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2021-06-26

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Missfresh, the "first fresh food stock," opened below its issue price, falling more than 18% in early trading.

2021-06-25

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China Banking and Insurance Regulatory Commission official: The global economy is in a sensitive period and it will be difficult to return to normal in the

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01:11","market":"us","language":"zh","title":"Missfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1179112703","media":"老虎资讯综合","summary":"截止2021年3月31日的三个月，每日优鲜净营收为15.302亿元。","content":"<p>On June 25, the \"first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Missfresh</a>The company officially listed on the US stock market with an IPO price of $13. It opened at $10.65 today, a drop of more than 18% in early trading, and its total market capitalization exceeded $2.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a26741e6bf10a3c331c1b43354d5e31c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In this IPO, Missfresh issued a total of 21 million American Depositary Shares (ADSs) (including 24.15 million greenshoes). Based on the issue price of US$13, Missfresh's IPO will raise approximately US$300 million.</p><p>At the listing ceremony, Xu Zheng, founder and CEO of Missfresh, said that going public is not Missfresh's goal or end, but a new starting point for us to fulfill our mission and realize our vision. The digitalization of community retail has reached the eve of a major explosion, and facing the second half of the competition, Missfresh will never stop exploring the community retail industry.</p><p><img src=\"https://static.tigerbbs.com/8a45b68d6410257cdce765e8be0dc67b\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p><b>The company is developing a 10 trillion yuan community retail market, with the main model being (A+B) x N.</b></p><p>Missfresh was founded in October 2014. Its founders, Xu Zheng and Zeng Bin, had previously...<a href=\"https://laohu8.com/S/00992\">Lenovo Group</a>He worked there for over ten years and became a senior executive at Lenovo Joyvio Group. In May 2015, Missfresh pioneered its pre-warehouse instant retail business, becoming a mobile e-commerce platform focused on providing consumers with high-quality fresh produce, covering all categories including fruits and vegetables, seafood, meat and poultry, dairy and snacks. As of March 31, 2021, Missfresh had established 631 pre-positioned warehouses in 16 cities in China, with a cumulative transaction volume of over 31 million users and an average delivery time of 39 minutes.</p><p>On June 9th, Missfresh officially submitted its prospectus to the U.S. Securities and Exchange Commission. The most interesting part of the prospectus details its updated (A+B)XN strategy this year.<b>A: Front-end warehouse instant retail, B: Smart market, N: Retail cloud</b>This reveals its ambitions in the larger community retail sector. Compared to the past, more people's understanding of Missfresh is still limited to online fresh food shopping. However, on the eve of its IPO, Missfresh quietly announced its platform-based model. Missfresh's transformation from a vertical self-operated company to a platform-based company is actually a shift from a trading company to a road-building company, and it also places itself in a larger market.</p><p><img src=\"https://static.tigerbbs.com/9f1b9b7e8f3af7ffa0d9b3758f5340ef\" tg-width=\"550\" tg-height=\"698\" referrerpolicy=\"no-referrer\"></p><p>Missfresh's diversified layout breaks through its limited definition of \"fresh food e-commerce\". In the future, Missfresh will continue to leverage its advantages and pay close attention to market trends, leveraging its strengths and following the trend.</p><p>According to the prospectus, Missfresh's net revenue was approximately RMB 3.5467 billion in 2018, increased to RMB 6.0014 billion in 2019, and reached RMB 6.1304 billion in 2020. For the three months ended March 31, 2020, Missfresh's net revenue was RMB 1.6898 billion, and for the three months ended March 31, 2021, net revenue was RMB 1.5302 billion. GMV increased from RMB 4.7259 billion in 2018 to RMB 7.614.7 billion in 2020, with a compound annual growth rate of 26.9%. Data shows that the average order value of Missfresh's forward warehouse instant retail is 94.6 yuan.</p><p>Missfresh pioneered the pre-warehouse model in May 2015. Currently, it has opened 631 pre-warehouses in 16 first- and second-tier cities across the country, providing consumers with more than 4,300 express delivery products with an average delivery time of 39 minutes. Currently, it has more than 31 million transaction users and a GMV of 7.6 billion yuan in 2020. In the second half of 2020, Missfresh launched its smart farmers' market business, planning to promote the standardization of farmers' markets and upgrade them to small fresh food community shopping malls. As of May 31, 2021, it had signed operating agreements with 54 farmers' markets in 14 cities and was operating in 33 farmers' markets in 10 cities.</p><p>In addition, according to the prospectus, Missfresh's average order value of RMB 94.6 is the highest in the industry, its fulfillment expense ratio has continued to decline from 34.9% in 2018 to 25.7% in 2020, and its fulfillment profit margin (gross profit margin minus fulfillment expense ratio) is higher than the industry average.</p><p><b>Community retail digitalization is on the eve of a major explosion.</b></p><p>In terms of users, from 2018 to 2020, Missfresh had 5.1 million, 7.2 million and 8.7 million active users respectively, with an average spending of 558.0 yuan, 690.4 yuan and 712.8 yuan. Given that Missfresh defines effective users as \"transaction users whose product payments after deducting discounts and coupons exceed the cost of selling the relevant products,\" it therefore has a group of positive profit-contributing users whose number and transaction volume are increasing year by year.</p><p><img src=\"https://static.tigerbbs.com/d67526d2a1198afcce6a244be378ea5f\" tg-width=\"590\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>In addition, Missfresh's average order value is 94.6 yuan, which is higher than other forward warehouse companies in the industry. The proportion of its core users (users who place orders four or more times within at least one month in a given year) among transaction users increased from 14.9% in 2018 to 21.1% in 2020. As of March 31, 2021, the annual consumption of core users reached 2,106 yuan.</p><p>In his speech, Xu Zheng mentioned, \"Although today is an important moment in Youshion's seven years of entrepreneurship, as a company that aims to create value continuously, aggressively, and in the long term, I hope that every Youshion employee can maintain the entrepreneurial mindset of Always Day One.\"</p><p>He stated that as a company that aims to pursue long-term value, MissFresh will maintain the \"always day one\" mentality, continue to explore the field of digital community retail, enable more families to enjoy a high-quality shopping experience, and help more merchants achieve efficient management and operation.</p><p>The digitalization of community retail is the largest and fastest-growing market in China in the future. According to data from iResearch Consulting, the scale of the community retail industry is expected to increase from 11.9 trillion yuan to 15.7 trillion yuan from 2020 to 2025, while the online penetration rate of community retail will increase from 20.9% to 45.5%. This means that by 2025, the scale of China's digital community retail industry will reach 7.2 trillion yuan.</p><p>As Xu Zheng said, going public is a new starting point. The digitalization of community retail has reached the eve of a major explosion. In the second half of the competition, community retail platforms are facing not only a battle for business, but also a battle for capital.</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>Missfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ 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\">\nMissfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.\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\">2021-06-26 01:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25, the \"first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Missfresh</a>The company officially listed on the US stock market with an IPO price of $13. It opened at $10.65 today, a drop of more than 18% in early trading, and its total market capitalization exceeded $2.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a26741e6bf10a3c331c1b43354d5e31c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In this IPO, Missfresh issued a total of 21 million American Depositary Shares (ADSs) (including 24.15 million greenshoes). Based on the issue price of US$13, Missfresh's IPO will raise approximately US$300 million.</p><p>At the listing ceremony, Xu Zheng, founder and CEO of Missfresh, said that going public is not Missfresh's goal or end, but a new starting point for us to fulfill our mission and realize our vision. The digitalization of community retail has reached the eve of a major explosion, and facing the second half of the competition, Missfresh will never stop exploring the community retail industry.</p><p><img src=\"https://static.tigerbbs.com/8a45b68d6410257cdce765e8be0dc67b\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p><b>The company is developing a 10 trillion yuan community retail market, with the main model being (A+B) x N.</b></p><p>Missfresh was founded in October 2014. Its founders, Xu Zheng and Zeng Bin, had previously...<a href=\"https://laohu8.com/S/00992\">Lenovo Group</a>He worked there for over ten years and became a senior executive at Lenovo Joyvio Group. In May 2015, Missfresh pioneered its pre-warehouse instant retail business, becoming a mobile e-commerce platform focused on providing consumers with high-quality fresh produce, covering all categories including fruits and vegetables, seafood, meat and poultry, dairy and snacks. As of March 31, 2021, Missfresh had established 631 pre-positioned warehouses in 16 cities in China, with a cumulative transaction volume of over 31 million users and an average delivery time of 39 minutes.</p><p>On June 9th, Missfresh officially submitted its prospectus to the U.S. Securities and Exchange Commission. The most interesting part of the prospectus details its updated (A+B)XN strategy this year.<b>A: Front-end warehouse instant retail, B: Smart market, N: Retail cloud</b>This reveals its ambitions in the larger community retail sector. Compared to the past, more people's understanding of Missfresh is still limited to online fresh food shopping. However, on the eve of its IPO, Missfresh quietly announced its platform-based model. Missfresh's transformation from a vertical self-operated company to a platform-based company is actually a shift from a trading company to a road-building company, and it also places itself in a larger market.</p><p><img src=\"https://static.tigerbbs.com/9f1b9b7e8f3af7ffa0d9b3758f5340ef\" tg-width=\"550\" tg-height=\"698\" referrerpolicy=\"no-referrer\"></p><p>Missfresh's diversified layout breaks through its limited definition of \"fresh food e-commerce\". In the future, Missfresh will continue to leverage its advantages and pay close attention to market trends, leveraging its strengths and following the trend.</p><p>According to the prospectus, Missfresh's net revenue was approximately RMB 3.5467 billion in 2018, increased to RMB 6.0014 billion in 2019, and reached RMB 6.1304 billion in 2020. For the three months ended March 31, 2020, Missfresh's net revenue was RMB 1.6898 billion, and for the three months ended March 31, 2021, net revenue was RMB 1.5302 billion. GMV increased from RMB 4.7259 billion in 2018 to RMB 7.614.7 billion in 2020, with a compound annual growth rate of 26.9%. Data shows that the average order value of Missfresh's forward warehouse instant retail is 94.6 yuan.</p><p>Missfresh pioneered the pre-warehouse model in May 2015. Currently, it has opened 631 pre-warehouses in 16 first- and second-tier cities across the country, providing consumers with more than 4,300 express delivery products with an average delivery time of 39 minutes. Currently, it has more than 31 million transaction users and a GMV of 7.6 billion yuan in 2020. In the second half of 2020, Missfresh launched its smart farmers' market business, planning to promote the standardization of farmers' markets and upgrade them to small fresh food community shopping malls. As of May 31, 2021, it had signed operating agreements with 54 farmers' markets in 14 cities and was operating in 33 farmers' markets in 10 cities.</p><p>In addition, according to the prospectus, Missfresh's average order value of RMB 94.6 is the highest in the industry, its fulfillment expense ratio has continued to decline from 34.9% in 2018 to 25.7% in 2020, and its fulfillment profit margin (gross profit margin minus fulfillment expense ratio) is higher than the industry average.</p><p><b>Community retail digitalization is on the eve of a major explosion.</b></p><p>In terms of users, from 2018 to 2020, Missfresh had 5.1 million, 7.2 million and 8.7 million active users respectively, with an average spending of 558.0 yuan, 690.4 yuan and 712.8 yuan. Given that Missfresh defines effective users as \"transaction users whose product payments after deducting discounts and coupons exceed the cost of selling the relevant products,\" it therefore has a group of positive profit-contributing users whose number and transaction volume are increasing year by year.</p><p><img src=\"https://static.tigerbbs.com/d67526d2a1198afcce6a244be378ea5f\" tg-width=\"590\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>In addition, Missfresh's average order value is 94.6 yuan, which is higher than other forward warehouse companies in the industry. The proportion of its core users (users who place orders four or more times within at least one month in a given year) among transaction users increased from 14.9% in 2018 to 21.1% in 2020. As of March 31, 2021, the annual consumption of core users reached 2,106 yuan.</p><p>In his speech, Xu Zheng mentioned, \"Although today is an important moment in Youshion's seven years of entrepreneurship, as a company that aims to create value continuously, aggressively, and in the long term, I hope that every Youshion employee can maintain the entrepreneurial mindset of Always Day One.\"</p><p>He stated that as a company that aims to pursue long-term value, MissFresh will maintain the \"always day one\" mentality, continue to explore the field of digital community retail, enable more families to enjoy a high-quality shopping experience, and help more merchants achieve efficient management and operation.</p><p>The digitalization of community retail is the largest and fastest-growing market in China in the future. According to data from iResearch Consulting, the scale of the community retail industry is expected to increase from 11.9 trillion yuan to 15.7 trillion yuan from 2020 to 2025, while the online penetration rate of community retail will increase from 20.9% to 45.5%. This means that by 2025, the scale of China's digital community retail industry will reach 7.2 trillion yuan.</p><p>As Xu Zheng said, going public is a new starting point. The digitalization of community retail has reached the eve of a major explosion. In the second half of the competition, community retail platforms are facing not only a battle for business, but also a battle for capital.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26dac0b9aef9b62cf45137413315ab61","relate_stocks":{"MF":"MindForge Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179112703","content_text":"6月25日，“生鲜电商第一股”每日优鲜正式登陆美股，公司IPO定价13美元，今日开盘报10.65美元，盘初跌幅超18%，总市值超25亿美元。\n\n每日优鲜在本次IPO中总计发行2100万股（含绿鞋2415万股）美国存托股票（ADS），以13美元发行价计算，每日优鲜IPO募资额约为3亿美元。\n每日优鲜创始人兼CEO徐正在上市仪式上表示，上市并不是每日优鲜的目标和终点，而是我们践行使命、实现愿景的新起点。社区零售数字化已经来到大爆发的前夜，面临着下半场的竞争，每日优鲜将永无止境地在社区零售的行业探索。\n\n布局10万亿的社区零售市场，主要模式为（A+B）x N\n每日优鲜成立于2014年10月，创始人徐正和曾斌此前曾在联想集团供职十余年，并出任联想佳沃集团高管。2015年5月，每日优鲜首创前置仓即时零售业务，成为一家专注于为消费者提供优质生鲜的移动电商，覆盖水果蔬菜、海鲜肉禽、牛奶零食等全品类。截至2021年3月31日，每日优鲜已在中国16个城市建立了631个前置仓，累计交易用户超3100万，并提供平均39分钟达的服务。\n6月9日，每日优鲜正式向美国证券交易委员会递交招股说明书，其中最有意思的部分则是详细展示了今年更新的（A+B）x N 战略（A：前置仓即时零售，B：智慧菜场，N：零售云），透露了其在更大的社区零售赛道中的野心。相比以往，更多人对每日优鲜的理解还停留在生鲜网购。但上市前夕的每日优鲜，悄然了宣告自己的平台化模式，每日优鲜从垂直自营公司到平台化的转型，其实就是从贸易型公司转向筑路型公司，而它也将自己置身于一个更大的市场里。\n\n每日优鲜的多元化布局，打破了其“生鲜电商”的局限定义，在未来每日优鲜会继续发挥自身的优势比并且时刻关注市场动向，发挥自身的优势，顺势而为。\n招股书数据显示，2018年，每日优鲜的净营收约为35.467亿元，2019年增至60.014亿元，2020年达到61.304亿元。截止2020年3月31日的三个月，每日优鲜的净营收为16.898亿元，截止2021年3月31日的三个月，净营收为15.302亿元。GMV从2018年的47.259亿元增长到2020年的76.147亿元人民币，复合年增长率为26.9%。数据显示，每日优鲜前置仓即时零售的平均客单价为94.6元。\n每日优鲜于2015年5月首创前置仓模式，目前已在全国16个一二线城市开设631个前置仓，为消费者提供超4300款极速达商品、平均39分钟达的服务。目前其累计交易用户3100多万，2020年GMV76亿元。2020年下半年，每日优鲜推出智慧菜场业务，计划推动菜市场标准化以及向小型生鲜社区商场升级。截至2021年5月31日，其已与14个城市的54家菜场签订运营协议，并在10个城市的33家菜场展开运营。\n另外，招股书数据显示，每日优鲜94.6元的平均客单价为行业最高，履约费用率从2018年的34.9%持续降至2020年的25.7%，履约利润率（毛利率扣除履约费用率）高于行业平均水平。\n社区零售数字化已经来到大爆发的前夜\n在用户方面，从2018年到2020年，每日优鲜有效用户数量分别为510万、720万和 870万，有效用户平均消费额别为558.0元、690.4元和712.8元。鉴于每日优鲜将有效用户定义为“扣除折扣和优惠券后产品付款大于相关销售产品成本的交易用户”，它因此拥有一批数量和交易额均逐年增加的正向利润贡献用户。\n\n此外，每日优鲜平均客单价为94.6元，高于行业其他前置仓企业。其核心用户（某一年份至少一个月内下单4次或以上的用户）在交易用户中的占比从2018年的14.9%，增加到2020年的21.1%，截至2021年3月31日，核心用户年消费额达2106元。\n徐正在演讲中提到，“尽管今天是优鲜创业7年来的重要时刻，但作为一家以持续地、疯狂地、长期地创造价值为目标的企业，我希望每个优鲜人都能保持Always Day One的创业心态。”\n他表示，作为一家以追求长期价值为目标的企业，每日优鲜会保持always day one的心态，继续在社区零售数字化领域做探索，让更多家庭享受到优质购物体验，帮助更多商家实现高效管理和运营。\n社区零售数字化是未来中国增量最大、增速最快的市场。根据艾瑞咨询数据，从2020年到2025年，社区零售行业规模预计会从11.9万亿增至15.7万亿，社区零售线上化渗透率则会从20.9%增至45.5%，这意味着到2025年，中国数字化社区零售的行业规模将达到7.2万亿。\n正如徐正所说，上市是新起点。社区零售数字化已经来到大爆发的前夜，在下半场的竞争中，社区零售平台们，面临的不仅仅是业务之争，还有资本之争。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":3012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126682462,"gmtCreate":1624561587256,"gmtModify":1703840397914,"author":{"id":"3582937846907476","authorId":"3582937846907476","name":"Heytorres","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582937846907476","idStr":"3582937846907476"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126682462","repostId":"1144044065","repostType":4,"repost":{"id":"1144044065","kind":"news","pubTimestamp":1624532990,"share":"https://ttm.financial/m/news/1144044065?lang=en_US&edition=fundamental","pubTime":"2021-06-24 19:09","market":"us","language":"zh","title":"China Banking and Insurance Regulatory Commission official: The global economy is in a sensitive period and it will be difficult to return to normal in the","url":"https://stock-news.laohu8.com/highlight/detail?id=1144044065","media":"新浪财经","summary":"这次疫情至少是自第二次世界大战以来对全球经济、人类社会最大的一次冲击。","content":"<p>The 2021 Caixin Summer Summit was held in Beijing from June 23-25, 2021. Yu Xuejun, a leader of the China Banking and Insurance Regulatory Commission, attended and delivered a speech.</p><p>Yu Xuejun stated that the global economy is in a sensitive period of evolution and change, and it is difficult to return to normal in the short term.</p><p>He explained that, firstly, the complexity and sensitivity facing the global economy this year were caused by the outbreak and spread of the COVID-19 pandemic last year, \"and the impact was too great.\" He cited a UN report stating that this was \"the worst global economic contraction since the Great Depression of the 1930s, a contraction 2.5 times the degree of the 2009 international financial crisis.\" He added,</p><p>\"From our memory, this pandemic has been the biggest shock to the global economy and human society since at least World War II.\" Last year, the global economy contracted by 4.4% overall. Thanks to China's good control of the epidemic and its combined efforts in epidemic prevention and economic work, the country resumed work and production effectively, making it the only country among the world's top ten economies to achieve positive growth, with an annual economic growth of 2.3%. Yu Xuejun said,</p><p>\"This (growth) of 2.3% is very well-known now. We see it on TV, in newspapers, and even some foreign scholars often mention 2.3%.\" Second, due to the rare impact of the COVID-19 pandemic on the global economy, governments around the world have generally implemented ultra-loose stimulus economic policies. Historically, these policies are unprecedented in intensity and have played an important role in stabilizing the economies and maintaining social order in various countries. However, at the same time, these ultra-loose policies have also brought many problems.</p><p>Third, the changes and impacts of global geopolitics.</p><p>Yu Xuejun stated that the key to controlling the epidemic lies in the research and development and administration of vaccines. All countries hope to achieve this in one fell swoop, but progress is now very fast, far exceeding people's previous expectations. How things will change in the future depends on two factors. One is the effectiveness of the vaccine, including its shelf life, which remains to be seen.</p><p>Second, the speed and complexity of the COVID-19 virus mutation. “In the past, when we were doing banking supervision, we often said, ‘Regulation is a race against risk.’ Today, we are borrowing this saying. We believe that fighting the COVID-19 pandemic is actually a race against the mutations of the virus,” he said. Overall, the situation in humanity’s fight against the COVID-19 pandemic has become bright, and it now seems to be dominated by optimism. He believes that the negative impact on the economy will gradually weaken.</p><p>When discussing the future of ultra-loose stimulus policies, Yu Xuejun analyzed the situation in the United States.</p><p>Last year, during the Trump administration, after the widespread spread of COVID-19 in the United States, the Federal Reserve lowered the Federal Reserve interest rate from 1.5%-1.75% to 0% to 0.25% in mid-March, the so-called \"zero interest rate\". At the end of the year, the Federal Reserve intensified its QE policy, increasing its bond purchases to $120 billion per month starting in December.</p><p>Since taking office, President Biden has further increased fiscal stimulus policies, most notably the $1.9 trillion COVID-19 relief bill passed in April of this year. In addition, he proposed a plan to revive infrastructure investment. The initial proposal was for a scale of 2.25 trillion, but it has recently been reduced to approximately $1 trillion.</p><p>Since last year, the Federal Reserve has implemented an ultra-loose monetary policy, which has led to a significant increase in its balance sheet, which has surged from about $4 trillion at the beginning to $7.5 trillion at the end of the year, and has now reached about $8 trillion. This has led to a continuous expansion of global dollar liquidity and caused a sharp rise in commodity prices, including a rare increase in food prices, raising global concerns about inflation.</p><p>Yu Xuejun believes that with the improvement of the US anti-epidemic situation and the cumulative effect of ultra-loose monetary stimulus policies, the US economy has rebounded strongly. According to the latest OECD medium-term economic outlook forecast, the US economy will grow by 6.9% this year, which is 0.4 percentage points higher than the previous forecast.</p><p>In response to these new changes, the Federal Reserve has begun to send hawkish signals at its latest interest rate meeting in June, and the market expects the Fed's rate hike to be brought forward by a year to the second half of 2022. In addition, inflation expectations have been significantly raised, with the U.S. PCE and personal consumption expenditures price index expected to rise to 3.4% in 2021, up 1 percentage point from the March forecast. Yu Xuejun said,</p><p>\"We are in a window of opportunity where macroeconomic control policies may be adjusted and changed at any time, so the market is extremely sensitive. A piece of information or a single word from the Federal Reserve can cause huge fluctuations in the market. Currently, grain, iron ore, oil, gold, and exchange rates rise and fall almost every day, with different changes and no consistent direction. We are in such a sensitive period.\" Why is it difficult to return to normal in the short term? He gave two reasons:</p><p>First, the impact of the COVID-19 pandemic is too great, and controlling the pandemic remains unpredictable. In addition, the significant impact of the pandemic on human society, especially on economic activities, after it is brought under control, also requires time to be assessed.</p><p>Secondly, the ultra-loose stimulus policies of various countries have had a significant impact. The withdrawal of these policies requires a long process and is irreversible. In particular, the base money injected by the Federal Reserve is difficult to recover in the short term and may become a part of history that will be retained forever.</p><p>\"After the 2008 US financial crisis, the Federal Reserve implemented a quantitative easing monetary policy. Previously, the Fed's balance sheet was less than $900 billion, but it later increased to a peak of $4.5 trillion, and now it has increased to $8 trillion. Based on this calculation...\"<b>The Fed's balance sheet is expected to eventually be more than 10 times larger than it was before the 2008 financial crisis.</b>These large amounts of dollar liquidity are being invested around the world, having a huge impact on global economic and financial markets, especially on inflation, which I believe is difficult to eliminate in the short term and difficult to accurately assess.</p>","source":"XLCJ","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>China Banking and Insurance Regulatory Commission official: The global economy is in a sensitive period and it will be difficult to return to normal in the</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\">\nChina Banking and Insurance Regulatory Commission official: The global economy is in a sensitive period and it will be difficult to return to normal in the\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-06-24 19:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The 2021 Caixin Summer Summit was held in Beijing from June 23-25, 2021. Yu Xuejun, a leader of the China Banking and Insurance Regulatory Commission, attended and delivered a speech.</p><p>Yu Xuejun stated that the global economy is in a sensitive period of evolution and change, and it is difficult to return to normal in the short term.</p><p>He explained that, firstly, the complexity and sensitivity facing the global economy this year were caused by the outbreak and spread of the COVID-19 pandemic last year, \"and the impact was too great.\" He cited a UN report stating that this was \"the worst global economic contraction since the Great Depression of the 1930s, a contraction 2.5 times the degree of the 2009 international financial crisis.\" He added,</p><p>\"From our memory, this pandemic has been the biggest shock to the global economy and human society since at least World War II.\" Last year, the global economy contracted by 4.4% overall. Thanks to China's good control of the epidemic and its combined efforts in epidemic prevention and economic work, the country resumed work and production effectively, making it the only country among the world's top ten economies to achieve positive growth, with an annual economic growth of 2.3%. Yu Xuejun said,</p><p>\"This (growth) of 2.3% is very well-known now. We see it on TV, in newspapers, and even some foreign scholars often mention 2.3%.\" Second, due to the rare impact of the COVID-19 pandemic on the global economy, governments around the world have generally implemented ultra-loose stimulus economic policies. Historically, these policies are unprecedented in intensity and have played an important role in stabilizing the economies and maintaining social order in various countries. However, at the same time, these ultra-loose policies have also brought many problems.</p><p>Third, the changes and impacts of global geopolitics.</p><p>Yu Xuejun stated that the key to controlling the epidemic lies in the research and development and administration of vaccines. All countries hope to achieve this in one fell swoop, but progress is now very fast, far exceeding people's previous expectations. How things will change in the future depends on two factors. One is the effectiveness of the vaccine, including its shelf life, which remains to be seen.</p><p>Second, the speed and complexity of the COVID-19 virus mutation. “In the past, when we were doing banking supervision, we often said, ‘Regulation is a race against risk.’ Today, we are borrowing this saying. We believe that fighting the COVID-19 pandemic is actually a race against the mutations of the virus,” he said. Overall, the situation in humanity’s fight against the COVID-19 pandemic has become bright, and it now seems to be dominated by optimism. He believes that the negative impact on the economy will gradually weaken.</p><p>When discussing the future of ultra-loose stimulus policies, Yu Xuejun analyzed the situation in the United States.</p><p>Last year, during the Trump administration, after the widespread spread of COVID-19 in the United States, the Federal Reserve lowered the Federal Reserve interest rate from 1.5%-1.75% to 0% to 0.25% in mid-March, the so-called \"zero interest rate\". At the end of the year, the Federal Reserve intensified its QE policy, increasing its bond purchases to $120 billion per month starting in December.</p><p>Since taking office, President Biden has further increased fiscal stimulus policies, most notably the $1.9 trillion COVID-19 relief bill passed in April of this year. In addition, he proposed a plan to revive infrastructure investment. The initial proposal was for a scale of 2.25 trillion, but it has recently been reduced to approximately $1 trillion.</p><p>Since last year, the Federal Reserve has implemented an ultra-loose monetary policy, which has led to a significant increase in its balance sheet, which has surged from about $4 trillion at the beginning to $7.5 trillion at the end of the year, and has now reached about $8 trillion. This has led to a continuous expansion of global dollar liquidity and caused a sharp rise in commodity prices, including a rare increase in food prices, raising global concerns about inflation.</p><p>Yu Xuejun believes that with the improvement of the US anti-epidemic situation and the cumulative effect of ultra-loose monetary stimulus policies, the US economy has rebounded strongly. According to the latest OECD medium-term economic outlook forecast, the US economy will grow by 6.9% this year, which is 0.4 percentage points higher than the previous forecast.</p><p>In response to these new changes, the Federal Reserve has begun to send hawkish signals at its latest interest rate meeting in June, and the market expects the Fed's rate hike to be brought forward by a year to the second half of 2022. In addition, inflation expectations have been significantly raised, with the U.S. PCE and personal consumption expenditures price index expected to rise to 3.4% in 2021, up 1 percentage point from the March forecast. Yu Xuejun said,</p><p>\"We are in a window of opportunity where macroeconomic control policies may be adjusted and changed at any time, so the market is extremely sensitive. A piece of information or a single word from the Federal Reserve can cause huge fluctuations in the market. Currently, grain, iron ore, oil, gold, and exchange rates rise and fall almost every day, with different changes and no consistent direction. We are in such a sensitive period.\" Why is it difficult to return to normal in the short term? He gave two reasons:</p><p>First, the impact of the COVID-19 pandemic is too great, and controlling the pandemic remains unpredictable. In addition, the significant impact of the pandemic on human society, especially on economic activities, after it is brought under control, also requires time to be assessed.</p><p>Secondly, the ultra-loose stimulus policies of various countries have had a significant impact. The withdrawal of these policies requires a long process and is irreversible. In particular, the base money injected by the Federal Reserve is difficult to recover in the short term and may become a part of history that will be retained forever.</p><p>\"After the 2008 US financial crisis, the Federal Reserve implemented a quantitative easing monetary policy. Previously, the Fed's balance sheet was less than $900 billion, but it later increased to a peak of $4.5 trillion, and now it has increased to $8 trillion. Based on this calculation...\"<b>The Fed's balance sheet is expected to eventually be more than 10 times larger than it was before the 2008 financial crisis.</b>These large amounts of dollar liquidity are being invested around the world, having a huge impact on global economic and financial markets, especially on inflation, which I believe is difficult to eliminate in the short term and difficult to accurately assess.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.cn/hy/2021-06-24/detail-ikqciyzk1510511.d.html?from=wap\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f0777ffe79222b2a04c15407e205bed9","relate_stocks":{".DJI":"道琼斯","000001.SH":"上证指数"},"source_url":"https://finance.sina.cn/hy/2021-06-24/detail-ikqciyzk1510511.d.html?from=wap","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144044065","content_text":"2021财新夏季峰会于2021年6月23-25日在北京举办，中国银行保险监督管理委员会领导于学军出席并演讲。\n于学军表示，全球经济正处于演进变化的敏感时期，短期内难以回归常态。\n他解释称，首先，今年全球经济面临的复杂性和敏感性是受去年新冠肺炎疫情在全球的暴发、蔓延而形成的，“这个冲击太大了”。他引用联合国报告称这“是自上世纪30年代经济大萧条以来，全球经济最严重的收缩，收缩的程度是2009年国际金融危机的2.5倍”。他又说道，\n\n “从我们的记忆来说，这次疫情至少是自第二次世界大战以来对全球经济、人类社会最大的一次冲击。”\n\n去年全球经济总体下降4.4%，由于中国疫情控制得好，并且防疫和经济工作两手抓，复工复产有力有效，成为了全球前十大经济体中唯一实现正增长的国家，全年经济增长2.3%。于学军说，\n\n “这个（增长）2.3%，现在非常有名，我们看电视、报纸，包括国外的一些学者，他们也经常提起来2.3%。”\n\n第二，由于新冠疫情对全球经济形成的罕见冲击，所以各国政府普遍实行了超宽松的刺激性经济政策，历史比较来看，这些政策力度是空前的，在各国稳定经济和维护社会秩序等方面均发挥了重要作用，但与此同时这些超宽松的政策也带来许多问题。\n第三，全球地缘政治的变化和影响。\n于学军表示，控制疫情的关键环节在于疫苗的研发和接种，各国都希望可以毕其功于一役，现在看进展很快，远超出人们之前的预期。未来如何变化取决于两个因素，一是疫苗的有效性，包括有效期，尚有待时间检验。\n二是新冠病毒变异的速度和复杂性。“过去我们做银行监管常说的一句话，叫做‘监管就是与风险赛跑’，今天我们把这句话借用过来，我们认为抗击新冠疫情实际上也是与新冠病毒的变异赛跑”，他说，总体来看人类抗击新冠疫情的形势已现光明，现在普遍看起来是乐观情绪主导，相信对经济的负面影响也会逐步减弱。\n谈及超宽松的刺激性政策何去何从，于学军分析了美国的情况。\n去年在特朗普执政时期，新冠肺炎在美国大面积传染之后，美联储在3月中旬一次性将联邦储备利率由1.5%-1.75%调低为0%到0.25%，即所谓的“零利率”。年末美联储又加大QE政策，从12月起将其购债规模每月增加到1200亿美元。\n拜登总统上任之后，进一步加大财政的刺激性政策，最具代表性的就是于今年4月通过的1.9万亿美元的新冠纾困法案。另外，他还提出基建投资的复兴计划。开始拟定的是2.25万亿规模，最近有所压缩，预计约1万亿美元。\n去年开始美联储实行超宽松的货币政策，使其资产负债表大幅增加，已从初期的约4万亿美元陡增至年末的7.5万亿美元，最新大概达到8万亿美元。这使全球的美元流动性不断膨胀，并造成大宗初级商品的价格大幅上涨，包括粮食也出现罕见的涨价现象，全球对通胀的担忧由此产生。\n于学军认为，随着美国抗疫形势出现好转，在货币超宽松刺激政策累加的作用之下，美国经济出现强势反弹，最新据经合组织OECD中期经济展望预测，今年美国经济将增长6.9%，比之前的预测调高了0.4个百分点。\n针对这些新变化，美联储在6月最新的议息会议上已开始释放鹰派信号，市场预计美联储加息或提前一年至2022年下半年。另外通货膨胀预期也被大幅上调，预计2021年美国的PCE及个人消费支出价格指数将升到3.4%，较3月的预测值上调1个百分点。于学军称，\n\n “我们处于这样一个宏观调控政策有可能随时发生调整变化的窗口期，所以市场表现极为敏感，一个信息、美联储的一句措词都有可能引起市场的巨大波动。现在粮食、铁矿石、石油、黄金、汇率几乎每天都出现上涨、下跌，有不同的变化，没有一致的方向，处在这样的一个敏感期。”\n\n为什么短期常态难回归呢？他给出两个原因：\n一是新冠疫情的冲击太大，现在疫情控制仍然难以预料。另外，疫情控制之后其对人类社会产生的重大影响，尤其是对经济活动的影响，也需要一个时间进行评估。\n二是各国超宽松的刺激性政策形成了重大影响，这些政策的退出需要一个较长的过程，并且覆水难收，尤其是美联储投放出去的基础货币很难在短期收回，也许会成为一段历史永远保留下去。\n\n “2008年美国发生金融危机之后，美联储就实行了量化宽松的货币政策，这个之前美联储的资产负债表不到9000亿美元，后来最高增加到了4.5万亿美元，现在又增加到8万亿美元。这样计算下来，\n 预计最终美联储的资产负债表将比2008年金融危机之前提高10倍以上，这些大量的美元流动性投入到世界各地，对全球经济金融市场形成巨大影响，尤其是下一步对通货膨胀的影响，我认为短期内难以消除，也难以准确评估。”","news_type":1,"symbols_score_info":{"000001.SH":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":125319557,"gmtCreate":1624651561179,"gmtModify":1703842792750,"author":{"id":"3582937846907476","authorId":"3582937846907476","name":"Heytorres","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582937846907476","idStr":"3582937846907476"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125319557","repostId":"1179112703","repostType":4,"repost":{"id":"1179112703","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":1624641115,"share":"https://ttm.financial/m/news/1179112703?lang=en_US&edition=fundamental","pubTime":"2021-06-26 01:11","market":"us","language":"zh","title":"Missfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1179112703","media":"老虎资讯综合","summary":"截止2021年3月31日的三个月，每日优鲜净营收为15.302亿元。","content":"<p>On June 25, the \"first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Missfresh</a>The company officially listed on the US stock market with an IPO price of $13. It opened at $10.65 today, a drop of more than 18% in early trading, and its total market capitalization exceeded $2.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a26741e6bf10a3c331c1b43354d5e31c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In this IPO, Missfresh issued a total of 21 million American Depositary Shares (ADSs) (including 24.15 million greenshoes). Based on the issue price of US$13, Missfresh's IPO will raise approximately US$300 million.</p><p>At the listing ceremony, Xu Zheng, founder and CEO of Missfresh, said that going public is not Missfresh's goal or end, but a new starting point for us to fulfill our mission and realize our vision. The digitalization of community retail has reached the eve of a major explosion, and facing the second half of the competition, Missfresh will never stop exploring the community retail industry.</p><p><img src=\"https://static.tigerbbs.com/8a45b68d6410257cdce765e8be0dc67b\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p><b>The company is developing a 10 trillion yuan community retail market, with the main model being (A+B) x N.</b></p><p>Missfresh was founded in October 2014. Its founders, Xu Zheng and Zeng Bin, had previously...<a href=\"https://laohu8.com/S/00992\">Lenovo Group</a>He worked there for over ten years and became a senior executive at Lenovo Joyvio Group. In May 2015, Missfresh pioneered its pre-warehouse instant retail business, becoming a mobile e-commerce platform focused on providing consumers with high-quality fresh produce, covering all categories including fruits and vegetables, seafood, meat and poultry, dairy and snacks. As of March 31, 2021, Missfresh had established 631 pre-positioned warehouses in 16 cities in China, with a cumulative transaction volume of over 31 million users and an average delivery time of 39 minutes.</p><p>On June 9th, Missfresh officially submitted its prospectus to the U.S. Securities and Exchange Commission. The most interesting part of the prospectus details its updated (A+B)XN strategy this year.<b>A: Front-end warehouse instant retail, B: Smart market, N: Retail cloud</b>This reveals its ambitions in the larger community retail sector. Compared to the past, more people's understanding of Missfresh is still limited to online fresh food shopping. However, on the eve of its IPO, Missfresh quietly announced its platform-based model. Missfresh's transformation from a vertical self-operated company to a platform-based company is actually a shift from a trading company to a road-building company, and it also places itself in a larger market.</p><p><img src=\"https://static.tigerbbs.com/9f1b9b7e8f3af7ffa0d9b3758f5340ef\" tg-width=\"550\" tg-height=\"698\" referrerpolicy=\"no-referrer\"></p><p>Missfresh's diversified layout breaks through its limited definition of \"fresh food e-commerce\". In the future, Missfresh will continue to leverage its advantages and pay close attention to market trends, leveraging its strengths and following the trend.</p><p>According to the prospectus, Missfresh's net revenue was approximately RMB 3.5467 billion in 2018, increased to RMB 6.0014 billion in 2019, and reached RMB 6.1304 billion in 2020. For the three months ended March 31, 2020, Missfresh's net revenue was RMB 1.6898 billion, and for the three months ended March 31, 2021, net revenue was RMB 1.5302 billion. GMV increased from RMB 4.7259 billion in 2018 to RMB 7.614.7 billion in 2020, with a compound annual growth rate of 26.9%. Data shows that the average order value of Missfresh's forward warehouse instant retail is 94.6 yuan.</p><p>Missfresh pioneered the pre-warehouse model in May 2015. Currently, it has opened 631 pre-warehouses in 16 first- and second-tier cities across the country, providing consumers with more than 4,300 express delivery products with an average delivery time of 39 minutes. Currently, it has more than 31 million transaction users and a GMV of 7.6 billion yuan in 2020. In the second half of 2020, Missfresh launched its smart farmers' market business, planning to promote the standardization of farmers' markets and upgrade them to small fresh food community shopping malls. As of May 31, 2021, it had signed operating agreements with 54 farmers' markets in 14 cities and was operating in 33 farmers' markets in 10 cities.</p><p>In addition, according to the prospectus, Missfresh's average order value of RMB 94.6 is the highest in the industry, its fulfillment expense ratio has continued to decline from 34.9% in 2018 to 25.7% in 2020, and its fulfillment profit margin (gross profit margin minus fulfillment expense ratio) is higher than the industry average.</p><p><b>Community retail digitalization is on the eve of a major explosion.</b></p><p>In terms of users, from 2018 to 2020, Missfresh had 5.1 million, 7.2 million and 8.7 million active users respectively, with an average spending of 558.0 yuan, 690.4 yuan and 712.8 yuan. Given that Missfresh defines effective users as \"transaction users whose product payments after deducting discounts and coupons exceed the cost of selling the relevant products,\" it therefore has a group of positive profit-contributing users whose number and transaction volume are increasing year by year.</p><p><img src=\"https://static.tigerbbs.com/d67526d2a1198afcce6a244be378ea5f\" tg-width=\"590\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>In addition, Missfresh's average order value is 94.6 yuan, which is higher than other forward warehouse companies in the industry. The proportion of its core users (users who place orders four or more times within at least one month in a given year) among transaction users increased from 14.9% in 2018 to 21.1% in 2020. As of March 31, 2021, the annual consumption of core users reached 2,106 yuan.</p><p>In his speech, Xu Zheng mentioned, \"Although today is an important moment in Youshion's seven years of entrepreneurship, as a company that aims to create value continuously, aggressively, and in the long term, I hope that every Youshion employee can maintain the entrepreneurial mindset of Always Day One.\"</p><p>He stated that as a company that aims to pursue long-term value, MissFresh will maintain the \"always day one\" mentality, continue to explore the field of digital community retail, enable more families to enjoy a high-quality shopping experience, and help more merchants achieve efficient management and operation.</p><p>The digitalization of community retail is the largest and fastest-growing market in China in the future. According to data from iResearch Consulting, the scale of the community retail industry is expected to increase from 11.9 trillion yuan to 15.7 trillion yuan from 2020 to 2025, while the online penetration rate of community retail will increase from 20.9% to 45.5%. This means that by 2025, the scale of China's digital community retail industry will reach 7.2 trillion yuan.</p><p>As Xu Zheng said, going public is a new starting point. The digitalization of community retail has reached the eve of a major explosion. In the second half of the competition, community retail platforms are facing not only a battle for business, but also a battle for capital.</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>Missfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ 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\">\nMissfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.\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\">2021-06-26 01:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25, the \"first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Missfresh</a>The company officially listed on the US stock market with an IPO price of $13. It opened at $10.65 today, a drop of more than 18% in early trading, and its total market capitalization exceeded $2.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a26741e6bf10a3c331c1b43354d5e31c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In this IPO, Missfresh issued a total of 21 million American Depositary Shares (ADSs) (including 24.15 million greenshoes). Based on the issue price of US$13, Missfresh's IPO will raise approximately US$300 million.</p><p>At the listing ceremony, Xu Zheng, founder and CEO of Missfresh, said that going public is not Missfresh's goal or end, but a new starting point for us to fulfill our mission and realize our vision. The digitalization of community retail has reached the eve of a major explosion, and facing the second half of the competition, Missfresh will never stop exploring the community retail industry.</p><p><img src=\"https://static.tigerbbs.com/8a45b68d6410257cdce765e8be0dc67b\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p><b>The company is developing a 10 trillion yuan community retail market, with the main model being (A+B) x N.</b></p><p>Missfresh was founded in October 2014. Its founders, Xu Zheng and Zeng Bin, had previously...<a href=\"https://laohu8.com/S/00992\">Lenovo Group</a>He worked there for over ten years and became a senior executive at Lenovo Joyvio Group. In May 2015, Missfresh pioneered its pre-warehouse instant retail business, becoming a mobile e-commerce platform focused on providing consumers with high-quality fresh produce, covering all categories including fruits and vegetables, seafood, meat and poultry, dairy and snacks. As of March 31, 2021, Missfresh had established 631 pre-positioned warehouses in 16 cities in China, with a cumulative transaction volume of over 31 million users and an average delivery time of 39 minutes.</p><p>On June 9th, Missfresh officially submitted its prospectus to the U.S. Securities and Exchange Commission. The most interesting part of the prospectus details its updated (A+B)XN strategy this year.<b>A: Front-end warehouse instant retail, B: Smart market, N: Retail cloud</b>This reveals its ambitions in the larger community retail sector. Compared to the past, more people's understanding of Missfresh is still limited to online fresh food shopping. However, on the eve of its IPO, Missfresh quietly announced its platform-based model. Missfresh's transformation from a vertical self-operated company to a platform-based company is actually a shift from a trading company to a road-building company, and it also places itself in a larger market.</p><p><img src=\"https://static.tigerbbs.com/9f1b9b7e8f3af7ffa0d9b3758f5340ef\" tg-width=\"550\" tg-height=\"698\" referrerpolicy=\"no-referrer\"></p><p>Missfresh's diversified layout breaks through its limited definition of \"fresh food e-commerce\". In the future, Missfresh will continue to leverage its advantages and pay close attention to market trends, leveraging its strengths and following the trend.</p><p>According to the prospectus, Missfresh's net revenue was approximately RMB 3.5467 billion in 2018, increased to RMB 6.0014 billion in 2019, and reached RMB 6.1304 billion in 2020. For the three months ended March 31, 2020, Missfresh's net revenue was RMB 1.6898 billion, and for the three months ended March 31, 2021, net revenue was RMB 1.5302 billion. GMV increased from RMB 4.7259 billion in 2018 to RMB 7.614.7 billion in 2020, with a compound annual growth rate of 26.9%. Data shows that the average order value of Missfresh's forward warehouse instant retail is 94.6 yuan.</p><p>Missfresh pioneered the pre-warehouse model in May 2015. Currently, it has opened 631 pre-warehouses in 16 first- and second-tier cities across the country, providing consumers with more than 4,300 express delivery products with an average delivery time of 39 minutes. Currently, it has more than 31 million transaction users and a GMV of 7.6 billion yuan in 2020. In the second half of 2020, Missfresh launched its smart farmers' market business, planning to promote the standardization of farmers' markets and upgrade them to small fresh food community shopping malls. As of May 31, 2021, it had signed operating agreements with 54 farmers' markets in 14 cities and was operating in 33 farmers' markets in 10 cities.</p><p>In addition, according to the prospectus, Missfresh's average order value of RMB 94.6 is the highest in the industry, its fulfillment expense ratio has continued to decline from 34.9% in 2018 to 25.7% in 2020, and its fulfillment profit margin (gross profit margin minus fulfillment expense ratio) is higher than the industry average.</p><p><b>Community retail digitalization is on the eve of a major explosion.</b></p><p>In terms of users, from 2018 to 2020, Missfresh had 5.1 million, 7.2 million and 8.7 million active users respectively, with an average spending of 558.0 yuan, 690.4 yuan and 712.8 yuan. Given that Missfresh defines effective users as \"transaction users whose product payments after deducting discounts and coupons exceed the cost of selling the relevant products,\" it therefore has a group of positive profit-contributing users whose number and transaction volume are increasing year by year.</p><p><img src=\"https://static.tigerbbs.com/d67526d2a1198afcce6a244be378ea5f\" tg-width=\"590\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>In addition, Missfresh's average order value is 94.6 yuan, which is higher than other forward warehouse companies in the industry. The proportion of its core users (users who place orders four or more times within at least one month in a given year) among transaction users increased from 14.9% in 2018 to 21.1% in 2020. As of March 31, 2021, the annual consumption of core users reached 2,106 yuan.</p><p>In his speech, Xu Zheng mentioned, \"Although today is an important moment in Youshion's seven years of entrepreneurship, as a company that aims to create value continuously, aggressively, and in the long term, I hope that every Youshion employee can maintain the entrepreneurial mindset of Always Day One.\"</p><p>He stated that as a company that aims to pursue long-term value, MissFresh will maintain the \"always day one\" mentality, continue to explore the field of digital community retail, enable more families to enjoy a high-quality shopping experience, and help more merchants achieve efficient management and operation.</p><p>The digitalization of community retail is the largest and fastest-growing market in China in the future. According to data from iResearch Consulting, the scale of the community retail industry is expected to increase from 11.9 trillion yuan to 15.7 trillion yuan from 2020 to 2025, while the online penetration rate of community retail will increase from 20.9% to 45.5%. This means that by 2025, the scale of China's digital community retail industry will reach 7.2 trillion yuan.</p><p>As Xu Zheng said, going public is a new starting point. The digitalization of community retail has reached the eve of a major explosion. In the second half of the competition, community retail platforms are facing not only a battle for business, but also a battle for capital.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26dac0b9aef9b62cf45137413315ab61","relate_stocks":{"MF":"MindForge Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179112703","content_text":"6月25日，“生鲜电商第一股”每日优鲜正式登陆美股，公司IPO定价13美元，今日开盘报10.65美元，盘初跌幅超18%，总市值超25亿美元。\n\n每日优鲜在本次IPO中总计发行2100万股（含绿鞋2415万股）美国存托股票（ADS），以13美元发行价计算，每日优鲜IPO募资额约为3亿美元。\n每日优鲜创始人兼CEO徐正在上市仪式上表示，上市并不是每日优鲜的目标和终点，而是我们践行使命、实现愿景的新起点。社区零售数字化已经来到大爆发的前夜，面临着下半场的竞争，每日优鲜将永无止境地在社区零售的行业探索。\n\n布局10万亿的社区零售市场，主要模式为（A+B）x N\n每日优鲜成立于2014年10月，创始人徐正和曾斌此前曾在联想集团供职十余年，并出任联想佳沃集团高管。2015年5月，每日优鲜首创前置仓即时零售业务，成为一家专注于为消费者提供优质生鲜的移动电商，覆盖水果蔬菜、海鲜肉禽、牛奶零食等全品类。截至2021年3月31日，每日优鲜已在中国16个城市建立了631个前置仓，累计交易用户超3100万，并提供平均39分钟达的服务。\n6月9日，每日优鲜正式向美国证券交易委员会递交招股说明书，其中最有意思的部分则是详细展示了今年更新的（A+B）x N 战略（A：前置仓即时零售，B：智慧菜场，N：零售云），透露了其在更大的社区零售赛道中的野心。相比以往，更多人对每日优鲜的理解还停留在生鲜网购。但上市前夕的每日优鲜，悄然了宣告自己的平台化模式，每日优鲜从垂直自营公司到平台化的转型，其实就是从贸易型公司转向筑路型公司，而它也将自己置身于一个更大的市场里。\n\n每日优鲜的多元化布局，打破了其“生鲜电商”的局限定义，在未来每日优鲜会继续发挥自身的优势比并且时刻关注市场动向，发挥自身的优势，顺势而为。\n招股书数据显示，2018年，每日优鲜的净营收约为35.467亿元，2019年增至60.014亿元，2020年达到61.304亿元。截止2020年3月31日的三个月，每日优鲜的净营收为16.898亿元，截止2021年3月31日的三个月，净营收为15.302亿元。GMV从2018年的47.259亿元增长到2020年的76.147亿元人民币，复合年增长率为26.9%。数据显示，每日优鲜前置仓即时零售的平均客单价为94.6元。\n每日优鲜于2015年5月首创前置仓模式，目前已在全国16个一二线城市开设631个前置仓，为消费者提供超4300款极速达商品、平均39分钟达的服务。目前其累计交易用户3100多万，2020年GMV76亿元。2020年下半年，每日优鲜推出智慧菜场业务，计划推动菜市场标准化以及向小型生鲜社区商场升级。截至2021年5月31日，其已与14个城市的54家菜场签订运营协议，并在10个城市的33家菜场展开运营。\n另外，招股书数据显示，每日优鲜94.6元的平均客单价为行业最高，履约费用率从2018年的34.9%持续降至2020年的25.7%，履约利润率（毛利率扣除履约费用率）高于行业平均水平。\n社区零售数字化已经来到大爆发的前夜\n在用户方面，从2018年到2020年，每日优鲜有效用户数量分别为510万、720万和 870万，有效用户平均消费额别为558.0元、690.4元和712.8元。鉴于每日优鲜将有效用户定义为“扣除折扣和优惠券后产品付款大于相关销售产品成本的交易用户”，它因此拥有一批数量和交易额均逐年增加的正向利润贡献用户。\n\n此外，每日优鲜平均客单价为94.6元，高于行业其他前置仓企业。其核心用户（某一年份至少一个月内下单4次或以上的用户）在交易用户中的占比从2018年的14.9%，增加到2020年的21.1%，截至2021年3月31日，核心用户年消费额达2106元。\n徐正在演讲中提到，“尽管今天是优鲜创业7年来的重要时刻，但作为一家以持续地、疯狂地、长期地创造价值为目标的企业，我希望每个优鲜人都能保持Always Day One的创业心态。”\n他表示，作为一家以追求长期价值为目标的企业，每日优鲜会保持always day one的心态，继续在社区零售数字化领域做探索，让更多家庭享受到优质购物体验，帮助更多商家实现高效管理和运营。\n社区零售数字化是未来中国增量最大、增速最快的市场。根据艾瑞咨询数据，从2020年到2025年，社区零售行业规模预计会从11.9万亿增至15.7万亿，社区零售线上化渗透率则会从20.9%增至45.5%，这意味着到2025年，中国数字化社区零售的行业规模将达到7.2万亿。\n正如徐正所说，上市是新起点。社区零售数字化已经来到大爆发的前夜，在下半场的竞争中，社区零售平台们，面临的不仅仅是业务之争，还有资本之争。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":3012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126682462,"gmtCreate":1624561587256,"gmtModify":1703840397914,"author":{"id":"3582937846907476","authorId":"3582937846907476","name":"Heytorres","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582937846907476","idStr":"3582937846907476"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126682462","repostId":"1144044065","repostType":4,"repost":{"id":"1144044065","kind":"news","pubTimestamp":1624532990,"share":"https://ttm.financial/m/news/1144044065?lang=en_US&edition=fundamental","pubTime":"2021-06-24 19:09","market":"us","language":"zh","title":"China Banking and Insurance Regulatory Commission official: The global economy is in a sensitive period and it will be difficult to return to normal in the","url":"https://stock-news.laohu8.com/highlight/detail?id=1144044065","media":"新浪财经","summary":"这次疫情至少是自第二次世界大战以来对全球经济、人类社会最大的一次冲击。","content":"<p>The 2021 Caixin Summer Summit was held in Beijing from June 23-25, 2021. Yu Xuejun, a leader of the China Banking and Insurance Regulatory Commission, attended and delivered a speech.</p><p>Yu Xuejun stated that the global economy is in a sensitive period of evolution and change, and it is difficult to return to normal in the short term.</p><p>He explained that, firstly, the complexity and sensitivity facing the global economy this year were caused by the outbreak and spread of the COVID-19 pandemic last year, \"and the impact was too great.\" He cited a UN report stating that this was \"the worst global economic contraction since the Great Depression of the 1930s, a contraction 2.5 times the degree of the 2009 international financial crisis.\" He added,</p><p>\"From our memory, this pandemic has been the biggest shock to the global economy and human society since at least World War II.\" Last year, the global economy contracted by 4.4% overall. Thanks to China's good control of the epidemic and its combined efforts in epidemic prevention and economic work, the country resumed work and production effectively, making it the only country among the world's top ten economies to achieve positive growth, with an annual economic growth of 2.3%. Yu Xuejun said,</p><p>\"This (growth) of 2.3% is very well-known now. We see it on TV, in newspapers, and even some foreign scholars often mention 2.3%.\" Second, due to the rare impact of the COVID-19 pandemic on the global economy, governments around the world have generally implemented ultra-loose stimulus economic policies. Historically, these policies are unprecedented in intensity and have played an important role in stabilizing the economies and maintaining social order in various countries. However, at the same time, these ultra-loose policies have also brought many problems.</p><p>Third, the changes and impacts of global geopolitics.</p><p>Yu Xuejun stated that the key to controlling the epidemic lies in the research and development and administration of vaccines. All countries hope to achieve this in one fell swoop, but progress is now very fast, far exceeding people's previous expectations. How things will change in the future depends on two factors. One is the effectiveness of the vaccine, including its shelf life, which remains to be seen.</p><p>Second, the speed and complexity of the COVID-19 virus mutation. “In the past, when we were doing banking supervision, we often said, ‘Regulation is a race against risk.’ Today, we are borrowing this saying. We believe that fighting the COVID-19 pandemic is actually a race against the mutations of the virus,” he said. Overall, the situation in humanity’s fight against the COVID-19 pandemic has become bright, and it now seems to be dominated by optimism. He believes that the negative impact on the economy will gradually weaken.</p><p>When discussing the future of ultra-loose stimulus policies, Yu Xuejun analyzed the situation in the United States.</p><p>Last year, during the Trump administration, after the widespread spread of COVID-19 in the United States, the Federal Reserve lowered the Federal Reserve interest rate from 1.5%-1.75% to 0% to 0.25% in mid-March, the so-called \"zero interest rate\". At the end of the year, the Federal Reserve intensified its QE policy, increasing its bond purchases to $120 billion per month starting in December.</p><p>Since taking office, President Biden has further increased fiscal stimulus policies, most notably the $1.9 trillion COVID-19 relief bill passed in April of this year. In addition, he proposed a plan to revive infrastructure investment. The initial proposal was for a scale of 2.25 trillion, but it has recently been reduced to approximately $1 trillion.</p><p>Since last year, the Federal Reserve has implemented an ultra-loose monetary policy, which has led to a significant increase in its balance sheet, which has surged from about $4 trillion at the beginning to $7.5 trillion at the end of the year, and has now reached about $8 trillion. This has led to a continuous expansion of global dollar liquidity and caused a sharp rise in commodity prices, including a rare increase in food prices, raising global concerns about inflation.</p><p>Yu Xuejun believes that with the improvement of the US anti-epidemic situation and the cumulative effect of ultra-loose monetary stimulus policies, the US economy has rebounded strongly. According to the latest OECD medium-term economic outlook forecast, the US economy will grow by 6.9% this year, which is 0.4 percentage points higher than the previous forecast.</p><p>In response to these new changes, the Federal Reserve has begun to send hawkish signals at its latest interest rate meeting in June, and the market expects the Fed's rate hike to be brought forward by a year to the second half of 2022. In addition, inflation expectations have been significantly raised, with the U.S. PCE and personal consumption expenditures price index expected to rise to 3.4% in 2021, up 1 percentage point from the March forecast. Yu Xuejun said,</p><p>\"We are in a window of opportunity where macroeconomic control policies may be adjusted and changed at any time, so the market is extremely sensitive. A piece of information or a single word from the Federal Reserve can cause huge fluctuations in the market. Currently, grain, iron ore, oil, gold, and exchange rates rise and fall almost every day, with different changes and no consistent direction. We are in such a sensitive period.\" Why is it difficult to return to normal in the short term? He gave two reasons:</p><p>First, the impact of the COVID-19 pandemic is too great, and controlling the pandemic remains unpredictable. In addition, the significant impact of the pandemic on human society, especially on economic activities, after it is brought under control, also requires time to be assessed.</p><p>Secondly, the ultra-loose stimulus policies of various countries have had a significant impact. The withdrawal of these policies requires a long process and is irreversible. In particular, the base money injected by the Federal Reserve is difficult to recover in the short term and may become a part of history that will be retained forever.</p><p>\"After the 2008 US financial crisis, the Federal Reserve implemented a quantitative easing monetary policy. Previously, the Fed's balance sheet was less than $900 billion, but it later increased to a peak of $4.5 trillion, and now it has increased to $8 trillion. Based on this calculation...\"<b>The Fed's balance sheet is expected to eventually be more than 10 times larger than it was before the 2008 financial crisis.</b>These large amounts of dollar liquidity are being invested around the world, having a huge impact on global economic and financial markets, especially on inflation, which I believe is difficult to eliminate in the short term and difficult to accurately assess.</p>","source":"XLCJ","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>China Banking and Insurance Regulatory Commission official: The global economy is in a sensitive period and it will be difficult to return to normal in the</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\">\nChina Banking and Insurance Regulatory Commission official: The global economy is in a sensitive period and it will be difficult to return to normal in the\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-06-24 19:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The 2021 Caixin Summer Summit was held in Beijing from June 23-25, 2021. Yu Xuejun, a leader of the China Banking and Insurance Regulatory Commission, attended and delivered a speech.</p><p>Yu Xuejun stated that the global economy is in a sensitive period of evolution and change, and it is difficult to return to normal in the short term.</p><p>He explained that, firstly, the complexity and sensitivity facing the global economy this year were caused by the outbreak and spread of the COVID-19 pandemic last year, \"and the impact was too great.\" He cited a UN report stating that this was \"the worst global economic contraction since the Great Depression of the 1930s, a contraction 2.5 times the degree of the 2009 international financial crisis.\" He added,</p><p>\"From our memory, this pandemic has been the biggest shock to the global economy and human society since at least World War II.\" Last year, the global economy contracted by 4.4% overall. Thanks to China's good control of the epidemic and its combined efforts in epidemic prevention and economic work, the country resumed work and production effectively, making it the only country among the world's top ten economies to achieve positive growth, with an annual economic growth of 2.3%. Yu Xuejun said,</p><p>\"This (growth) of 2.3% is very well-known now. We see it on TV, in newspapers, and even some foreign scholars often mention 2.3%.\" Second, due to the rare impact of the COVID-19 pandemic on the global economy, governments around the world have generally implemented ultra-loose stimulus economic policies. Historically, these policies are unprecedented in intensity and have played an important role in stabilizing the economies and maintaining social order in various countries. However, at the same time, these ultra-loose policies have also brought many problems.</p><p>Third, the changes and impacts of global geopolitics.</p><p>Yu Xuejun stated that the key to controlling the epidemic lies in the research and development and administration of vaccines. All countries hope to achieve this in one fell swoop, but progress is now very fast, far exceeding people's previous expectations. How things will change in the future depends on two factors. One is the effectiveness of the vaccine, including its shelf life, which remains to be seen.</p><p>Second, the speed and complexity of the COVID-19 virus mutation. “In the past, when we were doing banking supervision, we often said, ‘Regulation is a race against risk.’ Today, we are borrowing this saying. We believe that fighting the COVID-19 pandemic is actually a race against the mutations of the virus,” he said. Overall, the situation in humanity’s fight against the COVID-19 pandemic has become bright, and it now seems to be dominated by optimism. He believes that the negative impact on the economy will gradually weaken.</p><p>When discussing the future of ultra-loose stimulus policies, Yu Xuejun analyzed the situation in the United States.</p><p>Last year, during the Trump administration, after the widespread spread of COVID-19 in the United States, the Federal Reserve lowered the Federal Reserve interest rate from 1.5%-1.75% to 0% to 0.25% in mid-March, the so-called \"zero interest rate\". At the end of the year, the Federal Reserve intensified its QE policy, increasing its bond purchases to $120 billion per month starting in December.</p><p>Since taking office, President Biden has further increased fiscal stimulus policies, most notably the $1.9 trillion COVID-19 relief bill passed in April of this year. In addition, he proposed a plan to revive infrastructure investment. The initial proposal was for a scale of 2.25 trillion, but it has recently been reduced to approximately $1 trillion.</p><p>Since last year, the Federal Reserve has implemented an ultra-loose monetary policy, which has led to a significant increase in its balance sheet, which has surged from about $4 trillion at the beginning to $7.5 trillion at the end of the year, and has now reached about $8 trillion. This has led to a continuous expansion of global dollar liquidity and caused a sharp rise in commodity prices, including a rare increase in food prices, raising global concerns about inflation.</p><p>Yu Xuejun believes that with the improvement of the US anti-epidemic situation and the cumulative effect of ultra-loose monetary stimulus policies, the US economy has rebounded strongly. According to the latest OECD medium-term economic outlook forecast, the US economy will grow by 6.9% this year, which is 0.4 percentage points higher than the previous forecast.</p><p>In response to these new changes, the Federal Reserve has begun to send hawkish signals at its latest interest rate meeting in June, and the market expects the Fed's rate hike to be brought forward by a year to the second half of 2022. In addition, inflation expectations have been significantly raised, with the U.S. PCE and personal consumption expenditures price index expected to rise to 3.4% in 2021, up 1 percentage point from the March forecast. Yu Xuejun said,</p><p>\"We are in a window of opportunity where macroeconomic control policies may be adjusted and changed at any time, so the market is extremely sensitive. A piece of information or a single word from the Federal Reserve can cause huge fluctuations in the market. Currently, grain, iron ore, oil, gold, and exchange rates rise and fall almost every day, with different changes and no consistent direction. We are in such a sensitive period.\" Why is it difficult to return to normal in the short term? He gave two reasons:</p><p>First, the impact of the COVID-19 pandemic is too great, and controlling the pandemic remains unpredictable. In addition, the significant impact of the pandemic on human society, especially on economic activities, after it is brought under control, also requires time to be assessed.</p><p>Secondly, the ultra-loose stimulus policies of various countries have had a significant impact. The withdrawal of these policies requires a long process and is irreversible. In particular, the base money injected by the Federal Reserve is difficult to recover in the short term and may become a part of history that will be retained forever.</p><p>\"After the 2008 US financial crisis, the Federal Reserve implemented a quantitative easing monetary policy. Previously, the Fed's balance sheet was less than $900 billion, but it later increased to a peak of $4.5 trillion, and now it has increased to $8 trillion. Based on this calculation...\"<b>The Fed's balance sheet is expected to eventually be more than 10 times larger than it was before the 2008 financial crisis.</b>These large amounts of dollar liquidity are being invested around the world, having a huge impact on global economic and financial markets, especially on inflation, which I believe is difficult to eliminate in the short term and difficult to accurately assess.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.cn/hy/2021-06-24/detail-ikqciyzk1510511.d.html?from=wap\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f0777ffe79222b2a04c15407e205bed9","relate_stocks":{".DJI":"道琼斯","000001.SH":"上证指数"},"source_url":"https://finance.sina.cn/hy/2021-06-24/detail-ikqciyzk1510511.d.html?from=wap","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144044065","content_text":"2021财新夏季峰会于2021年6月23-25日在北京举办，中国银行保险监督管理委员会领导于学军出席并演讲。\n于学军表示，全球经济正处于演进变化的敏感时期，短期内难以回归常态。\n他解释称，首先，今年全球经济面临的复杂性和敏感性是受去年新冠肺炎疫情在全球的暴发、蔓延而形成的，“这个冲击太大了”。他引用联合国报告称这“是自上世纪30年代经济大萧条以来，全球经济最严重的收缩，收缩的程度是2009年国际金融危机的2.5倍”。他又说道，\n\n “从我们的记忆来说，这次疫情至少是自第二次世界大战以来对全球经济、人类社会最大的一次冲击。”\n\n去年全球经济总体下降4.4%，由于中国疫情控制得好，并且防疫和经济工作两手抓，复工复产有力有效，成为了全球前十大经济体中唯一实现正增长的国家，全年经济增长2.3%。于学军说，\n\n “这个（增长）2.3%，现在非常有名，我们看电视、报纸，包括国外的一些学者，他们也经常提起来2.3%。”\n\n第二，由于新冠疫情对全球经济形成的罕见冲击，所以各国政府普遍实行了超宽松的刺激性经济政策，历史比较来看，这些政策力度是空前的，在各国稳定经济和维护社会秩序等方面均发挥了重要作用，但与此同时这些超宽松的政策也带来许多问题。\n第三，全球地缘政治的变化和影响。\n于学军表示，控制疫情的关键环节在于疫苗的研发和接种，各国都希望可以毕其功于一役，现在看进展很快，远超出人们之前的预期。未来如何变化取决于两个因素，一是疫苗的有效性，包括有效期，尚有待时间检验。\n二是新冠病毒变异的速度和复杂性。“过去我们做银行监管常说的一句话，叫做‘监管就是与风险赛跑’，今天我们把这句话借用过来，我们认为抗击新冠疫情实际上也是与新冠病毒的变异赛跑”，他说，总体来看人类抗击新冠疫情的形势已现光明，现在普遍看起来是乐观情绪主导，相信对经济的负面影响也会逐步减弱。\n谈及超宽松的刺激性政策何去何从，于学军分析了美国的情况。\n去年在特朗普执政时期，新冠肺炎在美国大面积传染之后，美联储在3月中旬一次性将联邦储备利率由1.5%-1.75%调低为0%到0.25%，即所谓的“零利率”。年末美联储又加大QE政策，从12月起将其购债规模每月增加到1200亿美元。\n拜登总统上任之后，进一步加大财政的刺激性政策，最具代表性的就是于今年4月通过的1.9万亿美元的新冠纾困法案。另外，他还提出基建投资的复兴计划。开始拟定的是2.25万亿规模，最近有所压缩，预计约1万亿美元。\n去年开始美联储实行超宽松的货币政策，使其资产负债表大幅增加，已从初期的约4万亿美元陡增至年末的7.5万亿美元，最新大概达到8万亿美元。这使全球的美元流动性不断膨胀，并造成大宗初级商品的价格大幅上涨，包括粮食也出现罕见的涨价现象，全球对通胀的担忧由此产生。\n于学军认为，随着美国抗疫形势出现好转，在货币超宽松刺激政策累加的作用之下，美国经济出现强势反弹，最新据经合组织OECD中期经济展望预测，今年美国经济将增长6.9%，比之前的预测调高了0.4个百分点。\n针对这些新变化，美联储在6月最新的议息会议上已开始释放鹰派信号，市场预计美联储加息或提前一年至2022年下半年。另外通货膨胀预期也被大幅上调，预计2021年美国的PCE及个人消费支出价格指数将升到3.4%，较3月的预测值上调1个百分点。于学军称，\n\n “我们处于这样一个宏观调控政策有可能随时发生调整变化的窗口期，所以市场表现极为敏感，一个信息、美联储的一句措词都有可能引起市场的巨大波动。现在粮食、铁矿石、石油、黄金、汇率几乎每天都出现上涨、下跌，有不同的变化，没有一致的方向，处在这样的一个敏感期。”\n\n为什么短期常态难回归呢？他给出两个原因：\n一是新冠疫情的冲击太大，现在疫情控制仍然难以预料。另外，疫情控制之后其对人类社会产生的重大影响，尤其是对经济活动的影响，也需要一个时间进行评估。\n二是各国超宽松的刺激性政策形成了重大影响，这些政策的退出需要一个较长的过程，并且覆水难收，尤其是美联储投放出去的基础货币很难在短期收回，也许会成为一段历史永远保留下去。\n\n “2008年美国发生金融危机之后，美联储就实行了量化宽松的货币政策，这个之前美联储的资产负债表不到9000亿美元，后来最高增加到了4.5万亿美元，现在又增加到8万亿美元。这样计算下来，\n 预计最终美联储的资产负债表将比2008年金融危机之前提高10倍以上，这些大量的美元流动性投入到世界各地，对全球经济金融市场形成巨大影响，尤其是下一步对通货膨胀的影响，我认为短期内难以消除，也难以准确评估。”","news_type":1,"symbols_score_info":{"000001.SH":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}