爱学习的汤小白 personal page - To The Moon

爱学习的汤小白

爱学习的汤小白

No personal profile

82Follow

3Followers

0Topic

0Badge

爱学习的汤小白

2021-06-13

tiger is here

One chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.

爱学习的汤小白

2021-06-13

tiger is here

Learning from history: the deduction and impact of soaring US inflation

爱学习的汤小白

2021-06-11

Tiger is here！

One chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.

爱学习的汤小白

2021-06-11

Tiger is here！

Market Overview: Multiple liquor stocks were hit by a sell-off at the close! Is it a major negative factor or is there another hidden meaning?

爱学习的汤小白

2021-06-11

Tiger is here！

Learning from history: the deduction and impact of soaring US inflation

爱学习的汤小白

2021-06-11

Tiger is here！

With new economy companies among the top ten A-share listed companies, will CATL become the next Moutai?

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 market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.

爱学习的汤小白

2021-06-11

Tiger is here！

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3584688369185777","uuid":"3584688369185777","gmtCreate":1621613535381,"gmtModify":1621697209708,"name":"爱学习的汤小白","pinyin":"axxdtxbaixuexidetangxiaobai","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/6ae3ea295e38de39b2e19cc704daffc0","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":3,"headSize":82,"tweetSize":65,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.23","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"60.00%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"60.58%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.","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 11 news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operator of the company, has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq stock market or the New York Stock Exchange under the ticker symbol \"DIDI\".</p><p>According to data disclosed by Didi, Didi currently operates in more than 4,000 cities and regions in 15 countries, with 493 million annual active users, 15 million annual active drivers, an average daily order volume of 41 million, an annual platform transaction volume of 341 billion yuan, and a cumulative driver revenue of over 600 billion yuan from 2018 to Q1 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! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)<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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.</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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.\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 11 news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operator of the company, has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq stock market or the New York Stock Exchange under the ticker symbol \"DIDI\".</p><p>According to data disclosed by Didi, Didi currently operates in more than 4,000 cities and regions in 15 countries, with 493 million annual active users, 15 million annual active drivers, an average daily order volume of 41 million, an annual platform transaction volume of 341 billion yuan, and a cumulative driver revenue of over 600 billion yuan from 2018 to Q1 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! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)<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":4351,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":"Learning from history: the deduction and impact of soaring US inflation","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, Eastern Time, the U.S. Department of Labor released its May inflation data.<b>The U.S. CPI rose 5.0% year-on-year in May, and the core CPI rose 3.8% year-on-year, marking the largest increase since August 2008. Since the beginning of this year, the U.S. inflation rate has accelerated, and with the Federal Reserve's June interest rate meeting approaching, inflation concerns persist in the market.</b>We reviewed several surges in U.S. inflation throughout history to better understand this inflation and its impact:</p><p><b>Since 1960, the US CPI has exceeded 5% year-on-year four times.</b>(FIG. 1). We conducted a review on the economic fundamentals and Federal Reserve policy during the period when the CPI broke through 4%, 5%, and then declined (Table 1).</p><p><b>1968/06-1971/09</b>The economy fell into recession, but the lingering effects of previous massive government spending and fiscal stimulus remained, inflation continued to rise, and the Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the dual impact of the food and oil crises, the US economy has fallen into stagflation, with supply shocks and costs pushing up inflation. Government price controls failed, and monetary policy lacked independence and was too lagging, failing to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced rapid growth, but starting in 1987, the economic growth rate slowed down, and upward pressure on wages and prices emerged, prompting the Federal Reserve to tighten monetary policy.</p><p><b>2007/11-2008/09：</b>Soaring oil prices pushed up inflation, and the financial crisis broke out. The Federal Reserve's primary task in monetary policy was to rescue the market, while inflation was not its focus.</p><p><b>The causes of current inflation are quite similar to those of 1973-1982; both 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 is the base effect and supply shortage under the pandemic.</b>In May of this year, the US CPI recorded 5.0% (the highest level since August 2008), but<b>From the perspective of the CPI index, the compound annual growth rate in May 2021 compared to May 2019 was only 2.5%.</b></p><p><b>Regarding the performance of inflation this year, we are focusing on two sub-sectors: used cars and rents.</b></p><p><b>One of the main drivers of inflation is used cars.</b>As the COVID-19 pandemic worsens in Southeast Asia, chip manufacturers in many regions have shut down, leading to chip shortages and reduced production by automakers. The supply of new cars is insufficient, the demand for used cars has surged, and prices have soared (Figure 2). According to Manheim data, the price increase of used cars exceeded that of new cars in 2021 (Figure 3). In addition, the increase in other transportation-related prices further widened in May, with the increase in transportation service prices expanding from 5.6% in April to 11.2%, more than doubling.</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>Rent price trends have a significant impact on the future development of inflation.</b>Rent accounts for a relatively high weight in the US CPI (approximately 30%). Although rent growth is relatively moderate compared to other components (up 2.2% year-on-year in May this year), the growth slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rents will continue to rise moderately in the future due to 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 expected trend of inflation?</b></p><p>From a consumer's perspective, Michigan's expected inflation rate data shows that 2<b>In May 2021, U.S. consumers' five-year inflation expectations jumped to 3.0% from 2.7% the previous month (Figure 5), but were still below the 3.5% that the Federal Reserve could tolerate.</b></p><p>From a policymaker's perspective, as mentioned in our previous report, the Federal Reserve focuses on monitoring inflation expectations, with key indicators being:<b>The Common Inflation Expectations Index (CIE), which is quarterly data, is expected to be released by the end of this month for the second quarter of 2021.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will inflation affect asset prices in the future?</b></p><p>We conducted a review on the changes in the yields of the US dollar, US stocks, and US Treasury bonds over different time periods after the CPI broke through 4% in the four major inflationary events mentioned above (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks; the former is relatively lagging behind, while the latter becomes apparent within a month.</b>Interestingly, the impact of inflation on US Treasury yields is irregular. For a research framework on US Treasury yields, 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>The Federal Reserve tightened monetary policy too quickly, exacerbating geopolitical risks.</p><p><hr>Congratulations on finding the letter E! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)</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>Learning from history: the deduction and impact of soaring US inflation</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\">\nLearning from history: the deduction and impact of soaring US inflation\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, Eastern Time, the U.S. Department of Labor released its May inflation data.<b>The U.S. CPI rose 5.0% year-on-year in May, and the core CPI rose 3.8% year-on-year, marking the largest increase since August 2008. Since the beginning of this year, the U.S. inflation rate has accelerated, and with the Federal Reserve's June interest rate meeting approaching, inflation concerns persist in the market.</b>We reviewed several surges in U.S. inflation throughout history to better understand this inflation and its impact:</p><p><b>Since 1960, the US CPI has exceeded 5% year-on-year four times.</b>(FIG. 1). We conducted a review on the economic fundamentals and Federal Reserve policy during the period when the CPI broke through 4%, 5%, and then declined (Table 1).</p><p><b>1968/06-1971/09</b>The economy fell into recession, but the lingering effects of previous massive government spending and fiscal stimulus remained, inflation continued to rise, and the Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the dual impact of the food and oil crises, the US economy has fallen into stagflation, with supply shocks and costs pushing up inflation. Government price controls failed, and monetary policy lacked independence and was too lagging, failing to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced rapid growth, but starting in 1987, the economic growth rate slowed down, and upward pressure on wages and prices emerged, prompting the Federal Reserve to tighten monetary policy.</p><p><b>2007/11-2008/09：</b>Soaring oil prices pushed up inflation, and the financial crisis broke out. The Federal Reserve's primary task in monetary policy was to rescue the market, while inflation was not its focus.</p><p><b>The causes of current inflation are quite similar to those of 1973-1982; both 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 is the base effect and supply shortage under the pandemic.</b>In May of this year, the US CPI recorded 5.0% (the highest level since August 2008), but<b>From the perspective of the CPI index, the compound annual growth rate in May 2021 compared to May 2019 was only 2.5%.</b></p><p><b>Regarding the performance of inflation this year, we are focusing on two sub-sectors: used cars and rents.</b></p><p><b>One of the main drivers of inflation is used cars.</b>As the COVID-19 pandemic worsens in Southeast Asia, chip manufacturers in many regions have shut down, leading to chip shortages and reduced production by automakers. The supply of new cars is insufficient, the demand for used cars has surged, and prices have soared (Figure 2). According to Manheim data, the price increase of used cars exceeded that of new cars in 2021 (Figure 3). In addition, the increase in other transportation-related prices further widened in May, with the increase in transportation service prices expanding from 5.6% in April to 11.2%, more than doubling.</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>Rent price trends have a significant impact on the future development of inflation.</b>Rent accounts for a relatively high weight in the US CPI (approximately 30%). Although rent growth is relatively moderate compared to other components (up 2.2% year-on-year in May this year), the growth slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rents will continue to rise moderately in the future due to 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 expected trend of inflation?</b></p><p>From a consumer's perspective, Michigan's expected inflation rate data shows that 2<b>In May 2021, U.S. consumers' five-year inflation expectations jumped to 3.0% from 2.7% the previous month (Figure 5), but were still below the 3.5% that the Federal Reserve could tolerate.</b></p><p>From a policymaker's perspective, as mentioned in our previous report, the Federal Reserve focuses on monitoring inflation expectations, with key indicators being:<b>The Common Inflation Expectations Index (CIE), which is quarterly data, is expected to be released by the end of this month for the second quarter of 2021.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will inflation affect asset prices in the future?</b></p><p>We conducted a review on the changes in the yields of the US dollar, US stocks, and US Treasury bonds over different time periods after the CPI broke through 4% in the four major inflationary events mentioned above (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks; the former is relatively lagging behind, while the latter becomes apparent within a month.</b>Interestingly, the impact of inflation on US Treasury yields is irregular. For a research framework on US Treasury yields, 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>The Federal Reserve tightened monetary policy too quickly, exacerbating geopolitical risks.</p><p><hr>Congratulations on finding the letter E! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)</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":4385,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.","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 11 news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operator of the company, has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq stock market or the New York Stock Exchange under the ticker symbol \"DIDI\".</p><p>According to data disclosed by Didi, Didi currently operates in more than 4,000 cities and regions in 15 countries, with 493 million annual active users, 15 million annual active drivers, an average daily order volume of 41 million, an annual platform transaction volume of 341 billion yuan, and a cumulative driver revenue of over 600 billion yuan from 2018 to Q1 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! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)<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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.</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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.\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 11 news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operator of the company, has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq stock market or the New York Stock Exchange under the ticker symbol \"DIDI\".</p><p>According to data disclosed by Didi, Didi currently operates in more than 4,000 cities and regions in 15 countries, with 493 million annual active users, 15 million annual active drivers, an average daily order volume of 41 million, an annual platform transaction volume of 341 billion yuan, and a cumulative driver revenue of over 600 billion yuan from 2018 to Q1 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! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)<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":4885,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":"us","language":"zh","title":"Market Overview: Multiple liquor stocks were hit by a sell-off at the close! Is it a major negative factor or is there another hidden meaning?","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 Stocks</b></p><p>Hong Kong's three major stock indices closed slightly higher, with a lackluster week and the market remaining volatile. At the close, the Hang Seng Index rose 0.36% to 28,842 points, the Hang Seng Tech Index rose 0.32% to 10,750 points, and the Hang Seng Tech 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 market, the steel, rare earth, gas, and oil sectors led the gains.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It surged nearly 4% to a 16-month high.<a href=\"https://laohu8.com/S/00347\">Angang Steel Co.,</a>、<a href=\"https://laohu8.com/S/01053\">Chongqing Iron & Steel Co</a>Both rose by more than 3%; Sporting goods stocks are active again, with Anta,<a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose more than 2%; Auto stocks generally rose, with Meituan, a major technology stock, closing up 3%.<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>It rose more than 2%.<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>It fell by more than 1%; defense stocks fell significantly, with home appliance stocks, mainland property stocks, dairy stocks, and Chinese securities firms performing weakly throughout the day.</p><p><b>A-shares</b></p><p>The three major indices showed mixed performance. The Shanghai Composite Index fluctuated weakly throughout the day, closing down 0.58% at 3589 points, the Shenzhen Component Index down 0.62% at 14801 points, and the ChiNext Index...<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>Supported by heavyweight stocks, it rose 0.4% to 3298 points. Most stocks in the two markets fell, but trading volume increased, with a total turnover of 1.1 trillion yuan. Northbound capital saw a net outflow of 3.03 billion yuan, indicating a decline in market sentiment and profit-making effects.</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 into the photovoltaic concept.<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>It continued to rise by 5.6%; HarmonyOS concept stocks continue to surge.<a href=\"https://laohu8.com/S/003032\">Intellectual education</a>Waiting for stocks to hit their daily limit Stocks in Zhejiang province surged to their daily limit.<a href=\"https://laohu8.com/S/603806\">Foster</a>24 stocks hit their daily limit; Carbon neutrality concept stocks rose and then fell back, but the gains remained among the top, with most power stocks rising. The oil sector led the surge.<a href=\"https://laohu8.com/S/601857\">PetroChina</a>Up 5.7%; Most lithium battery concept stocks fell, while leading companies generally rose.<a href=\"https://laohu8.com/S/300750\">CATL</a>It rose nearly 4%, hitting a record high; Concepts such as new energy vehicles, special steel, wind power, and autonomous driving are active. The aviation equipment sector plummeted.<a href=\"https://laohu8.com/S/600893\">Aero Engine Power</a>Down 7%; The chemical fiber, brewing, semiconductor, and construction machinery sector indices all fell by more than 2%.</p><p>It is worth noting that many A-share liquor stocks experienced significant fluctuations in the closing auction today.<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 Wine</a>All of them were dumped by funds.</p><p><a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The stock price fell by more than 1% in the final minute of trading, with 5,169 lots involving 1.126 billion yuan dumped on Moutai, 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 2.64% in the final minute of trading, with a final drop of 3.5%, with 4,272 lots of funds selling off the shares, 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 2.4% in the last minute of trading, with 5,720 lots of funds selling off, 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>US stocks</b></p><p>Futures for the three major U.S. stock indexes were mixed, with Dow Jones futures up slightly by 0.02% as of press time. Nasdaq 100 futures fell slightly by 0.01%; S&P 500 futures fell slightly by 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 rose in pre-market trading.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It rose more than 6%.<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 5%, while ContextLogic rose nearly 3%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">precise</a>The stock rose more than 35% in pre-market trading after the company released research data on type 1 diabetes.</p><p><b>European stocks</b></p><p>Major European indices rose across the board; as of press time, the German DAX index was up 0.04%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.57%, the French CAC40 index rose 0.34%, and the European Stoxx 50 index 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 trading at $70.43 per barrel, up 0.2%. Brent crude is currently trading at $72.68 a barrel, up 0.22%.</p><p>International oil prices remained generally stable, and are expected to rise for the third consecutive week as fuel demand in Europe, China, and the United States recovers due to rising vaccination rates leading to the easing of pandemic restrictions. NYMEX crude oil is trading 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 prices narrowed their gains, rising 0.17% to $1,899.7 per ounce on the day.</p><p>International gold prices are hovering near the key level of $1,900 per ounce, with a short-term outlook of $1,916. Supported by a weaker dollar, investors are taking a calm view of rising US inflation and expect 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: Multiple liquor stocks were hit by a sell-off at the close! Is it a major negative factor or is there another hidden meaning?</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: Multiple liquor stocks were hit by a sell-off at the close! Is it a major negative factor or is there another hidden meaning?\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 Stocks</b></p><p>Hong Kong's three major stock indices closed slightly higher, with a lackluster week and the market remaining volatile. At the close, the Hang Seng Index rose 0.36% to 28,842 points, the Hang Seng Tech Index rose 0.32% to 10,750 points, and the Hang Seng Tech 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 market, the steel, rare earth, gas, and oil sectors led the gains.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It surged nearly 4% to a 16-month high.<a href=\"https://laohu8.com/S/00347\">Angang Steel Co.,</a>、<a href=\"https://laohu8.com/S/01053\">Chongqing Iron & Steel Co</a>Both rose by more than 3%; Sporting goods stocks are active again, with Anta,<a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose more than 2%; Auto stocks generally rose, with Meituan, a major technology stock, closing up 3%.<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>It rose more than 2%.<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>It fell by more than 1%; defense stocks fell significantly, with home appliance stocks, mainland property stocks, dairy stocks, and Chinese securities firms performing weakly throughout the day.</p><p><b>A-shares</b></p><p>The three major indices showed mixed performance. The Shanghai Composite Index fluctuated weakly throughout the day, closing down 0.58% at 3589 points, the Shenzhen Component Index down 0.62% at 14801 points, and the ChiNext Index...<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>Supported by heavyweight stocks, it rose 0.4% to 3298 points. Most stocks in the two markets fell, but trading volume increased, with a total turnover of 1.1 trillion yuan. Northbound capital saw a net outflow of 3.03 billion yuan, indicating a decline in market sentiment and profit-making effects.</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 into the photovoltaic concept.<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>It continued to rise by 5.6%; HarmonyOS concept stocks continue to surge.<a href=\"https://laohu8.com/S/003032\">Intellectual education</a>Waiting for stocks to hit their daily limit Stocks in Zhejiang province surged to their daily limit.<a href=\"https://laohu8.com/S/603806\">Foster</a>24 stocks hit their daily limit; Carbon neutrality concept stocks rose and then fell back, but the gains remained among the top, with most power stocks rising. The oil sector led the surge.<a href=\"https://laohu8.com/S/601857\">PetroChina</a>Up 5.7%; Most lithium battery concept stocks fell, while leading companies generally rose.<a href=\"https://laohu8.com/S/300750\">CATL</a>It rose nearly 4%, hitting a record high; Concepts such as new energy vehicles, special steel, wind power, and autonomous driving are active. The aviation equipment sector plummeted.<a href=\"https://laohu8.com/S/600893\">Aero Engine Power</a>Down 7%; The chemical fiber, brewing, semiconductor, and construction machinery sector indices all fell by more than 2%.</p><p>It is worth noting that many A-share liquor stocks experienced significant fluctuations in the closing auction today.<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 Wine</a>All of them were dumped by funds.</p><p><a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The stock price fell by more than 1% in the final minute of trading, with 5,169 lots involving 1.126 billion yuan dumped on Moutai, 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 2.64% in the final minute of trading, with a final drop of 3.5%, with 4,272 lots of funds selling off the shares, 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 2.4% in the last minute of trading, with 5,720 lots of funds selling off, 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>US stocks</b></p><p>Futures for the three major U.S. stock indexes were mixed, with Dow Jones futures up slightly by 0.02% as of press time. Nasdaq 100 futures fell slightly by 0.01%; S&P 500 futures fell slightly by 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 rose in pre-market trading.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It rose more than 6%.<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 5%, while ContextLogic rose nearly 3%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">precise</a>The stock rose more than 35% in pre-market trading after the company released research data on type 1 diabetes.</p><p><b>European stocks</b></p><p>Major European indices rose across the board; as of press time, the German DAX index was up 0.04%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.57%, the French CAC40 index rose 0.34%, and the European Stoxx 50 index 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 trading at $70.43 per barrel, up 0.2%. Brent crude is currently trading at $72.68 a barrel, up 0.22%.</p><p>International oil prices remained generally stable, and are expected to rise for the third consecutive week as fuel demand in Europe, China, and the United States recovers due to rising vaccination rates leading to the easing of pandemic restrictions. NYMEX crude oil is trading 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 prices narrowed their gains, rising 0.17% to $1,899.7 per ounce on the day.</p><p>International gold prices are hovering near the key level of $1,900 per ounce, with a short-term outlook of $1,916. Supported by a weaker dollar, investors are taking a calm view of rising US inflation and expect 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","HSCCI":"红筹指数",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","HSTECH":"恒生科技指数","HSCEI":"国企指数",".DJI":"道琼斯","HSI":"恒生指数"},"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,".SPX":0.9,"000001.SH":0.9,"HSCEI":0.9,"HSI":0.9,".IXIC":0.9,"HSCCI":0.9,".DJI":0.9,"HSTECH":0.9}},"isVote":1,"tweetType":1,"viewCount":4433,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":"Learning from history: the deduction and impact of soaring US inflation","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, Eastern Time, the U.S. Department of Labor released its May inflation data.<b>The U.S. CPI rose 5.0% year-on-year in May, and the core CPI rose 3.8% year-on-year, marking the largest increase since August 2008. Since the beginning of this year, the U.S. inflation rate has accelerated, and with the Federal Reserve's June interest rate meeting approaching, inflation concerns persist in the market.</b>We reviewed several surges in U.S. inflation throughout history to better understand this inflation and its impact:</p><p><b>Since 1960, the US CPI has exceeded 5% year-on-year four times.</b>(FIG. 1). We conducted a review on the economic fundamentals and Federal Reserve policy during the period when the CPI broke through 4%, 5%, and then declined (Table 1).</p><p><b>1968/06-1971/09</b>The economy fell into recession, but the lingering effects of previous massive government spending and fiscal stimulus remained, inflation continued to rise, and the Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the dual impact of the food and oil crises, the US economy has fallen into stagflation, with supply shocks and costs pushing up inflation. Government price controls failed, and monetary policy lacked independence and was too lagging, failing to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced rapid growth, but starting in 1987, the economic growth rate slowed down, and upward pressure on wages and prices emerged, prompting the Federal Reserve to tighten monetary policy.</p><p><b>2007/11-2008/09：</b>Soaring oil prices pushed up inflation, and the financial crisis broke out. The Federal Reserve's primary task in monetary policy was to rescue the market, while inflation was not its focus.</p><p><b>The causes of current inflation are quite similar to those of 1973-1982; both 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 is the base effect and supply shortage under the pandemic.</b>In May of this year, the US CPI recorded 5.0% (the highest level since August 2008), but<b>From the perspective of the CPI index, the compound annual growth rate in May 2021 compared to May 2019 was only 2.5%.</b></p><p><b>Regarding the performance of inflation this year, we are focusing on two sub-sectors: used cars and rents.</b></p><p><b>One of the main drivers of inflation is used cars.</b>As the COVID-19 pandemic worsens in Southeast Asia, chip manufacturers in many regions have shut down, leading to chip shortages and reduced production by automakers. The supply of new cars is insufficient, the demand for used cars has surged, and prices have soared (Figure 2). According to Manheim data, the price increase of used cars exceeded that of new cars in 2021 (Figure 3). In addition, the increase in other transportation-related prices further widened in May, with the increase in transportation service prices expanding from 5.6% in April to 11.2%, more than doubling.</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>Rent price trends have a significant impact on the future development of inflation.</b>Rent accounts for a relatively high weight in the US CPI (approximately 30%). Although rent growth is relatively moderate compared to other components (up 2.2% year-on-year in May this year), the growth slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rents will continue to rise moderately in the future due to 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 expected trend of inflation?</b></p><p>From a consumer's perspective, Michigan's expected inflation rate data shows that 2<b>In May 2021, U.S. consumers' five-year inflation expectations jumped to 3.0% from 2.7% the previous month (Figure 5), but were still below the 3.5% that the Federal Reserve could tolerate.</b></p><p>From a policymaker's perspective, as mentioned in our previous report, the Federal Reserve focuses on monitoring inflation expectations, with key indicators being:<b>The Common Inflation Expectations Index (CIE), which is quarterly data, is expected to be released by the end of this month for the second quarter of 2021.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will inflation affect asset prices in the future?</b></p><p>We conducted a review on the changes in the yields of the US dollar, US stocks, and US Treasury bonds over different time periods after the CPI broke through 4% in the four major inflationary events mentioned above (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks; the former is relatively lagging behind, while the latter becomes apparent within a month.</b>Interestingly, the impact of inflation on US Treasury yields is irregular. For a research framework on US Treasury yields, 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>The Federal Reserve tightened monetary policy too quickly, exacerbating geopolitical risks.</p><p><hr>Congratulations on finding the letter E! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)</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>Learning from history: the deduction and impact of soaring US inflation</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\">\nLearning from history: the deduction and impact of soaring US inflation\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, Eastern Time, the U.S. Department of Labor released its May inflation data.<b>The U.S. CPI rose 5.0% year-on-year in May, and the core CPI rose 3.8% year-on-year, marking the largest increase since August 2008. Since the beginning of this year, the U.S. inflation rate has accelerated, and with the Federal Reserve's June interest rate meeting approaching, inflation concerns persist in the market.</b>We reviewed several surges in U.S. inflation throughout history to better understand this inflation and its impact:</p><p><b>Since 1960, the US CPI has exceeded 5% year-on-year four times.</b>(FIG. 1). We conducted a review on the economic fundamentals and Federal Reserve policy during the period when the CPI broke through 4%, 5%, and then declined (Table 1).</p><p><b>1968/06-1971/09</b>The economy fell into recession, but the lingering effects of previous massive government spending and fiscal stimulus remained, inflation continued to rise, and the Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the dual impact of the food and oil crises, the US economy has fallen into stagflation, with supply shocks and costs pushing up inflation. Government price controls failed, and monetary policy lacked independence and was too lagging, failing to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced rapid growth, but starting in 1987, the economic growth rate slowed down, and upward pressure on wages and prices emerged, prompting the Federal Reserve to tighten monetary policy.</p><p><b>2007/11-2008/09：</b>Soaring oil prices pushed up inflation, and the financial crisis broke out. The Federal Reserve's primary task in monetary policy was to rescue the market, while inflation was not its focus.</p><p><b>The causes of current inflation are quite similar to those of 1973-1982; both 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 is the base effect and supply shortage under the pandemic.</b>In May of this year, the US CPI recorded 5.0% (the highest level since August 2008), but<b>From the perspective of the CPI index, the compound annual growth rate in May 2021 compared to May 2019 was only 2.5%.</b></p><p><b>Regarding the performance of inflation this year, we are focusing on two sub-sectors: used cars and rents.</b></p><p><b>One of the main drivers of inflation is used cars.</b>As the COVID-19 pandemic worsens in Southeast Asia, chip manufacturers in many regions have shut down, leading to chip shortages and reduced production by automakers. The supply of new cars is insufficient, the demand for used cars has surged, and prices have soared (Figure 2). According to Manheim data, the price increase of used cars exceeded that of new cars in 2021 (Figure 3). In addition, the increase in other transportation-related prices further widened in May, with the increase in transportation service prices expanding from 5.6% in April to 11.2%, more than doubling.</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>Rent price trends have a significant impact on the future development of inflation.</b>Rent accounts for a relatively high weight in the US CPI (approximately 30%). Although rent growth is relatively moderate compared to other components (up 2.2% year-on-year in May this year), the growth slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rents will continue to rise moderately in the future due to 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 expected trend of inflation?</b></p><p>From a consumer's perspective, Michigan's expected inflation rate data shows that 2<b>In May 2021, U.S. consumers' five-year inflation expectations jumped to 3.0% from 2.7% the previous month (Figure 5), but were still below the 3.5% that the Federal Reserve could tolerate.</b></p><p>From a policymaker's perspective, as mentioned in our previous report, the Federal Reserve focuses on monitoring inflation expectations, with key indicators being:<b>The Common Inflation Expectations Index (CIE), which is quarterly data, is expected to be released by the end of this month for the second quarter of 2021.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will inflation affect asset prices in the future?</b></p><p>We conducted a review on the changes in the yields of the US dollar, US stocks, and US Treasury bonds over different time periods after the CPI broke through 4% in the four major inflationary events mentioned above (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks; the former is relatively lagging behind, while the latter becomes apparent within a month.</b>Interestingly, the impact of inflation on US Treasury yields is irregular. For a research framework on US Treasury yields, 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>The Federal Reserve tightened monetary policy too quickly, exacerbating geopolitical risks.</p><p><hr>Congratulations on finding the letter E! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)</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":4259,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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 new economy companies among the top ten A-share listed companies, will CATL become the next Moutai?","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 fluctuating market capitalization lies a battle for industry influence. On May 31, the market capitalization of battery manufacturer and technology company CATL (SZ.300750) exceeded one trillion yuan.</p><p>In early trading that day, CATL rose more than 4% intraday, becoming the first company on the ChiNext board with a market capitalization of one trillion yuan. Its founder, Zeng Yuqun, also rode the wave of a trillion-dollar market capitalization, surpassing Li Ka-shing with a net worth of US$39.2 billion to become the richest man in Hong Kong.</p><p>Even more historically significant is that CATL has thus entered the top ten companies by market capitalization in China's A-share market, becoming the only new economy company among them. Apart from CATL, the top ten companies by market capitalization on the A-share market today are all names we are all familiar with:<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\">Industrial and Commercial Bank</a>Six other banks,<a href=\"https://laohu8.com/S/601318\">Ping An</a>and<a href=\"https://laohu8.com/S/LFC\">China Life</a>Two financial companies that started as insurance companies.</p><p>Why CATL? This is a question many people have. Prior to this, many people probably pinned their hopes of breaking into the top ten A-share market capitalization on Tencent.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Wait on your body. However, like most Chinese new economy companies, they did not choose 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, the tertiary industry, led by banks, dominated A-share listed companies. New economy enterprises account for a small proportion.</p><p>In June 2018, CATL went public, with an opening price of 30.17 yuan per share. For the next two years, CATL's market capitalization ranking hovered around 34th and 35th in the entire market. By May 31 this year, CATL's stock price had reached 434.1 yuan per share, an increase of 1340.04% compared to 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, only two of the top ten companies by market capitalization on the US stock market were information technology companies; by 2020, that number had reached five. In 2012<a href=\"https://laohu8.com/S/AAPL\">Apple</a>It became the largest company by market capitalization in the US stock market.</p><p>Is CATL overvalued? Both are leading power battery manufacturers<a href=\"https://laohu8.com/S/002594\">BYD</a>(SZ.002594), with a current market capitalization of 573.5 billion yuan, is only half that of CATL. BYD's listed companies include not only batteries but also new energy vehicles, mobile phone electronics, and photovoltaics. In the automotive industry, downstream of the power battery industry, the top three A-share listed automakers by market capitalization are BYD,<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>and<a href=\"https://laohu8.com/S/600104\">SAIC Motor</a>The combined market capitalization of CATL is 1.0881 trillion yuan, only slightly exceeding that of CATL.</p><p>According to 2020 operating data, CATL's net profit was 5.58 billion yuan and total operating revenue was 50.3 billion yuan. In other words, a market capitalization of one trillion yuan corresponds to a P/E of 180 times and a price-to-sales ratio of 20 times. With the activity of global financial markets coupled with the impetus of the energy revolution, a number of gasoline companies are entering their \"golden age,\" while young companies in the new energy sector are boiling above the bubble.</p><p>CATL's glare didn't last long. Before the market closed on the morning of June 1, CATL had already fallen by more than 5%, with its market capitalization falling back to 997.3 billion yuan.</p><p>\"Jiazi Guangnian\" interviewed several front-line employees in the battery and new energy vehicle industry and came to the following views:</p><p><ol><li>CATL's stock price began to surge in 2020, coinciding with global financial easing.</p><p></li><li>CATL's position as the number one automotive battery manufacturer is facing challenges;</p><p></li><li>CATL only faces competition from other battery manufacturers, and major automakers are also making batteries.</p><p></li><li>By betting on sodium batteries, it remains to be seen whether CATL can improve its competitiveness in the battery market.</p><p></li></ol><b>1. Who orchestrated CATL's rise to fame?</b></p><p>CATL's trillion-yuan market capitalization was not achieved in a day. In 2020, its ranking in the A-share market jumped to 11th place, up more than 20 places from before.</p><p>Simultaneously, CATL's stock price soared in 2020, reaching the 400 yuan/share mark at the beginning of 2021 and subsequently surpassing it.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>。 During this period, it not only frequently appeared on the Xueqiu Hot Stock List, but was also used as a benchmark company in reports by major securities firms for comparison, which is incomparable to 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's stock price trend</p><p>From a macro perspective, CATL is benefiting from two major factors: excess liquidity and the demand for carbon reduction.</p><p><b>On the one hand, the global financial system has introduced massive monetary easing, resulting in more money flowing into the market.</b>In 2020, the outbreak of the COVID-19 pandemic brought global economic activity to a standstill, and central banks around the world, 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 them multiple times, and more than 60% of the world's economies had interest rates of less than 1%.</p><p>Along with capital inflows, more people are entering the stock market. The number of new investors in 2020 reached 18.0225 million, a new high in four years. In December of last year alone, the number of new investors doubled.</p><p>The direct result is that the valuation of financial assets, including stocks, has increased.<a href=\"https://laohu8.com/S/601988\">BOC</a>Zhao Xueqing, a researcher at the research institute and the Institute of International Monetary Studies at Renmin University of China, once said that long-term unlimited monetary easing may fuel financial \"inflation\". The continued low or even negative interest rate environment in financial markets will fuel financial asset price bubbles.</p><p><b>The expansion of CATL's stock price coincided with the rush of capital and investors into the market.</b></p><p>On the other hand, the demand for carbon reduction has created development opportunities for new energy vehicles, which has also boosted the power battery industry, which is located in the midstream of the new energy vehicle industry chain. CATL's popularity in the market is also a result of this force.</p><p>At the beginning of this year, while sales of new energy vehicles continued to rise, Fang Jianhua, partner and president of the National Science and Technology Transformation Fund's New Energy Vehicle Venture Capital Sub-Fund, made a prediction about this year's trend: In 2021, I...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Automobile sales are expected to reach around 1.8 million units, and the installed capacity of power batteries will increase by more than 30% year-on-year. At that time, CATL successfully \"went viral\" with a recruitment notice - due to the surge in year-end orders, the company set up a special major bonus to encourage employees to stay and work overtime.</p><p>2020 marked the transition from policy-driven to market-driven electric vehicles. The battery system accounted for the highest proportion of costs in new energy vehicles, approaching 40%, making it arguably the heart of new energy vehicles. The surge in demand for electric vehicles has driven the growth of the power battery industry. Last year, my country's cumulative installed capacity of power batteries reached 63.6 GWh, a year-on-year increase of 2.3%, while power battery shipments reached 80 GWh, a year-on-year increase of 13%. As of April 2021, sales of new energy vehicles have reached a record high for 10 consecutive months.</p><p><b>This follows a similar trajectory to CATL's rising stock price.</b></p><p>Among various energy storage methods, power batteries are currently the one with the greatest demand and the most practical application. The downstream of the power battery industry chain includes three major segments: new energy vehicles, consumer electronics, and energy storage. In other words, power batteries have applications in everything from e-cigarettes and electric bicycles to new energy vehicles and industrial power systems. According to a report released by international Market Research firm Adroit Market Research, the global lithium-ion battery Market is estimated to exceed $100 billion by 2025. This estimate, of course, also benefited from the booming new energy vehicle industry.</p><p>Chen Wenhui, vice chairman of the National Council for Social Security Fund, stated at the \"2021 Caijing Sustainable Development Summit Forum\" that<b>\"CATL's market capitalization has surpassed PetroChina's, and the battle between new energy and traditional energy seems to be a foregone conclusion.\"</b></p><p><b>Industrial transformation and policy dividends are seen by investors as huge market potential, upward growth trends, and good investment targets.</b></p><p>Despite some fluctuations, CATL's stock price remains high. But how long can these good days last? Actually, there's still a question mark to be raised. Sectors and companies related to the new energy concept have experienced significant ups and downs in the past two years:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The stock price surged 650% last year, but this year it 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, its total market capitalization once approached one trillion yuan, and the photovoltaic index rose by 110.80%, but in just six trading days in February this year, it fell by about 300 billion yuan.</p><p><b>2. With a market capitalization of trillions of yuan, is CATL worth it?</b></p><p>It should be noted that there is a basis for CATL's surge in stock price, and the company's performance also experienced explosive growth during the same period.<b>CATL has firmly established itself as the leading power battery manufacturer.</b>As of the first quarter of 2021, CATL's power battery installed capacity ranked first in the country with a market share of 52.45%.</p><p>At Shanghai Jiao Tong University's 100th anniversary celebration, Sequoia Capital Global Managing Partner Shen Nanpeng asked Zeng Yuqun a question: If only 10 automakers remain in the future, how many of those 10 will be from China? Zeng Yuqun said: I think 70% will come from China.<b>This judgment stemmed from his understanding of the development potential of China's new energy vehicle industry, and Zeng Yuqun had already seized the opportunity to develop the new energy battery industry.</b></p><p>In 2015, the Ministry of Industry and Information Technology issued the \"Standard Conditions for the Automotive Power Battery Industry,\" which stipulated that in order for new energy vehicles to receive subsidies, they must use batteries produced by companies on the whitelist.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>, LG,<a href=\"https://laohu8.com/S/PC\">Panasonic</a>The fact that Japanese and South Korean battery giants were not included in this list has put domestic power battery companies on a fast track with policy protection, and has also given CATL, which was previously unknown, an opportunity to leapfrog ahead.</p><p><b>Not only was it not enough to leave behind foreign competitors, but subsequent support policies also allowed CATL to be \"lucky\" to leave behind its domestic rivals.</b>The national subsidy standard for new energy vehicles is determined based on driving range, and ternary lithium batteries with longer driving range can receive more subsidies. BYD,<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>The main focus is on the lithium iron phosphate route, which is gradually being neglected by automakers because the subsidies available are relatively limited.</p><p>At the same time, CATL has also chosen the right path for development. Due to its self-sufficiency model, BYD does not supply batteries on a large scale in its battery supply chain, and Guoxuan High-Tech mainly cooperates with...<a href=\"https://laohu8.com/S/600418\">JAC Motors</a>The scale of cooperation was also relatively limited, thus missing the opportunity for expansion.</p><p><b>As a result, CATL has gradually become the leading battery supplier in China.</b>In 2017, China's sales 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 Panasonic of Japan to become the world's largest power battery manufacturer.</p><p>Among them, CATL also knows how to \"leverage powerful allies\" to expand brand awareness. The collaboration with BMW is a typical example. In 2012, just one year after its establishment, CATL began producing power batteries for BMW's first pure electric vehicle, the \"Zinuo 1E,\" becoming the first power battery manufacturer in China to enter the supply chain system of a leading automaker.<b>This made CATL an overnight sensation.</b></p><p>BMW's brand effect has attracted many followers from traditional automakers such as SAIC, Changan, and Geely.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Emerging players such as XPeng and Li Auto subsequently partnered with CATL, and Tesla, which entered the Chinese market, also embraced 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 for the chairman to queue up to ask for batteries from them.</b>There are also reports that, in order to successfully obtain goods from CATL,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Founder He Xiaopeng also had to personally travel to Ningde.</p><p>According to data from the China Automotive Power Battery Industry Innovation Alliance, from 2018 to 2020, CATL's market share in the domestic market remained at around half.</p><p><b>3. A flash in the pan? Revenue and gross profit are both difficult to</b></p><p><b>However, the daily decline in market value already shows that CATL's trillion-yuan market value probably still lacks support.</b></p><p>In terms of profits, CATL is already in a declining state. According to CATL's financial report, the company's power battery system revenue in 2017 was 16.657 billion yuan, operating costs were 10.785 billion yuan, and the gross profit margin was 35.25%. For the next three years, CATL's gross profit margin for power battery systems continued to decline. In 2018, CATL's gross profit margin for power battery systems was 34.10%, in 2019, it was 28.45%, and by 2020, it had reached 26.56%.</p><p>CATL has also repeatedly mentioned the risk of declining gross profit margin in its \"Potential Risks\" section. In its financial report, the company explained that the changes in the gross profit margin of its various product segments are the result of the combined effects of changes in unit sales price and unit cost. If factors such as intensified market competition or adjustments in national policies cause adverse changes in the company's product prices and raw material procurement prices in the future, the company's gross profit margin risks declining.</p><p>Currently, the prices of cobalt and upstream raw materials are fluctuating more than expected, putting enormous pressure on battery production costs. For example<a href=\"https://laohu8.com/S/601162\">TF Securities</a>According to reports, the penetration of large-size new energy vehicles is expected to drive growth in lithium salt demand, and lithium hydroxide prices are expected to continue to rise. As of June 3, according to SMM spot quotes, battery-grade lithium hydroxide was priced at 91,500 yuan/ton, a surge of 84.8% compared to the beginning of the year.</p><p><b>The bigger pain point is that CATL can no longer dominate the market share of new energy vehicles.</b></p><p>As of the end of April 2021, CATL's monthly installed capacity was 3.82 GWh, with a domestic market share of 45.5%. Compared to its 52.6% market share in the first quarter of this year and its 50% market share for the whole of 2020, CATL has clearly lacked momentum.</p><p>Some automakers have said that CATL is too powerful, which will cause automakers to deliberately support other battery manufacturers to balance the situation. Major car brands are unlikely to allow a single company to dominate the supply chain.</p><p>To \"counter\" CATL, Volkswagen invested in Guoxuan High-Tech, Mercedes-Benz invested in Farasis Energy, and Tesla selected LG Chem as the battery supplier for the domestically produced Model Y, which will supply Tesla with nickel-cobalt-manganese-aluminum (NCMA) quaternary battery cathode material in July.</p><p><b>At the same time, major automakers have further engaged in involution, starting to produce their own batteries in order to further reduce production costs.</b><a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>The company is investing nearly 1 billion euros to build a battery factory in Germany. Initially, it will focus on battery cell assembly, and later it will increase its work in the field of battery cell research and production. Toyota and Panasonic have formed a new joint venture, Prime Planet Energy & Solutions, Inc., specializing in the production of prismatic lithium-ion batteries for automobiles. The same applies to domestic automakers. BYD's battery division is independently called Fudi Battery, while SVOLT Energy's predecessor was...<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>Power Battery Division.</p><p>To date, SVOLT Energy has secured orders from brands such as Geely, Dongfeng, and PSA. BMW Group Greater China Chairman Gaul said that the new energy products produced by Spotlight, a joint venture with Great Wall Motors, will use SVOLT Energy's power batteries. Fudi Battery has already supplied blade batteries to models such as FAW Hongqi. \"Almost every car brand you can think of is in talks with us about cooperation.\"<b>BYD Vice President He Long's \"Versailles\" is threatening CATL's market share.</b></p><p><b>4. A possible breakthrough, a \"bet\" on sodium batteries?</b></p><p>Zeng Yuqun has probably already realized that there are many pursuers and challengers behind him. CATL has attempted to build its own competitive advantage through diversified investment strategies, including capacity supply and enhanced industrial chain synergy, which is one of the reasons why the market is optimistic about CATL.</p><p>On the one hand, CATL is not satisfied with just being a supplier, but is extending its influence to the entire industrial chain through investment. In August 2020, CATL announced that it planned to invest 19 billion yuan in high-quality listed companies in the upstream and downstream of the domestic and foreign industrial chain. A month later, CATL invested 2.5 billion yuan in a lithium battery equipment manufacturer.<a href=\"https://laohu8.com/S/300450\">pilot intelligent</a>The private placement.</p><p>Upstream, CATL has established a special fund to invest in areas such as battery raw materials, power battery system solutions, power battery material recycling, and battery reuse. Downstream, CATL has invested in energy storage, charging infrastructure, battery swapping, autonomous driving, and even mobility businesses. In 2020, CATL also invested in SAIC Motor's ride-hailing platform Xiangdao Mobility, autonomous driving company Inceptio Technology, and Horizon Robotics.</p><p><b>CATL's battery business has already made a fortune, and it has reached a stage where it can rely on funds to consolidate its competitive advantage.</b></p><p>CATL's market capitalization surpassing one trillion yuan is largely related to its announcement of sodium batteries. On May 21, CATL, a leading global power battery company, announced at its shareholders' meeting that it will release a new generation of sodium-ion batteries in July.</p><p>For a time, besides CATL,<a href=\"https://laohu8.com/S/600328\">China Salt Chemical</a>、<a href=\"https://laohu8.com/S/600348\">Huayang Co., Ltd.</a>Sodium battery concept stocks also hit their daily limit. Surrounded by automakers, with a diversified market and seemingly unlimited potential for the future, capital is tempted to invest in CATL.</p><p>\"Thirty years east of the river, thirty years west of the river.\" The rise of companies like BYD stems from the fact that lithium iron phosphate, which was once underestimated, has broken free from the limitations of driving range. For example, BYD's blade battery has a maximum range of over 600 kilometers, which is no less than that of CATL. Data shows that the installed capacity of lithium iron phosphate batteries has rebounded strongly. According to data from the China Association of Automobile Manufacturers and the Qianzhan Industry Research Institute, in 2020, a total of 38.9 GWh of ternary lithium batteries were installed, accounting for 61.1%, a cumulative decrease of 4.1%. The installed capacity of lithium iron phosphate batteries was 24.4 GWh, accounting for 38.3%, representing a cumulative increase of 20.6%. Zeng Yuqun also publicly stated that with the increasing number of new energy vehicle charging pile facilities, the growth rate of lithium iron phosphate power batteries will be very rapid.</p><p><b>These battery companies have also begun to accelerate their pace of going public.</b>Li Yunfei, general manager of BYD's automotive brand and public relations division, said that Fudi Battery will apply for an IPO in the next one to two years. SVOLT Energy, spun off from Great Wall Motors, is also advancing its listing plan. It is expected to complete its shareholding reform in the second half of this year and submit application materials to the Shanghai Stock Exchange in the first half of 2022, seeking listing on the Science and Technology Innovation Board.</p><p>Although CATL has turned its attention to \"sodium batteries\" in order to find a new way out. However, some relevant sources told \"Jiazi Guangnian\" that sodium batteries are not actually a new technology and 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 lithium batteries. The industry generally believes that the main application areas of sodium batteries are low-end electric vehicles and energy storage. \"Whether in terms of energy density or other indicators, sodium-ion batteries are almost incomparable to products like lithium batteries that have already 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 Battery 100, said.</p><p>Seizing the opportunity, CATL's trillion-yuan market capitalization may only be a temporary achievement. Under numerous pressure, CATL still needs a stronger moat to maintain its high level.</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 new economy companies among the top ten A-share listed companies, will CATL become the next Moutai?</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 new economy companies among the top ten A-share listed companies, will CATL become the next Moutai?\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 fluctuating market capitalization lies a battle for industry influence. On May 31, the market capitalization of battery manufacturer and technology company CATL (SZ.300750) exceeded one trillion yuan.</p><p>In early trading that day, CATL rose more than 4% intraday, becoming the first company on the ChiNext board with a market capitalization of one trillion yuan. Its founder, Zeng Yuqun, also rode the wave of a trillion-dollar market capitalization, surpassing Li Ka-shing with a net worth of US$39.2 billion to become the richest man in Hong Kong.</p><p>Even more historically significant is that CATL has thus entered the top ten companies by market capitalization in China's A-share market, becoming the only new economy company among them. Apart from CATL, the top ten companies by market capitalization on the A-share market today are all names we are all familiar with:<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\">Industrial and Commercial Bank</a>Six other banks,<a href=\"https://laohu8.com/S/601318\">Ping An</a>and<a href=\"https://laohu8.com/S/LFC\">China Life</a>Two financial companies that started as insurance companies.</p><p>Why CATL? This is a question many people have. Prior to this, many people probably pinned their hopes of breaking into the top ten A-share market capitalization on Tencent.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Wait on your body. However, like most Chinese new economy companies, they did not choose 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, the tertiary industry, led by banks, dominated A-share listed companies. New economy enterprises account for a small proportion.</p><p>In June 2018, CATL went public, with an opening price of 30.17 yuan per share. For the next two years, CATL's market capitalization ranking hovered around 34th and 35th in the entire market. By May 31 this year, CATL's stock price had reached 434.1 yuan per share, an increase of 1340.04% compared to 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, only two of the top ten companies by market capitalization on the US stock market were information technology companies; by 2020, that number had reached five. In 2012<a href=\"https://laohu8.com/S/AAPL\">Apple</a>It became the largest company by market capitalization in the US stock market.</p><p>Is CATL overvalued? Both are leading power battery manufacturers<a href=\"https://laohu8.com/S/002594\">BYD</a>(SZ.002594), with a current market capitalization of 573.5 billion yuan, is only half that of CATL. BYD's listed companies include not only batteries but also new energy vehicles, mobile phone electronics, and photovoltaics. In the automotive industry, downstream of the power battery industry, the top three A-share listed automakers by market capitalization are BYD,<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>and<a href=\"https://laohu8.com/S/600104\">SAIC Motor</a>The combined market capitalization of CATL is 1.0881 trillion yuan, only slightly exceeding that of CATL.</p><p>According to 2020 operating data, CATL's net profit was 5.58 billion yuan and total operating revenue was 50.3 billion yuan. In other words, a market capitalization of one trillion yuan corresponds to a P/E of 180 times and a price-to-sales ratio of 20 times. With the activity of global financial markets coupled with the impetus of the energy revolution, a number of gasoline companies are entering their \"golden age,\" while young companies in the new energy sector are boiling above the bubble.</p><p>CATL's glare didn't last long. Before the market closed on the morning of June 1, CATL had already fallen by more than 5%, with its market capitalization falling back to 997.3 billion yuan.</p><p>\"Jiazi Guangnian\" interviewed several front-line employees in the battery and new energy vehicle industry and came to the following views:</p><p><ol><li>CATL's stock price began to surge in 2020, coinciding with global financial easing.</p><p></li><li>CATL's position as the number one automotive battery manufacturer is facing challenges;</p><p></li><li>CATL only faces competition from other battery manufacturers, and major automakers are also making batteries.</p><p></li><li>By betting on sodium batteries, it remains to be seen whether CATL can improve its competitiveness in the battery market.</p><p></li></ol><b>1. Who orchestrated CATL's rise to fame?</b></p><p>CATL's trillion-yuan market capitalization was not achieved in a day. In 2020, its ranking in the A-share market jumped to 11th place, up more than 20 places from before.</p><p>Simultaneously, CATL's stock price soared in 2020, reaching the 400 yuan/share mark at the beginning of 2021 and subsequently surpassing it.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>。 During this period, it not only frequently appeared on the Xueqiu Hot Stock List, but was also used as a benchmark company in reports by major securities firms for comparison, which is incomparable to 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's stock price trend</p><p>From a macro perspective, CATL is benefiting from two major factors: excess liquidity and the demand for carbon reduction.</p><p><b>On the one hand, the global financial system has introduced massive monetary easing, resulting in more money flowing into the market.</b>In 2020, the outbreak of the COVID-19 pandemic brought global economic activity to a standstill, and central banks around the world, 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 them multiple times, and more than 60% of the world's economies had interest rates of less than 1%.</p><p>Along with capital inflows, more people are entering the stock market. The number of new investors in 2020 reached 18.0225 million, a new high in four years. In December of last year alone, the number of new investors doubled.</p><p>The direct result is that the valuation of financial assets, including stocks, has increased.<a href=\"https://laohu8.com/S/601988\">BOC</a>Zhao Xueqing, a researcher at the research institute and the Institute of International Monetary Studies at Renmin University of China, once said that long-term unlimited monetary easing may fuel financial \"inflation\". The continued low or even negative interest rate environment in financial markets will fuel financial asset price bubbles.</p><p><b>The expansion of CATL's stock price coincided with the rush of capital and investors into the market.</b></p><p>On the other hand, the demand for carbon reduction has created development opportunities for new energy vehicles, which has also boosted the power battery industry, which is located in the midstream of the new energy vehicle industry chain. CATL's popularity in the market is also a result of this force.</p><p>At the beginning of this year, while sales of new energy vehicles continued to rise, Fang Jianhua, partner and president of the National Science and Technology Transformation Fund's New Energy Vehicle Venture Capital Sub-Fund, made a prediction about this year's trend: In 2021, I...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Automobile sales are expected to reach around 1.8 million units, and the installed capacity of power batteries will increase by more than 30% year-on-year. At that time, CATL successfully \"went viral\" with a recruitment notice - due to the surge in year-end orders, the company set up a special major bonus to encourage employees to stay and work overtime.</p><p>2020 marked the transition from policy-driven to market-driven electric vehicles. The battery system accounted for the highest proportion of costs in new energy vehicles, approaching 40%, making it arguably the heart of new energy vehicles. The surge in demand for electric vehicles has driven the growth of the power battery industry. Last year, my country's cumulative installed capacity of power batteries reached 63.6 GWh, a year-on-year increase of 2.3%, while power battery shipments reached 80 GWh, a year-on-year increase of 13%. As of April 2021, sales of new energy vehicles have reached a record high for 10 consecutive months.</p><p><b>This follows a similar trajectory to CATL's rising stock price.</b></p><p>Among various energy storage methods, power batteries are currently the one with the greatest demand and the most practical application. The downstream of the power battery industry chain includes three major segments: new energy vehicles, consumer electronics, and energy storage. In other words, power batteries have applications in everything from e-cigarettes and electric bicycles to new energy vehicles and industrial power systems. According to a report released by international Market Research firm Adroit Market Research, the global lithium-ion battery Market is estimated to exceed $100 billion by 2025. This estimate, of course, also benefited from the booming new energy vehicle industry.</p><p>Chen Wenhui, vice chairman of the National Council for Social Security Fund, stated at the \"2021 Caijing Sustainable Development Summit Forum\" that<b>\"CATL's market capitalization has surpassed PetroChina's, and the battle between new energy and traditional energy seems to be a foregone conclusion.\"</b></p><p><b>Industrial transformation and policy dividends are seen by investors as huge market potential, upward growth trends, and good investment targets.</b></p><p>Despite some fluctuations, CATL's stock price remains high. But how long can these good days last? Actually, there's still a question mark to be raised. Sectors and companies related to the new energy concept have experienced significant ups and downs in the past two years:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The stock price surged 650% last year, but this year it 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, its total market capitalization once approached one trillion yuan, and the photovoltaic index rose by 110.80%, but in just six trading days in February this year, it fell by about 300 billion yuan.</p><p><b>2. With a market capitalization of trillions of yuan, is CATL worth it?</b></p><p>It should be noted that there is a basis for CATL's surge in stock price, and the company's performance also experienced explosive growth during the same period.<b>CATL has firmly established itself as the leading power battery manufacturer.</b>As of the first quarter of 2021, CATL's power battery installed capacity ranked first in the country with a market share of 52.45%.</p><p>At Shanghai Jiao Tong University's 100th anniversary celebration, Sequoia Capital Global Managing Partner Shen Nanpeng asked Zeng Yuqun a question: If only 10 automakers remain in the future, how many of those 10 will be from China? Zeng Yuqun said: I think 70% will come from China.<b>This judgment stemmed from his understanding of the development potential of China's new energy vehicle industry, and Zeng Yuqun had already seized the opportunity to develop the new energy battery industry.</b></p><p>In 2015, the Ministry of Industry and Information Technology issued the \"Standard Conditions for the Automotive Power Battery Industry,\" which stipulated that in order for new energy vehicles to receive subsidies, they must use batteries produced by companies on the whitelist.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>, LG,<a href=\"https://laohu8.com/S/PC\">Panasonic</a>The fact that Japanese and South Korean battery giants were not included in this list has put domestic power battery companies on a fast track with policy protection, and has also given CATL, which was previously unknown, an opportunity to leapfrog ahead.</p><p><b>Not only was it not enough to leave behind foreign competitors, but subsequent support policies also allowed CATL to be \"lucky\" to leave behind its domestic rivals.</b>The national subsidy standard for new energy vehicles is determined based on driving range, and ternary lithium batteries with longer driving range can receive more subsidies. BYD,<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>The main focus is on the lithium iron phosphate route, which is gradually being neglected by automakers because the subsidies available are relatively limited.</p><p>At the same time, CATL has also chosen the right path for development. Due to its self-sufficiency model, BYD does not supply batteries on a large scale in its battery supply chain, and Guoxuan High-Tech mainly cooperates with...<a href=\"https://laohu8.com/S/600418\">JAC Motors</a>The scale of cooperation was also relatively limited, thus missing the opportunity for expansion.</p><p><b>As a result, CATL has gradually become the leading battery supplier in China.</b>In 2017, China's sales 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 Panasonic of Japan to become the world's largest power battery manufacturer.</p><p>Among them, CATL also knows how to \"leverage powerful allies\" to expand brand awareness. The collaboration with BMW is a typical example. In 2012, just one year after its establishment, CATL began producing power batteries for BMW's first pure electric vehicle, the \"Zinuo 1E,\" becoming the first power battery manufacturer in China to enter the supply chain system of a leading automaker.<b>This made CATL an overnight sensation.</b></p><p>BMW's brand effect has attracted many followers from traditional automakers such as SAIC, Changan, and Geely.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Emerging players such as XPeng and Li Auto subsequently partnered with CATL, and Tesla, which entered the Chinese market, also embraced 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 for the chairman to queue up to ask for batteries from them.</b>There are also reports that, in order to successfully obtain goods from CATL,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Founder He Xiaopeng also had to personally travel to Ningde.</p><p>According to data from the China Automotive Power Battery Industry Innovation Alliance, from 2018 to 2020, CATL's market share in the domestic market remained at around half.</p><p><b>3. A flash in the pan? Revenue and gross profit are both difficult to</b></p><p><b>However, the daily decline in market value already shows that CATL's trillion-yuan market value probably still lacks support.</b></p><p>In terms of profits, CATL is already in a declining state. According to CATL's financial report, the company's power battery system revenue in 2017 was 16.657 billion yuan, operating costs were 10.785 billion yuan, and the gross profit margin was 35.25%. For the next three years, CATL's gross profit margin for power battery systems continued to decline. In 2018, CATL's gross profit margin for power battery systems was 34.10%, in 2019, it was 28.45%, and by 2020, it had reached 26.56%.</p><p>CATL has also repeatedly mentioned the risk of declining gross profit margin in its \"Potential Risks\" section. In its financial report, the company explained that the changes in the gross profit margin of its various product segments are the result of the combined effects of changes in unit sales price and unit cost. If factors such as intensified market competition or adjustments in national policies cause adverse changes in the company's product prices and raw material procurement prices in the future, the company's gross profit margin risks declining.</p><p>Currently, the prices of cobalt and upstream raw materials are fluctuating more than expected, putting enormous pressure on battery production costs. For example<a href=\"https://laohu8.com/S/601162\">TF Securities</a>According to reports, the penetration of large-size new energy vehicles is expected to drive growth in lithium salt demand, and lithium hydroxide prices are expected to continue to rise. As of June 3, according to SMM spot quotes, battery-grade lithium hydroxide was priced at 91,500 yuan/ton, a surge of 84.8% compared to the beginning of the year.</p><p><b>The bigger pain point is that CATL can no longer dominate the market share of new energy vehicles.</b></p><p>As of the end of April 2021, CATL's monthly installed capacity was 3.82 GWh, with a domestic market share of 45.5%. Compared to its 52.6% market share in the first quarter of this year and its 50% market share for the whole of 2020, CATL has clearly lacked momentum.</p><p>Some automakers have said that CATL is too powerful, which will cause automakers to deliberately support other battery manufacturers to balance the situation. Major car brands are unlikely to allow a single company to dominate the supply chain.</p><p>To \"counter\" CATL, Volkswagen invested in Guoxuan High-Tech, Mercedes-Benz invested in Farasis Energy, and Tesla selected LG Chem as the battery supplier for the domestically produced Model Y, which will supply Tesla with nickel-cobalt-manganese-aluminum (NCMA) quaternary battery cathode material in July.</p><p><b>At the same time, major automakers have further engaged in involution, starting to produce their own batteries in order to further reduce production costs.</b><a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>The company is investing nearly 1 billion euros to build a battery factory in Germany. Initially, it will focus on battery cell assembly, and later it will increase its work in the field of battery cell research and production. Toyota and Panasonic have formed a new joint venture, Prime Planet Energy & Solutions, Inc., specializing in the production of prismatic lithium-ion batteries for automobiles. The same applies to domestic automakers. BYD's battery division is independently called Fudi Battery, while SVOLT Energy's predecessor was...<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>Power Battery Division.</p><p>To date, SVOLT Energy has secured orders from brands such as Geely, Dongfeng, and PSA. BMW Group Greater China Chairman Gaul said that the new energy products produced by Spotlight, a joint venture with Great Wall Motors, will use SVOLT Energy's power batteries. Fudi Battery has already supplied blade batteries to models such as FAW Hongqi. \"Almost every car brand you can think of is in talks with us about cooperation.\"<b>BYD Vice President He Long's \"Versailles\" is threatening CATL's market share.</b></p><p><b>4. A possible breakthrough, a \"bet\" on sodium batteries?</b></p><p>Zeng Yuqun has probably already realized that there are many pursuers and challengers behind him. CATL has attempted to build its own competitive advantage through diversified investment strategies, including capacity supply and enhanced industrial chain synergy, which is one of the reasons why the market is optimistic about CATL.</p><p>On the one hand, CATL is not satisfied with just being a supplier, but is extending its influence to the entire industrial chain through investment. In August 2020, CATL announced that it planned to invest 19 billion yuan in high-quality listed companies in the upstream and downstream of the domestic and foreign industrial chain. A month later, CATL invested 2.5 billion yuan in a lithium battery equipment manufacturer.<a href=\"https://laohu8.com/S/300450\">pilot intelligent</a>The private placement.</p><p>Upstream, CATL has established a special fund to invest in areas such as battery raw materials, power battery system solutions, power battery material recycling, and battery reuse. Downstream, CATL has invested in energy storage, charging infrastructure, battery swapping, autonomous driving, and even mobility businesses. In 2020, CATL also invested in SAIC Motor's ride-hailing platform Xiangdao Mobility, autonomous driving company Inceptio Technology, and Horizon Robotics.</p><p><b>CATL's battery business has already made a fortune, and it has reached a stage where it can rely on funds to consolidate its competitive advantage.</b></p><p>CATL's market capitalization surpassing one trillion yuan is largely related to its announcement of sodium batteries. On May 21, CATL, a leading global power battery company, announced at its shareholders' meeting that it will release a new generation of sodium-ion batteries in July.</p><p>For a time, besides CATL,<a href=\"https://laohu8.com/S/600328\">China Salt Chemical</a>、<a href=\"https://laohu8.com/S/600348\">Huayang Co., Ltd.</a>Sodium battery concept stocks also hit their daily limit. Surrounded by automakers, with a diversified market and seemingly unlimited potential for the future, capital is tempted to invest in CATL.</p><p>\"Thirty years east of the river, thirty years west of the river.\" The rise of companies like BYD stems from the fact that lithium iron phosphate, which was once underestimated, has broken free from the limitations of driving range. For example, BYD's blade battery has a maximum range of over 600 kilometers, which is no less than that of CATL. Data shows that the installed capacity of lithium iron phosphate batteries has rebounded strongly. According to data from the China Association of Automobile Manufacturers and the Qianzhan Industry Research Institute, in 2020, a total of 38.9 GWh of ternary lithium batteries were installed, accounting for 61.1%, a cumulative decrease of 4.1%. The installed capacity of lithium iron phosphate batteries was 24.4 GWh, accounting for 38.3%, representing a cumulative increase of 20.6%. Zeng Yuqun also publicly stated that with the increasing number of new energy vehicle charging pile facilities, the growth rate of lithium iron phosphate power batteries will be very rapid.</p><p><b>These battery companies have also begun to accelerate their pace of going public.</b>Li Yunfei, general manager of BYD's automotive brand and public relations division, said that Fudi Battery will apply for an IPO in the next one to two years. SVOLT Energy, spun off from Great Wall Motors, is also advancing its listing plan. It is expected to complete its shareholding reform in the second half of this year and submit application materials to the Shanghai Stock Exchange in the first half of 2022, seeking listing on the Science and Technology Innovation Board.</p><p>Although CATL has turned its attention to \"sodium batteries\" in order to find a new way out. However, some relevant sources told \"Jiazi Guangnian\" that sodium batteries are not actually a new technology and 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 lithium batteries. The industry generally believes that the main application areas of sodium batteries are low-end electric vehicles and energy storage. \"Whether in terms of energy density or other indicators, sodium-ion batteries are almost incomparable to products like lithium batteries that have already 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 Battery 100, said.</p><p>Seizing the opportunity, CATL's trillion-yuan market capitalization may only be a temporary achievement. Under numerous pressure, CATL still needs a stronger moat to maintain its high level.</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":4275,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":4269,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":"uk","language":"zh","title":"Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.","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>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for 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 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<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 market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.</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 market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.\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>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for 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 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<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":5437,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":4110,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.","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 11 news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operator of the company, has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq stock market or the New York Stock Exchange under the ticker symbol \"DIDI\".</p><p>According to data disclosed by Didi, Didi currently operates in more than 4,000 cities and regions in 15 countries, with 493 million annual active users, 15 million annual active drivers, an average daily order volume of 41 million, an annual platform transaction volume of 341 billion yuan, and a cumulative driver revenue of over 600 billion yuan from 2018 to Q1 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! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)<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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.</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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.\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 11 news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operator of the company, has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq stock market or the New York Stock Exchange under the ticker symbol \"DIDI\".</p><p>According to data disclosed by Didi, Didi currently operates in more than 4,000 cities and regions in 15 countries, with 493 million annual active users, 15 million annual active drivers, an average daily order volume of 41 million, an annual platform transaction volume of 341 billion yuan, and a cumulative driver revenue of over 600 billion yuan from 2018 to Q1 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! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)<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":4351,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":"Learning from history: the deduction and impact of soaring US inflation","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, Eastern Time, the U.S. Department of Labor released its May inflation data.<b>The U.S. CPI rose 5.0% year-on-year in May, and the core CPI rose 3.8% year-on-year, marking the largest increase since August 2008. Since the beginning of this year, the U.S. inflation rate has accelerated, and with the Federal Reserve's June interest rate meeting approaching, inflation concerns persist in the market.</b>We reviewed several surges in U.S. inflation throughout history to better understand this inflation and its impact:</p><p><b>Since 1960, the US CPI has exceeded 5% year-on-year four times.</b>(FIG. 1). We conducted a review on the economic fundamentals and Federal Reserve policy during the period when the CPI broke through 4%, 5%, and then declined (Table 1).</p><p><b>1968/06-1971/09</b>The economy fell into recession, but the lingering effects of previous massive government spending and fiscal stimulus remained, inflation continued to rise, and the Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the dual impact of the food and oil crises, the US economy has fallen into stagflation, with supply shocks and costs pushing up inflation. Government price controls failed, and monetary policy lacked independence and was too lagging, failing to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced rapid growth, but starting in 1987, the economic growth rate slowed down, and upward pressure on wages and prices emerged, prompting the Federal Reserve to tighten monetary policy.</p><p><b>2007/11-2008/09：</b>Soaring oil prices pushed up inflation, and the financial crisis broke out. The Federal Reserve's primary task in monetary policy was to rescue the market, while inflation was not its focus.</p><p><b>The causes of current inflation are quite similar to those of 1973-1982; both 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 is the base effect and supply shortage under the pandemic.</b>In May of this year, the US CPI recorded 5.0% (the highest level since August 2008), but<b>From the perspective of the CPI index, the compound annual growth rate in May 2021 compared to May 2019 was only 2.5%.</b></p><p><b>Regarding the performance of inflation this year, we are focusing on two sub-sectors: used cars and rents.</b></p><p><b>One of the main drivers of inflation is used cars.</b>As the COVID-19 pandemic worsens in Southeast Asia, chip manufacturers in many regions have shut down, leading to chip shortages and reduced production by automakers. The supply of new cars is insufficient, the demand for used cars has surged, and prices have soared (Figure 2). According to Manheim data, the price increase of used cars exceeded that of new cars in 2021 (Figure 3). In addition, the increase in other transportation-related prices further widened in May, with the increase in transportation service prices expanding from 5.6% in April to 11.2%, more than doubling.</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>Rent price trends have a significant impact on the future development of inflation.</b>Rent accounts for a relatively high weight in the US CPI (approximately 30%). Although rent growth is relatively moderate compared to other components (up 2.2% year-on-year in May this year), the growth slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rents will continue to rise moderately in the future due to 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 expected trend of inflation?</b></p><p>From a consumer's perspective, Michigan's expected inflation rate data shows that 2<b>In May 2021, U.S. consumers' five-year inflation expectations jumped to 3.0% from 2.7% the previous month (Figure 5), but were still below the 3.5% that the Federal Reserve could tolerate.</b></p><p>From a policymaker's perspective, as mentioned in our previous report, the Federal Reserve focuses on monitoring inflation expectations, with key indicators being:<b>The Common Inflation Expectations Index (CIE), which is quarterly data, is expected to be released by the end of this month for the second quarter of 2021.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will inflation affect asset prices in the future?</b></p><p>We conducted a review on the changes in the yields of the US dollar, US stocks, and US Treasury bonds over different time periods after the CPI broke through 4% in the four major inflationary events mentioned above (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks; the former is relatively lagging behind, while the latter becomes apparent within a month.</b>Interestingly, the impact of inflation on US Treasury yields is irregular. For a research framework on US Treasury yields, 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>The Federal Reserve tightened monetary policy too quickly, exacerbating geopolitical risks.</p><p><hr>Congratulations on finding the letter E! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)</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>Learning from history: the deduction and impact of soaring US inflation</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\">\nLearning from history: the deduction and impact of soaring US inflation\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, Eastern Time, the U.S. Department of Labor released its May inflation data.<b>The U.S. CPI rose 5.0% year-on-year in May, and the core CPI rose 3.8% year-on-year, marking the largest increase since August 2008. Since the beginning of this year, the U.S. inflation rate has accelerated, and with the Federal Reserve's June interest rate meeting approaching, inflation concerns persist in the market.</b>We reviewed several surges in U.S. inflation throughout history to better understand this inflation and its impact:</p><p><b>Since 1960, the US CPI has exceeded 5% year-on-year four times.</b>(FIG. 1). We conducted a review on the economic fundamentals and Federal Reserve policy during the period when the CPI broke through 4%, 5%, and then declined (Table 1).</p><p><b>1968/06-1971/09</b>The economy fell into recession, but the lingering effects of previous massive government spending and fiscal stimulus remained, inflation continued to rise, and the Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the dual impact of the food and oil crises, the US economy has fallen into stagflation, with supply shocks and costs pushing up inflation. Government price controls failed, and monetary policy lacked independence and was too lagging, failing to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced rapid growth, but starting in 1987, the economic growth rate slowed down, and upward pressure on wages and prices emerged, prompting the Federal Reserve to tighten monetary policy.</p><p><b>2007/11-2008/09：</b>Soaring oil prices pushed up inflation, and the financial crisis broke out. The Federal Reserve's primary task in monetary policy was to rescue the market, while inflation was not its focus.</p><p><b>The causes of current inflation are quite similar to those of 1973-1982; both 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 is the base effect and supply shortage under the pandemic.</b>In May of this year, the US CPI recorded 5.0% (the highest level since August 2008), but<b>From the perspective of the CPI index, the compound annual growth rate in May 2021 compared to May 2019 was only 2.5%.</b></p><p><b>Regarding the performance of inflation this year, we are focusing on two sub-sectors: used cars and rents.</b></p><p><b>One of the main drivers of inflation is used cars.</b>As the COVID-19 pandemic worsens in Southeast Asia, chip manufacturers in many regions have shut down, leading to chip shortages and reduced production by automakers. The supply of new cars is insufficient, the demand for used cars has surged, and prices have soared (Figure 2). According to Manheim data, the price increase of used cars exceeded that of new cars in 2021 (Figure 3). In addition, the increase in other transportation-related prices further widened in May, with the increase in transportation service prices expanding from 5.6% in April to 11.2%, more than doubling.</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>Rent price trends have a significant impact on the future development of inflation.</b>Rent accounts for a relatively high weight in the US CPI (approximately 30%). Although rent growth is relatively moderate compared to other components (up 2.2% year-on-year in May this year), the growth slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rents will continue to rise moderately in the future due to 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 expected trend of inflation?</b></p><p>From a consumer's perspective, Michigan's expected inflation rate data shows that 2<b>In May 2021, U.S. consumers' five-year inflation expectations jumped to 3.0% from 2.7% the previous month (Figure 5), but were still below the 3.5% that the Federal Reserve could tolerate.</b></p><p>From a policymaker's perspective, as mentioned in our previous report, the Federal Reserve focuses on monitoring inflation expectations, with key indicators being:<b>The Common Inflation Expectations Index (CIE), which is quarterly data, is expected to be released by the end of this month for the second quarter of 2021.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will inflation affect asset prices in the future?</b></p><p>We conducted a review on the changes in the yields of the US dollar, US stocks, and US Treasury bonds over different time periods after the CPI broke through 4% in the four major inflationary events mentioned above (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks; the former is relatively lagging behind, while the latter becomes apparent within a month.</b>Interestingly, the impact of inflation on US Treasury yields is irregular. For a research framework on US Treasury yields, 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>The Federal Reserve tightened monetary policy too quickly, exacerbating geopolitical risks.</p><p><hr>Congratulations on finding the letter E! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)</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":4385,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.","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 11 news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operator of the company, has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq stock market or the New York Stock Exchange under the ticker symbol \"DIDI\".</p><p>According to data disclosed by Didi, Didi currently operates in more than 4,000 cities and regions in 15 countries, with 493 million annual active users, 15 million annual active drivers, an average daily order volume of 41 million, an annual platform transaction volume of 341 billion yuan, and a cumulative driver revenue of over 600 billion yuan from 2018 to Q1 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! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)<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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.</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 chart to understand Didi's prospectus: Spread across 15 countries, averaging 41 million orders per day.\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 11 news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Xiaoju Kuaizhi, the operator of the company, has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq stock market or the New York Stock Exchange under the ticker symbol \"DIDI\".</p><p>According to data disclosed by Didi, Didi currently operates in more than 4,000 cities and regions in 15 countries, with 493 million annual active users, 15 million annual active drivers, an average daily order volume of 41 million, an annual platform transaction volume of 341 billion yuan, and a cumulative driver revenue of over 600 billion yuan from 2018 to Q1 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! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)<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":4885,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":"us","language":"zh","title":"Market Overview: Multiple liquor stocks were hit by a sell-off at the close! Is it a major negative factor or is there another hidden meaning?","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 Stocks</b></p><p>Hong Kong's three major stock indices closed slightly higher, with a lackluster week and the market remaining volatile. At the close, the Hang Seng Index rose 0.36% to 28,842 points, the Hang Seng Tech Index rose 0.32% to 10,750 points, and the Hang Seng Tech 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 market, the steel, rare earth, gas, and oil sectors led the gains.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It surged nearly 4% to a 16-month high.<a href=\"https://laohu8.com/S/00347\">Angang Steel Co.,</a>、<a href=\"https://laohu8.com/S/01053\">Chongqing Iron & Steel Co</a>Both rose by more than 3%; Sporting goods stocks are active again, with Anta,<a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose more than 2%; Auto stocks generally rose, with Meituan, a major technology stock, closing up 3%.<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>It rose more than 2%.<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>It fell by more than 1%; defense stocks fell significantly, with home appliance stocks, mainland property stocks, dairy stocks, and Chinese securities firms performing weakly throughout the day.</p><p><b>A-shares</b></p><p>The three major indices showed mixed performance. The Shanghai Composite Index fluctuated weakly throughout the day, closing down 0.58% at 3589 points, the Shenzhen Component Index down 0.62% at 14801 points, and the ChiNext Index...<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>Supported by heavyweight stocks, it rose 0.4% to 3298 points. Most stocks in the two markets fell, but trading volume increased, with a total turnover of 1.1 trillion yuan. Northbound capital saw a net outflow of 3.03 billion yuan, indicating a decline in market sentiment and profit-making effects.</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 into the photovoltaic concept.<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>It continued to rise by 5.6%; HarmonyOS concept stocks continue to surge.<a href=\"https://laohu8.com/S/003032\">Intellectual education</a>Waiting for stocks to hit their daily limit Stocks in Zhejiang province surged to their daily limit.<a href=\"https://laohu8.com/S/603806\">Foster</a>24 stocks hit their daily limit; Carbon neutrality concept stocks rose and then fell back, but the gains remained among the top, with most power stocks rising. The oil sector led the surge.<a href=\"https://laohu8.com/S/601857\">PetroChina</a>Up 5.7%; Most lithium battery concept stocks fell, while leading companies generally rose.<a href=\"https://laohu8.com/S/300750\">CATL</a>It rose nearly 4%, hitting a record high; Concepts such as new energy vehicles, special steel, wind power, and autonomous driving are active. The aviation equipment sector plummeted.<a href=\"https://laohu8.com/S/600893\">Aero Engine Power</a>Down 7%; The chemical fiber, brewing, semiconductor, and construction machinery sector indices all fell by more than 2%.</p><p>It is worth noting that many A-share liquor stocks experienced significant fluctuations in the closing auction today.<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 Wine</a>All of them were dumped by funds.</p><p><a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The stock price fell by more than 1% in the final minute of trading, with 5,169 lots involving 1.126 billion yuan dumped on Moutai, 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 2.64% in the final minute of trading, with a final drop of 3.5%, with 4,272 lots of funds selling off the shares, 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 2.4% in the last minute of trading, with 5,720 lots of funds selling off, 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>US stocks</b></p><p>Futures for the three major U.S. stock indexes were mixed, with Dow Jones futures up slightly by 0.02% as of press time. Nasdaq 100 futures fell slightly by 0.01%; S&P 500 futures fell slightly by 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 rose in pre-market trading.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It rose more than 6%.<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 5%, while ContextLogic rose nearly 3%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">precise</a>The stock rose more than 35% in pre-market trading after the company released research data on type 1 diabetes.</p><p><b>European stocks</b></p><p>Major European indices rose across the board; as of press time, the German DAX index was up 0.04%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.57%, the French CAC40 index rose 0.34%, and the European Stoxx 50 index 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 trading at $70.43 per barrel, up 0.2%. Brent crude is currently trading at $72.68 a barrel, up 0.22%.</p><p>International oil prices remained generally stable, and are expected to rise for the third consecutive week as fuel demand in Europe, China, and the United States recovers due to rising vaccination rates leading to the easing of pandemic restrictions. NYMEX crude oil is trading 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 prices narrowed their gains, rising 0.17% to $1,899.7 per ounce on the day.</p><p>International gold prices are hovering near the key level of $1,900 per ounce, with a short-term outlook of $1,916. Supported by a weaker dollar, investors are taking a calm view of rising US inflation and expect 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: Multiple liquor stocks were hit by a sell-off at the close! Is it a major negative factor or is there another hidden meaning?</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: Multiple liquor stocks were hit by a sell-off at the close! Is it a major negative factor or is there another hidden meaning?\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 Stocks</b></p><p>Hong Kong's three major stock indices closed slightly higher, with a lackluster week and the market remaining volatile. At the close, the Hang Seng Index rose 0.36% to 28,842 points, the Hang Seng Tech Index rose 0.32% to 10,750 points, and the Hang Seng Tech 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 market, the steel, rare earth, gas, and oil sectors led the gains.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It surged nearly 4% to a 16-month high.<a href=\"https://laohu8.com/S/00347\">Angang Steel Co.,</a>、<a href=\"https://laohu8.com/S/01053\">Chongqing Iron & Steel Co</a>Both rose by more than 3%; Sporting goods stocks are active again, with Anta,<a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose more than 2%; Auto stocks generally rose, with Meituan, a major technology stock, closing up 3%.<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>It rose more than 2%.<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>It fell by more than 1%; defense stocks fell significantly, with home appliance stocks, mainland property stocks, dairy stocks, and Chinese securities firms performing weakly throughout the day.</p><p><b>A-shares</b></p><p>The three major indices showed mixed performance. The Shanghai Composite Index fluctuated weakly throughout the day, closing down 0.58% at 3589 points, the Shenzhen Component Index down 0.62% at 14801 points, and the ChiNext Index...<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>Supported by heavyweight stocks, it rose 0.4% to 3298 points. Most stocks in the two markets fell, but trading volume increased, with a total turnover of 1.1 trillion yuan. Northbound capital saw a net outflow of 3.03 billion yuan, indicating a decline in market sentiment and profit-making effects.</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 into the photovoltaic concept.<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>It continued to rise by 5.6%; HarmonyOS concept stocks continue to surge.<a href=\"https://laohu8.com/S/003032\">Intellectual education</a>Waiting for stocks to hit their daily limit Stocks in Zhejiang province surged to their daily limit.<a href=\"https://laohu8.com/S/603806\">Foster</a>24 stocks hit their daily limit; Carbon neutrality concept stocks rose and then fell back, but the gains remained among the top, with most power stocks rising. The oil sector led the surge.<a href=\"https://laohu8.com/S/601857\">PetroChina</a>Up 5.7%; Most lithium battery concept stocks fell, while leading companies generally rose.<a href=\"https://laohu8.com/S/300750\">CATL</a>It rose nearly 4%, hitting a record high; Concepts such as new energy vehicles, special steel, wind power, and autonomous driving are active. The aviation equipment sector plummeted.<a href=\"https://laohu8.com/S/600893\">Aero Engine Power</a>Down 7%; The chemical fiber, brewing, semiconductor, and construction machinery sector indices all fell by more than 2%.</p><p>It is worth noting that many A-share liquor stocks experienced significant fluctuations in the closing auction today.<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 Wine</a>All of them were dumped by funds.</p><p><a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The stock price fell by more than 1% in the final minute of trading, with 5,169 lots involving 1.126 billion yuan dumped on Moutai, 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 2.64% in the final minute of trading, with a final drop of 3.5%, with 4,272 lots of funds selling off the shares, 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 2.4% in the last minute of trading, with 5,720 lots of funds selling off, 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>US stocks</b></p><p>Futures for the three major U.S. stock indexes were mixed, with Dow Jones futures up slightly by 0.02% as of press time. Nasdaq 100 futures fell slightly by 0.01%; S&P 500 futures fell slightly by 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 rose in pre-market trading.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It rose more than 6%.<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 5%, while ContextLogic rose nearly 3%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">precise</a>The stock rose more than 35% in pre-market trading after the company released research data on type 1 diabetes.</p><p><b>European stocks</b></p><p>Major European indices rose across the board; as of press time, the German DAX index was up 0.04%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.57%, the French CAC40 index rose 0.34%, and the European Stoxx 50 index 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 trading at $70.43 per barrel, up 0.2%. Brent crude is currently trading at $72.68 a barrel, up 0.22%.</p><p>International oil prices remained generally stable, and are expected to rise for the third consecutive week as fuel demand in Europe, China, and the United States recovers due to rising vaccination rates leading to the easing of pandemic restrictions. NYMEX crude oil is trading 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 prices narrowed their gains, rising 0.17% to $1,899.7 per ounce on the day.</p><p>International gold prices are hovering near the key level of $1,900 per ounce, with a short-term outlook of $1,916. Supported by a weaker dollar, investors are taking a calm view of rising US inflation and expect 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","HSCCI":"红筹指数",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","HSTECH":"恒生科技指数","HSCEI":"国企指数",".DJI":"道琼斯","HSI":"恒生指数"},"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,".SPX":0.9,"000001.SH":0.9,"HSCEI":0.9,"HSI":0.9,".IXIC":0.9,"HSCCI":0.9,".DJI":0.9,"HSTECH":0.9}},"isVote":1,"tweetType":1,"viewCount":4433,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":"Learning from history: the deduction and impact of soaring US inflation","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, Eastern Time, the U.S. Department of Labor released its May inflation data.<b>The U.S. CPI rose 5.0% year-on-year in May, and the core CPI rose 3.8% year-on-year, marking the largest increase since August 2008. Since the beginning of this year, the U.S. inflation rate has accelerated, and with the Federal Reserve's June interest rate meeting approaching, inflation concerns persist in the market.</b>We reviewed several surges in U.S. inflation throughout history to better understand this inflation and its impact:</p><p><b>Since 1960, the US CPI has exceeded 5% year-on-year four times.</b>(FIG. 1). We conducted a review on the economic fundamentals and Federal Reserve policy during the period when the CPI broke through 4%, 5%, and then declined (Table 1).</p><p><b>1968/06-1971/09</b>The economy fell into recession, but the lingering effects of previous massive government spending and fiscal stimulus remained, inflation continued to rise, and the Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the dual impact of the food and oil crises, the US economy has fallen into stagflation, with supply shocks and costs pushing up inflation. Government price controls failed, and monetary policy lacked independence and was too lagging, failing to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced rapid growth, but starting in 1987, the economic growth rate slowed down, and upward pressure on wages and prices emerged, prompting the Federal Reserve to tighten monetary policy.</p><p><b>2007/11-2008/09：</b>Soaring oil prices pushed up inflation, and the financial crisis broke out. The Federal Reserve's primary task in monetary policy was to rescue the market, while inflation was not its focus.</p><p><b>The causes of current inflation are quite similar to those of 1973-1982; both 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 is the base effect and supply shortage under the pandemic.</b>In May of this year, the US CPI recorded 5.0% (the highest level since August 2008), but<b>From the perspective of the CPI index, the compound annual growth rate in May 2021 compared to May 2019 was only 2.5%.</b></p><p><b>Regarding the performance of inflation this year, we are focusing on two sub-sectors: used cars and rents.</b></p><p><b>One of the main drivers of inflation is used cars.</b>As the COVID-19 pandemic worsens in Southeast Asia, chip manufacturers in many regions have shut down, leading to chip shortages and reduced production by automakers. The supply of new cars is insufficient, the demand for used cars has surged, and prices have soared (Figure 2). According to Manheim data, the price increase of used cars exceeded that of new cars in 2021 (Figure 3). In addition, the increase in other transportation-related prices further widened in May, with the increase in transportation service prices expanding from 5.6% in April to 11.2%, more than doubling.</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>Rent price trends have a significant impact on the future development of inflation.</b>Rent accounts for a relatively high weight in the US CPI (approximately 30%). Although rent growth is relatively moderate compared to other components (up 2.2% year-on-year in May this year), the growth slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rents will continue to rise moderately in the future due to 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 expected trend of inflation?</b></p><p>From a consumer's perspective, Michigan's expected inflation rate data shows that 2<b>In May 2021, U.S. consumers' five-year inflation expectations jumped to 3.0% from 2.7% the previous month (Figure 5), but were still below the 3.5% that the Federal Reserve could tolerate.</b></p><p>From a policymaker's perspective, as mentioned in our previous report, the Federal Reserve focuses on monitoring inflation expectations, with key indicators being:<b>The Common Inflation Expectations Index (CIE), which is quarterly data, is expected to be released by the end of this month for the second quarter of 2021.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will inflation affect asset prices in the future?</b></p><p>We conducted a review on the changes in the yields of the US dollar, US stocks, and US Treasury bonds over different time periods after the CPI broke through 4% in the four major inflationary events mentioned above (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks; the former is relatively lagging behind, while the latter becomes apparent within a month.</b>Interestingly, the impact of inflation on US Treasury yields is irregular. For a research framework on US Treasury yields, 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>The Federal Reserve tightened monetary policy too quickly, exacerbating geopolitical risks.</p><p><hr>Congratulations on finding the letter E! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)</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>Learning from history: the deduction and impact of soaring US inflation</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\">\nLearning from history: the deduction and impact of soaring US inflation\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, Eastern Time, the U.S. Department of Labor released its May inflation data.<b>The U.S. CPI rose 5.0% year-on-year in May, and the core CPI rose 3.8% year-on-year, marking the largest increase since August 2008. Since the beginning of this year, the U.S. inflation rate has accelerated, and with the Federal Reserve's June interest rate meeting approaching, inflation concerns persist in the market.</b>We reviewed several surges in U.S. inflation throughout history to better understand this inflation and its impact:</p><p><b>Since 1960, the US CPI has exceeded 5% year-on-year four times.</b>(FIG. 1). We conducted a review on the economic fundamentals and Federal Reserve policy during the period when the CPI broke through 4%, 5%, and then declined (Table 1).</p><p><b>1968/06-1971/09</b>The economy fell into recession, but the lingering effects of previous massive government spending and fiscal stimulus remained, inflation continued to rise, and the Federal Reserve tightened monetary policy in 1970 to curb inflation.</p><p><b>1973/03-1982/11：</b>Under the dual impact of the food and oil crises, the US economy has fallen into stagflation, with supply shocks and costs pushing up inflation. Government price controls failed, and monetary policy lacked independence and was too lagging, failing to successfully curb inflation.</p><p><b>1987/08-1991/07：</b>After emerging from stagflation, the U.S. economy experienced rapid growth, but starting in 1987, the economic growth rate slowed down, and upward pressure on wages and prices emerged, prompting the Federal Reserve to tighten monetary policy.</p><p><b>2007/11-2008/09：</b>Soaring oil prices pushed up inflation, and the financial crisis broke out. The Federal Reserve's primary task in monetary policy was to rescue the market, while inflation was not its focus.</p><p><b>The causes of current inflation are quite similar to those of 1973-1982; both 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 is the base effect and supply shortage under the pandemic.</b>In May of this year, the US CPI recorded 5.0% (the highest level since August 2008), but<b>From the perspective of the CPI index, the compound annual growth rate in May 2021 compared to May 2019 was only 2.5%.</b></p><p><b>Regarding the performance of inflation this year, we are focusing on two sub-sectors: used cars and rents.</b></p><p><b>One of the main drivers of inflation is used cars.</b>As the COVID-19 pandemic worsens in Southeast Asia, chip manufacturers in many regions have shut down, leading to chip shortages and reduced production by automakers. The supply of new cars is insufficient, the demand for used cars has surged, and prices have soared (Figure 2). According to Manheim data, the price increase of used cars exceeded that of new cars in 2021 (Figure 3). In addition, the increase in other transportation-related prices further widened in May, with the increase in transportation service prices expanding from 5.6% in April to 11.2%, more than doubling.</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>Rent price trends have a significant impact on the future development of inflation.</b>Rent accounts for a relatively high weight in the US CPI (approximately 30%). Although rent growth is relatively moderate compared to other components (up 2.2% year-on-year in May this year), the growth slope has steepened since the beginning of the year (Figure 4).<b>It is expected that rents will continue to rise moderately in the future due to 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 expected trend of inflation?</b></p><p>From a consumer's perspective, Michigan's expected inflation rate data shows that 2<b>In May 2021, U.S. consumers' five-year inflation expectations jumped to 3.0% from 2.7% the previous month (Figure 5), but were still below the 3.5% that the Federal Reserve could tolerate.</b></p><p>From a policymaker's perspective, as mentioned in our previous report, the Federal Reserve focuses on monitoring inflation expectations, with key indicators being:<b>The Common Inflation Expectations Index (CIE), which is quarterly data, is expected to be released by the end of this month for the second quarter of 2021.</b></p><p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p><b>How will inflation affect asset prices in the future?</b></p><p>We conducted a review on the changes in the yields of the US dollar, US stocks, and US Treasury bonds over different time periods after the CPI broke through 4% in the four major inflationary events mentioned above (Table 2):<b>Inflation has a negative impact on the US dollar and US stocks; the former is relatively lagging behind, while the latter becomes apparent within a month.</b>Interestingly, the impact of inflation on US Treasury yields is irregular. For a research framework on US Treasury yields, 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>The Federal Reserve tightened monetary policy too quickly, exacerbating geopolitical risks.</p><p><hr>Congratulations on finding the letter E! Participate in the \"Tiger Search\" event. Leave a comment below saying \"Tiger is here\" to receive 100 Tiger Coins. If you collect all 7 pictures and leave a comment, you will also receive a 7th anniversary limited edition gift box. (Click for details)<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">[7th Anniversary Prize Giveaway] Tiger Search</a>understand)</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":4259,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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 new economy companies among the top ten A-share listed companies, will CATL become the next Moutai?","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 fluctuating market capitalization lies a battle for industry influence. On May 31, the market capitalization of battery manufacturer and technology company CATL (SZ.300750) exceeded one trillion yuan.</p><p>In early trading that day, CATL rose more than 4% intraday, becoming the first company on the ChiNext board with a market capitalization of one trillion yuan. Its founder, Zeng Yuqun, also rode the wave of a trillion-dollar market capitalization, surpassing Li Ka-shing with a net worth of US$39.2 billion to become the richest man in Hong Kong.</p><p>Even more historically significant is that CATL has thus entered the top ten companies by market capitalization in China's A-share market, becoming the only new economy company among them. Apart from CATL, the top ten companies by market capitalization on the A-share market today are all names we are all familiar with:<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\">Industrial and Commercial Bank</a>Six other banks,<a href=\"https://laohu8.com/S/601318\">Ping An</a>and<a href=\"https://laohu8.com/S/LFC\">China Life</a>Two financial companies that started as insurance companies.</p><p>Why CATL? This is a question many people have. Prior to this, many people probably pinned their hopes of breaking into the top ten A-share market capitalization on Tencent.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Wait on your body. However, like most Chinese new economy companies, they did not choose 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, the tertiary industry, led by banks, dominated A-share listed companies. New economy enterprises account for a small proportion.</p><p>In June 2018, CATL went public, with an opening price of 30.17 yuan per share. For the next two years, CATL's market capitalization ranking hovered around 34th and 35th in the entire market. By May 31 this year, CATL's stock price had reached 434.1 yuan per share, an increase of 1340.04% compared to 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, only two of the top ten companies by market capitalization on the US stock market were information technology companies; by 2020, that number had reached five. In 2012<a href=\"https://laohu8.com/S/AAPL\">Apple</a>It became the largest company by market capitalization in the US stock market.</p><p>Is CATL overvalued? Both are leading power battery manufacturers<a href=\"https://laohu8.com/S/002594\">BYD</a>(SZ.002594), with a current market capitalization of 573.5 billion yuan, is only half that of CATL. BYD's listed companies include not only batteries but also new energy vehicles, mobile phone electronics, and photovoltaics. In the automotive industry, downstream of the power battery industry, the top three A-share listed automakers by market capitalization are BYD,<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>and<a href=\"https://laohu8.com/S/600104\">SAIC Motor</a>The combined market capitalization of CATL is 1.0881 trillion yuan, only slightly exceeding that of CATL.</p><p>According to 2020 operating data, CATL's net profit was 5.58 billion yuan and total operating revenue was 50.3 billion yuan. In other words, a market capitalization of one trillion yuan corresponds to a P/E of 180 times and a price-to-sales ratio of 20 times. With the activity of global financial markets coupled with the impetus of the energy revolution, a number of gasoline companies are entering their \"golden age,\" while young companies in the new energy sector are boiling above the bubble.</p><p>CATL's glare didn't last long. Before the market closed on the morning of June 1, CATL had already fallen by more than 5%, with its market capitalization falling back to 997.3 billion yuan.</p><p>\"Jiazi Guangnian\" interviewed several front-line employees in the battery and new energy vehicle industry and came to the following views:</p><p><ol><li>CATL's stock price began to surge in 2020, coinciding with global financial easing.</p><p></li><li>CATL's position as the number one automotive battery manufacturer is facing challenges;</p><p></li><li>CATL only faces competition from other battery manufacturers, and major automakers are also making batteries.</p><p></li><li>By betting on sodium batteries, it remains to be seen whether CATL can improve its competitiveness in the battery market.</p><p></li></ol><b>1. Who orchestrated CATL's rise to fame?</b></p><p>CATL's trillion-yuan market capitalization was not achieved in a day. In 2020, its ranking in the A-share market jumped to 11th place, up more than 20 places from before.</p><p>Simultaneously, CATL's stock price soared in 2020, reaching the 400 yuan/share mark at the beginning of 2021 and subsequently surpassing it.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>。 During this period, it not only frequently appeared on the Xueqiu Hot Stock List, but was also used as a benchmark company in reports by major securities firms for comparison, which is incomparable to 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's stock price trend</p><p>From a macro perspective, CATL is benefiting from two major factors: excess liquidity and the demand for carbon reduction.</p><p><b>On the one hand, the global financial system has introduced massive monetary easing, resulting in more money flowing into the market.</b>In 2020, the outbreak of the COVID-19 pandemic brought global economic activity to a standstill, and central banks around the world, 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 them multiple times, and more than 60% of the world's economies had interest rates of less than 1%.</p><p>Along with capital inflows, more people are entering the stock market. The number of new investors in 2020 reached 18.0225 million, a new high in four years. In December of last year alone, the number of new investors doubled.</p><p>The direct result is that the valuation of financial assets, including stocks, has increased.<a href=\"https://laohu8.com/S/601988\">BOC</a>Zhao Xueqing, a researcher at the research institute and the Institute of International Monetary Studies at Renmin University of China, once said that long-term unlimited monetary easing may fuel financial \"inflation\". The continued low or even negative interest rate environment in financial markets will fuel financial asset price bubbles.</p><p><b>The expansion of CATL's stock price coincided with the rush of capital and investors into the market.</b></p><p>On the other hand, the demand for carbon reduction has created development opportunities for new energy vehicles, which has also boosted the power battery industry, which is located in the midstream of the new energy vehicle industry chain. CATL's popularity in the market is also a result of this force.</p><p>At the beginning of this year, while sales of new energy vehicles continued to rise, Fang Jianhua, partner and president of the National Science and Technology Transformation Fund's New Energy Vehicle Venture Capital Sub-Fund, made a prediction about this year's trend: In 2021, I...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Automobile sales are expected to reach around 1.8 million units, and the installed capacity of power batteries will increase by more than 30% year-on-year. At that time, CATL successfully \"went viral\" with a recruitment notice - due to the surge in year-end orders, the company set up a special major bonus to encourage employees to stay and work overtime.</p><p>2020 marked the transition from policy-driven to market-driven electric vehicles. The battery system accounted for the highest proportion of costs in new energy vehicles, approaching 40%, making it arguably the heart of new energy vehicles. The surge in demand for electric vehicles has driven the growth of the power battery industry. Last year, my country's cumulative installed capacity of power batteries reached 63.6 GWh, a year-on-year increase of 2.3%, while power battery shipments reached 80 GWh, a year-on-year increase of 13%. As of April 2021, sales of new energy vehicles have reached a record high for 10 consecutive months.</p><p><b>This follows a similar trajectory to CATL's rising stock price.</b></p><p>Among various energy storage methods, power batteries are currently the one with the greatest demand and the most practical application. The downstream of the power battery industry chain includes three major segments: new energy vehicles, consumer electronics, and energy storage. In other words, power batteries have applications in everything from e-cigarettes and electric bicycles to new energy vehicles and industrial power systems. According to a report released by international Market Research firm Adroit Market Research, the global lithium-ion battery Market is estimated to exceed $100 billion by 2025. This estimate, of course, also benefited from the booming new energy vehicle industry.</p><p>Chen Wenhui, vice chairman of the National Council for Social Security Fund, stated at the \"2021 Caijing Sustainable Development Summit Forum\" that<b>\"CATL's market capitalization has surpassed PetroChina's, and the battle between new energy and traditional energy seems to be a foregone conclusion.\"</b></p><p><b>Industrial transformation and policy dividends are seen by investors as huge market potential, upward growth trends, and good investment targets.</b></p><p>Despite some fluctuations, CATL's stock price remains high. But how long can these good days last? Actually, there's still a question mark to be raised. Sectors and companies related to the new energy concept have experienced significant ups and downs in the past two years:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The stock price surged 650% last year, but this year it 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, its total market capitalization once approached one trillion yuan, and the photovoltaic index rose by 110.80%, but in just six trading days in February this year, it fell by about 300 billion yuan.</p><p><b>2. With a market capitalization of trillions of yuan, is CATL worth it?</b></p><p>It should be noted that there is a basis for CATL's surge in stock price, and the company's performance also experienced explosive growth during the same period.<b>CATL has firmly established itself as the leading power battery manufacturer.</b>As of the first quarter of 2021, CATL's power battery installed capacity ranked first in the country with a market share of 52.45%.</p><p>At Shanghai Jiao Tong University's 100th anniversary celebration, Sequoia Capital Global Managing Partner Shen Nanpeng asked Zeng Yuqun a question: If only 10 automakers remain in the future, how many of those 10 will be from China? Zeng Yuqun said: I think 70% will come from China.<b>This judgment stemmed from his understanding of the development potential of China's new energy vehicle industry, and Zeng Yuqun had already seized the opportunity to develop the new energy battery industry.</b></p><p>In 2015, the Ministry of Industry and Information Technology issued the \"Standard Conditions for the Automotive Power Battery Industry,\" which stipulated that in order for new energy vehicles to receive subsidies, they must use batteries produced by companies on the whitelist.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>, LG,<a href=\"https://laohu8.com/S/PC\">Panasonic</a>The fact that Japanese and South Korean battery giants were not included in this list has put domestic power battery companies on a fast track with policy protection, and has also given CATL, which was previously unknown, an opportunity to leapfrog ahead.</p><p><b>Not only was it not enough to leave behind foreign competitors, but subsequent support policies also allowed CATL to be \"lucky\" to leave behind its domestic rivals.</b>The national subsidy standard for new energy vehicles is determined based on driving range, and ternary lithium batteries with longer driving range can receive more subsidies. BYD,<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>The main focus is on the lithium iron phosphate route, which is gradually being neglected by automakers because the subsidies available are relatively limited.</p><p>At the same time, CATL has also chosen the right path for development. Due to its self-sufficiency model, BYD does not supply batteries on a large scale in its battery supply chain, and Guoxuan High-Tech mainly cooperates with...<a href=\"https://laohu8.com/S/600418\">JAC Motors</a>The scale of cooperation was also relatively limited, thus missing the opportunity for expansion.</p><p><b>As a result, CATL has gradually become the leading battery supplier in China.</b>In 2017, China's sales 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 Panasonic of Japan to become the world's largest power battery manufacturer.</p><p>Among them, CATL also knows how to \"leverage powerful allies\" to expand brand awareness. The collaboration with BMW is a typical example. In 2012, just one year after its establishment, CATL began producing power batteries for BMW's first pure electric vehicle, the \"Zinuo 1E,\" becoming the first power battery manufacturer in China to enter the supply chain system of a leading automaker.<b>This made CATL an overnight sensation.</b></p><p>BMW's brand effect has attracted many followers from traditional automakers such as SAIC, Changan, and Geely.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Emerging players such as XPeng and Li Auto subsequently partnered with CATL, and Tesla, which entered the Chinese market, also embraced 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 for the chairman to queue up to ask for batteries from them.</b>There are also reports that, in order to successfully obtain goods from CATL,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Founder He Xiaopeng also had to personally travel to Ningde.</p><p>According to data from the China Automotive Power Battery Industry Innovation Alliance, from 2018 to 2020, CATL's market share in the domestic market remained at around half.</p><p><b>3. A flash in the pan? Revenue and gross profit are both difficult to</b></p><p><b>However, the daily decline in market value already shows that CATL's trillion-yuan market value probably still lacks support.</b></p><p>In terms of profits, CATL is already in a declining state. According to CATL's financial report, the company's power battery system revenue in 2017 was 16.657 billion yuan, operating costs were 10.785 billion yuan, and the gross profit margin was 35.25%. For the next three years, CATL's gross profit margin for power battery systems continued to decline. In 2018, CATL's gross profit margin for power battery systems was 34.10%, in 2019, it was 28.45%, and by 2020, it had reached 26.56%.</p><p>CATL has also repeatedly mentioned the risk of declining gross profit margin in its \"Potential Risks\" section. In its financial report, the company explained that the changes in the gross profit margin of its various product segments are the result of the combined effects of changes in unit sales price and unit cost. If factors such as intensified market competition or adjustments in national policies cause adverse changes in the company's product prices and raw material procurement prices in the future, the company's gross profit margin risks declining.</p><p>Currently, the prices of cobalt and upstream raw materials are fluctuating more than expected, putting enormous pressure on battery production costs. For example<a href=\"https://laohu8.com/S/601162\">TF Securities</a>According to reports, the penetration of large-size new energy vehicles is expected to drive growth in lithium salt demand, and lithium hydroxide prices are expected to continue to rise. As of June 3, according to SMM spot quotes, battery-grade lithium hydroxide was priced at 91,500 yuan/ton, a surge of 84.8% compared to the beginning of the year.</p><p><b>The bigger pain point is that CATL can no longer dominate the market share of new energy vehicles.</b></p><p>As of the end of April 2021, CATL's monthly installed capacity was 3.82 GWh, with a domestic market share of 45.5%. Compared to its 52.6% market share in the first quarter of this year and its 50% market share for the whole of 2020, CATL has clearly lacked momentum.</p><p>Some automakers have said that CATL is too powerful, which will cause automakers to deliberately support other battery manufacturers to balance the situation. Major car brands are unlikely to allow a single company to dominate the supply chain.</p><p>To \"counter\" CATL, Volkswagen invested in Guoxuan High-Tech, Mercedes-Benz invested in Farasis Energy, and Tesla selected LG Chem as the battery supplier for the domestically produced Model Y, which will supply Tesla with nickel-cobalt-manganese-aluminum (NCMA) quaternary battery cathode material in July.</p><p><b>At the same time, major automakers have further engaged in involution, starting to produce their own batteries in order to further reduce production costs.</b><a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>The company is investing nearly 1 billion euros to build a battery factory in Germany. Initially, it will focus on battery cell assembly, and later it will increase its work in the field of battery cell research and production. Toyota and Panasonic have formed a new joint venture, Prime Planet Energy & Solutions, Inc., specializing in the production of prismatic lithium-ion batteries for automobiles. The same applies to domestic automakers. BYD's battery division is independently called Fudi Battery, while SVOLT Energy's predecessor was...<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>Power Battery Division.</p><p>To date, SVOLT Energy has secured orders from brands such as Geely, Dongfeng, and PSA. BMW Group Greater China Chairman Gaul said that the new energy products produced by Spotlight, a joint venture with Great Wall Motors, will use SVOLT Energy's power batteries. Fudi Battery has already supplied blade batteries to models such as FAW Hongqi. \"Almost every car brand you can think of is in talks with us about cooperation.\"<b>BYD Vice President He Long's \"Versailles\" is threatening CATL's market share.</b></p><p><b>4. A possible breakthrough, a \"bet\" on sodium batteries?</b></p><p>Zeng Yuqun has probably already realized that there are many pursuers and challengers behind him. CATL has attempted to build its own competitive advantage through diversified investment strategies, including capacity supply and enhanced industrial chain synergy, which is one of the reasons why the market is optimistic about CATL.</p><p>On the one hand, CATL is not satisfied with just being a supplier, but is extending its influence to the entire industrial chain through investment. In August 2020, CATL announced that it planned to invest 19 billion yuan in high-quality listed companies in the upstream and downstream of the domestic and foreign industrial chain. A month later, CATL invested 2.5 billion yuan in a lithium battery equipment manufacturer.<a href=\"https://laohu8.com/S/300450\">pilot intelligent</a>The private placement.</p><p>Upstream, CATL has established a special fund to invest in areas such as battery raw materials, power battery system solutions, power battery material recycling, and battery reuse. Downstream, CATL has invested in energy storage, charging infrastructure, battery swapping, autonomous driving, and even mobility businesses. In 2020, CATL also invested in SAIC Motor's ride-hailing platform Xiangdao Mobility, autonomous driving company Inceptio Technology, and Horizon Robotics.</p><p><b>CATL's battery business has already made a fortune, and it has reached a stage where it can rely on funds to consolidate its competitive advantage.</b></p><p>CATL's market capitalization surpassing one trillion yuan is largely related to its announcement of sodium batteries. On May 21, CATL, a leading global power battery company, announced at its shareholders' meeting that it will release a new generation of sodium-ion batteries in July.</p><p>For a time, besides CATL,<a href=\"https://laohu8.com/S/600328\">China Salt Chemical</a>、<a href=\"https://laohu8.com/S/600348\">Huayang Co., Ltd.</a>Sodium battery concept stocks also hit their daily limit. Surrounded by automakers, with a diversified market and seemingly unlimited potential for the future, capital is tempted to invest in CATL.</p><p>\"Thirty years east of the river, thirty years west of the river.\" The rise of companies like BYD stems from the fact that lithium iron phosphate, which was once underestimated, has broken free from the limitations of driving range. For example, BYD's blade battery has a maximum range of over 600 kilometers, which is no less than that of CATL. Data shows that the installed capacity of lithium iron phosphate batteries has rebounded strongly. According to data from the China Association of Automobile Manufacturers and the Qianzhan Industry Research Institute, in 2020, a total of 38.9 GWh of ternary lithium batteries were installed, accounting for 61.1%, a cumulative decrease of 4.1%. The installed capacity of lithium iron phosphate batteries was 24.4 GWh, accounting for 38.3%, representing a cumulative increase of 20.6%. Zeng Yuqun also publicly stated that with the increasing number of new energy vehicle charging pile facilities, the growth rate of lithium iron phosphate power batteries will be very rapid.</p><p><b>These battery companies have also begun to accelerate their pace of going public.</b>Li Yunfei, general manager of BYD's automotive brand and public relations division, said that Fudi Battery will apply for an IPO in the next one to two years. SVOLT Energy, spun off from Great Wall Motors, is also advancing its listing plan. It is expected to complete its shareholding reform in the second half of this year and submit application materials to the Shanghai Stock Exchange in the first half of 2022, seeking listing on the Science and Technology Innovation Board.</p><p>Although CATL has turned its attention to \"sodium batteries\" in order to find a new way out. However, some relevant sources told \"Jiazi Guangnian\" that sodium batteries are not actually a new technology and 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 lithium batteries. The industry generally believes that the main application areas of sodium batteries are low-end electric vehicles and energy storage. \"Whether in terms of energy density or other indicators, sodium-ion batteries are almost incomparable to products like lithium batteries that have already 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 Battery 100, said.</p><p>Seizing the opportunity, CATL's trillion-yuan market capitalization may only be a temporary achievement. Under numerous pressure, CATL still needs a stronger moat to maintain its high level.</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 new economy companies among the top ten A-share listed companies, will CATL become the next Moutai?</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 new economy companies among the top ten A-share listed companies, will CATL become the next Moutai?\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 fluctuating market capitalization lies a battle for industry influence. On May 31, the market capitalization of battery manufacturer and technology company CATL (SZ.300750) exceeded one trillion yuan.</p><p>In early trading that day, CATL rose more than 4% intraday, becoming the first company on the ChiNext board with a market capitalization of one trillion yuan. Its founder, Zeng Yuqun, also rode the wave of a trillion-dollar market capitalization, surpassing Li Ka-shing with a net worth of US$39.2 billion to become the richest man in Hong Kong.</p><p>Even more historically significant is that CATL has thus entered the top ten companies by market capitalization in China's A-share market, becoming the only new economy company among them. Apart from CATL, the top ten companies by market capitalization on the A-share market today are all names we are all familiar with:<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\">Industrial and Commercial Bank</a>Six other banks,<a href=\"https://laohu8.com/S/601318\">Ping An</a>and<a href=\"https://laohu8.com/S/LFC\">China Life</a>Two financial companies that started as insurance companies.</p><p>Why CATL? This is a question many people have. Prior to this, many people probably pinned their hopes of breaking into the top ten A-share market capitalization on Tencent.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Wait on your body. However, like most Chinese new economy companies, they did not choose 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, the tertiary industry, led by banks, dominated A-share listed companies. New economy enterprises account for a small proportion.</p><p>In June 2018, CATL went public, with an opening price of 30.17 yuan per share. For the next two years, CATL's market capitalization ranking hovered around 34th and 35th in the entire market. By May 31 this year, CATL's stock price had reached 434.1 yuan per share, an increase of 1340.04% compared to 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, only two of the top ten companies by market capitalization on the US stock market were information technology companies; by 2020, that number had reached five. In 2012<a href=\"https://laohu8.com/S/AAPL\">Apple</a>It became the largest company by market capitalization in the US stock market.</p><p>Is CATL overvalued? Both are leading power battery manufacturers<a href=\"https://laohu8.com/S/002594\">BYD</a>(SZ.002594), with a current market capitalization of 573.5 billion yuan, is only half that of CATL. BYD's listed companies include not only batteries but also new energy vehicles, mobile phone electronics, and photovoltaics. In the automotive industry, downstream of the power battery industry, the top three A-share listed automakers by market capitalization are BYD,<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>and<a href=\"https://laohu8.com/S/600104\">SAIC Motor</a>The combined market capitalization of CATL is 1.0881 trillion yuan, only slightly exceeding that of CATL.</p><p>According to 2020 operating data, CATL's net profit was 5.58 billion yuan and total operating revenue was 50.3 billion yuan. In other words, a market capitalization of one trillion yuan corresponds to a P/E of 180 times and a price-to-sales ratio of 20 times. With the activity of global financial markets coupled with the impetus of the energy revolution, a number of gasoline companies are entering their \"golden age,\" while young companies in the new energy sector are boiling above the bubble.</p><p>CATL's glare didn't last long. Before the market closed on the morning of June 1, CATL had already fallen by more than 5%, with its market capitalization falling back to 997.3 billion yuan.</p><p>\"Jiazi Guangnian\" interviewed several front-line employees in the battery and new energy vehicle industry and came to the following views:</p><p><ol><li>CATL's stock price began to surge in 2020, coinciding with global financial easing.</p><p></li><li>CATL's position as the number one automotive battery manufacturer is facing challenges;</p><p></li><li>CATL only faces competition from other battery manufacturers, and major automakers are also making batteries.</p><p></li><li>By betting on sodium batteries, it remains to be seen whether CATL can improve its competitiveness in the battery market.</p><p></li></ol><b>1. Who orchestrated CATL's rise to fame?</b></p><p>CATL's trillion-yuan market capitalization was not achieved in a day. In 2020, its ranking in the A-share market jumped to 11th place, up more than 20 places from before.</p><p>Simultaneously, CATL's stock price soared in 2020, reaching the 400 yuan/share mark at the beginning of 2021 and subsequently surpassing it.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>。 During this period, it not only frequently appeared on the Xueqiu Hot Stock List, but was also used as a benchmark company in reports by major securities firms for comparison, which is incomparable to 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's stock price trend</p><p>From a macro perspective, CATL is benefiting from two major factors: excess liquidity and the demand for carbon reduction.</p><p><b>On the one hand, the global financial system has introduced massive monetary easing, resulting in more money flowing into the market.</b>In 2020, the outbreak of the COVID-19 pandemic brought global economic activity to a standstill, and central banks around the world, 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 them multiple times, and more than 60% of the world's economies had interest rates of less than 1%.</p><p>Along with capital inflows, more people are entering the stock market. The number of new investors in 2020 reached 18.0225 million, a new high in four years. In December of last year alone, the number of new investors doubled.</p><p>The direct result is that the valuation of financial assets, including stocks, has increased.<a href=\"https://laohu8.com/S/601988\">BOC</a>Zhao Xueqing, a researcher at the research institute and the Institute of International Monetary Studies at Renmin University of China, once said that long-term unlimited monetary easing may fuel financial \"inflation\". The continued low or even negative interest rate environment in financial markets will fuel financial asset price bubbles.</p><p><b>The expansion of CATL's stock price coincided with the rush of capital and investors into the market.</b></p><p>On the other hand, the demand for carbon reduction has created development opportunities for new energy vehicles, which has also boosted the power battery industry, which is located in the midstream of the new energy vehicle industry chain. CATL's popularity in the market is also a result of this force.</p><p>At the beginning of this year, while sales of new energy vehicles continued to rise, Fang Jianhua, partner and president of the National Science and Technology Transformation Fund's New Energy Vehicle Venture Capital Sub-Fund, made a prediction about this year's trend: In 2021, I...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Automobile sales are expected to reach around 1.8 million units, and the installed capacity of power batteries will increase by more than 30% year-on-year. At that time, CATL successfully \"went viral\" with a recruitment notice - due to the surge in year-end orders, the company set up a special major bonus to encourage employees to stay and work overtime.</p><p>2020 marked the transition from policy-driven to market-driven electric vehicles. The battery system accounted for the highest proportion of costs in new energy vehicles, approaching 40%, making it arguably the heart of new energy vehicles. The surge in demand for electric vehicles has driven the growth of the power battery industry. Last year, my country's cumulative installed capacity of power batteries reached 63.6 GWh, a year-on-year increase of 2.3%, while power battery shipments reached 80 GWh, a year-on-year increase of 13%. As of April 2021, sales of new energy vehicles have reached a record high for 10 consecutive months.</p><p><b>This follows a similar trajectory to CATL's rising stock price.</b></p><p>Among various energy storage methods, power batteries are currently the one with the greatest demand and the most practical application. The downstream of the power battery industry chain includes three major segments: new energy vehicles, consumer electronics, and energy storage. In other words, power batteries have applications in everything from e-cigarettes and electric bicycles to new energy vehicles and industrial power systems. According to a report released by international Market Research firm Adroit Market Research, the global lithium-ion battery Market is estimated to exceed $100 billion by 2025. This estimate, of course, also benefited from the booming new energy vehicle industry.</p><p>Chen Wenhui, vice chairman of the National Council for Social Security Fund, stated at the \"2021 Caijing Sustainable Development Summit Forum\" that<b>\"CATL's market capitalization has surpassed PetroChina's, and the battle between new energy and traditional energy seems to be a foregone conclusion.\"</b></p><p><b>Industrial transformation and policy dividends are seen by investors as huge market potential, upward growth trends, and good investment targets.</b></p><p>Despite some fluctuations, CATL's stock price remains high. But how long can these good days last? Actually, there's still a question mark to be raised. Sectors and companies related to the new energy concept have experienced significant ups and downs in the past two years:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The stock price surged 650% last year, but this year it 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, its total market capitalization once approached one trillion yuan, and the photovoltaic index rose by 110.80%, but in just six trading days in February this year, it fell by about 300 billion yuan.</p><p><b>2. With a market capitalization of trillions of yuan, is CATL worth it?</b></p><p>It should be noted that there is a basis for CATL's surge in stock price, and the company's performance also experienced explosive growth during the same period.<b>CATL has firmly established itself as the leading power battery manufacturer.</b>As of the first quarter of 2021, CATL's power battery installed capacity ranked first in the country with a market share of 52.45%.</p><p>At Shanghai Jiao Tong University's 100th anniversary celebration, Sequoia Capital Global Managing Partner Shen Nanpeng asked Zeng Yuqun a question: If only 10 automakers remain in the future, how many of those 10 will be from China? Zeng Yuqun said: I think 70% will come from China.<b>This judgment stemmed from his understanding of the development potential of China's new energy vehicle industry, and Zeng Yuqun had already seized the opportunity to develop the new energy battery industry.</b></p><p>In 2015, the Ministry of Industry and Information Technology issued the \"Standard Conditions for the Automotive Power Battery Industry,\" which stipulated that in order for new energy vehicles to receive subsidies, they must use batteries produced by companies on the whitelist.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>, LG,<a href=\"https://laohu8.com/S/PC\">Panasonic</a>The fact that Japanese and South Korean battery giants were not included in this list has put domestic power battery companies on a fast track with policy protection, and has also given CATL, which was previously unknown, an opportunity to leapfrog ahead.</p><p><b>Not only was it not enough to leave behind foreign competitors, but subsequent support policies also allowed CATL to be \"lucky\" to leave behind its domestic rivals.</b>The national subsidy standard for new energy vehicles is determined based on driving range, and ternary lithium batteries with longer driving range can receive more subsidies. BYD,<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>The main focus is on the lithium iron phosphate route, which is gradually being neglected by automakers because the subsidies available are relatively limited.</p><p>At the same time, CATL has also chosen the right path for development. Due to its self-sufficiency model, BYD does not supply batteries on a large scale in its battery supply chain, and Guoxuan High-Tech mainly cooperates with...<a href=\"https://laohu8.com/S/600418\">JAC Motors</a>The scale of cooperation was also relatively limited, thus missing the opportunity for expansion.</p><p><b>As a result, CATL has gradually become the leading battery supplier in China.</b>In 2017, China's sales 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 Panasonic of Japan to become the world's largest power battery manufacturer.</p><p>Among them, CATL also knows how to \"leverage powerful allies\" to expand brand awareness. The collaboration with BMW is a typical example. In 2012, just one year after its establishment, CATL began producing power batteries for BMW's first pure electric vehicle, the \"Zinuo 1E,\" becoming the first power battery manufacturer in China to enter the supply chain system of a leading automaker.<b>This made CATL an overnight sensation.</b></p><p>BMW's brand effect has attracted many followers from traditional automakers such as SAIC, Changan, and Geely.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Emerging players such as XPeng and Li Auto subsequently partnered with CATL, and Tesla, which entered the Chinese market, also embraced 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 for the chairman to queue up to ask for batteries from them.</b>There are also reports that, in order to successfully obtain goods from CATL,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Founder He Xiaopeng also had to personally travel to Ningde.</p><p>According to data from the China Automotive Power Battery Industry Innovation Alliance, from 2018 to 2020, CATL's market share in the domestic market remained at around half.</p><p><b>3. A flash in the pan? Revenue and gross profit are both difficult to</b></p><p><b>However, the daily decline in market value already shows that CATL's trillion-yuan market value probably still lacks support.</b></p><p>In terms of profits, CATL is already in a declining state. According to CATL's financial report, the company's power battery system revenue in 2017 was 16.657 billion yuan, operating costs were 10.785 billion yuan, and the gross profit margin was 35.25%. For the next three years, CATL's gross profit margin for power battery systems continued to decline. In 2018, CATL's gross profit margin for power battery systems was 34.10%, in 2019, it was 28.45%, and by 2020, it had reached 26.56%.</p><p>CATL has also repeatedly mentioned the risk of declining gross profit margin in its \"Potential Risks\" section. In its financial report, the company explained that the changes in the gross profit margin of its various product segments are the result of the combined effects of changes in unit sales price and unit cost. If factors such as intensified market competition or adjustments in national policies cause adverse changes in the company's product prices and raw material procurement prices in the future, the company's gross profit margin risks declining.</p><p>Currently, the prices of cobalt and upstream raw materials are fluctuating more than expected, putting enormous pressure on battery production costs. For example<a href=\"https://laohu8.com/S/601162\">TF Securities</a>According to reports, the penetration of large-size new energy vehicles is expected to drive growth in lithium salt demand, and lithium hydroxide prices are expected to continue to rise. As of June 3, according to SMM spot quotes, battery-grade lithium hydroxide was priced at 91,500 yuan/ton, a surge of 84.8% compared to the beginning of the year.</p><p><b>The bigger pain point is that CATL can no longer dominate the market share of new energy vehicles.</b></p><p>As of the end of April 2021, CATL's monthly installed capacity was 3.82 GWh, with a domestic market share of 45.5%. Compared to its 52.6% market share in the first quarter of this year and its 50% market share for the whole of 2020, CATL has clearly lacked momentum.</p><p>Some automakers have said that CATL is too powerful, which will cause automakers to deliberately support other battery manufacturers to balance the situation. Major car brands are unlikely to allow a single company to dominate the supply chain.</p><p>To \"counter\" CATL, Volkswagen invested in Guoxuan High-Tech, Mercedes-Benz invested in Farasis Energy, and Tesla selected LG Chem as the battery supplier for the domestically produced Model Y, which will supply Tesla with nickel-cobalt-manganese-aluminum (NCMA) quaternary battery cathode material in July.</p><p><b>At the same time, major automakers have further engaged in involution, starting to produce their own batteries in order to further reduce production costs.</b><a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>The company is investing nearly 1 billion euros to build a battery factory in Germany. Initially, it will focus on battery cell assembly, and later it will increase its work in the field of battery cell research and production. Toyota and Panasonic have formed a new joint venture, Prime Planet Energy & Solutions, Inc., specializing in the production of prismatic lithium-ion batteries for automobiles. The same applies to domestic automakers. BYD's battery division is independently called Fudi Battery, while SVOLT Energy's predecessor was...<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>Power Battery Division.</p><p>To date, SVOLT Energy has secured orders from brands such as Geely, Dongfeng, and PSA. BMW Group Greater China Chairman Gaul said that the new energy products produced by Spotlight, a joint venture with Great Wall Motors, will use SVOLT Energy's power batteries. Fudi Battery has already supplied blade batteries to models such as FAW Hongqi. \"Almost every car brand you can think of is in talks with us about cooperation.\"<b>BYD Vice President He Long's \"Versailles\" is threatening CATL's market share.</b></p><p><b>4. A possible breakthrough, a \"bet\" on sodium batteries?</b></p><p>Zeng Yuqun has probably already realized that there are many pursuers and challengers behind him. CATL has attempted to build its own competitive advantage through diversified investment strategies, including capacity supply and enhanced industrial chain synergy, which is one of the reasons why the market is optimistic about CATL.</p><p>On the one hand, CATL is not satisfied with just being a supplier, but is extending its influence to the entire industrial chain through investment. In August 2020, CATL announced that it planned to invest 19 billion yuan in high-quality listed companies in the upstream and downstream of the domestic and foreign industrial chain. A month later, CATL invested 2.5 billion yuan in a lithium battery equipment manufacturer.<a href=\"https://laohu8.com/S/300450\">pilot intelligent</a>The private placement.</p><p>Upstream, CATL has established a special fund to invest in areas such as battery raw materials, power battery system solutions, power battery material recycling, and battery reuse. Downstream, CATL has invested in energy storage, charging infrastructure, battery swapping, autonomous driving, and even mobility businesses. In 2020, CATL also invested in SAIC Motor's ride-hailing platform Xiangdao Mobility, autonomous driving company Inceptio Technology, and Horizon Robotics.</p><p><b>CATL's battery business has already made a fortune, and it has reached a stage where it can rely on funds to consolidate its competitive advantage.</b></p><p>CATL's market capitalization surpassing one trillion yuan is largely related to its announcement of sodium batteries. On May 21, CATL, a leading global power battery company, announced at its shareholders' meeting that it will release a new generation of sodium-ion batteries in July.</p><p>For a time, besides CATL,<a href=\"https://laohu8.com/S/600328\">China Salt Chemical</a>、<a href=\"https://laohu8.com/S/600348\">Huayang Co., Ltd.</a>Sodium battery concept stocks also hit their daily limit. Surrounded by automakers, with a diversified market and seemingly unlimited potential for the future, capital is tempted to invest in CATL.</p><p>\"Thirty years east of the river, thirty years west of the river.\" The rise of companies like BYD stems from the fact that lithium iron phosphate, which was once underestimated, has broken free from the limitations of driving range. For example, BYD's blade battery has a maximum range of over 600 kilometers, which is no less than that of CATL. Data shows that the installed capacity of lithium iron phosphate batteries has rebounded strongly. According to data from the China Association of Automobile Manufacturers and the Qianzhan Industry Research Institute, in 2020, a total of 38.9 GWh of ternary lithium batteries were installed, accounting for 61.1%, a cumulative decrease of 4.1%. The installed capacity of lithium iron phosphate batteries was 24.4 GWh, accounting for 38.3%, representing a cumulative increase of 20.6%. Zeng Yuqun also publicly stated that with the increasing number of new energy vehicle charging pile facilities, the growth rate of lithium iron phosphate power batteries will be very rapid.</p><p><b>These battery companies have also begun to accelerate their pace of going public.</b>Li Yunfei, general manager of BYD's automotive brand and public relations division, said that Fudi Battery will apply for an IPO in the next one to two years. SVOLT Energy, spun off from Great Wall Motors, is also advancing its listing plan. It is expected to complete its shareholding reform in the second half of this year and submit application materials to the Shanghai Stock Exchange in the first half of 2022, seeking listing on the Science and Technology Innovation Board.</p><p>Although CATL has turned its attention to \"sodium batteries\" in order to find a new way out. However, some relevant sources told \"Jiazi Guangnian\" that sodium batteries are not actually a new technology and 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 lithium batteries. The industry generally believes that the main application areas of sodium batteries are low-end electric vehicles and energy storage. \"Whether in terms of energy density or other indicators, sodium-ion batteries are almost incomparable to products like lithium batteries that have already 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 Battery 100, said.</p><p>Seizing the opportunity, CATL's trillion-yuan market capitalization may only be a temporary achievement. Under numerous pressure, CATL still needs a stronger moat to maintain its high level.</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":4275,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":4269,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":"uk","language":"zh","title":"Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.","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>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for 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 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<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 market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.</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 market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.\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>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for 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 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<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":5437,"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,"authorIdStr":"3584688369185777","idStr":"3584688369185777"},"themes":[],"title":"","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":4110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}