公司打工还是创业两者之间，我选择创业。当时我的工作比较不错，而且和当时的纽约证券交易所CEO，John Thain, 关系很好，所以他委派我担任中国地区第一任NYSE的代表。这是非常好的发展机会，我完全可以继续做下去，但后来我还是决定创业，在2005年我创建了高瓴资本。\n02 做事就要做好\n现在我经常会反复考虑，我发现自己最大特点就是爱折腾，不满足现状，爱挑战自己。今天公司规模已经这么大了，但是我总在公司内部说二次创业，永远创业。这就像我喜欢具有冒险精神的运动一样，在事业方面我也是爱折腾。此外，我从来不满足于现状，可能有些人会觉得你有几百亿美元基金，收管理费就够了，不用那么折腾。但我不愿意这样，要做就要做到最好，要么就不做。\n我觉得自己思考问题还算比较彻底全面，喜欢把很多事情反复地去推敲和琢磨。我很喜欢提早计划，其实创业之前我很早就开始计划，先到基金工作，然后到别的机构，这些机构经常派我回中国，给了我一个时间过渡区来考虑和安排我的事情，每一步走得比较扎实。\n其实，选择和什么样的人一起做事情非常重要。我对这一点非常挑剔，我喜欢找基于长期信任的、熟悉的人一起工作。我身边的核心同事，要么是当年人大的同学，要么就是以前的同事。我的事业最早就是这么一小撮朋友一起做起来的。\n03 最佩服两个人\n我最佩服的人有两个，一个是巴菲特，一个是史文森。这两个人我都有机会比较近距离的接触，我最佩服巴菲特是他的投资能力，另外我也十分佩服他是一个具有强烈同理心的人，英文就是empathy。我很喜欢这种有同理心的人；同理心能使他更好地去了解年轻人，了解和他不一样的人，了解管理层。所以今天我经常和我的管理人员说需要有同理心，这点我从他身上学到的。\n巴菲特总是能站在别人的角度想问题。打个比方，假设从严格的角度来讲，有个管理层不是做到最优秀的，但他总能站在别人的角度，假设自己处在那个环境下，分析这个情况是由于这些或者那些原因造成的。他不是只站在自己的角度，只站在投资者的角度。我觉得站在别人的角度想很不容易，因为每个人都习惯从自己的角度思考问题。\n我觉得这个同理心对于投资，人生，甚至家庭、人际关系，都是一个非常好的品质。我也经常和小孩子交流，让他们想想，如果你站在别人的角度上想，是什么样的？同理心非常重要，可以帮助更好地与人产生共鸣。\n说到史文森，我最佩服他的一点就是，他有非常强烈的道德感、责任感。可以这么说，他是我见过的把fiduciary duty和intellectual honesty结合得最好的一个人。这两个人永远都是是我的楷模，是我最佩服的人。\n史文森还教会了我很多东西，比如长期价值投资，机构投资，资产配置，对风险的理解等等。中国很多公司，比如社保、中投都把他的书当做必读物。我认为这些方法能推动投资在中国的机构化；对机构化的思考问题，体系搭建都是有帮助的。但比如说有效边界，怎么把它运用过来，在中国是有很多限制条件的，所以若要更好地跟中国状况相结合，还需要做好很多事情。\n04 未来的3个机遇\n对于互联网/移动互联网来说，我觉得机遇很多，把整个产业链整合是很重要的一块。但我更看好互联网金融，利用互联网把整个金融产业链、金融的产品，从保险、抵押贷款、到消费金融都结合在一起。很多结合的东西现在只是刚刚开始，还有很多机会在后面。\n我们旗下的清流资本已经投资了好几个这方面的公司。比如像51信用卡，这是像美国的Mint，把大家的理财、信用卡都管理起来。我们才刚刚开始这方面的投资，我相信下面还有很多。\n未来5年的投资机遇，我第一是看好创新，第二是看好中产阶级带来的巨大消费机会，第三是看好金融和资产管理行业，现在的需求远远没有被满足，尤其是资产管理，我觉得会有很多好的商业模式出来。\n05 每个人都能战斗\n有人说我不但是成功的投资者，也是优秀的领导者。但我觉得这两个角色是不一样的，经常有矛盾。一个好的投资者要有强烈的质疑能力，一个好的管理者要有更强大的亲和力与管理能力。\n我的领导风格受两个方面的影响，一是中国古代文化，尤其是老庄哲学；二是互联网思维、互联网精神。\n从中国哲学的角度来讲，比较像是老子的“无为而治”。而从真正的组织行为学来讲，我相信的是互联网模式带来的一种颠覆，我称之为去中心化的管理模式。像在前线打仗，我觉得像任正非而言，应该是听到炮声的人去做决策，而不是听到炮声的人要打电话给连长、再打给营长、营长再打给团长再做决策。去中心化决策模式能大幅度地提升在前线的班长和战士的作战能力。\n第二是大幅度减少公司的层级。我们公司的层级非常少，我是一层，六个合伙人是一层，所有的员工是一层。每个员工和我之间只有合伙人一层。这样的话就大幅度地消减层级。同时，精挑细选每一个员工。“去中心化”加“消减层级”，争取让每一个人都能够战斗。\n但是在管理过程中我也会遇到很多挑战。第一，诱惑。中国有很多事情可以做，我们怎么在诱惑中选取适合自己的，“弱水三千，但取一瓢”；第二，挑战是人才的培养。这个过程比我想象的要漫长，但我们现在摸到了好途径。人要花精力挑选，挑进来之后也要花很多时间按照高瓴文化和价值观来雕琢。好奇、诚实、独立是高瓴资本的企业文化。\n一有时间我还要去运动一下，像冲浪、单板滑雪，都是比较能够充分张扬个性，并且要求在运动中全神贯注。就像你在雪山上，能想什么别的？我夏天经常去冲浪，一周三四次，八点钟出去、九点钟回来洗个澡、九点半去上班，夏天很容易，冬天就去滑雪。\n06 张磊的投资哲学\n高瓴资本代表了一个非常不一样的投资机构，涵盖了最早期风险投资到私募股权投资再到上市公司投资以及上市以后的兼并投资。我们是全中国唯一在做全产业链事情的机构，这实际上在世界上也是不常见的。\n因为在美国完全不分私募股权和上市公司股权，股权全产业链做得最好最成功最大的实际上在美国，像Buffett既买可口可乐（45.430，+0.80%）股票，买上市公司股票，又自己去做风险投资甚至去做私募股权投资。本质上，投资就应该是这么做的，不要框定是做风险投资还是做上市股权投资。\n实际上，在风云变幻的中国，一年相当于西方的十年二十年，其中最重要的不是股权的format，最重要的是一种什么样的商业模式，有什么样的人。在高瓴资本内部培训中，第一讲就是人与生意，我们要投资什么样的人，要投资什么样的生意模式，人与生意的组合是我们选公司的第一个标准。\n为什么这种标准中大部分的人不能做到？有人说我要么做风险投资，要么做上市股权投资。我觉得有唯一一个belief，就是我们投资的第一原则，是什么呢？是We don‘t have to do anything．你不需要做任何事情，这是我们投资的第一个哲学思想，当你说自己不需要做任何事情时，就有机会做自己认为最重要的事情，我们在投资的过程中都在实践这一原则。\n我们在全球投资的规模和回报也是很靠前的，很多人知道我是耶鲁流派的，很多人知道耶鲁投资基金给了我怎么投资的想法。在翻译《机构投资者的创新之路》时，我对投资有了很深的理解。其实之前我做过很多行业，直到后期才找到我想干的事。\n在中国做投资最难的一点就是市场很浮躁，每天都有人告诉你市场上又发生了什么事情。我如何在浮躁的市场上保持冷静？就是我的第一个投资哲学，“以正治国，以奇用兵，守正用奇。”当你能够做到“正”你就能经得起各种各样的诱惑与挑战。\n为什么要用奇呢？一个人宁愿很conventional failure，也不愿unconventional success，为什么呢？不愿意打破常规去犯错误，这时候各种各样的人，在“守正”之后不能突破各种各样的限制去“用奇”，你的想法如果和别人不一样就可以走出一条自己的道路。\n在中国做投资，知道自己碗里能装多少东西更重要。所以我要讲的第二点就是，“弱水三千，但取一瓢”。你每天的功夫就是要把你的这一瓢做得更大更结实更深，而不是整天壶里的和桌上的菜都要喝掉吃掉。投资里面有这样一个定理，中西文化是相同的，跟老外讲就是a piece of mine，看到别人投了很好的东西你投不到你是不是会着急。你有这个哲学支撑就会找到the piece of mine，something you think make sense。\n当你只有低调的时候才能专心致志地把自己的东西做好。你在早年时就非常高调，拿上帝的话说就是“欲先使其灭亡，必先使其疯狂”。要低调，踏踏实实的做好投资，真正好的资源，真正好的投资人，好的投资项目会逐渐找到你的。\n在这个行业里最危险的事情就是，你是被钱驱动的。要么你很快就挣了很多钱，你不知道干什么，要么你一直没挣到钱很着急，你也不知道要干什么，所以为钱驱动是一个最最dangerous的想法。钱并不重要，是最后的一个nature income，不能成为一个目标，你肯定是为了一个passion，带着你走下来。\n我们是一个“异类”，有独立的思考，不在乎市场，不在乎别的投资机构。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1904,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181090530,"gmtCreate":1623365856420,"gmtModify":1704201599220,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️☕️☕️☕️☕️","listText":"☕️☕️☕️☕️☕️","text":"☕️☕️☕️☕️☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181090530","repostId":"1179767026","repostType":4,"repost":{"id":"1179767026","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":1623361009,"share":"https://ttm.financial/m/news/1179767026?lang=en_US&edition=fundamental","pubTime":"2021-06-11 05:36","market":"us","language":"zh","title":"Didi has submitted its IPO application, with management holding over 50% of the voting rights.","url":"https://stock-news.laohu8.com/highlight/detail?id=1179767026","media":"老虎资讯综合","summary":"美东时间6月10日，滴滴出行正式向美国证券交易委员会递交IPO申请，拟于纽交所或纳斯达克挂牌上市，股票代码为“DIDI”。招股书显示，截至2021年3月，滴滴在全球15个国家4000多个城市开展业务，平台全球年活跃用户达到4.93亿。招股书显示，IPO之前，滴滴创始人、CEO程维持股7%，联合创始人、总裁柳青持股1.7%。根据中概股常规的同股不同权的安排，程维柳青合计拥有超过48%的投票权，包括程维柳青在内的滴滴管理层拥有超过50%的投票权。","content":"<p>On June 10, Eastern Time, DIDI Chuxing officially filed for an IPO with the U.S. Securities and Exchange Commission (SEC), intending to list on the New York Stock Exchange or Nasdaq under the ticker symbol \"DIDI\". According to its prospectus, as of March 2021, Didi operated in more than 4,000 cities in 15 countries around the world, with 493 million annual active users worldwide.</p><p>According to the prospectus, prior to the IPO, Didi founder and CEO Cheng Wei held 7% of the shares, and co-founder and president Liu Qing held 1.7%. According to the standard dual-class share structure for Chinese concept stocks, Cheng Wei and Liu Qing collectively hold more than 48% of the voting rights, and Didi's management, including Cheng Wei and Liu Qing, holds more than 50% of the voting rights.</p><p>Currently, many domestic internet companies such as JD.com, Xiaomi, and Pinduoduo have adopted the AB share model, which is a dual-class share structure. It is through this model that founders such as Liu Qiangdong, Lei Jun, and Huang Zheng, although the shares they own do not reach the level of absolute control, are able to firmly control the company.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Didi has submitted its IPO application, with management holding over 50% of the voting rights.</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\">\nDidi has submitted its IPO application, with management holding over 50% of the voting rights.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-11 05:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 10, Eastern Time, DIDI Chuxing officially filed for an IPO with the U.S. Securities and Exchange Commission (SEC), intending to list on the New York Stock Exchange or Nasdaq under the ticker symbol \"DIDI\". According to its prospectus, as of March 2021, Didi operated in more than 4,000 cities in 15 countries around the world, with 493 million annual active users worldwide.</p><p>According to the prospectus, prior to the IPO, Didi founder and CEO Cheng Wei held 7% of the shares, and co-founder and president Liu Qing held 1.7%. According to the standard dual-class share structure for Chinese concept stocks, Cheng Wei and Liu Qing collectively hold more than 48% of the voting rights, and Didi's management, including Cheng Wei and Liu Qing, holds more than 50% of the voting rights.</p><p>Currently, many domestic internet companies such as JD.com, Xiaomi, and Pinduoduo have adopted the AB share model, which is a dual-class share structure. It is through this model that founders such as Liu Qiangdong, Lei Jun, and Huang Zheng, although the shares they own do not reach the level of absolute control, are able to firmly control the company.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf210b0a9da00c82cb2c925171714e26","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179767026","content_text":"美东时间6月10日，滴滴出行正式向美国证券交易委员会（SEC）递交IPO申请，拟于纽交所或纳斯达克挂牌上市，股票代码为“DIDI”。招股书显示，截至2021年3月，滴滴在全球15个国家4000多个城市开展业务，平台全球年活跃用户达到4.93亿。\n招股书显示，IPO之前，滴滴创始人、CEO程维持股7%，联合创始人、总裁柳青持股1.7%。根据中概股常规的同股不同权的安排，程维柳青合计拥有超过48%的投票权，包括程维柳青在内的滴滴管理层拥有超过50%的投票权。\n目前国内京东、小米、拼多多等多家互联网公司都采用了AB股即同股不同权的模式，刘强东、雷军、黄峥等创始人也正是借此拥有的股份尽管没有达到绝对控股的程度，却能够牢牢地掌控住公司。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2068,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183896329,"gmtCreate":1623319363761,"gmtModify":1704200789913,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️☕️☕️☕️☕️","listText":"☕️☕️☕️☕️☕️","text":"☕️☕️☕️☕️☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183896329","repostId":"118936918","repostType":1,"repost":{"id":118936918,"gmtCreate":1622711765434,"gmtModify":1704189449104,"author":{"id":"21347731130544","authorId":"21347731130544","name":"价值投资为王","avatar":"https://static.tigerbbs.com/89ffffc59ff9ac9cb9cb74f596418d44","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"21347731130544","idStr":"21347731130544"},"themes":[],"title":"拒絕內卷，眼饞時代天使的朋友可曲線救國！","htmlText":"時代天使今日招股，但市場預測一手中籤率或僅爲1%，甲組恐無緣必中一手，多數打新族選擇躺平，拒絕內卷。雖然掛在嘴邊的大肉吃不到，但不必懊悔，不如曲線救國，看看隱形牙套另一龍頭——阿萊技術。阿萊技術：隱形矯治器首創者、全球龍頭、中國市場銷售額NO.1！阿萊技術是美股上市公司，爲隱形矯治器首創公司，當前市值455億美元，上市之後漲幅超38倍，妥妥的大牛股！阿萊技術（ALGN）,部分投資者翻譯爲愛齊科技，成立於1997年，旗下主要產品爲隱適美，目前的市場份額爲全球第一，在中國，按銷售額計同爲NO.1！阿萊技術與時代天使同樣優秀！先看成長性，2012年，阿萊技術營收5.6億美元，2019年營收增長至24.07億，年營收復合增速23.16%。由於2020年受疫情影響，尤其是阿萊技術的大本營在歐美，業務受到重挫，考慮到2020年爲異常值，因此計算年複合增速時將2020年排除在外。這樣的營收增速不比時代天使差，考慮到兩者之間體量大小不同，阿萊技術和時代天使的增速都較爲優秀！2020年，阿萊技術中國區營收2億美金，換算成人民幣在13億左右，高於時代天使的8.17億人民幣。因此，時代天使在招股書中號稱自己是國內隱形矯治器老大，不是按銷售額計算的，而是按照達成案例數計算。之所以會有不同，主要是阿萊的產品隱適美，售價要高於時代天使。再來看盈利能力，阿萊技術和時代天使淨利率十分接近。2020年受疫情影響，阿萊的盈利能力不具參考價值，就按照2020年的盈利能力來看。從毛利率上看，阿萊技術爲72.5%，時代天使毛利率64.6%。由於時代天使處於放量期，毛利率尚在提升中，因此，兩家公司從毛利率上看，都是高盈利水準，不相上下。淨利率方面，2019年阿萊技術爲18.4%，時代天使2020年淨利率爲18.5%，十分接近。隱形矯治器護城河高築！隱形矯治器在中美兩國都算是二類醫療器械，准入門檻並不高，因此，全球競爭","listText":"時代天使今日招股，但市場預測一手中籤率或僅爲1%，甲組恐無緣必中一手，多數打新族選擇躺平，拒絕內卷。雖然掛在嘴邊的大肉吃不到，但不必懊悔，不如曲線救國，看看隱形牙套另一龍頭——阿萊技術。阿萊技術：隱形矯治器首創者、全球龍頭、中國市場銷售額NO.1！阿萊技術是美股上市公司，爲隱形矯治器首創公司，當前市值455億美元，上市之後漲幅超38倍，妥妥的大牛股！阿萊技術（ALGN）,部分投資者翻譯爲愛齊科技，成立於1997年，旗下主要產品爲隱適美，目前的市場份額爲全球第一，在中國，按銷售額計同爲NO.1！阿萊技術與時代天使同樣優秀！先看成長性，2012年，阿萊技術營收5.6億美元，2019年營收增長至24.07億，年營收復合增速23.16%。由於2020年受疫情影響，尤其是阿萊技術的大本營在歐美，業務受到重挫，考慮到2020年爲異常值，因此計算年複合增速時將2020年排除在外。這樣的營收增速不比時代天使差，考慮到兩者之間體量大小不同，阿萊技術和時代天使的增速都較爲優秀！2020年，阿萊技術中國區營收2億美金，換算成人民幣在13億左右，高於時代天使的8.17億人民幣。因此，時代天使在招股書中號稱自己是國內隱形矯治器老大，不是按銷售額計算的，而是按照達成案例數計算。之所以會有不同，主要是阿萊的產品隱適美，售價要高於時代天使。再來看盈利能力，阿萊技術和時代天使淨利率十分接近。2020年受疫情影響，阿萊的盈利能力不具參考價值，就按照2020年的盈利能力來看。從毛利率上看，阿萊技術爲72.5%，時代天使毛利率64.6%。由於時代天使處於放量期，毛利率尚在提升中，因此，兩家公司從毛利率上看，都是高盈利水準，不相上下。淨利率方面，2019年阿萊技術爲18.4%，時代天使2020年淨利率爲18.5%，十分接近。隱形矯治器護城河高築！隱形矯治器在中美兩國都算是二類醫療器械，准入門檻並不高，因此，全球競爭","text":"時代天使今日招股，但市場預測一手中籤率或僅爲1%，甲組恐無緣必中一手，多數打新族選擇躺平，拒絕內卷。雖然掛在嘴邊的大肉吃不到，但不必懊悔，不如曲線救國，看看隱形牙套另一龍頭——阿萊技術。阿萊技術：隱形矯治器首創者、全球龍頭、中國市場銷售額NO.1！阿萊技術是美股上市公司，爲隱形矯治器首創公司，當前市值455億美元，上市之後漲幅超38倍，妥妥的大牛股！阿萊技術（ALGN）,部分投資者翻譯爲愛齊科技，成立於1997年，旗下主要產品爲隱適美，目前的市場份額爲全球第一，在中國，按銷售額計同爲NO.1！阿萊技術與時代天使同樣優秀！先看成長性，2012年，阿萊技術營收5.6億美元，2019年營收增長至24.07億，年營收復合增速23.16%。由於2020年受疫情影響，尤其是阿萊技術的大本營在歐美，業務受到重挫，考慮到2020年爲異常值，因此計算年複合增速時將2020年排除在外。這樣的營收增速不比時代天使差，考慮到兩者之間體量大小不同，阿萊技術和時代天使的增速都較爲優秀！2020年，阿萊技術中國區營收2億美金，換算成人民幣在13億左右，高於時代天使的8.17億人民幣。因此，時代天使在招股書中號稱自己是國內隱形矯治器老大，不是按銷售額計算的，而是按照達成案例數計算。之所以會有不同，主要是阿萊的產品隱適美，售價要高於時代天使。再來看盈利能力，阿萊技術和時代天使淨利率十分接近。2020年受疫情影響，阿萊的盈利能力不具參考價值，就按照2020年的盈利能力來看。從毛利率上看，阿萊技術爲72.5%，時代天使毛利率64.6%。由於時代天使處於放量期，毛利率尚在提升中，因此，兩家公司從毛利率上看，都是高盈利水準，不相上下。淨利率方面，2019年阿萊技術爲18.4%，時代天使2020年淨利率爲18.5%，十分接近。隱形矯治器護城河高築！隱形矯治器在中美兩國都算是二類醫療器械，准入門檻並不高，因此，全球競爭","images":[{"img":"https://static.tigerbbs.com/b97fd0eac47617435f50ab5df5b2f4d2","width":"688","height":"399"},{"img":"https://static.tigerbbs.com/16899d30865a24eb7e641532426d03aa","width":"688","height":"406"},{"img":"https://static.tigerbbs.com/01759cc3b24ab28f054072c95f84ac88","width":"688","height":"366"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/118936918","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183891561,"gmtCreate":1623319287253,"gmtModify":1704200788136,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"?????","listText":"?????","text":"?????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183891561","repostId":"114138905","repostType":1,"repost":{"id":114138905,"gmtCreate":1623056133604,"gmtModify":1704195144607,"author":{"id":"21347731130544","authorId":"21347731130544","name":"价值投资为王","avatar":"https://static.tigerbbs.com/89ffffc59ff9ac9cb9cb74f596418d44","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"21347731130544","idStr":"21347731130544"},"themes":[],"title":"科濟藥業：細胞免疫獨角獸，高瓴資本火線入股！","htmlText":"科技藥業創立於2014年，是細胞免疫療法領域中的獨角獸。 在上市之前，專注醫藥投資的著名機構高瓴資本火線入股，爲科濟藥業含金量做出最佳背書！ 細胞免疫療法即將迎來黃金十年！ CAR-T你可能沒有聽過，但細胞免疫療法，其實很多年前就已經開始臨牀應用。 比如著名的魏則西事件，就是命喪莆田系免疫治療連環騙局。 早在2006年，永泰生物旗下的免疫療法EAL便投入臨牀使用，在被國家叫停之前，累計注射了4000人。 細胞免疫療法在理解上並不難，大家都知道人體的免疫細胞能夠殺死癌細胞和病毒，但癌細胞很狡猾，能僞裝成正常的細胞，讓人體免疫系統誤認爲身體沒有毛病。 而免疫療法即通過醫療手段，在體外培養激活患者的免疫細胞，讓他們具有抗腫瘤活性，然後再輸回患者體內，以此來殺死癌細胞。 下圖是科濟藥業CAR-T療法制造過程，基本所有的細胞免疫療法都是類似方法。 CAR-T目前是生物醫藥最火的賽道之一，近1年開始密集登陸資本市場，如去年上市的永泰生物和藥明巨諾皆是重磅級玩家。 當下，國內尚無獲批上市的CAR-T產品，但美國已有5種產品上市，分別爲Kymriah、Yescarta、Tecartus、Breyanzi和Abecma。 自2017年上市以來，Kymriah和Yescarta的銷量於2018年至2020年分別以84.1%和28.7%的複合年增長率快速增長。根據弗若斯特沙利文的資料，Kymriah、Yescarta及Tecartus於2020年的銷售總額約爲11億美元，截至2019年末，Breyanzi已治療超過2,500名R/R LBCL患者。 從全球市場來看，由於CAR-T療法剛剛嶄露頭角，目前的市場規模已從2017年的0.1億美元增長至2019年的7億美元，預計2030年的市場規模將達到218億美元，2024至2030年的複合年增長率爲22.1%！ 回到國內市場，預計2021年復星凱特和","listText":"科技藥業創立於2014年，是細胞免疫療法領域中的獨角獸。 在上市之前，專注醫藥投資的著名機構高瓴資本火線入股，爲科濟藥業含金量做出最佳背書！ 細胞免疫療法即將迎來黃金十年！ CAR-T你可能沒有聽過，但細胞免疫療法，其實很多年前就已經開始臨牀應用。 比如著名的魏則西事件，就是命喪莆田系免疫治療連環騙局。 早在2006年，永泰生物旗下的免疫療法EAL便投入臨牀使用，在被國家叫停之前，累計注射了4000人。 細胞免疫療法在理解上並不難，大家都知道人體的免疫細胞能夠殺死癌細胞和病毒，但癌細胞很狡猾，能僞裝成正常的細胞，讓人體免疫系統誤認爲身體沒有毛病。 而免疫療法即通過醫療手段，在體外培養激活患者的免疫細胞，讓他們具有抗腫瘤活性，然後再輸回患者體內，以此來殺死癌細胞。 下圖是科濟藥業CAR-T療法制造過程，基本所有的細胞免疫療法都是類似方法。 CAR-T目前是生物醫藥最火的賽道之一，近1年開始密集登陸資本市場，如去年上市的永泰生物和藥明巨諾皆是重磅級玩家。 當下，國內尚無獲批上市的CAR-T產品，但美國已有5種產品上市，分別爲Kymriah、Yescarta、Tecartus、Breyanzi和Abecma。 自2017年上市以來，Kymriah和Yescarta的銷量於2018年至2020年分別以84.1%和28.7%的複合年增長率快速增長。根據弗若斯特沙利文的資料，Kymriah、Yescarta及Tecartus於2020年的銷售總額約爲11億美元，截至2019年末，Breyanzi已治療超過2,500名R/R LBCL患者。 從全球市場來看，由於CAR-T療法剛剛嶄露頭角，目前的市場規模已從2017年的0.1億美元增長至2019年的7億美元，預計2030年的市場規模將達到218億美元，2024至2030年的複合年增長率爲22.1%！ 回到國內市場，預計2021年復星凱特和","text":"科技藥業創立於2014年，是細胞免疫療法領域中的獨角獸。 在上市之前，專注醫藥投資的著名機構高瓴資本火線入股，爲科濟藥業含金量做出最佳背書！ 細胞免疫療法即將迎來黃金十年！ CAR-T你可能沒有聽過，但細胞免疫療法，其實很多年前就已經開始臨牀應用。 比如著名的魏則西事件，就是命喪莆田系免疫治療連環騙局。 早在2006年，永泰生物旗下的免疫療法EAL便投入臨牀使用，在被國家叫停之前，累計注射了4000人。 細胞免疫療法在理解上並不難，大家都知道人體的免疫細胞能夠殺死癌細胞和病毒，但癌細胞很狡猾，能僞裝成正常的細胞，讓人體免疫系統誤認爲身體沒有毛病。 而免疫療法即通過醫療手段，在體外培養激活患者的免疫細胞，讓他們具有抗腫瘤活性，然後再輸回患者體內，以此來殺死癌細胞。 下圖是科濟藥業CAR-T療法制造過程，基本所有的細胞免疫療法都是類似方法。 CAR-T目前是生物醫藥最火的賽道之一，近1年開始密集登陸資本市場，如去年上市的永泰生物和藥明巨諾皆是重磅級玩家。 當下，國內尚無獲批上市的CAR-T產品，但美國已有5種產品上市，分別爲Kymriah、Yescarta、Tecartus、Breyanzi和Abecma。 自2017年上市以來，Kymriah和Yescarta的銷量於2018年至2020年分別以84.1%和28.7%的複合年增長率快速增長。根據弗若斯特沙利文的資料，Kymriah、Yescarta及Tecartus於2020年的銷售總額約爲11億美元，截至2019年末，Breyanzi已治療超過2,500名R/R LBCL患者。 從全球市場來看，由於CAR-T療法剛剛嶄露頭角，目前的市場規模已從2017年的0.1億美元增長至2019年的7億美元，預計2030年的市場規模將達到218億美元，2024至2030年的複合年增長率爲22.1%！ 回到國內市場，預計2021年復星凱特和","images":[{"img":"https://static.tigerbbs.com/ad6295fc84e3b3ff4d82f9d0f5272de0","width":"1027","height":"559"},{"img":"https://static.tigerbbs.com/4f527adecd43ea7fdcc9bb46ba1fdcdf","width":"1136","height":"515"},{"img":"https://static.tigerbbs.com/be895779ae02199c292888ffcf596c24","width":"1191","height":"641"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/114138905","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":126643233,"gmtCreate":1624570494522,"gmtModify":1703840443759,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"PAYPAL&nbsp; &nbsp; &nbsp;LOWE'S 183&nbsp; &nbsp;TYSOODS","listText":"PAYPAL&nbsp; &nbsp; &nbsp;LOWE'S 183&nbsp; &nbsp;TYSOODS","text":"PAYPAL LOWE'S 183 TYSOODS","images":[{"img":"https://static.tigerbbs.com/2c757704c64fdd2ca838d3a0fa960f78","width":"1080","height":"2288"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/126643233","isVote":1,"tweetType":1,"viewCount":2167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":899245741,"gmtCreate":1628203942683,"gmtModify":1703502933769,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️?","listText":"☕️?","text":"☕️?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/899245741","repostId":"806057778","repostType":1,"repost":{"id":806057778,"gmtCreate":1627619555494,"gmtModify":1703493513173,"author":{"id":"3568564821331838","authorId":"3568564821331838","name":"一只踩不到热点的鲸","avatar":"https://static.tigerbbs.com/b58be566a2ef815103329d0966478cf7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568564821331838","idStr":"3568564821331838"},"themes":[],"title":"關於中概股的一點看法","htmlText":"今天主要針對最近暴跌的中概股分享一些看法和思考。 第一，關於這次事件我也研究了很多，其中我很認同的一種看法是此次事件是針對“第一次分配”的改革。這個話題不好展開說，不懂的可以搜一下“三次分配理論”。 中國歷史上很多朝代走到終點都是因爲貧富差距過大，不同階層的人口比例失衡。所以現在提早做這樣的事情也不難理解。 但這樣的改革必然會影響公司未來的利潤率，並且這個影響的時間還沒有定數。因此最近情緒雖然有所平復，但長期預期肯定是不如以往。我認爲至少未來半年到一年內會是這樣，所以倉位上還是應該謹慎。 第二，左側逆勢加倉一定一定要重視資金管理，不要加倉加到最後爆倉了。 最近我瞭解到很多人都爆倉了。先是重倉在線教育的，再是重倉中概股的。在我看來，他們的倉位管理本身是致命的。 在一個長期投資組合中，持有8-10只股票，平均每隻倉位在10%左右是我個人認爲最舒適的配置。特別看好的標的，倉位也最好不要超過20%。這樣的話，即使一隻股票發生腰斬，總資金的損失也只在5%-10%之間。整體影響不會很大。 數據表明，如果賬戶回撤超過20%，挽回損失會開始變得困難。賬戶回撤超過40%，就很難做到長期穩定了。而長期穩定是一個投資者能夠在股市中生存下去的基礎。 我曾經講過財富增長曲線。 正向的財富增長曲線應該是長時間微小震盪，幾乎沒什麼變化。最終偶爾一兩次的劇烈增長使財富得到突破。 而不應該是長期增長最後直線墜落，也不應該是像心電圖一樣大起大落。 正向的財富增長曲線： 錯誤的財富增長曲線： 一些人覺得看準了就是應該滿倉幹。但問題是你如何來定義這個“看準”？是不是買了賺了就叫做看準，虧了就叫做沒看準？並且以自己的認知和專業程度，這個“看準”又有多少水分呢？這可能是一個值得思考的問題。 除了倉位管理，我們還要注意投資組合的單一性風險。 即不要全買同一板塊，或同一類型的股票。比如全買中概股，或全買科技股。因爲這樣即","listText":"今天主要針對最近暴跌的中概股分享一些看法和思考。 第一，關於這次事件我也研究了很多，其中我很認同的一種看法是此次事件是針對“第一次分配”的改革。這個話題不好展開說，不懂的可以搜一下“三次分配理論”。 中國歷史上很多朝代走到終點都是因爲貧富差距過大，不同階層的人口比例失衡。所以現在提早做這樣的事情也不難理解。 但這樣的改革必然會影響公司未來的利潤率，並且這個影響的時間還沒有定數。因此最近情緒雖然有所平復，但長期預期肯定是不如以往。我認爲至少未來半年到一年內會是這樣，所以倉位上還是應該謹慎。 第二，左側逆勢加倉一定一定要重視資金管理，不要加倉加到最後爆倉了。 最近我瞭解到很多人都爆倉了。先是重倉在線教育的，再是重倉中概股的。在我看來，他們的倉位管理本身是致命的。 在一個長期投資組合中，持有8-10只股票，平均每隻倉位在10%左右是我個人認爲最舒適的配置。特別看好的標的，倉位也最好不要超過20%。這樣的話，即使一隻股票發生腰斬，總資金的損失也只在5%-10%之間。整體影響不會很大。 數據表明，如果賬戶回撤超過20%，挽回損失會開始變得困難。賬戶回撤超過40%，就很難做到長期穩定了。而長期穩定是一個投資者能夠在股市中生存下去的基礎。 我曾經講過財富增長曲線。 正向的財富增長曲線應該是長時間微小震盪，幾乎沒什麼變化。最終偶爾一兩次的劇烈增長使財富得到突破。 而不應該是長期增長最後直線墜落，也不應該是像心電圖一樣大起大落。 正向的財富增長曲線： 錯誤的財富增長曲線： 一些人覺得看準了就是應該滿倉幹。但問題是你如何來定義這個“看準”？是不是買了賺了就叫做看準，虧了就叫做沒看準？並且以自己的認知和專業程度，這個“看準”又有多少水分呢？這可能是一個值得思考的問題。 除了倉位管理，我們還要注意投資組合的單一性風險。 即不要全買同一板塊，或同一類型的股票。比如全買中概股，或全買科技股。因爲這樣即","text":"今天主要針對最近暴跌的中概股分享一些看法和思考。 第一，關於這次事件我也研究了很多，其中我很認同的一種看法是此次事件是針對“第一次分配”的改革。這個話題不好展開說，不懂的可以搜一下“三次分配理論”。 中國歷史上很多朝代走到終點都是因爲貧富差距過大，不同階層的人口比例失衡。所以現在提早做這樣的事情也不難理解。 但這樣的改革必然會影響公司未來的利潤率，並且這個影響的時間還沒有定數。因此最近情緒雖然有所平復，但長期預期肯定是不如以往。我認爲至少未來半年到一年內會是這樣，所以倉位上還是應該謹慎。 第二，左側逆勢加倉一定一定要重視資金管理，不要加倉加到最後爆倉了。 最近我瞭解到很多人都爆倉了。先是重倉在線教育的，再是重倉中概股的。在我看來，他們的倉位管理本身是致命的。 在一個長期投資組合中，持有8-10只股票，平均每隻倉位在10%左右是我個人認爲最舒適的配置。特別看好的標的，倉位也最好不要超過20%。這樣的話，即使一隻股票發生腰斬，總資金的損失也只在5%-10%之間。整體影響不會很大。 數據表明，如果賬戶回撤超過20%，挽回損失會開始變得困難。賬戶回撤超過40%，就很難做到長期穩定了。而長期穩定是一個投資者能夠在股市中生存下去的基礎。 我曾經講過財富增長曲線。 正向的財富增長曲線應該是長時間微小震盪，幾乎沒什麼變化。最終偶爾一兩次的劇烈增長使財富得到突破。 而不應該是長期增長最後直線墜落，也不應該是像心電圖一樣大起大落。 正向的財富增長曲線： 錯誤的財富增長曲線： 一些人覺得看準了就是應該滿倉幹。但問題是你如何來定義這個“看準”？是不是買了賺了就叫做看準，虧了就叫做沒看準？並且以自己的認知和專業程度，這個“看準”又有多少水分呢？這可能是一個值得思考的問題。 除了倉位管理，我們還要注意投資組合的單一性風險。 即不要全買同一板塊，或同一類型的股票。比如全買中概股，或全買科技股。因爲這樣即","images":[{"img":"https://static.tigerbbs.com/1fb241e9e14f5aa8a90465ff9e7b6c60","width":"841","height":"744"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806057778","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":6207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890628575,"gmtCreate":1628115724697,"gmtModify":1703501323824,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/890628575","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":6239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112959457,"gmtCreate":1622847915479,"gmtModify":1704192219760,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️☕️","listText":"☕️☕️","text":"☕️☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112959457","repostId":"1180481881","repostType":4,"repost":{"id":"1180481881","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":1622815751,"share":"https://ttm.financial/m/news/1180481881?lang=en_US&edition=fundamental","pubTime":"2021-06-04 22:09","market":"us","language":"zh","title":"Nvidia's stock price broke through $700, hitting a new all-time high.","url":"https://stock-news.laohu8.com/highlight/detail?id=1180481881","media":"老虎资讯综合","summary":"周五盘中，英伟达涨幅扩大至3%，股价上破700美元，续刷历史新高。同时，半导体股普涨，美光科技、高通涨2%，赛灵思涨1.6%。在去年股价大幅上涨之后，英伟达的市盈率达到高昂的89倍。但根据近期的增长，","content":"<p>During trading on Friday,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The gains widened to 3%, and the stock price broke through $700, hitting a new all-time high. Meanwhile, semiconductor stocks generally rose.<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Up 2%,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>It rose 1.6%.</p><p><img src=\"https://static.tigerbbs.com/3c2520afd5022d330435af4a028b461f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>After a sharp rise in its stock price last year, Nvidia's P/E reached a staggering 89 times. However, based on recent growth and Nvidia's announcement on Investor Day on April 12, it is difficult to call it expensive. As the stock begins to provide software solutions to enterprises, another growth engine may emerge in the next five years and beyond.</p><p><b>Nvidia is leading the AI revolution</b></p><p>Nvidia's revenue and earnings per share have grown significantly over the past five years, driving its stock price up 1,600% during that period. Since 2017, Nvidia's operating cash has grown at an average annual rate of 37%.</p><p>Nvidia has long dominated the gaming graphics card market, and recently, investors praised Nvidia for launching the Grace CPU, the company's first central processing unit designed specifically for data centers.</p><p>However, some investors may not understand Nvidia's business, which is not just about high-power chips driving its growth. In addition to chips, Nvidia also provides software and applications, which partly explains the company's increased profits.</p><p>Nvidia is building a platform that combines software and hardware, essentially making it easier for businesses to use AI. This is somewhat like<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>In the 1980s, the transition from MS-DOS to Windows ushered in a new wave of consumers who wanted to use personal computers. In a sense, Nvidia is positioning itself as a pioneer in the artificial intelligence revolution.<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>。</p><p><b>Here are some examples provided by Nvidia:</b></p><p>NVIDIA recently launched NVIDIA AI Enterprise, a platform that makes it easier and faster for businesses to run AI in their applications. NVIDIA has partnered with VMware to develop AI Enterprise. VMware is a leading provider of cloud infrastructure services, used by 70% of companies worldwide.</p><p>NVIDIA Jarvis is a software suite that provides enterprises with tools for conversational AI, speech recognition, and text-to-speech capabilities.</p><p>NVIDIA Omniverse is an interactive platform that allows graphic artists to collaborate virtually with other team members to create 3D objects.</p><p>Nvidia is expanding its competitive moat through these platforms, adding software tools on top of hardware and building closer relationships than simply selling chips to customers. After all, competitors are always likely to manufacture better chips, as Advanced Micro Devices can do from...<a href=\"https://laohu8.com/S/INTC\">Intel</a>(Intel), the market share gained.</p><p><b>The era of chips as services has arrived.</b></p><p>With NVIDIA AI and NVIDIA Omniverse, our chip and system market opportunities will be even greater. CEO Jensen Huang said at Nvidia's 2021 investor day. Looking at the fees Nvidia charges customers for AI companies, you'll understand why management sees its AI software platform as a multi-billion dollar opportunity.</p><p>In NVIDIA AI Enterprise, NVIDIA charges a licensing fee of $3,595 per CPU socket, and VMware has more than 300,000 Enterprise customers. This potential market has 8 million CPUs per year. In addition, Nvidia offers a subscription service for $899 per license per year.</p><p>Another major opportunity is NVIDIA DRIVE, which is at the heart of NVIDIA's DRIVE in the autonomous vehicle market. Daimler's Mercedes-Benz reached an agreement with Nvidia last year to use Nvidia DRIVE AGX Orin chips in Mercedes' fleet starting in 2024 to provide autonomous driving capabilities.</p><p>Like NVIDIA AI Enterprise, NVIDIA DRIVE can generate significant recurring revenue for NVIDIA. Mercedes will build the next generation of cars that run on system software like computers. Cars will download updates online, just like downloading updates on mobile phones.</p><p>A key part of this deal is that Nvidia signed a revenue-sharing agreement with Mercedes-Benz, under which Nvidia will receive revenue for every software sale. Car owners will be able to purchase new software features to enhance the driving experience while keeping their cars updated with the latest autonomous driving features. With millions of cars on the road, this opportunity could add up to something even bigger over time.</p><p><b>Chart: Changes in Nvidia's stock price, diluted net earnings per share, and revenue.</b></p><p><img src=\"https://static.tigerbbs.com/4601fddd3dab51ca0a26aaa4cd44ca45\" tg-width=\"940\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p>Source: YCHARTS</p><p><b>Huge opportunities for artificial intelligence software</b></p><p>The automotive services market is currently estimated at $5 billion, but it could grow many times over, depending on how many of the 100 million cars currently on the road end up running on NVIDIA DRIVE. From another perspective, Nvidia's total revenue in 2021 was $16.7 billion. Of course, this is just a transportation opportunity. According to Nvidia, data centers alone offer $100 billion in opportunities.</p><p>For these reasons, I would not underestimate Nvidia, even at its current expensive stock price. NVIDIA AI exists in every cloud and is positioned as a technological pillar for every sector of the global economy. All of this suggests that the stock price will rise further in the long run.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia's stock price broke through $700, hitting a new all-time high.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia's stock price broke through $700, hitting a new all-time high.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-04 22:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>During trading on Friday,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The gains widened to 3%, and the stock price broke through $700, hitting a new all-time high. Meanwhile, semiconductor stocks generally rose.<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Up 2%,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>It rose 1.6%.</p><p><img src=\"https://static.tigerbbs.com/3c2520afd5022d330435af4a028b461f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>After a sharp rise in its stock price last year, Nvidia's P/E reached a staggering 89 times. However, based on recent growth and Nvidia's announcement on Investor Day on April 12, it is difficult to call it expensive. As the stock begins to provide software solutions to enterprises, another growth engine may emerge in the next five years and beyond.</p><p><b>Nvidia is leading the AI revolution</b></p><p>Nvidia's revenue and earnings per share have grown significantly over the past five years, driving its stock price up 1,600% during that period. Since 2017, Nvidia's operating cash has grown at an average annual rate of 37%.</p><p>Nvidia has long dominated the gaming graphics card market, and recently, investors praised Nvidia for launching the Grace CPU, the company's first central processing unit designed specifically for data centers.</p><p>However, some investors may not understand Nvidia's business, which is not just about high-power chips driving its growth. In addition to chips, Nvidia also provides software and applications, which partly explains the company's increased profits.</p><p>Nvidia is building a platform that combines software and hardware, essentially making it easier for businesses to use AI. This is somewhat like<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>In the 1980s, the transition from MS-DOS to Windows ushered in a new wave of consumers who wanted to use personal computers. In a sense, Nvidia is positioning itself as a pioneer in the artificial intelligence revolution.<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>。</p><p><b>Here are some examples provided by Nvidia:</b></p><p>NVIDIA recently launched NVIDIA AI Enterprise, a platform that makes it easier and faster for businesses to run AI in their applications. NVIDIA has partnered with VMware to develop AI Enterprise. VMware is a leading provider of cloud infrastructure services, used by 70% of companies worldwide.</p><p>NVIDIA Jarvis is a software suite that provides enterprises with tools for conversational AI, speech recognition, and text-to-speech capabilities.</p><p>NVIDIA Omniverse is an interactive platform that allows graphic artists to collaborate virtually with other team members to create 3D objects.</p><p>Nvidia is expanding its competitive moat through these platforms, adding software tools on top of hardware and building closer relationships than simply selling chips to customers. After all, competitors are always likely to manufacture better chips, as Advanced Micro Devices can do from...<a href=\"https://laohu8.com/S/INTC\">Intel</a>(Intel), the market share gained.</p><p><b>The era of chips as services has arrived.</b></p><p>With NVIDIA AI and NVIDIA Omniverse, our chip and system market opportunities will be even greater. CEO Jensen Huang said at Nvidia's 2021 investor day. Looking at the fees Nvidia charges customers for AI companies, you'll understand why management sees its AI software platform as a multi-billion dollar opportunity.</p><p>In NVIDIA AI Enterprise, NVIDIA charges a licensing fee of $3,595 per CPU socket, and VMware has more than 300,000 Enterprise customers. This potential market has 8 million CPUs per year. In addition, Nvidia offers a subscription service for $899 per license per year.</p><p>Another major opportunity is NVIDIA DRIVE, which is at the heart of NVIDIA's DRIVE in the autonomous vehicle market. Daimler's Mercedes-Benz reached an agreement with Nvidia last year to use Nvidia DRIVE AGX Orin chips in Mercedes' fleet starting in 2024 to provide autonomous driving capabilities.</p><p>Like NVIDIA AI Enterprise, NVIDIA DRIVE can generate significant recurring revenue for NVIDIA. Mercedes will build the next generation of cars that run on system software like computers. Cars will download updates online, just like downloading updates on mobile phones.</p><p>A key part of this deal is that Nvidia signed a revenue-sharing agreement with Mercedes-Benz, under which Nvidia will receive revenue for every software sale. Car owners will be able to purchase new software features to enhance the driving experience while keeping their cars updated with the latest autonomous driving features. With millions of cars on the road, this opportunity could add up to something even bigger over time.</p><p><b>Chart: Changes in Nvidia's stock price, diluted net earnings per share, and revenue.</b></p><p><img src=\"https://static.tigerbbs.com/4601fddd3dab51ca0a26aaa4cd44ca45\" tg-width=\"940\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p>Source: YCHARTS</p><p><b>Huge opportunities for artificial intelligence software</b></p><p>The automotive services market is currently estimated at $5 billion, but it could grow many times over, depending on how many of the 100 million cars currently on the road end up running on NVIDIA DRIVE. From another perspective, Nvidia's total revenue in 2021 was $16.7 billion. Of course, this is just a transportation opportunity. According to Nvidia, data centers alone offer $100 billion in opportunities.</p><p>For these reasons, I would not underestimate Nvidia, even at its current expensive stock price. NVIDIA AI exists in every cloud and is positioned as a technological pillar for every sector of the global economy. All of this suggests that the stock price will rise further in the long run.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f1c866c487eb9e101f73a62d4495ce9","relate_stocks":{"NVDA":"英伟达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180481881","content_text":"周五盘中，英伟达涨幅扩大至3%，股价上破700美元，续刷历史新高。同时，半导体股普涨，美光科技、高通涨2%，赛灵思涨1.6%。在去年股价大幅上涨之后，英伟达的市盈率达到高昂的89倍。但根据近期的增长，以及英伟达在4月12日投资者日当天的公告，很难指其属昂贵。随着该股开始向企业提供软件解决方案，未来五年及以后可能会有另一增长引擎。英伟达 正在领导人工智能革命英伟达 的收入和每股纯利在过去五年大幅增长，这推动了期间股价累升了1,600%。自2017年度以来，英伟达 运营现金以平均每年37%速度增长。英伟达长期以来一直主导着游戏显示卡市场，就在最近，投资者对英伟达大加赞赏，因其推出Grace CPU，是该公司首款专为数据中心设计的中央处理器。但有些投资者可能不了解英伟达的业务，不只是高功率晶片去推动其增长。除了晶片之外，英伟达 还提供软件和应用程式，在一定程度上解释了公司利润增加的原因。英伟达正在构建软件和硬体相结合的平台，基本上使企业更容易使用AI。这有点像微软在20世纪80年代，从MS-DOS过渡到Windows，迎来了一波想要使用个人电脑的新消费者。从某种意义上说，英伟达正在将其定位为人工智能革命的微软。以下是英伟达提供的一些示例：英伟达最近推出了英伟达 AI Enterprise，此平台使企业能够更轻松、更快地在其应用程式中运行AI。英伟达 与VMware合作开发了AI Enterprise。VMware是一家领先的云基础设施服务提供者，全球70%的公司都使用该提供商。英伟达 Jarvis 是一个软件套件，为企业提供对话AI、语音辨识和文字转语音功能的工具。英伟达 Omniverse是一个互动式平台，允许图像艺术家与其他团队成员虚拟地协作以创建3D对象。英伟达 正在通过这些平台扩大其竞争护城河，在硬件之上添加软件工具，比仅仅向客户销售晶片能建立更紧密的关系。毕竟，竞争对手总是有可能制造出更好的晶片，正如Advanced Micro Devices可在从英特尔（Intel），获取的市场份额。晶片作为服务时代来临随着英伟达AI和英伟达Omniverse，我们的晶片和系统市场机会将更加大。首席执行官黄仁勋在英伟达的2021投资者日说。看看英伟达为AI企业向客户收取的费用，便会明白为什么管理层认为其人工智能软件平台是一个数十亿美元的机会。在英伟达 AI Enterprise ，英伟达收取每个CPU插座3,595美元的许可费，VMware 拥有超过30万家企业客户。这个潜在的市场每年有800万CPU。此外，英伟达提供每份许可证每年899美元的订阅服务。另一个大机会是英伟达 DRIVE，这是英伟达在自动驾驶汽车市场推动的核心。戴姆勒（Daimler）的Mercedes-Benz于去年与英伟达达成协议，从2024年开始使用英伟达 DRIVE AGX Orin晶片在Mercedes的车队，以提供自动驾驶能力。与英伟达 AI Enterprise 一样，英伟达 DRIVE可为英伟达 带来大量经常性收入。Mercedes将制造下一代汽车，像电脑般在系统软件上运行。汽车将网上下载更新，就像下载手机更新一样。这笔交易的重要部分是，英伟达与Mercedes-Benz签订收入分享协定，每销售一次软件，英伟达都将获得收入。车主将能够购买新的软件功能，提高驾驶体验，同时保持汽车更新与最新的自动驾驶功能。随着数百万辆汽车在路上，这个机会可能会随着时间的推移而增加更大的东西。图：英伟达 股价、每股摊薄纯利变动、收入的变动来源: YCHARTS人工智能软件的机会巨大汽车服务市场目前估计为50亿美元，但可能增长很多倍，这取决于目前在路上的1亿辆汽车中，有多少最终在英伟达 DRIVE上运行。从另一角度看，英伟达 2021 年度收入总计167亿美元。当然，这只是交通方面的机会。根据英伟达的资料，仅数据中心就提供1,000亿美元的机会。正是由于这些原因，我不会低估英伟达，即使以目前股价昂贵。英伟达 AI在每一个云端中都存在，它定位为全球经济每个板块的技术支柱。所有这些都表明，从长期来看，股价将进一步走高。","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192564777,"gmtCreate":1621216920399,"gmtModify":1704354065728,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192564777","repostId":"1166444262","repostType":4,"repost":{"id":"1166444262","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":1621214532,"share":"https://ttm.financial/m/news/1166444262?lang=en_US&edition=fundamental","pubTime":"2021-05-17 09:22","market":"sh","language":"zh","title":"Opening: The Hang Seng Index opened 0.37% higher, while Bilibili rose over 6%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1166444262","media":"老虎资讯综合","summary":"5月17日讯，港股三大指数高开，恒指涨0.37%报28130点，国指涨0.45%报10451点，恒生科技指数涨0.84%报7628点。盘面上，教育股集体高开，中教控股大涨逾10%，新高教集团涨超7%；","content":"<p>May 17 - Hong Kong's three major stock indices opened higher, with the Hang Seng Index rising 0.37% to 28,130 points, the Hang Seng Index rising 0.45% to 10,451 points, and the Hang Seng Tech Index rising 0.84% to 7,628 points.</p><p><img src=\"https://static.tigerbbs.com/6e067bd99181228f2a5f0bc34cfb1ed3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Education stocks opened higher across the board.<a href=\"https://laohu8.com/S/00839\">China Education Holdings</a>It surged more than 10%.<a href=\"https://laohu8.com/S/02001\">New Higher Education Group</a>It rose more than 7%; Most pharmaceutical stocks, photovoltaic stocks, gold stocks, shipping stocks, and catering stocks rose.<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It rose by more than 2%; Chinese brokerage stocks continued their upward trend.<a href=\"https://laohu8.com/S/601456\">Guolian Securities</a>Large-cap technology stocks rose 2.37%.<a href=\"https://laohu8.com/S/09888\">Baidu</a>Kuaishou opened 3.6% higher.<a href=\"https://laohu8.com/S/00700\">Tencent</a>It rose nearly 2%, and Meituan rose 1%; Home appliance stocks, banking stocks, and steel stocks fell significantly.</p><p><a href=\"https://laohu8.com/S/09626\">Bilibili</a>It opened 6.31% higher this morning at HK$750, with a latest market capitalization of HK$288.3 billion. Last Friday, Bilibili's US stock closed up 10.72% at $96.87, which translates to a Hong Kong stock market price of HK$752.45 per share. The company released its results on the 13th, showing that Q1 revenue increased by 68% year-on-year to RMB 3.901 billion, exceeding the company's guidance limit by 2.7%. The Non-GAAP loss per ADS was RMB 1.87, better than expected. The company expects its net revenue for the second quarter to be between RMB 4.25 billion and RMB 4.35 billion.</p><p><a href=\"https://laohu8.com/S/02191\">SF Express Real Estate Trust</a>It fell below its issue price on its first day of trading, opening nearly 10% lower.</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>Opening: The Hang Seng Index opened 0.37% higher, while Bilibili rose over 6%.</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\">\nOpening: The Hang Seng Index opened 0.37% higher, while Bilibili rose over 6%.\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\">2021-05-17 09:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>May 17 - Hong Kong's three major stock indices opened higher, with the Hang Seng Index rising 0.37% to 28,130 points, the Hang Seng Index rising 0.45% to 10,451 points, and the Hang Seng Tech Index rising 0.84% to 7,628 points.</p><p><img src=\"https://static.tigerbbs.com/6e067bd99181228f2a5f0bc34cfb1ed3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Education stocks opened higher across the board.<a href=\"https://laohu8.com/S/00839\">China Education Holdings</a>It surged more than 10%.<a href=\"https://laohu8.com/S/02001\">New Higher Education Group</a>It rose more than 7%; Most pharmaceutical stocks, photovoltaic stocks, gold stocks, shipping stocks, and catering stocks rose.<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It rose by more than 2%; Chinese brokerage stocks continued their upward trend.<a href=\"https://laohu8.com/S/601456\">Guolian Securities</a>Large-cap technology stocks rose 2.37%.<a href=\"https://laohu8.com/S/09888\">Baidu</a>Kuaishou opened 3.6% higher.<a href=\"https://laohu8.com/S/00700\">Tencent</a>It rose nearly 2%, and Meituan rose 1%; Home appliance stocks, banking stocks, and steel stocks fell significantly.</p><p><a href=\"https://laohu8.com/S/09626\">Bilibili</a>It opened 6.31% higher this morning at HK$750, with a latest market capitalization of HK$288.3 billion. Last Friday, Bilibili's US stock closed up 10.72% at $96.87, which translates to a Hong Kong stock market price of HK$752.45 per share. The company released its results on the 13th, showing that Q1 revenue increased by 68% year-on-year to RMB 3.901 billion, exceeding the company's guidance limit by 2.7%. The Non-GAAP loss per ADS was RMB 1.87, better than expected. The company expects its net revenue for the second quarter to be between RMB 4.25 billion and RMB 4.35 billion.</p><p><a href=\"https://laohu8.com/S/02191\">SF Express Real Estate Trust</a>It fell below its issue price on its first day of trading, opening nearly 10% lower.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","BILI":"哔哩哔哩","09626":"哔哩哔哩-W","HSI":"恒生指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166444262","content_text":"5月17日讯，港股三大指数高开，恒指涨0.37%报28130点，国指涨0.45%报10451点，恒生科技指数涨0.84%报7628点。盘面上，教育股集体高开，中教控股大涨逾10%，新高教集团涨超7%；药品股、光伏股、黄金股、海运股、餐饮股多数上涨，海底捞升超2%；中资券商股延续涨势，国联证券涨2.37%，大型科技股百度高开3.6%，快手、腾讯涨近2%，美团涨1%；家电股、银行股、钢铁股明显下跌。哔哩哔哩今早跳空高开6.31%报750港元，最新市值2883亿港元。上周五哔哩哔哩美股收涨10.72%报96.87美元，折算成港股市场价格为752.45港元/股。公司13日公布业绩显示，Q1营收按年增长68%至39.01亿元人民币，超出公司指导上限2.7%；Non-GAAP每股ADS亏损1.87元，好于预期。公司预计二季度净营收将在人民币42.5亿元至人民币43.5亿元之顺丰房托上市首日即破发，低开近10%。","news_type":1,"symbols_score_info":{"513600":0.9,"HSI":0.9,"MHImain":0.9,"MCHmain":0.9,"HHImain":0.9,"02833":0.9,"09626":0.9,"BILI":0.9,"HSImain":0.9}},"isVote":1,"tweetType":1,"viewCount":1359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159162251,"gmtCreate":1624949251573,"gmtModify":1703848645876,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️","listText":"☕️","text":"☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159162251","repostId":"2146158831","repostType":4,"isVote":1,"tweetType":1,"viewCount":4917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129297090,"gmtCreate":1624373182810,"gmtModify":1703834840290,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[{"img":"https://static.tigerbbs.com/eab4a773c127f6572dfd2352978a8c86","width":"1080","height":"2180"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129297090","isVote":1,"tweetType":1,"viewCount":2013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":131366405,"gmtCreate":1621828983807,"gmtModify":1704362923894,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️","listText":"☕️","text":"☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/131366405","repostId":"2137746749","repostType":4,"repost":{"id":"2137746749","kind":"highlight","pubTimestamp":1621820894,"share":"https://ttm.financial/m/news/2137746749?lang=en_US&edition=fundamental","pubTime":"2021-05-24 09:48","market":"us","language":"zh","title":"CITIC Mingming: RMB still has room to appreciate, US dollar against RMB or hit 6.2","url":"https://stock-news.laohu8.com/highlight/detail?id=2137746749","media":"格隆汇","summary":"中信债券明明认为当前人民币汇率走强动能仍然较强，美元兑人民币汇率向下或触及6.2。","content":"<p><b>Core Perspectives</b></p><p><b>Since June 2020, the RMB has emerged from a period of strength, and the spot exchange rate of the US dollar against the RMB has dropped from a high of 7.16 to a recent low of 6.42. Although the RMB exchange rate depreciated from February to March 2021, it then returned to the appreciation channel. As of May 20, 2021, the spot exchange rate of the US dollar against the RMB recorded 6.44. We believe that there is still room for RMB to appreciate in the follow-up, and the exchange rate of US dollar against RMB will fall or hit 6.2.</b></p><p><b>Under the long and short factors, the two-way volatility of RMB increased, but the overall strength.</b>Since April this year, the RMB has returned to a strong trend, and the correlation between the spot exchange rate of the US dollar and the RMB and the the US Dollar Index has increased. The RMB exchange rate depreciated from February to March 2021, and the spot exchange rate of the US dollar against the RMB rose from 6.45 on February 24 to 6.57 on March 30. Subsequently, the RMB returned to the appreciation channel, and as of May 20, 2021, the spot exchange rate of the US dollar against the RMB recorded 6.44, representing a decrease of approximately 1.98% from the 2021 high. After analysis, we believe that the main reasons include: (1) In April, the United States was affected by factors such as the downward trend of real interest rate, the slowdown of economic recovery in the United States and the economic recovery in Europe, and the yield and the US Dollar Index of U.S. bonds showed a downward trend; (2) Since May, weak employment and soaring inflation have caused fluctuations in U.S. bond yields and the US Dollar Index, which in turn have led to fluctuations in RMB exchange rate; (3) The high prosperity of China's foreign trade, economic recovery and the increase in the attractiveness of domestic assets driven by the development of China's comprehensive strength have all increased the demand for RMB and promoted the increase in the value of RMB.</p><p><b>Strong exports continue to support RMB demand.</b>Because our capital and financial accounts are not completely convertible, the applicability of interest rate parity theory is weakened. Compared with it, the current account payment and foreign trade balance explain the exchange rate more strongly. Under the background of global trade repair and differentiation, China's foreign trade took the lead in repairing. Considering the current outbreak of COVID-19 in India, Japan and other places, it may have a certain negative impact on global production capacity. At the same time, China's production capacity continues to recover, and China's exports to the United States may continue to maintain high prosperity in 2021, which will increase the trade surplus and provide impetus for the appreciation of RMB. From the U.S. perspective, the U.S. trade deficit has increased gradually since December 2020, reaching $74.448 billion as of March 2021, representing a 5.56% increase from the previous month. The ongoing trade deficit has increased the demand for foreign currencies, putting depreciation pressure on the US dollar.</p><p><b>At present, the Federal Reserve is swinging left and right, but it remains pigeon-oriented as a whole.</b>Splitting the nominal U.S. bond yield into inflation expectations and real interest rates, we find that the overall decline in real interest rates is even greater, reflecting the current expectation of weakening U.S. economic recovery. However, the Federal Reserve is still dovish in its attitude, emphasizing the temporary nature of inflation and the need to maintain low interest rates. It is expected that the possibility of policy tightening in the short term is low. The lower real interest rate and the dovish attitude of the Federal Reserve may lead to insufficient action in the yield of U.S. bonds. The yield of U.S. bonds is expected to affect the RMB exchange rate through the spread between China and the United States. At present, the spread between China and the United States is around 150bps, which is still higher than the safe boundary of 100bps. If the spread between China and the United States continues to widen in the future, the value of RMB asset allocation will be further increased, thus promoting RMB demand and RMB appreciation</p><p><b>Summary:</b>China's monetary policy implementation report for the first quarter of 2021 released by the central bank mentioned: 'Give full play to the decisive role of market supply and demand in exchange rate formation, enhance the flexibility of RMB exchange rate, strengthen macro-prudential management, stabilize market expectations, guide enterprises and financial institutions to adhere to the concept of \"risk neutrality\", and maintain the basic stability of RMB exchange rate at a reasonable and balanced level.' With the strengthening of China's own economic strength, the internationalization of RMB and the continuous opening of financial markets, the two-way fluctuation characteristics of RMB exchange rate will be strengthened, and the RMB exchange rate will become more market-oriented. Combined with factors such as China's strong exports, the lower real interest rate in the United States and the overall pigeon attitude of the Federal Reserve, we believe that the RMB exchange rate still has strong momentum, and the USD/RMB exchange rate will decline or hit 6.2.</p><p><b>text</b></p><p>Since June 2020, the RMB has emerged from a period of strength, and the spot exchange rate of the US dollar against the RMB has dropped from a high of 7.16 to a recent low of 6.42. Although the RMB exchange rate depreciated from February to March 2021, it then returned to the appreciation channel. As of May 20, 2021, the spot exchange rate of the US dollar against the RMB recorded 6.44. We believe that there is still room for RMB to appreciate in the follow-up, and the exchange rate of US dollar against RMB will fall or hit 6.2.</p><p><h3><b>Two-way volatility of RMB increased under long and short factors, but overall strength</b></h3><b>Since April this year, the RMB has returned to a strong trend, and the correlation between the spot exchange rate of the US dollar and the RMB and the the US Dollar Index has increased.</b>This round of RMB appreciation started at the end of May 2020, and the spot exchange rate of US dollar against RMB continued to decline from the high point (7.16) on May 28, 2020. On May 10, 2021, it reached the lowest point of 6.42 in nearly one year, with the largest decline of 10.34%. In the near term, the RMB exchange rate depreciated from February to March 2021, and the spot exchange rate of the US dollar against the RMB rose from 6.45 on February 24 to 6.57 on March 30. Subsequently, the RMB returned to the appreciation channel, and as of May 20, 2021, the spot exchange rate of the US dollar against the RMB recorded 6.44, representing a decrease of approximately 1.98% from the 2021 high. From the perspective of the US Dollar Index, there has been some fluctuation in its correlation with the spot exchange rate of the US dollar against the RMB historically. For example, from January to February 2021, the the US Dollar Index rose, while the RMB exchange rate performed relatively stable due to the support of foreign exchange settlement and sale. Since March 2021, the spot exchange rate of US dollar against RMB has once again maintained a similar trend to that of the US Dollar Index, and the correlation between the two has improved.<img src=\"https://static.tigerbbs.com/60537f63bd0a3e72233a06121aa63e6f\" tg-width=\"554\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><b>the US Dollar Index has risen first and then fallen since the beginning of this year</b></p><p><b>During the Q2-Q4 phase of 2020, the widening of the interest rate gap between China and the United States increased the allocation value of Chinese assets, resulting in the depreciation of the US dollar.</b>The 10-year Treasury Bond spread between the two countries plays a guiding role in the flow of funds, which in turn causes changes in money demand. Take China and the United States as an example. After the outbreak of the COVID-19 pandemic in the United States in March 2020, the U.S. 10-year Treasury Bond yield rapidly declined to around 0.7%, while China's 10-year Treasury Bond remained near 2.6%. During the Q2-Q4 period of 2020, the spread between China and the United States widened significantly, exceeding 200bps in mid-May. Together with the influence of risk aversion, the value of China's asset allocation increased, and the increase in RMB demand led to the depreciation of the US dollar.</p><p><img src=\"https://static.tigerbbs.com/18ce66b49333c75187ee8aac41d770ca\" tg-width=\"550\" tg-height=\"291\" referrerpolicy=\"no-referrer\"><b>In 2021Q1, the fundamentals of the U.S. economy continued to improve and the yield of U.S. bonds continued to rise, driving the appreciation of the U.S. dollar.</b>In terms of macroeconomics, the manufacturing PMI and non-manufacturing PMI of the United States reached record highs in the first quarter of 2021, with the manufacturing PMI recorded 64.7 and the non-manufacturing PMI recorded 63.7 in March. Meanwhile, U.S. bond yields rose from 0.93% on January 4, 2021 to 1.74% on March 31, an increase of 81bps. The high economic fundamentals and the continuous upward trend of U.S. bond yields combined to push the the US Dollar Index from 89.88 on January 4th to 93.18 on March 31st.</p><p><img src=\"https://static.tigerbbs.com/1531717ff143b371d542aa611c403005\" tg-width=\"688\" tg-height=\"288\" referrerpolicy=\"no-referrer\"><b>In April 2021, U.S. Treasury yields and the US Dollar Index showed a downward trend.</b>For the decline of U.S. bond yields and the US Dollar Index in April, we believe that one of the important considerations lies in the market's attitude towards the Fed's monetary policy. Under the continuous release of the Fed's loose signal, the market's worry about the early tightening of the Fed's monetary policy has decreased. Specifically, the decline in the yield of 10-year U.S. bonds in April mainly came from the decline in the real yield, while the change in inflation expectations during this period was relatively limited. From the perspective of the weights of the basket of currencies that make up the US Dollar Index, the recovery of the European economy also affected the trend of the US Dollar Index after April. In the calculation of the US Dollar Index, the weight of the euro is 57.6% and the weight of the pound is 11.9%, totaling 69.5%. Therefore, the economic fundamentals of Europe have a certain indirect impact on the trend of the US Dollar Index. With the economic recovery of major countries in the European region, currencies such as the euro and the pound have strengthened, resulting in the weakening of the US Dollar Index.</p><p><img src=\"https://static.tigerbbs.com/3a9349bce137b7ee13960f792d6d5092\" tg-width=\"552\" tg-height=\"288\" referrerpolicy=\"no-referrer\"><b>Since May 2021, U.S. bond yields and the US Dollar Index have fluctuated, which in turn led to fluctuations in the RMB exchange rate.</b>After entering May, U.S. bond yields and the US Dollar Index fluctuated due to employment and inflation data. On the one hand, the released non-agricultural data in April fell short of expectations, and the short-term the US Dollar Index dropped rapidly to around 90.40. After pulling up, it continued to fluctuate downward, closing at 90.24 on the same day; The 10-year Treasury yield fell nearly 10bps to around 1.48%. Then the inflation data released greatly exceeded market expectations. In April, the unseasonally adjusted core CPI rose by 3% year-on-year, resulting in a sharp rise of 7.3bps in the yield of 10-year U.S. bonds after the data was released, with a high of 1.69% and a high of 91 in the US Dollar Index. With prices soaring but the job market weak, the Federal Reserve is in a dilemma, and the volatility of U.S. bond yields and the US Dollar Index increases, which in turn leads to fluctuations in the RMB exchange rate.</p><p><img src=\"https://static.tigerbbs.com/20eed0fcbd91e3e34b939cca19924989\" tg-width=\"552\" tg-height=\"284\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/db904f3feccd8bbf9abd11d5a3f213b1\" tg-width=\"553\" tg-height=\"289\" referrerpolicy=\"no-referrer\"><b>Unabated demand for RMB</b></p><p><b>Under the continuous economic recovery, China's high prosperity exports are an important reason for the strength of RMB in this round.</b>Foreign trade is an important angle to observe the trend of exchange rate. Theoretically, when a country's foreign trade is in surplus (export> import), the demand for the country's local currency will rise, which will lead to the appreciation of the local currency. Since the second quarter of 2020, China's domestic epidemic situation has been effectively controlled, and industrial production has gradually recovered. At the same time, with the outbreak of overseas epidemics, China's exports have taken the lead in rebounding under the background of global supply and demand mismatch, and the trade balance has also reversed, maintaining a trade surplus for 14 consecutive months. Among them, the trade surplus in November and December 2020 reached its peak since the epidemic, corresponding to the low spot exchange rate of US dollar against RMB in the same period. Entering 2021, the trade surplus narrowed in the first quarter due to the recovery of overseas supply, and the appreciation trend of RMB declined slightly. However, in April, China's import and export far exceeded expectations, and the improvement of trade surplus once again pushed the RMB to strengthen.</p><p><img src=\"https://static.tigerbbs.com/1f0e11048ba82ff6c46e4253a5431a91\" tg-width=\"549\" tg-height=\"296\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a0f8504e7fbfb09da1366dbb31c42b65\" tg-width=\"550\" tg-height=\"283\" referrerpolicy=\"no-referrer\"><b>In April 2021, foreign capital continued to increase its holdings of China's Treasury Bond, which supported the RMB exchange rate.</b>In March 2021, foreign capital slightly reduced its holdings of China's Treasury Bond, which also affected the depreciation of RMB at that time to a certain extent. In April, foreign capital re-increased its holdings of China's Treasury Bond, and the total amount of bond custody in April was 3,221.945 billion yuan, an increase of 64.86 billion yuan compared with March. Regarding the main reasons for the rapid growth of foreign debt holdings, we believe that there are the following points: (1) the yield of U.S. bonds declined in the same period, which led to the widening of the interest rate spread between China and the United States; (2) During the same period, the epidemic spread in emerging markets, and RMB assets attracted safe-haven funds.</p><p><img src=\"https://static.tigerbbs.com/48766b5bf800584ae7573bef5010b733\" tg-width=\"551\" tg-height=\"261\" referrerpolicy=\"no-referrer\"><b>To sum up, this round of RMB appreciation can be explained from two dimensions: the US Dollar Index and RMB demand.</b>First, the rapid repair of U.S. economic fundamentals in 2021Q1 and the continuous upward trend of U.S. bond yields drove the appreciation of the U.S. dollar; Subsequently, in April, affected by factors such as the decline of real interest rate, the moderation of the kinetic energy of US economic recovery and the economic recovery in Europe, the yield and the US Dollar Index of US bonds showed a downward trend; Since May, the employment and inflation readings have caused slight fluctuations in U.S. bond yields and the US Dollar Index, which in turn has led to fluctuations in RMB exchange rate; Second, the high prosperity of China's foreign trade has supported the strength of RMB in this round. The import and export data in April 2021 exceeded expectations and the renewed holdings of foreign capital in China's Treasury Bond further promoted the value of RMB.</p><p><h3><b>Strong exports continue to support RMB demand</b></h3><b>Because our capital and financial accounts are not completely convertible, the applicability of interest rate parity theory is weakened. Compared with it, the current account payment and foreign trade balance explain the exchange rate more strongly.</b>The core view of interest rate parity theory is that the forward exchange rate difference of one country's currency is equal to the interest rate difference of two countries. Although this theory can explain the change of RMB exchange rate to a certain extent, its inherent assumptions include no transaction cost, complete capital flow, etc.<a href=\"https://laohu8.com/S/00170\">PRC CAPITAL</a>And in an environment where financial accounts are not fully opened, the explanation has been weakened. Comparatively speaking, the exchange rate can be explained more strongly from the current account balance and foreign trade balance, especially in the short term, China's import and export are in a high prosperity degree, so it is more practical to analyze from this angle.</p><p><b>Under the background of global trade repair and differentiation, China's trade with the United States will continue to maintain a high prosperity, providing support for the strengthening of RMB.</b>From a global perspective, China's foreign exports have turned to positive growth since June 2020, especially after October 2020, maintaining a high growth rate of over 10%. In contrast, export repairs from other major U.S. trading partners have been slower, with UK and Japan's export values remaining negative as of February 2021 (-3.14% and-0.45%). From the perspective of Sino-US trade, since 2021, China's import and export to the United States have maintained a year-on-year growth rate of more than 10%. In April, the trade surplus was affected by the increase in exports and the decrease in imports, and increased by about 31.5% compared with the March data. Considering the current resurgence of COVID-19 in India, Japan and other places, it will have a certain negative impact on global production capacity. Against this backdrop, China's production capacity continues to recover, and China's exports to the United States may continue to maintain high prosperity in 2021, which will increase the trade surplus and provide impetus for the appreciation of RMB.<img src=\"https://static.tigerbbs.com/dfcf17db0d1c89c7deadc04210a55696\" tg-width=\"550\" tg-height=\"288\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/40367f274a619c7a48b74bf3d9bd9abf\" tg-width=\"553\" tg-height=\"268\" referrerpolicy=\"no-referrer\"><b>The ongoing trade deficit in the United States has put depreciation pressure on the US dollar.</b>Since 2021, the PMI of manufacturing and non-manufacturing industries in the United States has remained at a high level, with the manufacturing PMI from February to April and the non-manufacturing PMI from March to April both above 60. In terms of consumer demand, the US consumer confidence index also showed a high growth trend, with the University of Michigan consumer confidence index recording 88.3 in April 2021. With the gradual repair of the U.S. economy and the recovery of consumer demand, the trade deficit of the United States has gradually increased since December 2020. As of March 2021, its trade deficit reached 74.448 billion USD, an increase of 5.56% from the previous month. The ongoing trade deficit has increased the demand for foreign currencies, putting depreciation pressure on the US dollar.</p><p><img src=\"https://static.tigerbbs.com/cb3880584b1e496d4a8785e91b5987a1\" tg-width=\"553\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df9483e3a12e032d55b227d57bf59c85\" tg-width=\"545\" tg-height=\"267\" referrerpolicy=\"no-referrer\"><b>The current Fed is swinging left and right, but overall it remains pigeon-leaning</b></p><p><b>The lower real interest rate and the overall bias of the Federal Reserve may lead to insufficient mobility in U.S. bond yields and the US Dollar Index.</b>Splitting the nominal U.S. bond yield into inflation expectations and real interest rates, we find that: on the one hand, the real interest rate in the United States has turned from rising to falling since mid-March 2021, from-0.56% on March 18 to-0.88% on May 18, with a change range of 32pbs, reflecting the current expectation of weakening U.S. economic recovery. On the other hand, monetary easing and fiscal stimulus have led to a rapid rise in the domestic inflation rate in the United States. From the perspective of inflation expectations affecting nominal interest rates, inflation expectations have continued to rise since mid-March 2021, rising from 2.27% on March 18th to 2.52% on May 18th, with a change range of 25bps. However, the Federal Reserve remains dovish in its attitude, emphasizing the temporary nature of inflation and the need to maintain low interest rates, and it is expected that the possibility of policy tightening in the short term is low. The imbalance of economic recovery interacts with the policy orientation of the Federal Reserve, and the yield of 10-year U.S. bonds is insufficient.</p><p><img src=\"https://static.tigerbbs.com/dec0b88904ece48be0d90970212dfbff\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"><b>The impact of U.S. bond yields is transmitted to the RMB exchange rate through the spread between China and the United States.</b>Under this logic, the lower yield of U.S. bonds leads to the widening of the interest rate spread between China and the United States, which in turn reduces the value of U.S. dollar asset allocation and increases the value of RMB asset allocation. From the perspective of historical mean, the average spread between China and the United States has basically remained above 100bps in the past 11 years; From the perspective of investor behavior, we analyzed the situation of Sino-US interest rates, foreign purchases of Treasury Bond and foreign purchases of Treasury Bond and political bonds since the data of ChinaBond's overseas institutional bond custody was available in 2014. The study found that the 100bps Sino-US interest rate spread can basically keep foreign capital from flowing out of China's bond market. At present, the spread between China and the United States is around 150bps, which is still higher than the safety boundary of 100bps. If the spread between China and the United States continues to widen in the future, it will further increase the value of RMB asset allocation, thus promoting the demand of RMB and stimulating the appreciation of RMB.</p><p><img src=\"https://static.tigerbbs.com/d107df492386f6ddff04c00e2bd12e57\" tg-width=\"552\" tg-height=\"283\" referrerpolicy=\"no-referrer\"></p><p><h3><b>conclusion</b></h3><b>The two-way fluctuation characteristics of RMB exchange rate will be strengthened, and the RMB exchange rate will be more market-oriented.</b>Last month, Zhou Chengjun, director of the Institute of Finance of the People's Bank of China, said at the Moganshan meeting that \"the RMB will continue to appreciate against the US dollar in the medium to long term, which is not only the result of China's sustained economic growth and the continuous improvement of the relative purchasing power of RMB, but also one of the consequences of the Federal Reserve's quantitative easing and continuous expansion of its balance sheet.\" In addition, the report on China's monetary policy implementation for the first quarter of 2021 released by the central bank also mentioned: 'Give full play to the decisive role of market supply and demand in the formation of exchange rate, enhance the flexibility of RMB exchange rate, strengthen macro-prudential management, stabilize market expectations, guide enterprises and financial institutions to adhere to the concept of \"risk neutrality\", and maintain the basic stability of RMB exchange rate at a reasonable and balanced level.' With the strengthening of China's own economic strength, the internationalization of RMB and the continuous opening of financial markets, the two-way fluctuation characteristics of RMB exchange rate will be strengthened, and the RMB exchange rate will become more market-oriented.</p><p><b>To sum up, we believe that the current kinetic energy of RMB exchange rate is still strong, and the US dollar exchange rate against RMB is down or hitting 6.2.</b>From the perspective of foreign trade, considering the repeated epidemic in other parts of the world and the recovery of domestic demand in the United States, China's exports to the United States will remain strong in the short term, and the trade surplus may continue to rise, driving the RMB to continue to appreciate. On the other hand, the continuous trade deficit of the United States also provides support for RMB from the perspective of the depreciation of the US dollar. From the perspective of U.S. debt, the current slowdown of U.S. economic recovery has led to a decline in real interest rates, and the Federal Reserve's dovish attitude is superimposed. The possibility of the Federal Reserve tightening monetary policy in the short term is low. Under the combined effect of the two factors, we think there is still room for RMB to appreciate.</p>","source":"gelonghui_highlight","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>CITIC Mingming: RMB still has room to appreciate, US dollar against RMB or hit 6.2</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\">\nCITIC Mingming: RMB still has room to appreciate, US dollar against RMB or hit 6.2\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-05-24 09:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Core Perspectives</b></p><p><b>Since June 2020, the RMB has emerged from a period of strength, and the spot exchange rate of the US dollar against the RMB has dropped from a high of 7.16 to a recent low of 6.42. Although the RMB exchange rate depreciated from February to March 2021, it then returned to the appreciation channel. As of May 20, 2021, the spot exchange rate of the US dollar against the RMB recorded 6.44. We believe that there is still room for RMB to appreciate in the follow-up, and the exchange rate of US dollar against RMB will fall or hit 6.2.</b></p><p><b>Under the long and short factors, the two-way volatility of RMB increased, but the overall strength.</b>Since April this year, the RMB has returned to a strong trend, and the correlation between the spot exchange rate of the US dollar and the RMB and the the US Dollar Index has increased. The RMB exchange rate depreciated from February to March 2021, and the spot exchange rate of the US dollar against the RMB rose from 6.45 on February 24 to 6.57 on March 30. Subsequently, the RMB returned to the appreciation channel, and as of May 20, 2021, the spot exchange rate of the US dollar against the RMB recorded 6.44, representing a decrease of approximately 1.98% from the 2021 high. After analysis, we believe that the main reasons include: (1) In April, the United States was affected by factors such as the downward trend of real interest rate, the slowdown of economic recovery in the United States and the economic recovery in Europe, and the yield and the US Dollar Index of U.S. bonds showed a downward trend; (2) Since May, weak employment and soaring inflation have caused fluctuations in U.S. bond yields and the US Dollar Index, which in turn have led to fluctuations in RMB exchange rate; (3) The high prosperity of China's foreign trade, economic recovery and the increase in the attractiveness of domestic assets driven by the development of China's comprehensive strength have all increased the demand for RMB and promoted the increase in the value of RMB.</p><p><b>Strong exports continue to support RMB demand.</b>Because our capital and financial accounts are not completely convertible, the applicability of interest rate parity theory is weakened. Compared with it, the current account payment and foreign trade balance explain the exchange rate more strongly. Under the background of global trade repair and differentiation, China's foreign trade took the lead in repairing. Considering the current outbreak of COVID-19 in India, Japan and other places, it may have a certain negative impact on global production capacity. At the same time, China's production capacity continues to recover, and China's exports to the United States may continue to maintain high prosperity in 2021, which will increase the trade surplus and provide impetus for the appreciation of RMB. From the U.S. perspective, the U.S. trade deficit has increased gradually since December 2020, reaching $74.448 billion as of March 2021, representing a 5.56% increase from the previous month. The ongoing trade deficit has increased the demand for foreign currencies, putting depreciation pressure on the US dollar.</p><p><b>At present, the Federal Reserve is swinging left and right, but it remains pigeon-oriented as a whole.</b>Splitting the nominal U.S. bond yield into inflation expectations and real interest rates, we find that the overall decline in real interest rates is even greater, reflecting the current expectation of weakening U.S. economic recovery. However, the Federal Reserve is still dovish in its attitude, emphasizing the temporary nature of inflation and the need to maintain low interest rates. It is expected that the possibility of policy tightening in the short term is low. The lower real interest rate and the dovish attitude of the Federal Reserve may lead to insufficient action in the yield of U.S. bonds. The yield of U.S. bonds is expected to affect the RMB exchange rate through the spread between China and the United States. At present, the spread between China and the United States is around 150bps, which is still higher than the safe boundary of 100bps. If the spread between China and the United States continues to widen in the future, the value of RMB asset allocation will be further increased, thus promoting RMB demand and RMB appreciation</p><p><b>Summary:</b>China's monetary policy implementation report for the first quarter of 2021 released by the central bank mentioned: 'Give full play to the decisive role of market supply and demand in exchange rate formation, enhance the flexibility of RMB exchange rate, strengthen macro-prudential management, stabilize market expectations, guide enterprises and financial institutions to adhere to the concept of \"risk neutrality\", and maintain the basic stability of RMB exchange rate at a reasonable and balanced level.' With the strengthening of China's own economic strength, the internationalization of RMB and the continuous opening of financial markets, the two-way fluctuation characteristics of RMB exchange rate will be strengthened, and the RMB exchange rate will become more market-oriented. Combined with factors such as China's strong exports, the lower real interest rate in the United States and the overall pigeon attitude of the Federal Reserve, we believe that the RMB exchange rate still has strong momentum, and the USD/RMB exchange rate will decline or hit 6.2.</p><p><b>text</b></p><p>Since June 2020, the RMB has emerged from a period of strength, and the spot exchange rate of the US dollar against the RMB has dropped from a high of 7.16 to a recent low of 6.42. Although the RMB exchange rate depreciated from February to March 2021, it then returned to the appreciation channel. As of May 20, 2021, the spot exchange rate of the US dollar against the RMB recorded 6.44. We believe that there is still room for RMB to appreciate in the follow-up, and the exchange rate of US dollar against RMB will fall or hit 6.2.</p><p><h3><b>Two-way volatility of RMB increased under long and short factors, but overall strength</b></h3><b>Since April this year, the RMB has returned to a strong trend, and the correlation between the spot exchange rate of the US dollar and the RMB and the the US Dollar Index has increased.</b>This round of RMB appreciation started at the end of May 2020, and the spot exchange rate of US dollar against RMB continued to decline from the high point (7.16) on May 28, 2020. On May 10, 2021, it reached the lowest point of 6.42 in nearly one year, with the largest decline of 10.34%. In the near term, the RMB exchange rate depreciated from February to March 2021, and the spot exchange rate of the US dollar against the RMB rose from 6.45 on February 24 to 6.57 on March 30. Subsequently, the RMB returned to the appreciation channel, and as of May 20, 2021, the spot exchange rate of the US dollar against the RMB recorded 6.44, representing a decrease of approximately 1.98% from the 2021 high. From the perspective of the US Dollar Index, there has been some fluctuation in its correlation with the spot exchange rate of the US dollar against the RMB historically. For example, from January to February 2021, the the US Dollar Index rose, while the RMB exchange rate performed relatively stable due to the support of foreign exchange settlement and sale. Since March 2021, the spot exchange rate of US dollar against RMB has once again maintained a similar trend to that of the US Dollar Index, and the correlation between the two has improved.<img src=\"https://static.tigerbbs.com/60537f63bd0a3e72233a06121aa63e6f\" tg-width=\"554\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><b>the US Dollar Index has risen first and then fallen since the beginning of this year</b></p><p><b>During the Q2-Q4 phase of 2020, the widening of the interest rate gap between China and the United States increased the allocation value of Chinese assets, resulting in the depreciation of the US dollar.</b>The 10-year Treasury Bond spread between the two countries plays a guiding role in the flow of funds, which in turn causes changes in money demand. Take China and the United States as an example. After the outbreak of the COVID-19 pandemic in the United States in March 2020, the U.S. 10-year Treasury Bond yield rapidly declined to around 0.7%, while China's 10-year Treasury Bond remained near 2.6%. During the Q2-Q4 period of 2020, the spread between China and the United States widened significantly, exceeding 200bps in mid-May. Together with the influence of risk aversion, the value of China's asset allocation increased, and the increase in RMB demand led to the depreciation of the US dollar.</p><p><img src=\"https://static.tigerbbs.com/18ce66b49333c75187ee8aac41d770ca\" tg-width=\"550\" tg-height=\"291\" referrerpolicy=\"no-referrer\"><b>In 2021Q1, the fundamentals of the U.S. economy continued to improve and the yield of U.S. bonds continued to rise, driving the appreciation of the U.S. dollar.</b>In terms of macroeconomics, the manufacturing PMI and non-manufacturing PMI of the United States reached record highs in the first quarter of 2021, with the manufacturing PMI recorded 64.7 and the non-manufacturing PMI recorded 63.7 in March. Meanwhile, U.S. bond yields rose from 0.93% on January 4, 2021 to 1.74% on March 31, an increase of 81bps. The high economic fundamentals and the continuous upward trend of U.S. bond yields combined to push the the US Dollar Index from 89.88 on January 4th to 93.18 on March 31st.</p><p><img src=\"https://static.tigerbbs.com/1531717ff143b371d542aa611c403005\" tg-width=\"688\" tg-height=\"288\" referrerpolicy=\"no-referrer\"><b>In April 2021, U.S. Treasury yields and the US Dollar Index showed a downward trend.</b>For the decline of U.S. bond yields and the US Dollar Index in April, we believe that one of the important considerations lies in the market's attitude towards the Fed's monetary policy. Under the continuous release of the Fed's loose signal, the market's worry about the early tightening of the Fed's monetary policy has decreased. Specifically, the decline in the yield of 10-year U.S. bonds in April mainly came from the decline in the real yield, while the change in inflation expectations during this period was relatively limited. From the perspective of the weights of the basket of currencies that make up the US Dollar Index, the recovery of the European economy also affected the trend of the US Dollar Index after April. In the calculation of the US Dollar Index, the weight of the euro is 57.6% and the weight of the pound is 11.9%, totaling 69.5%. Therefore, the economic fundamentals of Europe have a certain indirect impact on the trend of the US Dollar Index. With the economic recovery of major countries in the European region, currencies such as the euro and the pound have strengthened, resulting in the weakening of the US Dollar Index.</p><p><img src=\"https://static.tigerbbs.com/3a9349bce137b7ee13960f792d6d5092\" tg-width=\"552\" tg-height=\"288\" referrerpolicy=\"no-referrer\"><b>Since May 2021, U.S. bond yields and the US Dollar Index have fluctuated, which in turn led to fluctuations in the RMB exchange rate.</b>After entering May, U.S. bond yields and the US Dollar Index fluctuated due to employment and inflation data. On the one hand, the released non-agricultural data in April fell short of expectations, and the short-term the US Dollar Index dropped rapidly to around 90.40. After pulling up, it continued to fluctuate downward, closing at 90.24 on the same day; The 10-year Treasury yield fell nearly 10bps to around 1.48%. Then the inflation data released greatly exceeded market expectations. In April, the unseasonally adjusted core CPI rose by 3% year-on-year, resulting in a sharp rise of 7.3bps in the yield of 10-year U.S. bonds after the data was released, with a high of 1.69% and a high of 91 in the US Dollar Index. With prices soaring but the job market weak, the Federal Reserve is in a dilemma, and the volatility of U.S. bond yields and the US Dollar Index increases, which in turn leads to fluctuations in the RMB exchange rate.</p><p><img src=\"https://static.tigerbbs.com/20eed0fcbd91e3e34b939cca19924989\" tg-width=\"552\" tg-height=\"284\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/db904f3feccd8bbf9abd11d5a3f213b1\" tg-width=\"553\" tg-height=\"289\" referrerpolicy=\"no-referrer\"><b>Unabated demand for RMB</b></p><p><b>Under the continuous economic recovery, China's high prosperity exports are an important reason for the strength of RMB in this round.</b>Foreign trade is an important angle to observe the trend of exchange rate. Theoretically, when a country's foreign trade is in surplus (export> import), the demand for the country's local currency will rise, which will lead to the appreciation of the local currency. Since the second quarter of 2020, China's domestic epidemic situation has been effectively controlled, and industrial production has gradually recovered. At the same time, with the outbreak of overseas epidemics, China's exports have taken the lead in rebounding under the background of global supply and demand mismatch, and the trade balance has also reversed, maintaining a trade surplus for 14 consecutive months. Among them, the trade surplus in November and December 2020 reached its peak since the epidemic, corresponding to the low spot exchange rate of US dollar against RMB in the same period. Entering 2021, the trade surplus narrowed in the first quarter due to the recovery of overseas supply, and the appreciation trend of RMB declined slightly. However, in April, China's import and export far exceeded expectations, and the improvement of trade surplus once again pushed the RMB to strengthen.</p><p><img src=\"https://static.tigerbbs.com/1f0e11048ba82ff6c46e4253a5431a91\" tg-width=\"549\" tg-height=\"296\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a0f8504e7fbfb09da1366dbb31c42b65\" tg-width=\"550\" tg-height=\"283\" referrerpolicy=\"no-referrer\"><b>In April 2021, foreign capital continued to increase its holdings of China's Treasury Bond, which supported the RMB exchange rate.</b>In March 2021, foreign capital slightly reduced its holdings of China's Treasury Bond, which also affected the depreciation of RMB at that time to a certain extent. In April, foreign capital re-increased its holdings of China's Treasury Bond, and the total amount of bond custody in April was 3,221.945 billion yuan, an increase of 64.86 billion yuan compared with March. Regarding the main reasons for the rapid growth of foreign debt holdings, we believe that there are the following points: (1) the yield of U.S. bonds declined in the same period, which led to the widening of the interest rate spread between China and the United States; (2) During the same period, the epidemic spread in emerging markets, and RMB assets attracted safe-haven funds.</p><p><img src=\"https://static.tigerbbs.com/48766b5bf800584ae7573bef5010b733\" tg-width=\"551\" tg-height=\"261\" referrerpolicy=\"no-referrer\"><b>To sum up, this round of RMB appreciation can be explained from two dimensions: the US Dollar Index and RMB demand.</b>First, the rapid repair of U.S. economic fundamentals in 2021Q1 and the continuous upward trend of U.S. bond yields drove the appreciation of the U.S. dollar; Subsequently, in April, affected by factors such as the decline of real interest rate, the moderation of the kinetic energy of US economic recovery and the economic recovery in Europe, the yield and the US Dollar Index of US bonds showed a downward trend; Since May, the employment and inflation readings have caused slight fluctuations in U.S. bond yields and the US Dollar Index, which in turn has led to fluctuations in RMB exchange rate; Second, the high prosperity of China's foreign trade has supported the strength of RMB in this round. The import and export data in April 2021 exceeded expectations and the renewed holdings of foreign capital in China's Treasury Bond further promoted the value of RMB.</p><p><h3><b>Strong exports continue to support RMB demand</b></h3><b>Because our capital and financial accounts are not completely convertible, the applicability of interest rate parity theory is weakened. Compared with it, the current account payment and foreign trade balance explain the exchange rate more strongly.</b>The core view of interest rate parity theory is that the forward exchange rate difference of one country's currency is equal to the interest rate difference of two countries. Although this theory can explain the change of RMB exchange rate to a certain extent, its inherent assumptions include no transaction cost, complete capital flow, etc.<a href=\"https://laohu8.com/S/00170\">PRC CAPITAL</a>And in an environment where financial accounts are not fully opened, the explanation has been weakened. Comparatively speaking, the exchange rate can be explained more strongly from the current account balance and foreign trade balance, especially in the short term, China's import and export are in a high prosperity degree, so it is more practical to analyze from this angle.</p><p><b>Under the background of global trade repair and differentiation, China's trade with the United States will continue to maintain a high prosperity, providing support for the strengthening of RMB.</b>From a global perspective, China's foreign exports have turned to positive growth since June 2020, especially after October 2020, maintaining a high growth rate of over 10%. In contrast, export repairs from other major U.S. trading partners have been slower, with UK and Japan's export values remaining negative as of February 2021 (-3.14% and-0.45%). From the perspective of Sino-US trade, since 2021, China's import and export to the United States have maintained a year-on-year growth rate of more than 10%. In April, the trade surplus was affected by the increase in exports and the decrease in imports, and increased by about 31.5% compared with the March data. Considering the current resurgence of COVID-19 in India, Japan and other places, it will have a certain negative impact on global production capacity. Against this backdrop, China's production capacity continues to recover, and China's exports to the United States may continue to maintain high prosperity in 2021, which will increase the trade surplus and provide impetus for the appreciation of RMB.<img src=\"https://static.tigerbbs.com/dfcf17db0d1c89c7deadc04210a55696\" tg-width=\"550\" tg-height=\"288\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/40367f274a619c7a48b74bf3d9bd9abf\" tg-width=\"553\" tg-height=\"268\" referrerpolicy=\"no-referrer\"><b>The ongoing trade deficit in the United States has put depreciation pressure on the US dollar.</b>Since 2021, the PMI of manufacturing and non-manufacturing industries in the United States has remained at a high level, with the manufacturing PMI from February to April and the non-manufacturing PMI from March to April both above 60. In terms of consumer demand, the US consumer confidence index also showed a high growth trend, with the University of Michigan consumer confidence index recording 88.3 in April 2021. With the gradual repair of the U.S. economy and the recovery of consumer demand, the trade deficit of the United States has gradually increased since December 2020. As of March 2021, its trade deficit reached 74.448 billion USD, an increase of 5.56% from the previous month. The ongoing trade deficit has increased the demand for foreign currencies, putting depreciation pressure on the US dollar.</p><p><img src=\"https://static.tigerbbs.com/cb3880584b1e496d4a8785e91b5987a1\" tg-width=\"553\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df9483e3a12e032d55b227d57bf59c85\" tg-width=\"545\" tg-height=\"267\" referrerpolicy=\"no-referrer\"><b>The current Fed is swinging left and right, but overall it remains pigeon-leaning</b></p><p><b>The lower real interest rate and the overall bias of the Federal Reserve may lead to insufficient mobility in U.S. bond yields and the US Dollar Index.</b>Splitting the nominal U.S. bond yield into inflation expectations and real interest rates, we find that: on the one hand, the real interest rate in the United States has turned from rising to falling since mid-March 2021, from-0.56% on March 18 to-0.88% on May 18, with a change range of 32pbs, reflecting the current expectation of weakening U.S. economic recovery. On the other hand, monetary easing and fiscal stimulus have led to a rapid rise in the domestic inflation rate in the United States. From the perspective of inflation expectations affecting nominal interest rates, inflation expectations have continued to rise since mid-March 2021, rising from 2.27% on March 18th to 2.52% on May 18th, with a change range of 25bps. However, the Federal Reserve remains dovish in its attitude, emphasizing the temporary nature of inflation and the need to maintain low interest rates, and it is expected that the possibility of policy tightening in the short term is low. The imbalance of economic recovery interacts with the policy orientation of the Federal Reserve, and the yield of 10-year U.S. bonds is insufficient.</p><p><img src=\"https://static.tigerbbs.com/dec0b88904ece48be0d90970212dfbff\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"><b>The impact of U.S. bond yields is transmitted to the RMB exchange rate through the spread between China and the United States.</b>Under this logic, the lower yield of U.S. bonds leads to the widening of the interest rate spread between China and the United States, which in turn reduces the value of U.S. dollar asset allocation and increases the value of RMB asset allocation. From the perspective of historical mean, the average spread between China and the United States has basically remained above 100bps in the past 11 years; From the perspective of investor behavior, we analyzed the situation of Sino-US interest rates, foreign purchases of Treasury Bond and foreign purchases of Treasury Bond and political bonds since the data of ChinaBond's overseas institutional bond custody was available in 2014. The study found that the 100bps Sino-US interest rate spread can basically keep foreign capital from flowing out of China's bond market. At present, the spread between China and the United States is around 150bps, which is still higher than the safety boundary of 100bps. If the spread between China and the United States continues to widen in the future, it will further increase the value of RMB asset allocation, thus promoting the demand of RMB and stimulating the appreciation of RMB.</p><p><img src=\"https://static.tigerbbs.com/d107df492386f6ddff04c00e2bd12e57\" tg-width=\"552\" tg-height=\"283\" referrerpolicy=\"no-referrer\"></p><p><h3><b>conclusion</b></h3><b>The two-way fluctuation characteristics of RMB exchange rate will be strengthened, and the RMB exchange rate will be more market-oriented.</b>Last month, Zhou Chengjun, director of the Institute of Finance of the People's Bank of China, said at the Moganshan meeting that \"the RMB will continue to appreciate against the US dollar in the medium to long term, which is not only the result of China's sustained economic growth and the continuous improvement of the relative purchasing power of RMB, but also one of the consequences of the Federal Reserve's quantitative easing and continuous expansion of its balance sheet.\" In addition, the report on China's monetary policy implementation for the first quarter of 2021 released by the central bank also mentioned: 'Give full play to the decisive role of market supply and demand in the formation of exchange rate, enhance the flexibility of RMB exchange rate, strengthen macro-prudential management, stabilize market expectations, guide enterprises and financial institutions to adhere to the concept of \"risk neutrality\", and maintain the basic stability of RMB exchange rate at a reasonable and balanced level.' With the strengthening of China's own economic strength, the internationalization of RMB and the continuous opening of financial markets, the two-way fluctuation characteristics of RMB exchange rate will be strengthened, and the RMB exchange rate will become more market-oriented.</p><p><b>To sum up, we believe that the current kinetic energy of RMB exchange rate is still strong, and the US dollar exchange rate against RMB is down or hitting 6.2.</b>From the perspective of foreign trade, considering the repeated epidemic in other parts of the world and the recovery of domestic demand in the United States, China's exports to the United States will remain strong in the short term, and the trade surplus may continue to rise, driving the RMB to continue to appreciate. On the other hand, the continuous trade deficit of the United States also provides support for RMB from the perspective of the depreciation of the US dollar. From the perspective of U.S. debt, the current slowdown of U.S. economic recovery has led to a decline in real interest rates, and the Federal Reserve's dovish attitude is superimposed. The possibility of the Federal Reserve tightening monetary policy in the short term is low. Under the combined effect of the two factors, we think there is still room for RMB to appreciate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/466523\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7e539f411dc656a968cee6aea7fb1503","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"http://www.gelonghui.com/p/466523","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2137746749","content_text":"核心观点2020年6月以来，人民币走出一波强势期，美元兑人民币的即期汇率从高点的7.16一直降至近期最低点6.42。虽然人民币汇率在2021年2月-3月出现贬值，但随后重回升值通道，截至2021年5月20日，美元兑人民币即期汇率录得6.44。我们认为后续人民币仍有升值空间，美元兑人民币汇率向下或触及6.2。多空因素下人民币双向波动加大，但整体走强。今年4月以来人民币重回走强态势，美元兑人民币即期汇率与美元指数的相关性有所提高。人民币汇率在2021年2月-3月出现贬值，美元兑人民币即期汇率从2月24日的6.45涨至3月30日的6.57。随后人民币重回升值通道，截至2021年5月20日，美元兑人民币即期汇率录得6.44，较2021年高点下跌约1.98%。经分析，我们认为主要原因包括：（1）4月美国受到实际利率下行、美国经济复苏动能放缓和以及欧洲地区经济修复等因素影响，美债收益率和美元指数呈现下跌趋势；（2）5月以来就业疲弱和通胀飙升又引发美债收益率和美元指数出现波动，进而导致人民币汇率出现波动；（3）中国对外贸易的高景气度、经济修复和自身综合实力发展带动的国内资产吸引力提升均提高了人民币需求，推动人民币币值的提升。强出口继续支撑人民币需求。受制于我国资本和金融账户并未实现完全可兑换，利率平价理论的适用性有所弱化，而与之相比经常性项目收支和对外贸易差额对汇率的解释力度更强。全球贸易修复分化背景下，中国对外贸易率先修复。考虑到当前印度、日本等地新冠疫情再度爆发，对全球产能或造成一定负面影响。同时中国产能继续恢复，2021年中国对美出口或继续保持高景气，拉高贸易顺差的同时，为人民币升值提供动力。从美国角度来看，美国的贸易逆差在2020年12月以来逐步增加，截至2021年3月达到744.48亿美元，环比增加5.56%。持续的贸易逆差提高了外币的需求，为美元带来贬值压力。当前美联储左右摇摆，但整体保持偏鸽。将名义美债收益率拆分成通胀预期和实际利率，我们发现，整体上看实际利率的下降幅度更大，体现了当前美国经济修复走弱预期。而美联储在态度上仍然偏鸽派，强调通胀的暂时性和维持低利率的必要性，预计短期内政策收紧的可能性较低。实际利率走低叠加美联储鸽派态度，或导致美债收益率上行动能不足。而美债收益率料将通过中美利差影响人民币汇率。当前中美利差为150bps附近，仍然高于100bps的安全边界，若后续中美利差继续走阔，将进一步提高人民币资产配置价值，从而推动人民币需求提升，拉动人民币升值总结：央行发布的2021年第一季度中国货币政策执行报告提到：‘发挥市场供求在汇率形成中的决定性作用，增强人民币汇率弹性，加强宏观审慎管理，稳定市场预期，引导企业和金融机构坚持“风险中性”理念，保持人民币汇率在合理均衡水平上的基本稳定。’随着中国自身经济实力的增强，人民币国际化以及金融市场持续开放，人民币汇率双向波动特征将有所加强，人民币汇率将更加市场化。结合我国强劲出口、美国实际利率走低以及美联储整体偏鸽态度等因素，我们认为人民币汇率仍具备走强动能，美元兑人民币汇率向下或触及6.2。正文2020年6月以来，人民币走出一波强势期，美元兑人民币的即期汇率从高点的7.16一直降至近期最低点6.42。虽然人民币汇率在2021年2月-3月出现贬值，但随后重回升值通道，截至2021年5月20日，美元兑人民币即期汇率录得6.44。我们认为后续人民币仍有升值空间，美元兑人民币汇率向下或触及6.2。多空因素下人民币双向波动加大，但整体走强今年4月以来人民币重回走强态势，美元兑人民币即期汇率与美元指数的相关性有所提高。本轮人民币升值走势从2020年5月底开始，美元兑人民币的即期汇率从2020年5月28日的高点（7.16）起持续走低，在2021年5月10日曾到达近一年内最低点6.42，最大跌幅达到10.34%。从近期来看，人民币汇率在2021年2月-3月出现贬值，美元兑人民币即期汇率从2月24日的6.45涨至3月30日的6.57。随后人民币重回升值通道，截至2021年5月20日，美元兑人民币即期汇率录得6.44，较2021年高点下跌约1.98%。从美元指数的角度来看，历史上其与美元兑人民币即期汇率的相关性存在一定波动。例如2021年1-2月，美元指数有所上涨，而人民币汇率因为结售汇的支撑表现相对平稳。从2021年3月以来，美元兑人民币即期汇率再次出现与美元指数保持类似走势，二者相关性有所提高。今年以来美元指数先升后降2020年Q2-Q4阶段，中美利差走阔提高了中国资产的配置价值，导致美元贬值。两国10年期国债利差对资金流向具有引导作用，进而引起货币需求变化。以中美两国为例，2020年3月新冠疫情在美国爆发后，美国10年期国债收益率快速下行至0.7%附近，而中国10年期国债则保持在2.6%附近。在2020年Q2-Q4期间，中美利差大幅走阔，于5月中旬突破200bps，叠加避险情绪影响，中国资产配置价值提高，人民币需求提高导致美元贬值。2021Q1，美国经济基本面持续转好叠加美债收益率持续上行，带动美元升值。宏观经济方面，美国2021年一季度的制造业PMI和非制造业PMI屡创新高，其中3月制造业PMI录得64.7，非制造业PMI录得63.7。同时，美债收益率从2021年1月4日的0.93%，涨至3月31日的1.74%，涨幅高达81bps。经济基本面的高景气和美债收益率的持续上行共同作用，推动美元指数从1月4日的89.88涨至3月31日的93.18。2021年4月，美债收益率和美元指数呈现下跌趋势。对于4月美债收益率和美元指数的下行，我们认为其中一个重要的考量因素在于市场对于美联储货币政策的态度，在美联储持续对外释放的维持宽松信号下，市场对于美联储货币政策提前收紧的担忧有所下降。具体来看，4月10年期美债收益率的下行主要来自于实际收益率的下降，而在这期间通胀预期的变动相对有限。从构成美元指数的一揽子货币权重来看，欧洲经济的修复也影响了4月之后的美元指数走势。在美元指数的计算中，欧元权重为57.6%，英镑权重为11.9%，合计达69.5%，因而欧洲地区的经济基本面走势对美元指数的走势产生一定的间接影响。随着欧洲地区主要国家的经济复苏，欧元、英镑等货币走强，造成美元指数的走弱。2021年5月以来美债收益率和美元指数出现波动，进而导致人民币汇率出现波动。进入5月后，美债收益率和美元指数受到就业和通胀数据影响发生波动。一方面，公布的4月非农数据未及预期，美元指数短线快速下行至90.40附近，拉升后继续震荡下行，当日收跌于90.24；10年期美债收益率下降近10bps至1.48%附近。而后公布的通胀数据则大超市场预期，4月未季调核心CPI同比升3%，导致当日10年期美债收益率在数据发布后大幅上行7.3bps，高点冲破1.69%，美元指数高点上逼91。在物价水平飙升但就业市场疲弱的情况下，美联储左右为难，美债收益率和美元指数波动率加大，进而导致人民币汇率出现波动。人民币需求不减经济持续修复下，我国高景气度出口是推动本轮人民币走强的重要原因。对外贸易是观察汇率走势的一个重要角度，理论上一国对外贸易处于顺差时（出口>进口），对该国本币的需求将上升，进而引发本币升值。2020年2季度以来，我国国内疫情得到有效控制，工业生产也逐步恢复，同时海外疫情爆发，全球供需错配背景下我国出口率先反弹，贸易差额也由逆转顺，连续14个月保持贸易顺差状态。其中，2020年11月和12月当月贸易顺差达到疫情以来峰值，对应同期美元兑人民币即期汇率低点。进入2021年，一季度受海外供给恢复影响贸易顺差有所收窄，人民币升值趋势略有回落。但4月份我国进出口均远超预期，贸易顺差的提升再次推动人民币走强。2021年4月外资继续增持我国国债，对人民币汇率形成支撑。2021年3月外资出现小幅减持我国国债，也从一定程度上对当时人民币的贬值有所影响，4月外资重新增持我国国债，4月债券托管总量为32219.45亿元，较3月增加648.6亿元。关于外资持债规模快速增长的主要原因，我们认为有以下几点：（1）同期美债收益率下行，导致中美利差走阔；（2）同期新兴市场疫情扩散，人民币资产吸引避险资金。综上所述，本轮人民币升值行情可从美元指数和人民币需求两个维度进行解释。第一，2021Q1美国经济基本面的快速修复叠加美债收益率持续上行，带动美元升值；随后4月受到实际利率下行、美国经济复苏动能缓和以及欧洲地区经济修复等因素影响，美债收益率和美元指数呈现下跌趋势；5月以来就业和通胀读数又引发美债收益率和美元指数出现小幅波动，进而导致人民币汇率出现波动；第二，中国对外贸易的高景气度支撑本轮人民币走强，2021年4月进出口数据超预期以及外资重新增持我国国债进一步推动人民币币值提升。强出口继续支撑人民币需求受制于我国资本和金融账户并未实现完全可兑换，利率平价理论的适用性有所弱化，而与之相比经常性项目收支和对外贸易差额对汇率的解释力度更强。利率平价理论的核心观点是一国货币的远期汇率差价等于两国利差，虽然该理论在一定程度能够解释人民币汇率变动，但其内在假设包括无交易成本、资本可完全流动等，在中国资本和金融账户未完全开放的环境下，解释力度有所削弱。相比较而言，从经常性项目收支和对外贸易差额对汇率的解释力度更强，尤其是短期内中国进出口处于高景气度，从这一角度分析更具实际意义。全球贸易修复分化背景下，中国对美贸易将继续保持高景气，为人民币走强提供支撑。全球视角来看，中国自2020年6月以来对外出口额转为正增长，尤其是在2020年10月后保持10%以上的高增速。相比之下，美国其他主要贸易伙伴的出口修复则较慢，英国和日本的出口额截至2021年2月仍然为负增长（-3.14%和-0.45%）。从中美贸易来看，2021年以来，中国对美进出口同比保持10%以上增速，4月当月贸易顺差受出口增加和进口减少影响，较3月数据增长约31.5%。考虑到当前印度、日本等地新冠疫情再度爆发，对全球产能造成一定负面影响。在此背景下，中国产能继续恢复，2021年中国对美出口或继续保持高景气，拉高贸易顺差的同时为人民币升值提供动力。美国持续的贸易逆差为美元带来贬值压力。2021年以来，美国制造业与非制造业PMI持续保持在高位，其中2月-4月的制造业PMI以及3月-4月的非制造业PMI均高于60。消费需求方面，美国消费者信心指数同样呈现高增局面，2021年4月密歇根大学消费者信心指数录得88.3。随着美国经济的逐渐修复以及消费端需求的复苏，美国的贸易逆差在2020年12月以来逐步增加，截至2021年3月其贸易逆差达到744.48亿美元，环比增加5.56%。持续的贸易逆差提高了外币的需求，为美元带来贬值压力。当前美联储左右摇摆，但整体保持偏鸽实际利率走低叠加美联储整体偏鸽，或导致美债收益率和美元指数上行动力不足。将名义美债收益率拆分成通胀预期和实际利率，我们发现：一方面，2021年3月中旬以来美国实际利率由升转降，从3月18日的-0.56%降至5月18日的-0.88%，变动幅度32pbs，体现了当前美国经济修复走弱预期。但另一方面货币宽松叠加财政刺激，导致美国国内通胀率快速上行。从影响名义利率的通胀预期来看，2021年3月中旬以来通胀预期持续上行，从3月18日的2.27%升至5月18日的2.52%，变动幅度25bps，而美联储在态度上仍然偏鸽派，强调通胀的暂时性和维持低利率的必要性，预计短期内政策收紧的可能性较低。经济复苏的不平衡与美联储政策取向相互作用，10年期美债收益率上行动力不足。美债收益率的影响通过中美利差传导至人民币汇率。在该逻辑下，美债收益率走低导致中美利差走阔，进而使得美元资产配置价值降低，人民币资产配置价值提升。从历史均值的角度看，11年以来中美利差的均值基本保持在100bps以上；从投资者行为的角度来看，我们对2014年中债境外机构债券托管量有数据以来中美利率与外资购买国债以及外资购买国债和政金债的情况进行了分析，研究发现100bps的中美利差基本可以维持外资不流出我国债市。当前中美利差为150bps附近，仍然高于100bps的安全边界，若后续中美利差继续走阔，将进一步提高人民币资产配置价值，从而推动人民币需求提升，拉动人民币升值。结论人民币汇率双向波动特征将有所加强，人民币汇率将更加市场化。上月中国央行金融研究所所长周诚君在莫干山会议上表示“人民币在中长期内将持续对美元升值，既是中国经济持续增长、人民币相对购买力不断提高的结果，也是美联储搞量化宽松和不断扩表的后果之一。”此外，央行发布的2021年第一季度中国货币政策执行报告也提到：‘发挥市场供求在汇率形成中的决定性作用，增强人民币汇率弹性，加强宏观审慎管理，稳定市场预期，引导企业和金融机构坚持“风险中性”理念，保持人民币汇率在合理均衡水平上的基本稳定。’随着中国自身经济实力的增强、人民币国际化以及金融市场持续开放，人民币汇率双向波动特征将有所加强，人民币汇率将更加市场化。综上分析，我们认为当前人民币汇率走强动能仍然较强，美元兑人民币汇率向下或触及6.2。从对外贸易角度分析，考虑到全球其他地区疫情的反复，以及美国内需的修复，短期内中国对美出口将保持强劲，贸易顺差或继续走高，拉动人民币继续升值。另一方面，美国持续的贸易逆差也从美元贬值角度为人民币提供支撑。从美债角度分析，当前美国经济修复走缓导致实际利率下行，叠加美联储偏鸽派态度，短期内美联储收紧货币政策的可能性较低。两方因素共同作用下，我们认为人民币仍有升值空间。","news_type":1,"symbols_score_info":{"CYB":0.9,"UCmain":0.9,"CNHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112956278,"gmtCreate":1622848218994,"gmtModify":1704192225419,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️","listText":"☕️","text":"☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112956278","repostId":"1150587214","repostType":4,"repost":{"id":"1150587214","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":1622798188,"share":"https://ttm.financial/m/news/1150587214?lang=en_US&edition=fundamental","pubTime":"2021-06-04 17:16","market":"hk","language":"zh","title":"Tencent President Liu Chiping reduced his holdings by 300,000 shares and cashed out HK$189 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1150587214","media":"老虎资讯综合","summary":"根据港交所披露易，腾讯总裁刘炽平再度减持腾讯，分别在6月2日、3日减持25万股、5万股，共计涉资1.89亿港元。1月，在腾讯首次站上700港元之际，腾讯总裁刘炽平再度减持腾讯股票，1月15日，刘炽平减","content":"<p>According to the disclosure of HKEx, Liu Chiping, president of Tencent, once again reduced his holdings of Tencent, reducing his holdings of 250,000 shares and 50,000 shares on June 2nd and 3rd, respectively, involving a total investment of HK$ 189 million.</p><p><img src=\"https://static.tigerbbs.com/7a026c3d2675922c070166cf6fa1c4e4\" tg-width=\"550\" tg-height=\"162\" referrerpolicy=\"no-referrer\"></p><p>In January, when Tencent stood at HK$ 700 for the first time, Liu Chiping, president of Tencent, once again reduced his holdings of Tencent shares. On January 15th, Liu Chiping reduced his holdings of 300,000 shares and cashed out HK$ 190 million; On January 18th, Liu Chiping reduced his holdings by 100,000 shares and cashed out HK$66 million.<img src=\"https://static.tigerbbs.com/a0373d081cdea0e55461fe0607469e31\" tg-width=\"550\" tg-height=\"184\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that Liu Chiping continuously reduced his holdings in Tencent on January 3rd, April 1st, May 29th and June 1st, June 30th and July 3rd, October 8th and October 9th last year. Lau Chiping's total reduction in stock holdings last year was worth about HK$1.2 billion.</p><p>In the 2021 Hurun China Professional Managers List, Liu Chiping ranked second with a wealth of 29 billion yuan.<img src=\"https://static.tigerbbs.com/0b5c58d6d833d9e003dde5d98f62ac53\" tg-width=\"550\" tg-height=\"284\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b3ea4e0de6d223a761dad5f912f6bb0f\" 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>Tencent President Liu Chiping reduced his holdings by 300,000 shares and cashed out HK$189 million</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\">\nTencent President Liu Chiping reduced his holdings by 300,000 shares and cashed out HK$189 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-04 17:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to the disclosure of HKEx, Liu Chiping, president of Tencent, once again reduced his holdings of Tencent, reducing his holdings of 250,000 shares and 50,000 shares on June 2nd and 3rd, respectively, involving a total investment of HK$ 189 million.</p><p><img src=\"https://static.tigerbbs.com/7a026c3d2675922c070166cf6fa1c4e4\" tg-width=\"550\" tg-height=\"162\" referrerpolicy=\"no-referrer\"></p><p>In January, when Tencent stood at HK$ 700 for the first time, Liu Chiping, president of Tencent, once again reduced his holdings of Tencent shares. On January 15th, Liu Chiping reduced his holdings of 300,000 shares and cashed out HK$ 190 million; On January 18th, Liu Chiping reduced his holdings by 100,000 shares and cashed out HK$66 million.<img src=\"https://static.tigerbbs.com/a0373d081cdea0e55461fe0607469e31\" tg-width=\"550\" tg-height=\"184\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that Liu Chiping continuously reduced his holdings in Tencent on January 3rd, April 1st, May 29th and June 1st, June 30th and July 3rd, October 8th and October 9th last year. Lau Chiping's total reduction in stock holdings last year was worth about HK$1.2 billion.</p><p>In the 2021 Hurun China Professional Managers List, Liu Chiping ranked second with a wealth of 29 billion yuan.<img src=\"https://static.tigerbbs.com/0b5c58d6d833d9e003dde5d98f62ac53\" tg-width=\"550\" tg-height=\"284\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b3ea4e0de6d223a761dad5f912f6bb0f\" 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/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150587214","content_text":"根据港交所披露易，腾讯总裁刘炽平再度减持腾讯，分别在6月2日、3日减持25万股、5万股，共计涉资1.89亿港元。1月，在腾讯首次站上700港元之际，腾讯总裁刘炽平再度减持腾讯股票，1月15日，刘炽平减持30万股，套现1.9亿港元；1月18日，刘炽平减持10万股，套现0.66亿港元。值得注意的是，刘炽平去年曾在1月3日，4月1日、5月29日及6月1日、6月30日及7月3日、10月8日、10月9日等连续减持腾讯。刘炽平去年合计减持股票的价值约12亿港元。在《2021胡润中国职业经理人榜》中，刘炽平以290亿元人民币的财富位居第二。","news_type":1,"symbols_score_info":{"00700":0.9,"QNETCN":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":1238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172707899,"gmtCreate":1626991863911,"gmtModify":1703481842771,"author":{"id":"3582263827074473","authorId":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582263827074473","idStr":"3582263827074473"},"themes":[],"title":"","htmlText":"☕️","listText":"☕️","text":"☕️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172707899","repostId":"1127242118","repostType":4,"repost":{"id":"1127242118","kind":"news","pubTimestamp":1626920223,"share":"https://ttm.financial/m/news/1127242118?lang=en_US&edition=fundamental","pubTime":"2021-07-22 10:17","market":"us","language":"zh","title":"\"Wei Xiaoli\" is vying for a Hong Kong Stock Exchange listing not just for money.","url":"https://stock-news.laohu8.com/highlight/detail?id=1127242118","media":"Tech星球","summary":"资本不缺少故事，风口早已挤满对手，从马斯克把特斯拉的车钥匙交到中国车主手里开始，新造车，早已成为了最具有话题性的和投资人最放不下的赛道。\n「造车三傻」的故事起点颇为相同，故事基本发端于2014年，获得","content":"<p>Capital has no shortage of stories, and the trend has already been filled with competitors. Since Musk handed over the keys to Tesla cars to Chinese owners, new car manufacturing has long been the most talked-about sector and the one that investors can't let go of.</p><p>The story of the \"Three Fools in Car Manufacturing\" has a similar starting point. The story basically began in 2014. The founders, who had gained financial freedom, were unwilling to hide their achievements and fame and embarked on a second entrepreneurial venture in the domestic new energy vehicle sector, which was passionate enough in itself.</p><p>In 2020, just after Li Bin returned from listing on the US stock market, he internally warned, \"Now is the most dangerous time, because the most dangerous thing is after the plane takes off.\" The reality is that after seven years, the \"three idiots\" in car manufacturing have successfully transformed into the \"three treasures,\" the situation of continuous blood transfusions has not changed.</p><p>In July, XPeng Automotive was the first to list on the Hong Kong Stock Exchange, ushering in a \"dual secondary market\" listing. Li Auto also submitted an application in May, followed closely behind with a listing as early as August. According to Tencent First Line, Nio Automotive submitted a secondary listing application in Hong Kong \"secretly\" as early as March this year, even earlier than XPeng. However, there are still equity issues, and it is only a matter of time before it goes to the Hong Kong Stock Exchange.</p><p>In less than a year, emerging car manufacturers have once again rekindled their desire for capital.</p><p><b>The dual meaning of dual listing</b></p><p>\"An era has ended.\" On September 12, 2018, Nio went public on the New York Stock Exchange. After the ceremony, Li Bin returned to his hotel and couldn't help but sigh to his wife, Wang Yizhi.</p><p>Coincidentally, after XPeng Motors' recent IPO ceremony on the Hong Kong Stock Exchange, He Xiaopeng also used a metaphor when answering reporters' questions to describe the juncture facing new car manufacturers: \"Today we are facing a challenge: how to go from the Spring and Autumn Period to the Warring States Period.\"</p><p>The rebound in Hong Kong stocks occurred around 2020, during which more than ten companies, including Alibaba, Baidu, and JD.com, successfully went public for the second time and withdrew their earnings. This includes considerations such as boosting stock prices and telling new stories. However, most of them are companies that have been listed for many years. Ctrip has been listed on Nasdaq for 18 years, Baidu has been listed for 15 years, and Bilibili has also been listed on the US stock market for 3 years. They basically meet the requirements of being listed on other exchanges for a secondary listing in Hong Kong. However, the \"three idiots in car manufacturing\" are obviously not enough to meet this indicator.</p><p>As a result, emerging electric vehicle manufacturers have no choice but to abandon secondary listings and adopt a dual listing strategy, which means that the regulatory requirements they need to comply with are more stringent. Meanwhile, dual listings will be regulated by the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</p><p>The reason why emerging car manufacturers are anxious is that the new energy boom is just around the corner. If they wait two years after listing before returning to Hong Kong with a secondary listing, the market tide may have changed direction, and fundraising will face more uncertainty at that time.</p><p>After returning to the Hong Kong stock market, \"Wei Xiaoli\" is more likely to be listed on the A-share market or the Science and Technology Innovation Board. This is because many pharmaceutical companies previously listed on the Hong Kong Stock Exchange have successfully transferred to the Science and Technology Innovation Board, achieving an \"A+H\" capital market layout, which facilitates further financing. Therefore, in the future, it is very likely that new energy companies will be allowed to be spun off and listed on the A-share market and the Science and Technology Innovation Board.</p><p>Analysts at CICC Capital revealed that \"Wei Xiaoli,\" which was once listed in the United States due to restrictions on A-share listing systems, will enhance its stock liquidity and transfer pricing power if it connects with the A-share market in the future. Its further ambition lies in seizing a place and laying the foundation for listing in the three regions.</p><p>Currently, members of the second tier of emerging electric vehicle manufacturers such as WM Motor, Nezha, and Leapmotor all intend to list on the Science and Technology Innovation Board. At that time, it will create a wave of IPOs for emerging electric vehicle manufacturers. Securing a place first will help Nio, Li Auto, and XPeng set anchors, which will be conducive to the subsequent increase in stock prices.</p><p>In just one year, having entered the dual secondary market, the real core focus of \"Wei Xiaoli\" has actually fallen on \"money\".</p><p>On paper, none of the three companies are considered poor. As of July 20, 2021, Nio had a market capitalization of $67.441 billion, XPeng had a market capitalization of $28.086 billion, and Li Auto had a market capitalization of $22.019 billion. Nio, XPeng, and Ideal have cash reserves (cash and cash equivalents, restricted cash and time deposits, and short-term investment balances) of RMB 47.5 billion, RMB 36.2 billion, and RMB 30.36 billion, respectively.</p><p>However, there may not be enough tickets to enter the next battle. He Xiaopeng's recent assessment is as follows: \"If it takes about 20 billion to go from 0 to 1, the amount in the second step will definitely exceed 30 billion. This is a foundation.\"</p><p>The voiceover is, if you don't have 50 billion, don't come and play.</p><p><b>The more you sell, the bigger the losses.</b></p><p>Entering 2021, emerging electric vehicle manufacturers ushered in a bumper year, with sales soaring, and Nio, Li Auto, and XPeng gradually solidifying their positions in the top tier.</p><p>Among them, Nio sold the best, with a cumulative delivery of 41,956 units from January to June this year, exceeding 95% of the total delivery volume for the whole of last year. After a brief sales slump, Li Auto's sales soared to the top of mid-size SUVs in June, with 30,154 units delivered in half a year, also exceeding last year. XPeng is also catching up, with monthly, quarterly and semi-annual cumulative deliveries reaching record highs, with a total of 30,738 units delivered in six months, exceeding the total for the entire previous year.</p><p><img src=\"https://static.tigerbbs.com/750c6bd3d77f2257d8defc9fc4121a4f\" tg-width=\"708\" tg-height=\"531\" referrerpolicy=\"no-referrer\"></p><p>Despite a significant increase in revenue for Nio, XPeng, and Li Auto from January to June 2021, the main theme of \"Wei Xiaoli\" is still losses.</p><p>Let's take a look at the report cards of each company.</p><p>From 2018 to 2020, Nio suffered net losses of RMB 11.413 billion, RMB 11.9 billion and RMB 5.304 billion respectively, totaling RMB 28.6 billion. If the net losses of RMB 5.012.2 billion in 2017 and RMB 9.639 billion in 2018 are included, the losses reach 43.3 billion yuan.</p><p>In 2018, 2019, 2020 and the first quarter of 2021, XPeng Automotive suffered net losses of RMB 1.399 billion, RMB 3.692 billion, RMB 2.732 billion and RMB 787 million respectively, bringing the cumulative net losses over the three years to over RMB 8.6 billion.</p><p>In 2018, 2019, and 2020, Li Auto suffered net losses of 1.532 billion yuan, 2.438 billion yuan, and 152 million yuan respectively, which was a relatively good performance. However, after a brief period of profitability in the previous quarter, Li Auto turned into a loss again in Q1, with a net loss of 360 million yuan, exceeding the total loss for the whole of last year, expanding by 366.9% year-on-year, and accumulating to 4.482 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/6daaac165ae02fa845a1a10d70f23c08\" tg-width=\"1080\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p>Tech Planet did a simple calculation of the net losses of Nio, XPeng, and Li Auto from 2018 to the first quarter of 2021. XPeng' first-quarter report shows that the company suffered a loss of 787 million yuan, with an average daily loss of nearly 9 million yuan. During the same period, 13,300 units were delivered, resulting in an average loss of 60,000 yuan for each car sold. And so on, Nio lost 22,000 yuan for each car sold. Li Auto loses 28,000 yuan for every car it sells, and each company is losing more and more money with each sale.</p><p>On the other hand, the surge in sales is due to high investment in marketing, but marketing costs will only increase. Opening more and more stores is a common wish of emerging car manufacturers. Currently, NIO has 23 NIO centers and 203 NIO Spaces, covering 121 cities in China, and plans to continue to increase in 2021.</p><p>XPeng Auto's sales network consists of 178 stores (88 directly operated stores and 90 franchised stores) and 61 service centers (4 directly operated and the others franchised), covering 70 Chinese cities. Li Auto was slightly inferior, but when Li Xiang realized that the market share of a city can differ by eight times whether it has Li Auto stores or not, Li Auto increased its number of stores to 200 this year. Internally, they even encouraged it to open as many as they could without setting a ceiling.</p><p>Various companies are constantly testing consumers with price cuts. Tech Planet learned from various sales outlets that Nio has reduced the price of models in the 400,000 yuan range to under 300,000 yuan through battery swapping options, just to allow customers to enjoy new energy subsidies. Li Auto and XPeng have also launched preferential measures such as a cash offer of 5,000 yuan to 10,000 yuan to boost sales.</p><p>However, consumers are having more options. In July, Tesla unleashed another killer move: the standard navigation version of the Model Y, which directly entered the 300,000 yuan price range. Meanwhile, the long-rumored smaller and cheaper next car is also eyeing the market.</p><p><b>\"Wei Xiaoli\" urgently needs more money to build infrastructure</b></p><p>After being unable to recoup losses from car sales in a short period of time, they are facing the need to invest in infrastructure such as factory and station construction for new car manufacturers, which are still in the investment phase. \"Wei Xiaoli\" naturally needs to raise more capital to maintain its considerable investment.</p><p>Building factories is the infrastructure that emerging electric vehicle companies must build now.</p><p>Changzhou's ideal production capacity is approximately 100,000 vehicles per year, which will increase to 200,000 vehicles per year by 2022. According to Future Auto, in June 2021, Li Auto planned to invest 6 billion yuan to establish a production base in Beijing.</p><p>XPeng currently has two factories, Zhengzhou and Zhaoqing Haima. According to Tech Planet, the Guangzhou production base is under construction. The Guangzhou Economic Development Zone will invest 1.3 billion yuan to build the base and provide 1.2 billion yuan in financing to purchase equipment, ensuring that it will be put into use by the end of 2022 with a production capacity of 100,000 vehicles per year. It will be leased to XPeng and then purchased by XPeng seven years later. Meanwhile, the Wuhan factory is also under construction.</p><p>Currently, only Nio does not have its own factory. In order to increase production capacity, Nio can only start factory expansion work with JAC, with the plan to achieve a single-shift capacity of 150,000 and a double-shift capacity of 300,000 by the end of 2021. However, from the start of production in April 2018 to the end of 2020, Nio has paid more than 1.2 billion yuan to JAC.</p><p>Among the emerging electric vehicle manufacturers, only Nio remains using the \"contract manufacturing\" model. If the plan to build a factory is to be put on the agenda, it means an investment of at least 10 billion yuan. This is because Geely's SEA architecture, which took four years to build and invested more than 18 billion yuan to launch the Jike model, is a precedent.</p><p>Charging stations, as necessary infrastructure, are also an expansion that must be invested in. Nio’s battery swapping route requires Nio to deploy more swapping stations in order to enjoy more convenient services, and there are currently 301 battery swapping stations. This year's small goal is to have 700 battery swapping stations by the end of the year, with new stations being added at a rate of 600 per year. XPeng is taking a free approach, and with the addition of third parties, it already has 1,314 free supercharging stations, of which 172 are self-operated. Its goal is to build more than 500 XPeng brand supercharging stations by the end of the year.</p><p>In addition, intelligent technology is also an important expenditure for new car manufacturers. \"Since its establishment, the R&D cost has been more than 40 billion yuan. In the next few years, we will maintain an annual R&D investment of more than 5 billion yuan,\" Nio Xia Qinghua once revealed. As XPeng has embarked on its self-developed autonomous driving technology, its R&D expenses are increasing year by year, making it the highest among the three companies.</p><p>Taking the first quarter as an example, Nio, Li Auto, and XPeng invested RMB 687 million, RMB 515 million, and RMB 535 million in R&D, respectively, with R&D expenses accounting for 8.61%, 14.41%, and 18.13% of total revenue, respectively. It is understood that XPeng will invest approximately 45% of the proceeds from this Hong Kong stock offering in developing new technologies.</p><p>Building new cars, high-end marketing, supporting power stations, battery swapping stations, building factories, and investing in research and development all share a common goal: money, money, money.</p><p><b>Whether going global or expanding into lower-tier cities, emerging car manufacturers need to...</b></p><p>In \"The Three-Body Problem,\" there are two axioms of cosmic sociology: first, survival is the primary need of civilization; Second, civilization continues to grow and expand, while the total amount of matter in the universe remains unchanged.</p><p>The universe of new car manufacturing is constantly expanding, the number of car manufacturers is growing larger, and there are more and more competitors in the incremental market. This scenario is quite similar to the era when a hundred schools of thought competed for smartphones, when more than a hundred mobile phone manufacturers emerged on the market, leaving only a few smartphones that we have in our hands now. The same applies to new car manufacturers; only by capturing a larger market share can they survive.</p><p>Among the three companies \"Wei Xiaoli\" that are making inroads, XPeng has come up with a strategy of penetrating lower-tier cities, targeting third- and fourth-tier cities. Tech Planet has learned that XPeng is engaging in larger-scale incremental competition in key investment cities this year, including Ma'anshan, Putian, Baotou, Luoyang, Zhangjiakou, and Wenzhou.</p><p>Nio has chosen to go global. On May 6, it released its Norway strategy, announcing its official entry into the Norwegian market. It plans to deliver the ES8 in September this year and the ET7 in 2022. In Norway, Nio will adopt the same model as in China: direct sales, direct customer service. According to its overseas expansion plan, Nio will expand into five overseas markets next year, but Li Bin admitted that it will still incur losses in the short term.</p><p>In the first quarter of 2021, XPeng also received 77.6 million yuan in payment from a Norwegian distributor, showing initial results in its overseas expansion. Li Auto has not yet announced its overseas expansion plans, but it immediately stated that Li Auto is a global company, which seems to suggest that going global is not far off.</p><p>Faced with the increasingly unfolding new car manufacturing landscape, He Xiaopeng frankly said, \"Today, no company dares to say that it has taken the initiative.\"</p><p>However, each company has already set its own goals. Nio has not announced its sales target for this year, XPeng has set a target of 100,000 vehicles, while Li Auto has set its goal even higher and farther, aiming to become the world's number one intelligent electric vehicle company by 2030 with a market share of 20%. According to its estimates, Li Auto' annual sales will reach 4 million vehicles by then, while based on Li Auto' deliveries of 30,154 vehicles in the first half of this year, the target for 2030 is 66 times that of now.</p><p>Everyone has long understood that car manufacturing is a long-term, capital-intensive industry. In the fierce competition, it is difficult for any company to achieve profitability in a short period of time. They need to rely on economies of scale to survive longer and better. Selling cars, selling more cars, is the foundation of survival.</p><p>Li Bin predicted in early 2018 that emerging car manufacturers would find it difficult to survive if they could not achieve car sales of 100,000 units in 2020.</p><p>Three years later, apart from the \"catfish\" Tesla, no other domestic emerging force has yet reached this standard. Tesla's exceptionally formidable manufacturing cost control capabilities continue to give the Model Y ample room and possibility for price reductions. Tesla's gross profit margin of 21.32% and annual sales of over 500,000 vehicles remain the aspirations of emerging domestic manufacturers.</p><p>Domestic emerging electric vehicle manufacturers can only get involved in this never-ending war and penetrate into the other party's territory. Nio' first sedan, the ET7, will be officially delivered in the first quarter of next year. The new car is positioned as a mid-size sedan. XPeng is expected to launch a new SUV in 2022, while Li Auto, which currently only has one model, will also launch a full-size high-end SUV based on a brand-new architecture in 2022.</p><p>Li Bin and He Xiaopeng once said, \"We are all sitting at the card table, we are all in the qualifying round, we haven't reached the knockout stage yet, we haven't even gotten to the card table yet.\" The infinite war of new energy has only just begun, and it is far from time to decide the winner.</p>","source":"techxq","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>\"Wei Xiaoli\" is vying for a Hong Kong Stock Exchange listing not just for money.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Wei Xiaoli\" is vying for a Hong Kong Stock Exchange listing not just for money.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Tech星球</strong><span class=\"h-time small\">2021-07-22 10:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Capital has no shortage of stories, and the trend has already been filled with competitors. Since Musk handed over the keys to Tesla cars to Chinese owners, new car manufacturing has long been the most talked-about sector and the one that investors can't let go of.</p><p>The story of the \"Three Fools in Car Manufacturing\" has a similar starting point. The story basically began in 2014. The founders, who had gained financial freedom, were unwilling to hide their achievements and fame and embarked on a second entrepreneurial venture in the domestic new energy vehicle sector, which was passionate enough in itself.</p><p>In 2020, just after Li Bin returned from listing on the US stock market, he internally warned, \"Now is the most dangerous time, because the most dangerous thing is after the plane takes off.\" The reality is that after seven years, the \"three idiots\" in car manufacturing have successfully transformed into the \"three treasures,\" the situation of continuous blood transfusions has not changed.</p><p>In July, XPeng Automotive was the first to list on the Hong Kong Stock Exchange, ushering in a \"dual secondary market\" listing. Li Auto also submitted an application in May, followed closely behind with a listing as early as August. According to Tencent First Line, Nio Automotive submitted a secondary listing application in Hong Kong \"secretly\" as early as March this year, even earlier than XPeng. However, there are still equity issues, and it is only a matter of time before it goes to the Hong Kong Stock Exchange.</p><p>In less than a year, emerging car manufacturers have once again rekindled their desire for capital.</p><p><b>The dual meaning of dual listing</b></p><p>\"An era has ended.\" On September 12, 2018, Nio went public on the New York Stock Exchange. After the ceremony, Li Bin returned to his hotel and couldn't help but sigh to his wife, Wang Yizhi.</p><p>Coincidentally, after XPeng Motors' recent IPO ceremony on the Hong Kong Stock Exchange, He Xiaopeng also used a metaphor when answering reporters' questions to describe the juncture facing new car manufacturers: \"Today we are facing a challenge: how to go from the Spring and Autumn Period to the Warring States Period.\"</p><p>The rebound in Hong Kong stocks occurred around 2020, during which more than ten companies, including Alibaba, Baidu, and JD.com, successfully went public for the second time and withdrew their earnings. This includes considerations such as boosting stock prices and telling new stories. However, most of them are companies that have been listed for many years. Ctrip has been listed on Nasdaq for 18 years, Baidu has been listed for 15 years, and Bilibili has also been listed on the US stock market for 3 years. They basically meet the requirements of being listed on other exchanges for a secondary listing in Hong Kong. However, the \"three idiots in car manufacturing\" are obviously not enough to meet this indicator.</p><p>As a result, emerging electric vehicle manufacturers have no choice but to abandon secondary listings and adopt a dual listing strategy, which means that the regulatory requirements they need to comply with are more stringent. Meanwhile, dual listings will be regulated by the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</p><p>The reason why emerging car manufacturers are anxious is that the new energy boom is just around the corner. If they wait two years after listing before returning to Hong Kong with a secondary listing, the market tide may have changed direction, and fundraising will face more uncertainty at that time.</p><p>After returning to the Hong Kong stock market, \"Wei Xiaoli\" is more likely to be listed on the A-share market or the Science and Technology Innovation Board. This is because many pharmaceutical companies previously listed on the Hong Kong Stock Exchange have successfully transferred to the Science and Technology Innovation Board, achieving an \"A+H\" capital market layout, which facilitates further financing. Therefore, in the future, it is very likely that new energy companies will be allowed to be spun off and listed on the A-share market and the Science and Technology Innovation Board.</p><p>Analysts at CICC Capital revealed that \"Wei Xiaoli,\" which was once listed in the United States due to restrictions on A-share listing systems, will enhance its stock liquidity and transfer pricing power if it connects with the A-share market in the future. Its further ambition lies in seizing a place and laying the foundation for listing in the three regions.</p><p>Currently, members of the second tier of emerging electric vehicle manufacturers such as WM Motor, Nezha, and Leapmotor all intend to list on the Science and Technology Innovation Board. At that time, it will create a wave of IPOs for emerging electric vehicle manufacturers. Securing a place first will help Nio, Li Auto, and XPeng set anchors, which will be conducive to the subsequent increase in stock prices.</p><p>In just one year, having entered the dual secondary market, the real core focus of \"Wei Xiaoli\" has actually fallen on \"money\".</p><p>On paper, none of the three companies are considered poor. As of July 20, 2021, Nio had a market capitalization of $67.441 billion, XPeng had a market capitalization of $28.086 billion, and Li Auto had a market capitalization of $22.019 billion. Nio, XPeng, and Ideal have cash reserves (cash and cash equivalents, restricted cash and time deposits, and short-term investment balances) of RMB 47.5 billion, RMB 36.2 billion, and RMB 30.36 billion, respectively.</p><p>However, there may not be enough tickets to enter the next battle. He Xiaopeng's recent assessment is as follows: \"If it takes about 20 billion to go from 0 to 1, the amount in the second step will definitely exceed 30 billion. This is a foundation.\"</p><p>The voiceover is, if you don't have 50 billion, don't come and play.</p><p><b>The more you sell, the bigger the losses.</b></p><p>Entering 2021, emerging electric vehicle manufacturers ushered in a bumper year, with sales soaring, and Nio, Li Auto, and XPeng gradually solidifying their positions in the top tier.</p><p>Among them, Nio sold the best, with a cumulative delivery of 41,956 units from January to June this year, exceeding 95% of the total delivery volume for the whole of last year. After a brief sales slump, Li Auto's sales soared to the top of mid-size SUVs in June, with 30,154 units delivered in half a year, also exceeding last year. XPeng is also catching up, with monthly, quarterly and semi-annual cumulative deliveries reaching record highs, with a total of 30,738 units delivered in six months, exceeding the total for the entire previous year.</p><p><img src=\"https://static.tigerbbs.com/750c6bd3d77f2257d8defc9fc4121a4f\" tg-width=\"708\" tg-height=\"531\" referrerpolicy=\"no-referrer\"></p><p>Despite a significant increase in revenue for Nio, XPeng, and Li Auto from January to June 2021, the main theme of \"Wei Xiaoli\" is still losses.</p><p>Let's take a look at the report cards of each company.</p><p>From 2018 to 2020, Nio suffered net losses of RMB 11.413 billion, RMB 11.9 billion and RMB 5.304 billion respectively, totaling RMB 28.6 billion. If the net losses of RMB 5.012.2 billion in 2017 and RMB 9.639 billion in 2018 are included, the losses reach 43.3 billion yuan.</p><p>In 2018, 2019, 2020 and the first quarter of 2021, XPeng Automotive suffered net losses of RMB 1.399 billion, RMB 3.692 billion, RMB 2.732 billion and RMB 787 million respectively, bringing the cumulative net losses over the three years to over RMB 8.6 billion.</p><p>In 2018, 2019, and 2020, Li Auto suffered net losses of 1.532 billion yuan, 2.438 billion yuan, and 152 million yuan respectively, which was a relatively good performance. However, after a brief period of profitability in the previous quarter, Li Auto turned into a loss again in Q1, with a net loss of 360 million yuan, exceeding the total loss for the whole of last year, expanding by 366.9% year-on-year, and accumulating to 4.482 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/6daaac165ae02fa845a1a10d70f23c08\" tg-width=\"1080\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p>Tech Planet did a simple calculation of the net losses of Nio, XPeng, and Li Auto from 2018 to the first quarter of 2021. XPeng' first-quarter report shows that the company suffered a loss of 787 million yuan, with an average daily loss of nearly 9 million yuan. During the same period, 13,300 units were delivered, resulting in an average loss of 60,000 yuan for each car sold. And so on, Nio lost 22,000 yuan for each car sold. Li Auto loses 28,000 yuan for every car it sells, and each company is losing more and more money with each sale.</p><p>On the other hand, the surge in sales is due to high investment in marketing, but marketing costs will only increase. Opening more and more stores is a common wish of emerging car manufacturers. Currently, NIO has 23 NIO centers and 203 NIO Spaces, covering 121 cities in China, and plans to continue to increase in 2021.</p><p>XPeng Auto's sales network consists of 178 stores (88 directly operated stores and 90 franchised stores) and 61 service centers (4 directly operated and the others franchised), covering 70 Chinese cities. Li Auto was slightly inferior, but when Li Xiang realized that the market share of a city can differ by eight times whether it has Li Auto stores or not, Li Auto increased its number of stores to 200 this year. Internally, they even encouraged it to open as many as they could without setting a ceiling.</p><p>Various companies are constantly testing consumers with price cuts. Tech Planet learned from various sales outlets that Nio has reduced the price of models in the 400,000 yuan range to under 300,000 yuan through battery swapping options, just to allow customers to enjoy new energy subsidies. Li Auto and XPeng have also launched preferential measures such as a cash offer of 5,000 yuan to 10,000 yuan to boost sales.</p><p>However, consumers are having more options. In July, Tesla unleashed another killer move: the standard navigation version of the Model Y, which directly entered the 300,000 yuan price range. Meanwhile, the long-rumored smaller and cheaper next car is also eyeing the market.</p><p><b>\"Wei Xiaoli\" urgently needs more money to build infrastructure</b></p><p>After being unable to recoup losses from car sales in a short period of time, they are facing the need to invest in infrastructure such as factory and station construction for new car manufacturers, which are still in the investment phase. \"Wei Xiaoli\" naturally needs to raise more capital to maintain its considerable investment.</p><p>Building factories is the infrastructure that emerging electric vehicle companies must build now.</p><p>Changzhou's ideal production capacity is approximately 100,000 vehicles per year, which will increase to 200,000 vehicles per year by 2022. According to Future Auto, in June 2021, Li Auto planned to invest 6 billion yuan to establish a production base in Beijing.</p><p>XPeng currently has two factories, Zhengzhou and Zhaoqing Haima. According to Tech Planet, the Guangzhou production base is under construction. The Guangzhou Economic Development Zone will invest 1.3 billion yuan to build the base and provide 1.2 billion yuan in financing to purchase equipment, ensuring that it will be put into use by the end of 2022 with a production capacity of 100,000 vehicles per year. It will be leased to XPeng and then purchased by XPeng seven years later. Meanwhile, the Wuhan factory is also under construction.</p><p>Currently, only Nio does not have its own factory. In order to increase production capacity, Nio can only start factory expansion work with JAC, with the plan to achieve a single-shift capacity of 150,000 and a double-shift capacity of 300,000 by the end of 2021. However, from the start of production in April 2018 to the end of 2020, Nio has paid more than 1.2 billion yuan to JAC.</p><p>Among the emerging electric vehicle manufacturers, only Nio remains using the \"contract manufacturing\" model. If the plan to build a factory is to be put on the agenda, it means an investment of at least 10 billion yuan. This is because Geely's SEA architecture, which took four years to build and invested more than 18 billion yuan to launch the Jike model, is a precedent.</p><p>Charging stations, as necessary infrastructure, are also an expansion that must be invested in. Nio’s battery swapping route requires Nio to deploy more swapping stations in order to enjoy more convenient services, and there are currently 301 battery swapping stations. This year's small goal is to have 700 battery swapping stations by the end of the year, with new stations being added at a rate of 600 per year. XPeng is taking a free approach, and with the addition of third parties, it already has 1,314 free supercharging stations, of which 172 are self-operated. Its goal is to build more than 500 XPeng brand supercharging stations by the end of the year.</p><p>In addition, intelligent technology is also an important expenditure for new car manufacturers. \"Since its establishment, the R&D cost has been more than 40 billion yuan. In the next few years, we will maintain an annual R&D investment of more than 5 billion yuan,\" Nio Xia Qinghua once revealed. As XPeng has embarked on its self-developed autonomous driving technology, its R&D expenses are increasing year by year, making it the highest among the three companies.</p><p>Taking the first quarter as an example, Nio, Li Auto, and XPeng invested RMB 687 million, RMB 515 million, and RMB 535 million in R&D, respectively, with R&D expenses accounting for 8.61%, 14.41%, and 18.13% of total revenue, respectively. It is understood that XPeng will invest approximately 45% of the proceeds from this Hong Kong stock offering in developing new technologies.</p><p>Building new cars, high-end marketing, supporting power stations, battery swapping stations, building factories, and investing in research and development all share a common goal: money, money, money.</p><p><b>Whether going global or expanding into lower-tier cities, emerging car manufacturers need to...</b></p><p>In \"The Three-Body Problem,\" there are two axioms of cosmic sociology: first, survival is the primary need of civilization; Second, civilization continues to grow and expand, while the total amount of matter in the universe remains unchanged.</p><p>The universe of new car manufacturing is constantly expanding, the number of car manufacturers is growing larger, and there are more and more competitors in the incremental market. This scenario is quite similar to the era when a hundred schools of thought competed for smartphones, when more than a hundred mobile phone manufacturers emerged on the market, leaving only a few smartphones that we have in our hands now. The same applies to new car manufacturers; only by capturing a larger market share can they survive.</p><p>Among the three companies \"Wei Xiaoli\" that are making inroads, XPeng has come up with a strategy of penetrating lower-tier cities, targeting third- and fourth-tier cities. Tech Planet has learned that XPeng is engaging in larger-scale incremental competition in key investment cities this year, including Ma'anshan, Putian, Baotou, Luoyang, Zhangjiakou, and Wenzhou.</p><p>Nio has chosen to go global. On May 6, it released its Norway strategy, announcing its official entry into the Norwegian market. It plans to deliver the ES8 in September this year and the ET7 in 2022. In Norway, Nio will adopt the same model as in China: direct sales, direct customer service. According to its overseas expansion plan, Nio will expand into five overseas markets next year, but Li Bin admitted that it will still incur losses in the short term.</p><p>In the first quarter of 2021, XPeng also received 77.6 million yuan in payment from a Norwegian distributor, showing initial results in its overseas expansion. Li Auto has not yet announced its overseas expansion plans, but it immediately stated that Li Auto is a global company, which seems to suggest that going global is not far off.</p><p>Faced with the increasingly unfolding new car manufacturing landscape, He Xiaopeng frankly said, \"Today, no company dares to say that it has taken the initiative.\"</p><p>However, each company has already set its own goals. Nio has not announced its sales target for this year, XPeng has set a target of 100,000 vehicles, while Li Auto has set its goal even higher and farther, aiming to become the world's number one intelligent electric vehicle company by 2030 with a market share of 20%. According to its estimates, Li Auto' annual sales will reach 4 million vehicles by then, while based on Li Auto' deliveries of 30,154 vehicles in the first half of this year, the target for 2030 is 66 times that of now.</p><p>Everyone has long understood that car manufacturing is a long-term, capital-intensive industry. In the fierce competition, it is difficult for any company to achieve profitability in a short period of time. They need to rely on economies of scale to survive longer and better. Selling cars, selling more cars, is the foundation of survival.</p><p>Li Bin predicted in early 2018 that emerging car manufacturers would find it difficult to survive if they could not achieve car sales of 100,000 units in 2020.</p><p>Three years later, apart from the \"catfish\" Tesla, no other domestic emerging force has yet reached this standard. Tesla's exceptionally formidable manufacturing cost control capabilities continue to give the Model Y ample room and possibility for price reductions. Tesla's gross profit margin of 21.32% and annual sales of over 500,000 vehicles remain the aspirations of emerging domestic manufacturers.</p><p>Domestic emerging electric vehicle manufacturers can only get involved in this never-ending war and penetrate into the other party's territory. Nio' first sedan, the ET7, will be officially delivered in the first quarter of next year. The new car is positioned as a mid-size sedan. XPeng is expected to launch a new SUV in 2022, while Li Auto, which currently only has one model, will also launch a full-size high-end SUV based on a brand-new architecture in 2022.</p><p>Li Bin and He Xiaopeng once said, \"We are all sitting at the card table, we are all in the qualifying round, we haven't reached the knockout stage yet, we haven't even gotten to the card table yet.\" The infinite war of new energy has only just begun, and it is far from time to decide the winner.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzU5MTczNjIyNA==&mid=2247550608&idx=1&sn=ed7f329619dd3a0b4da693ab78234cdc&chksm=fe283a5fc95fb3493fa6f4e46a0cdc83b52558cbd58e59a8e76278c5b4dbc5f40c1de65582bd&mpshare=1&scene=1&srcid=07211LZwtmMOKNO07R970A2K&sharer_sharetime=1626870547366&sharer_shareid=42d15f61d8b2ad6d1c0fccfcdb82fc3f&version=3.1.8.3015&platform=win#rd\">Tech星球</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7c564576990fabefdec364687a49cbc","relate_stocks":{"LI":"理想汽车","TSLA":"特斯拉","NIO":"蔚来"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzU5MTczNjIyNA==&mid=2247550608&idx=1&sn=ed7f329619dd3a0b4da693ab78234cdc&chksm=fe283a5fc95fb3493fa6f4e46a0cdc83b52558cbd58e59a8e76278c5b4dbc5f40c1de65582bd&mpshare=1&scene=1&srcid=07211LZwtmMOKNO07R970A2K&sharer_sharetime=1626870547366&sharer_shareid=42d15f61d8b2ad6d1c0fccfcdb82fc3f&version=3.1.8.3015&platform=win#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127242118","content_text":"资本不缺少故事，风口早已挤满对手，从马斯克把特斯拉的车钥匙交到中国车主手里开始，新造车，早已成为了最具有话题性的和投资人最放不下的赛道。\n「造车三傻」的故事起点颇为相同，故事基本发端于2014年，获得财富自由的创始人们不愿深藏功与名，奔赴国产新能源赛道的二次创业，这本身就足够热血。\n2020年，李斌才从美股上市回来，他就在内部提醒，「现在到了最危险的时候，因为飞机起飞以后最危险。」 现实是，7年时间，「造车三傻」已成功转变为「三宝」后，不断输血的现状还未改变。\n7月，小鹏汽车最先登陆港交所，迎来了「双重二级市场」上市，理想也于5月提交申请，紧随其后最早于8月上市，据《腾讯一线》报道，蔚来汽车早在今年3月就「通过秘密方式」在港提交二次上市申请，甚至比小鹏还早，但目前还存在股权问题，奔赴港交所，应该是时间早晚的问题。\n不满一年，造车新势力们再次燃起对资本的渴望。\n双重上市的双重意味\n「一个时代结束了」，2018年9月12日，蔚来在纽交所上市，仪式结束后李斌回到下榻酒店，忍不住向妻子王屹芝感叹。\n无独有偶，在最近的小鹏汽车港交所IPO仪式后，何小鹏回答记者问时也用了一个比喻，去形容此时新造车新势力们面临的节点，「今天我们已经面临一个挑战，就是如何从春秋到战国。」\n港股的回潮发生在2020年前后，期间，阿里、百度、京东等十多家企业成功二次上市，纷纷回笼。这其中，有提振股价，也有讲新故事的考虑。但大多数都是上市多年的企业，携程纳斯达克上市18年，百度上市15年，B站也在美股走过3年，基本都符合港股二次上市对其他交易所上市满2年的要求，但「造车三傻」显然不足达成这一指标。\n于是，造车新势力们只能放弃二次上市，采取双重上市的策略，这意味着，需要遵守的监管规定更为严苛。同时，双重上市将受到美国证券交易委员会（SEC）和香港证券及期货事务监察委员会（SFC）的监管。\n让造车新势力们着急的原因是，新能源的风口箭在弦上，若是等足上市两年后再以二次上市回港，市场的潮头很可能已改变方向，到时候募资将面临更多不确定性。\n回归港股之后，「蔚小理」还更有可能登陆A股或者科创板。因为有很多之前在港股上市的医药企业都成功转战科创板，实现「A+H」的资本市场布局，便于进一步融资。所以，未来很打可能也允许新能源企业分拆至A股、科创板上市。\n中金资本的分析师透露，曾经因A股上市制度限制而远赴美国上市的「蔚小理」，如未来与A股市场的联通，将会为其提升股票流通性，带来的定价权转移。而其更远的野心，还在于抢位，奠定三地上市的基础。\n目前，威马、哪吒、零跑等造车新势力第二梯队成员均有意登陆科创板。届时，将会制造一波造车新势力IPO热潮，先占位有助于帮助蔚来、理想和小鹏定下锚点，有利于后续股价的提升。\n一年的时间，登陆双重的二级市场，「蔚小理」的真正核心落脚点其实还是落在了「钱」上。\n从账面来看，3家都不算穷，截止2021年7月20日，蔚来市值674.41亿美元，小鹏市值280.86亿美元，理想市值220.19亿美元；蔚来、小鹏、理想的现金储备（现金及现金等价物，受限现金与定期存款和短期投资余额）分别为475亿元、362亿元、303.6亿元。\n但想要进入下一场争夺战的门票可能还远远不够，何小鹏最近下的判断是这样，「如果从0到1大概要200亿的话，第二步的这个钱肯定超过300亿，这是一个基础。」\n画外音是，没500亿，别来玩儿。\n卖得越多，亏得越狠\n迈入2021年，造车新势力们迎来了丰收年，销量节节飙升，蔚来、理想、小鹏逐渐稳固第一梯队的位置。\n其中，蔚来卖得最好，今年1-6月累计交付量为41956台，已超去年全年交付量的95%，理想经历了短暂的销量低谷后，6月销量飙升至中型SUV第一，半年交付30154台，也超过去年。小鹏也在赶上，月度、季度及半年度累计交付量均创历史新高，半年累计交付30738台，已经超过上年全年数。\n\n2021年1-6月蔚来、小鹏、理想销量尽管目前营收大幅增加，但「蔚小理」的主旋律仍然是亏损。\n分别来看下各家的成绩单。\n2018-2020年，蔚来净亏损分别为114.13亿元、119亿元和53.04亿元，合计286亿元，如果加上2017年净亏损50.122亿元和2018年净亏损为96.39亿元，亏损高达433亿。\n2018年、2019年、2020年和2021年第一季度，小鹏汽车的净亏损分别为13.99亿元、36.92亿元、27.32亿元和7.87亿元，三年净亏损已经累计超过86亿元。\n2018年和2019年、2020年，理想净亏损分别为15.32亿、24.38亿，1.52亿元，成绩相对较好，但经历了短暂上一季度实现盈利后，理想Q1又转为亏损，净亏损达3.6亿元，超过去年全年，同比扩大366.9%，累计44.82亿元。\n\n2018年-2021年1季度蔚来、小鹏、理想净亏损Tech星球简单算了一笔账，小鹏一季报显示，公司亏损7.87亿元，日均亏近900万元。同期交付1.33万台，平均每卖一辆车，亏掉6万块，以此类推，蔚来每卖一辆车，亏掉2.2万元；理想每卖一辆车，亏掉2.8万元，每一家都在越卖越亏的路上。\n另一方面，销量暴增的背后是高投入的营销，但营销的费用只会越累越多，开越来越多店，是造车新势力共同的心愿，目前，蔚来有23个蔚来中心和203个NIO SPACE，覆盖中国121个城市，2021年计划继续增加。\n小鹏汽车销售网络由178间门店（直营店88间，特许授权店90间）和61个服务中心（4个直营，其它为特许授权）组成，覆盖中国70个城市。理想稍逊一筹，但当李想意识到，一个城市有没有理想汽车门店，市场占有率会相差 8倍，理想的今年门店上升至200家，内部还鼓励，不设天花板，能开多少，就开多少。\n各家都在不停地用降价试探消费者，Tech星球通过各家销售了解到，蔚来通过换电的选配，40万的区间车型降为30万元内的区间，只为让客户享受新能源补贴；理想、小鹏也推出现金5000抵1万等优惠措施冲击销量。\n但消费者手里的选项正在增多，7月，特斯拉又祭出一枚杀手锏，Model Y推出标航版，直接杀进30万区间，而一直传闻的更小更便宜的下一款车，也在虎视眈眈地盯着市场。\n「蔚小理」急需更多钱搭基建\n在卖车短时间内无法补充亏损后，面对新造车还在投入期的建厂、建站等基础设施投入。「蔚小理」自然还需要筹集更多的资本，来维持不菲的投入。\n建厂，就是新势力当下必须要搭建的基建。\n理想的常州产能约 10万辆/年，到 2022年会增加到 20 万辆/年。据《未来汽车》报道，2021 年 6 月，理想拟投资 60 亿元，在北京建立生产基地。\n小鹏目前有2座工厂，分别是郑州、肇庆海马，其中，Tech星球了解，广州生产基地正在紧密建设，由广州经济开发区将投资13亿元建设基地，并提供12亿融资用于购买设备，确保在22年底投入使用，产能10万辆/年，并以租赁的方式提供给小鹏使用，7年后再由小鹏购置。同时，武汉工厂也在同步建设中。\n目前，只有蔚来，还没有自己的工厂，为了增加产能，蔚来只能与江淮启动工厂的扩建工作，计划到2021年底实现单班15万，双班30万产能；但从2018年4月投产至2020年末，蔚来已向江淮支付超过12亿元。\n在造车新势力中，用「代工」模式的已只剩蔚来一家，如果要把建厂的规划提上日程，意味着又是起码100亿打底的投入，因为，吉利为推出极氪车型，打造的SEA浩瀚架构耗时4年，投入超过180亿元就是个前例。\n充电站作为必要的基建，也是必须投入的扩张。蔚来的换电路线，要求蔚来必须部署更多的换点站，才能享受更便捷的服务，目前已有 301 座换电站。今年的小目标是年底 700 座换电站，每年以 600 座的速度进行新增。小鹏走的是免费路线，加上第三方已拥有 1314 个免费超充站，自营运营 172座，而其目标是在年底建立超过500座小鹏品牌超充站。\n此外，智能化也是新造车势力的重要支出。「成立到现在，投入的研发成本大概有400多亿元。接下来几年，每年也将保持50亿元以上的研发投入」，蔚来夏庆华曾透露。作为小鹏走上了自研的自动驾驶技术，研发费用也在逐年递增，是三家里最多的。\n以一季度为例，蔚来、理想、小鹏的研发投入分别为6.87亿元、5.15亿元和5.35亿元，研发费用在整体营收中的占比分别为8.61%、14.41%、18.13%。据悉，此次港股募资所得款项中约45%的资金，小鹏都要投入到开发新技术上。\n造新款车、高额营销、配套电站、换电站、建工厂、研发投入，背后都有一个共同的指向，钱，钱，钱。\n出海or下沉，造车新势力都要\n《三体》中，宇宙社会学的两条公理，一是生存是文明的第一需要；二是文明不断增长和扩张，而宇宙的总体物质总量保持不变。\n新造车的宇宙还在不断扩张，造车的队伍越来越庞大，在增量的市场上竞争，对手变得越来越多。这份场景，颇与当初智能机百家争鸣时期相似，市面上接连涌现百余家手机厂商，最后留下来的，只有我们现在手里拿的智能机那么几家。对新造车而言也同理，占领更多的份额才能去谈活下来。\n进击的「蔚小理」三家中，小鹏想到的策略是下沉，是面向三四线城市的市场下沉。Tech星球了解到，小鹏在今年的重点招商城市包括马鞍山、莆田、包头、洛阳、张家口、温州等地区，在做更大规模下沉的增量竞争。\n蔚来选择出海，5月6日，发布挪威战略，宣布正式进入挪威市场，计划今年9月将交付ES8，ET7将于2022年正式进入挪威市场。在挪威，蔚来将采取与国内相同的直营、直销、直接服务客户的模式。按其出海计划，蔚来明年还将开拓除挪威以外的五个海外市场，但李斌坦言，短期内仍会是亏损。\n2021年一季度，小鹏也收到了来自挪威经销商7760万元的货款，出海初见成效。理想还没有公布出海计划，但也紧接表示理想是一个全球性企业，似乎也在暗示，出海已经不远。\n面对愈演俞烈的新造车局势，何小鹏坦诚地说，「今天没有任何一家企业敢说自己已经拿到了先手」。\n但各家的flag已经立下，蔚来没公布今年销量目标，小鹏的今年目标是10万辆，理想则把目标定的更高更远，在2030年要成为全球第一的智能电动车企业，市场占有率达到20%。按照其预计，届时理想汽车的年销量要达到400万辆，而按照理想汽车今年上半年的交付量30154辆，2030年的目标是现在的66倍。\n各家早已更懂得，造车，是一个长周期、重资产行业，在激烈的争夺战中，各家短时间内都很难实现盈利，要靠规模优势才能活的更久更好，卖车，卖更多的车，才是活下去的根本。\n李斌曾在2018年初就预言，造车新势力在2020年汽车销量无法达到10万辆，则很难活下去。\n3年后的今天，除了「鲶鱼」特斯拉，还没有哪个国产新势力能达到这一标准。而特斯拉异常恐怖的制造成本管控能力，继续给予Model Y足够的降价空间与可能性，特斯拉21.32%的毛利率，50万辆以上的年销量仍是国产新势力向往的方向。\n国产造车新势力只能卷入这场没有终局的战争中，并深入对方的区间，蔚来首款轿车ET7将于明年一季度正式交付，新车定位中型轿车，小鹏预计2022年推出新款SUV，而目前只有一款车型的理想，也要在2022年，基于全新架构的全尺寸高端SUV。\n李斌和何小鹏交流说过：「我们都坐在牌桌边，都正在资格赛里面，还没有到淘汰赛，还没上牌桌」，新能源的无限战争，游戏才刚开始，远未到分胜负的时候。","news_type":1,"symbols_score_info":{"LI":0.9,"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}