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sky老夫子

sky老夫子

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2021-08-04

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2021-08-04

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2021-08-04

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2021-08-01

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2021-07-31

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2021-07-27

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Popular Chinese concept stocks continued their pre-market sell-off, with Tencent Music down 8%.

2021-07-25

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Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.

2021-07-24

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The "secret" of Tenfold Fund: How can fund investors truly make money?

2021-07-13

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Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.

2021-07-03

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Ford Motor Company's electric vehicle sales surged 117% in June, while total U.S. sales declined.

2021-06-23

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2021-06-22

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Bridgewater: U.S. prices are only rising moderately; the "Great Inflation" will not repeat itself.

2021-06-22

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The national centralized procurement document for orthopedic joint consumables has been released! What signal does this change reveal?

2021-06-19

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2021-06-19

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2021-06-17

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The once-powerful real estate tycoon has also retreated.

2021-06-17

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Is a rebound coming? Northbound capital continued to flow back in the morning session, increasing its holdings in these sectors.

2021-06-16

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Angel of the Times: The Digital Revolution of a Pair of Braces

2021-06-16

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BYD: Spin-off subsidiary for listing on the ChiNext board

2021-06-16

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BYD: Spin-off subsidiary for listing on the ChiNext board

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16:02","market":"us","language":"zh","title":"Popular Chinese concept stocks continued their pre-market sell-off, with Tencent Music down 8%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1162740645","media":"老虎资讯综合","summary":"7月27日，热门中概股盘前继续杀跌，腾讯音乐跌8%，拼多多、京东、百度、小鹏汽车、滴滴跌超7%，阿里巴巴跌超4%，贝壳跌超13%。","content":"<p>On July 27, popular Chinese concept stocks continued their pre-market sell-off.<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>Down 8%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/DIDI\">Didi</a>It fell more than 7%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell more than 4%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell by more than 13%.</p><p><img src=\"https://static.tigerbbs.com/7b3f986352a57556755e6b792d87ad8f\" tg-width=\"376\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Popular Chinese concept stocks continued their pre-market sell-off, with Tencent Music down 8%.</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 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class=\"title\">\nPopular Chinese concept stocks continued their pre-market sell-off, with Tencent Music down 8%.\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\">2021-07-27 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 27, popular Chinese concept stocks continued their pre-market sell-off.<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>Down 8%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/DIDI\">Didi</a>It fell more than 7%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell more than 4%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell by more than 13%.</p><p><img src=\"https://static.tigerbbs.com/7b3f986352a57556755e6b792d87ad8f\" tg-width=\"376\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF","TME":"腾讯音乐"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162740645","content_text":"7月27日，热门中概股盘前继续杀跌，腾讯音乐跌8%，拼多多、京东、百度、小鹏汽车、滴滴跌超7%，阿里巴巴跌超4%，贝壳跌超13%。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TTTN":0.9,"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":5923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177090244,"gmtCreate":1627162903488,"gmtModify":1703484828849,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177090244","repostId":"2153002933","repostType":4,"repost":{"id":"2153002933","kind":"highlight","weMediaInfo":{"introduction":"有品好玩的科技，一切与你有关","home_visible":1,"media_name":"品玩","id":"1086141561","head_image":"https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8"},"pubTimestamp":1627101584,"share":"https://ttm.financial/m/news/2153002933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 12:39","market":"us","language":"zh","title":"Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.","url":"https://stock-news.laohu8.com/highlight/detail?id=2153002933","media":"品玩","summary":"国家市场监管总局于7月24日发布公告，依法对腾讯控股有限公司作出责令解除网络音乐独家版权等处罚。最终，武汉市中级人民法院判定，网易云音乐涉嫌侵权行为，对网易云音乐发出网络禁令，勒令其删除相关内容。独家音乐版权已无法成为核心竞争力，TME再次提升了孵化内容的重要性。2021年6月25日，腾讯音乐集团宣布成立内容业务线，负责音乐内容相关业务的整体规划、战略制定和统筹管理。","content":"<p>The State Administration for Market Regulation issued an announcement on July 24, legally...<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The limited liability company imposed penalties such as ordering the termination of the exclusive copyright of online music.</p><p><b>One major difference in this penalty is that it is the first case under the Anti-Monopoly Law to \"take necessary measures to restore market competition\" for illegally implementing business concentrations.</b></p><p>Previous anti-monopoly penalties mainly combined \"supplementary penalties\" to provide guidance on future operations. However, this time, very specific rectification measures have been listed for Tencent, including which agreements in the contract need to be terminated and within what time frame the termination needs to be completed. In fact, this has once again enriched the anti-monopoly enforcement toolbox.</p><p>According to the State Administration for Market Regulation, in January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p><a href=\"https://laohu8.com/S/TME\">Tencent Music</a>The ruthless competition that relies on top-tier music copyrights to drive growth and user retention is gone forever.</p><p>In 2014, QQ Music, then a product under Tencent, had already launched an attack on NetEase Cloud Music in terms of copyright. In late 2014, QQ Music sued NetEase Cloud Music, alleging that NetEase Cloud Music's unauthorized dissemination of 623 online music tracks, including \"Where Has the Time Gone?\", to the public was suspected of copyright infringement.</p><p>Ultimately, the Wuhan Intermediate People's Court ruled that NetEase Cloud Music was suspected of copyright infringement and issued an online ban on NetEase Cloud Music, ordering it to delete the relevant content. What users can sense is that more songs on NetEase Cloud Music are \"graying out\". Having tasted success, QQ Music has also begun to build its copyright empire.</p><p>Much of TME's early music rights came from its merger with China Music Corporation (CMC). Ocean Music, which had already signed a large number of exclusive music copyrights at low prices in its early years, successively completed the acquisition of Kuwo Music and Kugou Music, and established a new \"Ocean Music Group\", which was later renamed \"China Music Group\".</p><p>At that time, online music was not favored by capital. After multiple IPO setbacks, CMC ultimately chose to partner with Tencent to merge its digital music business. On July 12, 2016, Tencent acquired CMC in a series of transactions. In January 2017, Tencent announced that its QQ Music business and CMC would merge into a new music group, which would be renamed Tencent Music Entertainment Group.</p><p>After that, TME respectively<a href=\"https://laohu8.com/S/SNE\">Sony</a>music entertainment (SME), Universal Music Group (UMG) and<a href=\"https://laohu8.com/S/WMG\">Warner Music</a>EWMG Group has partnered to obtain exclusive streaming rights to these three major global music labels in China, and has owned them exclusively for a long time. This puts TME far ahead in the competition with NetEase Cloud Music.</p><p>In February 2018, with the support of the National Copyright Administration, TME and NetEase Cloud Music reached a copyright cooperation agreement, requiring each other to license 99% of their exclusive music works.</p><p>According to the figures published in the 2018 prospectus, TME owned more than 20 million tracks from more than 200 domestic and foreign music labels at that time, of which 1% were 200,000 songs. There was still enough room for maneuver to limit competitors.</p><p>In 2020, NetEase Cloud Music reached a new music copyright licensing agreement with Warner Bros. and Universal Music. On May 18, 2021, NetEase Cloud Music announced a partnership with<a href=\"https://laohu8.com/S/SONY\">Sony</a>The music entertainment (SME) has reached a copyright cooperation agreement, which means that NetEase Cloud Music has simultaneously acquired the music copyrights of these three major global record companies. NetEase Cloud Music has since completely broken TME's blockade of top record labels.</p><p>Despite the continuous reduction in TME's territory, it still retains a large number of exclusive content cards, mainly in the following categories: 1) Several top Asian labels, including Modern Sky in mainland China, YG in South Korea, and Jay Chou's JVR; 2) Several less advantageous Western labels, such as Cooking Vinyl and Kobalt Music; 3) Music copyrights of popular TV and online reality shows, such as \"Youth with You\" and \"Creation Camp\"; 4) New original musicians incubated by the platform.</p><p>TME had already issued a risk warning regarding copyright issues in its IPO prospectus, and its revenue model and business transformation seem to be proving to the outside world that this entertainment edifice will not collapse due to copyright issues. The foundation formed by rich long-form video content, live streaming business and exploration of social networking is sufficient to cope with the arrival of risks and turmoil.</p><p>In February 2021, after 12 years of operation, the closure of Xiami Music, which served over 100 million users, brought more attention to TME from the public and regulatory authorities, leaving only three major players in the industry.</p><p>Exclusive music copyrights are no longer a core competitive advantage, and TME has once again increased the importance of incubating content.</p><p>On June 25, 2021, Tencent Music Group announced the establishment of a content business line, responsible for the overall planning, strategic formulation and coordination management of music content-related businesses. Based on the existing Content Cooperation Department, a Musician Open Platform Department, a Content Studio Group, a Music Cloud Business Center, a Promotion and Marketing Center, and a Chart and Data Product Center will be established.</p><p>On July 9, an internal email from TME announced adjustments to its business lines, including QQ Music and Kuwo, and related personnel. In this adjustment, QQ Music's business line will establish a Long Audio Business Center to be responsible for the product development of the QQ Music Long Audio Zone; Kuwo Music's most profitable business, \"Juxing Live,\" will be led by Xie Huan, a senior executive at Kugou Music. The commercialization of Kuwo Music's business line will be handled by Liu Xiankai, General Manager of Tencent Music's Commercial Advertising Department.</p><p>According to Jiemian News, an offline director of Kuwo Music stated that the long-form audio business will be separated from Kuwo to form an independent business unit, Kuwo's live streaming business \"Juxing\" will be handed over to Kugou's senior executives, and Kuwo's commercialization business will be handed over to relevant leaders of QQ Music. \"(Kuwo's) current trend is to split the business and integrate it into other departments to alleviate policy pressure.\"</p><p><img src=\"https://static.tigerbbs.com/92b94122f6e8fae2bfd4b7f45c1d2891\" tg-width=\"750\" tg-height=\"2592\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.</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\">\nTencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086141561\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">品玩 </p>\n<p class=\"h-time smaller\">2021-07-24 12:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The State Administration for Market Regulation issued an announcement on July 24, legally...<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The limited liability company imposed penalties such as ordering the termination of the exclusive copyright of online music.</p><p><b>One major difference in this penalty is that it is the first case under the Anti-Monopoly Law to \"take necessary measures to restore market competition\" for illegally implementing business concentrations.</b></p><p>Previous anti-monopoly penalties mainly combined \"supplementary penalties\" to provide guidance on future operations. However, this time, very specific rectification measures have been listed for Tencent, including which agreements in the contract need to be terminated and within what time frame the termination needs to be completed. In fact, this has once again enriched the anti-monopoly enforcement toolbox.</p><p>According to the State Administration for Market Regulation, in January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p><a href=\"https://laohu8.com/S/TME\">Tencent Music</a>The ruthless competition that relies on top-tier music copyrights to drive growth and user retention is gone forever.</p><p>In 2014, QQ Music, then a product under Tencent, had already launched an attack on NetEase Cloud Music in terms of copyright. In late 2014, QQ Music sued NetEase Cloud Music, alleging that NetEase Cloud Music's unauthorized dissemination of 623 online music tracks, including \"Where Has the Time Gone?\", to the public was suspected of copyright infringement.</p><p>Ultimately, the Wuhan Intermediate People's Court ruled that NetEase Cloud Music was suspected of copyright infringement and issued an online ban on NetEase Cloud Music, ordering it to delete the relevant content. What users can sense is that more songs on NetEase Cloud Music are \"graying out\". Having tasted success, QQ Music has also begun to build its copyright empire.</p><p>Much of TME's early music rights came from its merger with China Music Corporation (CMC). Ocean Music, which had already signed a large number of exclusive music copyrights at low prices in its early years, successively completed the acquisition of Kuwo Music and Kugou Music, and established a new \"Ocean Music Group\", which was later renamed \"China Music Group\".</p><p>At that time, online music was not favored by capital. After multiple IPO setbacks, CMC ultimately chose to partner with Tencent to merge its digital music business. On July 12, 2016, Tencent acquired CMC in a series of transactions. In January 2017, Tencent announced that its QQ Music business and CMC would merge into a new music group, which would be renamed Tencent Music Entertainment Group.</p><p>After that, TME respectively<a href=\"https://laohu8.com/S/SNE\">Sony</a>music entertainment (SME), Universal Music Group (UMG) and<a href=\"https://laohu8.com/S/WMG\">Warner Music</a>EWMG Group has partnered to obtain exclusive streaming rights to these three major global music labels in China, and has owned them exclusively for a long time. This puts TME far ahead in the competition with NetEase Cloud Music.</p><p>In February 2018, with the support of the National Copyright Administration, TME and NetEase Cloud Music reached a copyright cooperation agreement, requiring each other to license 99% of their exclusive music works.</p><p>According to the figures published in the 2018 prospectus, TME owned more than 20 million tracks from more than 200 domestic and foreign music labels at that time, of which 1% were 200,000 songs. There was still enough room for maneuver to limit competitors.</p><p>In 2020, NetEase Cloud Music reached a new music copyright licensing agreement with Warner Bros. and Universal Music. On May 18, 2021, NetEase Cloud Music announced a partnership with<a href=\"https://laohu8.com/S/SONY\">Sony</a>The music entertainment (SME) has reached a copyright cooperation agreement, which means that NetEase Cloud Music has simultaneously acquired the music copyrights of these three major global record companies. NetEase Cloud Music has since completely broken TME's blockade of top record labels.</p><p>Despite the continuous reduction in TME's territory, it still retains a large number of exclusive content cards, mainly in the following categories: 1) Several top Asian labels, including Modern Sky in mainland China, YG in South Korea, and Jay Chou's JVR; 2) Several less advantageous Western labels, such as Cooking Vinyl and Kobalt Music; 3) Music copyrights of popular TV and online reality shows, such as \"Youth with You\" and \"Creation Camp\"; 4) New original musicians incubated by the platform.</p><p>TME had already issued a risk warning regarding copyright issues in its IPO prospectus, and its revenue model and business transformation seem to be proving to the outside world that this entertainment edifice will not collapse due to copyright issues. The foundation formed by rich long-form video content, live streaming business and exploration of social networking is sufficient to cope with the arrival of risks and turmoil.</p><p>In February 2021, after 12 years of operation, the closure of Xiami Music, which served over 100 million users, brought more attention to TME from the public and regulatory authorities, leaving only three major players in the industry.</p><p>Exclusive music copyrights are no longer a core competitive advantage, and TME has once again increased the importance of incubating content.</p><p>On June 25, 2021, Tencent Music Group announced the establishment of a content business line, responsible for the overall planning, strategic formulation and coordination management of music content-related businesses. Based on the existing Content Cooperation Department, a Musician Open Platform Department, a Content Studio Group, a Music Cloud Business Center, a Promotion and Marketing Center, and a Chart and Data Product Center will be established.</p><p>On July 9, an internal email from TME announced adjustments to its business lines, including QQ Music and Kuwo, and related personnel. In this adjustment, QQ Music's business line will establish a Long Audio Business Center to be responsible for the product development of the QQ Music Long Audio Zone; Kuwo Music's most profitable business, \"Juxing Live,\" will be led by Xie Huan, a senior executive at Kugou Music. The commercialization of Kuwo Music's business line will be handled by Liu Xiankai, General Manager of Tencent Music's Commercial Advertising Department.</p><p>According to Jiemian News, an offline director of Kuwo Music stated that the long-form audio business will be separated from Kuwo to form an independent business unit, Kuwo's live streaming business \"Juxing\" will be handed over to Kugou's senior executives, and Kuwo's commercialization business will be handed over to relevant leaders of QQ Music. \"(Kuwo's) current trend is to split the business and integrate it into other departments to alleviate policy pressure.\"</p><p><img src=\"https://static.tigerbbs.com/92b94122f6e8fae2bfd4b7f45c1d2891\" tg-width=\"750\" tg-height=\"2592\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e4cfb506ffb58f1fc2c6e75a4e50dab8","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153002933","content_text":"国家市场监管总局于7月24日发布公告，依法对腾讯控股有限公司作出责令解除网络音乐独家版权等处罚。\n此次处罚的一大不同在于，本案为《反垄断法》对违法实施经营者集中“采取必要措施恢复市场竞争状态”的第一起案件。\n此前的反垄断处罚方式多以“补罚”搭配对接下来的经营提出指导性要求为主，而此次则对腾讯明确列出了非常具体的整改措施，包括合同内哪些协议需要解除，需要在什么时间内完成解除等。事实上再次丰富了反垄断执法工具箱。\n据市场监管总局消息，2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n腾讯音乐靠顶级音乐版权拉动增长和用户留存的粗旷竞争方式一去不复返。\n2014年，彼时还是腾讯旗下产品的QQ音乐，就已经在版权方面对网易云音乐发起进攻。2014年末，QQ音乐曾起诉网易云音乐，称网易云音乐未经授权向公众传播的《时间都去哪了》等623首网络音乐涉嫌侵权行为。\n最终，武汉市中级人民法院判定，网易云音乐涉嫌侵权行为，对网易云音乐发出网络禁令，勒令其删除相关内容。用户能感知到的，就是网易云音乐“变灰”的歌曲多起来了。而尝到甜头的QQ音乐，也开始构建它的版权帝国。\nTME早期大量音乐版权来自于对中国音乐集团的合并（以下简称CMC）。早年已低价签下大量独家音乐版权的海洋音乐，先后完成对酷我音乐和酷狗音乐的并购，并组建起新的“海洋音乐集团”，后改名为“中国音乐集团”。\n当时，在线音乐并不受到资本青睐。在多次IPO碰壁后，CMC最终选择与腾讯合作，将数字音乐业务进行合并。2016年7月12日，腾讯通过一系列交易收购 CMC。2017年1月，腾讯宣布，QQ音乐业务和CMC合并成为新的音乐集团，并更名为腾讯音乐娱乐集团。\n之后，TME分别于索尼音乐娱乐（SME）、环球音乐集团（UMG）和华纳音乐集团（EWMG）合作，获得了这三大全球音乐厂牌的中国独家流媒体版权，并长期独家拥有。这使得TME在与网易云音乐的竞争中遥遥领先。\n2018年2月，在国家版权局的推动下，TME与网易云音乐达成版权合作，相互授权音乐作品需达到各自独家音乐作品数量99%。\n以2018年招股书上公布的数字来看，彼时TME拥有 200 多个国内外音乐厂牌的超过 2000 万首曲目，其1%则为20万首歌曲，这里面依然有足够的操作空间来限制对手。\n网易云音乐于2020年和华纳、环球音乐重新达成音乐版权授权合作。2021年5月18日，网易云音乐宣布与索尼音乐娱乐（SME）达成版权合作，这意味着网易云音乐同时获得了这全球三大唱片公司的音乐版权。网易云音乐也自此完全打破TME对顶级唱片公司的封锁。\n尽管TME所拥有的地盘被不断削减，但其仍保有大量独家内容底牌，主要有以下几类：1）几个亚洲顶级厂牌，包括中国大陆的摩登天空、韩国的YG和周杰伦拥有的JVR；2）几个不太有优势的西方厂牌公司，如Cooking Vinyl和Kobalt Music；3）热门电视和网络真人秀节目的音乐版权，如《青春有你》和《创造营》；4）平台孵化出的新原创音乐人。\n早在TME上市招股书中就已经有对版权问题进行过风险提示，而其营收模式和业务转型也似乎是在向外界证明这座娱乐大厦不会因为版权问题而倾倒，丰富的长视频内容、直播业务和对社交的探索组成的地基，足以应对风险动荡的来临。\n2021年2月，运营12年，服务过亿用户的虾米音乐的关闭，给TME带来了更多公众和监管部门的关注，至此主要从业者仅剩3家。\n独家音乐版权已无法成为核心竞争力，TME再次提升了孵化内容的重要性。\n2021年6月25日，腾讯音乐集团宣布成立内容业务线，负责音乐内容相关业务的整体规划、战略制定和统筹管理。将在原有的内容合作部的基础上成立音乐人开放平台部、内容工作室群、音乐云业务中心、宣推市场中心及榜单和数据产品中心。\n随后的7月9日，TME内部邮件显示，宣布对QQ音乐和酷我在内的业务线和相关人员进行调整。在本次调整中，QQ音乐业务线将成立长音频业务中心，负责QQ音乐长音频专区的产品研发工作；酷我音乐旗下最赚钱的业务“聚星直播”，将交由酷狗音乐的高管谢欢领导；酷我音乐业务线的商业化业务将交给腾讯音乐商业广告部总经理刘宪凯负责。\n据界面新闻报道，酷我音乐线下一位总监表示，将长音频业务从酷我剥离出去组建独立BU，将酷我的直播业务“聚星”交给酷狗高管领导，将酷我商业化业务交给QQ音乐的相关领导负责，“（酷我）现在的趋势就是拆分业务，整合进其它部门，缓解政策压力”。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174453028,"gmtCreate":1627130618664,"gmtModify":1703484631001,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174453028","repostId":"1194494092","repostType":4,"repost":{"id":"1194494092","kind":"news","pubTimestamp":1627109486,"share":"https://ttm.financial/m/news/1194494092?lang=en_US&edition=fundamental","pubTime":"2021-07-24 14:51","market":"sh","language":"zh","title":"The \"secret\" of Tenfold Fund: How can fund investors truly make money?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194494092","media":" 兴证全球基金","summary":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师","content":"<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>","source":"lsy1619314504794","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 \"secret\" of Tenfold Fund: How can fund investors truly make money?</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 \"secret\" of Tenfold Fund: How can fund investors truly make money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 兴证全球基金</strong><span class=\"h-time small\">2021-07-24 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA\"> 兴证全球基金</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/yZkwS_Je07rH8a47gyUlEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194494092","content_text":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师彼得·林奇在其自传《One Up On Wall Street》中提及的词汇。\n大概意思是指企业经过长期发展，在营收与利润增长的支持下，股价能够上涨10倍的股票。\n彼得·林奇在自传中曾写道：寻找十倍股最佳的方式就是从身边找起，在那里找不到，就去购物中心里去找，而他早期与十倍股结缘，也正是从“身边”开始的。\n彼得·林奇有一次发现自己的三个女儿都在使用来自一家名叫美体小铺（The body Shop）公司的化妆品。The body Shop 虽然是一个美妆品牌，但它在欧美地区的大多数连锁店，都是开在街角等较为显眼的地方，而不仅仅是在商场里。\n彼得·林奇研究发现，这家公司的产品相对标准化，价格亲民，客户覆盖的年龄段相当宽泛。通过增加特许连锁店的方式进行扩张，而且一开始就进行跨国经营，市场扩张能力很强。\n彼得·林奇把握住了这一机会，The body Shop 在英国上市后，股价节节攀升，最终成为名副其实的Tenbagger（十倍股）。\n公募基金市场中的Tenbagger\nTenbagger后来也被延用到了基金圈，意指基金净值较发行时增长十倍及以上的基金，截至到2021年6月25日，国内公募基金共有56只十倍基。（数据来源：银河证券，截至2021/6/25）\n这些基金都经历过怎样的市场，又都有什么共同的特点呢？\n出生——大部分生于2006年及之前\n在56只基金中，除了2只基金，其余54只基金均成立于2006年及之前，经历过2006年-2007年的大牛市，也经历过2008年市场下跌，历经数度牛熊转换，截至2021年6月25日，平均成立时间16.6年。（数据来源：银河证券，截至2021/6/25）\n可见，好的投资，确实需要时间的见证。\n十倍基成立时间及对应指数点位\n\n数据来源：银河证券，截至2021/6/25，柱状图代表在当年成立的十倍基数量，折线图代表沪指，左侧轴为相对应指数点位，右侧为基金成立数量。历史业绩不代表未来，基金投资需谨慎。\n成长——不总是“班上”前几名\n在十倍基的成长过程中，我们发现，它们很少能连续在单一年度业绩排在同类前几名，其中重要的原因之一是，这些基金较少会追求短期热点而放弃长期坚持的投资策略和风格。\n在56只十倍基中，仅有7只基金曾获得过同类别冠军（2007年-2020年），有13只基金未进入过单一年度同类前10，鲜有基金能连续两年排进同类前10。（数据来源：银河证券，截至2021/6/25）\n我们罗列了排在前几位的十倍基每年的“成绩单”，这些基金在短期内无法总在前1/4，但在时间的作用下价值凸显。\n部分十倍基“成绩单”\n\n数据来源：银河证券，截至2021/6/25。历史业绩不代表未来，基金投资需谨慎。\n成人——解决“难题”是必修课\nA股市场牛短熊长，十倍基往往都经历过数个熊市，而难题也是它们的必修课。\n我们选取了A股市场中几个较为典型的单边下行市场，十倍基在这些市场中的平均跌幅均低于上证指数及偏股基金指数。\n十倍基单边下行市场表现情况\n\n数据来源：wind，银河证券，截至2021/6/25\n尽管这是一种“上帝视角”的探究方式，但这些基金在单边下行市场中的表现，还是给了我们一定的启发。\n其中很重要的一条是，“先求不败，再求胜”，而老练的投资者熟知，下跌50%，需要约100%的涨幅才能回到原点。\n不仅如此，在十倍基的定期报告中我们发现，在市场较热时期，大部分的十倍基金对市场都有一定的防守倾向，2007年一季报中，上述基金中多只基金的报告中提到“提高组合防御性”；2015年部分十倍基金报告中提及“降低持股集中度”等。\n所以，十倍基不仅仅是靠着“容易”市场中的上涨，还靠着在面对难“试卷”的时候，也不会表现得太差。\n成功 —— “家世”与“贵人”的加成\n探究十倍基，基金公司及基金经理扮演着重要的角色。\n十倍基的家世，多数都拥有扎实的投研实力，这是支撑基金长期业绩优异的基础之一。\n从基金经理来看，好的基金经理可谓是十倍基的“贵人”。\n华宝证券曾制作基金经理四象限图，刻画基金经理的行业配置及投资理念。\n整体来看，十倍基基金经理在左侧象限较多，即行业分散或集中、行业少切换。行业均衡分散+行业少切换可以尽可能控制组合的风险；行业集中配置+行业少切换的基金经理通常较为坚定看好某一优质赛道并长期持有。\n\n资料来源：华宝证券\n当然，在选择十倍基的时候，也要注意分析现任基金经理的在管时间和相关业绩表现，选择更符合自己风险收益偏好的产品。\n谁在守护“十倍基”？\n实际上，一只基金经历的成长、成人以及过程中的“困难时期”，持有人也一样会经历，而能陪伴基金一年者甚多，但十年者甚少。\n长期投资的理念是要做时间的朋友，‘我能想到最浪漫的事就是和你一起慢慢变老’。\n——李先生 持有基金17年\n最长期的基金投资不止10年，最开始是用小孩的压岁钱买的。相信投资的长期力量，会一直坚持。\n——韩女士 持有基金13年\n我有可能是唯一一个从发行到现在只买不卖的人。\n—— “寻找趋势百万持有人”活动留言\n只有经过时间的积累和努力才有收获质变的可能，一起成长，共同前行。\n—— 讨论区基民\n投资人记事曾做过相关研究，从基金定期报告中，找到十倍基的持有者，他们的特点是，敢于在市场恐慌的时候买入，并比多数投资者更有耐心，有人说，也许他“遗忘”了自己的持仓，但这种“遗忘”，也从另一个侧面成为了十倍基的坚定守护者。\n最后，合理的预期是投资和陪伴的前提。投资之路，既要比拼实力，也要比拼耐力，如果是一只优质的基金，不妨多给它一些时间，让价值沉淀。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142881061,"gmtCreate":1626140877653,"gmtModify":1703754124667,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142881061","repostId":"1199045893","repostType":4,"repost":{"id":"1199045893","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":1626139221,"share":"https://ttm.financial/m/news/1199045893?lang=en_US&edition=fundamental","pubTime":"2021-07-13 09:20","market":"hk","language":"zh","title":"Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.","url":"https://stock-news.laohu8.com/highlight/detail?id=1199045893","media":"老虎资讯综合","summary":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867","content":"<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, at 27,694.03. The state-owned enterprises index opened 49.98 points higher, or 0.5%, at 9995.71. The red-chip index opened 18.1 points higher, or 0.47%, at 3867.61.</p><p>The Hang Seng Tech Index rose 0.54%, with major tech stocks rebounding.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>Both rose by more than 1%;</p><p>Hong Kong-listed mobile game stocks led the gains.<a href=\"https://laohu8.com/S/02660\">Zenyou Technology</a>Up 3.36%<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%<a href=\"https://laohu8.com/S/00302\">CMGE</a>Up 0.52%;</p><p>New Shares<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>On its first day of trading, the stock price fell below its issue price, opening down 8.8% at HK$1.59 per share.</p><p>New Shares<a href=\"https://laohu8.com/S/02137\">Tengsheng Biopharma-B</a>On its first day of trading, the stock price fell below its issue price, opening nearly 4% lower at HK$22.25 per share.</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>The company opened 5.75% higher and expects a profit attributable to owners of no less than RMB 1.15 billion in the first half of the year;</p><p><a href=\"https://laohu8.com/S/09969\">Innovent Biologics-B</a>The stock opened more than 4% higher, reaching a new high. Bojian reached a licensing and cooperation agreement with Bojian for orlabrutinib.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.</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\">\nOpening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.\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\">2021-07-13 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, at 27,694.03. The state-owned enterprises index opened 49.98 points higher, or 0.5%, at 9995.71. The red-chip index opened 18.1 points higher, or 0.47%, at 3867.61.</p><p>The Hang Seng Tech Index rose 0.54%, with major tech stocks rebounding.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>Both rose by more than 1%;</p><p>Hong Kong-listed mobile game stocks led the gains.<a href=\"https://laohu8.com/S/02660\">Zenyou Technology</a>Up 3.36%<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%<a href=\"https://laohu8.com/S/00302\">CMGE</a>Up 0.52%;</p><p>New Shares<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>On its first day of trading, the stock price fell below its issue price, opening down 8.8% at HK$1.59 per share.</p><p>New Shares<a href=\"https://laohu8.com/S/02137\">Tengsheng Biopharma-B</a>On its first day of trading, the stock price fell below its issue price, opening nearly 4% lower at HK$22.25 per share.</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>The company opened 5.75% higher and expects a profit attributable to owners of no less than RMB 1.15 billion in the first half of the year;</p><p><a href=\"https://laohu8.com/S/09969\">Innovent Biologics-B</a>The stock opened more than 4% higher, reaching a new high. Bojian reached a licensing and cooperation agreement with Bojian for orlabrutinib.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF南方","HSI":"恒生指数","HSCCI":"红筹指数","HSCEI":"国企指数","HSTECH":"恒生科技指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199045893","content_text":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867.61点。\n恒生科技指数涨0.54%，大型科技股反弹，腾讯控股、阿里巴巴、百度集团-SW、京东集团-SW均涨逾1%；\n港股手游股涨幅居前，禅游科技涨3.36%，网易-S涨2.13%，中手游涨0.52%；\n新股华南职业教育上市首日破发，开跌8.8%，发行价为1.59港元/股；\n新股腾盛博药-B上市首日破发，开跌近4%，发行价22.25港元/股；\n新特能源高开5.75% 预期上半年拥有人应占利润不少于11.5亿元；\n诺诚健华-B高开超4%创新高 与渤健就奥布替尼达成许可及合作协议。","news_type":1,"symbols_score_info":{"513600":0.9,"02833":0.9,"HSImain":0.9,"HSI":0.9,"HSCCI":0.9,"MHImain":0.9,"MCHmain":0.9,"HHImain":0.9,"HSTECH":0.9,"HSCEI":0.9}},"isVote":1,"tweetType":1,"viewCount":6103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152146011,"gmtCreate":1625278035133,"gmtModify":1703739811090,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152146011","repostId":"2148162803","repostType":4,"repost":{"id":"2148162803","kind":"news","pubTimestamp":1625235303,"share":"https://ttm.financial/m/news/2148162803?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:15","market":"hk","language":"zh","title":"Ford Motor Company's electric vehicle sales surged 117% in June, while total U.S. sales declined.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148162803","media":"智通财经","summary":"福特汽车今日公布最新统计数据，6月份全美总销量为115789辆，同比下降26.9%。全年销售额增长4.9%。\n6月份电动汽车销量激增117%，创下了56,570辆的上半年销售新纪录。卡车同比销量下滑2","content":"<p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>The latest statistics released today show that total sales in the United States in June were 115,789 vehicles, a year-on-year decrease of 26.9%. Full-year sales increased by 4.9%.</p><p>Electric vehicle sales surged 117% in June, hitting a new first-half sales record of 56,570 units. Truck sales declined 27% year-on-year to 63,129 units, sedan sales declined 81.8% to 2,868 units, and SUV sales declined 11.5% to 49,792 units. Total retail sales decreased by 32.5%.</p><p>Sales of the F-series models decreased by 29.9% year-on-year, to 45,763 units. Mustang Mach-E sales increased by 27% month-over-month. Lincoln suv sales fell 31.9% year-on-year to just 4,800 units. In terms of retail, Lincoln SUV sales increased by 23.3% year-on-year, with total sales reaching 46,018 units.</p><p>Ford's SUV sales have increased by 39% year-to-date, with retail sales reaching their highest level in 20 years in the first half of the year, driven by new products.</p>","source":"stock_zhitongcaijing","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>Ford Motor Company's electric vehicle sales surged 117% in June, while total U.S. sales declined.</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\">\nFord Motor Company's electric vehicle sales surged 117% in June, while total U.S. sales declined.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-07-02 22:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>The latest statistics released today show that total sales in the United States in June were 115,789 vehicles, a year-on-year decrease of 26.9%. Full-year sales increased by 4.9%.</p><p>Electric vehicle sales surged 117% in June, hitting a new first-half sales record of 56,570 units. Truck sales declined 27% year-on-year to 63,129 units, sedan sales declined 81.8% to 2,868 units, and SUV sales declined 11.5% to 49,792 units. Total retail sales decreased by 32.5%.</p><p>Sales of the F-series models decreased by 29.9% year-on-year, to 45,763 units. Mustang Mach-E sales increased by 27% month-over-month. Lincoln suv sales fell 31.9% year-on-year to just 4,800 units. In terms of retail, Lincoln SUV sales increased by 23.3% year-on-year, with total sales reaching 46,018 units.</p><p>Ford's SUV sales have increased by 39% year-to-date, with retail sales reaching their highest level in 20 years in the first half of the year, driven by new products.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/506736.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f27c1c8aa54c63bbf415c36a2121f812","relate_stocks":{"F":"福特汽车"},"source_url":"http://www.zhitongcaijing.com/content/detail/506736.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148162803","content_text":"福特汽车今日公布最新统计数据，6月份全美总销量为115789辆，同比下降26.9%。全年销售额增长4.9%。\n6月份电动汽车销量激增117%，创下了56,570辆的上半年销售新纪录。卡车同比销量下滑27%至63,129辆，轿车销量下滑81.8%至2,868辆，SUV销量下滑11.5%至49,792辆。零售总额下降32.5%。\nF系列的车型同比销量下降了29.9%，销量为45,763辆。Mustang Mach-E 销量环比增长27%。林肯suv销量同比下降了31.9%，仅为4,800辆。在零售方面，林肯SUV销量同比增长了23.3%，总销量为46,018辆。\n年初至今福特SUV销量增长39%，在新产品的推动下，上半年零售额达到了20年来的最高水平。","news_type":1,"symbols_score_info":{"F":0.9}},"isVote":1,"tweetType":1,"viewCount":5827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123812225,"gmtCreate":1624415450467,"gmtModify":1703835995574,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123812225","repostId":"2145069068","repostType":4,"isVote":1,"tweetType":1,"viewCount":1802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129833561,"gmtCreate":1624368559753,"gmtModify":1703834559822,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129833561","repostId":"1174110953","repostType":4,"repost":{"id":"1174110953","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624365882,"share":"https://ttm.financial/m/news/1174110953?lang=en_US&edition=fundamental","pubTime":"2021-06-22 20:44","market":"us","language":"zh","title":"Bridgewater: U.S. prices are only rising moderately; the \"Great Inflation\" will not repeat itself.","url":"https://stock-news.laohu8.com/highlight/detail?id=1174110953","media":"华尔街见闻","summary":"在长期，通货紧缩的力量最终会抑制近期的价格上涨。","content":"<p>Author: Yu Xudong</p><p>Bridgewater Associates, the world's largest hedge fund, recently stated that the Great Inflation of the 1970s will not be repeated.</p><p>According to the Financial Times, Bob Prince, co-chief investment officer of Bridgewater Associates, said that in the long run, the forces of deflation will eventually curb near-term price increases. Although there will be some inflation in the short term, it will be extremely mild.</p><p>Prince also stated that it is unlikely that private sector credit spending will lead to high inflation, but in the current environment, the government has had to vigorously implement fiscal stimulus measures to drive inflation. However, this is a global phenomenon, not just one in the United States.</p><p>Prince's remarks came as Wall Street was engaged in a heated debate over whether the economic recovery, massive fiscal and monetary stimulus, and supply chain issues would lead to continued rise in the prices of goods and services.</p><p>Previously, the US CPI surged at a year-on-year rate of 5%, marking the largest increase in 13 years, raising market concerns about inflation.</p><p>Nevertheless, it's not just Prince who believes the rise in inflation is only a temporary event; more than 70% of fund managers surveyed by Bank of America this month also expect the rise in inflation to not be permanent.</p><p>Markets reduce inflation bets</p><p>Not only do investment managers believe that inflation is temporary, but the entire market is also betting on its disappearance.</p><p>Currently, the trend in the 10-year U.S. break-even inflation rate indicates that investors have reduced their bets on longer-term inflation.</p><p><img src=\"https://static.tigerbbs.com/6113e28c1126c2cbf7a8fc8641b1b4c9\" tg-width=\"628\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p>Last week, the Federal Reserve said it was closely monitoring rising inflation indicators and could see rate hike as early as 2023, a year earlier than they had previously expected.</p><p>Even so, financial markets reacted in stark contrast to the Fed's shift in rhetoric, with 10-year break-even inflation falling to its lowest level since early March, given that Powell never mentioned the actual taper and rate hike timelines. Powell's shrewd wording has also consistently indicated that the Federal Reserve still believes the current inflation is a flash in the pan.</p><p>Clearly, the market is more willing to believe such wording.</p><p>Will the Great Inflation of the 1970s be repeated?</p><p>Of course, in the current environment, many people are willing to compare current inflation expectations with the Great Inflation of the 1970s.</p><p>During that era, due to excessively loose monetary policy and soaring food and energy prices, the U.S. CPI soared from less than 2% in 1965 to over 10% in the 1970s, resulting in high nominal interest rates, high corporate financing costs, and severe damage to the economy. It also created an irreversible economic cycle, causing Federal Reserve policymakers to be unable to control the economy for a time.</p><p>Prince stated that while he is not particularly concerned about inflation, he is still looking for warning signs, including continued labor wage growth, which could be leading indicators of a “self-reinforcing cycle” of hyperinflation. Prince believes that the tipping point has not yet been crossed, but the possibility cannot be ruled out.</p><p>Prince added that the Fed's policy shift will not eliminate \"the inertia of the economic system\" because the savings rate remains high and could provide a steady stream of ammunition for consumer spending in the coming months. Even with the central bank's taper, there is still a large amount of potential spending accumulating throughout the economic system.</p><p>Nevertheless, Prince predicts that retail trading volume in the current $49 trillion U.S. stock market will not continue to surge at its previous pace. Previously, due to the pandemic, the US stock market became a reservoir for more and more people, and it is worth mentioning that this included a lot of unemployment relief funds from the US Treasury Department.</p><p>Most theories suggest that the primary cause of inflation is excessively loose monetary policy, a monetary phenomenon. Federal Reserve policymakers have been trying to overheat the economy to avoid a recession by \"taking shortcuts,\" but this has often led to price \"instability\" due to \"bad luck\" and technical errors.</p><p>Alan Stuart Blinder, a Princeton economist and former senior Federal Reserve official, believes that there are many factors in the market that central banks cannot control, including the shocks to food and energy prices in the 1970s, and the end of wage price controls during the Nixon era, which also exacerbated the flames of inflation.</p><p>But when it comes to inflation, the reason it starts is the reason it ends.</p><p>The Great Inflation of the 1970s ended on October 6, 1979, when Paul Volcker, the most hawkish chairman in the history of the Federal Reserve, began to actively tighten monetary policy. This move caused market interest rates to soar to 17.6% the following April, and even higher levels by 1982. Aggressive policies triggered two recessions and caused unemployment to soar, but ultimately the United States ushered in a better era of milder inflation.</p><p>Clearly, Powell lacks such courage, and where will US inflation head? Everything is in the Federal Reserve's hands.</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>Bridgewater: U.S. prices are only rising moderately; the \"Great Inflation\" will not repeat itself.</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\">\nBridgewater: U.S. prices are only rising moderately; the \"Great Inflation\" will not repeat itself.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-22 20:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Author: Yu Xudong</p><p>Bridgewater Associates, the world's largest hedge fund, recently stated that the Great Inflation of the 1970s will not be repeated.</p><p>According to the Financial Times, Bob Prince, co-chief investment officer of Bridgewater Associates, said that in the long run, the forces of deflation will eventually curb near-term price increases. Although there will be some inflation in the short term, it will be extremely mild.</p><p>Prince also stated that it is unlikely that private sector credit spending will lead to high inflation, but in the current environment, the government has had to vigorously implement fiscal stimulus measures to drive inflation. However, this is a global phenomenon, not just one in the United States.</p><p>Prince's remarks came as Wall Street was engaged in a heated debate over whether the economic recovery, massive fiscal and monetary stimulus, and supply chain issues would lead to continued rise in the prices of goods and services.</p><p>Previously, the US CPI surged at a year-on-year rate of 5%, marking the largest increase in 13 years, raising market concerns about inflation.</p><p>Nevertheless, it's not just Prince who believes the rise in inflation is only a temporary event; more than 70% of fund managers surveyed by Bank of America this month also expect the rise in inflation to not be permanent.</p><p>Markets reduce inflation bets</p><p>Not only do investment managers believe that inflation is temporary, but the entire market is also betting on its disappearance.</p><p>Currently, the trend in the 10-year U.S. break-even inflation rate indicates that investors have reduced their bets on longer-term inflation.</p><p><img src=\"https://static.tigerbbs.com/6113e28c1126c2cbf7a8fc8641b1b4c9\" tg-width=\"628\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p>Last week, the Federal Reserve said it was closely monitoring rising inflation indicators and could see rate hike as early as 2023, a year earlier than they had previously expected.</p><p>Even so, financial markets reacted in stark contrast to the Fed's shift in rhetoric, with 10-year break-even inflation falling to its lowest level since early March, given that Powell never mentioned the actual taper and rate hike timelines. Powell's shrewd wording has also consistently indicated that the Federal Reserve still believes the current inflation is a flash in the pan.</p><p>Clearly, the market is more willing to believe such wording.</p><p>Will the Great Inflation of the 1970s be repeated?</p><p>Of course, in the current environment, many people are willing to compare current inflation expectations with the Great Inflation of the 1970s.</p><p>During that era, due to excessively loose monetary policy and soaring food and energy prices, the U.S. CPI soared from less than 2% in 1965 to over 10% in the 1970s, resulting in high nominal interest rates, high corporate financing costs, and severe damage to the economy. It also created an irreversible economic cycle, causing Federal Reserve policymakers to be unable to control the economy for a time.</p><p>Prince stated that while he is not particularly concerned about inflation, he is still looking for warning signs, including continued labor wage growth, which could be leading indicators of a “self-reinforcing cycle” of hyperinflation. Prince believes that the tipping point has not yet been crossed, but the possibility cannot be ruled out.</p><p>Prince added that the Fed's policy shift will not eliminate \"the inertia of the economic system\" because the savings rate remains high and could provide a steady stream of ammunition for consumer spending in the coming months. Even with the central bank's taper, there is still a large amount of potential spending accumulating throughout the economic system.</p><p>Nevertheless, Prince predicts that retail trading volume in the current $49 trillion U.S. stock market will not continue to surge at its previous pace. Previously, due to the pandemic, the US stock market became a reservoir for more and more people, and it is worth mentioning that this included a lot of unemployment relief funds from the US Treasury Department.</p><p>Most theories suggest that the primary cause of inflation is excessively loose monetary policy, a monetary phenomenon. Federal Reserve policymakers have been trying to overheat the economy to avoid a recession by \"taking shortcuts,\" but this has often led to price \"instability\" due to \"bad luck\" and technical errors.</p><p>Alan Stuart Blinder, a Princeton economist and former senior Federal Reserve official, believes that there are many factors in the market that central banks cannot control, including the shocks to food and energy prices in the 1970s, and the end of wage price controls during the Nixon era, which also exacerbated the flames of inflation.</p><p>But when it comes to inflation, the reason it starts is the reason it ends.</p><p>The Great Inflation of the 1970s ended on October 6, 1979, when Paul Volcker, the most hawkish chairman in the history of the Federal Reserve, began to actively tighten monetary policy. This move caused market interest rates to soar to 17.6% the following April, and even higher levels by 1982. Aggressive policies triggered two recessions and caused unemployment to soar, but ultimately the United States ushered in a better era of milder inflation.</p><p>Clearly, Powell lacks such courage, and where will US inflation head? Everything is in the Federal Reserve's hands.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aee6b1c1000963b20e214151e82a026e","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174110953","content_text":"作者：于旭东\n近日，全球最大的对冲基金——桥水基金表示，1970 年代的大通胀不会重演。\n据英国《金融时报》，桥水基金联席首席投资官Bob Prince表示，在长期，通货紧缩的力量最终会抑制近期的价格上涨，虽然在短期内会出现一些通胀，但它是极其温和的。\nPrince同时表示，私人部门信贷支出导致大通胀的可能性不大，但在当前环境下，政府不得不大力推行财政刺激措施来推动通胀，不过这是一种全球现象，而不仅仅是美国的现象。\n在Prince发出上述言论之际，华尔街正就经济复苏、天量财政和货币刺激措施以及供应链问题是否会导致商品和服务价格持续上涨进行激烈的辩论。\n而此前，美国CPI以5%的同比增速飙升，并创下13年来最大涨幅，引发了市场对通胀的担忧。\n尽管如此， 不仅是Prince认为通胀的上扬仅是暂时事件，本月接受美国银行调查的基金经理中有超过70%的人也预计通胀上升不会是永久性的。\n市场减少通胀押注\n不仅投资经理们认为通胀是暂时的，整个市场也在押注通胀的消弭。\n目前，10年期美国盈亏平衡通胀率的趋势显示，投资者已减少对较长期通胀的押注。\n\n上周，美联储表示，他们正在密切关注不断上升的通胀指标，并可能最快在2023年加息，这比他们之前的预期提前了一年。\n即便如此，金融市场对美联储措辞的转变做出了截然相反的反应，10年期盈亏平衡通胀率跌至3月初以来的最低水平，毕竟鲍威尔也从未提及真正的taper和加息时间表。鲍威尔八面玲珑的措辞也一直在表明，美联储依旧认为目前的通胀是昙花一现。\n很显然，市场更愿意相信这样的措辞。\n1970年代的大通胀是否将重来？\n当然，在目前的环境下，很多人愿意将目前的通胀预期和上世纪70年的大通胀来相比。\n在那个年代，由于过度宽松的货币政策和食品、能源价格的突飞猛进，美国CPI从1965年的不到2%飙升至70年代的10%以上，并造成名义利率高企，企业融资成本居高不下，并严重损害了经济，也形成了一个无法逆转的经济周期，导致美联储决策者一度无法控制经济。\nPrince表示，尽管他对通胀的担忧不大，但他仍然在寻找危险信号，包括持续劳动力工资增长，这些数据变化可能是恶性通胀“自我强化周期”的先导指标。Prince认为目前还没有越过那个临界点，但不能排除这样的可能性。\nPrince补充说，美联储的政策的转变不会消除“经济体系的惯性”，因为目前储蓄率仍然很高，并且可以在未来几个月为消费者的支出提供源源不断的弹药，即便央行taper，整个经济系统中仍有大量潜在的支出在积聚。\n尽管如此，Prince预计目前足足有49万亿美元的美国股票市场的零售交易额不会以之前的速度继续激增。此前由于疫情，美国股市成为越来越多人的蓄水池，值得一提的是，其中包含了很多来自美国财政部的失业纾困金。\n大多数理论认为，通胀来袭的主要原因是过度宽松的货币政策，即一种货币现象。而美联储决策者一直通过试图“投机取巧”的方法让经济过热以避免衰退，但却常常因为“厄运”和技术错误导致价格“不稳定”。\n普林斯顿经济学家、前美联储高级官员Alan Stuart Blinder认为，市场里有许多央行无法控制的因素，包括1970年代食品和能源价格的冲击，而尼克松时代对工资价格管制的终结也加剧了通胀之火。\n但对于通胀来说，以什么样的原因开始，就会以什么样的原因结束。\n70年代的那场大通胀，终结始于1979年10月6日，当时美联储史上最强“鹰派”主席保罗·沃尔克开始积极收紧货币政策，此举使市场利率在次年4月一路飙升至17.6%，到1982 年甚至达到了更高的水准。激进的政策引发了美国经济两次衰退并导致失业率飙升，但最终美国迎来了一个通胀更为温和的美好时代。\n很显然，鲍威尔没有这样的魄力，而美国的通胀将走向何方？一切都掌握在美联储手里。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129097578,"gmtCreate":1624342096194,"gmtModify":1703833989154,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129097578","repostId":"2145030039","repostType":4,"repost":{"id":"2145030039","kind":"highlight","pubTimestamp":1624341683,"share":"https://ttm.financial/m/news/2145030039?lang=en_US&edition=fundamental","pubTime":"2021-06-22 14:01","market":"hk","language":"zh","title":"The national centralized procurement document for orthopedic joint consumables has been released! What signal does this change reveal?","url":"https://stock-news.laohu8.com/highlight/detail?id=2145030039","media":"华尔街见闻","summary":"骨科关节耗材国家集采来了。","content":"<p>Following coronary stents, the second high-value consumable national volume procurement variety has finally been settled!</p><p>On the 21st, the National Organization High-Value Medical Consumables Joint Procurement Office issued the \"National Organization Artificial Joint Centralized Volume Procurement Announcement (No. 1)\" (hereinafter referred to as the \"Announcement\"), which officially announced the main rules of national volume procurement of orthopedic joint consumables for the first time (some rules will be announced separately), including volume procurement varieties (first-time total hip replacement, first-time total knee replacement), product grouping, bidding rules, proposed selection rules and other content of concern to the market and enterprises.</p><p>It is worth mentioning that in mid-April this year, the National Healthcare Security Administration Pharmaceutical Price and Bidding Procurement Guidance Center issued a document entrusting three associations, including the China Medical Device Industry Association, to solicit opinions from enterprises on the \"National Organization for Centralized Volume-Based Procurement of Medical Consumables for Artificial Joints (Draft for Comments)\" (hereinafter referred to as the \"Draft for Comments\"). The \"Draft for Comments\" can be regarded as an official document of centralized procurement, as well as a draft of the \"Announcement\" released this time.</p><p><b>Comparing the two documents, it can be seen that although most of the content overlaps, the \"Announcement\" has been further improved and supplemented based on the \"Draft for Comments\".</b></p><p><b>In response, some business people told Wall Street News, \"The design of the 'Announcement' takes into account product quality and safety in a relatively full way, and follows the basic demand and concept of providing good products (to patients).\"</b></p><p>So, how should we understand this corporate review? And how will the \"basic concepts\" formulated in this document affect the companies participating in the bidding?</p><p><h2><b>Initial grouping of hip products</b></h2>First, from the perspective of the grouping of hip joint products, the hip joint product system purchased in this centralized volume will be divided into three groups: ceramic-ceramic, ceramic-polyethylene, and alloy-polyethylene, according to the combination of femoral head and acetabular lining materials.</p><p>1. Ceramic-ceramic hip product systems require that the femoral head and acetabular lining be made of zirconia-toughened high-purity alumina-based composite materials. 2. Ceramic-polyethylene hip joint product systems require the femoral head to be made of zirconia toughened high-purity alumina matrix composite material; The acetabular lining is made of polyethylene, including highly crosslinked polyethylene, highly crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. 3. Alloy-polyethylene hip joint product systems require femoral head materials to include cobalt-chromium-molybdenum alloys and zirconium-niobium alloys; The acetabular lining is made of polyethylene, including highly crosslinked polyethylene, highly crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. Data shows that the artificial hip joint prosthesis mainly consists of four parts, including the acetabular cup, acetabular liner, femoral head and femoral stem (see the figure below). Wherein the acetabular cup and the femoral stem are respectively contacted and fixed with the host bone to form a fixation interface; The femoral head and acetabular lining constitute the friction interface of the hip joint.</p><p><img src=\"https://static.tigerbbs.com/c62dada18b6a148423bcf47609ce2101\" tg-width=\"953\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>Fixed interface and friction interface are the core technologies and advantages of artificial hip prostheses, and are also one of the most important factors affecting the lifespan of artificial hip joints. The \"Announcement\" groups the hip joint into three varieties based on the friction interface (the material combination of the femoral head and acetabular lining).</p><p>According to relevant research, the hip joint, as the most important joint in the body, is responsible for transmitting stress from the torso to the limbs, so the selection of the friction interface of the hip joint is very important. Characteristics that an ideal load-bearing interface material should have include: a low coefficient of friction, few wear particles produced, few tissue reactions initiated by the wear particles, resistance to third body wear, and allowing for adequate liquid film lubrication.</p><p>The more wear-resistant the friction interface material, the longer the theoretical survival time of the hip prosthesis. The wear resistance of the most commonly used materials is ranked from strongest to weakest (by acetabulum versus femoral head): ceramic versus ceramic > highly crosslinked polyethylene versus ceramic > highly crosslinked polyethylene versus metal > high molecular weight polyethylene versus metal.</p><p><b>It can be seen that this centralized procurement divided the hip joint into three major groups based on the friction interface: ceramic-ceramic, ceramic-polyethylene, and alloy-polyethylene, and conducted bidding separately. This grouping not only meets the needs of clinical applications, but also fully considers the differences in products at different quality levels.</b></p><p><h2><b>Refinement of Hip Product Grouping</b></h2>Although the hip joint is divided into three groups based on the friction interface: ceramic-ceramic, ceramic-polyethylene, and alloy-polyethylene, and bidding is carried out separately. This division takes into account the differences in products at different quality levels, according to Wall Street Insights, the industry still has many concerns about this, believing that such grouping is still too \"general\".</p><p>\"For example, taking the polyethylene lining of the acetabular cup as an example, this polyethylene lining can be further subdivided into three types: highly crosslinked polyethylene, highly crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. However, these three polyethylene materials are not exactly the same. Highly crosslinked polyethylene containing antioxidants is more high-end and costly than ordinary highly crosslinked polyethylene and ordinary ultra-high molecular weight polyethylene.\" However, the existing rules do not differentiate between these, directly putting all products together for bidding, so those products with better materials and higher costs will be at a disadvantage. \" Previously, after the release of the draft for comments in April, some companies told Wall Street Insights this.</p><p><b>However, it can be seen that, in response to this market disagreement, the \"Announcement\" released on the 21st has also been improved based on the \"Draft for Comments\". Based on the original three major groupings, further subdivisions have been made.</b></p><p><b>According to the requirements of the \"Announcement\", under the same product system category, two groups A and B will be formed again according to three conditions: the procurement needs of medical institutions, the supply capacity of enterprises, and the materials of products, each for a bidding unit and bidding separately. Among them, the applicant enterprises that meet all three conditions at the same time enter Group A, and the others enter Group B. These three conditions are:</b></p><p>1. Under the unit of the applicant company, merge all different product systems under the same product system category of the same applicant company, sort them in order of the intended purchase volume of medical institutions from most to least, and take the applicant companies covered by the top 85% of the cumulative intended purchase volume; 2. The applicant company promises to meet the procurement needs of all cities and prefectures in all alliance regions; 3. Except for ceramic-ceramic hip joint product systems and knee joint product systems, at least one of the acetabular liners of the ceramic-polyethylene hip joint product systems and alloy-polyethylene hip joint product systems declared by the enterprise must be made of highly crosslinked polyethylene or highly crosslinked polyethylene (containing antioxidants). The \"Announcement\" also stated that if the number of applicant companies entering Group A is less than 7, among the applicant companies that meet the above conditions 2 and 3, they will be supplemented according to the intended purchase volume of medical institutions in descending order until the number of applicant companies in Group A reaches 7. If there are less than 7 applicant companies that meet the above conditions 2 and 3, all applicant companies that meet the above conditions 2 and 3 will be entered into Group A and will not be replaced.<b>According to condition 3, hip joint products in the ceramic-polyethylene and alloy-polyethylene groups may be excluded from group A and can only enter group B if they lack highly crosslinked polyethylene lining components.</b></p><p><b>According to preliminary understanding from Wall Street Insights, some imported and domestically produced hip joint products currently lack highly crosslinked polyethylene lining components (but this has not yet been confirmed by the companies).</b></p><p>What does it mean if we can't get into Group A?</p><p><b>According to the \"Announcement\", first of all, Group A products will receive more intended purchases (85% of intended purchases).</b></p><p><b>In addition, according to the second proposed selection rule, \"for applicant companies that have not obtained the proposed selection qualification according to the first proposed selection rule, within the same product system category, if the bidding price of Group A is not higher than the highest proposed selection price of Group B, then the corresponding applicant company whose bidding price is not higher than the highest proposed selection price of Group B is proposed to be selected.\"</b></p><p><b>This also means that Group B products may face greater price reduction pressure.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The national centralized procurement document for orthopedic joint consumables has been released! What signal does this change reveal?</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 national centralized procurement document for orthopedic joint consumables has been released! What signal does this change reveal?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-22 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Following coronary stents, the second high-value consumable national volume procurement variety has finally been settled!</p><p>On the 21st, the National Organization High-Value Medical Consumables Joint Procurement Office issued the \"National Organization Artificial Joint Centralized Volume Procurement Announcement (No. 1)\" (hereinafter referred to as the \"Announcement\"), which officially announced the main rules of national volume procurement of orthopedic joint consumables for the first time (some rules will be announced separately), including volume procurement varieties (first-time total hip replacement, first-time total knee replacement), product grouping, bidding rules, proposed selection rules and other content of concern to the market and enterprises.</p><p>It is worth mentioning that in mid-April this year, the National Healthcare Security Administration Pharmaceutical Price and Bidding Procurement Guidance Center issued a document entrusting three associations, including the China Medical Device Industry Association, to solicit opinions from enterprises on the \"National Organization for Centralized Volume-Based Procurement of Medical Consumables for Artificial Joints (Draft for Comments)\" (hereinafter referred to as the \"Draft for Comments\"). The \"Draft for Comments\" can be regarded as an official document of centralized procurement, as well as a draft of the \"Announcement\" released this time.</p><p><b>Comparing the two documents, it can be seen that although most of the content overlaps, the \"Announcement\" has been further improved and supplemented based on the \"Draft for Comments\".</b></p><p><b>In response, some business people told Wall Street News, \"The design of the 'Announcement' takes into account product quality and safety in a relatively full way, and follows the basic demand and concept of providing good products (to patients).\"</b></p><p>So, how should we understand this corporate review? And how will the \"basic concepts\" formulated in this document affect the companies participating in the bidding?</p><p><h2><b>Initial grouping of hip products</b></h2>First, from the perspective of the grouping of hip joint products, the hip joint product system purchased in this centralized volume will be divided into three groups: ceramic-ceramic, ceramic-polyethylene, and alloy-polyethylene, according to the combination of femoral head and acetabular lining materials.</p><p>1. Ceramic-ceramic hip product systems require that the femoral head and acetabular lining be made of zirconia-toughened high-purity alumina-based composite materials. 2. Ceramic-polyethylene hip joint product systems require the femoral head to be made of zirconia toughened high-purity alumina matrix composite material; The acetabular lining is made of polyethylene, including highly crosslinked polyethylene, highly crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. 3. Alloy-polyethylene hip joint product systems require femoral head materials to include cobalt-chromium-molybdenum alloys and zirconium-niobium alloys; The acetabular lining is made of polyethylene, including highly crosslinked polyethylene, highly crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. Data shows that the artificial hip joint prosthesis mainly consists of four parts, including the acetabular cup, acetabular liner, femoral head and femoral stem (see the figure below). Wherein the acetabular cup and the femoral stem are respectively contacted and fixed with the host bone to form a fixation interface; The femoral head and acetabular lining constitute the friction interface of the hip joint.</p><p><img src=\"https://static.tigerbbs.com/c62dada18b6a148423bcf47609ce2101\" tg-width=\"953\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>Fixed interface and friction interface are the core technologies and advantages of artificial hip prostheses, and are also one of the most important factors affecting the lifespan of artificial hip joints. The \"Announcement\" groups the hip joint into three varieties based on the friction interface (the material combination of the femoral head and acetabular lining).</p><p>According to relevant research, the hip joint, as the most important joint in the body, is responsible for transmitting stress from the torso to the limbs, so the selection of the friction interface of the hip joint is very important. Characteristics that an ideal load-bearing interface material should have include: a low coefficient of friction, few wear particles produced, few tissue reactions initiated by the wear particles, resistance to third body wear, and allowing for adequate liquid film lubrication.</p><p>The more wear-resistant the friction interface material, the longer the theoretical survival time of the hip prosthesis. The wear resistance of the most commonly used materials is ranked from strongest to weakest (by acetabulum versus femoral head): ceramic versus ceramic > highly crosslinked polyethylene versus ceramic > highly crosslinked polyethylene versus metal > high molecular weight polyethylene versus metal.</p><p><b>It can be seen that this centralized procurement divided the hip joint into three major groups based on the friction interface: ceramic-ceramic, ceramic-polyethylene, and alloy-polyethylene, and conducted bidding separately. This grouping not only meets the needs of clinical applications, but also fully considers the differences in products at different quality levels.</b></p><p><h2><b>Refinement of Hip Product Grouping</b></h2>Although the hip joint is divided into three groups based on the friction interface: ceramic-ceramic, ceramic-polyethylene, and alloy-polyethylene, and bidding is carried out separately. This division takes into account the differences in products at different quality levels, according to Wall Street Insights, the industry still has many concerns about this, believing that such grouping is still too \"general\".</p><p>\"For example, taking the polyethylene lining of the acetabular cup as an example, this polyethylene lining can be further subdivided into three types: highly crosslinked polyethylene, highly crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. However, these three polyethylene materials are not exactly the same. Highly crosslinked polyethylene containing antioxidants is more high-end and costly than ordinary highly crosslinked polyethylene and ordinary ultra-high molecular weight polyethylene.\" However, the existing rules do not differentiate between these, directly putting all products together for bidding, so those products with better materials and higher costs will be at a disadvantage. \" Previously, after the release of the draft for comments in April, some companies told Wall Street Insights this.</p><p><b>However, it can be seen that, in response to this market disagreement, the \"Announcement\" released on the 21st has also been improved based on the \"Draft for Comments\". Based on the original three major groupings, further subdivisions have been made.</b></p><p><b>According to the requirements of the \"Announcement\", under the same product system category, two groups A and B will be formed again according to three conditions: the procurement needs of medical institutions, the supply capacity of enterprises, and the materials of products, each for a bidding unit and bidding separately. Among them, the applicant enterprises that meet all three conditions at the same time enter Group A, and the others enter Group B. These three conditions are:</b></p><p>1. Under the unit of the applicant company, merge all different product systems under the same product system category of the same applicant company, sort them in order of the intended purchase volume of medical institutions from most to least, and take the applicant companies covered by the top 85% of the cumulative intended purchase volume; 2. The applicant company promises to meet the procurement needs of all cities and prefectures in all alliance regions; 3. Except for ceramic-ceramic hip joint product systems and knee joint product systems, at least one of the acetabular liners of the ceramic-polyethylene hip joint product systems and alloy-polyethylene hip joint product systems declared by the enterprise must be made of highly crosslinked polyethylene or highly crosslinked polyethylene (containing antioxidants). The \"Announcement\" also stated that if the number of applicant companies entering Group A is less than 7, among the applicant companies that meet the above conditions 2 and 3, they will be supplemented according to the intended purchase volume of medical institutions in descending order until the number of applicant companies in Group A reaches 7. If there are less than 7 applicant companies that meet the above conditions 2 and 3, all applicant companies that meet the above conditions 2 and 3 will be entered into Group A and will not be replaced.<b>According to condition 3, hip joint products in the ceramic-polyethylene and alloy-polyethylene groups may be excluded from group A and can only enter group B if they lack highly crosslinked polyethylene lining components.</b></p><p><b>According to preliminary understanding from Wall Street Insights, some imported and domestically produced hip joint products currently lack highly crosslinked polyethylene lining components (but this has not yet been confirmed by the companies).</b></p><p>What does it mean if we can't get into Group A?</p><p><b>According to the \"Announcement\", first of all, Group A products will receive more intended purchases (85% of intended purchases).</b></p><p><b>In addition, according to the second proposed selection rule, \"for applicant companies that have not obtained the proposed selection qualification according to the first proposed selection rule, within the same product system category, if the bidding price of Group A is not higher than the highest proposed selection price of Group B, then the corresponding applicant company whose bidding price is not higher than the highest proposed selection price of Group B is proposed to be selected.\"</b></p><p><b>This also means that Group B products may face greater price reduction pressure.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633516\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c62dada18b6a148423bcf47609ce2101","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3633516","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145030039","content_text":"继冠脉支架之后，第二个高值耗材国家带量采购品种终于落定！\n21日，国家组织高值医用耗材联合采购办公室发布《国家组织人工关节集中带量采购公告（第1号）》（下称《公告》），官方首次对外公布了骨科关节耗材国家带量采购的主要规则（部分规则将另行公告），包括带量采购品种（初次置换人工全髋关节、初次置换人工全膝关节）、产品分组、竞价规则、拟中选规则等市场及企业关心的内容。\n值得一提的是，在今年4月中旬，国家医保局医药价格和招标采购指导中心曾发文，委托中国医疗器械行业协会等三家协会，就《国家组织人工关节类医用耗材集中带量采购方案（征求意见稿）》（下称《征求意见稿》）向企业征求意见。该《征求意见稿》可以视作是集采正式文件，也是此次发布的《公告》的草案。\n对比两份文件，可以看出，虽然大部分内容重合，但《公告》在《征求意见稿》的基础上有了更多的完善与补充。\n对此，亦有企业人士向华尔街见闻表示，“《公告》的设计从整体上较为充分地考虑了产品质量安全，并遵循了（向患者）提供好的产品这样一个基本诉求和理念”。\n那么，我们该如何理解这一企业评论？以及这一文件制定的“基本理念”又将会如何影响参与竞标的企业呢？\n髋关节产品的初次分组\n首先，从髋关节产品的分组来看，此次集中带量采购的髋关节产品系统将根据股骨头和髋臼内衬材质组合，分成陶瓷-陶瓷、陶瓷-聚乙烯、合金-聚乙烯3组开展采购：\n\n 1.陶瓷-陶瓷类髋关节产品系统，要求股骨头和髋臼内衬材质均为氧化锆增韧高纯氧化铝基复合材料。2.陶瓷-聚乙烯类髋关节产品系统，要求股骨头材质为氧化锆增韧高纯氧化铝基复合材料；髋臼内衬材质为聚乙烯，包括高交联聚乙烯、高交联聚乙烯（含抗氧化剂）、超高分子量聚乙烯。3.合金-聚乙烯类髋关节产品系统，要求股骨头材质包括钴铬钼合金、锆铌合金；髋臼内衬材质为聚乙烯，包括高交联聚乙烯、高交联聚乙烯（含抗氧化剂）、超高分子量聚乙烯。\n\n资料显示，人工髋关节假体主要由四个部分组成，包括髋臼杯、髋臼内衬、股骨头和股骨柄四部分（见下图）。其中，髋臼杯和股骨柄分别与宿主骨接触并固定，形成固定界面；而股骨头和髋臼内衬则构成髋关节的摩擦界面。\n\n固定界面和摩擦界面是人工髋关节假体核心技术与优势所在，也是影响人工髋关节寿命最主要的因素之一。而《公告》正是依据摩擦界面（股骨头和髋臼内衬的材质组合）对髋关节做的3个品种分组。\n据有关研究，髋关节作为全身最重要的关节，承担着躯干向肢体传递应力的作用，因而对于髋关节摩擦界面的选择非常重要。理想的负重界面材料应当具有的特点包括：低摩擦系数、产生的磨损颗粒少、磨损颗粒引发的组织反应小、耐第三体磨损以及允许充分的液膜润滑。\n摩擦界面材料越耐磨，髋关节假体的理论生存时间越长。目前最常用的材料的耐磨性能从强到弱依次为（按髋臼对股骨头）：陶瓷对陶瓷>高交联聚乙烯对陶瓷>高交联聚乙烯对金属>高分子量聚乙烯对金属。\n由此可见，此次集采根据摩擦界面将髋关节分成陶瓷-陶瓷、陶瓷-聚乙烯、合金-聚乙烯3大组分别进行竞价，这样的分组既符合临床应用需求，又充分考虑了不同质量层次产品的差异。\n髋关节产品分组的再次细化\n虽然根据摩擦界面将髋关节分成陶瓷-陶瓷、陶瓷-聚乙烯、合金-聚乙烯3大组分别竞价，这样的划分考虑到了不同质量层次产品的差异，但据华尔街见闻此前了解，业界对此还是有着颇多顾虑，认为这样的分组仍然偏“笼统”。\n“比如，以髋臼杯的聚乙烯内衬来说，这个聚乙烯内衬还可以细分为高交联聚乙烯、高交联聚乙烯（含抗氧化剂）和超高分子量聚乙烯三种，但这三种聚乙烯材料并不完全一样，含抗氧化剂的高交联聚乙烯比普通的高交联聚乙烯以及普通的超高分子量聚乙烯更为高端，成本也更高。但现有的规则并没有对此进行区分，直接将所有产品放在一起竞价，那么那些材料更好成本更高的产品就会处于弱势。”此前，在4月的《征求意见稿》公布后，有企业这样向华尔街见闻表示。\n不过，可以看到的是，针对这一市场分歧，21号发布的《公告》在《征求意见稿》的基础上也进行了完善。在原有的3个大分组基础上，又做了进一步的细分。\n按照《公告》要求，同一产品系统类别下，将根据医疗机构采购需求、企业供应能力、产品材质3个条件，再次形成A、B两组，各为一个竞价单元分别竞价。其中，同时满足3个条件的申报企业进入A组，其他进入B组。这3个条件分别是：\n\n 1、以申报企业为单位，合并同一申报企业同一产品系统类别下所有不同产品系统，按医疗机构意向采购量从多到少依次排序，取累计意向采购量前85%所涵盖的申报企业；2、申报企业承诺满足所有联盟地区全部地市采购需求；3、除陶瓷-陶瓷类髋关节产品系统和膝关节产品系统外，企业申报的陶瓷-聚乙烯类髋关节产品系统、合金-聚乙烯类髋关节产品系统的髋臼内衬至少有一个产品系统具备高交联聚乙烯或高交联聚乙烯（含抗氧化剂）材质。《公告》同时表示，如果进入A组申报企业数量不足7家，在满足上述2和3条件的申报企业中，按医疗机构意向采购量从多到少依序递补，直至A组申报企业数量达到7家。如满足上述2和3条件的申报企业不足7家，则满足上述2和3条件的申报企业全部进入A组，不再递补。\n\n根据条件3，处于陶瓷-聚乙烯、合金-聚乙烯两个分组的髋关节产品，如果缺乏高交联聚乙烯内衬组件，那么相关产品系统可能会被排除在A组以外，只能进入B组。\n而据华尔街见闻初步了解，目前有一些进口及国产的髋关节产品是缺乏高交联聚乙烯内衬组件的（但还未能得到企业方面的确认）。\n如果不能进入A组，又意味着什么？\n从《公告》来看，首先A组产品将获得更多的意向采购量（85%的意向采购量）。\n另外，依据拟中选规则二，“未按拟中选规则一获得拟中选资格的申报企业，同一个产品系统类别内，若A组竞价比价价格不高于B组最高拟中选比价价格，则A组竞价比价价格不高于B组最高拟中选比价价格的相应申报企业拟中选”。\n这也意味着，B组产品可能会面临更大的降价压力。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2087,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165147692,"gmtCreate":1624111236616,"gmtModify":1703828954292,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"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/165147692","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165144521,"gmtCreate":1624111165663,"gmtModify":1703828953966,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165144521","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161166501,"gmtCreate":1623911718203,"gmtModify":1703823333161,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161166501","repostId":"2144129057","repostType":4,"repost":{"id":"2144129057","kind":"highlight","pubTimestamp":1623911566,"share":"https://ttm.financial/m/news/2144129057?lang=en_US&edition=fundamental","pubTime":"2021-06-17 14:32","market":"hk","language":"zh","title":"The once-powerful real estate tycoon has also retreated.","url":"https://stock-news.laohu8.com/highlight/detail?id=2144129057","media":"华尔街见闻","summary":"潘石屹告别房地产。","content":"<p>On Wangjing Road in Chaoyang District, Beijing, three intertwined \"mountains\" stand tall. This is the well-known Wangjing SOHO office complex, designed by \"Queen of Architecture\" Zaha Hadid and completed in 2012.</p><p>A few years ago,<a href=\"https://laohu8.com/S/00410\">SOHO China</a>Chairman Pan Shiyi once said, \"The projects in my mind that I can never sell are the Bund SOHO and Wangjing SOHO. As long as these two projects exist, I will still be a (real estate) developer.\"</p><p>Unexpectedly, four years later, the prophecy came true: the \"eight giants,\" including Wangjing SOHO, were about to change hands, to be taken over by a global alternative asset management giant.<a href=\"https://laohu8.com/S/BX\">Blackstone</a>。 After the acquisition, Pan Shiyi and Zhang Xin held only 9% of SOHO China's shares.</p><p>Compared to the $4 billion transaction price reported in the market a year ago, the acquisition price announced on June 16 was about $3 billion, a reduction of $1 billion.</p><p><b>This price is acceptable, reflecting Pan Shiyi and Zhang Xin's determination to withdraw.</b></p><p>With Blackstone's acquisition of SOHO China, Pan Shiyi and Zhang Xin, two figures who had stirred up the Chinese real estate market, ultimately chose to secure their profits, and their real estate era became a thing of the past.</p><p><h2><b>Retail sales expert</b></h2>Pan Shiyi and his wife, as well as the SOHO China project, were internet celebrities for a long time.</p><p>Since founding SOHO China with his overseas returnee wife Zhang Xin in 1995, Pan Shiyi and Zhang Xin have been at the forefront of China's real estate construction industry with their innovative concepts and unique designs.</p><p>However, some people think that SOHO's architecture is strange and out of place compared to its surroundings. In 2011, actress Song Dandan<a href=\"https://laohu8.com/S/WB\">Weibo</a>Shanglian criticized Pan Shiyi, saying, \"You built such a large area of extremely ugly cheap buildings (Jianwai Soho), ruining the scenery of Beijing. Do you regret it?\" \"I treated you to Lafite, please, don't build any more buildings!\"</p><p>However, it is precisely these characteristics of SOHO that make SOHO stand out from other developers.</p><p><b>Initially, Pan Shiyi and his wife used residential development as their business model. Relying on a retail sales rather than holding model, SOHO China was invincible before 2012.</b></p><p>So-called individual sales refer to dividing office space into small areas of varying sizes and selling them individually to individuals and companies. The advantage is that sales revenue is quick, allowing commercial office buildings and shops to achieve high turnover just like residential developments.</p><p>Pan Shiyi focused his customer base on coal bosses in Northwest China and private entrepreneurs in Jiangsu and Zhejiang. When some projects opened, he personally visited the coal bosses and, imitating Buffett, created a set of meals with major clients. Initially, the threshold was 50 million yuan, which was gradually raised to 100 million yuan.</p><p>With this packaging, Pan Shiyi turned flour into a large cake. In 2005, when housing prices in Beijing were still over 6,000 yuan per square meter, his Shangdu SOHO sold for 20,000 yuan per square meter.</p><p><b>Pan Shiyi once summarized his business secret: \"The unchanging rule in doing business is to buy goods when things are low and sell goods when they are high. SOHO China has always followed this principle.\"</b></p><p>By acquiring land at a low price and subsequently building a high-value office building project, Pan Shiyi fully demonstrated his ability to \"buy low and sell high\".</p><p>Subsequently, landmark buildings such as Sanlitun SOHO and Beijing SOHO Modern City emerged. At its peak, SOHO China's sales accounted for nearly half of the sales in Beijing's CBD area.</p><p>In 2007, after a setback, SOHO China successfully listed on the Hong Kong Stock Exchange under the banner of \"a well-known commercial real estate developer in China\", raising US$1.9 billion, becoming the largest real estate IPO project in Asia that year.</p><p>Sanlitun SOHO, which opened for sale in July 2008, sold 4.1 billion yuan worth of goods in a single day, setting a new single-day transaction record for Chinese real estate at the time.</p><p>By 2010, SOHO China's revenue reached 18.4 billion yuan, which was its peak revenue and the pinnacle of Pan Shiyi's business legend.</p><p><h2><b>Transformation failure</b></h2>Since 2010, Beijing has introduced several policies prohibiting commercial retail sales, and these policies have been gradually strengthened. Pan Shiyi was forced to abandon the model that made him successful.</p><p>Due to differences in business philosophies, conflicts gradually arose between the husband-and-wife duo of Pan Shiyi and Zhang Xin. After several arguments, Pan Shiyi gradually withdrew from SOHO China in 2012, handing over control of the company's shares to Zhang Xin.<b>In the same year, SOHO China proposed to transform into a self-owned leased property.</b></p><p>However, Pan Shiyi's past success in individual sales has left his team with lackluster operational capabilities, and complaints from SOHO small owners about the chaotic property management of SOHO China have never stopped.</p><p>After the transformation, under Zhang Xin's leadership, several SOHO executives left one after another, leaving the team with no one available for a time.</p><p>This is reflected in the financial report: although SOHO China has transformed into a self-owned property, aiming to support the company through rental income,<b>However, the result was still that sales were used to support rentals. Revenue from property sales and appreciation of investment properties were the sources of its net profit and the significant increase in net profit.</b></p><p>In 2012, SOHO China achieved a net profit of 10.585 billion yuan, with a net profit margin of 171.94%. Behind this impressive financial report, the appreciation of investment properties contributed 9.605 billion yuan. Excluding this part, SOHO China's net profit still increased by 135% year-on-year, which looks very impressive. However, upon closer inspection, this was mainly because the Galaxy SOHO project sold for 16.173 billion yuan that year.</p><p>In the following years, SOHO China's net profit continued to decline. Even though it achieved a net profit margin of over 420% in 2017, it was generated by the appreciation of 7.165 billion yuan in investment properties. After excluding this part, SOHO China suffered a loss of 2.393 billion yuan that year.</p><p><b>In 2020, SOHO China's revenue was approximately 2.19 billion yuan, a significant decrease compared to its peak of 18.4 billion yuan; The net profit attributable to the parent company was only about 500 million yuan, which is incomparable to the glory of 10 billion yuan in profits.</b></p><p>A real estate veteran joked, \"Is this really still a real estate developer?\" It's extremely rare to see a real estate developer shrink their revenue.</p><p>Pan Shiyi also tried his best. In 2015, he also founded SOHO3Q, a shared office operator, which by 2017 had become the largest in both Beijing and Shanghai, aiming to catch up.<a href=\"https://laohu8.com/S/WE\">WeWork</a>It's currently hot, let's take a gamble on going public.</p><p>But he still failed. In 2019, news also circulated that SOHO3Q had been transferred.</p><p><b>The office leasing business is not easy to do.</b>Pan Shiyi once said, \"I'm embarrassed to even mention the rental yield rate in China. In a city like Beijing, SOHO China's rental yield is less than 3%, but the cost of bank loans exceeds 4%, which is almost the lowest cost of capital in the real estate industry. Even so, the property management will still lose 2% for the whole year. How can this business be done?\"</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>It has been pointed out that over the past 10 years, SOHO China has had poor execution capabilities in transforming from a developer into a rent-collecting shareholder. If the asset sale plan fails, its operational growth potential will be limited based on its existing assets.</p><p>According to SOHO China's financial report, its return on equity (ROE) reached 40.38% in 2012, but has dropped to single digits in recent years. In 2020, the ROE was 1.47%. In contrast<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>Although Wharf Holdings' data has remained in the single digits for a long time, it is relatively stable and shows a clear cyclical pattern.</p><p>Clearly, Pan Shiyi and his wife never managed the office building well.</p><p><h2><b>Cashing out and changing positions</b></h2>Compared to long-term rental operations, Pan Shiyi is clearly better at selling assets. Don't forget, \"buy low, sell high\" is his business principle.</p><p><b>Starting in 2014, SOHO China returned to the path of selling and selling without stopping, except that it changed from individual sales of projects to whole sales.</b></p><p>Back then, SOHO China sold SOHO Jing'an Plaza and SOHO Helen Plaza in Shanghai for 5.232 billion yuan to...<a href=\"https://laohu8.com/S/000402\">Finance Street</a>In September of the same year, the holding company sold a 100,000-square-meter property in Shanghai Lingkong SOHO for 3.05 billion yuan to...<a href=\"https://laohu8.com/S/TCOM\">Ctrip</a>。</p><p>At that time, Pan Shiyi also said that he would only sell some less important projects, and that office building projects in the core areas of Beijing and Shanghai would still be held for the long term.</p><p>However, in 2015, SOHO China sold its 50% stake in the 8-1 plot of land on the Bund International Financial Center in Shanghai for 8.493 billion yuan. The transaction party was Fosun Group, with whom it had previously competed fiercely for the land.</p><p>In 2016, SOHO China sold SOHO Century Plaza in Shanghai to Guohua Life Insurance for 3.22 billion yuan.</p><p>In 2017, the remaining properties of Hongkou SOHO and Lingkong SOHO in Shanghai were sold for a total price of 8.58 billion yuan.</p><p>What further highlights his thinking and determination is that in 2019, SOHO China announced that it would sell 13 office property projects in Beijing and Shanghai, including his beloved Wangjing SOHO, and negotiations with Blackstone began at that time.</p><p><b>As can be seen above, SOHO China spent most of its time selling assets after its listing. Before Blackstone, SOHO China had already cashed out approximately 29.3 billion yuan by selling assets.</b></p><p>During this period, SOHO China made almost no property investments in China. On the contrary, starting in 2011, Pan Shiyi and Zhang Xin invested a large amount of overseas assets in the United States and the United Kingdom through family trusts.</p><p>Public information shows that starting in 2011, Pan Shiyi and his wife invested a large amount of overseas assets through their family trust. They first spent $700 million to buy the Port Authority's long-distance bus station office building next to Manhattan Plaza in New York, then spent $600 million to acquire a 49% stake in Park Avenue Plaza in Manhattan, and also spent $700 million to jointly acquire a U.S. consortium with a Brazilian consortium.<a href=\"https://laohu8.com/S/GM\">general motors</a>40% equity in the building.</p><p>Pan Shiyi's eldest son, Pan Rui, also founded Estates Real Estate, which owns several large real estate projects, including UNINN, the first British apartment brand dominated by Chinese people.</p><p>However, after the country tightened foreign exchange controls, they have not made any new overseas investments since 2013.</p><p><b>Amidst this cycle of entry and exit, some in the market inevitably believe that Pan Shiyi is about to run away.</b></p><p>When faced with doubts, Pan Shiyi initially gave some responses, but later he gradually became more relaxed.</p><p>At the online rental commendation meeting at the beginning of this year, Lao Pan said, \"There are still people criticizing me online, but I'm not angry anymore, and I won't criticize each other anymore. I'm just an ordinary person who builds and rents houses. I do my job well and don't make trouble.\"</p><p><h2><b>Leave the field completely</b></h2>Selling the company he founded is no easy task for anyone, but Pan Shiyi has clearly thought about it for a long time and is determined.</p><p>On June 16, SOHO China announced that Blackstone Group plans to acquire 2.856 billion shares of SOHO China indirectly held by Cititrust at a price of HK$5 per share, representing approximately 54.93% of SOHO China's issued share capital.</p><p>Cititrust, acting as trustee, wholly owns Capevale Limited (Cayman), whose wholly-owned subsidiaries, Boyce Limited and Capevale Limited (BVI), each hold 1.66 billion shares of SOHO China. Pan Shiyi, Zhang Xin, and their children are the trust beneficiaries of Cititrust.</p><p>Upon completion of the transaction, Blackstone Group will become the controlling shareholder of SOHO China, and the shareholding of Pan Shiyi and his wife will decrease from 63.93% to approximately 9%.</p><p>Some investors pointed out that although SOHO China has lost real estate sales revenue in recent years and only collects rent, compared to Evergrande,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>SOHO China, a real estate company operating with high debt, has ample cash flow.</p><p>After selling what Pan Shiyi described as \"less important\" projects, SOHO China's revenue came almost entirely from rental income generated from office buildings in Beijing and Shanghai. These projects are mostly located in core business districts and are scarce commercial real estate. From the perspective of revenue and asset appreciation, the aforementioned investor believes that SOHO China has no need to liquidate its assets.</p><p>But he misjudged Pan Shiyi. Old Pan had long since lost interest in operations and wanted to retreat.</p><p><b>This is a real estate tycoon who once enjoyed a prestigious reputation like Wang Shi, Feng Lun, and Wang Jianlin. It is a truly regrettable story that a once glorious business legend has come to an end.</b></p><p>Pan Shiyi is not without ambition. At the beginning of the IPO, Pan Shiyi and his wife proclaimed that they would \"exceed 100 billion yuan within five years, surpassing Vanke\".</p><p>With revenue exceeding 18.4 billion yuan in 2010, SOHO China transformed Longfor Group into...<a href=\"https://laohu8.com/S/01918\">Sunac China</a>Throw out a few body positions.</p><p>However, SOHO, which has been listed for 14 years, has become smaller and smaller. Not only has it failed to meet its performance targets, but it has also experienced transformation failures and missed the real estate boom of 2015. Not only has it surpassed Vanke, but even rising stars such as Sunac and CIFI have far surpassed it.</p><p><b>After gradually fading out of SOHO China in 2012, Pan Shiyi rarely appeared as a real estate tycoon. He had many more identities: photographer, carpenter, programmer, none of which were related to real estate.</b></p><p>Many years ago, when talking about his dreams, Pan Shiyi, who came from Gansu, said that what he particularly longed for was \"to return to his hometown in Northwest China, live in a cave dwelling, herd sheep, have a green river in front of him, and no one will criticize me online anymore.\"</p><p>An era has come to an end. After selling SOHO China, Pan Shiyi, one of the once spirited Six Gentlemen of Vantone and a powerful Beijing real estate tycoon, has also bid farewell to the real estate industry.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The once-powerful real estate tycoon has also retreated.</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 once-powerful real estate tycoon has also retreated.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-17 14:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On Wangjing Road in Chaoyang District, Beijing, three intertwined \"mountains\" stand tall. This is the well-known Wangjing SOHO office complex, designed by \"Queen of Architecture\" Zaha Hadid and completed in 2012.</p><p>A few years ago,<a href=\"https://laohu8.com/S/00410\">SOHO China</a>Chairman Pan Shiyi once said, \"The projects in my mind that I can never sell are the Bund SOHO and Wangjing SOHO. As long as these two projects exist, I will still be a (real estate) developer.\"</p><p>Unexpectedly, four years later, the prophecy came true: the \"eight giants,\" including Wangjing SOHO, were about to change hands, to be taken over by a global alternative asset management giant.<a href=\"https://laohu8.com/S/BX\">Blackstone</a>。 After the acquisition, Pan Shiyi and Zhang Xin held only 9% of SOHO China's shares.</p><p>Compared to the $4 billion transaction price reported in the market a year ago, the acquisition price announced on June 16 was about $3 billion, a reduction of $1 billion.</p><p><b>This price is acceptable, reflecting Pan Shiyi and Zhang Xin's determination to withdraw.</b></p><p>With Blackstone's acquisition of SOHO China, Pan Shiyi and Zhang Xin, two figures who had stirred up the Chinese real estate market, ultimately chose to secure their profits, and their real estate era became a thing of the past.</p><p><h2><b>Retail sales expert</b></h2>Pan Shiyi and his wife, as well as the SOHO China project, were internet celebrities for a long time.</p><p>Since founding SOHO China with his overseas returnee wife Zhang Xin in 1995, Pan Shiyi and Zhang Xin have been at the forefront of China's real estate construction industry with their innovative concepts and unique designs.</p><p>However, some people think that SOHO's architecture is strange and out of place compared to its surroundings. In 2011, actress Song Dandan<a href=\"https://laohu8.com/S/WB\">Weibo</a>Shanglian criticized Pan Shiyi, saying, \"You built such a large area of extremely ugly cheap buildings (Jianwai Soho), ruining the scenery of Beijing. Do you regret it?\" \"I treated you to Lafite, please, don't build any more buildings!\"</p><p>However, it is precisely these characteristics of SOHO that make SOHO stand out from other developers.</p><p><b>Initially, Pan Shiyi and his wife used residential development as their business model. Relying on a retail sales rather than holding model, SOHO China was invincible before 2012.</b></p><p>So-called individual sales refer to dividing office space into small areas of varying sizes and selling them individually to individuals and companies. The advantage is that sales revenue is quick, allowing commercial office buildings and shops to achieve high turnover just like residential developments.</p><p>Pan Shiyi focused his customer base on coal bosses in Northwest China and private entrepreneurs in Jiangsu and Zhejiang. When some projects opened, he personally visited the coal bosses and, imitating Buffett, created a set of meals with major clients. Initially, the threshold was 50 million yuan, which was gradually raised to 100 million yuan.</p><p>With this packaging, Pan Shiyi turned flour into a large cake. In 2005, when housing prices in Beijing were still over 6,000 yuan per square meter, his Shangdu SOHO sold for 20,000 yuan per square meter.</p><p><b>Pan Shiyi once summarized his business secret: \"The unchanging rule in doing business is to buy goods when things are low and sell goods when they are high. SOHO China has always followed this principle.\"</b></p><p>By acquiring land at a low price and subsequently building a high-value office building project, Pan Shiyi fully demonstrated his ability to \"buy low and sell high\".</p><p>Subsequently, landmark buildings such as Sanlitun SOHO and Beijing SOHO Modern City emerged. At its peak, SOHO China's sales accounted for nearly half of the sales in Beijing's CBD area.</p><p>In 2007, after a setback, SOHO China successfully listed on the Hong Kong Stock Exchange under the banner of \"a well-known commercial real estate developer in China\", raising US$1.9 billion, becoming the largest real estate IPO project in Asia that year.</p><p>Sanlitun SOHO, which opened for sale in July 2008, sold 4.1 billion yuan worth of goods in a single day, setting a new single-day transaction record for Chinese real estate at the time.</p><p>By 2010, SOHO China's revenue reached 18.4 billion yuan, which was its peak revenue and the pinnacle of Pan Shiyi's business legend.</p><p><h2><b>Transformation failure</b></h2>Since 2010, Beijing has introduced several policies prohibiting commercial retail sales, and these policies have been gradually strengthened. Pan Shiyi was forced to abandon the model that made him successful.</p><p>Due to differences in business philosophies, conflicts gradually arose between the husband-and-wife duo of Pan Shiyi and Zhang Xin. After several arguments, Pan Shiyi gradually withdrew from SOHO China in 2012, handing over control of the company's shares to Zhang Xin.<b>In the same year, SOHO China proposed to transform into a self-owned leased property.</b></p><p>However, Pan Shiyi's past success in individual sales has left his team with lackluster operational capabilities, and complaints from SOHO small owners about the chaotic property management of SOHO China have never stopped.</p><p>After the transformation, under Zhang Xin's leadership, several SOHO executives left one after another, leaving the team with no one available for a time.</p><p>This is reflected in the financial report: although SOHO China has transformed into a self-owned property, aiming to support the company through rental income,<b>However, the result was still that sales were used to support rentals. Revenue from property sales and appreciation of investment properties were the sources of its net profit and the significant increase in net profit.</b></p><p>In 2012, SOHO China achieved a net profit of 10.585 billion yuan, with a net profit margin of 171.94%. Behind this impressive financial report, the appreciation of investment properties contributed 9.605 billion yuan. Excluding this part, SOHO China's net profit still increased by 135% year-on-year, which looks very impressive. However, upon closer inspection, this was mainly because the Galaxy SOHO project sold for 16.173 billion yuan that year.</p><p>In the following years, SOHO China's net profit continued to decline. Even though it achieved a net profit margin of over 420% in 2017, it was generated by the appreciation of 7.165 billion yuan in investment properties. After excluding this part, SOHO China suffered a loss of 2.393 billion yuan that year.</p><p><b>In 2020, SOHO China's revenue was approximately 2.19 billion yuan, a significant decrease compared to its peak of 18.4 billion yuan; The net profit attributable to the parent company was only about 500 million yuan, which is incomparable to the glory of 10 billion yuan in profits.</b></p><p>A real estate veteran joked, \"Is this really still a real estate developer?\" It's extremely rare to see a real estate developer shrink their revenue.</p><p>Pan Shiyi also tried his best. In 2015, he also founded SOHO3Q, a shared office operator, which by 2017 had become the largest in both Beijing and Shanghai, aiming to catch up.<a href=\"https://laohu8.com/S/WE\">WeWork</a>It's currently hot, let's take a gamble on going public.</p><p>But he still failed. In 2019, news also circulated that SOHO3Q had been transferred.</p><p><b>The office leasing business is not easy to do.</b>Pan Shiyi once said, \"I'm embarrassed to even mention the rental yield rate in China. In a city like Beijing, SOHO China's rental yield is less than 3%, but the cost of bank loans exceeds 4%, which is almost the lowest cost of capital in the real estate industry. Even so, the property management will still lose 2% for the whole year. How can this business be done?\"</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>It has been pointed out that over the past 10 years, SOHO China has had poor execution capabilities in transforming from a developer into a rent-collecting shareholder. If the asset sale plan fails, its operational growth potential will be limited based on its existing assets.</p><p>According to SOHO China's financial report, its return on equity (ROE) reached 40.38% in 2012, but has dropped to single digits in recent years. In 2020, the ROE was 1.47%. In contrast<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>Although Wharf Holdings' data has remained in the single digits for a long time, it is relatively stable and shows a clear cyclical pattern.</p><p>Clearly, Pan Shiyi and his wife never managed the office building well.</p><p><h2><b>Cashing out and changing positions</b></h2>Compared to long-term rental operations, Pan Shiyi is clearly better at selling assets. Don't forget, \"buy low, sell high\" is his business principle.</p><p><b>Starting in 2014, SOHO China returned to the path of selling and selling without stopping, except that it changed from individual sales of projects to whole sales.</b></p><p>Back then, SOHO China sold SOHO Jing'an Plaza and SOHO Helen Plaza in Shanghai for 5.232 billion yuan to...<a href=\"https://laohu8.com/S/000402\">Finance Street</a>In September of the same year, the holding company sold a 100,000-square-meter property in Shanghai Lingkong SOHO for 3.05 billion yuan to...<a href=\"https://laohu8.com/S/TCOM\">Ctrip</a>。</p><p>At that time, Pan Shiyi also said that he would only sell some less important projects, and that office building projects in the core areas of Beijing and Shanghai would still be held for the long term.</p><p>However, in 2015, SOHO China sold its 50% stake in the 8-1 plot of land on the Bund International Financial Center in Shanghai for 8.493 billion yuan. The transaction party was Fosun Group, with whom it had previously competed fiercely for the land.</p><p>In 2016, SOHO China sold SOHO Century Plaza in Shanghai to Guohua Life Insurance for 3.22 billion yuan.</p><p>In 2017, the remaining properties of Hongkou SOHO and Lingkong SOHO in Shanghai were sold for a total price of 8.58 billion yuan.</p><p>What further highlights his thinking and determination is that in 2019, SOHO China announced that it would sell 13 office property projects in Beijing and Shanghai, including his beloved Wangjing SOHO, and negotiations with Blackstone began at that time.</p><p><b>As can be seen above, SOHO China spent most of its time selling assets after its listing. Before Blackstone, SOHO China had already cashed out approximately 29.3 billion yuan by selling assets.</b></p><p>During this period, SOHO China made almost no property investments in China. On the contrary, starting in 2011, Pan Shiyi and Zhang Xin invested a large amount of overseas assets in the United States and the United Kingdom through family trusts.</p><p>Public information shows that starting in 2011, Pan Shiyi and his wife invested a large amount of overseas assets through their family trust. They first spent $700 million to buy the Port Authority's long-distance bus station office building next to Manhattan Plaza in New York, then spent $600 million to acquire a 49% stake in Park Avenue Plaza in Manhattan, and also spent $700 million to jointly acquire a U.S. consortium with a Brazilian consortium.<a href=\"https://laohu8.com/S/GM\">general motors</a>40% equity in the building.</p><p>Pan Shiyi's eldest son, Pan Rui, also founded Estates Real Estate, which owns several large real estate projects, including UNINN, the first British apartment brand dominated by Chinese people.</p><p>However, after the country tightened foreign exchange controls, they have not made any new overseas investments since 2013.</p><p><b>Amidst this cycle of entry and exit, some in the market inevitably believe that Pan Shiyi is about to run away.</b></p><p>When faced with doubts, Pan Shiyi initially gave some responses, but later he gradually became more relaxed.</p><p>At the online rental commendation meeting at the beginning of this year, Lao Pan said, \"There are still people criticizing me online, but I'm not angry anymore, and I won't criticize each other anymore. I'm just an ordinary person who builds and rents houses. I do my job well and don't make trouble.\"</p><p><h2><b>Leave the field completely</b></h2>Selling the company he founded is no easy task for anyone, but Pan Shiyi has clearly thought about it for a long time and is determined.</p><p>On June 16, SOHO China announced that Blackstone Group plans to acquire 2.856 billion shares of SOHO China indirectly held by Cititrust at a price of HK$5 per share, representing approximately 54.93% of SOHO China's issued share capital.</p><p>Cititrust, acting as trustee, wholly owns Capevale Limited (Cayman), whose wholly-owned subsidiaries, Boyce Limited and Capevale Limited (BVI), each hold 1.66 billion shares of SOHO China. Pan Shiyi, Zhang Xin, and their children are the trust beneficiaries of Cititrust.</p><p>Upon completion of the transaction, Blackstone Group will become the controlling shareholder of SOHO China, and the shareholding of Pan Shiyi and his wife will decrease from 63.93% to approximately 9%.</p><p>Some investors pointed out that although SOHO China has lost real estate sales revenue in recent years and only collects rent, compared to Evergrande,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>SOHO China, a real estate company operating with high debt, has ample cash flow.</p><p>After selling what Pan Shiyi described as \"less important\" projects, SOHO China's revenue came almost entirely from rental income generated from office buildings in Beijing and Shanghai. These projects are mostly located in core business districts and are scarce commercial real estate. From the perspective of revenue and asset appreciation, the aforementioned investor believes that SOHO China has no need to liquidate its assets.</p><p>But he misjudged Pan Shiyi. Old Pan had long since lost interest in operations and wanted to retreat.</p><p><b>This is a real estate tycoon who once enjoyed a prestigious reputation like Wang Shi, Feng Lun, and Wang Jianlin. It is a truly regrettable story that a once glorious business legend has come to an end.</b></p><p>Pan Shiyi is not without ambition. At the beginning of the IPO, Pan Shiyi and his wife proclaimed that they would \"exceed 100 billion yuan within five years, surpassing Vanke\".</p><p>With revenue exceeding 18.4 billion yuan in 2010, SOHO China transformed Longfor Group into...<a href=\"https://laohu8.com/S/01918\">Sunac China</a>Throw out a few body positions.</p><p>However, SOHO, which has been listed for 14 years, has become smaller and smaller. Not only has it failed to meet its performance targets, but it has also experienced transformation failures and missed the real estate boom of 2015. Not only has it surpassed Vanke, but even rising stars such as Sunac and CIFI have far surpassed it.</p><p><b>After gradually fading out of SOHO China in 2012, Pan Shiyi rarely appeared as a real estate tycoon. He had many more identities: photographer, carpenter, programmer, none of which were related to real estate.</b></p><p>Many years ago, when talking about his dreams, Pan Shiyi, who came from Gansu, said that what he particularly longed for was \"to return to his hometown in Northwest China, live in a cave dwelling, herd sheep, have a green river in front of him, and no one will criticize me online anymore.\"</p><p>An era has come to an end. After selling SOHO China, Pan Shiyi, one of the once spirited Six Gentlemen of Vantone and a powerful Beijing real estate tycoon, has also bid farewell to the real estate industry.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633158\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d948a659c25232f213f44c6c75c5448","relate_stocks":{"09979":"绿城管理控股","03913":"合景悠活"},"source_url":"https://wallstreetcn.com/articles/3633158","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144129057","content_text":"北京朝阳区望京路，三座交织的“山”鼎立，这便是知名的望京SOHO写字楼群，由“建筑女王”扎哈·哈迪德设计，2012年落成。\n几年前，SOHO中国董事长潘石屹曾说，“我心目中永远不能销售的项目是外滩SOHO、望京SOHO，只要这两个项目在的话，我还是（房地产）发展商。”\n没想到四年后一语成谶，包括望京SOHO在内的”八大金刚“即将易主，接盘的是全球另类资管巨头黑石。潘石屹张欣夫妇在收购完成后，持有SOHO中国的股权仅剩9%。\n相比一年前市场爆出的40亿美元交易对价，6月16日公告里的收购价格约30亿美元，缩水了10亿。\n对这个价格也能接受，反映出潘石屹张欣夫妇退出的决心。\n随着黑石出手接盘SOHO中国，潘石屹张欣夫妇这两位搅动过中国地产风云的人物，最终选择了落袋为安，而属于他们的房地产年代，也成为了过去。\n散售能手\n潘石屹夫妻俩，以及SOHO中国的项目，在很长一段时间里，都是网红般的存在。\n从1995年与海归妻子张欣成立SOHO中国至今，潘石屹张欣夫妇凭着新颖概念和独特设计，一直走在中国房地产建筑的前沿。\n不过也有人认为SOHO的建筑很怪异，与周边一比，格格不入。2011年，演员宋丹丹在微博上连怼潘石屹，“你盖了那么一大片难看极了的廉价楼(建外Soho)，把北京的景色毁得够呛，你后悔吗？”，“我请你喝拉菲，求你了，别再盖楼了”！\n然而正是SOHO的这些特色，让SOHO显得和其他开发商很不一样。\n在最开始，潘石屹夫妇用住宅开发的路子来做商业，靠着散售而非持有的模式，SOHO中国在2012年之前无往不胜。\n所谓散售，就是将办公空间分割为大小不等的小面积，散售给个人、公司，优点是销售回款快，让商用办公楼、店铺也能像住宅开发一样，实现高周转。\n潘石屹把自己的客户群锁定在西北煤老板和江浙私营企业主上，在一些项目开业时，他亲自拜访了煤老板们，并且模仿巴菲特，弄了一套大客户和他吃饭的环节，起初门槛是5000万，后面逐渐提升到了1亿。\n靠着这一套包装，潘石屹把面粉做成了大蛋糕。在北京房价还在6000多元/平米的2005年，他的尚都SOHO卖出了2万/平米的价格。\n潘石屹曾总结他的商业秘诀：“做生意永远不变的规律，就是低的时候进货，高的时候出货。SOHO中国永远在遵循这样一个原则。”\n低价拿地，随后建成高价值写字楼项目，潘石屹将自己“低买高卖”的能力体现得淋漓尽致。\n随即，三里屯SOHO、北京SOHO现代城等等地标性建筑随之而起，在鼎盛之时，SOHO中国销售额占据北京CBD地区销售额近半。\n在2007年时，SOHO中国在经历一次铩羽后，打着“中国知名商业地产开发商”的旗号，成功在香港联交所上市，融资19亿美元，成为当年亚洲最大的地产IPO项目。\n2008年7月开盘的三里屯SOHO一天就卖出去了41亿元，创下当时中国房地产的单日成交纪录。\n到了2010年，SOHO中国营收184亿元，这也是它营收的顶峰，也是潘石屹商业传奇的巅峰。\n转型失败\n从2010年起，北京市出台了若干政策，禁止商业散售，并逐渐加码。潘石屹被迫放弃他让他成功的模式。\n因为经营理念的差异，潘石屹和张欣的夫妻档，也逐渐出现了矛盾。几经争吵后，2012年潘石屹逐渐淡出SOHO中国，将公司股控制权让给了张欣。也是这一年，SOHO中国提出转型自持租赁物业。\n然而潘石屹过去散售的成功，让他的团队在运营能力上乏善可陈，SOHO小业主对SOHO中国物业管理混乱的投诉，就没断过。\n转型之后，在张欣的主政下，多名SOHO高管接连出走，团队一度无人可用。\n反映到财报上则是，虽然SOHO中国转型自持物业，想靠租金收入养活企业，但结果仍是以售养租，卖楼收入、投资物业评估增值，是其净利润和净利润大幅增长的源头。\n在2012年，SOHO中国实现净利润105.85亿元，净利润率为171.94%。这份亮眼财报背后，投资物业评估增值贡献了96.05亿元，剔除这部分后，SOHO中国纯利润仍然同比增长135%，看上去非常牛。但细看，这主要是银河SOHO项目当年卖了161.73亿元。\n此后的几年里，SOHO中国的净利润持续下滑，即便是2017年实现超过420%的净利润率，也是靠着投资物业增值71.65亿元产生，剔除这部分之后，当年SOHO中国亏损23.93亿元。\n2020年，SOHO中国营收约21.9亿元，相比高峰时的184亿大幅缩水；归母净利润仅约5亿元，与百亿利润的辉煌不可同日而语。\n一位地产界资深人士开玩笑说，这真的还是地产商吗？极少见哪个地产商把营收越做越小的。\n潘石屹也努力过。在2015年时，他还创立了共享办公运营商SOHO3Q，到2017年时做到北京上海两地最大，想赶着WeWork正热，博一把上市。\n但他还是失败了。2019年时，SOHO3Q也传出被转让的消息。\n办公租赁的生意不好做。潘石屹曾表示，\"中国租金回报率我都不好意思说，在北京这样的城市，SOHO中国的租金回报率不到3%，但银行贷款的资金成本超过了4%，这几乎是地产业最低的资金成本，即使如此，全年的物业经营仍然会亏损2%，这个生意怎么做呢？\"\n汇丰曾指出，过去10年，SOHO中国由发展商转型为收租股执行能力欠佳，假如出售资产计划失败，在现有的资产基础下经营上行空间有限。\n按照SOHO中国财报数据，在2012年时，其净资产收益率(ROE)曾达40.38%，到了近几年降至了个位数，2020年时的ROE为1.47%。反观太古地产、九龙仓，虽然数据也长期保持在个位数，但相对稳定，并且呈现明显的周期性。\n显然，潘石屹夫妇从未将写字楼的运营做好。\n套现换仓\n相比长期出租运营，潘石屹显然更擅长卖资产。别忘了，“低买高卖”是他的生意准则。\n2014年开始，SOHO中国又回到了卖卖卖的路上停不下来，只不过从项目散售变成了整售。\n当年，SOHO中国将上海SOHO静安广场和SOHO海伦广场以52.32亿的价格出售给了金融街控股，同年9月，将上海凌空SOHO 10万平米物业以30.5亿的价格出售给携程网。\n彼时，潘石屹还说只是出售不太重要的一些项目，北京、上海核心区的写字楼项目仍然会长期持有。\n但就在2015年，SOHO中国将其所持上海外滩国际金融中心8-1地块50％的权益，卖出了84.93亿，交易方则是曾和它在这块地上有过激烈争夺的复星集团。\n2016年SOHO中国又以32.2亿元的对价，将位于上海的SOHO世纪广场出售给国华人寿；\n2017年，以85.8亿元总价，分别卖出了位于上海的虹口SOHO，以及凌空SOHO的剩余物业。\n更能凸显他的思路和决心的是，2019年，SOHO中国宣布将出售北京、上海的13个办公物业项目，其中就包括他心爱的望京SOHO，与黑石的谈判也从那时就已开始。\n如上可见，上市后的SOHO中国，有一大半的时间都在变卖资产，在黑石之前，SOHO中国卖资产已套现约293亿元。\n而在此期间，SOHO中国在国内几乎没有任何物业投资。反倒是从2011年起，潘石屹张欣夫妇通过家族信托，投资了美国、英国大量海外资产。\n公开资料显示，2011年开始，潘石屹夫妇通过家族信托投资了大量海外资产，先是斥资7亿美元买下纽约曼哈顿广场旁的港务局长途巴士站办公大楼，后又花费6亿美元收购曼哈顿公园大道广场49%股权，还耗资7亿美元联合巴西财团收购美国通用汽车大厦40%股权。\n潘石屹的长子潘瑞也成立了Estates房地产公司，拥有多个大型地产项目，其中包括首个由华人主导的英国公寓品牌UNINN。\n只不过，在国家外汇管制收紧后，2013年起他们并没有新增海外投资。\n一进一出之下，市场上不禁有人认为，潘石屹要跑了。\n面对质疑，起初潘石屹还会有一些回应，到了后面他也逐渐佛系。\n在今年年初的线上租赁表彰会上，老潘说，“现在网上还有人骂我，我不生气了，更不会对骂了，我就是盖房子，租房子的普通人，做好分内事，不要是是非非。”\n彻底离场\n卖掉自己亲手创办的公司，对谁都不是一件易事，但潘石屹显然想了很久，并且态度坚决。\n6月16日，SOHO中国公告，黑石集团拟以5港元每股的价格，收购Cititrust间接持有的SOHO中国28.56亿股股份，约占SOHO中国已发行股本的54.93%。\nCititrust以受托人身份全资拥有Capevale Limited （Cayman），后者全资拥有的Boyce Limited及Capevale Limited (BVI）各持有16.6亿股SOHO中国股份。而潘石屹、张欣及其子女，是Cititrust的信托受益人。\n交易完成后，黑石集团将成为SOHO中国的控股股东，潘石屹夫妇的持股比例将从63.93%降至约9%。\n有投资者指出，虽然SOHO中国近几年没了地产销售收入，纯收租，但相比恒大、碧桂园等高负债运行的房企，SOHO中国有着充足的现金流。\n在将潘石屹口中“不太重要”的项目卖掉之后，SOHO中国的营收几乎全部来自京沪写字楼产生的租金收入，这些项目基本都位于核心商圈、是稀缺性商业地产，从收入角度、资产升值角度来看，前述投资者认为，SOHO中国没有清仓资产的需求。\n但他错估了潘石屹。老潘早已无心运营，想要撤退了。\n这是一个曾像王石、冯仑、王健林一样享有盛名的地产大佬。曾经辉煌的商业传奇，就此落幕、退场，真是一个令人唏嘘的故事。\n潘石屹并非没有雄心。在上市初，潘石屹夫妇曾高调喊出“五年之内过千亿，超万科”。\n2010年超过184亿的营收，让SOHO中国将龙湖集团、融创中国甩出几个身位。\n但上市14年的SOHO，生意越做越小，不但没完成自己的业绩目标，反而经历了转型失败，也错过了2015年这波房地产大浪潮，别说超越万科了，就连后起之秀融创、旭辉等都远远跑在了他前面。\n而在2012年逐渐淡出SOHO中国之后，潘石屹已很少以一个地产大佬的身份出现，他的身份多了很多，摄影师、木匠、编程师，没有一个和房地产有关。\n很多年前谈及梦想时，从甘肃走出来的潘石屹说，他心里特别向往的事，“是回到西北老家，住窑洞里、放羊，面前是青青的河水，网上也没有人骂我了。”\n一个时代落幕了。卖掉SOHO中国后，潘石屹，当年意气风发的万通六君子之一、叱咤风云的京城地产大亨，也已然告别房地产。","news_type":1,"symbols_score_info":{"09979":0.9,"03913":0.9}},"isVote":1,"tweetType":1,"viewCount":2493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161161006,"gmtCreate":1623911572405,"gmtModify":1703823324981,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161161006","repostId":"1155490674","repostType":4,"repost":{"id":"1155490674","kind":"news","pubTimestamp":1623911250,"share":"https://ttm.financial/m/news/1155490674?lang=en_US&edition=fundamental","pubTime":"2021-06-17 14:27","market":"sh","language":"zh","title":"Is a rebound coming? Northbound capital continued to flow back in the morning session, increasing its holdings in these sectors.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155490674","media":"上海证券报","summary":"今日早盘，A股全线反弹，创业板指涨幅领先，盘中一度涨逾2%。盘面上，白酒、半导体、汽车等多个板块带动指数拉升，休闲服务、建筑材料等跌幅居前。\n北向资金早盘一改此前几个交易日净卖出态势，转向加仓。截至发","content":"<p><div>This morning, A-shares rebounded across the board, with the ChiNext index leading the gains, rising by more than 2% at one point during the session. On the market, multiple sectors such as liquor, semiconductors, and automobiles drove the index up, while leisure services and building materials saw the largest declines. Northbound capital reversed the net selling trend of the previous few trading days and turned to increasing its holdings in the morning session. As of press time, northbound capital has continued to make net inflows exceeding 3 billion yuan. In terms of sector allocation, technology stocks, which have recently rebounded well, have seen significant increases in northbound capital holdings, while the liquor and building materials sectors have seen reduced holdings. Liquor and semiconductor stocks surged, leading the index rebound. In the morning session, liquor stocks rebounded across the board, with Huangtai Liquor and Kouzijiao hitting their daily limit...</p><p><a href=\"https://mp.weixin.qq.com/s/YiHxXHtbOSzPP2CZqrX7-Q\">Web page link</a></div></p>","source":"shzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is a rebound coming? Northbound capital continued to flow back in the morning session, increasing its holdings in these sectors.</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\">\nIs a rebound coming? Northbound capital continued to flow back in the morning session, increasing its holdings in these sectors.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2021-06-17 14:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>This morning, A-shares rebounded across the board, with the ChiNext index leading the gains, rising by more than 2% at one point during the session. On the market, multiple sectors such as liquor, semiconductors, and automobiles drove the index up, while leisure services and building materials saw the largest declines. Northbound capital reversed the net selling trend of the previous few trading days and turned to increasing its holdings in the morning session. As of press time, northbound capital has continued to make net inflows exceeding 3 billion yuan. In terms of sector allocation, technology stocks, which have recently rebounded well, have seen significant increases in northbound capital holdings, while the liquor and building materials sectors have seen reduced holdings. Liquor and semiconductor stocks surged, leading the index rebound. In the morning session, liquor stocks rebounded across the board, with Huangtai Liquor and Kouzijiao hitting their daily limit...</p><p><a href=\"https://mp.weixin.qq.com/s/YiHxXHtbOSzPP2CZqrX7-Q\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/YiHxXHtbOSzPP2CZqrX7-Q\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://mp.weixin.qq.com/s/YiHxXHtbOSzPP2CZqrX7-Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155490674","content_text":"今日早盘，A股全线反弹，创业板指涨幅领先，盘中一度涨逾2%。盘面上，白酒、半导体、汽车等多个板块带动指数拉升，休闲服务、建筑材料等跌幅居前。\n北向资金早盘一改此前几个交易日净卖出态势，转向加仓。截至发稿，北向资金持续净买入超过30亿元。从行业配置上来看，近期反弹势头较好的科技股获得北向资金明显加仓，酿酒、建材板块则遭减仓。\n\n白酒、半导体大涨引领指数反弹\n早盘白酒股全线回暖，皇台酒业、口子窖涨停，水井坊、酒鬼酒等纷纷跟涨。\n\n值得注意的是，本轮白酒反弹主线是基本面表现强劲的次高端酒企，水井坊、酒鬼酒等相关公司股价上涨，使得白酒板块整体呈现上扬态势。\n国泰君安策略团队认为，A股估值体系面临重塑新阶段，内外需共振阶段二三线品种具备盈利弹性优势，当前以白酒为代表率先开始的这轮成长扩散行情也正意味着，估值体系重塑新阶段，二三线成长品种具备重估价值。\n此外，今日早盘半导体板块再度走高，台基股份涨逾10%，富瀚微、士兰微等纷纷跟涨。\n\n国金证券认为，根据下游调研反馈情况，从在手订单、交货周期、收入确认周期来看，半导体行业到2022年景气度仍会保持持续向上。高景气度下，由于产品结构提升、涨价等因素影响，半导体板块的全年利润预期有望上调。\n此外，卫星导航概念盘中拉升走高。板块中，华测导航、航锦科技、天奥电子等纷纷上涨。这主要缘于6月17日搭载神舟十二号载人飞船的长征二号F遥十二运载火箭，在酒泉卫星发射中心点火发射。\n北向资金增持科技股\n减持酿酒行业\n此前北向资金连续3个交易日呈现净卖出态势，但今日早盘北向资金恢复了净买入。\n拉长时间周期来看，自4月16日至上周末，北向资金连续9周保持资金净买入。近期，A股市场科技股反弹势头强劲，北向资金也显著增仓部分科技股。\nChoice数据显示，6月1日至6月16日，北向资金对24只个股的持有流通股比例增加1个百分点以上，上海贝岭、中国宝安、超图软件等多个科技类个股持股增幅居前。\n\n数据来源：东方财富Choice终端\n天风证券在研报中表示，在行业配置方面，近期北向资金净买入较多的行业为医药、电力设备及新能源等；资金净卖出较多的行业为食品饮料、建材等。\n粤开证券首席策略分析师陈梦洁表示，从北向资金近期流入的板块来看，对科技成长品种的配置偏好也在持续提升。近期北向资金对维持高景气度的电气设备、电子板块等行业有持续的买入情况，表明资金仍然看好我国科技成长领域的投资价值，尤其是具有一定优势的电气设备板块。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TTTN":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":2244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169580226,"gmtCreate":1623842873265,"gmtModify":1703821086549,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169580226","repostId":"1139611758","repostType":4,"repost":{"id":"1139611758","kind":"news","weMediaInfo":{"introduction":"民间投资共享平台——汇集投资高手，发现投资好点子。","home_visible":1,"media_name":"阿尔法工场研究院","id":"1026500124","head_image":"https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a"},"pubTimestamp":1623834548,"share":"https://ttm.financial/m/news/1139611758?lang=en_US&edition=fundamental","pubTime":"2021-06-16 17:09","market":"hk","language":"zh","title":"Angel of the Times: The Digital Revolution of a Pair of Braces","url":"https://stock-news.laohu8.com/highlight/detail?id=1139611758","media":"阿尔法工场研究院","summary":"备受业界关注的“隐形正畸第一股”时代天使，终于在坚守了18年之后走入公众视野。6月16日，时代天使（06699.HK）正式在港交所上市，首日开盘价格高达400元/股，较发行价格涨131.21%。此次全","content":"<p>Times Angel, the \"first stock in invisible orthodontics\" that has attracted much attention in the industry, has finally entered the public eye after 18 years. On June 16, Angel Times (06699.HK) officially listed on the Hong Kong Stock Exchange, with the opening price reaching HK$400 per share on the first day, an increase of 131.21% compared to the issue price. The global public offering totaled 16.8296 million shares, with prices ranging from HK$147 to HK$173 per share, raising approximately HK$2.514 billion to HK$2.91 billion. The market capitalization of nearly HK$30 billion has attracted the attention of the capital market.</p><p>This company, which has been likened to the \"Moutai\" of the dental industry, was not noticed by capital ten years ago. At that time, capital was more focused on the major medical and health industries. As a sub-sector of medical care, the dental industry is almost difficult to attract capital due to factors such as a narrow and scattered market and a long cultivation period. A small pair of transparent braces, as a niche product in the oral field, is even more difficult to associate with the rapid advancement of digitalization.</p><p>However, this situation will be broken with the listing of Times Angel, and capital will begin to pay attention to the opportunities and prospects of this niche market. The continuous injection of funds will change the industry's scattered and traditional development model. The entry of capital and talent, as well as the improvement of technology, will rapidly upgrade the dental industry. In addition to the changes in the industry itself, related fields have also begun to pay attention to this track, and the digitalization process of the entire upstream industry chain has begun to accelerate.</p><p><img src=\"https://static.tigerbbs.com/a2f94ef421457b88a205a6eecd207a04\" tg-width=\"726\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p><p><b>01 A do-or-die battle: Digitalization changes traditional industry models</b></p><p>The listing of Times Angel has attracted the attention of the capital market because of its market value of over 10 billion yuan and its broad development prospects. However, no one knows that the company has been hiding behind its \"stunning success\" for 18 years. In 2009, when Times Angel was almost out of food, it met Wang Jian, the former general manager of Aubo Capital Asia. At that time, he had just returned from abroad and was looking for investments in industries related to people's livelihoods.</p><p>By chance, Wang Jian met Li Huamin, CEO of Times Angel. His initial contact with the entrepreneur lasted no more than an hour and a half, but he never expected that his meeting with Li Huamin would last almost a whole day, which is extremely rare in his 22-year investment career.</p><p>Besides Li Huamin's dedication to the industry, what moved him even more was the positive spirit of the 28 employees of Times Angel in their office of less than 100 square meters. \"A team that is almost out of bullets but still fighting\" gave him hope. Li Huamin spends every penny where it truly belongs. This entrepreneurial quality of uniting employees in difficult circumstances deeply moved him.</p><p>In Wang Jian's view, warriors fighting a do-or-die battle only need ammunition (money), and that's all he can provide. Wang Jian quickly invested $6 million in Li Huamin, and Times Angel got through the most difficult moment of his life.</p><p>Even with funding, the development of the invisible orthodontics industry has not been as rapid as imagined. The reason was that at that time there were almost no companies in China doing this field. At that time, Invisalign had not yet entered the Chinese market, and the Chinese people's understanding of invisible orthodontics was limited. There were still many challenges facing Times Angel.</p><p>In the past, dentists were accustomed to \"wire\" braces in orthodontic treatment and were unfamiliar with invisible braces. How to produce personalized products became the first challenge facing Times Angel. They believed that without doing a good job in digitizing the products, there would be no users at all.</p><p>Without experience to draw upon, how can doctors with different abilities in China be empowered? So Times Angel established the SARS platform, interacted with doctors, and established personalized 3D printing technology, which is a digital infrastructure; However, basic digitalization is far from enough, because doctors also have \"personalized faces\". Times Angel may seem to provide a product, but it actually provides solutions, and these solutions are based on the doctor's ability. Personalized customization, which determines the final correction result.</p><p>According to incomplete statistics, there are currently 270,000 dentists in China, of which 6,000 are truly professional. Last year, 2.88 million patients underwent orthodontic treatment nationwide. So how can 2.88 million people find professional doctors for corrections? For Times Angels, it is necessary to empower dentists based on their capabilities and their digital understanding of invisible orthodontics.</p><p>However, facing doctors cannot rely only on sales, but needs to digitally analyze the growth rules of doctors, and give them empowerment at different times and stages. This ability is not product ability, but also includes training, market support, medical solutions, how to control case support, etc.</p><p>According to the data, the number of dentists in Times Angel Services increased from approximately 11,500 in 2018 to approximately 15,800 in 2019 and further to approximately 19,900 in 2020. The number of completed cases increased from approximately 77,700 in 2018 to approximately 120,100 in 2019 and further to approximately 137,600 in 2020.</p><p>Compared to the first stage of product digitalization and the second stage of technical service digitalization, the third stage of digitalization for Times Angel revolves around the ecosystem industry, which is also the key to industrial upgrading.</p><p>With nearly 700,000 pieces of oral big data, Times Angel's next step in empowering is no longer limited to doctors, but to let more consumers know about invisible orthodontic products. Through remote consultations with doctors, the ecosystem can be connected, and even various research institutions can be connected, ultimately bringing about a change in the traditional model.</p><p><b>02 Solving Problems: From Standardization to Personalized Innovation</b></p><p>Times Angel, which has already upgraded traditional orthodontic products to the digital stage, still faces the challenge of continuous technological upgrades. As can be seen from the proceeds from its listing, the Hong Kong public offering consisted of 1,683,000 shares, representing approximately 10% of the global offering shares, raising approximately HK$2.514 billion to HK$2.91 billion.</p><p>Approximately 39.9% of these funds were used to fund the construction of the Wuxi Chuangmei Base; Approximately 18.3% will be used to enhance the company's R&D capabilities and fund internal and collaborative R&D projects; Approximately 10.8% was used to develop flexible and scalable intelligent information technology systems to streamline and comprehensively digitize all aspects of the company's operations, and to deploy data intermediary platforms, etc. It is not difficult to see from the use of the raised funds that most of Times Angel's funds are still used for research and development.</p><p>So why does Times Angel, which is at the forefront of digitalization, spend most of its funds on research and development? It is understood that invisible orthodontics is a process of continuous iteration of medical rules and software. The purpose of investing heavily in research and development is to software the rules. Currently, Angel Times invests 10-20% of its annual sales revenue in research and development.</p><p>It cannot be ignored that before invisible braces came out, the dental industry was more like an agricultural society, relying on the craftsmanship of doctors and their experience to treat patients. The invisible braces launched by Times Angel have enabled the industry to carry out large-scale and digital production, entering the industrialized era of orthodontics. Behind them is the mass production of software solutions based on medical capabilities. These products replace doctors' manual steel wires, while biomechanics allows tooth movement to be digitized. Thereby completing the large-scale production of personalized products and realizing the standardization of products.</p><p>However, standardized products still cannot solve the pain points of personalized doctors, because the cases of most invisible orthodontic patients in China are relatively complex, and about 50% of them need to have their teeth extracted. Tooth extraction means that orthodontics is a complex movement. Therefore, how to help doctors use invisible correction tools to control cases requires big data accumulation.</p><p>Therefore, in the process of software medical rules, databases will make each step of treatment clearer. Specifically, by helping doctors in stages, the treatment process can be controlled. During this process, Angel of the Times will require doctors to submit treatment data and ship the goods step by step. For example, a case requires 50 steps, and every 10 steps requires a follow-up visit to the clinic. The doctor sends the correction results to Times Angel to help the doctor control the accuracy of the process.</p><p>This process cannot solve the core problem by technology alone, and medical technology services are also needed. From its inception, Times Angel understood that many of the doctors it dealt with were non-professional orthodontists. To serve dentists well, they must have medical genes in order to truly lower the technical threshold and improve efficiency. Therefore, Times Angel established a team of doctors.</p><p>Due to the complexity of invisible orthodontics in China, Times Angel has established a team of doctors and collaborated with top experts from eight of the most authoritative universities in China. These experts treat hundreds of complex cases every year, and their clinical perception can help Times Angel innovate. It is understood that Times Angel has established the \"Times Angel Digital Dental Teaching Laboratory\" with West China School of Stomatology of Sichuan University to cultivate digital dental talents; Establish a \"Demonstration Base for Industrial Transformation of Oral Biomechanics and Artificial Intelligence Research\" with the Ninth People's Hospital Affiliated to Shanghai Jiao Tong University.</p><p>Increased investment in scientific research has solved the problems faced by Times Angel. However, behind thousands of personalized doctors are thousands of patients. Therefore, personalized products still need to be innovated while achieving standardization. Especially for many professional doctors, how to exert their medical abilities on different patients has put forward innovative requirements for Times Angel's products.</p><p>It is understood that Times Angel has innovatively added a \"small window\" angel clasp similar to a small opening to its standard products. Doctors can use this angel clasp \"small window\" to freely add traction to different positions of the braces, thus solving the problem of products from standardization to personalization.</p><p>With sufficient data, Times Angel's proactive management of patients is getting higher and higher, and its ability to software medical rules is getting stronger and stronger. Currently, a student with a dental background can quickly straighten a set of teeth, resulting in a significant improvement in efficiency.</p><p>However, for Times Angel, gathering doctor profiles still requires improving core competencies, because the growth of each doctor is dynamic rather than static. This requires them to endow each layer of structure with different abilities and cooperation methods, and to carry out comprehensive innovation and improvement to adapt to new changes.</p><p><b>03 Cultivate the market and build an ecosystem to accelerate industrial upgrading</b></p><p>Although Times Angel has entered the digital age in invisible orthodontics and the efficiency of orthodontics has been rapidly improved, they still hope to use big data to enable more patients and even ordinary people to have a clear understanding of their teeth, thereby playing a preventive role.</p><p>Therefore, an ecological digital platform is established through oral scan data; By empowering doctors to conduct remote consultations with patients, consumers can have a comprehensive understanding of their oral health and then decide how to treat according to their own economic level. Remote consultations can be free in the future.</p><p>According to industry experts, for dental prevention, spending 1 yuan can save 8 yuan on treatment. However, Chinese people are still far from doing enough in dental prevention, and the reason for this problem is education. Therefore, the industry and society need to invest a continuous stream of resources to achieve this.</p><p>Based on this situation, Times Angel spends a lot of time training doctors. Approximately 6.2% of the funds raised will be used to optimize the company's medical services, increase the reach of offline medical services by adding seven regional demonstration centers, regularly provide offline training for dentists on the application of the company's solutions, and cooperate with well-known higher education institutions in China to cultivate medical talents through joint programs. It is understood that training and education on consumer awareness will also be strengthened in the future.</p><p>In fact, Times Angel's digitalization has always been centered around the industrial ecosystem. Orthodontics, as the most complex treatment for oral diseases, involves a relatively long cycle. The big data accumulated by Times Angel can be applied to various aspects such as dental health monitoring and treatment in the mouth in the future.</p><p>Because teeth involve many problems, including tooth exchange, cavities, periodontal disease, dental implants, etc., different dental diseases can occur at almost every stage of life, and these diseases can be prevented and diagnosed remotely. In addition to orthodontics, Times Angel is expected to leverage big data to enter other dental-related fields, including upstream and downstream industry chains.</p><p>Industry insiders believe that China's current digital ecosystem infrastructure is better than that of the United States, which is inseparable from the characteristics of Chinese patients. China has far more complex cases than the United States, while the cases in the United States are relatively simpler. It can be said that, compared to foreign companies, Times Angel is an orthodontic company that understands Chinese teeth better.</p><p>Times Angel, which already holds half of the domestic market, has also set its sights on overseas markets. It is reported that Times Angel has already obtained FDA certification in the United States as early as 2018, and its products can be sold. In addition, its major shareholder, Songbai Capital, has acquired several upstream and downstream industries overseas in recent years, paving the way for Times Angel to prepare to go global in the next step. Many collaborative developments will become a natural progression with its listing.</p><p>Years later, Wang Jian believes that Times Angel's development has far exceeded original expectations. Regarding future development, he said that although Times Angel started with invisible orthodontics, it can expand to a wider product line and even service areas, evolving into a brand, a culture, and a symbol. Secondly, although AngelAge started in China, it should not be limited to the Chinese market. The market for invisible orthodontics should be global, and AngelAge can become one of the world's leading companies.</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>Angel of the Times: The Digital Revolution of a Pair of Braces</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\">\nAngel of the Times: The Digital Revolution of a Pair of Braces\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1026500124\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">阿尔法工场研究院 </p>\n<p class=\"h-time smaller\">2021-06-16 17:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Times Angel, the \"first stock in invisible orthodontics\" that has attracted much attention in the industry, has finally entered the public eye after 18 years. On June 16, Angel Times (06699.HK) officially listed on the Hong Kong Stock Exchange, with the opening price reaching HK$400 per share on the first day, an increase of 131.21% compared to the issue price. The global public offering totaled 16.8296 million shares, with prices ranging from HK$147 to HK$173 per share, raising approximately HK$2.514 billion to HK$2.91 billion. The market capitalization of nearly HK$30 billion has attracted the attention of the capital market.</p><p>This company, which has been likened to the \"Moutai\" of the dental industry, was not noticed by capital ten years ago. At that time, capital was more focused on the major medical and health industries. As a sub-sector of medical care, the dental industry is almost difficult to attract capital due to factors such as a narrow and scattered market and a long cultivation period. A small pair of transparent braces, as a niche product in the oral field, is even more difficult to associate with the rapid advancement of digitalization.</p><p>However, this situation will be broken with the listing of Times Angel, and capital will begin to pay attention to the opportunities and prospects of this niche market. The continuous injection of funds will change the industry's scattered and traditional development model. The entry of capital and talent, as well as the improvement of technology, will rapidly upgrade the dental industry. In addition to the changes in the industry itself, related fields have also begun to pay attention to this track, and the digitalization process of the entire upstream industry chain has begun to accelerate.</p><p><img src=\"https://static.tigerbbs.com/a2f94ef421457b88a205a6eecd207a04\" tg-width=\"726\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p><p><b>01 A do-or-die battle: Digitalization changes traditional industry models</b></p><p>The listing of Times Angel has attracted the attention of the capital market because of its market value of over 10 billion yuan and its broad development prospects. However, no one knows that the company has been hiding behind its \"stunning success\" for 18 years. In 2009, when Times Angel was almost out of food, it met Wang Jian, the former general manager of Aubo Capital Asia. At that time, he had just returned from abroad and was looking for investments in industries related to people's livelihoods.</p><p>By chance, Wang Jian met Li Huamin, CEO of Times Angel. His initial contact with the entrepreneur lasted no more than an hour and a half, but he never expected that his meeting with Li Huamin would last almost a whole day, which is extremely rare in his 22-year investment career.</p><p>Besides Li Huamin's dedication to the industry, what moved him even more was the positive spirit of the 28 employees of Times Angel in their office of less than 100 square meters. \"A team that is almost out of bullets but still fighting\" gave him hope. Li Huamin spends every penny where it truly belongs. This entrepreneurial quality of uniting employees in difficult circumstances deeply moved him.</p><p>In Wang Jian's view, warriors fighting a do-or-die battle only need ammunition (money), and that's all he can provide. Wang Jian quickly invested $6 million in Li Huamin, and Times Angel got through the most difficult moment of his life.</p><p>Even with funding, the development of the invisible orthodontics industry has not been as rapid as imagined. The reason was that at that time there were almost no companies in China doing this field. At that time, Invisalign had not yet entered the Chinese market, and the Chinese people's understanding of invisible orthodontics was limited. There were still many challenges facing Times Angel.</p><p>In the past, dentists were accustomed to \"wire\" braces in orthodontic treatment and were unfamiliar with invisible braces. How to produce personalized products became the first challenge facing Times Angel. They believed that without doing a good job in digitizing the products, there would be no users at all.</p><p>Without experience to draw upon, how can doctors with different abilities in China be empowered? So Times Angel established the SARS platform, interacted with doctors, and established personalized 3D printing technology, which is a digital infrastructure; However, basic digitalization is far from enough, because doctors also have \"personalized faces\". Times Angel may seem to provide a product, but it actually provides solutions, and these solutions are based on the doctor's ability. Personalized customization, which determines the final correction result.</p><p>According to incomplete statistics, there are currently 270,000 dentists in China, of which 6,000 are truly professional. Last year, 2.88 million patients underwent orthodontic treatment nationwide. So how can 2.88 million people find professional doctors for corrections? For Times Angels, it is necessary to empower dentists based on their capabilities and their digital understanding of invisible orthodontics.</p><p>However, facing doctors cannot rely only on sales, but needs to digitally analyze the growth rules of doctors, and give them empowerment at different times and stages. This ability is not product ability, but also includes training, market support, medical solutions, how to control case support, etc.</p><p>According to the data, the number of dentists in Times Angel Services increased from approximately 11,500 in 2018 to approximately 15,800 in 2019 and further to approximately 19,900 in 2020. The number of completed cases increased from approximately 77,700 in 2018 to approximately 120,100 in 2019 and further to approximately 137,600 in 2020.</p><p>Compared to the first stage of product digitalization and the second stage of technical service digitalization, the third stage of digitalization for Times Angel revolves around the ecosystem industry, which is also the key to industrial upgrading.</p><p>With nearly 700,000 pieces of oral big data, Times Angel's next step in empowering is no longer limited to doctors, but to let more consumers know about invisible orthodontic products. Through remote consultations with doctors, the ecosystem can be connected, and even various research institutions can be connected, ultimately bringing about a change in the traditional model.</p><p><b>02 Solving Problems: From Standardization to Personalized Innovation</b></p><p>Times Angel, which has already upgraded traditional orthodontic products to the digital stage, still faces the challenge of continuous technological upgrades. As can be seen from the proceeds from its listing, the Hong Kong public offering consisted of 1,683,000 shares, representing approximately 10% of the global offering shares, raising approximately HK$2.514 billion to HK$2.91 billion.</p><p>Approximately 39.9% of these funds were used to fund the construction of the Wuxi Chuangmei Base; Approximately 18.3% will be used to enhance the company's R&D capabilities and fund internal and collaborative R&D projects; Approximately 10.8% was used to develop flexible and scalable intelligent information technology systems to streamline and comprehensively digitize all aspects of the company's operations, and to deploy data intermediary platforms, etc. It is not difficult to see from the use of the raised funds that most of Times Angel's funds are still used for research and development.</p><p>So why does Times Angel, which is at the forefront of digitalization, spend most of its funds on research and development? It is understood that invisible orthodontics is a process of continuous iteration of medical rules and software. The purpose of investing heavily in research and development is to software the rules. Currently, Angel Times invests 10-20% of its annual sales revenue in research and development.</p><p>It cannot be ignored that before invisible braces came out, the dental industry was more like an agricultural society, relying on the craftsmanship of doctors and their experience to treat patients. The invisible braces launched by Times Angel have enabled the industry to carry out large-scale and digital production, entering the industrialized era of orthodontics. Behind them is the mass production of software solutions based on medical capabilities. These products replace doctors' manual steel wires, while biomechanics allows tooth movement to be digitized. Thereby completing the large-scale production of personalized products and realizing the standardization of products.</p><p>However, standardized products still cannot solve the pain points of personalized doctors, because the cases of most invisible orthodontic patients in China are relatively complex, and about 50% of them need to have their teeth extracted. Tooth extraction means that orthodontics is a complex movement. Therefore, how to help doctors use invisible correction tools to control cases requires big data accumulation.</p><p>Therefore, in the process of software medical rules, databases will make each step of treatment clearer. Specifically, by helping doctors in stages, the treatment process can be controlled. During this process, Angel of the Times will require doctors to submit treatment data and ship the goods step by step. For example, a case requires 50 steps, and every 10 steps requires a follow-up visit to the clinic. The doctor sends the correction results to Times Angel to help the doctor control the accuracy of the process.</p><p>This process cannot solve the core problem by technology alone, and medical technology services are also needed. From its inception, Times Angel understood that many of the doctors it dealt with were non-professional orthodontists. To serve dentists well, they must have medical genes in order to truly lower the technical threshold and improve efficiency. Therefore, Times Angel established a team of doctors.</p><p>Due to the complexity of invisible orthodontics in China, Times Angel has established a team of doctors and collaborated with top experts from eight of the most authoritative universities in China. These experts treat hundreds of complex cases every year, and their clinical perception can help Times Angel innovate. It is understood that Times Angel has established the \"Times Angel Digital Dental Teaching Laboratory\" with West China School of Stomatology of Sichuan University to cultivate digital dental talents; Establish a \"Demonstration Base for Industrial Transformation of Oral Biomechanics and Artificial Intelligence Research\" with the Ninth People's Hospital Affiliated to Shanghai Jiao Tong University.</p><p>Increased investment in scientific research has solved the problems faced by Times Angel. However, behind thousands of personalized doctors are thousands of patients. Therefore, personalized products still need to be innovated while achieving standardization. Especially for many professional doctors, how to exert their medical abilities on different patients has put forward innovative requirements for Times Angel's products.</p><p>It is understood that Times Angel has innovatively added a \"small window\" angel clasp similar to a small opening to its standard products. Doctors can use this angel clasp \"small window\" to freely add traction to different positions of the braces, thus solving the problem of products from standardization to personalization.</p><p>With sufficient data, Times Angel's proactive management of patients is getting higher and higher, and its ability to software medical rules is getting stronger and stronger. Currently, a student with a dental background can quickly straighten a set of teeth, resulting in a significant improvement in efficiency.</p><p>However, for Times Angel, gathering doctor profiles still requires improving core competencies, because the growth of each doctor is dynamic rather than static. This requires them to endow each layer of structure with different abilities and cooperation methods, and to carry out comprehensive innovation and improvement to adapt to new changes.</p><p><b>03 Cultivate the market and build an ecosystem to accelerate industrial upgrading</b></p><p>Although Times Angel has entered the digital age in invisible orthodontics and the efficiency of orthodontics has been rapidly improved, they still hope to use big data to enable more patients and even ordinary people to have a clear understanding of their teeth, thereby playing a preventive role.</p><p>Therefore, an ecological digital platform is established through oral scan data; By empowering doctors to conduct remote consultations with patients, consumers can have a comprehensive understanding of their oral health and then decide how to treat according to their own economic level. Remote consultations can be free in the future.</p><p>According to industry experts, for dental prevention, spending 1 yuan can save 8 yuan on treatment. However, Chinese people are still far from doing enough in dental prevention, and the reason for this problem is education. Therefore, the industry and society need to invest a continuous stream of resources to achieve this.</p><p>Based on this situation, Times Angel spends a lot of time training doctors. Approximately 6.2% of the funds raised will be used to optimize the company's medical services, increase the reach of offline medical services by adding seven regional demonstration centers, regularly provide offline training for dentists on the application of the company's solutions, and cooperate with well-known higher education institutions in China to cultivate medical talents through joint programs. It is understood that training and education on consumer awareness will also be strengthened in the future.</p><p>In fact, Times Angel's digitalization has always been centered around the industrial ecosystem. Orthodontics, as the most complex treatment for oral diseases, involves a relatively long cycle. The big data accumulated by Times Angel can be applied to various aspects such as dental health monitoring and treatment in the mouth in the future.</p><p>Because teeth involve many problems, including tooth exchange, cavities, periodontal disease, dental implants, etc., different dental diseases can occur at almost every stage of life, and these diseases can be prevented and diagnosed remotely. In addition to orthodontics, Times Angel is expected to leverage big data to enter other dental-related fields, including upstream and downstream industry chains.</p><p>Industry insiders believe that China's current digital ecosystem infrastructure is better than that of the United States, which is inseparable from the characteristics of Chinese patients. China has far more complex cases than the United States, while the cases in the United States are relatively simpler. It can be said that, compared to foreign companies, Times Angel is an orthodontic company that understands Chinese teeth better.</p><p>Times Angel, which already holds half of the domestic market, has also set its sights on overseas markets. It is reported that Times Angel has already obtained FDA certification in the United States as early as 2018, and its products can be sold. In addition, its major shareholder, Songbai Capital, has acquired several upstream and downstream industries overseas in recent years, paving the way for Times Angel to prepare to go global in the next step. Many collaborative developments will become a natural progression with its listing.</p><p>Years later, Wang Jian believes that Times Angel's development has far exceeded original expectations. Regarding future development, he said that although Times Angel started with invisible orthodontics, it can expand to a wider product line and even service areas, evolving into a brand, a culture, and a symbol. Secondly, although AngelAge started in China, it should not be limited to the Chinese market. The market for invisible orthodontics should be global, and AngelAge can become one of the world's leading companies.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a2f94ef421457b88a205a6eecd207a04","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139611758","content_text":"备受业界关注的“隐形正畸第一股”时代天使，终于在坚守了18年之后走入公众视野。6月16日，时代天使（06699.HK）正式在港交所上市，首日开盘价格高达400元/股，较发行价格涨131.21%。此次全球公开发售总计1682.96万股，价格区间为每股147港元至每股173港元,募资金额约为25.14亿至29.1亿港元，近三百亿的市值引发了资本市场的关注。\n这个被比喻成牙科行业“茅台”的公司十年前并不被资本所关注，那时的资本更看重大医疗、大健康产业。口腔行业作为医疗的细分领域，因为市场很窄且散乱，以及培育时间长等因素，几乎很难被资本青睐。而一副小小的透明牙套作为口腔领域的细分产品，更是难与突飞猛进的数字化联系在一起。\n然而这种局面随着时代天使的上市将被打破，资本开始关注到这一细分赛道的机会和前景。源源不断的资金注入将一改行业散乱、传统的发展模式，资本、人才的进入以及技术的提升，使牙科产业迅速升级。除了行业本身的变化外，与之相关的领域也开始关注这一赛道，整个产业链上游的数字化进程开始提速。\n\n01 背水一战，数字化改变行业传统模式\n时代天使上市引发资本市场关注的是其超百亿的市值及其广阔的发展前景，然而没有人知道这家公司在“一鸣惊人”的背后经过了18年的蜇伏。2009年时代天使几乎在“弹绝粮尽”时，遇到奥博资本亚洲前总经理王健，当时他刚刚从国外回来，正在寻找与民生有关的行业投资。\n机缘巧合，王健认识了时代天使CEO李华敏。与创业者初次接触不超过一个半小时的他怎么也没有想到，与李华敏的见面几乎用了一整天的时间，在其22年的投资生涯中极为罕见。\n除了李华敏对行业的执着之外，更让他感动的是在不及100平方米的办公室内，时代天使的28个员工充满了积极向上的精神，“一个子弹都快打光，还在战斗的团队”，让他看到了希望。李华敏把每一分钱都会用在真正该用的地方，这种在艰苦的环境中把员工团结在一起的创业者品质，彻底感动了他。\n在王健看来，背水一战的勇士只需要弹药（钱）就行，而他能够提供的就是这些弹药。王健迅速给李华敏投了600万美金，时代天使度过了人生最为艰难的时刻。\n即使拿到了资金，隐形正畸行业的发展远没有想象的迅速。原因是当时国内几乎没有企业在做这个领域，那时隐适美还未进入中国市场，国人对于隐形正畸了解程度有限，摆在时代天使面前的难题仍然很多。\n过去由于牙医在牙齿矫正上习惯了“钢丝”牙套，对于隐形矫正器并不熟悉，如何生产出个性化的产品成为时代天使面临的第一道难题，他们认为不把产品的数字化做好，根本就没有用户。\n在没有经验可借鉴的前提下，面对中国不同能力的医生该如何赋能？于是时代天使建立了SARS平台，与医生进行交互，并且建立了个性化的3D打印技术，这是数字化的基础设施；然而拥有基础的数字化还远远不够，因为医生也有“千人千面”，时代天使看似是提供的一个产品，实际提供的是解决方案，而这些解决方案是基于医生的能力来进行的个性化定制，由此来决定最终的矫治结果。\n据不完全统计，目前中国有27万的口腔医生，真正专业的医生有6000名，而去年做矫正的患者在全国有288万人。那么288万人如何找到专业的医生来做矫正？对于时代天使来说，需要根据牙医的能力以及其对隐形矫正的数字化理解对其赋能。\n然而面对医生并不能只靠销售，而是需要通过数字化分析医生的成长规则，千人千面地给予其不同时间、不同阶段的赋能，这种能力并不是产品能力，还包括培训、市场支持、医学方案，如何把关病例的支持等等。\n数据显示，时代天使服务的牙科医生数量由2018年的约11,500位增至2019年的约15,800位，并进一步增至2020年的约 19,900位。达成案例由2018年的约77,700例增至2019年的约120,100例，并进一步增至2020年的约137,600例。\n相对第一阶段的产品数字化和第二阶段的技术服务数字化，第三个阶段的数字化对于时代天使来说则是围绕生态产业进行，而这也是产业升级的关键。\n由于拥有近70万口腔大数据，时代天使下一步的赋能不再局限于医生，而是让更多消费者知道隐形矫正器产品，通过医生远程会诊，实现生态的链接，甚至各个科研院校的链接，最终带来的是对传统模式的改变。\n02 破解难题，从标准化到个性化创新\n已经把传统正畸产品上升到数字化程的时代天使，仍然面临着技术不断升级的挑战。从其上市的募资可以看出，香港公开发售为1,683,000股，公开发售部分占全球发售股份约10%，募资金额约为25.14亿至29.1亿港元。\n这些募资的用途约39 .9%用于为无锡市创美基地的建设提供资金；约18 .3%用于提升公司的研发能力以及为内部和合作研发项目提供资金；约10 .8%用于开发灵活及可扩展的智能信息技术系统以精简及全面数字化公司运营的所有方面，并部署数据中间平台等。从募资用途不难看出，时代天使大部分资金仍用于研发。\n那么走在数字化前沿的时代天使为什么会把大部分资金用于研发？据了解，隐形矫正是一个医学规则加软件不断迭代的提升过程，大量投入研发的目的就是要把规则软件化。目前时代天使投入研发的费用是每年销售额收入的10-20%。\n不容忽视的是，口腔行业在没有隐形矫正器出来之前更像是一个农业社会，靠是医生的匠人精神，医生凭借经验给患者治疗。而通过时代天使推出的隐形矫正器，使行业可以进行规模化、数字化生产，进入了牙齿矫正的工业化时代，背后依靠的是医学能力把软件批量化生产方案，这些产品替代了医生手工钢丝，而生物力学让牙齿的移动可以数据化。从而完成了个性化产品的规模化生产，实现了产品的标准化。\n然而标准化的产品仍不能解决千人千面医生的痛点，因为中国大部分隐形矫正患者的病例都比较复杂，约有50%的人需要拔牙，而拔牙意味着矫正是一个复杂的移动。因此如何帮助医生使用隐形矫正工具来控制好病例，需要大数据积累。\n因此在把医学规则软件化的过程中，数据库将使每步治疗变得更清晰。具体来看就是，通过阶段性地帮助医生，使治疗过程可控，这个过程中时代天使会要求医生将治疗数据进行提交，分步发货。比如一个病例需要50步，每做10步都需要到诊所复诊，医生将矫正的效果发到时代天使，帮助医生控制过程中的精准度。\n这个过程仅靠技术仍然解决不了核心问题，还需医学技术服务。时代天使从最初建立就明白，面对的医生很多是非专业的正畸医生，如果服务好牙医，必须有医学的基因，才能让技术的门槛真正降低提升效率，因此时代天使建立了医生团队。\n正是由于中国隐形矫正的复杂性，时代天使在建立了医生团队的基础上，与国内最权威的八大院校顶级专家合作，这些专家每年都要冶疗几百例复杂病例，他们对临床的感知可以帮助时代天使进行创新。据了解，时代天使与四川大学华西口腔医学院建立“时代天使数字化口腔教学实验室”,培养数字化口腔人才；与上海交通大学附属第九人民医院建立“口腔生物力学与人工智能研究产业转化示范基地”。\n加码科研使时代天使面临的问题得以破解，然而千人千面医生背后是万人万面的患者，那么个性化的产品在实现标准化的同时仍需要创新。尤其对于很多专业的医生来说，如何在不同患者身上发挥其医学能力，对时代天使的产品提出了创新要求。\n据了解，时代天使在标配产品上，又创新性地增加了一个类似小口子的“小窗”天使扣，医生可以通过这个天使扣“小窗”自由的在牙套不同的位置添加牵引，从而解决了产品从标准化到个性化的难题。\n由于有足够多的数据，时代天使对于患者的主动管理水平越来越高，医学规则软件化的能力也越来越强。目前一个有口腔背景的学生很快就能把排齐一口牙，效率提升明显。\n不过对于时代天使来说，聚集医生画像仍需提升核心能力，因为每个医生的成长是动态而非静态，这就需要其对于每一层结构赋予不同的能力与合作方式，进行全方位的创新与提升，以适应新的变化。\n03 培育市场，布局生态加速产业升级\n尽管时代天使在隐形矫正上已经进入数字化时代，矫正效率得到了快速提升，但他们仍然希望通过大数据的建立，使更多的患者甚至是普通的百姓对自己牙齿有清晰了解，从而起到预防的作用。\n因此通过口扫数据，建立生态数字化平台；通过赋能医生，使其对患者进行远程会诊，让消费者对自己的口腔健康状况有一个全面的了解，再根据自己的经济水平决定如何治疗，而远程会诊未来可以做到免费。\n在业内专家看来，对于牙齿来说，预防花1元钱，在治疗上就可以省8元钱，然而目前中国人在牙齿预防上还做的远远不够，导致这一问题的原因是教育。因此需要行业和社会投入源源不断的力量去实现。\n而时代天使正是基于这一现状，花费很多时间对医生进行培训。其募资中约6 .2%用于优化公司的医学服务，通过增设七处区域示范中心提高线下医学服务的触达，同时定期为牙科医生提供针对公司解决方案应用的线下培训，以及与中国国内知名高等教育机构合作，通过联合计划培养医学人才。据悉，未来也将在消费者认知方面加强培训教育。\n事实上，时代天使的数字化一直在围绕产业生态进行布局。正畸作为口腔疾病中最复杂的治疗，涉及周期比较长。时代天使累积的大数据，未来可以应用到口腔内其牙齿的健康监测、治疗等多个方面。\n因为牙齿所涉及的问题较多，包括换牙、蛀牙、牙周病、植牙等等，几乎在人生的多个阶段都会出现不同的牙齿疾病，这些疾病都能做提前预防和远程诊断。除了正畸之外，未来时代天使有望借助大数据库，进入其他与牙齿相关的领域，甚至包括上下游产业链。\n在业内看来，目前中国的数字化生态的基础设施要好于美国，这与中国患者的特点分不开，中国的复杂病例要远远多于美国，而美国的病例相对比较简单。可以说，相对国外企业，时代天使是更懂中国人牙齿的正畸企业。\n已经在国内市场占据半壁江山的时代天使，也瞄准了海外市场。据悉，目前时代天使早在2018年就已经在美国拿到了FDA证书，其产品均可销售。此外，其大股东松柏资本近几年在海外收购了多家上下游产业，为下一步准备走出去的时代天使铺好了路，很多协同发展随着其上市也将变得水到渠成。\n时隔多年之后，王健认为，时代天使的发展远超原来的预期。对于未来发展，他表示，时代天使虽然是从隐形矫治起家的，却可以拓展出更广的产品线甚至服务领域，演变成一种品牌、一种文化、一种象征；其次，时代天使的起点虽然在中国，但不应该局限于中国市场，隐形矫治的市场应该是全球性的，时代天使可以成为全球领先的企业之一。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":2075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169517215,"gmtCreate":1623842815637,"gmtModify":1703821085247,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169517215","repostId":"1170999861","repostType":4,"repost":{"id":"1170999861","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":1623837638,"share":"https://ttm.financial/m/news/1170999861?lang=en_US&edition=fundamental","pubTime":"2021-06-16 18:00","market":"other","language":"zh","title":"BYD: Spin-off subsidiary for listing on the ChiNext board","url":"https://stock-news.laohu8.com/highlight/detail?id=1170999861","media":"老虎资讯综合","summary":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手","content":"<p>On June 16,<a href=\"https://laohu8.com/S/01211\">BYD Group</a>The shareholders' meeting voted to approve the spin-off of the subsidiary.<a href=\"https://laohu8.com/S/002594\">BYD</a>Semiconductor Co., Ltd. is listed on the ChiNext board.</p><p>BYD Co., Ltd. recently received a letter from Mr. Lü Xiangyang, a shareholder holding more than 5% of the company's shares, informing him that he had pledged some of his shares in the company.</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\" 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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-16 18:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 16,<a href=\"https://laohu8.com/S/01211\">BYD Group</a>The shareholders' meeting voted to approve the spin-off of the subsidiary.<a href=\"https://laohu8.com/S/002594\">BYD</a>Semiconductor Co., Ltd. is listed on the ChiNext board.</p><p>BYD Co., Ltd. recently received a letter from Mr. Lü Xiangyang, a shareholder holding more than 5% of the company's shares, informing him that he had pledged some of his shares in the company.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/45e5e005a453a59287c71f4cbf428610","relate_stocks":{"159915":"创业板","399006":"创业板指","01211":"比亚迪股份","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170999861","content_text":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。","news_type":1,"symbols_score_info":{"159915":0.9,"399006":0.9,"000001.SH":0.9,"01211":0.9}},"isVote":1,"tweetType":1,"viewCount":1917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169517180,"gmtCreate":1623842803640,"gmtModify":1703821085084,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169517180","repostId":"1170999861","repostType":4,"repost":{"id":"1170999861","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":1623837638,"share":"https://ttm.financial/m/news/1170999861?lang=en_US&edition=fundamental","pubTime":"2021-06-16 18:00","market":"other","language":"zh","title":"BYD: Spin-off subsidiary for listing on the ChiNext board","url":"https://stock-news.laohu8.com/highlight/detail?id=1170999861","media":"老虎资讯综合","summary":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手","content":"<p>On June 16,<a href=\"https://laohu8.com/S/01211\">BYD Group</a>The shareholders' meeting voted to approve the spin-off of the subsidiary.<a href=\"https://laohu8.com/S/002594\">BYD</a>Semiconductor Co., Ltd. is listed on the ChiNext board.</p><p>BYD Co., Ltd. recently received a letter from Mr. Lü Xiangyang, a shareholder holding more than 5% of the company's shares, informing him that he had pledged some of his shares in the company.</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>BYD: Spin-off subsidiary for listing on the ChiNext board</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{ 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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\">\nBYD: Spin-off subsidiary for listing on the ChiNext board\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-16 18:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 16,<a href=\"https://laohu8.com/S/01211\">BYD Group</a>The shareholders' meeting voted to approve the spin-off of the subsidiary.<a href=\"https://laohu8.com/S/002594\">BYD</a>Semiconductor Co., Ltd. is listed on the ChiNext board.</p><p>BYD Co., Ltd. recently received a letter from Mr. Lü Xiangyang, a shareholder holding more than 5% of the company's shares, informing him that he had pledged some of his shares in the company.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/45e5e005a453a59287c71f4cbf428610","relate_stocks":{"159915":"创业板","399006":"创业板指","01211":"比亚迪股份","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170999861","content_text":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。","news_type":1,"symbols_score_info":{"159915":0.9,"399006":0.9,"000001.SH":0.9,"01211":0.9}},"isVote":1,"tweetType":1,"viewCount":2129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":890009307,"gmtCreate":1628063929609,"gmtModify":1703500519785,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"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/890009307","repostId":"1138581356","repostType":4,"isVote":1,"tweetType":1,"viewCount":5409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165147692,"gmtCreate":1624111236616,"gmtModify":1703828954292,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"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/165147692","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177090244,"gmtCreate":1627162903488,"gmtModify":1703484828849,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177090244","repostId":"2153002933","repostType":4,"repost":{"id":"2153002933","kind":"highlight","weMediaInfo":{"introduction":"有品好玩的科技，一切与你有关","home_visible":1,"media_name":"品玩","id":"1086141561","head_image":"https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8"},"pubTimestamp":1627101584,"share":"https://ttm.financial/m/news/2153002933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 12:39","market":"us","language":"zh","title":"Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.","url":"https://stock-news.laohu8.com/highlight/detail?id=2153002933","media":"品玩","summary":"国家市场监管总局于7月24日发布公告，依法对腾讯控股有限公司作出责令解除网络音乐独家版权等处罚。最终，武汉市中级人民法院判定，网易云音乐涉嫌侵权行为，对网易云音乐发出网络禁令，勒令其删除相关内容。独家音乐版权已无法成为核心竞争力，TME再次提升了孵化内容的重要性。2021年6月25日，腾讯音乐集团宣布成立内容业务线，负责音乐内容相关业务的整体规划、战略制定和统筹管理。","content":"<p>The State Administration for Market Regulation issued an announcement on July 24, legally...<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The limited liability company imposed penalties such as ordering the termination of the exclusive copyright of online music.</p><p><b>One major difference in this penalty is that it is the first case under the Anti-Monopoly Law to \"take necessary measures to restore market competition\" for illegally implementing business concentrations.</b></p><p>Previous anti-monopoly penalties mainly combined \"supplementary penalties\" to provide guidance on future operations. However, this time, very specific rectification measures have been listed for Tencent, including which agreements in the contract need to be terminated and within what time frame the termination needs to be completed. In fact, this has once again enriched the anti-monopoly enforcement toolbox.</p><p>According to the State Administration for Market Regulation, in January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p><a href=\"https://laohu8.com/S/TME\">Tencent Music</a>The ruthless competition that relies on top-tier music copyrights to drive growth and user retention is gone forever.</p><p>In 2014, QQ Music, then a product under Tencent, had already launched an attack on NetEase Cloud Music in terms of copyright. In late 2014, QQ Music sued NetEase Cloud Music, alleging that NetEase Cloud Music's unauthorized dissemination of 623 online music tracks, including \"Where Has the Time Gone?\", to the public was suspected of copyright infringement.</p><p>Ultimately, the Wuhan Intermediate People's Court ruled that NetEase Cloud Music was suspected of copyright infringement and issued an online ban on NetEase Cloud Music, ordering it to delete the relevant content. What users can sense is that more songs on NetEase Cloud Music are \"graying out\". Having tasted success, QQ Music has also begun to build its copyright empire.</p><p>Much of TME's early music rights came from its merger with China Music Corporation (CMC). Ocean Music, which had already signed a large number of exclusive music copyrights at low prices in its early years, successively completed the acquisition of Kuwo Music and Kugou Music, and established a new \"Ocean Music Group\", which was later renamed \"China Music Group\".</p><p>At that time, online music was not favored by capital. After multiple IPO setbacks, CMC ultimately chose to partner with Tencent to merge its digital music business. On July 12, 2016, Tencent acquired CMC in a series of transactions. In January 2017, Tencent announced that its QQ Music business and CMC would merge into a new music group, which would be renamed Tencent Music Entertainment Group.</p><p>After that, TME respectively<a href=\"https://laohu8.com/S/SNE\">Sony</a>music entertainment (SME), Universal Music Group (UMG) and<a href=\"https://laohu8.com/S/WMG\">Warner Music</a>EWMG Group has partnered to obtain exclusive streaming rights to these three major global music labels in China, and has owned them exclusively for a long time. This puts TME far ahead in the competition with NetEase Cloud Music.</p><p>In February 2018, with the support of the National Copyright Administration, TME and NetEase Cloud Music reached a copyright cooperation agreement, requiring each other to license 99% of their exclusive music works.</p><p>According to the figures published in the 2018 prospectus, TME owned more than 20 million tracks from more than 200 domestic and foreign music labels at that time, of which 1% were 200,000 songs. There was still enough room for maneuver to limit competitors.</p><p>In 2020, NetEase Cloud Music reached a new music copyright licensing agreement with Warner Bros. and Universal Music. On May 18, 2021, NetEase Cloud Music announced a partnership with<a href=\"https://laohu8.com/S/SONY\">Sony</a>The music entertainment (SME) has reached a copyright cooperation agreement, which means that NetEase Cloud Music has simultaneously acquired the music copyrights of these three major global record companies. NetEase Cloud Music has since completely broken TME's blockade of top record labels.</p><p>Despite the continuous reduction in TME's territory, it still retains a large number of exclusive content cards, mainly in the following categories: 1) Several top Asian labels, including Modern Sky in mainland China, YG in South Korea, and Jay Chou's JVR; 2) Several less advantageous Western labels, such as Cooking Vinyl and Kobalt Music; 3) Music copyrights of popular TV and online reality shows, such as \"Youth with You\" and \"Creation Camp\"; 4) New original musicians incubated by the platform.</p><p>TME had already issued a risk warning regarding copyright issues in its IPO prospectus, and its revenue model and business transformation seem to be proving to the outside world that this entertainment edifice will not collapse due to copyright issues. The foundation formed by rich long-form video content, live streaming business and exploration of social networking is sufficient to cope with the arrival of risks and turmoil.</p><p>In February 2021, after 12 years of operation, the closure of Xiami Music, which served over 100 million users, brought more attention to TME from the public and regulatory authorities, leaving only three major players in the industry.</p><p>Exclusive music copyrights are no longer a core competitive advantage, and TME has once again increased the importance of incubating content.</p><p>On June 25, 2021, Tencent Music Group announced the establishment of a content business line, responsible for the overall planning, strategic formulation and coordination management of music content-related businesses. Based on the existing Content Cooperation Department, a Musician Open Platform Department, a Content Studio Group, a Music Cloud Business Center, a Promotion and Marketing Center, and a Chart and Data Product Center will be established.</p><p>On July 9, an internal email from TME announced adjustments to its business lines, including QQ Music and Kuwo, and related personnel. In this adjustment, QQ Music's business line will establish a Long Audio Business Center to be responsible for the product development of the QQ Music Long Audio Zone; Kuwo Music's most profitable business, \"Juxing Live,\" will be led by Xie Huan, a senior executive at Kugou Music. The commercialization of Kuwo Music's business line will be handled by Liu Xiankai, General Manager of Tencent Music's Commercial Advertising Department.</p><p>According to Jiemian News, an offline director of Kuwo Music stated that the long-form audio business will be separated from Kuwo to form an independent business unit, Kuwo's live streaming business \"Juxing\" will be handed over to Kugou's senior executives, and Kuwo's commercialization business will be handed over to relevant leaders of QQ Music. \"(Kuwo's) current trend is to split the business and integrate it into other departments to alleviate policy pressure.\"</p><p><img src=\"https://static.tigerbbs.com/92b94122f6e8fae2bfd4b7f45c1d2891\" tg-width=\"750\" tg-height=\"2592\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.</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\">\nTencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086141561\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">品玩 </p>\n<p class=\"h-time smaller\">2021-07-24 12:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The State Administration for Market Regulation issued an announcement on July 24, legally...<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The limited liability company imposed penalties such as ordering the termination of the exclusive copyright of online music.</p><p><b>One major difference in this penalty is that it is the first case under the Anti-Monopoly Law to \"take necessary measures to restore market competition\" for illegally implementing business concentrations.</b></p><p>Previous anti-monopoly penalties mainly combined \"supplementary penalties\" to provide guidance on future operations. However, this time, very specific rectification measures have been listed for Tencent, including which agreements in the contract need to be terminated and within what time frame the termination needs to be completed. In fact, this has once again enriched the anti-monopoly enforcement toolbox.</p><p>According to the State Administration for Market Regulation, in January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p><a href=\"https://laohu8.com/S/TME\">Tencent Music</a>The ruthless competition that relies on top-tier music copyrights to drive growth and user retention is gone forever.</p><p>In 2014, QQ Music, then a product under Tencent, had already launched an attack on NetEase Cloud Music in terms of copyright. In late 2014, QQ Music sued NetEase Cloud Music, alleging that NetEase Cloud Music's unauthorized dissemination of 623 online music tracks, including \"Where Has the Time Gone?\", to the public was suspected of copyright infringement.</p><p>Ultimately, the Wuhan Intermediate People's Court ruled that NetEase Cloud Music was suspected of copyright infringement and issued an online ban on NetEase Cloud Music, ordering it to delete the relevant content. What users can sense is that more songs on NetEase Cloud Music are \"graying out\". Having tasted success, QQ Music has also begun to build its copyright empire.</p><p>Much of TME's early music rights came from its merger with China Music Corporation (CMC). Ocean Music, which had already signed a large number of exclusive music copyrights at low prices in its early years, successively completed the acquisition of Kuwo Music and Kugou Music, and established a new \"Ocean Music Group\", which was later renamed \"China Music Group\".</p><p>At that time, online music was not favored by capital. After multiple IPO setbacks, CMC ultimately chose to partner with Tencent to merge its digital music business. On July 12, 2016, Tencent acquired CMC in a series of transactions. In January 2017, Tencent announced that its QQ Music business and CMC would merge into a new music group, which would be renamed Tencent Music Entertainment Group.</p><p>After that, TME respectively<a href=\"https://laohu8.com/S/SNE\">Sony</a>music entertainment (SME), Universal Music Group (UMG) and<a href=\"https://laohu8.com/S/WMG\">Warner Music</a>EWMG Group has partnered to obtain exclusive streaming rights to these three major global music labels in China, and has owned them exclusively for a long time. This puts TME far ahead in the competition with NetEase Cloud Music.</p><p>In February 2018, with the support of the National Copyright Administration, TME and NetEase Cloud Music reached a copyright cooperation agreement, requiring each other to license 99% of their exclusive music works.</p><p>According to the figures published in the 2018 prospectus, TME owned more than 20 million tracks from more than 200 domestic and foreign music labels at that time, of which 1% were 200,000 songs. There was still enough room for maneuver to limit competitors.</p><p>In 2020, NetEase Cloud Music reached a new music copyright licensing agreement with Warner Bros. and Universal Music. On May 18, 2021, NetEase Cloud Music announced a partnership with<a href=\"https://laohu8.com/S/SONY\">Sony</a>The music entertainment (SME) has reached a copyright cooperation agreement, which means that NetEase Cloud Music has simultaneously acquired the music copyrights of these three major global record companies. NetEase Cloud Music has since completely broken TME's blockade of top record labels.</p><p>Despite the continuous reduction in TME's territory, it still retains a large number of exclusive content cards, mainly in the following categories: 1) Several top Asian labels, including Modern Sky in mainland China, YG in South Korea, and Jay Chou's JVR; 2) Several less advantageous Western labels, such as Cooking Vinyl and Kobalt Music; 3) Music copyrights of popular TV and online reality shows, such as \"Youth with You\" and \"Creation Camp\"; 4) New original musicians incubated by the platform.</p><p>TME had already issued a risk warning regarding copyright issues in its IPO prospectus, and its revenue model and business transformation seem to be proving to the outside world that this entertainment edifice will not collapse due to copyright issues. The foundation formed by rich long-form video content, live streaming business and exploration of social networking is sufficient to cope with the arrival of risks and turmoil.</p><p>In February 2021, after 12 years of operation, the closure of Xiami Music, which served over 100 million users, brought more attention to TME from the public and regulatory authorities, leaving only three major players in the industry.</p><p>Exclusive music copyrights are no longer a core competitive advantage, and TME has once again increased the importance of incubating content.</p><p>On June 25, 2021, Tencent Music Group announced the establishment of a content business line, responsible for the overall planning, strategic formulation and coordination management of music content-related businesses. Based on the existing Content Cooperation Department, a Musician Open Platform Department, a Content Studio Group, a Music Cloud Business Center, a Promotion and Marketing Center, and a Chart and Data Product Center will be established.</p><p>On July 9, an internal email from TME announced adjustments to its business lines, including QQ Music and Kuwo, and related personnel. In this adjustment, QQ Music's business line will establish a Long Audio Business Center to be responsible for the product development of the QQ Music Long Audio Zone; Kuwo Music's most profitable business, \"Juxing Live,\" will be led by Xie Huan, a senior executive at Kugou Music. The commercialization of Kuwo Music's business line will be handled by Liu Xiankai, General Manager of Tencent Music's Commercial Advertising Department.</p><p>According to Jiemian News, an offline director of Kuwo Music stated that the long-form audio business will be separated from Kuwo to form an independent business unit, Kuwo's live streaming business \"Juxing\" will be handed over to Kugou's senior executives, and Kuwo's commercialization business will be handed over to relevant leaders of QQ Music. \"(Kuwo's) current trend is to split the business and integrate it into other departments to alleviate policy pressure.\"</p><p><img src=\"https://static.tigerbbs.com/92b94122f6e8fae2bfd4b7f45c1d2891\" tg-width=\"750\" tg-height=\"2592\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e4cfb506ffb58f1fc2c6e75a4e50dab8","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153002933","content_text":"国家市场监管总局于7月24日发布公告，依法对腾讯控股有限公司作出责令解除网络音乐独家版权等处罚。\n此次处罚的一大不同在于，本案为《反垄断法》对违法实施经营者集中“采取必要措施恢复市场竞争状态”的第一起案件。\n此前的反垄断处罚方式多以“补罚”搭配对接下来的经营提出指导性要求为主，而此次则对腾讯明确列出了非常具体的整改措施，包括合同内哪些协议需要解除，需要在什么时间内完成解除等。事实上再次丰富了反垄断执法工具箱。\n据市场监管总局消息，2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n腾讯音乐靠顶级音乐版权拉动增长和用户留存的粗旷竞争方式一去不复返。\n2014年，彼时还是腾讯旗下产品的QQ音乐，就已经在版权方面对网易云音乐发起进攻。2014年末，QQ音乐曾起诉网易云音乐，称网易云音乐未经授权向公众传播的《时间都去哪了》等623首网络音乐涉嫌侵权行为。\n最终，武汉市中级人民法院判定，网易云音乐涉嫌侵权行为，对网易云音乐发出网络禁令，勒令其删除相关内容。用户能感知到的，就是网易云音乐“变灰”的歌曲多起来了。而尝到甜头的QQ音乐，也开始构建它的版权帝国。\nTME早期大量音乐版权来自于对中国音乐集团的合并（以下简称CMC）。早年已低价签下大量独家音乐版权的海洋音乐，先后完成对酷我音乐和酷狗音乐的并购，并组建起新的“海洋音乐集团”，后改名为“中国音乐集团”。\n当时，在线音乐并不受到资本青睐。在多次IPO碰壁后，CMC最终选择与腾讯合作，将数字音乐业务进行合并。2016年7月12日，腾讯通过一系列交易收购 CMC。2017年1月，腾讯宣布，QQ音乐业务和CMC合并成为新的音乐集团，并更名为腾讯音乐娱乐集团。\n之后，TME分别于索尼音乐娱乐（SME）、环球音乐集团（UMG）和华纳音乐集团（EWMG）合作，获得了这三大全球音乐厂牌的中国独家流媒体版权，并长期独家拥有。这使得TME在与网易云音乐的竞争中遥遥领先。\n2018年2月，在国家版权局的推动下，TME与网易云音乐达成版权合作，相互授权音乐作品需达到各自独家音乐作品数量99%。\n以2018年招股书上公布的数字来看，彼时TME拥有 200 多个国内外音乐厂牌的超过 2000 万首曲目，其1%则为20万首歌曲，这里面依然有足够的操作空间来限制对手。\n网易云音乐于2020年和华纳、环球音乐重新达成音乐版权授权合作。2021年5月18日，网易云音乐宣布与索尼音乐娱乐（SME）达成版权合作，这意味着网易云音乐同时获得了这全球三大唱片公司的音乐版权。网易云音乐也自此完全打破TME对顶级唱片公司的封锁。\n尽管TME所拥有的地盘被不断削减，但其仍保有大量独家内容底牌，主要有以下几类：1）几个亚洲顶级厂牌，包括中国大陆的摩登天空、韩国的YG和周杰伦拥有的JVR；2）几个不太有优势的西方厂牌公司，如Cooking Vinyl和Kobalt Music；3）热门电视和网络真人秀节目的音乐版权，如《青春有你》和《创造营》；4）平台孵化出的新原创音乐人。\n早在TME上市招股书中就已经有对版权问题进行过风险提示，而其营收模式和业务转型也似乎是在向外界证明这座娱乐大厦不会因为版权问题而倾倒，丰富的长视频内容、直播业务和对社交的探索组成的地基，足以应对风险动荡的来临。\n2021年2月，运营12年，服务过亿用户的虾米音乐的关闭，给TME带来了更多公众和监管部门的关注，至此主要从业者仅剩3家。\n独家音乐版权已无法成为核心竞争力，TME再次提升了孵化内容的重要性。\n2021年6月25日，腾讯音乐集团宣布成立内容业务线，负责音乐内容相关业务的整体规划、战略制定和统筹管理。将在原有的内容合作部的基础上成立音乐人开放平台部、内容工作室群、音乐云业务中心、宣推市场中心及榜单和数据产品中心。\n随后的7月9日，TME内部邮件显示，宣布对QQ音乐和酷我在内的业务线和相关人员进行调整。在本次调整中，QQ音乐业务线将成立长音频业务中心，负责QQ音乐长音频专区的产品研发工作；酷我音乐旗下最赚钱的业务“聚星直播”，将交由酷狗音乐的高管谢欢领导；酷我音乐业务线的商业化业务将交给腾讯音乐商业广告部总经理刘宪凯负责。\n据界面新闻报道，酷我音乐线下一位总监表示，将长音频业务从酷我剥离出去组建独立BU，将酷我的直播业务“聚星”交给酷狗高管领导，将酷我商业化业务交给QQ音乐的相关领导负责，“（酷我）现在的趋势就是拆分业务，整合进其它部门，缓解政策压力”。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174453028,"gmtCreate":1627130618664,"gmtModify":1703484631001,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174453028","repostId":"1194494092","repostType":4,"repost":{"id":"1194494092","kind":"news","pubTimestamp":1627109486,"share":"https://ttm.financial/m/news/1194494092?lang=en_US&edition=fundamental","pubTime":"2021-07-24 14:51","market":"sh","language":"zh","title":"The \"secret\" of Tenfold Fund: How can fund investors truly make money?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194494092","media":" 兴证全球基金","summary":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师","content":"<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>","source":"lsy1619314504794","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 \"secret\" of Tenfold Fund: How can fund investors truly make money?</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 \"secret\" of Tenfold Fund: How can fund investors truly make money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 兴证全球基金</strong><span class=\"h-time small\">2021-07-24 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA\"> 兴证全球基金</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/yZkwS_Je07rH8a47gyUlEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194494092","content_text":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师彼得·林奇在其自传《One Up On Wall Street》中提及的词汇。\n大概意思是指企业经过长期发展，在营收与利润增长的支持下，股价能够上涨10倍的股票。\n彼得·林奇在自传中曾写道：寻找十倍股最佳的方式就是从身边找起，在那里找不到，就去购物中心里去找，而他早期与十倍股结缘，也正是从“身边”开始的。\n彼得·林奇有一次发现自己的三个女儿都在使用来自一家名叫美体小铺（The body Shop）公司的化妆品。The body Shop 虽然是一个美妆品牌，但它在欧美地区的大多数连锁店，都是开在街角等较为显眼的地方，而不仅仅是在商场里。\n彼得·林奇研究发现，这家公司的产品相对标准化，价格亲民，客户覆盖的年龄段相当宽泛。通过增加特许连锁店的方式进行扩张，而且一开始就进行跨国经营，市场扩张能力很强。\n彼得·林奇把握住了这一机会，The body Shop 在英国上市后，股价节节攀升，最终成为名副其实的Tenbagger（十倍股）。\n公募基金市场中的Tenbagger\nTenbagger后来也被延用到了基金圈，意指基金净值较发行时增长十倍及以上的基金，截至到2021年6月25日，国内公募基金共有56只十倍基。（数据来源：银河证券，截至2021/6/25）\n这些基金都经历过怎样的市场，又都有什么共同的特点呢？\n出生——大部分生于2006年及之前\n在56只基金中，除了2只基金，其余54只基金均成立于2006年及之前，经历过2006年-2007年的大牛市，也经历过2008年市场下跌，历经数度牛熊转换，截至2021年6月25日，平均成立时间16.6年。（数据来源：银河证券，截至2021/6/25）\n可见，好的投资，确实需要时间的见证。\n十倍基成立时间及对应指数点位\n\n数据来源：银河证券，截至2021/6/25，柱状图代表在当年成立的十倍基数量，折线图代表沪指，左侧轴为相对应指数点位，右侧为基金成立数量。历史业绩不代表未来，基金投资需谨慎。\n成长——不总是“班上”前几名\n在十倍基的成长过程中，我们发现，它们很少能连续在单一年度业绩排在同类前几名，其中重要的原因之一是，这些基金较少会追求短期热点而放弃长期坚持的投资策略和风格。\n在56只十倍基中，仅有7只基金曾获得过同类别冠军（2007年-2020年），有13只基金未进入过单一年度同类前10，鲜有基金能连续两年排进同类前10。（数据来源：银河证券，截至2021/6/25）\n我们罗列了排在前几位的十倍基每年的“成绩单”，这些基金在短期内无法总在前1/4，但在时间的作用下价值凸显。\n部分十倍基“成绩单”\n\n数据来源：银河证券，截至2021/6/25。历史业绩不代表未来，基金投资需谨慎。\n成人——解决“难题”是必修课\nA股市场牛短熊长，十倍基往往都经历过数个熊市，而难题也是它们的必修课。\n我们选取了A股市场中几个较为典型的单边下行市场，十倍基在这些市场中的平均跌幅均低于上证指数及偏股基金指数。\n十倍基单边下行市场表现情况\n\n数据来源：wind，银河证券，截至2021/6/25\n尽管这是一种“上帝视角”的探究方式，但这些基金在单边下行市场中的表现，还是给了我们一定的启发。\n其中很重要的一条是，“先求不败，再求胜”，而老练的投资者熟知，下跌50%，需要约100%的涨幅才能回到原点。\n不仅如此，在十倍基的定期报告中我们发现，在市场较热时期，大部分的十倍基金对市场都有一定的防守倾向，2007年一季报中，上述基金中多只基金的报告中提到“提高组合防御性”；2015年部分十倍基金报告中提及“降低持股集中度”等。\n所以，十倍基不仅仅是靠着“容易”市场中的上涨，还靠着在面对难“试卷”的时候，也不会表现得太差。\n成功 —— “家世”与“贵人”的加成\n探究十倍基，基金公司及基金经理扮演着重要的角色。\n十倍基的家世，多数都拥有扎实的投研实力，这是支撑基金长期业绩优异的基础之一。\n从基金经理来看，好的基金经理可谓是十倍基的“贵人”。\n华宝证券曾制作基金经理四象限图，刻画基金经理的行业配置及投资理念。\n整体来看，十倍基基金经理在左侧象限较多，即行业分散或集中、行业少切换。行业均衡分散+行业少切换可以尽可能控制组合的风险；行业集中配置+行业少切换的基金经理通常较为坚定看好某一优质赛道并长期持有。\n\n资料来源：华宝证券\n当然，在选择十倍基的时候，也要注意分析现任基金经理的在管时间和相关业绩表现，选择更符合自己风险收益偏好的产品。\n谁在守护“十倍基”？\n实际上，一只基金经历的成长、成人以及过程中的“困难时期”，持有人也一样会经历，而能陪伴基金一年者甚多，但十年者甚少。\n长期投资的理念是要做时间的朋友，‘我能想到最浪漫的事就是和你一起慢慢变老’。\n——李先生 持有基金17年\n最长期的基金投资不止10年，最开始是用小孩的压岁钱买的。相信投资的长期力量，会一直坚持。\n——韩女士 持有基金13年\n我有可能是唯一一个从发行到现在只买不卖的人。\n—— “寻找趋势百万持有人”活动留言\n只有经过时间的积累和努力才有收获质变的可能，一起成长，共同前行。\n—— 讨论区基民\n投资人记事曾做过相关研究，从基金定期报告中，找到十倍基的持有者，他们的特点是，敢于在市场恐慌的时候买入，并比多数投资者更有耐心，有人说，也许他“遗忘”了自己的持仓，但这种“遗忘”，也从另一个侧面成为了十倍基的坚定守护者。\n最后，合理的预期是投资和陪伴的前提。投资之路，既要比拼实力，也要比拼耐力，如果是一只优质的基金，不妨多给它一些时间，让价值沉淀。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142881061,"gmtCreate":1626140877653,"gmtModify":1703754124667,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142881061","repostId":"1199045893","repostType":4,"repost":{"id":"1199045893","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":1626139221,"share":"https://ttm.financial/m/news/1199045893?lang=en_US&edition=fundamental","pubTime":"2021-07-13 09:20","market":"hk","language":"zh","title":"Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.","url":"https://stock-news.laohu8.com/highlight/detail?id=1199045893","media":"老虎资讯综合","summary":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867","content":"<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, at 27,694.03. The state-owned enterprises index opened 49.98 points higher, or 0.5%, at 9995.71. The red-chip index opened 18.1 points higher, or 0.47%, at 3867.61.</p><p>The Hang Seng Tech Index rose 0.54%, with major tech stocks rebounding.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>Both rose by more than 1%;</p><p>Hong Kong-listed mobile game stocks led the gains.<a href=\"https://laohu8.com/S/02660\">Zenyou Technology</a>Up 3.36%<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%<a href=\"https://laohu8.com/S/00302\">CMGE</a>Up 0.52%;</p><p>New Shares<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>On its first day of trading, the stock price fell below its issue price, opening down 8.8% at HK$1.59 per share.</p><p>New Shares<a href=\"https://laohu8.com/S/02137\">Tengsheng Biopharma-B</a>On its first day of trading, the stock price fell below its issue price, opening nearly 4% lower at HK$22.25 per share.</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>The company opened 5.75% higher and expects a profit attributable to owners of no less than RMB 1.15 billion in the first half of the year;</p><p><a href=\"https://laohu8.com/S/09969\">Innovent Biologics-B</a>The stock opened more than 4% higher, reaching a new high. Bojian reached a licensing and cooperation agreement with Bojian for orlabrutinib.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.</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\">\nOpening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.\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\">2021-07-13 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, at 27,694.03. The state-owned enterprises index opened 49.98 points higher, or 0.5%, at 9995.71. The red-chip index opened 18.1 points higher, or 0.47%, at 3867.61.</p><p>The Hang Seng Tech Index rose 0.54%, with major tech stocks rebounding.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>Both rose by more than 1%;</p><p>Hong Kong-listed mobile game stocks led the gains.<a href=\"https://laohu8.com/S/02660\">Zenyou Technology</a>Up 3.36%<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%<a href=\"https://laohu8.com/S/00302\">CMGE</a>Up 0.52%;</p><p>New Shares<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>On its first day of trading, the stock price fell below its issue price, opening down 8.8% at HK$1.59 per share.</p><p>New Shares<a href=\"https://laohu8.com/S/02137\">Tengsheng Biopharma-B</a>On its first day of trading, the stock price fell below its issue price, opening nearly 4% lower at HK$22.25 per share.</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>The company opened 5.75% higher and expects a profit attributable to owners of no less than RMB 1.15 billion in the first half of the year;</p><p><a href=\"https://laohu8.com/S/09969\">Innovent Biologics-B</a>The stock opened more than 4% higher, reaching a new high. Bojian reached a licensing and cooperation agreement with Bojian for orlabrutinib.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF南方","HSI":"恒生指数","HSCCI":"红筹指数","HSCEI":"国企指数","HSTECH":"恒生科技指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199045893","content_text":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867.61点。\n恒生科技指数涨0.54%，大型科技股反弹，腾讯控股、阿里巴巴、百度集团-SW、京东集团-SW均涨逾1%；\n港股手游股涨幅居前，禅游科技涨3.36%，网易-S涨2.13%，中手游涨0.52%；\n新股华南职业教育上市首日破发，开跌8.8%，发行价为1.59港元/股；\n新股腾盛博药-B上市首日破发，开跌近4%，发行价22.25港元/股；\n新特能源高开5.75% 预期上半年拥有人应占利润不少于11.5亿元；\n诺诚健华-B高开超4%创新高 与渤健就奥布替尼达成许可及合作协议。","news_type":1,"symbols_score_info":{"513600":0.9,"02833":0.9,"HSImain":0.9,"HSI":0.9,"HSCCI":0.9,"MHImain":0.9,"MCHmain":0.9,"HHImain":0.9,"HSTECH":0.9,"HSCEI":0.9}},"isVote":1,"tweetType":1,"viewCount":6103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165144521,"gmtCreate":1624111165663,"gmtModify":1703828953966,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165144521","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890000991,"gmtCreate":1628063851613,"gmtModify":1703500517809,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890000991","repostId":"1122959528","repostType":4,"isVote":1,"tweetType":1,"viewCount":5613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807777579,"gmtCreate":1628063822191,"gmtModify":1703500516827,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807777579","repostId":"1138324245","repostType":4,"isVote":1,"tweetType":1,"viewCount":5379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802711732,"gmtCreate":1627806105926,"gmtModify":1703496144165,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802711732","repostId":"1118959005","repostType":4,"isVote":1,"tweetType":1,"viewCount":5047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802362760,"gmtCreate":1627719849950,"gmtModify":1703495203781,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585711731655298","authorIdStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802362760","repostId":"1165085669","repostType":4,"isVote":1,"tweetType":1,"viewCount":6145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}