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2021-08-28

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XPeng Motor Company's Q2 financial report: P7 deliveries rose 44.5% quarter-on-quarter, hitting a new high.

2021-07-27

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Haidilao and Xiabuxiabu's stock prices have halved in six months. Do hot pot giants still have a chance?

2021-07-26

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Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.

2021-07-26

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Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.

2021-07-25

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When we buy funds, what are we buying?

2021-07-24

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The Federal Reserve's major July meeting is next week! What key points should we focus on?

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Data shows that in the second quarter of 2021, XPeng delivered 17,398 vehicles, a new quarterly high, up 439% from 3,228 vehicles in the same period of 2020 and up 30.4% from 13,340 vehicles in the first quarter of 2021.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13927470927/0\"/>In the second quarter of 2021, P7 deliveries reached 11,522 units, a new quarterly high and a 44.5% increase from 7,974 units in the first quarter of 2021. Of the total P7 delivered in the second quarter of 2021, 97% supported XPILOT 2.5 or XPILOT 3.0.</p><p>As of June 30, 2021, XPeng Motors' physical sales and service network included 200 stores and 64 service centers, covering 74 cities. As of June 30, 2021, XPeng Automotive Brand Supercharging Stations had expanded to 231, covering 65 cities;</p><p>In terms of finances, in the second quarter of 2021, XPeng Motor Company's sales revenue was RMB 3.5844 billion (approximately US$555.1 million), an increase of 562.4% compared to the same period in 2020 and 27.5% compared to the first quarter of 2021. The gross profit margin of automobiles (i.e., gross profit from automobile sales as a percentage of automobile sales revenue) was 11.0% in the second quarter of 2021, compared to negative 5.6% in the same period of 2020 and 10.1% in the first quarter of 2021.</p><p>By Zhou Weili, reporter for Xinhuacheng, Guangzhou Daily</p><p>Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Zhong Dawen, editor of Guangzhou Daily - New Flower City</p><p></article></body></html></p>","source":"tencent","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>XPeng Motor Company's Q2 financial report: P7 deliveries rose 44.5% quarter-on-quarter, hitting a new high.</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\">\nXPeng Motor Company's Q2 financial report: P7 deliveries rose 44.5% quarter-on-quarter, hitting a new high.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">广州日报</strong><span class=\"h-time small\">2021-08-28 08:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>On August 26,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Announced its unaudited financial data for the second quarter ended June 30, 2021. Data shows that in the second quarter of 2021, XPeng delivered 17,398 vehicles, a new quarterly high, up 439% from 3,228 vehicles in the same period of 2020 and up 30.4% from 13,340 vehicles in the first quarter of 2021.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13927470927/0\"/>In the second quarter of 2021, P7 deliveries reached 11,522 units, a new quarterly high and a 44.5% increase from 7,974 units in the first quarter of 2021. Of the total P7 delivered in the second quarter of 2021, 97% supported XPILOT 2.5 or XPILOT 3.0.</p><p>As of June 30, 2021, XPeng Motors' physical sales and service network included 200 stores and 64 service centers, covering 74 cities. As of June 30, 2021, XPeng Automotive Brand Supercharging Stations had expanded to 231, covering 65 cities;</p><p>In terms of finances, in the second quarter of 2021, XPeng Motor Company's sales revenue was RMB 3.5844 billion (approximately US$555.1 million), an increase of 562.4% compared to the same period in 2020 and 27.5% compared to the first quarter of 2021. The gross profit margin of automobiles (i.e., gross profit from automobile sales as a percentage of automobile sales revenue) was 11.0% in the second quarter of 2021, compared to negative 5.6% in the same period of 2020 and 10.1% in the first quarter of 2021.</p><p>By Zhou Weili, reporter for Xinhuacheng, Guangzhou Daily</p><p>Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Zhong Dawen, editor of Guangzhou Daily - New Flower City</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108280915567c34ed13&s=b\">广州日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f3c7d799dd2ab62e084e0e8c8dc16ee","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108280915567c34ed13&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2162073430","content_text":"8月26日，小鹏汽车公布其截至2021年6月30日止第二季度未经审计的财务数据。数据显示，2021年第二季度，小鹏汽车交付量为17,398辆，为季度新高，并较2020年同期的3,228辆上升439%，以及较2021年第一季度的13,340辆上升30.4%。2021年第二季度，P7交付量为11,522辆，为季度新高，并较2021年第一季度的7,974辆上升44.5%。在2021年第二季度已交付的P7总量中，97%可支持XPILOT 2.5或XPILOT 3.0。截至2021年6月30日，小鹏汽车的实体销售和服务网络包括200间门店和64个服务中心，覆盖74个城市。截至2021年6月30日，小鹏汽车品牌超级充电站扩展至231座，覆盖65个城市；财务方面，2021年第二季度，小鹏汽车销售收入为人民币35.844亿元（约合5.551亿美元），较2020年同期上升562.4%，较2021年第一季度上升27.5%。2021年第二季度汽车毛利率（即汽车销售毛利润占汽车销售收入的百分比）为11.0%，相较而言，2020年同期为负5.6%，而2021年第一季度为10.1%。文/广州日报·新花城记者：周伟力图/广州日报·新花城记者：周伟力广州日报·新花城编辑 钟达文","news_type":1,"symbols_score_info":{"XPEV":1,"09868":1}},"isVote":1,"tweetType":1,"viewCount":5303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803997052,"gmtCreate":1627399755576,"gmtModify":1703489283737,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585489254246862","authorIdStr":"3585489254246862"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803997052","repostId":"1113885707","repostType":4,"repost":{"id":"1113885707","kind":"news","pubTimestamp":1627397920,"share":"https://ttm.financial/m/news/1113885707?lang=en_US&edition=fundamental","pubTime":"2021-07-27 22:58","market":"hk","language":"zh","title":"Haidilao and Xiabuxiabu's stock prices have halved in six months. Do hot pot giants still have a chance?","url":"https://stock-news.laohu8.com/highlight/detail?id=1113885707","media":"有牛财经","summary":"火锅品牌的火热离不开两个原因——社交和连锁化。\n\n火锅巨头们最近的日子过的似乎不太顺心，\n7月26日受到港股波动影响，海底捞股价一度暴跌20%、呷哺呷哺股价也蒸发超过13%，九毛九的股价也一度跌过9%","content":"<p>The popularity of hot pot brands is inseparable from two reasons – social networking and chain stores. The hot pot giants seem to be having a rough time lately.</p><p>Affected by fluctuations in Hong Kong stocks on July 26,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>The stock price once plummeted by 20%.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock price also evaporated by more than 13%.<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>The stock price also fell by more than 9% at one point. Of course, it's not just catering stocks that have been affected by this Hong Kong stock market fluctuation; the problems of Haidilao and Xiabuxiabu themselves have exacerbated the impact of this fluctuation.</p><p>Before its stock price evaporated, Haidilao had just released its first-half earnings forecast. Although it successfully turned a profit, its performance still fell short of institutional expectations. On the other hand, Xiabuxiabu has not yet resolved the aftermath of the dismissal of its senior executives and is still entangled with former CEO Zhao Yi. In comparison, Jiu Mao Jiu's life is relatively comfortable.</p><p>While hot pot giants are in a period of growing pains, the entire catering industry is booming, especially the new-style tea beverage sector, which has recently attracted much attention. Mixue Ice Cream, Heytea, Guming, and Ningji have successively secured funding.<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>It has already been listed in Hong Kong; Even the barbecue sector has become a hot commodity in the eyes of investors. Recently, Yongdingmen Electric Barbecue Skewers completed a multi-million yuan angel round of financing, as well as brands such as Kuafu Barbecue Skewers and Long Time Ago.</p><p>Given the overall upward trend in the industry, how can hot pot giants overcome the lukewarm reception?</p><p><b>Haidilao and Xiabuxiabu \"brought this upon themselves\"</b></p><p>Judging from the recent experiences of various brands, both Haidilao and Xiabuxiabu seem to have \"brought this on themselves\".</p><p>According to Haidilao's interim results forecast, Haidilao expects revenue of around 20 billion yuan and net profit of between 80 million and 100 million yuan in the first half of this year. Compared with the loss of 965 million yuan in the first half of last year, it has undoubtedly made a comeback. However, with the overall catering industry booming, Haidilao's first-half results failed to meet the expectations of institutions, which directly led to the stock prices of all Hong Kong-listed hot pot companies.</p><p>It's worth noting that Haidilao's net profit exceeded 900 million yuan in the first half of 2019. Especially with the gradual control of the epidemic in China and the overall industry recovery momentum, Haidilao's performance is obviously a bit unreasonable. Haidilao's poor performance after the epidemic directly led to a continuous decline in its stock price, which evaporated by more than 60% in six months.</p><p>The main reason for Haidilao's slump is the company's strategic mistake. Last year, it chose a strategy of accelerating its expansion, opening 544 new stores throughout the year. However, the direct consequence of this was poor performance. On the one hand, the accelerated opening of stores has directly increased Haidilao's costs, and even the table turnover rate, which is the most important thing in the catering industry, has decreased significantly.</p><p><img src=\"https://static.tigerbbs.com/b53e8cb53c93164d80f6dd793830b91e\" tg-width=\"1762\" tg-height=\"1118\" referrerpolicy=\"no-referrer\"></p><p>Image from Xiabuxiabu official website</p><p>Even Haidilao CEO Zhang Yong previously publicly stated: \"The main problem with Haidilao's decline in performance is internal management. The store expansion plan I set last year does indeed have problems now, but the time to react was already in March of this year.\"</p><p>Affected by the sharp drop in Haidilao's stock price, the stock prices of other listed players in the hot pot industry also began to fluctuate, especially Xiabuxiabu, which suffered from high-level turmoil and dismal performance. Whether it was the departure of Coucou CEO Zhang Zhenwei or the company's unilateral removal of CEO Zhao Yi, its stock price was severely affected.</p><p>Similar to Haidilao, Xiabuxiabu's performance in recent years has not been ideal. It began to decline in 2018, with net profit and table turnover continuing to decline. In particular, Xiabuxiabu's net profit decreased by 99.4% year-on-year in 2020. While Haidilao caused the overall decline in the stock price of hot pot stocks, Zhao Yi issued an announcement demanding that Xiabuxiabu provide an explanation for its attempt to remove its executive director, and even requested external intervention. For various reasons, Xiabuxiabu's stock price was more affected than Jiu Mao Jiu.</p><p>Judging from the current situation, Zhao Yi's impact on Xiabuxiabu will continue for some time. If the problem cannot be resolved in the long term, Xiabuxiabu's life may become even more difficult due to the turmoil in morale.</p><p>The predicament of Haidilao and Xiabuxiabu is nothing more than their decision-making errors or internal company problems. However, if we look at the entire industry, hot pot is still a star in the catering industry. For example, last month it was reported that Banu, a hot pot chain brand that mainly focuses on tripe, was completing a financing round of more than 500 million yuan.</p><p><b>Why is hot pot so popular?</b></p><p>The popularity of hot pot brands is inseparable from two reasons – social networking and chain stores.</p><p>On the one hand, hot pot restaurants place more emphasis on social interaction than most catering industries, especially nowadays when hot pot restaurants generally have high prices. Unless it's for a gathering, ordinary consumers rarely go to eat hot pot alone. In particular, hot pot brands have started to do marketing while maintaining the taste, such as Haidilao.</p><p>Under the aura of fashion, convenience, and good experience, hot pot is especially favored by young women. According to data from Huajing Industry Research Institute, young women remain the main force in hot pot consumption. In 2020, female consumers accounted for 57.1%, while male consumers lagged behind slightly at only 42.9%.</p><p>On the other hand, hot pot chain operations are easier. Compared to traditional catering companies that need to control the taste of their dishes, hot pot brands that only need to focus on ingredients and broth can grow bigger and stronger by continuously building their supply chain. They only need to make arrangements in various aspects such as procurement, processing, warehousing, and logistics. Enough fresh ingredients can become a strong back-end support for each hot pot store. The most typical example is Haidilao.</p><p><img src=\"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p>Images from Canva featuring Hai Nguyen.</p><p>According to publicly available information, Haidilao's suppliers are its affiliate, Shuhai Supply Chain, which has multiple raw material bases, ingredient processing centers, and base processing centers. In addition, hot pot brands such as Xiabuxiabu, Xiaolongkan, Dezhuang, and Banu either adopt a central kitchen model or cooperate with third-party suppliers.</p><p>Ultimately, hot pot flavors are universally applicable, with various broths such as mushroom broth, spicy broth, and tomato broth meeting the needs of diverse groups. With a mature supply chain as support, controllable products, and good service, the consumer experience is sufficiently guaranteed. Moreover, the gradual maturation of the management system in recent years has strengthened the brand's control over chain stores.</p><p>The differentiation from traditional catering companies has made hot pot a darling of capital, and many star hot pot restaurants have emerged as a result. However, with the increasing diversification of hot pot catering categories, especially after the COVID-19 pandemic, the chain degree of the hot pot industry has further increased and competition has become more intense under the wave of chain reform in the catering industry. So, does Haidilao still have a chance to return to its peak?</p><p><b>Can Haidilao, which has been opening stores aggressively, recover?</b></p><p>Given the current environment, it's not impossible for Haidilao to climb to new heights again.</p><p>Undeniably, before 2020, Haidilao's profitability was among the best in the catering industry. Its revenue, profit, and table turnover rate far exceeded those of its peers, which made Haidilao highly regarded by the outside world. In addition, the market welcomed leading companies. As a leading catering company, Haidilao's stock price soared like a hydrogen balloon on a boom. However, this also caused Haidilao to plummet from its peak in February this year when it continued to encounter problems.</p><p>However, once the bubble bursts, the real test for Haidilao will begin. As mentioned above, Haidilao's main problem is the poor performance caused by opening stores against the trend last year. Currently, Haidilao is in the process of integrating new stores, and there are still some problems with personnel management. If the time is extended by one or two years, the situation of these stores may improve significantly.</p><p><img src=\"https://static.tigerbbs.com/3f759f507680c4285fffb8495c2b6588\" tg-width=\"647\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Image from Haidilao official website</p><p>In order to integrate the new stores as soon as possible, Haidilao is also adjusting its organizational structure. according to<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>According to reports, in order to improve store management efficiency, Haidilao is currently restoring the model of large and small districts and enhancing refined management. If this goal can be achieved, Haidilao's performance may even reach new heights.</p><p>However, compared to Haidilao, which is in a period of growing pains, hot pot competitors like Jiu Mao Jiu and Ba Nu are doing relatively well. Although Jiu Mao Jiu's stock price was also affected by the recent decline in Hong Kong stocks, overall, compared to Haidilao and Xiabuxiabu, Jiu Mao Jiu's performance is relatively stable and it is even opening up new growth opportunities. For example, Jiu Mao Jiu's new brand restaurants such as De Tai Er Restaurant and Tai Er Qianchuan are influenced by this factor, and institutions are relatively optimistic about Jiu Mao Jiu's prospects.<a href=\"https://laohu8.com/S/601995\">CICC</a>They even gave it an \"overweight\" rating on July 25.</p><p>Faced with the intense presence of brands such as Jiu Mao Jiu and Banu Hot Pot, Haidilao CEO Zhang Yong said in an interview earlier this year that Haidilao will continue to expand once the performance of these stores matures. However, with the lessons learned from last year, how should Haidilao proceed on its expansion path?</p>","source":"lsy1604323531668","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>Haidilao and Xiabuxiabu's stock prices have halved in six months. Do hot pot giants still have a chance?</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\">\nHaidilao and Xiabuxiabu's stock prices have halved in six months. Do hot pot giants still have a chance?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">有牛财经</strong><span class=\"h-time small\">2021-07-27 22:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The popularity of hot pot brands is inseparable from two reasons – social networking and chain stores. The hot pot giants seem to be having a rough time lately.</p><p>Affected by fluctuations in Hong Kong stocks on July 26,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>The stock price once plummeted by 20%.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock price also evaporated by more than 13%.<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>The stock price also fell by more than 9% at one point. Of course, it's not just catering stocks that have been affected by this Hong Kong stock market fluctuation; the problems of Haidilao and Xiabuxiabu themselves have exacerbated the impact of this fluctuation.</p><p>Before its stock price evaporated, Haidilao had just released its first-half earnings forecast. Although it successfully turned a profit, its performance still fell short of institutional expectations. On the other hand, Xiabuxiabu has not yet resolved the aftermath of the dismissal of its senior executives and is still entangled with former CEO Zhao Yi. In comparison, Jiu Mao Jiu's life is relatively comfortable.</p><p>While hot pot giants are in a period of growing pains, the entire catering industry is booming, especially the new-style tea beverage sector, which has recently attracted much attention. Mixue Ice Cream, Heytea, Guming, and Ningji have successively secured funding.<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>It has already been listed in Hong Kong; Even the barbecue sector has become a hot commodity in the eyes of investors. Recently, Yongdingmen Electric Barbecue Skewers completed a multi-million yuan angel round of financing, as well as brands such as Kuafu Barbecue Skewers and Long Time Ago.</p><p>Given the overall upward trend in the industry, how can hot pot giants overcome the lukewarm reception?</p><p><b>Haidilao and Xiabuxiabu \"brought this upon themselves\"</b></p><p>Judging from the recent experiences of various brands, both Haidilao and Xiabuxiabu seem to have \"brought this on themselves\".</p><p>According to Haidilao's interim results forecast, Haidilao expects revenue of around 20 billion yuan and net profit of between 80 million and 100 million yuan in the first half of this year. Compared with the loss of 965 million yuan in the first half of last year, it has undoubtedly made a comeback. However, with the overall catering industry booming, Haidilao's first-half results failed to meet the expectations of institutions, which directly led to the stock prices of all Hong Kong-listed hot pot companies.</p><p>It's worth noting that Haidilao's net profit exceeded 900 million yuan in the first half of 2019. Especially with the gradual control of the epidemic in China and the overall industry recovery momentum, Haidilao's performance is obviously a bit unreasonable. Haidilao's poor performance after the epidemic directly led to a continuous decline in its stock price, which evaporated by more than 60% in six months.</p><p>The main reason for Haidilao's slump is the company's strategic mistake. Last year, it chose a strategy of accelerating its expansion, opening 544 new stores throughout the year. However, the direct consequence of this was poor performance. On the one hand, the accelerated opening of stores has directly increased Haidilao's costs, and even the table turnover rate, which is the most important thing in the catering industry, has decreased significantly.</p><p><img src=\"https://static.tigerbbs.com/b53e8cb53c93164d80f6dd793830b91e\" tg-width=\"1762\" tg-height=\"1118\" referrerpolicy=\"no-referrer\"></p><p>Image from Xiabuxiabu official website</p><p>Even Haidilao CEO Zhang Yong previously publicly stated: \"The main problem with Haidilao's decline in performance is internal management. The store expansion plan I set last year does indeed have problems now, but the time to react was already in March of this year.\"</p><p>Affected by the sharp drop in Haidilao's stock price, the stock prices of other listed players in the hot pot industry also began to fluctuate, especially Xiabuxiabu, which suffered from high-level turmoil and dismal performance. Whether it was the departure of Coucou CEO Zhang Zhenwei or the company's unilateral removal of CEO Zhao Yi, its stock price was severely affected.</p><p>Similar to Haidilao, Xiabuxiabu's performance in recent years has not been ideal. It began to decline in 2018, with net profit and table turnover continuing to decline. In particular, Xiabuxiabu's net profit decreased by 99.4% year-on-year in 2020. While Haidilao caused the overall decline in the stock price of hot pot stocks, Zhao Yi issued an announcement demanding that Xiabuxiabu provide an explanation for its attempt to remove its executive director, and even requested external intervention. For various reasons, Xiabuxiabu's stock price was more affected than Jiu Mao Jiu.</p><p>Judging from the current situation, Zhao Yi's impact on Xiabuxiabu will continue for some time. If the problem cannot be resolved in the long term, Xiabuxiabu's life may become even more difficult due to the turmoil in morale.</p><p>The predicament of Haidilao and Xiabuxiabu is nothing more than their decision-making errors or internal company problems. However, if we look at the entire industry, hot pot is still a star in the catering industry. For example, last month it was reported that Banu, a hot pot chain brand that mainly focuses on tripe, was completing a financing round of more than 500 million yuan.</p><p><b>Why is hot pot so popular?</b></p><p>The popularity of hot pot brands is inseparable from two reasons – social networking and chain stores.</p><p>On the one hand, hot pot restaurants place more emphasis on social interaction than most catering industries, especially nowadays when hot pot restaurants generally have high prices. Unless it's for a gathering, ordinary consumers rarely go to eat hot pot alone. In particular, hot pot brands have started to do marketing while maintaining the taste, such as Haidilao.</p><p>Under the aura of fashion, convenience, and good experience, hot pot is especially favored by young women. According to data from Huajing Industry Research Institute, young women remain the main force in hot pot consumption. In 2020, female consumers accounted for 57.1%, while male consumers lagged behind slightly at only 42.9%.</p><p>On the other hand, hot pot chain operations are easier. Compared to traditional catering companies that need to control the taste of their dishes, hot pot brands that only need to focus on ingredients and broth can grow bigger and stronger by continuously building their supply chain. They only need to make arrangements in various aspects such as procurement, processing, warehousing, and logistics. Enough fresh ingredients can become a strong back-end support for each hot pot store. The most typical example is Haidilao.</p><p><img src=\"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p>Images from Canva featuring Hai Nguyen.</p><p>According to publicly available information, Haidilao's suppliers are its affiliate, Shuhai Supply Chain, which has multiple raw material bases, ingredient processing centers, and base processing centers. In addition, hot pot brands such as Xiabuxiabu, Xiaolongkan, Dezhuang, and Banu either adopt a central kitchen model or cooperate with third-party suppliers.</p><p>Ultimately, hot pot flavors are universally applicable, with various broths such as mushroom broth, spicy broth, and tomato broth meeting the needs of diverse groups. With a mature supply chain as support, controllable products, and good service, the consumer experience is sufficiently guaranteed. Moreover, the gradual maturation of the management system in recent years has strengthened the brand's control over chain stores.</p><p>The differentiation from traditional catering companies has made hot pot a darling of capital, and many star hot pot restaurants have emerged as a result. However, with the increasing diversification of hot pot catering categories, especially after the COVID-19 pandemic, the chain degree of the hot pot industry has further increased and competition has become more intense under the wave of chain reform in the catering industry. So, does Haidilao still have a chance to return to its peak?</p><p><b>Can Haidilao, which has been opening stores aggressively, recover?</b></p><p>Given the current environment, it's not impossible for Haidilao to climb to new heights again.</p><p>Undeniably, before 2020, Haidilao's profitability was among the best in the catering industry. Its revenue, profit, and table turnover rate far exceeded those of its peers, which made Haidilao highly regarded by the outside world. In addition, the market welcomed leading companies. As a leading catering company, Haidilao's stock price soared like a hydrogen balloon on a boom. However, this also caused Haidilao to plummet from its peak in February this year when it continued to encounter problems.</p><p>However, once the bubble bursts, the real test for Haidilao will begin. As mentioned above, Haidilao's main problem is the poor performance caused by opening stores against the trend last year. Currently, Haidilao is in the process of integrating new stores, and there are still some problems with personnel management. If the time is extended by one or two years, the situation of these stores may improve significantly.</p><p><img src=\"https://static.tigerbbs.com/3f759f507680c4285fffb8495c2b6588\" tg-width=\"647\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Image from Haidilao official website</p><p>In order to integrate the new stores as soon as possible, Haidilao is also adjusting its organizational structure. according to<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>According to reports, in order to improve store management efficiency, Haidilao is currently restoring the model of large and small districts and enhancing refined management. If this goal can be achieved, Haidilao's performance may even reach new heights.</p><p>However, compared to Haidilao, which is in a period of growing pains, hot pot competitors like Jiu Mao Jiu and Ba Nu are doing relatively well. Although Jiu Mao Jiu's stock price was also affected by the recent decline in Hong Kong stocks, overall, compared to Haidilao and Xiabuxiabu, Jiu Mao Jiu's performance is relatively stable and it is even opening up new growth opportunities. For example, Jiu Mao Jiu's new brand restaurants such as De Tai Er Restaurant and Tai Er Qianchuan are influenced by this factor, and institutions are relatively optimistic about Jiu Mao Jiu's prospects.<a href=\"https://laohu8.com/S/601995\">CICC</a>They even gave it an \"overweight\" rating on July 25.</p><p>Faced with the intense presence of brands such as Jiu Mao Jiu and Banu Hot Pot, Haidilao CEO Zhang Yong said in an interview earlier this year that Haidilao will continue to expand once the performance of these stores matures. However, with the lessons learned from last year, how should Haidilao proceed on its expansion path?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1328719318844032\">有牛财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a","relate_stocks":{"00520":"呷哺呷哺","06862":"海底捞"},"source_url":"https://36kr.com/p/1328719318844032","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113885707","content_text":"火锅品牌的火热离不开两个原因——社交和连锁化。\n\n火锅巨头们最近的日子过的似乎不太顺心，\n7月26日受到港股波动影响，海底捞股价一度暴跌20%、呷哺呷哺股价也蒸发超过13%，九毛九的股价也一度跌过9%。当然，受到这次港股波动影响的不只有餐饮股，海底捞、呷哺呷哺自身的问题更是加深了这次波动的影响。\n股价蒸发前，海底捞刚发布了上半年的业绩预告，虽然成功实现了扭亏为盈，但其业绩仍未达到机构的预期。而另一边的呷哺呷哺还未能解决开除高管后的善后问题，还在与前CEO赵怡纠缠不休，相比之下九毛九的日子过得还算安逸。\n火锅巨头们处于阵痛期之时，整个餐饮行业却是一副热火朝天的景象，尤其是近段时间备受关注的新式茶饮赛道，蜜雪冰城、喜茶、古茗、柠季接连拿到融资，奈雪的茶已经赴港上市；就连烧烤赛道也成了投资人们眼中的一块香饽饽，近期就有永定门电烤串完成千万元天使轮融资，还有夸父烤串、很久以前等等品牌。\n在整体行业向上的情况下，火锅巨头们的遇冷又该如何破解呢？\n“自作自受”的海底捞和呷哺呷哺\n从各家品牌最近的遭遇来看，无论是海底捞还是呷哺呷哺，都有点“自作自受”的意思。\n从海底捞发布的中期业绩预告来看，海底捞今年上半年预计营收200亿元左右，净利润8000万元到1亿元之间，相比去年上半年亏损9.65亿的业绩毫无疑问的打了个翻身仗，但是在餐饮行业整体火热的情况下，海底捞的上半年业绩却未能达到机构的预期，这也直接导致了整个港股火锅企业的股价。\n要知道海底捞2019年上半年的净利润就超过了9亿，尤其是在国内对疫情的逐渐控制，整体行业恢复势头良好的情况下，海底捞这成绩显然有点说不过去，海底捞疫情之后的业绩低迷直接导致了股价的持续下跌，半年蒸发超过60%。\n究其原因，海底捞的低迷主要是因为公司战略失误，在去年选择了加速狂奔的策略，全年新开门店达到了544家，但这带来的直接后果就是业绩的低迷。一方面加速开店直接导致海底捞成本加剧，就连餐饮行业最受重视的翻台率都大不如前。\n\n图片来自呷哺呷哺官网\n就连海底捞CEO张勇此前也公开表示：“海底捞业绩的下降最主要的问题就是内部管理，去年我定下的扩店计划现在看来确实存在问题，但是做出反应的时候已经是今年3月份了”。\n受到海底捞股价暴跌的影响，火锅赛道里的其他上市选手的股价也开始波动，尤其是高层动荡、业绩惨淡的呷哺呷哺，无论是凑凑CEO张振纬的离职，还是公司单方面罢免CEO赵怡，都让其的股价受到剧烈影响。\n与海底捞相似的是，呷哺呷哺近年来的业绩并不理想，从2018年就开始走下坡路，净利润、翻台率持续下滑，尤其是2020年呷哺呷哺净利润同比减少99.4%。在这次海底捞带动火锅股股价整体下滑的同时，赵怡发公告要求呷哺呷哺就试图罢免其执行董事的行为给个说法，甚至要求外界介入，种种原因让呷哺呷哺的股价比起九毛九受到的影响更大。\n就目前的情况来看，赵怡给呷哺呷哺带来的影响还将持续一段时间，要是长期无法解决问题，军心动荡之下，呷哺呷哺的日子或许会更加困难。\n海底捞、呷哺呷哺的困境，无非是其决策失误或者公司内部问题，但是如果将目光放到整个行业来看的话，火锅仍然是餐饮行业里的一颗明星，就比如上个月有报道称，主打毛肚的火锅连锁品牌巴奴正在完成一笔超过5亿元的融资。\n火锅为什么这么火？\n火锅品牌的火热离不开两个原因——社交和连锁化。\n一方面，火锅店相比大部分餐饮赛道，更加注重社交，尤其是现在的火锅店定价普遍不低，如果不是为了聚餐，普通消费者很少会单独去吃火锅，尤其是现在的火锅品牌在保持味道的同时，还开始做起了营销，就比如海底捞。\n在时尚、方便、体验好等光环的笼罩下，火锅尤其受到年轻女性的青睐。根据华经产业研究院的数据显示，年轻女性仍然是火锅消费的主力军，2020年女性消费者占比达到了57.1%，而男性消费者稍有落后，仅为42.9%。\n另一方面，火锅连锁化更加容易，相比需要对菜品口味把关的传统餐饮企业，只需要注重食材和锅底的火锅品牌们，做大做强的道路便是供应链不断的建设，只需要从采购、加工、仓储、物流等各个环节进行布局，足够新鲜的食材就能成为各家火锅门店强有力的后台支撑，其中最典型的例子就是海底捞。\n\n来自Canva可画 Hải Nguyễn的图片\n根据公开信息，海底捞的供应商是其关联方蜀海供应链，拥有多个原材料基地、食材加工中心、底料加工中心，除此之外呷哺呷哺、小龙坎、德庄、巴奴等火锅品牌要么采用中央厨房的模式、要么和第三方供应商有合作。\n说到底，火锅的口味有足够的普适性，菌汤、麻辣、番茄等多种锅底能满足多种人群的需求，如果有着成熟的供应链作为支撑，产品足够可控，服务不差的情况下，消费者地体验有着足够的保障，而且近些年管理系统的逐渐成熟，增强了品牌对于连锁店的管控。\n与传统餐饮企业的差异化，让火锅成了资本的宠儿，许多明星火锅店也由此而来，但是随着火锅餐饮品类的愈发多元化，尤其是新冠疫情之后，在餐饮行业连锁化的浪潮之下，火锅行业的连锁度进一步上升，竞争也越发激烈，那么海底捞还有机会恢复巅峰吗？\n开店过猛的海底捞，还能缓过来吗？\n从现在的环境来说，海底捞也不是没有可能再度爬上新的巅峰。\n不可否认的是，2020年之前的海底捞赚钱能力在餐饮界中算得上是数一数二的，无论是营收、利润还是翻台率都远超同行，这也让海底捞受到了外界的一致看好，再加上市场对于龙头企业的欢迎，作为餐饮龙头的海底捞，其股价就像是风口上的氢气球，一路向上，但是这也导致海底捞在持续碰到问题时，股价也从今年2月的最高点一路俯冲。\n不过当泡沫散去之后，对于海底捞的考验才是真正开始，上文也提到过，海底捞主要的问题就是去年逆势开店导致的业绩难看，目前海底捞正在新店整合期，对于人员的管理方面还有一定的问题，如果将时间放长一两年，这些门店的情况或许会好上不少。\n\n图片来自海底捞官网\n为了尽早实现新门店的整合，海底捞也在对组织架构进行调整。根据光大证券的消息，海底捞为了提升门店管理效率，目前正在恢复大小区的模式，增强精细化管理，如果能够实现这一目标，海底捞的业绩甚至还有更上一层楼的可能性。\n不过比起处于阵痛期的海底捞，九毛九、巴奴等火锅同行的小日子过得还算不错，虽然九毛九的股价也受到了这次港股下跌的影响，但是从公司整体情况来说，比起海底捞和呷哺呷哺，九毛九的业绩还算稳定，而且还在开辟新的增长，例如九毛九旗下得太二餐厅、太二前传等新品牌餐厅，受到这一因素的影响，机构对于九毛九的前景还算看好，中金公司甚至在7月25日给出了增持的评级。\n面对九毛九、巴奴火锅等品牌的虎视眈眈，海底捞CEO张勇在今年早些时候接受采访的时候也表示，等到这批门店的业绩成熟后，海底捞还将继续扩张，不过有了去年的前车之鉴，海底捞的扩张之路又该如何进行呢？","news_type":1,"symbols_score_info":{"06862":0.9,"00520":0.9}},"isVote":1,"tweetType":1,"viewCount":5427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800298579,"gmtCreate":1627303402891,"gmtModify":1703487135701,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585489254246862","authorIdStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800298579","repostId":"1191089457","repostType":4,"repost":{"id":"1191089457","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":1627302034,"share":"https://ttm.financial/m/news/1191089457?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:20","market":"us","language":"zh","title":"Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.","url":"https://stock-news.laohu8.com/highlight/detail?id=1191089457","media":"老虎资讯综合","summary":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业","content":"<p>On July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>The company announced its second-quarter financial results. Data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1.3222 billion, compared to $860.3 million in the same period last year, representing a year-over-year increase of 54%. Following the release of its earnings report, Hasbro's pre-market share price rose by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>By segment, the consumer goods business segment's revenue was US$689.2 million, compared to US$519.5 million in the same period of the previous year, representing a year-on-year increase of 33%. Wizard and its video game business unit reported revenue of $406.3 million, compared to $186.7 million in the same period last year, representing a year-over-year increase of 117.6%. The entertainment business segment reported revenue of $226.7 million, compared to $154.1 million in the same period last year, representing a 47% year-over-year increase.</p><p>By brand portfolio, franchise brand revenue was $650 million, compared to $377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, representing a year-over-year increase of 53%. Hasbro's gaming brand revenue was $147.1 million, compared to $137 million in the same period last year, representing a 7% year-over-year increase. Revenue from emerging brands was $117 million, compared to $75.9 million in the same period last year, representing a year-over-year increase of 54%. Revenue from television, film, and entertainment brands was $196.2 million, compared to $132.2 million in the same period last year, representing a year-over-year increase of 48%.</p><p>The company reported a net loss of $21.9 million in Q2, compared to $32.9 million in the same period last year, a 33.43% decrease year-over-year. Basic and diluted losses per share were $0.17, compared to $0.25 per share in the same period last year.</p><p>Q2 EBITDA was $159.5 million, compared to $73.5 million in the same period last year, representing a year-on-year increase of 117%. Adjusted EBITDA was $289.6 million, compared to $110.8 million in the same period last year, representing a year-on-year increase of 161.4%.</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>Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.</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\">\nHasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.\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\">2021-07-26 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>The company announced its second-quarter financial results. Data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1.3222 billion, compared to $860.3 million in the same period last year, representing a year-over-year increase of 54%. Following the release of its earnings report, Hasbro's pre-market share price rose by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>By segment, the consumer goods business segment's revenue was US$689.2 million, compared to US$519.5 million in the same period of the previous year, representing a year-on-year increase of 33%. Wizard and its video game business unit reported revenue of $406.3 million, compared to $186.7 million in the same period last year, representing a year-over-year increase of 117.6%. The entertainment business segment reported revenue of $226.7 million, compared to $154.1 million in the same period last year, representing a 47% year-over-year increase.</p><p>By brand portfolio, franchise brand revenue was $650 million, compared to $377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, representing a year-over-year increase of 53%. Hasbro's gaming brand revenue was $147.1 million, compared to $137 million in the same period last year, representing a 7% year-over-year increase. Revenue from emerging brands was $117 million, compared to $75.9 million in the same period last year, representing a year-over-year increase of 54%. Revenue from television, film, and entertainment brands was $196.2 million, compared to $132.2 million in the same period last year, representing a year-over-year increase of 48%.</p><p>The company reported a net loss of $21.9 million in Q2, compared to $32.9 million in the same period last year, a 33.43% decrease year-over-year. Basic and diluted losses per share were $0.17, compared to $0.25 per share in the same period last year.</p><p>Q2 EBITDA was $159.5 million, compared to $73.5 million in the same period last year, representing a year-on-year increase of 117%. Adjusted EBITDA was $289.6 million, compared to $110.8 million in the same period last year, representing a year-on-year increase of 161.4%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"HAS":"孩之宝"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191089457","content_text":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业务部门营收为6.892亿美元，上年同期为5.195亿美元，同比增长33%。威世智与电子游戏业务部门营收为4.063亿美元，上年同期为1.867亿美元，同比增长117.6%。娱乐业务部门营收为2.267亿美元，上年同期为1.541亿美元，同比增长47%。\n其中，按品牌组合划分，特许经营品牌营收为6.5亿美元，上年同期为3.77亿美元，同比增长72%。夥伴品牌营收为2.12亿美元，上年同期为1.383亿美元，同比增长53%。孩之宝游戏品牌营收为1.471亿美元，上年同期为1.37亿美元，同比增长7%。新兴品牌营收为1.17亿美元，上年同期为7590万美元，同比增长54%。电视、电影、娱乐品牌营收为1.962亿美元，上年同期为1.322亿美元，同比增长48%。\nQ2净亏损为2190万美元，上年同期为3290万美元，同比收窄33.43%。基本和摊薄后每股亏损为0.17美元，上年同期每股亏损为0.25美元。\nQ2 EBITDA为1.595亿美元，上年同期为7350万美元，同比增长117%。调整后EBITDA为2.896亿美元，上年同期为1.108亿美元，同比增长161.4%。","news_type":1,"symbols_score_info":{"HAS":0.9}},"isVote":1,"tweetType":1,"viewCount":5256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800298169,"gmtCreate":1627303388551,"gmtModify":1703487135537,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585489254246862","authorIdStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/800298169","repostId":"1191089457","repostType":4,"repost":{"id":"1191089457","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":1627302034,"share":"https://ttm.financial/m/news/1191089457?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:20","market":"us","language":"zh","title":"Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.","url":"https://stock-news.laohu8.com/highlight/detail?id=1191089457","media":"老虎资讯综合","summary":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业","content":"<p>On July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>The company announced its second-quarter financial results. Data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1.3222 billion, compared to $860.3 million in the same period last year, representing a year-over-year increase of 54%. Following the release of its earnings report, Hasbro's pre-market share price rose by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>By segment, the consumer goods business segment's revenue was US$689.2 million, compared to US$519.5 million in the same period of the previous year, representing a year-on-year increase of 33%. Wizard and its video game business unit reported revenue of $406.3 million, compared to $186.7 million in the same period last year, representing a year-over-year increase of 117.6%. The entertainment business segment reported revenue of $226.7 million, compared to $154.1 million in the same period last year, representing a 47% year-over-year increase.</p><p>By brand portfolio, franchise brand revenue was $650 million, compared to $377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, representing a year-over-year increase of 53%. Hasbro's gaming brand revenue was $147.1 million, compared to $137 million in the same period last year, representing a 7% year-over-year increase. Revenue from emerging brands was $117 million, compared to $75.9 million in the same period last year, representing a year-over-year increase of 54%. Revenue from television, film, and entertainment brands was $196.2 million, compared to $132.2 million in the same period last year, representing a year-over-year increase of 48%.</p><p>The company reported a net loss of $21.9 million in Q2, compared to $32.9 million in the same period last year, a 33.43% decrease year-over-year. Basic and diluted losses per share were $0.17, compared to $0.25 per share in the same period last year.</p><p>Q2 EBITDA was $159.5 million, compared to $73.5 million in the same period last year, representing a year-on-year increase of 117%. Adjusted EBITDA was $289.6 million, compared to $110.8 million in the same period last year, representing a year-on-year increase of 161.4%.</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>Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.</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\">\nHasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.\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\">2021-07-26 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>The company announced its second-quarter financial results. Data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1.3222 billion, compared to $860.3 million in the same period last year, representing a year-over-year increase of 54%. Following the release of its earnings report, Hasbro's pre-market share price rose by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>By segment, the consumer goods business segment's revenue was US$689.2 million, compared to US$519.5 million in the same period of the previous year, representing a year-on-year increase of 33%. Wizard and its video game business unit reported revenue of $406.3 million, compared to $186.7 million in the same period last year, representing a year-over-year increase of 117.6%. The entertainment business segment reported revenue of $226.7 million, compared to $154.1 million in the same period last year, representing a 47% year-over-year increase.</p><p>By brand portfolio, franchise brand revenue was $650 million, compared to $377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, representing a year-over-year increase of 53%. Hasbro's gaming brand revenue was $147.1 million, compared to $137 million in the same period last year, representing a 7% year-over-year increase. Revenue from emerging brands was $117 million, compared to $75.9 million in the same period last year, representing a year-over-year increase of 54%. Revenue from television, film, and entertainment brands was $196.2 million, compared to $132.2 million in the same period last year, representing a year-over-year increase of 48%.</p><p>The company reported a net loss of $21.9 million in Q2, compared to $32.9 million in the same period last year, a 33.43% decrease year-over-year. Basic and diluted losses per share were $0.17, compared to $0.25 per share in the same period last year.</p><p>Q2 EBITDA was $159.5 million, compared to $73.5 million in the same period last year, representing a year-on-year increase of 117%. Adjusted EBITDA was $289.6 million, compared to $110.8 million in the same period last year, representing a year-on-year increase of 161.4%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"HAS":"孩之宝"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191089457","content_text":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业务部门营收为6.892亿美元，上年同期为5.195亿美元，同比增长33%。威世智与电子游戏业务部门营收为4.063亿美元，上年同期为1.867亿美元，同比增长117.6%。娱乐业务部门营收为2.267亿美元，上年同期为1.541亿美元，同比增长47%。\n其中，按品牌组合划分，特许经营品牌营收为6.5亿美元，上年同期为3.77亿美元，同比增长72%。夥伴品牌营收为2.12亿美元，上年同期为1.383亿美元，同比增长53%。孩之宝游戏品牌营收为1.471亿美元，上年同期为1.37亿美元，同比增长7%。新兴品牌营收为1.17亿美元，上年同期为7590万美元，同比增长54%。电视、电影、娱乐品牌营收为1.962亿美元，上年同期为1.322亿美元，同比增长48%。\nQ2净亏损为2190万美元，上年同期为3290万美元，同比收窄33.43%。基本和摊薄后每股亏损为0.17美元，上年同期每股亏损为0.25美元。\nQ2 EBITDA为1.595亿美元，上年同期为7350万美元，同比增长117%。调整后EBITDA为2.896亿美元，上年同期为1.108亿美元，同比增长161.4%。","news_type":1,"symbols_score_info":{"HAS":0.9}},"isVote":1,"tweetType":1,"viewCount":6879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177620243,"gmtCreate":1627212675682,"gmtModify":1703485612629,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585489254246862","authorIdStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177620243","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"hk","language":"zh","title":"When we buy funds, what are we buying?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>With lithium, it can travel all over the world; without it, it's impossible to move an inch. Recently, with the continued fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" are gaining momentum, causing the new energy sector to surge. Many investors, seeing the strong upward trend in the new energy sector, are starting to get excited and are looking for a new energy-themed fund to buy.</p><p>“Some investors buy funds because they are optimistic about certain sectors, such as consumer and military industries, and then find fund managers in the market who are most similar to their ideas and holdings, and then buy them. This is putting the cart before the horse,” said Ye Erle of Guosheng Metal Machinery. “For the same stock or industry, each fund manager’s logic may be completely different, and the money they can ultimately make will also be completely different.”</p><p>Ye Erle believes that we often ask fund managers \"what did we buy\" without knowing \"why did we buy it,\" and the latter question may be more important. Recently, one of his research reports, \"What Money Do Public Funds Really Make? - A Series of Reports on the Evolution of Fund ALPHA,\" has attracted widespread attention in the industry and received unanimous praise from many institutions. In his report, he provided a detailed analysis of the fund's sources of income and introduced a method that differs from the traditional approach to classifying fund managers' abilities.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metal Machinery</p><p>Last month, our Yuanchuan Research Institute spoke with Ye Erle, an analyst at Guosheng Metal Machinery, to discuss what kind of money public funds actually make. We hope that this conversation can bring new inspiration to investors about \"buying funds\".</p><p>Below are some of Ye Erle's views on questions such as what to buy in funds, what abilities fund managers possess, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Many people ask when buying funds, \"Is it still worth buying this fund after it has risen so much?\" Ye Erle answers: Buying funds is different from buying stocks; it's not advisable to chase high prices in stocks.<b>However, funds can \"chase high prices\" under certain circumstances.</b>Overall, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification methods.</p><p>Stock pricing is the result of expectation exchange and expectation game between people based on publicly available market data.<b>The pricing of the fund is determined by the fund manager alone.</b>For stocks to rise, more and more people are persuaded to buy them by a certain narrative or logic. For funds to rise, fund managers need to have the ability to perceive this logic in advance, buy stocks in advance of everyone, and sell them when everyone buys in.</p><p>Stocks have clear valuations, while funds do not have valuation issues in the sense of net asset value. Stocks that rise too much will fall, and stocks that fall too much will rise. However, funds that rise well do not necessarily perform poorly in the future, nor do funds that perform poorly in the past necessarily perform well in the future. There's a highly extrapolated indicator for buying funds called ALPHA, which means...<b>A good past and a good future essentially depend on the ability of a fund manager. Only when a fund manager's capabilities are stable in a certain area can they have long-term momentum in a certain sub-sector's returns, and this long-term momentum in a certain sub-sector's returns also proves that the fund is stable in this type of capability.</b></p><p>Stocks possess inherent risks at the company level, which can be controlled through diversified holdings. Funds are portfolios of stocks, and the risks in this regard are relatively small. Risk control cannot rely solely on simple diversification. For example, if you buy a bunch of funds that tend to favor stocks, although the proportion of individual funds may be very small, the risk of the portfolio in terms of the \"favoring factor\" is very high. Once the favoring collapses, the entire fund portfolio will have a great pullback/retracement risk. In that case, it may not be as good as choosing one fund for each large-cap, mid-cap, and small-cap fund, as the risk is more diversified. So,<b>Fund risk needs to penetrate into the underlying style to diversify.</b></p><p>So what is the essence of a fund?</p><p>Yerle believes that the fund remains unchanged.<b>Essentially, a fund manager's so-called circle of competence includes personality, investment system, information sources, and investment model.</b>After years of evolution, it has become difficult for fund managers to classify themselves using simple investment styles such as \"large and small caps,\" \"value growth,\" and \"industry themes.\" Such classifications are less stable and require further attribution of fund returns to summarize the fund manager's stock selection logic and reveal their true capabilities.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money do mutual funds actually make?</p><p>After attributing the returns of public funds in his report, Ye Erle concluded that fund returns include money that fund managers cannot stably earn, money that is inevitably lost, and money that can be stably earned.</p><p>First, the money a fund earns is unstable in terms of market capitalization and valuation. I've only made money in two waves in terms of market capitalization: one was with a small market capitalization in 2014-2016, and the other was with a large market capitalization from the end of last year to the beginning of this year. Market capitalization is very difficult to grasp. In terms of valuation, mutual funds favor overvalued stocks, which brought negative returns before 2019 and positive returns afterward, and the money earned in terms of valuation is not stable.</p><p>Furthermore, mutual funds prefer stocks with high volatility and liquidity, which leads to long-term losses. High volatility refers to the fact that a stock has risen and fallen sharply in the past, which can lead to trading losses. Public funds, constrained by their large size and publicly offered nature, must buy highly liquid stocks. High liquidity corresponds to high pricing efficiency, and the duration of quick-logic money in these stocks has been shortening in recent years.<b>Public funds find it difficult to engage in high-frequency trading and make money from such fast-paced logic, so they basically hand it over to private high-frequency traders.</b></p><p>Therefore, neither money with market capitalization, valuation, nor money with high volatility and liquidity is something that most fund managers can stably control. Yerle believes that<b>When buying funds, one should pay more attention to the fund manager's ability to make stable profits.</b></p><p>Then<b>If mutual funds cannot make quick money, they can only make slow money.</b>Slow-logic money is reflected in the returns of two styles:<b>Momentum and growth.</b>Momentum refers to a logic that can only lead to a steady rise in stock prices over the past 12 months if it develops gradually. Yerle calls this characteristic of steady rise momentum. Growth means that a company has growth potential, and verifying growth potential takes time and thus relies on slow logic.</p><p>Regarding making money from the growth logic, Ye Erle summarized three advantages: (1) The growth logic needs time to be verified and cannot be fully reacted to in the short term, leaving fund managers enough time; (2) The logic of growth will be realized in the short term, which can be verified in stages according to the quarterly report. Each verification can realize some excess returns and make the stock rise continuously. (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors. The logic of growth, such as the judgment of the company’s growth rate over 5 years, will definitely have a fact in the next 5 years to verify whether what was said 5 years ago was correct or not.</p><p>Yerle believes that<b>The primary purpose of mutual funds is to predict company performance and profit from growth logic.</b>Because most public funds currently focus on short-term performance assessments, growth stocks are more cost-effective than value stocks: it may take 1 to 3 years for value to return to earn excess returns, and the timing is highly uncertain, while growth stocks can logically realize their returns every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor that enables funds to make money at the company level in the long term, in addition to performance growth—analyst enthusiasm. Analyst enthusiasm refers to the fact that fund managers typically pay close attention to analysts' recommendations, thereby translating them into their own investment logic.<b>The advantage of having access to information compared to the public is also a reason why mutual funds make money in the long run, as fund managers have faster channels to receive information.</b></p><p>In general, mutual funds in<b>Momentum, Growth, Analyst Sentiment</b>These factors generate long-term profits and are where fund managers' capabilities lie. However, style-based returns such as market capitalization and valuation, as well as trading-based returns such as high volatility and high liquidity, are beyond the control of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the sources of fund returns, how should we proceed when it comes to classifying fund manager competency labels and constructing fund portfolios?</p><p>Yerle uses examples to show us how to analyze a fund. Taking a well-performing fund this year as an example, he quantified the fund's returns, thus summarizing the ability labels that fund managers possess.</p><p>First, Yerle completely broke down the fund's returns into four major sources of income. The fund's performance in \"strategic returns\" was average, but its contribution in \"dynamic returns\" was significant. This means that the fund manager's overall stock selection ability was average, but his swing trading ability was strong. The fund also contributes significantly to \"industry returns,\" indicating that it has chosen a good industry. Based on this, fund managers can be labeled with: dynamic return capabilities and industry allocation capabilities.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Next, we analyzed the fund's \"style returns.\" Since changing fund managers in 2020, the fund's style has shifted to small and medium-sized market capitalization, high momentum, high volatility, high valuation, and high growth, and the style is stable. We found that the fund manager likes to buy small-cap stocks and popular sectors. This labeled him: small to medium market capitalization, popular sector investment, and historically stable style.</p><p>Let's look at the characteristics of industry returns: the concentration of holdings is high, with pharmaceuticals buying nearly 50% of the position and machinery buying nearly 40%. Once you are optimistic about the industry, you bet heavily. In terms of industry switching, they are highly sensitive to cycles, shifting significantly to machinery and chemicals in the second quarter of last year, while the market as a whole paid close attention to these two industries in the fourth quarter. Based on this, it can be labeled as industry concentration.</p><p>Finally, it was observed that the fund had low exposure to the analyst sentiment factor in the second quarter of last year, which means that it was earlier than analysts expected, and its subsequent operations were the opposite of analysts' recommendations. The more analysts recommended it, the more it sold, indicating that it was sensitive to left-side/information changes.</p><p>Based on this, Yerle concluded that the fund manager demonstrated [misconduct] during the management of this fund from January 2020 to March 2021.<b>Strong dynamic investment capabilities and a small to mid-cap investment style.</b>It was able to quickly process market information, decisively and concentratedly adjust positions at critical points on the left and right sides, conduct effective meso-level industry allocation and dynamic individual stock operations, invest in popular sectors with relatively small market capitalizations, and avoid the crowded blue-chip sectors at the time.</p><p>After analyzing such a fund manager, Ye Erle believes that one can focus on the \"personality\" of this fund manager, find similar fund managers, and build a portfolio.</p><p>For example, we could build a portfolio of fund managers who all have strong dynamic return capabilities, or bring out a certain type of fund manager who also have strong stock selection and industry allocation capabilities, continue to track them, and analyze what kind of market this portfolio is suitable for.<b>When you need a fund manager with certain characteristics, Guosheng Metal Machinery can use quantitative methods to select them from a portfolio of fund managers.</b></p><p>Guosheng Metal Machinery has built a long-term tracking fund portfolio on Wind: Guosheng Fund Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of classifying fund managers' abilities is an important contribution to Ye Erle's research report. He redefined the dimensions of fund managers, dividing them into various abilities and investment logics. Compared to the previous approach of dividing fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities possessed by fund managers when buying funds. Our official WeChat account, \"Yuanchuan Investment Review,\" frequently updates with research and interviews with fund managers, serving as a window for everyone to understand the circle of competence of fund managers.</p><p>Through continuous learning, you will learn which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so that you can choose funds that meet your preferences.</p><p>For capabilities that fund managers cannot grasp, such as market capitalization, we can diversify fund risk by building portfolios by combining funds with different market styles (such as large-cap and small-cap).</p><p>However, when building a fund portfolio, everyone's expected returns and risk appetite are different. Understanding yourself and allocating funds according to your own needs are the most important things.</p><p>Finally, Yerle gave ordinary fund investors...<b>Some suggestions:</b></p><p>1. Do not blindly follow trends and buy funds recommended on Alipay's homepage. Be cautious when everyone else is buying.</p><p>2. Don't expect funds with a size exceeding 5 billion yuan to generate strong excess returns outside of the style industry. Guosheng Metal Machinery conducted a test on fund size. On average, the fund's alpha is strongest between 500 and 2 billion yuan under management. Once the fund manager's management scale becomes particularly large, the alpha is likely to decline.</p><p>3. If fund investors lack clear judgment ability, it is recommended to invest regularly to diversify costs and reduce their sensitivity to the win rate.</p>","source":"lsy1583835599575","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When we buy funds, what are we buying?</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\">\nWhen we buy funds, what are we buying?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With lithium, it can travel all over the world; without it, it's impossible to move an inch. Recently, with the continued fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" are gaining momentum, causing the new energy sector to surge. Many investors, seeing the strong upward trend in the new energy sector, are starting to get excited and are looking for a new energy-themed fund to buy.</p><p>“Some investors buy funds because they are optimistic about certain sectors, such as consumer and military industries, and then find fund managers in the market who are most similar to their ideas and holdings, and then buy them. This is putting the cart before the horse,” said Ye Erle of Guosheng Metal Machinery. “For the same stock or industry, each fund manager’s logic may be completely different, and the money they can ultimately make will also be completely different.”</p><p>Ye Erle believes that we often ask fund managers \"what did we buy\" without knowing \"why did we buy it,\" and the latter question may be more important. Recently, one of his research reports, \"What Money Do Public Funds Really Make? - A Series of Reports on the Evolution of Fund ALPHA,\" has attracted widespread attention in the industry and received unanimous praise from many institutions. In his report, he provided a detailed analysis of the fund's sources of income and introduced a method that differs from the traditional approach to classifying fund managers' abilities.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metal Machinery</p><p>Last month, our Yuanchuan Research Institute spoke with Ye Erle, an analyst at Guosheng Metal Machinery, to discuss what kind of money public funds actually make. We hope that this conversation can bring new inspiration to investors about \"buying funds\".</p><p>Below are some of Ye Erle's views on questions such as what to buy in funds, what abilities fund managers possess, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Many people ask when buying funds, \"Is it still worth buying this fund after it has risen so much?\" Ye Erle answers: Buying funds is different from buying stocks; it's not advisable to chase high prices in stocks.<b>However, funds can \"chase high prices\" under certain circumstances.</b>Overall, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification methods.</p><p>Stock pricing is the result of expectation exchange and expectation game between people based on publicly available market data.<b>The pricing of the fund is determined by the fund manager alone.</b>For stocks to rise, more and more people are persuaded to buy them by a certain narrative or logic. For funds to rise, fund managers need to have the ability to perceive this logic in advance, buy stocks in advance of everyone, and sell them when everyone buys in.</p><p>Stocks have clear valuations, while funds do not have valuation issues in the sense of net asset value. Stocks that rise too much will fall, and stocks that fall too much will rise. However, funds that rise well do not necessarily perform poorly in the future, nor do funds that perform poorly in the past necessarily perform well in the future. There's a highly extrapolated indicator for buying funds called ALPHA, which means...<b>A good past and a good future essentially depend on the ability of a fund manager. Only when a fund manager's capabilities are stable in a certain area can they have long-term momentum in a certain sub-sector's returns, and this long-term momentum in a certain sub-sector's returns also proves that the fund is stable in this type of capability.</b></p><p>Stocks possess inherent risks at the company level, which can be controlled through diversified holdings. Funds are portfolios of stocks, and the risks in this regard are relatively small. Risk control cannot rely solely on simple diversification. For example, if you buy a bunch of funds that tend to favor stocks, although the proportion of individual funds may be very small, the risk of the portfolio in terms of the \"favoring factor\" is very high. Once the favoring collapses, the entire fund portfolio will have a great pullback/retracement risk. In that case, it may not be as good as choosing one fund for each large-cap, mid-cap, and small-cap fund, as the risk is more diversified. So,<b>Fund risk needs to penetrate into the underlying style to diversify.</b></p><p>So what is the essence of a fund?</p><p>Yerle believes that the fund remains unchanged.<b>Essentially, a fund manager's so-called circle of competence includes personality, investment system, information sources, and investment model.</b>After years of evolution, it has become difficult for fund managers to classify themselves using simple investment styles such as \"large and small caps,\" \"value growth,\" and \"industry themes.\" Such classifications are less stable and require further attribution of fund returns to summarize the fund manager's stock selection logic and reveal their true capabilities.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money do mutual funds actually make?</p><p>After attributing the returns of public funds in his report, Ye Erle concluded that fund returns include money that fund managers cannot stably earn, money that is inevitably lost, and money that can be stably earned.</p><p>First, the money a fund earns is unstable in terms of market capitalization and valuation. I've only made money in two waves in terms of market capitalization: one was with a small market capitalization in 2014-2016, and the other was with a large market capitalization from the end of last year to the beginning of this year. Market capitalization is very difficult to grasp. In terms of valuation, mutual funds favor overvalued stocks, which brought negative returns before 2019 and positive returns afterward, and the money earned in terms of valuation is not stable.</p><p>Furthermore, mutual funds prefer stocks with high volatility and liquidity, which leads to long-term losses. High volatility refers to the fact that a stock has risen and fallen sharply in the past, which can lead to trading losses. Public funds, constrained by their large size and publicly offered nature, must buy highly liquid stocks. High liquidity corresponds to high pricing efficiency, and the duration of quick-logic money in these stocks has been shortening in recent years.<b>Public funds find it difficult to engage in high-frequency trading and make money from such fast-paced logic, so they basically hand it over to private high-frequency traders.</b></p><p>Therefore, neither money with market capitalization, valuation, nor money with high volatility and liquidity is something that most fund managers can stably control. Yerle believes that<b>When buying funds, one should pay more attention to the fund manager's ability to make stable profits.</b></p><p>Then<b>If mutual funds cannot make quick money, they can only make slow money.</b>Slow-logic money is reflected in the returns of two styles:<b>Momentum and growth.</b>Momentum refers to a logic that can only lead to a steady rise in stock prices over the past 12 months if it develops gradually. Yerle calls this characteristic of steady rise momentum. Growth means that a company has growth potential, and verifying growth potential takes time and thus relies on slow logic.</p><p>Regarding making money from the growth logic, Ye Erle summarized three advantages: (1) The growth logic needs time to be verified and cannot be fully reacted to in the short term, leaving fund managers enough time; (2) The logic of growth will be realized in the short term, which can be verified in stages according to the quarterly report. Each verification can realize some excess returns and make the stock rise continuously. (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors. The logic of growth, such as the judgment of the company’s growth rate over 5 years, will definitely have a fact in the next 5 years to verify whether what was said 5 years ago was correct or not.</p><p>Yerle believes that<b>The primary purpose of mutual funds is to predict company performance and profit from growth logic.</b>Because most public funds currently focus on short-term performance assessments, growth stocks are more cost-effective than value stocks: it may take 1 to 3 years for value to return to earn excess returns, and the timing is highly uncertain, while growth stocks can logically realize their returns every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor that enables funds to make money at the company level in the long term, in addition to performance growth—analyst enthusiasm. Analyst enthusiasm refers to the fact that fund managers typically pay close attention to analysts' recommendations, thereby translating them into their own investment logic.<b>The advantage of having access to information compared to the public is also a reason why mutual funds make money in the long run, as fund managers have faster channels to receive information.</b></p><p>In general, mutual funds in<b>Momentum, Growth, Analyst Sentiment</b>These factors generate long-term profits and are where fund managers' capabilities lie. However, style-based returns such as market capitalization and valuation, as well as trading-based returns such as high volatility and high liquidity, are beyond the control of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the sources of fund returns, how should we proceed when it comes to classifying fund manager competency labels and constructing fund portfolios?</p><p>Yerle uses examples to show us how to analyze a fund. Taking a well-performing fund this year as an example, he quantified the fund's returns, thus summarizing the ability labels that fund managers possess.</p><p>First, Yerle completely broke down the fund's returns into four major sources of income. The fund's performance in \"strategic returns\" was average, but its contribution in \"dynamic returns\" was significant. This means that the fund manager's overall stock selection ability was average, but his swing trading ability was strong. The fund also contributes significantly to \"industry returns,\" indicating that it has chosen a good industry. Based on this, fund managers can be labeled with: dynamic return capabilities and industry allocation capabilities.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Next, we analyzed the fund's \"style returns.\" Since changing fund managers in 2020, the fund's style has shifted to small and medium-sized market capitalization, high momentum, high volatility, high valuation, and high growth, and the style is stable. We found that the fund manager likes to buy small-cap stocks and popular sectors. This labeled him: small to medium market capitalization, popular sector investment, and historically stable style.</p><p>Let's look at the characteristics of industry returns: the concentration of holdings is high, with pharmaceuticals buying nearly 50% of the position and machinery buying nearly 40%. Once you are optimistic about the industry, you bet heavily. In terms of industry switching, they are highly sensitive to cycles, shifting significantly to machinery and chemicals in the second quarter of last year, while the market as a whole paid close attention to these two industries in the fourth quarter. Based on this, it can be labeled as industry concentration.</p><p>Finally, it was observed that the fund had low exposure to the analyst sentiment factor in the second quarter of last year, which means that it was earlier than analysts expected, and its subsequent operations were the opposite of analysts' recommendations. The more analysts recommended it, the more it sold, indicating that it was sensitive to left-side/information changes.</p><p>Based on this, Yerle concluded that the fund manager demonstrated [misconduct] during the management of this fund from January 2020 to March 2021.<b>Strong dynamic investment capabilities and a small to mid-cap investment style.</b>It was able to quickly process market information, decisively and concentratedly adjust positions at critical points on the left and right sides, conduct effective meso-level industry allocation and dynamic individual stock operations, invest in popular sectors with relatively small market capitalizations, and avoid the crowded blue-chip sectors at the time.</p><p>After analyzing such a fund manager, Ye Erle believes that one can focus on the \"personality\" of this fund manager, find similar fund managers, and build a portfolio.</p><p>For example, we could build a portfolio of fund managers who all have strong dynamic return capabilities, or bring out a certain type of fund manager who also have strong stock selection and industry allocation capabilities, continue to track them, and analyze what kind of market this portfolio is suitable for.<b>When you need a fund manager with certain characteristics, Guosheng Metal Machinery can use quantitative methods to select them from a portfolio of fund managers.</b></p><p>Guosheng Metal Machinery has built a long-term tracking fund portfolio on Wind: Guosheng Fund Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of classifying fund managers' abilities is an important contribution to Ye Erle's research report. He redefined the dimensions of fund managers, dividing them into various abilities and investment logics. Compared to the previous approach of dividing fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities possessed by fund managers when buying funds. Our official WeChat account, \"Yuanchuan Investment Review,\" frequently updates with research and interviews with fund managers, serving as a window for everyone to understand the circle of competence of fund managers.</p><p>Through continuous learning, you will learn which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so that you can choose funds that meet your preferences.</p><p>For capabilities that fund managers cannot grasp, such as market capitalization, we can diversify fund risk by building portfolios by combining funds with different market styles (such as large-cap and small-cap).</p><p>However, when building a fund portfolio, everyone's expected returns and risk appetite are different. Understanding yourself and allocating funds according to your own needs are the most important things.</p><p>Finally, Yerle gave ordinary fund investors...<b>Some suggestions:</b></p><p>1. Do not blindly follow trends and buy funds recommended on Alipay's homepage. Be cautious when everyone else is buying.</p><p>2. Don't expect funds with a size exceeding 5 billion yuan to generate strong excess returns outside of the style industry. Guosheng Metal Machinery conducted a test on fund size. On average, the fund's alpha is strongest between 500 and 2 billion yuan under management. Once the fund manager's management scale becomes particularly large, the alpha is likely to decline.</p><p>3. If fund investors lack clear judgment ability, it is recommended to invest regularly to diversify costs and reduce their sensitivity to the win rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174453212,"gmtCreate":1627130692236,"gmtModify":1703484631813,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585489254246862","authorIdStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174453212","repostId":"2153809933","repostType":4,"repost":{"id":"2153809933","kind":"highlight","pubTimestamp":1627105483,"share":"https://ttm.financial/m/news/2153809933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 13:44","market":"hk","language":"zh","title":"The Federal Reserve's major July meeting is next week! What key points should we focus on?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153809933","media":"智通财经网","summary":"美联储于7月27日和28日召开货币政策会议，虽然股市目前情绪还较乐观，它将在一种不安的气氛中开会。","content":"<p>The Federal Reserve will hold its monetary policy meeting on July 27 and 28, and although stock market sentiment remains relatively optimistic, it will meet in an uneasy atmosphere. Besides the market's urgent need to know Powell's current attitude, the more important question is whether the Federal Reserve has already provided details on tapering its policy.</p><p>Federal Reserve Chairman Jerome Powell recently made it clear during his testimony to Congress that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an imminent policy shift. After all, employment levels are still more than 6 million lower than before the pandemic began, and the latest COVID-19 pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>However, ING strategists mentioned that at the upcoming Jackson Hole Federal Reserve Conference at the end of August, Fed officials will begin preparing to taper quantitative easing, further refining it at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, although perhaps not as quickly as some expected earlier this year. In addition, many companies urgently need workers, but millions of people are still unemployed. In recent weeks, vaccination rates have stagnated and the number of infections has risen. Nevertheless, the Federal Reserve is facing pressure to tighten, such as tapering QE. However, most people still expect the Federal Reserve to not announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of the tapering on the table\" for discussion.</p><p>Labor market signs suggest that the Federal Reserve's easing is far from over. Economists and market watchers had hoped that by April, when vaccines became widely available and many economic restrictions began to be lifted, employers would begin hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the U.S. Bureau of Labor Statistics, non-farm payroll growth has been generally unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider tapering some of the easing stimulus policies it has already implemented. Three-month moving average data from the Federal Reserve Bank of Atlanta showed that while wages were 3.2% higher in June than a year earlier, inflation rose even higher. Compared to the same period last year, the consumer price index rose 5.4% in June, meaning that inflation-adjusted incomes fell by more than 2%. Even the Federal Reserve's favorite measure of Core personal consumption expenditures (Core PCE), which excludes fluctuations in food and energy prices, rose 3.4% in May compared to the same period last year.</p><p>In fact, a month ago, the Federal Reserve raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue rising for the rest of the year. However, the Federal Reserve may not be in a hurry to intervene. In a speech last August, Powell said that the Federal Reserve had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a moderate period of time before tightening.</p><p>However, the minutes of the Federal Reserve's most recent meeting show increased interest in discussing tapering bond purchases. The Federal Reserve currently buys $120 billion worth of bonds every month, but a short-term rate hike may still take several years.</p><p>ING strategists believe that although the Federal Reserve is not expected to change policy at its July meeting, the market may hear more news about discussions on tapering bond purchases that began in June. Discussions around this issue are likely to heat up at the Jackson Hole meeting in August, as the Federal Reserve's current signals continue to favor earlier policy normalization. His remarks about Chairman Powell may suggest that while discussions about reducing quantitative easing have begun, there is still plenty of time before they need to reach a conclusion on the actions they will take.</p>","source":"highlight_zhitongcaijin","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 Federal Reserve's major July meeting is next week! What key points should we focus on?</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 Federal Reserve's major July meeting is next week! What key points should we focus on?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-24 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve will hold its monetary policy meeting on July 27 and 28, and although stock market sentiment remains relatively optimistic, it will meet in an uneasy atmosphere. Besides the market's urgent need to know Powell's current attitude, the more important question is whether the Federal Reserve has already provided details on tapering its policy.</p><p>Federal Reserve Chairman Jerome Powell recently made it clear during his testimony to Congress that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an imminent policy shift. After all, employment levels are still more than 6 million lower than before the pandemic began, and the latest COVID-19 pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>However, ING strategists mentioned that at the upcoming Jackson Hole Federal Reserve Conference at the end of August, Fed officials will begin preparing to taper quantitative easing, further refining it at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, although perhaps not as quickly as some expected earlier this year. In addition, many companies urgently need workers, but millions of people are still unemployed. In recent weeks, vaccination rates have stagnated and the number of infections has risen. Nevertheless, the Federal Reserve is facing pressure to tighten, such as tapering QE. However, most people still expect the Federal Reserve to not announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of the tapering on the table\" for discussion.</p><p>Labor market signs suggest that the Federal Reserve's easing is far from over. Economists and market watchers had hoped that by April, when vaccines became widely available and many economic restrictions began to be lifted, employers would begin hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the U.S. Bureau of Labor Statistics, non-farm payroll growth has been generally unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider tapering some of the easing stimulus policies it has already implemented. Three-month moving average data from the Federal Reserve Bank of Atlanta showed that while wages were 3.2% higher in June than a year earlier, inflation rose even higher. Compared to the same period last year, the consumer price index rose 5.4% in June, meaning that inflation-adjusted incomes fell by more than 2%. Even the Federal Reserve's favorite measure of Core personal consumption expenditures (Core PCE), which excludes fluctuations in food and energy prices, rose 3.4% in May compared to the same period last year.</p><p>In fact, a month ago, the Federal Reserve raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue rising for the rest of the year. However, the Federal Reserve may not be in a hurry to intervene. In a speech last August, Powell said that the Federal Reserve had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a moderate period of time before tightening.</p><p>However, the minutes of the Federal Reserve's most recent meeting show increased interest in discussing tapering bond purchases. The Federal Reserve currently buys $120 billion worth of bonds every month, but a short-term rate hike may still take several years.</p><p>ING strategists believe that although the Federal Reserve is not expected to change policy at its July meeting, the market may hear more news about discussions on tapering bond purchases that began in June. Discussions around this issue are likely to heat up at the Jackson Hole meeting in August, as the Federal Reserve's current signals continue to favor earlier policy normalization. His remarks about Chairman Powell may suggest that while discussions about reducing quantitative easing have begun, there is still plenty of time before they need to reach a conclusion on the actions they will take.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/520599.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/98a01b74d12bd250d548a4cdbf0d9091","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","UPRO":"三倍做多标普500ETF-ProShares","OEX":"标普100","UDOW":"三倍做多道指30ETF-ProShares","DJX":"1/100道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares","DOG":"道指ETF-ProShares做空","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares",".DJI":"道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares",".IXIC":"NASDAQ Composite","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","IVV":"标普500ETF-iShares",".SPX":"S&P 500 Index","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SH":"做空标普500-Proshares"},"source_url":"http://www.zhitongcaijing.com/content/detail/520599.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2153809933","content_text":"美联储于7月27日和28日召开货币政策会议，虽然股市目前情绪还较乐观，它将在一种不安的气氛中开会。除了市场急需知道鲍威尔目前的态度，更重要的是美联储是否已经有了缩减政策细节。\n美联储主席鲍威尔最近在国会作证时明确表示，他仍然认为通胀压力在很大程度上是暂时的，没有任何迫切需要发出政策即将转变的信号。毕竟，就业水平仍比疫情开始前低600多万，而最新的新冠疫情增加了另一层不确定性，可以用来为不采取行动辩护。\n但是ING策略师谈到即将在8月底举行的杰克逊霍尔美联储会议(Jackson Hole Federal Reserve Conference)上，美联储官员将开始为缩减量化宽松做准备，并在9月份的FOMC会议上进一步细化，然后在12月份正式宣布。\n经济正在增长，尽管可能没有今年早些时候一些人预期的那么快。此外许多企业迫切需要工人，但仍有数百万人失业。最近几周，疫苗接种率停滞不前，感染病例数量上升。尽管如此美联储正面临着收紧压力，如缩减QE。但大部分人还是预计美联储不会在下周会议上宣布任何新举措，但焦点是鲍威尔是否会把缩减细节“摆上桌面”来讨论。\n劳动力市场迹象暗示美联储的宽松远没有结束。经济学家和市场观察人士曾希望，到4月份疫苗广泛普及、许多经济限制开始解除的时候，雇主将开始大批雇佣工人。然而，现实却远没有这么乐观。根据美国劳工统计局(Bureau of Labor Statistics)的最新数据显示非农增速在最近数月总体不是很稳定。\n另外一方面，当下通胀环境又让美联储不得不考虑缩减一些已经实施的宽松刺激政策。亚特兰大联邦储备银行的三个月移动平均数据显示，尽管6月份的工资比去年同期高出3.2%，但通货膨胀率却上升得更高。与去年同期相比，6月份消费者价格指数增长了5.4%，这意味着经通胀调整后的收入下降了2%以上。即便是美联储青睐的剔除食品和能源价格波动的核心个人消费支出(Core PCE)指标，5月份也较上年同期上涨了3.4%。\n事实上，一个月前，美联储将2021年的通胀预期从3月份的2.2%上调至3%，但即便如此也可能过于乐观。在今年余下的时间里，通胀可能会持续上升。不过，美联储也未必会不急于介入。在去年8月的一次讲话中，鲍威尔表示，美联储在过去犯了太多的错误，他愿意在收紧之前，让价格在一段适度的时间内超过央行2%的目标。\n不过，美联储最近一次会议的纪要显示，人们对讨论缩减债券购买规模的兴趣有所增加。美联储目前每月购买价值1200亿美元的债券，但短期加息可能仍需数年时间。\nING策略师认为尽管美联储预计在7月份的会议上不会改变政策，但市场可能会听到更多有关6月份开始的缩减购债讨论的消息。在8月份的杰克逊霍尔(Jackson Hole)会议上，围绕这一问题的讨论可能会升温，因为美联储目前发出的信号仍倾向于更早的政策正常化。其谈到鲍威尔主席可能会暗示，虽然有关缩减量化宽松的讨论已经开始，但在他们需要就他们将采取的行动得出结论之前，还有很多时间。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"QID":0.9,"UPRO":0.9,"DOG":0.9,"SSO":0.9,"UDOW":0.9,"ESmain":0.9,".DJI":0.9,"QQQ":0.9,"SPY":0.9,"NQmain":0.9,"TQQQ":0.9,"QLD":0.9,"PSQ":0.9,".IXIC":0.9,"DDM":0.9,"MNQmain":0.9,"SH":0.9,"SQQQ":0.9,"SDOW":0.9,"IVV":0.9,"DJX":0.9,"OEX":0.9,"DXD":0.9,".SPX":0.9,"SDS":0.9,"SPXU":0.9,"OEF":0.9}},"isVote":1,"tweetType":1,"viewCount":4931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":813910594,"gmtCreate":1630119929118,"gmtModify":1676530229693,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813910594","repostId":"2162073430","repostType":2,"repost":{"id":"2162073430","kind":"news","pubTimestamp":1630109162,"share":"https://ttm.financial/m/news/2162073430?lang=en_US&edition=fundamental","pubTime":"2021-08-28 08:06","market":"us","language":"zh","title":"XPeng Motor Company's Q2 financial report: P7 deliveries rose 44.5% quarter-on-quarter, hitting a new high.","url":"https://stock-news.laohu8.com/highlight/detail?id=2162073430","media":"广州日报","summary":"8月26日，小鹏汽车公布其截至2021年6月30日止第二季度未经审计的财务数据。数据显示，2021年第二季度，小鹏汽车交付量为17,398辆，为季度新高，并较2020年同期的3,228辆上升439%，以及较2021年第一季度的13,340辆上升30.4%。2021年第二季度，P7交付量为11,522辆，为季度新高，并较2021年第一季度的7,974辆上升44.5%。在2021年第二季度已交付的P7总量中，97%可支持XPILOT 2.5或XPILOT 3.0。截至2021年6月30日，小鹏汽车的实体销售和服务网络包括200间门店和64个服务中心，覆盖74个城市。","content":"<p><html><body><article>On August 26,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Announced its unaudited financial data for the second quarter ended June 30, 2021. Data shows that in the second quarter of 2021, XPeng delivered 17,398 vehicles, a new quarterly high, up 439% from 3,228 vehicles in the same period of 2020 and up 30.4% from 13,340 vehicles in the first quarter of 2021.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13927470927/0\"/>In the second quarter of 2021, P7 deliveries reached 11,522 units, a new quarterly high and a 44.5% increase from 7,974 units in the first quarter of 2021. Of the total P7 delivered in the second quarter of 2021, 97% supported XPILOT 2.5 or XPILOT 3.0.</p><p>As of June 30, 2021, XPeng Motors' physical sales and service network included 200 stores and 64 service centers, covering 74 cities. As of June 30, 2021, XPeng Automotive Brand Supercharging Stations had expanded to 231, covering 65 cities;</p><p>In terms of finances, in the second quarter of 2021, XPeng Motor Company's sales revenue was RMB 3.5844 billion (approximately US$555.1 million), an increase of 562.4% compared to the same period in 2020 and 27.5% compared to the first quarter of 2021. The gross profit margin of automobiles (i.e., gross profit from automobile sales as a percentage of automobile sales revenue) was 11.0% in the second quarter of 2021, compared to negative 5.6% in the same period of 2020 and 10.1% in the first quarter of 2021.</p><p>By Zhou Weili, reporter for Xinhuacheng, Guangzhou Daily</p><p>Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Zhong Dawen, editor of Guangzhou Daily - New Flower City</p><p></article></body></html></p>","source":"tencent","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>XPeng Motor Company's Q2 financial report: P7 deliveries rose 44.5% quarter-on-quarter, hitting a new high.</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\">\nXPeng Motor Company's Q2 financial report: P7 deliveries rose 44.5% quarter-on-quarter, hitting a new high.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">广州日报</strong><span class=\"h-time small\">2021-08-28 08:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>On August 26,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Announced its unaudited financial data for the second quarter ended June 30, 2021. Data shows that in the second quarter of 2021, XPeng delivered 17,398 vehicles, a new quarterly high, up 439% from 3,228 vehicles in the same period of 2020 and up 30.4% from 13,340 vehicles in the first quarter of 2021.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13927470927/0\"/>In the second quarter of 2021, P7 deliveries reached 11,522 units, a new quarterly high and a 44.5% increase from 7,974 units in the first quarter of 2021. Of the total P7 delivered in the second quarter of 2021, 97% supported XPILOT 2.5 or XPILOT 3.0.</p><p>As of June 30, 2021, XPeng Motors' physical sales and service network included 200 stores and 64 service centers, covering 74 cities. As of June 30, 2021, XPeng Automotive Brand Supercharging Stations had expanded to 231, covering 65 cities;</p><p>In terms of finances, in the second quarter of 2021, XPeng Motor Company's sales revenue was RMB 3.5844 billion (approximately US$555.1 million), an increase of 562.4% compared to the same period in 2020 and 27.5% compared to the first quarter of 2021. The gross profit margin of automobiles (i.e., gross profit from automobile sales as a percentage of automobile sales revenue) was 11.0% in the second quarter of 2021, compared to negative 5.6% in the same period of 2020 and 10.1% in the first quarter of 2021.</p><p>By Zhou Weili, reporter for Xinhuacheng, Guangzhou Daily</p><p>Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Zhong Dawen, editor of Guangzhou Daily - New Flower City</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108280915567c34ed13&s=b\">广州日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f3c7d799dd2ab62e084e0e8c8dc16ee","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108280915567c34ed13&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2162073430","content_text":"8月26日，小鹏汽车公布其截至2021年6月30日止第二季度未经审计的财务数据。数据显示，2021年第二季度，小鹏汽车交付量为17,398辆，为季度新高，并较2020年同期的3,228辆上升439%，以及较2021年第一季度的13,340辆上升30.4%。2021年第二季度，P7交付量为11,522辆，为季度新高，并较2021年第一季度的7,974辆上升44.5%。在2021年第二季度已交付的P7总量中，97%可支持XPILOT 2.5或XPILOT 3.0。截至2021年6月30日，小鹏汽车的实体销售和服务网络包括200间门店和64个服务中心，覆盖74个城市。截至2021年6月30日，小鹏汽车品牌超级充电站扩展至231座，覆盖65个城市；财务方面，2021年第二季度，小鹏汽车销售收入为人民币35.844亿元（约合5.551亿美元），较2020年同期上升562.4%，较2021年第一季度上升27.5%。2021年第二季度汽车毛利率（即汽车销售毛利润占汽车销售收入的百分比）为11.0%，相较而言，2020年同期为负5.6%，而2021年第一季度为10.1%。文/广州日报·新花城记者：周伟力图/广州日报·新花城记者：周伟力广州日报·新花城编辑 钟达文","news_type":1,"symbols_score_info":{"XPEV":1,"09868":1}},"isVote":1,"tweetType":1,"viewCount":5303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800298169,"gmtCreate":1627303388551,"gmtModify":1703487135537,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/800298169","repostId":"1191089457","repostType":4,"repost":{"id":"1191089457","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":1627302034,"share":"https://ttm.financial/m/news/1191089457?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:20","market":"us","language":"zh","title":"Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.","url":"https://stock-news.laohu8.com/highlight/detail?id=1191089457","media":"老虎资讯综合","summary":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业","content":"<p>On July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>The company announced its second-quarter financial results. Data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1.3222 billion, compared to $860.3 million in the same period last year, representing a year-over-year increase of 54%. Following the release of its earnings report, Hasbro's pre-market share price rose by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>By segment, the consumer goods business segment's revenue was US$689.2 million, compared to US$519.5 million in the same period of the previous year, representing a year-on-year increase of 33%. Wizard and its video game business unit reported revenue of $406.3 million, compared to $186.7 million in the same period last year, representing a year-over-year increase of 117.6%. The entertainment business segment reported revenue of $226.7 million, compared to $154.1 million in the same period last year, representing a 47% year-over-year increase.</p><p>By brand portfolio, franchise brand revenue was $650 million, compared to $377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, representing a year-over-year increase of 53%. Hasbro's gaming brand revenue was $147.1 million, compared to $137 million in the same period last year, representing a 7% year-over-year increase. Revenue from emerging brands was $117 million, compared to $75.9 million in the same period last year, representing a year-over-year increase of 54%. Revenue from television, film, and entertainment brands was $196.2 million, compared to $132.2 million in the same period last year, representing a year-over-year increase of 48%.</p><p>The company reported a net loss of $21.9 million in Q2, compared to $32.9 million in the same period last year, a 33.43% decrease year-over-year. Basic and diluted losses per share were $0.17, compared to $0.25 per share in the same period last year.</p><p>Q2 EBITDA was $159.5 million, compared to $73.5 million in the same period last year, representing a year-on-year increase of 117%. Adjusted EBITDA was $289.6 million, compared to $110.8 million in the same period last year, representing a year-on-year increase of 161.4%.</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>Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.</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\">\nHasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.\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\">2021-07-26 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>The company announced its second-quarter financial results. Data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1.3222 billion, compared to $860.3 million in the same period last year, representing a year-over-year increase of 54%. Following the release of its earnings report, Hasbro's pre-market share price rose by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>By segment, the consumer goods business segment's revenue was US$689.2 million, compared to US$519.5 million in the same period of the previous year, representing a year-on-year increase of 33%. Wizard and its video game business unit reported revenue of $406.3 million, compared to $186.7 million in the same period last year, representing a year-over-year increase of 117.6%. The entertainment business segment reported revenue of $226.7 million, compared to $154.1 million in the same period last year, representing a 47% year-over-year increase.</p><p>By brand portfolio, franchise brand revenue was $650 million, compared to $377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, representing a year-over-year increase of 53%. Hasbro's gaming brand revenue was $147.1 million, compared to $137 million in the same period last year, representing a 7% year-over-year increase. Revenue from emerging brands was $117 million, compared to $75.9 million in the same period last year, representing a year-over-year increase of 54%. Revenue from television, film, and entertainment brands was $196.2 million, compared to $132.2 million in the same period last year, representing a year-over-year increase of 48%.</p><p>The company reported a net loss of $21.9 million in Q2, compared to $32.9 million in the same period last year, a 33.43% decrease year-over-year. Basic and diluted losses per share were $0.17, compared to $0.25 per share in the same period last year.</p><p>Q2 EBITDA was $159.5 million, compared to $73.5 million in the same period last year, representing a year-on-year increase of 117%. Adjusted EBITDA was $289.6 million, compared to $110.8 million in the same period last year, representing a year-on-year increase of 161.4%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"HAS":"孩之宝"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191089457","content_text":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业务部门营收为6.892亿美元，上年同期为5.195亿美元，同比增长33%。威世智与电子游戏业务部门营收为4.063亿美元，上年同期为1.867亿美元，同比增长117.6%。娱乐业务部门营收为2.267亿美元，上年同期为1.541亿美元，同比增长47%。\n其中，按品牌组合划分，特许经营品牌营收为6.5亿美元，上年同期为3.77亿美元，同比增长72%。夥伴品牌营收为2.12亿美元，上年同期为1.383亿美元，同比增长53%。孩之宝游戏品牌营收为1.471亿美元，上年同期为1.37亿美元，同比增长7%。新兴品牌营收为1.17亿美元，上年同期为7590万美元，同比增长54%。电视、电影、娱乐品牌营收为1.962亿美元，上年同期为1.322亿美元，同比增长48%。\nQ2净亏损为2190万美元，上年同期为3290万美元，同比收窄33.43%。基本和摊薄后每股亏损为0.17美元，上年同期每股亏损为0.25美元。\nQ2 EBITDA为1.595亿美元，上年同期为7350万美元，同比增长117%。调整后EBITDA为2.896亿美元，上年同期为1.108亿美元，同比增长161.4%。","news_type":1,"symbols_score_info":{"HAS":0.9}},"isVote":1,"tweetType":1,"viewCount":6879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800298579,"gmtCreate":1627303402891,"gmtModify":1703487135701,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800298579","repostId":"1191089457","repostType":4,"repost":{"id":"1191089457","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":1627302034,"share":"https://ttm.financial/m/news/1191089457?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:20","market":"us","language":"zh","title":"Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.","url":"https://stock-news.laohu8.com/highlight/detail?id=1191089457","media":"老虎资讯综合","summary":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业","content":"<p>On July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>The company announced its second-quarter financial results. Data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1.3222 billion, compared to $860.3 million in the same period last year, representing a year-over-year increase of 54%. Following the release of its earnings report, Hasbro's pre-market share price rose by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>By segment, the consumer goods business segment's revenue was US$689.2 million, compared to US$519.5 million in the same period of the previous year, representing a year-on-year increase of 33%. Wizard and its video game business unit reported revenue of $406.3 million, compared to $186.7 million in the same period last year, representing a year-over-year increase of 117.6%. The entertainment business segment reported revenue of $226.7 million, compared to $154.1 million in the same period last year, representing a 47% year-over-year increase.</p><p>By brand portfolio, franchise brand revenue was $650 million, compared to $377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, representing a year-over-year increase of 53%. Hasbro's gaming brand revenue was $147.1 million, compared to $137 million in the same period last year, representing a 7% year-over-year increase. Revenue from emerging brands was $117 million, compared to $75.9 million in the same period last year, representing a year-over-year increase of 54%. Revenue from television, film, and entertainment brands was $196.2 million, compared to $132.2 million in the same period last year, representing a year-over-year increase of 48%.</p><p>The company reported a net loss of $21.9 million in Q2, compared to $32.9 million in the same period last year, a 33.43% decrease year-over-year. Basic and diluted losses per share were $0.17, compared to $0.25 per share in the same period last year.</p><p>Q2 EBITDA was $159.5 million, compared to $73.5 million in the same period last year, representing a year-on-year increase of 117%. Adjusted EBITDA was $289.6 million, compared to $110.8 million in the same period last year, representing a year-on-year increase of 161.4%.</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>Hasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.</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\">\nHasbro's Q2 net revenue increased by 54% year-on-year, with video game revenue doubling.\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\">2021-07-26 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>The company announced its second-quarter financial results. Data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1.3222 billion, compared to $860.3 million in the same period last year, representing a year-over-year increase of 54%. Following the release of its earnings report, Hasbro's pre-market share price rose by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>By segment, the consumer goods business segment's revenue was US$689.2 million, compared to US$519.5 million in the same period of the previous year, representing a year-on-year increase of 33%. Wizard and its video game business unit reported revenue of $406.3 million, compared to $186.7 million in the same period last year, representing a year-over-year increase of 117.6%. The entertainment business segment reported revenue of $226.7 million, compared to $154.1 million in the same period last year, representing a 47% year-over-year increase.</p><p>By brand portfolio, franchise brand revenue was $650 million, compared to $377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, representing a year-over-year increase of 53%. Hasbro's gaming brand revenue was $147.1 million, compared to $137 million in the same period last year, representing a 7% year-over-year increase. Revenue from emerging brands was $117 million, compared to $75.9 million in the same period last year, representing a year-over-year increase of 54%. Revenue from television, film, and entertainment brands was $196.2 million, compared to $132.2 million in the same period last year, representing a year-over-year increase of 48%.</p><p>The company reported a net loss of $21.9 million in Q2, compared to $32.9 million in the same period last year, a 33.43% decrease year-over-year. Basic and diluted losses per share were $0.17, compared to $0.25 per share in the same period last year.</p><p>Q2 EBITDA was $159.5 million, compared to $73.5 million in the same period last year, representing a year-on-year increase of 117%. Adjusted EBITDA was $289.6 million, compared to $110.8 million in the same period last year, representing a year-on-year increase of 161.4%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"HAS":"孩之宝"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191089457","content_text":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业务部门营收为6.892亿美元，上年同期为5.195亿美元，同比增长33%。威世智与电子游戏业务部门营收为4.063亿美元，上年同期为1.867亿美元，同比增长117.6%。娱乐业务部门营收为2.267亿美元，上年同期为1.541亿美元，同比增长47%。\n其中，按品牌组合划分，特许经营品牌营收为6.5亿美元，上年同期为3.77亿美元，同比增长72%。夥伴品牌营收为2.12亿美元，上年同期为1.383亿美元，同比增长53%。孩之宝游戏品牌营收为1.471亿美元，上年同期为1.37亿美元，同比增长7%。新兴品牌营收为1.17亿美元，上年同期为7590万美元，同比增长54%。电视、电影、娱乐品牌营收为1.962亿美元，上年同期为1.322亿美元，同比增长48%。\nQ2净亏损为2190万美元，上年同期为3290万美元，同比收窄33.43%。基本和摊薄后每股亏损为0.17美元，上年同期每股亏损为0.25美元。\nQ2 EBITDA为1.595亿美元，上年同期为7350万美元，同比增长117%。调整后EBITDA为2.896亿美元，上年同期为1.108亿美元，同比增长161.4%。","news_type":1,"symbols_score_info":{"HAS":0.9}},"isVote":1,"tweetType":1,"viewCount":5256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803997052,"gmtCreate":1627399755576,"gmtModify":1703489283737,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803997052","repostId":"1113885707","repostType":4,"repost":{"id":"1113885707","kind":"news","pubTimestamp":1627397920,"share":"https://ttm.financial/m/news/1113885707?lang=en_US&edition=fundamental","pubTime":"2021-07-27 22:58","market":"hk","language":"zh","title":"Haidilao and Xiabuxiabu's stock prices have halved in six months. Do hot pot giants still have a chance?","url":"https://stock-news.laohu8.com/highlight/detail?id=1113885707","media":"有牛财经","summary":"火锅品牌的火热离不开两个原因——社交和连锁化。\n\n火锅巨头们最近的日子过的似乎不太顺心，\n7月26日受到港股波动影响，海底捞股价一度暴跌20%、呷哺呷哺股价也蒸发超过13%，九毛九的股价也一度跌过9%","content":"<p>The popularity of hot pot brands is inseparable from two reasons – social networking and chain stores. The hot pot giants seem to be having a rough time lately.</p><p>Affected by fluctuations in Hong Kong stocks on July 26,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>The stock price once plummeted by 20%.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock price also evaporated by more than 13%.<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>The stock price also fell by more than 9% at one point. Of course, it's not just catering stocks that have been affected by this Hong Kong stock market fluctuation; the problems of Haidilao and Xiabuxiabu themselves have exacerbated the impact of this fluctuation.</p><p>Before its stock price evaporated, Haidilao had just released its first-half earnings forecast. Although it successfully turned a profit, its performance still fell short of institutional expectations. On the other hand, Xiabuxiabu has not yet resolved the aftermath of the dismissal of its senior executives and is still entangled with former CEO Zhao Yi. In comparison, Jiu Mao Jiu's life is relatively comfortable.</p><p>While hot pot giants are in a period of growing pains, the entire catering industry is booming, especially the new-style tea beverage sector, which has recently attracted much attention. Mixue Ice Cream, Heytea, Guming, and Ningji have successively secured funding.<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>It has already been listed in Hong Kong; Even the barbecue sector has become a hot commodity in the eyes of investors. Recently, Yongdingmen Electric Barbecue Skewers completed a multi-million yuan angel round of financing, as well as brands such as Kuafu Barbecue Skewers and Long Time Ago.</p><p>Given the overall upward trend in the industry, how can hot pot giants overcome the lukewarm reception?</p><p><b>Haidilao and Xiabuxiabu \"brought this upon themselves\"</b></p><p>Judging from the recent experiences of various brands, both Haidilao and Xiabuxiabu seem to have \"brought this on themselves\".</p><p>According to Haidilao's interim results forecast, Haidilao expects revenue of around 20 billion yuan and net profit of between 80 million and 100 million yuan in the first half of this year. Compared with the loss of 965 million yuan in the first half of last year, it has undoubtedly made a comeback. However, with the overall catering industry booming, Haidilao's first-half results failed to meet the expectations of institutions, which directly led to the stock prices of all Hong Kong-listed hot pot companies.</p><p>It's worth noting that Haidilao's net profit exceeded 900 million yuan in the first half of 2019. Especially with the gradual control of the epidemic in China and the overall industry recovery momentum, Haidilao's performance is obviously a bit unreasonable. Haidilao's poor performance after the epidemic directly led to a continuous decline in its stock price, which evaporated by more than 60% in six months.</p><p>The main reason for Haidilao's slump is the company's strategic mistake. Last year, it chose a strategy of accelerating its expansion, opening 544 new stores throughout the year. However, the direct consequence of this was poor performance. On the one hand, the accelerated opening of stores has directly increased Haidilao's costs, and even the table turnover rate, which is the most important thing in the catering industry, has decreased significantly.</p><p><img src=\"https://static.tigerbbs.com/b53e8cb53c93164d80f6dd793830b91e\" tg-width=\"1762\" tg-height=\"1118\" referrerpolicy=\"no-referrer\"></p><p>Image from Xiabuxiabu official website</p><p>Even Haidilao CEO Zhang Yong previously publicly stated: \"The main problem with Haidilao's decline in performance is internal management. The store expansion plan I set last year does indeed have problems now, but the time to react was already in March of this year.\"</p><p>Affected by the sharp drop in Haidilao's stock price, the stock prices of other listed players in the hot pot industry also began to fluctuate, especially Xiabuxiabu, which suffered from high-level turmoil and dismal performance. Whether it was the departure of Coucou CEO Zhang Zhenwei or the company's unilateral removal of CEO Zhao Yi, its stock price was severely affected.</p><p>Similar to Haidilao, Xiabuxiabu's performance in recent years has not been ideal. It began to decline in 2018, with net profit and table turnover continuing to decline. In particular, Xiabuxiabu's net profit decreased by 99.4% year-on-year in 2020. While Haidilao caused the overall decline in the stock price of hot pot stocks, Zhao Yi issued an announcement demanding that Xiabuxiabu provide an explanation for its attempt to remove its executive director, and even requested external intervention. For various reasons, Xiabuxiabu's stock price was more affected than Jiu Mao Jiu.</p><p>Judging from the current situation, Zhao Yi's impact on Xiabuxiabu will continue for some time. If the problem cannot be resolved in the long term, Xiabuxiabu's life may become even more difficult due to the turmoil in morale.</p><p>The predicament of Haidilao and Xiabuxiabu is nothing more than their decision-making errors or internal company problems. However, if we look at the entire industry, hot pot is still a star in the catering industry. For example, last month it was reported that Banu, a hot pot chain brand that mainly focuses on tripe, was completing a financing round of more than 500 million yuan.</p><p><b>Why is hot pot so popular?</b></p><p>The popularity of hot pot brands is inseparable from two reasons – social networking and chain stores.</p><p>On the one hand, hot pot restaurants place more emphasis on social interaction than most catering industries, especially nowadays when hot pot restaurants generally have high prices. Unless it's for a gathering, ordinary consumers rarely go to eat hot pot alone. In particular, hot pot brands have started to do marketing while maintaining the taste, such as Haidilao.</p><p>Under the aura of fashion, convenience, and good experience, hot pot is especially favored by young women. According to data from Huajing Industry Research Institute, young women remain the main force in hot pot consumption. In 2020, female consumers accounted for 57.1%, while male consumers lagged behind slightly at only 42.9%.</p><p>On the other hand, hot pot chain operations are easier. Compared to traditional catering companies that need to control the taste of their dishes, hot pot brands that only need to focus on ingredients and broth can grow bigger and stronger by continuously building their supply chain. They only need to make arrangements in various aspects such as procurement, processing, warehousing, and logistics. Enough fresh ingredients can become a strong back-end support for each hot pot store. The most typical example is Haidilao.</p><p><img src=\"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p>Images from Canva featuring Hai Nguyen.</p><p>According to publicly available information, Haidilao's suppliers are its affiliate, Shuhai Supply Chain, which has multiple raw material bases, ingredient processing centers, and base processing centers. In addition, hot pot brands such as Xiabuxiabu, Xiaolongkan, Dezhuang, and Banu either adopt a central kitchen model or cooperate with third-party suppliers.</p><p>Ultimately, hot pot flavors are universally applicable, with various broths such as mushroom broth, spicy broth, and tomato broth meeting the needs of diverse groups. With a mature supply chain as support, controllable products, and good service, the consumer experience is sufficiently guaranteed. Moreover, the gradual maturation of the management system in recent years has strengthened the brand's control over chain stores.</p><p>The differentiation from traditional catering companies has made hot pot a darling of capital, and many star hot pot restaurants have emerged as a result. However, with the increasing diversification of hot pot catering categories, especially after the COVID-19 pandemic, the chain degree of the hot pot industry has further increased and competition has become more intense under the wave of chain reform in the catering industry. So, does Haidilao still have a chance to return to its peak?</p><p><b>Can Haidilao, which has been opening stores aggressively, recover?</b></p><p>Given the current environment, it's not impossible for Haidilao to climb to new heights again.</p><p>Undeniably, before 2020, Haidilao's profitability was among the best in the catering industry. Its revenue, profit, and table turnover rate far exceeded those of its peers, which made Haidilao highly regarded by the outside world. In addition, the market welcomed leading companies. As a leading catering company, Haidilao's stock price soared like a hydrogen balloon on a boom. However, this also caused Haidilao to plummet from its peak in February this year when it continued to encounter problems.</p><p>However, once the bubble bursts, the real test for Haidilao will begin. As mentioned above, Haidilao's main problem is the poor performance caused by opening stores against the trend last year. Currently, Haidilao is in the process of integrating new stores, and there are still some problems with personnel management. If the time is extended by one or two years, the situation of these stores may improve significantly.</p><p><img src=\"https://static.tigerbbs.com/3f759f507680c4285fffb8495c2b6588\" tg-width=\"647\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Image from Haidilao official website</p><p>In order to integrate the new stores as soon as possible, Haidilao is also adjusting its organizational structure. according to<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>According to reports, in order to improve store management efficiency, Haidilao is currently restoring the model of large and small districts and enhancing refined management. If this goal can be achieved, Haidilao's performance may even reach new heights.</p><p>However, compared to Haidilao, which is in a period of growing pains, hot pot competitors like Jiu Mao Jiu and Ba Nu are doing relatively well. Although Jiu Mao Jiu's stock price was also affected by the recent decline in Hong Kong stocks, overall, compared to Haidilao and Xiabuxiabu, Jiu Mao Jiu's performance is relatively stable and it is even opening up new growth opportunities. For example, Jiu Mao Jiu's new brand restaurants such as De Tai Er Restaurant and Tai Er Qianchuan are influenced by this factor, and institutions are relatively optimistic about Jiu Mao Jiu's prospects.<a href=\"https://laohu8.com/S/601995\">CICC</a>They even gave it an \"overweight\" rating on July 25.</p><p>Faced with the intense presence of brands such as Jiu Mao Jiu and Banu Hot Pot, Haidilao CEO Zhang Yong said in an interview earlier this year that Haidilao will continue to expand once the performance of these stores matures. However, with the lessons learned from last year, how should Haidilao proceed on its expansion path?</p>","source":"lsy1604323531668","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>Haidilao and Xiabuxiabu's stock prices have halved in six months. Do hot pot giants still have a chance?</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\">\nHaidilao and Xiabuxiabu's stock prices have halved in six months. Do hot pot giants still have a chance?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">有牛财经</strong><span class=\"h-time small\">2021-07-27 22:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The popularity of hot pot brands is inseparable from two reasons – social networking and chain stores. The hot pot giants seem to be having a rough time lately.</p><p>Affected by fluctuations in Hong Kong stocks on July 26,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>The stock price once plummeted by 20%.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock price also evaporated by more than 13%.<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>The stock price also fell by more than 9% at one point. Of course, it's not just catering stocks that have been affected by this Hong Kong stock market fluctuation; the problems of Haidilao and Xiabuxiabu themselves have exacerbated the impact of this fluctuation.</p><p>Before its stock price evaporated, Haidilao had just released its first-half earnings forecast. Although it successfully turned a profit, its performance still fell short of institutional expectations. On the other hand, Xiabuxiabu has not yet resolved the aftermath of the dismissal of its senior executives and is still entangled with former CEO Zhao Yi. In comparison, Jiu Mao Jiu's life is relatively comfortable.</p><p>While hot pot giants are in a period of growing pains, the entire catering industry is booming, especially the new-style tea beverage sector, which has recently attracted much attention. Mixue Ice Cream, Heytea, Guming, and Ningji have successively secured funding.<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>It has already been listed in Hong Kong; Even the barbecue sector has become a hot commodity in the eyes of investors. Recently, Yongdingmen Electric Barbecue Skewers completed a multi-million yuan angel round of financing, as well as brands such as Kuafu Barbecue Skewers and Long Time Ago.</p><p>Given the overall upward trend in the industry, how can hot pot giants overcome the lukewarm reception?</p><p><b>Haidilao and Xiabuxiabu \"brought this upon themselves\"</b></p><p>Judging from the recent experiences of various brands, both Haidilao and Xiabuxiabu seem to have \"brought this on themselves\".</p><p>According to Haidilao's interim results forecast, Haidilao expects revenue of around 20 billion yuan and net profit of between 80 million and 100 million yuan in the first half of this year. Compared with the loss of 965 million yuan in the first half of last year, it has undoubtedly made a comeback. However, with the overall catering industry booming, Haidilao's first-half results failed to meet the expectations of institutions, which directly led to the stock prices of all Hong Kong-listed hot pot companies.</p><p>It's worth noting that Haidilao's net profit exceeded 900 million yuan in the first half of 2019. Especially with the gradual control of the epidemic in China and the overall industry recovery momentum, Haidilao's performance is obviously a bit unreasonable. Haidilao's poor performance after the epidemic directly led to a continuous decline in its stock price, which evaporated by more than 60% in six months.</p><p>The main reason for Haidilao's slump is the company's strategic mistake. Last year, it chose a strategy of accelerating its expansion, opening 544 new stores throughout the year. However, the direct consequence of this was poor performance. On the one hand, the accelerated opening of stores has directly increased Haidilao's costs, and even the table turnover rate, which is the most important thing in the catering industry, has decreased significantly.</p><p><img src=\"https://static.tigerbbs.com/b53e8cb53c93164d80f6dd793830b91e\" tg-width=\"1762\" tg-height=\"1118\" referrerpolicy=\"no-referrer\"></p><p>Image from Xiabuxiabu official website</p><p>Even Haidilao CEO Zhang Yong previously publicly stated: \"The main problem with Haidilao's decline in performance is internal management. The store expansion plan I set last year does indeed have problems now, but the time to react was already in March of this year.\"</p><p>Affected by the sharp drop in Haidilao's stock price, the stock prices of other listed players in the hot pot industry also began to fluctuate, especially Xiabuxiabu, which suffered from high-level turmoil and dismal performance. Whether it was the departure of Coucou CEO Zhang Zhenwei or the company's unilateral removal of CEO Zhao Yi, its stock price was severely affected.</p><p>Similar to Haidilao, Xiabuxiabu's performance in recent years has not been ideal. It began to decline in 2018, with net profit and table turnover continuing to decline. In particular, Xiabuxiabu's net profit decreased by 99.4% year-on-year in 2020. While Haidilao caused the overall decline in the stock price of hot pot stocks, Zhao Yi issued an announcement demanding that Xiabuxiabu provide an explanation for its attempt to remove its executive director, and even requested external intervention. For various reasons, Xiabuxiabu's stock price was more affected than Jiu Mao Jiu.</p><p>Judging from the current situation, Zhao Yi's impact on Xiabuxiabu will continue for some time. If the problem cannot be resolved in the long term, Xiabuxiabu's life may become even more difficult due to the turmoil in morale.</p><p>The predicament of Haidilao and Xiabuxiabu is nothing more than their decision-making errors or internal company problems. However, if we look at the entire industry, hot pot is still a star in the catering industry. For example, last month it was reported that Banu, a hot pot chain brand that mainly focuses on tripe, was completing a financing round of more than 500 million yuan.</p><p><b>Why is hot pot so popular?</b></p><p>The popularity of hot pot brands is inseparable from two reasons – social networking and chain stores.</p><p>On the one hand, hot pot restaurants place more emphasis on social interaction than most catering industries, especially nowadays when hot pot restaurants generally have high prices. Unless it's for a gathering, ordinary consumers rarely go to eat hot pot alone. In particular, hot pot brands have started to do marketing while maintaining the taste, such as Haidilao.</p><p>Under the aura of fashion, convenience, and good experience, hot pot is especially favored by young women. According to data from Huajing Industry Research Institute, young women remain the main force in hot pot consumption. In 2020, female consumers accounted for 57.1%, while male consumers lagged behind slightly at only 42.9%.</p><p>On the other hand, hot pot chain operations are easier. Compared to traditional catering companies that need to control the taste of their dishes, hot pot brands that only need to focus on ingredients and broth can grow bigger and stronger by continuously building their supply chain. They only need to make arrangements in various aspects such as procurement, processing, warehousing, and logistics. Enough fresh ingredients can become a strong back-end support for each hot pot store. The most typical example is Haidilao.</p><p><img src=\"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p>Images from Canva featuring Hai Nguyen.</p><p>According to publicly available information, Haidilao's suppliers are its affiliate, Shuhai Supply Chain, which has multiple raw material bases, ingredient processing centers, and base processing centers. In addition, hot pot brands such as Xiabuxiabu, Xiaolongkan, Dezhuang, and Banu either adopt a central kitchen model or cooperate with third-party suppliers.</p><p>Ultimately, hot pot flavors are universally applicable, with various broths such as mushroom broth, spicy broth, and tomato broth meeting the needs of diverse groups. With a mature supply chain as support, controllable products, and good service, the consumer experience is sufficiently guaranteed. Moreover, the gradual maturation of the management system in recent years has strengthened the brand's control over chain stores.</p><p>The differentiation from traditional catering companies has made hot pot a darling of capital, and many star hot pot restaurants have emerged as a result. However, with the increasing diversification of hot pot catering categories, especially after the COVID-19 pandemic, the chain degree of the hot pot industry has further increased and competition has become more intense under the wave of chain reform in the catering industry. So, does Haidilao still have a chance to return to its peak?</p><p><b>Can Haidilao, which has been opening stores aggressively, recover?</b></p><p>Given the current environment, it's not impossible for Haidilao to climb to new heights again.</p><p>Undeniably, before 2020, Haidilao's profitability was among the best in the catering industry. Its revenue, profit, and table turnover rate far exceeded those of its peers, which made Haidilao highly regarded by the outside world. In addition, the market welcomed leading companies. As a leading catering company, Haidilao's stock price soared like a hydrogen balloon on a boom. However, this also caused Haidilao to plummet from its peak in February this year when it continued to encounter problems.</p><p>However, once the bubble bursts, the real test for Haidilao will begin. As mentioned above, Haidilao's main problem is the poor performance caused by opening stores against the trend last year. Currently, Haidilao is in the process of integrating new stores, and there are still some problems with personnel management. If the time is extended by one or two years, the situation of these stores may improve significantly.</p><p><img src=\"https://static.tigerbbs.com/3f759f507680c4285fffb8495c2b6588\" tg-width=\"647\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Image from Haidilao official website</p><p>In order to integrate the new stores as soon as possible, Haidilao is also adjusting its organizational structure. according to<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>According to reports, in order to improve store management efficiency, Haidilao is currently restoring the model of large and small districts and enhancing refined management. If this goal can be achieved, Haidilao's performance may even reach new heights.</p><p>However, compared to Haidilao, which is in a period of growing pains, hot pot competitors like Jiu Mao Jiu and Ba Nu are doing relatively well. Although Jiu Mao Jiu's stock price was also affected by the recent decline in Hong Kong stocks, overall, compared to Haidilao and Xiabuxiabu, Jiu Mao Jiu's performance is relatively stable and it is even opening up new growth opportunities. For example, Jiu Mao Jiu's new brand restaurants such as De Tai Er Restaurant and Tai Er Qianchuan are influenced by this factor, and institutions are relatively optimistic about Jiu Mao Jiu's prospects.<a href=\"https://laohu8.com/S/601995\">CICC</a>They even gave it an \"overweight\" rating on July 25.</p><p>Faced with the intense presence of brands such as Jiu Mao Jiu and Banu Hot Pot, Haidilao CEO Zhang Yong said in an interview earlier this year that Haidilao will continue to expand once the performance of these stores matures. However, with the lessons learned from last year, how should Haidilao proceed on its expansion path?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1328719318844032\">有牛财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a","relate_stocks":{"00520":"呷哺呷哺","06862":"海底捞"},"source_url":"https://36kr.com/p/1328719318844032","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113885707","content_text":"火锅品牌的火热离不开两个原因——社交和连锁化。\n\n火锅巨头们最近的日子过的似乎不太顺心，\n7月26日受到港股波动影响，海底捞股价一度暴跌20%、呷哺呷哺股价也蒸发超过13%，九毛九的股价也一度跌过9%。当然，受到这次港股波动影响的不只有餐饮股，海底捞、呷哺呷哺自身的问题更是加深了这次波动的影响。\n股价蒸发前，海底捞刚发布了上半年的业绩预告，虽然成功实现了扭亏为盈，但其业绩仍未达到机构的预期。而另一边的呷哺呷哺还未能解决开除高管后的善后问题，还在与前CEO赵怡纠缠不休，相比之下九毛九的日子过得还算安逸。\n火锅巨头们处于阵痛期之时，整个餐饮行业却是一副热火朝天的景象，尤其是近段时间备受关注的新式茶饮赛道，蜜雪冰城、喜茶、古茗、柠季接连拿到融资，奈雪的茶已经赴港上市；就连烧烤赛道也成了投资人们眼中的一块香饽饽，近期就有永定门电烤串完成千万元天使轮融资，还有夸父烤串、很久以前等等品牌。\n在整体行业向上的情况下，火锅巨头们的遇冷又该如何破解呢？\n“自作自受”的海底捞和呷哺呷哺\n从各家品牌最近的遭遇来看，无论是海底捞还是呷哺呷哺，都有点“自作自受”的意思。\n从海底捞发布的中期业绩预告来看，海底捞今年上半年预计营收200亿元左右，净利润8000万元到1亿元之间，相比去年上半年亏损9.65亿的业绩毫无疑问的打了个翻身仗，但是在餐饮行业整体火热的情况下，海底捞的上半年业绩却未能达到机构的预期，这也直接导致了整个港股火锅企业的股价。\n要知道海底捞2019年上半年的净利润就超过了9亿，尤其是在国内对疫情的逐渐控制，整体行业恢复势头良好的情况下，海底捞这成绩显然有点说不过去，海底捞疫情之后的业绩低迷直接导致了股价的持续下跌，半年蒸发超过60%。\n究其原因，海底捞的低迷主要是因为公司战略失误，在去年选择了加速狂奔的策略，全年新开门店达到了544家，但这带来的直接后果就是业绩的低迷。一方面加速开店直接导致海底捞成本加剧，就连餐饮行业最受重视的翻台率都大不如前。\n\n图片来自呷哺呷哺官网\n就连海底捞CEO张勇此前也公开表示：“海底捞业绩的下降最主要的问题就是内部管理，去年我定下的扩店计划现在看来确实存在问题，但是做出反应的时候已经是今年3月份了”。\n受到海底捞股价暴跌的影响，火锅赛道里的其他上市选手的股价也开始波动，尤其是高层动荡、业绩惨淡的呷哺呷哺，无论是凑凑CEO张振纬的离职，还是公司单方面罢免CEO赵怡，都让其的股价受到剧烈影响。\n与海底捞相似的是，呷哺呷哺近年来的业绩并不理想，从2018年就开始走下坡路，净利润、翻台率持续下滑，尤其是2020年呷哺呷哺净利润同比减少99.4%。在这次海底捞带动火锅股股价整体下滑的同时，赵怡发公告要求呷哺呷哺就试图罢免其执行董事的行为给个说法，甚至要求外界介入，种种原因让呷哺呷哺的股价比起九毛九受到的影响更大。\n就目前的情况来看，赵怡给呷哺呷哺带来的影响还将持续一段时间，要是长期无法解决问题，军心动荡之下，呷哺呷哺的日子或许会更加困难。\n海底捞、呷哺呷哺的困境，无非是其决策失误或者公司内部问题，但是如果将目光放到整个行业来看的话，火锅仍然是餐饮行业里的一颗明星，就比如上个月有报道称，主打毛肚的火锅连锁品牌巴奴正在完成一笔超过5亿元的融资。\n火锅为什么这么火？\n火锅品牌的火热离不开两个原因——社交和连锁化。\n一方面，火锅店相比大部分餐饮赛道，更加注重社交，尤其是现在的火锅店定价普遍不低，如果不是为了聚餐，普通消费者很少会单独去吃火锅，尤其是现在的火锅品牌在保持味道的同时，还开始做起了营销，就比如海底捞。\n在时尚、方便、体验好等光环的笼罩下，火锅尤其受到年轻女性的青睐。根据华经产业研究院的数据显示，年轻女性仍然是火锅消费的主力军，2020年女性消费者占比达到了57.1%，而男性消费者稍有落后，仅为42.9%。\n另一方面，火锅连锁化更加容易，相比需要对菜品口味把关的传统餐饮企业，只需要注重食材和锅底的火锅品牌们，做大做强的道路便是供应链不断的建设，只需要从采购、加工、仓储、物流等各个环节进行布局，足够新鲜的食材就能成为各家火锅门店强有力的后台支撑，其中最典型的例子就是海底捞。\n\n来自Canva可画 Hải Nguyễn的图片\n根据公开信息，海底捞的供应商是其关联方蜀海供应链，拥有多个原材料基地、食材加工中心、底料加工中心，除此之外呷哺呷哺、小龙坎、德庄、巴奴等火锅品牌要么采用中央厨房的模式、要么和第三方供应商有合作。\n说到底，火锅的口味有足够的普适性，菌汤、麻辣、番茄等多种锅底能满足多种人群的需求，如果有着成熟的供应链作为支撑，产品足够可控，服务不差的情况下，消费者地体验有着足够的保障，而且近些年管理系统的逐渐成熟，增强了品牌对于连锁店的管控。\n与传统餐饮企业的差异化，让火锅成了资本的宠儿，许多明星火锅店也由此而来，但是随着火锅餐饮品类的愈发多元化，尤其是新冠疫情之后，在餐饮行业连锁化的浪潮之下，火锅行业的连锁度进一步上升，竞争也越发激烈，那么海底捞还有机会恢复巅峰吗？\n开店过猛的海底捞，还能缓过来吗？\n从现在的环境来说，海底捞也不是没有可能再度爬上新的巅峰。\n不可否认的是，2020年之前的海底捞赚钱能力在餐饮界中算得上是数一数二的，无论是营收、利润还是翻台率都远超同行，这也让海底捞受到了外界的一致看好，再加上市场对于龙头企业的欢迎，作为餐饮龙头的海底捞，其股价就像是风口上的氢气球，一路向上，但是这也导致海底捞在持续碰到问题时，股价也从今年2月的最高点一路俯冲。\n不过当泡沫散去之后，对于海底捞的考验才是真正开始，上文也提到过，海底捞主要的问题就是去年逆势开店导致的业绩难看，目前海底捞正在新店整合期，对于人员的管理方面还有一定的问题，如果将时间放长一两年，这些门店的情况或许会好上不少。\n\n图片来自海底捞官网\n为了尽早实现新门店的整合，海底捞也在对组织架构进行调整。根据光大证券的消息，海底捞为了提升门店管理效率，目前正在恢复大小区的模式，增强精细化管理，如果能够实现这一目标，海底捞的业绩甚至还有更上一层楼的可能性。\n不过比起处于阵痛期的海底捞，九毛九、巴奴等火锅同行的小日子过得还算不错，虽然九毛九的股价也受到了这次港股下跌的影响，但是从公司整体情况来说，比起海底捞和呷哺呷哺，九毛九的业绩还算稳定，而且还在开辟新的增长，例如九毛九旗下得太二餐厅、太二前传等新品牌餐厅，受到这一因素的影响，机构对于九毛九的前景还算看好，中金公司甚至在7月25日给出了增持的评级。\n面对九毛九、巴奴火锅等品牌的虎视眈眈，海底捞CEO张勇在今年早些时候接受采访的时候也表示，等到这批门店的业绩成熟后，海底捞还将继续扩张，不过有了去年的前车之鉴，海底捞的扩张之路又该如何进行呢？","news_type":1,"symbols_score_info":{"06862":0.9,"00520":0.9}},"isVote":1,"tweetType":1,"viewCount":5427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177620243,"gmtCreate":1627212675682,"gmtModify":1703485612629,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177620243","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"hk","language":"zh","title":"When we buy funds, what are we buying?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>With lithium, it can travel all over the world; without it, it's impossible to move an inch. Recently, with the continued fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" are gaining momentum, causing the new energy sector to surge. Many investors, seeing the strong upward trend in the new energy sector, are starting to get excited and are looking for a new energy-themed fund to buy.</p><p>“Some investors buy funds because they are optimistic about certain sectors, such as consumer and military industries, and then find fund managers in the market who are most similar to their ideas and holdings, and then buy them. This is putting the cart before the horse,” said Ye Erle of Guosheng Metal Machinery. “For the same stock or industry, each fund manager’s logic may be completely different, and the money they can ultimately make will also be completely different.”</p><p>Ye Erle believes that we often ask fund managers \"what did we buy\" without knowing \"why did we buy it,\" and the latter question may be more important. Recently, one of his research reports, \"What Money Do Public Funds Really Make? - A Series of Reports on the Evolution of Fund ALPHA,\" has attracted widespread attention in the industry and received unanimous praise from many institutions. In his report, he provided a detailed analysis of the fund's sources of income and introduced a method that differs from the traditional approach to classifying fund managers' abilities.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metal Machinery</p><p>Last month, our Yuanchuan Research Institute spoke with Ye Erle, an analyst at Guosheng Metal Machinery, to discuss what kind of money public funds actually make. We hope that this conversation can bring new inspiration to investors about \"buying funds\".</p><p>Below are some of Ye Erle's views on questions such as what to buy in funds, what abilities fund managers possess, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Many people ask when buying funds, \"Is it still worth buying this fund after it has risen so much?\" Ye Erle answers: Buying funds is different from buying stocks; it's not advisable to chase high prices in stocks.<b>However, funds can \"chase high prices\" under certain circumstances.</b>Overall, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification methods.</p><p>Stock pricing is the result of expectation exchange and expectation game between people based on publicly available market data.<b>The pricing of the fund is determined by the fund manager alone.</b>For stocks to rise, more and more people are persuaded to buy them by a certain narrative or logic. For funds to rise, fund managers need to have the ability to perceive this logic in advance, buy stocks in advance of everyone, and sell them when everyone buys in.</p><p>Stocks have clear valuations, while funds do not have valuation issues in the sense of net asset value. Stocks that rise too much will fall, and stocks that fall too much will rise. However, funds that rise well do not necessarily perform poorly in the future, nor do funds that perform poorly in the past necessarily perform well in the future. There's a highly extrapolated indicator for buying funds called ALPHA, which means...<b>A good past and a good future essentially depend on the ability of a fund manager. Only when a fund manager's capabilities are stable in a certain area can they have long-term momentum in a certain sub-sector's returns, and this long-term momentum in a certain sub-sector's returns also proves that the fund is stable in this type of capability.</b></p><p>Stocks possess inherent risks at the company level, which can be controlled through diversified holdings. Funds are portfolios of stocks, and the risks in this regard are relatively small. Risk control cannot rely solely on simple diversification. For example, if you buy a bunch of funds that tend to favor stocks, although the proportion of individual funds may be very small, the risk of the portfolio in terms of the \"favoring factor\" is very high. Once the favoring collapses, the entire fund portfolio will have a great pullback/retracement risk. In that case, it may not be as good as choosing one fund for each large-cap, mid-cap, and small-cap fund, as the risk is more diversified. So,<b>Fund risk needs to penetrate into the underlying style to diversify.</b></p><p>So what is the essence of a fund?</p><p>Yerle believes that the fund remains unchanged.<b>Essentially, a fund manager's so-called circle of competence includes personality, investment system, information sources, and investment model.</b>After years of evolution, it has become difficult for fund managers to classify themselves using simple investment styles such as \"large and small caps,\" \"value growth,\" and \"industry themes.\" Such classifications are less stable and require further attribution of fund returns to summarize the fund manager's stock selection logic and reveal their true capabilities.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money do mutual funds actually make?</p><p>After attributing the returns of public funds in his report, Ye Erle concluded that fund returns include money that fund managers cannot stably earn, money that is inevitably lost, and money that can be stably earned.</p><p>First, the money a fund earns is unstable in terms of market capitalization and valuation. I've only made money in two waves in terms of market capitalization: one was with a small market capitalization in 2014-2016, and the other was with a large market capitalization from the end of last year to the beginning of this year. Market capitalization is very difficult to grasp. In terms of valuation, mutual funds favor overvalued stocks, which brought negative returns before 2019 and positive returns afterward, and the money earned in terms of valuation is not stable.</p><p>Furthermore, mutual funds prefer stocks with high volatility and liquidity, which leads to long-term losses. High volatility refers to the fact that a stock has risen and fallen sharply in the past, which can lead to trading losses. Public funds, constrained by their large size and publicly offered nature, must buy highly liquid stocks. High liquidity corresponds to high pricing efficiency, and the duration of quick-logic money in these stocks has been shortening in recent years.<b>Public funds find it difficult to engage in high-frequency trading and make money from such fast-paced logic, so they basically hand it over to private high-frequency traders.</b></p><p>Therefore, neither money with market capitalization, valuation, nor money with high volatility and liquidity is something that most fund managers can stably control. Yerle believes that<b>When buying funds, one should pay more attention to the fund manager's ability to make stable profits.</b></p><p>Then<b>If mutual funds cannot make quick money, they can only make slow money.</b>Slow-logic money is reflected in the returns of two styles:<b>Momentum and growth.</b>Momentum refers to a logic that can only lead to a steady rise in stock prices over the past 12 months if it develops gradually. Yerle calls this characteristic of steady rise momentum. Growth means that a company has growth potential, and verifying growth potential takes time and thus relies on slow logic.</p><p>Regarding making money from the growth logic, Ye Erle summarized three advantages: (1) The growth logic needs time to be verified and cannot be fully reacted to in the short term, leaving fund managers enough time; (2) The logic of growth will be realized in the short term, which can be verified in stages according to the quarterly report. Each verification can realize some excess returns and make the stock rise continuously. (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors. The logic of growth, such as the judgment of the company’s growth rate over 5 years, will definitely have a fact in the next 5 years to verify whether what was said 5 years ago was correct or not.</p><p>Yerle believes that<b>The primary purpose of mutual funds is to predict company performance and profit from growth logic.</b>Because most public funds currently focus on short-term performance assessments, growth stocks are more cost-effective than value stocks: it may take 1 to 3 years for value to return to earn excess returns, and the timing is highly uncertain, while growth stocks can logically realize their returns every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor that enables funds to make money at the company level in the long term, in addition to performance growth—analyst enthusiasm. Analyst enthusiasm refers to the fact that fund managers typically pay close attention to analysts' recommendations, thereby translating them into their own investment logic.<b>The advantage of having access to information compared to the public is also a reason why mutual funds make money in the long run, as fund managers have faster channels to receive information.</b></p><p>In general, mutual funds in<b>Momentum, Growth, Analyst Sentiment</b>These factors generate long-term profits and are where fund managers' capabilities lie. However, style-based returns such as market capitalization and valuation, as well as trading-based returns such as high volatility and high liquidity, are beyond the control of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the sources of fund returns, how should we proceed when it comes to classifying fund manager competency labels and constructing fund portfolios?</p><p>Yerle uses examples to show us how to analyze a fund. Taking a well-performing fund this year as an example, he quantified the fund's returns, thus summarizing the ability labels that fund managers possess.</p><p>First, Yerle completely broke down the fund's returns into four major sources of income. The fund's performance in \"strategic returns\" was average, but its contribution in \"dynamic returns\" was significant. This means that the fund manager's overall stock selection ability was average, but his swing trading ability was strong. The fund also contributes significantly to \"industry returns,\" indicating that it has chosen a good industry. Based on this, fund managers can be labeled with: dynamic return capabilities and industry allocation capabilities.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Next, we analyzed the fund's \"style returns.\" Since changing fund managers in 2020, the fund's style has shifted to small and medium-sized market capitalization, high momentum, high volatility, high valuation, and high growth, and the style is stable. We found that the fund manager likes to buy small-cap stocks and popular sectors. This labeled him: small to medium market capitalization, popular sector investment, and historically stable style.</p><p>Let's look at the characteristics of industry returns: the concentration of holdings is high, with pharmaceuticals buying nearly 50% of the position and machinery buying nearly 40%. Once you are optimistic about the industry, you bet heavily. In terms of industry switching, they are highly sensitive to cycles, shifting significantly to machinery and chemicals in the second quarter of last year, while the market as a whole paid close attention to these two industries in the fourth quarter. Based on this, it can be labeled as industry concentration.</p><p>Finally, it was observed that the fund had low exposure to the analyst sentiment factor in the second quarter of last year, which means that it was earlier than analysts expected, and its subsequent operations were the opposite of analysts' recommendations. The more analysts recommended it, the more it sold, indicating that it was sensitive to left-side/information changes.</p><p>Based on this, Yerle concluded that the fund manager demonstrated [misconduct] during the management of this fund from January 2020 to March 2021.<b>Strong dynamic investment capabilities and a small to mid-cap investment style.</b>It was able to quickly process market information, decisively and concentratedly adjust positions at critical points on the left and right sides, conduct effective meso-level industry allocation and dynamic individual stock operations, invest in popular sectors with relatively small market capitalizations, and avoid the crowded blue-chip sectors at the time.</p><p>After analyzing such a fund manager, Ye Erle believes that one can focus on the \"personality\" of this fund manager, find similar fund managers, and build a portfolio.</p><p>For example, we could build a portfolio of fund managers who all have strong dynamic return capabilities, or bring out a certain type of fund manager who also have strong stock selection and industry allocation capabilities, continue to track them, and analyze what kind of market this portfolio is suitable for.<b>When you need a fund manager with certain characteristics, Guosheng Metal Machinery can use quantitative methods to select them from a portfolio of fund managers.</b></p><p>Guosheng Metal Machinery has built a long-term tracking fund portfolio on Wind: Guosheng Fund Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of classifying fund managers' abilities is an important contribution to Ye Erle's research report. He redefined the dimensions of fund managers, dividing them into various abilities and investment logics. Compared to the previous approach of dividing fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities possessed by fund managers when buying funds. Our official WeChat account, \"Yuanchuan Investment Review,\" frequently updates with research and interviews with fund managers, serving as a window for everyone to understand the circle of competence of fund managers.</p><p>Through continuous learning, you will learn which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so that you can choose funds that meet your preferences.</p><p>For capabilities that fund managers cannot grasp, such as market capitalization, we can diversify fund risk by building portfolios by combining funds with different market styles (such as large-cap and small-cap).</p><p>However, when building a fund portfolio, everyone's expected returns and risk appetite are different. Understanding yourself and allocating funds according to your own needs are the most important things.</p><p>Finally, Yerle gave ordinary fund investors...<b>Some suggestions:</b></p><p>1. Do not blindly follow trends and buy funds recommended on Alipay's homepage. Be cautious when everyone else is buying.</p><p>2. Don't expect funds with a size exceeding 5 billion yuan to generate strong excess returns outside of the style industry. Guosheng Metal Machinery conducted a test on fund size. On average, the fund's alpha is strongest between 500 and 2 billion yuan under management. Once the fund manager's management scale becomes particularly large, the alpha is likely to decline.</p><p>3. If fund investors lack clear judgment ability, it is recommended to invest regularly to diversify costs and reduce their sensitivity to the win rate.</p>","source":"lsy1583835599575","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When we buy funds, what are we buying?</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\">\nWhen we buy funds, what are we buying?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With lithium, it can travel all over the world; without it, it's impossible to move an inch. Recently, with the continued fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" are gaining momentum, causing the new energy sector to surge. Many investors, seeing the strong upward trend in the new energy sector, are starting to get excited and are looking for a new energy-themed fund to buy.</p><p>“Some investors buy funds because they are optimistic about certain sectors, such as consumer and military industries, and then find fund managers in the market who are most similar to their ideas and holdings, and then buy them. This is putting the cart before the horse,” said Ye Erle of Guosheng Metal Machinery. “For the same stock or industry, each fund manager’s logic may be completely different, and the money they can ultimately make will also be completely different.”</p><p>Ye Erle believes that we often ask fund managers \"what did we buy\" without knowing \"why did we buy it,\" and the latter question may be more important. Recently, one of his research reports, \"What Money Do Public Funds Really Make? - A Series of Reports on the Evolution of Fund ALPHA,\" has attracted widespread attention in the industry and received unanimous praise from many institutions. In his report, he provided a detailed analysis of the fund's sources of income and introduced a method that differs from the traditional approach to classifying fund managers' abilities.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metal Machinery</p><p>Last month, our Yuanchuan Research Institute spoke with Ye Erle, an analyst at Guosheng Metal Machinery, to discuss what kind of money public funds actually make. We hope that this conversation can bring new inspiration to investors about \"buying funds\".</p><p>Below are some of Ye Erle's views on questions such as what to buy in funds, what abilities fund managers possess, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Many people ask when buying funds, \"Is it still worth buying this fund after it has risen so much?\" Ye Erle answers: Buying funds is different from buying stocks; it's not advisable to chase high prices in stocks.<b>However, funds can \"chase high prices\" under certain circumstances.</b>Overall, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification methods.</p><p>Stock pricing is the result of expectation exchange and expectation game between people based on publicly available market data.<b>The pricing of the fund is determined by the fund manager alone.</b>For stocks to rise, more and more people are persuaded to buy them by a certain narrative or logic. For funds to rise, fund managers need to have the ability to perceive this logic in advance, buy stocks in advance of everyone, and sell them when everyone buys in.</p><p>Stocks have clear valuations, while funds do not have valuation issues in the sense of net asset value. Stocks that rise too much will fall, and stocks that fall too much will rise. However, funds that rise well do not necessarily perform poorly in the future, nor do funds that perform poorly in the past necessarily perform well in the future. There's a highly extrapolated indicator for buying funds called ALPHA, which means...<b>A good past and a good future essentially depend on the ability of a fund manager. Only when a fund manager's capabilities are stable in a certain area can they have long-term momentum in a certain sub-sector's returns, and this long-term momentum in a certain sub-sector's returns also proves that the fund is stable in this type of capability.</b></p><p>Stocks possess inherent risks at the company level, which can be controlled through diversified holdings. Funds are portfolios of stocks, and the risks in this regard are relatively small. Risk control cannot rely solely on simple diversification. For example, if you buy a bunch of funds that tend to favor stocks, although the proportion of individual funds may be very small, the risk of the portfolio in terms of the \"favoring factor\" is very high. Once the favoring collapses, the entire fund portfolio will have a great pullback/retracement risk. In that case, it may not be as good as choosing one fund for each large-cap, mid-cap, and small-cap fund, as the risk is more diversified. So,<b>Fund risk needs to penetrate into the underlying style to diversify.</b></p><p>So what is the essence of a fund?</p><p>Yerle believes that the fund remains unchanged.<b>Essentially, a fund manager's so-called circle of competence includes personality, investment system, information sources, and investment model.</b>After years of evolution, it has become difficult for fund managers to classify themselves using simple investment styles such as \"large and small caps,\" \"value growth,\" and \"industry themes.\" Such classifications are less stable and require further attribution of fund returns to summarize the fund manager's stock selection logic and reveal their true capabilities.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money do mutual funds actually make?</p><p>After attributing the returns of public funds in his report, Ye Erle concluded that fund returns include money that fund managers cannot stably earn, money that is inevitably lost, and money that can be stably earned.</p><p>First, the money a fund earns is unstable in terms of market capitalization and valuation. I've only made money in two waves in terms of market capitalization: one was with a small market capitalization in 2014-2016, and the other was with a large market capitalization from the end of last year to the beginning of this year. Market capitalization is very difficult to grasp. In terms of valuation, mutual funds favor overvalued stocks, which brought negative returns before 2019 and positive returns afterward, and the money earned in terms of valuation is not stable.</p><p>Furthermore, mutual funds prefer stocks with high volatility and liquidity, which leads to long-term losses. High volatility refers to the fact that a stock has risen and fallen sharply in the past, which can lead to trading losses. Public funds, constrained by their large size and publicly offered nature, must buy highly liquid stocks. High liquidity corresponds to high pricing efficiency, and the duration of quick-logic money in these stocks has been shortening in recent years.<b>Public funds find it difficult to engage in high-frequency trading and make money from such fast-paced logic, so they basically hand it over to private high-frequency traders.</b></p><p>Therefore, neither money with market capitalization, valuation, nor money with high volatility and liquidity is something that most fund managers can stably control. Yerle believes that<b>When buying funds, one should pay more attention to the fund manager's ability to make stable profits.</b></p><p>Then<b>If mutual funds cannot make quick money, they can only make slow money.</b>Slow-logic money is reflected in the returns of two styles:<b>Momentum and growth.</b>Momentum refers to a logic that can only lead to a steady rise in stock prices over the past 12 months if it develops gradually. Yerle calls this characteristic of steady rise momentum. Growth means that a company has growth potential, and verifying growth potential takes time and thus relies on slow logic.</p><p>Regarding making money from the growth logic, Ye Erle summarized three advantages: (1) The growth logic needs time to be verified and cannot be fully reacted to in the short term, leaving fund managers enough time; (2) The logic of growth will be realized in the short term, which can be verified in stages according to the quarterly report. Each verification can realize some excess returns and make the stock rise continuously. (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors. The logic of growth, such as the judgment of the company’s growth rate over 5 years, will definitely have a fact in the next 5 years to verify whether what was said 5 years ago was correct or not.</p><p>Yerle believes that<b>The primary purpose of mutual funds is to predict company performance and profit from growth logic.</b>Because most public funds currently focus on short-term performance assessments, growth stocks are more cost-effective than value stocks: it may take 1 to 3 years for value to return to earn excess returns, and the timing is highly uncertain, while growth stocks can logically realize their returns every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor that enables funds to make money at the company level in the long term, in addition to performance growth—analyst enthusiasm. Analyst enthusiasm refers to the fact that fund managers typically pay close attention to analysts' recommendations, thereby translating them into their own investment logic.<b>The advantage of having access to information compared to the public is also a reason why mutual funds make money in the long run, as fund managers have faster channels to receive information.</b></p><p>In general, mutual funds in<b>Momentum, Growth, Analyst Sentiment</b>These factors generate long-term profits and are where fund managers' capabilities lie. However, style-based returns such as market capitalization and valuation, as well as trading-based returns such as high volatility and high liquidity, are beyond the control of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the sources of fund returns, how should we proceed when it comes to classifying fund manager competency labels and constructing fund portfolios?</p><p>Yerle uses examples to show us how to analyze a fund. Taking a well-performing fund this year as an example, he quantified the fund's returns, thus summarizing the ability labels that fund managers possess.</p><p>First, Yerle completely broke down the fund's returns into four major sources of income. The fund's performance in \"strategic returns\" was average, but its contribution in \"dynamic returns\" was significant. This means that the fund manager's overall stock selection ability was average, but his swing trading ability was strong. The fund also contributes significantly to \"industry returns,\" indicating that it has chosen a good industry. Based on this, fund managers can be labeled with: dynamic return capabilities and industry allocation capabilities.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Next, we analyzed the fund's \"style returns.\" Since changing fund managers in 2020, the fund's style has shifted to small and medium-sized market capitalization, high momentum, high volatility, high valuation, and high growth, and the style is stable. We found that the fund manager likes to buy small-cap stocks and popular sectors. This labeled him: small to medium market capitalization, popular sector investment, and historically stable style.</p><p>Let's look at the characteristics of industry returns: the concentration of holdings is high, with pharmaceuticals buying nearly 50% of the position and machinery buying nearly 40%. Once you are optimistic about the industry, you bet heavily. In terms of industry switching, they are highly sensitive to cycles, shifting significantly to machinery and chemicals in the second quarter of last year, while the market as a whole paid close attention to these two industries in the fourth quarter. Based on this, it can be labeled as industry concentration.</p><p>Finally, it was observed that the fund had low exposure to the analyst sentiment factor in the second quarter of last year, which means that it was earlier than analysts expected, and its subsequent operations were the opposite of analysts' recommendations. The more analysts recommended it, the more it sold, indicating that it was sensitive to left-side/information changes.</p><p>Based on this, Yerle concluded that the fund manager demonstrated [misconduct] during the management of this fund from January 2020 to March 2021.<b>Strong dynamic investment capabilities and a small to mid-cap investment style.</b>It was able to quickly process market information, decisively and concentratedly adjust positions at critical points on the left and right sides, conduct effective meso-level industry allocation and dynamic individual stock operations, invest in popular sectors with relatively small market capitalizations, and avoid the crowded blue-chip sectors at the time.</p><p>After analyzing such a fund manager, Ye Erle believes that one can focus on the \"personality\" of this fund manager, find similar fund managers, and build a portfolio.</p><p>For example, we could build a portfolio of fund managers who all have strong dynamic return capabilities, or bring out a certain type of fund manager who also have strong stock selection and industry allocation capabilities, continue to track them, and analyze what kind of market this portfolio is suitable for.<b>When you need a fund manager with certain characteristics, Guosheng Metal Machinery can use quantitative methods to select them from a portfolio of fund managers.</b></p><p>Guosheng Metal Machinery has built a long-term tracking fund portfolio on Wind: Guosheng Fund Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of classifying fund managers' abilities is an important contribution to Ye Erle's research report. He redefined the dimensions of fund managers, dividing them into various abilities and investment logics. Compared to the previous approach of dividing fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities possessed by fund managers when buying funds. Our official WeChat account, \"Yuanchuan Investment Review,\" frequently updates with research and interviews with fund managers, serving as a window for everyone to understand the circle of competence of fund managers.</p><p>Through continuous learning, you will learn which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so that you can choose funds that meet your preferences.</p><p>For capabilities that fund managers cannot grasp, such as market capitalization, we can diversify fund risk by building portfolios by combining funds with different market styles (such as large-cap and small-cap).</p><p>However, when building a fund portfolio, everyone's expected returns and risk appetite are different. Understanding yourself and allocating funds according to your own needs are the most important things.</p><p>Finally, Yerle gave ordinary fund investors...<b>Some suggestions:</b></p><p>1. Do not blindly follow trends and buy funds recommended on Alipay's homepage. Be cautious when everyone else is buying.</p><p>2. Don't expect funds with a size exceeding 5 billion yuan to generate strong excess returns outside of the style industry. Guosheng Metal Machinery conducted a test on fund size. On average, the fund's alpha is strongest between 500 and 2 billion yuan under management. Once the fund manager's management scale becomes particularly large, the alpha is likely to decline.</p><p>3. If fund investors lack clear judgment ability, it is recommended to invest regularly to diversify costs and reduce their sensitivity to the win rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174453212,"gmtCreate":1627130692236,"gmtModify":1703484631813,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174453212","repostId":"2153809933","repostType":4,"repost":{"id":"2153809933","kind":"highlight","pubTimestamp":1627105483,"share":"https://ttm.financial/m/news/2153809933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 13:44","market":"hk","language":"zh","title":"The Federal Reserve's major July meeting is next week! What key points should we focus on?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153809933","media":"智通财经网","summary":"美联储于7月27日和28日召开货币政策会议，虽然股市目前情绪还较乐观，它将在一种不安的气氛中开会。","content":"<p>The Federal Reserve will hold its monetary policy meeting on July 27 and 28, and although stock market sentiment remains relatively optimistic, it will meet in an uneasy atmosphere. Besides the market's urgent need to know Powell's current attitude, the more important question is whether the Federal Reserve has already provided details on tapering its policy.</p><p>Federal Reserve Chairman Jerome Powell recently made it clear during his testimony to Congress that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an imminent policy shift. After all, employment levels are still more than 6 million lower than before the pandemic began, and the latest COVID-19 pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>However, ING strategists mentioned that at the upcoming Jackson Hole Federal Reserve Conference at the end of August, Fed officials will begin preparing to taper quantitative easing, further refining it at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, although perhaps not as quickly as some expected earlier this year. In addition, many companies urgently need workers, but millions of people are still unemployed. In recent weeks, vaccination rates have stagnated and the number of infections has risen. Nevertheless, the Federal Reserve is facing pressure to tighten, such as tapering QE. However, most people still expect the Federal Reserve to not announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of the tapering on the table\" for discussion.</p><p>Labor market signs suggest that the Federal Reserve's easing is far from over. Economists and market watchers had hoped that by April, when vaccines became widely available and many economic restrictions began to be lifted, employers would begin hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the U.S. Bureau of Labor Statistics, non-farm payroll growth has been generally unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider tapering some of the easing stimulus policies it has already implemented. Three-month moving average data from the Federal Reserve Bank of Atlanta showed that while wages were 3.2% higher in June than a year earlier, inflation rose even higher. Compared to the same period last year, the consumer price index rose 5.4% in June, meaning that inflation-adjusted incomes fell by more than 2%. Even the Federal Reserve's favorite measure of Core personal consumption expenditures (Core PCE), which excludes fluctuations in food and energy prices, rose 3.4% in May compared to the same period last year.</p><p>In fact, a month ago, the Federal Reserve raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue rising for the rest of the year. However, the Federal Reserve may not be in a hurry to intervene. In a speech last August, Powell said that the Federal Reserve had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a moderate period of time before tightening.</p><p>However, the minutes of the Federal Reserve's most recent meeting show increased interest in discussing tapering bond purchases. The Federal Reserve currently buys $120 billion worth of bonds every month, but a short-term rate hike may still take several years.</p><p>ING strategists believe that although the Federal Reserve is not expected to change policy at its July meeting, the market may hear more news about discussions on tapering bond purchases that began in June. Discussions around this issue are likely to heat up at the Jackson Hole meeting in August, as the Federal Reserve's current signals continue to favor earlier policy normalization. His remarks about Chairman Powell may suggest that while discussions about reducing quantitative easing have begun, there is still plenty of time before they need to reach a conclusion on the actions they will take.</p>","source":"highlight_zhitongcaijin","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 Federal Reserve's major July meeting is next week! What key points should we focus on?</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 Federal Reserve's major July meeting is next week! What key points should we focus on?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-24 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve will hold its monetary policy meeting on July 27 and 28, and although stock market sentiment remains relatively optimistic, it will meet in an uneasy atmosphere. Besides the market's urgent need to know Powell's current attitude, the more important question is whether the Federal Reserve has already provided details on tapering its policy.</p><p>Federal Reserve Chairman Jerome Powell recently made it clear during his testimony to Congress that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an imminent policy shift. After all, employment levels are still more than 6 million lower than before the pandemic began, and the latest COVID-19 pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>However, ING strategists mentioned that at the upcoming Jackson Hole Federal Reserve Conference at the end of August, Fed officials will begin preparing to taper quantitative easing, further refining it at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, although perhaps not as quickly as some expected earlier this year. In addition, many companies urgently need workers, but millions of people are still unemployed. In recent weeks, vaccination rates have stagnated and the number of infections has risen. Nevertheless, the Federal Reserve is facing pressure to tighten, such as tapering QE. However, most people still expect the Federal Reserve to not announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of the tapering on the table\" for discussion.</p><p>Labor market signs suggest that the Federal Reserve's easing is far from over. Economists and market watchers had hoped that by April, when vaccines became widely available and many economic restrictions began to be lifted, employers would begin hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the U.S. Bureau of Labor Statistics, non-farm payroll growth has been generally unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider tapering some of the easing stimulus policies it has already implemented. Three-month moving average data from the Federal Reserve Bank of Atlanta showed that while wages were 3.2% higher in June than a year earlier, inflation rose even higher. Compared to the same period last year, the consumer price index rose 5.4% in June, meaning that inflation-adjusted incomes fell by more than 2%. Even the Federal Reserve's favorite measure of Core personal consumption expenditures (Core PCE), which excludes fluctuations in food and energy prices, rose 3.4% in May compared to the same period last year.</p><p>In fact, a month ago, the Federal Reserve raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue rising for the rest of the year. However, the Federal Reserve may not be in a hurry to intervene. In a speech last August, Powell said that the Federal Reserve had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a moderate period of time before tightening.</p><p>However, the minutes of the Federal Reserve's most recent meeting show increased interest in discussing tapering bond purchases. The Federal Reserve currently buys $120 billion worth of bonds every month, but a short-term rate hike may still take several years.</p><p>ING strategists believe that although the Federal Reserve is not expected to change policy at its July meeting, the market may hear more news about discussions on tapering bond purchases that began in June. Discussions around this issue are likely to heat up at the Jackson Hole meeting in August, as the Federal Reserve's current signals continue to favor earlier policy normalization. His remarks about Chairman Powell may suggest that while discussions about reducing quantitative easing have begun, there is still plenty of time before they need to reach a conclusion on the actions they will take.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/520599.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/98a01b74d12bd250d548a4cdbf0d9091","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","UPRO":"三倍做多标普500ETF-ProShares","OEX":"标普100","UDOW":"三倍做多道指30ETF-ProShares","DJX":"1/100道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares","DOG":"道指ETF-ProShares做空","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares",".DJI":"道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares",".IXIC":"NASDAQ Composite","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","IVV":"标普500ETF-iShares",".SPX":"S&P 500 Index","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SH":"做空标普500-Proshares"},"source_url":"http://www.zhitongcaijing.com/content/detail/520599.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2153809933","content_text":"美联储于7月27日和28日召开货币政策会议，虽然股市目前情绪还较乐观，它将在一种不安的气氛中开会。除了市场急需知道鲍威尔目前的态度，更重要的是美联储是否已经有了缩减政策细节。\n美联储主席鲍威尔最近在国会作证时明确表示，他仍然认为通胀压力在很大程度上是暂时的，没有任何迫切需要发出政策即将转变的信号。毕竟，就业水平仍比疫情开始前低600多万，而最新的新冠疫情增加了另一层不确定性，可以用来为不采取行动辩护。\n但是ING策略师谈到即将在8月底举行的杰克逊霍尔美联储会议(Jackson Hole Federal Reserve Conference)上，美联储官员将开始为缩减量化宽松做准备，并在9月份的FOMC会议上进一步细化，然后在12月份正式宣布。\n经济正在增长，尽管可能没有今年早些时候一些人预期的那么快。此外许多企业迫切需要工人，但仍有数百万人失业。最近几周，疫苗接种率停滞不前，感染病例数量上升。尽管如此美联储正面临着收紧压力，如缩减QE。但大部分人还是预计美联储不会在下周会议上宣布任何新举措，但焦点是鲍威尔是否会把缩减细节“摆上桌面”来讨论。\n劳动力市场迹象暗示美联储的宽松远没有结束。经济学家和市场观察人士曾希望，到4月份疫苗广泛普及、许多经济限制开始解除的时候，雇主将开始大批雇佣工人。然而，现实却远没有这么乐观。根据美国劳工统计局(Bureau of Labor Statistics)的最新数据显示非农增速在最近数月总体不是很稳定。\n另外一方面，当下通胀环境又让美联储不得不考虑缩减一些已经实施的宽松刺激政策。亚特兰大联邦储备银行的三个月移动平均数据显示，尽管6月份的工资比去年同期高出3.2%，但通货膨胀率却上升得更高。与去年同期相比，6月份消费者价格指数增长了5.4%，这意味着经通胀调整后的收入下降了2%以上。即便是美联储青睐的剔除食品和能源价格波动的核心个人消费支出(Core PCE)指标，5月份也较上年同期上涨了3.4%。\n事实上，一个月前，美联储将2021年的通胀预期从3月份的2.2%上调至3%，但即便如此也可能过于乐观。在今年余下的时间里，通胀可能会持续上升。不过，美联储也未必会不急于介入。在去年8月的一次讲话中，鲍威尔表示，美联储在过去犯了太多的错误，他愿意在收紧之前，让价格在一段适度的时间内超过央行2%的目标。\n不过，美联储最近一次会议的纪要显示，人们对讨论缩减债券购买规模的兴趣有所增加。美联储目前每月购买价值1200亿美元的债券，但短期加息可能仍需数年时间。\nING策略师认为尽管美联储预计在7月份的会议上不会改变政策，但市场可能会听到更多有关6月份开始的缩减购债讨论的消息。在8月份的杰克逊霍尔(Jackson Hole)会议上，围绕这一问题的讨论可能会升温，因为美联储目前发出的信号仍倾向于更早的政策正常化。其谈到鲍威尔主席可能会暗示，虽然有关缩减量化宽松的讨论已经开始，但在他们需要就他们将采取的行动得出结论之前，还有很多时间。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"QID":0.9,"UPRO":0.9,"DOG":0.9,"SSO":0.9,"UDOW":0.9,"ESmain":0.9,".DJI":0.9,"QQQ":0.9,"SPY":0.9,"NQmain":0.9,"TQQQ":0.9,"QLD":0.9,"PSQ":0.9,".IXIC":0.9,"DDM":0.9,"MNQmain":0.9,"SH":0.9,"SQQQ":0.9,"SDOW":0.9,"IVV":0.9,"DJX":0.9,"OEX":0.9,"DXD":0.9,".SPX":0.9,"SDS":0.9,"SPXU":0.9,"OEF":0.9}},"isVote":1,"tweetType":1,"viewCount":4931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}