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2022-12-02

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Last Night and This Morning | The three major U.S. stock indexes diverged, and Manchester United's stock price rose by more than 60% this week

2022-11-27

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2022-11-25

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@孟析笔谈:葡萄牙戰勝加納海信洗衣機見證C羅首秀“封神”

2022-11-25

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2022-11-22

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2022-11-21

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Pre-market | US stock index futures fell! A pharmaceutical stock bucked the trend and soared more than 100%

2022-11-21

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2022-11-20

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2022-11-16

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2022-11-15

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07:42","market":"us","language":"zh","title":"Last Night and This Morning | The three major U.S. stock indexes diverged, and Manchester United's stock price rose by more than 60% this week","url":"https://stock-news.laohu8.com/highlight/detail?id=1179369982","media":"老虎资讯综合","summary":"美股交易清淡，收盘涨跌不一；热门中概股普跌，陆金所暴跌20%；中东土豪有意接盘？待售曼联本周股价涨超六成；小鹏汽车遭摩根大通减持，11月两度抛售套现超5.7亿港元；俄油上限定价难妥协，欧盟谈判会议延下","content":"<p><html><head></head><body>U.S. stocks traded lightly and closed mixed; Popular Chinese stocks fell generally,<a href=\"https://laohu8.com/S/LU\">Lufax</a>Plunge 20%; Middle East local tyrants are interested in taking over? For sale<a href=\"https://laohu8.com/S/MANU\">Manchester United</a>This week, the stock price rose by more than 60%;<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Suffered<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Reduce holdings, sell off twice in November and cash out over HK$ 570 million; Russian oil ceiling pricing is difficult to compromise, EU negotiating meeting postponed next week>>><b>Overseas markets</b></p><p><b>Closing: U.S. stocks mixed as markets focus on retailer holiday performance</b></p><p>U.S. stocks closed mixed on Friday, with all three major indexes recording gains this week. The market is closely watching how retailers perform on Black Friday and continues to assess the Fed's monetary policy outlook. The Dow rose 152.97 points, or 0.45%, to 34,347.03 points; The Nasdaq fell 58.96 points, or 0.52%, to 11,226.36 points; The S&P 500 fell 1.14 points, or 0.03%, to 4,026.12.</p><p>During this week, all three major U.S. stock indexes recorded gains, with the Dow up 1.78%, the S&P 500 up 1.53% and the Nasdaq up 0.72%.</p><p><b>Most popular Chinese stocks fell on Friday,<a href=\"https://laohu8.com/S/LU\">Lufax</a>Plunge 20%</b></p><p>Popular Chinese stocks fell generally,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>down 3.82%,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>down 5.32%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>down 1.44%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Down 7.15%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>down 3.75%,<a href=\"https://laohu8.com/S/NTES\">Netease</a>down 1.50%,<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>down 3.75%; Lufax fell 20%, and its net profit in the third quarter decreased by 67.1% year-on-year to 1.327 billion yuan. The company expects its net profit in 2022 to decline by 47%-49% year-on-year.</p><p><b>European stocks closed broadly higher, Germany's DAX30 index rose 0.02%</b></p><p>Germany's DAX30 index rose 0.02%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>The index rose 0.32%, France's CAC40 index rose 0.08%, Europe's Stoxx 50 index rose 0.02%, Spain's IBEX35 index rose 0.32%, and Italy's FTSE MIB index fell 0.05%.</p><p><b>International macro</b></p><p><a href=\"https://laohu8.com/NW/2286231260\" target=\"_blank\"><b>High inflation plus recession shadow, how about this Thanksgiving sale in the United States?</b></a></p><p>The data showed that online sales on Thanksgiving Day rose 2.9%, a sluggish but slightly better-than-expected growth. Data is not adjusted for inflation. A small increase in low single digits means that sales may actually be down. This year, U.S. consumers' shopping behavior has returned to pre-pandemic, choosing to wait and see, waiting for higher discounts at the end of the year.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Topping the list of online search discounts,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Only fourth.</p><p><a href=\"https://laohu8.com/NW/2286317911\" target=\"_blank\"><b>Still can't talk about it! Russian oil cap pricing is difficult to compromise, EU negotiation meeting postponed next week</b></a></p><p>According to multiple media reports, multiple people familiar with the matter revealed that EU diplomats suspended negotiations on the price cap on Russian oil, and the meeting was postponed until next Monday. Diplomats had expected a deal to be reached by Friday night, but Poland and the Baltic states struggled to compromise on the higher price cap, people familiar with the matter said. In addition, a senior diplomat revealed that Poland demanded additional sanctions against Russia and a review mechanism.</p><p><a href=\"https://laohu8.com/NW/2286313389\" target=\"_blank\"><b>Stop procrastinating! EU trade ministers demand quick progress to tackle Biden's inflation bill</b></a></p><p>In the face of the Biden administration's Inflation Reduction Act and the purpose of \"America Industries First\", EU countries have expressed strong opposition. Against the backdrop of slow progress in negotiations, EU trade ministers have come forward to shout \"hurry up\".</p><p><b>Company News</b></p><p><a href=\"https://laohu8.com/NW/2286317919\" target=\"_blank\"><b>Middle East local tyrants are interested in taking over? For sale Manchester United shares rose more than 60% this week</b></a></p><p>For Manchester United investors, this is a week worth remembering. On Friday, Eastern Time, Manchester United closed up 13.35%, and once rose more than 22% in the intraday session, setting a new high since October 2018. The stock has risen by more than 62% this week, a record increase.</p><p><a href=\"https://laohu8.com/NW/2286996315\" target=\"_blank\"><b>XPeng Motors was reduced by JPMorgan Chase: Twice-sold and cashed out over HK$570 million in November</b></a></p><p>From<a href=\"https://laohu8.com/S/00388\">HKEX</a>JPMorgan Chase reduced its holdings on Nov. 22, it was learned<a href=\"https://laohu8.com/S/09868\">XPeng Motors-W</a>7,835,200 shares, with an average price of HK$28.1073 per share, involving an investment of about HK$220 million, and the shareholding ratio dropped from 7.17% previously to 6.57%.</p><p><b><a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Closed down more than 6%, raised more than $4bn in new shares</b></p><p>The company has issued 889 million new shares to existing investors at CHF 2.52 per share, confirming the final terms of its CHF 4 billion capital increase plan. Investors approved the capital increase on Wednesday to fund the bank's transformation plan, with the struggling<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Trying to recover from the biggest crisis in 166-year history.</p><p><b>The U.S. FTC may initiate an antitrust lawsuit,<a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a>Down 4%</b></p><p>Media reports on Wednesday suggested that the Federal Trade Commission (FTC) could file an antitrust lawsuit to block the deal. Aaron Glick, an M&A arbitrage expert at Cowen & Co, said many investors had banked on<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Good credibility in the U.S. Congress will help the FTC approve the deal, but according to the deal after it fell through<a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a>Assuming that the share price will be at $60, the market now expects about a 40% chance of a successful deal closing.</p><p><a href=\"https://laohu8.com/NW/2286345590\" target=\"_blank\"><b>Wal-Mart becomes the Black Five winner this year, surpassing Amazon as the first choice of consumers</b></a></p><p>Walmart is becoming the top choice for U.S. consumers looking for Black Friday discounts, new research data shows. As of Friday morning, Walmart dominated as U.S. consumers searched online for Black Friday discounts, according to ad-tech firm Captify. The company Captify tracks more than 1 billion searches daily from websites worldwide.</p><p><a href=\"https://laohu8.com/NW/2286346686\" target=\"_blank\"><b>Amazon may reach a settlement with EU antitrust regulators at the end of the year</b></a></p><p>According to people familiar with the matter,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>It is possible to resolve an antitrust investigation launched by European regulators by the end of this year. The European Commission is \"likely to accept Amazon's binding recommendations by the end of the year,\" people familiar with the matter said. The recommendations allegedly include ending certain questionable practices, such as using data from independent sellers. In addition, the settlement agreement should also include provisions, such as requiring Amazon to \"treat all sellers equally in ranking for the winner of the competition.\"</p><p></body></html></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>Last Night and This Morning | The three major U.S. stock indexes diverged, and Manchester United's stock price rose by more than 60% this week</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\">\nLast Night and This Morning | The three major U.S. stock indexes diverged, and Manchester United's stock price rose by more than 60% this week\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\">2022-11-26 07:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stocks traded lightly and closed mixed; Popular Chinese stocks fell generally,<a href=\"https://laohu8.com/S/LU\">Lufax</a>Plunge 20%; Middle East local tyrants are interested in taking over? For sale<a href=\"https://laohu8.com/S/MANU\">Manchester United</a>This week, the stock price rose by more than 60%;<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Suffered<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Reduce holdings, sell off twice in November and cash out over HK$ 570 million; Russian oil ceiling pricing is difficult to compromise, EU negotiating meeting postponed next week>>><b>Overseas markets</b></p><p><b>Closing: U.S. stocks mixed as markets focus on retailer holiday performance</b></p><p>U.S. stocks closed mixed on Friday, with all three major indexes recording gains this week. The market is closely watching how retailers perform on Black Friday and continues to assess the Fed's monetary policy outlook. The Dow rose 152.97 points, or 0.45%, to 34,347.03 points; The Nasdaq fell 58.96 points, or 0.52%, to 11,226.36 points; The S&P 500 fell 1.14 points, or 0.03%, to 4,026.12.</p><p>During this week, all three major U.S. stock indexes recorded gains, with the Dow up 1.78%, the S&P 500 up 1.53% and the Nasdaq up 0.72%.</p><p><b>Most popular Chinese stocks fell on Friday,<a href=\"https://laohu8.com/S/LU\">Lufax</a>Plunge 20%</b></p><p>Popular Chinese stocks fell generally,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>down 3.82%,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>down 5.32%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>down 1.44%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Down 7.15%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>down 3.75%,<a href=\"https://laohu8.com/S/NTES\">Netease</a>down 1.50%,<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>down 3.75%; Lufax fell 20%, and its net profit in the third quarter decreased by 67.1% year-on-year to 1.327 billion yuan. The company expects its net profit in 2022 to decline by 47%-49% year-on-year.</p><p><b>European stocks closed broadly higher, Germany's DAX30 index rose 0.02%</b></p><p>Germany's DAX30 index rose 0.02%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>The index rose 0.32%, France's CAC40 index rose 0.08%, Europe's Stoxx 50 index rose 0.02%, Spain's IBEX35 index rose 0.32%, and Italy's FTSE MIB index fell 0.05%.</p><p><b>International macro</b></p><p><a href=\"https://laohu8.com/NW/2286231260\" target=\"_blank\"><b>High inflation plus recession shadow, how about this Thanksgiving sale in the United States?</b></a></p><p>The data showed that online sales on Thanksgiving Day rose 2.9%, a sluggish but slightly better-than-expected growth. Data is not adjusted for inflation. A small increase in low single digits means that sales may actually be down. This year, U.S. consumers' shopping behavior has returned to pre-pandemic, choosing to wait and see, waiting for higher discounts at the end of the year.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Topping the list of online search discounts,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Only fourth.</p><p><a href=\"https://laohu8.com/NW/2286317911\" target=\"_blank\"><b>Still can't talk about it! Russian oil cap pricing is difficult to compromise, EU negotiation meeting postponed next week</b></a></p><p>According to multiple media reports, multiple people familiar with the matter revealed that EU diplomats suspended negotiations on the price cap on Russian oil, and the meeting was postponed until next Monday. Diplomats had expected a deal to be reached by Friday night, but Poland and the Baltic states struggled to compromise on the higher price cap, people familiar with the matter said. In addition, a senior diplomat revealed that Poland demanded additional sanctions against Russia and a review mechanism.</p><p><a href=\"https://laohu8.com/NW/2286313389\" target=\"_blank\"><b>Stop procrastinating! EU trade ministers demand quick progress to tackle Biden's inflation bill</b></a></p><p>In the face of the Biden administration's Inflation Reduction Act and the purpose of \"America Industries First\", EU countries have expressed strong opposition. Against the backdrop of slow progress in negotiations, EU trade ministers have come forward to shout \"hurry up\".</p><p><b>Company News</b></p><p><a href=\"https://laohu8.com/NW/2286317919\" target=\"_blank\"><b>Middle East local tyrants are interested in taking over? For sale Manchester United shares rose more than 60% this week</b></a></p><p>For Manchester United investors, this is a week worth remembering. On Friday, Eastern Time, Manchester United closed up 13.35%, and once rose more than 22% in the intraday session, setting a new high since October 2018. The stock has risen by more than 62% this week, a record increase.</p><p><a href=\"https://laohu8.com/NW/2286996315\" target=\"_blank\"><b>XPeng Motors was reduced by JPMorgan Chase: Twice-sold and cashed out over HK$570 million in November</b></a></p><p>From<a href=\"https://laohu8.com/S/00388\">HKEX</a>JPMorgan Chase reduced its holdings on Nov. 22, it was learned<a href=\"https://laohu8.com/S/09868\">XPeng Motors-W</a>7,835,200 shares, with an average price of HK$28.1073 per share, involving an investment of about HK$220 million, and the shareholding ratio dropped from 7.17% previously to 6.57%.</p><p><b><a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Closed down more than 6%, raised more than $4bn in new shares</b></p><p>The company has issued 889 million new shares to existing investors at CHF 2.52 per share, confirming the final terms of its CHF 4 billion capital increase plan. Investors approved the capital increase on Wednesday to fund the bank's transformation plan, with the struggling<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Trying to recover from the biggest crisis in 166-year history.</p><p><b>The U.S. FTC may initiate an antitrust lawsuit,<a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a>Down 4%</b></p><p>Media reports on Wednesday suggested that the Federal Trade Commission (FTC) could file an antitrust lawsuit to block the deal. Aaron Glick, an M&A arbitrage expert at Cowen & Co, said many investors had banked on<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Good credibility in the U.S. Congress will help the FTC approve the deal, but according to the deal after it fell through<a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a>Assuming that the share price will be at $60, the market now expects about a 40% chance of a successful deal closing.</p><p><a href=\"https://laohu8.com/NW/2286345590\" target=\"_blank\"><b>Wal-Mart becomes the Black Five winner this year, surpassing Amazon as the first choice of consumers</b></a></p><p>Walmart is becoming the top choice for U.S. consumers looking for Black Friday discounts, new research data shows. As of Friday morning, Walmart dominated as U.S. consumers searched online for Black Friday discounts, according to ad-tech firm Captify. The company Captify tracks more than 1 billion searches daily from websites worldwide.</p><p><a href=\"https://laohu8.com/NW/2286346686\" target=\"_blank\"><b>Amazon may reach a settlement with EU antitrust regulators at the end of the year</b></a></p><p>According to people familiar with the matter,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>It is possible to resolve an antitrust investigation launched by European regulators by the end of this year. The European Commission is \"likely to accept Amazon's binding recommendations by the end of the year,\" people familiar with the matter said. The recommendations allegedly include ending certain questionable practices, such as using data from independent sellers. In addition, the settlement agreement should also include provisions, such as requiring Amazon to \"treat all sellers equally in ranking for the winner of the competition.\"</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{".IXIC":"NASDAQ Composite","MANU":"曼联","BK4108":"电影和娱乐",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179369982","content_text":"美股交易清淡，收盘涨跌不一；热门中概股普跌，陆金所暴跌20%；中东土豪有意接盘？待售曼联本周股价涨超六成；小鹏汽车遭摩根大通减持，11月两度抛售套现超5.7亿港元；俄油上限定价难妥协，欧盟谈判会议延下周>>>海外市场收盘：美股涨跌不一，市场关注零售商假日表现美股周五收盘涨跌不一，三大股指本周均录得涨幅。市场密切关注零售商在黑色星期五的表现，并继续评估美联储的货币政策前景。道指涨152.97点，涨幅为0.45%，报34347.03点；纳指跌58.96点，跌幅为0.52%，报11226.36点；标普500指数跌1.14点，跌幅为0.03%，报4026.12点。在这一周内，美股三大股指均录得涨幅，道指累计上涨1.78%，标普500指数上涨1.53%，纳指上涨0.72%。热门中概股周五多数下跌，陆金所暴跌20%热门中概股普跌，阿里巴巴跌3.82%，京东跌5.32%，拼多多跌1.44%，哔哩哔哩跌7.15%，百度跌3.75%，网易跌1.50%，腾讯音乐跌3.75%；陆金所跌20%，第三季度净利润同比减少67.1%至13.27亿元，公司预计2022年净利润将同比下降47%-49%。欧股收盘普涨，德国DAX30指数涨0.02%德国DAX30指数涨0.02%，英国富时100指数涨0.32%，法国CAC40指数涨0.08%，欧洲斯托克50指数涨0.02%，西班牙IBEX35指数涨0.32%，意大利富时MIB指数跌0.05%。国际宏观高通胀加经济衰退阴影，美国这个感恩节销售怎么样？数据显示，感恩节当日的在线销售额增长2.9%，增幅低迷但略好于预期。数据未经通胀调整。低个位数的小幅增长意味着，销量可能实际是下降的。今年美国消费者的购物行为回归到疫情前，选择观望，等待年底更高的折扣。沃尔玛位居在线搜索折扣榜首，亚马逊仅排第四。还是谈不拢！俄油上限定价难妥协，欧盟谈判会议延下周综合多家媒体报道，多位知情人士透露，欧盟外交官们暂停了关于针对俄罗斯石油价格上限的谈判，会议被推迟到下周一。知情人士们表示，外交官们原本预计能在周五晚上达成协议，但波兰和波罗的海国家难以对较高的价格上限妥协。除此以外，还有一位高级外交官透露，波兰方面要求对俄追加实施额外的制裁，并建立审查机制。停止拖延！欧盟贸易部长要求尽快推进应对拜登通胀法案的进程面对拜登政府的《通胀缩减法案》和“美国产业优先”的宗旨，欧盟国家纷纷表达了强烈反对的立场。在谈判进展缓慢的背景下，欧盟贸易部长纷纷出面喊话“搞快点”。公司新闻中东土豪有意接盘？待售曼联本周股价涨超六成对于曼联投资者来说，这是值得铭记的一周，美东时间周五，曼联收涨13.35%，盘中一度涨逾22%，创下2018年10月以来新高，该股本周累计上涨超62%，涨幅创下了历史纪录。小鹏汽车遭摩根大通减持：11月两度抛售套现超5.7亿港元从香港交易所获悉，摩根大通在11月22日减持小鹏汽车-W783.52万股，每股平均价28.1073港元，涉资约2.20亿港元，持股比例由此前的7.17%降至6.57%。瑞士信贷收跌逾6%，发新股筹资逾40亿美元该公司已向现有投资者以每股2.52瑞士法郎的价格发行8.89亿股新股，确认了其40亿瑞士法郎增资计划的最终条款。投资者本周三批准了此次增资，目的是为该行的转型计划提供资金，陷入困境的瑞士信贷试图从166年历史上最大的危机中复苏。美国FTC或发起反垄断诉讼，动视暴雪跌4%周三有媒体报道称，美国联邦贸易委员会（FTC）可能会提起反垄断诉讼，以阻止这笔交易。Cowen & Co的并购套利专家Aaron Glick表示，许多投资者曾寄希望于微软在美国国会的良好信誉将有助于FTC批准这笔交易，但根据交易失败后动视暴雪股价将在60美元的假设，市场目前预计交易成功完成的可能性约为40%。沃尔玛成今年黑五大赢家，超越亚马逊成消费者首选新的研究数据显示，沃尔玛正在成为美国消费者寻找黑色星期五折扣活动的首选。根据广告技术公司Captify的数据，截至周五上午，美国消费者在网上搜索黑色星期五的折扣时，沃尔玛占据了主导地位。Captify公司每天从全球网站上跟踪超过10亿次搜索。亚马逊或于年底与欧盟反垄断监管机构达成和解据知情人士透露，亚马逊有可能在今年年底解决欧洲监管机构发起的反垄断调查。知情人士表示，欧盟委员会“很可能在年底前接受亚马逊的约束性建议”。据称，这些建议包括终止某些有问题的做法，例如使用独立卖家的数据。另外，和解协议还应包括部分条款，如要求亚马逊“在为选出竞争中的赢家而对所有卖家进行排名时，给予平等对待”。","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"MANU":0.9}},"isVote":1,"tweetType":1,"viewCount":3366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966205595,"gmtCreate":1669537227118,"gmtModify":1676538205867,"author":{"id":"3585215181911888","authorId":"3585215181911888","name":"新手520","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585215181911888","idStr":"3585215181911888"},"themes":[],"htmlText":"<a 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海信洗衣機見證C羅首秀“封神”","htmlText":"北京時間24日凌晨，葡萄牙隊迎戰加納，大神C羅也迎來了自己在拉斯阿布阿巴迪球場的高光時刻。全場90多分鐘的馳騁拼殺，最終葡萄牙以3:2斬落加納於馬下。本屆世界盃官方贊助商海信旗下的白電品牌海信洗衣機見證了這一“封神”時刻。自從2006年，C羅第一次爲葡萄牙出戰世界盃以來，他已經連續五屆征戰世界盃，每屆都有進球，上屆俄羅斯世界盃，他更是打進了4球，其中包括對陣西班牙的帽子戲法，在他的率領下，葡萄牙的最佳戰績是2006年的四強。此外，C羅還出戰了五屆歐洲盃，同樣是每屆都有進球，總共打進了14球，葡萄牙獲得歐洲盃冠軍和亞軍各一次。至此，C羅已代表國家隊打進了118球，是絕對的葡萄牙歷史英雄！其實，在全球頂級賽場上，任何成功背後都是以汗水澆灌出的實力爲依靠。正如海信洗衣機以實力姿態，見證實力精彩。從宣佈趙麗娜成爲品牌代言人到海信贊助2022年卡塔爾世界盃™的一系列體育營銷，海信洗衣機不止專注於體育精神的傳遞，更是不斷關注用戶舒適、健康體驗，在科技創新與產品升級上下足了功夫。作爲高端洗護行業的引領者，海信洗衣機從技術到產品，從產品到場景，從場景到智慧生活方式不斷迭代，通過好產品、新科技、智體驗爲用戶打造精緻智慧衣帽間、智慧陽臺、智慧衛浴等多元智慧場景解決方案，滿足消費者對高品質生活的新需求。從2020年開始，海信洗衣機就深耕蒸燙洗護領域，成爲行業首個蒸燙洗團體標準的牽頭制定者和起草組組長單位，並不斷迭代創新，蒸燙洗再次升級V-fresh離子蒸燙，使衣物在護理過程中，享受“纖維維生素”的養護，成功將高端衣物就要“蒸燙洗”的概念深入消費者認知之中。讓我們持續鎖定2022卡塔爾世界盃的，用養護黑科技助力海信洗衣機的健康生活觸達全球，開啓一場足球賽事與家電升級的新“蒸”程。","listText":"北京時間24日凌晨，葡萄牙隊迎戰加納，大神C羅也迎來了自己在拉斯阿布阿巴迪球場的高光時刻。全場90多分鐘的馳騁拼殺，最終葡萄牙以3:2斬落加納於馬下。本屆世界盃官方贊助商海信旗下的白電品牌海信洗衣機見證了這一“封神”時刻。自從2006年，C羅第一次爲葡萄牙出戰世界盃以來，他已經連續五屆征戰世界盃，每屆都有進球，上屆俄羅斯世界盃，他更是打進了4球，其中包括對陣西班牙的帽子戲法，在他的率領下，葡萄牙的最佳戰績是2006年的四強。此外，C羅還出戰了五屆歐洲盃，同樣是每屆都有進球，總共打進了14球，葡萄牙獲得歐洲盃冠軍和亞軍各一次。至此，C羅已代表國家隊打進了118球，是絕對的葡萄牙歷史英雄！其實，在全球頂級賽場上，任何成功背後都是以汗水澆灌出的實力爲依靠。正如海信洗衣機以實力姿態，見證實力精彩。從宣佈趙麗娜成爲品牌代言人到海信贊助2022年卡塔爾世界盃™的一系列體育營銷，海信洗衣機不止專注於體育精神的傳遞，更是不斷關注用戶舒適、健康體驗，在科技創新與產品升級上下足了功夫。作爲高端洗護行業的引領者，海信洗衣機從技術到產品，從產品到場景，從場景到智慧生活方式不斷迭代，通過好產品、新科技、智體驗爲用戶打造精緻智慧衣帽間、智慧陽臺、智慧衛浴等多元智慧場景解決方案，滿足消費者對高品質生活的新需求。從2020年開始，海信洗衣機就深耕蒸燙洗護領域，成爲行業首個蒸燙洗團體標準的牽頭制定者和起草組組長單位，並不斷迭代創新，蒸燙洗再次升級V-fresh離子蒸燙，使衣物在護理過程中，享受“纖維維生素”的養護，成功將高端衣物就要“蒸燙洗”的概念深入消費者認知之中。讓我們持續鎖定2022卡塔爾世界盃的，用養護黑科技助力海信洗衣機的健康生活觸達全球，開啓一場足球賽事與家電升級的新“蒸”程。","text":"北京時間24日凌晨，葡萄牙隊迎戰加納，大神C羅也迎來了自己在拉斯阿布阿巴迪球場的高光時刻。全場90多分鐘的馳騁拼殺，最終葡萄牙以3:2斬落加納於馬下。本屆世界盃官方贊助商海信旗下的白電品牌海信洗衣機見證了這一“封神”時刻。自從2006年，C羅第一次爲葡萄牙出戰世界盃以來，他已經連續五屆征戰世界盃，每屆都有進球，上屆俄羅斯世界盃，他更是打進了4球，其中包括對陣西班牙的帽子戲法，在他的率領下，葡萄牙的最佳戰績是2006年的四強。此外，C羅還出戰了五屆歐洲盃，同樣是每屆都有進球，總共打進了14球，葡萄牙獲得歐洲盃冠軍和亞軍各一次。至此，C羅已代表國家隊打進了118球，是絕對的葡萄牙歷史英雄！其實，在全球頂級賽場上，任何成功背後都是以汗水澆灌出的實力爲依靠。正如海信洗衣機以實力姿態，見證實力精彩。從宣佈趙麗娜成爲品牌代言人到海信贊助2022年卡塔爾世界盃™的一系列體育營銷，海信洗衣機不止專注於體育精神的傳遞，更是不斷關注用戶舒適、健康體驗，在科技創新與產品升級上下足了功夫。作爲高端洗護行業的引領者，海信洗衣機從技術到產品，從產品到場景，從場景到智慧生活方式不斷迭代，通過好產品、新科技、智體驗爲用戶打造精緻智慧衣帽間、智慧陽臺、智慧衛浴等多元智慧場景解決方案，滿足消費者對高品質生活的新需求。從2020年開始，海信洗衣機就深耕蒸燙洗護領域，成爲行業首個蒸燙洗團體標準的牽頭制定者和起草組組長單位，並不斷迭代創新，蒸燙洗再次升級V-fresh離子蒸燙，使衣物在護理過程中，享受“纖維維生素”的養護，成功將高端衣物就要“蒸燙洗”的概念深入消費者認知之中。讓我們持續鎖定2022卡塔爾世界盃的，用養護黑科技助力海信洗衣機的健康生活觸達全球，開啓一場足球賽事與家電升級的新“蒸”程。","images":[{"img":"https://static.tigerbbs.com/e654b7da69837b18ec24db61ab9afac7"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/620388523","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966904820,"gmtCreate":1669368190060,"gmtModify":1676538189752,"author":{"id":"3585215181911888","authorId":"3585215181911888","name":"新手520","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585215181911888","idStr":"3585215181911888"},"themes":[],"htmlText":"<a 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20:20","market":"sh","language":"zh","title":"Pre-market | US stock index futures fell! A pharmaceutical stock bucked the trend and soared more than 100%","url":"https://stock-news.laohu8.com/highlight/detail?id=1178308155","media":"老虎资讯综合","summary":"美股三大股指期货走低；热门中概股、美股区块链概念股盘前集体下挫；小牛电动、斗鱼绩后走低；市场消息：Imago Biosciences获默沙东以36美元/股的现金收购；欧洲主要股指全线下跌；原油、黄金均","content":"<p><html><head></head><body>Three major U.S. stock index futures fell; Popular Chinese stocks and U.S. blockchain concept stocks collectively fell before the market; Mavericks Electric, Betta Fish Lower After Results; Market news: Imago Biosciences was acquired by Merck for $36/share in cash; Major European indexes fell across the board; Crude oil and gold both fell>>> On November 21st, the futures of the three major U.S. stock indexes fell. As of press time, Dow futures fell 0.25%, Nasdaq 100 futures fell 0.85%, and S&P 500 futures fell 0.58%.</p><p><img src=\"https://static.tigerbbs.com/1e5f7d55064149785894b31e3cf33f9a\" tg-width=\"395\" tg-height=\"199\" referrerpolicy=\"no-referrer\"/></p><p><b>Premarket Quotes</b></p><p>Most popular Chinese stocks fell,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>fell by more than 5%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>It fell by more than 3%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>fell by more than 2%;</p><p>U.S. blockchain concept stocks fell before the market,<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>fell by more than 6%,<a href=\"https://laohu8.com/S/MARA\">Marathon Digital</a>fell by more than 5%,<a href=\"https://laohu8.com/S/MSTR\">MicroStrategy</a>、<a href=\"https://laohu8.com/S/RIOT\">Riot Blockchain</a>Both fell by more than 4%;</p><p><a href=\"https://laohu8.com/S/NIU\">Mavericks Electric</a>It fell nearly 5% before the market, and revenue in the third quarter decreased by 6% year-on-year to 1.153 billion yuan, while sales of electric vehicles decreased by 19.2% year-on-year to 320,798 units;</p><p><a href=\"https://laohu8.com/S/DOYU\">Betta fish</a>It fell by more than 4% before the market, and the revenue in the third quarter was 1.798 billion yuan, down 23.4% year-on-year;</p><p><a href=\"https://laohu8.com/S/DIS\">Disney</a>It rose more than 8% before the market, after Disney announced that Iger would replace Chapek as CEO of the company;</p><p><a href=\"https://laohu8.com/S/GRND\">Grindr</a>It fell more than 8% before the market, and the stock closed up more than 200% in the previous trading day;</p><p><a href=\"https://laohu8.com/S/IMGO\">Imago Biosciences</a>It rose more than 100% before the market. Market news: The company was acquired by Merck for $36/share in cash.</p><p><b>European market</b></p><p>Major European stock indexes fell across the board. As of press time, Germany's DAX30 index fell 0.68%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>down 0.06%, and France's CAC40 fell 0.3%.</p><p><img src=\"https://static.tigerbbs.com/cbe78e1308731bd0adc55523b261785e\" tg-width=\"675\" tg-height=\"219\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures fell slightly. As of press time, WTI crude oil fell 0.72% to $79.53/barrel; Brent crude oil fell 0.71% to $87/barrel.</p><p><img src=\"https://static.tigerbbs.com/044fd31b8a51c21530ab8956e74f3afa\" tg-width=\"902\" tg-height=\"832\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/3180206470ec343c5382c460379bce40\" tg-width=\"902\" tg-height=\"836\" referrerpolicy=\"no-referrer\"/></p><p><b>Gold</b></p><p>Gold futures fell, falling 0.74% to $1,741.4/oz as of press time.</p><p><img src=\"https://static.tigerbbs.com/d3b60bcb41e00558e405bda768192e35\" tg-width=\"902\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pre-market | US stock index futures fell! A pharmaceutical stock bucked the trend and soared more than 100%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPre-market | US stock index futures fell! A pharmaceutical stock bucked the trend and soared more than 100%\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\">2022-11-21 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Three major U.S. stock index futures fell; Popular Chinese stocks and U.S. blockchain concept stocks collectively fell before the market; Mavericks Electric, Betta Fish Lower After Results; Market news: Imago Biosciences was acquired by Merck for $36/share in cash; Major European indexes fell across the board; Crude oil and gold both fell>>> On November 21st, the futures of the three major U.S. stock indexes fell. As of press time, Dow futures fell 0.25%, Nasdaq 100 futures fell 0.85%, and S&P 500 futures fell 0.58%.</p><p><img src=\"https://static.tigerbbs.com/1e5f7d55064149785894b31e3cf33f9a\" tg-width=\"395\" tg-height=\"199\" referrerpolicy=\"no-referrer\"/></p><p><b>Premarket Quotes</b></p><p>Most popular Chinese stocks fell,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>fell by more than 5%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>It fell by more than 3%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>fell by more than 2%;</p><p>U.S. blockchain concept stocks fell before the market,<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>fell by more than 6%,<a href=\"https://laohu8.com/S/MARA\">Marathon Digital</a>fell by more than 5%,<a href=\"https://laohu8.com/S/MSTR\">MicroStrategy</a>、<a href=\"https://laohu8.com/S/RIOT\">Riot Blockchain</a>Both fell by more than 4%;</p><p><a href=\"https://laohu8.com/S/NIU\">Mavericks Electric</a>It fell nearly 5% before the market, and revenue in the third quarter decreased by 6% year-on-year to 1.153 billion yuan, while sales of electric vehicles decreased by 19.2% year-on-year to 320,798 units;</p><p><a href=\"https://laohu8.com/S/DOYU\">Betta fish</a>It fell by more than 4% before the market, and the revenue in the third quarter was 1.798 billion yuan, down 23.4% year-on-year;</p><p><a href=\"https://laohu8.com/S/DIS\">Disney</a>It rose more than 8% before the market, after Disney announced that Iger would replace Chapek as CEO of the company;</p><p><a href=\"https://laohu8.com/S/GRND\">Grindr</a>It fell more than 8% before the market, and the stock closed up more than 200% in the previous trading day;</p><p><a href=\"https://laohu8.com/S/IMGO\">Imago Biosciences</a>It rose more than 100% before the market. Market news: The company was acquired by Merck for $36/share in cash.</p><p><b>European market</b></p><p>Major European stock indexes fell across the board. As of press time, Germany's DAX30 index fell 0.68%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>down 0.06%, and France's CAC40 fell 0.3%.</p><p><img src=\"https://static.tigerbbs.com/cbe78e1308731bd0adc55523b261785e\" tg-width=\"675\" tg-height=\"219\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures fell slightly. As of press time, WTI crude oil fell 0.72% to $79.53/barrel; Brent crude oil fell 0.71% to $87/barrel.</p><p><img src=\"https://static.tigerbbs.com/044fd31b8a51c21530ab8956e74f3afa\" tg-width=\"902\" tg-height=\"832\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/3180206470ec343c5382c460379bce40\" tg-width=\"902\" tg-height=\"836\" referrerpolicy=\"no-referrer\"/></p><p><b>Gold</b></p><p>Gold futures fell, falling 0.74% to $1,741.4/oz as of press time.</p><p><img src=\"https://static.tigerbbs.com/d3b60bcb41e00558e405bda768192e35\" tg-width=\"902\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed4ee39e6b0f45214393093d70ba81a8","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178308155","content_text":"美股三大股指期货走低；热门中概股、美股区块链概念股盘前集体下挫；小牛电动、斗鱼绩后走低；市场消息：Imago Biosciences获默沙东以36美元/股的现金收购；欧洲主要股指全线下跌；原油、黄金均走低>>>11月21日，美股三大股指期货走低，截至发稿，道指期货跌0.25%，纳斯达克100指数期货跌0.85%，标普500指数期货跌0.58%。盘前行情热门中概股多数走低，京东跌超5%，阿里巴巴、哔哩哔哩、蔚来跌超3%，拼多多、小鹏汽车、理想汽车跌超2%；美股区块链概念股盘前走低，Coinbase跌超6%，Marathon Digital跌超5%，MicroStrategy、Riot Blockchain均跌超4%；小牛电动盘前跌近5%，第三季度营收同比减少6%至11.53亿元，电动车销量同比下降19.2%至320798辆；斗鱼盘前跌超4%，第三季度营收17.98亿元，同比下滑23.4%；迪士尼盘前涨超8%，此前迪士尼宣布Iger将接替Chapek重新担任公司CEO；Grindr盘前跌超8%，该股上一交易日收涨逾200%；Imago Biosciences盘前涨逾100%，市场消息：该公司获默沙东以36美元/股的现金收购。欧洲市场欧洲主要股指全线走低，截至发稿，德国DAX30指数跌0.68%，英国富时100跌0.06%，法国CAC40跌0.3%。原油原油期货小幅走低，截止发稿，WTI原油跌0.72%，报79.53美元/桶；布伦特原油跌0.71%，报87美元/桶。黄金黄金期货走低，截止发稿，跌0.74%，报1741.4美元/盎司。","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"YMmain":0.9,"NQmain":0.9,"ESmain":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961449985,"gmtCreate":1669033980648,"gmtModify":1676538142324,"author":{"id":"3585215181911888","authorId":"3585215181911888","name":"新手520","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585215181911888","idStr":"3585215181911888"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/.SPX\">$标普500(.SPX)$&nbsp;</a><v-v 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08:18","market":"us","language":"zh","title":"China Internet Mist: What do you believe in?","url":"https://stock-news.laohu8.com/highlight/detail?id=1104202250","media":"远川投资评论","summary":"这些年，机构苦口婆心教育基民“越跌越买”，但似乎只有中概互联，能让大家一边痛骂不如改名“中丐互怜”，一边乖乖掏钱。2021年2月18日，（易方达）中概互联网ETF场内价格创出历史新高。当时，这只基金的","content":"<p><html><head></head><body>In recent years, the organization has painstakingly educated the people to \"buy the more they fall\", but it seems that only the interconnection between China and China can make everyone scold and change their name to \"China beggars pity each other\" while paying obediently.</p><p>On February 18, 2021, the market price of (E Fund) China Concept Internet ETF hit a record high. At that time, the share of this fund was less than 3.5 billion copies, and the reputation of the product was far less than it is now. Unexpectedly, in the subsequent process of continuous decline in net value and market price, the share of this fund increased instead of decreasing, and it doubled by more than 10 times in more than a year, nearly 35.5 billion copies. (Bank of Communications) China Internet LOF, (GF) China Internet ETF, Hang Seng Technology ETF and other index funds that can invest in Hong Kong stocks on the Internet have made a great leap forward in their shares during this period.</p><p><img src=\"https://static.tigerbbs.com/002c4daa1600178dc042fd90aa7fe201\" tg-width=\"1080\" tg-height=\"840\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>With this \"suicidal\" bargain-hunting behavior, investors who are used to conspiracy theories will think without thinking that 80% of them are institutions trying to lure leeks deeper. Well, it wasn't.</p><p>Wind data shows that when the share and scale of (E Fund) China Internet ETF climbs against the trend, the proportion of institutional holdings is increasing slightly, and the proportion of internal holdings is also increasing slightly, which shows that not only institutional funds, but also the insiders of fund companies are constantly bargaining for bottoms in the process of the decline of China stocks.</p><p><img src=\"https://static.tigerbbs.com/275016ee3f4b499c5320654bfaa41997\" tg-width=\"1080\" tg-height=\"840\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>When domestic funds are full of enthusiasm to bargain-hunting, foreign capital is head-on. According to the 13F report, many foreign investors such as Goldman Sachs, Temasek, BlackRock and JPMorgan Chase have reduced their holdings of leading Chinese stocks such as Alibaba. Five Chinese stocks were included in the \"pre-delisting list\" by the US Securities and Exchange Commission. JPMorgan Chase gave a \"sell rating\" to Chinese stocks in batches, and the cold ice rain pushed the bulls to the ground and rubbed them repeatedly.</p><p>Some people get on the bus, and the more they fall, the more they buy. Some people get off the boat and leave the market without hesitation. The huge differences seem to make the future of Chinese stocks more confusing.</p><p>This article mainly answers the reasons for the decline of Chinese stocks and what domestic and foreign funds bought in bargain hunting, which is divided into three parts:</p><p>1) Reveal the secret: Why did the Chinese concept stocks plummet?</p><p>2) Bargain hunting: domestic funds buy \"platforms\"</p><p>3) Change: Overseas institutions love to play cars</p><p><b>01. Why did it fall?</b></p><p>\"Just out of ICU and into KTV again\", the recent performance of Chinese stocks is almost crazy. But a brief moment of pleasure does not soothe the broken hearts of investors.</p><p>Wind data shows that as of the close of trading on March 21st, 231 of the 370 Chinese stocks have fallen this year, accounting for 62%; Among them, there are 29 stocks whose share prices are halved, and Tiandihui and Juhao Mall both drop by nearly 90%. The market without the limit of the ups and downs is so unrestrained when it falls.</p><p>The situation is even more tragic if the stock price has fallen so far from its high point. For example, Alibaba, which has the largest market value in China at present, hit an all-time high of $319.32 at the end of October 2020, but now its stock price is less than 1/3 of that at that time, with a drop of 67%, and the lowest drop during the period fell to $73.28; Baidu, Pinduoduo and other Chinese stocks have all dropped by more than 50% since their highs, and even JD.COM, which is more resistant, has dropped by 40%.</p><p><img src=\"https://static.tigerbbs.com/693d152af3bc7480f2d07bf9b4e2479d\" tg-width=\"1080\" tg-height=\"1047\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The stock prices of Internet companies such as Tencent Holdings, Meituan and Xiaomi, which are listed on Hong Kong stocks, are also losing steadily, falling to the point where shareholders don't know them.</p><p>This round of adjustment of Chinese stocks, with a large decline, a long cycle and a wide range of spread, is rare in history, and the reasons behind it can't be simply explained by performance. Behind the near annihilation of the regiment, there are four words: internal and external troubles.</p><p>As we all know, the biggest \"foreign trouble\" faced by Chinese stocks is the risk of delisting.</p><p>According to the Foreign Company Accountability Act passed by the U.S. Congress in 2020, the U.S. Securities and Exchange Commission (SEC) is allowed to delist a foreign public company from an exchange if it fails to file reports required by the U.S. Public Company Accounting Oversight Board for three consecutive years; This includes the unequal requirement for foreign companies listed in the United States to disclose audit papers.</p><p>On March 10th this year, the SEC included five Chinese stock companies in the tentative list of the Foreign Company Accountability Law, which once again triggered the selling tide of Chinese stock, and gave investors a more intuitive feeling of the lethality of delisting. Delisting risk, in the final analysis, is a crisis of trust, and the pressure on Chinese stocks mainly comes from two aspects:</p><p>First, concerns about liquidity discounts. US stocks are a global market, with flooding liquidity. The premium of listing in the United States is relatively high, and the financing efficiency is higher; In contrast, the liquidity of Hong Kong stocks is not so abundant, and the premium of listing in Hong Kong is low. After the delisting of Chinese stocks in the United States, they were transferred to Hong Kong stocks for listing, which tested the undertaking ability of domestic investors, and there may be liquidity discount risk.</p><p>Second, the pressure of US dollar investors to concentrate on selling. At present, there are still a large number of overseas institutions among the shareholders of Chinese stocks. If these companies are delisted from the US stock market, it will inevitably lead to a large-scale selling by overseas investors.</p><p>The house leaked and it rained all night. The sword of delisting has not fallen, and the tightening of domestic industry regulatory policies has cast an unpredictable shadow on the prospects of Chinese stocks.</p><p>In the past year or so, policies such as anti-monopoly in the Internet industry, \"double reduction\" in the education industry, and new regulations on anti-addiction of online games have been introduced one after another. Although the starting point of these policies is good, not to suppress individual industries and enterprises, it takes time for overseas investors to adjust their domestic policy expectations, which can easily lead to short-term overreaction of the market, a sharp drop in risk appetite and a panic-like decline.</p><p>In the communication with some fund managers, it was found that there is another voice for the reason for the decline of Chinese stocks. Some people think that after years of development, the penetration rate of the Internet is very high, and the development of the industry has entered the second half. In recent years, the growth logic of the Internet industry is that the market is sinking, but the whole industry space may have approached the \"ceiling\", and it is expected that the growth rate of the industry will peak and fall in the future.</p><p>In other words, the rapid growth period of the Internet industry has passed, and the future will enter a mature stage, and the imagination of valuation has become smaller. Although this view is somewhat \"afterthought\", it undoubtedly aggravates the pessimistic expectation of the market.</p><p>However, delisting, policy supervision, and the peak of industry growth may be only the surface reasons for the decline of Chinese stocks, and the deep reason lies in the change of the underlying valuation logic.</p><p>When common prosperity is placed in an important position, when economic development changes from high speed to high quality, and the distribution system also changes from efficiency priority to equity, under this background, the valuation system of the market may be reshaped.</p><p>The ghost story that the staunch holders of Chinese stocks are most afraid of hearing is that the Internet will become a public utility. As we all know, technology stocks tend to grow rapidly, the industry space is huge, and the market is willing to give them high valuations; On the contrary, public utilities are not so sexy in terms of performance growth rate and industry space. If this change does happen, Internet companies are bound to encounter the double-killing pressure of performance and valuation.</p><p>Compared with the simplicity of performance, the company's valuation is too vague, which is often a matter of opinion. At present, the biggest problem encountered by Internet companies is how much they are worth and how to give their valuation when the market environment changes drastically. Market participants have not yet reached a consensus, and there is no reference standard. In the view of Jiang Cheng of Zhongtai Asset Management, the hidden reason behind it is the absence of \"value anchor\".</p><p>Although the haze of delisting has not dispersed, and the original valuation logic may be overturned, in the face of Internet companies whose stock prices are easily halved and whose valuations have entered a historically low range, bargain-hunting funds can be described as succession.</p><p><b>02. Domestic funds to buy \"platform\"</b></p><p>Deng Xiaofeng, chief investment officer of Gaoyi Assets, shared his views on the Internet industry during online communication with investors at the beginning of this year.</p><p>In his view, the Internet industry is similar to the liquor industry in 2012 and 2013. At that time, affected by the \"eight regulations\" and \"plasticizer\" incidents, liquor stocks continued to adjust until 2016, but this did not prevent the long-term high return of this industry, because liquor itself is a good business. The business model of the Internet is also very good. When the industry is stable, it is easy to create considerable returns for shareholders.</p><p>He believes that when the impact of external factors on Internet companies in China reaches the maximum value, there is a high probability that the industry will perform the worst in the capital market. He asserted that although the space and timing for the upside of the Internet industry is uncertain, the Internet is at least an industry with very little downside risk this year.</p><p>In this round of panic decline in early March, it is unknown whether Deng Xiaofeng bargained for Chinese stocks, but his optimistic expectation for the Internet industry is undoubtedly representative. Duan Yongping, a \"China Buffett\", is also a loyal believer in Chinese stocks. He once became famous in the Internet bubble by bargaining for Netease. Now, apart from Pinduoduo, a \"venture capital\", the outside world talks about him bargaining for Tencent the most.</p><p>In 2018, Tencent's share price plummeted due to problems such as the suspension of game version number, with a drop of more than 40% in just a few months. Duan Yongping took the opportunity to get on the bus. Last year, Tencent was criticized as a \"spiritual opium\", and its share price plunged nearly 40% again. On August 4th, Duan Yongping said on Snowball (ID: Avenue is Invisible and I Have Style) that he bought Tencent, then continued to buy it after falling, and bargained for the bottom for the second time. On February 28th this year, some snowball fans ridiculed that Tencent reached the bottom of the avenue again. Duan Yongping replied, \"It's lower than the price I bought last time, so I'll buy some more tomorrow\". Since then, he has repeatedly expressed his optimism about Tencent.</p><p>On March 8th, in response to a question from a netizen, he said, \"I don't plan to drop 10% (every) to add a warehouse\". On March 14th, he said that in another week or two, some Apple's put should expire, and you can consider buying more then; The next morning, he claimed that \"I will exchange Berkshire B shares for Tencent tomorrow, so I won't wait\". Those words may be more like a joke, though. He once said that Tencent was not attractive to him enough to let him sell any other stocks in exchange, and maybe he had to think seriously about it if he fell a few more times.</p><p>In the past few years, Tencent has been widely criticized for its game business. As the creator of the game learning machine \"Little Overlord\", Duan Yongping has different views on games. He once explained the reasons for buying Tencent. In his view, the most fundamental thing of games is to spend time and get happy, and online games are the most cost-effective way for most people to get simple happiness. There is no difference between games and other consumer products, and there is no question of conscience. If it is calculated in 10 years, holding Maotai and Tencent should be better than holding cash.</p><p>Even Duan Yongping, a high-profile bargain-hunting Tencent, still holds a very low proportion of Tencent. In contrast,<b>Some domestic public offering products are the backbone of holding heavily or bargaining for Chinese stocks against the trend.</b></p><p>For example, SDIC UBS China Value Discovery has been holding Tencent Holdings and Alibaba heavily, and added the latter in the fourth quarter of last year. At present, it is the first and second heavily held respectively. Tang Haibo, the fund manager, said that he is optimistic about platform Internet companies that have been suppressed by continuous policies in the past year and are currently valued at a historically low level. He believes that there is still plenty of room for development in these industries and believes in the competitive advantages of China's leading Internet companies on a global scale.</p><p>Zhang Jun, manager of JPMorgan Asia-Pacific Advantage Fund, also said that the forward P/E of Chinese stocks is about 13 times, while that of the US stock market is more than 20 times. Chinese stocks are not expensive. Even if P/E only stays at current levels, the expected economic expansion should push company earnings up significantly in the coming years.</p><p>Hu Yaosheng, manager of Chuangjin Hong Kong Internet Fund, put forward the logic of being optimistic about the Internet industry from the perspective of performance. He said in the Four Seasons Report that the income side of core Internet companies still maintains a high growth rate. Although the profit side is not ideal, it is not that there is a problem with the company's operation, and there is no risk to the fundamentals. However, the current stock price decline has overreacted. In the fourth quarter, he \"recharged\" his cognition with real money, and added stocks such as Meituan, Tencent Holdings, Alibaba, JD.COM Group and Baidu Group.</p><p>After counting the heavy stocks of Public Offering of Fund, it is found that Internet leaders and platform companies are still the first choice for domestic capital layout, even QDII funds with a wider investment scope. Specifically, leading stocks such as Tencent, Meituan, Ali and JD.COM have become must-equity stocks for many funds.</p><p><img src=\"https://static.tigerbbs.com/18ef80ff846d568d3767f826d9465a9f\" tg-width=\"1080\" tg-height=\"730\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Domestic investors know China best and Chinese companies best. The fair value of Internet companies may not be judged, but many of these companies are good companies, which many people believe in. The more they fall, the more they buy. Look at the longer cycle, and perhaps it is only time they lose.</p><p>What's more, when the margin of safety has fallen obviously enough, even overseas investors in foreign countries have gradually reached a consensus on the matter of bargain-hunting Chinese stocks.</p><p><b>03. Foreign institutions love to play with cars</b></p><p>Munger, 97, has never concealed his optimism about China's economy and Chinese stocks.</p><p>According to the 13F documents disclosed not long ago, as of the end of December 2021, DailyJournalCorp, a company owned by Charlie Munger, accumulated 602,060 shares of Alibaba through American Depositary Receipts (ADRs), with a market value of approximately US$72 million, accounting for approximately 28%, making it the company's third largest position.</p><p><img src=\"https://static.tigerbbs.com/9fc040ddf768d01d0aea9c221812efaa\" tg-width=\"1080\" tg-height=\"535\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It is worth mentioning that compared with the third quarter of last year, the number of shares bought by daily journals in Alibaba nearly doubled in the fourth quarter. Such a generous increase in positions shows that Munger is true love for Alibaba, and his confidence in China's economy and the Internet is not just words.</p><p>In the first quarter of last year, Ali's share price plummeted, and Munger bought 165,320 shares for the first time; In the second quarter, Ali's share price fluctuated less, and he was not in a hurry to add positions, but kept his previous positions unchanged; In the third quarter, Ali fell by nearly 35% in a single quarter. Munger took another shot, buying 136,740 shares, and the total number of shares held also rose to 300,000 shares; In the fourth quarter, Ali fell by nearly 20% again. This time, he chose to strike hard and bought 300,000 shares in one breath.</p><p>Although he buys more and more, and the cost of holding positions is constantly diluted, premature bargain-hunting still makes Munger somewhat passive in this investment. So much so that at the recent shareholders' meeting of the daily journal, his views on Chinese stocks and Alibaba were repeatedly mentioned by shareholders.</p><p>In response to shareholder questions, Munger said that the reason why he invested in Chinese companies was that he could buy more value. Some Chinese companies are not only cheaper but also more competitive. Investment opportunities in China are better than those in the United States, and they can be bought at a cheaper price and get higher company value.<b>He doesn't think Alibaba's ownership structure is a particularly big risk, just that its moat is not as deep as that of Apple and Alphabet.</b></p><p>In fact, Munger is not alone on the road of bargain-hunting Chinese stocks.</p><p>Pioneer Pilot Group, which is familiar to domestic investors, bought 74 Chinese stocks in the fourth quarter of last year, and all of them were new positions. The stocks with high market value include Baidu, Nio, XPeng Automobile, Pinduoduo, Li Auto, etc. However, instead of buying the old retail e-commerce leaders such as Alibaba,JD.COM, Pioneer Group chose the rising star Pinduoduo.</p><p><img src=\"https://static.tigerbbs.com/06055d73f7cf1860d227a11b89cbf027\" tg-width=\"1080\" tg-height=\"722\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the fourth quarter, BlackRock increased or decreased its holdings of Chinese stocks, increased its holdings of 63 Chinese stocks, reduced its holdings or cleared its positions of 66 Chinese stocks, and newly bought 4 Chinese stocks, such as red, yellow and blue and ding dong shopping. Among them, Nio, Pinduoduo, Li Auto, Alibaba's stocks were all increased, while Baidu, Yum China and XPeng Motors were slightly reduced.</p><p><img src=\"https://static.tigerbbs.com/d4d9672340b514df2dd4c24c6fa6910d\" tg-width=\"1080\" tg-height=\"793\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Interestingly, well-known foreign-funded institutions such as State Street Bank, JPMorgan Chase, Bank of New York Mellon, Norwegian Central Bank and Goldman Sachs Group have shown strong interest in China's \"new car-making forces\". In the fourth quarter, they have increased their holdings of related companies, among which Nio attracted the highest attention, with 149 institutions increasing their holdings and 189 institutions newly buying them.</p><p><img src=\"https://static.tigerbbs.com/70ad4f29b0386e4aa8a269f32a110be5\" tg-width=\"1080\" tg-height=\"793\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Judging from the number of shareholding institutions, the number of foreign investors stationed in Alibaba is the largest, reaching 1,287, a slight decrease compared with the third quarter; In addition, Yum China, JD.COM, Baidu and Nio all have more than 500 shareholding institutions.</p><p><img src=\"https://static.tigerbbs.com/010e1c582eed020439cd680854100f5f\" tg-width=\"1080\" tg-height=\"688\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Of course, for Chinese stocks, especially Chinese Internet companies at the forefront of antitrust, there are differences among foreign-funded institutions. However, for some good companies, especially the fast-growing high-quality companies in the Chinese market, they never skimp on their bullets, such as new car-making forces and Pinduoduo, which started as a sinking market.</p><p><b>04. Epilogue</b></p><p>Duan Yongping was once asked by a reporter. When Netease fell to only $0.8, where did you have the courage to buy it? He asked rhetorically, does it take any courage to sell something that was originally worth 10 yuan to you for 1 yuan now when someone cries and shouts?</p><p>Bargain hunting certainly doesn't require courage and audacity when prices are significantly below the value of the business, but it takes bullets.</p><p>Many times, investment will fall into the dilemma of \"knowing it at a glance and wasting it at a learning\". The reason is not only about ability, but also about the lack of freedom of funds. Most people don't have the ability to judge the value of a company, and the bottom of the stock price and the discovery of value usually don't come at the same time.</p><p>After all, there was only one Duan Yongping, but there were many who fell in the darkness before dawn.</p><p></body></html></p>","source":"lsy1583835599575","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Internet Mist: What do you believe in?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Internet Mist: What do you believe in?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2022-03-27 08:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In recent years, the organization has painstakingly educated the people to \"buy the more they fall\", but it seems that only the interconnection between China and China can make everyone scold and change their name to \"China beggars pity each other\" while paying obediently.</p><p>On February 18, 2021, the market price of (E Fund) China Concept Internet ETF hit a record high. At that time, the share of this fund was less than 3.5 billion copies, and the reputation of the product was far less than it is now. Unexpectedly, in the subsequent process of continuous decline in net value and market price, the share of this fund increased instead of decreasing, and it doubled by more than 10 times in more than a year, nearly 35.5 billion copies. (Bank of Communications) China Internet LOF, (GF) China Internet ETF, Hang Seng Technology ETF and other index funds that can invest in Hong Kong stocks on the Internet have made a great leap forward in their shares during this period.</p><p><img src=\"https://static.tigerbbs.com/002c4daa1600178dc042fd90aa7fe201\" tg-width=\"1080\" tg-height=\"840\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>With this \"suicidal\" bargain-hunting behavior, investors who are used to conspiracy theories will think without thinking that 80% of them are institutions trying to lure leeks deeper. Well, it wasn't.</p><p>Wind data shows that when the share and scale of (E Fund) China Internet ETF climbs against the trend, the proportion of institutional holdings is increasing slightly, and the proportion of internal holdings is also increasing slightly, which shows that not only institutional funds, but also the insiders of fund companies are constantly bargaining for bottoms in the process of the decline of China stocks.</p><p><img src=\"https://static.tigerbbs.com/275016ee3f4b499c5320654bfaa41997\" tg-width=\"1080\" tg-height=\"840\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>When domestic funds are full of enthusiasm to bargain-hunting, foreign capital is head-on. According to the 13F report, many foreign investors such as Goldman Sachs, Temasek, BlackRock and JPMorgan Chase have reduced their holdings of leading Chinese stocks such as Alibaba. Five Chinese stocks were included in the \"pre-delisting list\" by the US Securities and Exchange Commission. JPMorgan Chase gave a \"sell rating\" to Chinese stocks in batches, and the cold ice rain pushed the bulls to the ground and rubbed them repeatedly.</p><p>Some people get on the bus, and the more they fall, the more they buy. Some people get off the boat and leave the market without hesitation. The huge differences seem to make the future of Chinese stocks more confusing.</p><p>This article mainly answers the reasons for the decline of Chinese stocks and what domestic and foreign funds bought in bargain hunting, which is divided into three parts:</p><p>1) Reveal the secret: Why did the Chinese concept stocks plummet?</p><p>2) Bargain hunting: domestic funds buy \"platforms\"</p><p>3) Change: Overseas institutions love to play cars</p><p><b>01. Why did it fall?</b></p><p>\"Just out of ICU and into KTV again\", the recent performance of Chinese stocks is almost crazy. But a brief moment of pleasure does not soothe the broken hearts of investors.</p><p>Wind data shows that as of the close of trading on March 21st, 231 of the 370 Chinese stocks have fallen this year, accounting for 62%; Among them, there are 29 stocks whose share prices are halved, and Tiandihui and Juhao Mall both drop by nearly 90%. The market without the limit of the ups and downs is so unrestrained when it falls.</p><p>The situation is even more tragic if the stock price has fallen so far from its high point. For example, Alibaba, which has the largest market value in China at present, hit an all-time high of $319.32 at the end of October 2020, but now its stock price is less than 1/3 of that at that time, with a drop of 67%, and the lowest drop during the period fell to $73.28; Baidu, Pinduoduo and other Chinese stocks have all dropped by more than 50% since their highs, and even JD.COM, which is more resistant, has dropped by 40%.</p><p><img src=\"https://static.tigerbbs.com/693d152af3bc7480f2d07bf9b4e2479d\" tg-width=\"1080\" tg-height=\"1047\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The stock prices of Internet companies such as Tencent Holdings, Meituan and Xiaomi, which are listed on Hong Kong stocks, are also losing steadily, falling to the point where shareholders don't know them.</p><p>This round of adjustment of Chinese stocks, with a large decline, a long cycle and a wide range of spread, is rare in history, and the reasons behind it can't be simply explained by performance. Behind the near annihilation of the regiment, there are four words: internal and external troubles.</p><p>As we all know, the biggest \"foreign trouble\" faced by Chinese stocks is the risk of delisting.</p><p>According to the Foreign Company Accountability Act passed by the U.S. Congress in 2020, the U.S. Securities and Exchange Commission (SEC) is allowed to delist a foreign public company from an exchange if it fails to file reports required by the U.S. Public Company Accounting Oversight Board for three consecutive years; This includes the unequal requirement for foreign companies listed in the United States to disclose audit papers.</p><p>On March 10th this year, the SEC included five Chinese stock companies in the tentative list of the Foreign Company Accountability Law, which once again triggered the selling tide of Chinese stock, and gave investors a more intuitive feeling of the lethality of delisting. Delisting risk, in the final analysis, is a crisis of trust, and the pressure on Chinese stocks mainly comes from two aspects:</p><p>First, concerns about liquidity discounts. US stocks are a global market, with flooding liquidity. The premium of listing in the United States is relatively high, and the financing efficiency is higher; In contrast, the liquidity of Hong Kong stocks is not so abundant, and the premium of listing in Hong Kong is low. After the delisting of Chinese stocks in the United States, they were transferred to Hong Kong stocks for listing, which tested the undertaking ability of domestic investors, and there may be liquidity discount risk.</p><p>Second, the pressure of US dollar investors to concentrate on selling. At present, there are still a large number of overseas institutions among the shareholders of Chinese stocks. If these companies are delisted from the US stock market, it will inevitably lead to a large-scale selling by overseas investors.</p><p>The house leaked and it rained all night. The sword of delisting has not fallen, and the tightening of domestic industry regulatory policies has cast an unpredictable shadow on the prospects of Chinese stocks.</p><p>In the past year or so, policies such as anti-monopoly in the Internet industry, \"double reduction\" in the education industry, and new regulations on anti-addiction of online games have been introduced one after another. Although the starting point of these policies is good, not to suppress individual industries and enterprises, it takes time for overseas investors to adjust their domestic policy expectations, which can easily lead to short-term overreaction of the market, a sharp drop in risk appetite and a panic-like decline.</p><p>In the communication with some fund managers, it was found that there is another voice for the reason for the decline of Chinese stocks. Some people think that after years of development, the penetration rate of the Internet is very high, and the development of the industry has entered the second half. In recent years, the growth logic of the Internet industry is that the market is sinking, but the whole industry space may have approached the \"ceiling\", and it is expected that the growth rate of the industry will peak and fall in the future.</p><p>In other words, the rapid growth period of the Internet industry has passed, and the future will enter a mature stage, and the imagination of valuation has become smaller. Although this view is somewhat \"afterthought\", it undoubtedly aggravates the pessimistic expectation of the market.</p><p>However, delisting, policy supervision, and the peak of industry growth may be only the surface reasons for the decline of Chinese stocks, and the deep reason lies in the change of the underlying valuation logic.</p><p>When common prosperity is placed in an important position, when economic development changes from high speed to high quality, and the distribution system also changes from efficiency priority to equity, under this background, the valuation system of the market may be reshaped.</p><p>The ghost story that the staunch holders of Chinese stocks are most afraid of hearing is that the Internet will become a public utility. As we all know, technology stocks tend to grow rapidly, the industry space is huge, and the market is willing to give them high valuations; On the contrary, public utilities are not so sexy in terms of performance growth rate and industry space. If this change does happen, Internet companies are bound to encounter the double-killing pressure of performance and valuation.</p><p>Compared with the simplicity of performance, the company's valuation is too vague, which is often a matter of opinion. At present, the biggest problem encountered by Internet companies is how much they are worth and how to give their valuation when the market environment changes drastically. Market participants have not yet reached a consensus, and there is no reference standard. In the view of Jiang Cheng of Zhongtai Asset Management, the hidden reason behind it is the absence of \"value anchor\".</p><p>Although the haze of delisting has not dispersed, and the original valuation logic may be overturned, in the face of Internet companies whose stock prices are easily halved and whose valuations have entered a historically low range, bargain-hunting funds can be described as succession.</p><p><b>02. Domestic funds to buy \"platform\"</b></p><p>Deng Xiaofeng, chief investment officer of Gaoyi Assets, shared his views on the Internet industry during online communication with investors at the beginning of this year.</p><p>In his view, the Internet industry is similar to the liquor industry in 2012 and 2013. At that time, affected by the \"eight regulations\" and \"plasticizer\" incidents, liquor stocks continued to adjust until 2016, but this did not prevent the long-term high return of this industry, because liquor itself is a good business. The business model of the Internet is also very good. When the industry is stable, it is easy to create considerable returns for shareholders.</p><p>He believes that when the impact of external factors on Internet companies in China reaches the maximum value, there is a high probability that the industry will perform the worst in the capital market. He asserted that although the space and timing for the upside of the Internet industry is uncertain, the Internet is at least an industry with very little downside risk this year.</p><p>In this round of panic decline in early March, it is unknown whether Deng Xiaofeng bargained for Chinese stocks, but his optimistic expectation for the Internet industry is undoubtedly representative. Duan Yongping, a \"China Buffett\", is also a loyal believer in Chinese stocks. He once became famous in the Internet bubble by bargaining for Netease. Now, apart from Pinduoduo, a \"venture capital\", the outside world talks about him bargaining for Tencent the most.</p><p>In 2018, Tencent's share price plummeted due to problems such as the suspension of game version number, with a drop of more than 40% in just a few months. Duan Yongping took the opportunity to get on the bus. Last year, Tencent was criticized as a \"spiritual opium\", and its share price plunged nearly 40% again. On August 4th, Duan Yongping said on Snowball (ID: Avenue is Invisible and I Have Style) that he bought Tencent, then continued to buy it after falling, and bargained for the bottom for the second time. On February 28th this year, some snowball fans ridiculed that Tencent reached the bottom of the avenue again. Duan Yongping replied, \"It's lower than the price I bought last time, so I'll buy some more tomorrow\". Since then, he has repeatedly expressed his optimism about Tencent.</p><p>On March 8th, in response to a question from a netizen, he said, \"I don't plan to drop 10% (every) to add a warehouse\". On March 14th, he said that in another week or two, some Apple's put should expire, and you can consider buying more then; The next morning, he claimed that \"I will exchange Berkshire B shares for Tencent tomorrow, so I won't wait\". Those words may be more like a joke, though. He once said that Tencent was not attractive to him enough to let him sell any other stocks in exchange, and maybe he had to think seriously about it if he fell a few more times.</p><p>In the past few years, Tencent has been widely criticized for its game business. As the creator of the game learning machine \"Little Overlord\", Duan Yongping has different views on games. He once explained the reasons for buying Tencent. In his view, the most fundamental thing of games is to spend time and get happy, and online games are the most cost-effective way for most people to get simple happiness. There is no difference between games and other consumer products, and there is no question of conscience. If it is calculated in 10 years, holding Maotai and Tencent should be better than holding cash.</p><p>Even Duan Yongping, a high-profile bargain-hunting Tencent, still holds a very low proportion of Tencent. In contrast,<b>Some domestic public offering products are the backbone of holding heavily or bargaining for Chinese stocks against the trend.</b></p><p>For example, SDIC UBS China Value Discovery has been holding Tencent Holdings and Alibaba heavily, and added the latter in the fourth quarter of last year. At present, it is the first and second heavily held respectively. Tang Haibo, the fund manager, said that he is optimistic about platform Internet companies that have been suppressed by continuous policies in the past year and are currently valued at a historically low level. He believes that there is still plenty of room for development in these industries and believes in the competitive advantages of China's leading Internet companies on a global scale.</p><p>Zhang Jun, manager of JPMorgan Asia-Pacific Advantage Fund, also said that the forward P/E of Chinese stocks is about 13 times, while that of the US stock market is more than 20 times. Chinese stocks are not expensive. Even if P/E only stays at current levels, the expected economic expansion should push company earnings up significantly in the coming years.</p><p>Hu Yaosheng, manager of Chuangjin Hong Kong Internet Fund, put forward the logic of being optimistic about the Internet industry from the perspective of performance. He said in the Four Seasons Report that the income side of core Internet companies still maintains a high growth rate. Although the profit side is not ideal, it is not that there is a problem with the company's operation, and there is no risk to the fundamentals. However, the current stock price decline has overreacted. In the fourth quarter, he \"recharged\" his cognition with real money, and added stocks such as Meituan, Tencent Holdings, Alibaba, JD.COM Group and Baidu Group.</p><p>After counting the heavy stocks of Public Offering of Fund, it is found that Internet leaders and platform companies are still the first choice for domestic capital layout, even QDII funds with a wider investment scope. Specifically, leading stocks such as Tencent, Meituan, Ali and JD.COM have become must-equity stocks for many funds.</p><p><img src=\"https://static.tigerbbs.com/18ef80ff846d568d3767f826d9465a9f\" tg-width=\"1080\" tg-height=\"730\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Domestic investors know China best and Chinese companies best. The fair value of Internet companies may not be judged, but many of these companies are good companies, which many people believe in. The more they fall, the more they buy. Look at the longer cycle, and perhaps it is only time they lose.</p><p>What's more, when the margin of safety has fallen obviously enough, even overseas investors in foreign countries have gradually reached a consensus on the matter of bargain-hunting Chinese stocks.</p><p><b>03. Foreign institutions love to play with cars</b></p><p>Munger, 97, has never concealed his optimism about China's economy and Chinese stocks.</p><p>According to the 13F documents disclosed not long ago, as of the end of December 2021, DailyJournalCorp, a company owned by Charlie Munger, accumulated 602,060 shares of Alibaba through American Depositary Receipts (ADRs), with a market value of approximately US$72 million, accounting for approximately 28%, making it the company's third largest position.</p><p><img src=\"https://static.tigerbbs.com/9fc040ddf768d01d0aea9c221812efaa\" tg-width=\"1080\" tg-height=\"535\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It is worth mentioning that compared with the third quarter of last year, the number of shares bought by daily journals in Alibaba nearly doubled in the fourth quarter. Such a generous increase in positions shows that Munger is true love for Alibaba, and his confidence in China's economy and the Internet is not just words.</p><p>In the first quarter of last year, Ali's share price plummeted, and Munger bought 165,320 shares for the first time; In the second quarter, Ali's share price fluctuated less, and he was not in a hurry to add positions, but kept his previous positions unchanged; In the third quarter, Ali fell by nearly 35% in a single quarter. Munger took another shot, buying 136,740 shares, and the total number of shares held also rose to 300,000 shares; In the fourth quarter, Ali fell by nearly 20% again. This time, he chose to strike hard and bought 300,000 shares in one breath.</p><p>Although he buys more and more, and the cost of holding positions is constantly diluted, premature bargain-hunting still makes Munger somewhat passive in this investment. So much so that at the recent shareholders' meeting of the daily journal, his views on Chinese stocks and Alibaba were repeatedly mentioned by shareholders.</p><p>In response to shareholder questions, Munger said that the reason why he invested in Chinese companies was that he could buy more value. Some Chinese companies are not only cheaper but also more competitive. Investment opportunities in China are better than those in the United States, and they can be bought at a cheaper price and get higher company value.<b>He doesn't think Alibaba's ownership structure is a particularly big risk, just that its moat is not as deep as that of Apple and Alphabet.</b></p><p>In fact, Munger is not alone on the road of bargain-hunting Chinese stocks.</p><p>Pioneer Pilot Group, which is familiar to domestic investors, bought 74 Chinese stocks in the fourth quarter of last year, and all of them were new positions. The stocks with high market value include Baidu, Nio, XPeng Automobile, Pinduoduo, Li Auto, etc. However, instead of buying the old retail e-commerce leaders such as Alibaba,JD.COM, Pioneer Group chose the rising star Pinduoduo.</p><p><img src=\"https://static.tigerbbs.com/06055d73f7cf1860d227a11b89cbf027\" tg-width=\"1080\" tg-height=\"722\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the fourth quarter, BlackRock increased or decreased its holdings of Chinese stocks, increased its holdings of 63 Chinese stocks, reduced its holdings or cleared its positions of 66 Chinese stocks, and newly bought 4 Chinese stocks, such as red, yellow and blue and ding dong shopping. Among them, Nio, Pinduoduo, Li Auto, Alibaba's stocks were all increased, while Baidu, Yum China and XPeng Motors were slightly reduced.</p><p><img src=\"https://static.tigerbbs.com/d4d9672340b514df2dd4c24c6fa6910d\" tg-width=\"1080\" tg-height=\"793\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Interestingly, well-known foreign-funded institutions such as State Street Bank, JPMorgan Chase, Bank of New York Mellon, Norwegian Central Bank and Goldman Sachs Group have shown strong interest in China's \"new car-making forces\". In the fourth quarter, they have increased their holdings of related companies, among which Nio attracted the highest attention, with 149 institutions increasing their holdings and 189 institutions newly buying them.</p><p><img src=\"https://static.tigerbbs.com/70ad4f29b0386e4aa8a269f32a110be5\" tg-width=\"1080\" tg-height=\"793\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Judging from the number of shareholding institutions, the number of foreign investors stationed in Alibaba is the largest, reaching 1,287, a slight decrease compared with the third quarter; In addition, Yum China, JD.COM, Baidu and Nio all have more than 500 shareholding institutions.</p><p><img src=\"https://static.tigerbbs.com/010e1c582eed020439cd680854100f5f\" tg-width=\"1080\" tg-height=\"688\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Of course, for Chinese stocks, especially Chinese Internet companies at the forefront of antitrust, there are differences among foreign-funded institutions. However, for some good companies, especially the fast-growing high-quality companies in the Chinese market, they never skimp on their bullets, such as new car-making forces and Pinduoduo, which started as a sinking market.</p><p><b>04. Epilogue</b></p><p>Duan Yongping was once asked by a reporter. When Netease fell to only $0.8, where did you have the courage to buy it? He asked rhetorically, does it take any courage to sell something that was originally worth 10 yuan to you for 1 yuan now when someone cries and shouts?</p><p>Bargain hunting certainly doesn't require courage and audacity when prices are significantly below the value of the business, but it takes bullets.</p><p>Many times, investment will fall into the dilemma of \"knowing it at a glance and wasting it at a learning\". The reason is not only about ability, but also about the lack of freedom of funds. Most people don't have the ability to judge the value of a company, and the bottom of the stock price and the discovery of value usually don't come at the same time.</p><p>After all, there was only one Duan Yongping, but there were many who fell in the darkness before dawn.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/XPCA4w1aSfUe4N1SA4X6-g\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00745cd781f91ef6ef359064c639fbb","relate_stocks":{".IXIC":"NASDAQ Composite"},"source_url":"https://mp.weixin.qq.com/s/XPCA4w1aSfUe4N1SA4X6-g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104202250","content_text":"这些年，机构苦口婆心教育基民“越跌越买”，但似乎只有中概互联，能让大家一边痛骂不如改名“中丐互怜”，一边乖乖掏钱。2021年2月18日，（易方达）中概互联网ETF场内价格创出历史新高。当时，这只基金的份额不到35亿份，产品的名气远没有现在这么大。没想到的是，在随后净值和场内价格持续下跌过程中，这只基金的份额不减反增，1年多时间翻了10倍以上，直逼355亿份。（交银）中概互联网LOF、（广发）中概互联ETF、恒生科技ETF等可投港股互联网的指数基金，份额在这期间都实现了大跃进。这种“自杀式”的抄底行为，习惯了阴谋论的投资者们会不假思索地认为，八成又是机构在诱韭菜深入。其实并非如此。Wind 数据显示，在（易方达）中概互联网ETF份额和规模逆势攀升之际，机构持有比例在小幅上升，而且内部持有比例也在小幅升高，这说明不仅是机构资金，基金公司内部人员也在中概股下跌的过程中不断抄底。当国内资金抄底热情满满，外资却迎头一棒。13F报告显示，高盛、淡马锡、贝莱德、摩根大通等多家外资减持了阿里巴巴等中概股龙头。而5家中概股更被美国证监会列入“预摘牌名单”，摩根大通对中概股批量给出“卖出评级”，冷冷冰雨把多头按在地上反复摩擦。有人上车，越跌越买，有人下船，不惜割肉离场。巨大的分歧，似乎让中概股的未来更加扑朔迷离。本文主要回答中概股下跌的原因，以及国内外资金抄底都买了什么，一共分为三个部分：1）揭秘：中概股为何大跌？2）抄底：国内资金买“平台”3）变化：海外机构爱玩车01、缘何大跌？“刚出ICU，又进KTV”，中概股最近的表现几近癫狂。不过，短暂的欢愉并不能抚慰投资者受伤的心。Wind数据显示，截至3月21日收盘，370只中概股中有231只今年以来下跌，占比62%；其中，股价腰斩的个股29只，天地荟、聚好商城跌幅均逼近90%。没有涨跌板限制的市场，跌起来就是这么奔放。若统计股价高点至今的跌幅，情况更为惨烈。比如，目前中概股市值最大的阿里巴巴，2020年10月底曾创出了319.32美元的历史最高价，而如今股价不到当时的1/3，跌幅高达67%，期间最低跌至73.28美元；百度、拼多多等中概股自高点以来的跌幅均在50%以上，即使是较为抗跌的京东跌幅也达到40%。在港股上市的腾讯控股、美团、小米等互联网公司，股价也节节败退，跌到股东都不认识。中概股这轮调整，下跌幅度之大、周期之长、波及范围之广历史罕见，背后原因肯定不能简单的用业绩来解释。近乎团灭的背后，总的就是四个字：内忧外患。众所周知，中概股面临的最大“外患”就是退市风险。根据美国国会2020年通过的《外国公司问责法案》，如果外国上市公司连续三年未能提交美国上市公司会计监督委员会所要求的报告，允许美国证监会（SEC）将其从交易所摘牌；其中就包括在美上市的外国公司需要披露审计底稿的不对等要求。今年3月10日，SEC将5家中概股公司列入《外国公司问责法》的暂定清单，再次引发了中概股的抛售潮，让投资者对退市的杀伤力有了更直观的感受。退市风险，说到底是信任危机，对中概股造成的压力主要来自于两个方面：一是，对流动性折价的担忧。美股是一个全球性的市场，流动性泛滥，在美上市的溢价比较高，融资效率更高；与之相比，港股流动性没有那么充裕，在港上市的溢价较低。中概股在美退市后转到港股上市，考验着国内投资者的承接能力，可能存在流动性折价风险。二是，美元投资者集中抛售的压力。目前中概股股东中仍有大量的海外机构，若这些公司从美股退市，势必会引发海外投资者的大规模抛售。屋漏偏逢连夜雨。退市之剑悬而未落，国内行业监管政策的收紧，又给中概股的前景蒙着捉摸不透的阴影。在过去一年多里，互联网行业反垄断、教育行业“双减”、网络游戏防沉迷新规等政策陆续出台。尽管这些政策的出发点都是好的，并非为了打压个别行业和企业，但海外投资者对国内政策预期调整需要时间，容易导致市场短期过度反应，风险偏好骤降，出现恐慌式下跌。在与一些基金经理的交流中发现，对于中概股下跌的原因，还有另外一种声音。有人认为，经过多年发展，互联网的渗透率非常高，行业发展进入后半段，近几年互联网行业的增长逻辑是市场下沉，但整个行业空间或许已经逼近“天花板”，预计未来行业增速将见顶回落。换句话说，互联网行业高速成长期已经过去了，未来将进入成熟期，估值的想象空间变小了。这样的看法虽然有些“马后炮”，但无疑加重了市场的悲观预期。不过，退市、政策监管，以及行业增速见顶，可能都只是中概股下跌的表层原因，深层次的原因在于底层估值逻辑发生了变化。当共同富裕摆在了重要的位置，当经济发展从高速度转变为高质量，分配制度也从效率优先到兼顾公平，在此背景下，市场的估值体系可能被重塑。中概股的坚定持有者们最怕听到的鬼故事，就是互联网要变为公共事业。众所周知，科技股往往增速快，行业空间巨大，市场也愿意给它们高估值；相反，公共事业公司无论是业绩增速，还是行业空间，都没有那么性感。如果真的发生这种改变，互联网公司势必会遇到业绩和估值的双杀压力。相比业绩的简单直白，公司估值要模糊太多，常常是见仁见智。互联网公司当前遇到的最大问题是，当市场环境发生剧烈改变后，它们到底值多少钱，估值应该怎么给，市场参与者还没有形成共识，也没有一个可参考的标准。在中泰资管姜诚看来，隐藏在背后的原因是“价值锚”的缺位。尽管退市阴霾未散，原有估值逻辑也有可能被推倒重来，但是面对股价动辄腰斩、估值进入历史较低区间的互联网公司，抄底资金可谓是前赴后继。02、国内资金买「平台」高毅资产首席投资官邓晓峰在今年初与投资者线上交流时分享了自己对互联网行业的看法。在他看来，互联网行业类似2012、2013年时的白酒行业。当时受“八项规定”和“塑化剂”事件的影响，白酒股持续调整，直到2016年才开始复苏，但这并不妨碍这个行业长期的高回报，因为白酒本身是一门好生意。互联网的商业模式也非常优秀，当行业稳定之后，很容易为股东创造可观的回报。他认为，外部因素对中概股互联网公司影响达到最大值的时候，大概率是行业在资本市场表现最差的时候。他断言，尽管互联网行业上行的空间和时间尚不确定，但今年互联网至少是一个下行风险很小的行业。在3月初这轮恐慌性下跌中，邓晓峰有没有抄底中概股不得而知，但他对于互联网行业的乐观预期无疑是具有代表性的。“中国巴菲特”段永平也是中概股的忠实信徒，曾在互联网泡沫中逆势抄底网易一战成名，如今除了“风投”拼多多之外，外界最为津津乐道的还是他抄底腾讯。2018年，腾讯因游戏版号停发等问题股价暴跌，短短几个月跌幅超40%，段永平趁机上车。去年，腾讯被批为“精神鸦片”，股价再次大跌近40%。段永平8月4日在雪球（ID：大道无形我有型）上称买了腾讯，再跌继续买，二度抄底。今年2月28日，有雪球粉丝调侃，腾讯又到了大道底。段永平回复称，“低过我上次买的价钱了，那明天再买点”。此后，他还多次表达了对腾讯的看好。3月8日，他在回复网友提问时表示，“计划没（每）掉10%加一次仓”。3月14日，他表示再过一两个礼拜，应该还有些苹果的put到期，到时可以考虑再买点；次日上午，他又声称“明天准备拿伯克希尔B股换点腾讯，不等了”。不过，这些话可能更像开玩笑。他曾表示，腾讯对他的吸引力还没到让他卖掉任何别的股票去换的地步，再跌几次说不定就要认真想想了。过去几年，腾讯因游戏业务广受诟病。作为游戏学习机“小霸王”的缔造者，段永平对游戏有着不同的看法。他曾经解释过买腾讯的理由。在他看来，游戏最根本的东西是消费时间并获得快乐，而网络游戏是大多数人获取简单快乐最具有性价比的办法。游戏和其他消费品没有任何差别，并不存在良知的问题。如果以10年计，拿着茅台和腾讯应该比拿着现金好。即使是高调抄底腾讯的段永平，持有腾讯的比重还很低。相比之下，国内一些公募产品才是重仓持有或是逆势抄底中概股的中坚力量。比如，国投瑞银中国价值发现一直重仓持有腾讯控股和阿里巴巴，去年四季度还加仓了后者，目前分别为第一和第二重仓。基金经理汤海波表示，看好过去 一年中受持续政策打压，目前估值处于历史低位的平台型互联网公司。他认为这些行业仍有充足的发展空间，并相信中国互联网龙头公司在全球范围内的竞争优势。上投摩根亚太优势基金经理张军也表示，中概股的远期市盈率约为13倍，而美国股市则超过20倍。中国股票并不昂贵。即使市盈率只是停留在目前水平，预期的经济扩张应该会推动公司收益在未来几年大幅上升。创金合信港股互联网基金经理胡尧盛则从业绩角度提出了看好互联网行业的逻辑。他在四季报中表示，核心互联网公司收入端依然维持较高增速，虽然利润端不理想，但并非公司经营出了问题，基本面并没有出现风险。而当前股价下跌反应有些过度。他四季度真金白银为自己的认知“充值”，加仓了美团、腾讯控股、阿里巴巴、京东集团、百度集团等股票。统计公募基金重仓股后发现，互联网龙头、平台型公司仍是国内资金布局首选，即使是投资范围更广的QDII基金也是如此。具体来看，腾讯、美团、阿里、京东等龙头股成为很多基金必配重仓股。国内投资者最懂中国，也最懂中国的公司，互联网公司的公允价值可能无法判断，但这些公司中不少是好公司，这于这一点很多人深信不疑。他们越跌越买，拉长周期看，输的或许只是时间。更何况，当安全边际已经跌得足够明显，哪怕是异国他乡的海外投资者，也在抄底中概股这件事情上逐渐有了共识。03、国外机构爱玩车97岁的芒格对中国经济、中概股的看好从来不掩饰。根据不久前披露的13F文件显示，截至2021年12月底，查理·芒格旗下公司DailyJournalCorp（每日期刊）通过美国存托凭证(ADR)累积持有阿里巴巴602060股，持有市值约0.72亿美元，占比约28%，为公司第三大持仓。值得一提的是，与去年三季度相比，四季度每日期刊买入阿里巴巴的股票数量接近翻倍，如此大手笔的加仓，可见芒格对阿里巴巴是真爱，对中国经济、互联网的信心并非嘴上说说而已。去年一季度，阿里股价大跌，芒格首次买入了165320股；二季度阿里股价波动较小，他并没有急于加仓，只是维持之前的持仓不变；三季度阿里单季下跌近35%，芒格再次出手，买入136740股，持股总数也上升至30万股；四季度阿里又下跌了近20%，他这次选择了重拳出击，一口气买了30万股。尽管越跌越买，持仓成本不断摊薄，但过早的抄底，还是让芒格在这笔投资上有些被动。以至于在近期召开的每日期刊股东大会上，他对中概股、对阿里巴巴的看法之类的问题被股东们反复提到。芒格在回答股东提问时表示，之所以投资中国公司，是因为能够买到更多的价值。一些中国公司不仅价格便宜，而且竞争力更强。与美国的投资机会相比，中国的投资机会更好，而且能以更便宜的价格买入，获得更高的公司价值。他不觉得阿里巴巴的股权结构是一项特别大的风险，只是觉得其护城河没有苹果和Alphabet那么深。实际上，在抄底中概股的道路上，芒格并不孤单。国内投资者比较熟悉的先锋领航集团，去年四季度买入了74只中概股，而且均为新进持仓，持有市值排名靠前的个股包括百度、蔚来、小鹏汽车、拼多多、理想汽车等；但是，先锋集团没有买阿里巴巴、京东这些老牌零售电商龙头，而是选择了后起之秀拼多多。贝莱德四季度对中概股有增有减，对63只中概股进行了增持，对66只中概股进行了减持或清仓，另外新进买入红黄蓝、叮咚买菜等4只中概股。其中，蔚来、拼多多、理想汽车、阿里巴巴等个股均获得增持，百度、百胜中国、小鹏汽车虽被小幅减持。有意思的是，道富银行、摩根大通、纽约梅隆银行、挪威中央银行、高盛集团等知名外资机构，对中国“造车新势力”表现出了浓厚的兴趣，四季度纷纷增持了相关公司，其中蔚来受关注度最高，获得149家机构增持，189家机构新买入。若从持股机构数来看，阿里巴巴中驻扎的外资数量最多，达1287家，较三季度小幅下降；另外，百胜中国、京东、百度、蔚来持股机构数均超过500家。当然，对于中概股，尤其是处于反垄断风口浪尖的中国互联网公司，外资机构之间是有分歧的。但对于一些好公司，尤其是中国市场上快速成长的优质公司，他们从来不吝啬手里的子弹，比如造车新势力、以做下沉市场起家的拼多多。04、尾声段永平曾被记者问道，当年网易跌得仅剩0.8美元，你哪来的勇气敢买入？他反问道，原本值10块钱的东西，现在有人哭着喊着要以1块钱的价格卖给你，这还需要什么勇气吗？当价格显著低于企业价值时，抄底当然不需要勇气和胆识，但需要子弹。很多时候投资会陷入“一看就会，一学就废”的困境，原因既关乎能力，又在于资金的不自由。大多数人是不具备判断一家公司价值的能力的，而股价见底与价值发现通常不会同时到来。毕竟，段永平只有一个，但倒在了黎明前黑暗中的人，却有许多。","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935013164,"gmtCreate":1663019039458,"gmtModify":1676537180893,"author":{"id":"3585215181911888","authorId":"3585215181911888","name":"新手520","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585215181911888","authorIdStr":"3585215181911888"},"themes":[],"htmlText":"<a 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16:11","market":"us","language":"zh","title":"Extreme differentiation! U.S. stocks, U.S. bonds and various sectors are telling the opposite \"story\"","url":"https://stock-news.laohu8.com/highlight/detail?id=2227169474","media":"华尔街见闻","summary":"摩根士丹利分析师Michael Wilson指出，美股内部结构表现出严重的增长恐慌，而债券和标普500指数走势则反映增长尚可，然而这种背离是不可持续的，经济增长将令人失望。近期，美国股债市场的分化愈加","content":"<p><html><head></head><body><b><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analyst Michael Wilson pointed out that the internal structure of U.S. stocks shows serious growth panic, while the trend of bonds and S&P 500 index reflects acceptable growth. However, this divergence is unsustainable and economic growth will be disappointing.</b>Recently, the differentiation of the U.S. stock and bond market has become more and more obvious. U.S. bonds have continued to be sold off, but U.S. stocks are still firm. Not only that, but there is also serious differentiation within U.S. stocks. Growth stocks are severely impacted by rate hike expectations, while defensive stocks perform significantly better than cyclical stocks.</p><p><img src=\"https://static.tigerbbs.com/f6c2f1398679b7ae8673a31065e432a7\" tg-width=\"500\" tg-height=\"322\" referrerpolicy=\"no-referrer\"/></p><p>Some analysts have also noticed that the deviation of U.S. stocks, U.S. bonds and the internal structure of U.S. stocks has intensified, and U.S. stocks are short,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analyst Michael Wilson noted in a note Monday that the bond market and the S&P 500 index are too optimistic about the economic outlook.</p><p>Michael Wilson mentioned in the report:</p><p>We have an example of extreme differentiation. The internal structure of U.S. stocks shows serious growth fears, while the trend of bonds and the S&P 500 index reflects acceptable growth, and the U.S. bond market shows that the economy will remain strong. Wilson noted that the stock market started to realize a bit in November, when highly valued stocks have performed extremely poorly, and now defensive stocks, especially the utilities sector, are in one of their best performers on record.</p><p><img src=\"https://static.tigerbbs.com/823e940b411a1eb5c8ff6c897065e2fe\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/></p><p>In terms of U.S. bonds, as the Federal Reserve started the rate hike cycle, the yield of 10-year U.S. bonds continued to rise in the past month, with the largest monthly fluctuation in history.</p><p>From this point, the internal structure of the stock market once again deviates from the information of the bond market. Meanwhile, the inside of the stock market is telling a very different story than bonds or the S&P 500.</p><p>Equity risk premiums are lower, and the S&P 500 index GFC is at its lowest level since 2008. As Mike Wilson has pointed out several times in recent weeks, stock markets have lower returns given the huge risks facing the market.</p><p><img src=\"https://static.tigerbbs.com/0f6ddb0a1b0dd2ff84ebf296c9934b91\" tg-width=\"500\" tg-height=\"326\" referrerpolicy=\"no-referrer\"/></p><p>Furthermore, the downward ratio showed a clear pause in market breadth from mid-2021 and faded in the first quarter of 2022, which marked a clear change in market trends from the early-mid cycle environment to the late backdrop.</p><p><img src=\"https://static.tigerbbs.com/f393196c06ba9e4855e6c07e28bfe980\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>Finally, Wilson noted that current index valuations remain vulnerable to slowing growth and that P/E could continue to decline. Dividend increases with current market valuations, probably because many companies are currently performing better. But this divergence is unsustainable, and cyclical stocks will be most affected when the time comes.</p><p><img src=\"https://static.tigerbbs.com/32aefcbb404ca514042d83db10606e78\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\"/></p><p>The \"growth panic\" within U.S. stocks and the differentiation between bonds and stock indexes will prove that growth is unsustainable. The accelerating pace of the rate hike is another warning sign of a possible overshoot in the 10-year U.S. Treasury yield.</p><p>Overall, Wilson believes that it is difficult for the Fed to implement such a large tightening without affecting the economy, and that economic growth will be disappointing, and advises investors to stick with defensive stocks.</p><p></body></html></p>","source":"wallstreetcn_api","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>Extreme differentiation! U.S. stocks, U.S. bonds and various sectors are telling the opposite \"story\"</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\">\nExtreme differentiation! U.S. stocks, U.S. bonds and various sectors are telling the opposite \"story\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-04-13 16:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analyst Michael Wilson pointed out that the internal structure of U.S. stocks shows serious growth panic, while the trend of bonds and S&P 500 index reflects acceptable growth. However, this divergence is unsustainable and economic growth will be disappointing.</b>Recently, the differentiation of the U.S. stock and bond market has become more and more obvious. U.S. bonds have continued to be sold off, but U.S. stocks are still firm. Not only that, but there is also serious differentiation within U.S. stocks. Growth stocks are severely impacted by rate hike expectations, while defensive stocks perform significantly better than cyclical stocks.</p><p><img src=\"https://static.tigerbbs.com/f6c2f1398679b7ae8673a31065e432a7\" tg-width=\"500\" tg-height=\"322\" referrerpolicy=\"no-referrer\"/></p><p>Some analysts have also noticed that the deviation of U.S. stocks, U.S. bonds and the internal structure of U.S. stocks has intensified, and U.S. stocks are short,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analyst Michael Wilson noted in a note Monday that the bond market and the S&P 500 index are too optimistic about the economic outlook.</p><p>Michael Wilson mentioned in the report:</p><p>We have an example of extreme differentiation. The internal structure of U.S. stocks shows serious growth fears, while the trend of bonds and the S&P 500 index reflects acceptable growth, and the U.S. bond market shows that the economy will remain strong. Wilson noted that the stock market started to realize a bit in November, when highly valued stocks have performed extremely poorly, and now defensive stocks, especially the utilities sector, are in one of their best performers on record.</p><p><img src=\"https://static.tigerbbs.com/823e940b411a1eb5c8ff6c897065e2fe\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/></p><p>In terms of U.S. bonds, as the Federal Reserve started the rate hike cycle, the yield of 10-year U.S. bonds continued to rise in the past month, with the largest monthly fluctuation in history.</p><p>From this point, the internal structure of the stock market once again deviates from the information of the bond market. Meanwhile, the inside of the stock market is telling a very different story than bonds or the S&P 500.</p><p>Equity risk premiums are lower, and the S&P 500 index GFC is at its lowest level since 2008. As Mike Wilson has pointed out several times in recent weeks, stock markets have lower returns given the huge risks facing the market.</p><p><img src=\"https://static.tigerbbs.com/0f6ddb0a1b0dd2ff84ebf296c9934b91\" tg-width=\"500\" tg-height=\"326\" referrerpolicy=\"no-referrer\"/></p><p>Furthermore, the downward ratio showed a clear pause in market breadth from mid-2021 and faded in the first quarter of 2022, which marked a clear change in market trends from the early-mid cycle environment to the late backdrop.</p><p><img src=\"https://static.tigerbbs.com/f393196c06ba9e4855e6c07e28bfe980\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>Finally, Wilson noted that current index valuations remain vulnerable to slowing growth and that P/E could continue to decline. Dividend increases with current market valuations, probably because many companies are currently performing better. But this divergence is unsustainable, and cyclical stocks will be most affected when the time comes.</p><p><img src=\"https://static.tigerbbs.com/32aefcbb404ca514042d83db10606e78\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\"/></p><p>The \"growth panic\" within U.S. stocks and the differentiation between bonds and stock indexes will prove that growth is unsustainable. The accelerating pace of the rate hike is another warning sign of a possible overshoot in the 10-year U.S. Treasury yield.</p><p>Overall, Wilson believes that it is difficult for the Fed to implement such a large tightening without affecting the economy, and that economic growth will be disappointing, and advises investors to stick with defensive stocks.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3656805\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{"IEF":"债券指数ETF-iShares Barclays 7-10年","IEI":"iShares Barclays 3-7 Year Trea","BND":"债券指数ETF-Vanguard美国","TLT":"20+年以上美国国债ETF-iShares","SHY":"债券指数ETF-iShares Barclays 1-3年国债","GOVT":"iShares安硕核心美国国债ETF"},"source_url":"https://wallstreetcn.com/articles/3656805","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2227169474","content_text":"摩根士丹利分析师Michael Wilson指出，美股内部结构表现出严重的增长恐慌，而债券和标普500指数走势则反映增长尚可，然而这种背离是不可持续的，经济增长将令人失望。近期，美国股债市场的分化愈加明显，美债持续遭抛售，美股却依然坚挺。不仅如此，美股内部也出现严重分化，成长型股票遭受加息预期的猛烈冲击，同时防御型股票表现显著优于周期股。一些分析师也注意到了美股、美债以及美股内部结构背离加剧，美股空头、摩根士丹利分析师Michael Wilson在周一的一份报告中指出，债券市场和标准普尔500指数对经济前景过于乐观。Michael Wilson在报告中提到：我们有了一个极端分化的例子，美股内部结构表现出严重的增长担忧恐慌，而债券和标普500指数走势则反映增长尚可，其中美国债市则显示经济将保持强劲。Wilson指出，股市在11月开始意识到了一点，自那时高估值股票表现极其糟糕，现在防守型股票，尤其是公用事业板块，正处于有记录以来表现最好的时期之一。美债方面，随着美联储开启加息周期，近一个月10年期美债收益率持续攀升，月波动幅度为史上最大。从这一点上，股票市场的内部结构再次偏离了债券市场的信息。与此同时，与债券或标普500相比，股票市场的内部正在讲述一个截然不同的故事。股票风险溢价走低，标普500指数GFC处于2008年以来的最低水平。正如Mike Wilson最近几周多次指出的，鉴于市场面临着巨大风险，股市回报较低。此外，从2021年中期开始，下跌比率显示出市场广度的明显停顿，并在2022年第一季度消退，这标志着市场趋势从周期早中期环境到晚期背景的明显变化。最后，Wilson指出，目前的指数估值仍然容易受到增长放缓的影响，市盈率可能继续下降。股息随当前市场估值增加，可能是因为许多企业当前的业绩表现较好。但这种背离是不可持续的，到时候周期股将受影响最严重。美股内部的“增长恐慌”与债券和股指之间的分化，将被证明增长是不可持续的。加息步伐加快是另一个警告信号，表明10年期美债收益率可能存在超调。总的来看，Wilson认为，美联储很难在不影响经济的情况下实施如此大规模的紧缩，经济增长将令人失望，并建议投资者坚持选择防御性股票。","news_type":1,"symbols_score_info":{"ZFmain":0.9,"TNmain":0.9,"UBmain":0.9,"ZBmain":0.9,"IEI":0.6,"IEF":0.6,"GOVT":0.6,"SHY":0.6,"TLT":0.6,"ZNmain":0.9,"BND":1,"ZTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011430065,"gmtCreate":1648902690361,"gmtModify":1676534419847,"author":{"id":"3585215181911888","authorId":"3585215181911888","name":"新手520","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585215181911888","authorIdStr":"3585215181911888"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011430065","repostId":"1150398100","repostType":4,"repost":{"id":"1150398100","kind":"news","pubTimestamp":1648887472,"share":"https://ttm.financial/m/news/1150398100?lang=en_US&edition=fundamental","pubTime":"2022-04-02 16:17","market":"sh","language":"zh","title":"Heavy! Four ministries and commissions revised the regulations on overseas listing of enterprises, and sorted out five major highlights!","url":"https://stock-news.laohu8.com/highlight/detail?id=1150398100","media":"上海证券报","summary":"中国证监会坚定支持企业根据自身意愿自主选择上市地。","content":"<p><div>On April 2nd, according to the official website of the CSRC, the CSRC, together with the Ministry of Finance, the State Secrets Bureau and the State Archives Administration, revised the Regulations on Strengthening Confidentiality and Archives Management Related to Overseas Securities Issuance and Listing (CSRC Announcement [2009] No.29, hereinafter referred to as the Regulations), and publicly solicited opinions from the public. In response to a reporter's question, the person in charge of the relevant department of the CSRC said that the CSRC firmly supports enterprises to choose the listing place independently according to their own wishes. The revision of the Regulations aims to further strengthen the confidentiality and archives management related to overseas issuance and listing of domestic enterprises, clarify the information security responsibilities of listed companies,...</p><p><a href=\"https://mp.weixin.qq.com/s/JeAmTjpdCNbZNcFHuCoZMQ\">Web link</a></div></p>","source":"shzqb","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>Heavy! Four ministries and commissions revised the regulations on overseas listing of enterprises, and sorted out five major highlights!</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\">\nHeavy! Four ministries and commissions revised the regulations on overseas listing of enterprises, and sorted out five major highlights!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2022-04-02 16:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On April 2nd, according to the official website of the CSRC, the CSRC, together with the Ministry of Finance, the State Secrets Bureau and the State Archives Administration, revised the Regulations on Strengthening Confidentiality and Archives Management Related to Overseas Securities Issuance and Listing (CSRC Announcement [2009] No.29, hereinafter referred to as the Regulations), and publicly solicited opinions from the public. In response to a reporter's question, the person in charge of the relevant department of the CSRC said that the CSRC firmly supports enterprises to choose the listing place independently according to their own wishes. The revision of the Regulations aims to further strengthen the confidentiality and archives management related to overseas issuance and listing of domestic enterprises, clarify the information security responsibilities of listed companies,...</p><p><a href=\"https://mp.weixin.qq.com/s/JeAmTjpdCNbZNcFHuCoZMQ\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/JeAmTjpdCNbZNcFHuCoZMQ\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e47235940cac4ace00aaf85be84ee412","relate_stocks":{"CQQQ":"中国科技指数ETF-Guggenheim","KWEB":"中国海外互联网ETF-KraneShares","BK4526":"热门中概股"},"source_url":"https://mp.weixin.qq.com/s/JeAmTjpdCNbZNcFHuCoZMQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150398100","content_text":"4月2日，据证监会官方网站消息，证监会会同财政部、国家保密局、国家档案局对《关于加强在境外发行证券与上市相关保密和档案管理工作的规定》(证监会公告〔2009〕29号，下称《规定》)进行了修订，并向社会公开征求意见。证监会有关部门负责人在答记者问中表示，中国证监会坚定支持企业根据自身意愿自主选择上市地。《规定》的修订旨在进一步加强境内企业境外发行上市相关保密和档案管理工作，明确上市公司信息安全责任，维护国家信息安全，减少不必要的涉密敏感信息进入工作底稿，提高跨境监管合作的效率，体现了统筹开放与安全的理念，将促进中国境内企业境外发行证券和上市活动有序开展。证监会官网消息表示，将继续支持各类符合条件的企业赴境外上市，不断深化跨境监管合作，规定修订将进一步提升境外上市企业的合规水平，促进境外上市活动健康有序发展。证监会和有关部门将根据公开征求意见情况，进一步修改完善规定，履行法定程序后尽快发布实施。原《规定》共十二条，修订后的《规定》共十三条，删减两条，新增三条。来看修订要点！要点1：保持与上位法衔接本次修订完善了法律依据。具体来看：与《国务院关于境内企业境外发行证券和上市管理的规定(草案征求意见稿)》（下称《国务院管理规定》）相衔接；增加《中华人民共和国会计法》《中华人民共和国注册会计师法》等法律，以及《国务院管理规定》作为上位法。上述证监会有关部门负责人表示，《规定》出台于2009年，在当时情况下对规范境外上市相关保密和档案管理工作发挥了积极作用。十多年来，相关的法规和制度环境明显变化，市场和监管实践不断深化，前述规定日益不适应新的形势。负责人指出，本次修订将为境外上市涉及的相关保密和档案管理工作，提供更加清晰的指引，便利有关市场主体依法依规高效开展境外发行上市活动；将指导企业妥善管理涉密和敏感信息，履行好维护国家信息安全的主体责任；也将有助于相关监管部门与境外监管机构，安全高效开展包括联合检查在内的跨境监管合作活动，共同维护全球投资者权益。要点2：适用范围扩大至境外间接上市企业修订后的《规定》，删除了此前《规定》中关于境外上市公司的定义和境外中资控股上市公司的境内股权持有单位参照执行的规定，并与《国务院管理规定》保持一致，明确适用于企业境外直接和间接上市。具体来看，《规定》将“境内企业”定义为，包括在境外直接发行上市的境内股份有限公司和境外间接发行上市主体的境内运营实体。要点3：明确企业保密责任为使企业切实担负信息安全的主体责任，修订后的《规定》要求，境内企业境外发行上市过程中向证券公司、会计师事务所等证券服务机构以及境外监管机构提供、披露，或者通过其境外上市主体等提供、披露文件资料时，须遵守保密相关法律法规。《规定》还要求境内企业向有关证券公司、证券服务机构提供文件、资料时，就提供的涉密敏感信息具体情况提供书面说明。证券公司、证券服务机构应当妥善保存上述书面说明以备查。相关负责人表示，依法依规做好涉密敏感信息的管理，落实信息安全主体责任，是企业合规经营的重要内容。从实践情况看，企业向有关证券公司、证券服务机构提供包含涉密或敏感信息的文件、资料应属极少数情况。“如因审计工作需要确有必要提供的，《规定》重申企业须按照相关法律法规履行必要的审批或备案程序，并要求企业保留履行程序和提供信息的相关记录并向中介机构提供书面说明，不会给企业带来过高的合规成本。《规定》的落实，将提升企业维护信息安全和防范法律风险的能力，促进企业依法合规开展境外发行上市活动。”上述负责人说。要点4：明确会计档案管理要求《规定》明确了会计档案管理要求。具体来看，境内企业向有关证券公司、证券服务机构、境外监管机构等单位和个人提供对国家和社会具有重要保存价值的会计档案或会计档案复制件的，应当按照国家有关规定履行相应程序。要点5：修改现场检查规定 为跨境监管合作提供制度保障结合跨境审计监管合作的国际惯例，此次修订删除了原规定中“现场检查应以我国监管机构为主进行，或者依赖我国监管机构的检查结果”的表述。结合证券法规定，《规定》明确，境外证券监督管理机构及有关主管部门提出就境内企业境外发行证券和上市相关活动，对境内企业以及为该等企业提供相关证券服务的证券公司、证券服务机构进行调查取证或开展检查的，应当通过跨境监管合作机制进行，证监会或有关主管部门依据双多边合作机制，提供必要协助，为安全高效开展包括联合检查在内的跨境监管合作提供制度保障。证监会有关部门负责人表示，这体现了中国监管部门对跨境审计监管合作一贯的开放态度，也符合相关国际惯行做法，将为安全、高效开展包括联合检查在内的跨境监管合作提供制度保障。《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定（征求意见稿）》修订说明为进一步加强境内企业境外发行上市相关的保密和档案管理工作，明确上市公司信息安全责任，维护国家信息安全，深化跨境监管合作，证监会会同财政部、国家保密局、国家档案局对《关于加强在境外发行证券与上市相关保密和档案管理工作的规定》（证监会公告〔2009〕29 号，以下简称《规定》）进行了修订。现就有关情况说明如下：一、修订背景《规定》发布于2009 年，是一部规范境内企业境外发行上市有关保密和档案管理事宜的规范性文件，对境内企业向证券公司、会计师事务所等证券服务机构以及境外监管机构提供涉密或敏感信息应当履行的程序作出了规定。《规定》的适用范围为“发行境外上市外资股的境内公司”，并规定境外中资控股上市公司的境内股权持有单位参照执行。十多年来，《规定》在规范境内企业境外发行上市过程中的信息安全管理、特别是对外提供审计工作底稿的程序管理方面发挥了一定的积极作用。随着形势变化，《规定》日益面临一些不适应的情况：一是覆盖面不全。近年来不少境内企业以间接方式赴香港、美国等境外市场上市，而《规定》并不适用于此类公司，存在一定的规范盲区。二是不适应上位法的变化。《国务院关于境内企业境外发行证券和上市的管理规定（草案征求意见稿）》（以下简称《国务院管理规定》）拟对境内企业直接和间接境外上市活动统一实施备案管理。《规定》须相应作出调整。三是不适应跨境监管合作的要求。近年来国际资本市场跨境监管合作的实践不断深化，有必要对相关制度安排予以完善，为下一步安全高效开展合作提供制度保障。二、修订主要内容原《规定》共十二条，修订后共十三条，删减两条，新增三条，主要修订内容如下：（一）保持与上位法的衔接。将《国务院管理规定》加入《规定》第一条，作为其上位法规之一，并将原《规定》标题和正文中出现的“在境外发行证券与上市”的表述，参考《国务院管理规定》的表述，统一修改为“境内企业境外发行证券和上市”。增加《会计法》《注册会计师法》等法律以及《国务院管理规定》为上位依据（第一条）。（二）将适用范围扩大至境外间接上市企业。删除此前《规定》中关于境外上市公司的定义和境外中资控股上市公司的境内股权持有单位参照执行的规定，与《国务院管理规定》保持一致，将“境内企业”定义为包括在境外直接发行上市的境内股份有限公司和境外间接发行上市主体的境内运营实体（第二条）。（三）增加程序性要求，明确企业保密责任。为使企业切实担负信息安全的主体责任，修订后的《规定》将要求境内企业境外发行上市过程中向证券公司、会计师事务所等证券服务机构以及境外监管机构提供、披露，或者通过其境外上市主体等提供、披露文件资料时，遵守保密相关法律法规。要求境内企业向有关证券公司、证券服务机构提供文件、资料时，就提供的涉密敏感信息具体情况提供书面说明。证券公司、证券服务机构应当妥善保存上述书面说明以备查（第三、四、五条）。（四）明确会计档案管理要求。明确境内企业向有关证券公司、证券服务机构、境外监管机构等单位和个人提供对国家和社会具有重要保存价值的会计档案或会计档案复制件的，应当按照国家有关规定履行相应程序（第八条）。（五）修改有关境外检查的规定。结合跨境审计监管合作的国际惯例，删除《规定》中关于“现场检查应以我国监管机构为主进行，或者依赖我国监管机构的检查结果”的表述。结合《证券法》第一百七十七条的规定，明确境外证券监督管理机构及有关主管部门提出就境内企业境外发行证券和上市相关活动对境内企业以及为该等企业提供相关证券服务的证券公司、证券服务机构进行调查取证或开展检查的，应当通过跨境监管合作机制进行，证监会或有关主管部门依据双多边合作机制提供必要的协助，为安全高效开展包括联合检查在内的跨境监管合作提供制度保障（第十一条）。关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定（征求意见稿）一、为保障国家经济安全，保护社会公共利益，规范境内企业境外发行证券和上市相关保密和档案管理工作，支持企业依法合规开展境外发行证券和上市活动，根据《中华人民共和国证券法》《中华人民共和国保守国家秘密法》《中华人民共和国档案法》《中华人民共和国会计法》《中华人民共和国注册会计师法》《中华人民共和国国家安全法》和《国务院关于境内企业境外发行证券和上市的管理规定》等法律法规的有关规定，制定本规定。二、境内企业境外发行证券和上市活动中，境内企业以及提供相关证券服务的证券公司、证券服务机构应当严格遵守中华人民共和国相关法律法规以及本规定的要求，增强保守国家秘密和加强档案管理的法律意识，建立健全保密和档案工作制度，采取必要措施落实保密和档案管理责任，不得泄露国家秘密，不得损害国家和公共利益。前款所称境内企业包括境外直接发行上市的境内股份有限公司和境外间接发行上市主体的境内运营实体；所称证券公司、证券服务机构包括境内外证券公司、证券服务机构以及其在境内的成员机构、代表机构、联营机构、合作机构等关联机构。三、境内企业向有关证券公司、证券服务机构、境外监管机构等单位和个人提供、公开披露，或者通过其境外上市主体等提供、公开披露涉及国家秘密、机关单位工作秘密的文件、资料的，应当依法报有审批权限的主管部门批准，并报同级保密行政管理部门备案。是否属于国家秘密不明确或者有争议的，应当报有关保密行政管理部门确定；是否属于机关单位工作秘密不明确或者有争议的，应当报有关业务主管部门确定。四、境内企业向有关证券公司、证券服务机构、境外监管机构等单位和个人提供、公开披露，或者通过其境外上市主体等提供、公开披露其他泄露后会对国家安全或者公共利益造成不利影响的文件、资料的，应当按照国家有关规定，严格履行相应程序。五、境内企业向有关证券公司、证券服务机构提供文件、资料时，应按照国家相关保密规定处理相关文件、资料，并就执行本规定第三条、第四条的情况提供书面说明。证券公司、证券服务机构应当妥善保存上述书面说明以备查。境外会计师事务所从事境内企业境外发行证券和上市相关审计业务的，应当按照国家有关规定履行相应程序。境内企业不得向未履行相应程序的境外会计师事务所提供会计档案。六、境内企业经履行相应程序后，向有关证券公司、证券服务机构等提供涉及国家秘密、机关单位工作秘密或者其他泄露后会对国家安全或者公共利益造成不利影响的文件、资料的，双方应当依照《中华人民共和国保守国家秘密法》等法律法规及本规定，签订保密协议，明确有关证券公司、证券服务机构等承担的保密义务和责任。证券公司、证券服务机构应当遵守我国保密及档案管理的要求，妥善保管获取的上述文件、资料。七、境内企业、有关证券公司、证券服务机构发现国家秘密已经泄露或者可能泄露的，应当立即采取补救措施并及时向有关机关、单位报告。机关、单位接到报告后，应当立即作出处理，并及时向保密行政管理部门报告。八、境内企业向有关证券公司、证券服务机构、境外监管机构等单位和个人提供对国家和社会具有重要保存价值的会计档案或会计档案复制件的，应当按照国家有关规定履行相应程序。九、为境内企业境外发行证券和上市提供相关证券服务的证券公司、证券服务机构在境内形成的工作底稿等档案应当存放在境内。未经有关主管部门批准，不得通过携带、寄运等任何方式将其转移至境外或者通过信息技术等任何手段传递给境外机构或者个人。涉及对国家和社会具有重要保存价值的档案或档案复制件需要出境的，按照国家有关规定办理审批手续。十、证监会、财政部、国家保密局和国家档案局等有关主管部门建立协作机制，在各自的职权范围内依法对境内企业境外发行证券和上市活动中涉及保密和档案管理的有关事项进行规范和监督检查。十一、境外证券监督管理机构及有关主管部门提出就境内企业境外发行证券和上市相关活动对境内企业以及为该等企业境外发行证券和上市提供证券服务的证券公司、证券服务机构进行调查取证或开展检查的，应当通过跨境监管合作机制进行，证监会或有关主管部门依据双多边合作机制提供必要的协助。境内有关企业、证券公司和证券服务机构，在配合境外证券监督管理机构或境外有关主管部门调查、检查或提供文件资料前，应当事先向证监会或有关主管部门报告。十二、境内企业境外发行证券和上市活动中，任何单位和个人违反《中华人民共和国保守国家秘密法》和《中华人民共和国档案法》等法律法规的，由有关部门依法追究法律责任；涉嫌犯罪的，移送司法机关依法追究刑事责任。十三、本规定自公布之日起施行。《关于加强在境外发行证券与上市相关保密和档案管理工作的规定》（证监会公告〔2009〕29 号）同时废止。证监会答记者问2022年4月2日，证监会公布《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定(征求意见稿)》(以下简称《规定》)，向社会公开征求意见。针对各界关注的问题，记者采访了证监会有关部门负责人。1.问:现阶段修订《关于加强在境外发行证券与上市相关保密和档案管理工作的规定》(证监会公告〔2009〕29号)的主要考虑是什么?答:上述规定出台于2009年，在当时情况下对规范境外上市相关保密和档案管理工作发挥了积极作用。十多年来，相关的法规和制度环境明显变化，市场和监管实践不断深化，前述规定日益不适应新的形势。本次修订，将为境外上市涉及的相关保密和档案管理工作提供更加清晰的指引，便利有关市场主体依法依规高效开展境外发行上市活动;将指导企业妥善管理涉密和敏感信息，履行好维护国家信息安全的主体责任;也将有助于相关监管部门与境外监管机构安全高效开展包括联合检查在内的跨境监管合作活动，共同维护全球投资者权益。2.问:《规定》的发布对促进境外上市活动有何积极意义?答:中国证监会坚定支持企业根据自身意愿自主选择上市地。《规定》的修订旨在进一步加强境内企业境外发行上市相关保密和档案管理工作，明确上市公司信息安全责任，维护国家信息安全，减少不必要的涉密敏感信息进入工作底稿，提高跨境监管合作的效率，体现了统筹开放与安全的理念，将促进中国境内企业境外发行证券和上市活动有序开展。3.问:《规定》对跨境监管合作，特别是审计监管合作有何积极作用?答:《规定》根据《证券法》第一百七十七条的规定，明确境外监管机构在中国境内进行调查取证或开展检查的应当通过跨境监管合作机制进行，证监会和有关主管部门依据双多边合作机制提供必要的协助。同时，结合跨境审计监管合作的国际惯例，删除了原《规定》关于“现场检查应以我国监管机构为主进行，或者依赖我国监管机构的检查结果”的表述。这体现了中国监管部门对跨境审计监管合作一贯的开放态度，也符合相关国际惯行做法，将为安全、高效开展包括联合检查在内的跨境监管合作提供制度保障。4.问:《规定》要求企业向有关证券公司、证券服务机构提供关于执行《规定》第三条、第四条情况的书面说明，是否将提高企业的合规成本?答:依法依规做好涉密敏感信息的管理，落实信息安全主体责任，是企业合规经营的重要内容。从实践情况看，企业向有关证券公司、证券服务机构提供包含涉密或敏感信息的文件、资料应属极少数情况。如因审计工作需要确有必要提供的，《规定》重申企业须按照相关法律法规履行必要的审批或备案程序，并要求企业保留履行程序和提供信息的相关记录并向中介机构提供书面说明，不会给企业带来过高的合规成本。《规定》的落实，将提升企业维护信息安全和防范法律风险的能力，促进企业依法合规开展境外发行上市活动。","news_type":1,"symbols_score_info":{"CQQQ":0.9,"KWEB":0.9}},"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961309612,"gmtCreate":1668827370636,"gmtModify":1676538119199,"author":{"id":"3585215181911888","authorId":"3585215181911888","name":"新手520","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585215181911888","authorIdStr":"3585215181911888"},"themes":[],"htmlText":"<a 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data-views=\"0\"></v-v>","text":"$道琼斯(.DJI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9986884232","isVote":1,"tweetType":1,"viewCount":637,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9027690129,"gmtCreate":1654032753561,"gmtModify":1676535379517,"author":{"id":"3585215181911888","authorId":"3585215181911888","name":"新手520","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585215181911888","authorIdStr":"3585215181911888"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9027690129","repostId":"1157968743","repostType":4,"repost":{"id":"1157968743","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":1654012767,"share":"https://ttm.financial/m/news/1157968743?lang=en_US&edition=fundamental","pubTime":"2022-05-31 23:59","market":"us","language":"zh","title":"US Stocks Rebound! The Nasdaq rose after falling more than 1.5%","url":"https://stock-news.laohu8.com/highlight/detail?id=1157968743","media":"老虎资讯综合","summary":"5月31日，美股盘中反弹，纳指翻涨，此前一度跌超1.5%；道指跌幅收窄至约0.3%，标普500指数现跌约0.2%。明星科技股普遍上涨，阿里巴巴涨4.6%、亚马逊涨3.17%、台积电涨2.4%，奈飞、谷","content":"<p><html><head></head><body>On May 31st, U.S. stocks rebounded in the intraday session, and the Nasdaq rose, once falling by more than 1.5%; The Dow's losses narrowed to about 0.3%, and the S&P 500 is now down about 0.2%.</p><p><img src=\"https://static.tigerbbs.com/6e08c4fb0e3f30dbec9d35b9ae80c167\" tg-width=\"828\" tg-height=\"273\" referrerpolicy=\"no-referrer\"/>Star tech stocks rose broadly,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>up 4.6%,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>up 3.17%,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>up 2.4%,<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose more than 1%.</p><p>Popular Chinese stocks strengthened again, with Manbang rising by 15%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/BZ\">Direct hiring by BOSS</a>、<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>、<a href=\"https://laohu8.com/S/BEKE\">Shell</a>The increase is more than 10%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 7%,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The gathering rose by 6%.</p><p></body></html></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>US Stocks Rebound! The Nasdaq rose after falling more than 1.5%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS Stocks Rebound! The Nasdaq rose after falling more than 1.5%\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\">2022-05-31 23:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On May 31st, U.S. stocks rebounded in the intraday session, and the Nasdaq rose, once falling by more than 1.5%; The Dow's losses narrowed to about 0.3%, and the S&P 500 is now down about 0.2%.</p><p><img src=\"https://static.tigerbbs.com/6e08c4fb0e3f30dbec9d35b9ae80c167\" tg-width=\"828\" tg-height=\"273\" referrerpolicy=\"no-referrer\"/>Star tech stocks rose broadly,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>up 4.6%,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>up 3.17%,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>up 2.4%,<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose more than 1%.</p><p>Popular Chinese stocks strengthened again, with Manbang rising by 15%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/BZ\">Direct hiring by BOSS</a>、<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>、<a href=\"https://laohu8.com/S/BEKE\">Shell</a>The increase is more than 10%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 7%,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The gathering rose by 6%.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"BK4581":"高盛持仓","QID":"两倍做空纳斯达克指数ETF-ProShares",".IXIC":"NASDAQ Composite","03086":"华夏纳指","SQQQ":"纳指三倍做空ETF","BK4534":"瑞士信贷持仓","BK4550":"红杉资本持仓","QQQ":"纳指100ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares",".SPX":"S&P 500 Index","PSQ":"做空纳斯达克100指数ETF-ProShares","BK4561":"索罗斯持仓","TQQQ":"纳指三倍做多ETF",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157968743","content_text":"5月31日，美股盘中反弹，纳指翻涨，此前一度跌超1.5%；道指跌幅收窄至约0.3%，标普500指数现跌约0.2%。明星科技股普遍上涨，阿里巴巴涨4.6%、亚马逊涨3.17%、台积电涨2.4%，奈飞、谷歌、特斯拉涨超1%。热门中概股再度走强，满帮涨15%，新东方、BOSS直聘、哔哩哔哩、贝壳涨幅在10%以上，拼多多涨7%，京东、欢聚涨6%。","news_type":1,"symbols_score_info":{"QID":0.9,".IXIC":0.9,".SPX":0.9,"PSQ":0.9,"NQmain":0.9,"QQQ":0.9,".DJI":0.9,"03086":0.9,"MNQmain":0.9,"SQQQ":0.9,"TQQQ":0.9,"QLD":0.9}},"isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9022823409,"gmtCreate":1653519733101,"gmtModify":1676535294764,"author":{"id":"3585215181911888","authorId":"3585215181911888","name":"新手520","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585215181911888","authorIdStr":"3585215181911888"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022823409","repostId":"2238753157","repostType":4,"isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}