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2021-06-15

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Ten-year-old Kuaishou, a mirror image of the world

2021-06-15

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2021-06-15

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New U.S. stocks have emerged! At one point, the stock jumped more than 30%

2021-06-15

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Be alert to the risk of US dollar rebound, and the RMB exchange rate is easy to depreciate but difficult to rise in the second half of the year

2021-06-15

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2021-06-15

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The United States launches a new round of financial sanctions, and Russia strikes back strongly: selling the dollar!

2021-06-15

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Opening: Blockchain concept stocks jump as HSI opens 0.36% higher

2021-06-15

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The legendary "Yang Million" died, and the enterprising spirit of retail investors was endless

2021-06-15

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The winning rate of Times Angel is 1.5%, and the subscription of 750 lots is stable

2021-06-12

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Tiger Brokers helped BOSS Direct Recruitment land on Nasdaq, opening up 75% on the first day

2021-06-12

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Pre-market: WSB concept stocks are "restless" again! One biopharmaceutical stock rose 27%

2021-06-12

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Opening: Precigen Up Over 20% as Three Major Indices Open Higher

2021-06-12

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2021-06-12

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[Change] The steel sector rose at the beginning of the session, and U.S. steel rose by more than 3%

2021-06-12

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How dangerous is Bezos's trip to space?

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At that time, the two groups he often visited were \"IT Recruitment King\" and \"Graphic Designer\". The creation of the company and the beginning of the product, this young man has an almost intuitive yearning for community and design.</p><p>2011 was a turbulent year:<b><a href=\"https://laohu8.com/S/ZH\">Zhihu</a>It has just been established, and the US Mission has only been online for one year. Station B has just changed its name from its predecessor \"Mikufans\" to bilibili. With the vigorous development of mobile Internet, coffee shops in Haidian District are as lively as vegetable markets, and countless people have joined them.</b></p><p>Shortly after Cheng Yixiao's recruitment information was sent out, a UI designer joined GIF Aauto Quicker and became one of the earliest four employees. They live in a residential house in Aobei Community, Lishuiqiao, Haidian District, and silently polish this product.</p><p><img src=\"https://static.tigerbbs.com/6ce1483e15c5a30766ef7457ab4b0d79\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>A decade ago, a desk at the Auburn Center</p><p>Yang Yuanxi, co-founder of Aauto Quicker, recalled that work and life were inseparable at that time, and four people went to order meals in shifts at noon every day. \"At that time, there were only seven restaurants downstairs, and basically the seven restaurants were arranged in different orders.\"</p><p>Perhaps unable to bear such work and living conditions, or perhaps hopeless for the future of this small company, it didn't take long for the designer to leave GIF Aauto Quicker and pass by an era.</p><p>No one can predict that many years later, this company will create the whole era of short videos, and after some ups and downs of development, it will be listed on the Hong Kong Stock Exchange, with a market value of one trillion Hong Kong dollars, making it the fifth largest Internet company in China.</p><p>So far, the other three early employees are still leading Aauto Quicker:<b>Co-founders Cheng Yixiao, Yin Xin and Yang Yuanxi, together with Su Hua, who joined Aauto Quicker in 2013, form the background of this unique product of Aauto Quicker.</b></p><p>Ten years have passed in a flash, and countless companies have been lost in the waves of mobile Internet. In the decade of Aauto Quicker, the weather was good and it was imminent. Under the pressure of strong competition, it finally tenaciously rushed to 300 million daily living.</p><p><img src=\"https://static.tigerbbs.com/c39c2e4a9ed3d8016c44153dfc68ec2c\" tg-width=\"1080\" tg-height=\"1439\" referrerpolicy=\"no-referrer\"></p><p>Aauto Quicker landed on HKEx</p><p>This is the story of an ups and downs saga, and the past decade<a href=\"https://laohu8.com/S/CHL\">China Mobile</a>A typical sample of the evolution of internet companies. Product, technology, operation, business, when a young company sets foot on a fertile soil ahead of time, and its accumulation does not match the huge opportunities it faces, how to survive, develop, persist, evolve, and make key and correct decisions, thus opening a protracted war.</p><p><b>Wind and Cloud Meeting</b></p><p>Shanghai, 2013. This afternoon, Zhang Fei, a partner at Morningside Capital, decided to meet the young man who was seeking investment.<b>He graduated from Tsinghua University and worked in<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Take office. With a rich resume, he is also a serial entrepreneur, with a tough and energetic personality.</b></p><p>This is Zhang Fei's second meeting with him. This young man named Su Hua is preparing to give up his entrepreneurial project and start more new attempts.</p><p>According to Zhang Fei's recollection, Su Hua talked about more than 20 projects at that time. \"Many particularly interesting entrepreneurial ideas, but after one by one, I found that most of them were immature, and I gave direct feedback.\"</p><p><img src=\"https://static.tigerbbs.com/2dcc717dcbd72669b175a38910eeb96a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Four co-founders cut cakes at the listing site</p><p>One is looking for future-oriented investment targets, and the other is seeking new entrepreneurial directions. For most of the day, two people discussed countless possibilities of starting a business, and then overturned them one by one. Suddenly, an idea flashed in Zhang Fei's mind,</p><p>\"I have a very good product manager here. Why don't you cooperate with him?\" Zhang Fei said.</p><p>This \"very good product manager\" is Cheng Yixiao. As an angel investor of GIF Aauto Quicker,<b>Zhang Fei is very optimistic about mobile phone video in the 4G era, and GIF Aauto Quicker, as a primitive video form, makes him see some possibility.</b></p><p>Since its launch in 2011, GIF Aauto Quicker has accumulated many users and began to try to transform from a tool to a short video community, but it has not gone smoothly.</p><p>As a product manager, Cheng Yixiao faces a simple challenge:<b>When users produce content through GIF Aauto Quicker and are willing to upload their works to the community section, how can they make everyone's works seen by more people?</b>This is the most basic and ultimate motivation for creator enthusiasm.</p><p>At first, they adopted the general recommendation method, that is, they made a list of new works or works within seven days every day. The list was ranked according to the popularity weight of the works, such as comments, sharing and likes. All users saw the same list.</p><p>The number of works that can be recommended in the list is extremely limited, and it is easy to turn heads. Only creators with talent and face value have the opportunity to be popular.<b>And Cheng Yixiao especially hopes to see the works of ordinary people can also make the list.</b></p><p>Co-founder Yang Yuanxi recalled that in order to make as many people's works seen as possible, the first thing they do when they go to work every day is to adjust the recommendation formula. Tune A from 0.7 to 0.8 today and B from 0.5 to 0.4 tomorrow. Over time, the formula becomes more and more complicated, but the efficiency and effect are always poor.</p><p>This is not a problem that product managers alone can solve. The prototype of this video community needs the blessing of advanced technology and a brand-new algorithm and recommendation method.</p><p>When Zhang Fei came up with the idea of bringing Su Hua and Cheng Yixiao together by mistake in Shanghai, the wind and clouds met.<b>One holds the most advanced technical tools, and the other has a strong understanding and design ability of products and communities. The two met.</b></p><p>The latter story has been widely circulated today.<b>In the summer of 2013, Su Hua and Cheng Yixiao met at Jinyu Hotel in Beijing, and two people who were not good at words chatted until two or three o'clock in the morning.</b>The two are highly consistent in their values,<b>Think that the community should give more people the opportunity to be exposed so that the work of ordinary people can be seen.</b></p><p>These simple concepts were later summarized as Aauto Quicker's fair and inclusive values, and subtly became the underlying logic of products and algorithms.</p><p>After the team merger and equity adjustment, Cheng Yixiao was in charge of the product, and Su Hua became the CEO. They quickly did two \"big things\". One was to move the company to Huaqing Jiayuan in Wudaokou, and the other was to write the first line of the recommended algorithm by Su Huawei's GIF Aauto Quicker.</p><p><img src=\"https://static.tigerbbs.com/7d9ec949686d4de05a208052defcf5de\" tg-width=\"840\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>Aauto Quicker in Wudaokou Huaqing Jiayuan</p><p>The technical strength is powerful. The recommendation brought by Suhua for Aauto Quicker is personalized recommendation, and thousands of people have thousands of faces. Everyone sees a different Aauto Quicker, and each work will give the initial cold start traffic. This epoch-making experience was applied to short videos for the first time, and the burst of energy was visible to the naked eye.</p><p><b>In April 2014, \"GIF Aauto Quicker\" was renamed Aauto Quicker, officially transforming into a short video community platform; On June 6, Aauto Quicker DAU exceeded one million for the first time; In January 2015, Aauto Quicker DAU exceeded 10 million; DAU reached 40 million at the end of 2016; DAU exceeded 110 million at the end of 2017.</b>Prior to this, Aauto Quicker had hardly made any market launch, and the user growth benefited from the accuracy and efficiency of long-tail content distribution under the concept of inclusive benefits, as well as the platform's attention to ordinary people's lives.</p><p>An early employee of Aauto Quicker recalled the interview with Cheng Yixiao: \"In the first 50 to 60 percent, I was talking about him listening. Later, he took out his mobile phone and showed me the list of people he paid attention to, what kind of people he paid attention to, and then he talked to me about everyone, just like his family, what kind of people they were and what Aauto Quicker experienced.\"</p><p>Both Su Hua and Cheng Yixiao had maintained this habit until now. As founders, they have gained faith incentives that far exceed commercial returns from positive feedback, fate changes and \"thank you official\" user reviews.</p><p>The battle begins</p><p>At the end of 2017, Aauto Quicker, as an Internet application with over 100 million DAUs, had only more than 1,000 employees. One year forward, this company had only six or seven hundred employees.</p><p>To some extent, this verifies one of Su Hua's hypotheses,<b>What kind of user-scale products can a small-scale technical team control? Without the interference of commercialization and strong operation, how long does it take to settle from community to social.</b></p><p>This is a period of low-key, calm, enjoying growth and user feedback. More and more ordinary people use Aauto Quicker to record their lives, making this product unique and full of idealism. However, it is not perfect, controversial, and even dangerous, and entered an inflection point in 2018-2019.</p><p><b>\"We must do it, we must fight!”</b>In June 2019, at the headquarters of Aauto Quicker West Erqi, an early employee still remembers the shout made by co-founder Cheng Yixiao at the mobilization meeting.</p><p>This is a meeting that changed the course of Kuaishou history. He said that when he saw the two founders who were not good at words walking onto the stage, clenching their fists and calling for all the participation, everyone present was excited.</p><p>From its founding in 2011 to the end of 2017, DAU exceeded 100 million yuan. As the pioneer of the short video industry, Aauto Quicker has not fought a war. One product after another, such as Meipai, has challenged Aauto Quicker's status. Until 2018, they encountered an unprecedentedly powerful opponent, ByteDance's<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>With brand-new product logic, content distribution logic and business logic, it has achieved rapid surpassing.</p><p>Finally, this battle could not be fought. According to Late, after the Spring Festival in 2019, Aauto Quicker executives and the product team went to Chongqing to do a user survey, which was internally called \"Chongqing Conference.\" Su Hua and Cheng Yixiao were directly stimulated by users and realized that<b>Not aggressive growth = surrendering users to others; Disunited operations = acquiescent team combat effectiveness diminishes.</b></p><p>On June 18th, Su Hua and Cheng Yixiao issued a letter to all employees, bluntly stating the challenges and hidden dangers faced by Aauto Quicker: \"We are no longer the fastest team. In the process of growing up, our muscles began to become weak, our response slowed down, and our connection perception with users was weakening.\" Of course, the first thing to bear the brunt is the scale of users. Aauto Quicker launched the K3 campaign and set an annual goal of 300 million daily lives before the Spring Festival.</p><p>The scale of users is actually just an appearance,<b>Product form, user experience, distribution logic, organizational combat capability, operating system, commercialization system and infrastructure are the gaps that need to be crossed in front of this \"small company\".</b></p><p>If it was product + technology and Xiaomi + rifle that won the guerrilla warfare in the past, now Aauto Quicker is facing the ace division of the whole system, with amazing combat power, extremely fast speed and bold spending. If the founder can't iterate himself and lead the overall evolution of the company, users are likely to vote with their feet.</p><p>Such cases abound in the history of mobile Internet, whether group buying, bike-sharing or mobile e-commerce.<b>There have been many startups stepping on the outlet one or two steps ahead of schedule, and finally being crushed by latecomers. In addition to luck, the core lies above the outlet, and founders and companies have not quickly completed the evolution from \"small companies\" to \"big companies\".</b></p><p>Su Hua and Cheng Yixiao should be grateful for their courage and determination to start the battle at that time. Nowadays, although it is NO longer the NO.1 on the track, Kuaishou has not been defeated by competition, but has become stronger in repeated contests with self, rivals and the market.</p><p>\"No strong enterprise has ever been killed by others in the competition.\" Ma Hongbin, senior vice president of Kuaishou, said that the more competition with friends, the more growth.</p><p>Relying on the synchronous adjustment of products, algorithms and operations, the high-speed operation of the organization, the cooperation of CCTV Spring Festival Gala and the rise of the speed version, Aauto Quicker achieved the K3 goal.</p><p>On May 24th this year, Kuaishou, which went public, released its first quarter 2021 results. The data shows that,<b>The average daily active users of Kuaishou China's apps and applets reached 379.2 million, and the average daily active users' usage time was 99.3 minutes.</b></p><p>\"The opponent doesn't seem to have beaten us much. No matter how we compete, we have also risen to 300 million.\" A person in charge of Aauto Quicker said that many people had been holding back their energy before K3, and this battle became an outlet to relieve anxiety, making Aauto Quicker finally bottom out.</p><p><b>Seeking common ground while reserving differences</b></p><p>K3 became the turning point for Aauto Quicker from Buddhism to wolfness. Since then, the team has continued to expand, and the pace is getting faster and faster. Every few months, Su Hua and the management team have to fight a big battle.</p><p>There is no turning back. The product has to change, the algorithm has to change, the operation has to change, the business model has to change, and the team of more than 10,000 people seeks to change and win. All these changes will eventually make Aauto Quicker a Aauto Quicker or an opponent?</p><p>On the road of comprehensive evolution, what can and can't change needs the founders and executives of Aauto Quicker to delineate a scope and repeatedly correct it in business growth.</p><p>In 2020 after K3, the direction, boundaries and logic of Aauto Quicker's evolution gradually became clear:<b>Do operations light or heavy; Product double or single column; Private domain or public domain,</b>These questions, which once caused debate and confusion internally, have been answered.</p><p>Before 2019, Aauto Quicker had no positive operation system. In line with the concept of not disturbing users, the so-called operation department was mainly negative operation. How to judge and deal with creators violating regulations, and how to deal with accounts violating community rules.</p><p>After the launch of K3, Ma Hongbin, senior vice president of Aauto Quicker, took over and set up the prototype of the operating system. The core problem to be solved,<b>First, the introduction of high-quality creators, and second, the distribution of high-quality content and the growth of creators. Through the operation of creators and high-quality content, the community activity, retention and new growth will be enhanced.</b></p><p>For Kuaishou, operation drive is a brand-new attempt. Aauto Quicker encourages ordinary people to record their lives, display them in double columns and give fair traffic, but the content quality is uneven, which seriously affects Aauto Quicker's perception and tonality, thus hurting the acceptance of users in first-and second-tier cities.</p><p>While heavily managing the community atmosphere, while improving the content quality by introducing high-quality creators and providing operation and traffic support, Aauto Quicker's content ecology has undergone major changes from 2018 to 2019, and has become the foundation for attracting incremental users.</p><p><img src=\"https://static.tigerbbs.com/6018cf1eb61869e628ebcc17fe3cdd61\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>In 2018, the team building site of the R&D department of Kuaishou Platform changed to a work site</p><p>It is understood that in the process of introducing talents and building a new operating system, the founder gave an underlying logic. No matter how the content changes, Aauto Quicker is still most concerned and concerned about people. Liu Yu, general manager of Aauto Quicker Content Operation Center, still remembers that during the interview, Su Hua spent nearly two hours telling her the story of \"Grape Brother\".</p><p>\"Interviews with other companies shouldn't spend an hour and a half on telling the story of a certain user, let alone the founder.\" She found that this company really cares about every creator.</p><p>“<b>The operating logic of Aauto Quicker is very different from that of friends. We care more about people, and the other party still cares about the content very much at the moment, and will care about the good-looking degree of the content. This is a big underlying difference, which will lead to a completely different distribution logic for you. \"</b>Liu Yu said that in the past, Aauto Quicker's operation was partial to management, which would tell you what you can't do, but now the creator service team has become a service provider role.</p><p>At the beginning of 2020, after Liu Yu joined Aauto Quicker, the operation began to enter the refinement stage. In her view, the content ecology of Aauto Quicker is already very huge, and any single vertical category can become a large-scale interest community. In such an environment, it is a very grand subject to maintain the relationship between local and ecological, keep the ecological health, and make the creator's experience better.</p><p>At the same time, the core management of Aauto Quicker finally solved two thorny problems,<b>One is the choice of single column and double column, and the other is the balance between private domain and public domain.</b></p><p>Single-column and double-column have plagued Aauto Quicker for a long time. Finally, the two forms were integrated on Aauto Quicker version 8.0. The main station retained the double-column community form, and at the same time, the entrance to single-column consumption experience was opened; The speed version of Aauto Quicker fully undertakes the heavy responsibility of up and down scenes, captures users, and continues to grow after DAU breaks 100 million.</p><p>On the other hand, at the Aauto Quicker Photosynthetic Creators Conference held in Guangzhou in April this year, Wang Jianwei, head of the product department of the main station of Aauto Quicker Senior Vice President, clarified the principle of mainly private domain and public domain expansion of Aauto Quicker for the first time.</p><p>\"From the perspective of management complexity, the public domain is definitely much easier to manage. Whoever can go on, can't pull it down. But the private domain is equivalent to creators having their own industry there. Whether you manage it or not, and in what way, it is particularly difficult.\" Cheng Yixiao said,<b>Doing a good job and managing the private domain, so that more producers can \"bloom\", can make the society have more temperature and trust.</b></p><p>The integration of single and double columns, the combination of public and private domains, and the creation of an online community full of warmth and trust have reached a high degree of consensus within Aauto Quicker. \"Combining public and private domains together is definitely more difficult than just doing public domains, and it is much more difficult, but this difficulty is precisely the biggest advantage of Aauto Quicker. Once established, it is a hugely high threshold.\" An Aauto Quicker executive said that this is the differentiation and characteristic road between Aauto Quicker and other platforms.</p><p><b>Ecological positive cycle</b></p><p>In March 2021, Kuaishou released its first financial report after listing. In 2020, Kuaishou achieved revenue of 58.8 billion yuan, of which online marketing revenue was 21.9 billion yuan, accounting for 37.2%. In the fourth quarter, Aauto Quicker's online marketing revenue in a single quarter was 8.5 billion, surpassing live broadcast reward to become Aauto Quicker's largest source of income.</p><p>In the subsequent Q1 financial report, Aauto Quicker's revenue structure continued this change, with online revenue accounting for more than 50%, followed by live broadcast and e-commerce.<b>Ten years after its establishment, Aauto Quicker finally changed its income structure with a single live broadcast income as its core, and online marketing and emerging business income became two wings.</b></p><p><img src=\"https://static.tigerbbs.com/fb96d21633fc5737cf83ae2a90b2303b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>As we all know, Aauto Quicker's commercialization system was set up late. For a long time, Su Hua and Cheng Yixiao were very vigilant and rejected by the fact that commercial factors hurt user experience.</p><p>Before 2018, although Aauto Quicker had more than 100 million daily lives, it only developed live broadcast as the only way to realize it. The views of the two founders are,<b>Live broadcast is a user product, which does not hurt the user experience. When the live broadcast happens, the people who reward are happy, the people who watch the reward are happy, and the people who are rewarded are happy.</b></p><p>However, information flow advertising is different, and it is likely to hurt the user experience, thus causing daily loss. Therefore, any core member of Aauto Quicker commercialization can feel the difficulty of opening this door.</p><p>\"In the past, every time I sent income changes to the two founders, their response was flat. Every time I said that I did another experiment to optimize user experience today, the reply was always very fast, and you can see what they attach the most importance to deep in their hearts.\" A person in charge of Aauto Quicker commercialization has a deep understanding of this.</p><p>Another person who has a deep understanding is Cao Shibo, general manager of Aauto Quicker Technology Commercial Income Management Center. Cao Shibo, who was born in business analysis, joined Aauto Quicker in early 2018 and moved to many departments, all involving commercialization.</p><p>\"Before officially starting the commercial business, we spent a lot of time doing basic work, including algorithms, user experience system, audit system, etc. The core of a lot of strategic thinking and preparation is that we can make money, but we can't hurt the user experience.\" Cao Shibo said.</p><p>Later, Aauto Quicker set up a relatively complete index system, which introduced economic models to measure how much money it would make and how much DAU it would lose if this traffic was advertised, and ensured the user experience through systematic indicators and monitoring.</p><p>\"Until today, we have very strict internal control and mechanism on the frequency of users watching advertisements, and strictly control the quality of advertising content.\" Cao Shibo said,<b>They invested hundreds of people and spent months tagging users to ensure the accuracy of algorithm recommendations and crowd targeting.</b></p><p>When these basic works are completed, the commercialization system of Aauto Quicker is launched, and the magnetic engine goes online, the online marketing revenue of Aauto Quicker soars. In 2019, Kuaishou achieved 7.4 billion online marketing revenue, 7.2 billion in the first half of 2020, and 21.9 billion for the whole year, with a growth rate of over 200%.</p><p>Cao Shibo said that in 2021, the commercialization of Kuaishou, regardless of the number of brand advertisers, alliance advertising and the development of more advertising forms, is greatly expanding the growth space of Kuaishou online marketing revenue.</p><p>Similar to the experience of commercialization of Aauto Quicker, Luo Qiong, vice president of Aauto Quicker e-commerce and head of platform experience, was also \"very uncomfortable\" when he first joined Aauto Quicker.</p><p>Luo Qiong has worked in the traditional e-commerce platform for 15 years, but the industry's very mature promotion and selling traffic logic often hits the wall of \"community ecology\" in Aauto Quicker.</p><p>For her, the task is not to create how much GMV, but to build trust between merchants, anchors and consumers, enhance the value of the community, and make the cake bigger.</p><p><b>\"Traditional e-commerce relies heavily on goods, while Aauto Quicker actually relies heavily on people. For traditional e-commerce practitioners, this difference has a very strong shift in the center of gravity, and you will find that this is a slow reflection from community to people, and then to transaction conversion. Unlike efficient e-commerce, the short-term benefits are very beautiful.\"</b>Luo Qiong said that Kuaishou hopes to establish a brand-new form of e-commerce, which is based on the connection and trust between people.</p><p>This new trust relationship based on short video and live broadcast takes time to settle, but the imagination is large enough. In 2020, the GMV of Kuaishou e-commerce reached 381.2 billion, an increase of 4,000 times in two years, and the average repurchase rate of users was as high as 65%.</p><p>In 2021, Kuaishou further put forward the concept of trust e-commerce, and built the mind and cognition of Kuaishou e-commerce with ultimate trust, hoping to reconstruct the decision-making of one billion consumers in a new way. In fact, the rise of Aauto Quicker e-commerce is already changing the traditional e-commerce industry pattern.</p><p><img src=\"https://static.tigerbbs.com/210d2ee9a518657bfd7f5b6471c11fb2\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p>More importantly,<b>The business ecology built by Aauto Quicker based on live broadcast, advertising and e-commerce is feeding back tens of millions of content creators, making them live better in this community. The business ecology is forming a positive cycle of mutual promotion with the content ecology.</b></p><p>This positive cycle is particularly important to underpin Aauto Quicker's vision. In the past decade, Aauto Quicker has actually been a unique social experiment in the Internet field, paying attention to ordinary people, equality and inclusion. Such an experiment went smoothly at first, but then it encountered challenges. The two-wheel drive of content ecosystem and business ecosystem can make this chariot move forward more smoothly, and whether Aauto Quicker can succeed further can also verify what kind of tool the Internet is for human beings-ruling people or making people more equal.</p><p><b>From equality and inclusion to warmth and trust, the story of Aauto Quicker in the next decade is kicking off.</b></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>Ten-year-old Kuaishou, a mirror image of the world</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\">\nTen-year-old Kuaishou, a mirror image of the world\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time smaller\">2021-06-15 17:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>At the end of 2011, the small team that had just formed a team<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>GIF Aauto Quicker, founder Cheng Yixiao in<a href=\"https://laohu8.com/S/WB\">Weibo</a>Douban and other platforms released a recruitment message: I sincerely seek a UI designer to be a entrepreneurial partner, providing competitive salary and generous equity.</p><p>Cheng Yixiao is a deep user of Douban. At that time, the two groups he often visited were \"IT Recruitment King\" and \"Graphic Designer\". The creation of the company and the beginning of the product, this young man has an almost intuitive yearning for community and design.</p><p>2011 was a turbulent year:<b><a href=\"https://laohu8.com/S/ZH\">Zhihu</a>It has just been established, and the US Mission has only been online for one year. Station B has just changed its name from its predecessor \"Mikufans\" to bilibili. With the vigorous development of mobile Internet, coffee shops in Haidian District are as lively as vegetable markets, and countless people have joined them.</b></p><p>Shortly after Cheng Yixiao's recruitment information was sent out, a UI designer joined GIF Aauto Quicker and became one of the earliest four employees. They live in a residential house in Aobei Community, Lishuiqiao, Haidian District, and silently polish this product.</p><p><img src=\"https://static.tigerbbs.com/6ce1483e15c5a30766ef7457ab4b0d79\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>A decade ago, a desk at the Auburn Center</p><p>Yang Yuanxi, co-founder of Aauto Quicker, recalled that work and life were inseparable at that time, and four people went to order meals in shifts at noon every day. \"At that time, there were only seven restaurants downstairs, and basically the seven restaurants were arranged in different orders.\"</p><p>Perhaps unable to bear such work and living conditions, or perhaps hopeless for the future of this small company, it didn't take long for the designer to leave GIF Aauto Quicker and pass by an era.</p><p>No one can predict that many years later, this company will create the whole era of short videos, and after some ups and downs of development, it will be listed on the Hong Kong Stock Exchange, with a market value of one trillion Hong Kong dollars, making it the fifth largest Internet company in China.</p><p>So far, the other three early employees are still leading Aauto Quicker:<b>Co-founders Cheng Yixiao, Yin Xin and Yang Yuanxi, together with Su Hua, who joined Aauto Quicker in 2013, form the background of this unique product of Aauto Quicker.</b></p><p>Ten years have passed in a flash, and countless companies have been lost in the waves of mobile Internet. In the decade of Aauto Quicker, the weather was good and it was imminent. Under the pressure of strong competition, it finally tenaciously rushed to 300 million daily living.</p><p><img src=\"https://static.tigerbbs.com/c39c2e4a9ed3d8016c44153dfc68ec2c\" tg-width=\"1080\" tg-height=\"1439\" referrerpolicy=\"no-referrer\"></p><p>Aauto Quicker landed on HKEx</p><p>This is the story of an ups and downs saga, and the past decade<a href=\"https://laohu8.com/S/CHL\">China Mobile</a>A typical sample of the evolution of internet companies. Product, technology, operation, business, when a young company sets foot on a fertile soil ahead of time, and its accumulation does not match the huge opportunities it faces, how to survive, develop, persist, evolve, and make key and correct decisions, thus opening a protracted war.</p><p><b>Wind and Cloud Meeting</b></p><p>Shanghai, 2013. This afternoon, Zhang Fei, a partner at Morningside Capital, decided to meet the young man who was seeking investment.<b>He graduated from Tsinghua University and worked in<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Take office. With a rich resume, he is also a serial entrepreneur, with a tough and energetic personality.</b></p><p>This is Zhang Fei's second meeting with him. This young man named Su Hua is preparing to give up his entrepreneurial project and start more new attempts.</p><p>According to Zhang Fei's recollection, Su Hua talked about more than 20 projects at that time. \"Many particularly interesting entrepreneurial ideas, but after one by one, I found that most of them were immature, and I gave direct feedback.\"</p><p><img src=\"https://static.tigerbbs.com/2dcc717dcbd72669b175a38910eeb96a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Four co-founders cut cakes at the listing site</p><p>One is looking for future-oriented investment targets, and the other is seeking new entrepreneurial directions. For most of the day, two people discussed countless possibilities of starting a business, and then overturned them one by one. Suddenly, an idea flashed in Zhang Fei's mind,</p><p>\"I have a very good product manager here. Why don't you cooperate with him?\" Zhang Fei said.</p><p>This \"very good product manager\" is Cheng Yixiao. As an angel investor of GIF Aauto Quicker,<b>Zhang Fei is very optimistic about mobile phone video in the 4G era, and GIF Aauto Quicker, as a primitive video form, makes him see some possibility.</b></p><p>Since its launch in 2011, GIF Aauto Quicker has accumulated many users and began to try to transform from a tool to a short video community, but it has not gone smoothly.</p><p>As a product manager, Cheng Yixiao faces a simple challenge:<b>When users produce content through GIF Aauto Quicker and are willing to upload their works to the community section, how can they make everyone's works seen by more people?</b>This is the most basic and ultimate motivation for creator enthusiasm.</p><p>At first, they adopted the general recommendation method, that is, they made a list of new works or works within seven days every day. The list was ranked according to the popularity weight of the works, such as comments, sharing and likes. All users saw the same list.</p><p>The number of works that can be recommended in the list is extremely limited, and it is easy to turn heads. Only creators with talent and face value have the opportunity to be popular.<b>And Cheng Yixiao especially hopes to see the works of ordinary people can also make the list.</b></p><p>Co-founder Yang Yuanxi recalled that in order to make as many people's works seen as possible, the first thing they do when they go to work every day is to adjust the recommendation formula. Tune A from 0.7 to 0.8 today and B from 0.5 to 0.4 tomorrow. Over time, the formula becomes more and more complicated, but the efficiency and effect are always poor.</p><p>This is not a problem that product managers alone can solve. The prototype of this video community needs the blessing of advanced technology and a brand-new algorithm and recommendation method.</p><p>When Zhang Fei came up with the idea of bringing Su Hua and Cheng Yixiao together by mistake in Shanghai, the wind and clouds met.<b>One holds the most advanced technical tools, and the other has a strong understanding and design ability of products and communities. The two met.</b></p><p>The latter story has been widely circulated today.<b>In the summer of 2013, Su Hua and Cheng Yixiao met at Jinyu Hotel in Beijing, and two people who were not good at words chatted until two or three o'clock in the morning.</b>The two are highly consistent in their values,<b>Think that the community should give more people the opportunity to be exposed so that the work of ordinary people can be seen.</b></p><p>These simple concepts were later summarized as Aauto Quicker's fair and inclusive values, and subtly became the underlying logic of products and algorithms.</p><p>After the team merger and equity adjustment, Cheng Yixiao was in charge of the product, and Su Hua became the CEO. They quickly did two \"big things\". One was to move the company to Huaqing Jiayuan in Wudaokou, and the other was to write the first line of the recommended algorithm by Su Huawei's GIF Aauto Quicker.</p><p><img src=\"https://static.tigerbbs.com/7d9ec949686d4de05a208052defcf5de\" tg-width=\"840\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>Aauto Quicker in Wudaokou Huaqing Jiayuan</p><p>The technical strength is powerful. The recommendation brought by Suhua for Aauto Quicker is personalized recommendation, and thousands of people have thousands of faces. Everyone sees a different Aauto Quicker, and each work will give the initial cold start traffic. This epoch-making experience was applied to short videos for the first time, and the burst of energy was visible to the naked eye.</p><p><b>In April 2014, \"GIF Aauto Quicker\" was renamed Aauto Quicker, officially transforming into a short video community platform; On June 6, Aauto Quicker DAU exceeded one million for the first time; In January 2015, Aauto Quicker DAU exceeded 10 million; DAU reached 40 million at the end of 2016; DAU exceeded 110 million at the end of 2017.</b>Prior to this, Aauto Quicker had hardly made any market launch, and the user growth benefited from the accuracy and efficiency of long-tail content distribution under the concept of inclusive benefits, as well as the platform's attention to ordinary people's lives.</p><p>An early employee of Aauto Quicker recalled the interview with Cheng Yixiao: \"In the first 50 to 60 percent, I was talking about him listening. Later, he took out his mobile phone and showed me the list of people he paid attention to, what kind of people he paid attention to, and then he talked to me about everyone, just like his family, what kind of people they were and what Aauto Quicker experienced.\"</p><p>Both Su Hua and Cheng Yixiao had maintained this habit until now. As founders, they have gained faith incentives that far exceed commercial returns from positive feedback, fate changes and \"thank you official\" user reviews.</p><p>The battle begins</p><p>At the end of 2017, Aauto Quicker, as an Internet application with over 100 million DAUs, had only more than 1,000 employees. One year forward, this company had only six or seven hundred employees.</p><p>To some extent, this verifies one of Su Hua's hypotheses,<b>What kind of user-scale products can a small-scale technical team control? Without the interference of commercialization and strong operation, how long does it take to settle from community to social.</b></p><p>This is a period of low-key, calm, enjoying growth and user feedback. More and more ordinary people use Aauto Quicker to record their lives, making this product unique and full of idealism. However, it is not perfect, controversial, and even dangerous, and entered an inflection point in 2018-2019.</p><p><b>\"We must do it, we must fight!”</b>In June 2019, at the headquarters of Aauto Quicker West Erqi, an early employee still remembers the shout made by co-founder Cheng Yixiao at the mobilization meeting.</p><p>This is a meeting that changed the course of Kuaishou history. He said that when he saw the two founders who were not good at words walking onto the stage, clenching their fists and calling for all the participation, everyone present was excited.</p><p>From its founding in 2011 to the end of 2017, DAU exceeded 100 million yuan. As the pioneer of the short video industry, Aauto Quicker has not fought a war. One product after another, such as Meipai, has challenged Aauto Quicker's status. Until 2018, they encountered an unprecedentedly powerful opponent, ByteDance's<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>With brand-new product logic, content distribution logic and business logic, it has achieved rapid surpassing.</p><p>Finally, this battle could not be fought. According to Late, after the Spring Festival in 2019, Aauto Quicker executives and the product team went to Chongqing to do a user survey, which was internally called \"Chongqing Conference.\" Su Hua and Cheng Yixiao were directly stimulated by users and realized that<b>Not aggressive growth = surrendering users to others; Disunited operations = acquiescent team combat effectiveness diminishes.</b></p><p>On June 18th, Su Hua and Cheng Yixiao issued a letter to all employees, bluntly stating the challenges and hidden dangers faced by Aauto Quicker: \"We are no longer the fastest team. In the process of growing up, our muscles began to become weak, our response slowed down, and our connection perception with users was weakening.\" Of course, the first thing to bear the brunt is the scale of users. Aauto Quicker launched the K3 campaign and set an annual goal of 300 million daily lives before the Spring Festival.</p><p>The scale of users is actually just an appearance,<b>Product form, user experience, distribution logic, organizational combat capability, operating system, commercialization system and infrastructure are the gaps that need to be crossed in front of this \"small company\".</b></p><p>If it was product + technology and Xiaomi + rifle that won the guerrilla warfare in the past, now Aauto Quicker is facing the ace division of the whole system, with amazing combat power, extremely fast speed and bold spending. If the founder can't iterate himself and lead the overall evolution of the company, users are likely to vote with their feet.</p><p>Such cases abound in the history of mobile Internet, whether group buying, bike-sharing or mobile e-commerce.<b>There have been many startups stepping on the outlet one or two steps ahead of schedule, and finally being crushed by latecomers. In addition to luck, the core lies above the outlet, and founders and companies have not quickly completed the evolution from \"small companies\" to \"big companies\".</b></p><p>Su Hua and Cheng Yixiao should be grateful for their courage and determination to start the battle at that time. Nowadays, although it is NO longer the NO.1 on the track, Kuaishou has not been defeated by competition, but has become stronger in repeated contests with self, rivals and the market.</p><p>\"No strong enterprise has ever been killed by others in the competition.\" Ma Hongbin, senior vice president of Kuaishou, said that the more competition with friends, the more growth.</p><p>Relying on the synchronous adjustment of products, algorithms and operations, the high-speed operation of the organization, the cooperation of CCTV Spring Festival Gala and the rise of the speed version, Aauto Quicker achieved the K3 goal.</p><p>On May 24th this year, Kuaishou, which went public, released its first quarter 2021 results. The data shows that,<b>The average daily active users of Kuaishou China's apps and applets reached 379.2 million, and the average daily active users' usage time was 99.3 minutes.</b></p><p>\"The opponent doesn't seem to have beaten us much. No matter how we compete, we have also risen to 300 million.\" A person in charge of Aauto Quicker said that many people had been holding back their energy before K3, and this battle became an outlet to relieve anxiety, making Aauto Quicker finally bottom out.</p><p><b>Seeking common ground while reserving differences</b></p><p>K3 became the turning point for Aauto Quicker from Buddhism to wolfness. Since then, the team has continued to expand, and the pace is getting faster and faster. Every few months, Su Hua and the management team have to fight a big battle.</p><p>There is no turning back. The product has to change, the algorithm has to change, the operation has to change, the business model has to change, and the team of more than 10,000 people seeks to change and win. All these changes will eventually make Aauto Quicker a Aauto Quicker or an opponent?</p><p>On the road of comprehensive evolution, what can and can't change needs the founders and executives of Aauto Quicker to delineate a scope and repeatedly correct it in business growth.</p><p>In 2020 after K3, the direction, boundaries and logic of Aauto Quicker's evolution gradually became clear:<b>Do operations light or heavy; Product double or single column; Private domain or public domain,</b>These questions, which once caused debate and confusion internally, have been answered.</p><p>Before 2019, Aauto Quicker had no positive operation system. In line with the concept of not disturbing users, the so-called operation department was mainly negative operation. How to judge and deal with creators violating regulations, and how to deal with accounts violating community rules.</p><p>After the launch of K3, Ma Hongbin, senior vice president of Aauto Quicker, took over and set up the prototype of the operating system. The core problem to be solved,<b>First, the introduction of high-quality creators, and second, the distribution of high-quality content and the growth of creators. Through the operation of creators and high-quality content, the community activity, retention and new growth will be enhanced.</b></p><p>For Kuaishou, operation drive is a brand-new attempt. Aauto Quicker encourages ordinary people to record their lives, display them in double columns and give fair traffic, but the content quality is uneven, which seriously affects Aauto Quicker's perception and tonality, thus hurting the acceptance of users in first-and second-tier cities.</p><p>While heavily managing the community atmosphere, while improving the content quality by introducing high-quality creators and providing operation and traffic support, Aauto Quicker's content ecology has undergone major changes from 2018 to 2019, and has become the foundation for attracting incremental users.</p><p><img src=\"https://static.tigerbbs.com/6018cf1eb61869e628ebcc17fe3cdd61\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>In 2018, the team building site of the R&D department of Kuaishou Platform changed to a work site</p><p>It is understood that in the process of introducing talents and building a new operating system, the founder gave an underlying logic. No matter how the content changes, Aauto Quicker is still most concerned and concerned about people. Liu Yu, general manager of Aauto Quicker Content Operation Center, still remembers that during the interview, Su Hua spent nearly two hours telling her the story of \"Grape Brother\".</p><p>\"Interviews with other companies shouldn't spend an hour and a half on telling the story of a certain user, let alone the founder.\" She found that this company really cares about every creator.</p><p>“<b>The operating logic of Aauto Quicker is very different from that of friends. We care more about people, and the other party still cares about the content very much at the moment, and will care about the good-looking degree of the content. This is a big underlying difference, which will lead to a completely different distribution logic for you. \"</b>Liu Yu said that in the past, Aauto Quicker's operation was partial to management, which would tell you what you can't do, but now the creator service team has become a service provider role.</p><p>At the beginning of 2020, after Liu Yu joined Aauto Quicker, the operation began to enter the refinement stage. In her view, the content ecology of Aauto Quicker is already very huge, and any single vertical category can become a large-scale interest community. In such an environment, it is a very grand subject to maintain the relationship between local and ecological, keep the ecological health, and make the creator's experience better.</p><p>At the same time, the core management of Aauto Quicker finally solved two thorny problems,<b>One is the choice of single column and double column, and the other is the balance between private domain and public domain.</b></p><p>Single-column and double-column have plagued Aauto Quicker for a long time. Finally, the two forms were integrated on Aauto Quicker version 8.0. The main station retained the double-column community form, and at the same time, the entrance to single-column consumption experience was opened; The speed version of Aauto Quicker fully undertakes the heavy responsibility of up and down scenes, captures users, and continues to grow after DAU breaks 100 million.</p><p>On the other hand, at the Aauto Quicker Photosynthetic Creators Conference held in Guangzhou in April this year, Wang Jianwei, head of the product department of the main station of Aauto Quicker Senior Vice President, clarified the principle of mainly private domain and public domain expansion of Aauto Quicker for the first time.</p><p>\"From the perspective of management complexity, the public domain is definitely much easier to manage. Whoever can go on, can't pull it down. But the private domain is equivalent to creators having their own industry there. Whether you manage it or not, and in what way, it is particularly difficult.\" Cheng Yixiao said,<b>Doing a good job and managing the private domain, so that more producers can \"bloom\", can make the society have more temperature and trust.</b></p><p>The integration of single and double columns, the combination of public and private domains, and the creation of an online community full of warmth and trust have reached a high degree of consensus within Aauto Quicker. \"Combining public and private domains together is definitely more difficult than just doing public domains, and it is much more difficult, but this difficulty is precisely the biggest advantage of Aauto Quicker. Once established, it is a hugely high threshold.\" An Aauto Quicker executive said that this is the differentiation and characteristic road between Aauto Quicker and other platforms.</p><p><b>Ecological positive cycle</b></p><p>In March 2021, Kuaishou released its first financial report after listing. In 2020, Kuaishou achieved revenue of 58.8 billion yuan, of which online marketing revenue was 21.9 billion yuan, accounting for 37.2%. In the fourth quarter, Aauto Quicker's online marketing revenue in a single quarter was 8.5 billion, surpassing live broadcast reward to become Aauto Quicker's largest source of income.</p><p>In the subsequent Q1 financial report, Aauto Quicker's revenue structure continued this change, with online revenue accounting for more than 50%, followed by live broadcast and e-commerce.<b>Ten years after its establishment, Aauto Quicker finally changed its income structure with a single live broadcast income as its core, and online marketing and emerging business income became two wings.</b></p><p><img src=\"https://static.tigerbbs.com/fb96d21633fc5737cf83ae2a90b2303b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>As we all know, Aauto Quicker's commercialization system was set up late. For a long time, Su Hua and Cheng Yixiao were very vigilant and rejected by the fact that commercial factors hurt user experience.</p><p>Before 2018, although Aauto Quicker had more than 100 million daily lives, it only developed live broadcast as the only way to realize it. The views of the two founders are,<b>Live broadcast is a user product, which does not hurt the user experience. When the live broadcast happens, the people who reward are happy, the people who watch the reward are happy, and the people who are rewarded are happy.</b></p><p>However, information flow advertising is different, and it is likely to hurt the user experience, thus causing daily loss. Therefore, any core member of Aauto Quicker commercialization can feel the difficulty of opening this door.</p><p>\"In the past, every time I sent income changes to the two founders, their response was flat. Every time I said that I did another experiment to optimize user experience today, the reply was always very fast, and you can see what they attach the most importance to deep in their hearts.\" A person in charge of Aauto Quicker commercialization has a deep understanding of this.</p><p>Another person who has a deep understanding is Cao Shibo, general manager of Aauto Quicker Technology Commercial Income Management Center. Cao Shibo, who was born in business analysis, joined Aauto Quicker in early 2018 and moved to many departments, all involving commercialization.</p><p>\"Before officially starting the commercial business, we spent a lot of time doing basic work, including algorithms, user experience system, audit system, etc. The core of a lot of strategic thinking and preparation is that we can make money, but we can't hurt the user experience.\" Cao Shibo said.</p><p>Later, Aauto Quicker set up a relatively complete index system, which introduced economic models to measure how much money it would make and how much DAU it would lose if this traffic was advertised, and ensured the user experience through systematic indicators and monitoring.</p><p>\"Until today, we have very strict internal control and mechanism on the frequency of users watching advertisements, and strictly control the quality of advertising content.\" Cao Shibo said,<b>They invested hundreds of people and spent months tagging users to ensure the accuracy of algorithm recommendations and crowd targeting.</b></p><p>When these basic works are completed, the commercialization system of Aauto Quicker is launched, and the magnetic engine goes online, the online marketing revenue of Aauto Quicker soars. In 2019, Kuaishou achieved 7.4 billion online marketing revenue, 7.2 billion in the first half of 2020, and 21.9 billion for the whole year, with a growth rate of over 200%.</p><p>Cao Shibo said that in 2021, the commercialization of Kuaishou, regardless of the number of brand advertisers, alliance advertising and the development of more advertising forms, is greatly expanding the growth space of Kuaishou online marketing revenue.</p><p>Similar to the experience of commercialization of Aauto Quicker, Luo Qiong, vice president of Aauto Quicker e-commerce and head of platform experience, was also \"very uncomfortable\" when he first joined Aauto Quicker.</p><p>Luo Qiong has worked in the traditional e-commerce platform for 15 years, but the industry's very mature promotion and selling traffic logic often hits the wall of \"community ecology\" in Aauto Quicker.</p><p>For her, the task is not to create how much GMV, but to build trust between merchants, anchors and consumers, enhance the value of the community, and make the cake bigger.</p><p><b>\"Traditional e-commerce relies heavily on goods, while Aauto Quicker actually relies heavily on people. For traditional e-commerce practitioners, this difference has a very strong shift in the center of gravity, and you will find that this is a slow reflection from community to people, and then to transaction conversion. Unlike efficient e-commerce, the short-term benefits are very beautiful.\"</b>Luo Qiong said that Kuaishou hopes to establish a brand-new form of e-commerce, which is based on the connection and trust between people.</p><p>This new trust relationship based on short video and live broadcast takes time to settle, but the imagination is large enough. In 2020, the GMV of Kuaishou e-commerce reached 381.2 billion, an increase of 4,000 times in two years, and the average repurchase rate of users was as high as 65%.</p><p>In 2021, Kuaishou further put forward the concept of trust e-commerce, and built the mind and cognition of Kuaishou e-commerce with ultimate trust, hoping to reconstruct the decision-making of one billion consumers in a new way. In fact, the rise of Aauto Quicker e-commerce is already changing the traditional e-commerce industry pattern.</p><p><img src=\"https://static.tigerbbs.com/210d2ee9a518657bfd7f5b6471c11fb2\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p>More importantly,<b>The business ecology built by Aauto Quicker based on live broadcast, advertising and e-commerce is feeding back tens of millions of content creators, making them live better in this community. The business ecology is forming a positive cycle of mutual promotion with the content ecology.</b></p><p>This positive cycle is particularly important to underpin Aauto Quicker's vision. In the past decade, Aauto Quicker has actually been a unique social experiment in the Internet field, paying attention to ordinary people, equality and inclusion. Such an experiment went smoothly at first, but then it encountered challenges. The two-wheel drive of content ecosystem and business ecosystem can make this chariot move forward more smoothly, and whether Aauto Quicker can succeed further can also verify what kind of tool the Internet is for human beings-ruling people or making people more equal.</p><p><b>From equality and inclusion to warmth and trust, the story of Aauto Quicker in the next decade is kicking off.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b57241e30a2dc7e84d4588d7aafb919c","relate_stocks":{"01024":"快手-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186442864","content_text":"2011年底，刚刚组队的小创业公司GIF快手，创始人程一笑在微博、豆瓣等平台发布了一则招聘信息：诚求UI设计师一位做创业伙伴，提供有竞争力的薪酬以及丰厚的股权。\n程一笑是豆瓣深度用户，当时他经常逛的两个小组是“IT招聘王”和“平面设计师”。公司草创，产品肇始，这位年轻人对社区、设计有着近乎直觉般的向往。\n2011年是风起云涌的一年：知乎刚刚成立，美团也才上线一年，B站刚刚从前身“Mikufans”更名bilibili。随着移动互联网蓬勃发展，海淀区的咖啡厅像菜市场一样热闹，无数人投身其中。\n程一笑的招聘信息发出去不久，一位UI设计师加盟了GIF快手，成为最早期的4名员工之一。他们蜗居在海淀区立水桥奥北社区的一间民居里，默默打磨这款产品。\n\n十年前，奥北中心的办公桌\n快手联合创始人杨远熙回忆，当时工作和生活分不开，四个人每天中午轮班去订饭，“当时楼下一共也只有七个饭馆，基本是把七个饭馆，按照不同的顺序排一遍。”\n或许是无法忍受这样的工作和生活状态，或许对于这家小公司的未来不抱希望，那位设计师没过多久便离开了GIF快手，与一个时代擦肩而过。\n谁也无法预料，多年后这家公司会开创整个短视频时代，并在经历一番发展的风风雨雨后，在香港联交所上市，市值一度达万亿港元，成为国内第五大互联网公司。\n至今，其他三位早期员工还在带领快手前行：联合创始人程一笑、银鑫和杨远熙，连同2013年加入快手的宿华，他们构成了快手这款独特产品的底色。\n十年，转瞬即逝，无数公司湮没在移动互联网的大浪淘沙中。快手的十年，曾经风调雨顺，也曾迫在眉睫，在强大竞争压力下最终顽强冲上了3亿日活。\n\n快手登陆港交所\n这是一个跌宕传奇的故事，也是过去十年中国移动互联网公司进化的一个典型样本。产品、技术、运营、商业，当一家年轻公司提前踏上一片沃土，而它的积累又与面对的巨大机会并不匹配时，如何生存、发展、坚守、进化，做出关键且正确的决策，进而拉开了一场持久战。\n风云际会\n2013年，上海。这天下午，晨兴资本合伙人张斐决定见一见那位寻求投资的年轻人，对方毕业于清华大学，曾在谷歌、百度任职。履历丰富的同时，还是名连续创业者，性格坚韧且充满能量。\n这是张斐与他的第二次见面，这位叫宿华的年轻人正准备放弃自己手头的创业项目，展开更多新的尝试。\n据张斐回忆，宿华当时讲了20多个项目，“很多特别有趣的创业想法，但一个个过了之后，发现大部分并不成熟，我也很直接反馈。”\n\n上市现场四位联合创始人切蛋糕\n一个在寻找面向未来的投资标的，一个在寻求新的创业方向，大半天时间两个人讨论了创业的无数可能，然后一一推翻。突然间，张斐头脑中灵光一闪：\n“我这儿有一个挺好的产品经理，你要不跟他一起合作吧！”张斐开口道。\n这个“挺好的产品经理”就是程一笑。作为GIF快手的天使投资人，张斐对4G时代的手机视频十分看好，而GIF快手作为一种原始的视频形态让他看到了某种可能。\n自2011年上线，GIF快手已经积累了不少用户，并开始尝试从工具向短视频社区转型，但并不顺利。\n作为产品经理，程一笑面对着一个朴素的挑战：当用户通过GIF快手生产内容，并且愿意把作品上传到社区版块的时候，如何让每个人的作品被更多人看见？这是对创作者热情最基础，也是最终极的激励。\n最初，他们采用通用推荐的方式，就是每天把新的作品或者七天内的作品做成榜单，榜单排序是按照作品的评论、分享、点赞等热度权重打分而来，所有用户看到的是同一个榜单。\n榜单能够推荐的作品数量极其有限，容易头部化，有才艺、颜值的创作者才有机会上热门，而程一笑特别希望看到普通人的作品也能登上榜单。\n联合创始人杨远熙回忆，为了尽可能让更多人的作品被看到，他们每天上班第一件事就是调整推荐公式。今天把A从0.7调到0.8，明天把B从0.5调到0.4。时间一久，公式越改越复杂，效率和效果却始终不好。\n这不是光凭产品经理能够解决的问题，这个视频社区的雏形需要先进技术的加持，需要一种崭新的算法和推荐方式。\n当张斐在上海鬼使神差产生了将宿华、程一笑撮合到一起的想法时，风云际会。一个手握最先进的技术工具，一个对产品、社区有着强大的理解与设计能力。两个人见面了。\n后面的故事，到今天已经广为流传。2013年夏天，北京金隅酒店，宿华、程一笑见了面，两个不善言辞的人一直聊到凌晨两三点。两人在价值观上高度一致，认为社区应该给更多人曝光的机会，让普通人的作品被看到。\n这些朴素的理念，后来被总结为快手公平普惠的价值观，并在潜移默化中成为产品和算法的底层逻辑。\n团队合并、股权调整后，程一笑负责产品，宿华成为CEO，他们迅速做了两件“大事”，一是将公司搬到五道口华清嘉园，二是宿华为GIF快手写下了推荐算法的第一行代码。\n\n快手在五道口华清嘉园\n技术力量是强大的，宿华为快手带来的推荐是个性化推荐、千人千面，每个人看到的是不一样的快手，而每个作品都会给予初始的冷启动流量，这种划时代的体验第一次应用在短视频上，爆发的能量肉眼可见。\n2014年4月，“GIF快手”更名为快手，正式转型短视频社区平台；6月6日，快手DAU首次突破百万；2015年1月，快手DAU超过千万；2016年底DAU达4000万；2017年底DAU超过1.1亿。在此之前，快手几乎没有做过市场投放，用户增长得益于普惠理念下对长尾内容分发的精准和效率，以及平台对普通人生活的关注。\n一位快手早期员工这样回忆与程一笑的面试：“前面百分之五六十都是我在说他在听的状态。后来他就拿出手机，给我看他关注的列表，他关注了一些什么样的人，然后就滔滔不绝地跟我讲每个人，就像讲他的家人一样，他们是什么样的人，快手里经历过什么。”\n无论宿华还是程一笑，至今保持了这样的习惯。作为创始人，他们从一个个正向反馈、命运变迁和“感谢官方”的用户评价中，获得了远超过商业回报的信念激励。\n战斗打响\n2017年底，快手作为过亿DAU的互联网应用，员工规模只有1000多人，而再往前推一年，这家公司只有六七百人。\n在一定程度上，这验证了宿华的一种假设，一支小规模的技术团队到底可以驾驭多大用户规模的产品；没有商业化、强运营的干扰，从社区到社交，需要多长时间的沉淀。\n这是一段低调、平静、享受增长和用户反馈的日子，越来越多普通人用快手记录生活，让这款产品既独具特色，又充满理想主义，但它并不完美、不乏争议，甚至危机四伏，并在2018-2019年进入拐点。\n “必须得干，要战斗！”2019年6月，快手西二旗总部，一位早期员工至今记得联合创始人程一笑在动员大会上发出的呐喊。\n这是一次改变快手历史进程的会议。他说，当看到两位不善言辞的创始人走上台，握紧拳头，号召全员投入，在场的每个人都热血沸腾。\n自2011年创业到2017年底DAU破亿，作为短视频行业的开创者，快手不是没有打过仗，美拍等一款又一款产品，都曾挑战快手的地位。直到2018，他们遭遇了一个前所未有强大的对手，字节跳动旗下的抖音，用全新产品逻辑、内容分发逻辑、商业逻辑，实现了迅速超越。\n终于，这场仗不打不行了。据《晚点》报道，2019年春节后，快手高管和产品团队一起去重庆做了一场用户调研，内部称之为“重庆会议”，宿华和程一笑受到了来自用户的直接刺激，意识到不激进增长=把用户拱手让给他人；不团结作战=默许团队战斗力减退。\n6月18日，宿华和程一笑发布全员信，直言快手面对的挑战与隐患：“我们已经不是跑得最快的那支队伍，在长大的过程中，我们的肌肉开始变得无力，反应变慢，我们与用户的连接感知在变弱。”首当其冲的当然是用户规模，快手发起了K3战役，定下了春节前3亿日活的年度目标。\n用户规模其实只是表象，产品形态、用户体验、分发逻辑、组织作战能力、运营体系、商业化系统、基础设施才是横亘在这家“小公司”面前，需要跨越的一个个鸿沟。\n如果说过去是产品+技术、小米+步枪打赢了游击战，现在快手面对的则是整建制的王牌师、战力惊人、速度奇快、花钱大胆，如果创始人自己无法迭代，并且带领公司整体进化，用户很可能用脚投票。\n这样的案例在移动互联网历史上比比皆是，无论团购、共享单车，还是移动电商，都曾有众多创业公司提前一步或两步踏上风口，最终被后来者碾压，除了运气，核心还在于风口之上，创始人和公司没有迅速完成从“小公司”到“大公司”的进化。\n宿华和程一笑应当庆幸当时发起战斗的勇气与决心。如今，虽然不再是赛道上的NO.1，但快手没有被竞争打垮，而是在与自我、对手、市场的反复较量中，变得更强大。\n“从来没有哪家实力强的企业会在竞争中被别人干掉。”快手高级副总裁马宏彬表示，与友商之间基本是越竞争，越增长。\n依靠产品、算法、运营的同步调整，组织的高速运转、央视春晚合作以及极速版的崛起，快手实现了K3目标。\n今年5月24日，上市后的快手发布了2021年第一季度业绩。数据显示，快手中国应用程序及小程序的平均日活跃用户达到3.792亿，日活跃用户日均使用时长达99.3分钟。\n“对手好像没把我们打成什么样，别管怎么竞争，我们也涨到了3亿。“一位快手负责人表示，K3之前很多人憋了一股劲，这场战役成为一个缓解焦虑的出口，让快手处境终于触底反弹。\n求同存异\nK3成为快手从佛系到狼性的转折点，从此之后，团队持续扩张，节奏越来越快。每隔几个月，宿华和管理团队就要打一场大仗。\n开弓没有回头箭，产品要变，算法要变，运营要变，商业模式要变，1万多人的队伍求变、求胜，而所有这些变化最终要让快手成为快手，还是成为对手？\n而在全面进化的道路上，哪些能变，哪些不能变，需要快手创始人和高管划定一个范围，并在业务成长中反复修正。\nK3之后的2020年，快手进化的方向、边界和逻辑逐渐清晰：运营做轻还是做重；产品双列还是单列；重视私域还是公域，这些曾在内部引起争论和困惑的问题都有了答案。\n2019年前，快手没有正向运营体系，本着不打扰用户的理念，所谓的运营部门主要是负向运营，创作者违规了如何判定和处理，账号违反了社区规则如何处理。\nK3启动后，快手高级副总裁马宏彬接手并搭建了运营体系的雏形。核心要解决的问题，一是优质创作者引入，二是优质内容分发、创作者成长，通过运营创作者和优质内容，提升社区活跃度、留存并带来新增。\n对快手来说，运营驱动是全新尝试。快手鼓励普通人记录生活，双列展示并给予公平流量，但内容质量却参差不齐，严重影响了快手的观感和调性，进而伤害一二线城市用户的接受度。\n一边下重手治理社区风气，一边通过引入优质创作者提升内容品质，并给予运营和流量支持，这让快手内容生态在2018—2019年发生了重大变化，成为吸引增量用户的基础。\n\n2018年，快手平台研发部的团建现场变工作现场\n据了解，引入人才和建设新运营体系过程中，创始人给了一个底层逻辑，无论内容怎么变，快手最关注和最在意的仍然是人。快手内容运营中心总经理刘逍还记得，面试的时候，宿华花了近两个小时给她讲了“葡萄哥”的故事。\n“其他公司的面试，应该不会把一个半小时的时间都花在去讲某个用户的故事上，何况是创始人。”她发现，这家公司真的非常在乎每个创作者。\n“快手与友商的运营逻辑区别很大，我们更在乎人，对方此刻还是非常在乎内容，会在乎内容的好看程度，这是一个挺大的底层差异，会导致你的分发逻辑完全不一样。”刘逍说，过去快手的运营偏管理，会告诉你什么事情不能做，但现在的创作者服务团队，变成一个服务者角色。\n2020年初，刘逍入职快手后，运营开始进入精细化阶段。在她看来，快手内容生态已经非常庞大，任何单一垂类拿出来都可以成为一个大规模兴趣社区。在这样的环境下，维持局部与生态之间的关系，保持生态的健康，让创作者的体验更好，是个非常宏大的课题。\n与此同时，快手核心管理层终于解决了两个棘手问题，一是单列和双列的选择问题，二是私域和公域的平衡问题。\n单列和双列曾经困扰了快手很长时间，最终两种形态在快手8.0版本上实现了融合，主站保留双列社区形态，同时辟出单列消费体验的入口；快手极速版则全面承担起上下滑场景的重任，夺取用户，DAU破亿之后还在持续增长。\n另一方面，今年4月广州举办的快手光合创作者大会上，快手高级副总裁主站产品部负责人王剑伟首次明确了快手私域为主、公域扩容的原则。\n“从管理复杂度来讲，肯定是公域好管得多。谁行谁上，不行拉倒。但是私域相当于创作者有了自己的一点产业在那里，你到底是管还是不管、用什么样的方式管，难度特别大。”程一笑表示，把私域做好并管好，让更多生产者“绽放”，可以让社会有更多温度和信任。\n单双列融合、公私域结合，打造一个充满温度和信任的在线社区，在快手内部已经达成了高度共识，“公私域结合在一起，一定比只做公域难，而且难不少，但这个难点恰恰是快手最大的优势，一旦建立好了就是巨高的门槛。”一位快手高管表示，这就是快手与其他平台的差异化和特色道路。\n生态正循环\n2021年3月，快手发布了上市后的首份财报。2020年，快手实现营收588亿元，其中线上营销收入219亿元，占比37.2%。第四季度，快手线上营销单季收入85亿，超越直播打赏成为快手第一大收入来源。\n随后公布的Q1财报，快手收入结构延续这一变化，线上收入占比超过50%，直播、电商等紧随其后。成立十年，快手终于改变了以单一直播收入为核心的收入结构，线上营销和新兴业务收入成为两翼。\n\n众所周知，快手的商业化体系搭建较晚。在很长一段时间，宿华和程一笑都对商业因素伤害用户体验这件事十分警惕和排斥。\n2018年前，尽管快手已超过1亿日活，但只发展了直播作为唯一变现方式。两位创始人观点是，直播是一款用户产品，不伤害用户体验，当直播发生的时候，打赏的人开心，看打赏的人开心，被打赏的人也开心。\n但是，信息流广告不同，它很可能伤害用户体验，进而造成日活损失。所以，任何一个快手商业化的核心成员，都能感受到开启这扇大门的艰难。\n“过去我每次给两位创始人发收入变动，他们都反应平淡，每次说我今天又做了一个优化用户体验的实验，回复总是非常快，你就能看到他们内心深处对什么事是最重视的。”快手商业化一位负责人对此深有体会。\n另一位深有体会的是快手科技商业收益管理中心总经理曹世博。商业分析出身的曹世博2018年初加入快手，辗转过多个部门，均涉及商业化。\n“正式启动商业化业务前，我们花了大量时间做基础工作，包括算法、用户体验体系、审核体系等，很多战略层面的思考和准备，核心就是赚钱可以，但不能伤害用户体验。”曹世博说。\n后来，快手搭建了一个比较完备的指标体系，通过引入经济学模型去衡量，如果这个流量做广告变现会赚多少钱，又会损失多少DAU，通过体系化的指标、监测确保用户体验。\n“直到今天，我们内部对于用户看广告的频次有着非常严格的控制和机制，并且严控广告内容的质量。”曹世博说，他们投入了几百人花几个月之间去给用户打标签，以确保算法推荐和人群定向的精准。\n当这些基础工作搭建完成，快手商业化体系推出，磁力引擎上线后，快手线上营销收入直线上升。2019年，快手线上营销收入74亿，2020年上半年72亿，全年219亿，增速超过200%。\n曹世博表示，2021年快手商业化无论品牌广告主的数量、联盟广告以及更多广告形式的开拓，都在大大拓展快手线上营销收入的增长空间。\n与快手商业化拓土的经历类似，快手电商副总裁、平台体验负责人罗琼刚加入快手的时候，也“非常不适应”。\n罗琼在传统电商平台工作了15年，但业界非常成熟的促销、卖流量逻辑，在快手常常会撞在“社区生态”的墙上。\n对她来说，任务不是去创造多少GMV，而是构建商家、主播与消费者之间的信任度，提升社区价值，把蛋糕做大。\n“传统电商非常依赖货，快手其实非常依赖人，这种差异对传统电商从业者来说，重心有非常强烈的偏移，而且你会发现从社区到人，再到交易转化，这是个慢反射，不像效率型电商，短期效益很漂亮。”罗琼说，快手希望建立一种全新的电商形态，它基于人与人之间的连接和信任。\n这种基于短视频和直播建立的新型信任关系，需要时间沉淀，但想象空间足够大。2020年，快手电商GMV达到3812亿，两年增长了4000倍，用户平均复购率更是高达65%。\n2021年，快手进一步提出信任电商概念，以极致信任构建快手电商的心智和认知，希望用崭新方式重构十亿消费者的决策。实际上，快手电商的崛起，已经在改变传统电商行业格局。\n\n更重要的是，快手基于直播、广告、电商所搭建的商业生态，正在反哺数千万内容创作者，让他们在这个社区活得更好，商业生态正在与内容生态形成相互促进的正循环。\n这种正循环对于支撑快手的愿景尤为重要。过去十年，快手其实是互联网领域一个独一无二的社会实验，关注普通人，平等普惠。这样的实验一开始很顺利，后来遇到了的挑战，而内容生态系统和商业生态系统双轮驱动可以让这架战车更平稳前进，而快手能不能进一步成功，也可以验证互联网对人类来说是个什么性质的工具——统治人，还是让人更平等。\n从平等普惠，到温暖信任，快手下一个十年的故事正由此拉开序幕。","news_type":1,"symbols_score_info":{"90022":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":2199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187297251,"gmtCreate":1623754754873,"gmtModify":1704210607552,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187297251","repostId":"1119942956","repostType":4,"isVote":1,"tweetType":1,"viewCount":2060,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184799069,"gmtCreate":1623723738751,"gmtModify":1704209627919,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184799069","repostId":"1187885612","repostType":4,"repost":{"id":"1187885612","kind":"news","pubTimestamp":1623716143,"share":"https://ttm.financial/m/news/1187885612?lang=en_US&edition=fundamental","pubTime":"2021-06-15 08:15","market":"us","language":"zh","title":"New U.S. stocks have emerged! At one point, the stock jumped more than 30%","url":"https://stock-news.laohu8.com/highlight/detail?id=1187885612","media":"腾讯新闻 ","summary":"QQ音乐证券6月15日讯，美股市场上的“抱团股”交易找到了一个最新的目标：视频游戏硬件制造商Corsair（纳斯达克股票代码：CRSR，国内常称为“海盗船”）。在周一开盘时，该公司股价上涨31%，至4","content":"<p>QQ Music Securities June 15th, the \"group stock\" trading in the US stock market found a latest target: video game hardware manufacturer Corsair (NASDAQ: CRSR, often referred to as \"pirate ship\" in China).<img src=\"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7\" tg-width=\"769\" tg-height=\"511\" referrerpolicy=\"no-referrer\">Shares rose 31% to $40.70 at the opening bell on Monday, the highest level since late February, before paring gains to gain more than 11% by the close. Corsair's share price has been driven by the explosion of mentions of the company on the Wallstreetbets sub-forum of Reddit forums.</p><p>As of Monday morning local time in the U.S., the stock had been mentioned at least 1,180 times on the \"Wall Street Casino\" forum, according to Quiver Quantitational. Meanwhile, Wallstreetbets Trackers data shows a 17% increase in activity related to the Corsair. Before Corsair, there were a slew of other companies that had become favored by \"Wall Street Casino\" forum users and the \"group stock\" crowd.</p><p>Founded in 1994, Corsair went public in September at $15.12 a share, valuing it at $1.6 billion and raising $238 million. The stock is up a cumulative 13.08% so far this year and 169% since its IPO (initial public offering) listing.</p><p>Corsair is best known for the company's gaming hardware, which includes accessories ranging from green screens to mice and keyboards, as well as full-fledged gaming PCs equipped with the latest chips from Intel (NASDAQ:INTC), AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA), among others.</p><p>Gaming products have performed well over the past year as the coronavirus pandemic prompted governments to introduce restrictions that have forced people around the world to stay at home. With not much to do, millions of people have turned to video games. However, big game companies like Activision Blizzard (NASDAQ:ATVI), Electronic Arts (NASDAQ:EA), and Take-Two Interactive (NASDAQ:TTWO) have all underperformed the S&P 500 so far this year.</p><p>Corsair has emerged as the latest \"darling\" in the eyes of retail traders on the heels of video GAME retailers GameStop (NYSE:GAME, often referred to as \"GAME Station\" in China), AMC Cinemas (NYSE:AMC), BlackBerry (NYSE:BB) and others — although it's unclear if investor interest in the stock will hold, given the speed of its rise.</p><p>The gaming industry is also suffering from the ongoing global chip shortage, from consoles such as Sony's PlayStation5 and Microsoft's (NASDAQ:MSFT) Xbox Series X to graphics cards for PC games, which are hard to come by for gamers.</p><p>Speaking at the \"Wall Street Casino\" forum, Corsair backers said the stock is undervalued and worth holding because of the company's brand portfolio and positioning as a top third-party hardware seller.</p><p>\"Corsair is one of the few picks I've mentioned here that I totally trust. It's a good buy! Good luck to you guys!\" wrote a Reddit user who goes by the online name \"LaughingAdventureGame.\"</p><p>Corsair isn't the only gaming stock retail traders are bullish on, though. Logitech (NASDAQ:LOGI), a company that makes standard office and gaming hardware accessories, has performed even better than Corsair over the last 12-month period. Its shares rose 122%, driven by growth in sales of webcams, mobile phones and gaming peripherals. In addition, Razer, another maker of gaming peripherals, is also a favorite among retail investors in gaming stocks. The company makes its own line of laptops and desktops, as well as some of the most popular mice and keyboards among users.</p><p>\"Wall Street Casino\" forum users predict that the pirate ship will \"swallow the gaming industry and become the stock that can always make millionaires\".</p><p>Unlike other popular \"group stocks\" like Game Station and AMC Entertainment, Corsair's stock has solid fundamentals. The company went public in September 2020 and profited from accelerated sales during the pandemic as people sought home entertainment during the shutdown. In the most recent quarter, the company's EPS rose 383% to 58 cents; Sales rose 72% to $529 million.</p><p>Individual traders on social media platforms such as \"Wall Street Casinos\" and Stocktwits encourage investors to pump money into stocks that are heavily short-sold, creating so-called short squeezes that push up the prices of those stocks. As a result, since the beginning of the year, Game Station's share price has soared by 1,086%, and AMC Entertainment's share price has risen by 2,506%.</p><p>Corsair shares were up 33% at one point, hitting an intraday high of $42.97 and breaking above their 50-day moving average, according to MarketSmith chart analysis. (Nebula)</p>","source":"highlight_tencentus","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>New U.S. stocks have emerged! At one point, the stock jumped more than 30%</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\">\nNew U.S. stocks have emerged! At one point, the stock jumped more than 30%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻 </strong><span class=\"h-time small\">2021-06-15 08:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>QQ Music Securities June 15th, the \"group stock\" trading in the US stock market found a latest target: video game hardware manufacturer Corsair (NASDAQ: CRSR, often referred to as \"pirate ship\" in China).<img src=\"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7\" tg-width=\"769\" tg-height=\"511\" referrerpolicy=\"no-referrer\">Shares rose 31% to $40.70 at the opening bell on Monday, the highest level since late February, before paring gains to gain more than 11% by the close. Corsair's share price has been driven by the explosion of mentions of the company on the Wallstreetbets sub-forum of Reddit forums.</p><p>As of Monday morning local time in the U.S., the stock had been mentioned at least 1,180 times on the \"Wall Street Casino\" forum, according to Quiver Quantitational. Meanwhile, Wallstreetbets Trackers data shows a 17% increase in activity related to the Corsair. Before Corsair, there were a slew of other companies that had become favored by \"Wall Street Casino\" forum users and the \"group stock\" crowd.</p><p>Founded in 1994, Corsair went public in September at $15.12 a share, valuing it at $1.6 billion and raising $238 million. The stock is up a cumulative 13.08% so far this year and 169% since its IPO (initial public offering) listing.</p><p>Corsair is best known for the company's gaming hardware, which includes accessories ranging from green screens to mice and keyboards, as well as full-fledged gaming PCs equipped with the latest chips from Intel (NASDAQ:INTC), AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA), among others.</p><p>Gaming products have performed well over the past year as the coronavirus pandemic prompted governments to introduce restrictions that have forced people around the world to stay at home. With not much to do, millions of people have turned to video games. However, big game companies like Activision Blizzard (NASDAQ:ATVI), Electronic Arts (NASDAQ:EA), and Take-Two Interactive (NASDAQ:TTWO) have all underperformed the S&P 500 so far this year.</p><p>Corsair has emerged as the latest \"darling\" in the eyes of retail traders on the heels of video GAME retailers GameStop (NYSE:GAME, often referred to as \"GAME Station\" in China), AMC Cinemas (NYSE:AMC), BlackBerry (NYSE:BB) and others — although it's unclear if investor interest in the stock will hold, given the speed of its rise.</p><p>The gaming industry is also suffering from the ongoing global chip shortage, from consoles such as Sony's PlayStation5 and Microsoft's (NASDAQ:MSFT) Xbox Series X to graphics cards for PC games, which are hard to come by for gamers.</p><p>Speaking at the \"Wall Street Casino\" forum, Corsair backers said the stock is undervalued and worth holding because of the company's brand portfolio and positioning as a top third-party hardware seller.</p><p>\"Corsair is one of the few picks I've mentioned here that I totally trust. It's a good buy! Good luck to you guys!\" wrote a Reddit user who goes by the online name \"LaughingAdventureGame.\"</p><p>Corsair isn't the only gaming stock retail traders are bullish on, though. Logitech (NASDAQ:LOGI), a company that makes standard office and gaming hardware accessories, has performed even better than Corsair over the last 12-month period. Its shares rose 122%, driven by growth in sales of webcams, mobile phones and gaming peripherals. In addition, Razer, another maker of gaming peripherals, is also a favorite among retail investors in gaming stocks. The company makes its own line of laptops and desktops, as well as some of the most popular mice and keyboards among users.</p><p>\"Wall Street Casino\" forum users predict that the pirate ship will \"swallow the gaming industry and become the stock that can always make millionaires\".</p><p>Unlike other popular \"group stocks\" like Game Station and AMC Entertainment, Corsair's stock has solid fundamentals. The company went public in September 2020 and profited from accelerated sales during the pandemic as people sought home entertainment during the shutdown. In the most recent quarter, the company's EPS rose 383% to 58 cents; Sales rose 72% to $529 million.</p><p>Individual traders on social media platforms such as \"Wall Street Casinos\" and Stocktwits encourage investors to pump money into stocks that are heavily short-sold, creating so-called short squeezes that push up the prices of those stocks. As a result, since the beginning of the year, Game Station's share price has soared by 1,086%, and AMC Entertainment's share price has risen by 2,506%.</p><p>Corsair shares were up 33% at one point, hitting an intraday high of $42.97 and breaking above their 50-day moving average, according to MarketSmith chart analysis. (Nebula)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210615/20210615A00M0V00.html\">腾讯新闻 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210615/20210615A00M0V00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187885612","content_text":"QQ音乐证券6月15日讯，美股市场上的“抱团股”交易找到了一个最新的目标：视频游戏硬件制造商Corsair（纳斯达克股票代码：CRSR，国内常称为“海盗船”）。在周一开盘时，该公司股价上涨31%，至40.70美元，创下了自2月末以来的最高水平，随后收窄涨幅，截至收盘时上涨逾11%。推动海盗船股价上涨的主因是，Reddit论坛下属“华尔街赌场”（Wallstreetbets）子论坛上提到该公司的次数呈现出爆炸式增长。\n根据Quiver Quantitional的数据，截至美国当地时间周一上午，该股在“华尔街赌场”论坛上至少被提及1180次。与此同时，Wallstreetbets Trackers数据显示，与海盗船有关的活动增加了17%。在海盗船之前，还有一系列其他公司已经成为“华尔街赌场”论坛用户和“抱团股”人群青睐的对象。\n成立于1994年的海盗船9月份以每股15.12美元的价格挂牌上市，估值达16亿美元，筹集到了2.38亿美元资金。今年到目前为止，该股累计上涨了13.08%，自IPO（首次公开募股）上市以来上涨了169%。\n海盗船最出名的是该公司的游戏硬件，其中包括从绿幕到鼠标和键盘等配件，以及配备了英特尔（纳斯达克股票代码：INTC）、AMD（纳斯达克股票代码：AMD）和英伟达（纳斯达克股票代码：NVDA）最新芯片的成熟游戏PC等。\n由于新冠病毒大流行促使各国政府出台了限制措施，导致世界各地的人们都不得不呆在家里，游戏产品在过去的一年时间里表现出色。由于没有太多事情可做，成百上千万的人转向了电子游戏。然而，今年到目前为止，动视暴雪（纳斯达克股票代码：ATVI）、电子艺界（纳斯达克股票代码：EA）和Take-Two Interactive（纳斯达克股票代码：TTWO）等大型游戏公司的表现都逊于标普500。\n海盗船紧随视频游戏零售商GameStop（纽约证券交易所股票代码：GAME，国内常称为“游戏驿站”）、AMC院线公司（纽约证券交易所股票代码：AMC）、黑莓（纽约证券交易所股票代码：BB）等公司之后，成为了散户交易员眼中最新的“宠儿”——尽管考虑到该股上涨的速度，目前还不清楚投资者对这只股票的兴趣是否会保持下去。\n游戏行业也受到全球芯片持续短缺的影响，从索尼PlayStation5和微软（纳斯达克股票代码：MSFT）的Xbox Series X等游戏机到PC游戏的显卡，游戏玩家很难买到这些产品。\n在“华尔街赌场”论坛上，海盗船的支持者们表示，由于该公司的品牌组合和作为顶级第三方硬件销售商的定位，这只股票被低估了，因此值得持有。\n“海盗船是我在这里提到的为数不多的几只我完全信任的精选股票之一。买这只股票准没错！祝你们好运！”一位网名为“LaughingAdventureGame”的Reddit用户写道。\n不过，海盗船并不是散户交易员看好的唯一游戏类股。罗技（纳斯达克股票代码：LOGI）是一家生产标准办公和游戏硬件配件的公司，该股在过去12个月时间里的表现甚至比海盗船还要好。在网络摄像头、手机和游戏外围设备销售增长的推动下，其股价上涨了122%。此外，另一家游戏外围设备制造商Razer也是游戏股中备受散户投资者青睐的一只股票，该公司生产自己的笔记本电脑和台式机系列产品，以及最受用户青睐的一些鼠标和键盘。\n“华尔街赌场”论坛用户预测，海盗船将会“吞下游戏行业，成为一直可以制造出百万富翁的股票”。\n与游戏驿站和AMC娱乐公司等其他流行的“抱团股”不同，海盗船的股票拥有坚实的基本面。该公司于2020年9月上市，并从大流行期间的加速销售中获利，因为人们在停摆期间寻求家庭娱乐。在最近一个季度中，该公司的每股收益上涨了383%，达到58美分；销售额增长了72%，达到5.29亿美元。\n“华尔街赌场”和Stocktwits等社交媒体平台上的个人交易员鼓励投资者将资金注入严重卖空的股票，造成所谓的轧空，从而推高这些股票的价格。因此，自今年年初以来，游戏驿站的股价飙升了1086%，AMC娱乐公司的股价更是已经上涨了2506%。\n根据MarketSmith图表分析，海盗船股价一度上涨33%，盘中触及42.97美元的高点，并突破50日移动平均线。（星云）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707410,"gmtCreate":1623723686530,"gmtModify":1704209625642,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707410","repostId":"2143178705","repostType":4,"repost":{"id":"2143178705","kind":"news","pubTimestamp":1623717670,"share":"https://ttm.financial/m/news/2143178705?lang=en_US&edition=fundamental","pubTime":"2021-06-15 08:41","market":"hk","language":"zh","title":"Be alert to the risk of US dollar rebound, and the RMB exchange rate is easy to depreciate but difficult to rise in the second half of the year","url":"https://stock-news.laohu8.com/highlight/detail?id=2143178705","media":"金融时报","summary":"近一段时间以来，人民币汇率走势牵动着市场神经。自央行决定上调金融机构外汇存款准备金率后，人民币对美元汇率已由6.35的近期高点贬至6.39上方。市场分析师普遍认为，人民币汇率趋近贬值拐点，下半年大概率会出现贬值压力。　　影响人民币汇率的因素是多方面的，其中美元升值风险将是最直接的一项。华创证券首席宏观分析师张瑜预计，美元在中长期会有较大反弹，人民币或已接近贬值拐点。预计美联储大概率将在三季度释放QE缩减的信号。","content":"<p>All the signs of universal immunization, economic recovery, increasing inflation and tightening monetary policy are pointing to the final realization of the logic of dollar appreciation. Recently, the trend of RMB exchange rate has affected the market nerves. Since the central bank decided to raise the reserve ratio of foreign exchange deposits for financial institutions, the exchange rate of RMB against the US dollar has fallen from a recent high of 6.35 to above 6.39. Market analysts generally believe that the RMB exchange rate is approaching the turning point of depreciation, and there will be a high probability of depreciation pressure in the second half of the year.<img src=\"https://static.tigerbbs.com/89cccc1aedcab6c848cb4f7d42a07318\" tg-width=\"550\" tg-height=\"202\" referrerpolicy=\"no-referrer\">There are many factors affecting RMB exchange rate, among which the risk of US dollar appreciation will be the most direct one.</p><p>In the first quarter of this year, the higher yield of U.S. bonds promoted the phased appreciation of the US Dollar Index. At the end of March, the US Dollar Index reached a phased high of 93.18. Since then, short-term factors such as faster vaccination in Europe have weakened the US dollar in the past two months, but the US Dollar Index has recently found a strong support level around 90, which the market speculates is likely to be the medium-term bottom of the US dollar. Zhang Yu, chief macro analyst of Huachuang Securities, predicts that the US dollar will rebound greatly in the medium and long term, and the RMB may be close to the turning point of depreciation.</p><p>All the signs of universal immunization, economic recovery, increasing inflation and tightening monetary policy are pointing to the final realization of the logic of dollar appreciation.</p><p>Developed countries such as the United States are expected to basically achieve herd immunity in the third quarter, and the PMI in Europe and America has reached a record high recently.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Chief macro analyst Dong Qi said that this indicates that the momentum of economic recovery is significantly strengthening thanks to vaccination.<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Center for Financial Research, said that if the US economy recovers strongly in the second half of the year, it may lead to a strengthening of the US dollar again.</p><p>Recently, 27 states in the United States have announced the tightening of unemployment benefits. Dong Qi predicts that the job market will gradually return to the normal repair track, which will not constrain the Fed's tightening of monetary policy. It is expected that the Federal Reserve will release the signal of QE reduction in the third quarter with a high probability.</p><p>At present, the new U.S. government is planning and promoting a new round of fiscal stimulus plan, and plans to launch a $6 trillion fiscal stimulus package in the near future. \"Although there will be a series of difficulties in the implementation of this plan, considering the optimistic expectations for the future of the US economy and the actual effects of some measures, it may become one of the driving forces for the phased strength of the US dollar.\" said Lian Ping, chief economist and dean of Zhixin Investment Research Institute. Zhang Yu also pointed out that the United States is still insisting on fiscal stimulus, which is beneficial to the economic benefits and inflation of the United States.</p><p>As global commodity prices continue to move higher and fluctuate at high levels, U.S. inflation levels have risen significantly. The U.S. CPI released on June 10th rose by 5% year-on-year, hitting a new high in nearly 13 years. The market expects the Federal Reserve's tightening of monetary policy to be imminent. Recently, the US Dollar Index has encountered strong downward resistance around 90, and it can't break through for a long time. It does not rule out the possibility of a sharp rebound in the future.</p><p>\"In the second half of 2021, the expectation of the Fed's rate hike will make a comeback, and the policy window of rate hike will appear at the end of the year and early next year,\" Lian Ping said. Zhang Yu said that the United States, or the first developed country in the world to shift monetary policy, has a higher probability of dollar appreciation. Lian Ping further pointed out that once the United States rate hike, and China will not follow up quickly with a high probability, the spread between China and the United States will further narrow, and there may even be periodic reverse spreads, which will push the US dollar to strengthen.</p><p>From the perspective of US dollar liquidity, Dong Qi pointed out that the marginal inflection point of US dollar liquidity is approaching. According to the bond issuance plan announced by the U.S. Treasury Department, the U.S. Treasury Department is expected to significantly increase the net financing scale of the private market to $821 billion in the third quarter, compared with $401 billion and $463 billion in the first two quarters respectively; The U.S. Treasury Department TGA account will also rebound from $450 billion at the end of July to $750 billion in September. Dong Qi pointed out that it can be seen that the US Treasury plans to increase the scale of bond issuance in the third quarter, and the TGA account will be re-expanded after bottoming out at the end of July, thus completing the transformation from water release to water pumping.</p><p>In addition, Lian Ping also pointed out that at present, the US dollar and the US Treasury Bond market are still important safe havens in the world. Global geopolitical risks will cause international safe-haven funds to favor US dollar bonds, which will push up US dollar demand in stages.</p><p>Ultimately, economic fundamentals are the determining factor in exchange rates. Dong Qi pointed out that as the pace of economic recovery in the United States accelerates, the relative advantage of China's economic fundamentals will narrow. Tang Jianwei believes that China's economy will be high and then low in 2021, while the United States and the world may be low and then high. In the second half of the year, the economic growth difference between China and the United States will narrow or put pressure on the RMB exchange rate.</p><p>\"Therefore, although the RMB exchange rate has continued to rise in recent times, it will not go out of the unilateral upward trend, and the RMB exchange rate will face depreciation pressure in the second half of the year.\" Tang Jianwei pointed out that although China's foreign exchange management department has withdrawn from the normalized intervention in the foreign exchange market, it will still guide market expectations through some policy tools and promote the two-way fluctuation characteristics of the RMB exchange rate.</p><p>Pan Gongsheng, Deputy Governor of the People's Bank of China and Director-General of the Foreign Exchange Administration, held a meeting at the 13th Session of the People's<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum said that macro-prudential management and expectation guidance will be strengthened, and the RMB exchange rate will be basically stable at a reasonable and balanced level. From the perspective of enterprise financial stability, Pan Gongsheng emphasized that enterprise exchange rate risk management should adhere to the principle of serving the main business and \"exchange rate risk neutrality\", prudently arrange the monetary structure of assets and liabilities, avoid the \"pro-cyclical\" and \"streaking\" behavior of foreign exchange risk management, and don't bet on the appreciation or depreciation of RMB. If you gamble for a long time, you will lose.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Be alert to the risk of US dollar rebound, and the RMB exchange rate is easy to depreciate but difficult to rise in the second half of the year</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\">\nBe alert to the risk of US dollar rebound, and the RMB exchange rate is easy to depreciate but difficult to rise in the second half of the year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融时报</strong><span class=\"h-time small\">2021-06-15 08:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>All the signs of universal immunization, economic recovery, increasing inflation and tightening monetary policy are pointing to the final realization of the logic of dollar appreciation. Recently, the trend of RMB exchange rate has affected the market nerves. Since the central bank decided to raise the reserve ratio of foreign exchange deposits for financial institutions, the exchange rate of RMB against the US dollar has fallen from a recent high of 6.35 to above 6.39. Market analysts generally believe that the RMB exchange rate is approaching the turning point of depreciation, and there will be a high probability of depreciation pressure in the second half of the year.<img src=\"https://static.tigerbbs.com/89cccc1aedcab6c848cb4f7d42a07318\" tg-width=\"550\" tg-height=\"202\" referrerpolicy=\"no-referrer\">There are many factors affecting RMB exchange rate, among which the risk of US dollar appreciation will be the most direct one.</p><p>In the first quarter of this year, the higher yield of U.S. bonds promoted the phased appreciation of the US Dollar Index. At the end of March, the US Dollar Index reached a phased high of 93.18. Since then, short-term factors such as faster vaccination in Europe have weakened the US dollar in the past two months, but the US Dollar Index has recently found a strong support level around 90, which the market speculates is likely to be the medium-term bottom of the US dollar. Zhang Yu, chief macro analyst of Huachuang Securities, predicts that the US dollar will rebound greatly in the medium and long term, and the RMB may be close to the turning point of depreciation.</p><p>All the signs of universal immunization, economic recovery, increasing inflation and tightening monetary policy are pointing to the final realization of the logic of dollar appreciation.</p><p>Developed countries such as the United States are expected to basically achieve herd immunity in the third quarter, and the PMI in Europe and America has reached a record high recently.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Chief macro analyst Dong Qi said that this indicates that the momentum of economic recovery is significantly strengthening thanks to vaccination.<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Center for Financial Research, said that if the US economy recovers strongly in the second half of the year, it may lead to a strengthening of the US dollar again.</p><p>Recently, 27 states in the United States have announced the tightening of unemployment benefits. Dong Qi predicts that the job market will gradually return to the normal repair track, which will not constrain the Fed's tightening of monetary policy. It is expected that the Federal Reserve will release the signal of QE reduction in the third quarter with a high probability.</p><p>At present, the new U.S. government is planning and promoting a new round of fiscal stimulus plan, and plans to launch a $6 trillion fiscal stimulus package in the near future. \"Although there will be a series of difficulties in the implementation of this plan, considering the optimistic expectations for the future of the US economy and the actual effects of some measures, it may become one of the driving forces for the phased strength of the US dollar.\" said Lian Ping, chief economist and dean of Zhixin Investment Research Institute. Zhang Yu also pointed out that the United States is still insisting on fiscal stimulus, which is beneficial to the economic benefits and inflation of the United States.</p><p>As global commodity prices continue to move higher and fluctuate at high levels, U.S. inflation levels have risen significantly. The U.S. CPI released on June 10th rose by 5% year-on-year, hitting a new high in nearly 13 years. The market expects the Federal Reserve's tightening of monetary policy to be imminent. Recently, the US Dollar Index has encountered strong downward resistance around 90, and it can't break through for a long time. It does not rule out the possibility of a sharp rebound in the future.</p><p>\"In the second half of 2021, the expectation of the Fed's rate hike will make a comeback, and the policy window of rate hike will appear at the end of the year and early next year,\" Lian Ping said. Zhang Yu said that the United States, or the first developed country in the world to shift monetary policy, has a higher probability of dollar appreciation. Lian Ping further pointed out that once the United States rate hike, and China will not follow up quickly with a high probability, the spread between China and the United States will further narrow, and there may even be periodic reverse spreads, which will push the US dollar to strengthen.</p><p>From the perspective of US dollar liquidity, Dong Qi pointed out that the marginal inflection point of US dollar liquidity is approaching. According to the bond issuance plan announced by the U.S. Treasury Department, the U.S. Treasury Department is expected to significantly increase the net financing scale of the private market to $821 billion in the third quarter, compared with $401 billion and $463 billion in the first two quarters respectively; The U.S. Treasury Department TGA account will also rebound from $450 billion at the end of July to $750 billion in September. Dong Qi pointed out that it can be seen that the US Treasury plans to increase the scale of bond issuance in the third quarter, and the TGA account will be re-expanded after bottoming out at the end of July, thus completing the transformation from water release to water pumping.</p><p>In addition, Lian Ping also pointed out that at present, the US dollar and the US Treasury Bond market are still important safe havens in the world. Global geopolitical risks will cause international safe-haven funds to favor US dollar bonds, which will push up US dollar demand in stages.</p><p>Ultimately, economic fundamentals are the determining factor in exchange rates. Dong Qi pointed out that as the pace of economic recovery in the United States accelerates, the relative advantage of China's economic fundamentals will narrow. Tang Jianwei believes that China's economy will be high and then low in 2021, while the United States and the world may be low and then high. In the second half of the year, the economic growth difference between China and the United States will narrow or put pressure on the RMB exchange rate.</p><p>\"Therefore, although the RMB exchange rate has continued to rise in recent times, it will not go out of the unilateral upward trend, and the RMB exchange rate will face depreciation pressure in the second half of the year.\" Tang Jianwei pointed out that although China's foreign exchange management department has withdrawn from the normalized intervention in the foreign exchange market, it will still guide market expectations through some policy tools and promote the two-way fluctuation characteristics of the RMB exchange rate.</p><p>Pan Gongsheng, Deputy Governor of the People's Bank of China and Director-General of the Foreign Exchange Administration, held a meeting at the 13th Session of the People's<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum said that macro-prudential management and expectation guidance will be strengthened, and the RMB exchange rate will be basically stable at a reasonable and balanced level. From the perspective of enterprise financial stability, Pan Gongsheng emphasized that enterprise exchange rate risk management should adhere to the principle of serving the main business and \"exchange rate risk neutrality\", prudently arrange the monetary structure of assets and liabilities, avoid the \"pro-cyclical\" and \"streaking\" behavior of foreign exchange risk management, and don't bet on the appreciation or depreciation of RMB. If you gamble for a long time, you will lose.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632888\">金融时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab1815ec48bd4c5f20d5928cc3337253","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://wallstreetcn.com/articles/3632888","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"2143178705","content_text":"全民免疫、经济复苏、通胀加剧、货币政策收紧，种种迹象都在指向美元升值逻辑的最终实现。\n\n近一段时间以来，人民币汇率走势牵动着市场神经。自央行决定上调金融机构外汇存款准备金率后，人民币对美元汇率已由6.35的近期高点贬至6.39上方。市场分析师普遍认为，人民币汇率趋近贬值拐点，下半年大概率会出现贬值压力。影响人民币汇率的因素是多方面的，其中美元升值风险将是最直接的一项。\n今年一季度美债收益率走高推动美元指数出现阶段性升值，3月末美元指数曾达到93.18的阶段性高点。此后，欧洲疫苗接种较快等短期因素使美元近两月走弱，但美元指数近期已在90附近寻找到强力支撑位，市场猜测这很可能是美元的中期底部。华创证券首席宏观分析师张瑜预计，美元在中长期会有较大反弹，人民币或已接近贬值拐点。\n全民免疫、经济复苏、通胀加剧、货币政策收紧，种种迹象都在指向美元升值逻辑的最终实现。\n美国等发达国家预计将在3季度基本实现群体免疫，近期欧美PMI连创新高。国泰君安首席宏观分析师董琦表示，这表明受益于疫苗接种，经济复苏动能正显著加强。交通银行金融研究中心首席研究员唐建伟表示，下半年美国经济如果强劲复苏可能再次导致美元走强。\n近期美国已有27个州宣布收紧失业金发放，董琦预计，就业市场会逐渐回归正常修复轨道，不会对美联储收紧货币政策形成掣肘。预计美联储大概率将在三季度释放QE缩减的信号。\n目前美国新政府正在筹划和推动新一轮财政刺激计划，计划近期推出6万亿美元的财政刺激方案。“尽管这一计划落实会有一系列困难，但考虑到对美国经济未来的乐观预期和部分举措落地之后带来的实际效应，有可能成为美元阶段性走强的动力之一。”植信投资首席经济学家兼研究院院长连平说。张瑜也指出，美国仍在坚持财政刺激，利好美国的经济效益和通胀。\n随着全球大宗商品价格持续走高并在高位波动，美国通胀水平明显上升。6月10日公布的美国CPI同比大涨5%，创出近13年的新高。市场预计美联储收紧货币政策或已箭在弦上。近日美元指数在90附近遇较强下行阻力，久久不能突破，不排除未来大幅反弹的可能性。\n“2021年下半年，美联储加息的预期将卷土重来，年底和明年初将会显现出加息的政策窗口。”连平说。张瑜说，美国或是全球第一个货币政策转向的发达国家，美元升值概率更高。连平进一步指出，一旦美国加息，而我国大概率不会迅速跟进，中美利差会进一步收窄，甚至可能会出现阶段性的反向利差，其将推动美元走强。\n从美元流动性角度看，董琦指出，美元流动性边际拐点将至。根据美国财政部公布的发债计划，美国财政部预计将在三季度大幅增加私人市场净融资规模至8210亿美元，而前两个季度分别为4010亿和4630亿美元；美国财政部TGA账户也将从7月底的4500亿美元回升至9月的7500亿美元。董琦指出，由此可见，美国财政部计划在三季度加大发债规模，TGA账户将在7月底见底后重新扩容，由此完成放水到抽水的转变。\n此外，连平还指出，目前美元和美国国债市场仍是全球重要的避险港湾。全球地缘政治风险会造成国际避险资金青睐美元债券，阶段性推高美元需求。\n归根结底，经济基本面是汇率的决定性因素。董琦指出，随着美国经济复苏步伐加快，中国经济基本面相对优势将收窄。唐建伟认为，中国经济2021年将是前高后低的走势，而美国和全球可能是前低后高，下半年中美经济增速差缩小或使人民币汇率承压。\n“因此，虽然人民币汇率近一段时间持续走高，但不会走出单边上涨趋势，下半年人民币汇率面临走贬压力。”唐建伟指出，中国外汇管理部门虽然退出对外汇市场的常态化干预，但仍会通过一些政策工具引导市场预期，促成人民币汇率的双向波动特征。\n人民银行副行长、外汇局局长潘功胜在第十三届陆家嘴论坛上表示，将加强宏观审慎管理和预期引导，保持人民币汇率在合理均衡水平上的基本稳定。从企业财务稳健的角度看，潘功胜强调，企业汇率风险管理应坚持服务主业和“汇率风险中性”原则，审慎安排资产负债货币结构，避免外汇风险管理的“顺周期”和“裸奔”行为，不要赌人民币升值或贬值，久赌必输。","news_type":1,"symbols_score_info":{"CYB":0.9,"CNHmain":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707294,"gmtCreate":1623723676918,"gmtModify":1704209625319,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707294","repostId":"2143867731","repostType":4,"isVote":1,"tweetType":1,"viewCount":2597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707684,"gmtCreate":1623723670848,"gmtModify":1704209625157,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707684","repostId":"1159573154","repostType":4,"repost":{"id":"1159573154","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1623719404,"share":"https://ttm.financial/m/news/1159573154?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:10","market":"us","language":"zh","title":"The United States launches a new round of financial sanctions, and Russia strikes back strongly: selling the dollar!","url":"https://stock-news.laohu8.com/highlight/detail?id=1159573154","media":"券商中国","summary":"拜登与普京会面前夕，美国和俄罗斯已经“掐得不可开交”。\n刚刚，美国对俄罗斯的新一轮金融制裁正式生效。自6月14日起，美国企业被禁止购买首次发行的俄罗斯国债，以欧元计价发行的俄罗斯国债也被纳入了禁止买入","content":"<p>On the eve of Biden's meeting with Putin, the United States and Russia have \"pinched their hands\".</p><p>Just now, a new round of financial sanctions imposed by the United States on Russia officially took effect. Since June 14th, American companies have been banned from buying initial Russian Treasury Bond, and Russian Treasury Bond issued in euros has also been included in the scope of the ban, once called the \"most powerful\" punishment in financial markets.</p><p>Russia's counterattack has also been relentless, with the Russian Treasury Ministry announcing that it will change the structure of the national wealth fund over the next month, reducing the share of the dollar to zero, while Russia almost completely empties long-standing U.S. Treasury Bond.</p><p>The timing of this round of contest between the two sides in the financial market is very sensitive. On June 16th, local time, US President Joe Biden will meet with Russian President Vladimir Putin in Geneva, Switzerland, for a summit between US and Russia leaders. On the eve of the summit, heads of state of both sides have made \"harsh words\", so markets expect the meeting to be one of the most bitter political games.</p><p>The \"most powerful\" financial sanctions? Another US pressure on Russia</p><p>According to CCTV News, since June 14, the U.S. financial sanctions against Russia officially took effect. The U.S. government prohibits domestic businesses from buying initial Russian Treasury Bond (denominated in rubles), and Russian Treasury Bond issued in euros are also included in the prohibition, but U.S. businesses are allowed to trade Russian Treasury Bond on the secondary market.</p><p>So how much will this punitive measure, regarded by financial markets as \"the most powerful\", affect the Russian economy?</p><p>First of all, the scale of Treasury Bond issuance in Russia. According to the latest data from the Russian Federal Audit Office, as of the first quarter of 2021, Russia's Treasury Bond increased by 741.3 billion rubles (about RMB 64.4 billion) compared with the previous quarter, and the total scale of Russian debt reached 19.7 trillion rubles (about RMB 1.71 trillion), accounting for 17% of Russia's GDP.</p><p>At present, the government bonds of the Russian Federation held by foreign investors are about 2,798.9 billion rubles, accounting for about 14% of the total Russian debt. However, this part of Treasury Bond belongs to the normal trading of stock in the secondary market and is not restricted by the US sanctions.</p><p>In addition, looking at the issuing end of the Russian Treasury Bond, German Gref, president of the Russian Federal Savings Bank, made it clear that the relevant bond issuance plan in Russia will be completed on schedule. According to the Russian Ministry of Finance, from June 16th, Russia will put the initial Treasury Bond on the market, and will issue three Treasury Bond worth 500 billion rubles on the same day.</p><p>Oxford Economics, a British analyst firm, believes that because the US only bans the purchase of Russian Treasury Bond in the primary market, the sanctions will have a limited and more symbolic impact on the Russian Treasury Bond market. If sanctions [against Russia] affect trading in the secondary market, the threat effect will be very strong.</p><p>In the face of the coming into effect of US financial sanctions, Russian Finance Minister Siluanov also strongly said that Russian Treasury Bond will still maintain a high demand rate, and sanctions will only cause losses to American companies.</p><p>In fact, this financial sanctions policy started in mid-April this year, when the U.S. government announced a series of measures to sanction Russia, including prohibiting American companies from buying Russia's initial Treasury Bond, but they can buy and sell Russian Treasury Bond in the secondary market, which took effect from June 14, 2021.</p><p>At the time, the U.S. sanctions were justified by Russian interference in U.S. elections, hacking of systems and a string of \"hostile acts\" that expelled 10 Russian diplomats in addition to banning U.S. companies from buying Russian-issued Treasury Bond, and the U.S. Treasury sanctioned 32 Russian entities and individuals.</p><p>Fight back! Russia to sell U.S. dollars and U.S. bonds aggressively?</p><p>Russia has begun to \"fight back\" against US financial restrictions. On June 3rd, local time, Russian Finance Minister Siluanov said at the St. Petersburg International Economic Forum that the Russian Ministry of Finance will change the structure of the national wealth fund within one month, in which the share of the US dollar will be reduced to zero, the pound will be reduced to 5%, the Japanese yen will remain at 5%, the euro will increase to 40%, the RMB will increase to 30%, and gold will account for 20%.</p><p>It is reported that the Russian National Wealth Fund was established to support the Russian pension system, and its funds can also be used to make up the budget deficit during the crisis. Now it has become an important part of the budget assets of the Russian Federation.</p><p>According to the data disclosed by the official website of the Russian Ministry of Finance, as of May 1 this year, the total assets of the fund reached 185.87 billion US dollars, or 13.82 trillion rubles (equivalent to 1.2 trillion yuan), accounting for 12% of Russia's GDP.</p><p><img src=\"https://static.tigerbbs.com/fa032108d554b578fd9c7f09ff52c6d4\" tg-width=\"796\" tg-height=\"580\" referrerpolicy=\"no-referrer\"></p><p>As of early May, the fund's liquid assets were worth approximately $119 billion, of which one-third (approximately $41.5 billion) were dollar assets. It means that in the next month, the Russian state wealth fund will sell the US dollar sharply.</p><p>On February 24th this year, the Ministry of Finance of the Russian Federation announced that RMB and Japanese yen would be included in the National Wealth Fund, and the two currencies accounted for 15% and 5% respectively in the foreign exchange structure of the fund. Meanwhile, the dollar and euro both fell to 35%, while the pound remained unchanged at 10%.</p><p>In response to a question about the adjustment of the investment structure of the national wealth fund, Russian presidential press secretary Peskov said that de-dollarization is a long-term process visible to the naked eye. Not only is Russia de-dollarizing, but many countries around the world are doing similar things as these countries are beginning to be concerned about the reliability of major foreign exchange reserve currencies.</p><p>Until March 2018, the US dollar had been one of the most important foreign exchange reserves of the Russian Central Bank, accounting for 43%-48% at one time. After that, due to the tightening of sanctions imposed by the United States on Russian enterprises and citizens, in order to minimize the risk of sanctions, the Russian central bank began to continuously reduce the proportion of US dollars in foreign exchange reserves. By the end of 2020, the proportion of US dollars and US dollar assets in Russia's international reserves had dropped to 21.2%, and the proportion of gold and RMB had increased to 23.3% and 12.8%.</p><p>At the same time, Russia's selling of US dollars is a \"clearance\" reduction of US Treasury Bond. According to the latest data released by the U.S. Treasury Department, in February this year, Russia almost completely emptied the long-term Treasury Bond of the United States (only $306 million remained). In that month, it reduced its holdings of U.S. debt by $389 million, and the final position dropped to $5.8 billion. Compared with Russia's highest holdings of U.S. debt, the cumulative selling ratio reached 94%.</p><p>Biden and Putin are about to meet, how to talk?</p><p>Perhaps behind the secret rivalry between the United States and Russia is the upcoming summit between the United States and Russia.</p><p>According to the official website of the White House, US President Joe Biden will meet with Russian President Vladimir Putin in Geneva, Switzerland on June 16th local time.</p><p>At this time, Biden was already in Europe and had just finished attending the G7 summit. After three days of dialogue and consultation, the leaders of the G7 announced that they had reached a certain consensus on fighting the epidemic, rebuilding the economy, trade reform and green transformation, and announced it in the form of a summit communique.</p><p>China has been mentioned many times in the G7 communique, including issues such as Xinjiang, Hong Kong and Taiwan. Subsequently, a spokesman for the Chinese Embassy in Britain said in response to a reporter's question that the G7 communique made remarks that distorted facts and reversed right and wrong on issues such as Xinjiang, Hong Kong and Taiwan, deliberately slandered China and interfered in China's internal affairs. This was a serious violation of the basic norms of international relations and further exposed the sinister intentions of a few countries such as the United States. We are strongly dissatisfied and firmly opposed to this.</p><p>India, plagued by the epidemic, is also making small calculations. The Global Times quoted foreign media reports that India may join the G7 infrastructure plan, which aims to provide a so-called \"value-driven, high-standard and transparent\" partnership to counter China's \"Belt and Road\" initiative.</p><p>If the G7 summit is a game of words behind closed doors, then the summit of US-Russia leaders on June 16th will probably not make Biden so easy, and the meeting between Biden and Putin will probably be the most intense political game.</p><p>In fact, the strong smell of gunpowder can be smelled from a series of signals released by the United States and Russia before the meeting.</p><p>Biden's byline article in the Washington Post on June 6 that the United States does not seek conflict with Russia but will not hesitate to react to future harmful Russian activities will once again emphasize the commitment of the United States, Europe and like-minded democracies to support human rights and dignity when meeting with Putin.</p><p>According to CCTV news, on June 4, local time, Russian President Vladimir Putin spoke at the St. Petersburg International Economic Forum. Speaking about the upcoming Russia-US leaders' summit, he said that Russia-US relations are at an extremely low level and will look for ways to solve the problems in bilateral relations with US President Joe Biden, and will discuss strategic stability, arms reduction, the COVID-19 pandemic and other issues.</p><p>Putin pointed out that Russia has no differences with the United States, except that the United States wants to curb Russia's development. He said that the relationship between Russia and the United States has largely become a bargaining chip for the United States to govern its internal affairs, and he hoped that this situation would end at some point.</p><p>In addition to the mutual testing of the two heads of state at the verbal level, the wrestling of military power between the United States and Russia has also become frequent. On June 11th, the National Defense Management Center of the Russian Ministry of Defense announced that the guided missile destroyer USS Labun of the U.S. Navy entered the Black Sea, and the Russian Black Sea Fleet had begun to monitor it.</p><p>On the same day, the Pentagon suddenly announced that it would allocate $150 million in security assistance to Ukraine to assist Ukraine in maintaining its territorial integrity and improving its coordination capabilities with NATO. On the Russian side, the Russian Navy held the largest military exercise since the collapse of the Soviet Union, showing off its muscles.</p><p>In this way, the secret competition between the United States and Russia at the financial and military levels may be to increase the weight of negotiations for the upcoming US-Russia leadership summit.</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>The United States launches a new round of financial sanctions, and Russia strikes back strongly: selling the dollar!</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\">\nThe United States launches a new round of financial sanctions, and Russia strikes back strongly: selling the dollar!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-06-15 09:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On the eve of Biden's meeting with Putin, the United States and Russia have \"pinched their hands\".</p><p>Just now, a new round of financial sanctions imposed by the United States on Russia officially took effect. Since June 14th, American companies have been banned from buying initial Russian Treasury Bond, and Russian Treasury Bond issued in euros has also been included in the scope of the ban, once called the \"most powerful\" punishment in financial markets.</p><p>Russia's counterattack has also been relentless, with the Russian Treasury Ministry announcing that it will change the structure of the national wealth fund over the next month, reducing the share of the dollar to zero, while Russia almost completely empties long-standing U.S. Treasury Bond.</p><p>The timing of this round of contest between the two sides in the financial market is very sensitive. On June 16th, local time, US President Joe Biden will meet with Russian President Vladimir Putin in Geneva, Switzerland, for a summit between US and Russia leaders. On the eve of the summit, heads of state of both sides have made \"harsh words\", so markets expect the meeting to be one of the most bitter political games.</p><p>The \"most powerful\" financial sanctions? Another US pressure on Russia</p><p>According to CCTV News, since June 14, the U.S. financial sanctions against Russia officially took effect. The U.S. government prohibits domestic businesses from buying initial Russian Treasury Bond (denominated in rubles), and Russian Treasury Bond issued in euros are also included in the prohibition, but U.S. businesses are allowed to trade Russian Treasury Bond on the secondary market.</p><p>So how much will this punitive measure, regarded by financial markets as \"the most powerful\", affect the Russian economy?</p><p>First of all, the scale of Treasury Bond issuance in Russia. According to the latest data from the Russian Federal Audit Office, as of the first quarter of 2021, Russia's Treasury Bond increased by 741.3 billion rubles (about RMB 64.4 billion) compared with the previous quarter, and the total scale of Russian debt reached 19.7 trillion rubles (about RMB 1.71 trillion), accounting for 17% of Russia's GDP.</p><p>At present, the government bonds of the Russian Federation held by foreign investors are about 2,798.9 billion rubles, accounting for about 14% of the total Russian debt. However, this part of Treasury Bond belongs to the normal trading of stock in the secondary market and is not restricted by the US sanctions.</p><p>In addition, looking at the issuing end of the Russian Treasury Bond, German Gref, president of the Russian Federal Savings Bank, made it clear that the relevant bond issuance plan in Russia will be completed on schedule. According to the Russian Ministry of Finance, from June 16th, Russia will put the initial Treasury Bond on the market, and will issue three Treasury Bond worth 500 billion rubles on the same day.</p><p>Oxford Economics, a British analyst firm, believes that because the US only bans the purchase of Russian Treasury Bond in the primary market, the sanctions will have a limited and more symbolic impact on the Russian Treasury Bond market. If sanctions [against Russia] affect trading in the secondary market, the threat effect will be very strong.</p><p>In the face of the coming into effect of US financial sanctions, Russian Finance Minister Siluanov also strongly said that Russian Treasury Bond will still maintain a high demand rate, and sanctions will only cause losses to American companies.</p><p>In fact, this financial sanctions policy started in mid-April this year, when the U.S. government announced a series of measures to sanction Russia, including prohibiting American companies from buying Russia's initial Treasury Bond, but they can buy and sell Russian Treasury Bond in the secondary market, which took effect from June 14, 2021.</p><p>At the time, the U.S. sanctions were justified by Russian interference in U.S. elections, hacking of systems and a string of \"hostile acts\" that expelled 10 Russian diplomats in addition to banning U.S. companies from buying Russian-issued Treasury Bond, and the U.S. Treasury sanctioned 32 Russian entities and individuals.</p><p>Fight back! Russia to sell U.S. dollars and U.S. bonds aggressively?</p><p>Russia has begun to \"fight back\" against US financial restrictions. On June 3rd, local time, Russian Finance Minister Siluanov said at the St. Petersburg International Economic Forum that the Russian Ministry of Finance will change the structure of the national wealth fund within one month, in which the share of the US dollar will be reduced to zero, the pound will be reduced to 5%, the Japanese yen will remain at 5%, the euro will increase to 40%, the RMB will increase to 30%, and gold will account for 20%.</p><p>It is reported that the Russian National Wealth Fund was established to support the Russian pension system, and its funds can also be used to make up the budget deficit during the crisis. Now it has become an important part of the budget assets of the Russian Federation.</p><p>According to the data disclosed by the official website of the Russian Ministry of Finance, as of May 1 this year, the total assets of the fund reached 185.87 billion US dollars, or 13.82 trillion rubles (equivalent to 1.2 trillion yuan), accounting for 12% of Russia's GDP.</p><p><img src=\"https://static.tigerbbs.com/fa032108d554b578fd9c7f09ff52c6d4\" tg-width=\"796\" tg-height=\"580\" referrerpolicy=\"no-referrer\"></p><p>As of early May, the fund's liquid assets were worth approximately $119 billion, of which one-third (approximately $41.5 billion) were dollar assets. It means that in the next month, the Russian state wealth fund will sell the US dollar sharply.</p><p>On February 24th this year, the Ministry of Finance of the Russian Federation announced that RMB and Japanese yen would be included in the National Wealth Fund, and the two currencies accounted for 15% and 5% respectively in the foreign exchange structure of the fund. Meanwhile, the dollar and euro both fell to 35%, while the pound remained unchanged at 10%.</p><p>In response to a question about the adjustment of the investment structure of the national wealth fund, Russian presidential press secretary Peskov said that de-dollarization is a long-term process visible to the naked eye. Not only is Russia de-dollarizing, but many countries around the world are doing similar things as these countries are beginning to be concerned about the reliability of major foreign exchange reserve currencies.</p><p>Until March 2018, the US dollar had been one of the most important foreign exchange reserves of the Russian Central Bank, accounting for 43%-48% at one time. After that, due to the tightening of sanctions imposed by the United States on Russian enterprises and citizens, in order to minimize the risk of sanctions, the Russian central bank began to continuously reduce the proportion of US dollars in foreign exchange reserves. By the end of 2020, the proportion of US dollars and US dollar assets in Russia's international reserves had dropped to 21.2%, and the proportion of gold and RMB had increased to 23.3% and 12.8%.</p><p>At the same time, Russia's selling of US dollars is a \"clearance\" reduction of US Treasury Bond. According to the latest data released by the U.S. Treasury Department, in February this year, Russia almost completely emptied the long-term Treasury Bond of the United States (only $306 million remained). In that month, it reduced its holdings of U.S. debt by $389 million, and the final position dropped to $5.8 billion. Compared with Russia's highest holdings of U.S. debt, the cumulative selling ratio reached 94%.</p><p>Biden and Putin are about to meet, how to talk?</p><p>Perhaps behind the secret rivalry between the United States and Russia is the upcoming summit between the United States and Russia.</p><p>According to the official website of the White House, US President Joe Biden will meet with Russian President Vladimir Putin in Geneva, Switzerland on June 16th local time.</p><p>At this time, Biden was already in Europe and had just finished attending the G7 summit. After three days of dialogue and consultation, the leaders of the G7 announced that they had reached a certain consensus on fighting the epidemic, rebuilding the economy, trade reform and green transformation, and announced it in the form of a summit communique.</p><p>China has been mentioned many times in the G7 communique, including issues such as Xinjiang, Hong Kong and Taiwan. Subsequently, a spokesman for the Chinese Embassy in Britain said in response to a reporter's question that the G7 communique made remarks that distorted facts and reversed right and wrong on issues such as Xinjiang, Hong Kong and Taiwan, deliberately slandered China and interfered in China's internal affairs. This was a serious violation of the basic norms of international relations and further exposed the sinister intentions of a few countries such as the United States. We are strongly dissatisfied and firmly opposed to this.</p><p>India, plagued by the epidemic, is also making small calculations. The Global Times quoted foreign media reports that India may join the G7 infrastructure plan, which aims to provide a so-called \"value-driven, high-standard and transparent\" partnership to counter China's \"Belt and Road\" initiative.</p><p>If the G7 summit is a game of words behind closed doors, then the summit of US-Russia leaders on June 16th will probably not make Biden so easy, and the meeting between Biden and Putin will probably be the most intense political game.</p><p>In fact, the strong smell of gunpowder can be smelled from a series of signals released by the United States and Russia before the meeting.</p><p>Biden's byline article in the Washington Post on June 6 that the United States does not seek conflict with Russia but will not hesitate to react to future harmful Russian activities will once again emphasize the commitment of the United States, Europe and like-minded democracies to support human rights and dignity when meeting with Putin.</p><p>According to CCTV news, on June 4, local time, Russian President Vladimir Putin spoke at the St. Petersburg International Economic Forum. Speaking about the upcoming Russia-US leaders' summit, he said that Russia-US relations are at an extremely low level and will look for ways to solve the problems in bilateral relations with US President Joe Biden, and will discuss strategic stability, arms reduction, the COVID-19 pandemic and other issues.</p><p>Putin pointed out that Russia has no differences with the United States, except that the United States wants to curb Russia's development. He said that the relationship between Russia and the United States has largely become a bargaining chip for the United States to govern its internal affairs, and he hoped that this situation would end at some point.</p><p>In addition to the mutual testing of the two heads of state at the verbal level, the wrestling of military power between the United States and Russia has also become frequent. On June 11th, the National Defense Management Center of the Russian Ministry of Defense announced that the guided missile destroyer USS Labun of the U.S. Navy entered the Black Sea, and the Russian Black Sea Fleet had begun to monitor it.</p><p>On the same day, the Pentagon suddenly announced that it would allocate $150 million in security assistance to Ukraine to assist Ukraine in maintaining its territorial integrity and improving its coordination capabilities with NATO. On the Russian side, the Russian Navy held the largest military exercise since the collapse of the Soviet Union, showing off its muscles.</p><p>In this way, the secret competition between the United States and Russia at the financial and military levels may be to increase the weight of negotiations for the upcoming US-Russia leadership summit.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cfe8ba21c8b5ac2b562fdf822ed7fcb2","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159573154","content_text":"拜登与普京会面前夕，美国和俄罗斯已经“掐得不可开交”。\n刚刚，美国对俄罗斯的新一轮金融制裁正式生效。自6月14日起，美国企业被禁止购买首次发行的俄罗斯国债，以欧元计价发行的俄罗斯国债也被纳入了禁止买入的范围，一度被称为金融市场“威力最大”的惩罚措施。\n俄罗斯的反击也毫不手软，俄罗斯财政部宣布，将在未来一个月内改变国家财富基金的结构，将美元的份额减少到零，同时俄罗斯几乎完全清空了美国长期国债。\n双方在金融市场的这一轮较量的时点非常敏感，当地时间6月16日，美国总统拜登将与俄罗斯总统普京在瑞士日内瓦会晤，进行美俄领导人峰会。峰会前夕，双方元首都已放出了“狠话”，因此市场预期，这场会晤将是一场最激烈的政治博弈。\n“威力最大”的金融制裁？美国又对俄罗斯施压\n据央视新闻报道，自6月14日起，美国对俄罗斯的金融制裁措施正式生效。美国政府禁止本国企业购买首次发行的俄罗斯国债（以卢布计价），以欧元计价发行的俄罗斯国债也被纳入禁止买入的范围，但允许美国企业在二级市场上交易俄罗斯国债。\n那么，这项被金融市场视为“威力最大”的惩罚措施，将会对俄罗斯经济造成多大的影响呢？\n首先来看，俄罗斯的国债发行规模，据俄罗斯联邦审计署最新数据显示，截至2021年一季度，俄罗斯国债较前一季度增加了7413亿卢布（约合人民币644亿元），俄债总规模高达19.7万亿卢布（约合人民币1.71万亿元），占俄罗斯GDP的比例达到17%。\n目前，外国投资者持有的俄罗斯联邦政府债券约为27989亿卢布，约占俄债总规模的14%，但这部分国债属于存量在二级市场正常交易，并不受美国此次制裁措施的限制。\n另外，再看俄罗斯国债的发行端，俄罗斯联邦储蓄银行行长格尔曼·格列夫明确表示，俄罗斯的相关发债计划将如期完成。据俄罗斯财政部披露，自6月16日起，俄罗斯将向市场投放首次发行的国债，并将于当日发行3款价值分别为5000亿卢布的国债。\n英国分析公司牛津经济认为，由于美国只禁止在一级市场购买俄罗斯国债，因此制裁措施对俄罗斯国债市场影响有限，更多的是象征性影响。如果（美国对俄罗斯的）制裁影响二级市场的交易，那么威胁效果将会非常猛烈。\n面对美国金融制裁措施生效，俄罗斯财政部长西卢安诺夫也强硬表示，俄罗斯国债仍将保持高需求率，制裁只会给美国公司造成损失。\n其实，这项金融制裁政策始于今年4月中旬，当时美国政府宣布了制裁俄罗斯的一系列措施，其中便包括了禁止美国公司购买俄罗斯初始国债，但是可以在二级市场上买卖俄罗斯国债，自2021年6月14日起生效。\n当时，美国给出的制裁理由是，俄罗斯干预美国大选、黑客入侵系统以及一连串的“敌意行为”，除了禁止美国企业购买俄罗斯发行的国债以外，还驱逐了10名俄罗斯外交官，美国财政部则制裁了32个俄罗斯实体和个人。\n反击！俄罗斯要大举抛售美元、美债？\n对于美国的金融限制措施，俄罗斯已经开始“反击”。当地时间6月3日，俄罗斯财政部长西卢安诺夫在圣彼得堡国际经济论坛上表示，俄罗斯财政部将在一个月内改变国家财富基金的结构，其中美元的份额将减少到零，英镑减持到5%，日元保持5%的比例，欧元将增长到40%，人民币增长到30%，黄金则将占比20%。\n据悉，俄罗斯国家财富基金的成立是为了支持俄罗斯养老金体系，其资金也可以用于弥补危机时期的预算赤字，现已经成为了俄罗斯联邦预算资产的重要组成部分。\n据俄罗斯财政部官网披露的数据显示，截至今年5月1日，该基金的资产总额高达1858.7亿美元，即13.82万亿卢布（折合人民币1.2万亿元），占俄罗斯GDP的12%。\n\n截至5月初，该基金的流动性资产大约价值1190亿美元，其中有三分之一（约415亿美元）为美元资产。意味着，未来1个月内，俄罗斯国家财富基金将大幅抛售美元。\n今年2月24日，俄罗斯联邦财政部曾宣布，将人民币和日元纳入国家财富基金，2种货币在该基金外汇结构中占比分别为15%和5%。与此同时，美元和欧元占比均降至35%，而英镑占比仍保持10%不变。\n俄罗斯总统新闻秘书佩斯科夫在回答关于国家财富基金调整投资结构的问题时表示，去美元化是一个长期的肉眼可见的过程，不仅俄罗斯在去美元化，世界上许多国家也在做类似的事情，因为这些国家开始对主要外汇储备货币的可靠性感到担忧。\n在2018年3月之前，美元一直是俄罗斯央行最重要的外汇储备之一，占比一度高达43%-48%。之后，由于美国对俄罗斯企业和公民的制裁日益收紧，为最大程度地降低制裁风险，俄罗斯央行开始不断减少美元在外汇储备中的占比，截止到2020年年底，美元以及美元资产在俄罗斯国际储备中的占比已降至21.2%，黄金和人民币占比提升至23.3%、12.8%。\n俄罗斯抛售美元的同时，更是“清仓式”减持美国国债。据美国财政部最新公布的数据显示，今年2月，俄罗斯就几乎完全清空了美国长期国债（只剩3.06亿美元），当月减持美债3.89亿美元，最终持仓规模降到58亿美元，相比俄罗斯最高持有的美债，累计抛售比例达到94%。\n拜登与普京即将会面，怎么谈？\n美国和俄罗斯双方暗暗较劲的背后，或许是为了即将召开的美俄领导人峰会。\n据美国白宫官网披露，美国总统拜登将于当地时间6月16日与俄罗斯总统普京在瑞士日内瓦会晤。\n此时，拜登已经身在欧洲，刚刚参见完了G7峰会，经过3天的对话和磋商，七国集团领导人宣布，在抗击疫情、重建经济、贸易改革、绿色转型等方面达成一定共识，并以峰会公报形式予以公布。\nG7公报中多次提及中国，更是涉及了新疆、香港、台湾等问题。随后，中国驻英国使馆发言人在答记者问时表示，G7公报在新疆、香港、台湾等问题上发表了歪曲事实、颠倒是非的言论，对中方进行蓄意诬蔑，对中国内政横加干涉，这是对国际关系基本准则的严重违反，进一步暴露出美国等少数国家的险恶用心，我们对此强烈不满和坚决反对。\n被疫情困扰的印度也在打着小算盘，环球时报援引外媒报道，印度可能加入G7基建计划，该计划旨在提供所谓的“价值驱动、高标准、透明”的伙伴关系，对抗中国的“一带一路”倡议。\n如果说，G7峰会是一场关起门来的舌战博弈，那么6月16日的美俄领导人峰会，大概率不会让拜登那么轻松，拜登与普京的会面，大概率将会是一场最激烈的政治博弈。\n其实，从会前美俄双方释放的一系列信号便可以嗅到浓浓的火药味。\n6月6日，拜登在《华盛顿邮报》发表的署名文章，美国不寻求与俄罗斯冲突，但会毫不犹豫地对俄罗斯未来的有害活动做出反应，在与普京见面时，将再次强调美国、欧洲和志同道合的民主国家支持人权和尊严的承诺。\n据央视新闻，当地时间6月4日，俄罗斯总统普京在圣彼得堡国际经济论坛发言。谈及即将到来的俄美领导人峰会，他表示，俄美关系正处于极低水平，将与美国总统拜登寻找解决两国关系问题的方法，将讨论战略稳定、裁减军备、新冠疫情大流行等问题。\n普京指出，俄罗斯与美国没有分歧，只不过美国想要遏制俄罗斯的发展。他表示，俄美两国的关系很大程度上成为了美国治理内政的筹码，并希望这种情况能在某个时候结束。\n除了2位元首在言语层面的相互试探以外，美俄两国的军事力量的角力也变得频繁起来。6月11日，俄罗斯国防部国家防御管理中心发布消息称，美国海军“拉布恩”号导弹驱逐舰进入黑海海域，俄黑海舰队已开始对其进行监视。\n就在同一天，美国五角大楼突然宣布，向乌克兰拨款1.5亿美元的安全援助，以协助乌方维护其领土完整并完善与北约的协同能力。而俄罗斯方面，俄海军举行了苏联解体后最大规模的军演，秀了一把肌肉。\n如此看来，美俄双方在金融、军事层面的暗暗较劲，或许是为了即将召开的美俄领导峰会增加谈判的砝码。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707385,"gmtCreate":1623723664047,"gmtModify":1704209624668,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707385","repostId":"1152475049","repostType":4,"repost":{"id":"1152475049","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":1623720093,"share":"https://ttm.financial/m/news/1152475049?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:21","market":"sh","language":"zh","title":"Opening: Blockchain concept stocks jump as HSI opens 0.36% higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1152475049","media":"老虎资讯综合","summary":"6月15日讯，港股三大指数高开，恒指涨0.36%报28842点，国指涨0.32%报10784点，恒生科技指数涨0.57%报8036点。盘面上，体育用品股强势，特步大幅高开近15%，获高瓴投资5亿港元，","content":"<p>On June 15th, the three major indices of Hong Kong stocks opened higher, with the Hang Seng Index rising 0.36% to 28,842 points, the State Index rising 0.32% to 10,784 points, and the Hang Seng Technology Index rising 0.57% to 8,036 points.<img src=\"https://static.tigerbbs.com/90276182e30f383cf17ccda84f2625dd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, sporting goods stocks were strong, Xtep opened sharply by nearly 15%, received an investment of HK$ 500 million from Hillhouse, and Anta rose by 1.7%; Power stocks, photovoltaic stocks, dairy stocks and education stocks generally rose,<a href=\"https://laohu8.com/S/02688\">ENN Energy</a>Opens more than 4% higher to record high; Big tech stocks rose generally,<a href=\"https://laohu8.com/S/NTES\">Netease</a>A surge of more than 4%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>rose by more than 2%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>up 1.5%; Pharmaceutical stocks were mixed,<a href=\"https://laohu8.com/S/600196\">FOSUN PHARMA</a>open low 2%,<a href=\"https://laohu8.com/S/02186\">Luye Pharmaceutical</a>Opened 1.62% higher; Tobacco concept stocks, gold stocks and Chinese brokerage stocks fell generally.</p><p>Blockchain concept stocks opened higher,<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Opened 13.33% higher,<a href=\"https://laohu8.com/S/01499\">Ouke Cloud Chain</a>Opened 11.11% higher,<a href=\"https://laohu8.com/S/01647\">Xiong'an Technology</a>Opened more than 4% higher. Bitcoin crossed $40,000 again on Monday, reaching its highest level in more than two weeks. The world's largest cryptocurrency rose for a second straight day on Monday, with an intraday high of 3.9% to around $40,795. Since Friday, Bitcoin has risen by about 9%. The Bloomberg Galaxy cryptocurrency index, which tracks major cryptocurrencies, was up 7.7% at one point. Earlier, Musk said that when it is confirmed that miners use a reasonable proportion of clean energy (about 50%) and the future trend is good,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Will resume the Bitcoin deal. Tesla's previous sale of only 10% of its Bitcoin holdings was to test the liquidity of Bitcoin, confirming it could easily settle without disturbing the market.</p><p><a href=\"https://laohu8.com/S/01368\">Xtep International</a>It opened nearly 15% higher, and was subscribed by Hillhouse Capital for US$65 million zero-coupon perpetual convertible bonds.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Blockchain concept stocks jump as HSI opens 0.36% higher</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: Blockchain concept stocks jump as HSI opens 0.36% higher\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 15th, the three major indices of Hong Kong stocks opened higher, with the Hang Seng Index rising 0.36% to 28,842 points, the State Index rising 0.32% to 10,784 points, and the Hang Seng Technology Index rising 0.57% to 8,036 points.<img src=\"https://static.tigerbbs.com/90276182e30f383cf17ccda84f2625dd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, sporting goods stocks were strong, Xtep opened sharply by nearly 15%, received an investment of HK$ 500 million from Hillhouse, and Anta rose by 1.7%; Power stocks, photovoltaic stocks, dairy stocks and education stocks generally rose,<a href=\"https://laohu8.com/S/02688\">ENN Energy</a>Opens more than 4% higher to record high; Big tech stocks rose generally,<a href=\"https://laohu8.com/S/NTES\">Netease</a>A surge of more than 4%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>rose by more than 2%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>up 1.5%; Pharmaceutical stocks were mixed,<a href=\"https://laohu8.com/S/600196\">FOSUN PHARMA</a>open low 2%,<a href=\"https://laohu8.com/S/02186\">Luye Pharmaceutical</a>Opened 1.62% higher; Tobacco concept stocks, gold stocks and Chinese brokerage stocks fell generally.</p><p>Blockchain concept stocks opened higher,<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Opened 13.33% higher,<a href=\"https://laohu8.com/S/01499\">Ouke Cloud Chain</a>Opened 11.11% higher,<a href=\"https://laohu8.com/S/01647\">Xiong'an Technology</a>Opened more than 4% higher. Bitcoin crossed $40,000 again on Monday, reaching its highest level in more than two weeks. The world's largest cryptocurrency rose for a second straight day on Monday, with an intraday high of 3.9% to around $40,795. Since Friday, Bitcoin has risen by about 9%. The Bloomberg Galaxy cryptocurrency index, which tracks major cryptocurrencies, was up 7.7% at one point. Earlier, Musk said that when it is confirmed that miners use a reasonable proportion of clean energy (about 50%) and the future trend is good,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Will resume the Bitcoin deal. Tesla's previous sale of only 10% of its Bitcoin holdings was to test the liquidity of Bitcoin, confirming it could easily settle without disturbing the market.</p><p><a href=\"https://laohu8.com/S/01368\">Xtep International</a>It opened nearly 15% higher, and was subscribed by Hillhouse Capital for US$65 million zero-coupon perpetual convertible bonds.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152475049","content_text":"6月15日讯，港股三大指数高开，恒指涨0.36%报28842点，国指涨0.32%报10784点，恒生科技指数涨0.57%报8036点。盘面上，体育用品股强势，特步大幅高开近15%，获高瓴投资5亿港元，安踏涨1.7%；电力股、光伏股、乳业股、教育股普遍上涨，新奥能源高开逾4%创历史新高；大型科技股普涨，网易大涨逾4%，阿里巴巴涨超2%，腾讯涨1.5%；医药股涨跌不一，复星医药低开2%，绿叶制药高开1.62%；烟草概念股、黄金股、中资券商股普跌。\n区块链概念股高开，火币科技高开13.33%，欧科云链高开11.11%，雄岸科技高开逾4%。比特币周一再次迈过40000美元，达到两周多以来最高水平。这种全球最大加密货币周一连续第二天上扬，盘中最高涨3.9%，至40795美元左右。上周五以来，比特币已累计上涨约9%。跟踪主要加密货币的彭博Galaxy加密货币指数一度上涨7.7%。此前马斯克称，在确认矿工使用合理比例的清洁能源(约50%)，且未来趋势向好时，特斯拉将会恢复比特币交易。特斯拉此前仅出售了10%的比特币持仓，是为了测试比特币的流动性，确认能够在不扰动市场的情况下轻松地结算。\n特步国际高开近15%，获高瓴资本认购6500万美元零息永续可转债。","news_type":1,"symbols_score_info":{"513600":0.9,"HSImain":0.9,"MCHmain":0.9,"02833":0.9,"MHImain":0.9,"HHImain":0.9,"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":1998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707969,"gmtCreate":1623723656451,"gmtModify":1704209624505,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707969","repostId":"1169775175","repostType":4,"repost":{"id":"1169775175","kind":"news","pubTimestamp":1623721687,"share":"https://ttm.financial/m/news/1169775175?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:48","market":"hk","language":"zh","title":"The legendary \"Yang Million\" died, and the enterprising spirit of retail investors was endless","url":"https://stock-news.laohu8.com/highlight/detail?id=1169775175","media":"第一财经","summary":"有“中国第一股民”之称的资深投资者杨怀定，于6月13日去世，享年71岁。\n近十多年来，杨怀定逐渐淡出了人们的视野，但在上海滩，“杨百万”的故事经久流传。在A股市场，跟随他的脚步入市交易的投资者数不胜数","content":"<p><div>Yang Huaiding, a senior investor known as \"China's first shareholder\", died on June 13th at the age of 71. In the past decade or so, Yang Huaiding has gradually faded out of people's view, but in Shanghai, the story of \"Yang Million\" has been circulated for a long time. In the A-share market, there are countless investors who have followed in his footsteps. He has many labels on his body, such as \"Yang Million\" who made a fortune by reselling treasury bills, \"Stock God\" who bargained for the bargain, and \"Leading Big Brother\" of grassroots investors... However, Yang Huaiding, who is under these \"Jianghu titles\", is an ordinary person who is diligent, enterprising and eager to change his fate by his own efforts. On his body...</p><p><a href=\"https://m.yicai.com/news/101081647.html\">Web link</a></div></p>","source":"dyvj","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>The legendary \"Yang Million\" died, and the enterprising spirit of retail investors was endless</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\">\nThe legendary \"Yang Million\" died, and the enterprising spirit of retail investors was endless\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-06-15 09:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Yang Huaiding, a senior investor known as \"China's first shareholder\", died on June 13th at the age of 71. In the past decade or so, Yang Huaiding has gradually faded out of people's view, but in Shanghai, the story of \"Yang Million\" has been circulated for a long time. In the A-share market, there are countless investors who have followed in his footsteps. He has many labels on his body, such as \"Yang Million\" who made a fortune by reselling treasury bills, \"Stock God\" who bargained for the bargain, and \"Leading Big Brother\" of grassroots investors... However, Yang Huaiding, who is under these \"Jianghu titles\", is an ordinary person who is diligent, enterprising and eager to change his fate by his own efforts. On his body...</p><p><a href=\"https://m.yicai.com/news/101081647.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://m.yicai.com/news/101081647.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b2e5e430b4abd61e3de4ad2d5a171fc","relate_stocks":{},"source_url":"https://m.yicai.com/news/101081647.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169775175","content_text":"有“中国第一股民”之称的资深投资者杨怀定，于6月13日去世，享年71岁。\n近十多年来，杨怀定逐渐淡出了人们的视野，但在上海滩，“杨百万”的故事经久流传。在A股市场，跟随他的脚步入市交易的投资者数不胜数。\n他身上有诸多标签，倒卖国库券发家的“杨百万”、抄底稳准狠的“股神”、草根股民的“带头大哥”……不过，在这些“江湖封号”之下的杨怀定，是一位勤奋、进取、渴望靠自己的努力改变命运的普通人。\n在他的身上，也可以看到中国证券市场散户投资文化长盛不衰的原因。\n“我们早期的投资者，有些表达能力较弱、文化程度不高，比如杨百万，中学都没毕业，但早年他就看到国库券交易的机会，上海有柜台交易，安徽、贵州、四川没有，跑去低价买了，回来市场上卖掉。”上海证券交易所首任总经理尉文渊此前接受第一财经采访时曾评价称，中国的散户投资者，极其渴望学习，善于学习。\n在中国资本市场三十年进程中，有人盈利，有人亏损，有人跟风听消息，也有人铤而走险搞内幕、搞操纵。但是，更有许许多多的散户投资者，作为幼小的个体，却依靠个人的才智、学习，以及风险的承担，在股市中找到了改变人生的可能性。\n成为“杨百万”\n在三十多年前那个“摸着石头过河”的年代，只要你敢于尝试，一不小心就会成为某个领域的“第一人”。杨怀定就是如此。\n他在成为“第一股民”之前，先成为了“国库券异地交易第一人”。\n杨怀定1988年因故从上海某工厂离职，之后开始自谋职业。据前上交所研究中心研究员陆一记录，《回眸中国股市1984-2000》一书中曾有杨怀定对自己交易国库券始末的详细记述。\n“开始我并没想到要做国库券买卖。我看到《新民晚报》上一篇报道，说温州实行利率开放，利息可以高到13%。”杨怀定称，自己确认消息属实后，就想去温州存钱。但是，到温州去的船票刚买好，他又看到上海报纸登消息称，上海要开放国债交易。\n于是，就有了后来为人所熟知的一幕——1988年4月21日，上海国债市场开市交易，杨怀定一早到场，在别人都不敢买的时候果断买进，当天下午抛掉，赚入800块钱，这个数目相当于他辞职前一年的工资。\n初尝胜果的杨怀定大受鼓舞。他发现不同试点城市之间，国库券差价很大，而金融机构之间的国库券禁止流通。于是，杨怀定开始做国库券异地交易。\n由于国库券行情不公开，杨怀定就到上海图书馆，挨个查找各省市的报纸。比如查到安徽合肥开盘94元，卖出98元，他就连夜上合肥买来，然后再回上海卖掉。\n“我没日没夜地乘火车在全国跑。”杨怀定发现，什么地方穷，什么地方就更便宜，不同地方差价可以大到每百元国库券超过10元。\n在后来接受采访时，他说：“人家当时就问我，你累不累呀？我说不累呀，这干一天就是几年的工资啊！”\n成为“第一股民”\n国库券交易让杨怀定获得了巨大的财富，同时，也让他坚定了自己的投资方向，即紧跟改革开放的步伐，抓住趋势性机会。\n1989年，杨怀定意识到政策的重点转向支持资本市场，于是开始投资股票。\n早上8点起床，听电台财经新闻，9点15打开电脑看行情，11点半到1点午饭休息，1点到3点看行情，3点以后看电脑资讯，5点看晚报，5点50看中央台财经报道，8点看书，10点复盘，每天花在股市的时间不少于8小时。这是杨怀定做股票之后的每日例行安排。\n自证券市场建立以来，A股经历多次大幅波动，多轮牛熊，杨怀定幸运的躲过几次危机，不少股民奉之为“神”，但实际上，他也曾不止一次走到绝望边缘。\n在股票市场，真正能够笑到最后的投资者，往往不是做对选择最多人的，而是做错选择最少的人。一次错误的决策，就可能让多年积累的财富化为泡影。\n1992年下半年开始，A股经历开市以来第一次最大熊市。\n上证指数一路从1400多点跌至400多点。然后，杨怀定判断，股市已经跌得差不多了，于是进场抄底，但没想到，股市继续下跌，杨怀定日渐开始“绝望”。\n1994年7月29日，上证指数最低探至325.89点。\n杨怀定后来接受采访时回忆称：“就在我最绝望的那一天，我跟我太太讲，我还有20万现金，不买股票了，你放着，不知道哪一天会涨了。”\n然而，1994年7月30日，中国证监会宣布“救市”，并出台三大“救市”措施：年内暂停新股发行与上市；严格控制上市公司配股规模；采取措施扩大入市资金范围。\n随后，A股市场出现“8月狂潮”。仅用了两周时间，杨怀定手中股票的市值就翻了四倍。这让杨怀定在股票市场再次声名大振。\n有人说，杨怀定是凭借自己的分析能力，敏锐地觉察到管理层即将出台救市政策。但事实是否如此呢？\n“我耳朵蛮大的，人家讲我是福将。”杨怀定回忆起自己的此次战绩时曾如此调侃。但实际上，杨怀定此前曾参与过交易所的相关座谈会，对救市政策即将出台有所察觉。\n他后来公开说：“出了三大救市政策，很多人就知道我，分析能力特别强。其实，开过会的，呵呵。”\n成为“合法投资者”\n事实上，在成为“杨百万”和“第一股民”之前，杨怀定首先是成为一名“合法投资者”。\n在资本市场从草莽走向规范的进程中，显赫一时的“弄潮儿”跌下神坛的故事并不罕见。作为多个市场创新领域的“第一人”，杨怀定能够一路走到最后，与他从一开始就主动寻求遵守法律法规的意识密切相关。\n早在做国库券交易时期，杨怀定就意识到，自己的行为受到了监管部门的注意，并对合法性存在一定争议。\n“后来我（国库券交易）进出都是上百万元了，银行开始注意我了，内部有争论。”杨怀定后来回忆称，当时争议有两个，一是他的行为是否属于经营金融，二是算不算投机倒把。\n为了弄清楚此二问题，杨怀定就到中国人民银行去做“人民来访”。“接待人问我啥事。我说我有些金融法规‘搞不清爽’，想主动接受党和政府的教育。”杨怀定称。\n此次去“人民来访”并没有完全打消他交易国库券的疑虑。一方面害怕政策有变，另一方面，也害怕大笔资金随身携带不安全，他又做了一件空前的创举——跑到公安局去，说“现在改革开放了，我要从事国库券交易，能否请保安人员”。最后，杨怀定开创了上海第一例私人聘任公安任保安人员的先例。\n不过，杨怀定此举的深层用意，仍然是为了寻求合法。\n“我其实还有一个想法：中国人民银行如果认为我不合法，那么现在公安人员跟着我，我怎么做买卖的他们都看得见，有事你们可以去问公安局。”杨怀定后来称。\n不仅如此，赚了钱之后，杨怀定担心以后被说偷税漏税，于是1989年他又跑到税务局，咨询是否需要缴税。\n“当时有关部门认为有几种人赚钱最多，我的名字排在第四位：上海市民杨怀定，利用国债买卖获取暴利。我马上跑到税务局咨询是否要交税。税务局的同志讲，我们早知道你了，并且表扬我主动上门报税。”杨怀定回忆称，报纸后来登了消息：上海市民杨怀定主动报税。\n凭借早年的声名累积和几十年的股市交易，杨怀定生前追随者众多。\n在杨怀定去世之后，有不少人士公开悼念。有人缅怀杨怀定个人早年的股海沉浮，更有人感慨中国改革开放大浪淘沙。\n如今，中国已成为世界第二大经济体，股票、债券市场规模也均达到全球第二，市场基础制度也已经走过了多个阶段，进入更加市场化、法制化、国际化的新时代。\n机构在资本市场的力量，必将越来越壮大，但中国证券市场独有的散户投资文化短期并不会消失。传奇人物已逝，散户精神不息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184704508,"gmtCreate":1623723646704,"gmtModify":1704209624016,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184704508","repostId":"1112473662","repostType":4,"repost":{"id":"1112473662","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":1623721000,"share":"https://ttm.financial/m/news/1112473662?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:36","market":"hk","language":"zh","title":"The winning rate of Times Angel is 1.5%, and the subscription of 750 lots is stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16,829,600 shares at a price of HK$ 173 per share and 200 shares per lot, which is expected to be listed on June 16th.</p><p>Times Angel was subscribed 2079.16 times during the Public Offer Stage and the final number of Offer Shares allocated to the Public Offer was 8,414,800 Shares, representing 50% of the total Offer Shares (before any Over-allotment Option is exercised). A total of 792,388 valid applications were received, with a successful rate of 1.5%, and 750 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 8,414,800 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot of 200 shares, the entrance fee is HK$34948.66. The winning rate of the first lot is 1.5%, and the subscription of 750 lots is stable.</p><p>The threshold of Group B is 30,000 shares, and the funds required for subscription are about HK$ 5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is the leading provider of invisible orthotic solutions in China. According to the CIC Report, the invisible orthotic solutions market in China is highly concentrated, with the top two market players accounting for a total market share of 82.4% based on cases reached in 2020. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dental practitioners served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019 and further to 19,900 in 2020. The number of closed cases of the Company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019 and further to 137,600 in 2020.</p><p>In terms of financial position, the Company's revenue was RMB488 million, RMB646 million and RMB817 million in 2018, 2019 and 2020, respectively, representing a CAGR of 29.26% from 2018 to 2020. Net profits were 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measure) for the same period was RMB129 million, RMB175 million and RMB297 million, respectively.</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>The winning rate of Times Angel is 1.5%, and the subscription of 750 lots is stable</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\">\nThe winning rate of Times Angel is 1.5%, and the subscription of 750 lots is stable\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16,829,600 shares at a price of HK$ 173 per share and 200 shares per lot, which is expected to be listed on June 16th.</p><p>Times Angel was subscribed 2079.16 times during the Public Offer Stage and the final number of Offer Shares allocated to the Public Offer was 8,414,800 Shares, representing 50% of the total Offer Shares (before any Over-allotment Option is exercised). A total of 792,388 valid applications were received, with a successful rate of 1.5%, and 750 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 8,414,800 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot of 200 shares, the entrance fee is HK$34948.66. The winning rate of the first lot is 1.5%, and the subscription of 750 lots is stable.</p><p>The threshold of Group B is 30,000 shares, and the funds required for subscription are about HK$ 5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is the leading provider of invisible orthotic solutions in China. According to the CIC Report, the invisible orthotic solutions market in China is highly concentrated, with the top two market players accounting for a total market share of 82.4% based on cases reached in 2020. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dental practitioners served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019 and further to 19,900 in 2020. The number of closed cases of the Company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019 and further to 137,600 in 2020.</p><p>In terms of financial position, the Company's revenue was RMB488 million, RMB646 million and RMB817 million in 2018, 2019 and 2020, respectively, representing a CAGR of 29.26% from 2018 to 2020. Net profits were 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measure) for the same period was RMB129 million, RMB175 million and RMB297 million, respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":2749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188665565,"gmtCreate":1623433421657,"gmtModify":1704203715529,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188665565","repostId":"1156959915","repostType":4,"repost":{"id":"1156959915","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":1623429803,"share":"https://ttm.financial/m/news/1156959915?lang=en_US&edition=fundamental","pubTime":"2021-06-12 00:43","market":"us","language":"zh","title":"Tiger Brokers helped BOSS Direct Recruitment land on Nasdaq, opening up 75% on the first day","url":"https://stock-news.laohu8.com/highlight/detail?id=1156959915","media":"老虎资讯综合","summary":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科","content":"<p>On June 12th, Beijing time, BOSS directly hired and landed on Nasdaq, which rose by 75% on the first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an Internet underwriter, Tiger Brokers is listed on the cover of BOSS direct prospectus with Goldman Sachs, Morgan Stanley, UBS, Huaxing, Haitong and other internationally renowned banks, showing the influence of Tiger Brokers as the head Internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus information, BOSS Direct Recruitment will publicly issue 48 million American Depositary Shares (ADS) at an issue price of US$19 per share, raising about US$912 million, and the total market value was US$7.599 billion at the opening.</p><p>This valuation has exceeded the sum of Worry-Free Future, which has a public valuation of US$5 billion, and Zhaopin Recruitment, which can only be valued at US$1.7 billion in the private equity fund market due to delisting, making it the highest valued Chinese recruitment platform.</p><p>Of course, being able to reach such a high valuation shows to some extent that BOSS Direct Recruitment also has its own financial performance and has been recognized by the capital market.</p><p><b>Financial Performance</b></p><p>The recent financial performance of BOSS Direct Recruitment can be roughly summarized as follows: strong revenue growth momentum; Gross profit growth was strong and gross margin remained stable; Although the operating profit is low, it has turned losses into profits; Cash flow from operations skyrocketed.</p><p>Specifically, BOSS Direct Recruitment's revenue in 2020 reached 298 million USD, a 95.4% increase from 152 million USD in 2019. In the first quarter of 2021, the company's revenue reached 120 million USD, a year-on-year increase of 178.9%.</p><p>BOSS Direct Gross Profit was US$261 million in 2020, an increase of 98.7% from US$131 million in 2019, and reached US$104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, in 2019, 2020 and the first quarter of 2021, the company's gross profit margin remained almost unchanged at 86.20%, 87.65% and 86.45%, respectively.</p><p>In the first quarters of 2019, 2020, and 2021, BOSS Direct Recruitment achieved operating profit of $392,800, $1,356,000, and $35,400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%, respectively. During the same period, the company's net losses were $112 million, $188 million and $40.972 million, respectively.</p><p>In the first quarters of 2019, 2020, and 2021, BOSS Direct Hire cash flow from operations was-16.1318 million, 60.6760 million, and 25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Direct Recruitment held cash of $626 million and liabilities of $332 million. For the twelve months ended March 31, 2021, the Company had free cash flow of $102 million.</p><p><b>Study Analysis</b></p><p>BOSS Direct Recruitment hopes to gain support from the US capital market to help them continue to expand in the Chinese market.</p><p>From the company's financial performance, their revenue and gross profit margin have grown rapidly, and the operational level has turned losses into profits. Free cash flow for the year ended March 31, 2021 was more than $101 million, which was impressive.</p><p>In China, providing online recruitment services for job seekers and employers has a huge market volume and promising prospects.</p><p>Goldman Sachs is the leading underwriter of this transaction. In the past twelve months, the company's IPO shares underwritten by the company have achieved an average return of 42.9%, which is in the middle of the comparison of all major underwriters in the same period.</p><p>The number one risk facing BOSS Direct hiring is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their market, which, once realized, will threaten their growth prospects or force them to significantly increase marketing spending and suppress profitability.</p><p>All kinds of online businesses with high profit margins in China often end up attracting a large number of competitors, and the main means of competition is to fight a price war, which is obviously not good news for the future returns of stocks.</p><p>From the valuation point of view, the price offered by BOSS Direct for US IPO investors means that the company's enterprise value-to-revenue ratio is about 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, the revenue growth momentum of BOSS Direct is stronger. They have crossed the profit threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although the price of BOSS Direct Recruitment IPO is not cheap, it is still worth paying attention to investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></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>Tiger Brokers helped BOSS Direct Recruitment land on Nasdaq, opening up 75% on the first day</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\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\">\nTiger Brokers helped BOSS Direct Recruitment land on Nasdaq, opening up 75% on the first day\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-12 00:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12th, Beijing time, BOSS directly hired and landed on Nasdaq, which rose by 75% on the first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an Internet underwriter, Tiger Brokers is listed on the cover of BOSS direct prospectus with Goldman Sachs, Morgan Stanley, UBS, Huaxing, Haitong and other internationally renowned banks, showing the influence of Tiger Brokers as the head Internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus information, BOSS Direct Recruitment will publicly issue 48 million American Depositary Shares (ADS) at an issue price of US$19 per share, raising about US$912 million, and the total market value was US$7.599 billion at the opening.</p><p>This valuation has exceeded the sum of Worry-Free Future, which has a public valuation of US$5 billion, and Zhaopin Recruitment, which can only be valued at US$1.7 billion in the private equity fund market due to delisting, making it the highest valued Chinese recruitment platform.</p><p>Of course, being able to reach such a high valuation shows to some extent that BOSS Direct Recruitment also has its own financial performance and has been recognized by the capital market.</p><p><b>Financial Performance</b></p><p>The recent financial performance of BOSS Direct Recruitment can be roughly summarized as follows: strong revenue growth momentum; Gross profit growth was strong and gross margin remained stable; Although the operating profit is low, it has turned losses into profits; Cash flow from operations skyrocketed.</p><p>Specifically, BOSS Direct Recruitment's revenue in 2020 reached 298 million USD, a 95.4% increase from 152 million USD in 2019. In the first quarter of 2021, the company's revenue reached 120 million USD, a year-on-year increase of 178.9%.</p><p>BOSS Direct Gross Profit was US$261 million in 2020, an increase of 98.7% from US$131 million in 2019, and reached US$104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, in 2019, 2020 and the first quarter of 2021, the company's gross profit margin remained almost unchanged at 86.20%, 87.65% and 86.45%, respectively.</p><p>In the first quarters of 2019, 2020, and 2021, BOSS Direct Recruitment achieved operating profit of $392,800, $1,356,000, and $35,400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%, respectively. During the same period, the company's net losses were $112 million, $188 million and $40.972 million, respectively.</p><p>In the first quarters of 2019, 2020, and 2021, BOSS Direct Hire cash flow from operations was-16.1318 million, 60.6760 million, and 25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Direct Recruitment held cash of $626 million and liabilities of $332 million. For the twelve months ended March 31, 2021, the Company had free cash flow of $102 million.</p><p><b>Study Analysis</b></p><p>BOSS Direct Recruitment hopes to gain support from the US capital market to help them continue to expand in the Chinese market.</p><p>From the company's financial performance, their revenue and gross profit margin have grown rapidly, and the operational level has turned losses into profits. Free cash flow for the year ended March 31, 2021 was more than $101 million, which was impressive.</p><p>In China, providing online recruitment services for job seekers and employers has a huge market volume and promising prospects.</p><p>Goldman Sachs is the leading underwriter of this transaction. In the past twelve months, the company's IPO shares underwritten by the company have achieved an average return of 42.9%, which is in the middle of the comparison of all major underwriters in the same period.</p><p>The number one risk facing BOSS Direct hiring is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their market, which, once realized, will threaten their growth prospects or force them to significantly increase marketing spending and suppress profitability.</p><p>All kinds of online businesses with high profit margins in China often end up attracting a large number of competitors, and the main means of competition is to fight a price war, which is obviously not good news for the future returns of stocks.</p><p>From the valuation point of view, the price offered by BOSS Direct for US IPO investors means that the company's enterprise value-to-revenue ratio is about 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, the revenue growth momentum of BOSS Direct is stronger. They have crossed the profit threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although the price of BOSS Direct Recruitment IPO is not cheap, it is still worth paying attention to investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3aee31599ee7010691cc73f0ff8ac182","relate_stocks":{"BZ":"BOSS直聘"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156959915","content_text":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科技投行的影响力。\n\n根据最新招股书信息显示，BOSS直聘将公开发行4800万股美国存托股份（ADS），发行价定为每股19美元，募资约9.12亿美元，总市值开盘时是75.99亿美元。\n而这个估值已经超过公开估值50亿美元的前程无忧和由于退市只能在私募基金市场有估值17亿美元的智联招聘之和，成为估值最高的中国招聘平台。\n当然，能达到如此高额的估值，在一定程度上表明BOSS直聘也有着自己的在财务上的表现得到了资本市场的认可。\n财务表现\nBOSS直聘近期的财务表现大约可以做如下概括：营收增长势头强劲；毛利润增长强劲，毛利润率保持稳定；运营利润虽然低，但是已经实现了扭亏为盈；运营现金流猛增。\n具体而言，BOSS直聘2020年营收达到了2.98亿美元，较之2019年的1.52亿美元猛增95.4%之多，而2021年第一季度，公司营收就达到了1.20亿美元，同比增幅更高达178.9%。\nBOSS直聘毛利润2020年为2.61亿美元，较之2019年的1.31亿美元增长98.7%，而2021年第一季度达到1.04亿美元，同比增幅高达178.4%。与此同时，在2019年、2020年和2021年第一季度当中，公司毛利润率分别为86.20%、87.65%和86.45%，几乎保持不变。\n2019年、2020年和2021年第一季度，BOSS直聘分别实现运营利润39.28万美元、135.60万美元和35、40万美元，运营利润率分别为0.3%、0.5%和0.3%。同期内，公司净亏损分别为1.12亿美元、1.88亿美元和4097.20万美元。\n2019年、2020年和2021年第一季度，BOSS直聘运营现金流分别为-1613.18万美元、6067.60万美元和2523.50万美元。\n截至2021年3月31日，BOSS直聘持有现金6.26亿美元，负债3.32亿美元。截至2021年3月31日的十二个月内，公司自由现金流为1.02亿美元。\n研究分析\nBOSS直聘希望获得美国资本市场的支持，帮助他们在中国市场上继续扩张。\n从公司的财务表现看，他们营收和毛利润率增长迅猛，运营层面已经实现扭亏为盈。截至2021年3月31日的自由现金流超过1.01亿美元，令人印象深刻。\n在中国，为求职者和雇主提供线上招聘服务，市场体量是很巨大的，前景是很可观的。\n高盛是本次交易的领衔承销商，在过去十二个月时间内，该公司领衔承销的IPO股票，平均回报率为42.9%，在所有主要承销商同期业绩的比较当中位于中游水平。\nBOSS直聘面前的头号风险是，该公司可能会面对一系列竞争压力，比如人才网络，或者其他主流国际招聘公司进入他们所在的市场，而这些一旦成为现实，就将威胁到他们的增长前景，或者是迫使他们大幅提升营销支出，打压盈利能力。\n中国各种利润率较高的线上业务，往往最终都会吸引大量竞争者，而最主要的竞争手段就是大打价格战，而这对于股票未来的回报显然不是什么好消息。\n从估值角度看，BOSS直聘为美国IPO投资者开出的价格意味着公司企业价值营收比率为19.2左右，虽然这一数字高于软件即服务股票当前的总体水平，但是BOSS直聘的营收增长势头更为强劲，他们已经在运营层面越过盈利门槛，并且产生了可观的自由现金流。\n因此，虽然BOSS直聘IPO价格称不上低廉，但是对于那些有意于中国线上招聘市场成长前景的投资者而言，这一股票还是值得关注的。","news_type":1,"symbols_score_info":{"BZ":0.9}},"isVote":1,"tweetType":1,"viewCount":2499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188617906,"gmtCreate":1623432045305,"gmtModify":1704203691239,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188617906","repostId":"1150330661","repostType":4,"repost":{"id":"1150330661","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":1623415388,"share":"https://ttm.financial/m/news/1150330661?lang=en_US&edition=fundamental","pubTime":"2021-06-11 20:43","market":"us","language":"zh","title":"Pre-market: WSB concept stocks are \"restless\" again! One biopharmaceutical stock rose 27%","url":"https://stock-news.laohu8.com/highlight/detail?id=1150330661","media":"老虎资讯综合","summary":"6月11日，美国三大股指上涨，截至发稿，道指期货涨0.20%；标普500指数期货涨0.12%；纳斯达克100指数期货涨0.14%。市场要闻\n银保监、央行发文规范现金管理类理财产品：杠杆水平不得超120","content":"<p>On June 11th, the three major stock indexes in the United States rose. As of press time, Dow futures rose 0.20%; S&P 500 futures rose 0.12%; Nasdaq 100 futures rose 0.14%.<img src=\"https://static.tigerbbs.com/13bf46ef127e8fece8f8a018e56a31f0\" tg-width=\"828\" tg-height=\"247\" referrerpolicy=\"no-referrer\"><b>Market News</b></p><p>China Banking and Insurance Regulatory Commission and the central bank issued documents to standardize cash management wealth management products: the leverage level shall not exceed 120%;</p><p>IEA Monthly Report: Global crude oil demand may reach pre-pandemic levels next year;</p><p>HKEx will consult the market on the specific proposal of \"setting up a listing system for special purpose acquisition companies\" in the third quarter;</p><p>PlayerUnknown's Battlegrounds parent company Krafton set for $5 billion South Korean IPO next week;</p><p>TSMC Considers First Chip Packaging Plant in U.S.;</p><p>McDonald's confirmed that the data was leaked and hackers accessed \"a small number of files\", some of which contained customer personal data;</p><p>According to Bloomberg, JD.com will place 2.75 million shares at $70.75 per share.</p><p><b>Premarket Quotes</b></p><p>Some WSB concept stocks are \"restless\" again,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>、<a href=\"https://laohu8.com/S/GME\">Game Station</a>rose by more than 6%, Clover Health rose by more than 4%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose more than 2%.</p><p>Oil concept stocks rose generally before the market,<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It rose by more than 3% before the market,<a href=\"https://laohu8.com/S/CPE\">Caron Petroleum</a>Royal Dutch Shell Oil B rose by more than 1%, Royal Dutch Shell Oil A,<a href=\"https://laohu8.com/S/BP\">BP</a>Up nearly 1%.</p><p>Some blockchain sectors rose before the market, SOS,<a href=\"https://laohu8.com/S/NCTY\">9th City</a>rose by more than 3%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>It rose more than 2%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">Precigen</a>It rose by more than 27% before the market, and the company released type 1 diabetes research data.</p><p>Online Education Course Solutions Amist<a href=\"https://laohu8.com/S/AMST\">Amesite Inc.</a>(AMST.O) skyrocketed before the market and is now up more than 57%.</p><p><a href=\"https://laohu8.com/S/AEHL\">Antelope Holdings</a>After falling more than 14% premarket, the company announced it had reached a definitive agreement with certain institutional investors to place a private placement of 913,875 additional shares of common stock at a price of $3.84 per common share. Total proceeds are expected to be $3.18 million prior to payment of commissions and fees, and the offering is expected to close on or around June 14, 2021.</p><p><b>European market</b></p><p>Major European stock indexes rose collectively. As of press time, Germany's DAX30 index rose 0.49%, France's CAC40 rose 0.72%, and European Stoxx 50 rose 0.55%.<img src=\"https://static.tigerbbs.com/7f2b003ef84657818b2d73e2dfc4f003\" tg-width=\"822\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><b>crude oil</b></p><p>U.S. and Burundi oil fell slightly. As of press time, WTI crude oil fell 0.18% to $70.18/barrel; Brent crude oil fell 0.11% to $72.43/barrel.</p><p>U.S. oil fell slightly above $70, and it is expected to close for the third consecutive week. The market expects the fuel demand in Europe, China and the United States to recover. As the rising vaccination rate relaxes the epidemic control measures, the demand for aviation fuel will accelerate, and the demand for crude oil will continue to grow. In summer, the price of Brent crude oil futures is expected to rise to $80/barrel. This week, both the United States and Burundi are expected to record three consecutive positives.</p><p><b>Gold</b></p><p>Spot gold fell 0.33% during the day at $1,890.15/oz.</p><p>It is expected that the Federal Reserve will not change its loose policy stance, and factors such as the loosening of the European Central Bank, the inflow of cryptocurrency funds, and the US fiscal deficit all support the price of gold. However, there has been some progress in the US infrastructure negotiations, and the market is waiting for the Fed's resolution next week, so short-term trading is cautious.</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: WSB concept stocks are \"restless\" again! One biopharmaceutical stock rose 27%</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: WSB concept stocks are \"restless\" again! One biopharmaceutical stock rose 27%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-11 20:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 11th, the three major stock indexes in the United States rose. As of press time, Dow futures rose 0.20%; S&P 500 futures rose 0.12%; Nasdaq 100 futures rose 0.14%.<img src=\"https://static.tigerbbs.com/13bf46ef127e8fece8f8a018e56a31f0\" tg-width=\"828\" tg-height=\"247\" referrerpolicy=\"no-referrer\"><b>Market News</b></p><p>China Banking and Insurance Regulatory Commission and the central bank issued documents to standardize cash management wealth management products: the leverage level shall not exceed 120%;</p><p>IEA Monthly Report: Global crude oil demand may reach pre-pandemic levels next year;</p><p>HKEx will consult the market on the specific proposal of \"setting up a listing system for special purpose acquisition companies\" in the third quarter;</p><p>PlayerUnknown's Battlegrounds parent company Krafton set for $5 billion South Korean IPO next week;</p><p>TSMC Considers First Chip Packaging Plant in U.S.;</p><p>McDonald's confirmed that the data was leaked and hackers accessed \"a small number of files\", some of which contained customer personal data;</p><p>According to Bloomberg, JD.com will place 2.75 million shares at $70.75 per share.</p><p><b>Premarket Quotes</b></p><p>Some WSB concept stocks are \"restless\" again,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>、<a href=\"https://laohu8.com/S/GME\">Game Station</a>rose by more than 6%, Clover Health rose by more than 4%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose more than 2%.</p><p>Oil concept stocks rose generally before the market,<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It rose by more than 3% before the market,<a href=\"https://laohu8.com/S/CPE\">Caron Petroleum</a>Royal Dutch Shell Oil B rose by more than 1%, Royal Dutch Shell Oil A,<a href=\"https://laohu8.com/S/BP\">BP</a>Up nearly 1%.</p><p>Some blockchain sectors rose before the market, SOS,<a href=\"https://laohu8.com/S/NCTY\">9th City</a>rose by more than 3%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>It rose more than 2%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">Precigen</a>It rose by more than 27% before the market, and the company released type 1 diabetes research data.</p><p>Online Education Course Solutions Amist<a href=\"https://laohu8.com/S/AMST\">Amesite Inc.</a>(AMST.O) skyrocketed before the market and is now up more than 57%.</p><p><a href=\"https://laohu8.com/S/AEHL\">Antelope Holdings</a>After falling more than 14% premarket, the company announced it had reached a definitive agreement with certain institutional investors to place a private placement of 913,875 additional shares of common stock at a price of $3.84 per common share. Total proceeds are expected to be $3.18 million prior to payment of commissions and fees, and the offering is expected to close on or around June 14, 2021.</p><p><b>European market</b></p><p>Major European stock indexes rose collectively. As of press time, Germany's DAX30 index rose 0.49%, France's CAC40 rose 0.72%, and European Stoxx 50 rose 0.55%.<img src=\"https://static.tigerbbs.com/7f2b003ef84657818b2d73e2dfc4f003\" tg-width=\"822\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><b>crude oil</b></p><p>U.S. and Burundi oil fell slightly. As of press time, WTI crude oil fell 0.18% to $70.18/barrel; Brent crude oil fell 0.11% to $72.43/barrel.</p><p>U.S. oil fell slightly above $70, and it is expected to close for the third consecutive week. The market expects the fuel demand in Europe, China and the United States to recover. As the rising vaccination rate relaxes the epidemic control measures, the demand for aviation fuel will accelerate, and the demand for crude oil will continue to grow. In summer, the price of Brent crude oil futures is expected to rise to $80/barrel. This week, both the United States and Burundi are expected to record three consecutive positives.</p><p><b>Gold</b></p><p>Spot gold fell 0.33% during the day at $1,890.15/oz.</p><p>It is expected that the Federal Reserve will not change its loose policy stance, and factors such as the loosening of the European Central Bank, the inflow of cryptocurrency funds, and the US fiscal deficit all support the price of gold. However, there has been some progress in the US infrastructure negotiations, and the market is waiting for the Fed's resolution next week, so short-term trading is cautious.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed4ee39e6b0f45214393093d70ba81a8","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SCO":"二倍做空彭博原油指数ETF",".SPX":"S&P 500 Index","UCO":"二倍做多彭博原油ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","SH":"做空标普500-Proshares",".DJI":"道琼斯","UDOW":"三倍做多道指30ETF-ProShares","USO":"美国原油ETF","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares",".IXIC":"NASDAQ Composite","DXD":"两倍做空道琼30指数ETF-ProShares"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150330661","content_text":"6月11日，美国三大股指上涨，截至发稿，道指期货涨0.20%；标普500指数期货涨0.12%；纳斯达克100指数期货涨0.14%。市场要闻\n银保监、央行发文规范现金管理类理财产品：杠杆水平不得超120%；\nIEA月报：全球原油需求可能在明年达到疫情前水平；\n港交所将在第三季度就“设立特殊目的收购公司上市制度”的具体建议咨询市场意见；\n《绝地求生》母公司Krafton下周将进行50亿美元的韩国IPO；\n台积电考虑在美国建立第一家芯片封装工厂；\n麦当劳确认数据遭泄露，黑客访问了“少量文件”，其中一些包含客户个人数据；\n据彭博，京东将以每股70.75美元价格配售275万股。\n盘前行情\n部分WSB概念股再次“躁动”，AMC院线、游戏驿站涨超6%，Clover Health涨超4%，黑莓涨超2%。\n石油概念股盘前普涨，中石油盘前涨超3%，卡隆石油、荷兰皇家壳牌石油B涨超1%，荷兰皇家壳牌石油A、英国石油涨近1%。\n部分区块链板块盘前走高，SOS、第九城市涨超3%，嘉楠科技涨超2%。\n生物制药公司Precigen盘前涨超27%，公司公布了1型糖尿病研究数据。\n在线教育课程解决方案阿米斯特Amesite Inc.(AMST.O)盘前暴涨，现涨超57%。\n羚羊控股盘前跌超14%，该公司宣布已与某些机构投资者达成最终协议，将定向增发913,875股普通股，每股普通股价格为3.84美元。在支付佣金和费用之前，总收益预计为318万美元，本次发行预计将于2021年6月14日或前后完成。\n欧洲市场\n欧洲主要股指集体上涨，截至发稿，德国DAX30指数涨0.49%，法国CAC40涨0.72%，欧洲斯托克50涨0.55%。原油\n美、布两油微跌，截止发稿，WTI原油跌0.18%，报70.18美元/桶；布伦特原油跌0.11%，报72.43美元/桶。\n美油于70美元上方微跌，预计将迎来连续第三周收涨，市场预期欧洲、中国和美国的燃料需求将复苏，因疫苗接种率上升使得疫情控制措施放松，航空燃料需求将加速增长，原油需求将持续增长，夏季布伦特原油期货价格有望涨至80美元/桶，本周美布两油周线均有望录得三连阳。\n黄金\n现货黄金日内下跌0.33%，报1890.15美元/盎司。\n市场预期美联储不会改变宽松的政策立场，且欧洲央行宽松，加密货币资金流入，美国财政赤字等因素都支持金价，不过美国基础设施谈判有了一些进展，且市场都在等待下周美联储决议，因此短线交投谨慎。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,".SPX":0.9,"DDM":0.9,"SSO":0.9,"SCO":0.9,"DXD":0.9,"USO":0.9,"UCO":0.9,".DJI":0.9,"DWTIF":0.9,"UWTIF":0.9,"UDOW":0.9,"SPXU":0.9,".IXIC":0.9,"ESmain":0.9,"BZmain":0.9,"SH":0.9,"UPRO":0.9,"CLmain":0.9,"QMmain":0.9,"DUG":0.9}},"isVote":1,"tweetType":1,"viewCount":542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188617053,"gmtCreate":1623432035572,"gmtModify":1704203691400,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188617053","repostId":"1184397286","repostType":4,"repost":{"id":"1184397286","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":1623418325,"share":"https://ttm.financial/m/news/1184397286?lang=en_US&edition=fundamental","pubTime":"2021-06-11 21:32","market":"us","language":"zh","title":"Opening: Precigen Up Over 20% as Three Major Indices Open Higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1184397286","media":"老虎资讯综合","summary":"6月11日，美股三大指数集体高开，道指涨0.25%，纳指涨0.08%，标普500指数涨0.17%。\n生物制药公司Precigen涨超20%，公司公布了其主要候选药物针对Ⅰ型糖尿病药物实验数据良好。\nC","content":"<p>On June 11th, the three major U.S. stock indexes opened higher collectively, with the Dow rising 0.25%, the Nasdaq rising 0.08% and the S&P 500 rising 0.17%.</p><p><img src=\"https://static.tigerbbs.com/378fdeec51fef2ebfab9f7f999d16de3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">Precigen</a>With a rise of more than 20%, the company announced good experimental data for its main drug candidates for type I diabetes drugs.</p><p>CureVac opened more than 8% lower, and the European Union recently said that the company's COVID-19 vaccine will not be approved for listing as scheduled in August.</p><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>It fell by nearly 4%, and investment banks generally believe that the financial guidance given by the company is slightly conservative.</p><p>China Education Stocks Lower,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Down nearly 4%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>It fell by more than 3%,<a href=\"https://laohu8.com/S/ONE\">Elite education</a>down 2.5%.</p><p>Online Education Course Solutions Amist<a href=\"https://laohu8.com/S/AMST\">Amesite Inc.</a>Opened up 47%.</p><p>Some WSB concept stocks rose,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>up 6.49%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>up 1.45%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Precigen Up Over 20% as Three Major Indices Open Higher</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{ 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padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: Precigen Up Over 20% as Three Major Indices Open Higher\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-11 21:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 11th, the three major U.S. stock indexes opened higher collectively, with the Dow rising 0.25%, the Nasdaq rising 0.08% and the S&P 500 rising 0.17%.</p><p><img src=\"https://static.tigerbbs.com/378fdeec51fef2ebfab9f7f999d16de3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">Precigen</a>With a rise of more than 20%, the company announced good experimental data for its main drug candidates for type I diabetes drugs.</p><p>CureVac opened more than 8% lower, and the European Union recently said that the company's COVID-19 vaccine will not be approved for listing as scheduled in August.</p><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>It fell by nearly 4%, and investment banks generally believe that the financial guidance given by the company is slightly conservative.</p><p>China Education Stocks Lower,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Down nearly 4%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>It fell by more than 3%,<a href=\"https://laohu8.com/S/ONE\">Elite education</a>down 2.5%.</p><p>Online Education Course Solutions Amist<a href=\"https://laohu8.com/S/AMST\">Amesite Inc.</a>Opened up 47%.</p><p>Some WSB concept stocks rose,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>up 6.49%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>up 1.45%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","PGEN":"Precigen"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184397286","content_text":"6月11日，美股三大指数集体高开，道指涨0.25%，纳指涨0.08%，标普500指数涨0.17%。\n生物制药公司Precigen涨超20%，公司公布了其主要候选药物针对Ⅰ型糖尿病药物实验数据良好。\nCureVac低开超8%，欧盟近期称公司的新冠疫苗不会在8月如期获批上市。\nSnowflake跌近4%，投行普遍认为公司给出的财务指引稍显保守。\n中概教育股走低，高途跌近4%，好未来跌超3%，精锐教育跌2.5%。\n在线教育课程解决方案阿米斯特Amesite Inc.开涨47%。\n部分WSB概念股上涨，AMC院线涨6.49%，黑莓涨1.45%。","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"PGEN":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188614285,"gmtCreate":1623432021347,"gmtModify":1704203690917,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188614285","repostId":"2142205292","repostType":4,"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188614863,"gmtCreate":1623432011452,"gmtModify":1704203690594,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188614863","repostId":"1152296910","repostType":4,"repost":{"id":"1152296910","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":1623420199,"share":"https://ttm.financial/m/news/1152296910?lang=en_US&edition=fundamental","pubTime":"2021-06-11 22:03","market":"us","language":"zh","title":"[Change] The steel sector rose at the beginning of the session, and U.S. steel rose by more than 3%","url":"https://stock-news.laohu8.com/highlight/detail?id=1152296910","media":"老虎资讯综合","summary":"6月11日，美股钢铁板块盘初走高，麦克莫兰铜金涨超4%，美国钢铁、浦项钢铁涨超3%，安赛乐米塔尔涨近2%。据悉，GLJ Research给予美国钢铁“买入”评级，目标价由23.89美元升至39.55美","content":"<p>On June 11th, the steel sector of U.S. stocks rose at the beginning of the session,<a href=\"https://laohu8.com/S/FCX\">McMoRan Copper & Gold</a>rose by more than 4%,<a href=\"https://laohu8.com/S/X\">U.S. Steel</a>、<a href=\"https://laohu8.com/S/PKX\">POSCO Steel</a>rose by more than 3%,<a href=\"https://laohu8.com/S/MT\">ArcelorMittal</a>Up nearly 2%. It is reported that GLJ Research gave U.S. Steel a \"buy\" rating, and the target price rose from $23.89 to $39.55.</p><p><img src=\"https://static.tigerbbs.com/7ec431cbeceaba30ae2fdbc574fe59d1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Change] The steel sector rose at the beginning of the session, and U.S. steel rose by more than 3%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Change] The steel sector rose at the beginning of the session, and U.S. steel rose by more than 3%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-11 22:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 11th, the steel sector of U.S. stocks rose at the beginning of the session,<a href=\"https://laohu8.com/S/FCX\">McMoRan Copper & Gold</a>rose by more than 4%,<a href=\"https://laohu8.com/S/X\">U.S. Steel</a>、<a href=\"https://laohu8.com/S/PKX\">POSCO Steel</a>rose by more than 3%,<a href=\"https://laohu8.com/S/MT\">ArcelorMittal</a>Up nearly 2%. It is reported that GLJ Research gave U.S. Steel a \"buy\" rating, and the target price rose from $23.89 to $39.55.</p><p><img src=\"https://static.tigerbbs.com/7ec431cbeceaba30ae2fdbc574fe59d1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/13952713ea11f2a94ef02b2895f239d7","relate_stocks":{"X":"美国钢铁","FCX":"麦克莫兰铜金"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152296910","content_text":"6月11日，美股钢铁板块盘初走高，麦克莫兰铜金涨超4%，美国钢铁、浦项钢铁涨超3%，安赛乐米塔尔涨近2%。据悉，GLJ Research给予美国钢铁“买入”评级，目标价由23.89美元升至39.55美元。","news_type":1,"symbols_score_info":{"X":0.9,"FCX":0.9}},"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188637748,"gmtCreate":1623431562784,"gmtModify":1704203678213,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188637748","repostId":"2142205569","repostType":4,"repost":{"id":"2142205569","kind":"highlight","pubTimestamp":1623422311,"share":"https://ttm.financial/m/news/2142205569?lang=en_US&edition=fundamental","pubTime":"2021-06-11 22:38","market":"us","language":"zh","title":"How dangerous is Bezos's trip to space?","url":"https://stock-news.laohu8.com/highlight/detail?id=2142205569","media":"36氪","summary":"6月11日消息，亚马逊创始人杰夫·贝索斯（Jeff Bezos）可以乘坐私人飞机环游地球，也可以乘坐大型游艇进行环球航行；他可以买下整个美国国家橄榄球联盟，也可以随手给亲友买下一座群岛；他还可以买下6","content":"<p>June 11th news,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos can travel around the globe on a private jet or on a large yacht; He can buy the entire NFL, or buy an archipelago for friends and relatives. He can also buy 65,000 Bugatti Chirons sports cars with a starting price of $2.9 million. As one of the richest people in the world, Bezos could get anything on earth. But Bezos seems poised to risk everything for an 11-minute trip to space.</p><p><h2><b>How risky is his decision?</b></h2>The answer may not be what you expect. Historically, space flight has been fraught with dangers. But the stakes aren't necessarily great for Bezos' journey to space, as Blue Origin, the space company he funds, has spent much of the past decade repeatedly testing the New Shepard suborbital-class rocket with a string of successes as well. Bezos will complete a space flight aboard this rocket.</p><p>However, the spaceflight, which Bezos conducted with his brother Mark Bezos, will be the first manned flight test of the New Shepard rocket, and it will not be entirely risk-free.</p><p>What will Bezos' first space flight look like? What is the risk of people going into space now?</p><p><h2><b>What was Bezos's journey to space like?</b></h2>When most people think of spaceflight, they think of astronauts orbiting the Earth and spending at least a few days in space.</p><p>The Bezos brothers and other passengers wouldn't do that.</p><p>They go back and forth quickly and in less time than most people spend on the way to work, about 11 minutes in total.</p><p>Suborbital flight is very different from orbital flight that most of us think of when we refer to spaceflight. Blue Origin's New Shepard rocket has a short flight time, and it is straight up and down, only reaching the edge of outer space 100 kilometers above the earth.</p><p><img src=\"https://static.tigerbbs.com/25f0ed4d2e7cb17e1956f78a74c944cf\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Orbital-class rockets need to gain enough thrust to reach a speed of at least 27,000 kilometers per hour, which is what we call orbital speed, essentially giving the spacecraft enough energy to continue to rotate around the Earth, rather than being immediately pulled back to the ground by gravity.</p><p>Suborbital flight requires much less thrust and speed. This means that the rocket burns for a shorter time, the outside of the spacecraft is subjected to lower temperatures and pressures, and there is less likelihood of serious errors as is usually the case.</p><p>The New Shepard rocket travels at a suborbital speed of about three times the speed of sound, approximately 3,700 kilometers per hour. The rocket will go all the way up vertically until most of the fuel is consumed. The crew compartment will separate from the rocket at the highest point of the track and continue to rise for a short segment, and then the crew compartment will run briefly at the highest segment of the operating track, allowing passengers to experience weightlessness for a few minutes.</p><p>After this, the New Shepard crew compartment opens a large number of parachutes during the descent, reducing the descent speed to below 32 kilometres per hour.</p><p>While the rocket booster will re-ignite the engine and use the onboard computer to accurately complete the vertical landing. The booster landing looks similar to SpaceX's Falcon 9 rocket, which of course has much more thrust and is more prone to exploding on impact.</p><p><h2><b>How risky is this spaceflight?</b></h2>Blue Origin's new Shepard rocket crew bay operates fully automated and requires no flight controls. It has conducted 15 flight tests, and there has never been an explosion accident. The nature of Bezos's spaceflight, compared to his ambitious spaceflight, means that the risk itself is low, but it doesn't mean that the risk is zero.</p><p><img src=\"https://static.tigerbbs.com/614a8ab2cf54dc3204b9f7dfb54ab8d0\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Since suborbital flight does not require that much speed and does not require re-entry into the Earth's atmosphere at incredible speeds, it is much less risky than orbital flight. During the return of the orbiting capsule to the Earth, the external temperature of the spacecraft can reach nearly 2,000 degrees Celsius, and astronauts once had to bear an acceleration of 4.5G. At the same time, the thickening atmosphere puts more and more pressure on the spacecraft.</p><p>High speeds and high altitudes carry inherent risks, and even minor mistakes can have serious consequences. At an altitude of more than 15,000 meters, people can't survive without wearing a spacesuit, and Bezos will fly to an altitude of 100 kilometers above the ground. But the capsule he's in is pressurized, so he doesn't need a spacesuit to keep himself safe, and if the cabin loses pressure, Bezos can use an oxygen mask. The New Shepard rocket is also equipped with an abort system for pushing the crew bay and passengers away from the rocket in an emergency. The crew compartment also has a backup safety feature, which allows the crew compartment to land safely even if several parachutes can't be opened.</p><p>Even so, there is no way to absolutely guarantee safety if the New Shepard rocket malfunctions.</p><p>While suborbital flights are less risky than orbital flights, they still have the potential to be fatal.</p><p>For example,<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>A suborbital vehicle disintegrated during a test flight in 2014 after a co-pilot of the aircraft prematurely activated the plume system used to keep the vehicle stable during the descent phase. The abruptly increased drag tore the vehicle to pieces, killing one pilot.</p><p>Since then, Virgin Galactic has carried out three successful test flights of the improved Spacecraft II vehicle. Blue Origin has yet to encounter a similar accident during the beta phase. But as the saying has been circulating for a long time, getting into space is really hard.</p><p>But Bezos said it was worth the risk.</p>","source":"36kr_stock","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>How dangerous is Bezos's trip to space?</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\">\nHow dangerous is Bezos's trip to space?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-11 22:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>June 11th news,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos can travel around the globe on a private jet or on a large yacht; He can buy the entire NFL, or buy an archipelago for friends and relatives. He can also buy 65,000 Bugatti Chirons sports cars with a starting price of $2.9 million. As one of the richest people in the world, Bezos could get anything on earth. But Bezos seems poised to risk everything for an 11-minute trip to space.</p><p><h2><b>How risky is his decision?</b></h2>The answer may not be what you expect. Historically, space flight has been fraught with dangers. But the stakes aren't necessarily great for Bezos' journey to space, as Blue Origin, the space company he funds, has spent much of the past decade repeatedly testing the New Shepard suborbital-class rocket with a string of successes as well. Bezos will complete a space flight aboard this rocket.</p><p>However, the spaceflight, which Bezos conducted with his brother Mark Bezos, will be the first manned flight test of the New Shepard rocket, and it will not be entirely risk-free.</p><p>What will Bezos' first space flight look like? What is the risk of people going into space now?</p><p><h2><b>What was Bezos's journey to space like?</b></h2>When most people think of spaceflight, they think of astronauts orbiting the Earth and spending at least a few days in space.</p><p>The Bezos brothers and other passengers wouldn't do that.</p><p>They go back and forth quickly and in less time than most people spend on the way to work, about 11 minutes in total.</p><p>Suborbital flight is very different from orbital flight that most of us think of when we refer to spaceflight. Blue Origin's New Shepard rocket has a short flight time, and it is straight up and down, only reaching the edge of outer space 100 kilometers above the earth.</p><p><img src=\"https://static.tigerbbs.com/25f0ed4d2e7cb17e1956f78a74c944cf\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Orbital-class rockets need to gain enough thrust to reach a speed of at least 27,000 kilometers per hour, which is what we call orbital speed, essentially giving the spacecraft enough energy to continue to rotate around the Earth, rather than being immediately pulled back to the ground by gravity.</p><p>Suborbital flight requires much less thrust and speed. This means that the rocket burns for a shorter time, the outside of the spacecraft is subjected to lower temperatures and pressures, and there is less likelihood of serious errors as is usually the case.</p><p>The New Shepard rocket travels at a suborbital speed of about three times the speed of sound, approximately 3,700 kilometers per hour. The rocket will go all the way up vertically until most of the fuel is consumed. The crew compartment will separate from the rocket at the highest point of the track and continue to rise for a short segment, and then the crew compartment will run briefly at the highest segment of the operating track, allowing passengers to experience weightlessness for a few minutes.</p><p>After this, the New Shepard crew compartment opens a large number of parachutes during the descent, reducing the descent speed to below 32 kilometres per hour.</p><p>While the rocket booster will re-ignite the engine and use the onboard computer to accurately complete the vertical landing. The booster landing looks similar to SpaceX's Falcon 9 rocket, which of course has much more thrust and is more prone to exploding on impact.</p><p><h2><b>How risky is this spaceflight?</b></h2>Blue Origin's new Shepard rocket crew bay operates fully automated and requires no flight controls. It has conducted 15 flight tests, and there has never been an explosion accident. The nature of Bezos's spaceflight, compared to his ambitious spaceflight, means that the risk itself is low, but it doesn't mean that the risk is zero.</p><p><img src=\"https://static.tigerbbs.com/614a8ab2cf54dc3204b9f7dfb54ab8d0\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Since suborbital flight does not require that much speed and does not require re-entry into the Earth's atmosphere at incredible speeds, it is much less risky than orbital flight. During the return of the orbiting capsule to the Earth, the external temperature of the spacecraft can reach nearly 2,000 degrees Celsius, and astronauts once had to bear an acceleration of 4.5G. At the same time, the thickening atmosphere puts more and more pressure on the spacecraft.</p><p>High speeds and high altitudes carry inherent risks, and even minor mistakes can have serious consequences. At an altitude of more than 15,000 meters, people can't survive without wearing a spacesuit, and Bezos will fly to an altitude of 100 kilometers above the ground. But the capsule he's in is pressurized, so he doesn't need a spacesuit to keep himself safe, and if the cabin loses pressure, Bezos can use an oxygen mask. The New Shepard rocket is also equipped with an abort system for pushing the crew bay and passengers away from the rocket in an emergency. The crew compartment also has a backup safety feature, which allows the crew compartment to land safely even if several parachutes can't be opened.</p><p>Even so, there is no way to absolutely guarantee safety if the New Shepard rocket malfunctions.</p><p>While suborbital flights are less risky than orbital flights, they still have the potential to be fatal.</p><p>For example,<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>A suborbital vehicle disintegrated during a test flight in 2014 after a co-pilot of the aircraft prematurely activated the plume system used to keep the vehicle stable during the descent phase. The abruptly increased drag tore the vehicle to pieces, killing one pilot.</p><p>Since then, Virgin Galactic has carried out three successful test flights of the improved Spacecraft II vehicle. Blue Origin has yet to encounter a similar accident during the beta phase. But as the saying has been circulating for a long time, getting into space is really hard.</p><p>But Bezos said it was worth the risk.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1263912507152256\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e340c05ca20f874e1ef85f7592a0fa0","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://36kr.com/p/1263912507152256","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142205569","content_text":"6月11日消息，亚马逊创始人杰夫·贝索斯（Jeff Bezos）可以乘坐私人飞机环游地球，也可以乘坐大型游艇进行环球航行；他可以买下整个美国国家橄榄球联盟，也可以随手给亲友买下一座群岛；他还可以买下65000辆起售价290万美元的布加迪Chirons跑车。作为世界上最富有的人之一，贝索斯可以得到地球上的任何东西。但贝索斯似乎准备冒着一切风险，进行11分钟的太空之旅。\n他的这个决定到底有多大风险?\n答案可能不是你所期望的那样。从历史上看，太空飞行充满危险。但对于贝索斯的太空之旅来说，风险不一定很大，因为他资助的太空公司蓝色起源在过去十年的大部分时间里都在反复测试新谢泼德号亚轨道级火箭，也获得了一系列成功。贝索斯将搭乘这种火箭完成太空飞行。\n不过，贝索斯和他兄弟马克·贝索斯（Mark Bezos）一道进行的太空飞行将是新谢泼德号火箭的首次载人飞行测试，并非完全没有风险。\n贝索斯的首次太空飞行将会是什么样子？现在人们进入太空的风险又有多大呢？\n贝索斯的太空之旅什么样？\n当大多数人想到太空飞行时，他们想到的是宇航员绕地球飞行，在太空中至少待上几天时间。\n贝索斯兄弟两人和其他乘客不会这么做。\n他们会快去快回，而且用的时间比大多数人花在上班路上的时间都要短，总共大约只有11分钟的时间。\n亚轨道飞行与我们大多数人提及太空飞行时想到的轨道飞行有很大不同。蓝色起源的新谢泼德号火箭飞行时间很短，而且是直上直下，只会抵达距地100公里的外太空边缘。\n\n轨道级火箭需要获得足够推力，从而达到至少每小时27000公里的速度，这也就是我们所说的轨道速度，本质上是让飞船有足够能量可以继续绕着地球旋转，而不是立即被重力拉回地面。\n亚轨道飞行所需要的推力和速度要小得多。这意味着火箭燃烧时间更短，飞船外部承受的温度和压力更低，通常情况下发生严重错误的可能性更小。\n新谢泼德号火箭的亚轨道飞行速度约为三倍音速，大约每小时3700公里。火箭将一路垂直向上，直至消耗掉大部分燃料。乘员舱将在轨道最高点与火箭分离，并继续上升一小段，然后乘员舱会在运行轨道的最高段短暂运行，让乘客体验几分钟的失重状态。\n在此之后，新谢泼德号乘员舱会在下降过程中打开大量降落伞，将降落速度降低到每小时32公里以下。\n而火箭助推器将重新点燃发动机，利用机载计算机精确完成垂直着陆。助推器着陆看起来类似于SpaceX的猎鹰9号火箭，当然后者的推力要大得多，而且更容易在撞击时爆炸。\n这种太空飞行的风险有多大?\n蓝色起源公司的新谢泼德号火箭乘员舱是完全自动化运行的，不需要飞行控制人员。其已经进行了15次飞行测试，从未发生过爆炸事故。与雄心勃勃的太空旅行相比，贝索斯这次太空飞行的性质意味着其本身风险很低，但并不意味着风险为零。\n\n由于亚轨道飞行不需要那么快的速度，也不需要以难以置信的速度重返地球大气层，因此比轨道飞行的风险小得多。在进行轨道飞行的太空舱重返地球过程中，飞船外部温度可以达到近2000摄氏度，宇航员一度需要承受4.5G的加速度，而与此同时，不断变厚的大气层对飞船周围的压力越来越大。\n高速和高空都有着固有风险，即使是很小的错误也会带来严重后果。在15000米以上的高度，如果人不穿宇航服就无法存活，而贝索斯将飞行到距地100公里的高度。但他乘坐的太空舱是加压的，所以他不需要宇航服来保证自身安全，而且如果客舱失压，贝索斯可以使用氧气面罩。新谢泼德号火箭还配备了一个中止系统，用于在紧急情况下将乘员舱和乘客推离火箭。乘员舱还有备份安全功能，即使有数个降落伞无法打开，也可以让乘员舱安全着陆。\n即便如此，如果新谢泼德号火箭发生故障，也没有办法绝对保证安全。\n虽然亚轨道飞行比轨道飞行风险小，但它们仍然有致命的可能性。\n例如，维珍银河一架亚轨道飞行器在2014年一次试飞中解体，原因是飞机一名副驾驶员过早启动了用于在下降阶段保持飞行器稳定的羽状系统。陡然增加的阻力将飞行器撕裂成碎片，导致一名飞行员死亡。\n此后，维珍银河已经对改进版的“太空船二号”飞行器进行了三次成功试飞。蓝色起源在测试阶段还没有遇到过类似的事故。但正如行内流传已久的说法，进入太空真的很难。\n但贝索斯表示，冒这种险是值得的。","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":184704508,"gmtCreate":1623723646704,"gmtModify":1704209624016,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184704508","repostId":"1112473662","repostType":4,"repost":{"id":"1112473662","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":1623721000,"share":"https://ttm.financial/m/news/1112473662?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:36","market":"hk","language":"zh","title":"The winning rate of Times Angel is 1.5%, and the subscription of 750 lots is stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16,829,600 shares at a price of HK$ 173 per share and 200 shares per lot, which is expected to be listed on June 16th.</p><p>Times Angel was subscribed 2079.16 times during the Public Offer Stage and the final number of Offer Shares allocated to the Public Offer was 8,414,800 Shares, representing 50% of the total Offer Shares (before any Over-allotment Option is exercised). A total of 792,388 valid applications were received, with a successful rate of 1.5%, and 750 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 8,414,800 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot of 200 shares, the entrance fee is HK$34948.66. The winning rate of the first lot is 1.5%, and the subscription of 750 lots is stable.</p><p>The threshold of Group B is 30,000 shares, and the funds required for subscription are about HK$ 5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is the leading provider of invisible orthotic solutions in China. According to the CIC Report, the invisible orthotic solutions market in China is highly concentrated, with the top two market players accounting for a total market share of 82.4% based on cases reached in 2020. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dental practitioners served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019 and further to 19,900 in 2020. The number of closed cases of the Company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019 and further to 137,600 in 2020.</p><p>In terms of financial position, the Company's revenue was RMB488 million, RMB646 million and RMB817 million in 2018, 2019 and 2020, respectively, representing a CAGR of 29.26% from 2018 to 2020. Net profits were 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measure) for the same period was RMB129 million, RMB175 million and RMB297 million, respectively.</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>The winning rate of Times Angel is 1.5%, and the subscription of 750 lots is stable</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\">\nThe winning rate of Times Angel is 1.5%, and the subscription of 750 lots is stable\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16,829,600 shares at a price of HK$ 173 per share and 200 shares per lot, which is expected to be listed on June 16th.</p><p>Times Angel was subscribed 2079.16 times during the Public Offer Stage and the final number of Offer Shares allocated to the Public Offer was 8,414,800 Shares, representing 50% of the total Offer Shares (before any Over-allotment Option is exercised). A total of 792,388 valid applications were received, with a successful rate of 1.5%, and 750 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 8,414,800 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot of 200 shares, the entrance fee is HK$34948.66. The winning rate of the first lot is 1.5%, and the subscription of 750 lots is stable.</p><p>The threshold of Group B is 30,000 shares, and the funds required for subscription are about HK$ 5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is the leading provider of invisible orthotic solutions in China. According to the CIC Report, the invisible orthotic solutions market in China is highly concentrated, with the top two market players accounting for a total market share of 82.4% based on cases reached in 2020. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dental practitioners served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019 and further to 19,900 in 2020. The number of closed cases of the Company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019 and further to 137,600 in 2020.</p><p>In terms of financial position, the Company's revenue was RMB488 million, RMB646 million and RMB817 million in 2018, 2019 and 2020, respectively, representing a CAGR of 29.26% from 2018 to 2020. Net profits were 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measure) for the same period was RMB129 million, RMB175 million and RMB297 million, respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":2749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187230907,"gmtCreate":1623754769209,"gmtModify":1704210608526,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187230907","repostId":"1186442864","repostType":4,"repost":{"id":"1186442864","kind":"news","weMediaInfo":{"introduction":"有视角的商业资讯交流平台","home_visible":1,"media_name":"虎嗅APP","id":"101","head_image":"https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d"},"pubTimestamp":1623750513,"share":"https://ttm.financial/m/news/1186442864?lang=en_US&edition=fundamental","pubTime":"2021-06-15 17:48","market":"hk","language":"zh","title":"Ten-year-old Kuaishou, a mirror image of the world","url":"https://stock-news.laohu8.com/highlight/detail?id=1186442864","media":"虎嗅APP","summary":"2011年底，刚刚组队的小创业公司GIF快手，创始人程一笑在微博、豆瓣等平台发布了一则招聘信息：诚求UI设计师一位做创业伙伴，提供有竞争力的薪酬以及丰厚的股权。\n程一笑是豆瓣深度用户，当时他经常逛的两","content":"<p>At the end of 2011, the small team that had just formed a team<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>GIF Aauto Quicker, founder Cheng Yixiao in<a href=\"https://laohu8.com/S/WB\">Weibo</a>Douban and other platforms released a recruitment message: I sincerely seek a UI designer to be a entrepreneurial partner, providing competitive salary and generous equity.</p><p>Cheng Yixiao is a deep user of Douban. At that time, the two groups he often visited were \"IT Recruitment King\" and \"Graphic Designer\". The creation of the company and the beginning of the product, this young man has an almost intuitive yearning for community and design.</p><p>2011 was a turbulent year:<b><a href=\"https://laohu8.com/S/ZH\">Zhihu</a>It has just been established, and the US Mission has only been online for one year. Station B has just changed its name from its predecessor \"Mikufans\" to bilibili. With the vigorous development of mobile Internet, coffee shops in Haidian District are as lively as vegetable markets, and countless people have joined them.</b></p><p>Shortly after Cheng Yixiao's recruitment information was sent out, a UI designer joined GIF Aauto Quicker and became one of the earliest four employees. They live in a residential house in Aobei Community, Lishuiqiao, Haidian District, and silently polish this product.</p><p><img src=\"https://static.tigerbbs.com/6ce1483e15c5a30766ef7457ab4b0d79\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>A decade ago, a desk at the Auburn Center</p><p>Yang Yuanxi, co-founder of Aauto Quicker, recalled that work and life were inseparable at that time, and four people went to order meals in shifts at noon every day. \"At that time, there were only seven restaurants downstairs, and basically the seven restaurants were arranged in different orders.\"</p><p>Perhaps unable to bear such work and living conditions, or perhaps hopeless for the future of this small company, it didn't take long for the designer to leave GIF Aauto Quicker and pass by an era.</p><p>No one can predict that many years later, this company will create the whole era of short videos, and after some ups and downs of development, it will be listed on the Hong Kong Stock Exchange, with a market value of one trillion Hong Kong dollars, making it the fifth largest Internet company in China.</p><p>So far, the other three early employees are still leading Aauto Quicker:<b>Co-founders Cheng Yixiao, Yin Xin and Yang Yuanxi, together with Su Hua, who joined Aauto Quicker in 2013, form the background of this unique product of Aauto Quicker.</b></p><p>Ten years have passed in a flash, and countless companies have been lost in the waves of mobile Internet. In the decade of Aauto Quicker, the weather was good and it was imminent. Under the pressure of strong competition, it finally tenaciously rushed to 300 million daily living.</p><p><img src=\"https://static.tigerbbs.com/c39c2e4a9ed3d8016c44153dfc68ec2c\" tg-width=\"1080\" tg-height=\"1439\" referrerpolicy=\"no-referrer\"></p><p>Aauto Quicker landed on HKEx</p><p>This is the story of an ups and downs saga, and the past decade<a href=\"https://laohu8.com/S/CHL\">China Mobile</a>A typical sample of the evolution of internet companies. Product, technology, operation, business, when a young company sets foot on a fertile soil ahead of time, and its accumulation does not match the huge opportunities it faces, how to survive, develop, persist, evolve, and make key and correct decisions, thus opening a protracted war.</p><p><b>Wind and Cloud Meeting</b></p><p>Shanghai, 2013. This afternoon, Zhang Fei, a partner at Morningside Capital, decided to meet the young man who was seeking investment.<b>He graduated from Tsinghua University and worked in<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Take office. With a rich resume, he is also a serial entrepreneur, with a tough and energetic personality.</b></p><p>This is Zhang Fei's second meeting with him. This young man named Su Hua is preparing to give up his entrepreneurial project and start more new attempts.</p><p>According to Zhang Fei's recollection, Su Hua talked about more than 20 projects at that time. \"Many particularly interesting entrepreneurial ideas, but after one by one, I found that most of them were immature, and I gave direct feedback.\"</p><p><img src=\"https://static.tigerbbs.com/2dcc717dcbd72669b175a38910eeb96a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Four co-founders cut cakes at the listing site</p><p>One is looking for future-oriented investment targets, and the other is seeking new entrepreneurial directions. For most of the day, two people discussed countless possibilities of starting a business, and then overturned them one by one. Suddenly, an idea flashed in Zhang Fei's mind,</p><p>\"I have a very good product manager here. Why don't you cooperate with him?\" Zhang Fei said.</p><p>This \"very good product manager\" is Cheng Yixiao. As an angel investor of GIF Aauto Quicker,<b>Zhang Fei is very optimistic about mobile phone video in the 4G era, and GIF Aauto Quicker, as a primitive video form, makes him see some possibility.</b></p><p>Since its launch in 2011, GIF Aauto Quicker has accumulated many users and began to try to transform from a tool to a short video community, but it has not gone smoothly.</p><p>As a product manager, Cheng Yixiao faces a simple challenge:<b>When users produce content through GIF Aauto Quicker and are willing to upload their works to the community section, how can they make everyone's works seen by more people?</b>This is the most basic and ultimate motivation for creator enthusiasm.</p><p>At first, they adopted the general recommendation method, that is, they made a list of new works or works within seven days every day. The list was ranked according to the popularity weight of the works, such as comments, sharing and likes. All users saw the same list.</p><p>The number of works that can be recommended in the list is extremely limited, and it is easy to turn heads. Only creators with talent and face value have the opportunity to be popular.<b>And Cheng Yixiao especially hopes to see the works of ordinary people can also make the list.</b></p><p>Co-founder Yang Yuanxi recalled that in order to make as many people's works seen as possible, the first thing they do when they go to work every day is to adjust the recommendation formula. Tune A from 0.7 to 0.8 today and B from 0.5 to 0.4 tomorrow. Over time, the formula becomes more and more complicated, but the efficiency and effect are always poor.</p><p>This is not a problem that product managers alone can solve. The prototype of this video community needs the blessing of advanced technology and a brand-new algorithm and recommendation method.</p><p>When Zhang Fei came up with the idea of bringing Su Hua and Cheng Yixiao together by mistake in Shanghai, the wind and clouds met.<b>One holds the most advanced technical tools, and the other has a strong understanding and design ability of products and communities. The two met.</b></p><p>The latter story has been widely circulated today.<b>In the summer of 2013, Su Hua and Cheng Yixiao met at Jinyu Hotel in Beijing, and two people who were not good at words chatted until two or three o'clock in the morning.</b>The two are highly consistent in their values,<b>Think that the community should give more people the opportunity to be exposed so that the work of ordinary people can be seen.</b></p><p>These simple concepts were later summarized as Aauto Quicker's fair and inclusive values, and subtly became the underlying logic of products and algorithms.</p><p>After the team merger and equity adjustment, Cheng Yixiao was in charge of the product, and Su Hua became the CEO. They quickly did two \"big things\". One was to move the company to Huaqing Jiayuan in Wudaokou, and the other was to write the first line of the recommended algorithm by Su Huawei's GIF Aauto Quicker.</p><p><img src=\"https://static.tigerbbs.com/7d9ec949686d4de05a208052defcf5de\" tg-width=\"840\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>Aauto Quicker in Wudaokou Huaqing Jiayuan</p><p>The technical strength is powerful. The recommendation brought by Suhua for Aauto Quicker is personalized recommendation, and thousands of people have thousands of faces. Everyone sees a different Aauto Quicker, and each work will give the initial cold start traffic. This epoch-making experience was applied to short videos for the first time, and the burst of energy was visible to the naked eye.</p><p><b>In April 2014, \"GIF Aauto Quicker\" was renamed Aauto Quicker, officially transforming into a short video community platform; On June 6, Aauto Quicker DAU exceeded one million for the first time; In January 2015, Aauto Quicker DAU exceeded 10 million; DAU reached 40 million at the end of 2016; DAU exceeded 110 million at the end of 2017.</b>Prior to this, Aauto Quicker had hardly made any market launch, and the user growth benefited from the accuracy and efficiency of long-tail content distribution under the concept of inclusive benefits, as well as the platform's attention to ordinary people's lives.</p><p>An early employee of Aauto Quicker recalled the interview with Cheng Yixiao: \"In the first 50 to 60 percent, I was talking about him listening. Later, he took out his mobile phone and showed me the list of people he paid attention to, what kind of people he paid attention to, and then he talked to me about everyone, just like his family, what kind of people they were and what Aauto Quicker experienced.\"</p><p>Both Su Hua and Cheng Yixiao had maintained this habit until now. As founders, they have gained faith incentives that far exceed commercial returns from positive feedback, fate changes and \"thank you official\" user reviews.</p><p>The battle begins</p><p>At the end of 2017, Aauto Quicker, as an Internet application with over 100 million DAUs, had only more than 1,000 employees. One year forward, this company had only six or seven hundred employees.</p><p>To some extent, this verifies one of Su Hua's hypotheses,<b>What kind of user-scale products can a small-scale technical team control? Without the interference of commercialization and strong operation, how long does it take to settle from community to social.</b></p><p>This is a period of low-key, calm, enjoying growth and user feedback. More and more ordinary people use Aauto Quicker to record their lives, making this product unique and full of idealism. However, it is not perfect, controversial, and even dangerous, and entered an inflection point in 2018-2019.</p><p><b>\"We must do it, we must fight!”</b>In June 2019, at the headquarters of Aauto Quicker West Erqi, an early employee still remembers the shout made by co-founder Cheng Yixiao at the mobilization meeting.</p><p>This is a meeting that changed the course of Kuaishou history. He said that when he saw the two founders who were not good at words walking onto the stage, clenching their fists and calling for all the participation, everyone present was excited.</p><p>From its founding in 2011 to the end of 2017, DAU exceeded 100 million yuan. As the pioneer of the short video industry, Aauto Quicker has not fought a war. One product after another, such as Meipai, has challenged Aauto Quicker's status. Until 2018, they encountered an unprecedentedly powerful opponent, ByteDance's<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>With brand-new product logic, content distribution logic and business logic, it has achieved rapid surpassing.</p><p>Finally, this battle could not be fought. According to Late, after the Spring Festival in 2019, Aauto Quicker executives and the product team went to Chongqing to do a user survey, which was internally called \"Chongqing Conference.\" Su Hua and Cheng Yixiao were directly stimulated by users and realized that<b>Not aggressive growth = surrendering users to others; Disunited operations = acquiescent team combat effectiveness diminishes.</b></p><p>On June 18th, Su Hua and Cheng Yixiao issued a letter to all employees, bluntly stating the challenges and hidden dangers faced by Aauto Quicker: \"We are no longer the fastest team. In the process of growing up, our muscles began to become weak, our response slowed down, and our connection perception with users was weakening.\" Of course, the first thing to bear the brunt is the scale of users. Aauto Quicker launched the K3 campaign and set an annual goal of 300 million daily lives before the Spring Festival.</p><p>The scale of users is actually just an appearance,<b>Product form, user experience, distribution logic, organizational combat capability, operating system, commercialization system and infrastructure are the gaps that need to be crossed in front of this \"small company\".</b></p><p>If it was product + technology and Xiaomi + rifle that won the guerrilla warfare in the past, now Aauto Quicker is facing the ace division of the whole system, with amazing combat power, extremely fast speed and bold spending. If the founder can't iterate himself and lead the overall evolution of the company, users are likely to vote with their feet.</p><p>Such cases abound in the history of mobile Internet, whether group buying, bike-sharing or mobile e-commerce.<b>There have been many startups stepping on the outlet one or two steps ahead of schedule, and finally being crushed by latecomers. In addition to luck, the core lies above the outlet, and founders and companies have not quickly completed the evolution from \"small companies\" to \"big companies\".</b></p><p>Su Hua and Cheng Yixiao should be grateful for their courage and determination to start the battle at that time. Nowadays, although it is NO longer the NO.1 on the track, Kuaishou has not been defeated by competition, but has become stronger in repeated contests with self, rivals and the market.</p><p>\"No strong enterprise has ever been killed by others in the competition.\" Ma Hongbin, senior vice president of Kuaishou, said that the more competition with friends, the more growth.</p><p>Relying on the synchronous adjustment of products, algorithms and operations, the high-speed operation of the organization, the cooperation of CCTV Spring Festival Gala and the rise of the speed version, Aauto Quicker achieved the K3 goal.</p><p>On May 24th this year, Kuaishou, which went public, released its first quarter 2021 results. The data shows that,<b>The average daily active users of Kuaishou China's apps and applets reached 379.2 million, and the average daily active users' usage time was 99.3 minutes.</b></p><p>\"The opponent doesn't seem to have beaten us much. No matter how we compete, we have also risen to 300 million.\" A person in charge of Aauto Quicker said that many people had been holding back their energy before K3, and this battle became an outlet to relieve anxiety, making Aauto Quicker finally bottom out.</p><p><b>Seeking common ground while reserving differences</b></p><p>K3 became the turning point for Aauto Quicker from Buddhism to wolfness. Since then, the team has continued to expand, and the pace is getting faster and faster. Every few months, Su Hua and the management team have to fight a big battle.</p><p>There is no turning back. The product has to change, the algorithm has to change, the operation has to change, the business model has to change, and the team of more than 10,000 people seeks to change and win. All these changes will eventually make Aauto Quicker a Aauto Quicker or an opponent?</p><p>On the road of comprehensive evolution, what can and can't change needs the founders and executives of Aauto Quicker to delineate a scope and repeatedly correct it in business growth.</p><p>In 2020 after K3, the direction, boundaries and logic of Aauto Quicker's evolution gradually became clear:<b>Do operations light or heavy; Product double or single column; Private domain or public domain,</b>These questions, which once caused debate and confusion internally, have been answered.</p><p>Before 2019, Aauto Quicker had no positive operation system. In line with the concept of not disturbing users, the so-called operation department was mainly negative operation. How to judge and deal with creators violating regulations, and how to deal with accounts violating community rules.</p><p>After the launch of K3, Ma Hongbin, senior vice president of Aauto Quicker, took over and set up the prototype of the operating system. The core problem to be solved,<b>First, the introduction of high-quality creators, and second, the distribution of high-quality content and the growth of creators. Through the operation of creators and high-quality content, the community activity, retention and new growth will be enhanced.</b></p><p>For Kuaishou, operation drive is a brand-new attempt. Aauto Quicker encourages ordinary people to record their lives, display them in double columns and give fair traffic, but the content quality is uneven, which seriously affects Aauto Quicker's perception and tonality, thus hurting the acceptance of users in first-and second-tier cities.</p><p>While heavily managing the community atmosphere, while improving the content quality by introducing high-quality creators and providing operation and traffic support, Aauto Quicker's content ecology has undergone major changes from 2018 to 2019, and has become the foundation for attracting incremental users.</p><p><img src=\"https://static.tigerbbs.com/6018cf1eb61869e628ebcc17fe3cdd61\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>In 2018, the team building site of the R&D department of Kuaishou Platform changed to a work site</p><p>It is understood that in the process of introducing talents and building a new operating system, the founder gave an underlying logic. No matter how the content changes, Aauto Quicker is still most concerned and concerned about people. Liu Yu, general manager of Aauto Quicker Content Operation Center, still remembers that during the interview, Su Hua spent nearly two hours telling her the story of \"Grape Brother\".</p><p>\"Interviews with other companies shouldn't spend an hour and a half on telling the story of a certain user, let alone the founder.\" She found that this company really cares about every creator.</p><p>“<b>The operating logic of Aauto Quicker is very different from that of friends. We care more about people, and the other party still cares about the content very much at the moment, and will care about the good-looking degree of the content. This is a big underlying difference, which will lead to a completely different distribution logic for you. \"</b>Liu Yu said that in the past, Aauto Quicker's operation was partial to management, which would tell you what you can't do, but now the creator service team has become a service provider role.</p><p>At the beginning of 2020, after Liu Yu joined Aauto Quicker, the operation began to enter the refinement stage. In her view, the content ecology of Aauto Quicker is already very huge, and any single vertical category can become a large-scale interest community. In such an environment, it is a very grand subject to maintain the relationship between local and ecological, keep the ecological health, and make the creator's experience better.</p><p>At the same time, the core management of Aauto Quicker finally solved two thorny problems,<b>One is the choice of single column and double column, and the other is the balance between private domain and public domain.</b></p><p>Single-column and double-column have plagued Aauto Quicker for a long time. Finally, the two forms were integrated on Aauto Quicker version 8.0. The main station retained the double-column community form, and at the same time, the entrance to single-column consumption experience was opened; The speed version of Aauto Quicker fully undertakes the heavy responsibility of up and down scenes, captures users, and continues to grow after DAU breaks 100 million.</p><p>On the other hand, at the Aauto Quicker Photosynthetic Creators Conference held in Guangzhou in April this year, Wang Jianwei, head of the product department of the main station of Aauto Quicker Senior Vice President, clarified the principle of mainly private domain and public domain expansion of Aauto Quicker for the first time.</p><p>\"From the perspective of management complexity, the public domain is definitely much easier to manage. Whoever can go on, can't pull it down. But the private domain is equivalent to creators having their own industry there. Whether you manage it or not, and in what way, it is particularly difficult.\" Cheng Yixiao said,<b>Doing a good job and managing the private domain, so that more producers can \"bloom\", can make the society have more temperature and trust.</b></p><p>The integration of single and double columns, the combination of public and private domains, and the creation of an online community full of warmth and trust have reached a high degree of consensus within Aauto Quicker. \"Combining public and private domains together is definitely more difficult than just doing public domains, and it is much more difficult, but this difficulty is precisely the biggest advantage of Aauto Quicker. Once established, it is a hugely high threshold.\" An Aauto Quicker executive said that this is the differentiation and characteristic road between Aauto Quicker and other platforms.</p><p><b>Ecological positive cycle</b></p><p>In March 2021, Kuaishou released its first financial report after listing. In 2020, Kuaishou achieved revenue of 58.8 billion yuan, of which online marketing revenue was 21.9 billion yuan, accounting for 37.2%. In the fourth quarter, Aauto Quicker's online marketing revenue in a single quarter was 8.5 billion, surpassing live broadcast reward to become Aauto Quicker's largest source of income.</p><p>In the subsequent Q1 financial report, Aauto Quicker's revenue structure continued this change, with online revenue accounting for more than 50%, followed by live broadcast and e-commerce.<b>Ten years after its establishment, Aauto Quicker finally changed its income structure with a single live broadcast income as its core, and online marketing and emerging business income became two wings.</b></p><p><img src=\"https://static.tigerbbs.com/fb96d21633fc5737cf83ae2a90b2303b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>As we all know, Aauto Quicker's commercialization system was set up late. For a long time, Su Hua and Cheng Yixiao were very vigilant and rejected by the fact that commercial factors hurt user experience.</p><p>Before 2018, although Aauto Quicker had more than 100 million daily lives, it only developed live broadcast as the only way to realize it. The views of the two founders are,<b>Live broadcast is a user product, which does not hurt the user experience. When the live broadcast happens, the people who reward are happy, the people who watch the reward are happy, and the people who are rewarded are happy.</b></p><p>However, information flow advertising is different, and it is likely to hurt the user experience, thus causing daily loss. Therefore, any core member of Aauto Quicker commercialization can feel the difficulty of opening this door.</p><p>\"In the past, every time I sent income changes to the two founders, their response was flat. Every time I said that I did another experiment to optimize user experience today, the reply was always very fast, and you can see what they attach the most importance to deep in their hearts.\" A person in charge of Aauto Quicker commercialization has a deep understanding of this.</p><p>Another person who has a deep understanding is Cao Shibo, general manager of Aauto Quicker Technology Commercial Income Management Center. Cao Shibo, who was born in business analysis, joined Aauto Quicker in early 2018 and moved to many departments, all involving commercialization.</p><p>\"Before officially starting the commercial business, we spent a lot of time doing basic work, including algorithms, user experience system, audit system, etc. The core of a lot of strategic thinking and preparation is that we can make money, but we can't hurt the user experience.\" Cao Shibo said.</p><p>Later, Aauto Quicker set up a relatively complete index system, which introduced economic models to measure how much money it would make and how much DAU it would lose if this traffic was advertised, and ensured the user experience through systematic indicators and monitoring.</p><p>\"Until today, we have very strict internal control and mechanism on the frequency of users watching advertisements, and strictly control the quality of advertising content.\" Cao Shibo said,<b>They invested hundreds of people and spent months tagging users to ensure the accuracy of algorithm recommendations and crowd targeting.</b></p><p>When these basic works are completed, the commercialization system of Aauto Quicker is launched, and the magnetic engine goes online, the online marketing revenue of Aauto Quicker soars. In 2019, Kuaishou achieved 7.4 billion online marketing revenue, 7.2 billion in the first half of 2020, and 21.9 billion for the whole year, with a growth rate of over 200%.</p><p>Cao Shibo said that in 2021, the commercialization of Kuaishou, regardless of the number of brand advertisers, alliance advertising and the development of more advertising forms, is greatly expanding the growth space of Kuaishou online marketing revenue.</p><p>Similar to the experience of commercialization of Aauto Quicker, Luo Qiong, vice president of Aauto Quicker e-commerce and head of platform experience, was also \"very uncomfortable\" when he first joined Aauto Quicker.</p><p>Luo Qiong has worked in the traditional e-commerce platform for 15 years, but the industry's very mature promotion and selling traffic logic often hits the wall of \"community ecology\" in Aauto Quicker.</p><p>For her, the task is not to create how much GMV, but to build trust between merchants, anchors and consumers, enhance the value of the community, and make the cake bigger.</p><p><b>\"Traditional e-commerce relies heavily on goods, while Aauto Quicker actually relies heavily on people. For traditional e-commerce practitioners, this difference has a very strong shift in the center of gravity, and you will find that this is a slow reflection from community to people, and then to transaction conversion. Unlike efficient e-commerce, the short-term benefits are very beautiful.\"</b>Luo Qiong said that Kuaishou hopes to establish a brand-new form of e-commerce, which is based on the connection and trust between people.</p><p>This new trust relationship based on short video and live broadcast takes time to settle, but the imagination is large enough. In 2020, the GMV of Kuaishou e-commerce reached 381.2 billion, an increase of 4,000 times in two years, and the average repurchase rate of users was as high as 65%.</p><p>In 2021, Kuaishou further put forward the concept of trust e-commerce, and built the mind and cognition of Kuaishou e-commerce with ultimate trust, hoping to reconstruct the decision-making of one billion consumers in a new way. In fact, the rise of Aauto Quicker e-commerce is already changing the traditional e-commerce industry pattern.</p><p><img src=\"https://static.tigerbbs.com/210d2ee9a518657bfd7f5b6471c11fb2\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p>More importantly,<b>The business ecology built by Aauto Quicker based on live broadcast, advertising and e-commerce is feeding back tens of millions of content creators, making them live better in this community. The business ecology is forming a positive cycle of mutual promotion with the content ecology.</b></p><p>This positive cycle is particularly important to underpin Aauto Quicker's vision. In the past decade, Aauto Quicker has actually been a unique social experiment in the Internet field, paying attention to ordinary people, equality and inclusion. Such an experiment went smoothly at first, but then it encountered challenges. The two-wheel drive of content ecosystem and business ecosystem can make this chariot move forward more smoothly, and whether Aauto Quicker can succeed further can also verify what kind of tool the Internet is for human beings-ruling people or making people more equal.</p><p><b>From equality and inclusion to warmth and trust, the story of Aauto Quicker in the next decade is kicking off.</b></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>Ten-year-old Kuaishou, a mirror image of the world</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\">\nTen-year-old Kuaishou, a mirror image of the world\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time smaller\">2021-06-15 17:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>At the end of 2011, the small team that had just formed a team<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>GIF Aauto Quicker, founder Cheng Yixiao in<a href=\"https://laohu8.com/S/WB\">Weibo</a>Douban and other platforms released a recruitment message: I sincerely seek a UI designer to be a entrepreneurial partner, providing competitive salary and generous equity.</p><p>Cheng Yixiao is a deep user of Douban. At that time, the two groups he often visited were \"IT Recruitment King\" and \"Graphic Designer\". The creation of the company and the beginning of the product, this young man has an almost intuitive yearning for community and design.</p><p>2011 was a turbulent year:<b><a href=\"https://laohu8.com/S/ZH\">Zhihu</a>It has just been established, and the US Mission has only been online for one year. Station B has just changed its name from its predecessor \"Mikufans\" to bilibili. With the vigorous development of mobile Internet, coffee shops in Haidian District are as lively as vegetable markets, and countless people have joined them.</b></p><p>Shortly after Cheng Yixiao's recruitment information was sent out, a UI designer joined GIF Aauto Quicker and became one of the earliest four employees. They live in a residential house in Aobei Community, Lishuiqiao, Haidian District, and silently polish this product.</p><p><img src=\"https://static.tigerbbs.com/6ce1483e15c5a30766ef7457ab4b0d79\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>A decade ago, a desk at the Auburn Center</p><p>Yang Yuanxi, co-founder of Aauto Quicker, recalled that work and life were inseparable at that time, and four people went to order meals in shifts at noon every day. \"At that time, there were only seven restaurants downstairs, and basically the seven restaurants were arranged in different orders.\"</p><p>Perhaps unable to bear such work and living conditions, or perhaps hopeless for the future of this small company, it didn't take long for the designer to leave GIF Aauto Quicker and pass by an era.</p><p>No one can predict that many years later, this company will create the whole era of short videos, and after some ups and downs of development, it will be listed on the Hong Kong Stock Exchange, with a market value of one trillion Hong Kong dollars, making it the fifth largest Internet company in China.</p><p>So far, the other three early employees are still leading Aauto Quicker:<b>Co-founders Cheng Yixiao, Yin Xin and Yang Yuanxi, together with Su Hua, who joined Aauto Quicker in 2013, form the background of this unique product of Aauto Quicker.</b></p><p>Ten years have passed in a flash, and countless companies have been lost in the waves of mobile Internet. In the decade of Aauto Quicker, the weather was good and it was imminent. Under the pressure of strong competition, it finally tenaciously rushed to 300 million daily living.</p><p><img src=\"https://static.tigerbbs.com/c39c2e4a9ed3d8016c44153dfc68ec2c\" tg-width=\"1080\" tg-height=\"1439\" referrerpolicy=\"no-referrer\"></p><p>Aauto Quicker landed on HKEx</p><p>This is the story of an ups and downs saga, and the past decade<a href=\"https://laohu8.com/S/CHL\">China Mobile</a>A typical sample of the evolution of internet companies. Product, technology, operation, business, when a young company sets foot on a fertile soil ahead of time, and its accumulation does not match the huge opportunities it faces, how to survive, develop, persist, evolve, and make key and correct decisions, thus opening a protracted war.</p><p><b>Wind and Cloud Meeting</b></p><p>Shanghai, 2013. This afternoon, Zhang Fei, a partner at Morningside Capital, decided to meet the young man who was seeking investment.<b>He graduated from Tsinghua University and worked in<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Take office. With a rich resume, he is also a serial entrepreneur, with a tough and energetic personality.</b></p><p>This is Zhang Fei's second meeting with him. This young man named Su Hua is preparing to give up his entrepreneurial project and start more new attempts.</p><p>According to Zhang Fei's recollection, Su Hua talked about more than 20 projects at that time. \"Many particularly interesting entrepreneurial ideas, but after one by one, I found that most of them were immature, and I gave direct feedback.\"</p><p><img src=\"https://static.tigerbbs.com/2dcc717dcbd72669b175a38910eeb96a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Four co-founders cut cakes at the listing site</p><p>One is looking for future-oriented investment targets, and the other is seeking new entrepreneurial directions. For most of the day, two people discussed countless possibilities of starting a business, and then overturned them one by one. Suddenly, an idea flashed in Zhang Fei's mind,</p><p>\"I have a very good product manager here. Why don't you cooperate with him?\" Zhang Fei said.</p><p>This \"very good product manager\" is Cheng Yixiao. As an angel investor of GIF Aauto Quicker,<b>Zhang Fei is very optimistic about mobile phone video in the 4G era, and GIF Aauto Quicker, as a primitive video form, makes him see some possibility.</b></p><p>Since its launch in 2011, GIF Aauto Quicker has accumulated many users and began to try to transform from a tool to a short video community, but it has not gone smoothly.</p><p>As a product manager, Cheng Yixiao faces a simple challenge:<b>When users produce content through GIF Aauto Quicker and are willing to upload their works to the community section, how can they make everyone's works seen by more people?</b>This is the most basic and ultimate motivation for creator enthusiasm.</p><p>At first, they adopted the general recommendation method, that is, they made a list of new works or works within seven days every day. The list was ranked according to the popularity weight of the works, such as comments, sharing and likes. All users saw the same list.</p><p>The number of works that can be recommended in the list is extremely limited, and it is easy to turn heads. Only creators with talent and face value have the opportunity to be popular.<b>And Cheng Yixiao especially hopes to see the works of ordinary people can also make the list.</b></p><p>Co-founder Yang Yuanxi recalled that in order to make as many people's works seen as possible, the first thing they do when they go to work every day is to adjust the recommendation formula. Tune A from 0.7 to 0.8 today and B from 0.5 to 0.4 tomorrow. Over time, the formula becomes more and more complicated, but the efficiency and effect are always poor.</p><p>This is not a problem that product managers alone can solve. The prototype of this video community needs the blessing of advanced technology and a brand-new algorithm and recommendation method.</p><p>When Zhang Fei came up with the idea of bringing Su Hua and Cheng Yixiao together by mistake in Shanghai, the wind and clouds met.<b>One holds the most advanced technical tools, and the other has a strong understanding and design ability of products and communities. The two met.</b></p><p>The latter story has been widely circulated today.<b>In the summer of 2013, Su Hua and Cheng Yixiao met at Jinyu Hotel in Beijing, and two people who were not good at words chatted until two or three o'clock in the morning.</b>The two are highly consistent in their values,<b>Think that the community should give more people the opportunity to be exposed so that the work of ordinary people can be seen.</b></p><p>These simple concepts were later summarized as Aauto Quicker's fair and inclusive values, and subtly became the underlying logic of products and algorithms.</p><p>After the team merger and equity adjustment, Cheng Yixiao was in charge of the product, and Su Hua became the CEO. They quickly did two \"big things\". One was to move the company to Huaqing Jiayuan in Wudaokou, and the other was to write the first line of the recommended algorithm by Su Huawei's GIF Aauto Quicker.</p><p><img src=\"https://static.tigerbbs.com/7d9ec949686d4de05a208052defcf5de\" tg-width=\"840\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>Aauto Quicker in Wudaokou Huaqing Jiayuan</p><p>The technical strength is powerful. The recommendation brought by Suhua for Aauto Quicker is personalized recommendation, and thousands of people have thousands of faces. Everyone sees a different Aauto Quicker, and each work will give the initial cold start traffic. This epoch-making experience was applied to short videos for the first time, and the burst of energy was visible to the naked eye.</p><p><b>In April 2014, \"GIF Aauto Quicker\" was renamed Aauto Quicker, officially transforming into a short video community platform; On June 6, Aauto Quicker DAU exceeded one million for the first time; In January 2015, Aauto Quicker DAU exceeded 10 million; DAU reached 40 million at the end of 2016; DAU exceeded 110 million at the end of 2017.</b>Prior to this, Aauto Quicker had hardly made any market launch, and the user growth benefited from the accuracy and efficiency of long-tail content distribution under the concept of inclusive benefits, as well as the platform's attention to ordinary people's lives.</p><p>An early employee of Aauto Quicker recalled the interview with Cheng Yixiao: \"In the first 50 to 60 percent, I was talking about him listening. Later, he took out his mobile phone and showed me the list of people he paid attention to, what kind of people he paid attention to, and then he talked to me about everyone, just like his family, what kind of people they were and what Aauto Quicker experienced.\"</p><p>Both Su Hua and Cheng Yixiao had maintained this habit until now. As founders, they have gained faith incentives that far exceed commercial returns from positive feedback, fate changes and \"thank you official\" user reviews.</p><p>The battle begins</p><p>At the end of 2017, Aauto Quicker, as an Internet application with over 100 million DAUs, had only more than 1,000 employees. One year forward, this company had only six or seven hundred employees.</p><p>To some extent, this verifies one of Su Hua's hypotheses,<b>What kind of user-scale products can a small-scale technical team control? Without the interference of commercialization and strong operation, how long does it take to settle from community to social.</b></p><p>This is a period of low-key, calm, enjoying growth and user feedback. More and more ordinary people use Aauto Quicker to record their lives, making this product unique and full of idealism. However, it is not perfect, controversial, and even dangerous, and entered an inflection point in 2018-2019.</p><p><b>\"We must do it, we must fight!”</b>In June 2019, at the headquarters of Aauto Quicker West Erqi, an early employee still remembers the shout made by co-founder Cheng Yixiao at the mobilization meeting.</p><p>This is a meeting that changed the course of Kuaishou history. He said that when he saw the two founders who were not good at words walking onto the stage, clenching their fists and calling for all the participation, everyone present was excited.</p><p>From its founding in 2011 to the end of 2017, DAU exceeded 100 million yuan. As the pioneer of the short video industry, Aauto Quicker has not fought a war. One product after another, such as Meipai, has challenged Aauto Quicker's status. Until 2018, they encountered an unprecedentedly powerful opponent, ByteDance's<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>With brand-new product logic, content distribution logic and business logic, it has achieved rapid surpassing.</p><p>Finally, this battle could not be fought. According to Late, after the Spring Festival in 2019, Aauto Quicker executives and the product team went to Chongqing to do a user survey, which was internally called \"Chongqing Conference.\" Su Hua and Cheng Yixiao were directly stimulated by users and realized that<b>Not aggressive growth = surrendering users to others; Disunited operations = acquiescent team combat effectiveness diminishes.</b></p><p>On June 18th, Su Hua and Cheng Yixiao issued a letter to all employees, bluntly stating the challenges and hidden dangers faced by Aauto Quicker: \"We are no longer the fastest team. In the process of growing up, our muscles began to become weak, our response slowed down, and our connection perception with users was weakening.\" Of course, the first thing to bear the brunt is the scale of users. Aauto Quicker launched the K3 campaign and set an annual goal of 300 million daily lives before the Spring Festival.</p><p>The scale of users is actually just an appearance,<b>Product form, user experience, distribution logic, organizational combat capability, operating system, commercialization system and infrastructure are the gaps that need to be crossed in front of this \"small company\".</b></p><p>If it was product + technology and Xiaomi + rifle that won the guerrilla warfare in the past, now Aauto Quicker is facing the ace division of the whole system, with amazing combat power, extremely fast speed and bold spending. If the founder can't iterate himself and lead the overall evolution of the company, users are likely to vote with their feet.</p><p>Such cases abound in the history of mobile Internet, whether group buying, bike-sharing or mobile e-commerce.<b>There have been many startups stepping on the outlet one or two steps ahead of schedule, and finally being crushed by latecomers. In addition to luck, the core lies above the outlet, and founders and companies have not quickly completed the evolution from \"small companies\" to \"big companies\".</b></p><p>Su Hua and Cheng Yixiao should be grateful for their courage and determination to start the battle at that time. Nowadays, although it is NO longer the NO.1 on the track, Kuaishou has not been defeated by competition, but has become stronger in repeated contests with self, rivals and the market.</p><p>\"No strong enterprise has ever been killed by others in the competition.\" Ma Hongbin, senior vice president of Kuaishou, said that the more competition with friends, the more growth.</p><p>Relying on the synchronous adjustment of products, algorithms and operations, the high-speed operation of the organization, the cooperation of CCTV Spring Festival Gala and the rise of the speed version, Aauto Quicker achieved the K3 goal.</p><p>On May 24th this year, Kuaishou, which went public, released its first quarter 2021 results. The data shows that,<b>The average daily active users of Kuaishou China's apps and applets reached 379.2 million, and the average daily active users' usage time was 99.3 minutes.</b></p><p>\"The opponent doesn't seem to have beaten us much. No matter how we compete, we have also risen to 300 million.\" A person in charge of Aauto Quicker said that many people had been holding back their energy before K3, and this battle became an outlet to relieve anxiety, making Aauto Quicker finally bottom out.</p><p><b>Seeking common ground while reserving differences</b></p><p>K3 became the turning point for Aauto Quicker from Buddhism to wolfness. Since then, the team has continued to expand, and the pace is getting faster and faster. Every few months, Su Hua and the management team have to fight a big battle.</p><p>There is no turning back. The product has to change, the algorithm has to change, the operation has to change, the business model has to change, and the team of more than 10,000 people seeks to change and win. All these changes will eventually make Aauto Quicker a Aauto Quicker or an opponent?</p><p>On the road of comprehensive evolution, what can and can't change needs the founders and executives of Aauto Quicker to delineate a scope and repeatedly correct it in business growth.</p><p>In 2020 after K3, the direction, boundaries and logic of Aauto Quicker's evolution gradually became clear:<b>Do operations light or heavy; Product double or single column; Private domain or public domain,</b>These questions, which once caused debate and confusion internally, have been answered.</p><p>Before 2019, Aauto Quicker had no positive operation system. In line with the concept of not disturbing users, the so-called operation department was mainly negative operation. How to judge and deal with creators violating regulations, and how to deal with accounts violating community rules.</p><p>After the launch of K3, Ma Hongbin, senior vice president of Aauto Quicker, took over and set up the prototype of the operating system. The core problem to be solved,<b>First, the introduction of high-quality creators, and second, the distribution of high-quality content and the growth of creators. Through the operation of creators and high-quality content, the community activity, retention and new growth will be enhanced.</b></p><p>For Kuaishou, operation drive is a brand-new attempt. Aauto Quicker encourages ordinary people to record their lives, display them in double columns and give fair traffic, but the content quality is uneven, which seriously affects Aauto Quicker's perception and tonality, thus hurting the acceptance of users in first-and second-tier cities.</p><p>While heavily managing the community atmosphere, while improving the content quality by introducing high-quality creators and providing operation and traffic support, Aauto Quicker's content ecology has undergone major changes from 2018 to 2019, and has become the foundation for attracting incremental users.</p><p><img src=\"https://static.tigerbbs.com/6018cf1eb61869e628ebcc17fe3cdd61\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>In 2018, the team building site of the R&D department of Kuaishou Platform changed to a work site</p><p>It is understood that in the process of introducing talents and building a new operating system, the founder gave an underlying logic. No matter how the content changes, Aauto Quicker is still most concerned and concerned about people. Liu Yu, general manager of Aauto Quicker Content Operation Center, still remembers that during the interview, Su Hua spent nearly two hours telling her the story of \"Grape Brother\".</p><p>\"Interviews with other companies shouldn't spend an hour and a half on telling the story of a certain user, let alone the founder.\" She found that this company really cares about every creator.</p><p>“<b>The operating logic of Aauto Quicker is very different from that of friends. We care more about people, and the other party still cares about the content very much at the moment, and will care about the good-looking degree of the content. This is a big underlying difference, which will lead to a completely different distribution logic for you. \"</b>Liu Yu said that in the past, Aauto Quicker's operation was partial to management, which would tell you what you can't do, but now the creator service team has become a service provider role.</p><p>At the beginning of 2020, after Liu Yu joined Aauto Quicker, the operation began to enter the refinement stage. In her view, the content ecology of Aauto Quicker is already very huge, and any single vertical category can become a large-scale interest community. In such an environment, it is a very grand subject to maintain the relationship between local and ecological, keep the ecological health, and make the creator's experience better.</p><p>At the same time, the core management of Aauto Quicker finally solved two thorny problems,<b>One is the choice of single column and double column, and the other is the balance between private domain and public domain.</b></p><p>Single-column and double-column have plagued Aauto Quicker for a long time. Finally, the two forms were integrated on Aauto Quicker version 8.0. The main station retained the double-column community form, and at the same time, the entrance to single-column consumption experience was opened; The speed version of Aauto Quicker fully undertakes the heavy responsibility of up and down scenes, captures users, and continues to grow after DAU breaks 100 million.</p><p>On the other hand, at the Aauto Quicker Photosynthetic Creators Conference held in Guangzhou in April this year, Wang Jianwei, head of the product department of the main station of Aauto Quicker Senior Vice President, clarified the principle of mainly private domain and public domain expansion of Aauto Quicker for the first time.</p><p>\"From the perspective of management complexity, the public domain is definitely much easier to manage. Whoever can go on, can't pull it down. But the private domain is equivalent to creators having their own industry there. Whether you manage it or not, and in what way, it is particularly difficult.\" Cheng Yixiao said,<b>Doing a good job and managing the private domain, so that more producers can \"bloom\", can make the society have more temperature and trust.</b></p><p>The integration of single and double columns, the combination of public and private domains, and the creation of an online community full of warmth and trust have reached a high degree of consensus within Aauto Quicker. \"Combining public and private domains together is definitely more difficult than just doing public domains, and it is much more difficult, but this difficulty is precisely the biggest advantage of Aauto Quicker. Once established, it is a hugely high threshold.\" An Aauto Quicker executive said that this is the differentiation and characteristic road between Aauto Quicker and other platforms.</p><p><b>Ecological positive cycle</b></p><p>In March 2021, Kuaishou released its first financial report after listing. In 2020, Kuaishou achieved revenue of 58.8 billion yuan, of which online marketing revenue was 21.9 billion yuan, accounting for 37.2%. In the fourth quarter, Aauto Quicker's online marketing revenue in a single quarter was 8.5 billion, surpassing live broadcast reward to become Aauto Quicker's largest source of income.</p><p>In the subsequent Q1 financial report, Aauto Quicker's revenue structure continued this change, with online revenue accounting for more than 50%, followed by live broadcast and e-commerce.<b>Ten years after its establishment, Aauto Quicker finally changed its income structure with a single live broadcast income as its core, and online marketing and emerging business income became two wings.</b></p><p><img src=\"https://static.tigerbbs.com/fb96d21633fc5737cf83ae2a90b2303b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>As we all know, Aauto Quicker's commercialization system was set up late. For a long time, Su Hua and Cheng Yixiao were very vigilant and rejected by the fact that commercial factors hurt user experience.</p><p>Before 2018, although Aauto Quicker had more than 100 million daily lives, it only developed live broadcast as the only way to realize it. The views of the two founders are,<b>Live broadcast is a user product, which does not hurt the user experience. When the live broadcast happens, the people who reward are happy, the people who watch the reward are happy, and the people who are rewarded are happy.</b></p><p>However, information flow advertising is different, and it is likely to hurt the user experience, thus causing daily loss. Therefore, any core member of Aauto Quicker commercialization can feel the difficulty of opening this door.</p><p>\"In the past, every time I sent income changes to the two founders, their response was flat. Every time I said that I did another experiment to optimize user experience today, the reply was always very fast, and you can see what they attach the most importance to deep in their hearts.\" A person in charge of Aauto Quicker commercialization has a deep understanding of this.</p><p>Another person who has a deep understanding is Cao Shibo, general manager of Aauto Quicker Technology Commercial Income Management Center. Cao Shibo, who was born in business analysis, joined Aauto Quicker in early 2018 and moved to many departments, all involving commercialization.</p><p>\"Before officially starting the commercial business, we spent a lot of time doing basic work, including algorithms, user experience system, audit system, etc. The core of a lot of strategic thinking and preparation is that we can make money, but we can't hurt the user experience.\" Cao Shibo said.</p><p>Later, Aauto Quicker set up a relatively complete index system, which introduced economic models to measure how much money it would make and how much DAU it would lose if this traffic was advertised, and ensured the user experience through systematic indicators and monitoring.</p><p>\"Until today, we have very strict internal control and mechanism on the frequency of users watching advertisements, and strictly control the quality of advertising content.\" Cao Shibo said,<b>They invested hundreds of people and spent months tagging users to ensure the accuracy of algorithm recommendations and crowd targeting.</b></p><p>When these basic works are completed, the commercialization system of Aauto Quicker is launched, and the magnetic engine goes online, the online marketing revenue of Aauto Quicker soars. In 2019, Kuaishou achieved 7.4 billion online marketing revenue, 7.2 billion in the first half of 2020, and 21.9 billion for the whole year, with a growth rate of over 200%.</p><p>Cao Shibo said that in 2021, the commercialization of Kuaishou, regardless of the number of brand advertisers, alliance advertising and the development of more advertising forms, is greatly expanding the growth space of Kuaishou online marketing revenue.</p><p>Similar to the experience of commercialization of Aauto Quicker, Luo Qiong, vice president of Aauto Quicker e-commerce and head of platform experience, was also \"very uncomfortable\" when he first joined Aauto Quicker.</p><p>Luo Qiong has worked in the traditional e-commerce platform for 15 years, but the industry's very mature promotion and selling traffic logic often hits the wall of \"community ecology\" in Aauto Quicker.</p><p>For her, the task is not to create how much GMV, but to build trust between merchants, anchors and consumers, enhance the value of the community, and make the cake bigger.</p><p><b>\"Traditional e-commerce relies heavily on goods, while Aauto Quicker actually relies heavily on people. For traditional e-commerce practitioners, this difference has a very strong shift in the center of gravity, and you will find that this is a slow reflection from community to people, and then to transaction conversion. Unlike efficient e-commerce, the short-term benefits are very beautiful.\"</b>Luo Qiong said that Kuaishou hopes to establish a brand-new form of e-commerce, which is based on the connection and trust between people.</p><p>This new trust relationship based on short video and live broadcast takes time to settle, but the imagination is large enough. In 2020, the GMV of Kuaishou e-commerce reached 381.2 billion, an increase of 4,000 times in two years, and the average repurchase rate of users was as high as 65%.</p><p>In 2021, Kuaishou further put forward the concept of trust e-commerce, and built the mind and cognition of Kuaishou e-commerce with ultimate trust, hoping to reconstruct the decision-making of one billion consumers in a new way. In fact, the rise of Aauto Quicker e-commerce is already changing the traditional e-commerce industry pattern.</p><p><img src=\"https://static.tigerbbs.com/210d2ee9a518657bfd7f5b6471c11fb2\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p>More importantly,<b>The business ecology built by Aauto Quicker based on live broadcast, advertising and e-commerce is feeding back tens of millions of content creators, making them live better in this community. The business ecology is forming a positive cycle of mutual promotion with the content ecology.</b></p><p>This positive cycle is particularly important to underpin Aauto Quicker's vision. In the past decade, Aauto Quicker has actually been a unique social experiment in the Internet field, paying attention to ordinary people, equality and inclusion. Such an experiment went smoothly at first, but then it encountered challenges. The two-wheel drive of content ecosystem and business ecosystem can make this chariot move forward more smoothly, and whether Aauto Quicker can succeed further can also verify what kind of tool the Internet is for human beings-ruling people or making people more equal.</p><p><b>From equality and inclusion to warmth and trust, the story of Aauto Quicker in the next decade is kicking off.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b57241e30a2dc7e84d4588d7aafb919c","relate_stocks":{"01024":"快手-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186442864","content_text":"2011年底，刚刚组队的小创业公司GIF快手，创始人程一笑在微博、豆瓣等平台发布了一则招聘信息：诚求UI设计师一位做创业伙伴，提供有竞争力的薪酬以及丰厚的股权。\n程一笑是豆瓣深度用户，当时他经常逛的两个小组是“IT招聘王”和“平面设计师”。公司草创，产品肇始，这位年轻人对社区、设计有着近乎直觉般的向往。\n2011年是风起云涌的一年：知乎刚刚成立，美团也才上线一年，B站刚刚从前身“Mikufans”更名bilibili。随着移动互联网蓬勃发展，海淀区的咖啡厅像菜市场一样热闹，无数人投身其中。\n程一笑的招聘信息发出去不久，一位UI设计师加盟了GIF快手，成为最早期的4名员工之一。他们蜗居在海淀区立水桥奥北社区的一间民居里，默默打磨这款产品。\n\n十年前，奥北中心的办公桌\n快手联合创始人杨远熙回忆，当时工作和生活分不开，四个人每天中午轮班去订饭，“当时楼下一共也只有七个饭馆，基本是把七个饭馆，按照不同的顺序排一遍。”\n或许是无法忍受这样的工作和生活状态，或许对于这家小公司的未来不抱希望，那位设计师没过多久便离开了GIF快手，与一个时代擦肩而过。\n谁也无法预料，多年后这家公司会开创整个短视频时代，并在经历一番发展的风风雨雨后，在香港联交所上市，市值一度达万亿港元，成为国内第五大互联网公司。\n至今，其他三位早期员工还在带领快手前行：联合创始人程一笑、银鑫和杨远熙，连同2013年加入快手的宿华，他们构成了快手这款独特产品的底色。\n十年，转瞬即逝，无数公司湮没在移动互联网的大浪淘沙中。快手的十年，曾经风调雨顺，也曾迫在眉睫，在强大竞争压力下最终顽强冲上了3亿日活。\n\n快手登陆港交所\n这是一个跌宕传奇的故事，也是过去十年中国移动互联网公司进化的一个典型样本。产品、技术、运营、商业，当一家年轻公司提前踏上一片沃土，而它的积累又与面对的巨大机会并不匹配时，如何生存、发展、坚守、进化，做出关键且正确的决策，进而拉开了一场持久战。\n风云际会\n2013年，上海。这天下午，晨兴资本合伙人张斐决定见一见那位寻求投资的年轻人，对方毕业于清华大学，曾在谷歌、百度任职。履历丰富的同时，还是名连续创业者，性格坚韧且充满能量。\n这是张斐与他的第二次见面，这位叫宿华的年轻人正准备放弃自己手头的创业项目，展开更多新的尝试。\n据张斐回忆，宿华当时讲了20多个项目，“很多特别有趣的创业想法，但一个个过了之后，发现大部分并不成熟，我也很直接反馈。”\n\n上市现场四位联合创始人切蛋糕\n一个在寻找面向未来的投资标的，一个在寻求新的创业方向，大半天时间两个人讨论了创业的无数可能，然后一一推翻。突然间，张斐头脑中灵光一闪：\n“我这儿有一个挺好的产品经理，你要不跟他一起合作吧！”张斐开口道。\n这个“挺好的产品经理”就是程一笑。作为GIF快手的天使投资人，张斐对4G时代的手机视频十分看好，而GIF快手作为一种原始的视频形态让他看到了某种可能。\n自2011年上线，GIF快手已经积累了不少用户，并开始尝试从工具向短视频社区转型，但并不顺利。\n作为产品经理，程一笑面对着一个朴素的挑战：当用户通过GIF快手生产内容，并且愿意把作品上传到社区版块的时候，如何让每个人的作品被更多人看见？这是对创作者热情最基础，也是最终极的激励。\n最初，他们采用通用推荐的方式，就是每天把新的作品或者七天内的作品做成榜单，榜单排序是按照作品的评论、分享、点赞等热度权重打分而来，所有用户看到的是同一个榜单。\n榜单能够推荐的作品数量极其有限，容易头部化，有才艺、颜值的创作者才有机会上热门，而程一笑特别希望看到普通人的作品也能登上榜单。\n联合创始人杨远熙回忆，为了尽可能让更多人的作品被看到，他们每天上班第一件事就是调整推荐公式。今天把A从0.7调到0.8，明天把B从0.5调到0.4。时间一久，公式越改越复杂，效率和效果却始终不好。\n这不是光凭产品经理能够解决的问题，这个视频社区的雏形需要先进技术的加持，需要一种崭新的算法和推荐方式。\n当张斐在上海鬼使神差产生了将宿华、程一笑撮合到一起的想法时，风云际会。一个手握最先进的技术工具，一个对产品、社区有着强大的理解与设计能力。两个人见面了。\n后面的故事，到今天已经广为流传。2013年夏天，北京金隅酒店，宿华、程一笑见了面，两个不善言辞的人一直聊到凌晨两三点。两人在价值观上高度一致，认为社区应该给更多人曝光的机会，让普通人的作品被看到。\n这些朴素的理念，后来被总结为快手公平普惠的价值观，并在潜移默化中成为产品和算法的底层逻辑。\n团队合并、股权调整后，程一笑负责产品，宿华成为CEO，他们迅速做了两件“大事”，一是将公司搬到五道口华清嘉园，二是宿华为GIF快手写下了推荐算法的第一行代码。\n\n快手在五道口华清嘉园\n技术力量是强大的，宿华为快手带来的推荐是个性化推荐、千人千面，每个人看到的是不一样的快手，而每个作品都会给予初始的冷启动流量，这种划时代的体验第一次应用在短视频上，爆发的能量肉眼可见。\n2014年4月，“GIF快手”更名为快手，正式转型短视频社区平台；6月6日，快手DAU首次突破百万；2015年1月，快手DAU超过千万；2016年底DAU达4000万；2017年底DAU超过1.1亿。在此之前，快手几乎没有做过市场投放，用户增长得益于普惠理念下对长尾内容分发的精准和效率，以及平台对普通人生活的关注。\n一位快手早期员工这样回忆与程一笑的面试：“前面百分之五六十都是我在说他在听的状态。后来他就拿出手机，给我看他关注的列表，他关注了一些什么样的人，然后就滔滔不绝地跟我讲每个人，就像讲他的家人一样，他们是什么样的人，快手里经历过什么。”\n无论宿华还是程一笑，至今保持了这样的习惯。作为创始人，他们从一个个正向反馈、命运变迁和“感谢官方”的用户评价中，获得了远超过商业回报的信念激励。\n战斗打响\n2017年底，快手作为过亿DAU的互联网应用，员工规模只有1000多人，而再往前推一年，这家公司只有六七百人。\n在一定程度上，这验证了宿华的一种假设，一支小规模的技术团队到底可以驾驭多大用户规模的产品；没有商业化、强运营的干扰，从社区到社交，需要多长时间的沉淀。\n这是一段低调、平静、享受增长和用户反馈的日子，越来越多普通人用快手记录生活，让这款产品既独具特色，又充满理想主义，但它并不完美、不乏争议，甚至危机四伏，并在2018-2019年进入拐点。\n “必须得干，要战斗！”2019年6月，快手西二旗总部，一位早期员工至今记得联合创始人程一笑在动员大会上发出的呐喊。\n这是一次改变快手历史进程的会议。他说，当看到两位不善言辞的创始人走上台，握紧拳头，号召全员投入，在场的每个人都热血沸腾。\n自2011年创业到2017年底DAU破亿，作为短视频行业的开创者，快手不是没有打过仗，美拍等一款又一款产品，都曾挑战快手的地位。直到2018，他们遭遇了一个前所未有强大的对手，字节跳动旗下的抖音，用全新产品逻辑、内容分发逻辑、商业逻辑，实现了迅速超越。\n终于，这场仗不打不行了。据《晚点》报道，2019年春节后，快手高管和产品团队一起去重庆做了一场用户调研，内部称之为“重庆会议”，宿华和程一笑受到了来自用户的直接刺激，意识到不激进增长=把用户拱手让给他人；不团结作战=默许团队战斗力减退。\n6月18日，宿华和程一笑发布全员信，直言快手面对的挑战与隐患：“我们已经不是跑得最快的那支队伍，在长大的过程中，我们的肌肉开始变得无力，反应变慢，我们与用户的连接感知在变弱。”首当其冲的当然是用户规模，快手发起了K3战役，定下了春节前3亿日活的年度目标。\n用户规模其实只是表象，产品形态、用户体验、分发逻辑、组织作战能力、运营体系、商业化系统、基础设施才是横亘在这家“小公司”面前，需要跨越的一个个鸿沟。\n如果说过去是产品+技术、小米+步枪打赢了游击战，现在快手面对的则是整建制的王牌师、战力惊人、速度奇快、花钱大胆，如果创始人自己无法迭代，并且带领公司整体进化，用户很可能用脚投票。\n这样的案例在移动互联网历史上比比皆是，无论团购、共享单车，还是移动电商，都曾有众多创业公司提前一步或两步踏上风口，最终被后来者碾压，除了运气，核心还在于风口之上，创始人和公司没有迅速完成从“小公司”到“大公司”的进化。\n宿华和程一笑应当庆幸当时发起战斗的勇气与决心。如今，虽然不再是赛道上的NO.1，但快手没有被竞争打垮，而是在与自我、对手、市场的反复较量中，变得更强大。\n“从来没有哪家实力强的企业会在竞争中被别人干掉。”快手高级副总裁马宏彬表示，与友商之间基本是越竞争，越增长。\n依靠产品、算法、运营的同步调整，组织的高速运转、央视春晚合作以及极速版的崛起，快手实现了K3目标。\n今年5月24日，上市后的快手发布了2021年第一季度业绩。数据显示，快手中国应用程序及小程序的平均日活跃用户达到3.792亿，日活跃用户日均使用时长达99.3分钟。\n“对手好像没把我们打成什么样，别管怎么竞争，我们也涨到了3亿。“一位快手负责人表示，K3之前很多人憋了一股劲，这场战役成为一个缓解焦虑的出口，让快手处境终于触底反弹。\n求同存异\nK3成为快手从佛系到狼性的转折点，从此之后，团队持续扩张，节奏越来越快。每隔几个月，宿华和管理团队就要打一场大仗。\n开弓没有回头箭，产品要变，算法要变，运营要变，商业模式要变，1万多人的队伍求变、求胜，而所有这些变化最终要让快手成为快手，还是成为对手？\n而在全面进化的道路上，哪些能变，哪些不能变，需要快手创始人和高管划定一个范围，并在业务成长中反复修正。\nK3之后的2020年，快手进化的方向、边界和逻辑逐渐清晰：运营做轻还是做重；产品双列还是单列；重视私域还是公域，这些曾在内部引起争论和困惑的问题都有了答案。\n2019年前，快手没有正向运营体系，本着不打扰用户的理念，所谓的运营部门主要是负向运营，创作者违规了如何判定和处理，账号违反了社区规则如何处理。\nK3启动后，快手高级副总裁马宏彬接手并搭建了运营体系的雏形。核心要解决的问题，一是优质创作者引入，二是优质内容分发、创作者成长，通过运营创作者和优质内容，提升社区活跃度、留存并带来新增。\n对快手来说，运营驱动是全新尝试。快手鼓励普通人记录生活，双列展示并给予公平流量，但内容质量却参差不齐，严重影响了快手的观感和调性，进而伤害一二线城市用户的接受度。\n一边下重手治理社区风气，一边通过引入优质创作者提升内容品质，并给予运营和流量支持，这让快手内容生态在2018—2019年发生了重大变化，成为吸引增量用户的基础。\n\n2018年，快手平台研发部的团建现场变工作现场\n据了解，引入人才和建设新运营体系过程中，创始人给了一个底层逻辑，无论内容怎么变，快手最关注和最在意的仍然是人。快手内容运营中心总经理刘逍还记得，面试的时候，宿华花了近两个小时给她讲了“葡萄哥”的故事。\n“其他公司的面试，应该不会把一个半小时的时间都花在去讲某个用户的故事上，何况是创始人。”她发现，这家公司真的非常在乎每个创作者。\n“快手与友商的运营逻辑区别很大，我们更在乎人，对方此刻还是非常在乎内容，会在乎内容的好看程度，这是一个挺大的底层差异，会导致你的分发逻辑完全不一样。”刘逍说，过去快手的运营偏管理，会告诉你什么事情不能做，但现在的创作者服务团队，变成一个服务者角色。\n2020年初，刘逍入职快手后，运营开始进入精细化阶段。在她看来，快手内容生态已经非常庞大，任何单一垂类拿出来都可以成为一个大规模兴趣社区。在这样的环境下，维持局部与生态之间的关系，保持生态的健康，让创作者的体验更好，是个非常宏大的课题。\n与此同时，快手核心管理层终于解决了两个棘手问题，一是单列和双列的选择问题，二是私域和公域的平衡问题。\n单列和双列曾经困扰了快手很长时间，最终两种形态在快手8.0版本上实现了融合，主站保留双列社区形态，同时辟出单列消费体验的入口；快手极速版则全面承担起上下滑场景的重任，夺取用户，DAU破亿之后还在持续增长。\n另一方面，今年4月广州举办的快手光合创作者大会上，快手高级副总裁主站产品部负责人王剑伟首次明确了快手私域为主、公域扩容的原则。\n“从管理复杂度来讲，肯定是公域好管得多。谁行谁上，不行拉倒。但是私域相当于创作者有了自己的一点产业在那里，你到底是管还是不管、用什么样的方式管，难度特别大。”程一笑表示，把私域做好并管好，让更多生产者“绽放”，可以让社会有更多温度和信任。\n单双列融合、公私域结合，打造一个充满温度和信任的在线社区，在快手内部已经达成了高度共识，“公私域结合在一起，一定比只做公域难，而且难不少，但这个难点恰恰是快手最大的优势，一旦建立好了就是巨高的门槛。”一位快手高管表示，这就是快手与其他平台的差异化和特色道路。\n生态正循环\n2021年3月，快手发布了上市后的首份财报。2020年，快手实现营收588亿元，其中线上营销收入219亿元，占比37.2%。第四季度，快手线上营销单季收入85亿，超越直播打赏成为快手第一大收入来源。\n随后公布的Q1财报，快手收入结构延续这一变化，线上收入占比超过50%，直播、电商等紧随其后。成立十年，快手终于改变了以单一直播收入为核心的收入结构，线上营销和新兴业务收入成为两翼。\n\n众所周知，快手的商业化体系搭建较晚。在很长一段时间，宿华和程一笑都对商业因素伤害用户体验这件事十分警惕和排斥。\n2018年前，尽管快手已超过1亿日活，但只发展了直播作为唯一变现方式。两位创始人观点是，直播是一款用户产品，不伤害用户体验，当直播发生的时候，打赏的人开心，看打赏的人开心，被打赏的人也开心。\n但是，信息流广告不同，它很可能伤害用户体验，进而造成日活损失。所以，任何一个快手商业化的核心成员，都能感受到开启这扇大门的艰难。\n“过去我每次给两位创始人发收入变动，他们都反应平淡，每次说我今天又做了一个优化用户体验的实验，回复总是非常快，你就能看到他们内心深处对什么事是最重视的。”快手商业化一位负责人对此深有体会。\n另一位深有体会的是快手科技商业收益管理中心总经理曹世博。商业分析出身的曹世博2018年初加入快手，辗转过多个部门，均涉及商业化。\n“正式启动商业化业务前，我们花了大量时间做基础工作，包括算法、用户体验体系、审核体系等，很多战略层面的思考和准备，核心就是赚钱可以，但不能伤害用户体验。”曹世博说。\n后来，快手搭建了一个比较完备的指标体系，通过引入经济学模型去衡量，如果这个流量做广告变现会赚多少钱，又会损失多少DAU，通过体系化的指标、监测确保用户体验。\n“直到今天，我们内部对于用户看广告的频次有着非常严格的控制和机制，并且严控广告内容的质量。”曹世博说，他们投入了几百人花几个月之间去给用户打标签，以确保算法推荐和人群定向的精准。\n当这些基础工作搭建完成，快手商业化体系推出，磁力引擎上线后，快手线上营销收入直线上升。2019年，快手线上营销收入74亿，2020年上半年72亿，全年219亿，增速超过200%。\n曹世博表示，2021年快手商业化无论品牌广告主的数量、联盟广告以及更多广告形式的开拓，都在大大拓展快手线上营销收入的增长空间。\n与快手商业化拓土的经历类似，快手电商副总裁、平台体验负责人罗琼刚加入快手的时候，也“非常不适应”。\n罗琼在传统电商平台工作了15年，但业界非常成熟的促销、卖流量逻辑，在快手常常会撞在“社区生态”的墙上。\n对她来说，任务不是去创造多少GMV，而是构建商家、主播与消费者之间的信任度，提升社区价值，把蛋糕做大。\n“传统电商非常依赖货，快手其实非常依赖人，这种差异对传统电商从业者来说，重心有非常强烈的偏移，而且你会发现从社区到人，再到交易转化，这是个慢反射，不像效率型电商，短期效益很漂亮。”罗琼说，快手希望建立一种全新的电商形态，它基于人与人之间的连接和信任。\n这种基于短视频和直播建立的新型信任关系，需要时间沉淀，但想象空间足够大。2020年，快手电商GMV达到3812亿，两年增长了4000倍，用户平均复购率更是高达65%。\n2021年，快手进一步提出信任电商概念，以极致信任构建快手电商的心智和认知，希望用崭新方式重构十亿消费者的决策。实际上，快手电商的崛起，已经在改变传统电商行业格局。\n\n更重要的是，快手基于直播、广告、电商所搭建的商业生态，正在反哺数千万内容创作者，让他们在这个社区活得更好，商业生态正在与内容生态形成相互促进的正循环。\n这种正循环对于支撑快手的愿景尤为重要。过去十年，快手其实是互联网领域一个独一无二的社会实验，关注普通人，平等普惠。这样的实验一开始很顺利，后来遇到了的挑战，而内容生态系统和商业生态系统双轮驱动可以让这架战车更平稳前进，而快手能不能进一步成功，也可以验证互联网对人类来说是个什么性质的工具——统治人，还是让人更平等。\n从平等普惠，到温暖信任，快手下一个十年的故事正由此拉开序幕。","news_type":1,"symbols_score_info":{"90022":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":2199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187297251,"gmtCreate":1623754754873,"gmtModify":1704210607552,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187297251","repostId":"1119942956","repostType":4,"isVote":1,"tweetType":1,"viewCount":2060,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184799069,"gmtCreate":1623723738751,"gmtModify":1704209627919,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184799069","repostId":"1187885612","repostType":4,"isVote":1,"tweetType":1,"viewCount":2082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707410,"gmtCreate":1623723686530,"gmtModify":1704209625642,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707410","repostId":"2143178705","repostType":4,"repost":{"id":"2143178705","kind":"news","pubTimestamp":1623717670,"share":"https://ttm.financial/m/news/2143178705?lang=en_US&edition=fundamental","pubTime":"2021-06-15 08:41","market":"hk","language":"zh","title":"Be alert to the risk of US dollar rebound, and the RMB exchange rate is easy to depreciate but difficult to rise in the second half of the year","url":"https://stock-news.laohu8.com/highlight/detail?id=2143178705","media":"金融时报","summary":"近一段时间以来，人民币汇率走势牵动着市场神经。自央行决定上调金融机构外汇存款准备金率后，人民币对美元汇率已由6.35的近期高点贬至6.39上方。市场分析师普遍认为，人民币汇率趋近贬值拐点，下半年大概率会出现贬值压力。　　影响人民币汇率的因素是多方面的，其中美元升值风险将是最直接的一项。华创证券首席宏观分析师张瑜预计，美元在中长期会有较大反弹，人民币或已接近贬值拐点。预计美联储大概率将在三季度释放QE缩减的信号。","content":"<p>All the signs of universal immunization, economic recovery, increasing inflation and tightening monetary policy are pointing to the final realization of the logic of dollar appreciation. Recently, the trend of RMB exchange rate has affected the market nerves. Since the central bank decided to raise the reserve ratio of foreign exchange deposits for financial institutions, the exchange rate of RMB against the US dollar has fallen from a recent high of 6.35 to above 6.39. Market analysts generally believe that the RMB exchange rate is approaching the turning point of depreciation, and there will be a high probability of depreciation pressure in the second half of the year.<img src=\"https://static.tigerbbs.com/89cccc1aedcab6c848cb4f7d42a07318\" tg-width=\"550\" tg-height=\"202\" referrerpolicy=\"no-referrer\">There are many factors affecting RMB exchange rate, among which the risk of US dollar appreciation will be the most direct one.</p><p>In the first quarter of this year, the higher yield of U.S. bonds promoted the phased appreciation of the US Dollar Index. At the end of March, the US Dollar Index reached a phased high of 93.18. Since then, short-term factors such as faster vaccination in Europe have weakened the US dollar in the past two months, but the US Dollar Index has recently found a strong support level around 90, which the market speculates is likely to be the medium-term bottom of the US dollar. Zhang Yu, chief macro analyst of Huachuang Securities, predicts that the US dollar will rebound greatly in the medium and long term, and the RMB may be close to the turning point of depreciation.</p><p>All the signs of universal immunization, economic recovery, increasing inflation and tightening monetary policy are pointing to the final realization of the logic of dollar appreciation.</p><p>Developed countries such as the United States are expected to basically achieve herd immunity in the third quarter, and the PMI in Europe and America has reached a record high recently.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Chief macro analyst Dong Qi said that this indicates that the momentum of economic recovery is significantly strengthening thanks to vaccination.<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Center for Financial Research, said that if the US economy recovers strongly in the second half of the year, it may lead to a strengthening of the US dollar again.</p><p>Recently, 27 states in the United States have announced the tightening of unemployment benefits. Dong Qi predicts that the job market will gradually return to the normal repair track, which will not constrain the Fed's tightening of monetary policy. It is expected that the Federal Reserve will release the signal of QE reduction in the third quarter with a high probability.</p><p>At present, the new U.S. government is planning and promoting a new round of fiscal stimulus plan, and plans to launch a $6 trillion fiscal stimulus package in the near future. \"Although there will be a series of difficulties in the implementation of this plan, considering the optimistic expectations for the future of the US economy and the actual effects of some measures, it may become one of the driving forces for the phased strength of the US dollar.\" said Lian Ping, chief economist and dean of Zhixin Investment Research Institute. Zhang Yu also pointed out that the United States is still insisting on fiscal stimulus, which is beneficial to the economic benefits and inflation of the United States.</p><p>As global commodity prices continue to move higher and fluctuate at high levels, U.S. inflation levels have risen significantly. The U.S. CPI released on June 10th rose by 5% year-on-year, hitting a new high in nearly 13 years. The market expects the Federal Reserve's tightening of monetary policy to be imminent. Recently, the US Dollar Index has encountered strong downward resistance around 90, and it can't break through for a long time. It does not rule out the possibility of a sharp rebound in the future.</p><p>\"In the second half of 2021, the expectation of the Fed's rate hike will make a comeback, and the policy window of rate hike will appear at the end of the year and early next year,\" Lian Ping said. Zhang Yu said that the United States, or the first developed country in the world to shift monetary policy, has a higher probability of dollar appreciation. Lian Ping further pointed out that once the United States rate hike, and China will not follow up quickly with a high probability, the spread between China and the United States will further narrow, and there may even be periodic reverse spreads, which will push the US dollar to strengthen.</p><p>From the perspective of US dollar liquidity, Dong Qi pointed out that the marginal inflection point of US dollar liquidity is approaching. According to the bond issuance plan announced by the U.S. Treasury Department, the U.S. Treasury Department is expected to significantly increase the net financing scale of the private market to $821 billion in the third quarter, compared with $401 billion and $463 billion in the first two quarters respectively; The U.S. Treasury Department TGA account will also rebound from $450 billion at the end of July to $750 billion in September. Dong Qi pointed out that it can be seen that the US Treasury plans to increase the scale of bond issuance in the third quarter, and the TGA account will be re-expanded after bottoming out at the end of July, thus completing the transformation from water release to water pumping.</p><p>In addition, Lian Ping also pointed out that at present, the US dollar and the US Treasury Bond market are still important safe havens in the world. Global geopolitical risks will cause international safe-haven funds to favor US dollar bonds, which will push up US dollar demand in stages.</p><p>Ultimately, economic fundamentals are the determining factor in exchange rates. Dong Qi pointed out that as the pace of economic recovery in the United States accelerates, the relative advantage of China's economic fundamentals will narrow. Tang Jianwei believes that China's economy will be high and then low in 2021, while the United States and the world may be low and then high. In the second half of the year, the economic growth difference between China and the United States will narrow or put pressure on the RMB exchange rate.</p><p>\"Therefore, although the RMB exchange rate has continued to rise in recent times, it will not go out of the unilateral upward trend, and the RMB exchange rate will face depreciation pressure in the second half of the year.\" Tang Jianwei pointed out that although China's foreign exchange management department has withdrawn from the normalized intervention in the foreign exchange market, it will still guide market expectations through some policy tools and promote the two-way fluctuation characteristics of the RMB exchange rate.</p><p>Pan Gongsheng, Deputy Governor of the People's Bank of China and Director-General of the Foreign Exchange Administration, held a meeting at the 13th Session of the People's<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum said that macro-prudential management and expectation guidance will be strengthened, and the RMB exchange rate will be basically stable at a reasonable and balanced level. From the perspective of enterprise financial stability, Pan Gongsheng emphasized that enterprise exchange rate risk management should adhere to the principle of serving the main business and \"exchange rate risk neutrality\", prudently arrange the monetary structure of assets and liabilities, avoid the \"pro-cyclical\" and \"streaking\" behavior of foreign exchange risk management, and don't bet on the appreciation or depreciation of RMB. If you gamble for a long time, you will lose.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Be alert to the risk of US dollar rebound, and the RMB exchange rate is easy to depreciate but difficult to rise in the second half of the year</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\">\nBe alert to the risk of US dollar rebound, and the RMB exchange rate is easy to depreciate but difficult to rise in the second half of the year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融时报</strong><span class=\"h-time small\">2021-06-15 08:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>All the signs of universal immunization, economic recovery, increasing inflation and tightening monetary policy are pointing to the final realization of the logic of dollar appreciation. Recently, the trend of RMB exchange rate has affected the market nerves. Since the central bank decided to raise the reserve ratio of foreign exchange deposits for financial institutions, the exchange rate of RMB against the US dollar has fallen from a recent high of 6.35 to above 6.39. Market analysts generally believe that the RMB exchange rate is approaching the turning point of depreciation, and there will be a high probability of depreciation pressure in the second half of the year.<img src=\"https://static.tigerbbs.com/89cccc1aedcab6c848cb4f7d42a07318\" tg-width=\"550\" tg-height=\"202\" referrerpolicy=\"no-referrer\">There are many factors affecting RMB exchange rate, among which the risk of US dollar appreciation will be the most direct one.</p><p>In the first quarter of this year, the higher yield of U.S. bonds promoted the phased appreciation of the US Dollar Index. At the end of March, the US Dollar Index reached a phased high of 93.18. Since then, short-term factors such as faster vaccination in Europe have weakened the US dollar in the past two months, but the US Dollar Index has recently found a strong support level around 90, which the market speculates is likely to be the medium-term bottom of the US dollar. Zhang Yu, chief macro analyst of Huachuang Securities, predicts that the US dollar will rebound greatly in the medium and long term, and the RMB may be close to the turning point of depreciation.</p><p>All the signs of universal immunization, economic recovery, increasing inflation and tightening monetary policy are pointing to the final realization of the logic of dollar appreciation.</p><p>Developed countries such as the United States are expected to basically achieve herd immunity in the third quarter, and the PMI in Europe and America has reached a record high recently.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Chief macro analyst Dong Qi said that this indicates that the momentum of economic recovery is significantly strengthening thanks to vaccination.<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Center for Financial Research, said that if the US economy recovers strongly in the second half of the year, it may lead to a strengthening of the US dollar again.</p><p>Recently, 27 states in the United States have announced the tightening of unemployment benefits. Dong Qi predicts that the job market will gradually return to the normal repair track, which will not constrain the Fed's tightening of monetary policy. It is expected that the Federal Reserve will release the signal of QE reduction in the third quarter with a high probability.</p><p>At present, the new U.S. government is planning and promoting a new round of fiscal stimulus plan, and plans to launch a $6 trillion fiscal stimulus package in the near future. \"Although there will be a series of difficulties in the implementation of this plan, considering the optimistic expectations for the future of the US economy and the actual effects of some measures, it may become one of the driving forces for the phased strength of the US dollar.\" said Lian Ping, chief economist and dean of Zhixin Investment Research Institute. Zhang Yu also pointed out that the United States is still insisting on fiscal stimulus, which is beneficial to the economic benefits and inflation of the United States.</p><p>As global commodity prices continue to move higher and fluctuate at high levels, U.S. inflation levels have risen significantly. The U.S. CPI released on June 10th rose by 5% year-on-year, hitting a new high in nearly 13 years. The market expects the Federal Reserve's tightening of monetary policy to be imminent. Recently, the US Dollar Index has encountered strong downward resistance around 90, and it can't break through for a long time. It does not rule out the possibility of a sharp rebound in the future.</p><p>\"In the second half of 2021, the expectation of the Fed's rate hike will make a comeback, and the policy window of rate hike will appear at the end of the year and early next year,\" Lian Ping said. Zhang Yu said that the United States, or the first developed country in the world to shift monetary policy, has a higher probability of dollar appreciation. Lian Ping further pointed out that once the United States rate hike, and China will not follow up quickly with a high probability, the spread between China and the United States will further narrow, and there may even be periodic reverse spreads, which will push the US dollar to strengthen.</p><p>From the perspective of US dollar liquidity, Dong Qi pointed out that the marginal inflection point of US dollar liquidity is approaching. According to the bond issuance plan announced by the U.S. Treasury Department, the U.S. Treasury Department is expected to significantly increase the net financing scale of the private market to $821 billion in the third quarter, compared with $401 billion and $463 billion in the first two quarters respectively; The U.S. Treasury Department TGA account will also rebound from $450 billion at the end of July to $750 billion in September. Dong Qi pointed out that it can be seen that the US Treasury plans to increase the scale of bond issuance in the third quarter, and the TGA account will be re-expanded after bottoming out at the end of July, thus completing the transformation from water release to water pumping.</p><p>In addition, Lian Ping also pointed out that at present, the US dollar and the US Treasury Bond market are still important safe havens in the world. Global geopolitical risks will cause international safe-haven funds to favor US dollar bonds, which will push up US dollar demand in stages.</p><p>Ultimately, economic fundamentals are the determining factor in exchange rates. Dong Qi pointed out that as the pace of economic recovery in the United States accelerates, the relative advantage of China's economic fundamentals will narrow. Tang Jianwei believes that China's economy will be high and then low in 2021, while the United States and the world may be low and then high. In the second half of the year, the economic growth difference between China and the United States will narrow or put pressure on the RMB exchange rate.</p><p>\"Therefore, although the RMB exchange rate has continued to rise in recent times, it will not go out of the unilateral upward trend, and the RMB exchange rate will face depreciation pressure in the second half of the year.\" Tang Jianwei pointed out that although China's foreign exchange management department has withdrawn from the normalized intervention in the foreign exchange market, it will still guide market expectations through some policy tools and promote the two-way fluctuation characteristics of the RMB exchange rate.</p><p>Pan Gongsheng, Deputy Governor of the People's Bank of China and Director-General of the Foreign Exchange Administration, held a meeting at the 13th Session of the People's<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum said that macro-prudential management and expectation guidance will be strengthened, and the RMB exchange rate will be basically stable at a reasonable and balanced level. From the perspective of enterprise financial stability, Pan Gongsheng emphasized that enterprise exchange rate risk management should adhere to the principle of serving the main business and \"exchange rate risk neutrality\", prudently arrange the monetary structure of assets and liabilities, avoid the \"pro-cyclical\" and \"streaking\" behavior of foreign exchange risk management, and don't bet on the appreciation or depreciation of RMB. If you gamble for a long time, you will lose.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632888\">金融时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab1815ec48bd4c5f20d5928cc3337253","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://wallstreetcn.com/articles/3632888","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"2143178705","content_text":"全民免疫、经济复苏、通胀加剧、货币政策收紧，种种迹象都在指向美元升值逻辑的最终实现。\n\n近一段时间以来，人民币汇率走势牵动着市场神经。自央行决定上调金融机构外汇存款准备金率后，人民币对美元汇率已由6.35的近期高点贬至6.39上方。市场分析师普遍认为，人民币汇率趋近贬值拐点，下半年大概率会出现贬值压力。影响人民币汇率的因素是多方面的，其中美元升值风险将是最直接的一项。\n今年一季度美债收益率走高推动美元指数出现阶段性升值，3月末美元指数曾达到93.18的阶段性高点。此后，欧洲疫苗接种较快等短期因素使美元近两月走弱，但美元指数近期已在90附近寻找到强力支撑位，市场猜测这很可能是美元的中期底部。华创证券首席宏观分析师张瑜预计，美元在中长期会有较大反弹，人民币或已接近贬值拐点。\n全民免疫、经济复苏、通胀加剧、货币政策收紧，种种迹象都在指向美元升值逻辑的最终实现。\n美国等发达国家预计将在3季度基本实现群体免疫，近期欧美PMI连创新高。国泰君安首席宏观分析师董琦表示，这表明受益于疫苗接种，经济复苏动能正显著加强。交通银行金融研究中心首席研究员唐建伟表示，下半年美国经济如果强劲复苏可能再次导致美元走强。\n近期美国已有27个州宣布收紧失业金发放，董琦预计，就业市场会逐渐回归正常修复轨道，不会对美联储收紧货币政策形成掣肘。预计美联储大概率将在三季度释放QE缩减的信号。\n目前美国新政府正在筹划和推动新一轮财政刺激计划，计划近期推出6万亿美元的财政刺激方案。“尽管这一计划落实会有一系列困难，但考虑到对美国经济未来的乐观预期和部分举措落地之后带来的实际效应，有可能成为美元阶段性走强的动力之一。”植信投资首席经济学家兼研究院院长连平说。张瑜也指出，美国仍在坚持财政刺激，利好美国的经济效益和通胀。\n随着全球大宗商品价格持续走高并在高位波动，美国通胀水平明显上升。6月10日公布的美国CPI同比大涨5%，创出近13年的新高。市场预计美联储收紧货币政策或已箭在弦上。近日美元指数在90附近遇较强下行阻力，久久不能突破，不排除未来大幅反弹的可能性。\n“2021年下半年，美联储加息的预期将卷土重来，年底和明年初将会显现出加息的政策窗口。”连平说。张瑜说，美国或是全球第一个货币政策转向的发达国家，美元升值概率更高。连平进一步指出，一旦美国加息，而我国大概率不会迅速跟进，中美利差会进一步收窄，甚至可能会出现阶段性的反向利差，其将推动美元走强。\n从美元流动性角度看，董琦指出，美元流动性边际拐点将至。根据美国财政部公布的发债计划，美国财政部预计将在三季度大幅增加私人市场净融资规模至8210亿美元，而前两个季度分别为4010亿和4630亿美元；美国财政部TGA账户也将从7月底的4500亿美元回升至9月的7500亿美元。董琦指出，由此可见，美国财政部计划在三季度加大发债规模，TGA账户将在7月底见底后重新扩容，由此完成放水到抽水的转变。\n此外，连平还指出，目前美元和美国国债市场仍是全球重要的避险港湾。全球地缘政治风险会造成国际避险资金青睐美元债券，阶段性推高美元需求。\n归根结底，经济基本面是汇率的决定性因素。董琦指出，随着美国经济复苏步伐加快，中国经济基本面相对优势将收窄。唐建伟认为，中国经济2021年将是前高后低的走势，而美国和全球可能是前低后高，下半年中美经济增速差缩小或使人民币汇率承压。\n“因此，虽然人民币汇率近一段时间持续走高，但不会走出单边上涨趋势，下半年人民币汇率面临走贬压力。”唐建伟指出，中国外汇管理部门虽然退出对外汇市场的常态化干预，但仍会通过一些政策工具引导市场预期，促成人民币汇率的双向波动特征。\n人民银行副行长、外汇局局长潘功胜在第十三届陆家嘴论坛上表示，将加强宏观审慎管理和预期引导，保持人民币汇率在合理均衡水平上的基本稳定。从企业财务稳健的角度看，潘功胜强调，企业汇率风险管理应坚持服务主业和“汇率风险中性”原则，审慎安排资产负债货币结构，避免外汇风险管理的“顺周期”和“裸奔”行为，不要赌人民币升值或贬值，久赌必输。","news_type":1,"symbols_score_info":{"CYB":0.9,"CNHmain":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707294,"gmtCreate":1623723676918,"gmtModify":1704209625319,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707294","repostId":"2143867731","repostType":4,"isVote":1,"tweetType":1,"viewCount":2597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707684,"gmtCreate":1623723670848,"gmtModify":1704209625157,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707684","repostId":"1159573154","repostType":4,"repost":{"id":"1159573154","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1623719404,"share":"https://ttm.financial/m/news/1159573154?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:10","market":"us","language":"zh","title":"The United States launches a new round of financial sanctions, and Russia strikes back strongly: selling the dollar!","url":"https://stock-news.laohu8.com/highlight/detail?id=1159573154","media":"券商中国","summary":"拜登与普京会面前夕，美国和俄罗斯已经“掐得不可开交”。\n刚刚，美国对俄罗斯的新一轮金融制裁正式生效。自6月14日起，美国企业被禁止购买首次发行的俄罗斯国债，以欧元计价发行的俄罗斯国债也被纳入了禁止买入","content":"<p>On the eve of Biden's meeting with Putin, the United States and Russia have \"pinched their hands\".</p><p>Just now, a new round of financial sanctions imposed by the United States on Russia officially took effect. Since June 14th, American companies have been banned from buying initial Russian Treasury Bond, and Russian Treasury Bond issued in euros has also been included in the scope of the ban, once called the \"most powerful\" punishment in financial markets.</p><p>Russia's counterattack has also been relentless, with the Russian Treasury Ministry announcing that it will change the structure of the national wealth fund over the next month, reducing the share of the dollar to zero, while Russia almost completely empties long-standing U.S. Treasury Bond.</p><p>The timing of this round of contest between the two sides in the financial market is very sensitive. On June 16th, local time, US President Joe Biden will meet with Russian President Vladimir Putin in Geneva, Switzerland, for a summit between US and Russia leaders. On the eve of the summit, heads of state of both sides have made \"harsh words\", so markets expect the meeting to be one of the most bitter political games.</p><p>The \"most powerful\" financial sanctions? Another US pressure on Russia</p><p>According to CCTV News, since June 14, the U.S. financial sanctions against Russia officially took effect. The U.S. government prohibits domestic businesses from buying initial Russian Treasury Bond (denominated in rubles), and Russian Treasury Bond issued in euros are also included in the prohibition, but U.S. businesses are allowed to trade Russian Treasury Bond on the secondary market.</p><p>So how much will this punitive measure, regarded by financial markets as \"the most powerful\", affect the Russian economy?</p><p>First of all, the scale of Treasury Bond issuance in Russia. According to the latest data from the Russian Federal Audit Office, as of the first quarter of 2021, Russia's Treasury Bond increased by 741.3 billion rubles (about RMB 64.4 billion) compared with the previous quarter, and the total scale of Russian debt reached 19.7 trillion rubles (about RMB 1.71 trillion), accounting for 17% of Russia's GDP.</p><p>At present, the government bonds of the Russian Federation held by foreign investors are about 2,798.9 billion rubles, accounting for about 14% of the total Russian debt. However, this part of Treasury Bond belongs to the normal trading of stock in the secondary market and is not restricted by the US sanctions.</p><p>In addition, looking at the issuing end of the Russian Treasury Bond, German Gref, president of the Russian Federal Savings Bank, made it clear that the relevant bond issuance plan in Russia will be completed on schedule. According to the Russian Ministry of Finance, from June 16th, Russia will put the initial Treasury Bond on the market, and will issue three Treasury Bond worth 500 billion rubles on the same day.</p><p>Oxford Economics, a British analyst firm, believes that because the US only bans the purchase of Russian Treasury Bond in the primary market, the sanctions will have a limited and more symbolic impact on the Russian Treasury Bond market. If sanctions [against Russia] affect trading in the secondary market, the threat effect will be very strong.</p><p>In the face of the coming into effect of US financial sanctions, Russian Finance Minister Siluanov also strongly said that Russian Treasury Bond will still maintain a high demand rate, and sanctions will only cause losses to American companies.</p><p>In fact, this financial sanctions policy started in mid-April this year, when the U.S. government announced a series of measures to sanction Russia, including prohibiting American companies from buying Russia's initial Treasury Bond, but they can buy and sell Russian Treasury Bond in the secondary market, which took effect from June 14, 2021.</p><p>At the time, the U.S. sanctions were justified by Russian interference in U.S. elections, hacking of systems and a string of \"hostile acts\" that expelled 10 Russian diplomats in addition to banning U.S. companies from buying Russian-issued Treasury Bond, and the U.S. Treasury sanctioned 32 Russian entities and individuals.</p><p>Fight back! Russia to sell U.S. dollars and U.S. bonds aggressively?</p><p>Russia has begun to \"fight back\" against US financial restrictions. On June 3rd, local time, Russian Finance Minister Siluanov said at the St. Petersburg International Economic Forum that the Russian Ministry of Finance will change the structure of the national wealth fund within one month, in which the share of the US dollar will be reduced to zero, the pound will be reduced to 5%, the Japanese yen will remain at 5%, the euro will increase to 40%, the RMB will increase to 30%, and gold will account for 20%.</p><p>It is reported that the Russian National Wealth Fund was established to support the Russian pension system, and its funds can also be used to make up the budget deficit during the crisis. Now it has become an important part of the budget assets of the Russian Federation.</p><p>According to the data disclosed by the official website of the Russian Ministry of Finance, as of May 1 this year, the total assets of the fund reached 185.87 billion US dollars, or 13.82 trillion rubles (equivalent to 1.2 trillion yuan), accounting for 12% of Russia's GDP.</p><p><img src=\"https://static.tigerbbs.com/fa032108d554b578fd9c7f09ff52c6d4\" tg-width=\"796\" tg-height=\"580\" referrerpolicy=\"no-referrer\"></p><p>As of early May, the fund's liquid assets were worth approximately $119 billion, of which one-third (approximately $41.5 billion) were dollar assets. It means that in the next month, the Russian state wealth fund will sell the US dollar sharply.</p><p>On February 24th this year, the Ministry of Finance of the Russian Federation announced that RMB and Japanese yen would be included in the National Wealth Fund, and the two currencies accounted for 15% and 5% respectively in the foreign exchange structure of the fund. Meanwhile, the dollar and euro both fell to 35%, while the pound remained unchanged at 10%.</p><p>In response to a question about the adjustment of the investment structure of the national wealth fund, Russian presidential press secretary Peskov said that de-dollarization is a long-term process visible to the naked eye. Not only is Russia de-dollarizing, but many countries around the world are doing similar things as these countries are beginning to be concerned about the reliability of major foreign exchange reserve currencies.</p><p>Until March 2018, the US dollar had been one of the most important foreign exchange reserves of the Russian Central Bank, accounting for 43%-48% at one time. After that, due to the tightening of sanctions imposed by the United States on Russian enterprises and citizens, in order to minimize the risk of sanctions, the Russian central bank began to continuously reduce the proportion of US dollars in foreign exchange reserves. By the end of 2020, the proportion of US dollars and US dollar assets in Russia's international reserves had dropped to 21.2%, and the proportion of gold and RMB had increased to 23.3% and 12.8%.</p><p>At the same time, Russia's selling of US dollars is a \"clearance\" reduction of US Treasury Bond. According to the latest data released by the U.S. Treasury Department, in February this year, Russia almost completely emptied the long-term Treasury Bond of the United States (only $306 million remained). In that month, it reduced its holdings of U.S. debt by $389 million, and the final position dropped to $5.8 billion. Compared with Russia's highest holdings of U.S. debt, the cumulative selling ratio reached 94%.</p><p>Biden and Putin are about to meet, how to talk?</p><p>Perhaps behind the secret rivalry between the United States and Russia is the upcoming summit between the United States and Russia.</p><p>According to the official website of the White House, US President Joe Biden will meet with Russian President Vladimir Putin in Geneva, Switzerland on June 16th local time.</p><p>At this time, Biden was already in Europe and had just finished attending the G7 summit. After three days of dialogue and consultation, the leaders of the G7 announced that they had reached a certain consensus on fighting the epidemic, rebuilding the economy, trade reform and green transformation, and announced it in the form of a summit communique.</p><p>China has been mentioned many times in the G7 communique, including issues such as Xinjiang, Hong Kong and Taiwan. Subsequently, a spokesman for the Chinese Embassy in Britain said in response to a reporter's question that the G7 communique made remarks that distorted facts and reversed right and wrong on issues such as Xinjiang, Hong Kong and Taiwan, deliberately slandered China and interfered in China's internal affairs. This was a serious violation of the basic norms of international relations and further exposed the sinister intentions of a few countries such as the United States. We are strongly dissatisfied and firmly opposed to this.</p><p>India, plagued by the epidemic, is also making small calculations. The Global Times quoted foreign media reports that India may join the G7 infrastructure plan, which aims to provide a so-called \"value-driven, high-standard and transparent\" partnership to counter China's \"Belt and Road\" initiative.</p><p>If the G7 summit is a game of words behind closed doors, then the summit of US-Russia leaders on June 16th will probably not make Biden so easy, and the meeting between Biden and Putin will probably be the most intense political game.</p><p>In fact, the strong smell of gunpowder can be smelled from a series of signals released by the United States and Russia before the meeting.</p><p>Biden's byline article in the Washington Post on June 6 that the United States does not seek conflict with Russia but will not hesitate to react to future harmful Russian activities will once again emphasize the commitment of the United States, Europe and like-minded democracies to support human rights and dignity when meeting with Putin.</p><p>According to CCTV news, on June 4, local time, Russian President Vladimir Putin spoke at the St. Petersburg International Economic Forum. Speaking about the upcoming Russia-US leaders' summit, he said that Russia-US relations are at an extremely low level and will look for ways to solve the problems in bilateral relations with US President Joe Biden, and will discuss strategic stability, arms reduction, the COVID-19 pandemic and other issues.</p><p>Putin pointed out that Russia has no differences with the United States, except that the United States wants to curb Russia's development. He said that the relationship between Russia and the United States has largely become a bargaining chip for the United States to govern its internal affairs, and he hoped that this situation would end at some point.</p><p>In addition to the mutual testing of the two heads of state at the verbal level, the wrestling of military power between the United States and Russia has also become frequent. On June 11th, the National Defense Management Center of the Russian Ministry of Defense announced that the guided missile destroyer USS Labun of the U.S. Navy entered the Black Sea, and the Russian Black Sea Fleet had begun to monitor it.</p><p>On the same day, the Pentagon suddenly announced that it would allocate $150 million in security assistance to Ukraine to assist Ukraine in maintaining its territorial integrity and improving its coordination capabilities with NATO. On the Russian side, the Russian Navy held the largest military exercise since the collapse of the Soviet Union, showing off its muscles.</p><p>In this way, the secret competition between the United States and Russia at the financial and military levels may be to increase the weight of negotiations for the upcoming US-Russia leadership summit.</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>The United States launches a new round of financial sanctions, and Russia strikes back strongly: selling the dollar!</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\">\nThe United States launches a new round of financial sanctions, and Russia strikes back strongly: selling the dollar!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-06-15 09:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On the eve of Biden's meeting with Putin, the United States and Russia have \"pinched their hands\".</p><p>Just now, a new round of financial sanctions imposed by the United States on Russia officially took effect. Since June 14th, American companies have been banned from buying initial Russian Treasury Bond, and Russian Treasury Bond issued in euros has also been included in the scope of the ban, once called the \"most powerful\" punishment in financial markets.</p><p>Russia's counterattack has also been relentless, with the Russian Treasury Ministry announcing that it will change the structure of the national wealth fund over the next month, reducing the share of the dollar to zero, while Russia almost completely empties long-standing U.S. Treasury Bond.</p><p>The timing of this round of contest between the two sides in the financial market is very sensitive. On June 16th, local time, US President Joe Biden will meet with Russian President Vladimir Putin in Geneva, Switzerland, for a summit between US and Russia leaders. On the eve of the summit, heads of state of both sides have made \"harsh words\", so markets expect the meeting to be one of the most bitter political games.</p><p>The \"most powerful\" financial sanctions? Another US pressure on Russia</p><p>According to CCTV News, since June 14, the U.S. financial sanctions against Russia officially took effect. The U.S. government prohibits domestic businesses from buying initial Russian Treasury Bond (denominated in rubles), and Russian Treasury Bond issued in euros are also included in the prohibition, but U.S. businesses are allowed to trade Russian Treasury Bond on the secondary market.</p><p>So how much will this punitive measure, regarded by financial markets as \"the most powerful\", affect the Russian economy?</p><p>First of all, the scale of Treasury Bond issuance in Russia. According to the latest data from the Russian Federal Audit Office, as of the first quarter of 2021, Russia's Treasury Bond increased by 741.3 billion rubles (about RMB 64.4 billion) compared with the previous quarter, and the total scale of Russian debt reached 19.7 trillion rubles (about RMB 1.71 trillion), accounting for 17% of Russia's GDP.</p><p>At present, the government bonds of the Russian Federation held by foreign investors are about 2,798.9 billion rubles, accounting for about 14% of the total Russian debt. However, this part of Treasury Bond belongs to the normal trading of stock in the secondary market and is not restricted by the US sanctions.</p><p>In addition, looking at the issuing end of the Russian Treasury Bond, German Gref, president of the Russian Federal Savings Bank, made it clear that the relevant bond issuance plan in Russia will be completed on schedule. According to the Russian Ministry of Finance, from June 16th, Russia will put the initial Treasury Bond on the market, and will issue three Treasury Bond worth 500 billion rubles on the same day.</p><p>Oxford Economics, a British analyst firm, believes that because the US only bans the purchase of Russian Treasury Bond in the primary market, the sanctions will have a limited and more symbolic impact on the Russian Treasury Bond market. If sanctions [against Russia] affect trading in the secondary market, the threat effect will be very strong.</p><p>In the face of the coming into effect of US financial sanctions, Russian Finance Minister Siluanov also strongly said that Russian Treasury Bond will still maintain a high demand rate, and sanctions will only cause losses to American companies.</p><p>In fact, this financial sanctions policy started in mid-April this year, when the U.S. government announced a series of measures to sanction Russia, including prohibiting American companies from buying Russia's initial Treasury Bond, but they can buy and sell Russian Treasury Bond in the secondary market, which took effect from June 14, 2021.</p><p>At the time, the U.S. sanctions were justified by Russian interference in U.S. elections, hacking of systems and a string of \"hostile acts\" that expelled 10 Russian diplomats in addition to banning U.S. companies from buying Russian-issued Treasury Bond, and the U.S. Treasury sanctioned 32 Russian entities and individuals.</p><p>Fight back! Russia to sell U.S. dollars and U.S. bonds aggressively?</p><p>Russia has begun to \"fight back\" against US financial restrictions. On June 3rd, local time, Russian Finance Minister Siluanov said at the St. Petersburg International Economic Forum that the Russian Ministry of Finance will change the structure of the national wealth fund within one month, in which the share of the US dollar will be reduced to zero, the pound will be reduced to 5%, the Japanese yen will remain at 5%, the euro will increase to 40%, the RMB will increase to 30%, and gold will account for 20%.</p><p>It is reported that the Russian National Wealth Fund was established to support the Russian pension system, and its funds can also be used to make up the budget deficit during the crisis. Now it has become an important part of the budget assets of the Russian Federation.</p><p>According to the data disclosed by the official website of the Russian Ministry of Finance, as of May 1 this year, the total assets of the fund reached 185.87 billion US dollars, or 13.82 trillion rubles (equivalent to 1.2 trillion yuan), accounting for 12% of Russia's GDP.</p><p><img src=\"https://static.tigerbbs.com/fa032108d554b578fd9c7f09ff52c6d4\" tg-width=\"796\" tg-height=\"580\" referrerpolicy=\"no-referrer\"></p><p>As of early May, the fund's liquid assets were worth approximately $119 billion, of which one-third (approximately $41.5 billion) were dollar assets. It means that in the next month, the Russian state wealth fund will sell the US dollar sharply.</p><p>On February 24th this year, the Ministry of Finance of the Russian Federation announced that RMB and Japanese yen would be included in the National Wealth Fund, and the two currencies accounted for 15% and 5% respectively in the foreign exchange structure of the fund. Meanwhile, the dollar and euro both fell to 35%, while the pound remained unchanged at 10%.</p><p>In response to a question about the adjustment of the investment structure of the national wealth fund, Russian presidential press secretary Peskov said that de-dollarization is a long-term process visible to the naked eye. Not only is Russia de-dollarizing, but many countries around the world are doing similar things as these countries are beginning to be concerned about the reliability of major foreign exchange reserve currencies.</p><p>Until March 2018, the US dollar had been one of the most important foreign exchange reserves of the Russian Central Bank, accounting for 43%-48% at one time. After that, due to the tightening of sanctions imposed by the United States on Russian enterprises and citizens, in order to minimize the risk of sanctions, the Russian central bank began to continuously reduce the proportion of US dollars in foreign exchange reserves. By the end of 2020, the proportion of US dollars and US dollar assets in Russia's international reserves had dropped to 21.2%, and the proportion of gold and RMB had increased to 23.3% and 12.8%.</p><p>At the same time, Russia's selling of US dollars is a \"clearance\" reduction of US Treasury Bond. According to the latest data released by the U.S. Treasury Department, in February this year, Russia almost completely emptied the long-term Treasury Bond of the United States (only $306 million remained). In that month, it reduced its holdings of U.S. debt by $389 million, and the final position dropped to $5.8 billion. Compared with Russia's highest holdings of U.S. debt, the cumulative selling ratio reached 94%.</p><p>Biden and Putin are about to meet, how to talk?</p><p>Perhaps behind the secret rivalry between the United States and Russia is the upcoming summit between the United States and Russia.</p><p>According to the official website of the White House, US President Joe Biden will meet with Russian President Vladimir Putin in Geneva, Switzerland on June 16th local time.</p><p>At this time, Biden was already in Europe and had just finished attending the G7 summit. After three days of dialogue and consultation, the leaders of the G7 announced that they had reached a certain consensus on fighting the epidemic, rebuilding the economy, trade reform and green transformation, and announced it in the form of a summit communique.</p><p>China has been mentioned many times in the G7 communique, including issues such as Xinjiang, Hong Kong and Taiwan. Subsequently, a spokesman for the Chinese Embassy in Britain said in response to a reporter's question that the G7 communique made remarks that distorted facts and reversed right and wrong on issues such as Xinjiang, Hong Kong and Taiwan, deliberately slandered China and interfered in China's internal affairs. This was a serious violation of the basic norms of international relations and further exposed the sinister intentions of a few countries such as the United States. We are strongly dissatisfied and firmly opposed to this.</p><p>India, plagued by the epidemic, is also making small calculations. The Global Times quoted foreign media reports that India may join the G7 infrastructure plan, which aims to provide a so-called \"value-driven, high-standard and transparent\" partnership to counter China's \"Belt and Road\" initiative.</p><p>If the G7 summit is a game of words behind closed doors, then the summit of US-Russia leaders on June 16th will probably not make Biden so easy, and the meeting between Biden and Putin will probably be the most intense political game.</p><p>In fact, the strong smell of gunpowder can be smelled from a series of signals released by the United States and Russia before the meeting.</p><p>Biden's byline article in the Washington Post on June 6 that the United States does not seek conflict with Russia but will not hesitate to react to future harmful Russian activities will once again emphasize the commitment of the United States, Europe and like-minded democracies to support human rights and dignity when meeting with Putin.</p><p>According to CCTV news, on June 4, local time, Russian President Vladimir Putin spoke at the St. Petersburg International Economic Forum. Speaking about the upcoming Russia-US leaders' summit, he said that Russia-US relations are at an extremely low level and will look for ways to solve the problems in bilateral relations with US President Joe Biden, and will discuss strategic stability, arms reduction, the COVID-19 pandemic and other issues.</p><p>Putin pointed out that Russia has no differences with the United States, except that the United States wants to curb Russia's development. He said that the relationship between Russia and the United States has largely become a bargaining chip for the United States to govern its internal affairs, and he hoped that this situation would end at some point.</p><p>In addition to the mutual testing of the two heads of state at the verbal level, the wrestling of military power between the United States and Russia has also become frequent. On June 11th, the National Defense Management Center of the Russian Ministry of Defense announced that the guided missile destroyer USS Labun of the U.S. Navy entered the Black Sea, and the Russian Black Sea Fleet had begun to monitor it.</p><p>On the same day, the Pentagon suddenly announced that it would allocate $150 million in security assistance to Ukraine to assist Ukraine in maintaining its territorial integrity and improving its coordination capabilities with NATO. On the Russian side, the Russian Navy held the largest military exercise since the collapse of the Soviet Union, showing off its muscles.</p><p>In this way, the secret competition between the United States and Russia at the financial and military levels may be to increase the weight of negotiations for the upcoming US-Russia leadership summit.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cfe8ba21c8b5ac2b562fdf822ed7fcb2","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159573154","content_text":"拜登与普京会面前夕，美国和俄罗斯已经“掐得不可开交”。\n刚刚，美国对俄罗斯的新一轮金融制裁正式生效。自6月14日起，美国企业被禁止购买首次发行的俄罗斯国债，以欧元计价发行的俄罗斯国债也被纳入了禁止买入的范围，一度被称为金融市场“威力最大”的惩罚措施。\n俄罗斯的反击也毫不手软，俄罗斯财政部宣布，将在未来一个月内改变国家财富基金的结构，将美元的份额减少到零，同时俄罗斯几乎完全清空了美国长期国债。\n双方在金融市场的这一轮较量的时点非常敏感，当地时间6月16日，美国总统拜登将与俄罗斯总统普京在瑞士日内瓦会晤，进行美俄领导人峰会。峰会前夕，双方元首都已放出了“狠话”，因此市场预期，这场会晤将是一场最激烈的政治博弈。\n“威力最大”的金融制裁？美国又对俄罗斯施压\n据央视新闻报道，自6月14日起，美国对俄罗斯的金融制裁措施正式生效。美国政府禁止本国企业购买首次发行的俄罗斯国债（以卢布计价），以欧元计价发行的俄罗斯国债也被纳入禁止买入的范围，但允许美国企业在二级市场上交易俄罗斯国债。\n那么，这项被金融市场视为“威力最大”的惩罚措施，将会对俄罗斯经济造成多大的影响呢？\n首先来看，俄罗斯的国债发行规模，据俄罗斯联邦审计署最新数据显示，截至2021年一季度，俄罗斯国债较前一季度增加了7413亿卢布（约合人民币644亿元），俄债总规模高达19.7万亿卢布（约合人民币1.71万亿元），占俄罗斯GDP的比例达到17%。\n目前，外国投资者持有的俄罗斯联邦政府债券约为27989亿卢布，约占俄债总规模的14%，但这部分国债属于存量在二级市场正常交易，并不受美国此次制裁措施的限制。\n另外，再看俄罗斯国债的发行端，俄罗斯联邦储蓄银行行长格尔曼·格列夫明确表示，俄罗斯的相关发债计划将如期完成。据俄罗斯财政部披露，自6月16日起，俄罗斯将向市场投放首次发行的国债，并将于当日发行3款价值分别为5000亿卢布的国债。\n英国分析公司牛津经济认为，由于美国只禁止在一级市场购买俄罗斯国债，因此制裁措施对俄罗斯国债市场影响有限，更多的是象征性影响。如果（美国对俄罗斯的）制裁影响二级市场的交易，那么威胁效果将会非常猛烈。\n面对美国金融制裁措施生效，俄罗斯财政部长西卢安诺夫也强硬表示，俄罗斯国债仍将保持高需求率，制裁只会给美国公司造成损失。\n其实，这项金融制裁政策始于今年4月中旬，当时美国政府宣布了制裁俄罗斯的一系列措施，其中便包括了禁止美国公司购买俄罗斯初始国债，但是可以在二级市场上买卖俄罗斯国债，自2021年6月14日起生效。\n当时，美国给出的制裁理由是，俄罗斯干预美国大选、黑客入侵系统以及一连串的“敌意行为”，除了禁止美国企业购买俄罗斯发行的国债以外，还驱逐了10名俄罗斯外交官，美国财政部则制裁了32个俄罗斯实体和个人。\n反击！俄罗斯要大举抛售美元、美债？\n对于美国的金融限制措施，俄罗斯已经开始“反击”。当地时间6月3日，俄罗斯财政部长西卢安诺夫在圣彼得堡国际经济论坛上表示，俄罗斯财政部将在一个月内改变国家财富基金的结构，其中美元的份额将减少到零，英镑减持到5%，日元保持5%的比例，欧元将增长到40%，人民币增长到30%，黄金则将占比20%。\n据悉，俄罗斯国家财富基金的成立是为了支持俄罗斯养老金体系，其资金也可以用于弥补危机时期的预算赤字，现已经成为了俄罗斯联邦预算资产的重要组成部分。\n据俄罗斯财政部官网披露的数据显示，截至今年5月1日，该基金的资产总额高达1858.7亿美元，即13.82万亿卢布（折合人民币1.2万亿元），占俄罗斯GDP的12%。\n\n截至5月初，该基金的流动性资产大约价值1190亿美元，其中有三分之一（约415亿美元）为美元资产。意味着，未来1个月内，俄罗斯国家财富基金将大幅抛售美元。\n今年2月24日，俄罗斯联邦财政部曾宣布，将人民币和日元纳入国家财富基金，2种货币在该基金外汇结构中占比分别为15%和5%。与此同时，美元和欧元占比均降至35%，而英镑占比仍保持10%不变。\n俄罗斯总统新闻秘书佩斯科夫在回答关于国家财富基金调整投资结构的问题时表示，去美元化是一个长期的肉眼可见的过程，不仅俄罗斯在去美元化，世界上许多国家也在做类似的事情，因为这些国家开始对主要外汇储备货币的可靠性感到担忧。\n在2018年3月之前，美元一直是俄罗斯央行最重要的外汇储备之一，占比一度高达43%-48%。之后，由于美国对俄罗斯企业和公民的制裁日益收紧，为最大程度地降低制裁风险，俄罗斯央行开始不断减少美元在外汇储备中的占比，截止到2020年年底，美元以及美元资产在俄罗斯国际储备中的占比已降至21.2%，黄金和人民币占比提升至23.3%、12.8%。\n俄罗斯抛售美元的同时，更是“清仓式”减持美国国债。据美国财政部最新公布的数据显示，今年2月，俄罗斯就几乎完全清空了美国长期国债（只剩3.06亿美元），当月减持美债3.89亿美元，最终持仓规模降到58亿美元，相比俄罗斯最高持有的美债，累计抛售比例达到94%。\n拜登与普京即将会面，怎么谈？\n美国和俄罗斯双方暗暗较劲的背后，或许是为了即将召开的美俄领导人峰会。\n据美国白宫官网披露，美国总统拜登将于当地时间6月16日与俄罗斯总统普京在瑞士日内瓦会晤。\n此时，拜登已经身在欧洲，刚刚参见完了G7峰会，经过3天的对话和磋商，七国集团领导人宣布，在抗击疫情、重建经济、贸易改革、绿色转型等方面达成一定共识，并以峰会公报形式予以公布。\nG7公报中多次提及中国，更是涉及了新疆、香港、台湾等问题。随后，中国驻英国使馆发言人在答记者问时表示，G7公报在新疆、香港、台湾等问题上发表了歪曲事实、颠倒是非的言论，对中方进行蓄意诬蔑，对中国内政横加干涉，这是对国际关系基本准则的严重违反，进一步暴露出美国等少数国家的险恶用心，我们对此强烈不满和坚决反对。\n被疫情困扰的印度也在打着小算盘，环球时报援引外媒报道，印度可能加入G7基建计划，该计划旨在提供所谓的“价值驱动、高标准、透明”的伙伴关系，对抗中国的“一带一路”倡议。\n如果说，G7峰会是一场关起门来的舌战博弈，那么6月16日的美俄领导人峰会，大概率不会让拜登那么轻松，拜登与普京的会面，大概率将会是一场最激烈的政治博弈。\n其实，从会前美俄双方释放的一系列信号便可以嗅到浓浓的火药味。\n6月6日，拜登在《华盛顿邮报》发表的署名文章，美国不寻求与俄罗斯冲突，但会毫不犹豫地对俄罗斯未来的有害活动做出反应，在与普京见面时，将再次强调美国、欧洲和志同道合的民主国家支持人权和尊严的承诺。\n据央视新闻，当地时间6月4日，俄罗斯总统普京在圣彼得堡国际经济论坛发言。谈及即将到来的俄美领导人峰会，他表示，俄美关系正处于极低水平，将与美国总统拜登寻找解决两国关系问题的方法，将讨论战略稳定、裁减军备、新冠疫情大流行等问题。\n普京指出，俄罗斯与美国没有分歧，只不过美国想要遏制俄罗斯的发展。他表示，俄美两国的关系很大程度上成为了美国治理内政的筹码，并希望这种情况能在某个时候结束。\n除了2位元首在言语层面的相互试探以外，美俄两国的军事力量的角力也变得频繁起来。6月11日，俄罗斯国防部国家防御管理中心发布消息称，美国海军“拉布恩”号导弹驱逐舰进入黑海海域，俄黑海舰队已开始对其进行监视。\n就在同一天，美国五角大楼突然宣布，向乌克兰拨款1.5亿美元的安全援助，以协助乌方维护其领土完整并完善与北约的协同能力。而俄罗斯方面，俄海军举行了苏联解体后最大规模的军演，秀了一把肌肉。\n如此看来，美俄双方在金融、军事层面的暗暗较劲，或许是为了即将召开的美俄领导峰会增加谈判的砝码。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707385,"gmtCreate":1623723664047,"gmtModify":1704209624668,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707385","repostId":"1152475049","repostType":4,"repost":{"id":"1152475049","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":1623720093,"share":"https://ttm.financial/m/news/1152475049?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:21","market":"sh","language":"zh","title":"Opening: Blockchain concept stocks jump as HSI opens 0.36% higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1152475049","media":"老虎资讯综合","summary":"6月15日讯，港股三大指数高开，恒指涨0.36%报28842点，国指涨0.32%报10784点，恒生科技指数涨0.57%报8036点。盘面上，体育用品股强势，特步大幅高开近15%，获高瓴投资5亿港元，","content":"<p>On June 15th, the three major indices of Hong Kong stocks opened higher, with the Hang Seng Index rising 0.36% to 28,842 points, the State Index rising 0.32% to 10,784 points, and the Hang Seng Technology Index rising 0.57% to 8,036 points.<img src=\"https://static.tigerbbs.com/90276182e30f383cf17ccda84f2625dd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, sporting goods stocks were strong, Xtep opened sharply by nearly 15%, received an investment of HK$ 500 million from Hillhouse, and Anta rose by 1.7%; Power stocks, photovoltaic stocks, dairy stocks and education stocks generally rose,<a href=\"https://laohu8.com/S/02688\">ENN Energy</a>Opens more than 4% higher to record high; Big tech stocks rose generally,<a href=\"https://laohu8.com/S/NTES\">Netease</a>A surge of more than 4%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>rose by more than 2%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>up 1.5%; Pharmaceutical stocks were mixed,<a href=\"https://laohu8.com/S/600196\">FOSUN PHARMA</a>open low 2%,<a href=\"https://laohu8.com/S/02186\">Luye Pharmaceutical</a>Opened 1.62% higher; Tobacco concept stocks, gold stocks and Chinese brokerage stocks fell generally.</p><p>Blockchain concept stocks opened higher,<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Opened 13.33% higher,<a href=\"https://laohu8.com/S/01499\">Ouke Cloud Chain</a>Opened 11.11% higher,<a href=\"https://laohu8.com/S/01647\">Xiong'an Technology</a>Opened more than 4% higher. Bitcoin crossed $40,000 again on Monday, reaching its highest level in more than two weeks. The world's largest cryptocurrency rose for a second straight day on Monday, with an intraday high of 3.9% to around $40,795. Since Friday, Bitcoin has risen by about 9%. The Bloomberg Galaxy cryptocurrency index, which tracks major cryptocurrencies, was up 7.7% at one point. Earlier, Musk said that when it is confirmed that miners use a reasonable proportion of clean energy (about 50%) and the future trend is good,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Will resume the Bitcoin deal. Tesla's previous sale of only 10% of its Bitcoin holdings was to test the liquidity of Bitcoin, confirming it could easily settle without disturbing the market.</p><p><a href=\"https://laohu8.com/S/01368\">Xtep International</a>It opened nearly 15% higher, and was subscribed by Hillhouse Capital for US$65 million zero-coupon perpetual convertible bonds.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Blockchain concept stocks jump as HSI opens 0.36% higher</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: Blockchain concept stocks jump as HSI opens 0.36% higher\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 15th, the three major indices of Hong Kong stocks opened higher, with the Hang Seng Index rising 0.36% to 28,842 points, the State Index rising 0.32% to 10,784 points, and the Hang Seng Technology Index rising 0.57% to 8,036 points.<img src=\"https://static.tigerbbs.com/90276182e30f383cf17ccda84f2625dd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, sporting goods stocks were strong, Xtep opened sharply by nearly 15%, received an investment of HK$ 500 million from Hillhouse, and Anta rose by 1.7%; Power stocks, photovoltaic stocks, dairy stocks and education stocks generally rose,<a href=\"https://laohu8.com/S/02688\">ENN Energy</a>Opens more than 4% higher to record high; Big tech stocks rose generally,<a href=\"https://laohu8.com/S/NTES\">Netease</a>A surge of more than 4%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>rose by more than 2%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>up 1.5%; Pharmaceutical stocks were mixed,<a href=\"https://laohu8.com/S/600196\">FOSUN PHARMA</a>open low 2%,<a href=\"https://laohu8.com/S/02186\">Luye Pharmaceutical</a>Opened 1.62% higher; Tobacco concept stocks, gold stocks and Chinese brokerage stocks fell generally.</p><p>Blockchain concept stocks opened higher,<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Opened 13.33% higher,<a href=\"https://laohu8.com/S/01499\">Ouke Cloud Chain</a>Opened 11.11% higher,<a href=\"https://laohu8.com/S/01647\">Xiong'an Technology</a>Opened more than 4% higher. Bitcoin crossed $40,000 again on Monday, reaching its highest level in more than two weeks. The world's largest cryptocurrency rose for a second straight day on Monday, with an intraday high of 3.9% to around $40,795. Since Friday, Bitcoin has risen by about 9%. The Bloomberg Galaxy cryptocurrency index, which tracks major cryptocurrencies, was up 7.7% at one point. Earlier, Musk said that when it is confirmed that miners use a reasonable proportion of clean energy (about 50%) and the future trend is good,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Will resume the Bitcoin deal. Tesla's previous sale of only 10% of its Bitcoin holdings was to test the liquidity of Bitcoin, confirming it could easily settle without disturbing the market.</p><p><a href=\"https://laohu8.com/S/01368\">Xtep International</a>It opened nearly 15% higher, and was subscribed by Hillhouse Capital for US$65 million zero-coupon perpetual convertible bonds.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152475049","content_text":"6月15日讯，港股三大指数高开，恒指涨0.36%报28842点，国指涨0.32%报10784点，恒生科技指数涨0.57%报8036点。盘面上，体育用品股强势，特步大幅高开近15%，获高瓴投资5亿港元，安踏涨1.7%；电力股、光伏股、乳业股、教育股普遍上涨，新奥能源高开逾4%创历史新高；大型科技股普涨，网易大涨逾4%，阿里巴巴涨超2%，腾讯涨1.5%；医药股涨跌不一，复星医药低开2%，绿叶制药高开1.62%；烟草概念股、黄金股、中资券商股普跌。\n区块链概念股高开，火币科技高开13.33%，欧科云链高开11.11%，雄岸科技高开逾4%。比特币周一再次迈过40000美元，达到两周多以来最高水平。这种全球最大加密货币周一连续第二天上扬，盘中最高涨3.9%，至40795美元左右。上周五以来，比特币已累计上涨约9%。跟踪主要加密货币的彭博Galaxy加密货币指数一度上涨7.7%。此前马斯克称，在确认矿工使用合理比例的清洁能源(约50%)，且未来趋势向好时，特斯拉将会恢复比特币交易。特斯拉此前仅出售了10%的比特币持仓，是为了测试比特币的流动性，确认能够在不扰动市场的情况下轻松地结算。\n特步国际高开近15%，获高瓴资本认购6500万美元零息永续可转债。","news_type":1,"symbols_score_info":{"513600":0.9,"HSImain":0.9,"MCHmain":0.9,"02833":0.9,"MHImain":0.9,"HHImain":0.9,"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":1998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707969,"gmtCreate":1623723656451,"gmtModify":1704209624505,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707969","repostId":"1169775175","repostType":4,"repost":{"id":"1169775175","kind":"news","pubTimestamp":1623721687,"share":"https://ttm.financial/m/news/1169775175?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:48","market":"hk","language":"zh","title":"The legendary \"Yang Million\" died, and the enterprising spirit of retail investors was endless","url":"https://stock-news.laohu8.com/highlight/detail?id=1169775175","media":"第一财经","summary":"有“中国第一股民”之称的资深投资者杨怀定，于6月13日去世，享年71岁。\n近十多年来，杨怀定逐渐淡出了人们的视野，但在上海滩，“杨百万”的故事经久流传。在A股市场，跟随他的脚步入市交易的投资者数不胜数","content":"<p><div>Yang Huaiding, a senior investor known as \"China's first shareholder\", died on June 13th at the age of 71. In the past decade or so, Yang Huaiding has gradually faded out of people's view, but in Shanghai, the story of \"Yang Million\" has been circulated for a long time. In the A-share market, there are countless investors who have followed in his footsteps. He has many labels on his body, such as \"Yang Million\" who made a fortune by reselling treasury bills, \"Stock God\" who bargained for the bargain, and \"Leading Big Brother\" of grassroots investors... However, Yang Huaiding, who is under these \"Jianghu titles\", is an ordinary person who is diligent, enterprising and eager to change his fate by his own efforts. On his body...</p><p><a href=\"https://m.yicai.com/news/101081647.html\">Web link</a></div></p>","source":"dyvj","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>The legendary \"Yang Million\" died, and the enterprising spirit of retail investors was endless</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\">\nThe legendary \"Yang Million\" died, and the enterprising spirit of retail investors was endless\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-06-15 09:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Yang Huaiding, a senior investor known as \"China's first shareholder\", died on June 13th at the age of 71. In the past decade or so, Yang Huaiding has gradually faded out of people's view, but in Shanghai, the story of \"Yang Million\" has been circulated for a long time. In the A-share market, there are countless investors who have followed in his footsteps. He has many labels on his body, such as \"Yang Million\" who made a fortune by reselling treasury bills, \"Stock God\" who bargained for the bargain, and \"Leading Big Brother\" of grassroots investors... However, Yang Huaiding, who is under these \"Jianghu titles\", is an ordinary person who is diligent, enterprising and eager to change his fate by his own efforts. On his body...</p><p><a href=\"https://m.yicai.com/news/101081647.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://m.yicai.com/news/101081647.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b2e5e430b4abd61e3de4ad2d5a171fc","relate_stocks":{},"source_url":"https://m.yicai.com/news/101081647.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169775175","content_text":"有“中国第一股民”之称的资深投资者杨怀定，于6月13日去世，享年71岁。\n近十多年来，杨怀定逐渐淡出了人们的视野，但在上海滩，“杨百万”的故事经久流传。在A股市场，跟随他的脚步入市交易的投资者数不胜数。\n他身上有诸多标签，倒卖国库券发家的“杨百万”、抄底稳准狠的“股神”、草根股民的“带头大哥”……不过，在这些“江湖封号”之下的杨怀定，是一位勤奋、进取、渴望靠自己的努力改变命运的普通人。\n在他的身上，也可以看到中国证券市场散户投资文化长盛不衰的原因。\n“我们早期的投资者，有些表达能力较弱、文化程度不高，比如杨百万，中学都没毕业，但早年他就看到国库券交易的机会，上海有柜台交易，安徽、贵州、四川没有，跑去低价买了，回来市场上卖掉。”上海证券交易所首任总经理尉文渊此前接受第一财经采访时曾评价称，中国的散户投资者，极其渴望学习，善于学习。\n在中国资本市场三十年进程中，有人盈利，有人亏损，有人跟风听消息，也有人铤而走险搞内幕、搞操纵。但是，更有许许多多的散户投资者，作为幼小的个体，却依靠个人的才智、学习，以及风险的承担，在股市中找到了改变人生的可能性。\n成为“杨百万”\n在三十多年前那个“摸着石头过河”的年代，只要你敢于尝试，一不小心就会成为某个领域的“第一人”。杨怀定就是如此。\n他在成为“第一股民”之前，先成为了“国库券异地交易第一人”。\n杨怀定1988年因故从上海某工厂离职，之后开始自谋职业。据前上交所研究中心研究员陆一记录，《回眸中国股市1984-2000》一书中曾有杨怀定对自己交易国库券始末的详细记述。\n“开始我并没想到要做国库券买卖。我看到《新民晚报》上一篇报道，说温州实行利率开放，利息可以高到13%。”杨怀定称，自己确认消息属实后，就想去温州存钱。但是，到温州去的船票刚买好，他又看到上海报纸登消息称，上海要开放国债交易。\n于是，就有了后来为人所熟知的一幕——1988年4月21日，上海国债市场开市交易，杨怀定一早到场，在别人都不敢买的时候果断买进，当天下午抛掉，赚入800块钱，这个数目相当于他辞职前一年的工资。\n初尝胜果的杨怀定大受鼓舞。他发现不同试点城市之间，国库券差价很大，而金融机构之间的国库券禁止流通。于是，杨怀定开始做国库券异地交易。\n由于国库券行情不公开，杨怀定就到上海图书馆，挨个查找各省市的报纸。比如查到安徽合肥开盘94元，卖出98元，他就连夜上合肥买来，然后再回上海卖掉。\n“我没日没夜地乘火车在全国跑。”杨怀定发现，什么地方穷，什么地方就更便宜，不同地方差价可以大到每百元国库券超过10元。\n在后来接受采访时，他说：“人家当时就问我，你累不累呀？我说不累呀，这干一天就是几年的工资啊！”\n成为“第一股民”\n国库券交易让杨怀定获得了巨大的财富，同时，也让他坚定了自己的投资方向，即紧跟改革开放的步伐，抓住趋势性机会。\n1989年，杨怀定意识到政策的重点转向支持资本市场，于是开始投资股票。\n早上8点起床，听电台财经新闻，9点15打开电脑看行情，11点半到1点午饭休息，1点到3点看行情，3点以后看电脑资讯，5点看晚报，5点50看中央台财经报道，8点看书，10点复盘，每天花在股市的时间不少于8小时。这是杨怀定做股票之后的每日例行安排。\n自证券市场建立以来，A股经历多次大幅波动，多轮牛熊，杨怀定幸运的躲过几次危机，不少股民奉之为“神”，但实际上，他也曾不止一次走到绝望边缘。\n在股票市场，真正能够笑到最后的投资者，往往不是做对选择最多人的，而是做错选择最少的人。一次错误的决策，就可能让多年积累的财富化为泡影。\n1992年下半年开始，A股经历开市以来第一次最大熊市。\n上证指数一路从1400多点跌至400多点。然后，杨怀定判断，股市已经跌得差不多了，于是进场抄底，但没想到，股市继续下跌，杨怀定日渐开始“绝望”。\n1994年7月29日，上证指数最低探至325.89点。\n杨怀定后来接受采访时回忆称：“就在我最绝望的那一天，我跟我太太讲，我还有20万现金，不买股票了，你放着，不知道哪一天会涨了。”\n然而，1994年7月30日，中国证监会宣布“救市”，并出台三大“救市”措施：年内暂停新股发行与上市；严格控制上市公司配股规模；采取措施扩大入市资金范围。\n随后，A股市场出现“8月狂潮”。仅用了两周时间，杨怀定手中股票的市值就翻了四倍。这让杨怀定在股票市场再次声名大振。\n有人说，杨怀定是凭借自己的分析能力，敏锐地觉察到管理层即将出台救市政策。但事实是否如此呢？\n“我耳朵蛮大的，人家讲我是福将。”杨怀定回忆起自己的此次战绩时曾如此调侃。但实际上，杨怀定此前曾参与过交易所的相关座谈会，对救市政策即将出台有所察觉。\n他后来公开说：“出了三大救市政策，很多人就知道我，分析能力特别强。其实，开过会的，呵呵。”\n成为“合法投资者”\n事实上，在成为“杨百万”和“第一股民”之前，杨怀定首先是成为一名“合法投资者”。\n在资本市场从草莽走向规范的进程中，显赫一时的“弄潮儿”跌下神坛的故事并不罕见。作为多个市场创新领域的“第一人”，杨怀定能够一路走到最后，与他从一开始就主动寻求遵守法律法规的意识密切相关。\n早在做国库券交易时期，杨怀定就意识到，自己的行为受到了监管部门的注意，并对合法性存在一定争议。\n“后来我（国库券交易）进出都是上百万元了，银行开始注意我了，内部有争论。”杨怀定后来回忆称，当时争议有两个，一是他的行为是否属于经营金融，二是算不算投机倒把。\n为了弄清楚此二问题，杨怀定就到中国人民银行去做“人民来访”。“接待人问我啥事。我说我有些金融法规‘搞不清爽’，想主动接受党和政府的教育。”杨怀定称。\n此次去“人民来访”并没有完全打消他交易国库券的疑虑。一方面害怕政策有变，另一方面，也害怕大笔资金随身携带不安全，他又做了一件空前的创举——跑到公安局去，说“现在改革开放了，我要从事国库券交易，能否请保安人员”。最后，杨怀定开创了上海第一例私人聘任公安任保安人员的先例。\n不过，杨怀定此举的深层用意，仍然是为了寻求合法。\n“我其实还有一个想法：中国人民银行如果认为我不合法，那么现在公安人员跟着我，我怎么做买卖的他们都看得见，有事你们可以去问公安局。”杨怀定后来称。\n不仅如此，赚了钱之后，杨怀定担心以后被说偷税漏税，于是1989年他又跑到税务局，咨询是否需要缴税。\n“当时有关部门认为有几种人赚钱最多，我的名字排在第四位：上海市民杨怀定，利用国债买卖获取暴利。我马上跑到税务局咨询是否要交税。税务局的同志讲，我们早知道你了，并且表扬我主动上门报税。”杨怀定回忆称，报纸后来登了消息：上海市民杨怀定主动报税。\n凭借早年的声名累积和几十年的股市交易，杨怀定生前追随者众多。\n在杨怀定去世之后，有不少人士公开悼念。有人缅怀杨怀定个人早年的股海沉浮，更有人感慨中国改革开放大浪淘沙。\n如今，中国已成为世界第二大经济体，股票、债券市场规模也均达到全球第二，市场基础制度也已经走过了多个阶段，进入更加市场化、法制化、国际化的新时代。\n机构在资本市场的力量，必将越来越壮大，但中国证券市场独有的散户投资文化短期并不会消失。传奇人物已逝，散户精神不息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188665565,"gmtCreate":1623433421657,"gmtModify":1704203715529,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188665565","repostId":"1156959915","repostType":4,"repost":{"id":"1156959915","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":1623429803,"share":"https://ttm.financial/m/news/1156959915?lang=en_US&edition=fundamental","pubTime":"2021-06-12 00:43","market":"us","language":"zh","title":"Tiger Brokers helped BOSS Direct Recruitment land on Nasdaq, opening up 75% on the first day","url":"https://stock-news.laohu8.com/highlight/detail?id=1156959915","media":"老虎资讯综合","summary":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科","content":"<p>On June 12th, Beijing time, BOSS directly hired and landed on Nasdaq, which rose by 75% on the first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an Internet underwriter, Tiger Brokers is listed on the cover of BOSS direct prospectus with Goldman Sachs, Morgan Stanley, UBS, Huaxing, Haitong and other internationally renowned banks, showing the influence of Tiger Brokers as the head Internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus information, BOSS Direct Recruitment will publicly issue 48 million American Depositary Shares (ADS) at an issue price of US$19 per share, raising about US$912 million, and the total market value was US$7.599 billion at the opening.</p><p>This valuation has exceeded the sum of Worry-Free Future, which has a public valuation of US$5 billion, and Zhaopin Recruitment, which can only be valued at US$1.7 billion in the private equity fund market due to delisting, making it the highest valued Chinese recruitment platform.</p><p>Of course, being able to reach such a high valuation shows to some extent that BOSS Direct Recruitment also has its own financial performance and has been recognized by the capital market.</p><p><b>Financial Performance</b></p><p>The recent financial performance of BOSS Direct Recruitment can be roughly summarized as follows: strong revenue growth momentum; Gross profit growth was strong and gross margin remained stable; Although the operating profit is low, it has turned losses into profits; Cash flow from operations skyrocketed.</p><p>Specifically, BOSS Direct Recruitment's revenue in 2020 reached 298 million USD, a 95.4% increase from 152 million USD in 2019. In the first quarter of 2021, the company's revenue reached 120 million USD, a year-on-year increase of 178.9%.</p><p>BOSS Direct Gross Profit was US$261 million in 2020, an increase of 98.7% from US$131 million in 2019, and reached US$104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, in 2019, 2020 and the first quarter of 2021, the company's gross profit margin remained almost unchanged at 86.20%, 87.65% and 86.45%, respectively.</p><p>In the first quarters of 2019, 2020, and 2021, BOSS Direct Recruitment achieved operating profit of $392,800, $1,356,000, and $35,400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%, respectively. During the same period, the company's net losses were $112 million, $188 million and $40.972 million, respectively.</p><p>In the first quarters of 2019, 2020, and 2021, BOSS Direct Hire cash flow from operations was-16.1318 million, 60.6760 million, and 25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Direct Recruitment held cash of $626 million and liabilities of $332 million. For the twelve months ended March 31, 2021, the Company had free cash flow of $102 million.</p><p><b>Study Analysis</b></p><p>BOSS Direct Recruitment hopes to gain support from the US capital market to help them continue to expand in the Chinese market.</p><p>From the company's financial performance, their revenue and gross profit margin have grown rapidly, and the operational level has turned losses into profits. Free cash flow for the year ended March 31, 2021 was more than $101 million, which was impressive.</p><p>In China, providing online recruitment services for job seekers and employers has a huge market volume and promising prospects.</p><p>Goldman Sachs is the leading underwriter of this transaction. In the past twelve months, the company's IPO shares underwritten by the company have achieved an average return of 42.9%, which is in the middle of the comparison of all major underwriters in the same period.</p><p>The number one risk facing BOSS Direct hiring is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their market, which, once realized, will threaten their growth prospects or force them to significantly increase marketing spending and suppress profitability.</p><p>All kinds of online businesses with high profit margins in China often end up attracting a large number of competitors, and the main means of competition is to fight a price war, which is obviously not good news for the future returns of stocks.</p><p>From the valuation point of view, the price offered by BOSS Direct for US IPO investors means that the company's enterprise value-to-revenue ratio is about 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, the revenue growth momentum of BOSS Direct is stronger. They have crossed the profit threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although the price of BOSS Direct Recruitment IPO is not cheap, it is still worth paying attention to investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></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>Tiger Brokers helped BOSS Direct Recruitment land on Nasdaq, opening up 75% on the first day</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\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\">\nTiger Brokers helped BOSS Direct Recruitment land on Nasdaq, opening up 75% on the first day\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-12 00:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12th, Beijing time, BOSS directly hired and landed on Nasdaq, which rose by 75% on the first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an Internet underwriter, Tiger Brokers is listed on the cover of BOSS direct prospectus with Goldman Sachs, Morgan Stanley, UBS, Huaxing, Haitong and other internationally renowned banks, showing the influence of Tiger Brokers as the head Internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus information, BOSS Direct Recruitment will publicly issue 48 million American Depositary Shares (ADS) at an issue price of US$19 per share, raising about US$912 million, and the total market value was US$7.599 billion at the opening.</p><p>This valuation has exceeded the sum of Worry-Free Future, which has a public valuation of US$5 billion, and Zhaopin Recruitment, which can only be valued at US$1.7 billion in the private equity fund market due to delisting, making it the highest valued Chinese recruitment platform.</p><p>Of course, being able to reach such a high valuation shows to some extent that BOSS Direct Recruitment also has its own financial performance and has been recognized by the capital market.</p><p><b>Financial Performance</b></p><p>The recent financial performance of BOSS Direct Recruitment can be roughly summarized as follows: strong revenue growth momentum; Gross profit growth was strong and gross margin remained stable; Although the operating profit is low, it has turned losses into profits; Cash flow from operations skyrocketed.</p><p>Specifically, BOSS Direct Recruitment's revenue in 2020 reached 298 million USD, a 95.4% increase from 152 million USD in 2019. In the first quarter of 2021, the company's revenue reached 120 million USD, a year-on-year increase of 178.9%.</p><p>BOSS Direct Gross Profit was US$261 million in 2020, an increase of 98.7% from US$131 million in 2019, and reached US$104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, in 2019, 2020 and the first quarter of 2021, the company's gross profit margin remained almost unchanged at 86.20%, 87.65% and 86.45%, respectively.</p><p>In the first quarters of 2019, 2020, and 2021, BOSS Direct Recruitment achieved operating profit of $392,800, $1,356,000, and $35,400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%, respectively. During the same period, the company's net losses were $112 million, $188 million and $40.972 million, respectively.</p><p>In the first quarters of 2019, 2020, and 2021, BOSS Direct Hire cash flow from operations was-16.1318 million, 60.6760 million, and 25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Direct Recruitment held cash of $626 million and liabilities of $332 million. For the twelve months ended March 31, 2021, the Company had free cash flow of $102 million.</p><p><b>Study Analysis</b></p><p>BOSS Direct Recruitment hopes to gain support from the US capital market to help them continue to expand in the Chinese market.</p><p>From the company's financial performance, their revenue and gross profit margin have grown rapidly, and the operational level has turned losses into profits. Free cash flow for the year ended March 31, 2021 was more than $101 million, which was impressive.</p><p>In China, providing online recruitment services for job seekers and employers has a huge market volume and promising prospects.</p><p>Goldman Sachs is the leading underwriter of this transaction. In the past twelve months, the company's IPO shares underwritten by the company have achieved an average return of 42.9%, which is in the middle of the comparison of all major underwriters in the same period.</p><p>The number one risk facing BOSS Direct hiring is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their market, which, once realized, will threaten their growth prospects or force them to significantly increase marketing spending and suppress profitability.</p><p>All kinds of online businesses with high profit margins in China often end up attracting a large number of competitors, and the main means of competition is to fight a price war, which is obviously not good news for the future returns of stocks.</p><p>From the valuation point of view, the price offered by BOSS Direct for US IPO investors means that the company's enterprise value-to-revenue ratio is about 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, the revenue growth momentum of BOSS Direct is stronger. They have crossed the profit threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although the price of BOSS Direct Recruitment IPO is not cheap, it is still worth paying attention to investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3aee31599ee7010691cc73f0ff8ac182","relate_stocks":{"BZ":"BOSS直聘"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156959915","content_text":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科技投行的影响力。\n\n根据最新招股书信息显示，BOSS直聘将公开发行4800万股美国存托股份（ADS），发行价定为每股19美元，募资约9.12亿美元，总市值开盘时是75.99亿美元。\n而这个估值已经超过公开估值50亿美元的前程无忧和由于退市只能在私募基金市场有估值17亿美元的智联招聘之和，成为估值最高的中国招聘平台。\n当然，能达到如此高额的估值，在一定程度上表明BOSS直聘也有着自己的在财务上的表现得到了资本市场的认可。\n财务表现\nBOSS直聘近期的财务表现大约可以做如下概括：营收增长势头强劲；毛利润增长强劲，毛利润率保持稳定；运营利润虽然低，但是已经实现了扭亏为盈；运营现金流猛增。\n具体而言，BOSS直聘2020年营收达到了2.98亿美元，较之2019年的1.52亿美元猛增95.4%之多，而2021年第一季度，公司营收就达到了1.20亿美元，同比增幅更高达178.9%。\nBOSS直聘毛利润2020年为2.61亿美元，较之2019年的1.31亿美元增长98.7%，而2021年第一季度达到1.04亿美元，同比增幅高达178.4%。与此同时，在2019年、2020年和2021年第一季度当中，公司毛利润率分别为86.20%、87.65%和86.45%，几乎保持不变。\n2019年、2020年和2021年第一季度，BOSS直聘分别实现运营利润39.28万美元、135.60万美元和35、40万美元，运营利润率分别为0.3%、0.5%和0.3%。同期内，公司净亏损分别为1.12亿美元、1.88亿美元和4097.20万美元。\n2019年、2020年和2021年第一季度，BOSS直聘运营现金流分别为-1613.18万美元、6067.60万美元和2523.50万美元。\n截至2021年3月31日，BOSS直聘持有现金6.26亿美元，负债3.32亿美元。截至2021年3月31日的十二个月内，公司自由现金流为1.02亿美元。\n研究分析\nBOSS直聘希望获得美国资本市场的支持，帮助他们在中国市场上继续扩张。\n从公司的财务表现看，他们营收和毛利润率增长迅猛，运营层面已经实现扭亏为盈。截至2021年3月31日的自由现金流超过1.01亿美元，令人印象深刻。\n在中国，为求职者和雇主提供线上招聘服务，市场体量是很巨大的，前景是很可观的。\n高盛是本次交易的领衔承销商，在过去十二个月时间内，该公司领衔承销的IPO股票，平均回报率为42.9%，在所有主要承销商同期业绩的比较当中位于中游水平。\nBOSS直聘面前的头号风险是，该公司可能会面对一系列竞争压力，比如人才网络，或者其他主流国际招聘公司进入他们所在的市场，而这些一旦成为现实，就将威胁到他们的增长前景，或者是迫使他们大幅提升营销支出，打压盈利能力。\n中国各种利润率较高的线上业务，往往最终都会吸引大量竞争者，而最主要的竞争手段就是大打价格战，而这对于股票未来的回报显然不是什么好消息。\n从估值角度看，BOSS直聘为美国IPO投资者开出的价格意味着公司企业价值营收比率为19.2左右，虽然这一数字高于软件即服务股票当前的总体水平，但是BOSS直聘的营收增长势头更为强劲，他们已经在运营层面越过盈利门槛，并且产生了可观的自由现金流。\n因此，虽然BOSS直聘IPO价格称不上低廉，但是对于那些有意于中国线上招聘市场成长前景的投资者而言，这一股票还是值得关注的。","news_type":1,"symbols_score_info":{"BZ":0.9}},"isVote":1,"tweetType":1,"viewCount":2499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}