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爱学习的汤小白

爱学习的汤小白

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爱学习的汤小白

2021-06-13

tiger is here

One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million

爱学习的汤小白

2021-06-13

tiger is here

Taking history as a mirror, the deduction and impact of inflation soaring in the United States

爱学习的汤小白

2021-06-11

Tiger is here！

One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million

爱学习的汤小白

2021-06-11

Tiger is here！

Market Overview: Many liquor stocks were smashed in late trading! Major negative or another mystery?

爱学习的汤小白

2021-06-11

Tiger is here！

Taking history as a mirror, the deduction and impact of inflation soaring in the United States

爱学习的汤小白

2021-06-11

Tiger is here！

With the new economy companies in the top ten A-shares, will CATL be the next Maotai?

爱学习的汤小白

2021-06-11

Tiger is here！

爱学习的汤小白

2021-06-11

Tiger is here！

Reminder: The Dragon Boat Festival closure arrangement is here! Hong Kong stocks are closed for one day on June 14th

爱学习的汤小白

2021-06-11

Tiger is here！

Go to Tiger App to see more news

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href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operating entity, submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), and plans to be listed on the Nasdaq stock market or the New York Stock Exchange with the stock code \"DIDI\".</p><p>According to the data disclosed by Didi, at present, Didi has opened business in more than 4,000 cities and regions in 15 countries, with an annual number of active users of 493 million, an annual number of active drivers of 15 million, an average daily order volume of 41 million, a total annual platform transaction volume of 341 billion yuan, and a cumulative driver income of 600+ billion yuan from 2018 to Q1 of 2021.</p><p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p><p><hr>Congratulations on finding the letter I and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>","source":"txkj","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>One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-06-11 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>June 11th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operating entity, submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), and plans to be listed on the Nasdaq stock market or the New York Stock Exchange with the stock code \"DIDI\".</p><p>According to the data disclosed by Didi, at present, Didi has opened business in more than 4,000 cities and regions in 15 countries, with an annual number of active users of 493 million, an annual number of active drivers of 15 million, an average daily order volume of 41 million, a total annual platform transaction volume of 341 billion yuan, and a cumulative driver income of 600+ billion yuan from 2018 to Q1 of 2021.</p><p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p><p><hr>Congratulations on finding the letter I and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/rain/a/20210611A02NC800\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b9f14473f3e986de32cc80f6fd80b679","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://new.qq.com/rain/a/20210611A02NC800","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140839418","content_text":"6月11日消息，美国当地时间周四，滴滴出行的运营主体小桔快智向美国证券交易委员会（SEC）提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。\n根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。\n\n\n恭喜您找到了字母I，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 了解）","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182243357,"gmtCreate":1623582191279,"gmtModify":1704206586180,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"tiger is here","listText":"tiger is here","text":"tiger is here","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182243357","repostId":"1156453091","repostType":2,"repost":{"id":"1156453091","kind":"news","pubTimestamp":1623333482,"share":"https://ttm.financial/m/news/1156453091?lang=en_US&edition=fundamental","pubTime":"2021-06-10 21:58","market":"us","language":"zh","title":"Taking history as a mirror, the deduction and impact of inflation soaring in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1156453091","media":"川阅全球宏观","summary":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：。1960年以来美国CPI同比破5%出现了4次(图1)。本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。房租价格走势对未来通胀的演绎有重要影响。","content":"<p>On June 10, 2021 EDT, the U.S. Department of Labor released inflation data for May.<b>In May, the CPI of the United States rose by 5.0% year-on-year, and the core CPI rose by 3.8% year-on-year, the largest increase since August 2008. Since the beginning of this year, the inflation rate in the United States has accelerated, and the Federal Reserve's interest rate meeting in June is imminent. Inflation worries in the market linger.</b>We have reviewed several spikes in U.S. inflation throughout history to better understand this one and its impact:</p><p><b>Since 1960, the U.S. CPI has broken 5% year-on-year four times</b>(FIG. 1). We conducted a review of the economic fundamentals and Fed policy from the period when CPI broke 4%, broke 5% and retreated (Table 1).</p><p><b>1968/06-1971/09</b>: The economy is in recession, but the residual warmth of large government spending and fiscal stimulus in the early period is still there, and inflation continues to rise. The Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the double blow of the food crisis and the oil crisis, the US economy fell into stagflation, and supply shocks and costs pushed up inflation. Government price controls failed and monetary policy lacked independence and was too lagging to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced high growth, but began to slow down in 1987, and there was upward pressure on wages and prices, and the Federal Reserve tightened monetary policy.</p><p><b>2007/11-2008/09：</b>The soaring oil price pushed up inflation, and the financial crisis broke out. The first task of the Federal Reserve's monetary policy was to bail out the market, and inflation was not in its focus.</p><p><b>The causes of current inflation are similar to those of 1973-1982 inflation, both of which are cost-driven.</b></p><p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><b>The main reason for this surge in inflation lies in the base effect and supply shortage under the pandemic.</b>The US CPI recorded 5.0% in May this year (the highest level since August 2008), but<b>From the perspective of CPI index, the compound growth rate in May 2021 relative to May 2019 was only 2.5%.</b></p><p><b>For this year's deduction of inflation, we focus on the two sub-items of used cars and rent.</b></p><p><b>One of the main thrust forces for inflation is used cars.</b>Under the deterioration of the epidemic situation in Southeast Asia, many chip factories shut down, and the shortage of chips led to the reduction of production by car companies. The supply of new cars is insufficient, the demand for used cars has soared, and prices have skyrocketed (Figure 2). According to Manheim data, used vehicle sales prices increased more than new vehicles in 2021 (Figure 3). In addition, other transportation-related price increases widened further in May, with the increase in transportation service prices expanding to 11.2% from 5.6% in April, doubling the increase.</p><p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p><b>The trend of rent prices has an important impact on the deduction of future inflation.</b>The weight of rent in the US CPI is high (about 30%). Although the growth rate of rent is relatively modest compared with other sub-items (2.2% year-on-year in May this year), the growth rate slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rent will continue to rise moderately in the future, affected by supply shortages</b>。</p><p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p><p><b>What is the trend of inflation expectations?</b></p><p>From a consumer perspective, Michigan's expected inflation data shows that 2<b>In May 2021, the five-year inflation expectation of U.S. consumers jumped to 3.0% from 2.7% last month (Figure 5), but it is still lower than the 3.5% that the Federal Reserve can tolerate.</b></p><p>From the perspective of policymakers, as stated in our previous report, the Fed focuses on the monitoring of inflation expectations, and the key indicators are<b>Common Inflation Expectations Index (CIE), CIE is quarterly data, and data for the second quarter of 2021 is expected to be released by the end of this month.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will future inflation affect asset prices?</b></p><p>We review the changes of the yields of US dollars, US stocks and US bonds in different time intervals after CPI broke 4% in the above four major inflations (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks. The former lags behind, while the latter is reflected within one month.</b>Interestingly, the impact of inflation on US debt yields is irregular. For the research framework of US debt, please refer to our previous report.</p><p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Geopolitical risks mount as Fed tightens monetary policy too quickly</p><p><hr>Congratulations on finding the letter E and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)</p><p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>","source":"lsy1582083733592","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>Taking history as a mirror, the deduction and impact of inflation soaring in the United States</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\">\nTaking history as a mirror, the deduction and impact of inflation soaring in the United States\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">川阅全球宏观</strong><span class=\"h-time small\">2021-06-10 21:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On June 10, 2021 EDT, the U.S. Department of Labor released inflation data for May.<b>In May, the CPI of the United States rose by 5.0% year-on-year, and the core CPI rose by 3.8% year-on-year, the largest increase since August 2008. Since the beginning of this year, the inflation rate in the United States has accelerated, and the Federal Reserve's interest rate meeting in June is imminent. Inflation worries in the market linger.</b>We have reviewed several spikes in U.S. inflation throughout history to better understand this one and its impact:</p><p><b>Since 1960, the U.S. CPI has broken 5% year-on-year four times</b>(FIG. 1). We conducted a review of the economic fundamentals and Fed policy from the period when CPI broke 4%, broke 5% and retreated (Table 1).</p><p><b>1968/06-1971/09</b>: The economy is in recession, but the residual warmth of large government spending and fiscal stimulus in the early period is still there, and inflation continues to rise. The Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the double blow of the food crisis and the oil crisis, the US economy fell into stagflation, and supply shocks and costs pushed up inflation. Government price controls failed and monetary policy lacked independence and was too lagging to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced high growth, but began to slow down in 1987, and there was upward pressure on wages and prices, and the Federal Reserve tightened monetary policy.</p><p><b>2007/11-2008/09：</b>The soaring oil price pushed up inflation, and the financial crisis broke out. The first task of the Federal Reserve's monetary policy was to bail out the market, and inflation was not in its focus.</p><p><b>The causes of current inflation are similar to those of 1973-1982 inflation, both of which are cost-driven.</b></p><p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><b>The main reason for this surge in inflation lies in the base effect and supply shortage under the pandemic.</b>The US CPI recorded 5.0% in May this year (the highest level since August 2008), but<b>From the perspective of CPI index, the compound growth rate in May 2021 relative to May 2019 was only 2.5%.</b></p><p><b>For this year's deduction of inflation, we focus on the two sub-items of used cars and rent.</b></p><p><b>One of the main thrust forces for inflation is used cars.</b>Under the deterioration of the epidemic situation in Southeast Asia, many chip factories shut down, and the shortage of chips led to the reduction of production by car companies. The supply of new cars is insufficient, the demand for used cars has soared, and prices have skyrocketed (Figure 2). According to Manheim data, used vehicle sales prices increased more than new vehicles in 2021 (Figure 3). In addition, other transportation-related price increases widened further in May, with the increase in transportation service prices expanding to 11.2% from 5.6% in April, doubling the increase.</p><p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p><b>The trend of rent prices has an important impact on the deduction of future inflation.</b>The weight of rent in the US CPI is high (about 30%). Although the growth rate of rent is relatively modest compared with other sub-items (2.2% year-on-year in May this year), the growth rate slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rent will continue to rise moderately in the future, affected by supply shortages</b>。</p><p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p><p><b>What is the trend of inflation expectations?</b></p><p>From a consumer perspective, Michigan's expected inflation data shows that 2<b>In May 2021, the five-year inflation expectation of U.S. consumers jumped to 3.0% from 2.7% last month (Figure 5), but it is still lower than the 3.5% that the Federal Reserve can tolerate.</b></p><p>From the perspective of policymakers, as stated in our previous report, the Fed focuses on the monitoring of inflation expectations, and the key indicators are<b>Common Inflation Expectations Index (CIE), CIE is quarterly data, and data for the second quarter of 2021 is expected to be released by the end of this month.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will future inflation affect asset prices?</b></p><p>We review the changes of the yields of US dollars, US stocks and US bonds in different time intervals after CPI broke 4% in the above four major inflations (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks. The former lags behind, while the latter is reflected within one month.</b>Interestingly, the impact of inflation on US debt yields is irregular. For the research framework of US debt, please refer to our previous report.</p><p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Geopolitical risks mount as Fed tightens monetary policy too quickly</p><p><hr>Congratulations on finding the letter E and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)</p><p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/492521.html\">川阅全球宏观</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/492521.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156453091","content_text":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：\n1960年以来美国CPI同比破5%出现了4次(图1)。我们对CPI破4%、破5%至回落期间的经济基本面和美联储政策进行了复盘(表1)。\n1968/06-1971/09：经济陷入衰退，但前期大幅政府开支与财政刺激的余温仍在，通胀持续上升，美联储在1970年收紧货币政策以抑制通胀。\n1973/03-1982/11：粮食危机和石油危机的双重打击下，美国经济陷入滞胀，供给冲击与成本推升通胀。政府价格管制失败，货币政策缺乏独立性并且过于滞后，未能成功抑制通胀。\n1987/08-1991/07：走出滞胀后，美国经济经历了高速增长，但1987年开始经济增速放缓，并出现工资和价格上涨压力，美联储收紧货币政策。\n2007/11-2008/09：油价飙升推升通胀，金融危机爆发，美联储货币政策的首要任务在于救市，通胀不在其重点关注范围内。\n当前的通胀和1973-1982年通胀的成因较为相似，均为成本推动。\n\n本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。今年5月美国CPI录得5.0%(为2008年8月以来的最高水平)，但是从CPI指数角度，2021年5月相对于2019年5月的复合增速仅为2.5%。\n对于今年通胀的演绎，我们重点关注二手车和房租两个分项。\n通胀的主要推力之一为二手车。东南亚疫情恶化下多地芯片厂停工，芯片短缺导致车企减产。新车供应不足，二手车需求剧增，价格飙升(图2)。根据Manheim数据，2021年二手车售价增幅超越新车(图3)。此外，5月其他交通相关的价格涨幅进一步扩大，交通服务价格增幅从4月的5.6%扩大至11.2%，增幅翻倍。\n\n房租价格走势对未来通胀的演绎有重要影响。美国CPI中房租的权重较高(约30%)，尽管相对于其它分项，房租的增速相对温和(今年5月同比增2.2%)，但年初以来增速斜率陡峭化(图4)，我们预计受到供给短缺的影响，未来房租将会持续温和地上升。\n\n通胀预期走势如何?\n从消费者的角度，密西根预期通胀率数据显示，2021年5月美国消费者5年通胀预期从上月的2.7%跳升至3.0%(图5)，但是仍然低于美联储可以容忍的3.5%。\n从政策制定者角度，如我们此前报告所述，美联储注重通胀预期的监测，关键指标为共同通胀预期指数(CIE)，CIE为季度数据，预计2021年二季度的数据将于本月底公布。\n\n未来通胀将会怎样影响资产价格?\n我们复盘了上述四次大通胀中，CPI破4%后不同时间区间内美元、美股和美债收益率的变化(表2)：通胀对于美元、美股存在负面影响，前者较为滞后，后者1个月内即有体现。有趣的是，通胀对于美债收益率的影响不具规律性，关于美债的研究框架，请参考我们此前的报告。\n\n风险提示：美联储过快收紧货币政策，地缘政治风险加剧\n\n恭喜您找到了字母E，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 了解）","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181555622,"gmtCreate":1623403379266,"gmtModify":1704202657743,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181555622","repostId":"1140839418","repostType":4,"repost":{"id":"1140839418","kind":"news","pubTimestamp":1623382205,"share":"https://ttm.financial/m/news/1140839418?lang=en_US&edition=fundamental","pubTime":"2021-06-11 11:30","market":"us","language":"zh","title":"One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1140839418","media":"腾讯科技","summary":"6月11日消息，美国当地时间周四，$滴滴出行 $的运营主体小桔快智向美国证券交易委员会提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。","content":"<p>June 11th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operating entity, submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), and plans to be listed on the Nasdaq stock market or the New York Stock Exchange with the stock code \"DIDI\".</p><p>According to the data disclosed by Didi, at present, Didi has opened business in more than 4,000 cities and regions in 15 countries, with an annual number of active users of 493 million, an annual number of active drivers of 15 million, an average daily order volume of 41 million, a total annual platform transaction volume of 341 billion yuan, and a cumulative driver income of 600+ billion yuan from 2018 to Q1 of 2021.</p><p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p><p><hr>Congratulations on finding the letter I and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>","source":"txkj","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>One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-06-11 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>June 11th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operating entity, submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), and plans to be listed on the Nasdaq stock market or the New York Stock Exchange with the stock code \"DIDI\".</p><p>According to the data disclosed by Didi, at present, Didi has opened business in more than 4,000 cities and regions in 15 countries, with an annual number of active users of 493 million, an annual number of active drivers of 15 million, an average daily order volume of 41 million, a total annual platform transaction volume of 341 billion yuan, and a cumulative driver income of 600+ billion yuan from 2018 to Q1 of 2021.</p><p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p><p><hr>Congratulations on finding the letter I and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/rain/a/20210611A02NC800\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b9f14473f3e986de32cc80f6fd80b679","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://new.qq.com/rain/a/20210611A02NC800","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140839418","content_text":"6月11日消息，美国当地时间周四，滴滴出行的运营主体小桔快智向美国证券交易委员会（SEC）提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。\n根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。\n\n\n恭喜您找到了字母I，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 了解）","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181555098,"gmtCreate":1623403349514,"gmtModify":1704202657097,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181555098","repostId":"1101927771","repostType":4,"repost":{"id":"1101927771","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":1623398652,"share":"https://ttm.financial/m/news/1101927771?lang=en_US&edition=fundamental","pubTime":"2021-06-11 16:04","market":"sh","language":"zh","title":"Market Overview: Many liquor stocks were smashed in late trading! Major negative or another mystery?","url":"https://stock-news.laohu8.com/highlight/detail?id=1101927771","media":"老虎资讯综合","summary":"港股\n港股三大指数小幅收涨，本周走势平淡，市场维持震荡行情。截至收盘，恒指涨0.36%报28842点，国指涨0.32%报10750点，恒生科技指数涨0.28%报7991点。\n\n盘面上，钢铁、稀土、燃气","content":"<p><b>Hong Kong stock</b></p><p>The three major indices of Hong Kong stocks closed slightly higher. This week's trend was flat, and the market remained volatile. As of the close, the Hang Seng Index rose 0.36% to 28,842 points, the State Index rose 0.32% to 10,750 points, and the Hang Seng Technology Index rose 0.28% to 7,991 points.</p><p><img src=\"https://static.tigerbbs.com/87c4d980c246ed0efb695d2e0fda8aa8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the disk, the steel, rare earth, gas and oil sectors rose among the top,<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>Soared nearly 4% to a 16-month high,<a href=\"https://laohu8.com/S/00347\">Ansteel Co., Ltd.</a>、<a href=\"https://laohu8.com/S/01053\">Chongqing Iron & Steel Company Limited</a>Both rose by more than 3%; Sporting goods stocks are active again, ANTA,<a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose by more than 2%; Auto stocks generally rose, with big-cap tech stock Meituan closing up 3%,<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>rose by more than 2%,<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/09618\">JD Group-SW</a>fell by more than 1%; defense stocks declined significantly, and home appliance stocks, domestic housing stocks, dairy products stocks and Chinese brokerage stocks performed weakly throughout the day.</p><p><b>A Shares</b></p><p>The three major indices were mixed. The Shanghai Composite Index fluctuated weakly throughout the day, closing down 0.58% to 3,589 points, the Shenzhen Component Index fell 0.62% to 14,801 points, and the GEM index was in<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300014\">Yiwei Lithium Energy</a>Equal-weight support rose 0.4% to 3,298 points. Most individual stocks in the two cities fell, and the trading volume enlarged. The turnover of the whole day was 1.1 trillion yuan, and the net sales of funds going north was 3.03 billion yuan. The market sentiment and profit-making effect fell.</p><p><img src=\"https://static.tigerbbs.com/5fe7dbb83142e32e96dc084eb1379599\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Short-term funds mainly flow to the concept of photovoltaics,<a href=\"https://laohu8.com/S/601012\">LONGi</a>Continued to rise by 5.6%; Hongmeng concept continues to skyrocket,<a href=\"https://laohu8.com/S/003032\">Chuan Zhi Education</a>Wait for the daily limit of stocks; Zhejiang regional stocks set off a daily limit tide,<a href=\"https://laohu8.com/S/603806\">Foster</a>Wait for the daily limit of 24 shares; The concept of carbon neutrality rose and fell back, but the increase was still high, and branch power stocks rose generally; The oil sector surged,<a href=\"https://laohu8.com/S/601857\">PetroChina</a>up 5.7%; Most of the lithium battery concept stocks fell, and the head companies rose generally.<a href=\"https://laohu8.com/S/300750\">CATL</a>Up nearly 4% to a record high; Concepts such as new energy vehicles, special steel, wind energy and driverless driving are active. The aviation equipment sector plunged,<a href=\"https://laohu8.com/S/600893\">Aeronautical power</a>down 7%; The indexes of chemical fiber, brewing, semiconductor and construction machinery sectors all fell by more than 2%.</p><p>It is worth noting that today's late call auction of many liquor stocks in A shares fluctuated greatly.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>、<a href=\"https://laohu8.com/S/600809\">Shanxi Fenjiu</a>、<a href=\"https://laohu8.com/S/000799\">Jiugui Liquor</a>All were smashed by funds.</p><p><a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>It fell by more than 1% in one minute at the end of the session, and 5,169 lots involving 1.126 billion funds smashed Maotai, with a total turnover of 7.5 billion yuan;</p><p><img src=\"https://static.tigerbbs.com/6bc1562b1635ea43d31b8c864381fcc6\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/600809\">Shanxi Fenjiu</a>It fell by 2.64% in one minute at the end of the session, and the final decline was as high as 3.5%. 4,272 lots of funds were smashed, involving 2.009 billion yuan;</p><p><img src=\"https://static.tigerbbs.com/ce1f2e2b21efef74dc60a6b61f6bfa77\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Jiugui Liquor fell by 2.4% in one minute at the end of the day, and 5,720 lots of funds were smashed, involving 1.36 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/3557621c00d09313ddbd5fce29bbf4ec\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. stocks</b></p><p>The three major stock index futures in the United States were mixed. As of press time, the Dow futures rose slightly by 0.02%; Nasdaq 100 futures fell slightly 0.01%; S&P 500 futures fell slightly 0.01%.</p><p><img src=\"https://static.tigerbbs.com/dae331d8b6ff1cc8eb69f3c78fdcaed5\" tg-width=\"478\" tg-height=\"184\" referrerpolicy=\"no-referrer\"></p><p>WSB Concept Stocks Moved Higher Premarket,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>rose by more than 6%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 5%, and ContextLogic rose nearly 3%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">Precigen</a>It rose by more than 35% before the market, and the company released type 1 diabetes research data.</p><p><b>European shares</b></p><p>Major European indexes rose across the board. As of press time, Germany's DAX index rose 0.04%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>The index rose 0.57%, the French CAC40 rose 0.34% and the European Stoxx 50 rose 0.22%.</p><p><img src=\"https://static.tigerbbs.com/74e10492a8a9483a8e7136e35a5d9582\" tg-width=\"816\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>crude oil</b></p><p>International oil prices rose slightly. As of press time, WTI crude oil was reported at $70.43/barrel, up 0.2%; Brent oil is now traded at $72.68/barrel, up 0.22%.</p><p>International oil prices are generally stable, and oil prices will rise for the third consecutive week as fuel demand in Europe, China and the United States is expected to recover due to the loosening of epidemic prevention restrictions due to the rising vaccination rate. NYMEX crude oil looks at $74.40.</p><p><img src=\"https://static.tigerbbs.com/210b22067e22ecffd716840dd02b4dee\" tg-width=\"822\" tg-height=\"833\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2df9f2bad7921a09b9100156bc2bc7fe\" tg-width=\"822\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Gold</b></p><p>International gold gains narrowed, rising by 0.17% to $1,899.7/oz during the day.</p><p>The international gold price hovered around the key level of $1,900 per ounce, and it looked at $1,916 in the short term. Supported by the weakening of the US dollar, investors ignored the rising inflation rate in the United States indifferently, and expected the Federal Reserve to not change its dovish stance.</p><p><img src=\"https://static.tigerbbs.com/90fe6911ee8f1b1516c4abf5bdcb127e\" tg-width=\"822\" tg-height=\"833\" 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>Market Overview: Many liquor stocks were smashed in late trading! Major negative or another mystery?</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\">\nMarket Overview: Many liquor stocks were smashed in late trading! Major negative or another mystery?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-11 16:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Hong Kong stock</b></p><p>The three major indices of Hong Kong stocks closed slightly higher. This week's trend was flat, and the market remained volatile. As of the close, the Hang Seng Index rose 0.36% to 28,842 points, the State Index rose 0.32% to 10,750 points, and the Hang Seng Technology Index rose 0.28% to 7,991 points.</p><p><img src=\"https://static.tigerbbs.com/87c4d980c246ed0efb695d2e0fda8aa8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the disk, the steel, rare earth, gas and oil sectors rose among the top,<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>Soared nearly 4% to a 16-month high,<a href=\"https://laohu8.com/S/00347\">Ansteel Co., Ltd.</a>、<a href=\"https://laohu8.com/S/01053\">Chongqing Iron & Steel Company Limited</a>Both rose by more than 3%; Sporting goods stocks are active again, ANTA,<a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose by more than 2%; Auto stocks generally rose, with big-cap tech stock Meituan closing up 3%,<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>rose by more than 2%,<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/09618\">JD Group-SW</a>fell by more than 1%; defense stocks declined significantly, and home appliance stocks, domestic housing stocks, dairy products stocks and Chinese brokerage stocks performed weakly throughout the day.</p><p><b>A Shares</b></p><p>The three major indices were mixed. The Shanghai Composite Index fluctuated weakly throughout the day, closing down 0.58% to 3,589 points, the Shenzhen Component Index fell 0.62% to 14,801 points, and the GEM index was in<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300014\">Yiwei Lithium Energy</a>Equal-weight support rose 0.4% to 3,298 points. Most individual stocks in the two cities fell, and the trading volume enlarged. The turnover of the whole day was 1.1 trillion yuan, and the net sales of funds going north was 3.03 billion yuan. The market sentiment and profit-making effect fell.</p><p><img src=\"https://static.tigerbbs.com/5fe7dbb83142e32e96dc084eb1379599\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Short-term funds mainly flow to the concept of photovoltaics,<a href=\"https://laohu8.com/S/601012\">LONGi</a>Continued to rise by 5.6%; Hongmeng concept continues to skyrocket,<a href=\"https://laohu8.com/S/003032\">Chuan Zhi Education</a>Wait for the daily limit of stocks; Zhejiang regional stocks set off a daily limit tide,<a href=\"https://laohu8.com/S/603806\">Foster</a>Wait for the daily limit of 24 shares; The concept of carbon neutrality rose and fell back, but the increase was still high, and branch power stocks rose generally; The oil sector surged,<a href=\"https://laohu8.com/S/601857\">PetroChina</a>up 5.7%; Most of the lithium battery concept stocks fell, and the head companies rose generally.<a href=\"https://laohu8.com/S/300750\">CATL</a>Up nearly 4% to a record high; Concepts such as new energy vehicles, special steel, wind energy and driverless driving are active. The aviation equipment sector plunged,<a href=\"https://laohu8.com/S/600893\">Aeronautical power</a>down 7%; The indexes of chemical fiber, brewing, semiconductor and construction machinery sectors all fell by more than 2%.</p><p>It is worth noting that today's late call auction of many liquor stocks in A shares fluctuated greatly.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>、<a href=\"https://laohu8.com/S/600809\">Shanxi Fenjiu</a>、<a href=\"https://laohu8.com/S/000799\">Jiugui Liquor</a>All were smashed by funds.</p><p><a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>It fell by more than 1% in one minute at the end of the session, and 5,169 lots involving 1.126 billion funds smashed Maotai, with a total turnover of 7.5 billion yuan;</p><p><img src=\"https://static.tigerbbs.com/6bc1562b1635ea43d31b8c864381fcc6\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/600809\">Shanxi Fenjiu</a>It fell by 2.64% in one minute at the end of the session, and the final decline was as high as 3.5%. 4,272 lots of funds were smashed, involving 2.009 billion yuan;</p><p><img src=\"https://static.tigerbbs.com/ce1f2e2b21efef74dc60a6b61f6bfa77\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Jiugui Liquor fell by 2.4% in one minute at the end of the day, and 5,720 lots of funds were smashed, involving 1.36 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/3557621c00d09313ddbd5fce29bbf4ec\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. stocks</b></p><p>The three major stock index futures in the United States were mixed. As of press time, the Dow futures rose slightly by 0.02%; Nasdaq 100 futures fell slightly 0.01%; S&P 500 futures fell slightly 0.01%.</p><p><img src=\"https://static.tigerbbs.com/dae331d8b6ff1cc8eb69f3c78fdcaed5\" tg-width=\"478\" tg-height=\"184\" referrerpolicy=\"no-referrer\"></p><p>WSB Concept Stocks Moved Higher Premarket,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>rose by more than 6%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 5%, and ContextLogic rose nearly 3%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">Precigen</a>It rose by more than 35% before the market, and the company released type 1 diabetes research data.</p><p><b>European shares</b></p><p>Major European indexes rose across the board. As of press time, Germany's DAX index rose 0.04%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>The index rose 0.57%, the French CAC40 rose 0.34% and the European Stoxx 50 rose 0.22%.</p><p><img src=\"https://static.tigerbbs.com/74e10492a8a9483a8e7136e35a5d9582\" tg-width=\"816\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>crude oil</b></p><p>International oil prices rose slightly. As of press time, WTI crude oil was reported at $70.43/barrel, up 0.2%; Brent oil is now traded at $72.68/barrel, up 0.22%.</p><p>International oil prices are generally stable, and oil prices will rise for the third consecutive week as fuel demand in Europe, China and the United States is expected to recover due to the loosening of epidemic prevention restrictions due to the rising vaccination rate. NYMEX crude oil looks at $74.40.</p><p><img src=\"https://static.tigerbbs.com/210b22067e22ecffd716840dd02b4dee\" tg-width=\"822\" tg-height=\"833\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2df9f2bad7921a09b9100156bc2bc7fe\" tg-width=\"822\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Gold</b></p><p>International gold gains narrowed, rising by 0.17% to $1,899.7/oz during the day.</p><p>The international gold price hovered around the key level of $1,900 per ounce, and it looked at $1,916 in the short term. Supported by the weakening of the US dollar, investors ignored the rising inflation rate in the United States indifferently, and expected the Federal Reserve to not change its dovish stance.</p><p><img src=\"https://static.tigerbbs.com/90fe6911ee8f1b1516c4abf5bdcb127e\" tg-width=\"822\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数","HSI":"恒生指数",".SPX":"S&P 500 Index",".DJI":"道琼斯","HSCCI":"红筹指数","HSTECH":"恒生科技指数",".IXIC":"NASDAQ Composite","HSCEI":"国企指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101927771","content_text":"港股\n港股三大指数小幅收涨，本周走势平淡，市场维持震荡行情。截至收盘，恒指涨0.36%报28842点，国指涨0.32%报10750点，恒生科技指数涨0.28%报7991点。\n\n盘面上，钢铁、稀土、燃气、石油板块涨幅靠前，中石油劲升近4%创16个月新高价，鞍钢股份、重庆钢铁股份均涨超3%；体育用品股再度活跃，安踏、李宁涨超2%；汽车股普遍上扬，大型科技股美团收涨3%，快手-W涨超2%，阿里巴巴-SW、京东集团-SW跌超1%；军工股跌幅明显，家电股、内房股、乳制品股、中资券商股全天表现弱势。\nA股\n三大指数涨跌互现，沪指全天弱势震荡，收跌0.58%报3589点，深成指跌0.62%报14801点，创业板指在宁德时代、亿纬锂能等权重支撑下涨0.4%，报3298点。两市个股多数下跌，成交量放大，全天成交额1.1万亿，北上资金净卖出30.3亿，市场情绪及赚钱效应回落。\n\n短线资金主要流向光伏概念，隆基股份续涨5.6%；鸿蒙概念继续暴涨，传智教育等股涨停；浙江地区股掀涨停潮，福斯特等24股涨停；碳中和概念冲高回落，但涨幅依旧靠前，分支电力股普涨；石油板块大涨居前，中国石油涨5.7%；锂电池概念股多数下跌，头部企业普涨，宁德时代涨近4%，创历史新高；新能源车、特钢、风能、无人驾驶等概念活跃。航空装备板块重挫，航发动力跌7%；化纤、酿酒、半导体、工程机械板块指数跌幅均在2%以上。\n值得注意的是，今日A股多只白酒股尾盘集合竞价出现大幅波动。贵州茅台、山西汾酒、酒鬼酒均被资金砸盘。\n贵州茅台尾盘1分钟跌超1%，5169手涉资11.26亿资金砸盘茅台，成交总额75亿元；\n\n山西汾酒尾盘1分钟跌2.64%，最后跌幅高达3.5%，4272手资金砸盘，涉资20.09亿元；\n\n酒鬼酒尾盘1分钟跌2.4%，5720手资金砸盘，涉资13.6亿元。\n\n美股\n美国三大股指期货涨跌不一，截至发稿，道指期货微涨0.02%；纳斯达克100指数期货微跌0.01%；标普500指数期货微跌0.01%。\n\nWSB概念股盘前走高，AMC院线涨超6%，游戏驿站涨超5%，ContextLogic涨近3%。\n生物制药公司Precigen盘前涨超35%，公司公布了1型糖尿病研究数据。\n欧股\n欧洲主要指数全线上涨，截止发稿，德国DAX指数涨0.04%，英国富时100指数涨0.57%，法国CAC40指数涨0.34%，欧洲斯托克50指数涨0.22%。\n\n原油\n国际油价小幅走高，截止发稿，WTI原油报70.43美元/桶，涨0.2%；布油现报72.68美元/桶，涨0.22%。\n国际油价总体持稳，由于预期因疫苗接种率升高促使防疫限制松绑，欧洲、中国和美国的燃料需求将复苏，因此油价将连续第三周上涨。NYMEX原油上看74.40美元。\n\n黄金\n国际黄金涨幅缩窄，日内涨0.17%，报1899.7美元/盎司。\n国际金价徘徊在每盎司1900美元的关键水平附近，短线上看1916美元，受到美元走软支撑，投资者对美国通胀率上升淡然视之，并预计美联储不会改变其鸽派立场。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9,".IXIC":0.9,"HSI":0.9,".DJI":0.9,"HSTECH":0.9,"HSCEI":0.9,"HSCCI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181551026,"gmtCreate":1623403207265,"gmtModify":1704202651899,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181551026","repostId":"1156453091","repostType":4,"repost":{"id":"1156453091","kind":"news","pubTimestamp":1623333482,"share":"https://ttm.financial/m/news/1156453091?lang=en_US&edition=fundamental","pubTime":"2021-06-10 21:58","market":"us","language":"zh","title":"Taking history as a mirror, the deduction and impact of inflation soaring in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1156453091","media":"川阅全球宏观","summary":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：。1960年以来美国CPI同比破5%出现了4次(图1)。本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。房租价格走势对未来通胀的演绎有重要影响。","content":"<p>On June 10, 2021 EDT, the U.S. Department of Labor released inflation data for May.<b>In May, the CPI of the United States rose by 5.0% year-on-year, and the core CPI rose by 3.8% year-on-year, the largest increase since August 2008. Since the beginning of this year, the inflation rate in the United States has accelerated, and the Federal Reserve's interest rate meeting in June is imminent. Inflation worries in the market linger.</b>We have reviewed several spikes in U.S. inflation throughout history to better understand this one and its impact:</p><p><b>Since 1960, the U.S. CPI has broken 5% year-on-year four times</b>(FIG. 1). We conducted a review of the economic fundamentals and Fed policy from the period when CPI broke 4%, broke 5% and retreated (Table 1).</p><p><b>1968/06-1971/09</b>: The economy is in recession, but the residual warmth of large government spending and fiscal stimulus in the early period is still there, and inflation continues to rise. The Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the double blow of the food crisis and the oil crisis, the US economy fell into stagflation, and supply shocks and costs pushed up inflation. Government price controls failed and monetary policy lacked independence and was too lagging to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced high growth, but began to slow down in 1987, and there was upward pressure on wages and prices, and the Federal Reserve tightened monetary policy.</p><p><b>2007/11-2008/09：</b>The soaring oil price pushed up inflation, and the financial crisis broke out. The first task of the Federal Reserve's monetary policy was to bail out the market, and inflation was not in its focus.</p><p><b>The causes of current inflation are similar to those of 1973-1982 inflation, both of which are cost-driven.</b></p><p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><b>The main reason for this surge in inflation lies in the base effect and supply shortage under the pandemic.</b>The US CPI recorded 5.0% in May this year (the highest level since August 2008), but<b>From the perspective of CPI index, the compound growth rate in May 2021 relative to May 2019 was only 2.5%.</b></p><p><b>For this year's deduction of inflation, we focus on the two sub-items of used cars and rent.</b></p><p><b>One of the main thrust forces for inflation is used cars.</b>Under the deterioration of the epidemic situation in Southeast Asia, many chip factories shut down, and the shortage of chips led to the reduction of production by car companies. The supply of new cars is insufficient, the demand for used cars has soared, and prices have skyrocketed (Figure 2). According to Manheim data, used vehicle sales prices increased more than new vehicles in 2021 (Figure 3). In addition, other transportation-related price increases widened further in May, with the increase in transportation service prices expanding to 11.2% from 5.6% in April, doubling the increase.</p><p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p><b>The trend of rent prices has an important impact on the deduction of future inflation.</b>The weight of rent in the US CPI is high (about 30%). Although the growth rate of rent is relatively modest compared with other sub-items (2.2% year-on-year in May this year), the growth rate slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rent will continue to rise moderately in the future, affected by supply shortages</b>。</p><p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p><p><b>What is the trend of inflation expectations?</b></p><p>From a consumer perspective, Michigan's expected inflation data shows that 2<b>In May 2021, the five-year inflation expectation of U.S. consumers jumped to 3.0% from 2.7% last month (Figure 5), but it is still lower than the 3.5% that the Federal Reserve can tolerate.</b></p><p>From the perspective of policymakers, as stated in our previous report, the Fed focuses on the monitoring of inflation expectations, and the key indicators are<b>Common Inflation Expectations Index (CIE), CIE is quarterly data, and data for the second quarter of 2021 is expected to be released by the end of this month.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will future inflation affect asset prices?</b></p><p>We review the changes of the yields of US dollars, US stocks and US bonds in different time intervals after CPI broke 4% in the above four major inflations (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks. The former lags behind, while the latter is reflected within one month.</b>Interestingly, the impact of inflation on US debt yields is irregular. For the research framework of US debt, please refer to our previous report.</p><p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Geopolitical risks mount as Fed tightens monetary policy too quickly</p><p><hr>Congratulations on finding the letter E and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)</p><p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>","source":"lsy1582083733592","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>Taking history as a mirror, the deduction and impact of inflation soaring in the United States</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\">\nTaking history as a mirror, the deduction and impact of inflation soaring in the United States\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">川阅全球宏观</strong><span class=\"h-time small\">2021-06-10 21:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On June 10, 2021 EDT, the U.S. Department of Labor released inflation data for May.<b>In May, the CPI of the United States rose by 5.0% year-on-year, and the core CPI rose by 3.8% year-on-year, the largest increase since August 2008. Since the beginning of this year, the inflation rate in the United States has accelerated, and the Federal Reserve's interest rate meeting in June is imminent. Inflation worries in the market linger.</b>We have reviewed several spikes in U.S. inflation throughout history to better understand this one and its impact:</p><p><b>Since 1960, the U.S. CPI has broken 5% year-on-year four times</b>(FIG. 1). We conducted a review of the economic fundamentals and Fed policy from the period when CPI broke 4%, broke 5% and retreated (Table 1).</p><p><b>1968/06-1971/09</b>: The economy is in recession, but the residual warmth of large government spending and fiscal stimulus in the early period is still there, and inflation continues to rise. The Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the double blow of the food crisis and the oil crisis, the US economy fell into stagflation, and supply shocks and costs pushed up inflation. Government price controls failed and monetary policy lacked independence and was too lagging to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced high growth, but began to slow down in 1987, and there was upward pressure on wages and prices, and the Federal Reserve tightened monetary policy.</p><p><b>2007/11-2008/09：</b>The soaring oil price pushed up inflation, and the financial crisis broke out. The first task of the Federal Reserve's monetary policy was to bail out the market, and inflation was not in its focus.</p><p><b>The causes of current inflation are similar to those of 1973-1982 inflation, both of which are cost-driven.</b></p><p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><b>The main reason for this surge in inflation lies in the base effect and supply shortage under the pandemic.</b>The US CPI recorded 5.0% in May this year (the highest level since August 2008), but<b>From the perspective of CPI index, the compound growth rate in May 2021 relative to May 2019 was only 2.5%.</b></p><p><b>For this year's deduction of inflation, we focus on the two sub-items of used cars and rent.</b></p><p><b>One of the main thrust forces for inflation is used cars.</b>Under the deterioration of the epidemic situation in Southeast Asia, many chip factories shut down, and the shortage of chips led to the reduction of production by car companies. The supply of new cars is insufficient, the demand for used cars has soared, and prices have skyrocketed (Figure 2). According to Manheim data, used vehicle sales prices increased more than new vehicles in 2021 (Figure 3). In addition, other transportation-related price increases widened further in May, with the increase in transportation service prices expanding to 11.2% from 5.6% in April, doubling the increase.</p><p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p><b>The trend of rent prices has an important impact on the deduction of future inflation.</b>The weight of rent in the US CPI is high (about 30%). Although the growth rate of rent is relatively modest compared with other sub-items (2.2% year-on-year in May this year), the growth rate slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rent will continue to rise moderately in the future, affected by supply shortages</b>。</p><p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p><p><b>What is the trend of inflation expectations?</b></p><p>From a consumer perspective, Michigan's expected inflation data shows that 2<b>In May 2021, the five-year inflation expectation of U.S. consumers jumped to 3.0% from 2.7% last month (Figure 5), but it is still lower than the 3.5% that the Federal Reserve can tolerate.</b></p><p>From the perspective of policymakers, as stated in our previous report, the Fed focuses on the monitoring of inflation expectations, and the key indicators are<b>Common Inflation Expectations Index (CIE), CIE is quarterly data, and data for the second quarter of 2021 is expected to be released by the end of this month.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will future inflation affect asset prices?</b></p><p>We review the changes of the yields of US dollars, US stocks and US bonds in different time intervals after CPI broke 4% in the above four major inflations (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks. The former lags behind, while the latter is reflected within one month.</b>Interestingly, the impact of inflation on US debt yields is irregular. For the research framework of US debt, please refer to our previous report.</p><p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Geopolitical risks mount as Fed tightens monetary policy too quickly</p><p><hr>Congratulations on finding the letter E and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)</p><p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/492521.html\">川阅全球宏观</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/492521.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156453091","content_text":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：\n1960年以来美国CPI同比破5%出现了4次(图1)。我们对CPI破4%、破5%至回落期间的经济基本面和美联储政策进行了复盘(表1)。\n1968/06-1971/09：经济陷入衰退，但前期大幅政府开支与财政刺激的余温仍在，通胀持续上升，美联储在1970年收紧货币政策以抑制通胀。\n1973/03-1982/11：粮食危机和石油危机的双重打击下，美国经济陷入滞胀，供给冲击与成本推升通胀。政府价格管制失败，货币政策缺乏独立性并且过于滞后，未能成功抑制通胀。\n1987/08-1991/07：走出滞胀后，美国经济经历了高速增长，但1987年开始经济增速放缓，并出现工资和价格上涨压力，美联储收紧货币政策。\n2007/11-2008/09：油价飙升推升通胀，金融危机爆发，美联储货币政策的首要任务在于救市，通胀不在其重点关注范围内。\n当前的通胀和1973-1982年通胀的成因较为相似，均为成本推动。\n\n本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。今年5月美国CPI录得5.0%(为2008年8月以来的最高水平)，但是从CPI指数角度，2021年5月相对于2019年5月的复合增速仅为2.5%。\n对于今年通胀的演绎，我们重点关注二手车和房租两个分项。\n通胀的主要推力之一为二手车。东南亚疫情恶化下多地芯片厂停工，芯片短缺导致车企减产。新车供应不足，二手车需求剧增，价格飙升(图2)。根据Manheim数据，2021年二手车售价增幅超越新车(图3)。此外，5月其他交通相关的价格涨幅进一步扩大，交通服务价格增幅从4月的5.6%扩大至11.2%，增幅翻倍。\n\n房租价格走势对未来通胀的演绎有重要影响。美国CPI中房租的权重较高(约30%)，尽管相对于其它分项，房租的增速相对温和(今年5月同比增2.2%)，但年初以来增速斜率陡峭化(图4)，我们预计受到供给短缺的影响，未来房租将会持续温和地上升。\n\n通胀预期走势如何?\n从消费者的角度，密西根预期通胀率数据显示，2021年5月美国消费者5年通胀预期从上月的2.7%跳升至3.0%(图5)，但是仍然低于美联储可以容忍的3.5%。\n从政策制定者角度，如我们此前报告所述，美联储注重通胀预期的监测，关键指标为共同通胀预期指数(CIE)，CIE为季度数据，预计2021年二季度的数据将于本月底公布。\n\n未来通胀将会怎样影响资产价格?\n我们复盘了上述四次大通胀中，CPI破4%后不同时间区间内美元、美股和美债收益率的变化(表2)：通胀对于美元、美股存在负面影响，前者较为滞后，后者1个月内即有体现。有趣的是，通胀对于美债收益率的影响不具规律性，关于美债的研究框架，请参考我们此前的报告。\n\n风险提示：美联储过快收紧货币政策，地缘政治风险加剧\n\n恭喜您找到了字母E，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 了解）","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181564504,"gmtCreate":1623402509508,"gmtModify":1704202633134,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181564504","repostId":"1152830507","repostType":4,"repost":{"id":"1152830507","kind":"news","weMediaInfo":{"introduction":"甲子光年是一家科技智库，包含智库、媒体、社群、企业服务版块，立足于中国科技创新前沿阵地，动态跟踪头部科技企业发展和传统产业技术升级案例，致力于推动人工智能、大数据、物联网、云计算、信息安全、金融科技、大健康等科技创新在产业之中的应用与落地。","home_visible":1,"media_name":"甲子光年","id":"1060712205","head_image":"https://static.tigerbbs.com/d8d8917446074b2faa502a5c7b6e804c"},"pubTimestamp":1623292246,"share":"https://ttm.financial/m/news/1152830507?lang=en_US&edition=fundamental","pubTime":"2021-06-10 10:30","market":"sh","language":"zh","title":"With the new economy companies in the top ten A-shares, will CATL be the next Maotai?","url":"https://stock-news.laohu8.com/highlight/detail?id=1152830507","media":"甲子光年","summary":"宁德时代市值起伏的背后，是一场产业话语权之战。\n\n5月31日这天，电池制造商与技术公司宁德时代（SZ.300750）市值突破了一万亿元。\n当日早盘，宁德时代盘中涨超4%，成为了创业板上首家万亿市值的公","content":"<p><a href=\"https://laohu8.com/S/300750\">CATL</a>Behind the ups and downs of market value is a battle of industrial voice. On May 31st, the market value of CATL (SZ.300750), a battery manufacturer and technology company, exceeded one trillion yuan.</p><p>In the early trading of the same day, CATL rose by more than 4% in intraday trading, becoming the first company with a market value of trillion yuan on the GEM. Its founder, Zeng Yuqun, also rode the east wind of a trillion market value, surpassing Li Ka-shing with a net worth of 39.2 billion US dollars, and ascended the throne of the richest man in Hong Kong, China.</p><p>More historically, CATL has thus ranked among the top ten companies in China's A-share market by market value, and is the only new economy company among them. Except for CATL, the top ten companies with A-share market value today are all familiar names:<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>、<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>Two wine companies,<a href=\"https://laohu8.com/S/601398\">ICBC</a>And 6 banks,<a href=\"https://laohu8.com/S/601318\">Ping An of China</a>And<a href=\"https://laohu8.com/S/LFC\">China Life</a>Two financial companies that started out in insurance.</p><p>Why CATL? This is the question of many people. Before that, I'm afraid many people will place the hope of sprinting to the top ten market capitalizations of A shares in Tencent,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Wait for me. But like most Chinese new economy companies, they have not chosen to list on the mainland.</p><p><img src=\"https://static.tigerbbs.com/659745bbce65466a3fbc635b83cc72cf\" tg-width=\"1080\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p><p>The capital market is a reflection of the real economy. Before 2019, among A-share enterprises, the mainstream was the tertiary industry led by banks. New economy enterprises account for a relatively small proportion.</p><p>In June 2018, CATL went public, with an opening price of 30.17 yuan/share on the day of listing. In the following two years, the market value ranking of CATL has been hovering in 34th and 35th place in the whole market. By May 31st this year, the share price of CATL reached 434.1 yuan/share, up 1340.04% compared with three years ago.</p><p><img src=\"https://static.tigerbbs.com/64ecd6ca9e91a7a8e7d5e35b5e75ffc3\" tg-width=\"1080\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p><p>In 2005, there were only two information technology companies among the top ten companies in U.S. stock market value, and in 2020, there were five; Year 2012<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Become the largest company by market capitalization in the U.S. stock market.</p><p>Is CATL overrated? Also a power battery faucet<a href=\"https://laohu8.com/S/002594\">BYD</a>(SZ.002594), the current market value is 573.5 billion yuan, which is only half of that of CATL. And BYD's listed companies not only have batteries, but also include new energy vehicles, mobile phone electronics and photovoltaic businesses. In the automobile industry downstream of the power battery industry, BYD, the top three main automakers in A-share market value,<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>And<a href=\"https://laohu8.com/S/600104\">SAIC Group</a>The sum of the market value is 1,088.1 billion yuan, only slightly exceeding the market value of CATL.</p><p>According to the operating data of 2020, CATL's net profit was 5.58 billion, and its total operating income was 50.3 billion. That is to say, a trillion market value corresponds to 180 times the P/E and 20 times the price-to-sales ratio. With the activity of the global financial market and the promotion of the energy revolution, while a number of gasoline companies are headed for \"sunset red\", young companies in the new energy field are boiling on the bubble.</p><p>The highlights of CATL didn't last long. Before the market closed on the morning of June 1st, CATL fell by more than 5%, and its market value fell back to 997.3 billion.</p><p>\"Jiazi Guangnian\" interviewed a number of front-line practitioners in the battery and new energy vehicle industries, and came up with the following views:</p><p><ol><li>The share price of CATL began to soar in 2020, and the same period was a global financial release;</p><p></li><li>CATL's position as the No. 1 automobile battery is facing challenges;</p><p></li><li>CATL only has to face the competition of other battery manufacturers, and major car manufacturers are also making batteries;</p><p></li><li>Betting on sodium batteries, it is difficult to say whether CATL's competitiveness in batteries can be improved.</p><p></li></ol><b>1. Who directed the \"red\" of CATL?</b></p><p>The trillion market value of Ningde era was not achieved in one day. In 2020, it jumped to 11th in the A-share market, up more than 20 places from before.</p><p>In parallel with this, the share price of CATL soared all the way in 2020, and stood at the 400 yuan/share mark in early 2021, and then surpassed<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>。 During this period, it was not only often listed on the snowball hot stock list, but also used as a benchmark enterprise for comparison by major brokerage reports, which is different from the stable state in 2018 and 2019.</p><p><img src=\"https://static.tigerbbs.com/67ed505c641f51b919a89da7892eb589\" tg-width=\"840\" tg-height=\"470\"></p><p>CATL Stock Price Trend</p><p>From a macro perspective, CATL is favored by two major factors, one is the excess liquidity of funds, and the other is the demand for carbon reduction.</p><p><b>On the one hand, the global financial system has been released, and more money has flowed into the market.</b>In 2020, the outbreak of the COVID-19 pandemic shut down global economic activity, and central banks represented by the Federal Reserve began to implement unprecedented ultra-loose monetary policies. According to incomplete statistics, by the end of 2020, more than 50 central banks worldwide had cut interest rates or cut interest rates many times, and more than 60% of the world's economies had interest rates of less than 1%.</p><p>In sync with capital inflows are more people entering the stock market. In 2020, there were 18.0225 million new investors, which was also a four-year high. In December last year alone, the number of new investors doubled.</p><p>The immediate result is driving up the valuation of financial assets, including stocks.<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Zhao Xueqing, a researcher at the Institute and a researcher at the Institute of International Monetary Research of Renmin University of China, once said: Long-term unlimited monetary easing may boost financial \"inflation\". The continuous low or even negative interest rate environment in the financial market will contribute to the price bubble of financial assets.</p><p><b>The process of share price inflation in Ningde era is synchronized with the running entry of capital and investors.</b></p><p>On the other hand, the demand for carbon reduction has ushered in development opportunities for new energy vehicles, which has also driven the power batteries located in the middle of the new energy vehicle industry chain. CATL is sought after by the market, which is also the result of this force.</p><p>At the beginning of this year, while the sales of new energy vehicles were rising steadily, Fang Jianhua, partner and president of the New Energy Vehicle Venture Capital Sub-fund of the National Science and Technology Achievement Transformation Fund, made a prediction on this year's trend: In 2021, I<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Vehicle sales are expected to be around 1.8 million units, and power battery installations will increase by more than 30% year-on-year. At that time, CATL successfully \"went out of the circle\" with a recruitment notice-due to the soaring year-end orders, the company specially set up major bonus incentives to encourage employees to stay and work overtime.</p><p>2020 is the time point for electric vehicles to change from policy-driven to market-driven. Battery system is the highest cost component in new energy vehicles, close to 40%, which can be said to be the heart of new energy vehicles. The surge in demand for electric vehicles has driven the growth of the power battery industry. Last year, the installed volume of power batteries in China totaled 63.6GWh, up 2.3% year-on-year, and the shipment volume of power batteries was 80GWh, up 13% year-on-year. As of April 2021, the sales volume of new energy vehicles has reached a record high for 10 consecutive months.</p><p><b>This is the same as the stock price of CATL, and it is also the same trajectory.</b></p><p>Among various energy storage methods, power battery is the link with the greatest demand and the most landing scene at present. The downstream of the power battery industry chain includes three major blocks: new energy vehicles, consumer electronics and energy storage. That is to say, power batteries are used everywhere, from e-cigarettes and electric bicycles to new energy vehicles and industrial power systems. The global lithium-ion battery Market size is estimated to exceed USD 100 billion by 2025, according to a report released by international Market Research organization Adroit Market Research. Of course, this estimated amount has also caught up with the industry of new energy vehicles.</p><p>Chen Wenhui, vice chairman of the National Council of Social Security Fund, once said at the \"2021 Caijing Sustainable Development Summit Forum\",<b>\"The market value of CATL exceeds that of PetroChina, and the dispute between new energy and traditional energy seems to have been decided.\"</b></p><p><b>Industrial change and policy dividend are huge market space, upward growth trend and good investment targets in the eyes of investors.</b></p><p>Despite the volatility, CATL's share price is still high so far. But how long can these good days last? There's actually a question mark. The new energy concept sector and company have experienced ups and downs in the past two years:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Last year, its share price soared 650%, but this year, its share price has fallen from a high of $880 to a low of $582, a drop of more than 30%. Another representative is the photovoltaic sector. Last year, the total market value once approached one trillion yuan, and the photovoltaic index rose by 110.80%. However, in only six trading days in February this year, it fell by about 300 billion yuan.</p><p><b>2. Trillion market value, is CATL worth it?</b></p><p>It should be pointed out that there is still a foundation for the sharp rise in the share price of CATL, and the company's performance also experienced explosive growth in the same period.<b>CATL has firmly secured its position as the leader of power batteries.</b>As of the first quarter of 2021, CATL ranked first in the country in terms of installed power batteries with a market share of 52.45%.</p><p>At the 100th anniversary celebration of Shanghai Jiaotong University, Shen Nanpeng, the global managing partner of Sequoia Capital, asked Zeng Yuqun a question: If there are only 10 car companies left in the future, how many of these 10 will be from China? I think 70% will come from China, Mr. Zeng said.<b>This judgment stems from the cognition of the development potential of China's new energy automobile industry, and Zeng Yuqun has long seized the opportunity to lay out the new energy battery industry.</b></p><p>In 2015, the Ministry of Industry and Information Technology issued the Standard Conditions for Automotive Power Battery Industry, which stipulates that if new energy vehicles want to receive subsidies, they must use batteries produced by enterprises on the white list.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>LG,<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Japanese and Korean battery giants did not enter this catalog, which put domestic power battery enterprises in the fast lane with policy protection, and also made the previously unknown CATL ushered in the opportunity of overtaking in corners.</p><p><b>It is not enough to get rid of foreign friends, and the subsequent support policies have made CATL \"lucky\" to get rid of domestic competitors.</b>The state subsidy standard for new energy vehicles is determined according to the cruising range, and ternary lithium batteries with greater cruising range can get more subsidies. BYD,<a href=\"https://laohu8.com/S/002074\">Guoxuan Hi-Tech</a>The main focus is the lithium iron phosphate route, which is gradually ignored by OEMs because the subsidies that can be obtained are relatively small.</p><p>At the same time, CATL has also chosen the right path of development. Due to its self-sufficiency model, BYD does not supply large-scale battery supply chain, and Guoxuan Hi-Tech mainly cooperates with<a href=\"https://laohu8.com/S/600418\">JAC</a>The scale of cooperation is also relatively limited, so the expansion outlet is missed.</p><p><b>As a result, CATL has gradually become the leader of domestic battery suppliers.</b>In 2017, China's sales volume of new energy vehicles reached 770,000 units, a year-on-year increase of 53%, ranking first in global sales. It was also in 2017 that CATL surpassed Japan's Panasonic and became the world's largest power battery manufacturer.</p><p>Among them, CATL also knows how to \"hold the thigh\" to expand brand awareness. The cooperation with BMW is a typical case. In 2012, only one year after its establishment, CATL began to produce power batteries for BMW's first pure electric vehicle \"Zino 1E\", becoming the first power battery manufacturer in China to enter the supply chain system of head car companies.<b>With this, CATL became an instant hit.</b></p><p>BMW's brand effect has brought many followers, such as SAIC, Changan, Geely and other traditional car companies,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Since then, new forces such as XPeng and Ideal have cooperated with CATL, and Tesla's entry into China has also fallen into the embrace of CATL.<b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>Founder Li Xiang once said in an interview: The way car companies want to cooperate with CATL is often that the chairman queues up to them for batteries.</b>It is also reported that in order to successfully get goods from CATL,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Founder He Xiaopeng also had to rush to Ningde in person.</p><p>According to the data of China Automotive Power Battery Industry Innovation Alliance, from 2018 to 2020, CATL's share in the domestic market basically remained at about half.</p><p><b>3. Flash in the pan? Revenue and gross profit are not guaranteed</b></p><p><b>However, from the situation that the market value dropped in one day, it can already be seen that the trillion market value of CATL may still lack support.</b></p><p>From the perspective of profit, CATL is already in a declining situation. According to the data of CATL financial report, the operating income of the company's power battery system in 2017 was 16.657 billion yuan, the operating cost was 10.785 billion yuan, and the gross profit margin was 35.25%. In the following three years, the gross profit margin of power battery system in CATL kept declining. In 2018, the gross profit margin of CATL's power battery system was 34.10%. In 2019, the gross profit margin of its power battery system was 28.45%. By 2020, the gross profit margin of its power battery system had become 26.56%.</p><p>CATL has also repeatedly mentioned the risk of declining gross profit margin in \"Possible Risks\". The company explained in the financial report that the change of gross profit margin of each sub-product of the company is the result of the comprehensive impact of the change of unit price and unit cost. If the selling price of the company's products and the purchase price of raw materials are adversely changed due to the intensification of market competition or the adjustment of national policies in the future, the company's gross profit margin is at risk of declining.</p><p>At present, the price fluctuation of cobalt and upstream raw materials exceeds expectations, which puts great pressure on the battery production cost. Such as<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>According to the aspect, the penetration of large-size new energy vehicles is expected to drive the growth of lithium salt demand, and it is expected that the price of lithium hydroxide will continue to rise. As of June 3rd, according to the spot quotation of SMM, the price of battery-grade lithium hydroxide was 91,500 yuan/ton, which has soared by 84.8% compared with the beginning of the year.</p><p><b>The bigger pain point is that CATL's market share in new energy vehicles can no longer be dominated by one company.</b></p><p>As of the end of April 2021, the monthly installation volume of CATL was 3.82 GWh, accounting for 45.5% of the domestic market. Compared with the market share of 52.6% in the first quarter of this year and the company's market share of 50% in 2020, CATL is obviously lacking in momentum.</p><p>Some car companies have said that the CATL era is too strong, which will make car manufacturers deliberately support other battery factories to balance it, and big car brands are unlikely to allow the supply chain to dominate.</p><p>In order to \"counter\" the CATL era, Volkswagen invested in Guoxuan Hi-Tech, Mercedes-Benz invested in Funeng, and Tesla selected LG Chem as the domestic Model Y battery supplier, which will supply Tesla with nickel-cobalt-manganese-aluminum (NCMA) quaternary battery cathode materials in July.</p><p><b>At the same time, major car companies have further \"involved\" and begun to produce their own batteries in order to further reduce production costs.</b><a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>Invest nearly 1 billion euros to build a battery factory in Germany. In the early stage, it will focus on battery assembly, and in the later stage, it will increase the work in the field of battery research and production; Prime Planet Energy & Solutions, Inc., a new joint venture between Toyota and Panasonic, specializes in prismatic lithium-ion batteries for automobiles. The same is true for domestic car companies. BYD's battery division is independently called Fudi Battery, while the predecessor of Honeycomb Energy is<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>Power Battery Division.</p><p>Up to now, Honeycomb Energy has received orders from Geely, Dongfeng, PSA and other brands. New energy products produced by Beam Motors, a joint venture with Great Wall Motor, will use Honeycomb Energy's power batteries, said Gao Le, chairman of BMW Group's Greater China region. Fudi Battery has equipped FAW Hongqi and other models with blade batteries. \"Almost all the car brands you can think of are negotiating cooperation with us\".<b>BYD Vice President He Long's \"Versailles\" is threatening the market share of CATL.</b></p><p><b>4. Possible breakthrough, \"bet\" on sodium batteries?</b></p><p>I'm afraid Zeng Yuqun has already realized that there are many chasers and challengers behind. CATL has tried to build its own moat from the aspects of capacity supply and enhancing industrial chain coordination with diversified investment strategies, which is one of the reasons why the market is optimistic about CATL.</p><p>On the one hand, CATL is not satisfied with the identity of just a supplier, but extends its power to the whole industrial chain through investment. In August 2020, CATL announced that it planned to invest 19 billion yuan to invest in high-quality listed companies in the upstream and downstream of domestic and overseas industrial chains. One month later, CATL participated in lithium battery equipment manufacturers with 2.5 billion yuan<a href=\"https://laohu8.com/S/300450\">Pioneer Intelligence</a>Fixed increase.</p><p>In the upstream, CATL set up special funds to invest in battery raw materials, power battery system solutions, power battery material recycling, battery reuse and other fields. Downstream, CATL has invested in energy storage, charging infrastructure, battery swapping, autonomous driving, and even travel businesses. In 2020, CATL also invested in Xiangdao Travel, an online ride-hailing platform owned by SAIC, Inceptio Technology, an autonomous driving company, and Horizon.</p><p><b>The battery business has made CATL a lot of money, and it has reached a stage where it can rely on funds to consolidate its moat.</b></p><p>The market value of CATL exceeded one trillion yuan, which was largely related to its announcement of sodium battery news. On May 21st, CATL, the world's leading power battery company, said at the shareholders' meeting that it would release a new generation of sodium-ion batteries in July.</p><p>For a time, except for CATL,<a href=\"https://laohu8.com/S/600328\">China Salt Chemical</a>、<a href=\"https://laohu8.com/S/600348\">Huayang Shares</a>Sodium battery concept stocks have also hit their daily limit. Surrounded by car companies, diversified disks, and a future layout with seemingly unlimited potential, all tempt capital to bet on CATL.</p><p>\"Thirty years in Hedong, thirty years in Hexi\", the rise of BYD originated from lithium iron phosphate, which was once underestimated, and got rid of the restriction of cruising range. For example, BYD's blade battery has a maximum endurance of more than 600 kilometers, and its endurance is not weaker than that of CATL. From the data point of view, the installed capacity of lithium iron phosphate batteries has rebounded strongly. According to the data of China Association of Automobile Manufacturers and Prospective Industry Research Institute, in 2020, 38.9GWh of ternary lithium batteries were installed, accounting for 61.1%, with a cumulative decrease of 4.1%; The installed capacity of lithium iron phosphate batteries was 24.4GWh, accounting for 38.3%, with a cumulative increase of 20.6%. Zeng Yuqun also publicly stated that with the increasing number of charging pile facilities for new energy vehicles, the growth rate of lithium iron phosphate power batteries will be very fast.</p><p><b>These battery companies have also begun to speed up the pace of listing.</b>Li Yunfei, general manager of BYD Automobile Brand and Public Relations Division, said that in the next one to two years, Fudi Battery will apply for IPO. Honeycomb Energy, a spin-off of Great Wall Motor, is also promoting its listing plan. It is expected to complete the share reform in the second half of this year, and submit application materials to Shanghai Stock Exchange in the first half of 2022 to seek listing on the Science and Technology Innovation Board.</p><p>Although in order to find a new way out, CATL turned its attention to \"sodium battery\". However, some relevant people told Jiazi Guangnian that sodium batteries are actually not new technologies, and they are difficult to be commercially applied on a large scale. The energy density of sodium batteries (generally less than 120Wh/kg) is significantly lower than that of lithium iron phosphate batteries (160Wh/kg) and ternary batteries. The industry generally believes that the main application fields of sodium batteries are low-end electric vehicles and energy storage. \"Regardless of energy density or other indicators, sodium-ion batteries can hardly compete with products such as lithium batteries that have been mass-produced.\"<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Yu Qingjiao, secretary general of the New Battery Technology Innovation Alliance and chairman of the 100-person Battery Association, said.</p><p>Stepping on the wind, the market value of a trillion may only be a staged record of CATL, but under many pinch attacks, if you want to stay at a high position, CATL still needs a stronger moat.</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>With the new economy companies in the top ten A-shares, will CATL be the next Maotai?</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\">\nWith the new economy companies in the top ten A-shares, will CATL be the next Maotai?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1060712205\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d8d8917446074b2faa502a5c7b6e804c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">甲子光年 </p>\n<p class=\"h-time smaller\">2021-06-10 10:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/300750\">CATL</a>Behind the ups and downs of market value is a battle of industrial voice. On May 31st, the market value of CATL (SZ.300750), a battery manufacturer and technology company, exceeded one trillion yuan.</p><p>In the early trading of the same day, CATL rose by more than 4% in intraday trading, becoming the first company with a market value of trillion yuan on the GEM. Its founder, Zeng Yuqun, also rode the east wind of a trillion market value, surpassing Li Ka-shing with a net worth of 39.2 billion US dollars, and ascended the throne of the richest man in Hong Kong, China.</p><p>More historically, CATL has thus ranked among the top ten companies in China's A-share market by market value, and is the only new economy company among them. Except for CATL, the top ten companies with A-share market value today are all familiar names:<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>、<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>Two wine companies,<a href=\"https://laohu8.com/S/601398\">ICBC</a>And 6 banks,<a href=\"https://laohu8.com/S/601318\">Ping An of China</a>And<a href=\"https://laohu8.com/S/LFC\">China Life</a>Two financial companies that started out in insurance.</p><p>Why CATL? This is the question of many people. Before that, I'm afraid many people will place the hope of sprinting to the top ten market capitalizations of A shares in Tencent,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Wait for me. But like most Chinese new economy companies, they have not chosen to list on the mainland.</p><p><img src=\"https://static.tigerbbs.com/659745bbce65466a3fbc635b83cc72cf\" tg-width=\"1080\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p><p>The capital market is a reflection of the real economy. Before 2019, among A-share enterprises, the mainstream was the tertiary industry led by banks. New economy enterprises account for a relatively small proportion.</p><p>In June 2018, CATL went public, with an opening price of 30.17 yuan/share on the day of listing. In the following two years, the market value ranking of CATL has been hovering in 34th and 35th place in the whole market. By May 31st this year, the share price of CATL reached 434.1 yuan/share, up 1340.04% compared with three years ago.</p><p><img src=\"https://static.tigerbbs.com/64ecd6ca9e91a7a8e7d5e35b5e75ffc3\" tg-width=\"1080\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p><p>In 2005, there were only two information technology companies among the top ten companies in U.S. stock market value, and in 2020, there were five; Year 2012<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Become the largest company by market capitalization in the U.S. stock market.</p><p>Is CATL overrated? Also a power battery faucet<a href=\"https://laohu8.com/S/002594\">BYD</a>(SZ.002594), the current market value is 573.5 billion yuan, which is only half of that of CATL. And BYD's listed companies not only have batteries, but also include new energy vehicles, mobile phone electronics and photovoltaic businesses. In the automobile industry downstream of the power battery industry, BYD, the top three main automakers in A-share market value,<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>And<a href=\"https://laohu8.com/S/600104\">SAIC Group</a>The sum of the market value is 1,088.1 billion yuan, only slightly exceeding the market value of CATL.</p><p>According to the operating data of 2020, CATL's net profit was 5.58 billion, and its total operating income was 50.3 billion. That is to say, a trillion market value corresponds to 180 times the P/E and 20 times the price-to-sales ratio. With the activity of the global financial market and the promotion of the energy revolution, while a number of gasoline companies are headed for \"sunset red\", young companies in the new energy field are boiling on the bubble.</p><p>The highlights of CATL didn't last long. Before the market closed on the morning of June 1st, CATL fell by more than 5%, and its market value fell back to 997.3 billion.</p><p>\"Jiazi Guangnian\" interviewed a number of front-line practitioners in the battery and new energy vehicle industries, and came up with the following views:</p><p><ol><li>The share price of CATL began to soar in 2020, and the same period was a global financial release;</p><p></li><li>CATL's position as the No. 1 automobile battery is facing challenges;</p><p></li><li>CATL only has to face the competition of other battery manufacturers, and major car manufacturers are also making batteries;</p><p></li><li>Betting on sodium batteries, it is difficult to say whether CATL's competitiveness in batteries can be improved.</p><p></li></ol><b>1. Who directed the \"red\" of CATL?</b></p><p>The trillion market value of Ningde era was not achieved in one day. In 2020, it jumped to 11th in the A-share market, up more than 20 places from before.</p><p>In parallel with this, the share price of CATL soared all the way in 2020, and stood at the 400 yuan/share mark in early 2021, and then surpassed<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>。 During this period, it was not only often listed on the snowball hot stock list, but also used as a benchmark enterprise for comparison by major brokerage reports, which is different from the stable state in 2018 and 2019.</p><p><img src=\"https://static.tigerbbs.com/67ed505c641f51b919a89da7892eb589\" tg-width=\"840\" tg-height=\"470\"></p><p>CATL Stock Price Trend</p><p>From a macro perspective, CATL is favored by two major factors, one is the excess liquidity of funds, and the other is the demand for carbon reduction.</p><p><b>On the one hand, the global financial system has been released, and more money has flowed into the market.</b>In 2020, the outbreak of the COVID-19 pandemic shut down global economic activity, and central banks represented by the Federal Reserve began to implement unprecedented ultra-loose monetary policies. According to incomplete statistics, by the end of 2020, more than 50 central banks worldwide had cut interest rates or cut interest rates many times, and more than 60% of the world's economies had interest rates of less than 1%.</p><p>In sync with capital inflows are more people entering the stock market. In 2020, there were 18.0225 million new investors, which was also a four-year high. In December last year alone, the number of new investors doubled.</p><p>The immediate result is driving up the valuation of financial assets, including stocks.<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Zhao Xueqing, a researcher at the Institute and a researcher at the Institute of International Monetary Research of Renmin University of China, once said: Long-term unlimited monetary easing may boost financial \"inflation\". The continuous low or even negative interest rate environment in the financial market will contribute to the price bubble of financial assets.</p><p><b>The process of share price inflation in Ningde era is synchronized with the running entry of capital and investors.</b></p><p>On the other hand, the demand for carbon reduction has ushered in development opportunities for new energy vehicles, which has also driven the power batteries located in the middle of the new energy vehicle industry chain. CATL is sought after by the market, which is also the result of this force.</p><p>At the beginning of this year, while the sales of new energy vehicles were rising steadily, Fang Jianhua, partner and president of the New Energy Vehicle Venture Capital Sub-fund of the National Science and Technology Achievement Transformation Fund, made a prediction on this year's trend: In 2021, I<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Vehicle sales are expected to be around 1.8 million units, and power battery installations will increase by more than 30% year-on-year. At that time, CATL successfully \"went out of the circle\" with a recruitment notice-due to the soaring year-end orders, the company specially set up major bonus incentives to encourage employees to stay and work overtime.</p><p>2020 is the time point for electric vehicles to change from policy-driven to market-driven. Battery system is the highest cost component in new energy vehicles, close to 40%, which can be said to be the heart of new energy vehicles. The surge in demand for electric vehicles has driven the growth of the power battery industry. Last year, the installed volume of power batteries in China totaled 63.6GWh, up 2.3% year-on-year, and the shipment volume of power batteries was 80GWh, up 13% year-on-year. As of April 2021, the sales volume of new energy vehicles has reached a record high for 10 consecutive months.</p><p><b>This is the same as the stock price of CATL, and it is also the same trajectory.</b></p><p>Among various energy storage methods, power battery is the link with the greatest demand and the most landing scene at present. The downstream of the power battery industry chain includes three major blocks: new energy vehicles, consumer electronics and energy storage. That is to say, power batteries are used everywhere, from e-cigarettes and electric bicycles to new energy vehicles and industrial power systems. The global lithium-ion battery Market size is estimated to exceed USD 100 billion by 2025, according to a report released by international Market Research organization Adroit Market Research. Of course, this estimated amount has also caught up with the industry of new energy vehicles.</p><p>Chen Wenhui, vice chairman of the National Council of Social Security Fund, once said at the \"2021 Caijing Sustainable Development Summit Forum\",<b>\"The market value of CATL exceeds that of PetroChina, and the dispute between new energy and traditional energy seems to have been decided.\"</b></p><p><b>Industrial change and policy dividend are huge market space, upward growth trend and good investment targets in the eyes of investors.</b></p><p>Despite the volatility, CATL's share price is still high so far. But how long can these good days last? There's actually a question mark. The new energy concept sector and company have experienced ups and downs in the past two years:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Last year, its share price soared 650%, but this year, its share price has fallen from a high of $880 to a low of $582, a drop of more than 30%. Another representative is the photovoltaic sector. Last year, the total market value once approached one trillion yuan, and the photovoltaic index rose by 110.80%. However, in only six trading days in February this year, it fell by about 300 billion yuan.</p><p><b>2. Trillion market value, is CATL worth it?</b></p><p>It should be pointed out that there is still a foundation for the sharp rise in the share price of CATL, and the company's performance also experienced explosive growth in the same period.<b>CATL has firmly secured its position as the leader of power batteries.</b>As of the first quarter of 2021, CATL ranked first in the country in terms of installed power batteries with a market share of 52.45%.</p><p>At the 100th anniversary celebration of Shanghai Jiaotong University, Shen Nanpeng, the global managing partner of Sequoia Capital, asked Zeng Yuqun a question: If there are only 10 car companies left in the future, how many of these 10 will be from China? I think 70% will come from China, Mr. Zeng said.<b>This judgment stems from the cognition of the development potential of China's new energy automobile industry, and Zeng Yuqun has long seized the opportunity to lay out the new energy battery industry.</b></p><p>In 2015, the Ministry of Industry and Information Technology issued the Standard Conditions for Automotive Power Battery Industry, which stipulates that if new energy vehicles want to receive subsidies, they must use batteries produced by enterprises on the white list.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>LG,<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Japanese and Korean battery giants did not enter this catalog, which put domestic power battery enterprises in the fast lane with policy protection, and also made the previously unknown CATL ushered in the opportunity of overtaking in corners.</p><p><b>It is not enough to get rid of foreign friends, and the subsequent support policies have made CATL \"lucky\" to get rid of domestic competitors.</b>The state subsidy standard for new energy vehicles is determined according to the cruising range, and ternary lithium batteries with greater cruising range can get more subsidies. BYD,<a href=\"https://laohu8.com/S/002074\">Guoxuan Hi-Tech</a>The main focus is the lithium iron phosphate route, which is gradually ignored by OEMs because the subsidies that can be obtained are relatively small.</p><p>At the same time, CATL has also chosen the right path of development. Due to its self-sufficiency model, BYD does not supply large-scale battery supply chain, and Guoxuan Hi-Tech mainly cooperates with<a href=\"https://laohu8.com/S/600418\">JAC</a>The scale of cooperation is also relatively limited, so the expansion outlet is missed.</p><p><b>As a result, CATL has gradually become the leader of domestic battery suppliers.</b>In 2017, China's sales volume of new energy vehicles reached 770,000 units, a year-on-year increase of 53%, ranking first in global sales. It was also in 2017 that CATL surpassed Japan's Panasonic and became the world's largest power battery manufacturer.</p><p>Among them, CATL also knows how to \"hold the thigh\" to expand brand awareness. The cooperation with BMW is a typical case. In 2012, only one year after its establishment, CATL began to produce power batteries for BMW's first pure electric vehicle \"Zino 1E\", becoming the first power battery manufacturer in China to enter the supply chain system of head car companies.<b>With this, CATL became an instant hit.</b></p><p>BMW's brand effect has brought many followers, such as SAIC, Changan, Geely and other traditional car companies,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Since then, new forces such as XPeng and Ideal have cooperated with CATL, and Tesla's entry into China has also fallen into the embrace of CATL.<b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>Founder Li Xiang once said in an interview: The way car companies want to cooperate with CATL is often that the chairman queues up to them for batteries.</b>It is also reported that in order to successfully get goods from CATL,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Founder He Xiaopeng also had to rush to Ningde in person.</p><p>According to the data of China Automotive Power Battery Industry Innovation Alliance, from 2018 to 2020, CATL's share in the domestic market basically remained at about half.</p><p><b>3. Flash in the pan? Revenue and gross profit are not guaranteed</b></p><p><b>However, from the situation that the market value dropped in one day, it can already be seen that the trillion market value of CATL may still lack support.</b></p><p>From the perspective of profit, CATL is already in a declining situation. According to the data of CATL financial report, the operating income of the company's power battery system in 2017 was 16.657 billion yuan, the operating cost was 10.785 billion yuan, and the gross profit margin was 35.25%. In the following three years, the gross profit margin of power battery system in CATL kept declining. In 2018, the gross profit margin of CATL's power battery system was 34.10%. In 2019, the gross profit margin of its power battery system was 28.45%. By 2020, the gross profit margin of its power battery system had become 26.56%.</p><p>CATL has also repeatedly mentioned the risk of declining gross profit margin in \"Possible Risks\". The company explained in the financial report that the change of gross profit margin of each sub-product of the company is the result of the comprehensive impact of the change of unit price and unit cost. If the selling price of the company's products and the purchase price of raw materials are adversely changed due to the intensification of market competition or the adjustment of national policies in the future, the company's gross profit margin is at risk of declining.</p><p>At present, the price fluctuation of cobalt and upstream raw materials exceeds expectations, which puts great pressure on the battery production cost. Such as<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>According to the aspect, the penetration of large-size new energy vehicles is expected to drive the growth of lithium salt demand, and it is expected that the price of lithium hydroxide will continue to rise. As of June 3rd, according to the spot quotation of SMM, the price of battery-grade lithium hydroxide was 91,500 yuan/ton, which has soared by 84.8% compared with the beginning of the year.</p><p><b>The bigger pain point is that CATL's market share in new energy vehicles can no longer be dominated by one company.</b></p><p>As of the end of April 2021, the monthly installation volume of CATL was 3.82 GWh, accounting for 45.5% of the domestic market. Compared with the market share of 52.6% in the first quarter of this year and the company's market share of 50% in 2020, CATL is obviously lacking in momentum.</p><p>Some car companies have said that the CATL era is too strong, which will make car manufacturers deliberately support other battery factories to balance it, and big car brands are unlikely to allow the supply chain to dominate.</p><p>In order to \"counter\" the CATL era, Volkswagen invested in Guoxuan Hi-Tech, Mercedes-Benz invested in Funeng, and Tesla selected LG Chem as the domestic Model Y battery supplier, which will supply Tesla with nickel-cobalt-manganese-aluminum (NCMA) quaternary battery cathode materials in July.</p><p><b>At the same time, major car companies have further \"involved\" and begun to produce their own batteries in order to further reduce production costs.</b><a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>Invest nearly 1 billion euros to build a battery factory in Germany. In the early stage, it will focus on battery assembly, and in the later stage, it will increase the work in the field of battery research and production; Prime Planet Energy & Solutions, Inc., a new joint venture between Toyota and Panasonic, specializes in prismatic lithium-ion batteries for automobiles. The same is true for domestic car companies. BYD's battery division is independently called Fudi Battery, while the predecessor of Honeycomb Energy is<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>Power Battery Division.</p><p>Up to now, Honeycomb Energy has received orders from Geely, Dongfeng, PSA and other brands. New energy products produced by Beam Motors, a joint venture with Great Wall Motor, will use Honeycomb Energy's power batteries, said Gao Le, chairman of BMW Group's Greater China region. Fudi Battery has equipped FAW Hongqi and other models with blade batteries. \"Almost all the car brands you can think of are negotiating cooperation with us\".<b>BYD Vice President He Long's \"Versailles\" is threatening the market share of CATL.</b></p><p><b>4. Possible breakthrough, \"bet\" on sodium batteries?</b></p><p>I'm afraid Zeng Yuqun has already realized that there are many chasers and challengers behind. CATL has tried to build its own moat from the aspects of capacity supply and enhancing industrial chain coordination with diversified investment strategies, which is one of the reasons why the market is optimistic about CATL.</p><p>On the one hand, CATL is not satisfied with the identity of just a supplier, but extends its power to the whole industrial chain through investment. In August 2020, CATL announced that it planned to invest 19 billion yuan to invest in high-quality listed companies in the upstream and downstream of domestic and overseas industrial chains. One month later, CATL participated in lithium battery equipment manufacturers with 2.5 billion yuan<a href=\"https://laohu8.com/S/300450\">Pioneer Intelligence</a>Fixed increase.</p><p>In the upstream, CATL set up special funds to invest in battery raw materials, power battery system solutions, power battery material recycling, battery reuse and other fields. Downstream, CATL has invested in energy storage, charging infrastructure, battery swapping, autonomous driving, and even travel businesses. In 2020, CATL also invested in Xiangdao Travel, an online ride-hailing platform owned by SAIC, Inceptio Technology, an autonomous driving company, and Horizon.</p><p><b>The battery business has made CATL a lot of money, and it has reached a stage where it can rely on funds to consolidate its moat.</b></p><p>The market value of CATL exceeded one trillion yuan, which was largely related to its announcement of sodium battery news. On May 21st, CATL, the world's leading power battery company, said at the shareholders' meeting that it would release a new generation of sodium-ion batteries in July.</p><p>For a time, except for CATL,<a href=\"https://laohu8.com/S/600328\">China Salt Chemical</a>、<a href=\"https://laohu8.com/S/600348\">Huayang Shares</a>Sodium battery concept stocks have also hit their daily limit. Surrounded by car companies, diversified disks, and a future layout with seemingly unlimited potential, all tempt capital to bet on CATL.</p><p>\"Thirty years in Hedong, thirty years in Hexi\", the rise of BYD originated from lithium iron phosphate, which was once underestimated, and got rid of the restriction of cruising range. For example, BYD's blade battery has a maximum endurance of more than 600 kilometers, and its endurance is not weaker than that of CATL. From the data point of view, the installed capacity of lithium iron phosphate batteries has rebounded strongly. According to the data of China Association of Automobile Manufacturers and Prospective Industry Research Institute, in 2020, 38.9GWh of ternary lithium batteries were installed, accounting for 61.1%, with a cumulative decrease of 4.1%; The installed capacity of lithium iron phosphate batteries was 24.4GWh, accounting for 38.3%, with a cumulative increase of 20.6%. Zeng Yuqun also publicly stated that with the increasing number of charging pile facilities for new energy vehicles, the growth rate of lithium iron phosphate power batteries will be very fast.</p><p><b>These battery companies have also begun to speed up the pace of listing.</b>Li Yunfei, general manager of BYD Automobile Brand and Public Relations Division, said that in the next one to two years, Fudi Battery will apply for IPO. Honeycomb Energy, a spin-off of Great Wall Motor, is also promoting its listing plan. It is expected to complete the share reform in the second half of this year, and submit application materials to Shanghai Stock Exchange in the first half of 2022 to seek listing on the Science and Technology Innovation Board.</p><p>Although in order to find a new way out, CATL turned its attention to \"sodium battery\". However, some relevant people told Jiazi Guangnian that sodium batteries are actually not new technologies, and they are difficult to be commercially applied on a large scale. The energy density of sodium batteries (generally less than 120Wh/kg) is significantly lower than that of lithium iron phosphate batteries (160Wh/kg) and ternary batteries. The industry generally believes that the main application fields of sodium batteries are low-end electric vehicles and energy storage. \"Regardless of energy density or other indicators, sodium-ion batteries can hardly compete with products such as lithium batteries that have been mass-produced.\"<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Yu Qingjiao, secretary general of the New Battery Technology Innovation Alliance and chairman of the 100-person Battery Association, said.</p><p>Stepping on the wind, the market value of a trillion may only be a staged record of CATL, but under many pinch attacks, if you want to stay at a high position, CATL still needs a stronger moat.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/24f6b08a7db74aca94ead13b544bba0f","relate_stocks":{"159822":"新经济","300750":"宁德时代","600519":"贵州茅台"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152830507","content_text":"宁德时代市值起伏的背后，是一场产业话语权之战。\n\n5月31日这天，电池制造商与技术公司宁德时代（SZ.300750）市值突破了一万亿元。\n当日早盘，宁德时代盘中涨超4%，成为了创业板上首家万亿市值的公司。其创始人曾毓群也乘着万亿市值的东风，以392亿美元的身家超过李嘉诚，登上了中国香港首富的宝座。\n更具历史意义的是，宁德时代由此跻身中国A股市场市值前十大企业，是其中唯一一家新经济公司。除宁德时代外，A股今天市值前十的公司，都是我们耳熟能详的名字：贵州茅台、五粮液两家酒企，工商银行等6家银行，中国平安和中国人寿两家保险起家的金融公司。\n为什么是宁德时代？这是很多人的疑问。在此之前，冲刺A股前十大市值的希望，恐怕很多人会寄托在腾讯、阿里巴巴等身上。不过与大多数中国新经济公司一样，它们也没有选择在大陆上市。\n\n资本市场是实体经济的映照。2019年以前A股企业中，占主流的是以银行为首的第三产业。新经济企业占比较小。\n2018年6月，宁德时代上市，上市当日开盘价30.17元/股。在其后的两年内，宁德时代的市值排名一直在全市场的34、35位徘徊。到今年的5月31日，宁德时代股价达到434.1元/股，相比三年前上涨1340.04%。\n\n2005年美股市值前十的企业中信息技术企业只有2家，2020年已达5家；2012年苹果成为美股第一大市值公司。\n宁德时代是否被高估了？同样是动力电池龙头的比亚迪（SZ.002594)，当下市值为5735亿元，仅为宁德时代的一半。而比亚迪上市公司中不仅有电池，还包括了新能源车、手机电子和光伏等业务。在动力电池产业下游的汽车产业中，A股市值前三的主车厂比亚迪、长城汽车和上汽集团的市值之和为10881亿元，仅略超宁德时代市值。\n按照2020年的经营数据，宁德时代的净利润为55.8亿、营业总收入为503亿。也就是说，万亿市值对应的是180倍的市盈率，20倍的市销率。全球金融市场的活跃叠加能源革命的推动，一批汽油公司走向“夕阳红”的同时，新能源领域的年轻公司们正沸腾于泡沫之上。\n宁德时代的高光没能持续多久。6月1日上午休市前，宁德时代就跌超5%，市值回落到了9973亿。\n「甲子光年」采访了电池和新能源汽车行业的多位一线从业人员，得出以下几个观点：\n\n宁德时代股价在2020年开始暴涨，同期是全球性的金融放水；\n宁德时代汽车电池第一的地位面临挑战；\n宁德时代仅要面对其他电池厂商的竞争，各大车厂也在做电池；\n押注钠电池，宁德时代在电池上的竞争力能否提升还不好说。\n\n1.谁导演了宁德时代的走“红”？\n宁德时代的万亿市值，不是一天达成的。2020年，它在A股市场中的排名就跃升到第11位，比之前上升了20多位。\n与此同步的，是2020年宁德时代股价的一路狂飙，并在2021年年初站上400元/股的关口，并在其后超越中石油。期间它不仅常常登上雪球热股榜，还被各大券商报告拿来作为标杆企业进行对比，这与2018、2019年的平稳状态不可同日而语。\n\n宁德时代股价走势\n宏观上看，宁德时代受两大因素利好，一是资金的流动性过剩，二是对减碳的需求。\n一方面，全球金融体系大放水，流进市场的钱变多了。2020年，新冠疫情的爆发导致了全球经济活动停摆，以美联储为代表的各国央行开始实施前所未有的超宽松货币政策。据不完全统计，到2020年底全球范围内已有超过50家央行降息或多次降息，全球超60%的经济体利率不到1%。\n与资本流入同步的是更多的人进入股市。2020年全年新增投资者1802.25万，也为4年新高，仅去年12月，新增投资者就实现了翻倍。\n直接的结果是推高了包括股票在内的金融资产的估值。中国银行研究院研究员、中国人民大学国际货币研究所研究员赵雪情曾表示：长期无限量货币宽松可能助推金融“通胀”。金融市场持续处于低利率乃至负利率环境，会助长金融资产价格泡沫。\n宁德时代的股价膨胀的过程，与资本、投资人的跑步入场同步。\n另一方面，减碳的需求使得新能源汽车迎来了发展机会，这也带动了位于新能源汽车产业链中游的动力电池。宁德时代受到市场追捧，也是这个力量推动的结果。\n今年年初，在新能源车销量节节攀升的同时，国家科技成果转化基金新能源汽车创业投资子基金合伙人兼总裁方建华对今年的趋势做过预测：2021年我国新能源汽车销量预计为180万辆左右，动力电池装机量将同比增长30％以上。彼时，宁德时代就凭借一则招工通知成功“出圈”——公司因年终订单暴涨，特设重大奖金激励，鼓励员工留守加班。\n2020年是电动汽车从政策驱动向市场驱动的时间点，电池系统是新能源车中成本占比最高的部件，接近40%，可以说是新能源汽车的心脏。电动汽车的需求大增带动了动力电池产业增长，去年，我国动力电池装车量累计63.6GWh，同比上升2.3%，动力电池出货量为80GWh，同比增长13%，截至到2021年4月份，新能源汽车销量已经连续10个月创历史新高了。\n这与宁德时代的股价飘红，也是轨迹趋同。\n在各种储能方式中，动力电池是目前需求最大、最有落地场景的一环。动力电池的产业链下游包括了新能源车、消费电子和储能这三大块。也就是说，小到电子烟和电动自行车，大到新能源汽车和工业电力系统，处处都有动力电池的用武之地。根据国际市场研究机构Adroit Market Research发布的报告，预计到2025年，全球锂离子电池市场规模估计将超过1000亿美元。这样的估算量当然也搭上了新能源车的行业东风。\n全国社保基金理事会副理事长陈文辉曾在“2021《财经》可持续发展高峰论坛”上表示，“宁德时代市值超过中石油，新能源与传统能源之争似乎胜负已定。”\n产业变革、政策红利，在投资者眼里都是巨大的市场空间、向上的增长趋势以及好的投资标的。\n尽管有所震荡，但宁德时代的股价目前为止还在高位。但这种好日子能持续多久？实际上还要打个问号。新能源概念的板块和公司这两年都经历了大起大落：特斯拉去年股价飙升650%，但今年以来，其股价从高位时的880美元跌到最低时的582美元，跌幅超过三成。另一个代表是光伏板块，去年总市值一度逼近万亿，光伏指数上涨了110.80%，但在今年2月份的仅6个交易日里，就跌了3000亿左右。\n2.万亿市值，宁德时代值得吗？\n需要指出的是，宁德时代股价大涨还是有基础的，公司的业绩同期也有爆发式增长。宁德时代已经牢牢坐稳了动力电池龙头的位置。截至2021年第一季度，宁德时代的动力电池装机量以52.45%的市场份额位列全国第一。\n在上海交大的100年庆祝大会上，红杉资本全球执行合伙人沈南鹏问了曾毓群一个问题：如果未来车企只剩下10家，这10家里面有多少来自中国？曾毓群说：我觉得70%会来自中国。这个判断源于对中国新能源汽车产业发展潜力的认知，曾毓群也早就抓住了布局新能源电池产业的先机。\n2015年，工信部发布了《汽车动力蓄电池行业规范条件》，规定新能源车要想获得补贴，必须使用进入白名单的企业所生产的电池，三星、LG、松下等日韩电池巨头并没有进入这一目录，这让国产动力电池企业走在了有政策保护的快车道，也让此前名不见经传的宁德时代迎来弯道超车的时机。\n甩掉国外友商还不够，随后的扶持政策又让宁德时代“幸运”地甩掉国内的竞争者。国家对新能源汽车的补贴的标准是根据续航里程来定的，续航里程更大的三元锂电池能够拿到更多的补贴。比亚迪、国轩高科等主打的是磷酸铁锂路线，因为能拿到的补贴相对较少，逐渐被整车厂冷落。\n同时，宁德时代也选对了发展的路。由于其自给自足的模式，比亚迪在电池供应链本就不大规模外供，国轩高科也主要与江淮汽车合作合作规模也比较局限，因此错过了扩张的风口。\n由此，宁德时代逐渐成为国内电池供应商的扛把子。2017年，中国新能源汽车的销量达到77万辆，同比增长53%，全球销量第一。也正是2017年，宁德时代超过日本松下，一跃成为全球最大的动力电池生产商。\n这其中，宁德时代也很懂得“抱大腿”扩大品牌知名度。与宝马的合作，就是个典型案例。2012年，仅在成立1年后，宁德时代就开始为宝马首款纯电动车“之诺1E”生产动力电池，成为国内首先打入头部车企供应链体系的动力电池厂商。借此，宁德时代一炮而红。\n宝马的品牌效应，带来了不少追随者，上汽、长安、吉利等传统车企，蔚来、小鹏、理想等新势力此后纷与宁德时代合作，进入中国的特斯拉也投入了宁德时代的怀抱。理想汽车创始人李想曾在一次采访中说：车企想与宁德时代合作的方式，往往是董事长排队到他们那里要电池。还有报道称，为了从宁德时代顺利拿货，小鹏汽车创始人何小鹏也不得不亲自赶往宁德。\n根据中国汽车动力电池产业创新联盟的数据，从2018年到2020年，宁德时代在国内市场的占有率基本上维持在了一半左右。\n3.昙花一现？收入、毛利都难保\n但从市值一日跌落的情形，已经能看出，宁德时代的万亿市值恐怕还缺乏支撑。\n从利润来看，宁德时代已经处于式微的态势。宁德时代财报数据显示，公司动力电池系统在2017年的营业收入为166.57亿，营业成本为107.85亿元，毛利率为35.25%。随后三年，宁德时代的动力电池系统毛利率始终保持下滑状态。2018年，宁德时代动力电池系统毛利率为34.10%，2019年，其动力电池系统毛利率为28.45%，到了2020年，动力电池系统毛利率已经变成26.56%。\n宁德时代也多次在“可能面对的风险”中提及毛利率下降的风险。公司在财报中解释，公司各细分产品毛利率的变动是销售单价和单位成本变动综合影响的结果。若未来市场竞争加剧或国家政策调整等因素使得公司产品售价及原材料采购价格发生不利变化，公司毛利率存在下降的风险。\n目前，钴、上游原材料价格波动超预期，给电池生产成本造成了巨大的压力。比如天风证券方面称，大尺寸新能源车渗透有望带动锂盐需求增长，预计氢氧化锂价格持续上行。截止6月3日，据SMM现货报价显示，电池级氢氧化锂报价91500元/吨，已较年初暴涨84.8%。\n更大的痛点，是宁德时代在新能源汽车中的市场份额已无法再一家独大。\n截至2021年4月末，宁德时代单月装车量为3.82 GWh，国内市场占有率为45.5%。对比今年一季度52.6%的市场占有率，以及2020年全年公司市场占有率达50%的水平，宁德时代明显已经冲劲不足。\n有车企人士曾表示，宁德时代太强势了，会让汽车厂商故意去扶持别的电池厂来平衡，汽车大品牌们不太会允许供应链一家独大的。\n为了“抗衡”宁德时代，大众投资了国轩高科，奔驰入股孚能，特斯拉选定LG化学为国产Model Y的电池供应商，将于7月向特斯拉供应镍钴锰铝(NCMA)四元电池正极材料。\n与此同时，各大车企进一步“内卷”，为了进一步降低生产成本，开始自己生产电池。大众集团投资近10亿欧元在德国本土建设一家电池工厂，前期将专注于电芯组装工作，后期将会增加电芯研究生产领域的工作；丰田和松下新成立合资公司Prime Planet Energy & Solutions, Inc.，专门生产汽车棱柱式锂离子电池。国内车企也如此，比亚迪的电池事业部独立为弗迪电池，蜂巢能源的前身则是长城汽车动力电池事业部。\n截至目前，蜂巢能源已经拿到吉利、东风、PSA等品牌订单。宝马集团大中华区董事长高乐表示，与长城汽车合资公司光束汽车生产的新能源产品将使用蜂巢能源的动力电池。弗迪电池已经给一汽红旗等车型配套了刀片电池，“你们能想到的汽车品牌，几乎都在和我们洽谈合作”。比亚迪副总裁何龙的“凡尔赛”，正威胁着宁德时代的市场份额。\n4.可能的突围，“赌注”钠电池？\n曾毓群恐怕也已经意识到了，后面有很多追赶者、挑战者的局面。宁德时代已经试图用多元化的投资策略，从产能供给、增强产业链协同等方面构建了自己的护城河，这也是市场看好宁德时代的原因之一。\n一方面宁德时代不满足于只是供应商的身份，而是通过投资将势力延伸至整条产业链。2020年8月，宁德时代发布公告称，计划投资190亿元，对境内外产业链上下游优质上市企业进行投资。一个月后，宁德时代以25亿元参与锂电设备厂商先导智能的定增。\n在上游，宁德时代成立专项资金投资布局电池原材料、动力电池系统解决方案、动力电池材料回收、电池再利用等领域。在下游，宁德时代投资了储能、充电基础设施、换电、自动驾驶，甚至出行业务等领域。2020年，宁德时代还投资了上汽集团旗下的网约车平台享道出行、自动驾驶公司嬴彻科技以及地平线。\n电池业务已经让宁德时代赚得盆满钵满，它已经到了可以靠资金来巩固自己的护城河的阶段。\n此次宁德时代市值突破万亿，很大程度上与其宣布钠电池消息有关。5月21日，全球动力电池龙头企业宁德时代在股东大会上表示，将于7月发布新一代钠离子电池。\n一时间，除了宁德时代，中盐化工、华阳股份等钠电池概念股也纷纷涨停。车企围绕，盘面多元，还有着看似潜力无限的未来布局，都诱惑着资本下注宁德时代。\n“三十年河东，三十年河西”，比亚迪们的崛起，源于曾经被看轻的磷酸铁锂，摆脱了曾经续航里程的限制。例如比亚迪推出的刀片电池最高续航能力超过600公里，续航能力并不弱于宁德时代。从数据看，磷酸铁锂电池的装机量已出现强劲反弹，根据中国汽车工业协会和前瞻产业研究院数据，2020年，三元锂电池共计装车38.9GWh，占比61.1%，累计下降4.1%；磷酸铁锂电池装机24.4GWh，占比38.3%，累计增长20.6%。曾毓群也公开表示，随着新能源车充电桩设施越来越多，磷酸铁锂动力电池的增长速度会非常快。\n这些电池企业也开始加快了上市的步伐。比亚迪汽车品牌及公关事业部总经理李云飞表示，未来一至两年，弗迪电池将申请IPO。长城汽车分拆出来的蜂巢能源也在推进上市计划，预计将于今年下半年完成股改，2022年上半年向上海证交所提交申报材料，寻求科创板上市。\n虽然为了寻找新的出路，宁德时代将目光转向了“钠电池”。但有相关人士对「甲子光年」表示，钠电池实际并非新技术，难以大规模的商业应用。钠电池能量密度（一般不到 120Wh/kg）明显低于磷酸铁锂电池（160Wh/kg）与三元电池，业界普遍认为钠电池的主要应用领域在低端电动汽车和储能领域。“无论能量密度还是其它指标，钠离子电池几乎都不能跟锂电池这样已经大规模量产的产品匹敌。”中关村新型电池技术创新联盟秘书长、电池百人会理事长于清教表示。\n踩准风口，万亿市值或许只是宁德时代的阶段性战绩，而在众多夹击之下，想要持续停留在高位，宁德时代仍需更牢固的护城河。","news_type":1,"symbols_score_info":{"159822":0.9,"300750":0.9,"600519":0.9}},"isVote":1,"tweetType":1,"viewCount":2654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181518558,"gmtCreate":1623401244674,"gmtModify":1704202600426,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181518558","isVote":1,"tweetType":1,"viewCount":2510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181535283,"gmtCreate":1623400908542,"gmtModify":1704202591451,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181535283","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","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":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"sh","language":"zh","title":"Reminder: The Dragon Boat Festival closure arrangement is here! Hong Kong stocks are closed for one day on June 14th","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>Close to the traditional Chinese festival Dragon Boat Festival holiday, the closure arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on Monday, June 14th, and will open as usual from Tuesday, June 15th.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14th, and will open as usual from Tuesday, June 15th.</p><p><b>Australian stocks:</b></p><p>The market is closed on Monday, June 14 for Queen's Birthday and will open as usual from Tuesday, June 15.</p><p><b>US stocks, UK stocks and Singapore stocks traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Service will not be available on Monday, June 14 and will be open as usual from Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Service will not be available on Monday, June 14 and will be open as usual from Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural celestial phenomena and evolved from dragon sacrifice in ancient times. During the Dragon Boat Festival in mid-summer, Canglong Qisu soared into the middle of the south, in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Qian Gua said: \"Flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects of content, contains profound and rich cultural connotation, in the inheritance and development of a variety of folk customs as one, festival and custom content is rich. Dragon boat and rice dumplings are the two major rituals of the Dragon Boat Festival, which have been passed down in China since ancient times.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship Dragon Ancestor and pray for blessings and ward off evil spirits. It is said that Qu Yuan, a poet of Chu State during the Warring States Period, committed suicide by jumping through the Miluo River on May 5th, and later people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan; There are also sayings in memory of Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors choosing the auspicious day of \"flying dragons in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and inject the fashion of \"treating diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" 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>Reminder: The Dragon Boat Festival closure arrangement is here! Hong Kong stocks are closed for one day on June 14th</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\">\nReminder: The Dragon Boat Festival closure arrangement is here! Hong Kong stocks are closed for one day on June 14th\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 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Close to the traditional Chinese festival Dragon Boat Festival holiday, the closure arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on Monday, June 14th, and will open as usual from Tuesday, June 15th.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14th, and will open as usual from Tuesday, June 15th.</p><p><b>Australian stocks:</b></p><p>The market is closed on Monday, June 14 for Queen's Birthday and will open as usual from Tuesday, June 15.</p><p><b>US stocks, UK stocks and Singapore stocks traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Service will not be available on Monday, June 14 and will be open as usual from Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Service will not be available on Monday, June 14 and will be open as usual from Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural celestial phenomena and evolved from dragon sacrifice in ancient times. During the Dragon Boat Festival in mid-summer, Canglong Qisu soared into the middle of the south, in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Qian Gua said: \"Flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects of content, contains profound and rich cultural connotation, in the inheritance and development of a variety of folk customs as one, festival and custom content is rich. Dragon boat and rice dumplings are the two major rituals of the Dragon Boat Festival, which have been passed down in China since ancient times.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship Dragon Ancestor and pray for blessings and ward off evil spirits. It is said that Qu Yuan, a poet of Chu State during the Warring States Period, committed suicide by jumping through the Miluo River on May 5th, and later people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan; There are also sayings in memory of Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors choosing the auspicious day of \"flying dragons in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and inject the fashion of \"treating diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181531762,"gmtCreate":1623400710256,"gmtModify":1704202585083,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181531762","isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":182241226,"gmtCreate":1623582285965,"gmtModify":1704206587963,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"tiger is here","listText":"tiger is here","text":"tiger is here","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182241226","repostId":"1140839418","repostType":2,"repost":{"id":"1140839418","kind":"news","pubTimestamp":1623382205,"share":"https://ttm.financial/m/news/1140839418?lang=en_US&edition=fundamental","pubTime":"2021-06-11 11:30","market":"us","language":"zh","title":"One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1140839418","media":"腾讯科技","summary":"6月11日消息，美国当地时间周四，$滴滴出行 $的运营主体小桔快智向美国证券交易委员会提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。","content":"<p>June 11th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operating entity, submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), and plans to be listed on the Nasdaq stock market or the New York Stock Exchange with the stock code \"DIDI\".</p><p>According to the data disclosed by Didi, at present, Didi has opened business in more than 4,000 cities and regions in 15 countries, with an annual number of active users of 493 million, an annual number of active drivers of 15 million, an average daily order volume of 41 million, a total annual platform transaction volume of 341 billion yuan, and a cumulative driver income of 600+ billion yuan from 2018 to Q1 of 2021.</p><p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p><p><hr>Congratulations on finding the letter I and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>","source":"txkj","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>One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-06-11 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>June 11th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operating entity, submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), and plans to be listed on the Nasdaq stock market or the New York Stock Exchange with the stock code \"DIDI\".</p><p>According to the data disclosed by Didi, at present, Didi has opened business in more than 4,000 cities and regions in 15 countries, with an annual number of active users of 493 million, an annual number of active drivers of 15 million, an average daily order volume of 41 million, a total annual platform transaction volume of 341 billion yuan, and a cumulative driver income of 600+ billion yuan from 2018 to Q1 of 2021.</p><p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p><p><hr>Congratulations on finding the letter I and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/rain/a/20210611A02NC800\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b9f14473f3e986de32cc80f6fd80b679","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://new.qq.com/rain/a/20210611A02NC800","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140839418","content_text":"6月11日消息，美国当地时间周四，滴滴出行的运营主体小桔快智向美国证券交易委员会（SEC）提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。\n根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。\n\n\n恭喜您找到了字母I，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 了解）","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182243357,"gmtCreate":1623582191279,"gmtModify":1704206586180,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"tiger is here","listText":"tiger is here","text":"tiger is here","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182243357","repostId":"1156453091","repostType":2,"repost":{"id":"1156453091","kind":"news","pubTimestamp":1623333482,"share":"https://ttm.financial/m/news/1156453091?lang=en_US&edition=fundamental","pubTime":"2021-06-10 21:58","market":"us","language":"zh","title":"Taking history as a mirror, the deduction and impact of inflation soaring in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1156453091","media":"川阅全球宏观","summary":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：。1960年以来美国CPI同比破5%出现了4次(图1)。本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。房租价格走势对未来通胀的演绎有重要影响。","content":"<p>On June 10, 2021 EDT, the U.S. Department of Labor released inflation data for May.<b>In May, the CPI of the United States rose by 5.0% year-on-year, and the core CPI rose by 3.8% year-on-year, the largest increase since August 2008. Since the beginning of this year, the inflation rate in the United States has accelerated, and the Federal Reserve's interest rate meeting in June is imminent. Inflation worries in the market linger.</b>We have reviewed several spikes in U.S. inflation throughout history to better understand this one and its impact:</p><p><b>Since 1960, the U.S. CPI has broken 5% year-on-year four times</b>(FIG. 1). We conducted a review of the economic fundamentals and Fed policy from the period when CPI broke 4%, broke 5% and retreated (Table 1).</p><p><b>1968/06-1971/09</b>: The economy is in recession, but the residual warmth of large government spending and fiscal stimulus in the early period is still there, and inflation continues to rise. The Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the double blow of the food crisis and the oil crisis, the US economy fell into stagflation, and supply shocks and costs pushed up inflation. Government price controls failed and monetary policy lacked independence and was too lagging to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced high growth, but began to slow down in 1987, and there was upward pressure on wages and prices, and the Federal Reserve tightened monetary policy.</p><p><b>2007/11-2008/09：</b>The soaring oil price pushed up inflation, and the financial crisis broke out. The first task of the Federal Reserve's monetary policy was to bail out the market, and inflation was not in its focus.</p><p><b>The causes of current inflation are similar to those of 1973-1982 inflation, both of which are cost-driven.</b></p><p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><b>The main reason for this surge in inflation lies in the base effect and supply shortage under the pandemic.</b>The US CPI recorded 5.0% in May this year (the highest level since August 2008), but<b>From the perspective of CPI index, the compound growth rate in May 2021 relative to May 2019 was only 2.5%.</b></p><p><b>For this year's deduction of inflation, we focus on the two sub-items of used cars and rent.</b></p><p><b>One of the main thrust forces for inflation is used cars.</b>Under the deterioration of the epidemic situation in Southeast Asia, many chip factories shut down, and the shortage of chips led to the reduction of production by car companies. The supply of new cars is insufficient, the demand for used cars has soared, and prices have skyrocketed (Figure 2). According to Manheim data, used vehicle sales prices increased more than new vehicles in 2021 (Figure 3). In addition, other transportation-related price increases widened further in May, with the increase in transportation service prices expanding to 11.2% from 5.6% in April, doubling the increase.</p><p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p><b>The trend of rent prices has an important impact on the deduction of future inflation.</b>The weight of rent in the US CPI is high (about 30%). Although the growth rate of rent is relatively modest compared with other sub-items (2.2% year-on-year in May this year), the growth rate slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rent will continue to rise moderately in the future, affected by supply shortages</b>。</p><p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p><p><b>What is the trend of inflation expectations?</b></p><p>From a consumer perspective, Michigan's expected inflation data shows that 2<b>In May 2021, the five-year inflation expectation of U.S. consumers jumped to 3.0% from 2.7% last month (Figure 5), but it is still lower than the 3.5% that the Federal Reserve can tolerate.</b></p><p>From the perspective of policymakers, as stated in our previous report, the Fed focuses on the monitoring of inflation expectations, and the key indicators are<b>Common Inflation Expectations Index (CIE), CIE is quarterly data, and data for the second quarter of 2021 is expected to be released by the end of this month.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will future inflation affect asset prices?</b></p><p>We review the changes of the yields of US dollars, US stocks and US bonds in different time intervals after CPI broke 4% in the above four major inflations (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks. The former lags behind, while the latter is reflected within one month.</b>Interestingly, the impact of inflation on US debt yields is irregular. For the research framework of US debt, please refer to our previous report.</p><p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Geopolitical risks mount as Fed tightens monetary policy too quickly</p><p><hr>Congratulations on finding the letter E and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)</p><p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>","source":"lsy1582083733592","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>Taking history as a mirror, the deduction and impact of inflation soaring in the United States</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\">\nTaking history as a mirror, the deduction and impact of inflation soaring in the United States\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">川阅全球宏观</strong><span class=\"h-time small\">2021-06-10 21:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On June 10, 2021 EDT, the U.S. Department of Labor released inflation data for May.<b>In May, the CPI of the United States rose by 5.0% year-on-year, and the core CPI rose by 3.8% year-on-year, the largest increase since August 2008. Since the beginning of this year, the inflation rate in the United States has accelerated, and the Federal Reserve's interest rate meeting in June is imminent. Inflation worries in the market linger.</b>We have reviewed several spikes in U.S. inflation throughout history to better understand this one and its impact:</p><p><b>Since 1960, the U.S. CPI has broken 5% year-on-year four times</b>(FIG. 1). We conducted a review of the economic fundamentals and Fed policy from the period when CPI broke 4%, broke 5% and retreated (Table 1).</p><p><b>1968/06-1971/09</b>: The economy is in recession, but the residual warmth of large government spending and fiscal stimulus in the early period is still there, and inflation continues to rise. The Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the double blow of the food crisis and the oil crisis, the US economy fell into stagflation, and supply shocks and costs pushed up inflation. Government price controls failed and monetary policy lacked independence and was too lagging to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced high growth, but began to slow down in 1987, and there was upward pressure on wages and prices, and the Federal Reserve tightened monetary policy.</p><p><b>2007/11-2008/09：</b>The soaring oil price pushed up inflation, and the financial crisis broke out. The first task of the Federal Reserve's monetary policy was to bail out the market, and inflation was not in its focus.</p><p><b>The causes of current inflation are similar to those of 1973-1982 inflation, both of which are cost-driven.</b></p><p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><b>The main reason for this surge in inflation lies in the base effect and supply shortage under the pandemic.</b>The US CPI recorded 5.0% in May this year (the highest level since August 2008), but<b>From the perspective of CPI index, the compound growth rate in May 2021 relative to May 2019 was only 2.5%.</b></p><p><b>For this year's deduction of inflation, we focus on the two sub-items of used cars and rent.</b></p><p><b>One of the main thrust forces for inflation is used cars.</b>Under the deterioration of the epidemic situation in Southeast Asia, many chip factories shut down, and the shortage of chips led to the reduction of production by car companies. The supply of new cars is insufficient, the demand for used cars has soared, and prices have skyrocketed (Figure 2). According to Manheim data, used vehicle sales prices increased more than new vehicles in 2021 (Figure 3). In addition, other transportation-related price increases widened further in May, with the increase in transportation service prices expanding to 11.2% from 5.6% in April, doubling the increase.</p><p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p><b>The trend of rent prices has an important impact on the deduction of future inflation.</b>The weight of rent in the US CPI is high (about 30%). Although the growth rate of rent is relatively modest compared with other sub-items (2.2% year-on-year in May this year), the growth rate slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rent will continue to rise moderately in the future, affected by supply shortages</b>。</p><p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p><p><b>What is the trend of inflation expectations?</b></p><p>From a consumer perspective, Michigan's expected inflation data shows that 2<b>In May 2021, the five-year inflation expectation of U.S. consumers jumped to 3.0% from 2.7% last month (Figure 5), but it is still lower than the 3.5% that the Federal Reserve can tolerate.</b></p><p>From the perspective of policymakers, as stated in our previous report, the Fed focuses on the monitoring of inflation expectations, and the key indicators are<b>Common Inflation Expectations Index (CIE), CIE is quarterly data, and data for the second quarter of 2021 is expected to be released by the end of this month.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will future inflation affect asset prices?</b></p><p>We review the changes of the yields of US dollars, US stocks and US bonds in different time intervals after CPI broke 4% in the above four major inflations (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks. The former lags behind, while the latter is reflected within one month.</b>Interestingly, the impact of inflation on US debt yields is irregular. For the research framework of US debt, please refer to our previous report.</p><p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Geopolitical risks mount as Fed tightens monetary policy too quickly</p><p><hr>Congratulations on finding the letter E and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)</p><p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/492521.html\">川阅全球宏观</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/492521.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156453091","content_text":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：\n1960年以来美国CPI同比破5%出现了4次(图1)。我们对CPI破4%、破5%至回落期间的经济基本面和美联储政策进行了复盘(表1)。\n1968/06-1971/09：经济陷入衰退，但前期大幅政府开支与财政刺激的余温仍在，通胀持续上升，美联储在1970年收紧货币政策以抑制通胀。\n1973/03-1982/11：粮食危机和石油危机的双重打击下，美国经济陷入滞胀，供给冲击与成本推升通胀。政府价格管制失败，货币政策缺乏独立性并且过于滞后，未能成功抑制通胀。\n1987/08-1991/07：走出滞胀后，美国经济经历了高速增长，但1987年开始经济增速放缓，并出现工资和价格上涨压力，美联储收紧货币政策。\n2007/11-2008/09：油价飙升推升通胀，金融危机爆发，美联储货币政策的首要任务在于救市，通胀不在其重点关注范围内。\n当前的通胀和1973-1982年通胀的成因较为相似，均为成本推动。\n\n本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。今年5月美国CPI录得5.0%(为2008年8月以来的最高水平)，但是从CPI指数角度，2021年5月相对于2019年5月的复合增速仅为2.5%。\n对于今年通胀的演绎，我们重点关注二手车和房租两个分项。\n通胀的主要推力之一为二手车。东南亚疫情恶化下多地芯片厂停工，芯片短缺导致车企减产。新车供应不足，二手车需求剧增，价格飙升(图2)。根据Manheim数据，2021年二手车售价增幅超越新车(图3)。此外，5月其他交通相关的价格涨幅进一步扩大，交通服务价格增幅从4月的5.6%扩大至11.2%，增幅翻倍。\n\n房租价格走势对未来通胀的演绎有重要影响。美国CPI中房租的权重较高(约30%)，尽管相对于其它分项，房租的增速相对温和(今年5月同比增2.2%)，但年初以来增速斜率陡峭化(图4)，我们预计受到供给短缺的影响，未来房租将会持续温和地上升。\n\n通胀预期走势如何?\n从消费者的角度，密西根预期通胀率数据显示，2021年5月美国消费者5年通胀预期从上月的2.7%跳升至3.0%(图5)，但是仍然低于美联储可以容忍的3.5%。\n从政策制定者角度，如我们此前报告所述，美联储注重通胀预期的监测，关键指标为共同通胀预期指数(CIE)，CIE为季度数据，预计2021年二季度的数据将于本月底公布。\n\n未来通胀将会怎样影响资产价格?\n我们复盘了上述四次大通胀中，CPI破4%后不同时间区间内美元、美股和美债收益率的变化(表2)：通胀对于美元、美股存在负面影响，前者较为滞后，后者1个月内即有体现。有趣的是，通胀对于美债收益率的影响不具规律性，关于美债的研究框架，请参考我们此前的报告。\n\n风险提示：美联储过快收紧货币政策，地缘政治风险加剧\n\n恭喜您找到了字母E，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 了解）","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181555622,"gmtCreate":1623403379266,"gmtModify":1704202657743,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181555622","repostId":"1140839418","repostType":4,"repost":{"id":"1140839418","kind":"news","pubTimestamp":1623382205,"share":"https://ttm.financial/m/news/1140839418?lang=en_US&edition=fundamental","pubTime":"2021-06-11 11:30","market":"us","language":"zh","title":"One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1140839418","media":"腾讯科技","summary":"6月11日消息，美国当地时间周四，$滴滴出行 $的运营主体小桔快智向美国证券交易委员会提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。","content":"<p>June 11th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operating entity, submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), and plans to be listed on the Nasdaq stock market or the New York Stock Exchange with the stock code \"DIDI\".</p><p>According to the data disclosed by Didi, at present, Didi has opened business in more than 4,000 cities and regions in 15 countries, with an annual number of active users of 493 million, an annual number of active drivers of 15 million, an average daily order volume of 41 million, a total annual platform transaction volume of 341 billion yuan, and a cumulative driver income of 600+ billion yuan from 2018 to Q1 of 2021.</p><p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p><p><hr>Congratulations on finding the letter I and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>","source":"txkj","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>One picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne picture to understand Didi's prospectus: spread across 15 countries, with an average daily order volume of 41 million\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-06-11 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>June 11th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operating entity, submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), and plans to be listed on the Nasdaq stock market or the New York Stock Exchange with the stock code \"DIDI\".</p><p>According to the data disclosed by Didi, at present, Didi has opened business in more than 4,000 cities and regions in 15 countries, with an annual number of active users of 493 million, an annual number of active drivers of 15 million, an average daily order volume of 41 million, a total annual platform transaction volume of 341 billion yuan, and a cumulative driver income of 600+ billion yuan from 2018 to Q1 of 2021.</p><p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p><p><hr>Congratulations on finding the letter I and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/rain/a/20210611A02NC800\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b9f14473f3e986de32cc80f6fd80b679","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://new.qq.com/rain/a/20210611A02NC800","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140839418","content_text":"6月11日消息，美国当地时间周四，滴滴出行的运营主体小桔快智向美国证券交易委员会（SEC）提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。\n根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。\n\n\n恭喜您找到了字母I，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 了解）","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181555098,"gmtCreate":1623403349514,"gmtModify":1704202657097,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181555098","repostId":"1101927771","repostType":4,"isVote":1,"tweetType":1,"viewCount":2720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181551026,"gmtCreate":1623403207265,"gmtModify":1704202651899,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181551026","repostId":"1156453091","repostType":4,"repost":{"id":"1156453091","kind":"news","pubTimestamp":1623333482,"share":"https://ttm.financial/m/news/1156453091?lang=en_US&edition=fundamental","pubTime":"2021-06-10 21:58","market":"us","language":"zh","title":"Taking history as a mirror, the deduction and impact of inflation soaring in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1156453091","media":"川阅全球宏观","summary":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：。1960年以来美国CPI同比破5%出现了4次(图1)。本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。房租价格走势对未来通胀的演绎有重要影响。","content":"<p>On June 10, 2021 EDT, the U.S. Department of Labor released inflation data for May.<b>In May, the CPI of the United States rose by 5.0% year-on-year, and the core CPI rose by 3.8% year-on-year, the largest increase since August 2008. Since the beginning of this year, the inflation rate in the United States has accelerated, and the Federal Reserve's interest rate meeting in June is imminent. Inflation worries in the market linger.</b>We have reviewed several spikes in U.S. inflation throughout history to better understand this one and its impact:</p><p><b>Since 1960, the U.S. CPI has broken 5% year-on-year four times</b>(FIG. 1). We conducted a review of the economic fundamentals and Fed policy from the period when CPI broke 4%, broke 5% and retreated (Table 1).</p><p><b>1968/06-1971/09</b>: The economy is in recession, but the residual warmth of large government spending and fiscal stimulus in the early period is still there, and inflation continues to rise. The Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the double blow of the food crisis and the oil crisis, the US economy fell into stagflation, and supply shocks and costs pushed up inflation. Government price controls failed and monetary policy lacked independence and was too lagging to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced high growth, but began to slow down in 1987, and there was upward pressure on wages and prices, and the Federal Reserve tightened monetary policy.</p><p><b>2007/11-2008/09：</b>The soaring oil price pushed up inflation, and the financial crisis broke out. The first task of the Federal Reserve's monetary policy was to bail out the market, and inflation was not in its focus.</p><p><b>The causes of current inflation are similar to those of 1973-1982 inflation, both of which are cost-driven.</b></p><p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><b>The main reason for this surge in inflation lies in the base effect and supply shortage under the pandemic.</b>The US CPI recorded 5.0% in May this year (the highest level since August 2008), but<b>From the perspective of CPI index, the compound growth rate in May 2021 relative to May 2019 was only 2.5%.</b></p><p><b>For this year's deduction of inflation, we focus on the two sub-items of used cars and rent.</b></p><p><b>One of the main thrust forces for inflation is used cars.</b>Under the deterioration of the epidemic situation in Southeast Asia, many chip factories shut down, and the shortage of chips led to the reduction of production by car companies. The supply of new cars is insufficient, the demand for used cars has soared, and prices have skyrocketed (Figure 2). According to Manheim data, used vehicle sales prices increased more than new vehicles in 2021 (Figure 3). In addition, other transportation-related price increases widened further in May, with the increase in transportation service prices expanding to 11.2% from 5.6% in April, doubling the increase.</p><p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p><b>The trend of rent prices has an important impact on the deduction of future inflation.</b>The weight of rent in the US CPI is high (about 30%). Although the growth rate of rent is relatively modest compared with other sub-items (2.2% year-on-year in May this year), the growth rate slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rent will continue to rise moderately in the future, affected by supply shortages</b>。</p><p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p><p><b>What is the trend of inflation expectations?</b></p><p>From a consumer perspective, Michigan's expected inflation data shows that 2<b>In May 2021, the five-year inflation expectation of U.S. consumers jumped to 3.0% from 2.7% last month (Figure 5), but it is still lower than the 3.5% that the Federal Reserve can tolerate.</b></p><p>From the perspective of policymakers, as stated in our previous report, the Fed focuses on the monitoring of inflation expectations, and the key indicators are<b>Common Inflation Expectations Index (CIE), CIE is quarterly data, and data for the second quarter of 2021 is expected to be released by the end of this month.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will future inflation affect asset prices?</b></p><p>We review the changes of the yields of US dollars, US stocks and US bonds in different time intervals after CPI broke 4% in the above four major inflations (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks. The former lags behind, while the latter is reflected within one month.</b>Interestingly, the impact of inflation on US debt yields is irregular. For the research framework of US debt, please refer to our previous report.</p><p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Geopolitical risks mount as Fed tightens monetary policy too quickly</p><p><hr>Congratulations on finding the letter E and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)</p><p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>","source":"lsy1582083733592","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>Taking history as a mirror, the deduction and impact of inflation soaring in the United States</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\">\nTaking history as a mirror, the deduction and impact of inflation soaring in the United States\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">川阅全球宏观</strong><span class=\"h-time small\">2021-06-10 21:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On June 10, 2021 EDT, the U.S. Department of Labor released inflation data for May.<b>In May, the CPI of the United States rose by 5.0% year-on-year, and the core CPI rose by 3.8% year-on-year, the largest increase since August 2008. Since the beginning of this year, the inflation rate in the United States has accelerated, and the Federal Reserve's interest rate meeting in June is imminent. Inflation worries in the market linger.</b>We have reviewed several spikes in U.S. inflation throughout history to better understand this one and its impact:</p><p><b>Since 1960, the U.S. CPI has broken 5% year-on-year four times</b>(FIG. 1). We conducted a review of the economic fundamentals and Fed policy from the period when CPI broke 4%, broke 5% and retreated (Table 1).</p><p><b>1968/06-1971/09</b>: The economy is in recession, but the residual warmth of large government spending and fiscal stimulus in the early period is still there, and inflation continues to rise. The Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the double blow of the food crisis and the oil crisis, the US economy fell into stagflation, and supply shocks and costs pushed up inflation. Government price controls failed and monetary policy lacked independence and was too lagging to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced high growth, but began to slow down in 1987, and there was upward pressure on wages and prices, and the Federal Reserve tightened monetary policy.</p><p><b>2007/11-2008/09：</b>The soaring oil price pushed up inflation, and the financial crisis broke out. The first task of the Federal Reserve's monetary policy was to bail out the market, and inflation was not in its focus.</p><p><b>The causes of current inflation are similar to those of 1973-1982 inflation, both of which are cost-driven.</b></p><p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><b>The main reason for this surge in inflation lies in the base effect and supply shortage under the pandemic.</b>The US CPI recorded 5.0% in May this year (the highest level since August 2008), but<b>From the perspective of CPI index, the compound growth rate in May 2021 relative to May 2019 was only 2.5%.</b></p><p><b>For this year's deduction of inflation, we focus on the two sub-items of used cars and rent.</b></p><p><b>One of the main thrust forces for inflation is used cars.</b>Under the deterioration of the epidemic situation in Southeast Asia, many chip factories shut down, and the shortage of chips led to the reduction of production by car companies. The supply of new cars is insufficient, the demand for used cars has soared, and prices have skyrocketed (Figure 2). According to Manheim data, used vehicle sales prices increased more than new vehicles in 2021 (Figure 3). In addition, other transportation-related price increases widened further in May, with the increase in transportation service prices expanding to 11.2% from 5.6% in April, doubling the increase.</p><p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p><b>The trend of rent prices has an important impact on the deduction of future inflation.</b>The weight of rent in the US CPI is high (about 30%). Although the growth rate of rent is relatively modest compared with other sub-items (2.2% year-on-year in May this year), the growth rate slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rent will continue to rise moderately in the future, affected by supply shortages</b>。</p><p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p><p><b>What is the trend of inflation expectations?</b></p><p>From a consumer perspective, Michigan's expected inflation data shows that 2<b>In May 2021, the five-year inflation expectation of U.S. consumers jumped to 3.0% from 2.7% last month (Figure 5), but it is still lower than the 3.5% that the Federal Reserve can tolerate.</b></p><p>From the perspective of policymakers, as stated in our previous report, the Fed focuses on the monitoring of inflation expectations, and the key indicators are<b>Common Inflation Expectations Index (CIE), CIE is quarterly data, and data for the second quarter of 2021 is expected to be released by the end of this month.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will future inflation affect asset prices?</b></p><p>We review the changes of the yields of US dollars, US stocks and US bonds in different time intervals after CPI broke 4% in the above four major inflations (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks. The former lags behind, while the latter is reflected within one month.</b>Interestingly, the impact of inflation on US debt yields is irregular. For the research framework of US debt, please refer to our previous report.</p><p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Geopolitical risks mount as Fed tightens monetary policy too quickly</p><p><hr>Congratulations on finding the letter E and participating in the \"Tiger Search\" activity. If you leave a message \"Tiger is here\" in the next post, you can get 100 Tiger coins. If you collect 7 pictures and leave a message, you can also get a 7th anniversary limited gift box. (For details, please click<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Award-winning Activity] Tiger Search</a>Understanding)</p><p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/492521.html\">川阅全球宏观</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/492521.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156453091","content_text":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：\n1960年以来美国CPI同比破5%出现了4次(图1)。我们对CPI破4%、破5%至回落期间的经济基本面和美联储政策进行了复盘(表1)。\n1968/06-1971/09：经济陷入衰退，但前期大幅政府开支与财政刺激的余温仍在，通胀持续上升，美联储在1970年收紧货币政策以抑制通胀。\n1973/03-1982/11：粮食危机和石油危机的双重打击下，美国经济陷入滞胀，供给冲击与成本推升通胀。政府价格管制失败，货币政策缺乏独立性并且过于滞后，未能成功抑制通胀。\n1987/08-1991/07：走出滞胀后，美国经济经历了高速增长，但1987年开始经济增速放缓，并出现工资和价格上涨压力，美联储收紧货币政策。\n2007/11-2008/09：油价飙升推升通胀，金融危机爆发，美联储货币政策的首要任务在于救市，通胀不在其重点关注范围内。\n当前的通胀和1973-1982年通胀的成因较为相似，均为成本推动。\n\n本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。今年5月美国CPI录得5.0%(为2008年8月以来的最高水平)，但是从CPI指数角度，2021年5月相对于2019年5月的复合增速仅为2.5%。\n对于今年通胀的演绎，我们重点关注二手车和房租两个分项。\n通胀的主要推力之一为二手车。东南亚疫情恶化下多地芯片厂停工，芯片短缺导致车企减产。新车供应不足，二手车需求剧增，价格飙升(图2)。根据Manheim数据，2021年二手车售价增幅超越新车(图3)。此外，5月其他交通相关的价格涨幅进一步扩大，交通服务价格增幅从4月的5.6%扩大至11.2%，增幅翻倍。\n\n房租价格走势对未来通胀的演绎有重要影响。美国CPI中房租的权重较高(约30%)，尽管相对于其它分项，房租的增速相对温和(今年5月同比增2.2%)，但年初以来增速斜率陡峭化(图4)，我们预计受到供给短缺的影响，未来房租将会持续温和地上升。\n\n通胀预期走势如何?\n从消费者的角度，密西根预期通胀率数据显示，2021年5月美国消费者5年通胀预期从上月的2.7%跳升至3.0%(图5)，但是仍然低于美联储可以容忍的3.5%。\n从政策制定者角度，如我们此前报告所述，美联储注重通胀预期的监测，关键指标为共同通胀预期指数(CIE)，CIE为季度数据，预计2021年二季度的数据将于本月底公布。\n\n未来通胀将会怎样影响资产价格?\n我们复盘了上述四次大通胀中，CPI破4%后不同时间区间内美元、美股和美债收益率的变化(表2)：通胀对于美元、美股存在负面影响，前者较为滞后，后者1个月内即有体现。有趣的是，通胀对于美债收益率的影响不具规律性，关于美债的研究框架，请参考我们此前的报告。\n\n风险提示：美联储过快收紧货币政策，地缘政治风险加剧\n\n恭喜您找到了字母E，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 了解）","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181564504,"gmtCreate":1623402509508,"gmtModify":1704202633134,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181564504","repostId":"1152830507","repostType":4,"isVote":1,"tweetType":1,"viewCount":2654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181518558,"gmtCreate":1623401244674,"gmtModify":1704202600426,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181518558","isVote":1,"tweetType":1,"viewCount":2510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181535283,"gmtCreate":1623400908542,"gmtModify":1704202591451,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181535283","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","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":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"sh","language":"zh","title":"Reminder: The Dragon Boat Festival closure arrangement is here! Hong Kong stocks are closed for one day on June 14th","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>Close to the traditional Chinese festival Dragon Boat Festival holiday, the closure arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on Monday, June 14th, and will open as usual from Tuesday, June 15th.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14th, and will open as usual from Tuesday, June 15th.</p><p><b>Australian stocks:</b></p><p>The market is closed on Monday, June 14 for Queen's Birthday and will open as usual from Tuesday, June 15.</p><p><b>US stocks, UK stocks and Singapore stocks traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Service will not be available on Monday, June 14 and will be open as usual from Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Service will not be available on Monday, June 14 and will be open as usual from Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural celestial phenomena and evolved from dragon sacrifice in ancient times. During the Dragon Boat Festival in mid-summer, Canglong Qisu soared into the middle of the south, in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Qian Gua said: \"Flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects of content, contains profound and rich cultural connotation, in the inheritance and development of a variety of folk customs as one, festival and custom content is rich. Dragon boat and rice dumplings are the two major rituals of the Dragon Boat Festival, which have been passed down in China since ancient times.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship Dragon Ancestor and pray for blessings and ward off evil spirits. It is said that Qu Yuan, a poet of Chu State during the Warring States Period, committed suicide by jumping through the Miluo River on May 5th, and later people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan; There are also sayings in memory of Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors choosing the auspicious day of \"flying dragons in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and inject the fashion of \"treating diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" 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>Reminder: The Dragon Boat Festival closure arrangement is here! Hong Kong stocks are closed for one day on June 14th</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\">\nReminder: The Dragon Boat Festival closure arrangement is here! Hong Kong stocks are closed for one day on June 14th\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 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Close to the traditional Chinese festival Dragon Boat Festival holiday, the closure arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on Monday, June 14th, and will open as usual from Tuesday, June 15th.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14th, and will open as usual from Tuesday, June 15th.</p><p><b>Australian stocks:</b></p><p>The market is closed on Monday, June 14 for Queen's Birthday and will open as usual from Tuesday, June 15.</p><p><b>US stocks, UK stocks and Singapore stocks traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Service will not be available on Monday, June 14 and will be open as usual from Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Service will not be available on Monday, June 14 and will be open as usual from Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural celestial phenomena and evolved from dragon sacrifice in ancient times. During the Dragon Boat Festival in mid-summer, Canglong Qisu soared into the middle of the south, in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Qian Gua said: \"Flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects of content, contains profound and rich cultural connotation, in the inheritance and development of a variety of folk customs as one, festival and custom content is rich. Dragon boat and rice dumplings are the two major rituals of the Dragon Boat Festival, which have been passed down in China since ancient times.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship Dragon Ancestor and pray for blessings and ward off evil spirits. It is said that Qu Yuan, a poet of Chu State during the Warring States Period, committed suicide by jumping through the Miluo River on May 5th, and later people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan; There are also sayings in memory of Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors choosing the auspicious day of \"flying dragons in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and inject the fashion of \"treating diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181531762,"gmtCreate":1623400710256,"gmtModify":1704202585083,"author":{"id":"3584688369185777","authorId":"3584688369185777","name":"爱学习的汤小白","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584688369185777","authorIdStr":"3584688369185777"},"themes":[],"htmlText":"Tiger is here！","listText":"Tiger is here！","text":"Tiger is here！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181531762","isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}