SKng personal page - To The Moon

SKng

SKng

No personal profile

174Follow

7Followers

0Topic

0Badge

2021-06-03

Hi

In-depth analysis: retail investors are turning high again. What are the incentives and consequences of this round of short-squeezing?

2021-05-08

Hi

Reduce your holdings twice a week! Bezos flips $5 billion in Amazon stock

2021-05-07

???

Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders

2021-05-07

???

Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders

2021-06-02

Hi

Sorry, the original content has been removed

2021-06-05

Hi

US House Democrats unveil $547 billion infrastructure bill

2021-04-28

[Sly]

Sorry, the original content has been removed

2021-06-06

Hi

JPMorgan Chase's funds generously jiacang Maotai and Wuliangye in April

2021-05-28

Hi

Opening: Three Major Indexes Collectively Opened Higher, AMC Cinemas Up 20%

2021-05-19

Hi

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3582715449264548","uuid":"3582715449264548","gmtCreate":1619621903463,"gmtModify":1622266446998,"name":"SKng","pinyin":"skng","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":7,"headSize":174,"tweetSize":152,"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":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-1","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Debut Tiger","description":"Join the tiger community for 500 days","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.09.14","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"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,"redirectLink":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}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":165198412,"gmtCreate":1624103204136,"gmtModify":1703828854203,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165198412","repostId":"2144708733","repostType":4,"repost":{"id":"2144708733","kind":"highlight","weMediaInfo":{"introduction":"经济观察报官方账号","home_visible":1,"media_name":"经济观察报","id":"1014835943","head_image":"https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d"},"pubTimestamp":1624073310,"share":"https://ttm.financial/m/news/2144708733?lang=en_US&edition=fundamental","pubTime":"2021-06-19 11:28","market":"sh","language":"zh","title":"\"Zongzi Stock\" Coming, Wufangzhai's Single Product Anxiety and Regional Restraint","url":"https://stock-news.laohu8.com/highlight/detail?id=2144708733","media":"经济观察报","summary":"经济观察报 记者 叶心冉每年的端午时节，甜粽和咸粽总会在人们的津津乐道中上演一场PK战，今年不同的是，在这一波讨论声中，A股或将迎来一支“粽子股”。端午前夕，百岁老字号五芳斋提交招股书，谋求A股上市。尽管证监会网站披露的五芳斋上市预披露文件指出，“发行申请尚未得到中国证监会核准,仅供预先披露之用”，但市场对其冲击“粽子第一股”的讨论声已一波又一波。股份公司设立3年后，五芳斋开始进行国有股转让。","content":"<p><div>Economic Observer reporter Ye Xinran Every year during the Dragon Boat Festival, sweet rice dumplings and salty rice dumplings always stage a PK battle in people's talk. The difference this year is that in this wave of discussion, A shares may usher in a \"rice dumpling stock\". On the eve of the Dragon Boat Festival, Wufangzhai, a 100-year-old old brand, submitted a prospectus to seek A-share listing. Although the pre-disclosure document of Wufangzhai listing disclosed on the website of CSRC pointed out that \"the issuance application has not been approved by China Securities Regulatory Commission and is only for the purpose of pre-disclosure\", the market has discussed its impact on \"the first stock of Zongzi\" one after another. Single category and geographical constraints Data show that Wufangzhai started with...</p><p><a href=\"None\">Web link</a></div></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>\"Zongzi Stock\" Coming, Wufangzhai's Single Product Anxiety and Regional Restraint</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\"Zongzi Stock\" Coming, Wufangzhai's Single Product Anxiety and Regional Restraint\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1014835943\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">经济观察报 </p>\n<p class=\"h-time smaller\">2021-06-19 11:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>Economic Observer reporter Ye Xinran Every year during the Dragon Boat Festival, sweet rice dumplings and salty rice dumplings always stage a PK battle in people's talk. The difference this year is that in this wave of discussion, A shares may usher in a \"rice dumpling stock\". On the eve of the Dragon Boat Festival, Wufangzhai, a 100-year-old old brand, submitted a prospectus to seek A-share listing. Although the pre-disclosure document of Wufangzhai listing disclosed on the website of CSRC pointed out that \"the issuance application has not been approved by China Securities Regulatory Commission and is only for the purpose of pre-disclosure\", the market has discussed its impact on \"the first stock of Zongzi\" one after another. Single category and geographical constraints Data show that Wufangzhai started with...</p><p><a href=\"None\">Web link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dffa1df38264cbd5ddb690a66b76f38","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144708733","content_text":"经济观察报 记者 叶心冉 每年的端午时节，甜粽和咸粽总会在人们的津津乐道中上演一场PK战，今年不同的是，在这一波讨论声中，A股或将迎来一支“粽子股”。\n端午前夕，百岁老字号五芳斋提交招股书，谋求A股上市。尽管证监会网站披露的五芳斋上市预披露文件指出，“发行申请尚未得到中国证监会核准,仅供预先披露之用”，但市场对其冲击“粽子第一股”的讨论声已一波又一波。\n品类单一与地域束缚\n资料显示，五芳斋始于1921年，主要从事以糯米食品为主导的食品研发、生产和销售，目前已形成以粽子为主导，集月饼、汤圆、糕点、蛋制品、其他米制品等食品为一体的产品群，拥有嘉兴、成都两大生产基地。\n当前的公司主体——浙江五芳斋实业股份有限公司系1998年由嘉兴市五芳斋粽子公司整体改组，并吸纳嘉兴百货、嘉兴肉类中心、嘉兴酿造及部分自然人共同作为发起人，采取发起设立方式组建的股份有限公司。\n股份公司设立3年后，五芳斋开始进行国有股转让。2001年4月，嘉兴酿造、嘉兴肉类中心与远洋实业（五芳斋集团前身）签署股权转让协议。2004年，远洋实业又先后从原股东嘉兴商业控股、嘉兴市中华化工，及赵建平、魏荣明、倪嘉能处分别受让股份。\n经过多轮增资扩股和股权转让后，五芳斋集团现直接持有公司40.36%的股份，并通过其全资子公司远洋装饰间接持股9.7%，合计持有公司50.06%股份，为公司控股股东。\n招股书显示，五芳斋董事长厉建平持有五芳斋集团20%的股份，其子厉昊嘉持有五芳斋集团 20%的股份，厉建平与厉昊嘉从而间接持有公司主体50.06%的股份，为公司的实际控制人。\n对于这类区域性的老字号餐饮品牌，市场对其的关注和质疑多存在于品类单一和地域束缚两大点上，而再聚焦于粽子占据大幅营收的五芳斋，其还面临时令性的限制。\n招股书显示，2018年-2020年，粽子系列的营收分别为15.02亿元、16.09亿元、16.44亿元，占据主业总营收的比重分别为66.28%、67.74%、70.77%。\n并且，华东区域的营收多年来占据半壁江山。2018年-2020年，华东区域的营收分别为14.33亿元、14.60亿元、12.97亿元，分别占主业总营收的63.23%、61.45%、55.82%。\n资料显示，五芳斋主营业务收入按类别分为粽子系列、月饼系列、餐食系列和蛋制品、糕点及其他。但从2020年的营收来看，月饼系列和蛋糕系列分别占营收的比重为7.96%、11.41%。\n无论是粽子还是月饼，均带有明显的节令性。五芳斋在招股书中亦提示，公司主要产品为粽子、月饼等传统节令食品，存在明显的季节性特征。如果在粽子、月饼的集中消费季节，公司不能做好市场预测，公司将面临部分产品备货不足进而失去业务机会，或者由于外部环境重大变化造成生产过剩进而导致积压浪费的季节性经营风险。\n同时，五芳斋面临着营收增速与毛利率的双重下滑。招股书显示，2018年-2020年，公司营收分别为24.23亿元、25.07亿元和24.21亿元；归母净利润分别为9698.50万元、1.63亿元和1.42亿元。2020年公司的营收和净利润同比均为负增长。\n2018年-2020年，公司综合毛利率分别为45.24%、45.43%和 44.57%，出现一定程度的下滑。粽子销量也同样下滑，2018年-2020年，五芳斋粽子的销量分别为5027.25万kg、5024.15万kg、4462.05万kg。\n与此同时，是公司主要产品系列销售单价的提升。2018年-2020年，五芳斋粽子的销售单价从2.99元/100g上涨至3.68元/100g，涨幅达23.1%；月饼则从2018年的64.91元/kg上涨至74.42元/kg，涨幅达14.65%。\n截至 2020年 12月 31日，公司共拥有169家直营店、合作经营店43家。而在招股书中披露的各直营店相关经营指标显示，在2020年至少有118家直营门店处于亏损状态，有25家合作门店亏损。相比2018年203家的直营门店，三年之间净减少34家。\n同时，根据招股书披露的子公司经营情况，包括五芳斋餐饮、杭州五芳斋、上海优米一家、香港五芳斋、澳门五芳斋在内的多家子公司在2020年的净利润均为负值。\n老字号的新颜\n在国内，老字号品牌多以餐饮企业为主，老字号的品牌老化问题一直是明显的桎梏。根据商务部流通产业促进中心发布的《老字号数字化转型与创新发展报告》（下简称“老字号报告”）显示，在1128家中华老字号企业中，食品餐饮类企业占比高达约50%。报告提到，老字号企业的“老”“旧”“弱”等问题对其数字化转型发展造成一定程度的阻碍。\n而对于品牌焕新问题，企业们都在想方设法抓住当下代表消费主力的年轻人。五芳斋一直在致力于“破圈”，在B站，有用户戏称五芳斋是被卖粽子耽误的电影厂，称其为“五芳影业”。2017年，环时互动公司开始负责五芳斋的互联网营销，先后推出《还乡记》《招待所》等广告短片，今年端午节前夕，五芳斋推出了故事片《寻找李小芳》。\n这背后是“老”品牌对抓住新型消费者的急迫与焦虑。\n华鑫证券食品饮料分析师万蓉在接受采访时指出，总体上来说，老字号的餐饮企业在产品创新、品牌运作、多元化发展等方面落后于新兴品牌。现在的消费环境已经发生了深度变化，从产品为王、到渠道为王、再到现在的消费者为王，在消费者体验方面老字号可能还需要更多的思考和改革。\n上述老字号报告提示，未来老字号品牌可有5大发展方向，涉及加快推进数字化转型、大力开展全渠道运营、不断提升产品创新力、深入挖掘历史文化价值、持续推进体制改革。\n万蓉同时表示，“老字号”的珍贵在于它通过文化穿透所呈现出的经典，是社会发展的缩影，也是历史发展的见证者。如果能利用好这些点，在国货国潮路上找到适合自己的新打法，把话题和流量转化为实实在在的消费力，“老字号”也可以焕发新活力。\n未来走向哪\n五芳斋未来三年的发展战略是：未来三年，公司以消费者体验为核心，以“糯米”为主线，围绕“端午、中秋、春节、元宵、清明、七夕、重阳”等中华节令场景，重点打造高价值产品线。以“热爱中国味”为品牌主张，加强消费者沟通，引导消费者，形成“五芳斋=中华节令美食”的品牌心智认知，并实现品牌年轻化及品牌持续增值的目标。\n对于“五芳斋=中华节令美食”这一的品牌定位，品牌定位专家、红箭头品牌营销公司总经理张健分析指出，五芳斋试图用“热爱中国味”作为品牌主张，这没有问题，与消费者沟通也没有问题。但把“五芳斋=中华节令美食”是存在诸多不足的。“中华节令美食”并不是一个具象的、可衡量的 “产品”，把品牌等同于“中华节令美食”的价值并不大。\n并且，五芳斋提出，将扩大公司月饼、绿豆糕、蛋黄酥等焙烤类食品以及汤圆、烧卖、馄饨等速冻类食品的生产能力。但需要注意的是，在糕点、速冻食品领域，五芳斋还要面临来自于广州酒家、三全食品、安井食品等多家企业的强势竞争。张健指出，对于五芳斋而言，突破单一品类的束缚有一定难度。这是因为，在消费者的认知中，五芳斋已与粽子深度捆绑，五芳斋就是粽子，粽子就是五芳斋。“实际上，这对于五芳斋来讲是优势。突破单一品类可以通过新品牌来创建，虽然短期效果没那么明显，但长期来看，这对于企业是有利的。”\n新品类、新业务是市场对于五芳斋接下来的期待方向。万蓉表示，接下来会比较关注五芳斋在其他产品类别或者现有品类下新产品的研发和创新突破，“从财报中可以发现，50%以上的营收都发生在二季度，也就是传统的端午节前后。粽子的市场规模还相对有限。在已经做到行业龙头、市占率第一的情况下，未来企业的发展空间更多还是要来自于新品类的开发与创新。”\n在招股书中，五芳斋的门店拓展规划指出，直营门店将在2021年增加8家，2022年增加13家，2023年增加30家。但具体的全国性扩张的步伐，五芳斋并未提及。同时，对于突破单一品类的具体规划招股书中也没有提及，坊间流传按照五芳斋董事长厉建平2018年的计划，五芳斋计划在2021年将粽子营收占比降至50%以下。从现有数据来看，该目标还仍未达成。对于上述情况，记者联系五芳斋方面并发送采访提纲，了解具体计划，截至发稿，尚未获得回应。\n张健指出，五芳斋应该重新思考自己的战略，是选择多品牌还是品牌延伸。即便是品牌延伸，也要有一定的边界，要考虑消费者对五芳斋的认知范围及企业的能力边界。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117781193,"gmtCreate":1623160824012,"gmtModify":1704197383592,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117781193","repostId":"1180401775","repostType":4,"repost":{"id":"1180401775","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":1623160529,"share":"https://ttm.financial/m/news/1180401775?lang=en_US&edition=fundamental","pubTime":"2021-06-08 21:55","market":"us","language":"zh","title":"[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1180401775","media":"老虎资讯综合","summary":"6月8日，散户抱团股集体发力拉升，游戏驿站涨超20%，高斯电子涨超12%，黑莓涨超7%，AMC院线涨近6%。周一，美国证券交易委员会(SEC)表示，正在密切关注MEME股票的疯狂交易，以确保市场稳定。","content":"<p>On June 8th, retail investors' group stocks collectively pushed up,<a href=\"https://laohu8.com/S/GME\">Game Station</a>Up more than 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>It rose by more than 12%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>rose by more than 7%,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up nearly 6%.</p><p>On Monday, the U.S. Securities and Exchange Commission (SEC) said it was closely monitoring the spree of trading in MEME stocks to ensure market stability. Some brokers have taken action to raise the margin requirement for AMC Cinemas and Game Station to 100%, which means that investors need to buy these two securities in cash.</p><p><img src=\"https://static.tigerbbs.com/98e0075756d5292a3b8bcd86e1085893\" 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>[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%</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[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%\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\">2021-06-08 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 8th, retail investors' group stocks collectively pushed up,<a href=\"https://laohu8.com/S/GME\">Game Station</a>Up more than 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>It rose by more than 12%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>rose by more than 7%,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up nearly 6%.</p><p>On Monday, the U.S. Securities and Exchange Commission (SEC) said it was closely monitoring the spree of trading in MEME stocks to ensure market stability. Some brokers have taken action to raise the margin requirement for AMC Cinemas and Game Station to 100%, which means that investors need to buy these two securities in cash.</p><p><img src=\"https://static.tigerbbs.com/98e0075756d5292a3b8bcd86e1085893\" 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/2946b9cd4befcf808691bc00a8ecb1be","relate_stocks":{"GME":"游戏驿站"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180401775","content_text":"6月8日，散户抱团股集体发力拉升，游戏驿站涨超20%，高斯电子涨超12%，黑莓涨超7%，AMC院线涨近6%。周一，美国证券交易委员会(SEC)表示，正在密切关注MEME股票的疯狂交易，以确保市场稳定。有券商已经采取行动，将AMC院线和游戏驿站的保证金要求提高到100%，这意味着投资者需要用现金购买这两只证券。","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":3989,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112473432,"gmtCreate":1622909646027,"gmtModify":1704193211810,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112473432","repostId":"1195814090","repostType":4,"repost":{"id":"1195814090","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":1622866667,"share":"https://ttm.financial/m/news/1195814090?lang=en_US&edition=fundamental","pubTime":"2021-06-05 12:17","market":"sh","language":"zh","title":"JPMorgan Chase's funds generously jiacang Maotai and Wuliangye in April","url":"https://stock-news.laohu8.com/highlight/detail?id=1195814090","media":"老虎资讯综合","summary":"全球第四大中国股票基金——来自摩根大通的“摩根中国A股机会基金”4月大手笔加仓茅台和五粮液。4月底基金持有的贵州茅台股份数环比增加约742%，持有的五粮液股份数增加10%。第一大重仓股中国平安股份数环","content":"<p>JPMorgan China A-share Opportunity Fund, the fourth largest Chinese equity fund in the world, from JPMorgan Chase, spent a lot of money on Maotai and Wuliangye in April. At the end of April, the number of Kweichow Moutai shares held by the fund increased by about 742% month-on-month, and the number of Wuliangye shares held by the fund increased by 10%. The number of shares of Ping An of China, the largest holding stock, increased by 1410.06% month-on-month. By the end of April, the market value of Wuliangye held by Morgan China A-share Opportunity Fund was about HK$1.897 billion (equivalent to RMB 1.565 billion), and that of Kweichow Moutai was about HK$1.640 billion (equivalent to RMB 1.353 billion). (china securities journal)</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>JPMorgan Chase's funds generously jiacang Maotai and Wuliangye in April</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\">\nJPMorgan Chase's funds generously jiacang Maotai and Wuliangye in April\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\">2021-06-05 12:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>JPMorgan China A-share Opportunity Fund, the fourth largest Chinese equity fund in the world, from JPMorgan Chase, spent a lot of money on Maotai and Wuliangye in April. At the end of April, the number of Kweichow Moutai shares held by the fund increased by about 742% month-on-month, and the number of Wuliangye shares held by the fund increased by 10%. The number of shares of Ping An of China, the largest holding stock, increased by 1410.06% month-on-month. By the end of April, the market value of Wuliangye held by Morgan China A-share Opportunity Fund was about HK$1.897 billion (equivalent to RMB 1.565 billion), and that of Kweichow Moutai was about HK$1.640 billion (equivalent to RMB 1.353 billion). (china securities journal)</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aba16b4f88c90908701f4ff26fee613c","relate_stocks":{"600519":"贵州茅台","000858":"五粮液"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195814090","content_text":"全球第四大中国股票基金——来自摩根大通的“摩根中国A股机会基金”4月大手笔加仓茅台和五粮液。4月底基金持有的贵州茅台股份数环比增加约742%，持有的五粮液股份数增加10%。第一大重仓股中国平安股份数环比增加1410.06%。截至4月底，“摩根中国A股机会基金”持有五粮液的市值约为18.97亿港元（约折合15.65亿元人民币），持有贵州茅台的市值约为16.40亿港元（约折合13.53亿元人民币）。（中国证券报）","news_type":1,"symbols_score_info":{"600519":0.9,"000858":0.9}},"isVote":1,"tweetType":1,"viewCount":4034,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112537080,"gmtCreate":1622884282340,"gmtModify":1704192979567,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/112537080","repostId":"2141540084","repostType":4,"repost":{"id":"2141540084","kind":"news","pubTimestamp":1622854384,"share":"https://ttm.financial/m/news/2141540084?lang=en_US&edition=fundamental","pubTime":"2021-06-05 08:53","market":"us","language":"zh","title":"US House Democrats unveil $547 billion infrastructure bill","url":"https://stock-news.laohu8.com/highlight/detail?id=2141540084","media":"中国新闻网","summary":"美国国会众议院民主党人当地时间4日公布了总额达5470亿美元的基础设施建设草案。\n该草案由众议院交通和基础设施委员会主席、民主党人德法齐奥 （Peter DeFazio）提出，在未来5年将在基础设施建","content":"<p><div>Democrats in the U.S. House of Representatives announced a draft infrastructure construction totaling $547 billion on the 4th local time. The draft, introduced by Democrat Peter DeFazio, chairman of the House Transportation and Infrastructure Committee, would spend $547 billion on infrastructure construction over the next five years, including the construction and renovation of highways, bridges, railways and other facilities. The draft will be an important part of the infrastructure plan proposed by U.S. President Joe Biden. De Fazio called the plan a \"rare opportunity\" that will bring \"America's transportation facilities from 1950s levels...</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">Web link</a></div></p>","source":"zgxww","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>US House Democrats unveil $547 billion infrastructure bill</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\">\nUS House Democrats unveil $547 billion infrastructure bill\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国新闻网</strong><span class=\"h-time small\">2021-06-05 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Democrats in the U.S. House of Representatives announced a draft infrastructure construction totaling $547 billion on the 4th local time. The draft, introduced by Democrat Peter DeFazio, chairman of the House Transportation and Infrastructure Committee, would spend $547 billion on infrastructure construction over the next five years, including the construction and renovation of highways, bridges, railways and other facilities. The draft will be an important part of the infrastructure plan proposed by U.S. President Joe Biden. De Fazio called the plan a \"rare opportunity\" that will bring \"America's transportation facilities from 1950s levels...</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">Web link</a></div></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/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">中国新闻网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/37d43f47ff4637f33c2675f14c1cc937","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141540084","content_text":"美国国会众议院民主党人当地时间4日公布了总额达5470亿美元的基础设施建设草案。\n该草案由众议院交通和基础设施委员会主席、民主党人德法齐奥 （Peter DeFazio）提出，在未来5年将在基础设施建设方面支出5470亿美元，包括修建、改造高速公路、桥、铁路等设施。该草案将是美国总统拜登提出的基础设施建设计划中的重要部分。\n德法齐奥称该计划是“难得的机会”，将使“美国的交通设施从上世纪50年代水平向未来清洁能源趋势发展”。\n该草案公布后遭到共和党人反对。众议院交通和基础设施委员会共和党人发表声明说，该草案完全是民主党内激进派的主张，民主党人没有想要与共和党人讨论以获得共和党的支持。\n美国总统拜登上任后曾提出2.3万亿美元基础设施建设计划，并表示将通过向富人和大公司增税来实现该计划。\n目前，白宫和国会共和党人就基建计划的谈判已持续多日。拜登已表示愿意将该计划总额由2.3万亿美元降至1万亿美元。共和党人则仅同意2570亿美元的支出。\n在增税方面，由于遭到共和党人强烈反对，拜登已同意搁置提高企业税率的提议，改为设定15%的最低企业税率，以获得共和党对基建方案的支持。\n近日，共和党人提出将应对疫情经济刺激计划中剩余资金用来进行基础设施建设。该提议遭到白宫反对。\n白宫新闻秘书普萨基3日表示，白宫与国会共和党人针对基建计划的谈判将继续下去。她还表示，对于该谈判，白宫没有设置截止日期。（完）","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118870255,"gmtCreate":1622728987677,"gmtModify":1704189939948,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/118870255","repostId":"1164838585","repostType":4,"repost":{"id":"1164838585","kind":"news","pubTimestamp":1622725363,"share":"https://ttm.financial/m/news/1164838585?lang=en_US&edition=fundamental","pubTime":"2021-06-03 21:02","market":"us","language":"zh","title":"In-depth analysis: retail investors are turning high again. What are the incentives and consequences of this round of short-squeezing?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164838585","media":"格隆汇","summary":"这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。","content":"<p>On Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Once soared by 126%, several initial fuses, and as of the close, the increase was still as high as 95.5%;<a href=\"https://laohu8.com/S/BBBY\">3B Home Furnishing</a>Soared by more than 62%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Soared by more than 68%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose by more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It also increased by more than 13%.</p><p>The revival of WSB concept stocks means that after the shocking short-squeezing war of retail investors at the beginning of the year died, American retail investors made a comeback after several months.</p><p>Except this time, the protagonist at the center of the stage changed from Game Station to AMC. After yesterday's surge, AMC's market value has exceeded $30 billion, surpassing Game Station.<b>On that day, it ranked first in U.S. stocks with a trading volume of nearly $40 billion, three times that of second-place Tesla.</b></p><p><img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Across the ocean, we woke up only to stunning gains. But where we can't see it, retail investors are waving their flags, shorts are in a hurry, and bulls are fishing in troubled waters and quickly coming in and out.</p><p>This thrilling multi-party melee is no less than the revolution of the century at the beginning of the year.</p><p><b>1 When the wind blows, it wrinkles a pool of spring water</b></p><p>Regarding the beginning of the great war, some say, it was because of a bucket of popcorn.</p><p>On Wednesday, AMC CEO Adam Aron said in Life, \"With AMC Investor Connect, good relationships can continue with millions of retail shareholders. After all, these are the people who own AMC, and I work for them.\"</p><p>Therefore, AMC has customized a plan called \"AMC Investor Connect\" for retail investors on its official website. Subscribed shareholders will receive exclusive offers including a box of free popcorn, discounted items and invitations to the showing, and can communicate directly with Aaron.</p><p><img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\"></p><p>But most of the old buddies on the WSB forum are desperados who \"die for money\",<b>For these people, a bucket of popcorn is far from worth their lives, and the only thing that can touch them is the real Dollar.</b></p><p>Some people also say that because of Wanda's departure, AMC, which regained its \"freedom\", can \"make the American film great again\".</p><p>On the morning of May 23rd, Wanda Group announced that the company had all withdrawn from the AMC board of directors. A notice put an end to the nine-year transnational marriage, and a total of 1.476 billion US dollars was withdrawn, more than double the initial investment of 700 million yuan.</p><p>But by Wednesday's close, AMC's market capitalization surged to $31.3 billion. Based on this estimate, Wanda made at least 2.5 billion dollars, or about 15.9 billion yuan.</p><p>Although Wanda makes less money, it can't be said to be a loss, and AMC's surge has nothing to do with Wanda's clearance.<b>In fact, within the week after Wanda's departure, AMC soared by 357%. But year-to-date, AMC's cumulative increase has exceeded 3000%.</b></p><p>Therefore, whether AMC rises or not has little to do with Wanda.</p><p>The real trigger for this surge was a financing announcement issued by AMC two days ago.</p><p>Before the market bell on June 1st, local time, AMC announced that it would issue 8.5 million Class A ordinary shares to Mudrick Capital Management, which would raise US$230.5 million. The additional issuance price was US$27.12/share, which was 3.8% higher than last Friday's closing price. According to the announcement, this financing will be used to acquire cinema assets, leasing and investment, and explore opportunities for deleveraging.</p><p>When the news came, investors were excited. After the opening of the day, the AMC cinema line was bought again, and the stock price soared all the way. It once rose by more than 28% in the intraday session, and the final closing increase was still as high as 22.66%. After the US stock market opened, the AMC cinema line continued to rise, rising by more than 18%.</p><p><img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\"></p><p>Mudrick Capital, which participated in this financing, is not an ordinary generation. This institution is an important shareholder of AMC Cinema. It made a large investment in AMC at the end of December last year and early January this year, helping the latter to avoid bankruptcy and liquidation.</p><p>In the first wave of retail frenzy at the beginning of the year, not only the continuous soaring stock price brought rich returns to Mudrick;<b>And it itself has made a profit of over $200 million by doing more debt and stock options of AMC cinemas and participating in the transaction of game stations.</b></p><p>This money-making institution showed off its operation again this time.</p><p>On June 1st, he just participated in the financing of AMC. On that day, Mudrick sold all his AMC cinema shares. Based on AMC's highest price of $33.53 on Tuesday, Mudrick can make a maximum profit of more than 320 million yuan in one day.</p><p>Mudrick's sudden defection did not quench the enthusiasm of retail investors to buy AMC aggressively, and the AMC rally followed by another small climax. Major shareholders have withdrawn, but retail investors still don't withdraw. Who gave them so much confidence?</p><p><b>2 Who wins, who loses, and who is next?</b></p><p>The hottest topics in the WSB forum range from Game Post to Dogecoin, and recently it became AMC. This is a \"professional stock trading forum\" with \"YOLO\" as the slogan and \"Stud\" as the code of action. After a tough battle, some users triumphantly showed their records.</p><p><img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\"></p><p>In this battle, AMC will definitely win by lying down. As the stock price rises, the value of CEO Aaron's shareholding rose from about $8 million at the beginning of the year to more than $220 million; Mudrick, the major shareholder who cashed out and left the market, made a whopping 320 million yuan a day; Of course, the retail investors who bought the earliest also made a lot of money.</p><p>So who is losing money?</p><p>The bears, of course. The data shows that since May 24th, institutions that short AMC have lost more than $1.8 billion, and the loss this year has exceeded $2.5 billion.</p><p>In the first five months of this year, the accumulated loss of Wall Street shorts who shorted the stocks of Game Station and AMC Cinema reached 9.25 billion USD, equivalent to nearly 60 billion RMB.</p><p>Shorting is a matter of willingness to admit defeat. The latest data from S3 Partners shows that more than 20% of the outstanding shares of AMC cinemas, or about 95 million shares, are shorted.</p><p><b>As the stock price rises, these hedge funds shorting AMC will keep losing money until they don't have enough margin and are forced to wind up and buy back shares from the market. This is called a short squeeze.</b></p><p><img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>Data Source: wind</p><p>Short liquidation, forced to become long, that is, when retail investors win a big win. At this time, sell the stock, and retail investors can maximize their benefits. Yesterday AMC jumped all the way up to $72.6, almost exceeding the highest exercise price of the option at $73.</p><p>So, this battle is not over yet.</p><p><b>If retail investors pull AMC stock above $73 again tonight, there will be another shorts to suffer.</b>Theoretically, these market makers had no hedges at that time, if the stock rose big enough to bankrupt a group of mid-sized market makers.</p><p>The question came. The wave of short-squeezing wars led by Game Station at the beginning of the year had already caused many short-sellers to suffer. Why did they still dare to do it? Like in the WSB forum: People call us retarded because we buy these stocks again and again, but why do those bears short them again and again?</p><p><img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\"></p><p><b>The reason why the big bosses on Wall Street are not optimistic about this stock is that AMC has been losing money for years.</b>From 2017 to 2020, AMC lost $487 million, $110 million, $150 million and $4.59 billion, respectively, and continued to lose $567 million in the first quarter of this year.</p><p>Under the asset-heavy mode, successive years of losses have made it debt-piled. At present, AMC's total liabilities reach USD 12.78 billion, of which current liabilities are USD 1.59 billion, while its book cash and cash equivalents are only USD 810 million, and its asset-liability ratio is as high as 121.8%.</p><p>At the same time, under the epidemic situation, AMC cinemas are also facing unfavorable factors such as shortening the window period of cinemas, reducing the number of released movies, closing cinemas, and attacking streaming media platforms.</p><p>Therefore, Mudrick said that the share price of AMC Cinema is obviously overvalued, and it is not a stock that can be invested in for a long time; Eric Handler, an analyst at MKM Partners, has a price target of only $1 per share for AMC.</p><p>It is common sense that analysts are not bullish on this stock. But,<b>The problem is that AMC has a total of 3.2 million individual investor shareholders, with retail investors holding 80% of the total share capital.</b></p><p>This means that, regardless of the fundamentals, as long as the stock hasn't been delisted, no matter how many Wall Street institutions sing short, if retail investors are united, the stock can go up forever.</p><p>\"Individual investors want to transform Wall Street by squeezing short sellers and hedge funds,\" said Bloomberg analyst Geetha Ranganathan.</p><p>Retail investors are enjoying the game of defeating Wall Street bigwigs, which is why AMC took off on a rocket.</p><p><b>3 Conclusion</b></p><p>The long-short game around AMC is not over yet, and whether its share price can reach the $73 mark tonight will become an important node.</p><p>At the same time, during the short-squeeze war, hedge funds have to sell some other stocks in exchange for liquidity, which will cause the whole US stock market to start a bloody storm again.</p><p>In the final analysis, it is also due to the fact that by the pandemic in 2020, the Federal Reserve's excessive currency issuance reached the highest level in history, and extremely low borrowing costs and overflow liquidity pushed up the prices of various assets.</p><p><b>The comeback of the WSB concept shows that the power of retail investors is still terrifying.</b>Last year, AMC once faced a bankruptcy crisis, but it survived the risks again and again, and its capital chain never broke. AMC's debt crisis has temporarily eased after the latest financing. Vaccines are gradually becoming popular, and the most severe moment of the epidemic is almost over.</p><p>AMC's prospects look bright, and coupled with the high enthusiasm of retail investors, this time, I'm afraid the short sellers will still not have good fruit to eat.</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>In-depth analysis: retail investors are turning high again. What are the incentives and consequences of this round of short-squeezing?</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\">\nIn-depth analysis: retail investors are turning high again. What are the incentives and consequences of this round of short-squeezing?\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\">2021-06-03 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Once soared by 126%, several initial fuses, and as of the close, the increase was still as high as 95.5%;<a href=\"https://laohu8.com/S/BBBY\">3B Home Furnishing</a>Soared by more than 62%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Soared by more than 68%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose by more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It also increased by more than 13%.</p><p>The revival of WSB concept stocks means that after the shocking short-squeezing war of retail investors at the beginning of the year died, American retail investors made a comeback after several months.</p><p>Except this time, the protagonist at the center of the stage changed from Game Station to AMC. After yesterday's surge, AMC's market value has exceeded $30 billion, surpassing Game Station.<b>On that day, it ranked first in U.S. stocks with a trading volume of nearly $40 billion, three times that of second-place Tesla.</b></p><p><img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Across the ocean, we woke up only to stunning gains. But where we can't see it, retail investors are waving their flags, shorts are in a hurry, and bulls are fishing in troubled waters and quickly coming in and out.</p><p>This thrilling multi-party melee is no less than the revolution of the century at the beginning of the year.</p><p><b>1 When the wind blows, it wrinkles a pool of spring water</b></p><p>Regarding the beginning of the great war, some say, it was because of a bucket of popcorn.</p><p>On Wednesday, AMC CEO Adam Aron said in Life, \"With AMC Investor Connect, good relationships can continue with millions of retail shareholders. After all, these are the people who own AMC, and I work for them.\"</p><p>Therefore, AMC has customized a plan called \"AMC Investor Connect\" for retail investors on its official website. Subscribed shareholders will receive exclusive offers including a box of free popcorn, discounted items and invitations to the showing, and can communicate directly with Aaron.</p><p><img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\"></p><p>But most of the old buddies on the WSB forum are desperados who \"die for money\",<b>For these people, a bucket of popcorn is far from worth their lives, and the only thing that can touch them is the real Dollar.</b></p><p>Some people also say that because of Wanda's departure, AMC, which regained its \"freedom\", can \"make the American film great again\".</p><p>On the morning of May 23rd, Wanda Group announced that the company had all withdrawn from the AMC board of directors. A notice put an end to the nine-year transnational marriage, and a total of 1.476 billion US dollars was withdrawn, more than double the initial investment of 700 million yuan.</p><p>But by Wednesday's close, AMC's market capitalization surged to $31.3 billion. Based on this estimate, Wanda made at least 2.5 billion dollars, or about 15.9 billion yuan.</p><p>Although Wanda makes less money, it can't be said to be a loss, and AMC's surge has nothing to do with Wanda's clearance.<b>In fact, within the week after Wanda's departure, AMC soared by 357%. But year-to-date, AMC's cumulative increase has exceeded 3000%.</b></p><p>Therefore, whether AMC rises or not has little to do with Wanda.</p><p>The real trigger for this surge was a financing announcement issued by AMC two days ago.</p><p>Before the market bell on June 1st, local time, AMC announced that it would issue 8.5 million Class A ordinary shares to Mudrick Capital Management, which would raise US$230.5 million. The additional issuance price was US$27.12/share, which was 3.8% higher than last Friday's closing price. According to the announcement, this financing will be used to acquire cinema assets, leasing and investment, and explore opportunities for deleveraging.</p><p>When the news came, investors were excited. After the opening of the day, the AMC cinema line was bought again, and the stock price soared all the way. It once rose by more than 28% in the intraday session, and the final closing increase was still as high as 22.66%. After the US stock market opened, the AMC cinema line continued to rise, rising by more than 18%.</p><p><img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\"></p><p>Mudrick Capital, which participated in this financing, is not an ordinary generation. This institution is an important shareholder of AMC Cinema. It made a large investment in AMC at the end of December last year and early January this year, helping the latter to avoid bankruptcy and liquidation.</p><p>In the first wave of retail frenzy at the beginning of the year, not only the continuous soaring stock price brought rich returns to Mudrick;<b>And it itself has made a profit of over $200 million by doing more debt and stock options of AMC cinemas and participating in the transaction of game stations.</b></p><p>This money-making institution showed off its operation again this time.</p><p>On June 1st, he just participated in the financing of AMC. On that day, Mudrick sold all his AMC cinema shares. Based on AMC's highest price of $33.53 on Tuesday, Mudrick can make a maximum profit of more than 320 million yuan in one day.</p><p>Mudrick's sudden defection did not quench the enthusiasm of retail investors to buy AMC aggressively, and the AMC rally followed by another small climax. Major shareholders have withdrawn, but retail investors still don't withdraw. Who gave them so much confidence?</p><p><b>2 Who wins, who loses, and who is next?</b></p><p>The hottest topics in the WSB forum range from Game Post to Dogecoin, and recently it became AMC. This is a \"professional stock trading forum\" with \"YOLO\" as the slogan and \"Stud\" as the code of action. After a tough battle, some users triumphantly showed their records.</p><p><img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\"></p><p>In this battle, AMC will definitely win by lying down. As the stock price rises, the value of CEO Aaron's shareholding rose from about $8 million at the beginning of the year to more than $220 million; Mudrick, the major shareholder who cashed out and left the market, made a whopping 320 million yuan a day; Of course, the retail investors who bought the earliest also made a lot of money.</p><p>So who is losing money?</p><p>The bears, of course. The data shows that since May 24th, institutions that short AMC have lost more than $1.8 billion, and the loss this year has exceeded $2.5 billion.</p><p>In the first five months of this year, the accumulated loss of Wall Street shorts who shorted the stocks of Game Station and AMC Cinema reached 9.25 billion USD, equivalent to nearly 60 billion RMB.</p><p>Shorting is a matter of willingness to admit defeat. The latest data from S3 Partners shows that more than 20% of the outstanding shares of AMC cinemas, or about 95 million shares, are shorted.</p><p><b>As the stock price rises, these hedge funds shorting AMC will keep losing money until they don't have enough margin and are forced to wind up and buy back shares from the market. This is called a short squeeze.</b></p><p><img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>Data Source: wind</p><p>Short liquidation, forced to become long, that is, when retail investors win a big win. At this time, sell the stock, and retail investors can maximize their benefits. Yesterday AMC jumped all the way up to $72.6, almost exceeding the highest exercise price of the option at $73.</p><p>So, this battle is not over yet.</p><p><b>If retail investors pull AMC stock above $73 again tonight, there will be another shorts to suffer.</b>Theoretically, these market makers had no hedges at that time, if the stock rose big enough to bankrupt a group of mid-sized market makers.</p><p>The question came. The wave of short-squeezing wars led by Game Station at the beginning of the year had already caused many short-sellers to suffer. Why did they still dare to do it? Like in the WSB forum: People call us retarded because we buy these stocks again and again, but why do those bears short them again and again?</p><p><img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\"></p><p><b>The reason why the big bosses on Wall Street are not optimistic about this stock is that AMC has been losing money for years.</b>From 2017 to 2020, AMC lost $487 million, $110 million, $150 million and $4.59 billion, respectively, and continued to lose $567 million in the first quarter of this year.</p><p>Under the asset-heavy mode, successive years of losses have made it debt-piled. At present, AMC's total liabilities reach USD 12.78 billion, of which current liabilities are USD 1.59 billion, while its book cash and cash equivalents are only USD 810 million, and its asset-liability ratio is as high as 121.8%.</p><p>At the same time, under the epidemic situation, AMC cinemas are also facing unfavorable factors such as shortening the window period of cinemas, reducing the number of released movies, closing cinemas, and attacking streaming media platforms.</p><p>Therefore, Mudrick said that the share price of AMC Cinema is obviously overvalued, and it is not a stock that can be invested in for a long time; Eric Handler, an analyst at MKM Partners, has a price target of only $1 per share for AMC.</p><p>It is common sense that analysts are not bullish on this stock. But,<b>The problem is that AMC has a total of 3.2 million individual investor shareholders, with retail investors holding 80% of the total share capital.</b></p><p>This means that, regardless of the fundamentals, as long as the stock hasn't been delisted, no matter how many Wall Street institutions sing short, if retail investors are united, the stock can go up forever.</p><p>\"Individual investors want to transform Wall Street by squeezing short sellers and hedge funds,\" said Bloomberg analyst Geetha Ranganathan.</p><p>Retail investors are enjoying the game of defeating Wall Street bigwigs, which is why AMC took off on a rocket.</p><p><b>3 Conclusion</b></p><p>The long-short game around AMC is not over yet, and whether its share price can reach the $73 mark tonight will become an important node.</p><p>At the same time, during the short-squeeze war, hedge funds have to sell some other stocks in exchange for liquidity, which will cause the whole US stock market to start a bloody storm again.</p><p>In the final analysis, it is also due to the fact that by the pandemic in 2020, the Federal Reserve's excessive currency issuance reached the highest level in history, and extremely low borrowing costs and overflow liquidity pushed up the prices of various assets.</p><p><b>The comeback of the WSB concept shows that the power of retail investors is still terrifying.</b>Last year, AMC once faced a bankruptcy crisis, but it survived the risks again and again, and its capital chain never broke. AMC's debt crisis has temporarily eased after the latest financing. Vaccines are gradually becoming popular, and the most severe moment of the epidemic is almost over.</p><p>AMC's prospects look bright, and coupled with the high enthusiasm of retail investors, this time, I'm afraid the short sellers will still not have good fruit to eat.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/468634\">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/8cc57ed9442c6dfb543a82e73ab36c48","relate_stocks":{"BB":"黑莓","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","EXPR":"Express, Inc.","KOSS":"高斯电子","GME":"游戏驿站"},"source_url":"https://www.gelonghui.com/p/468634","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1164838585","content_text":"周三，AMC院线一度暴涨126%，数次初次熔断，截至收盘涨幅仍高达95.5%；3B家居大涨超62%，高斯电子大涨超68%，黑莓涨超31%，Express涨38%，游戏驿站涨幅亦超过13%。WSB概念股的再次振作，意味着年初那场惊世骇俗的散户逼空大战偃旗息鼓后，时隔数月，美国散户们卷土重来。只不过这一次，舞台最中央的主角从游戏驿站换成了AMC。昨日大涨后，AMC的市值已突破300亿美元，超过游戏驿站。当天以近400亿美元的交易量排名美股第一，足足是第二名特斯拉的三倍。大洋彼岸的我们一觉醒来，只看到令人目瞪口呆的涨幅。但在我们看不到的地方，散户摇旗呐喊，空头手忙脚乱，还有多头浑水摸鱼快进快出。这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。1 风乍起，吹皱一池春水关于这场大战的开端，有人说，是因为一桶爆米花。周三，AMC首席执行官亚当·阿隆在生命中表示，“借助AMC Investor Connect，可以与数以百万计的散户股东继续保持良好关系。毕竟，这些人才是AMC的拥有者，而我为他们工作。”因此，AMC在其官网为散户投资者定制了名为“AMC Investor Connect”的计划。订阅股东将获得包括一盒免费爆米花、打折品和展映邀请等独家优惠，并可以与阿隆进行直接交流。但WSB论坛上的老哥们大多都是“人为财死”的亡命之徒，对这些人来说，一桶爆米花远远不值得他们为之卖命，能触动他们的只有实实在在的Dollar。也有人说，是因为万达的离场，重获“自由”的AMC才能“make the American film great again”。5月23日早间，万达集团发布消息，公司已全部退出AMC董事会。一纸通告给长达9年的跨国联姻画上了一个句号，并且累计回笼了14.76亿美元资金，相较最初7亿元的投入也赚了一倍有余。但截至周三收盘，AMC市值飙升至313亿美元。以此估算，万达至少少赚了25亿美元，约合159亿人民币。万达虽然少赚，但不能说亏，AMC的大涨也跟万达清仓无关。事实上，万达离场之后的一周内，AMC累计暴涨357%。但年初至今，AMC累计涨幅已经超过3000%。因此AMC涨不涨，跟万达关系不大。本次大涨真正的导火索，是AMC两天前发布的一则融资公告。当地时间6月1日盘前，AMC宣布向Mudrick Capital Management发行850万股A类普通股，将融资2.305亿美元，增发价格为27.12美元/股，较上周五的收盘价高出3.8%。公告显示，这笔融资将用于收购影院资产、租赁以及投资，并探索去杠杆化的机会。消息传来，股民振奋。当日开盘后再次大举买入AMC院线，股价一路高歌猛进，盘中一度大涨超28%，最终收盘涨幅仍高达22.66%，美股盘后，AMC院线继续拉升，大涨超18%。参与此次融资的Mudrick Capital可不是泛泛之辈，这家机构是AMC院线的重要股东，在去年12月底和今年1月初对AMC进行了大手笔投资，帮助后者避免了被破产清算。在年初的第一波散户狂潮中，不但连续飙升的股价给Mudrick带来了丰厚回报；并且它本身也通过做多AMC院线的债务和股票期权，并参与游戏驿站的交易，获利超2亿美元。这家会赚钱的机构，这次又狠狠秀了一把操作。6月1日刚刚参与了AMC的融资，当天盘中，Mudrick便抛售了其持有的所有AMC院线股份。按AMC周二最高价33.53美元计算，Mudrick一天以内最高可获利超过3.2亿人民币。Mudrick的突然倒戈并没有熄灭散户们大举买入AMC的热情，AMC涨势随之又来了一个小高潮。大股东都撤了散户们还不撤，是谁给了他们这么大的信心？2 谁嬴谁输，谁是下一个？WSB论坛最火的话题从游戏驿站到狗狗币，最近又变成了AMC。这是个以“YOLO”为口号，以“梭哈”为行动准则的“专业炒股论坛”，一场硬仗打下来，又有用户得意洋洋晒出了自己的战绩。这场大战，AMC肯定是躺赢。随着股价水涨船高，CEO阿隆持股价值从年初的约800万美元涨至超过2.2亿美元；套现离场的大股东Mudrick一天狂赚3.2亿人民币；最早买入的散户们当然也赚得盆满钵满。那么是谁亏了？当然还是空头们。数据显示，5月24日以来，做空AMC的机构累计损失超过18亿美元，今年以来的亏损额更是超过25亿美元。今年前5个月，做空游戏驿站、AMC院线两家公司股票的华尔街空头累计亏损达到了92.5亿美元，折合人民币接近600亿元。做空本就是愿赌服输的事，S3 Partners的最新数据显示，AMC院线有超过20%的流通股，即约9500万股被做空。随着股价上涨，这些做空AMC的对冲基金将不断亏损，直到没有足够的保证金，只能被迫清盘，从市场上买回股票。这就是所谓的逼空。数据来源：wind空头清盘、被迫变多头，也就是散户大获全胜之时。这时卖出股票，散户可以将利益最大化。昨天AMC一路跳涨，最高到72.6美元，几乎超过期权最高行权价73美元。所以说，这场战斗还没到结束的时候。如果今晚散户再次把AMC股价拉到73美元之上，那就又有空头要遭殃了。理论上，那时这些做市商已经没有了任何对冲手段，如果股票涨幅够大，足以让一批中型做市商破产。问题来了，年初那波以游戏驿站为首的逼空大战，已经让不少空头们吃足了苦头，为什么他们还敢干。就像WSB论坛中所言：人们骂我们是智障，因为我们一次又一次买这些股票，但为什么那些空头要一次又一次做空它们？华尔街的大佬们不看好这只股票的原因，在于AMC公司连年陷入亏损。2017年至2020年，AMC分别亏损4.87亿美元、1.1亿美元、1.5亿美元和45.9亿美元，今年一季度继续亏损5.67亿美元。重资产模式下，连年的亏损使其债台高筑。目前，AMC总负债规模达127.8亿美元，其中流动负债15.9亿美元，而其账面现金及现金等价物仅有8.1亿美元，资产负债率高达121.8%。同时，疫情之下，AMC院线还面临包括院线窗口期缩短、上映电影数量减少、影院关闭，和流媒体平台进攻等不利因素。因此Mudrick称，AMC院线股价被明显高估，它不是一只可以长期投资的股票；来自MKM Partners的分析师Eric Handler则对AMC给出了只有每股1美元的目标价。按常理来说，分析师们不看好这只股票再正常不过。不过，问题在于AMC总共有320万个人投资者股东，散户持股比例达到总股本的80%。这意味着，无论基本面如何，只要股票还没退市，哪怕再多华尔街机构唱空，如果散户们团结一致，这只股票就能永远涨下去。彭博分析师Geetha Ranganathan表示，“个人投资者希望通过挤压做空者和对冲基金来改造华尔街”。散户们对于战胜华尔街大佬们的游戏乐此不疲，这就是AMC坐上火箭升空的原因。3 结语围绕着AMC的多空博弈还没结束，今晚其股价能否拉上73美元关口将成为重要节点。与此同时，逼空大战时，对冲基金不得不抛售一些其它股票来换取流动性，这将使整个美股再次掀起血雨腥风。这一切归根结底，还要追究到2020年疫情时，美联储货币超发程度创下历史之最，极低的借贷成本和溢出的流动性推高了各种资产的价格所致。WSB概念卷土重来，彰显了散户们的力量依旧恐怖。去年AMC一度面临破产危机，但其一次次度过风险，资金链始终未曾断裂。最新一笔融资后，AMC的债务危机暂时缓解。疫苗渐渐普及，疫情最严峻的时刻也快要过去。AMC的前景看起来一片光明，再加上散户们昂扬的热情，这一次，空头们恐怕依然不会有好果子吃。","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9,"BB":0.9,"BBBY":0.9,"EXPR":0.9,"KOSS":0.9}},"isVote":1,"tweetType":1,"viewCount":3510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113308501,"gmtCreate":1622592832603,"gmtModify":1704186848966,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/113308501","repostId":"1171929437","repostType":4,"isVote":1,"tweetType":1,"viewCount":3739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134131461,"gmtCreate":1622210718653,"gmtModify":1704181587062,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134131461","repostId":"1185375400","repostType":4,"repost":{"id":"1185375400","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":1622204864,"share":"https://ttm.financial/m/news/1185375400?lang=en_US&edition=fundamental","pubTime":"2021-05-28 20:27","market":"us","language":"zh","title":"Pre-market: Epic short squeeze continues! AMC Once Skyrocketed 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1185375400","media":"老虎资讯综合","summary":"5月28日，美国三大股指上涨，截至发稿，道指期货涨0.46%；标普500指数期货涨0.35%；纳斯达克100指数期货涨0.33%。盘前行情部分WSB概念股上涨，截至发稿，AMC涨超12%（盘前一度涨超","content":"<p>On May 28th, the three major stock indexes in the United States rose. As of press time, Dow futures rose by 0.46%; S&P 500 futures rose 0.35%; Nasdaq 100 futures rose 0.33%.<img src=\"https://static.tigerbbs.com/4aae29bc65b3adbaa535ed4832f4249e\" tg-width=\"828\" tg-height=\"243\" referrerpolicy=\"no-referrer\"><b>Premarket Quotes</b></p><p>Some WSB concept stocks rose. As of press time, AMC rose by more than 12% (it once rose by more than 20% before the market).<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>rose by more than 8%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>rose by more than 6%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>、<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose more than 1%. Now,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Has surpassed Game Station as the most beloved stock on WallStreetBets, a US retail forum. Some analysts said that since this month, retail investors seem to have lost their passion for the currency circle, so they have returned to the stock market to look for opportunities, especially retail investors on platforms such as WallStreetBets have become active again.</p><p>U.S. blockchain concept stocks weakened before the market,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>It fell more than 5%, Riot Blockchain, Marathon Patent fell more than 4%, and Bit Digital fell more than 2%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>It fell more than 1% before the market, and its suspension of 787 Dreamliner deliveries may further put pressure on Boeing's finances, and the delivery volume will also be lower than the expectation set by the company's CEO last month, that is, it plans to deliver 10 to 12 787 Dreamliners to customers every month.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>It rose by more than 7% before the market, and the GMV of live broadcast in fiscal 2021 reached 13.855 billion yuan, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/LIZI\">Lychee</a>Before the market rose more than 10%, the new lychee App has been<a href=\"https://laohu8.com/S/AAPL\">Apple</a>App Store recommends as one of its featured apps.</p><p>Palantir up 2% premarket, market news: Palantir signs $111 million contract with U.S. military.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose nearly 5% before the market, and the net profit in the first fiscal quarter increased by 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>It rose by more than 2% before the market,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>This means that HSBC's withdrawal from the U.S. wealth management and personal banking business (WPB) could improve its profitability.</p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell by more than 5% before the market, and Gaotu responded to layoffs: to adjust the organizational structure in line with the new regulations on preschool education. The company said that it would stop the enrollment of children aged 3-6 in Xiaozao Enlightenment, and adjust its organizational structure and personnel accordingly.</p><p><a href=\"https://laohu8.com/S/YY\">Huanju Group</a>It fell by more than 3% before the market, and the average monthly active users of global mobile devices fell by 15.1% year-on-year in the first quarter</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>It fell more than 6% before the market, and the company's CEO said the supply shortage would last until the end of this year.</p><p><b>European market</b></p><p>Major European stock indexes rose collectively. As of press time, Germany's DAX30 index rose 0.61%, France's CAC40 rose 0.66%, and European Stoxx 50 rose 0.62%.<img src=\"https://static.tigerbbs.com/8b17c6c40dab2508c348733027598673\" tg-width=\"821\" tg-height=\"358\" referrerpolicy=\"no-referrer\"><b>crude oil</b></p><p>U.S. and Brunei oil rose. As of press time, WTI crude oil rose 0.58% to $67.23/barrel; Brent crude oil rose 0.48% to $69.53/barrel.</p><p>U.S. oil rose, U.S. economic data showed strong performance, and the market expected a strong rebound in global fuel demand in the third quarter, and worries about the impact of the return of Iranian supplies eased. Due to the strong economic data of the United States, and the market increasingly believes that if the Iran nuclear agreement is restarted, sanctions against Iran will not be immediately lifted, and the oil market will not be oversupplied soon, so oil prices are rising. This week, Brent crude oil and U.S. crude oil are both expected to rise by 5%-6%.</p><p><b>Gold</b></p><p>Spot gold fell slightly during the day, falling 0.25% to $1,891.00/oz as of press time.</p><p>The fall in gold price, the rise in yields of major U.S. bonds and the infrastructure plan formally proposed by the Republican Party have brought short-term downward pressure on gold price. However, U.S. Treasury Secretary Yellen's remarks that inflation is temporary have limited the decline of gold price. At present, the market focus turns to the U.S. PCE inflation data to be released in the evening.</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>Pre-market: Epic short squeeze continues! AMC Once Skyrocketed 20%</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\">\nPre-market: Epic short squeeze continues! AMC Once Skyrocketed 20%\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\">2021-05-28 20:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 28th, the three major stock indexes in the United States rose. As of press time, Dow futures rose by 0.46%; S&P 500 futures rose 0.35%; Nasdaq 100 futures rose 0.33%.<img src=\"https://static.tigerbbs.com/4aae29bc65b3adbaa535ed4832f4249e\" tg-width=\"828\" tg-height=\"243\" referrerpolicy=\"no-referrer\"><b>Premarket Quotes</b></p><p>Some WSB concept stocks rose. As of press time, AMC rose by more than 12% (it once rose by more than 20% before the market).<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>rose by more than 8%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>rose by more than 6%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>、<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose more than 1%. Now,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Has surpassed Game Station as the most beloved stock on WallStreetBets, a US retail forum. Some analysts said that since this month, retail investors seem to have lost their passion for the currency circle, so they have returned to the stock market to look for opportunities, especially retail investors on platforms such as WallStreetBets have become active again.</p><p>U.S. blockchain concept stocks weakened before the market,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>It fell more than 5%, Riot Blockchain, Marathon Patent fell more than 4%, and Bit Digital fell more than 2%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>It fell more than 1% before the market, and its suspension of 787 Dreamliner deliveries may further put pressure on Boeing's finances, and the delivery volume will also be lower than the expectation set by the company's CEO last month, that is, it plans to deliver 10 to 12 787 Dreamliners to customers every month.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>It rose by more than 7% before the market, and the GMV of live broadcast in fiscal 2021 reached 13.855 billion yuan, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/LIZI\">Lychee</a>Before the market rose more than 10%, the new lychee App has been<a href=\"https://laohu8.com/S/AAPL\">Apple</a>App Store recommends as one of its featured apps.</p><p>Palantir up 2% premarket, market news: Palantir signs $111 million contract with U.S. military.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose nearly 5% before the market, and the net profit in the first fiscal quarter increased by 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>It rose by more than 2% before the market,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>This means that HSBC's withdrawal from the U.S. wealth management and personal banking business (WPB) could improve its profitability.</p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell by more than 5% before the market, and Gaotu responded to layoffs: to adjust the organizational structure in line with the new regulations on preschool education. The company said that it would stop the enrollment of children aged 3-6 in Xiaozao Enlightenment, and adjust its organizational structure and personnel accordingly.</p><p><a href=\"https://laohu8.com/S/YY\">Huanju Group</a>It fell by more than 3% before the market, and the average monthly active users of global mobile devices fell by 15.1% year-on-year in the first quarter</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>It fell more than 6% before the market, and the company's CEO said the supply shortage would last until the end of this year.</p><p><b>European market</b></p><p>Major European stock indexes rose collectively. As of press time, Germany's DAX30 index rose 0.61%, France's CAC40 rose 0.66%, and European Stoxx 50 rose 0.62%.<img src=\"https://static.tigerbbs.com/8b17c6c40dab2508c348733027598673\" tg-width=\"821\" tg-height=\"358\" referrerpolicy=\"no-referrer\"><b>crude oil</b></p><p>U.S. and Brunei oil rose. As of press time, WTI crude oil rose 0.58% to $67.23/barrel; Brent crude oil rose 0.48% to $69.53/barrel.</p><p>U.S. oil rose, U.S. economic data showed strong performance, and the market expected a strong rebound in global fuel demand in the third quarter, and worries about the impact of the return of Iranian supplies eased. Due to the strong economic data of the United States, and the market increasingly believes that if the Iran nuclear agreement is restarted, sanctions against Iran will not be immediately lifted, and the oil market will not be oversupplied soon, so oil prices are rising. This week, Brent crude oil and U.S. crude oil are both expected to rise by 5%-6%.</p><p><b>Gold</b></p><p>Spot gold fell slightly during the day, falling 0.25% to $1,891.00/oz as of press time.</p><p>The fall in gold price, the rise in yields of major U.S. bonds and the infrastructure plan formally proposed by the Republican Party have brought short-term downward pressure on gold price. However, U.S. Treasury Secretary Yellen's remarks that inflation is temporary have limited the decline of gold price. At present, the market focus turns to the U.S. PCE inflation data to be released in the evening.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed4ee39e6b0f45214393093d70ba81a8","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","MOGU":"蘑菇街","AMC":"AMC院线",".DJI":"道琼斯","RIOT":"Riot Platforms","BA":"波音"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185375400","content_text":"5月28日，美国三大股指上涨，截至发稿，道指期货涨0.46%；标普500指数期货涨0.35%；纳斯达克100指数期货涨0.33%。盘前行情部分WSB概念股上涨，截至发稿，AMC涨超12%（盘前一度涨超20%），高斯电子涨超8%，Express涨超6%，游戏驿站、黑莓涨超1%。现在，AMC院线已经超过了游戏驿站，成为了美国散户论坛WallStreetBets上最受喜爱的股票。有分析师表示，这个月以来散户们似乎对币圈失去了激情，因此重新回到股市来寻找机会，尤其是WallStreetBets等平台上的散户们又活跃了起来。美股区块链概念股盘前走弱，嘉楠科技跌超5%，Riot Blockchain、Marathon Patent跌超4%，Bit Digital跌超2%。波音盘前跌超1%，其暂停787 Dreamliner交付，这可能会进一步给波音的财务带来压力，交付量也将低于该公司CEO上月设定的预期，即计划每月向客户交付10至12架787 Dreamliner。蘑菇街盘前涨超7%，2021财年全年直播GMV达138.55亿元，同比增长38.1%。荔枝盘前涨逾10%，新的荔枝App已被苹果App Store推荐为其特色应用之一。Palantir盘前上涨2%，市场消息：Palantir与美军签署价值1.11亿美元的合同。Salesforce盘前涨近5%，第一财季净利同比大增374%。汇丰控股盘前涨超2%，高盛指汇控退出美国财富管理及个人银行业务(WPB)可改善其盈利能力。高途盘前跌超5%，高途回应裁员：配合学前教育新规，对组织架构调整 。公司表示将停止小早启蒙面向3-6岁儿童的招生工作，并据此对组织架构和人员进行调整。欢聚集团盘前跌超3%，一季度全球移动设备平均月活用户同比降15.1%惠普盘前跌超6%，公司CEO表示供应短缺将持续到今年年底。欧洲市场欧洲主要股指集体上涨，截至发稿，德国DAX30指数涨0.61%，法国CAC40涨0.66%，欧洲斯托克50涨0.62%。原油美、布两油上涨，截止发稿，WTI原油涨0.58%，报67.23美元/桶；布伦特原油涨0.48%，报69.53美元/桶。美油上涨，美国经济数据表现强劲，市场预期第三季度全球燃料需求强劲反弹，并对伊朗供应回归影响的担忧有所缓解。由于美国经济数据强劲，且市场愈发认为如果伊朗核协议重启，将不会立即取消对伊朗的制裁，且石油市场不会很快出现供应过剩，油价因此走高，本周布伦特原油和美国原油周均有望上涨5%-6%。黄金现货黄金日内微跌，截止发稿，跌0.25%，报1891.00美元/盎司。金价回落，主要美债收益率攀升和共和党正式提出的基建计划，给金价带来短线下行压力，不过美国财政部长耶伦通胀是暂时的言论限制了金价的跌幅。目前市场焦点转向晚间即将公布的美国PCE通胀数据。","news_type":1,"symbols_score_info":{"MOGU":0.9,".DJI":0.9,".SPX":0.9,"RIOT":0.9,"AMC":0.9,"BA":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134139784,"gmtCreate":1622210666248,"gmtModify":1704181584108,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134139784","repostId":"1161339967","repostType":4,"repost":{"id":"1161339967","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1622203003,"share":"https://ttm.financial/m/news/1161339967?lang=en_US&edition=fundamental","pubTime":"2021-05-28 19:56","market":"us","language":"zh","title":"Want to retire early? \"Lie flat people\" can't miss these three stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1161339967","media":"英为财情Investing","summary":"如果你正在为退休做准备，那么买入一些高质量的分红股是不错的选择。","content":"<p>If you're a \"lying down\", tired of stress and preparing for retirement, it's good to buy some high-quality dividend stocks that tend to offer predictable income and long-term growth potential.</p><p>However, the biggest difficulty facing new Wall Street investors may be how to pick such stocks. First you can follow the S&P High Yield Dividend Aristocrats, an index that includes many companies that have paid dividends for at least 25 consecutive years, a solid indicator that companies can generate stable, reliable income for investors, whether in a boom or a downturn.</p><p>In this article, we look at three dividend-paying stocks in the future:</p><p><b>1、<a href=\"https://laohu8.com/S/TGT\">Target</a></b></p><p>The biggest question investors should consider when choosing dividend-paying stocks for their portfolio is the company's ability to generate strong cash flow in both good and bad times — and Target fits the bill.</p><p><img src=\"https://static.tigerbbs.com/46b2b1de3d6d2b8100731c1b692b49da\" tg-width=\"648\" tg-height=\"705\" referrerpolicy=\"no-referrer\">(TGT weekly chart from Yingwei Financial Investing.com)</p><p>In the past 49 years, Target (NYSE:TGT) has steadily increased its Dividend, passed through the dot-com bubble period, passed through the financial crisis in 2008, and passed through the epidemic crisis smoothly. The discount retailer distributes cash to investors every quarter, while also maintaining a conservative interest rate of around 22%, which is below the industry average.</p><p>Target's CEO Brian Cornell is working to make the company's retail outlets more attractive. He has remodeled hundreds of stores, launched a number of affordable brands, and strengthened the retailer's e-commerce presence. During the pandemic, Target has been using its stores more as mini-distribution centers for its booming digital business to better fulfill online orders.</p><p>Target's earnings report released this month showed that its comparable sales have grown 23% year-over-year, twice the rate of growth compared to the same period last year. Currently, Target's Dividend is $0.68/share, with an annual dividend yield of 1.21%, and Dividend has grown by more than 6% annually over the past 5-year period.</p><p><b>2、<a href=\"https://laohu8.com/S/ABT\">Abbott</a></b></p><p>Like retailers, healthcare industry companies can provide a steady and growing revenue stream. Because the services of this industry, even during a recession, are essential. Moreover, economic fluctuations typically do not inhibit the introduction of new drugs and medical devices.</p><p>And in this industry, we like Abbott (NYSE:ABT) -the global manufacturer of medical devices, generic drugs and nutritional products.</p><p>This Illinois-based company has been distributing Dividend every year for nearly half a century, which is enough to give it a place in your portfolio.</p><p>During the pandemic, Abbott also invented BinaxNOW, an over-the-counter home testing device for the new coronavirus, which saw sales of its diagnostic products jump. In the first quarter of this year, the segment brought in $2.2 billion in revenue.</p><p><img src=\"https://static.tigerbbs.com/5180dc1c19ba615e6e4e0ac18b79f4e7\" tg-width=\"648\" tg-height=\"702\" referrerpolicy=\"no-referrer\">(ABT weekly chart from Yingwei Financial Investing.com)</p><p>Even after the COVID-19 pandemic is under control, Abbott's growth prospects remain bright because it has a diversified portfolio of products ranging from blood glucose monitoring to surgical tools.</p><p>Abbott's share price has fallen 3% this year, but the medical service provider has delivered impressive returns in the past five years. Including Dividend, has earned 200%, and the company has a quarterly Dividend of $0.45 per share and an annual dividend yield of 1.52%. Over the past 5 years, this spending has grown by more than 8% annually.</p><p><b>3、<a href=\"https://laohu8.com/S/MCD\">McDonald's</a></b></p><p>Some health-conscious consumers may not like McDonald's Inc.'s (NYSE:MCD) fast-food menu, but the global restaurant chain's stock offers a healthy way to lock in the steady-growth dividend — which the company has raised every year since it began paying in 1976.</p><p><img src=\"https://static.tigerbbs.com/97a78e3f848edd3c84583613bfe7cf63\" tg-width=\"651\" tg-height=\"707\" referrerpolicy=\"no-referrer\">(MCD weekly chart from Yingwei Financial Investing.com)</p><p>McDonald's stock has many traits favored by \"flat-layers\": the company has a better global competitive advantage over its competitors, steady recurring revenue, and a long history of paying dividends to investors.</p><p>After struggling with the pandemic, the restaurant business has been hit by lockdowns, but the company is rapidly resuming sales momentum. Last month, the company raised its global sales forecast for 2021, expecting U.S. sales to exceed pre-pandemic levels this quarter.</p><p>McDonald's currently pays a quarterly Dividend of $1.29 per share, which at current share price implies an annual dividend yield of 2.2% and a payout ratio of 73% that remains manageable, and the company is on track to continue to deliver Dividend growth going forward.</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>Want to retire early? \"Lie flat people\" can't miss these three stocks</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\">\nWant to retire early? \"Lie flat people\" can't miss these three stocks\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-05-28 19:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If you're a \"lying down\", tired of stress and preparing for retirement, it's good to buy some high-quality dividend stocks that tend to offer predictable income and long-term growth potential.</p><p>However, the biggest difficulty facing new Wall Street investors may be how to pick such stocks. First you can follow the S&P High Yield Dividend Aristocrats, an index that includes many companies that have paid dividends for at least 25 consecutive years, a solid indicator that companies can generate stable, reliable income for investors, whether in a boom or a downturn.</p><p>In this article, we look at three dividend-paying stocks in the future:</p><p><b>1、<a href=\"https://laohu8.com/S/TGT\">Target</a></b></p><p>The biggest question investors should consider when choosing dividend-paying stocks for their portfolio is the company's ability to generate strong cash flow in both good and bad times — and Target fits the bill.</p><p><img src=\"https://static.tigerbbs.com/46b2b1de3d6d2b8100731c1b692b49da\" tg-width=\"648\" tg-height=\"705\" referrerpolicy=\"no-referrer\">(TGT weekly chart from Yingwei Financial Investing.com)</p><p>In the past 49 years, Target (NYSE:TGT) has steadily increased its Dividend, passed through the dot-com bubble period, passed through the financial crisis in 2008, and passed through the epidemic crisis smoothly. The discount retailer distributes cash to investors every quarter, while also maintaining a conservative interest rate of around 22%, which is below the industry average.</p><p>Target's CEO Brian Cornell is working to make the company's retail outlets more attractive. He has remodeled hundreds of stores, launched a number of affordable brands, and strengthened the retailer's e-commerce presence. During the pandemic, Target has been using its stores more as mini-distribution centers for its booming digital business to better fulfill online orders.</p><p>Target's earnings report released this month showed that its comparable sales have grown 23% year-over-year, twice the rate of growth compared to the same period last year. Currently, Target's Dividend is $0.68/share, with an annual dividend yield of 1.21%, and Dividend has grown by more than 6% annually over the past 5-year period.</p><p><b>2、<a href=\"https://laohu8.com/S/ABT\">Abbott</a></b></p><p>Like retailers, healthcare industry companies can provide a steady and growing revenue stream. Because the services of this industry, even during a recession, are essential. Moreover, economic fluctuations typically do not inhibit the introduction of new drugs and medical devices.</p><p>And in this industry, we like Abbott (NYSE:ABT) -the global manufacturer of medical devices, generic drugs and nutritional products.</p><p>This Illinois-based company has been distributing Dividend every year for nearly half a century, which is enough to give it a place in your portfolio.</p><p>During the pandemic, Abbott also invented BinaxNOW, an over-the-counter home testing device for the new coronavirus, which saw sales of its diagnostic products jump. In the first quarter of this year, the segment brought in $2.2 billion in revenue.</p><p><img src=\"https://static.tigerbbs.com/5180dc1c19ba615e6e4e0ac18b79f4e7\" tg-width=\"648\" tg-height=\"702\" referrerpolicy=\"no-referrer\">(ABT weekly chart from Yingwei Financial Investing.com)</p><p>Even after the COVID-19 pandemic is under control, Abbott's growth prospects remain bright because it has a diversified portfolio of products ranging from blood glucose monitoring to surgical tools.</p><p>Abbott's share price has fallen 3% this year, but the medical service provider has delivered impressive returns in the past five years. Including Dividend, has earned 200%, and the company has a quarterly Dividend of $0.45 per share and an annual dividend yield of 1.52%. Over the past 5 years, this spending has grown by more than 8% annually.</p><p><b>3、<a href=\"https://laohu8.com/S/MCD\">McDonald's</a></b></p><p>Some health-conscious consumers may not like McDonald's Inc.'s (NYSE:MCD) fast-food menu, but the global restaurant chain's stock offers a healthy way to lock in the steady-growth dividend — which the company has raised every year since it began paying in 1976.</p><p><img src=\"https://static.tigerbbs.com/97a78e3f848edd3c84583613bfe7cf63\" tg-width=\"651\" tg-height=\"707\" referrerpolicy=\"no-referrer\">(MCD weekly chart from Yingwei Financial Investing.com)</p><p>McDonald's stock has many traits favored by \"flat-layers\": the company has a better global competitive advantage over its competitors, steady recurring revenue, and a long history of paying dividends to investors.</p><p>After struggling with the pandemic, the restaurant business has been hit by lockdowns, but the company is rapidly resuming sales momentum. Last month, the company raised its global sales forecast for 2021, expecting U.S. sales to exceed pre-pandemic levels this quarter.</p><p>McDonald's currently pays a quarterly Dividend of $1.29 per share, which at current share price implies an annual dividend yield of 2.2% and a payout ratio of 73% that remains manageable, and the company is on track to continue to deliver Dividend growth going forward.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/591f197978533795137daedf87e7f110","relate_stocks":{"ABT":"雅培","MCD":"麦当劳","TGT":"塔吉特"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161339967","content_text":"如果你是“躺平族”，厌倦了压力，正在为退休做准备，那么买入一些高质量的分红股是不错的选择，这些股票往往可以提供可预测的收入和长期的增长潜力。\n不过，初入华尔街的投资者面临的最大困难可能是，如何挑选出这类的个股。首先你可以关注S&P High Yield Dividend Aristocrats，这只指数包括了许多至少连续25年派息的公司，这是一个可靠的指标，表明公司可以为投资者带来稳定、可靠的收入，无论是经济繁荣期还是低迷衰退期。\n本文我们将来关注三只派息股票：\n1、塔吉特\n在投资者为自己的投资组合选择派息股时，应该考虑的最大问题是，该公司能否有能力在经济景气和不景气时都产生强劲的现金流——塔吉特就符合这个要求。\n（TGT周线图来自英为财情Investing.com）\n在过去49年时间里，塔吉特 (NYSE:TGT)都在稳步提高股息，走过了互联网泡沫时期，也走过了2008年的金融危机时期，更是平稳度过了刚刚过去的疫情危机。这家折扣零售商每个季度都会向投资者派发现金，同时也保持着22%左右的保守派息率，低于行业平均水平。\n塔吉特的CEO Brian Cornell正在努力让公司的零售网点更具吸引力。他改造了数百家门店，推出了许多平价品牌，并加强了该零售商的电子商务业务。在疫情期间，塔吉特一直将其门店更多地用作蓬勃发展的数字业务的mini配送中心，以更好地完成在线订单。\n塔吉特本月发布的财报显示，其可比销售额同比已经增长了23%，增长率是去年同期的两倍。目前，塔吉特的股息为0.68美元/股，年股息率为1.21%，在过去5年时间里，股息每年增长超过6%。\n2、雅培\n和零售商一样，医疗保健行业公司也可以提供稳定且不断增长的收入来源。因为这个行业的服务，即使是在经济衰退期间，也是必不可少的。而且，经济波动通常不会抑制新药品和医疗设备的推出。\n而这个行业中，我们喜欢雅培 (NYSE:ABT)——全球医疗设备、仿制药和营养产品生产商。\n这家总部位于美国伊利诺斯州的公司，近半个世纪以来，每年都在派发股息，这足以让它在你的投资组合里占得一席之地。\n疫情期间，雅培还发明了新冠病毒的非处方家庭检测设备BinaxNOW，这让其诊断产品销量大增。今年一季度，该部门带来了22亿美元的收入。\n（ABT周线图来自英为财情Investing.com）\n即使在新冠疫情得到控制以后，雅培公司的增长前景仍然光明，因为其拥有多元化的投资组合，生产从血糖监测到手术工具等一系列产品。\n雅培股价今年以来累计下跌3%，但是，这家医疗服务商在过去5年还是带来了令人印象深刻的回报。包括股息在内，已经获得了200%的收益，该公司的季度股息为每股0.45美元，年股息率为1.52%。在过去5年里，这笔支出每年增长超过8%。\n3、麦当劳\n一些注重健康的消费者可能不喜欢麦当劳公司 (NYSE:MCD)的快餐菜单，但这一全球连锁餐厅的股票提供了一种健康的方式来锁定稳定增长的红利——从1976年开始派息以来，公司每年都会提高派息。\n（MCD周线图来自英为财情Investing.com）\n麦当劳的股票具有许多“躺平族”喜欢的特质：公司相对于竞争对手更具备全球竞争优势，拥有稳定的经常性收入，以及在投资者派息方面有着悠长的历史。\n在经历了疫情的挣扎以后，餐厅业务受到了封锁的打击，不过公司正在迅速恢复销售势头。上个月，公司上调了2021年的全球销售预期，预计本季度美国销量将会超过疫情爆发前的水平。\n麦当劳目前支付每股1.29美元的季度股息，按当前股价计算，这意味着年股息收益率为2.2%，73%的派息率仍然在可控范围内，公司未来有望继续实现股息增长。","news_type":1,"symbols_score_info":{"ABT":0.9,"TGT":0.9,"MCD":0.9}},"isVote":1,"tweetType":1,"viewCount":2853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134130172,"gmtCreate":1622210626096,"gmtModify":1704181581329,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134130172","repostId":"1121649348","repostType":4,"repost":{"id":"1121649348","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":1622208665,"share":"https://ttm.financial/m/news/1121649348?lang=en_US&edition=fundamental","pubTime":"2021-05-28 21:31","market":"us","language":"zh","title":"Opening: Three Major Indexes Collectively Opened Higher, AMC Cinemas Up 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1121649348","media":"老虎资讯综合","summary":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高","content":"<p>On May 28th, the three major U.S. stock indexes opened higher collectively, with the Dow rising 0.40%, the Nasdaq rising 0.41% and the S&P 500 rising 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Down nearly 6%, report says<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The Group's Xiaozao Enlightenment Project was cut, and a large number of employees will be laid off.</p><p>WSB Concept Stocks Mostly Higher,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Up 15%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose by more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>The GMV of live broadcast in fiscal 2021 reached 13.855 billion yuan, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>down 1.4% after saying it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>It fell by more than 7%, and the company's CEO said that the supply shortage will last until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>Up more than 7%, net profit in the first fiscal quarter increased by 374% year-on-year</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>It rose by more than 10%. On the news, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021 as of March 31, 2021. According to the financial report, the company's total revenue in Q4 was 90.864 million yuan, compared with 119 million yuan in the same period of last year, a year-on-year decrease of 23.64%; Net loss was 109 million yuan, compared with 142 million yuan in the same period of last year; Both basic and diluted loss per ADS was RMB1.07, compared with RMB1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3%. The company has signed contracts with the U.S. Special Operations Command with a total value of $111 million, of which the company was awarded an option agreement worth $52.5 million after the contract is executed. The basic term of the contract is one year and the option term is one year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Three Major Indexes Collectively Opened Higher, AMC Cinemas Up 20%</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 Collectively Opened Higher, AMC Cinemas Up 20%\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\">2021-05-28 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 28th, the three major U.S. stock indexes opened higher collectively, with the Dow rising 0.40%, the Nasdaq rising 0.41% and the S&P 500 rising 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Down nearly 6%, report says<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The Group's Xiaozao Enlightenment Project was cut, and a large number of employees will be laid off.</p><p>WSB Concept Stocks Mostly Higher,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Up 15%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose by more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>The GMV of live broadcast in fiscal 2021 reached 13.855 billion yuan, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>down 1.4% after saying it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>It fell by more than 7%, and the company's CEO said that the supply shortage will last until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>Up more than 7%, net profit in the first fiscal quarter increased by 374% year-on-year</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>It rose by more than 10%. On the news, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021 as of March 31, 2021. According to the financial report, the company's total revenue in Q4 was 90.864 million yuan, compared with 119 million yuan in the same period of last year, a year-on-year decrease of 23.64%; Net loss was 109 million yuan, compared with 142 million yuan in the same period of last year; Both basic and diluted loss per ADS was RMB1.07, compared with RMB1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3%. The company has signed contracts with the U.S. Special Operations Command with a total value of $111 million, of which the company was awarded an option agreement worth $52.5 million after the contract is executed. The basic term of the contract is one year and the option term is one year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"AMC":"AMC院线",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121649348","content_text":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高斯电子涨15%，游戏驿站涨超3%。蘑菇街涨10%，2021财年全年直播GMV达138.55亿元，同比增长38.1%。波音跌1.4%，此前表示将暂停787 Dreamliner交付。惠普跌超7%，公司CEO表示供应短缺将持续到今年年底。Salesforce涨超7%，第一财季净利同比大增374%蘑菇街涨超10%，消息面上蘑菇街公布截至2021年3月31日的2021财年第四季度及全年财务业绩。财报显示，该公司Q4总营收9086.4万元，上年同期1.19亿元，同比下降23.64%;净亏损为1.09亿元，上年同期1.42亿元;基本和摊薄后每ADS亏损均为1.07元，上年同期为1.30元。Palantir Technologies涨近3%，公司已与美国特种作战司令部签署总价值为1.11亿美元的合同，其中，公司被授予在合同执行后价值5250万美元的选择权协议。该份合同的基本期限为一年，选择权期限为一年。","news_type":1,"symbols_score_info":{"AMC":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138680576,"gmtCreate":1621933999495,"gmtModify":1704364692180,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138680576","repostId":"2138165945","repostType":4,"repost":{"id":"2138165945","kind":"news","pubTimestamp":1621931258,"share":"https://ttm.financial/m/news/2138165945?lang=en_US&edition=fundamental","pubTime":"2021-05-25 16:27","market":"us","language":"zh","title":"iQIYI Financial Report: Why is it so difficult to make some money?","url":"https://stock-news.laohu8.com/highlight/detail?id=2138165945","media":"金融外参 ","summary":"专注娱乐、兴趣长视频的爱奇艺，跌在了“饭圈”上。\n5月6日晚，爱奇艺官方微博就“倒奶事件”发文致歉并宣布停播成团之夜、调整节目规则、取消打投通道。本是粉丝、偶像双向奔赴的美好故事，因爱奇艺疏忽中止了，","content":"<p>Focusing on entertainment and interested in long videos<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>, fell on the \"rice circle\".</p><p>On the evening of May 6th, iQIYI official<a href=\"https://laohu8.com/S/WB\">Weibo</a>We apologized for the \"milk pouring incident\" and announced that we would stop broadcasting the group night, adjust the program rules and cancel the casting channel. This is a beautiful story of fans and idols rushing in both directions, but it was suspended due to iQIYI's negligence. As soon as this news came out, it was a crusade of star-chasers to refund, pay back and lose money on the Internet.</p><p>At this point, \"Youth With You 3\" stopped broadcasting the flower road of the contestants, and iQiyi completely offended the \"rice circle\", which is equivalent to breaking the financial road of \"fan economy\". Not only that, the \"Qing 3 Accident\" also caused public anger in the market, and the price increase of iQiyi members was also turned out by netizens, and iQiyi's share price fell in response.</p><p>At the same time, iQiyi released its financial report for the first quarter of 2021. iQiyi, which was established for 11 years, is still struggling to make profits.</p><p><b>01</b></p><p><b>Continued losses</b></p><p>In 2021, iQiyi, which took the lead in proposing a membership price increase, can't escape the loss dilemma. According to the specific financial report, in the first quarter, iQiyi's revenue was 8 billion yuan, a year-on-year increase of 4%, and the market expected 7.674 billion yuan; The net loss was 1.3 billion yuan, compared with a loss of 2.9 billion yuan in the same period of last year, and the loss further narrowed.</p><p>Among them, iQIYI's membership service income was 4.3 billion yuan. By the end of March this year, the total number of iQIYI's subscription members was 105.3 million. In the first quarter, the number of subscription members increased by 3.6 million, and the overall MAU of overseas markets increased by 77% compared with the previous quarter. Obviously, as iQiyi's main source of revenue, it is still the focus of iQiyi's operation to drive the growth of the number of members and continuously tap the potential of membership payment.</p><p>In addition, the brand advertising industry has picked up and the advertisers' brand investment budget has increased. In the first quarter, iQiyi's advertising revenue reached 1.9 billion yuan (about 292.5 million USD), a year-on-year increase of 25%. iQiyi officials also pointed out that the growth of advertising revenue benefited from the macroeconomic recovery, and the brand advertising budget and the number of brand advertisers both rebounded.</p><p>Moreover, iQiyi's content distribution achieved revenue of 779.1 million yuan (about 118.9 million USD) this quarter, a year-on-year increase of 29%. Other revenue contributed revenue of 961.0 million yuan (about 146.7 million USD) in the first quarter, an increase of 10% compared with the same period last year.</p><p>On the whole, many businesses of iQiyi showed a growth trend in the first quarter. However, due to its high dependence on online advertising and paid membership, as well as the high content cost and the \"one fish eats more\" model thrown in the exploration stage, it is difficult for iQiyi to achieve profitability in a short time.</p><p>Public data shows that from 2018 to 2020, iQiyi's online advertising business continued to decline; At the same time, the number of iQIYI members paid decreased. In 2020, the number of iQIYI paid members decreased by 4.95% year-on-year, while the slowdown in the growth of membership business or the fluctuation of the number of retained members directly affected the revenue.</p><p>With the heavy cost pressure and the obstruction of core business, iQiyi's profitability is even weaker, almost stagnant. iQiyi's net losses from 2015 to 2020 were 2.575 billion yuan, 3.074 billion yuan, 3.737 billion yuan, 9 billion yuan, 10.3 billion yuan and 7 billion yuan respectively, and the cumulative loss in six years has exceeded 35 billion yuan.</p><p>In short, both advertising business and membership payment need content support, and the content quality is ultimately what affects the development of iQiyi. Therefore, iQiyi is \"anxious\" at the moment when content is scarce.</p><p><b>02</b></p><p><b>Lack of content leads to anxiety</b></p><p>In 2021, the long video copyright dispute has gradually come to an end. The opportunity for long video platforms to obtain high-quality copyrights through traditional channels is decreasing, and self-made dramas have become a new choice for long video platforms. In addition, due to the impact of the pandemic, the filming of offline film and television dramas almost stagnated in 2020, and the number of high-quality film and television works decreased accordingly.</p><p>According to iQIYI's internal analysis, the number of films with a box office of over 100 million yuan launched in SVOD mode in 2020 and January-April 2021 dropped by about half compared with the same period in 2019, among which the number of overseas films mainly Hollywood films dropped by more than half.</p><p>Correspondingly, the content cost of iQiyi has dropped. According to the financial report data, in the first quarter of 2021, iQiyi's revenue cost decreased by 10% compared with the same period in 2020, which was mainly attributed to the decrease in content costs and bandwidth costs. Among them, content costs were RMB 5.4 billion (approximately US$829.6 million) in the first quarter, a decrease of 8% compared to the same period in 2020.</p><p>For iQiyi, high-quality content is the core competitiveness and the foundation of survival, so it is urgent to acquire and manufacture high-quality content. Gong Yu, founder, director and CEO of iQiyi, also made clear instructions: \"Attracting paid members through high-quality content is still the\" lifeline of survival \"of iQiyi.\"</p><p>Judging from the two popular dramas \"Son-in-law\" and \"Little Shede\", iQiyi's original intention of making explosive movies and television dramas has not changed, and the content cost still accounts for a high proportion of operating costs and operating income. However, iQiyi pays more attention to cost reduction and efficiency increase. Neither \"Son-in-law\" nor \"Little Shede\" use traffic stars to drain traffic as before, which greatly reduces the production cost of film and television dramas.</p><p>In addition, with the continuous improvement of users' requirements for the quality of film and television dramas, the probability of \"big IP + big star\" mode exploding is decreasing, and it becomes more difficult for video platforms to make explosive film and television dramas.</p><p>In the past, the combination of \"big IP + traffic stars\" had a high probability of exploding. However, as more and more traffic stars lost their appeal and big IP adaptations were criticized, how to make explosive film and television dramas has become a common \"heart disease\" of long video platforms, and iQiyi is no exception.</p><p>Faced with the problem of explosive production, iQiyi chose the strategy of winning by quantity, and improved the probability of explosive production by improving the quality and quantity of content. It is reported that iQiyi will have up to 33 movies released one after another in 2021 and 2022, and there will be only many more animations, popular novel adaptations and children's content movies and television dramas.</p><p>Nowadays, the output of high-quality content is closely related to the membership payment rate, while the improvement of the quantity and quality of content and the publicity and distribution of film and television drama content all require resources, funds, manpower and support, which tests the comprehensive strength of the platform. As a leader in the field of long video in China, iQiyi needs to establish a strong enough content output ecosystem to maintain its leading position.</p><p><b>03</b></p><p><b>It is not easy to go out to sea to make gold</b></p><p>With the popularization of the Internet and the acceleration of the export speed of film and television drama culture, it is the general trend that domestic dramas are broadcast overseas simultaneously. According to the data of the State Administration of Radio, Film and Television, TV drama is the most important program type in the international communication of Chinese TV programs at present, accounting for about 70% of the national TV program export, and has been exported to more than 200 countries and regions around the world.</p><p>In this scenario, iQiyi,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Platforms such as video and Bilibili have gone out to sea to make gold, constantly reclaiming the \"video wasteland\" in overseas markets.</p><p>iQIYI has maintained its leading edge while promoting overseas exploration. According to the financial report data, iQiyi's overall MAU in the first quarter of 2021 increased by 77% compared with the previous quarter, and the number of new downloads ranked TOP5 in many countries and regions in Southeast Asia, especially in Thailand, Malaysia and other countries and regions for a long time.</p><p>Bilibili and Tencent Video are also accelerating their pace of going to sea, and the overseas long-term video market is as fierce as that of the domestic market.</p><p>In terms of video, Tencent announced the launch of WeTV in June 2019, and after landing in Indonesia, the Philippines, Malaysia and other countries and regions, it announced again in February 2020 that it had entered Indonesia, Vietnam, India, Malaysia and other countries and regions, which highly overlapped with iQIYI's Haiti.</p><p>Similarly, in December 2020, the media broke the news that Bilibili (\"Bilibili\" for short) had released local language versions in Thailand and Malaysia. In response, Bilibili responded: \"The App is<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Official independent application released in Southeast Asia \", confirming rumors that Bilibili will enter the Southeast Asian market.</p><p>Of course, in addition to fighting against strong enemies in the overseas video market, iQiyi also needs to deal with cultural differences, policies and regulations and the pressure of local video platforms. In other words, overseas markets have a lot of room for growth and many unknown challenges. iQiyi has a long way to go in overseas markets.</p>","source":"lsy1606712527231","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>iQIYI Financial Report: Why is it so difficult to make some 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\">\niQIYI Financial Report: Why is it so difficult to make some money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融外参 </strong><span class=\"h-time small\">2021-05-25 16:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Focusing on entertainment and interested in long videos<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>, fell on the \"rice circle\".</p><p>On the evening of May 6th, iQIYI official<a href=\"https://laohu8.com/S/WB\">Weibo</a>We apologized for the \"milk pouring incident\" and announced that we would stop broadcasting the group night, adjust the program rules and cancel the casting channel. This is a beautiful story of fans and idols rushing in both directions, but it was suspended due to iQIYI's negligence. As soon as this news came out, it was a crusade of star-chasers to refund, pay back and lose money on the Internet.</p><p>At this point, \"Youth With You 3\" stopped broadcasting the flower road of the contestants, and iQiyi completely offended the \"rice circle\", which is equivalent to breaking the financial road of \"fan economy\". Not only that, the \"Qing 3 Accident\" also caused public anger in the market, and the price increase of iQiyi members was also turned out by netizens, and iQiyi's share price fell in response.</p><p>At the same time, iQiyi released its financial report for the first quarter of 2021. iQiyi, which was established for 11 years, is still struggling to make profits.</p><p><b>01</b></p><p><b>Continued losses</b></p><p>In 2021, iQiyi, which took the lead in proposing a membership price increase, can't escape the loss dilemma. According to the specific financial report, in the first quarter, iQiyi's revenue was 8 billion yuan, a year-on-year increase of 4%, and the market expected 7.674 billion yuan; The net loss was 1.3 billion yuan, compared with a loss of 2.9 billion yuan in the same period of last year, and the loss further narrowed.</p><p>Among them, iQIYI's membership service income was 4.3 billion yuan. By the end of March this year, the total number of iQIYI's subscription members was 105.3 million. In the first quarter, the number of subscription members increased by 3.6 million, and the overall MAU of overseas markets increased by 77% compared with the previous quarter. Obviously, as iQiyi's main source of revenue, it is still the focus of iQiyi's operation to drive the growth of the number of members and continuously tap the potential of membership payment.</p><p>In addition, the brand advertising industry has picked up and the advertisers' brand investment budget has increased. In the first quarter, iQiyi's advertising revenue reached 1.9 billion yuan (about 292.5 million USD), a year-on-year increase of 25%. iQiyi officials also pointed out that the growth of advertising revenue benefited from the macroeconomic recovery, and the brand advertising budget and the number of brand advertisers both rebounded.</p><p>Moreover, iQiyi's content distribution achieved revenue of 779.1 million yuan (about 118.9 million USD) this quarter, a year-on-year increase of 29%. Other revenue contributed revenue of 961.0 million yuan (about 146.7 million USD) in the first quarter, an increase of 10% compared with the same period last year.</p><p>On the whole, many businesses of iQiyi showed a growth trend in the first quarter. However, due to its high dependence on online advertising and paid membership, as well as the high content cost and the \"one fish eats more\" model thrown in the exploration stage, it is difficult for iQiyi to achieve profitability in a short time.</p><p>Public data shows that from 2018 to 2020, iQiyi's online advertising business continued to decline; At the same time, the number of iQIYI members paid decreased. In 2020, the number of iQIYI paid members decreased by 4.95% year-on-year, while the slowdown in the growth of membership business or the fluctuation of the number of retained members directly affected the revenue.</p><p>With the heavy cost pressure and the obstruction of core business, iQiyi's profitability is even weaker, almost stagnant. iQiyi's net losses from 2015 to 2020 were 2.575 billion yuan, 3.074 billion yuan, 3.737 billion yuan, 9 billion yuan, 10.3 billion yuan and 7 billion yuan respectively, and the cumulative loss in six years has exceeded 35 billion yuan.</p><p>In short, both advertising business and membership payment need content support, and the content quality is ultimately what affects the development of iQiyi. Therefore, iQiyi is \"anxious\" at the moment when content is scarce.</p><p><b>02</b></p><p><b>Lack of content leads to anxiety</b></p><p>In 2021, the long video copyright dispute has gradually come to an end. The opportunity for long video platforms to obtain high-quality copyrights through traditional channels is decreasing, and self-made dramas have become a new choice for long video platforms. In addition, due to the impact of the pandemic, the filming of offline film and television dramas almost stagnated in 2020, and the number of high-quality film and television works decreased accordingly.</p><p>According to iQIYI's internal analysis, the number of films with a box office of over 100 million yuan launched in SVOD mode in 2020 and January-April 2021 dropped by about half compared with the same period in 2019, among which the number of overseas films mainly Hollywood films dropped by more than half.</p><p>Correspondingly, the content cost of iQiyi has dropped. According to the financial report data, in the first quarter of 2021, iQiyi's revenue cost decreased by 10% compared with the same period in 2020, which was mainly attributed to the decrease in content costs and bandwidth costs. Among them, content costs were RMB 5.4 billion (approximately US$829.6 million) in the first quarter, a decrease of 8% compared to the same period in 2020.</p><p>For iQiyi, high-quality content is the core competitiveness and the foundation of survival, so it is urgent to acquire and manufacture high-quality content. Gong Yu, founder, director and CEO of iQiyi, also made clear instructions: \"Attracting paid members through high-quality content is still the\" lifeline of survival \"of iQiyi.\"</p><p>Judging from the two popular dramas \"Son-in-law\" and \"Little Shede\", iQiyi's original intention of making explosive movies and television dramas has not changed, and the content cost still accounts for a high proportion of operating costs and operating income. However, iQiyi pays more attention to cost reduction and efficiency increase. Neither \"Son-in-law\" nor \"Little Shede\" use traffic stars to drain traffic as before, which greatly reduces the production cost of film and television dramas.</p><p>In addition, with the continuous improvement of users' requirements for the quality of film and television dramas, the probability of \"big IP + big star\" mode exploding is decreasing, and it becomes more difficult for video platforms to make explosive film and television dramas.</p><p>In the past, the combination of \"big IP + traffic stars\" had a high probability of exploding. However, as more and more traffic stars lost their appeal and big IP adaptations were criticized, how to make explosive film and television dramas has become a common \"heart disease\" of long video platforms, and iQiyi is no exception.</p><p>Faced with the problem of explosive production, iQiyi chose the strategy of winning by quantity, and improved the probability of explosive production by improving the quality and quantity of content. It is reported that iQiyi will have up to 33 movies released one after another in 2021 and 2022, and there will be only many more animations, popular novel adaptations and children's content movies and television dramas.</p><p>Nowadays, the output of high-quality content is closely related to the membership payment rate, while the improvement of the quantity and quality of content and the publicity and distribution of film and television drama content all require resources, funds, manpower and support, which tests the comprehensive strength of the platform. As a leader in the field of long video in China, iQiyi needs to establish a strong enough content output ecosystem to maintain its leading position.</p><p><b>03</b></p><p><b>It is not easy to go out to sea to make gold</b></p><p>With the popularization of the Internet and the acceleration of the export speed of film and television drama culture, it is the general trend that domestic dramas are broadcast overseas simultaneously. According to the data of the State Administration of Radio, Film and Television, TV drama is the most important program type in the international communication of Chinese TV programs at present, accounting for about 70% of the national TV program export, and has been exported to more than 200 countries and regions around the world.</p><p>In this scenario, iQiyi,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Platforms such as video and Bilibili have gone out to sea to make gold, constantly reclaiming the \"video wasteland\" in overseas markets.</p><p>iQIYI has maintained its leading edge while promoting overseas exploration. According to the financial report data, iQiyi's overall MAU in the first quarter of 2021 increased by 77% compared with the previous quarter, and the number of new downloads ranked TOP5 in many countries and regions in Southeast Asia, especially in Thailand, Malaysia and other countries and regions for a long time.</p><p>Bilibili and Tencent Video are also accelerating their pace of going to sea, and the overseas long-term video market is as fierce as that of the domestic market.</p><p>In terms of video, Tencent announced the launch of WeTV in June 2019, and after landing in Indonesia, the Philippines, Malaysia and other countries and regions, it announced again in February 2020 that it had entered Indonesia, Vietnam, India, Malaysia and other countries and regions, which highly overlapped with iQIYI's Haiti.</p><p>Similarly, in December 2020, the media broke the news that Bilibili (\"Bilibili\" for short) had released local language versions in Thailand and Malaysia. In response, Bilibili responded: \"The App is<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Official independent application released in Southeast Asia \", confirming rumors that Bilibili will enter the Southeast Asian market.</p><p>Of course, in addition to fighting against strong enemies in the overseas video market, iQiyi also needs to deal with cultural differences, policies and regulations and the pressure of local video platforms. In other words, overseas markets have a lot of room for growth and many unknown challenges. iQiyi has a long way to go in overseas markets.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1239588008660615\">金融外参 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f48fbc541b07547e95dfb5b1221fb6ed","relate_stocks":{"IQ":"爱奇艺"},"source_url":"https://36kr.com/p/1239588008660615","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138165945","content_text":"专注娱乐、兴趣长视频的爱奇艺，跌在了“饭圈”上。\n5月6日晚，爱奇艺官方微博就“倒奶事件”发文致歉并宣布停播成团之夜、调整节目规则、取消打投通道。本是粉丝、偶像双向奔赴的美好故事，因爱奇艺疏忽中止了，此消息一出网络上均是追星一族退钱、还钱、赔钱的讨伐声。\n至此，《青春有你3》停播参赛选手的花路终止，爱奇艺彻底得罪“饭圈”，也就相当于断了“粉丝经济”这条财路。不仅如此，“青3事故”还引发市场众怒，爱奇艺会员涨价的事情也被网友翻出来鞭尸，爱奇艺股价应声而跌。\n与此同时，爱奇艺发布了2021年一季度财报，成立11年的爱奇艺依旧苦于盈利。\n01\n继续亏损\n2021年了，率先提出会员涨价的爱奇艺还逃不出亏损困局。具体财报显示，一季度爱奇艺营收80亿元，同比增长4%，市场预期76.74亿元；净亏损13亿元，上年同期亏损29亿元，亏损进一步缩窄。\n其中，爱奇艺会员服务收入为43亿元，截至今年三月底，爱奇艺总订阅会员人数为1.053亿，一季度订阅会员数增长了360万，海外市场整体MAU较上季度增长77%。显然，作为爱奇艺主要营收来源，拉动会员数量增长，持续挖掘会员付费潜力依旧是爱奇艺运营的重心。\n另外，品牌广告行业回暖广告主品牌投放预算加大，一季度爱奇艺广告营收实现收19亿元人民币（约合2.925亿美元），同比增长25%。爱奇艺官方也指出，广告营收增长得益于宏观经济的复苏，品牌广告预算和品牌广告主的数量都出现了反弹。\n再有，本季度爱奇艺的内容发行实现收入7.791亿元人民币（约合1．189亿美元），同比增长29%。其他营收第一季度贡献收入9.610亿元人民币（约合1.467亿美元），相比去年同期增长了10%。\n整体来看，爱奇艺一季度多项业务呈现增长态势，不过由于高度依赖在线广告和付费会员两大业务，以及内容成本过高且“一鱼多吃”模式扔在探索阶段，爱奇艺短时间内很难实现盈利。\n网络公开数据显示：2018年至2020年，爱奇艺在线广告业务连续下滑；与此同时，爱奇艺会员付费数减少，在2020年爱奇艺付费会员数同比下降4.95%，而会员业务增长放缓或者留存会员数出现波动直接影响营收。\n成本重压、核心业务遇阻，爱奇艺盈利能力更显疲弱，几乎陷入停滞状态。爱奇艺2015年-2020年的净亏损分别为25.75亿元、30.74亿元、37.37亿元、90亿元、103亿元和70亿元，6年累计亏损已经超过350亿元。\n总之，无论是广告业务还是会员付费都需要内容支撑，影响爱奇艺发展的终是内容质量，因此在内容匮乏的当下，爱奇艺“焦虑”了。\n02\n内容匮乏引焦虑\n2021年了，长视频版权之争已逐渐落下帷幕，长视频平台想要通过传统渠道获取优质版权的机会在减少，自制剧成为长视频平台新的选择。另外，受疫情影响2020年线下影视剧拍摄几乎停滞，优质影视作品随之减少。\n根据爱奇艺内部的分析，2020年和2021年1-4月以SVOD模式上线的票房过亿的电影的数量相比2019年同期分别下降约一半，其中以好莱坞电影为主的海外电影数量分别下降超过一半。\n与之相对应的是，爱奇艺内容成本下降。财报数据显示，2021年第一季度，爱奇艺的营收成本与2020年同期相比下降10%， 这主要归因于内容成本和带宽成本的下降。其中，第一季度内容成本为54亿元人民币（约合8.296亿美元），与2020年同期相比下降8%。\n对爱奇艺来说，优质内容是核心竞争力也是生存的根本，所以优质内容的获取和制造刻不容缓。爱奇艺创始人、董事兼首席执行官龚宇也曾明确的指示：“通过优质内容，吸引付费会员，依然是爱奇艺的“生存命脉”。”\n从《赘婿》、《小舍得》两大热播剧来看，爱奇艺制造爆款影视剧的初心不改，内容成本也依旧占营业成本和营业收入较高的比重。只不过，爱奇艺更注重降本增效了，《赘婿》和《小舍得》都没有像以往一样采用流量明星来引流，大大降低了影视剧制作成本。\n另外，随着用户对影视剧质量要求不断提高，“大IP+大明星”模式出爆款的机率在降低，视频平台制造爆款影视剧变得更艰难。\n以往，“大IP+流量明星”的组合出爆款的几率较大，但随着越来越多的流量明星失去号召力以及大IP改编剧遭诟病，如何制造爆款影视剧成为长视频平台共同的“心病”，爱奇艺也不列外。\n面对爆款制作难题，爱奇艺选择以量取胜的策略，通过提升内容质量和数量，来提高产生爆款概率。据悉爱奇艺在2021、2022年将有高达33部电影作品陆续上映，动漫、热门小说改编剧、儿童内容影视剧也只多不少。\n方今，高质量内容的产出与会员付费率息息相关，而内容数量和质量的提升以及影视剧内容的宣发，都需要资源、资金、人力还支持，十分考验平台的综合实力。作为国内长视频领域的佼佼者，爱奇艺需要建立足够有强大的内容输出生态系，才有可能保持领先地位。\n03\n出海捞金不容易\n随着互联网的普及、影视剧文化输出速度的加快，国产剧同步在海外播出已是大势所趋。据广电总局数据显示，电视剧是当前中国电视节目国际传播中最主要的节目类型，占全国电视节目出口的比重约70% ，已出口到全球200多个国家和地区。\n在此情景下，爱奇艺、腾讯视频、B站等平台纷纷出海捞金，不断开垦海外市场的“视频荒地”。\n爱奇艺在推进海外探索进程的同时，保持了领先优势。财报数据显示，爱奇艺2021第一季度整体MAU较上季度增长77%，新增下载量在东南亚多个国家和地区稳居TOP5，特别是在泰国、马来西亚等国家和地区长期保持第一。\nB站、腾讯视频也不断加快出海的步伐，海外长视频市场战况激烈程度不亚于国内市场。\n腾讯视频方面，自2019年6月宣布推出WeTV，并在在印尼、菲律宾和马来西亚等国家和地区落地之后，2020年2月又再次宣布已经进军印尼、越南、印度和马来西亚等多个国家和地区，与爱奇艺出海地高度重合。\n同样的，2020年12月有媒体爆料，Bilibili（简称“B站”）已在泰国和马来西亚发布当地语言版本。对此，B站回应称：“该App是哔哩哔哩在东南亚地区发布的官方独立应用”，确定了B站进军东南亚市场的传言。\n当然，爱奇艺在海外视频市场除了需要对抗强敌之外，还需应对各国文化差异、政策法规以及本土视频平台的压力。也就是说，海外市场有很大的增长空间也有很多未知的挑战，爱奇艺在征战海外市场任重道远。","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131021569,"gmtCreate":1621817548651,"gmtModify":1704362668626,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/131021569","repostId":"2137184683","repostType":4,"repost":{"id":"2137184683","kind":"highlight","pubTimestamp":1621814678,"share":"https://ttm.financial/m/news/2137184683?lang=en_US&edition=fundamental","pubTime":"2021-05-24 08:04","market":"hk","language":"zh","title":"Hang Seng Index Quarterly Inspection Results Released! These stocks are expected to be promoted to the Hong Kong Stock Connect target","url":"https://stock-news.laohu8.com/highlight/detail?id=2137184683","media":"智通财经网","summary":"5月21日，恒生指数有限公司(“恒生指数公司”)宣布截至2021年3月31日之恒生指数系列季度检讨结果，所有变动将于2021年6月7日(星期一)起生效。根据恒指公司公布的综合指数变动及港股通指数变动情况，并结合各券商机构预测，梳理出最有可能新加入港股通标的合计6只，供投资者参考，准确的港股通变动名单请以港交所、上交所、深交所官方公布为准。","content":"<p>On 21 May, Hang Seng Indices Limited (\"HSI\") announced the results of the Hang Seng Index Series Quarterly Review for the year ended 31 March 2021, with all changes taking effect from Monday, 7 June 2021.</p><p>According to the changes of the composite index and the changes of the Hong Kong Stock Connect index announced by Hang Seng Index Company, combined with the forecasts of various brokerage institutions, a total of 6 new targets that are most likely to join the Hong Kong Stock Connect are sorted out for investors' reference. For the accurate list of changes in the Hong Kong Stock Connect, please refer to the official announcements of Hong Kong Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange.</p><p><b>1. The constituent stocks that have been included in the Hang Seng Composite Mid-Cap Index will definitely be included in the four companies targeted by Hong Kong Stock Connect</b><img src=\"https://static.tigerbbs.com/b0e33fd1c2f3956a99cf07315b18b6ea\" tg-width=\"607\" tg-height=\"180\" referrerpolicy=\"no-referrer\"><b>2. Other 2 companies that may be included in the target of Hong Kong Stock Connect</b><img src=\"https://static.tigerbbs.com/652bd58a295437306cda7b1c9ea7963a\" tg-width=\"607\" tg-height=\"122\" referrerpolicy=\"no-referrer\">(Source of article: Zhitong Finance Network)</p>","source":"eastmoney_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>Hang Seng Index Quarterly Inspection Results Released! These stocks are expected to be promoted to the Hong Kong Stock Connect target</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\">\nHang Seng Index Quarterly Inspection Results Released! These stocks are expected to be promoted to the Hong Kong Stock Connect target\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-05-24 08:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On 21 May, Hang Seng Indices Limited (\"HSI\") announced the results of the Hang Seng Index Series Quarterly Review for the year ended 31 March 2021, with all changes taking effect from Monday, 7 June 2021.</p><p>According to the changes of the composite index and the changes of the Hong Kong Stock Connect index announced by Hang Seng Index Company, combined with the forecasts of various brokerage institutions, a total of 6 new targets that are most likely to join the Hong Kong Stock Connect are sorted out for investors' reference. For the accurate list of changes in the Hong Kong Stock Connect, please refer to the official announcements of Hong Kong Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange.</p><p><b>1. The constituent stocks that have been included in the Hang Seng Composite Mid-Cap Index will definitely be included in the four companies targeted by Hong Kong Stock Connect</b><img src=\"https://static.tigerbbs.com/b0e33fd1c2f3956a99cf07315b18b6ea\" tg-width=\"607\" tg-height=\"180\" referrerpolicy=\"no-referrer\"><b>2. Other 2 companies that may be included in the target of Hong Kong Stock Connect</b><img src=\"https://static.tigerbbs.com/652bd58a295437306cda7b1c9ea7963a\" tg-width=\"607\" tg-height=\"122\" referrerpolicy=\"no-referrer\">(Source of article: Zhitong Finance Network)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://stock.eastmoney.com/a/202105211931753542_0.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eb186aadd3b75b4d999192e0c06e8e03","relate_stocks":{"513600":"恒生指数ETF南方","HSI":"恒生指数","02833":"恒指ETF"},"source_url":"http://stock.eastmoney.com/a/202105211931753542_0.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137184683","content_text":"5月21日，恒生指数有限公司(“恒生指数公司”) 宣布截至2021年3月31日之恒生指数系列季度检讨结果，所有变动将于2021年6月7日 (星期一) 起生效。\n根据恒指公司公布的综合指数变动及港股通指数变动情况，并结合各券商机构预测，梳理出最有可能新加入港股通标的合计6只，供投资者参考，准确的港股通变动名单请以港交所、上交所、深交所官方公布为准。\n一、已被纳入恒生综合中型指数的成份股，一定会被纳入港股通标的的4家公司二、其他有可能被纳入港股通标的的2家公司（文章来源：智通财经网）","news_type":1,"symbols_score_info":{"513600":0.9,"HSI":0.9,"MCHmain":0.9,"HHImain":0.9,"MHImain":0.9,"02833":0.9,"HSImain":0.9}},"isVote":1,"tweetType":1,"viewCount":1118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131021138,"gmtCreate":1621817534824,"gmtModify":1704362666630,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/131021138","repostId":"2137218721","repostType":4,"repost":{"id":"2137218721","kind":"news","pubTimestamp":1621814832,"share":"https://ttm.financial/m/news/2137218721?lang=en_US&edition=fundamental","pubTime":"2021-05-24 08:07","market":"us","language":"zh","title":"CICC: How big is the impact of the quarterly inspection of Hang Seng Index and how is the capital inflow?","url":"https://stock-news.laohu8.com/highlight/detail?id=2137218721","media":"中金点睛","summary":"　　恒生指数公司周五晚间公布了其定期的一季度指数调整结果，涵盖了港股主要旗舰指数如恒生指数、国企指数和恒生科技指数，直接决定港股通可投资范围的恒生综合指数也有部分调整。此外，此次也是恒指系统性优化建议后的首次调整，我们综合分析如下。　　1) 恒生指数：此次调整纳入比亚迪股份、碧桂园服务和信义光能3只股票，纳入权重分别为0.98%、0.97%和0.46%；无成分股被剔除。","content":"<p>On Friday (May 21st) evening, Hang Seng Index Company announced its regular first-quarter index adjustment results (generally announced eight weeks after the quarterly deadline), covering the main flagship indexes of Hong Kong stocks such as Hang Seng Index, State-owned Enterprises Index and Hang Seng Technology Index, and the Hang Seng Composite Index, which directly determines the investable scope of Hong Kong Stock Connect, has also been partially adjusted. In addition, this is also the first adjustment after the systematic optimization proposal of Hang Seng Index. Our comprehensive analysis is as follows.</p><p><b>Hang Seng, State-owned Enterprises and Technology Index: Hang Seng Index expanded to 58; More New Economy Companies Included</b></p><p>Changes in constituent stocks:<a href=\"https://laohu8.com/S/002594\">BYD</a>、<a href=\"https://laohu8.com/S/02007\">Country Garden</a>Services,<a href=\"https://laohu8.com/S/00968\">Xinyi Light Energy</a>And Evergrande Property were included in the Hang Seng Index and state-owned enterprises respectively;<a href=\"https://laohu8.com/S/ATHM\">Autohome</a>And<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Inclusion in the Tech Index</p><p>1) Hang Seng Index: This adjustment includes<a href=\"https://laohu8.com/S/01211\">BYD Shares</a>、<a href=\"https://laohu8.com/S/06098\">Country Garden Services</a>And Xinyi Solar 3 stocks, with inclusion weights of 0.98%, 0.97% and 0.46% respectively; Non-constituent stocks are eliminated. After the adjustment, the number of constituent stocks expanded from 55 to 58. In addition, since the constituent weight cap of the HSI is uniformly set at 8%,<a href=\"https://laohu8.com/S/01299\">AIA</a>And<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Weights were lowered by 2.24ppt and 1.38ppt, respectively, while Meituan and<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>As a company with different rights of the same shares and a secondary listed company, it broke through the original upper limit of 5%, rising by 3.43ppt and 1.74ppt to 7.71% to 7.33% respectively.</p><p>2) Hang Seng State-owned Enterprises: This time it was included in BYD shares and<a href=\"https://laohu8.com/S/06666\">Evergrande Properties</a>2 companies, with the inclusion weights of 1.43% and 0.67% respectively, while excluding 3 companies,<a href=\"https://laohu8.com/S/00788\">China Tower</a>、<a href=\"https://laohu8.com/S/00270\">Guangdong Investment</a>And<a href=\"https://laohu8.com/S/600050\">China Unicom</a>, the pre-elimination weights were 0.59%, 0.42%, and 0.34%, respectively. The number of adjusted constituent stocks was reset from 51 to 50. In addition, the weights of Meituan-W (increased by 3.64ppt to 8%) and Alibaba (increased by 2.31ppt to 8%) changed greatly, mainly due to the fact that the State-owned Enterprise Index also raised the upper weight limit of secondary listings and companies with different rights in the same shares from 5% to 8%.</p><p>3) Hang Seng Technology: Included Autohome-S and Bilibili-SW, excluded<a href=\"https://laohu8.com/S/000063\">ZTE</a>、<a href=\"https://laohu8.com/S/06088\">Hongteng Precision</a>And<a href=\"https://laohu8.com/S/09990\">Zulong Entertainment</a>。 The number of constituent stocks was reset from 31 to 30. Among them, Kuaishou, Bilibili and Meituan, which have large changes in weight, increased by 1.37%, 1.27% and 1.17%, respectively; On the contrary,<a href=\"https://laohu8.com/S/00763\">ZTE</a>The weights of Hongteng Precision and Zulong Entertainment decreased to 0 from 0.15%, 0.19% and 0.75% before elimination, respectively.</p><p>There are some differences between the above-mentioned inclusion list and the results of our previous preview, \"Preview of Quarterly Adjustment of Hang Seng Index: Focus on the New Look after Systematic Optimization\"), mainly because although the listed companies are all in the long list of our screening according to quantitative standards, the final screening of the short list is unevidenced, and part of it is based on the subjective choice of Hang Seng Index Adjustment Committee, so it is more difficult to predict. In addition, this time coincides with the first adjustment after the systematic optimization of the Hang Seng Index, and the change of the new adjustment standard will also have a certain impact, such as the number of final constituent stocks.</p><p><b>Impact of potential passive capital flow: Pay attention to the positive impact on Country Garden Services and Evergrande Property; And the negative impact of investment from AIA and Guangdong</b></p><p>Based on the current Bloomberg summary, the funding size of ETFs tracking the Hang Seng Index is about $22.1 billion, and the funding size of ETFs tracking the HSCEI and Hang Seng Technology Index is about $4.9 billion and $500 million, respectively. Combined with the changes in the weight of component shares mentioned above, we calculate the potential passive capital flow. Further combined with the average daily turnover of individual stocks in the past three months, we can measure the possible impact of passive capital changes:</p><p>1) Hang Seng Index: Country Garden Service, BYD, Xinyi Solar, Meituan and Alibaba, which take the most time for passive capital inflow, are expected to take 2.5 to 0.5 days; Among the required transaction passive capital outflows, it is expected that AIA,<a href=\"https://laohu8.com/S/00016\">SUN HUNG KAI PROPERTIES</a>And<a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>It takes 1.8, 0.8, and 0.7 days, respectively.</p><p>2) Hang Seng State-owned Enterprises: Evergrande Property and BYD, which take the most time for passive capital inflow, are expected to trade in 1.8 and 0.3 days; Among the required transaction passive capital outflows, Guangdong Investment, China Tower and<a href=\"https://laohu8.com/S/00762\">China Unicom</a>The required trading capital outflow time is the longest, around 1 to 0.4 days.</p><p>3) Hang Seng Technology: It is expected that Aauto Quicker, Bilibili and Meituan-W will have capital inflows of $6.59 million, $6.11 million and $5.63 million; Xiaomi, Alibaba and ZTE are expected to see outflows of $7.75 million, $4.43 million and $3.61 million. The trades required for potential inflows and outflows average around 0.1 days.</p><p>Chart: ETF fund size tracking the Hang Seng Index, Hang Seng China Enterprises Index and Hang Seng Technology Index</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/16/w550h266/20210524/027b-kqpyffz0296614.png\" tg-width=\"550\" tg-height=\"266\" referrerpolicy=\"no-referrer\">Source: Bloomberg, CICC Research; Data as of May 21, 2021</p><p>Chart: Hang Seng Index Adjustment and Calculation of Potential Passive Capital Flow<img src=\"http://n.sinaimg.cn/finance/crawl/701/w550h151/20210524/ba4e-kqpyffz0296647.png\" tg-width=\"550\" tg-height=\"151\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, CICC Research; Note: Grey is the newly incorporated; Blue is called out; Data as of May 21, 2021; Forecast value is Bloomberg consensus estimate</p><p>Chart: State-owned enterprise index adjustment and capital flow</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/754/w550h204/20210524/14d9-kqpyffz0296701.png\" tg-width=\"550\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, CICC Research; Note: Grey is the newly incorporated; Blue is called out; Data as of May 21, 2021; Forecast value is Bloomberg consensus estimate</p><p>Chart: Hang Seng Technology Index Correction and Fund Flows</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/703/w550h153/20210524/a018-kqpyffz0296728.png\" tg-width=\"550\" tg-height=\"153\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg,<a href=\"https://laohu8.com/S/601995\">CICC</a>Research Department; Note: Grey is the newly incorporated; Blue is called out; Data as of May 21, 2021; Forecast value is Bloomberg consensus estimate</p><p><b>New Face of Hang Seng Index: System Optimization \"Initial Trial Bull Knife\"</b></p><p>1) Expansion of Hang Seng Index: According to the consultation results released by Hang Seng Index Company in March, the number of constituent stocks will increase from the current 55 to 80 in mid-2022, with the final long-term target of 100. This time, the number of constituent stocks adjusted by the Hang Seng Index increased slightly from 55 to 58, which may be to avoid excessive one-time impact, but the expansion trend has already appeared.</p><p>2) Improvement of industry representation: Referring to the industry classification of Hang Seng Index companies, that is, seven industry groups, we found that the coverage of real estate and construction industry, other and discretionary and essential consumption sectors (industry, energy industry, raw materials industry and comprehensive enterprises) has all increased this time, with the coverage increasing by 4.0ppt, 2.7ppt and 2.0ppt to 40.5%, 32.6% and 35.3% respectively. Compared with the simulation results given by Hang Seng Index Company in its advisory opinion, there is still a big gap in the coverage of various industries after this adjustment, mainly because the number of constituent stocks is still far lower than the target. However, the general direction of further optimization will still be reflected, and we expect that the proportion of new economy will be further increased.</p><p>Chart: After the optimization and adjustment of the Hang Seng Index, the market coverage of discretionary and essential consumption, real estate and construction and other sectors has improved</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/92/w550h342/20210524/9323-kqpyffz0296769.png\" tg-width=\"550\" tg-height=\"342\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: At the same time, the IT industry's share in the HSI will increase significantly compared with that before the adjustment</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/88/w550h338/20210524/c8fd-kqpyffz0296804.png\" tg-width=\"550\" tg-height=\"338\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind,<a href=\"https://laohu8.com/S/03908\">CICC</a>Research Department</p><p>3) Weight adjustment of leading companies: This adjustment uniformly changed the upper limit of constituent stocks of Hang Seng and State-owned Enterprises Index to 8% (the upper limit of ordinary constituent stocks before the adjustment was 10%, but the upper limit of secondary listing and companies with different rights of the same shares was 5%). We noticed that the weights of AIA and Tencent Holdings in Hang Seng Index were lowered, while Meituan and Alibaba were raised. In the Hang Seng State-owned Enterprises Index, the weight ceiling of Meituan and Alibaba has also been raised.</p><p>On the whole, after the above-mentioned system optimization, the proportion of new economic sectors of Hang Seng and State-owned Enterprise Index has increased. Specifically, the proportion of new economy sectors in Hang Seng and HSCEI increased from 40.2% and 55.1% before adjustment to 44.3% and 58% respectively, especially the optional consumption sector, whose weight increased significantly from 15.6% and 18.6% to 21.4% and 25.4% respectively.</p><p>Chart: After the optimization of Hang Seng Index, the proportion of new economy further increased to 44% on the basis of 40%<img src=\"http://n.sinaimg.cn/finance/crawl/100/w550h350/20210524/1a75-kqpyffz0296843.png\" tg-width=\"550\" tg-height=\"350\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind, CICC Research</p><p>Chart: At the same time, the proportion of the new economy after the adjustment of the Hang Seng State-owned Enterprises Index has further increased, accounting for 58%<img src=\"http://n.sinaimg.cn/finance/crawl/103/w550h353/20210524/cb50-kqpyffz0296860.jpg\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind, CICC Research</p><p><b>Southbound Connect Adjustment: 3 Companies May Meet the Conditions for Inclusion of Southbound Connect</b></p><p>As this is a quarterly index adjustment, for the Hang Seng Composite Index, which is adjusted semi-annually, only stocks that meet the fast inclusion mechanism will be considered for inclusion. Specifically, 4 companies were included in the index this time, namely<a href=\"https://laohu8.com/S/02158\">Yidu Technology</a>, Xintong Medical-B, Autohome-S and Nuohui Health-B; Unmarked rejection.</p><p>According to the adjustment of Hang Seng Composite Index announced by the index company, and combined with the additional requirements for the inclusion of Hong Kong Stock Connect, three companies, Yidu Technology, Xintong Medical-B and Nuohui Health-B, may meet the conditions for being included in the investment scope of Hong Kong Stock Connect; Autohome-S is a secondary listed company, so it does not meet the inclusion criteria of Shanghai-Hong Kong Stock Connect.</p><p>Chart: Possible investment scope adjustment of Southbound Connect due to the adjustment of Hang Seng Composite Index<img src=\"http://n.sinaimg.cn/finance/crawl/626/w550h76/20210524/a2a2-kqpyffz0296874.png\" tg-width=\"550\" tg-height=\"76\" referrerpolicy=\"no-referrer\">Source: Bloomberg, CICC Research; Data as of May 21, 2021; Forecast value is Bloomberg consensus estimate</p><p><b>Timeline: Index and Shanghai-Hong Kong Stock Connect Adjustment Effective June 7</b></p><p>In terms of schedule, the above index adjustment results will be officially implemented on June 7th (Monday). During this period, some active funds still do not rule out that they will take certain arbitrage operations according to the adjustment announcement results, but passive funds will choose to adjust their positions on the trading day before the effectiveness (i.e. June 4th) in order to minimize the tracking error. At that time, the transaction of related stocks may be much greater than usual \"abnormal heavy volume\", especially in late trading.</p><p>After the index adjustment takes effect on June 7th, Shanghai and Shenzhen Stock Exchanges will adjust the scope of investable targets of Shanghai-Shenzhen-Hong Kong Stock Connect accordingly (the specific time depends on the announcement of the exchange).</p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CICC: How big is the impact of the quarterly inspection of Hang Seng Index and how is the capital inflow?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCICC: How big is the impact of the quarterly inspection of Hang Seng Index and how is the capital inflow?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中金点睛</strong><span class=\"h-time small\">2021-05-24 08:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On Friday (May 21st) evening, Hang Seng Index Company announced its regular first-quarter index adjustment results (generally announced eight weeks after the quarterly deadline), covering the main flagship indexes of Hong Kong stocks such as Hang Seng Index, State-owned Enterprises Index and Hang Seng Technology Index, and the Hang Seng Composite Index, which directly determines the investable scope of Hong Kong Stock Connect, has also been partially adjusted. In addition, this is also the first adjustment after the systematic optimization proposal of Hang Seng Index. Our comprehensive analysis is as follows.</p><p><b>Hang Seng, State-owned Enterprises and Technology Index: Hang Seng Index expanded to 58; More New Economy Companies Included</b></p><p>Changes in constituent stocks:<a href=\"https://laohu8.com/S/002594\">BYD</a>、<a href=\"https://laohu8.com/S/02007\">Country Garden</a>Services,<a href=\"https://laohu8.com/S/00968\">Xinyi Light Energy</a>And Evergrande Property were included in the Hang Seng Index and state-owned enterprises respectively;<a href=\"https://laohu8.com/S/ATHM\">Autohome</a>And<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Inclusion in the Tech Index</p><p>1) Hang Seng Index: This adjustment includes<a href=\"https://laohu8.com/S/01211\">BYD Shares</a>、<a href=\"https://laohu8.com/S/06098\">Country Garden Services</a>And Xinyi Solar 3 stocks, with inclusion weights of 0.98%, 0.97% and 0.46% respectively; Non-constituent stocks are eliminated. After the adjustment, the number of constituent stocks expanded from 55 to 58. In addition, since the constituent weight cap of the HSI is uniformly set at 8%,<a href=\"https://laohu8.com/S/01299\">AIA</a>And<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Weights were lowered by 2.24ppt and 1.38ppt, respectively, while Meituan and<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>As a company with different rights of the same shares and a secondary listed company, it broke through the original upper limit of 5%, rising by 3.43ppt and 1.74ppt to 7.71% to 7.33% respectively.</p><p>2) Hang Seng State-owned Enterprises: This time it was included in BYD shares and<a href=\"https://laohu8.com/S/06666\">Evergrande Properties</a>2 companies, with the inclusion weights of 1.43% and 0.67% respectively, while excluding 3 companies,<a href=\"https://laohu8.com/S/00788\">China Tower</a>、<a href=\"https://laohu8.com/S/00270\">Guangdong Investment</a>And<a href=\"https://laohu8.com/S/600050\">China Unicom</a>, the pre-elimination weights were 0.59%, 0.42%, and 0.34%, respectively. The number of adjusted constituent stocks was reset from 51 to 50. In addition, the weights of Meituan-W (increased by 3.64ppt to 8%) and Alibaba (increased by 2.31ppt to 8%) changed greatly, mainly due to the fact that the State-owned Enterprise Index also raised the upper weight limit of secondary listings and companies with different rights in the same shares from 5% to 8%.</p><p>3) Hang Seng Technology: Included Autohome-S and Bilibili-SW, excluded<a href=\"https://laohu8.com/S/000063\">ZTE</a>、<a href=\"https://laohu8.com/S/06088\">Hongteng Precision</a>And<a href=\"https://laohu8.com/S/09990\">Zulong Entertainment</a>。 The number of constituent stocks was reset from 31 to 30. Among them, Kuaishou, Bilibili and Meituan, which have large changes in weight, increased by 1.37%, 1.27% and 1.17%, respectively; On the contrary,<a href=\"https://laohu8.com/S/00763\">ZTE</a>The weights of Hongteng Precision and Zulong Entertainment decreased to 0 from 0.15%, 0.19% and 0.75% before elimination, respectively.</p><p>There are some differences between the above-mentioned inclusion list and the results of our previous preview, \"Preview of Quarterly Adjustment of Hang Seng Index: Focus on the New Look after Systematic Optimization\"), mainly because although the listed companies are all in the long list of our screening according to quantitative standards, the final screening of the short list is unevidenced, and part of it is based on the subjective choice of Hang Seng Index Adjustment Committee, so it is more difficult to predict. In addition, this time coincides with the first adjustment after the systematic optimization of the Hang Seng Index, and the change of the new adjustment standard will also have a certain impact, such as the number of final constituent stocks.</p><p><b>Impact of potential passive capital flow: Pay attention to the positive impact on Country Garden Services and Evergrande Property; And the negative impact of investment from AIA and Guangdong</b></p><p>Based on the current Bloomberg summary, the funding size of ETFs tracking the Hang Seng Index is about $22.1 billion, and the funding size of ETFs tracking the HSCEI and Hang Seng Technology Index is about $4.9 billion and $500 million, respectively. Combined with the changes in the weight of component shares mentioned above, we calculate the potential passive capital flow. Further combined with the average daily turnover of individual stocks in the past three months, we can measure the possible impact of passive capital changes:</p><p>1) Hang Seng Index: Country Garden Service, BYD, Xinyi Solar, Meituan and Alibaba, which take the most time for passive capital inflow, are expected to take 2.5 to 0.5 days; Among the required transaction passive capital outflows, it is expected that AIA,<a href=\"https://laohu8.com/S/00016\">SUN HUNG KAI PROPERTIES</a>And<a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>It takes 1.8, 0.8, and 0.7 days, respectively.</p><p>2) Hang Seng State-owned Enterprises: Evergrande Property and BYD, which take the most time for passive capital inflow, are expected to trade in 1.8 and 0.3 days; Among the required transaction passive capital outflows, Guangdong Investment, China Tower and<a href=\"https://laohu8.com/S/00762\">China Unicom</a>The required trading capital outflow time is the longest, around 1 to 0.4 days.</p><p>3) Hang Seng Technology: It is expected that Aauto Quicker, Bilibili and Meituan-W will have capital inflows of $6.59 million, $6.11 million and $5.63 million; Xiaomi, Alibaba and ZTE are expected to see outflows of $7.75 million, $4.43 million and $3.61 million. The trades required for potential inflows and outflows average around 0.1 days.</p><p>Chart: ETF fund size tracking the Hang Seng Index, Hang Seng China Enterprises Index and Hang Seng Technology Index</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/16/w550h266/20210524/027b-kqpyffz0296614.png\" tg-width=\"550\" tg-height=\"266\" referrerpolicy=\"no-referrer\">Source: Bloomberg, CICC Research; Data as of May 21, 2021</p><p>Chart: Hang Seng Index Adjustment and Calculation of Potential Passive Capital Flow<img src=\"http://n.sinaimg.cn/finance/crawl/701/w550h151/20210524/ba4e-kqpyffz0296647.png\" tg-width=\"550\" tg-height=\"151\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, CICC Research; Note: Grey is the newly incorporated; Blue is called out; Data as of May 21, 2021; Forecast value is Bloomberg consensus estimate</p><p>Chart: State-owned enterprise index adjustment and capital flow</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/754/w550h204/20210524/14d9-kqpyffz0296701.png\" tg-width=\"550\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, CICC Research; Note: Grey is the newly incorporated; Blue is called out; Data as of May 21, 2021; Forecast value is Bloomberg consensus estimate</p><p>Chart: Hang Seng Technology Index Correction and Fund Flows</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/703/w550h153/20210524/a018-kqpyffz0296728.png\" tg-width=\"550\" tg-height=\"153\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg,<a href=\"https://laohu8.com/S/601995\">CICC</a>Research Department; Note: Grey is the newly incorporated; Blue is called out; Data as of May 21, 2021; Forecast value is Bloomberg consensus estimate</p><p><b>New Face of Hang Seng Index: System Optimization \"Initial Trial Bull Knife\"</b></p><p>1) Expansion of Hang Seng Index: According to the consultation results released by Hang Seng Index Company in March, the number of constituent stocks will increase from the current 55 to 80 in mid-2022, with the final long-term target of 100. This time, the number of constituent stocks adjusted by the Hang Seng Index increased slightly from 55 to 58, which may be to avoid excessive one-time impact, but the expansion trend has already appeared.</p><p>2) Improvement of industry representation: Referring to the industry classification of Hang Seng Index companies, that is, seven industry groups, we found that the coverage of real estate and construction industry, other and discretionary and essential consumption sectors (industry, energy industry, raw materials industry and comprehensive enterprises) has all increased this time, with the coverage increasing by 4.0ppt, 2.7ppt and 2.0ppt to 40.5%, 32.6% and 35.3% respectively. Compared with the simulation results given by Hang Seng Index Company in its advisory opinion, there is still a big gap in the coverage of various industries after this adjustment, mainly because the number of constituent stocks is still far lower than the target. However, the general direction of further optimization will still be reflected, and we expect that the proportion of new economy will be further increased.</p><p>Chart: After the optimization and adjustment of the Hang Seng Index, the market coverage of discretionary and essential consumption, real estate and construction and other sectors has improved</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/92/w550h342/20210524/9323-kqpyffz0296769.png\" tg-width=\"550\" tg-height=\"342\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: At the same time, the IT industry's share in the HSI will increase significantly compared with that before the adjustment</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/88/w550h338/20210524/c8fd-kqpyffz0296804.png\" tg-width=\"550\" tg-height=\"338\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind,<a href=\"https://laohu8.com/S/03908\">CICC</a>Research Department</p><p>3) Weight adjustment of leading companies: This adjustment uniformly changed the upper limit of constituent stocks of Hang Seng and State-owned Enterprises Index to 8% (the upper limit of ordinary constituent stocks before the adjustment was 10%, but the upper limit of secondary listing and companies with different rights of the same shares was 5%). We noticed that the weights of AIA and Tencent Holdings in Hang Seng Index were lowered, while Meituan and Alibaba were raised. In the Hang Seng State-owned Enterprises Index, the weight ceiling of Meituan and Alibaba has also been raised.</p><p>On the whole, after the above-mentioned system optimization, the proportion of new economic sectors of Hang Seng and State-owned Enterprise Index has increased. Specifically, the proportion of new economy sectors in Hang Seng and HSCEI increased from 40.2% and 55.1% before adjustment to 44.3% and 58% respectively, especially the optional consumption sector, whose weight increased significantly from 15.6% and 18.6% to 21.4% and 25.4% respectively.</p><p>Chart: After the optimization of Hang Seng Index, the proportion of new economy further increased to 44% on the basis of 40%<img src=\"http://n.sinaimg.cn/finance/crawl/100/w550h350/20210524/1a75-kqpyffz0296843.png\" tg-width=\"550\" tg-height=\"350\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind, CICC Research</p><p>Chart: At the same time, the proportion of the new economy after the adjustment of the Hang Seng State-owned Enterprises Index has further increased, accounting for 58%<img src=\"http://n.sinaimg.cn/finance/crawl/103/w550h353/20210524/cb50-kqpyffz0296860.jpg\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind, CICC Research</p><p><b>Southbound Connect Adjustment: 3 Companies May Meet the Conditions for Inclusion of Southbound Connect</b></p><p>As this is a quarterly index adjustment, for the Hang Seng Composite Index, which is adjusted semi-annually, only stocks that meet the fast inclusion mechanism will be considered for inclusion. Specifically, 4 companies were included in the index this time, namely<a href=\"https://laohu8.com/S/02158\">Yidu Technology</a>, Xintong Medical-B, Autohome-S and Nuohui Health-B; Unmarked rejection.</p><p>According to the adjustment of Hang Seng Composite Index announced by the index company, and combined with the additional requirements for the inclusion of Hong Kong Stock Connect, three companies, Yidu Technology, Xintong Medical-B and Nuohui Health-B, may meet the conditions for being included in the investment scope of Hong Kong Stock Connect; Autohome-S is a secondary listed company, so it does not meet the inclusion criteria of Shanghai-Hong Kong Stock Connect.</p><p>Chart: Possible investment scope adjustment of Southbound Connect due to the adjustment of Hang Seng Composite Index<img src=\"http://n.sinaimg.cn/finance/crawl/626/w550h76/20210524/a2a2-kqpyffz0296874.png\" tg-width=\"550\" tg-height=\"76\" referrerpolicy=\"no-referrer\">Source: Bloomberg, CICC Research; Data as of May 21, 2021; Forecast value is Bloomberg consensus estimate</p><p><b>Timeline: Index and Shanghai-Hong Kong Stock Connect Adjustment Effective June 7</b></p><p>In terms of schedule, the above index adjustment results will be officially implemented on June 7th (Monday). During this period, some active funds still do not rule out that they will take certain arbitrage operations according to the adjustment announcement results, but passive funds will choose to adjust their positions on the trading day before the effectiveness (i.e. June 4th) in order to minimize the tracking error. At that time, the transaction of related stocks may be much greater than usual \"abnormal heavy volume\", especially in late trading.</p><p>After the index adjustment takes effect on June 7th, Shanghai and Shenzhen Stock Exchanges will adjust the scope of investable targets of Shanghai-Shenzhen-Hong Kong Stock Connect accordingly (the specific time depends on the announcement of the exchange).</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-05-24/doc-ikmyaawc7116355.shtml\">中金点睛</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://n.sinaimg.cn/finance/crawl/740/w550h190/20210524/b466-kqpyffz0296559.jpg","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","01211":"比亚迪股份","06098":"碧桂园服务","002594":"比亚迪"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-05-24/doc-ikmyaawc7116355.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2137218721","content_text":"恒生指数公司周五（5月21日）晚间公布了其定期的一季度指数调整结果（一般在季度截止后8周公布），涵盖了港股主要旗舰指数如恒生指数、国企指数和恒生科技指数，直接决定港股通可投资范围的恒生综合指数也有部分调整。此外，此次也是恒指系统性优化建议后的首次调整，我们综合分析如下。恒生、国企和科技指数：恒生指数扩容至58只；更多新经济公司获纳入成分股变化：比亚迪、碧桂园服务、信义光能和恒大物产分获纳入恒指与国企；汽车之家和哔哩哔哩纳入科技指数1) 恒生指数：此次调整纳入比亚迪股份、碧桂园服务和信义光能3只股票，纳入权重分别为0.98%、0.97%和0.46%；无成分股被剔除。调整后成分股数量扩容，由55只增加至58只。此外，由于恒指成分股权重上限统一设定为8%，因此友邦保险和腾讯控股权重分别下调2.24ppt和1.38ppt，而美团和阿里巴巴则作为同股不同权和二次上市公司，突破5%的原有上限，分别上升3.43ppt和1.74ppt至7.71%至7.33%。2) 恒生国企：此次纳入比亚迪股份和恒大物业2家公司，纳入权重分别为1.43%和0.67%，同时剔除3家公司，为中国铁塔、粤海投资和中国联通，剔除前权重分别为0.59%、0.42%和0.34%。调整后成分股由51只重置至50支。此外，权重变化较大还有美团－W（增加3.64ppt至8%）和阿里巴巴（增加2.31ppt至8%），主要受益于国企指数同样也将二次上市和同股不同权公司权重上限由5%提升至8%。3) 恒生科技：纳入汽车之家－S和哔哩哔哩－SW 2家公司，剔除中兴通讯、鸿腾精密和祖龙娱乐。成分股数量由31支重置为30支。其中权重变化较大的快手、哔哩哔哩和美团分别增加1.37%、1.27%和1.17%；相反，中兴通讯、鸿腾精密和祖龙娱乐的权重从剔除前的0.15%、0.19%和0.75%分别降至0。上述纳入名单与我们此前预览的结果存在部分差异，《恒指季度调整预览：关注系统性优化后的新面貌》），主要原因在于尽管上市被纳入公司都在我们根据量化标准筛选的长名单里，但最终筛选的纳入短名单却无据可循，部分是根据恒生指数调整委员会的主观选择，因此存在加大的预测难度。此外，此次适逢恒指系统性优化后的首次调整，新调整标准的变化也会带来一定影响，如最终成分股个数。潜在被动资金流向影响：关注对碧桂园服务、恒大物业等正面影响；以及友邦、粤海投资的负面冲击基于当前Bloomberg汇总，追踪恒生指数的ETF资金规模约为221亿美元，追踪国企指数和恒生科技指数的ETF资金规模分别约为49亿美元和5亿美元。结合上述成分股权重变化，我们测算了其潜在被动资金流向。进一步结合个股过去3个月日均成交额，便可以测算被动资金变化可能带来的影响：1) 恒生指数：被动资金流入所需时间最多的碧桂园服务、比亚迪、信义光能、美团、阿里巴巴，预计需要2.5至0.5天不等；所需交易被动资金流出中，预计友邦保险、新鸿基地产和汇丰控股分别需要1.8、0.8和0.7天。2) 恒生国企：被动资金流入所需时间最多的恒大物业和比亚迪，预计交易时间为1.8和0.3天；所需交易被动资金流出中，粤海投资、中国铁塔和中国联通所需要的交易资金流出时间最长，在1至0.4天左右。3) 恒生科技：预计快手、哔哩哔哩和美团－W将出现659万、611万和563万美元的资金流入；小米、阿里巴巴和中兴通讯预计将出现775万、443万和361万美元资金流出。潜在流入和流出所需交易平均在0.1天左右。图表：追踪恒生指数、恒生国企指数和恒生科技指数的ETF基金规模资料来源：Bloomberg，中金公司研究部；数据截止至2021年5月21日图表：恒生指数调整与潜在被动资金流向测算资料来源：Bloomberg，中金公司研究部；注：灰色为此次新纳入；蓝色为调出；数据截止至2021年5月21日；预测值为Bloomberg一致预期图表：国企指数调整与资金流向资料来源：Bloomberg，中金公司研究部；注：灰色为此次新纳入；蓝色为调出；数据截止至2021年5月21日；预测值为Bloomberg一致预期图表：恒生科技指数调整与资金流向资料来源：Bloomberg，中金公司研究部；注：灰色为此次新纳入；蓝色为调出；数据截止至2021年5月21日；预测值为Bloomberg一致预期恒生指数新面貌：系统优化“初试牛刀”1) 恒生指数扩容：根据恒指公司3月发布的咨询结果，2022年中前成分股数将由目前的55只增至80只，最终远期目标为100只。此次恒指调整成分股由55只小幅增加至58只，可能是避免一次性冲击过大，但扩容趋势已经显现。2) 行业代表性提升：参照恒指公司的对行业分类，即7个行业组，我们发现地产建筑业、其他和非必需及必需性消费板块（工业、能源业、原材料业和综合企业）覆盖度此次均有所提升，覆盖度分别增加4.0ppt、2.7ppt和2.0ppt至40.5%、32.6%和35.3%。对照恒指公司在咨询意见中给出的模拟结果，此次调整后的各行业覆盖度仍有较大差距，主要是由于成分股数量还远低于目标所致，不过进一步优化的大方向仍将得到体现，我们预计新经济占比将进一步提升。图表：恒指优化调整后，非必需及必需性消费和地产建筑业以及其他板块的行业市场覆盖度有所提升资料来源：Bloomberg，Wind，中金公司研究部图表：同时，资讯科技业在恒指中的比重较调整前将有明显提升资料来源：Bloomberg，Wind，中金公司研究部3) 龙头公司权重调整：此次调整统一将恒生和国企指数成分股上限改为8%（调整前普通成分股上限为10%，但二次上市和同股不同权公司的上限为5%），我们注意到恒指中友邦保险和腾讯控股权重有所下调，而美团和阿里巴巴有所上调。在恒生国企指数中，美团和阿里巴巴权重上限同样得到提升。综合来看，在上述系统优化后，恒生和国企指数的新经济板块占比均有所提升。具体来看，恒生和国企指数的新经济板块占比分别从调整前的40.2%和55.1%提升至44.3%和58%，尤其是可选消费板块，其权重分别从15.6%和18.6%大幅提升至21.4%和25.4%。图表：恒生指数优化后新经济占比在40%的基础上进一步提升至44%资料来源：Bloomberg，Wind，中金公司研究部图表：同时，恒生国企指数调整后新经济比重也进一步提升，占比达到58%资料来源：Bloomberg，Wind，中金公司研究部港股通调整：3家公司可能符合港股通纳入条件由于此次是季度指数调整，因此对于每半年度调整一次的恒生综合指数而言，只有符合快速纳入机制的股票才考虑纳入。具体而言，此次有4家公司纳入指数，分别为医渡科技、心通医疗－B、汽车之家－S和诺辉健康－B；无标的剔除。根据指数公司公布的恒生综指的调整情况，并结合港股通纳入的额外要求，医渡科技、心通医疗－B和诺辉健康－B这3家公司可能符合被纳入港股通投资范围的条件；而汽车之家－S由于是二次上市公司，因此尚不符合沪港通纳入标准。图表：因恒生综指调整可能带来的港股通投资范围调整资料来源：Bloomberg，中金公司研究部；数据截止至2021年5月21日；预测值为Bloomberg一致预期时间表：指数和沪港通调整6月7日生效时间安排上，上述指数调整结果将于6月7日（星期一）正式实施。在此期间，部分主动型资金仍不排除会根据调整公布结果采取一定的套利操作，但被动资金为了最大程度上减少追踪误差将选择在生效前一个交易日（即6月4日）调仓。届时相关股票成交或将会出现远大于平时的“异常放量”情形，特别是在尾盘。在6月7日指数调整生效后，上海与深圳交易所会在随后（具体时间视交易所公布而定）以此为依据相应调整沪深港通的可投资标的范围。","news_type":1,"symbols_score_info":{"513600":0.9,"02833":0.9,"002594":0.9,"01211":0.9,"HHImain":0.9,"HSImain":0.9,"MHImain":0.9,"MCHmain":0.9,"06098":0.9}},"isVote":1,"tweetType":1,"viewCount":1292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194733911,"gmtCreate":1621399458433,"gmtModify":1704357004794,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/194733911","repostId":"312925574","repostType":1,"isVote":1,"tweetType":1,"viewCount":1251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192765553,"gmtCreate":1621231928972,"gmtModify":1704354333613,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192765553","repostId":"1177886120","repostType":4,"isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192765178,"gmtCreate":1621231901394,"gmtModify":1704354333936,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192765178","repostId":"1140629708","repostType":4,"repost":{"id":"1140629708","kind":"news","pubTimestamp":1621229856,"share":"https://ttm.financial/m/news/1140629708?lang=en_US&edition=fundamental","pubTime":"2021-05-17 13:37","market":"us","language":"zh","title":"Tesla's sales in April \"halved\", can it still turn over in May?","url":"https://stock-news.laohu8.com/highlight/detail?id=1140629708","media":"上游新闻","summary":"国内自主品牌的新能源汽车正呈现多元化。","content":"<p>The sales volume of new energy vehicles in April has been released. In this month when the \"brakes\" are frequently out of control, the \"sales crown\"<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Finally, it was pulled down from the \"altar\" and replaced by the national divine car Wuling Hongguang MINI EV. Recently, according to the latest sales data released by the Passenger Car Association, the sales volume of Tesla Model 3 in April was 6,264 units, up 72.3% year-on-year, second only to Hongguang MINIEV. However, compared with 25,327 units in March, this decline does make Tesla a little \"ugly\".</p><p><b>Tesla's April sales \"cut in half\"</b></p><p>Although Tesla Model 3 still occupied the second position in the sales of new energy vehicles in April, it was less than 4,000 units away from Hongguang MINIEV, and even it caught up with Volkswagen Magotan in the car sales list and came to the 8th place, but it is still difficult to hide the reality that its sales were \"halved\". Tesla Model 3 sales in April were 6264 units, down 75.26% from the previous month.</p><p>Similarly, Tesla Model Y, which had just achieved localization at the beginning of this year, was \"a flash in the pan\" after ranking third on the list with 10,151 units in March. Its April sales volume was only 5,407 units, down nearly 50% from the previous month, and it fell directly to sixth place on the list.</p><p><b>Ideal 'narrowly beats' Tesla</b></p><p>Recently, Wuling Hongguang MINI EV, which has been firmly in the \"sales crown\", is not a real rival of Tesla in terms of price, positioning or model. Always \"hard-carrying\" Tesla<a href=\"https://laohu8.com/S/NIO\">Nio</a>New car-making forces, such as Ideal and XPeng, have not been able to break through. This April, though, things changed.</p><p>Ideally, he finally put his rival Tesla Model Y off the ring and won the sales championship of new energy SUVs in April. Ideal's Ideal ONE model sold 5,539 units in April; While Tesla Model Y sold 5,407 units, Ideal \"narrowly defeated\" Tesla by a narrow margin.</p><p>In this regard, Li Xiang, the ideal founder, expressed his attitude very openly while he was happy: \"The core reason is the adjustment of Tesla's production line, and Y will be the first again next month.\"</p><p>New energy vehicles of domestic independent brands are diversifying.</p><p>According to the data, Nio ES6 sold 3,163 units in April, and Nezha V sold 3,846 units. Kelaiwei Automobile, a subsidiary of SAIC Roewe, made the list with 4,130 units, a year-on-year increase of 629.7%, and Benben EV of Changan New Energy made the list with 3,826 units, a year-on-year increase of 977.7%, and its future potential should not be underestimated.</p><p>In addition, Tesla's decline has also made<a href=\"https://laohu8.com/S/002594\">BYD</a>The Han EV took advantage of the momentum and finished third on the list with 5,746 units. BYD Qin PLUS DMi also entered the list for the first time, with a monthly sales volume of 3,603 units. In addition, BYD e2 also ranked 15th on the list with an increase of 120.7% and monthly sales of nearly 3,000 units.</p><p><b>Tesla's Future Market Or Pretty \"Twisty\"</b></p><p>Regarding the decline of Tesla's sales, Tesla officials said that because the Model Y production line of Shanghai Gigafactory stopped production for two weeks in April to upgrade the production line equipment, the sales fluctuated.</p><p>However, at the Shanghai Auto Show, which opened on April 19th, Tesla owners' rights protection incidents kept fermenting. The problem of failing brakes in the Model 3 has been pushed to the forefront again. In addition, Tesla's tough handling method and inadequate communication with car owners have led to huge public opinion pressure. As the incident occurred until the fermentation was at the end of April, in fact, the impact on the sales of Model 3 in April has not yet fully appeared.</p><p>At the same time, as the first wholly-owned car company in China to build a factory, Tesla not only meets the needs of the Chinese consumer market, but also plans to build a super factory in Shanghai into a global export center. Previously, Tesla planned to bid for about 40 hectares of new land near the factory to expand the factory, expanding its annual production capacity by 200,000 to 300,000 vehicles. However, it is reported that Tesla did not participate in the bidding of the new land in March this year, which also indicates that Tesla pressed the pause button on the factory expansion plan.</p><p>The industry believes that with the further fermentation of the rights protection incident at the Shanghai Auto Show, the decline of brand reputation, the tense international situation, the increase of competing models, frequent price adjustments and other factors, Tesla's market performance in May and the future will be very \"tortuous\".</p>","source":"lsy1577949409141","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>Tesla's sales in April \"halved\", can it still turn over in May?</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\">\nTesla's sales in April \"halved\", can it still turn over in May?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上游新闻</strong><span class=\"h-time small\">2021-05-17 13:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The sales volume of new energy vehicles in April has been released. In this month when the \"brakes\" are frequently out of control, the \"sales crown\"<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Finally, it was pulled down from the \"altar\" and replaced by the national divine car Wuling Hongguang MINI EV. Recently, according to the latest sales data released by the Passenger Car Association, the sales volume of Tesla Model 3 in April was 6,264 units, up 72.3% year-on-year, second only to Hongguang MINIEV. However, compared with 25,327 units in March, this decline does make Tesla a little \"ugly\".</p><p><b>Tesla's April sales \"cut in half\"</b></p><p>Although Tesla Model 3 still occupied the second position in the sales of new energy vehicles in April, it was less than 4,000 units away from Hongguang MINIEV, and even it caught up with Volkswagen Magotan in the car sales list and came to the 8th place, but it is still difficult to hide the reality that its sales were \"halved\". Tesla Model 3 sales in April were 6264 units, down 75.26% from the previous month.</p><p>Similarly, Tesla Model Y, which had just achieved localization at the beginning of this year, was \"a flash in the pan\" after ranking third on the list with 10,151 units in March. Its April sales volume was only 5,407 units, down nearly 50% from the previous month, and it fell directly to sixth place on the list.</p><p><b>Ideal 'narrowly beats' Tesla</b></p><p>Recently, Wuling Hongguang MINI EV, which has been firmly in the \"sales crown\", is not a real rival of Tesla in terms of price, positioning or model. Always \"hard-carrying\" Tesla<a href=\"https://laohu8.com/S/NIO\">Nio</a>New car-making forces, such as Ideal and XPeng, have not been able to break through. This April, though, things changed.</p><p>Ideally, he finally put his rival Tesla Model Y off the ring and won the sales championship of new energy SUVs in April. Ideal's Ideal ONE model sold 5,539 units in April; While Tesla Model Y sold 5,407 units, Ideal \"narrowly defeated\" Tesla by a narrow margin.</p><p>In this regard, Li Xiang, the ideal founder, expressed his attitude very openly while he was happy: \"The core reason is the adjustment of Tesla's production line, and Y will be the first again next month.\"</p><p>New energy vehicles of domestic independent brands are diversifying.</p><p>According to the data, Nio ES6 sold 3,163 units in April, and Nezha V sold 3,846 units. Kelaiwei Automobile, a subsidiary of SAIC Roewe, made the list with 4,130 units, a year-on-year increase of 629.7%, and Benben EV of Changan New Energy made the list with 3,826 units, a year-on-year increase of 977.7%, and its future potential should not be underestimated.</p><p>In addition, Tesla's decline has also made<a href=\"https://laohu8.com/S/002594\">BYD</a>The Han EV took advantage of the momentum and finished third on the list with 5,746 units. BYD Qin PLUS DMi also entered the list for the first time, with a monthly sales volume of 3,603 units. In addition, BYD e2 also ranked 15th on the list with an increase of 120.7% and monthly sales of nearly 3,000 units.</p><p><b>Tesla's Future Market Or Pretty \"Twisty\"</b></p><p>Regarding the decline of Tesla's sales, Tesla officials said that because the Model Y production line of Shanghai Gigafactory stopped production for two weeks in April to upgrade the production line equipment, the sales fluctuated.</p><p>However, at the Shanghai Auto Show, which opened on April 19th, Tesla owners' rights protection incidents kept fermenting. The problem of failing brakes in the Model 3 has been pushed to the forefront again. In addition, Tesla's tough handling method and inadequate communication with car owners have led to huge public opinion pressure. As the incident occurred until the fermentation was at the end of April, in fact, the impact on the sales of Model 3 in April has not yet fully appeared.</p><p>At the same time, as the first wholly-owned car company in China to build a factory, Tesla not only meets the needs of the Chinese consumer market, but also plans to build a super factory in Shanghai into a global export center. Previously, Tesla planned to bid for about 40 hectares of new land near the factory to expand the factory, expanding its annual production capacity by 200,000 to 300,000 vehicles. However, it is reported that Tesla did not participate in the bidding of the new land in March this year, which also indicates that Tesla pressed the pause button on the factory expansion plan.</p><p>The industry believes that with the further fermentation of the rights protection incident at the Shanghai Auto Show, the decline of brand reputation, the tense international situation, the increase of competing models, frequent price adjustments and other factors, Tesla's market performance in May and the future will be very \"tortuous\".</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.cqcb.com/wealth/2021-05-17/4141813_pc.html\">上游新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/577e499e898d722a6d935282f36956a3","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.cqcb.com/wealth/2021-05-17/4141813_pc.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140629708","content_text":"4月的新能源汽车销量出炉了，在这个“刹车”频频失控的月份，“销冠”特斯拉终于被拉下“神坛”，取而代之的是国民神车五菱宏光MINI EV。近日，根据乘联会公布的最新销量数据来看，4月特斯拉Model 3的销量为6264辆，同比上涨72.3%，仅次于宏光MINIEV，但相较于3月份25327辆来看，这样的降幅确实让特斯拉有点“难看”。\n特斯拉4月销量“腰斩”\n尽管特斯拉Model 3在4月依然占据新能源汽车销量第二的位置，距离宏光MINIEV只差了不到4000台，甚至其在轿车销量榜单中，赶超大众迈腾，来到了第8位，却仍然难以掩饰其销量“腰斩”的现实。4月特斯拉Model 3的销量为6264辆，环比下降了75.26%。\n同样，今年年初刚刚实现国产化的特斯拉Model Y，也在3月以10151辆的成绩位居榜单第三位后，“昙花一现”。其4月销量仅为5407辆，环比下降接近50%，直接跌到了榜单第6位。\n理想“险胜”特斯拉\n近期稳坐“销冠”的五菱宏光MINI EV，无论是价格、定位还是车型，并非特斯拉的真正对手。一直以来“硬扛”特斯拉的蔚来、理想、小鹏等造车新势力，也迟迟没能突围。不过，这个4月，情况出现了变化。\n理想，终于将自己的对手特斯拉Model Y打下擂台，获得4月新能源SUV的销量冠军。理想旗下的理想ONE车型在4月份销量5539辆；而特斯拉Model Y的销量5407辆，理想以微弱差距“险胜”特斯拉。\n对此，理想创始人李想在开心之余也十分开明地表明了自己的态度：“核心原因是特斯拉的生产线调整，下个月Y又是第一了。”\n国内自主品牌的新能源汽车正呈现多元化。\n数据显示，蔚来ES6的4月销量3163辆，哪吒V的销量3846辆也都紧追不舍。上汽荣威旗下的柯莱威汽车以4130辆，同比增长629.7%，长安新能源的奔奔EV以3826辆，同比增长977.7%的巨大增幅，跻身榜单，未来潜力也不容小觑。\n另外，特斯拉的下滑，也让比亚迪汉EV乘势而起，以5746辆的成绩位居榜单第三位。而比亚迪秦PLUS DMi也首次入榜，单月销量达3603辆。此外，比亚迪e2也以120.7%的增幅，近3000辆的月销位居榜单第15位。\n特斯拉未来市场或相当“曲折”\n对于特斯拉销量的下滑，特斯拉官方表示，因上海超级工厂Model Y生产线在4月份停产两周升级产线设备，对销量产生了波动。\n然而，4月19日开幕的上海车展上，特斯拉车主维权事件不断发酵。Model 3刹车失灵的问题又被推到了风口浪尖上。加之特斯拉强硬处理的方式，和车主沟通的不到位，导致其舆论压力也非常巨大。由于该事件发生至发酵的时间都是4月底，因而，其实对Model 3的4月销量影响尚未完全显现。\n同时，作为国内首个独资建厂的车企，特斯拉在上海建设超级工厂除了满足中国消费市场的需求外，也是计划将其打造为全球的出口中心。此前，特斯拉计划在工厂附近投标约40公顷的新土地以扩建工厂，将年产能扩增20万至30万辆。然而，据悉在今年3月份特斯拉并没有参加新土地的投标，这也表明着特斯拉对工厂扩建计划按下了暂停键。\n业内人士认为，随着上海车展维权事件的进一步发酵、品牌口碑下跌、国际形势紧张、竞品车型增多、频繁调价等多重因素影响下，特斯拉5月及未来的市场表现都会非常“曲折”。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1068,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196912436,"gmtCreate":1621004467625,"gmtModify":1704351889752,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[{"img":"https://static.tigerbbs.com/7eca02ddce76f88581dfda9475f2baf6","width":"1125","height":"2249"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/196912436","isVote":1,"tweetType":1,"viewCount":1892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":199646303,"gmtCreate":1620702535702,"gmtModify":1704347023763,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi???","listText":"Hi???","text":"Hi???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199646303","isVote":1,"tweetType":1,"viewCount":1472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199648403,"gmtCreate":1620702522902,"gmtModify":1704347023119,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi???","listText":"Hi???","text":"Hi???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199648403","isVote":1,"tweetType":1,"viewCount":1431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199669224,"gmtCreate":1620700361568,"gmtModify":1704346976471,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199669224","repostId":"2134265445","repostType":4,"isVote":1,"tweetType":1,"viewCount":1032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199669054,"gmtCreate":1620700341978,"gmtModify":1704346975823,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199669054","repostId":"2134663094","repostType":4,"isVote":1,"tweetType":1,"viewCount":728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":118870255,"gmtCreate":1622728987677,"gmtModify":1704189939948,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/118870255","repostId":"1164838585","repostType":4,"repost":{"id":"1164838585","kind":"news","pubTimestamp":1622725363,"share":"https://ttm.financial/m/news/1164838585?lang=en_US&edition=fundamental","pubTime":"2021-06-03 21:02","market":"us","language":"zh","title":"In-depth analysis: retail investors are turning high again. What are the incentives and consequences of this round of short-squeezing?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164838585","media":"格隆汇","summary":"这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。","content":"<p>On Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Once soared by 126%, several initial fuses, and as of the close, the increase was still as high as 95.5%;<a href=\"https://laohu8.com/S/BBBY\">3B Home Furnishing</a>Soared by more than 62%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Soared by more than 68%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose by more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It also increased by more than 13%.</p><p>The revival of WSB concept stocks means that after the shocking short-squeezing war of retail investors at the beginning of the year died, American retail investors made a comeback after several months.</p><p>Except this time, the protagonist at the center of the stage changed from Game Station to AMC. After yesterday's surge, AMC's market value has exceeded $30 billion, surpassing Game Station.<b>On that day, it ranked first in U.S. stocks with a trading volume of nearly $40 billion, three times that of second-place Tesla.</b></p><p><img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Across the ocean, we woke up only to stunning gains. But where we can't see it, retail investors are waving their flags, shorts are in a hurry, and bulls are fishing in troubled waters and quickly coming in and out.</p><p>This thrilling multi-party melee is no less than the revolution of the century at the beginning of the year.</p><p><b>1 When the wind blows, it wrinkles a pool of spring water</b></p><p>Regarding the beginning of the great war, some say, it was because of a bucket of popcorn.</p><p>On Wednesday, AMC CEO Adam Aron said in Life, \"With AMC Investor Connect, good relationships can continue with millions of retail shareholders. After all, these are the people who own AMC, and I work for them.\"</p><p>Therefore, AMC has customized a plan called \"AMC Investor Connect\" for retail investors on its official website. Subscribed shareholders will receive exclusive offers including a box of free popcorn, discounted items and invitations to the showing, and can communicate directly with Aaron.</p><p><img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\"></p><p>But most of the old buddies on the WSB forum are desperados who \"die for money\",<b>For these people, a bucket of popcorn is far from worth their lives, and the only thing that can touch them is the real Dollar.</b></p><p>Some people also say that because of Wanda's departure, AMC, which regained its \"freedom\", can \"make the American film great again\".</p><p>On the morning of May 23rd, Wanda Group announced that the company had all withdrawn from the AMC board of directors. A notice put an end to the nine-year transnational marriage, and a total of 1.476 billion US dollars was withdrawn, more than double the initial investment of 700 million yuan.</p><p>But by Wednesday's close, AMC's market capitalization surged to $31.3 billion. Based on this estimate, Wanda made at least 2.5 billion dollars, or about 15.9 billion yuan.</p><p>Although Wanda makes less money, it can't be said to be a loss, and AMC's surge has nothing to do with Wanda's clearance.<b>In fact, within the week after Wanda's departure, AMC soared by 357%. But year-to-date, AMC's cumulative increase has exceeded 3000%.</b></p><p>Therefore, whether AMC rises or not has little to do with Wanda.</p><p>The real trigger for this surge was a financing announcement issued by AMC two days ago.</p><p>Before the market bell on June 1st, local time, AMC announced that it would issue 8.5 million Class A ordinary shares to Mudrick Capital Management, which would raise US$230.5 million. The additional issuance price was US$27.12/share, which was 3.8% higher than last Friday's closing price. According to the announcement, this financing will be used to acquire cinema assets, leasing and investment, and explore opportunities for deleveraging.</p><p>When the news came, investors were excited. After the opening of the day, the AMC cinema line was bought again, and the stock price soared all the way. It once rose by more than 28% in the intraday session, and the final closing increase was still as high as 22.66%. After the US stock market opened, the AMC cinema line continued to rise, rising by more than 18%.</p><p><img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\"></p><p>Mudrick Capital, which participated in this financing, is not an ordinary generation. This institution is an important shareholder of AMC Cinema. It made a large investment in AMC at the end of December last year and early January this year, helping the latter to avoid bankruptcy and liquidation.</p><p>In the first wave of retail frenzy at the beginning of the year, not only the continuous soaring stock price brought rich returns to Mudrick;<b>And it itself has made a profit of over $200 million by doing more debt and stock options of AMC cinemas and participating in the transaction of game stations.</b></p><p>This money-making institution showed off its operation again this time.</p><p>On June 1st, he just participated in the financing of AMC. On that day, Mudrick sold all his AMC cinema shares. Based on AMC's highest price of $33.53 on Tuesday, Mudrick can make a maximum profit of more than 320 million yuan in one day.</p><p>Mudrick's sudden defection did not quench the enthusiasm of retail investors to buy AMC aggressively, and the AMC rally followed by another small climax. Major shareholders have withdrawn, but retail investors still don't withdraw. Who gave them so much confidence?</p><p><b>2 Who wins, who loses, and who is next?</b></p><p>The hottest topics in the WSB forum range from Game Post to Dogecoin, and recently it became AMC. This is a \"professional stock trading forum\" with \"YOLO\" as the slogan and \"Stud\" as the code of action. After a tough battle, some users triumphantly showed their records.</p><p><img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\"></p><p>In this battle, AMC will definitely win by lying down. As the stock price rises, the value of CEO Aaron's shareholding rose from about $8 million at the beginning of the year to more than $220 million; Mudrick, the major shareholder who cashed out and left the market, made a whopping 320 million yuan a day; Of course, the retail investors who bought the earliest also made a lot of money.</p><p>So who is losing money?</p><p>The bears, of course. The data shows that since May 24th, institutions that short AMC have lost more than $1.8 billion, and the loss this year has exceeded $2.5 billion.</p><p>In the first five months of this year, the accumulated loss of Wall Street shorts who shorted the stocks of Game Station and AMC Cinema reached 9.25 billion USD, equivalent to nearly 60 billion RMB.</p><p>Shorting is a matter of willingness to admit defeat. The latest data from S3 Partners shows that more than 20% of the outstanding shares of AMC cinemas, or about 95 million shares, are shorted.</p><p><b>As the stock price rises, these hedge funds shorting AMC will keep losing money until they don't have enough margin and are forced to wind up and buy back shares from the market. This is called a short squeeze.</b></p><p><img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>Data Source: wind</p><p>Short liquidation, forced to become long, that is, when retail investors win a big win. At this time, sell the stock, and retail investors can maximize their benefits. Yesterday AMC jumped all the way up to $72.6, almost exceeding the highest exercise price of the option at $73.</p><p>So, this battle is not over yet.</p><p><b>If retail investors pull AMC stock above $73 again tonight, there will be another shorts to suffer.</b>Theoretically, these market makers had no hedges at that time, if the stock rose big enough to bankrupt a group of mid-sized market makers.</p><p>The question came. The wave of short-squeezing wars led by Game Station at the beginning of the year had already caused many short-sellers to suffer. Why did they still dare to do it? Like in the WSB forum: People call us retarded because we buy these stocks again and again, but why do those bears short them again and again?</p><p><img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\"></p><p><b>The reason why the big bosses on Wall Street are not optimistic about this stock is that AMC has been losing money for years.</b>From 2017 to 2020, AMC lost $487 million, $110 million, $150 million and $4.59 billion, respectively, and continued to lose $567 million in the first quarter of this year.</p><p>Under the asset-heavy mode, successive years of losses have made it debt-piled. At present, AMC's total liabilities reach USD 12.78 billion, of which current liabilities are USD 1.59 billion, while its book cash and cash equivalents are only USD 810 million, and its asset-liability ratio is as high as 121.8%.</p><p>At the same time, under the epidemic situation, AMC cinemas are also facing unfavorable factors such as shortening the window period of cinemas, reducing the number of released movies, closing cinemas, and attacking streaming media platforms.</p><p>Therefore, Mudrick said that the share price of AMC Cinema is obviously overvalued, and it is not a stock that can be invested in for a long time; Eric Handler, an analyst at MKM Partners, has a price target of only $1 per share for AMC.</p><p>It is common sense that analysts are not bullish on this stock. But,<b>The problem is that AMC has a total of 3.2 million individual investor shareholders, with retail investors holding 80% of the total share capital.</b></p><p>This means that, regardless of the fundamentals, as long as the stock hasn't been delisted, no matter how many Wall Street institutions sing short, if retail investors are united, the stock can go up forever.</p><p>\"Individual investors want to transform Wall Street by squeezing short sellers and hedge funds,\" said Bloomberg analyst Geetha Ranganathan.</p><p>Retail investors are enjoying the game of defeating Wall Street bigwigs, which is why AMC took off on a rocket.</p><p><b>3 Conclusion</b></p><p>The long-short game around AMC is not over yet, and whether its share price can reach the $73 mark tonight will become an important node.</p><p>At the same time, during the short-squeeze war, hedge funds have to sell some other stocks in exchange for liquidity, which will cause the whole US stock market to start a bloody storm again.</p><p>In the final analysis, it is also due to the fact that by the pandemic in 2020, the Federal Reserve's excessive currency issuance reached the highest level in history, and extremely low borrowing costs and overflow liquidity pushed up the prices of various assets.</p><p><b>The comeback of the WSB concept shows that the power of retail investors is still terrifying.</b>Last year, AMC once faced a bankruptcy crisis, but it survived the risks again and again, and its capital chain never broke. AMC's debt crisis has temporarily eased after the latest financing. Vaccines are gradually becoming popular, and the most severe moment of the epidemic is almost over.</p><p>AMC's prospects look bright, and coupled with the high enthusiasm of retail investors, this time, I'm afraid the short sellers will still not have good fruit to eat.</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>In-depth analysis: retail investors are turning high again. What are the incentives and consequences of this round of short-squeezing?</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\">\nIn-depth analysis: retail investors are turning high again. What are the incentives and consequences of this round of short-squeezing?\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\">2021-06-03 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Once soared by 126%, several initial fuses, and as of the close, the increase was still as high as 95.5%;<a href=\"https://laohu8.com/S/BBBY\">3B Home Furnishing</a>Soared by more than 62%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Soared by more than 68%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose by more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It also increased by more than 13%.</p><p>The revival of WSB concept stocks means that after the shocking short-squeezing war of retail investors at the beginning of the year died, American retail investors made a comeback after several months.</p><p>Except this time, the protagonist at the center of the stage changed from Game Station to AMC. After yesterday's surge, AMC's market value has exceeded $30 billion, surpassing Game Station.<b>On that day, it ranked first in U.S. stocks with a trading volume of nearly $40 billion, three times that of second-place Tesla.</b></p><p><img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Across the ocean, we woke up only to stunning gains. But where we can't see it, retail investors are waving their flags, shorts are in a hurry, and bulls are fishing in troubled waters and quickly coming in and out.</p><p>This thrilling multi-party melee is no less than the revolution of the century at the beginning of the year.</p><p><b>1 When the wind blows, it wrinkles a pool of spring water</b></p><p>Regarding the beginning of the great war, some say, it was because of a bucket of popcorn.</p><p>On Wednesday, AMC CEO Adam Aron said in Life, \"With AMC Investor Connect, good relationships can continue with millions of retail shareholders. After all, these are the people who own AMC, and I work for them.\"</p><p>Therefore, AMC has customized a plan called \"AMC Investor Connect\" for retail investors on its official website. Subscribed shareholders will receive exclusive offers including a box of free popcorn, discounted items and invitations to the showing, and can communicate directly with Aaron.</p><p><img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\"></p><p>But most of the old buddies on the WSB forum are desperados who \"die for money\",<b>For these people, a bucket of popcorn is far from worth their lives, and the only thing that can touch them is the real Dollar.</b></p><p>Some people also say that because of Wanda's departure, AMC, which regained its \"freedom\", can \"make the American film great again\".</p><p>On the morning of May 23rd, Wanda Group announced that the company had all withdrawn from the AMC board of directors. A notice put an end to the nine-year transnational marriage, and a total of 1.476 billion US dollars was withdrawn, more than double the initial investment of 700 million yuan.</p><p>But by Wednesday's close, AMC's market capitalization surged to $31.3 billion. Based on this estimate, Wanda made at least 2.5 billion dollars, or about 15.9 billion yuan.</p><p>Although Wanda makes less money, it can't be said to be a loss, and AMC's surge has nothing to do with Wanda's clearance.<b>In fact, within the week after Wanda's departure, AMC soared by 357%. But year-to-date, AMC's cumulative increase has exceeded 3000%.</b></p><p>Therefore, whether AMC rises or not has little to do with Wanda.</p><p>The real trigger for this surge was a financing announcement issued by AMC two days ago.</p><p>Before the market bell on June 1st, local time, AMC announced that it would issue 8.5 million Class A ordinary shares to Mudrick Capital Management, which would raise US$230.5 million. The additional issuance price was US$27.12/share, which was 3.8% higher than last Friday's closing price. According to the announcement, this financing will be used to acquire cinema assets, leasing and investment, and explore opportunities for deleveraging.</p><p>When the news came, investors were excited. After the opening of the day, the AMC cinema line was bought again, and the stock price soared all the way. It once rose by more than 28% in the intraday session, and the final closing increase was still as high as 22.66%. After the US stock market opened, the AMC cinema line continued to rise, rising by more than 18%.</p><p><img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\"></p><p>Mudrick Capital, which participated in this financing, is not an ordinary generation. This institution is an important shareholder of AMC Cinema. It made a large investment in AMC at the end of December last year and early January this year, helping the latter to avoid bankruptcy and liquidation.</p><p>In the first wave of retail frenzy at the beginning of the year, not only the continuous soaring stock price brought rich returns to Mudrick;<b>And it itself has made a profit of over $200 million by doing more debt and stock options of AMC cinemas and participating in the transaction of game stations.</b></p><p>This money-making institution showed off its operation again this time.</p><p>On June 1st, he just participated in the financing of AMC. On that day, Mudrick sold all his AMC cinema shares. Based on AMC's highest price of $33.53 on Tuesday, Mudrick can make a maximum profit of more than 320 million yuan in one day.</p><p>Mudrick's sudden defection did not quench the enthusiasm of retail investors to buy AMC aggressively, and the AMC rally followed by another small climax. Major shareholders have withdrawn, but retail investors still don't withdraw. Who gave them so much confidence?</p><p><b>2 Who wins, who loses, and who is next?</b></p><p>The hottest topics in the WSB forum range from Game Post to Dogecoin, and recently it became AMC. This is a \"professional stock trading forum\" with \"YOLO\" as the slogan and \"Stud\" as the code of action. After a tough battle, some users triumphantly showed their records.</p><p><img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\"></p><p>In this battle, AMC will definitely win by lying down. As the stock price rises, the value of CEO Aaron's shareholding rose from about $8 million at the beginning of the year to more than $220 million; Mudrick, the major shareholder who cashed out and left the market, made a whopping 320 million yuan a day; Of course, the retail investors who bought the earliest also made a lot of money.</p><p>So who is losing money?</p><p>The bears, of course. The data shows that since May 24th, institutions that short AMC have lost more than $1.8 billion, and the loss this year has exceeded $2.5 billion.</p><p>In the first five months of this year, the accumulated loss of Wall Street shorts who shorted the stocks of Game Station and AMC Cinema reached 9.25 billion USD, equivalent to nearly 60 billion RMB.</p><p>Shorting is a matter of willingness to admit defeat. The latest data from S3 Partners shows that more than 20% of the outstanding shares of AMC cinemas, or about 95 million shares, are shorted.</p><p><b>As the stock price rises, these hedge funds shorting AMC will keep losing money until they don't have enough margin and are forced to wind up and buy back shares from the market. This is called a short squeeze.</b></p><p><img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>Data Source: wind</p><p>Short liquidation, forced to become long, that is, when retail investors win a big win. At this time, sell the stock, and retail investors can maximize their benefits. Yesterday AMC jumped all the way up to $72.6, almost exceeding the highest exercise price of the option at $73.</p><p>So, this battle is not over yet.</p><p><b>If retail investors pull AMC stock above $73 again tonight, there will be another shorts to suffer.</b>Theoretically, these market makers had no hedges at that time, if the stock rose big enough to bankrupt a group of mid-sized market makers.</p><p>The question came. The wave of short-squeezing wars led by Game Station at the beginning of the year had already caused many short-sellers to suffer. Why did they still dare to do it? Like in the WSB forum: People call us retarded because we buy these stocks again and again, but why do those bears short them again and again?</p><p><img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\"></p><p><b>The reason why the big bosses on Wall Street are not optimistic about this stock is that AMC has been losing money for years.</b>From 2017 to 2020, AMC lost $487 million, $110 million, $150 million and $4.59 billion, respectively, and continued to lose $567 million in the first quarter of this year.</p><p>Under the asset-heavy mode, successive years of losses have made it debt-piled. At present, AMC's total liabilities reach USD 12.78 billion, of which current liabilities are USD 1.59 billion, while its book cash and cash equivalents are only USD 810 million, and its asset-liability ratio is as high as 121.8%.</p><p>At the same time, under the epidemic situation, AMC cinemas are also facing unfavorable factors such as shortening the window period of cinemas, reducing the number of released movies, closing cinemas, and attacking streaming media platforms.</p><p>Therefore, Mudrick said that the share price of AMC Cinema is obviously overvalued, and it is not a stock that can be invested in for a long time; Eric Handler, an analyst at MKM Partners, has a price target of only $1 per share for AMC.</p><p>It is common sense that analysts are not bullish on this stock. But,<b>The problem is that AMC has a total of 3.2 million individual investor shareholders, with retail investors holding 80% of the total share capital.</b></p><p>This means that, regardless of the fundamentals, as long as the stock hasn't been delisted, no matter how many Wall Street institutions sing short, if retail investors are united, the stock can go up forever.</p><p>\"Individual investors want to transform Wall Street by squeezing short sellers and hedge funds,\" said Bloomberg analyst Geetha Ranganathan.</p><p>Retail investors are enjoying the game of defeating Wall Street bigwigs, which is why AMC took off on a rocket.</p><p><b>3 Conclusion</b></p><p>The long-short game around AMC is not over yet, and whether its share price can reach the $73 mark tonight will become an important node.</p><p>At the same time, during the short-squeeze war, hedge funds have to sell some other stocks in exchange for liquidity, which will cause the whole US stock market to start a bloody storm again.</p><p>In the final analysis, it is also due to the fact that by the pandemic in 2020, the Federal Reserve's excessive currency issuance reached the highest level in history, and extremely low borrowing costs and overflow liquidity pushed up the prices of various assets.</p><p><b>The comeback of the WSB concept shows that the power of retail investors is still terrifying.</b>Last year, AMC once faced a bankruptcy crisis, but it survived the risks again and again, and its capital chain never broke. AMC's debt crisis has temporarily eased after the latest financing. Vaccines are gradually becoming popular, and the most severe moment of the epidemic is almost over.</p><p>AMC's prospects look bright, and coupled with the high enthusiasm of retail investors, this time, I'm afraid the short sellers will still not have good fruit to eat.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/468634\">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/8cc57ed9442c6dfb543a82e73ab36c48","relate_stocks":{"BB":"黑莓","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","EXPR":"Express, Inc.","KOSS":"高斯电子","GME":"游戏驿站"},"source_url":"https://www.gelonghui.com/p/468634","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1164838585","content_text":"周三，AMC院线一度暴涨126%，数次初次熔断，截至收盘涨幅仍高达95.5%；3B家居大涨超62%，高斯电子大涨超68%，黑莓涨超31%，Express涨38%，游戏驿站涨幅亦超过13%。WSB概念股的再次振作，意味着年初那场惊世骇俗的散户逼空大战偃旗息鼓后，时隔数月，美国散户们卷土重来。只不过这一次，舞台最中央的主角从游戏驿站换成了AMC。昨日大涨后，AMC的市值已突破300亿美元，超过游戏驿站。当天以近400亿美元的交易量排名美股第一，足足是第二名特斯拉的三倍。大洋彼岸的我们一觉醒来，只看到令人目瞪口呆的涨幅。但在我们看不到的地方，散户摇旗呐喊，空头手忙脚乱，还有多头浑水摸鱼快进快出。这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。1 风乍起，吹皱一池春水关于这场大战的开端，有人说，是因为一桶爆米花。周三，AMC首席执行官亚当·阿隆在生命中表示，“借助AMC Investor Connect，可以与数以百万计的散户股东继续保持良好关系。毕竟，这些人才是AMC的拥有者，而我为他们工作。”因此，AMC在其官网为散户投资者定制了名为“AMC Investor Connect”的计划。订阅股东将获得包括一盒免费爆米花、打折品和展映邀请等独家优惠，并可以与阿隆进行直接交流。但WSB论坛上的老哥们大多都是“人为财死”的亡命之徒，对这些人来说，一桶爆米花远远不值得他们为之卖命，能触动他们的只有实实在在的Dollar。也有人说，是因为万达的离场，重获“自由”的AMC才能“make the American film great again”。5月23日早间，万达集团发布消息，公司已全部退出AMC董事会。一纸通告给长达9年的跨国联姻画上了一个句号，并且累计回笼了14.76亿美元资金，相较最初7亿元的投入也赚了一倍有余。但截至周三收盘，AMC市值飙升至313亿美元。以此估算，万达至少少赚了25亿美元，约合159亿人民币。万达虽然少赚，但不能说亏，AMC的大涨也跟万达清仓无关。事实上，万达离场之后的一周内，AMC累计暴涨357%。但年初至今，AMC累计涨幅已经超过3000%。因此AMC涨不涨，跟万达关系不大。本次大涨真正的导火索，是AMC两天前发布的一则融资公告。当地时间6月1日盘前，AMC宣布向Mudrick Capital Management发行850万股A类普通股，将融资2.305亿美元，增发价格为27.12美元/股，较上周五的收盘价高出3.8%。公告显示，这笔融资将用于收购影院资产、租赁以及投资，并探索去杠杆化的机会。消息传来，股民振奋。当日开盘后再次大举买入AMC院线，股价一路高歌猛进，盘中一度大涨超28%，最终收盘涨幅仍高达22.66%，美股盘后，AMC院线继续拉升，大涨超18%。参与此次融资的Mudrick Capital可不是泛泛之辈，这家机构是AMC院线的重要股东，在去年12月底和今年1月初对AMC进行了大手笔投资，帮助后者避免了被破产清算。在年初的第一波散户狂潮中，不但连续飙升的股价给Mudrick带来了丰厚回报；并且它本身也通过做多AMC院线的债务和股票期权，并参与游戏驿站的交易，获利超2亿美元。这家会赚钱的机构，这次又狠狠秀了一把操作。6月1日刚刚参与了AMC的融资，当天盘中，Mudrick便抛售了其持有的所有AMC院线股份。按AMC周二最高价33.53美元计算，Mudrick一天以内最高可获利超过3.2亿人民币。Mudrick的突然倒戈并没有熄灭散户们大举买入AMC的热情，AMC涨势随之又来了一个小高潮。大股东都撤了散户们还不撤，是谁给了他们这么大的信心？2 谁嬴谁输，谁是下一个？WSB论坛最火的话题从游戏驿站到狗狗币，最近又变成了AMC。这是个以“YOLO”为口号，以“梭哈”为行动准则的“专业炒股论坛”，一场硬仗打下来，又有用户得意洋洋晒出了自己的战绩。这场大战，AMC肯定是躺赢。随着股价水涨船高，CEO阿隆持股价值从年初的约800万美元涨至超过2.2亿美元；套现离场的大股东Mudrick一天狂赚3.2亿人民币；最早买入的散户们当然也赚得盆满钵满。那么是谁亏了？当然还是空头们。数据显示，5月24日以来，做空AMC的机构累计损失超过18亿美元，今年以来的亏损额更是超过25亿美元。今年前5个月，做空游戏驿站、AMC院线两家公司股票的华尔街空头累计亏损达到了92.5亿美元，折合人民币接近600亿元。做空本就是愿赌服输的事，S3 Partners的最新数据显示，AMC院线有超过20%的流通股，即约9500万股被做空。随着股价上涨，这些做空AMC的对冲基金将不断亏损，直到没有足够的保证金，只能被迫清盘，从市场上买回股票。这就是所谓的逼空。数据来源：wind空头清盘、被迫变多头，也就是散户大获全胜之时。这时卖出股票，散户可以将利益最大化。昨天AMC一路跳涨，最高到72.6美元，几乎超过期权最高行权价73美元。所以说，这场战斗还没到结束的时候。如果今晚散户再次把AMC股价拉到73美元之上，那就又有空头要遭殃了。理论上，那时这些做市商已经没有了任何对冲手段，如果股票涨幅够大，足以让一批中型做市商破产。问题来了，年初那波以游戏驿站为首的逼空大战，已经让不少空头们吃足了苦头，为什么他们还敢干。就像WSB论坛中所言：人们骂我们是智障，因为我们一次又一次买这些股票，但为什么那些空头要一次又一次做空它们？华尔街的大佬们不看好这只股票的原因，在于AMC公司连年陷入亏损。2017年至2020年，AMC分别亏损4.87亿美元、1.1亿美元、1.5亿美元和45.9亿美元，今年一季度继续亏损5.67亿美元。重资产模式下，连年的亏损使其债台高筑。目前，AMC总负债规模达127.8亿美元，其中流动负债15.9亿美元，而其账面现金及现金等价物仅有8.1亿美元，资产负债率高达121.8%。同时，疫情之下，AMC院线还面临包括院线窗口期缩短、上映电影数量减少、影院关闭，和流媒体平台进攻等不利因素。因此Mudrick称，AMC院线股价被明显高估，它不是一只可以长期投资的股票；来自MKM Partners的分析师Eric Handler则对AMC给出了只有每股1美元的目标价。按常理来说，分析师们不看好这只股票再正常不过。不过，问题在于AMC总共有320万个人投资者股东，散户持股比例达到总股本的80%。这意味着，无论基本面如何，只要股票还没退市，哪怕再多华尔街机构唱空，如果散户们团结一致，这只股票就能永远涨下去。彭博分析师Geetha Ranganathan表示，“个人投资者希望通过挤压做空者和对冲基金来改造华尔街”。散户们对于战胜华尔街大佬们的游戏乐此不疲，这就是AMC坐上火箭升空的原因。3 结语围绕着AMC的多空博弈还没结束，今晚其股价能否拉上73美元关口将成为重要节点。与此同时，逼空大战时，对冲基金不得不抛售一些其它股票来换取流动性，这将使整个美股再次掀起血雨腥风。这一切归根结底，还要追究到2020年疫情时，美联储货币超发程度创下历史之最，极低的借贷成本和溢出的流动性推高了各种资产的价格所致。WSB概念卷土重来，彰显了散户们的力量依旧恐怖。去年AMC一度面临破产危机，但其一次次度过风险，资金链始终未曾断裂。最新一笔融资后，AMC的债务危机暂时缓解。疫苗渐渐普及，疫情最严峻的时刻也快要过去。AMC的前景看起来一片光明，再加上散户们昂扬的热情，这一次，空头们恐怕依然不会有好果子吃。","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9,"BB":0.9,"BBBY":0.9,"EXPR":0.9,"KOSS":0.9}},"isVote":1,"tweetType":1,"viewCount":3510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107815057,"gmtCreate":1620463499779,"gmtModify":1704344104341,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/107815057","repostId":"1178459103","repostType":4,"repost":{"id":"1178459103","kind":"news","pubTimestamp":1620462728,"share":"https://ttm.financial/m/news/1178459103?lang=en_US&edition=fundamental","pubTime":"2021-05-08 16:32","market":"us","language":"zh","title":"Reduce your holdings twice a week! Bezos flips $5 billion in Amazon stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1178459103","media":"华尔街见闻","summary":"摘要：目前，贝索斯持有的亚马逊股票依然超过10%，并以1920亿美元的身价位列世界首富，领先第二名马斯克的1840亿美元。\n\n一周之内，亚马逊创始人贝索斯连续两次减持股票，累计规模达到近50亿美元。\n","content":"<p>Abstract: At present, Bezos still holds more than 10% of Amazon stock, and ranks as the richest man in the world with a net worth of $192 billion, ahead of Musk's $184 billion in second place. Within a week, Amazon founder Bezos reduced his stock holdings twice in a row, with a cumulative scale of nearly $5 billion.</p><p>Bezos sold 739,032 shares of Amazon as planned, according to the latest filing disclosed by the Securities and Exchange Commission on Friday. He just reduced his holdings by the same amount earlier this week.</p><p>In 2020, Bezos cumulatively reduced its stock holdings by more than $10 billion three times in February, August, and November, respectively. According to this plan, Bezos will sell more than 2 million shares of Amazon in this round.</p><p>At present, Bezos still holds more than 10% of Amazon stock, and is the richest man in the world with a net worth of $192 billion, ahead of Musk's $184 billion in second place.</p><p>Amazon's share price jumped 76% last year, driven by the pandemic, and once rose more than 9% this year, but this year's gain has narrowed to 1.1% as of Friday due to the sharp drop in tech stocks last week.</p><p><img src=\"https://static.tigerbbs.com/61006c20a59fc1bee56fc7c55c684c89\" tg-width=\"873\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>How is Bezos going to use the huge wealth cashed out? Previously, a lot of the money cashed out by Bezos was invested by him in his airline Blue Origin. Last February, he also launched the Earth Fund, a charitable project, pledging to spend 10 billion in 10 years to fight global warming.</p><p>However, this time Bezos's money may be used for another important purpose-buying yachts. According to media reports, Amazon CEO Bezos recently customized a 127-meter-long super-large yacht from Dutch shipbuilder Ocean Company. At a cost of $500 million, the yacht is expected to be \"one of the best yachts in existence\".</p><p>Because the yacht was \"so big,\" Bezos also purportedly tailored a second, smaller \"support yacht,\" in which a helipad was also built, it said. Bezos's girlfriend, Lauren Sanchez, is a helicopter pilot, and Bezos also took flight lessons.</p><p>At the beginning of this year, Bezos announced that he would step down as CEO of Amazon before the end of this year, which will give him more time to devote to his other businesses, including Blue Origin, Washington Post and Earth Fund, etc.</p>","source":"highlight_wallstreetcn","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>Reduce your holdings twice a week! Bezos flips $5 billion in Amazon stock</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\">\nReduce your holdings twice a week! Bezos flips $5 billion in Amazon stock\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-05-08 16:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Abstract: At present, Bezos still holds more than 10% of Amazon stock, and ranks as the richest man in the world with a net worth of $192 billion, ahead of Musk's $184 billion in second place. Within a week, Amazon founder Bezos reduced his stock holdings twice in a row, with a cumulative scale of nearly $5 billion.</p><p>Bezos sold 739,032 shares of Amazon as planned, according to the latest filing disclosed by the Securities and Exchange Commission on Friday. He just reduced his holdings by the same amount earlier this week.</p><p>In 2020, Bezos cumulatively reduced its stock holdings by more than $10 billion three times in February, August, and November, respectively. According to this plan, Bezos will sell more than 2 million shares of Amazon in this round.</p><p>At present, Bezos still holds more than 10% of Amazon stock, and is the richest man in the world with a net worth of $192 billion, ahead of Musk's $184 billion in second place.</p><p>Amazon's share price jumped 76% last year, driven by the pandemic, and once rose more than 9% this year, but this year's gain has narrowed to 1.1% as of Friday due to the sharp drop in tech stocks last week.</p><p><img src=\"https://static.tigerbbs.com/61006c20a59fc1bee56fc7c55c684c89\" tg-width=\"873\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>How is Bezos going to use the huge wealth cashed out? Previously, a lot of the money cashed out by Bezos was invested by him in his airline Blue Origin. Last February, he also launched the Earth Fund, a charitable project, pledging to spend 10 billion in 10 years to fight global warming.</p><p>However, this time Bezos's money may be used for another important purpose-buying yachts. According to media reports, Amazon CEO Bezos recently customized a 127-meter-long super-large yacht from Dutch shipbuilder Ocean Company. At a cost of $500 million, the yacht is expected to be \"one of the best yachts in existence\".</p><p>Because the yacht was \"so big,\" Bezos also purportedly tailored a second, smaller \"support yacht,\" in which a helipad was also built, it said. Bezos's girlfriend, Lauren Sanchez, is a helicopter pilot, and Bezos also took flight lessons.</p><p>At the beginning of this year, Bezos announced that he would step down as CEO of Amazon before the end of this year, which will give him more time to devote to his other businesses, including Blue Origin, Washington Post and Earth Fund, etc.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3629823\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9dffe01d72356572c6df4fa7726ddb0c","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://wallstreetcn.com/articles/3629823","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1178459103","content_text":"摘要：目前，贝索斯持有的亚马逊股票依然超过10%，并以1920亿美元的身价位列世界首富，领先第二名马斯克的1840亿美元。\n\n一周之内，亚马逊创始人贝索斯连续两次减持股票，累计规模达到近50亿美元。\n据美国证监会周五披露的最新文件，贝索斯按计划出售了739032股亚马逊股票。本周早些时候，他刚刚减持了相同数量的股票。\n2020年，贝索斯分别于2月、8月和11月三次累计减持了超过100亿美元股票。而根据这次计划，贝索斯这轮将抛售200多万股亚马逊股票。\n目前，贝索斯持有的亚马逊股票依然超过10%，并以1920亿美元的身价位列世界首富，领先第二名马斯克的1840亿美元。\n去年，在疫情推动下，亚马逊股价大涨了76%，今年一度涨逾9%，但由于上周科技股大跌，截至周五，今年的涨幅已经收窄至1.1%。\n\n套现的巨额财富，贝索斯准备怎么用呢？此前，贝索斯套现的很多资金都被他投资于旗下的航空公司蓝色起源。去年2月，他还推出了慈善项目地球基金，承诺要10年花光100亿，应对全球气候变暖。\n不过这次贝索斯的钱可能还有一个重要用途——买游艇。据媒体报道，亚马逊CEO贝佐斯前不久从荷兰造船商海洋公司定制了一艘127米长的超大型游艇。这艘游艇造价5亿美元，有望成为\"现存最好的游艇之一\"。\n据称，由于这艘游艇“太大了”，以至于贝索斯还专门定制了第二艘规模较小的“支持游艇”，其中还建造了直升机停机坪。贝索斯的女友劳伦·桑切斯是一名直升机飞行员，贝索斯也上过飞行课。\n今年年初，贝索斯宣布将于今年年底前卸去亚马逊CEO一职，这将使他有更多时间投入他的其他业务中去，包括蓝色起源、华盛顿邮报和地球基金等等。","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104271300,"gmtCreate":1620395945900,"gmtModify":1704343098976,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/104271300","repostId":"2133050027","repostType":4,"repost":{"id":"2133050027","kind":"news","pubTimestamp":1620395795,"share":"https://ttm.financial/m/news/2133050027?lang=en_US&edition=fundamental","pubTime":"2021-05-07 21:56","market":"us","language":"zh","title":"Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders","url":"https://stock-news.laohu8.com/highlight/detail?id=2133050027","media":"36氪","summary":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入","content":"<p>Editor's note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, the most researched is Buffett's letter to shareholders. Besides, Amazon is a great Internet retail enterprise, and its leader Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letter to shareholders over the past 23 years, condenses the essence of the letter and shares it with Jun. This article was translated from Medium by Sumit Grrg under the original title \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\", I hope it inspires you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after receiving the 2019 IAF Award for Industrial Excellence on October 22, 2019 in Washington, D.C. Pictures : MANDEL NGAN/AFP/Getty Images</p><p>In the early 90s, few people had ever heard of the Internet. Jeff Bezos happens to be one of those who has heard the concept of the internet.</p><p>Bezos saw that the Internet was growing at a rate of 2,300 percent a year, and he decided he wanted to come up with a business idea to ride the wave. He made a list of products for sale online and soon locked in on books.</p><p>Bezos originally named his online bookstore Cadabra. But after just three months, he changed the name to Amazon, after the largest river on the planet and, naturally, the choice of the most people on the planet. While the company lives up to its name to this day, it has come a long way to get to where it is today. In the early days of his business, it took Bezos more than 50 meetings to raise $1 million from investors, and the most common question at these meetings was, \"What is the Internet?\"</p><p>Today, Amazon has a market capitalization of nearly $1.7 trillion. Jeff Bezos, who was recently overtaken by Elon Musk, has topped the list of the world's richest people for three consecutive years.</p><p>But for Bezos, the title of \"the world's richest man\" isn't that valuable, as he prefers to be called an inventor or an entrepreneur. He was right. The outgoing Amazon CEO is one of the best entrepreneurs in the world. Jeff Bezos has forever changed the way we shop, changing (and disrupting) multiple industries.</p><p>Over the past few years, I've read over and over every Bezos open letter to Amazon shareholders over those 23 years. These letters, in addition to providing us with a brief history of Amazon, also give us an insight into the people behind the massive internet business.</p><p>Here is a summary of the key takeaways from these letters.</p><p><b>1997: Pursuing long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon found a unique opportunity and began to offer customers a much larger selection of books than physical stores, \"and in a bookstore that is open 24 hours a day, 365 days a year, in a useful, easy-to-search and easy-to-browse format.\"</p><p>Amazon went public in 1997, and soon after Bezos wrote his first letter to shareholders, a letter that truly reflects his now-famous Day-1 mentality — a widely adopted principle in the startup world to always maintain the initial frenzy and passion for the business, as it did in the beginning days.</p><p>\"The network was, and still is, the world's wait.\"</p><p>Bezos aims for the long term, and he makes decisions and weighs trade-offs differently than most other business leaders:</p><p>Ongoing attention to customers.</p><p>Prioritize growth (scale), long-term market leadership and long-term profitability over short-term profitability. Amazon is looking to cement its market leadership amid a host of large entrants and stiff competition from the likes of book-selling giant Barnes & Noble.</p><p>Hire and retain talent, and the compensation structure emphasizes stock options rather than cash. Using \"interest-bound risk-sharing\" makes them think and act like masters.</p><p>Like a true visionary, Bezos was prescient from the start: \"Today, e-commerce saves customers money and time. Tomorrow, with personalization, it will accelerate the whole process of discovery.\"</p><p><b>1998: 3 Criteria to Consider When Recruiting</b></p><p>According to Bezos, setting high barriers when hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is the person you can learn from.</p><p>2. Will this person increase the average efficiency level of the team? The bar has to get higher and higher.</p><p>3. How likely is this person to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Good Enough Today, But It Could Get Better</b></p><p>\"The current online shopping experience is the worst. Now it's enough to attract 17 million users, but it's going to get better.\" With an eye on long-term success and business dominance, Bezos is determined to build a culture at Amazon that never settles.</p><p>After adding discounted music to its online retail offering in 1998, Amazon made a series of major moves in 1999, which included the introduction of zShops (now known as Marketplace), a trading platform that supported third-party sellers, and a \"one-click\" payment solution that revolutionized the way e-commerce checkout was done.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Whoops.\"</p><p>Although Amazon was one of the few internet companies to survive the dot-com bust, its stock price plunged to $6 from $116 at the peak of the dot-com bubble.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine, and in the long run, it is a weighing machine.\"</p><p>And Amazon, as Bezos put it in his letter to shareholders, is a \"company that wants to be weighed in\".</p><p>In a separate letter, he added: \"We don't celebrate a 10% share price increase the way we celebrate a great customer experience. A 10% share price increase doesn't make us 10% more intelligent, and conversely, we aren't 10% foolish when the share price falls. We want to be weighed in, and we've been trying to build a heavier company.\"</p><p><b>2001: Eliminating mistakes at the root</b></p><p>Bezos has introduced features like Look Inside the Book, a free program that allows authors and publishers to promote their books. Bezos highlighted Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve the convenience and experience of our customers also happens to be a huge driver of variable cost productivity: eliminating mistakes and missteps at the root.\" Because when you implement an eradication plan, you're not solving just one customer's problem, but you're solving it for every single customer. \"Eliminating the root causes of mistakes saves us money and saves customers customer time,\" Bezos said.</p><p><b>2002: What is good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales, in turn, drive higher profits, which is best for shareholders.</p><p><b>2003: Long-term investment, be the real master</b></p><p>\"I know a couple who rented out their house and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I guess it was a stop-gap measure and admittedly these tenants were terrible but no owner would be so short-sighted. Owners and tenants are different. And long-term thinking is both a necessary condition and a result of a true master.</p><p>\"Again, a lot of investors are actually short-term tenants who convert their portfolios very quickly and really just rent the shares they hold temporarily,\" Bezos added, again noting that his business rationale is to remain optimistic about the long-term vision.</p><p>In 2003, the seeds of cloud computing business Amazon Web Services (AWS) began to be planted at an executive retreat at Bezos's home. The business was originally invented to help Amazon solve its own problems, but it quickly became clear that every company wanted it. Today, AWS has dominated the public cloud market and become the company's biggest source of profit. A few years later, when commenting on the success of AWS, Bezos talked about this business miracle in his mind: \"We haven't encountered competitors with similar views for seven years. As a pioneer, if you are lucky, you can probably get a two-year lead. But it's incredible that no one can get a seven-year lead.\"</p><p><b>2004: Cash is King</b></p><p>\"Cash flow best explains a company's long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.\"</p><p>Free cash flow is why Amazon keeps going from strength to strength despite low margins, year after year. For ease of understanding, here's an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is a bit like profit, except that it doesn't assume that Amazon has to pay everything in the same time frame as it sells things. And because of the mechanics of Amazon's payment cycle, companies tend to receive money for selling things long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment after payment to suppliers, while Amazon pays suppliers on average 18 days after payment is received. \"</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos proposes two kinds of decisions that businesses must confront on a regular basis:</p><p>1. Decisions based on mathematics: Decisions that can be made with data, where \"there is a correct answer or a wrong answer, a better answer or a worse answer, and mathematics will tell us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"Although data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is little historical data to guide us, and forward-looking experiments are either impossible, unrealistic or no different from making decisions.\"</p><p>Bezos argues that \"any institution that is reluctant to endure controversy must limit its decision-making to the first type. But doing so will not only limit controversy, but also significantly limit innovation and long-term value creation.\" He advises businesses to \"combine their strong culture of quantification and analysis with a willingness to make bold decisions.\"</p><p>It is precisely because of the theme of boldness that 2005 is also the year of Amazon Prime. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free shipping buffet\". By 2018, Amazon will be the second largest paid membership program, behind Netflix. And Amazon Prime remains one of Amazon's most valuable and brand-recognized assets right now.</p><p><b>2006: Sowing the seeds for new business</b></p><p>Bezos recommends carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>What scale it can grow to.</p><p>Is the service in this market not in place yet?</p><p>Do you have the necessary ability to bring strong customer-facing differentiation to the market.</p><p>Bezos used the above factors to explain why Amazon has so far refused to open brick-and-mortar stores.</p><p>He said: \"The potential size of the brick-and-mortar store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the brick-and-mortar world is a cautious and age-old industry, and the services are already so well-established that we don't have any new ideas to build a brick-and-mortar store that customers feel better differentiated.\"</p><p>He added: \"When you see us moving into new areas of business, that's because we believe the above tests have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first brick-and-mortar bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>(Whole Foods), moving into grocery retail and opening Amazon Go convenience stores without cashiers.</p><p><b>2007: \"Preachers\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said: \"We set a long-term vision from the beginning: no matter which language, as long as it is a published book, users can read it in 60 seconds. We started by setting ourselves obviously very bold goals to improve physical books. This goal is not easily chosen. Nothing that exists in roughly the same form and has resisted change for 500 years can be easily improved.\"</p><p>As an inventor, Bezos says, you are either a mercenary or a preacher. The mercenaries were thinking about how to sell them. Missionaries love their own products, their own customers, and manage to make excellent service. But paradoxically, he says, \"it's often the missionaries who make more money.\" Products like Kindle can only be created by a pure enthusiasm and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope the Kindle and later products will take a few years to gradually extend the amount of time we can concentrate on reading, a buffer against the recent tendency to read bits and pieces of information. I know I sound like a preacher, and I can assure you I mean it from the heart. This is not my own idea. We have a large group of people in our company who also have this idea. I am very happy about that, because the commitment of the missionary helps us build better products. \"</p><p>But Bezos is also quick to admit that innovation won't wait for anyone. So, if you don't execute well enough or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the Company</b></p><p>\"Seek immediate gratification, or make promises that are out of reach, and chances are you'll find a bunch of people ahead of you,\" Bezos wrote. Long-term thinking, in turn, says:</p><p>Use our existing capabilities.</p><p>Allows us to do something new that we couldn't think about before.</p><p>The failures and iterations required to support the invention.</p><p>Frees us to explore unknown spaces.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to customers and innovate for them</b></p><p>Bezos defines Amazon's basic policy as: \"Start with customers and step back. Listen to customers, but don't just listen to customers, but invent for them.\"</p><p>Although his letter does not mention the now-obvious and infamous retort, \"If you can't beat them, buy each other.\" Zappos, an early footwear e-commerce giant, is an example. After finding it difficult to catch up with the former, Amazon directly acquired it.</p><p><b>2010: Inventing a New Approach</b></p><p>Inventions are essential tools for developing and improving all aspects of the customer experience. \"Although many of our systems are based on the latest achievements in computer science research, this is often not enough: our architects and engineers have to conduct further research in directions that have not yet been explored academically, and we face many problems that have not been solved in textbooks, so we are happy to invent new ways,\" Bezos wrote.</p><p>Enterprise Milestone: In July 2010, Amazon announced that three years after the launch of the Kindle, e-books had outsold physical books.</p><p><b>2011: The most radical inventions are those that \"make others pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace and Kindle Direct Publishing. \"When platforms are self-service, even unlikely ideas are tried, and a lot of them do work, and society is the beneficiary of this diversity.</p><p><b>2012: Prioritizing customers, not catching up with competitors</b></p><p>According to Bezos, one of the advantages of focusing on customer orientation is that \"it contributes to some type of initiative. When we are at our best, we don't have to wait for external pressure. Before we are forced to do it, we are pushed internally to improve our services, add benefits and features. We are reducing prices and adding value to our customers before we are forced to. We invented it before we had to. \"</p><p>He added: \"What motivates these investments is customer orientation rather than response to competition. We believe that this approach has earned more trust from customers and driven rapid improvements in customer experience – importantly – even in those areas where we have become leaders.\"</p><p><b>2013: Separation payments</b></p><p>Amazon pays employees a separation fee once a year. Although, the title of this offer is \"Please do not accept this invitation\". \"Our goal is to encourage people to take a moment to think about what they really want. In the long run, if an employee barely stays in the company, it's not only bad for himself, it's just as bad for the company.\"</p><p>In 2013, Bezos acquired \"for $250 million in cash from the Graham family<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, take action</b></p><p>According to Bezos, \"fantastic commercial products\" have at least four characteristics:</p><p>1. Customers love it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It may last for decades.</p><p>In 2014, Amazon introduced Fire TV and launched the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon unveiled its first and final smartphone, the Fire. The phone proved to be a huge failure, and Bezos spoke about the importance of failure.</p><p>\"If there's a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you'll still be wrong,\" Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added: \"We want to be a big company that is also inventing machines. We want to match the extraordinary customer service capabilities given by scale with the usual<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The combination of speed of action, flexibility and risk acceptance mentality. \"</p><p>Amazon also acquired video game streaming site Twitch this year. And Echo smart speakers are also rolled out all over the board just before the holiday season.</p><p><b>2016: Always Day One</b></p><p>\"Next day companies are stagnant and will immediately be followed by irrelevance, followed by a painful recession and then death,\" Bezos said. How can you avoid stepping into the next day? You can ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or do they serve you? Are you the master of the process, or is the process your master?</p><p>Are the world trends in your favor?</p><p>Are you satisfied only with the quality of decisions, or are you also focused on the speed of decisions?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you are wrong? Some decisions are irreversible and have to be made slowly and deliberately. But most decisions are reversible, and it's easy to make route corrections. It is important to determine which is which and not use a \"one size fits all\" approach.</p><p>2. After you have 70% of the information you wish to obtain, you should be able to make most decisions. If you have to wait until you have 90% mastery, you are slow. If you are good at route correction, the cost of making mistakes is less than slow decision-making.</p><p>3. Dare to advise and obey the overall situation. Bezos explained, \"If you are very sure about a particular direction, even if there is no consensus, it is helpful that you bring it up:\" I know everyone disagrees with this, but are you willing to bet with me? Disagree but obey? At this point, no one is sure they know the answer, and you may get everyone's agreement soon. \"</p><p>4. \"Sometimes teams have different goals and fundamentally different perspectives. They are not aligned, and no amount of discussion, no amount of meetings can solve this serious misalignment,\" Bezos wrote. Therefore, it is best to detect the misalignment problem early and pay attention to it immediately.</p><p><b>2017: Yesterday's \"wow\" quickly became today's \"ordinary\"</b></p><p>No matter how much customer requirements and expectations continue to rise, Amazon is always more or less ahead of the curve. Why is it? According to Bezos, the reason lies in their high standards.</p><p>Bezos believes that setting high standards is teachable, infectious, and domain-relevant, meaning you have to learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must know how difficult it will be to achieve your goals, or how much effort it will take.</p><p>According to Bezos, recognition and scope are the two most important principles of high-standard delivery.</p><p>Leaders relentlessly set high standards, which even many would consider ridiculously high. – Amazon Leadership Principles</p><p>PPT, for example, is nothing here at Amazon. Instead, their employees here have to write six pages of narrative structured memos and tell them. According to Bezos,</p><p>Good memos are written over and over again.</p><p>Also share with colleagues who are being asked to improve their work.</p><p>Set aside a few days and then re-edit with a new line of thought.</p><p>Bezos said: \"Poor memos are often not written by authors who fail to recognize what high standards are like, but false expectations of scope: They mistakenly think that a high-standard six-page memo can be written in a day or two or even a few hours, but it can actually take a week or more! They want to make a perfect handstand in just two weeks, and we didn't teach them well.\"</p><p>\"The point is that just teaching them the scope can improve the outcome – letting them know that a good memo can take a week or more,\" he said.</p><p>In 2017, Amazon acquired Whole Foods.</p><p><b>2018: The road to success is by no means smooth</b></p><p>Doing a business is sometimes like this, you know where to go, and you can get there very efficiently. However, those extremely large \"nonlinear\" discoveries may require you to take detours, relying on the guidance of intuition or curiosity. In order to find a way out, it is worth getting a little messy and a little stray.</p><p>\"Extra-large 'nonlinear' discoveries require detours.\"</p><p>In 2013, if you went to a customer and said to him, \"Do you want to have a black cylinder in the kitchen, about the size of a Pringles, that you can talk to and ask questions while also turning on the lights and playing music for you?\" I promise they'll look at you weirdly and say, \"No, thank you.\" No customer wants an Echo, \"Bezos explained.</p><p>\"It was definitely a detour that we took,\" he said.</p><p><b>2019: It's still day one</b></p><p>The letter from Bezos was written in April 2020, just as the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic as well as meeting growing demand, as consumers now rely more than ever on Amazon's services to get items delivered to their doors.</p><p>Bezos ends with a quote from Theodor Seuss Geisel, who says, \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this case, still maintain the day one mentality.\"</p>","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders</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\">\nHere's What I Learned After Reading 23 Years of Bezos Letter to Shareholders\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-05-07 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Editor's note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, the most researched is Buffett's letter to shareholders. Besides, Amazon is a great Internet retail enterprise, and its leader Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letter to shareholders over the past 23 years, condenses the essence of the letter and shares it with Jun. This article was translated from Medium by Sumit Grrg under the original title \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\", I hope it inspires you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after receiving the 2019 IAF Award for Industrial Excellence on October 22, 2019 in Washington, D.C. Pictures : MANDEL NGAN/AFP/Getty Images</p><p>In the early 90s, few people had ever heard of the Internet. Jeff Bezos happens to be one of those who has heard the concept of the internet.</p><p>Bezos saw that the Internet was growing at a rate of 2,300 percent a year, and he decided he wanted to come up with a business idea to ride the wave. He made a list of products for sale online and soon locked in on books.</p><p>Bezos originally named his online bookstore Cadabra. But after just three months, he changed the name to Amazon, after the largest river on the planet and, naturally, the choice of the most people on the planet. While the company lives up to its name to this day, it has come a long way to get to where it is today. In the early days of his business, it took Bezos more than 50 meetings to raise $1 million from investors, and the most common question at these meetings was, \"What is the Internet?\"</p><p>Today, Amazon has a market capitalization of nearly $1.7 trillion. Jeff Bezos, who was recently overtaken by Elon Musk, has topped the list of the world's richest people for three consecutive years.</p><p>But for Bezos, the title of \"the world's richest man\" isn't that valuable, as he prefers to be called an inventor or an entrepreneur. He was right. The outgoing Amazon CEO is one of the best entrepreneurs in the world. Jeff Bezos has forever changed the way we shop, changing (and disrupting) multiple industries.</p><p>Over the past few years, I've read over and over every Bezos open letter to Amazon shareholders over those 23 years. These letters, in addition to providing us with a brief history of Amazon, also give us an insight into the people behind the massive internet business.</p><p>Here is a summary of the key takeaways from these letters.</p><p><b>1997: Pursuing long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon found a unique opportunity and began to offer customers a much larger selection of books than physical stores, \"and in a bookstore that is open 24 hours a day, 365 days a year, in a useful, easy-to-search and easy-to-browse format.\"</p><p>Amazon went public in 1997, and soon after Bezos wrote his first letter to shareholders, a letter that truly reflects his now-famous Day-1 mentality — a widely adopted principle in the startup world to always maintain the initial frenzy and passion for the business, as it did in the beginning days.</p><p>\"The network was, and still is, the world's wait.\"</p><p>Bezos aims for the long term, and he makes decisions and weighs trade-offs differently than most other business leaders:</p><p>Ongoing attention to customers.</p><p>Prioritize growth (scale), long-term market leadership and long-term profitability over short-term profitability. Amazon is looking to cement its market leadership amid a host of large entrants and stiff competition from the likes of book-selling giant Barnes & Noble.</p><p>Hire and retain talent, and the compensation structure emphasizes stock options rather than cash. Using \"interest-bound risk-sharing\" makes them think and act like masters.</p><p>Like a true visionary, Bezos was prescient from the start: \"Today, e-commerce saves customers money and time. Tomorrow, with personalization, it will accelerate the whole process of discovery.\"</p><p><b>1998: 3 Criteria to Consider When Recruiting</b></p><p>According to Bezos, setting high barriers when hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is the person you can learn from.</p><p>2. Will this person increase the average efficiency level of the team? The bar has to get higher and higher.</p><p>3. How likely is this person to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Good Enough Today, But It Could Get Better</b></p><p>\"The current online shopping experience is the worst. Now it's enough to attract 17 million users, but it's going to get better.\" With an eye on long-term success and business dominance, Bezos is determined to build a culture at Amazon that never settles.</p><p>After adding discounted music to its online retail offering in 1998, Amazon made a series of major moves in 1999, which included the introduction of zShops (now known as Marketplace), a trading platform that supported third-party sellers, and a \"one-click\" payment solution that revolutionized the way e-commerce checkout was done.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Whoops.\"</p><p>Although Amazon was one of the few internet companies to survive the dot-com bust, its stock price plunged to $6 from $116 at the peak of the dot-com bubble.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine, and in the long run, it is a weighing machine.\"</p><p>And Amazon, as Bezos put it in his letter to shareholders, is a \"company that wants to be weighed in\".</p><p>In a separate letter, he added: \"We don't celebrate a 10% share price increase the way we celebrate a great customer experience. A 10% share price increase doesn't make us 10% more intelligent, and conversely, we aren't 10% foolish when the share price falls. We want to be weighed in, and we've been trying to build a heavier company.\"</p><p><b>2001: Eliminating mistakes at the root</b></p><p>Bezos has introduced features like Look Inside the Book, a free program that allows authors and publishers to promote their books. Bezos highlighted Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve the convenience and experience of our customers also happens to be a huge driver of variable cost productivity: eliminating mistakes and missteps at the root.\" Because when you implement an eradication plan, you're not solving just one customer's problem, but you're solving it for every single customer. \"Eliminating the root causes of mistakes saves us money and saves customers customer time,\" Bezos said.</p><p><b>2002: What is good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales, in turn, drive higher profits, which is best for shareholders.</p><p><b>2003: Long-term investment, be the real master</b></p><p>\"I know a couple who rented out their house and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I guess it was a stop-gap measure and admittedly these tenants were terrible but no owner would be so short-sighted. Owners and tenants are different. And long-term thinking is both a necessary condition and a result of a true master.</p><p>\"Again, a lot of investors are actually short-term tenants who convert their portfolios very quickly and really just rent the shares they hold temporarily,\" Bezos added, again noting that his business rationale is to remain optimistic about the long-term vision.</p><p>In 2003, the seeds of cloud computing business Amazon Web Services (AWS) began to be planted at an executive retreat at Bezos's home. The business was originally invented to help Amazon solve its own problems, but it quickly became clear that every company wanted it. Today, AWS has dominated the public cloud market and become the company's biggest source of profit. A few years later, when commenting on the success of AWS, Bezos talked about this business miracle in his mind: \"We haven't encountered competitors with similar views for seven years. As a pioneer, if you are lucky, you can probably get a two-year lead. But it's incredible that no one can get a seven-year lead.\"</p><p><b>2004: Cash is King</b></p><p>\"Cash flow best explains a company's long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.\"</p><p>Free cash flow is why Amazon keeps going from strength to strength despite low margins, year after year. For ease of understanding, here's an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is a bit like profit, except that it doesn't assume that Amazon has to pay everything in the same time frame as it sells things. And because of the mechanics of Amazon's payment cycle, companies tend to receive money for selling things long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment after payment to suppliers, while Amazon pays suppliers on average 18 days after payment is received. \"</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos proposes two kinds of decisions that businesses must confront on a regular basis:</p><p>1. Decisions based on mathematics: Decisions that can be made with data, where \"there is a correct answer or a wrong answer, a better answer or a worse answer, and mathematics will tell us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"Although data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is little historical data to guide us, and forward-looking experiments are either impossible, unrealistic or no different from making decisions.\"</p><p>Bezos argues that \"any institution that is reluctant to endure controversy must limit its decision-making to the first type. But doing so will not only limit controversy, but also significantly limit innovation and long-term value creation.\" He advises businesses to \"combine their strong culture of quantification and analysis with a willingness to make bold decisions.\"</p><p>It is precisely because of the theme of boldness that 2005 is also the year of Amazon Prime. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free shipping buffet\". By 2018, Amazon will be the second largest paid membership program, behind Netflix. And Amazon Prime remains one of Amazon's most valuable and brand-recognized assets right now.</p><p><b>2006: Sowing the seeds for new business</b></p><p>Bezos recommends carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>What scale it can grow to.</p><p>Is the service in this market not in place yet?</p><p>Do you have the necessary ability to bring strong customer-facing differentiation to the market.</p><p>Bezos used the above factors to explain why Amazon has so far refused to open brick-and-mortar stores.</p><p>He said: \"The potential size of the brick-and-mortar store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the brick-and-mortar world is a cautious and age-old industry, and the services are already so well-established that we don't have any new ideas to build a brick-and-mortar store that customers feel better differentiated.\"</p><p>He added: \"When you see us moving into new areas of business, that's because we believe the above tests have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first brick-and-mortar bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>(Whole Foods), moving into grocery retail and opening Amazon Go convenience stores without cashiers.</p><p><b>2007: \"Preachers\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said: \"We set a long-term vision from the beginning: no matter which language, as long as it is a published book, users can read it in 60 seconds. We started by setting ourselves obviously very bold goals to improve physical books. This goal is not easily chosen. Nothing that exists in roughly the same form and has resisted change for 500 years can be easily improved.\"</p><p>As an inventor, Bezos says, you are either a mercenary or a preacher. The mercenaries were thinking about how to sell them. Missionaries love their own products, their own customers, and manage to make excellent service. But paradoxically, he says, \"it's often the missionaries who make more money.\" Products like Kindle can only be created by a pure enthusiasm and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope the Kindle and later products will take a few years to gradually extend the amount of time we can concentrate on reading, a buffer against the recent tendency to read bits and pieces of information. I know I sound like a preacher, and I can assure you I mean it from the heart. This is not my own idea. We have a large group of people in our company who also have this idea. I am very happy about that, because the commitment of the missionary helps us build better products. \"</p><p>But Bezos is also quick to admit that innovation won't wait for anyone. So, if you don't execute well enough or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the Company</b></p><p>\"Seek immediate gratification, or make promises that are out of reach, and chances are you'll find a bunch of people ahead of you,\" Bezos wrote. Long-term thinking, in turn, says:</p><p>Use our existing capabilities.</p><p>Allows us to do something new that we couldn't think about before.</p><p>The failures and iterations required to support the invention.</p><p>Frees us to explore unknown spaces.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to customers and innovate for them</b></p><p>Bezos defines Amazon's basic policy as: \"Start with customers and step back. Listen to customers, but don't just listen to customers, but invent for them.\"</p><p>Although his letter does not mention the now-obvious and infamous retort, \"If you can't beat them, buy each other.\" Zappos, an early footwear e-commerce giant, is an example. After finding it difficult to catch up with the former, Amazon directly acquired it.</p><p><b>2010: Inventing a New Approach</b></p><p>Inventions are essential tools for developing and improving all aspects of the customer experience. \"Although many of our systems are based on the latest achievements in computer science research, this is often not enough: our architects and engineers have to conduct further research in directions that have not yet been explored academically, and we face many problems that have not been solved in textbooks, so we are happy to invent new ways,\" Bezos wrote.</p><p>Enterprise Milestone: In July 2010, Amazon announced that three years after the launch of the Kindle, e-books had outsold physical books.</p><p><b>2011: The most radical inventions are those that \"make others pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace and Kindle Direct Publishing. \"When platforms are self-service, even unlikely ideas are tried, and a lot of them do work, and society is the beneficiary of this diversity.</p><p><b>2012: Prioritizing customers, not catching up with competitors</b></p><p>According to Bezos, one of the advantages of focusing on customer orientation is that \"it contributes to some type of initiative. When we are at our best, we don't have to wait for external pressure. Before we are forced to do it, we are pushed internally to improve our services, add benefits and features. We are reducing prices and adding value to our customers before we are forced to. We invented it before we had to. \"</p><p>He added: \"What motivates these investments is customer orientation rather than response to competition. We believe that this approach has earned more trust from customers and driven rapid improvements in customer experience – importantly – even in those areas where we have become leaders.\"</p><p><b>2013: Separation payments</b></p><p>Amazon pays employees a separation fee once a year. Although, the title of this offer is \"Please do not accept this invitation\". \"Our goal is to encourage people to take a moment to think about what they really want. In the long run, if an employee barely stays in the company, it's not only bad for himself, it's just as bad for the company.\"</p><p>In 2013, Bezos acquired \"for $250 million in cash from the Graham family<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, take action</b></p><p>According to Bezos, \"fantastic commercial products\" have at least four characteristics:</p><p>1. Customers love it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It may last for decades.</p><p>In 2014, Amazon introduced Fire TV and launched the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon unveiled its first and final smartphone, the Fire. The phone proved to be a huge failure, and Bezos spoke about the importance of failure.</p><p>\"If there's a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you'll still be wrong,\" Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added: \"We want to be a big company that is also inventing machines. We want to match the extraordinary customer service capabilities given by scale with the usual<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The combination of speed of action, flexibility and risk acceptance mentality. \"</p><p>Amazon also acquired video game streaming site Twitch this year. And Echo smart speakers are also rolled out all over the board just before the holiday season.</p><p><b>2016: Always Day One</b></p><p>\"Next day companies are stagnant and will immediately be followed by irrelevance, followed by a painful recession and then death,\" Bezos said. How can you avoid stepping into the next day? You can ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or do they serve you? Are you the master of the process, or is the process your master?</p><p>Are the world trends in your favor?</p><p>Are you satisfied only with the quality of decisions, or are you also focused on the speed of decisions?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you are wrong? Some decisions are irreversible and have to be made slowly and deliberately. But most decisions are reversible, and it's easy to make route corrections. It is important to determine which is which and not use a \"one size fits all\" approach.</p><p>2. After you have 70% of the information you wish to obtain, you should be able to make most decisions. If you have to wait until you have 90% mastery, you are slow. If you are good at route correction, the cost of making mistakes is less than slow decision-making.</p><p>3. Dare to advise and obey the overall situation. Bezos explained, \"If you are very sure about a particular direction, even if there is no consensus, it is helpful that you bring it up:\" I know everyone disagrees with this, but are you willing to bet with me? Disagree but obey? At this point, no one is sure they know the answer, and you may get everyone's agreement soon. \"</p><p>4. \"Sometimes teams have different goals and fundamentally different perspectives. They are not aligned, and no amount of discussion, no amount of meetings can solve this serious misalignment,\" Bezos wrote. Therefore, it is best to detect the misalignment problem early and pay attention to it immediately.</p><p><b>2017: Yesterday's \"wow\" quickly became today's \"ordinary\"</b></p><p>No matter how much customer requirements and expectations continue to rise, Amazon is always more or less ahead of the curve. Why is it? According to Bezos, the reason lies in their high standards.</p><p>Bezos believes that setting high standards is teachable, infectious, and domain-relevant, meaning you have to learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must know how difficult it will be to achieve your goals, or how much effort it will take.</p><p>According to Bezos, recognition and scope are the two most important principles of high-standard delivery.</p><p>Leaders relentlessly set high standards, which even many would consider ridiculously high. – Amazon Leadership Principles</p><p>PPT, for example, is nothing here at Amazon. Instead, their employees here have to write six pages of narrative structured memos and tell them. According to Bezos,</p><p>Good memos are written over and over again.</p><p>Also share with colleagues who are being asked to improve their work.</p><p>Set aside a few days and then re-edit with a new line of thought.</p><p>Bezos said: \"Poor memos are often not written by authors who fail to recognize what high standards are like, but false expectations of scope: They mistakenly think that a high-standard six-page memo can be written in a day or two or even a few hours, but it can actually take a week or more! They want to make a perfect handstand in just two weeks, and we didn't teach them well.\"</p><p>\"The point is that just teaching them the scope can improve the outcome – letting them know that a good memo can take a week or more,\" he said.</p><p>In 2017, Amazon acquired Whole Foods.</p><p><b>2018: The road to success is by no means smooth</b></p><p>Doing a business is sometimes like this, you know where to go, and you can get there very efficiently. However, those extremely large \"nonlinear\" discoveries may require you to take detours, relying on the guidance of intuition or curiosity. In order to find a way out, it is worth getting a little messy and a little stray.</p><p>\"Extra-large 'nonlinear' discoveries require detours.\"</p><p>In 2013, if you went to a customer and said to him, \"Do you want to have a black cylinder in the kitchen, about the size of a Pringles, that you can talk to and ask questions while also turning on the lights and playing music for you?\" I promise they'll look at you weirdly and say, \"No, thank you.\" No customer wants an Echo, \"Bezos explained.</p><p>\"It was definitely a detour that we took,\" he said.</p><p><b>2019: It's still day one</b></p><p>The letter from Bezos was written in April 2020, just as the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic as well as meeting growing demand, as consumers now rely more than ever on Amazon's services to get items delivered to their doors.</p><p>Bezos ends with a quote from Theodor Seuss Geisel, who says, \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this case, still maintain the day one mentality.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9666a5b83e36990bd4e534d3ea5b2003","relate_stocks":{"AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133050027","content_text":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入研究。本文回顾了23年来贝索斯致股东的信，浓缩了信中的精华部分，与君分享。本文译自Medium，作者Sumit Grrg，原标题为\" Read 23 Years Worth of Jeff Bezos’ Amazon Shareholder Letters — Here’s What I Learned\"，希望对您有所启发。\n2019年10月22日，杰夫·贝索斯在华盛顿特区接受2019年国际宇航联合会卓越工业奖后发表讲话。图片:MANDEL NGAN/AFP/Getty Images\n在90年代初期，很少有人听说过互联网。杰夫·贝索斯(Jeff Bezos)恰好是听过互联网概念的人之一。\n贝索斯看到，互联网以每年2300%的速度增长，他决定要想出一个商业创意来驾驭这股浪潮。他列了一个网上销售产品的清单，很快就锁定了书籍。\n贝索斯最初将他的网上书店命名为Cadabra。但仅仅过了三个月，他就把名字改成了亚马逊（Amazon），以地球上最大的河流命名，自然也是地球上最多人的选择。虽然这家公司到今天也算名副其实，但它走了很长一段路才走到今天。在创业初期，贝索斯开了50多次会才从投资者那里筹集到100万美元，在这些会议中，最常见的问题是，“什么是互联网？”\n如今，亚马逊的市值接近1.7万亿美元。最近刚刚被埃隆·马斯克(Elon Musk)超越的杰夫·贝索斯，连续三年蝉联全球富豪榜榜首。\n但对于贝索斯来说，“世界首富”的头衔并没有那么有价值，因为他更喜欢被称为发明家或企业家。他是对的。这位即将卸任的亚马逊首席执行官是世界上最优秀的企业家之一。杰夫·贝索斯永远地改变了我们的购物方式，改变(并颠覆)了多个行业。\n在过去的几年里，我反复阅读了这23年来贝索斯的每一封致亚马逊股东公开信。这些信件除了为我们提供了亚马逊的简史之外，还让我们深入了解了这家庞大互联网企业背后的幕后操盘者。\n以下是这些信件中的关键要点总结。\n1997年：追求长期的领导力，而不是短期的获利能力\n通过在网上卖书，亚马逊发现了一个独特的机会，并开始为顾客提供比实体店多得多的图书选择，“而且是在一年365天一天24小时不打烊的书店里面，用一种有用的，易于搜索且易于浏览的格式呈现给顾客。”\n亚马逊于1997年上市，不久之后贝索斯就写了他的第一封致股东信，这封信真实地反映了他现在著名的第一天心态(Day-1心态)——这是一个被创业界广泛采用的原则，即要像一开始的日子那样，始终对企业保持最初的狂热和激情。\n“网络曾经是，现在仍然是，全世界的等待。”\n贝索斯的目标是长远，他在做决定和权衡取舍时的方式与其他大多数商业领袖不同：\n对客户的持续关注。\n优先考虑增长(规模)、长期市场领导地位和长期盈利能力，而不是短期盈利能力。亚马逊希望在众多大型进入者以及来自图书销售巨头Barnes & Noble等公司的激烈竞争中巩固其市场领导地位。\n雇佣并留住人才，薪酬结构偏重股票期权而不是现金，用“利益绑定风险共担”来让他们就必须像主人翁一样去思考与行动。\n就像一个真正的梦想家，贝索斯从一开始就有先见之明：“今天，电子商务为顾客节省了金钱和时间。明天，通过个性化，它将加速发现的整个过程。”\n1998：招聘时要考虑的3条标准\n贝索斯表示，在招聘时设置高门槛是亚马逊成功的最重要因素。在招聘会议上，他建议经理们考虑以下三个问题:\n1.  你会欣赏这个人吗？你敬佩的人是你可以向他学习的人。\n2.  这个人会提高团队的平均效率水平吗？门槛必须越来越高。\n3.  这个人在多大程度上有可能成为超级明星？大多数人都具备可以为其他所有人充实工作环境的独特的技能。\n1999年：今天已经足够好了，但它还可以变得更好\n“目前的网上购物体验是最糟糕的。现在它已经足够吸引1700万用户了，但它还会变得更好。”贝索斯着眼于长期的成功和商业统治地位，他决心在亚马逊建立一种永不安定的文化。\n在1998年将打折音乐加入其在线零售产品之后，亚马逊在1999年采取了一系列重大举措，其中包括引入支持第三方卖家的交易平台zShops（也就是现在的Marketplace），以及彻底改变了电子商务结帐方式的“一键式”付款解决方案。\n2000年：一家想要作为重量级的公司\n贝索斯今年的信以一个词开头：“哎呦。”\n尽管亚马逊是在互联网泡沫破灭后幸存下来的少数几家互联网公司之一，但其股价却从互联网泡沫顶峰时的116美元暴跌至6美元。\n为了解释股市崩盘带来的动荡，贝索斯借用了投资者本杰明·格雷厄姆(Benjamin Graham)的话，格雷厄姆曾说：“短期内，股市是一台投票机，从长远来看，它是一台称量机。”\n而亚马逊，正如贝索斯在给股东的信中所说，是一家“希望被称重的公司”。\n在另一封信中，他补充道：“我们不会像庆祝卓越的客户体验那样庆祝股价上涨10%。股价上涨10%不能让我们的智慧提高10％，反之，当股价下跌时，我们也不会愚蠢10%。我们想要被称重，我们一直在努力打造一个更重的公司。”\n2001年：从根源上消除错误\n贝索斯推出了“看书”(Look Inside the Book)等功能，这是一个免费程序，允许作者和出版商推广他们的书籍。贝索斯强调了亚马逊的努力，即永远改善客户体验，同时鼓励商家和小企业在其生态系统中蓬勃发展。\n贝索斯补充说：“我们为提高顾客的便利性和体验所做的最重要的事情之一，恰好也是可变成本生产率的巨大驱动力：从根本上消除错误和失误。”因为当你实施根除计划时，你解决的不只是一个客户的问题，而且也在为每一位客户解决问题。贝索斯说：“消除错误的根源可为我们节省金钱，并为客户节省客户时间。”\n2002年：对客户有利的，就是对股东有利的\n例如贝索斯坚持不断降低价格，以击败竞争对手，赢得顾客。从长远来看，销售额的增加反过来又会推动利润的增长，这对股东来说是最好的。\n2003年：长期投资，做真正的主人\n“我认识一对夫妇，他们把房子租了出去，搬进来的那一家人把圣诞树钉在了硬木地板上，而不是用树架。我想这是权宜之计，诚然，这些房客非常糟糕，但没有哪个业主会如此目光短浅。业主和租户是不同的。而长期思维既是真正主人的必要条件，也是其结果。\n贝索斯补充道：“同样，许多投资者实际上都是短期租户，他们的投资组合转换得非常之快，实际上只是租用他们暂时持有的股票。”贝索斯再次指出，他的商业理由是保持对长期愿景的乐观。\n2003年，在贝索斯家里举行的一次高管务虚会上，云计算业务Amazon Web Services（AWS）的种子开始种下。这项业务一开始是为了帮助亚马逊解决自己的问题而发明的，但情况很快变得很明显，每一家公司都想要它。现如今，AWS已经统治了公有云市场，成为该公司最大的利润来源。几年后，在点评AWS的成功时，贝索斯谈到了这个自己心目当中的商业奇迹：“整整七年我们都没有遇到有相似看法的竞争对手。作为先驱，如果幸运的话，你大概能获得两年的领先优势。但没有人能够获得长达7年的领先优势，这简直令人难以置信。”\n2004年：现金为王\n“现金流最能解释一家公司的长期股价。亚马逊有一个现金产生的运营周期，因为它周转迅速，在付款给供应商之前就能从客户那里收取款项。”\n自由现金流是亚马逊在低利润的情况下不断壮大的原因，年复一年。为了便于理解，以下是Vox的一段摘录，解释了“微利”是如何随着时间的推移而产生复利效应的：\n“自由现金流跟利润有点像，只是它不假定亚马逊必须在卖东西的同一时间范围内支付一切费用。而且由于亚马逊的付款周期的机制，公司往往在必须支付卖出的东西的费用之前很久就能收到卖出东西的钱。比方说，沃尔玛在向供应商付款后平均要用三天时间才能收到货款，而亚马逊在收到货款平均18天后才向供应商付款。”\n2005年：敢于做出大胆决定\n贝索斯提出了两种企业必须经常面对的决策：\n1.  基于数学的决策：可以用数据做出的决策，其中“有一个正确答案或错误答案，一个更好的答案或一个更坏的答案，数学会告诉我们哪个是哪个。这些决定仍然需要我们做出一些假设和判断，但最繁重的工作是由数学完成的。”\n2.  基于判断的决策：“虽然数据、分析和数学都起着作用，但这些决定的主要因素是判断。这种情况下几乎没有历史数据可以指导我们，而前瞻性的试验要么不可能，要么不切实际或者跟要做决定无异。”\n贝索斯认为，“任何不愿忍受争议的机构都必须把自己的决策限制在第一种类型。但这样做不仅会限制争议，还会显著限制创新和长期价值创造。”他建议企业“将其强大的量化和分析文化与大胆决策的意愿结合起来。”\n正是因为秉承了大胆这个主题，2005年也是Amazon Prime诞生之年。这一切都始于亚马逊的一名初级软件工程师提出的想法，为客户提供“快速、免费送货的自助餐”。到2018年时，亚马逊将成为第二大的付费会员计划，仅次于Netflix。而且Amazon Prime仍然是亚马逊目前最有价值，品牌知名度最高的资产之一。\n2006年：为新业务播下种子\n贝索斯建议，在对新业务进行投资之前，请先仔细评估一下这份检查清单：\n新的机会是否可以产生预期的资本回报。\n它可以发展到多大的规模。\n这个市场现在是不是服务还不到位。\n你是不是具备必要的能力把强大的面向客户的差异化引入到市场。\n贝索斯利用上述因素解释了为什么亚马逊到目前为止拒绝开设实体店。\n他说：“实体店网络的潜在规模令人兴奋。然而，我们不知道如何做到低资本和高回报。实体世界的零售是一个谨慎而古老的行业，服务已经非常完善，我们没有任何新想法来建立一个实体的商店，让客户感受到更好的差异化。”\n他补充道：“当你看到我们进入新的业务领域时，那是因为我们相信上述测试已经通过了。”\n直到2015年，亚马逊才开设自己的第一家实体书店。然后它将收购全食超市（Whole Foods），进军食品杂货零售领域，并开设没有收银员的Amazon Go便利店。\n2007年：“传教士”能制造出更好的产品\n2007年11月19日，亚马逊向世界推出了Kindle电子阅读器，重新定义了我们消费书籍的方式。\n贝索斯说：“我们从一开始就设定了长期愿景：无论哪种语言，只要是出版过的书，用户都能在60秒中读到。我们从给自己设定显然十分大胆的目标开始，去改进实体书。这个目标不是轻易选择出来的。任何以大致相同的形式存在，并且抵触改变已经有500年时间的事物，都不可能轻易就得到改善的。”\n贝索斯说，作为一个发明家，你要么是一个雇佣军，要么是一个传教士。雇佣军就想着怎么把东西卖掉。传教士却热爱自己的产品，自己的客户，并设法做出优质的服务。他说，但自相矛盾的是，“赚更多钱的往往是传教士。” 类似Kindle这样的产品唯有凭借着一股纯粹热情，自己真正相信，才能打造得出。\n“Kindle是专为长时间阅读而设计的。我们希望Kindle和其之后的产品能用几年的时间，逐渐地延长我们能专心阅读的时间，对最近盛行的阅读零碎信息的倾向有所缓冲。我知道我的语气像个传教士，我可以向您保证我是发自内心的。这并不是我一个人的想法，我们公司有一大帮人也有这想法。对此我很高兴，因为传教士的那种执着精神能帮助我们打造出更好的产品”\n不过贝索斯也很快承认，创新不会等待任何人。所以，如果你执行得不够好不够快的话，别人就会抓住机会。\n2008年：维护公司的长远利益\n贝索斯写道：“寻求即时的满足，或做出遥不可及的承诺，很可能你会发现已经有一帮人在前面了。”反过来，长期思维则：\n发挥我们现有的能力。\n允许我们做一些之前无法思考的新事情。\n支持发明所需的失败和迭代。\n解放我们去探索未知的空间。\n今年，亚马逊收购了Audible，后者现在是有声读物市场的领导者。\n2009年：倾听客户的心声，同时替他们去创新\n贝索斯对亚马逊的基本方针的定义是：“从客户开始，向后退。倾听顾客的意见，但不要只听顾客的意见，还要替他们去发明。”\n尽管他在信中并没有提到那句现在已显而易见，而且臭名昭著的反驳，“如果你没法打败它们，那就收购对方。”早期鞋类电商巨头Zappos就是例子。发现自己很难赶上前者之后，亚马逊直接就把它给收购了。\n2010年：发明新方法\n发明是发展和改善客户体验各个方面的基本工具。“虽然我们的许多系统都是基于计算机科学研究的最新成果，但这往往还不够：我们的构架师和工程师不得不在学术上还没探讨的方向进行进一步研究，我们面对很多问题在教科书上还没有给出解决方案，所以我们很高兴去发明新办法，”贝索斯写道。\n企业里程碑：2010年7月，亚马逊宣布，Kindle推出三年来，电子书的销量已经超过了实体书。\n2011年：最激进的发明是那些“能让别人追求自己梦想”的发明\n贝索斯说道：“就算是善意的看门人也会阻碍创新。”他强调了包括Amazon Web Services，Marketplace以及Kindle Direct Publishing在内的各种Amazon平台的自服务性。“当平台是自服务时，哪怕是不大可能的想法也会有人尝试，而且其中的很多想法确实是行得通的，而社会就是这种多样性的受益者。\n2012年：优先考虑客户，而不是追赶竞争对手\n贝索斯认为，聚焦于客户导向的优势之一是“这有助于某种类型的主动性。当我们处在最佳状态时，我们就不必等待外部施加压力。在我们被迫去做之前，内部就已经推动我们要改善服务，增加好处和功能了。我们在被迫之前就已经替客户降低价格和增加价值了。在不得不这样做之前我们就先发明了。”\n他补充道：“激励这些投资的是以顾客为导向而不是对竞争的反应。我们认为，这种做法赢得了客户更多的信任，并推动了客户体验的快速改善——重要的是——甚至在那些我们已经成为领导者的领域也是如此。”\n2013年：离职金\n亚马逊每年向员工支付一次离职费用。尽管，这个offer的标题是“请不要接受这个邀请”。“我们的目标是鼓励人们花点时间想想自己真正想要的是什么。从长期来看，如果员工勉强留在公司，不仅对他自己不好，对公司同样不利。”\n2013年，贝索斯以2.5亿美元现金从格雷厄姆家族手中收购了《华盛顿邮报》(The Washington Post)。\n2014年：当你找到一个梦幻的商机时，行动起来\n贝索斯认为，“梦幻般的商业产品”至少有四个特点：\n1.  客户喜欢它。\n2.  它可以发展到非常强大。\n3.  它的回报率很高。\n4.  有可能持续几十年。\n2014年，亚马逊推出了Fire TV，并推出了首款Echo智能音箱供用户选择。\n2015年：大赢家为众多实验买单\n今年，亚马逊推出了第一款也是最后一款智能手机Fire。这款手机被证明是一个巨大的失败，贝索斯谈到了失败的重要性。\n“如果有10%的机会获得100倍的回报，你应该每次都下注，这通常是对的。但十有八九你还是会错。”贝索斯写道。\n带着企业家的热情，他补充道：“我们希望成为一家同时也是发明机器的大公司。我们希望将规模所赋予的非凡客户服务能力，与通常创业公司才有的行动速度、灵活性和风险接受心态结合起来。”\n亚马逊今年还收购了视频游戏流媒体网站Twitch。而Echo智能音箱也正好赶在假日季之前全线铺开。\n2016：永远是第一天\n贝索斯说:“‘第二天’的公司是停滞的，会紧接着变得无关紧要，随后是痛苦的衰退，然后就是死亡。”怎么才能避免步入第二天？可以自问一下这几个简单的问题：\n你会让顾客满意吗？\n你是代理的牺牲品，还是它们为你服务？你是流程的主人，还是流程是你的主人？\n世界潮流对你有利吗？\n你只满足于决策的质量，还是也关注决策的速度？\n贝索斯详述了如何做出高质量、高速度的决策：\n1.如果你错了怎么办？有些决定是不可逆的，得慢慢地，深思熟虑地做决定。但是大多数的决策都是可逆的，是很容易做路线修正的。重要的是要确定哪个是哪个，而不要用“一刀切”的方法。\n2.在掌握了你希望获得的信息的70%之后，应该就可以做出大多数的决定了。如果你非要等到掌握了90％，那你就慢了。如果你擅长路线修正，那犯错的代价会比决策慢要小。\n3.敢于谏言，服从大局。贝索斯解释说：“如果你对特定方向十分确信，就算没有共识，你提出来也是有帮助的：“我知道大家都不同意这一点，但你们愿意跟我打赌吗？不同意但是服从？” 到了这个时候，没人敢肯定自己知道答案，这时候你可能很快就能得到大家的同意。”\n4.  “有时候团队有不同的目标和根本不同的观点。他们不一致，再多的讨论、再多的会议也无法解决这种严重的错位。,”贝索斯写道。因此，最好及早发现错位问题，并立即重视起来。\n2017：昨天的“哇”很快变成了今天的“平凡”\n不管客户要求和期望再怎么的不断提高，亚马逊总能多多少少赶在前头。为什么呢？按照贝索斯的说法，原因在于他们的高标准。\n贝索斯认为，设定高标准是可传授的，会感染的，而且是领域相关的，这意味着你必须在每个感兴趣的领域分别去学习高标准。要想达到高标准：\n1.  你必须知道什么是好的。\n2.  你的期望必须具有现实性，对实现目标的难度，或者需要付出多少努力要心中有数。\n根据贝索斯的说法，识别和范围是高标准交付的两个最重要的原则。\n领导者不懈制定高标准，甚至很多人会认为这些标准高得离谱。——亚马逊领导力原则\n比方说，PPT在亚马逊这里根本就不算什么。相反，他们这里的员工得写6页纸叙述性结构化的备忘录，还得讲出来。根据贝索斯的说法，\n好的备忘录要一遍又一遍地写。\n还要与被要求改进工作的同事分享。\n留出几天时间，然后以新的思路重新编辑。\n贝索斯说：“备忘录写得不好往往不是作者认识不到高标准是什么样的，而是对范围有着错误的期望：他们错误地认为一两天甚至几个小时就能写出高标准的六页纸备忘录，但其实这可能要花费一周或更长时间！他们想在短短两周内就做出完美倒立，而我们没有教好他们。”\n他说：“关键是，只需要把范围教给他们就可以改善结果了——让他们知道，一份好的备忘录可能需要一周或更长时间。”\n2017年，亚马逊收购了全食超市。\n2018年：通往成功的道路绝不是一帆风顺\n做企业有时候是这样的，你知道要去哪里，而且也可以很高效地去到那里。但是，那些特大的“非线性”的发现，却可能需要你走走弯路，要靠直觉或好奇心的引导，为了找到出路，有点乱有点跑偏也是值得的。\n“特大的‘非线性’发现需要走走弯路。”\n2013年，如果你去找一位顾客，对他说：“你想不想在厨房里放一个黑色圆筒，大小和品客薯片(Pringles)差不多，你可以一边跟它聊天，一边问问题，同时还能帮你打开灯，播放音乐？”我保证他们会奇怪地看着你然后说，“不，谢谢。”没有顾客想要Echo，”贝索斯解释说。\n“这绝对是我们走的弯路，”他说。\n2019年：现在仍是第一天\n贝索斯的这封信写于2020年4月，当时全球正遭受疫情的严重打击。贝索斯解释了亚马逊在抗击疫情以及满足日益增长的需求方面的作用，因为现在消费者比以往任何时候都更依赖亚马逊的服务，将商品送货上门。\n贝索斯以西奥多·苏斯·盖泽尔(Theodor Seuss Geisel)的一句话作为结尾，他说：“当不好的事情发生时，你有三种选择：你可以让它定义你，让它摧毁你，或者让它使你变得更强。”\n贝索斯重申，“即使在这种情况下，仍然要保持第一天心态。”","news_type":1,"symbols_score_info":{"QNETCN":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104271201,"gmtCreate":1620395968003,"gmtModify":1704343097683,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/104271201","repostId":"2133050027","repostType":4,"repost":{"id":"2133050027","kind":"news","pubTimestamp":1620395795,"share":"https://ttm.financial/m/news/2133050027?lang=en_US&edition=fundamental","pubTime":"2021-05-07 21:56","market":"us","language":"zh","title":"Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders","url":"https://stock-news.laohu8.com/highlight/detail?id=2133050027","media":"36氪","summary":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入","content":"<p>Editor's note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, the most researched is Buffett's letter to shareholders. Besides, Amazon is a great Internet retail enterprise, and its leader Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letter to shareholders over the past 23 years, condenses the essence of the letter and shares it with Jun. This article was translated from Medium by Sumit Grrg under the original title \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\", I hope it inspires you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after receiving the 2019 IAF Award for Industrial Excellence on October 22, 2019 in Washington, D.C. Pictures : MANDEL NGAN/AFP/Getty Images</p><p>In the early 90s, few people had ever heard of the Internet. Jeff Bezos happens to be one of those who has heard the concept of the internet.</p><p>Bezos saw that the Internet was growing at a rate of 2,300 percent a year, and he decided he wanted to come up with a business idea to ride the wave. He made a list of products for sale online and soon locked in on books.</p><p>Bezos originally named his online bookstore Cadabra. But after just three months, he changed the name to Amazon, after the largest river on the planet and, naturally, the choice of the most people on the planet. While the company lives up to its name to this day, it has come a long way to get to where it is today. In the early days of his business, it took Bezos more than 50 meetings to raise $1 million from investors, and the most common question at these meetings was, \"What is the Internet?\"</p><p>Today, Amazon has a market capitalization of nearly $1.7 trillion. Jeff Bezos, who was recently overtaken by Elon Musk, has topped the list of the world's richest people for three consecutive years.</p><p>But for Bezos, the title of \"the world's richest man\" isn't that valuable, as he prefers to be called an inventor or an entrepreneur. He was right. The outgoing Amazon CEO is one of the best entrepreneurs in the world. Jeff Bezos has forever changed the way we shop, changing (and disrupting) multiple industries.</p><p>Over the past few years, I've read over and over every Bezos open letter to Amazon shareholders over those 23 years. These letters, in addition to providing us with a brief history of Amazon, also give us an insight into the people behind the massive internet business.</p><p>Here is a summary of the key takeaways from these letters.</p><p><b>1997: Pursuing long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon found a unique opportunity and began to offer customers a much larger selection of books than physical stores, \"and in a bookstore that is open 24 hours a day, 365 days a year, in a useful, easy-to-search and easy-to-browse format.\"</p><p>Amazon went public in 1997, and soon after Bezos wrote his first letter to shareholders, a letter that truly reflects his now-famous Day-1 mentality — a widely adopted principle in the startup world to always maintain the initial frenzy and passion for the business, as it did in the beginning days.</p><p>\"The network was, and still is, the world's wait.\"</p><p>Bezos aims for the long term, and he makes decisions and weighs trade-offs differently than most other business leaders:</p><p>Ongoing attention to customers.</p><p>Prioritize growth (scale), long-term market leadership and long-term profitability over short-term profitability. Amazon is looking to cement its market leadership amid a host of large entrants and stiff competition from the likes of book-selling giant Barnes & Noble.</p><p>Hire and retain talent, and the compensation structure emphasizes stock options rather than cash. Using \"interest-bound risk-sharing\" makes them think and act like masters.</p><p>Like a true visionary, Bezos was prescient from the start: \"Today, e-commerce saves customers money and time. Tomorrow, with personalization, it will accelerate the whole process of discovery.\"</p><p><b>1998: 3 Criteria to Consider When Recruiting</b></p><p>According to Bezos, setting high barriers when hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is the person you can learn from.</p><p>2. Will this person increase the average efficiency level of the team? The bar has to get higher and higher.</p><p>3. How likely is this person to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Good Enough Today, But It Could Get Better</b></p><p>\"The current online shopping experience is the worst. Now it's enough to attract 17 million users, but it's going to get better.\" With an eye on long-term success and business dominance, Bezos is determined to build a culture at Amazon that never settles.</p><p>After adding discounted music to its online retail offering in 1998, Amazon made a series of major moves in 1999, which included the introduction of zShops (now known as Marketplace), a trading platform that supported third-party sellers, and a \"one-click\" payment solution that revolutionized the way e-commerce checkout was done.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Whoops.\"</p><p>Although Amazon was one of the few internet companies to survive the dot-com bust, its stock price plunged to $6 from $116 at the peak of the dot-com bubble.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine, and in the long run, it is a weighing machine.\"</p><p>And Amazon, as Bezos put it in his letter to shareholders, is a \"company that wants to be weighed in\".</p><p>In a separate letter, he added: \"We don't celebrate a 10% share price increase the way we celebrate a great customer experience. A 10% share price increase doesn't make us 10% more intelligent, and conversely, we aren't 10% foolish when the share price falls. We want to be weighed in, and we've been trying to build a heavier company.\"</p><p><b>2001: Eliminating mistakes at the root</b></p><p>Bezos has introduced features like Look Inside the Book, a free program that allows authors and publishers to promote their books. Bezos highlighted Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve the convenience and experience of our customers also happens to be a huge driver of variable cost productivity: eliminating mistakes and missteps at the root.\" Because when you implement an eradication plan, you're not solving just one customer's problem, but you're solving it for every single customer. \"Eliminating the root causes of mistakes saves us money and saves customers customer time,\" Bezos said.</p><p><b>2002: What is good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales, in turn, drive higher profits, which is best for shareholders.</p><p><b>2003: Long-term investment, be the real master</b></p><p>\"I know a couple who rented out their house and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I guess it was a stop-gap measure and admittedly these tenants were terrible but no owner would be so short-sighted. Owners and tenants are different. And long-term thinking is both a necessary condition and a result of a true master.</p><p>\"Again, a lot of investors are actually short-term tenants who convert their portfolios very quickly and really just rent the shares they hold temporarily,\" Bezos added, again noting that his business rationale is to remain optimistic about the long-term vision.</p><p>In 2003, the seeds of cloud computing business Amazon Web Services (AWS) began to be planted at an executive retreat at Bezos's home. The business was originally invented to help Amazon solve its own problems, but it quickly became clear that every company wanted it. Today, AWS has dominated the public cloud market and become the company's biggest source of profit. A few years later, when commenting on the success of AWS, Bezos talked about this business miracle in his mind: \"We haven't encountered competitors with similar views for seven years. As a pioneer, if you are lucky, you can probably get a two-year lead. But it's incredible that no one can get a seven-year lead.\"</p><p><b>2004: Cash is King</b></p><p>\"Cash flow best explains a company's long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.\"</p><p>Free cash flow is why Amazon keeps going from strength to strength despite low margins, year after year. For ease of understanding, here's an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is a bit like profit, except that it doesn't assume that Amazon has to pay everything in the same time frame as it sells things. And because of the mechanics of Amazon's payment cycle, companies tend to receive money for selling things long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment after payment to suppliers, while Amazon pays suppliers on average 18 days after payment is received. \"</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos proposes two kinds of decisions that businesses must confront on a regular basis:</p><p>1. Decisions based on mathematics: Decisions that can be made with data, where \"there is a correct answer or a wrong answer, a better answer or a worse answer, and mathematics will tell us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"Although data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is little historical data to guide us, and forward-looking experiments are either impossible, unrealistic or no different from making decisions.\"</p><p>Bezos argues that \"any institution that is reluctant to endure controversy must limit its decision-making to the first type. But doing so will not only limit controversy, but also significantly limit innovation and long-term value creation.\" He advises businesses to \"combine their strong culture of quantification and analysis with a willingness to make bold decisions.\"</p><p>It is precisely because of the theme of boldness that 2005 is also the year of Amazon Prime. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free shipping buffet\". By 2018, Amazon will be the second largest paid membership program, behind Netflix. And Amazon Prime remains one of Amazon's most valuable and brand-recognized assets right now.</p><p><b>2006: Sowing the seeds for new business</b></p><p>Bezos recommends carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>What scale it can grow to.</p><p>Is the service in this market not in place yet?</p><p>Do you have the necessary ability to bring strong customer-facing differentiation to the market.</p><p>Bezos used the above factors to explain why Amazon has so far refused to open brick-and-mortar stores.</p><p>He said: \"The potential size of the brick-and-mortar store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the brick-and-mortar world is a cautious and age-old industry, and the services are already so well-established that we don't have any new ideas to build a brick-and-mortar store that customers feel better differentiated.\"</p><p>He added: \"When you see us moving into new areas of business, that's because we believe the above tests have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first brick-and-mortar bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>(Whole Foods), moving into grocery retail and opening Amazon Go convenience stores without cashiers.</p><p><b>2007: \"Preachers\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said: \"We set a long-term vision from the beginning: no matter which language, as long as it is a published book, users can read it in 60 seconds. We started by setting ourselves obviously very bold goals to improve physical books. This goal is not easily chosen. Nothing that exists in roughly the same form and has resisted change for 500 years can be easily improved.\"</p><p>As an inventor, Bezos says, you are either a mercenary or a preacher. The mercenaries were thinking about how to sell them. Missionaries love their own products, their own customers, and manage to make excellent service. But paradoxically, he says, \"it's often the missionaries who make more money.\" Products like Kindle can only be created by a pure enthusiasm and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope the Kindle and later products will take a few years to gradually extend the amount of time we can concentrate on reading, a buffer against the recent tendency to read bits and pieces of information. I know I sound like a preacher, and I can assure you I mean it from the heart. This is not my own idea. We have a large group of people in our company who also have this idea. I am very happy about that, because the commitment of the missionary helps us build better products. \"</p><p>But Bezos is also quick to admit that innovation won't wait for anyone. So, if you don't execute well enough or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the Company</b></p><p>\"Seek immediate gratification, or make promises that are out of reach, and chances are you'll find a bunch of people ahead of you,\" Bezos wrote. Long-term thinking, in turn, says:</p><p>Use our existing capabilities.</p><p>Allows us to do something new that we couldn't think about before.</p><p>The failures and iterations required to support the invention.</p><p>Frees us to explore unknown spaces.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to customers and innovate for them</b></p><p>Bezos defines Amazon's basic policy as: \"Start with customers and step back. Listen to customers, but don't just listen to customers, but invent for them.\"</p><p>Although his letter does not mention the now-obvious and infamous retort, \"If you can't beat them, buy each other.\" Zappos, an early footwear e-commerce giant, is an example. After finding it difficult to catch up with the former, Amazon directly acquired it.</p><p><b>2010: Inventing a New Approach</b></p><p>Inventions are essential tools for developing and improving all aspects of the customer experience. \"Although many of our systems are based on the latest achievements in computer science research, this is often not enough: our architects and engineers have to conduct further research in directions that have not yet been explored academically, and we face many problems that have not been solved in textbooks, so we are happy to invent new ways,\" Bezos wrote.</p><p>Enterprise Milestone: In July 2010, Amazon announced that three years after the launch of the Kindle, e-books had outsold physical books.</p><p><b>2011: The most radical inventions are those that \"make others pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace and Kindle Direct Publishing. \"When platforms are self-service, even unlikely ideas are tried, and a lot of them do work, and society is the beneficiary of this diversity.</p><p><b>2012: Prioritizing customers, not catching up with competitors</b></p><p>According to Bezos, one of the advantages of focusing on customer orientation is that \"it contributes to some type of initiative. When we are at our best, we don't have to wait for external pressure. Before we are forced to do it, we are pushed internally to improve our services, add benefits and features. We are reducing prices and adding value to our customers before we are forced to. We invented it before we had to. \"</p><p>He added: \"What motivates these investments is customer orientation rather than response to competition. We believe that this approach has earned more trust from customers and driven rapid improvements in customer experience – importantly – even in those areas where we have become leaders.\"</p><p><b>2013: Separation payments</b></p><p>Amazon pays employees a separation fee once a year. Although, the title of this offer is \"Please do not accept this invitation\". \"Our goal is to encourage people to take a moment to think about what they really want. In the long run, if an employee barely stays in the company, it's not only bad for himself, it's just as bad for the company.\"</p><p>In 2013, Bezos acquired \"for $250 million in cash from the Graham family<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, take action</b></p><p>According to Bezos, \"fantastic commercial products\" have at least four characteristics:</p><p>1. Customers love it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It may last for decades.</p><p>In 2014, Amazon introduced Fire TV and launched the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon unveiled its first and final smartphone, the Fire. The phone proved to be a huge failure, and Bezos spoke about the importance of failure.</p><p>\"If there's a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you'll still be wrong,\" Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added: \"We want to be a big company that is also inventing machines. We want to match the extraordinary customer service capabilities given by scale with the usual<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The combination of speed of action, flexibility and risk acceptance mentality. \"</p><p>Amazon also acquired video game streaming site Twitch this year. And Echo smart speakers are also rolled out all over the board just before the holiday season.</p><p><b>2016: Always Day One</b></p><p>\"Next day companies are stagnant and will immediately be followed by irrelevance, followed by a painful recession and then death,\" Bezos said. How can you avoid stepping into the next day? You can ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or do they serve you? Are you the master of the process, or is the process your master?</p><p>Are the world trends in your favor?</p><p>Are you satisfied only with the quality of decisions, or are you also focused on the speed of decisions?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you are wrong? Some decisions are irreversible and have to be made slowly and deliberately. But most decisions are reversible, and it's easy to make route corrections. It is important to determine which is which and not use a \"one size fits all\" approach.</p><p>2. After you have 70% of the information you wish to obtain, you should be able to make most decisions. If you have to wait until you have 90% mastery, you are slow. If you are good at route correction, the cost of making mistakes is less than slow decision-making.</p><p>3. Dare to advise and obey the overall situation. Bezos explained, \"If you are very sure about a particular direction, even if there is no consensus, it is helpful that you bring it up:\" I know everyone disagrees with this, but are you willing to bet with me? Disagree but obey? At this point, no one is sure they know the answer, and you may get everyone's agreement soon. \"</p><p>4. \"Sometimes teams have different goals and fundamentally different perspectives. They are not aligned, and no amount of discussion, no amount of meetings can solve this serious misalignment,\" Bezos wrote. Therefore, it is best to detect the misalignment problem early and pay attention to it immediately.</p><p><b>2017: Yesterday's \"wow\" quickly became today's \"ordinary\"</b></p><p>No matter how much customer requirements and expectations continue to rise, Amazon is always more or less ahead of the curve. Why is it? According to Bezos, the reason lies in their high standards.</p><p>Bezos believes that setting high standards is teachable, infectious, and domain-relevant, meaning you have to learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must know how difficult it will be to achieve your goals, or how much effort it will take.</p><p>According to Bezos, recognition and scope are the two most important principles of high-standard delivery.</p><p>Leaders relentlessly set high standards, which even many would consider ridiculously high. – Amazon Leadership Principles</p><p>PPT, for example, is nothing here at Amazon. Instead, their employees here have to write six pages of narrative structured memos and tell them. According to Bezos,</p><p>Good memos are written over and over again.</p><p>Also share with colleagues who are being asked to improve their work.</p><p>Set aside a few days and then re-edit with a new line of thought.</p><p>Bezos said: \"Poor memos are often not written by authors who fail to recognize what high standards are like, but false expectations of scope: They mistakenly think that a high-standard six-page memo can be written in a day or two or even a few hours, but it can actually take a week or more! They want to make a perfect handstand in just two weeks, and we didn't teach them well.\"</p><p>\"The point is that just teaching them the scope can improve the outcome – letting them know that a good memo can take a week or more,\" he said.</p><p>In 2017, Amazon acquired Whole Foods.</p><p><b>2018: The road to success is by no means smooth</b></p><p>Doing a business is sometimes like this, you know where to go, and you can get there very efficiently. However, those extremely large \"nonlinear\" discoveries may require you to take detours, relying on the guidance of intuition or curiosity. In order to find a way out, it is worth getting a little messy and a little stray.</p><p>\"Extra-large 'nonlinear' discoveries require detours.\"</p><p>In 2013, if you went to a customer and said to him, \"Do you want to have a black cylinder in the kitchen, about the size of a Pringles, that you can talk to and ask questions while also turning on the lights and playing music for you?\" I promise they'll look at you weirdly and say, \"No, thank you.\" No customer wants an Echo, \"Bezos explained.</p><p>\"It was definitely a detour that we took,\" he said.</p><p><b>2019: It's still day one</b></p><p>The letter from Bezos was written in April 2020, just as the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic as well as meeting growing demand, as consumers now rely more than ever on Amazon's services to get items delivered to their doors.</p><p>Bezos ends with a quote from Theodor Seuss Geisel, who says, \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this case, still maintain the day one mentality.\"</p>","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders</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\">\nHere's What I Learned After Reading 23 Years of Bezos Letter to Shareholders\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-05-07 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Editor's note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, the most researched is Buffett's letter to shareholders. Besides, Amazon is a great Internet retail enterprise, and its leader Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letter to shareholders over the past 23 years, condenses the essence of the letter and shares it with Jun. This article was translated from Medium by Sumit Grrg under the original title \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\", I hope it inspires you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after receiving the 2019 IAF Award for Industrial Excellence on October 22, 2019 in Washington, D.C. Pictures : MANDEL NGAN/AFP/Getty Images</p><p>In the early 90s, few people had ever heard of the Internet. Jeff Bezos happens to be one of those who has heard the concept of the internet.</p><p>Bezos saw that the Internet was growing at a rate of 2,300 percent a year, and he decided he wanted to come up with a business idea to ride the wave. He made a list of products for sale online and soon locked in on books.</p><p>Bezos originally named his online bookstore Cadabra. But after just three months, he changed the name to Amazon, after the largest river on the planet and, naturally, the choice of the most people on the planet. While the company lives up to its name to this day, it has come a long way to get to where it is today. In the early days of his business, it took Bezos more than 50 meetings to raise $1 million from investors, and the most common question at these meetings was, \"What is the Internet?\"</p><p>Today, Amazon has a market capitalization of nearly $1.7 trillion. Jeff Bezos, who was recently overtaken by Elon Musk, has topped the list of the world's richest people for three consecutive years.</p><p>But for Bezos, the title of \"the world's richest man\" isn't that valuable, as he prefers to be called an inventor or an entrepreneur. He was right. The outgoing Amazon CEO is one of the best entrepreneurs in the world. Jeff Bezos has forever changed the way we shop, changing (and disrupting) multiple industries.</p><p>Over the past few years, I've read over and over every Bezos open letter to Amazon shareholders over those 23 years. These letters, in addition to providing us with a brief history of Amazon, also give us an insight into the people behind the massive internet business.</p><p>Here is a summary of the key takeaways from these letters.</p><p><b>1997: Pursuing long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon found a unique opportunity and began to offer customers a much larger selection of books than physical stores, \"and in a bookstore that is open 24 hours a day, 365 days a year, in a useful, easy-to-search and easy-to-browse format.\"</p><p>Amazon went public in 1997, and soon after Bezos wrote his first letter to shareholders, a letter that truly reflects his now-famous Day-1 mentality — a widely adopted principle in the startup world to always maintain the initial frenzy and passion for the business, as it did in the beginning days.</p><p>\"The network was, and still is, the world's wait.\"</p><p>Bezos aims for the long term, and he makes decisions and weighs trade-offs differently than most other business leaders:</p><p>Ongoing attention to customers.</p><p>Prioritize growth (scale), long-term market leadership and long-term profitability over short-term profitability. Amazon is looking to cement its market leadership amid a host of large entrants and stiff competition from the likes of book-selling giant Barnes & Noble.</p><p>Hire and retain talent, and the compensation structure emphasizes stock options rather than cash. Using \"interest-bound risk-sharing\" makes them think and act like masters.</p><p>Like a true visionary, Bezos was prescient from the start: \"Today, e-commerce saves customers money and time. Tomorrow, with personalization, it will accelerate the whole process of discovery.\"</p><p><b>1998: 3 Criteria to Consider When Recruiting</b></p><p>According to Bezos, setting high barriers when hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is the person you can learn from.</p><p>2. Will this person increase the average efficiency level of the team? The bar has to get higher and higher.</p><p>3. How likely is this person to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Good Enough Today, But It Could Get Better</b></p><p>\"The current online shopping experience is the worst. Now it's enough to attract 17 million users, but it's going to get better.\" With an eye on long-term success and business dominance, Bezos is determined to build a culture at Amazon that never settles.</p><p>After adding discounted music to its online retail offering in 1998, Amazon made a series of major moves in 1999, which included the introduction of zShops (now known as Marketplace), a trading platform that supported third-party sellers, and a \"one-click\" payment solution that revolutionized the way e-commerce checkout was done.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Whoops.\"</p><p>Although Amazon was one of the few internet companies to survive the dot-com bust, its stock price plunged to $6 from $116 at the peak of the dot-com bubble.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine, and in the long run, it is a weighing machine.\"</p><p>And Amazon, as Bezos put it in his letter to shareholders, is a \"company that wants to be weighed in\".</p><p>In a separate letter, he added: \"We don't celebrate a 10% share price increase the way we celebrate a great customer experience. A 10% share price increase doesn't make us 10% more intelligent, and conversely, we aren't 10% foolish when the share price falls. We want to be weighed in, and we've been trying to build a heavier company.\"</p><p><b>2001: Eliminating mistakes at the root</b></p><p>Bezos has introduced features like Look Inside the Book, a free program that allows authors and publishers to promote their books. Bezos highlighted Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve the convenience and experience of our customers also happens to be a huge driver of variable cost productivity: eliminating mistakes and missteps at the root.\" Because when you implement an eradication plan, you're not solving just one customer's problem, but you're solving it for every single customer. \"Eliminating the root causes of mistakes saves us money and saves customers customer time,\" Bezos said.</p><p><b>2002: What is good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales, in turn, drive higher profits, which is best for shareholders.</p><p><b>2003: Long-term investment, be the real master</b></p><p>\"I know a couple who rented out their house and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I guess it was a stop-gap measure and admittedly these tenants were terrible but no owner would be so short-sighted. Owners and tenants are different. And long-term thinking is both a necessary condition and a result of a true master.</p><p>\"Again, a lot of investors are actually short-term tenants who convert their portfolios very quickly and really just rent the shares they hold temporarily,\" Bezos added, again noting that his business rationale is to remain optimistic about the long-term vision.</p><p>In 2003, the seeds of cloud computing business Amazon Web Services (AWS) began to be planted at an executive retreat at Bezos's home. The business was originally invented to help Amazon solve its own problems, but it quickly became clear that every company wanted it. Today, AWS has dominated the public cloud market and become the company's biggest source of profit. A few years later, when commenting on the success of AWS, Bezos talked about this business miracle in his mind: \"We haven't encountered competitors with similar views for seven years. As a pioneer, if you are lucky, you can probably get a two-year lead. But it's incredible that no one can get a seven-year lead.\"</p><p><b>2004: Cash is King</b></p><p>\"Cash flow best explains a company's long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.\"</p><p>Free cash flow is why Amazon keeps going from strength to strength despite low margins, year after year. For ease of understanding, here's an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is a bit like profit, except that it doesn't assume that Amazon has to pay everything in the same time frame as it sells things. And because of the mechanics of Amazon's payment cycle, companies tend to receive money for selling things long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment after payment to suppliers, while Amazon pays suppliers on average 18 days after payment is received. \"</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos proposes two kinds of decisions that businesses must confront on a regular basis:</p><p>1. Decisions based on mathematics: Decisions that can be made with data, where \"there is a correct answer or a wrong answer, a better answer or a worse answer, and mathematics will tell us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"Although data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is little historical data to guide us, and forward-looking experiments are either impossible, unrealistic or no different from making decisions.\"</p><p>Bezos argues that \"any institution that is reluctant to endure controversy must limit its decision-making to the first type. But doing so will not only limit controversy, but also significantly limit innovation and long-term value creation.\" He advises businesses to \"combine their strong culture of quantification and analysis with a willingness to make bold decisions.\"</p><p>It is precisely because of the theme of boldness that 2005 is also the year of Amazon Prime. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free shipping buffet\". By 2018, Amazon will be the second largest paid membership program, behind Netflix. And Amazon Prime remains one of Amazon's most valuable and brand-recognized assets right now.</p><p><b>2006: Sowing the seeds for new business</b></p><p>Bezos recommends carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>What scale it can grow to.</p><p>Is the service in this market not in place yet?</p><p>Do you have the necessary ability to bring strong customer-facing differentiation to the market.</p><p>Bezos used the above factors to explain why Amazon has so far refused to open brick-and-mortar stores.</p><p>He said: \"The potential size of the brick-and-mortar store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the brick-and-mortar world is a cautious and age-old industry, and the services are already so well-established that we don't have any new ideas to build a brick-and-mortar store that customers feel better differentiated.\"</p><p>He added: \"When you see us moving into new areas of business, that's because we believe the above tests have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first brick-and-mortar bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>(Whole Foods), moving into grocery retail and opening Amazon Go convenience stores without cashiers.</p><p><b>2007: \"Preachers\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said: \"We set a long-term vision from the beginning: no matter which language, as long as it is a published book, users can read it in 60 seconds. We started by setting ourselves obviously very bold goals to improve physical books. This goal is not easily chosen. Nothing that exists in roughly the same form and has resisted change for 500 years can be easily improved.\"</p><p>As an inventor, Bezos says, you are either a mercenary or a preacher. The mercenaries were thinking about how to sell them. Missionaries love their own products, their own customers, and manage to make excellent service. But paradoxically, he says, \"it's often the missionaries who make more money.\" Products like Kindle can only be created by a pure enthusiasm and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope the Kindle and later products will take a few years to gradually extend the amount of time we can concentrate on reading, a buffer against the recent tendency to read bits and pieces of information. I know I sound like a preacher, and I can assure you I mean it from the heart. This is not my own idea. We have a large group of people in our company who also have this idea. I am very happy about that, because the commitment of the missionary helps us build better products. \"</p><p>But Bezos is also quick to admit that innovation won't wait for anyone. So, if you don't execute well enough or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the Company</b></p><p>\"Seek immediate gratification, or make promises that are out of reach, and chances are you'll find a bunch of people ahead of you,\" Bezos wrote. Long-term thinking, in turn, says:</p><p>Use our existing capabilities.</p><p>Allows us to do something new that we couldn't think about before.</p><p>The failures and iterations required to support the invention.</p><p>Frees us to explore unknown spaces.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to customers and innovate for them</b></p><p>Bezos defines Amazon's basic policy as: \"Start with customers and step back. Listen to customers, but don't just listen to customers, but invent for them.\"</p><p>Although his letter does not mention the now-obvious and infamous retort, \"If you can't beat them, buy each other.\" Zappos, an early footwear e-commerce giant, is an example. After finding it difficult to catch up with the former, Amazon directly acquired it.</p><p><b>2010: Inventing a New Approach</b></p><p>Inventions are essential tools for developing and improving all aspects of the customer experience. \"Although many of our systems are based on the latest achievements in computer science research, this is often not enough: our architects and engineers have to conduct further research in directions that have not yet been explored academically, and we face many problems that have not been solved in textbooks, so we are happy to invent new ways,\" Bezos wrote.</p><p>Enterprise Milestone: In July 2010, Amazon announced that three years after the launch of the Kindle, e-books had outsold physical books.</p><p><b>2011: The most radical inventions are those that \"make others pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace and Kindle Direct Publishing. \"When platforms are self-service, even unlikely ideas are tried, and a lot of them do work, and society is the beneficiary of this diversity.</p><p><b>2012: Prioritizing customers, not catching up with competitors</b></p><p>According to Bezos, one of the advantages of focusing on customer orientation is that \"it contributes to some type of initiative. When we are at our best, we don't have to wait for external pressure. Before we are forced to do it, we are pushed internally to improve our services, add benefits and features. We are reducing prices and adding value to our customers before we are forced to. We invented it before we had to. \"</p><p>He added: \"What motivates these investments is customer orientation rather than response to competition. We believe that this approach has earned more trust from customers and driven rapid improvements in customer experience – importantly – even in those areas where we have become leaders.\"</p><p><b>2013: Separation payments</b></p><p>Amazon pays employees a separation fee once a year. Although, the title of this offer is \"Please do not accept this invitation\". \"Our goal is to encourage people to take a moment to think about what they really want. In the long run, if an employee barely stays in the company, it's not only bad for himself, it's just as bad for the company.\"</p><p>In 2013, Bezos acquired \"for $250 million in cash from the Graham family<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, take action</b></p><p>According to Bezos, \"fantastic commercial products\" have at least four characteristics:</p><p>1. Customers love it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It may last for decades.</p><p>In 2014, Amazon introduced Fire TV and launched the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon unveiled its first and final smartphone, the Fire. The phone proved to be a huge failure, and Bezos spoke about the importance of failure.</p><p>\"If there's a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you'll still be wrong,\" Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added: \"We want to be a big company that is also inventing machines. We want to match the extraordinary customer service capabilities given by scale with the usual<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The combination of speed of action, flexibility and risk acceptance mentality. \"</p><p>Amazon also acquired video game streaming site Twitch this year. And Echo smart speakers are also rolled out all over the board just before the holiday season.</p><p><b>2016: Always Day One</b></p><p>\"Next day companies are stagnant and will immediately be followed by irrelevance, followed by a painful recession and then death,\" Bezos said. How can you avoid stepping into the next day? You can ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or do they serve you? Are you the master of the process, or is the process your master?</p><p>Are the world trends in your favor?</p><p>Are you satisfied only with the quality of decisions, or are you also focused on the speed of decisions?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you are wrong? Some decisions are irreversible and have to be made slowly and deliberately. But most decisions are reversible, and it's easy to make route corrections. It is important to determine which is which and not use a \"one size fits all\" approach.</p><p>2. After you have 70% of the information you wish to obtain, you should be able to make most decisions. If you have to wait until you have 90% mastery, you are slow. If you are good at route correction, the cost of making mistakes is less than slow decision-making.</p><p>3. Dare to advise and obey the overall situation. Bezos explained, \"If you are very sure about a particular direction, even if there is no consensus, it is helpful that you bring it up:\" I know everyone disagrees with this, but are you willing to bet with me? Disagree but obey? At this point, no one is sure they know the answer, and you may get everyone's agreement soon. \"</p><p>4. \"Sometimes teams have different goals and fundamentally different perspectives. They are not aligned, and no amount of discussion, no amount of meetings can solve this serious misalignment,\" Bezos wrote. Therefore, it is best to detect the misalignment problem early and pay attention to it immediately.</p><p><b>2017: Yesterday's \"wow\" quickly became today's \"ordinary\"</b></p><p>No matter how much customer requirements and expectations continue to rise, Amazon is always more or less ahead of the curve. Why is it? According to Bezos, the reason lies in their high standards.</p><p>Bezos believes that setting high standards is teachable, infectious, and domain-relevant, meaning you have to learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must know how difficult it will be to achieve your goals, or how much effort it will take.</p><p>According to Bezos, recognition and scope are the two most important principles of high-standard delivery.</p><p>Leaders relentlessly set high standards, which even many would consider ridiculously high. – Amazon Leadership Principles</p><p>PPT, for example, is nothing here at Amazon. Instead, their employees here have to write six pages of narrative structured memos and tell them. According to Bezos,</p><p>Good memos are written over and over again.</p><p>Also share with colleagues who are being asked to improve their work.</p><p>Set aside a few days and then re-edit with a new line of thought.</p><p>Bezos said: \"Poor memos are often not written by authors who fail to recognize what high standards are like, but false expectations of scope: They mistakenly think that a high-standard six-page memo can be written in a day or two or even a few hours, but it can actually take a week or more! They want to make a perfect handstand in just two weeks, and we didn't teach them well.\"</p><p>\"The point is that just teaching them the scope can improve the outcome – letting them know that a good memo can take a week or more,\" he said.</p><p>In 2017, Amazon acquired Whole Foods.</p><p><b>2018: The road to success is by no means smooth</b></p><p>Doing a business is sometimes like this, you know where to go, and you can get there very efficiently. However, those extremely large \"nonlinear\" discoveries may require you to take detours, relying on the guidance of intuition or curiosity. In order to find a way out, it is worth getting a little messy and a little stray.</p><p>\"Extra-large 'nonlinear' discoveries require detours.\"</p><p>In 2013, if you went to a customer and said to him, \"Do you want to have a black cylinder in the kitchen, about the size of a Pringles, that you can talk to and ask questions while also turning on the lights and playing music for you?\" I promise they'll look at you weirdly and say, \"No, thank you.\" No customer wants an Echo, \"Bezos explained.</p><p>\"It was definitely a detour that we took,\" he said.</p><p><b>2019: It's still day one</b></p><p>The letter from Bezos was written in April 2020, just as the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic as well as meeting growing demand, as consumers now rely more than ever on Amazon's services to get items delivered to their doors.</p><p>Bezos ends with a quote from Theodor Seuss Geisel, who says, \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this case, still maintain the day one mentality.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9666a5b83e36990bd4e534d3ea5b2003","relate_stocks":{"AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133050027","content_text":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入研究。本文回顾了23年来贝索斯致股东的信，浓缩了信中的精华部分，与君分享。本文译自Medium，作者Sumit Grrg，原标题为\" Read 23 Years Worth of Jeff Bezos’ Amazon Shareholder Letters — Here’s What I Learned\"，希望对您有所启发。\n2019年10月22日，杰夫·贝索斯在华盛顿特区接受2019年国际宇航联合会卓越工业奖后发表讲话。图片:MANDEL NGAN/AFP/Getty Images\n在90年代初期，很少有人听说过互联网。杰夫·贝索斯(Jeff Bezos)恰好是听过互联网概念的人之一。\n贝索斯看到，互联网以每年2300%的速度增长，他决定要想出一个商业创意来驾驭这股浪潮。他列了一个网上销售产品的清单，很快就锁定了书籍。\n贝索斯最初将他的网上书店命名为Cadabra。但仅仅过了三个月，他就把名字改成了亚马逊（Amazon），以地球上最大的河流命名，自然也是地球上最多人的选择。虽然这家公司到今天也算名副其实，但它走了很长一段路才走到今天。在创业初期，贝索斯开了50多次会才从投资者那里筹集到100万美元，在这些会议中，最常见的问题是，“什么是互联网？”\n如今，亚马逊的市值接近1.7万亿美元。最近刚刚被埃隆·马斯克(Elon Musk)超越的杰夫·贝索斯，连续三年蝉联全球富豪榜榜首。\n但对于贝索斯来说，“世界首富”的头衔并没有那么有价值，因为他更喜欢被称为发明家或企业家。他是对的。这位即将卸任的亚马逊首席执行官是世界上最优秀的企业家之一。杰夫·贝索斯永远地改变了我们的购物方式，改变(并颠覆)了多个行业。\n在过去的几年里，我反复阅读了这23年来贝索斯的每一封致亚马逊股东公开信。这些信件除了为我们提供了亚马逊的简史之外，还让我们深入了解了这家庞大互联网企业背后的幕后操盘者。\n以下是这些信件中的关键要点总结。\n1997年：追求长期的领导力，而不是短期的获利能力\n通过在网上卖书，亚马逊发现了一个独特的机会，并开始为顾客提供比实体店多得多的图书选择，“而且是在一年365天一天24小时不打烊的书店里面，用一种有用的，易于搜索且易于浏览的格式呈现给顾客。”\n亚马逊于1997年上市，不久之后贝索斯就写了他的第一封致股东信，这封信真实地反映了他现在著名的第一天心态(Day-1心态)——这是一个被创业界广泛采用的原则，即要像一开始的日子那样，始终对企业保持最初的狂热和激情。\n“网络曾经是，现在仍然是，全世界的等待。”\n贝索斯的目标是长远，他在做决定和权衡取舍时的方式与其他大多数商业领袖不同：\n对客户的持续关注。\n优先考虑增长(规模)、长期市场领导地位和长期盈利能力，而不是短期盈利能力。亚马逊希望在众多大型进入者以及来自图书销售巨头Barnes & Noble等公司的激烈竞争中巩固其市场领导地位。\n雇佣并留住人才，薪酬结构偏重股票期权而不是现金，用“利益绑定风险共担”来让他们就必须像主人翁一样去思考与行动。\n就像一个真正的梦想家，贝索斯从一开始就有先见之明：“今天，电子商务为顾客节省了金钱和时间。明天，通过个性化，它将加速发现的整个过程。”\n1998：招聘时要考虑的3条标准\n贝索斯表示，在招聘时设置高门槛是亚马逊成功的最重要因素。在招聘会议上，他建议经理们考虑以下三个问题:\n1.  你会欣赏这个人吗？你敬佩的人是你可以向他学习的人。\n2.  这个人会提高团队的平均效率水平吗？门槛必须越来越高。\n3.  这个人在多大程度上有可能成为超级明星？大多数人都具备可以为其他所有人充实工作环境的独特的技能。\n1999年：今天已经足够好了，但它还可以变得更好\n“目前的网上购物体验是最糟糕的。现在它已经足够吸引1700万用户了，但它还会变得更好。”贝索斯着眼于长期的成功和商业统治地位，他决心在亚马逊建立一种永不安定的文化。\n在1998年将打折音乐加入其在线零售产品之后，亚马逊在1999年采取了一系列重大举措，其中包括引入支持第三方卖家的交易平台zShops（也就是现在的Marketplace），以及彻底改变了电子商务结帐方式的“一键式”付款解决方案。\n2000年：一家想要作为重量级的公司\n贝索斯今年的信以一个词开头：“哎呦。”\n尽管亚马逊是在互联网泡沫破灭后幸存下来的少数几家互联网公司之一，但其股价却从互联网泡沫顶峰时的116美元暴跌至6美元。\n为了解释股市崩盘带来的动荡，贝索斯借用了投资者本杰明·格雷厄姆(Benjamin Graham)的话，格雷厄姆曾说：“短期内，股市是一台投票机，从长远来看，它是一台称量机。”\n而亚马逊，正如贝索斯在给股东的信中所说，是一家“希望被称重的公司”。\n在另一封信中，他补充道：“我们不会像庆祝卓越的客户体验那样庆祝股价上涨10%。股价上涨10%不能让我们的智慧提高10％，反之，当股价下跌时，我们也不会愚蠢10%。我们想要被称重，我们一直在努力打造一个更重的公司。”\n2001年：从根源上消除错误\n贝索斯推出了“看书”(Look Inside the Book)等功能，这是一个免费程序，允许作者和出版商推广他们的书籍。贝索斯强调了亚马逊的努力，即永远改善客户体验，同时鼓励商家和小企业在其生态系统中蓬勃发展。\n贝索斯补充说：“我们为提高顾客的便利性和体验所做的最重要的事情之一，恰好也是可变成本生产率的巨大驱动力：从根本上消除错误和失误。”因为当你实施根除计划时，你解决的不只是一个客户的问题，而且也在为每一位客户解决问题。贝索斯说：“消除错误的根源可为我们节省金钱，并为客户节省客户时间。”\n2002年：对客户有利的，就是对股东有利的\n例如贝索斯坚持不断降低价格，以击败竞争对手，赢得顾客。从长远来看，销售额的增加反过来又会推动利润的增长，这对股东来说是最好的。\n2003年：长期投资，做真正的主人\n“我认识一对夫妇，他们把房子租了出去，搬进来的那一家人把圣诞树钉在了硬木地板上，而不是用树架。我想这是权宜之计，诚然，这些房客非常糟糕，但没有哪个业主会如此目光短浅。业主和租户是不同的。而长期思维既是真正主人的必要条件，也是其结果。\n贝索斯补充道：“同样，许多投资者实际上都是短期租户，他们的投资组合转换得非常之快，实际上只是租用他们暂时持有的股票。”贝索斯再次指出，他的商业理由是保持对长期愿景的乐观。\n2003年，在贝索斯家里举行的一次高管务虚会上，云计算业务Amazon Web Services（AWS）的种子开始种下。这项业务一开始是为了帮助亚马逊解决自己的问题而发明的，但情况很快变得很明显，每一家公司都想要它。现如今，AWS已经统治了公有云市场，成为该公司最大的利润来源。几年后，在点评AWS的成功时，贝索斯谈到了这个自己心目当中的商业奇迹：“整整七年我们都没有遇到有相似看法的竞争对手。作为先驱，如果幸运的话，你大概能获得两年的领先优势。但没有人能够获得长达7年的领先优势，这简直令人难以置信。”\n2004年：现金为王\n“现金流最能解释一家公司的长期股价。亚马逊有一个现金产生的运营周期，因为它周转迅速，在付款给供应商之前就能从客户那里收取款项。”\n自由现金流是亚马逊在低利润的情况下不断壮大的原因，年复一年。为了便于理解，以下是Vox的一段摘录，解释了“微利”是如何随着时间的推移而产生复利效应的：\n“自由现金流跟利润有点像，只是它不假定亚马逊必须在卖东西的同一时间范围内支付一切费用。而且由于亚马逊的付款周期的机制，公司往往在必须支付卖出的东西的费用之前很久就能收到卖出东西的钱。比方说，沃尔玛在向供应商付款后平均要用三天时间才能收到货款，而亚马逊在收到货款平均18天后才向供应商付款。”\n2005年：敢于做出大胆决定\n贝索斯提出了两种企业必须经常面对的决策：\n1.  基于数学的决策：可以用数据做出的决策，其中“有一个正确答案或错误答案，一个更好的答案或一个更坏的答案，数学会告诉我们哪个是哪个。这些决定仍然需要我们做出一些假设和判断，但最繁重的工作是由数学完成的。”\n2.  基于判断的决策：“虽然数据、分析和数学都起着作用，但这些决定的主要因素是判断。这种情况下几乎没有历史数据可以指导我们，而前瞻性的试验要么不可能，要么不切实际或者跟要做决定无异。”\n贝索斯认为，“任何不愿忍受争议的机构都必须把自己的决策限制在第一种类型。但这样做不仅会限制争议，还会显著限制创新和长期价值创造。”他建议企业“将其强大的量化和分析文化与大胆决策的意愿结合起来。”\n正是因为秉承了大胆这个主题，2005年也是Amazon Prime诞生之年。这一切都始于亚马逊的一名初级软件工程师提出的想法，为客户提供“快速、免费送货的自助餐”。到2018年时，亚马逊将成为第二大的付费会员计划，仅次于Netflix。而且Amazon Prime仍然是亚马逊目前最有价值，品牌知名度最高的资产之一。\n2006年：为新业务播下种子\n贝索斯建议，在对新业务进行投资之前，请先仔细评估一下这份检查清单：\n新的机会是否可以产生预期的资本回报。\n它可以发展到多大的规模。\n这个市场现在是不是服务还不到位。\n你是不是具备必要的能力把强大的面向客户的差异化引入到市场。\n贝索斯利用上述因素解释了为什么亚马逊到目前为止拒绝开设实体店。\n他说：“实体店网络的潜在规模令人兴奋。然而，我们不知道如何做到低资本和高回报。实体世界的零售是一个谨慎而古老的行业，服务已经非常完善，我们没有任何新想法来建立一个实体的商店，让客户感受到更好的差异化。”\n他补充道：“当你看到我们进入新的业务领域时，那是因为我们相信上述测试已经通过了。”\n直到2015年，亚马逊才开设自己的第一家实体书店。然后它将收购全食超市（Whole Foods），进军食品杂货零售领域，并开设没有收银员的Amazon Go便利店。\n2007年：“传教士”能制造出更好的产品\n2007年11月19日，亚马逊向世界推出了Kindle电子阅读器，重新定义了我们消费书籍的方式。\n贝索斯说：“我们从一开始就设定了长期愿景：无论哪种语言，只要是出版过的书，用户都能在60秒中读到。我们从给自己设定显然十分大胆的目标开始，去改进实体书。这个目标不是轻易选择出来的。任何以大致相同的形式存在，并且抵触改变已经有500年时间的事物，都不可能轻易就得到改善的。”\n贝索斯说，作为一个发明家，你要么是一个雇佣军，要么是一个传教士。雇佣军就想着怎么把东西卖掉。传教士却热爱自己的产品，自己的客户，并设法做出优质的服务。他说，但自相矛盾的是，“赚更多钱的往往是传教士。” 类似Kindle这样的产品唯有凭借着一股纯粹热情，自己真正相信，才能打造得出。\n“Kindle是专为长时间阅读而设计的。我们希望Kindle和其之后的产品能用几年的时间，逐渐地延长我们能专心阅读的时间，对最近盛行的阅读零碎信息的倾向有所缓冲。我知道我的语气像个传教士，我可以向您保证我是发自内心的。这并不是我一个人的想法，我们公司有一大帮人也有这想法。对此我很高兴，因为传教士的那种执着精神能帮助我们打造出更好的产品”\n不过贝索斯也很快承认，创新不会等待任何人。所以，如果你执行得不够好不够快的话，别人就会抓住机会。\n2008年：维护公司的长远利益\n贝索斯写道：“寻求即时的满足，或做出遥不可及的承诺，很可能你会发现已经有一帮人在前面了。”反过来，长期思维则：\n发挥我们现有的能力。\n允许我们做一些之前无法思考的新事情。\n支持发明所需的失败和迭代。\n解放我们去探索未知的空间。\n今年，亚马逊收购了Audible，后者现在是有声读物市场的领导者。\n2009年：倾听客户的心声，同时替他们去创新\n贝索斯对亚马逊的基本方针的定义是：“从客户开始，向后退。倾听顾客的意见，但不要只听顾客的意见，还要替他们去发明。”\n尽管他在信中并没有提到那句现在已显而易见，而且臭名昭著的反驳，“如果你没法打败它们，那就收购对方。”早期鞋类电商巨头Zappos就是例子。发现自己很难赶上前者之后，亚马逊直接就把它给收购了。\n2010年：发明新方法\n发明是发展和改善客户体验各个方面的基本工具。“虽然我们的许多系统都是基于计算机科学研究的最新成果，但这往往还不够：我们的构架师和工程师不得不在学术上还没探讨的方向进行进一步研究，我们面对很多问题在教科书上还没有给出解决方案，所以我们很高兴去发明新办法，”贝索斯写道。\n企业里程碑：2010年7月，亚马逊宣布，Kindle推出三年来，电子书的销量已经超过了实体书。\n2011年：最激进的发明是那些“能让别人追求自己梦想”的发明\n贝索斯说道：“就算是善意的看门人也会阻碍创新。”他强调了包括Amazon Web Services，Marketplace以及Kindle Direct Publishing在内的各种Amazon平台的自服务性。“当平台是自服务时，哪怕是不大可能的想法也会有人尝试，而且其中的很多想法确实是行得通的，而社会就是这种多样性的受益者。\n2012年：优先考虑客户，而不是追赶竞争对手\n贝索斯认为，聚焦于客户导向的优势之一是“这有助于某种类型的主动性。当我们处在最佳状态时，我们就不必等待外部施加压力。在我们被迫去做之前，内部就已经推动我们要改善服务，增加好处和功能了。我们在被迫之前就已经替客户降低价格和增加价值了。在不得不这样做之前我们就先发明了。”\n他补充道：“激励这些投资的是以顾客为导向而不是对竞争的反应。我们认为，这种做法赢得了客户更多的信任，并推动了客户体验的快速改善——重要的是——甚至在那些我们已经成为领导者的领域也是如此。”\n2013年：离职金\n亚马逊每年向员工支付一次离职费用。尽管，这个offer的标题是“请不要接受这个邀请”。“我们的目标是鼓励人们花点时间想想自己真正想要的是什么。从长期来看，如果员工勉强留在公司，不仅对他自己不好，对公司同样不利。”\n2013年，贝索斯以2.5亿美元现金从格雷厄姆家族手中收购了《华盛顿邮报》(The Washington Post)。\n2014年：当你找到一个梦幻的商机时，行动起来\n贝索斯认为，“梦幻般的商业产品”至少有四个特点：\n1.  客户喜欢它。\n2.  它可以发展到非常强大。\n3.  它的回报率很高。\n4.  有可能持续几十年。\n2014年，亚马逊推出了Fire TV，并推出了首款Echo智能音箱供用户选择。\n2015年：大赢家为众多实验买单\n今年，亚马逊推出了第一款也是最后一款智能手机Fire。这款手机被证明是一个巨大的失败，贝索斯谈到了失败的重要性。\n“如果有10%的机会获得100倍的回报，你应该每次都下注，这通常是对的。但十有八九你还是会错。”贝索斯写道。\n带着企业家的热情，他补充道：“我们希望成为一家同时也是发明机器的大公司。我们希望将规模所赋予的非凡客户服务能力，与通常创业公司才有的行动速度、灵活性和风险接受心态结合起来。”\n亚马逊今年还收购了视频游戏流媒体网站Twitch。而Echo智能音箱也正好赶在假日季之前全线铺开。\n2016：永远是第一天\n贝索斯说:“‘第二天’的公司是停滞的，会紧接着变得无关紧要，随后是痛苦的衰退，然后就是死亡。”怎么才能避免步入第二天？可以自问一下这几个简单的问题：\n你会让顾客满意吗？\n你是代理的牺牲品，还是它们为你服务？你是流程的主人，还是流程是你的主人？\n世界潮流对你有利吗？\n你只满足于决策的质量，还是也关注决策的速度？\n贝索斯详述了如何做出高质量、高速度的决策：\n1.如果你错了怎么办？有些决定是不可逆的，得慢慢地，深思熟虑地做决定。但是大多数的决策都是可逆的，是很容易做路线修正的。重要的是要确定哪个是哪个，而不要用“一刀切”的方法。\n2.在掌握了你希望获得的信息的70%之后，应该就可以做出大多数的决定了。如果你非要等到掌握了90％，那你就慢了。如果你擅长路线修正，那犯错的代价会比决策慢要小。\n3.敢于谏言，服从大局。贝索斯解释说：“如果你对特定方向十分确信，就算没有共识，你提出来也是有帮助的：“我知道大家都不同意这一点，但你们愿意跟我打赌吗？不同意但是服从？” 到了这个时候，没人敢肯定自己知道答案，这时候你可能很快就能得到大家的同意。”\n4.  “有时候团队有不同的目标和根本不同的观点。他们不一致，再多的讨论、再多的会议也无法解决这种严重的错位。,”贝索斯写道。因此，最好及早发现错位问题，并立即重视起来。\n2017：昨天的“哇”很快变成了今天的“平凡”\n不管客户要求和期望再怎么的不断提高，亚马逊总能多多少少赶在前头。为什么呢？按照贝索斯的说法，原因在于他们的高标准。\n贝索斯认为，设定高标准是可传授的，会感染的，而且是领域相关的，这意味着你必须在每个感兴趣的领域分别去学习高标准。要想达到高标准：\n1.  你必须知道什么是好的。\n2.  你的期望必须具有现实性，对实现目标的难度，或者需要付出多少努力要心中有数。\n根据贝索斯的说法，识别和范围是高标准交付的两个最重要的原则。\n领导者不懈制定高标准，甚至很多人会认为这些标准高得离谱。——亚马逊领导力原则\n比方说，PPT在亚马逊这里根本就不算什么。相反，他们这里的员工得写6页纸叙述性结构化的备忘录，还得讲出来。根据贝索斯的说法，\n好的备忘录要一遍又一遍地写。\n还要与被要求改进工作的同事分享。\n留出几天时间，然后以新的思路重新编辑。\n贝索斯说：“备忘录写得不好往往不是作者认识不到高标准是什么样的，而是对范围有着错误的期望：他们错误地认为一两天甚至几个小时就能写出高标准的六页纸备忘录，但其实这可能要花费一周或更长时间！他们想在短短两周内就做出完美倒立，而我们没有教好他们。”\n他说：“关键是，只需要把范围教给他们就可以改善结果了——让他们知道，一份好的备忘录可能需要一周或更长时间。”\n2017年，亚马逊收购了全食超市。\n2018年：通往成功的道路绝不是一帆风顺\n做企业有时候是这样的，你知道要去哪里，而且也可以很高效地去到那里。但是，那些特大的“非线性”的发现，却可能需要你走走弯路，要靠直觉或好奇心的引导，为了找到出路，有点乱有点跑偏也是值得的。\n“特大的‘非线性’发现需要走走弯路。”\n2013年，如果你去找一位顾客，对他说：“你想不想在厨房里放一个黑色圆筒，大小和品客薯片(Pringles)差不多，你可以一边跟它聊天，一边问问题，同时还能帮你打开灯，播放音乐？”我保证他们会奇怪地看着你然后说，“不，谢谢。”没有顾客想要Echo，”贝索斯解释说。\n“这绝对是我们走的弯路，”他说。\n2019年：现在仍是第一天\n贝索斯的这封信写于2020年4月，当时全球正遭受疫情的严重打击。贝索斯解释了亚马逊在抗击疫情以及满足日益增长的需求方面的作用，因为现在消费者比以往任何时候都更依赖亚马逊的服务，将商品送货上门。\n贝索斯以西奥多·苏斯·盖泽尔(Theodor Seuss Geisel)的一句话作为结尾，他说：“当不好的事情发生时，你有三种选择：你可以让它定义你，让它摧毁你，或者让它使你变得更强。”\n贝索斯重申，“即使在这种情况下，仍然要保持第一天心态。”","news_type":1,"symbols_score_info":{"QNETCN":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113308501,"gmtCreate":1622592832603,"gmtModify":1704186848966,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/113308501","repostId":"1171929437","repostType":4,"isVote":1,"tweetType":1,"viewCount":3739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112537080,"gmtCreate":1622884282340,"gmtModify":1704192979567,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/112537080","repostId":"2141540084","repostType":4,"repost":{"id":"2141540084","kind":"news","pubTimestamp":1622854384,"share":"https://ttm.financial/m/news/2141540084?lang=en_US&edition=fundamental","pubTime":"2021-06-05 08:53","market":"us","language":"zh","title":"US House Democrats unveil $547 billion infrastructure bill","url":"https://stock-news.laohu8.com/highlight/detail?id=2141540084","media":"中国新闻网","summary":"美国国会众议院民主党人当地时间4日公布了总额达5470亿美元的基础设施建设草案。\n该草案由众议院交通和基础设施委员会主席、民主党人德法齐奥 （Peter DeFazio）提出，在未来5年将在基础设施建","content":"<p><div>Democrats in the U.S. House of Representatives announced a draft infrastructure construction totaling $547 billion on the 4th local time. The draft, introduced by Democrat Peter DeFazio, chairman of the House Transportation and Infrastructure Committee, would spend $547 billion on infrastructure construction over the next five years, including the construction and renovation of highways, bridges, railways and other facilities. The draft will be an important part of the infrastructure plan proposed by U.S. President Joe Biden. De Fazio called the plan a \"rare opportunity\" that will bring \"America's transportation facilities from 1950s levels...</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">Web link</a></div></p>","source":"zgxww","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>US House Democrats unveil $547 billion infrastructure bill</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\">\nUS House Democrats unveil $547 billion infrastructure bill\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国新闻网</strong><span class=\"h-time small\">2021-06-05 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Democrats in the U.S. House of Representatives announced a draft infrastructure construction totaling $547 billion on the 4th local time. The draft, introduced by Democrat Peter DeFazio, chairman of the House Transportation and Infrastructure Committee, would spend $547 billion on infrastructure construction over the next five years, including the construction and renovation of highways, bridges, railways and other facilities. The draft will be an important part of the infrastructure plan proposed by U.S. President Joe Biden. De Fazio called the plan a \"rare opportunity\" that will bring \"America's transportation facilities from 1950s levels...</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">Web link</a></div></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/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">中国新闻网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/37d43f47ff4637f33c2675f14c1cc937","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141540084","content_text":"美国国会众议院民主党人当地时间4日公布了总额达5470亿美元的基础设施建设草案。\n该草案由众议院交通和基础设施委员会主席、民主党人德法齐奥 （Peter DeFazio）提出，在未来5年将在基础设施建设方面支出5470亿美元，包括修建、改造高速公路、桥、铁路等设施。该草案将是美国总统拜登提出的基础设施建设计划中的重要部分。\n德法齐奥称该计划是“难得的机会”，将使“美国的交通设施从上世纪50年代水平向未来清洁能源趋势发展”。\n该草案公布后遭到共和党人反对。众议院交通和基础设施委员会共和党人发表声明说，该草案完全是民主党内激进派的主张，民主党人没有想要与共和党人讨论以获得共和党的支持。\n美国总统拜登上任后曾提出2.3万亿美元基础设施建设计划，并表示将通过向富人和大公司增税来实现该计划。\n目前，白宫和国会共和党人就基建计划的谈判已持续多日。拜登已表示愿意将该计划总额由2.3万亿美元降至1万亿美元。共和党人则仅同意2570亿美元的支出。\n在增税方面，由于遭到共和党人强烈反对，拜登已同意搁置提高企业税率的提议，改为设定15%的最低企业税率，以获得共和党对基建方案的支持。\n近日，共和党人提出将应对疫情经济刺激计划中剩余资金用来进行基础设施建设。该提议遭到白宫反对。\n白宫新闻秘书普萨基3日表示，白宫与国会共和党人针对基建计划的谈判将继续下去。她还表示，对于该谈判，白宫没有设置截止日期。（完）","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100549125,"gmtCreate":1619623895667,"gmtModify":1704727044886,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"[Sly]&nbsp;","listText":"[Sly]&nbsp;","text":"[Sly]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/100549125","repostId":"1131068131","repostType":4,"isVote":1,"tweetType":1,"viewCount":847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112473432,"gmtCreate":1622909646027,"gmtModify":1704193211810,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112473432","repostId":"1195814090","repostType":4,"repost":{"id":"1195814090","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":1622866667,"share":"https://ttm.financial/m/news/1195814090?lang=en_US&edition=fundamental","pubTime":"2021-06-05 12:17","market":"sh","language":"zh","title":"JPMorgan Chase's funds generously jiacang Maotai and Wuliangye in April","url":"https://stock-news.laohu8.com/highlight/detail?id=1195814090","media":"老虎资讯综合","summary":"全球第四大中国股票基金——来自摩根大通的“摩根中国A股机会基金”4月大手笔加仓茅台和五粮液。4月底基金持有的贵州茅台股份数环比增加约742%，持有的五粮液股份数增加10%。第一大重仓股中国平安股份数环","content":"<p>JPMorgan China A-share Opportunity Fund, the fourth largest Chinese equity fund in the world, from JPMorgan Chase, spent a lot of money on Maotai and Wuliangye in April. At the end of April, the number of Kweichow Moutai shares held by the fund increased by about 742% month-on-month, and the number of Wuliangye shares held by the fund increased by 10%. The number of shares of Ping An of China, the largest holding stock, increased by 1410.06% month-on-month. By the end of April, the market value of Wuliangye held by Morgan China A-share Opportunity Fund was about HK$1.897 billion (equivalent to RMB 1.565 billion), and that of Kweichow Moutai was about HK$1.640 billion (equivalent to RMB 1.353 billion). (china securities journal)</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>JPMorgan Chase's funds generously jiacang Maotai and Wuliangye in April</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\">\nJPMorgan Chase's funds generously jiacang Maotai and Wuliangye in April\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\">2021-06-05 12:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>JPMorgan China A-share Opportunity Fund, the fourth largest Chinese equity fund in the world, from JPMorgan Chase, spent a lot of money on Maotai and Wuliangye in April. At the end of April, the number of Kweichow Moutai shares held by the fund increased by about 742% month-on-month, and the number of Wuliangye shares held by the fund increased by 10%. The number of shares of Ping An of China, the largest holding stock, increased by 1410.06% month-on-month. By the end of April, the market value of Wuliangye held by Morgan China A-share Opportunity Fund was about HK$1.897 billion (equivalent to RMB 1.565 billion), and that of Kweichow Moutai was about HK$1.640 billion (equivalent to RMB 1.353 billion). (china securities journal)</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aba16b4f88c90908701f4ff26fee613c","relate_stocks":{"600519":"贵州茅台","000858":"五粮液"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195814090","content_text":"全球第四大中国股票基金——来自摩根大通的“摩根中国A股机会基金”4月大手笔加仓茅台和五粮液。4月底基金持有的贵州茅台股份数环比增加约742%，持有的五粮液股份数增加10%。第一大重仓股中国平安股份数环比增加1410.06%。截至4月底，“摩根中国A股机会基金”持有五粮液的市值约为18.97亿港元（约折合15.65亿元人民币），持有贵州茅台的市值约为16.40亿港元（约折合13.53亿元人民币）。（中国证券报）","news_type":1,"symbols_score_info":{"600519":0.9,"000858":0.9}},"isVote":1,"tweetType":1,"viewCount":4034,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134130172,"gmtCreate":1622210626096,"gmtModify":1704181581329,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134130172","repostId":"1121649348","repostType":4,"repost":{"id":"1121649348","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":1622208665,"share":"https://ttm.financial/m/news/1121649348?lang=en_US&edition=fundamental","pubTime":"2021-05-28 21:31","market":"us","language":"zh","title":"Opening: Three Major Indexes Collectively Opened Higher, AMC Cinemas Up 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1121649348","media":"老虎资讯综合","summary":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高","content":"<p>On May 28th, the three major U.S. stock indexes opened higher collectively, with the Dow rising 0.40%, the Nasdaq rising 0.41% and the S&P 500 rising 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Down nearly 6%, report says<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The Group's Xiaozao Enlightenment Project was cut, and a large number of employees will be laid off.</p><p>WSB Concept Stocks Mostly Higher,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Up 15%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose by more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>The GMV of live broadcast in fiscal 2021 reached 13.855 billion yuan, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>down 1.4% after saying it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>It fell by more than 7%, and the company's CEO said that the supply shortage will last until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>Up more than 7%, net profit in the first fiscal quarter increased by 374% year-on-year</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>It rose by more than 10%. On the news, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021 as of March 31, 2021. According to the financial report, the company's total revenue in Q4 was 90.864 million yuan, compared with 119 million yuan in the same period of last year, a year-on-year decrease of 23.64%; Net loss was 109 million yuan, compared with 142 million yuan in the same period of last year; Both basic and diluted loss per ADS was RMB1.07, compared with RMB1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3%. The company has signed contracts with the U.S. Special Operations Command with a total value of $111 million, of which the company was awarded an option agreement worth $52.5 million after the contract is executed. The basic term of the contract is one year and the option term is one year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Three Major Indexes Collectively Opened Higher, AMC Cinemas Up 20%</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 Collectively Opened Higher, AMC Cinemas Up 20%\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\">2021-05-28 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 28th, the three major U.S. stock indexes opened higher collectively, with the Dow rising 0.40%, the Nasdaq rising 0.41% and the S&P 500 rising 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Down nearly 6%, report says<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The Group's Xiaozao Enlightenment Project was cut, and a large number of employees will be laid off.</p><p>WSB Concept Stocks Mostly Higher,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Up 15%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose by more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>The GMV of live broadcast in fiscal 2021 reached 13.855 billion yuan, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>down 1.4% after saying it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>It fell by more than 7%, and the company's CEO said that the supply shortage will last until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>Up more than 7%, net profit in the first fiscal quarter increased by 374% year-on-year</p><p><a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>It rose by more than 10%. On the news, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021 as of March 31, 2021. According to the financial report, the company's total revenue in Q4 was 90.864 million yuan, compared with 119 million yuan in the same period of last year, a year-on-year decrease of 23.64%; Net loss was 109 million yuan, compared with 142 million yuan in the same period of last year; Both basic and diluted loss per ADS was RMB1.07, compared with RMB1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3%. The company has signed contracts with the U.S. Special Operations Command with a total value of $111 million, of which the company was awarded an option agreement worth $52.5 million after the contract is executed. The basic term of the contract is one year and the option term is one year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"AMC":"AMC院线",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121649348","content_text":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高斯电子涨15%，游戏驿站涨超3%。蘑菇街涨10%，2021财年全年直播GMV达138.55亿元，同比增长38.1%。波音跌1.4%，此前表示将暂停787 Dreamliner交付。惠普跌超7%，公司CEO表示供应短缺将持续到今年年底。Salesforce涨超7%，第一财季净利同比大增374%蘑菇街涨超10%，消息面上蘑菇街公布截至2021年3月31日的2021财年第四季度及全年财务业绩。财报显示，该公司Q4总营收9086.4万元，上年同期1.19亿元，同比下降23.64%;净亏损为1.09亿元，上年同期1.42亿元;基本和摊薄后每ADS亏损均为1.07元，上年同期为1.30元。Palantir Technologies涨近3%，公司已与美国特种作战司令部签署总价值为1.11亿美元的合同，其中，公司被授予在合同执行后价值5250万美元的选择权协议。该份合同的基本期限为一年，选择权期限为一年。","news_type":1,"symbols_score_info":{"AMC":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194733911,"gmtCreate":1621399458433,"gmtModify":1704357004794,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582715449264548","idStr":"3582715449264548"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/194733911","repostId":"312925574","repostType":1,"isVote":1,"tweetType":1,"viewCount":1251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}