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2021-07-02

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Microsoft's $16 billion acquisition of Nuance has been granted US antitrust clearance

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Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/835014599","repostId":"2161574009","repostType":4,"repost":{"id":"2161574009","kind":"highlight","pubTimestamp":1629678660,"share":"https://ttm.financial/m/news/2161574009?lang=en_US&edition=fundamental","pubTime":"2021-08-23 08:31","market":"hk","language":"zh","title":"International commodities collectively dive, can cyclical stocks still hold it?","url":"https://stock-news.laohu8.com/highlight/detail?id=2161574009","media":"上海证券报","summary":"8月的第三周，作为经济景气度风向标的大宗商品均大幅下跌。衡量一揽子大宗商品价格的路透CRB商品指数周跌幅超4%。　　从国内来看，保供稳价政策调控仍在持续进行，大宗商品价格仍有持续降温的可能性。　　受益于大宗商品牛市，今年以来，A股周期性板块站在了领涨的前排。　　随着大宗商品走势愈发不明朗，机构对下半年周期股走势存在分歧。需求方面，由于全球疫情的持续性仍不明朗，长期来看，对大宗商品的需求增长持谨慎态度。","content":"<p>In the third week of August, commodities, which are the vane of economic prosperity, all fell sharply. As of the close of August 20th, local time, NYMEX crude oil dropped 9.61% weekly, and LME copper dropped more than 5.4% weekly. The Reuters CRB commodity index, which measures the price of a basket of commodities, fell more than 4% weekly.</p><p>On the news side, the economic data of various countries is poor, and there is no sign of improvement in overseas epidemic prevention and control, so the market's expectation for the global economic slowdown is heating up.</p><p>According to the data released by the U.S. Department of Commerce on August 17th, epidemic concerns have suppressed economic activity and the effect of fiscal stimulus has gradually weakened. In July, U.S. retail sales fell by 1.1% month-on-month, which exceeded the consensus market expectation. Personal consumption spending accounts for about 70% of the U.S. economy, and the data is closely watched by the market as a measure of the health of the overall economy.</p><p>At the same time, the Federal Reserve also released a signal to slow down the pace of bond purchases. According to the minutes of last month's policy meeting released in the early morning of August 19th, Beijing time, most policymakers at the meeting believe that it may be appropriate to slow down the pace of bond purchases this year if the economic recovery meets expectations.</p><p>However, there are some differences between the policymakers of the Federal Reserve on the direction of monetary policy. Some officials believe that the epidemic continues to ferment and may inhibit economic growth, and inflation may fall back into a downward trend. They are afraid that they will change their stance on monetary policy.</p><p>Gu Fengda, head of Guoxin Futures Research and Consulting Department, told shanghai securities news that considering the lag in the release of the minutes of the Federal Reserve meeting, after the July meeting, many economic data in major regions around the world showed that the economic recovery progress was not optimistic, so the Federal Reserve may not announce the reduction of bond purchases in September. This market adjustment should be a phased adjustment, not a comprehensive systemic risk.</p><p>Gu Fengda said that it is expected that the overall bull market of asset prices will be unsustainable in the second half of the year, and the trend of commodities will be differentiated. Among them, the materials related to new energy in non-ferrous metals will show a strong supply and demand structure different from other varieties, especially copper, aluminum, nickel, cobalt and lithium. Their supply increment is limited, their demand potential is good, their domestic and foreign inventories are extremely low, and their growth and resource scarcity are strong.</p><p><b>From a domestic perspective, the policy regulation of ensuring supply and stabilizing prices is still ongoing, and commodity prices are still likely to continue to cool down.</b></p><p>The person in charge of the Material Reserve Department of the State Grain and Material Reserve Administration said on August 19th that according to the deployment of the executive meeting of the State Council on ensuring the supply and price stability of bulk commodities, a total of 270,000 tons of copper, aluminum and zinc in the national reserve were put into two batches on July 5th and 29th, and all sectors of society responded well. At present, the prices of copper, aluminum and zinc are still at a high level, and the production and operation of some downstream small and medium-sized enterprises are still difficult. In the next step, we will continue to put in the national reserves of copper, aluminum and zinc, and continue to do a good job in ensuring the supply and price stability of bulk commodities.</p><p>Benefiting from the bull market of commodities, the A-share cyclical sector has stood in the front row leading the gains since the beginning of this year. According to Wind's statistics, as of the close of August 20th, the cumulative increases of steel, non-ferrous metals and mining in nearly 120 trading days were 37%, 30% and 26% respectively, ranking first, third and fourth among 28 industries.</p><p>As the trend of commodities becomes increasingly uncertain, institutions are divided on the trend of cyclical stocks in the second half of the year.</p><p><a href=\"https://laohu8.com/S/000783\">Changjiang Securities</a>It is believed that the biggest driving force of cyclical stocks in the third quarter comes from the tight supply and demand pattern. Similar to 2017, this round of economy is affected by the \"double carbon\" factor, and there are rigid constraints on the supply side. Most cyclical inventories are at low levels. In the first half of the year, the economic prosperity was good, the demand side still exerted its strength, and it was difficult for commodity prices to fall rapidly.</p><p><a href=\"https://laohu8.com/S/600909\">Huaan Securities</a>It is believed that after the general rise of current cyclical stocks in the early stage, the fastest stage of resonant rise of commodities and stock prices has passed. In the future, two kinds of structural opportunities will be focused more: first, high prosperity sectors, such as coal and chemicals; Second, opportunities brought by industrial upgrading, such as high-end manufacturing, traditional processing enterprises driven by new energy vehicles, and energy metal opportunities brought by emerging industries.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>It is believed that the supply of many commodities is not a problem of capacity bottleneck, but a problem of capacity release. On the demand side, as the persistence of the global pandemic remains uncertain, we are cautious about the growth in demand for commodities in the long run. It is expected that crude oil supply will fill the gap in the second half of the year, and oil prices will peak in the third quarter and fall back in the fourth quarter. In terms of ferrous metals, it is expected that the steel market will maintain a weak supply and demand pattern in the second half of the year. However, non-ferrous metals are relatively resistant, and their supply still has bottlenecks, while the demand growth has significantly benefited from new energy, wind power, photovoltaic and other fields.</p>","source":"eastmoney_highlight","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>International commodities collectively dive, can cyclical stocks still hold it?</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\">\nInternational commodities collectively dive, can cyclical stocks still hold it?\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\">2021-08-23 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the third week of August, commodities, which are the vane of economic prosperity, all fell sharply. As of the close of August 20th, local time, NYMEX crude oil dropped 9.61% weekly, and LME copper dropped more than 5.4% weekly. The Reuters CRB commodity index, which measures the price of a basket of commodities, fell more than 4% weekly.</p><p>On the news side, the economic data of various countries is poor, and there is no sign of improvement in overseas epidemic prevention and control, so the market's expectation for the global economic slowdown is heating up.</p><p>According to the data released by the U.S. Department of Commerce on August 17th, epidemic concerns have suppressed economic activity and the effect of fiscal stimulus has gradually weakened. In July, U.S. retail sales fell by 1.1% month-on-month, which exceeded the consensus market expectation. Personal consumption spending accounts for about 70% of the U.S. economy, and the data is closely watched by the market as a measure of the health of the overall economy.</p><p>At the same time, the Federal Reserve also released a signal to slow down the pace of bond purchases. According to the minutes of last month's policy meeting released in the early morning of August 19th, Beijing time, most policymakers at the meeting believe that it may be appropriate to slow down the pace of bond purchases this year if the economic recovery meets expectations.</p><p>However, there are some differences between the policymakers of the Federal Reserve on the direction of monetary policy. Some officials believe that the epidemic continues to ferment and may inhibit economic growth, and inflation may fall back into a downward trend. They are afraid that they will change their stance on monetary policy.</p><p>Gu Fengda, head of Guoxin Futures Research and Consulting Department, told shanghai securities news that considering the lag in the release of the minutes of the Federal Reserve meeting, after the July meeting, many economic data in major regions around the world showed that the economic recovery progress was not optimistic, so the Federal Reserve may not announce the reduction of bond purchases in September. This market adjustment should be a phased adjustment, not a comprehensive systemic risk.</p><p>Gu Fengda said that it is expected that the overall bull market of asset prices will be unsustainable in the second half of the year, and the trend of commodities will be differentiated. Among them, the materials related to new energy in non-ferrous metals will show a strong supply and demand structure different from other varieties, especially copper, aluminum, nickel, cobalt and lithium. Their supply increment is limited, their demand potential is good, their domestic and foreign inventories are extremely low, and their growth and resource scarcity are strong.</p><p><b>From a domestic perspective, the policy regulation of ensuring supply and stabilizing prices is still ongoing, and commodity prices are still likely to continue to cool down.</b></p><p>The person in charge of the Material Reserve Department of the State Grain and Material Reserve Administration said on August 19th that according to the deployment of the executive meeting of the State Council on ensuring the supply and price stability of bulk commodities, a total of 270,000 tons of copper, aluminum and zinc in the national reserve were put into two batches on July 5th and 29th, and all sectors of society responded well. At present, the prices of copper, aluminum and zinc are still at a high level, and the production and operation of some downstream small and medium-sized enterprises are still difficult. In the next step, we will continue to put in the national reserves of copper, aluminum and zinc, and continue to do a good job in ensuring the supply and price stability of bulk commodities.</p><p>Benefiting from the bull market of commodities, the A-share cyclical sector has stood in the front row leading the gains since the beginning of this year. According to Wind's statistics, as of the close of August 20th, the cumulative increases of steel, non-ferrous metals and mining in nearly 120 trading days were 37%, 30% and 26% respectively, ranking first, third and fourth among 28 industries.</p><p>As the trend of commodities becomes increasingly uncertain, institutions are divided on the trend of cyclical stocks in the second half of the year.</p><p><a href=\"https://laohu8.com/S/000783\">Changjiang Securities</a>It is believed that the biggest driving force of cyclical stocks in the third quarter comes from the tight supply and demand pattern. Similar to 2017, this round of economy is affected by the \"double carbon\" factor, and there are rigid constraints on the supply side. Most cyclical inventories are at low levels. In the first half of the year, the economic prosperity was good, the demand side still exerted its strength, and it was difficult for commodity prices to fall rapidly.</p><p><a href=\"https://laohu8.com/S/600909\">Huaan Securities</a>It is believed that after the general rise of current cyclical stocks in the early stage, the fastest stage of resonant rise of commodities and stock prices has passed. In the future, two kinds of structural opportunities will be focused more: first, high prosperity sectors, such as coal and chemicals; Second, opportunities brought by industrial upgrading, such as high-end manufacturing, traditional processing enterprises driven by new energy vehicles, and energy metal opportunities brought by emerging industries.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>It is believed that the supply of many commodities is not a problem of capacity bottleneck, but a problem of capacity release. On the demand side, as the persistence of the global pandemic remains uncertain, we are cautious about the growth in demand for commodities in the long run. It is expected that crude oil supply will fill the gap in the second half of the year, and oil prices will peak in the third quarter and fall back in the fourth quarter. In terms of ferrous metals, it is expected that the steel market will maintain a weak supply and demand pattern in the second half of the year. However, non-ferrous metals are relatively resistant, and their supply still has bottlenecks, while the demand growth has significantly benefited from new energy, wind power, photovoltaic and other fields.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.eastmoney.com/a/202108232058112943_0.html\">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/8d066887061d8f7edb4bf082e7c85da3","relate_stocks":{"161715":"大宗商品","000979.SH":"大宗商品"},"source_url":"http://finance.eastmoney.com/a/202108232058112943_0.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161574009","content_text":"8月的第三周，作为经济景气度风向标的大宗商品均大幅下跌。截至当地时间8月20日收盘，NYMEX原油周跌幅达到9.61%，LME铜周跌幅超过5.4%。衡量一揽子大宗商品价格的路透CRB商品指数周跌幅超4%。\n消息面上，各国经济数据不佳，加上海外疫情防控仍未有好转迹象，市场对于全球经济放缓的预期升温。\n美国商务部8月17日公布的数据显示，疫情担忧抑制了经济活动，财政刺激效果逐渐减弱，7月美国零售销售额环比下降1.1%，降幅超过市场普遍预期。个人消费支出占美国经济总量约70%，该数据作为衡量整体经济健康状况的指标受到市场密切关注。\n与此同时，美联储还释放了放慢购债步伐的信号。北京时间8月19日凌晨发布的上月政策会议记录显示，多数与会决策者认为，若经济复苏符合预期，今年开始放慢购债步伐可能是适合的。\n但美联储决策层对于货币政策方向存在着一些分歧。部分官员认为，疫情持续发酵并可能抑制经济增长，通胀可能会重新陷入下行趋势，他们恐怕会改变对货币政策的立场。\n国信期货研究咨询部主管顾冯达对上海证券报记者表示，考虑到美联储会议纪要公布具有滞后性，在7月会议之后，全球主要地区不少经济数据显示经济复苏进展并不乐观，因而美联储未必会在9月宣布缩减购债。此次市场调整应该是阶段性调整，而非全面系统性风险。\n顾冯达表示，预计下半年资产价格全面牛市难以持续，而商品走势将分化。其中，有色金属中与新能源相关的材料将呈现不同于其他品种的强势供需结构，尤其是铜铝镍钴锂等品种，它们的供应增量有限、需求潜力向好、国内外库存极低，其成长性和资源稀缺性较强。\n从国内来看，保供稳价政策调控仍在持续进行，大宗商品价格仍有持续降温的可能性。\n国家粮食和物资储备局物储司负责人8月19日表示，按照国务院常务会议关于做好大宗商品保供稳价工作部署，7月5日、29日分两批次投放国家储备铜铝锌共计27万吨，社会各界反应良好。目前，铜铝锌等价格仍处于高位，部分下游中小企业生产经营仍较困难。下一步，还将继续投放国家储备铜铝锌，持续做好大宗商品的保供稳价工作。\n受益于大宗商品牛市，今年以来，A股周期性板块站在了领涨的前排。据万得统计，截至8月20日收盘，钢铁、有色金属、采掘近120个交易日的累计涨幅分别为37%、30%、26%，位列28个行业的板块的第一、第三、第四。\n随着大宗商品走势愈发不明朗，机构对下半年周期股走势存在分歧。\n长江证券认为，三季度周期股的最大动力来自于供需格局偏紧，同2017年相仿，本轮经济受“双碳”因素影响，供给端存在刚性约束。多数周期品库存处于低位。而上半年经济景气度较好，需求端仍有发力，商品价格难以迅速回落。\n华安证券认为，当前周期股经过前期普涨，大宗商品和股价共振上涨的最快速阶段已过，未来更聚焦两类结构性机会：一是高景气度板块，如煤炭和化工；二是产业升级带来的机会，如高端制造业、新能源车带动的传统加工企业，以及新兴产业带来能源金属机会。\n中金公司认为，许多大宗商品的供应并非产能瓶颈问题，而是产能释放的问题。需求方面，由于全球疫情的持续性仍不明朗，长期来看，对大宗商品的需求增长持谨慎态度。预计下半年原油供应将填补缺口，油价将在三季度见顶、四季度回落。黑色金属方面，预计下半年钢材市场维持供需两弱的格局。而有色金属相对抗跌，其供应仍存瓶颈，而需求增长显著受益于新能源、风电、光伏等领域。","news_type":1,"symbols_score_info":{"161715":0.9,"000979.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835018733,"gmtCreate":1629680844722,"gmtModify":1676530094809,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/835018733","repostId":"2161740015","repostType":4,"isVote":1,"tweetType":1,"viewCount":2922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835011359,"gmtCreate":1629680818171,"gmtModify":1676530094778,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/835011359","repostId":"2161740015","repostType":4,"repost":{"id":"2161740015","kind":"highlight","pubTimestamp":1629679840,"share":"https://ttm.financial/m/news/2161740015?lang=en_US&edition=fundamental","pubTime":"2021-08-23 08:50","market":"sh","language":"zh","title":"LPR 16 consecutive months of \"immobile\" loan real interest rate downside has room","url":"https://stock-news.laohu8.com/highlight/detail?id=2161740015","media":"经济参考报","summary":"8月LPR报价与7月持平，这也是自去年5月以来，LPR连续16个月保持不变。不过，业内人士表示，贷款实际利率还有进一步下行空间。中国民生银行首席研究员温彬表示，LPR报价由MLF利率和银行点差两部分构成。展望未来，尽管本月LPR报价未发生调整，但多数业内人士表示，贷款实际利率还有进一步下行空间，实体经济融资成本将稳中有降。王青判断企业贷款利率还有进一步下行空间。","content":"<p><div>The People's Bank of China authorized the National Interbank Funding Center to announce that the market quoted interest rate (LPR) for loans on August 20, 2021 was: 3.85% for 1-year LPR and 4.65% for LPR over 5 years. The August LPR quote was unchanged from July, which is also the 16th consecutive month that LPR has remained unchanged since May last year. However, industry insiders said that there is further downside in the real interest rate of loans. Wen Bin, chief researcher of China Minsheng Bank, said that the LPR quote consists of two parts: MLF interest rate and bank spread. On August 16th this year, the central bank shrank and renewed the expired MLF (...</p><p><a href=\"https://finance.huanqiu.com/article/44T2SXSJSdW\">Web link</a></div></p>","source":"highlight_huanqiu","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>LPR 16 consecutive months of \"immobile\" loan real interest rate downside has room</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\">\nLPR 16 consecutive months of \"immobile\" loan real interest rate downside has room\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">经济参考报</strong><span class=\"h-time small\">2021-08-23 08:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>The People's Bank of China authorized the National Interbank Funding Center to announce that the market quoted interest rate (LPR) for loans on August 20, 2021 was: 3.85% for 1-year LPR and 4.65% for LPR over 5 years. The August LPR quote was unchanged from July, which is also the 16th consecutive month that LPR has remained unchanged since May last year. However, industry insiders said that there is further downside in the real interest rate of loans. Wen Bin, chief researcher of China Minsheng Bank, said that the LPR quote consists of two parts: MLF interest rate and bank spread. On August 16th this year, the central bank shrank and renewed the expired MLF (...</p><p><a href=\"https://finance.huanqiu.com/article/44T2SXSJSdW\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.huanqiu.com/article/44T2SXSJSdW\">经济参考报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0f0a9ed39cda4effa668effe35572e5c","relate_stocks":{},"source_url":"https://finance.huanqiu.com/article/44T2SXSJSdW","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161740015","content_text":"中国人民银行授权全国银行间同业拆借中心公布，2021年8月20日贷款市场报价利率（LPR）为：1年期LPR为3.85%，5年期以上LPR为4.65%。8月LPR报价与7月持平，这也是自去年5月以来，LPR连续16个月保持不变。不过，业内人士表示，贷款实际利率还有进一步下行空间。\n中国民生银行首席研究员温彬表示，LPR报价由MLF利率和银行点差两部分构成。今年8月16日，央行缩量续做到期的MLF（中期借贷便利），利率维持在2.95%的水平，预示着LPR大概率保持不变。另外，虽然7月15日降准释放长期资金，有利于降低银行负债成本，但银行负债整体压力仍然较大，尚不足以驱动银行点差部分压降。\n“全面降准对降低银行负债端资金成本有一定作用，但截至目前，其下降幅度尚不足以促使报价行下调LPR报价0.05个百分点（0.05个百分点为LPR报价最小调整步长）。这是7月15日全面降准落地后，LPR报价连续两个月维持原有水平的一个直接原因。”东方金诚首席宏观分析师王青说。\n展望未来，尽管本月LPR报价未发生调整，但多数业内人士表示，贷款实际利率还有进一步下行空间，实体经济融资成本将稳中有降。\n光大证券固定收益首席分析师张旭表示，前期一系列压降银行负债成本的政策给降低贷款实际利率提供了空间。“比如，存款利率自律上限确定方式改为在存款基准利率上加点确定，并于6月21日正式实施；结构性存款规模持续压降，全国性银行6月末余额为6.04万亿元，已较去年同期大幅压降44.2%等。”他说。\n王青判断企业贷款利率还有进一步下行空间。他说，降准效应下，近期包括DR007、10年期国债收益率、1年期商业银行（AAA级）同业存单到期收益率等关键市场利率出现不同幅度下行，在前期监管层着力打破利率双轨制的背景下，三季度企业贷款利率也会在一定程度上随之下行，政策红利会进一步向企业融资成本传导。\n温彬表示，下一阶段，要做好宏观政策的跨周期调节，积极的财政政策将持续发力，财政支出进度加快，有助于改善市场流动性。货币政策将在稳健基础上，通过多种货币政策工具组合保持流动性合理充裕，预计政策利率短期内保持稳定，将继续释放LPR改革潜力，降低银行负债成本，引导金融机构降低实际贷款利率，促进实体经济融资成本稳中有降。","news_type":1,"symbols_score_info":{"TNmain":0.9,"ZBmain":0.9,"ZTmain":0.9,"ZFmain":0.9,"UBmain":0.9,"ZNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156010626,"gmtCreate":1625185688866,"gmtModify":1703737829406,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156010626","repostId":"2148225838","repostType":4,"isVote":1,"tweetType":1,"viewCount":2461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151034389,"gmtCreate":1625056864541,"gmtModify":1703734989575,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"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/151034389","repostId":"1124821132","repostType":4,"isVote":1,"tweetType":1,"viewCount":2202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159837189,"gmtCreate":1624954929741,"gmtModify":1703848748063,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"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/159837189","repostId":"1138372330","repostType":4,"repost":{"id":"1138372330","kind":"news","pubTimestamp":1624953281,"share":"https://ttm.financial/m/news/1138372330?lang=en_US&edition=fundamental","pubTime":"2021-06-29 15:54","market":"us","language":"zh","title":"Next for Netflix: Becoming Disney?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138372330","media":"极客公园","summary":"面对大举反攻的影视巨头，Netflix 虽然已经开始赚钱，但这远远不够。\nNetflix 开始学习迪士尼了。\n就在爱优腾还在和短视频行业较劲的当口，早已盈利的 Netflix 推出了 Netflix ","content":"<p>Although Netflix has begun to make money in the face of a massive counterattack by film and television giants, it is far from enough.</p><p>Netflix Starts Learning<a href=\"https://laohu8.com/S/DIS\">Disney</a>Yeah.</p><p>Just as Aiyouteng was still competing with the short video industry, Netflix, which had already made a profit, launched Netflix Shop and entered the e-commerce field for the first time.</p><p>Netflix Shop currently has a limited number of items on sale, but 18. Among them are up to $135<a href=\"https://laohu8.com/S/300024\">Robot</a>Alarm clocks, and T-shirts for $30, but mainly clothes that cost between $30 and $80. In the future, Netflix will also launch series of merchandise such as Stranger Things and Demon Hunter.</p><p><b>What these merchandise have in common is-they are all peripherals of Netflix's IP.</b></p><p>It's hard not to think of Disney, the top player in the IP licensing market. According to data from the International Licensing Industry Association (LIMA), global sales of licensed goods in 2019 were $292.8 billion. No. 1 Disney accounted for $54.7 billion, which is double Netflix's full-year revenue in 2020.</p><p>Apparently, Netflix is targeting the IP licensing cake. Behind this is Netflix's hidden worries and ambitions.</p><p><b>Netflix's Hidden Worries</b></p><p>2020 was pretty much the best year since Netflix was born. Because of the pandemic staying home, many people's entertainment activities have turned online. Netflix also grew 37 million paying subscribers as a result, breaking the company's growth record, and recording a historic 200 million total paying subscribers. Correspondingly, full-year profits rose 76%.</p><p>The company, which was in the DVD rental business when it was founded, turned to streaming in time at the end of the Golden Age of television. Since then, it has achieved more than double-digit growth in paying users every year.</p><p><b>As a $230 billion company, Netflix's business model is extremely simple — producing premium content that attracts consumers to pay for subscriptions.</b>In 2019, Netflix generated 98.52% of its revenue from membership fees. Analogy to domestic long video platforms<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>Membership fees only account for about 50% of its total revenue, and other revenue mainly comes from online advertising and content distribution. Arguably, Netflix's revenue growth depends entirely on the growth of subscribers.<b>The flip side of this phrase is that once paying subscribers can't continue to grow, Netflix's business model will be in crisis.</b></p><p>Netflix, the pioneer of streaming platforms and the largest subscriber base, may hit the subscriber ceiling earlier. Streaming platforms are essentially robbing subscribers of pay TV. Take the U.S. pay TV market as an example. After reaching a peak of 101 million paying subscribers in 2011, it has declined year by year. At present, Netflix has about 67 million U.S. subscribers, which means that more than half of potential subscribers have already paid for Netflix. As recently as the first quarter of 2021, Netflix added just 4 million new subscribers, missing estimates of 6 million, and Netflix's stock price dropped 11% in response.</p><p>A poor quarter of performance is not a serious problem for Netflix, and what really hurts is that Netflix's market share may be being eaten away by its competitors.</p><p>In order to cope with the revenue pressure caused by the slowdown of subscriber growth, Netflix's membership fee has increased five times. The most recent occurred in October 2020, when the base package remained unchanged at $8.99, and the standard and base packages increased by $1 and $2 respectively to $13.99 and $17.99.</p><p>This price is not much different from Netflix's main competitors for more than a decade, HBO NOW ($14.99 ad-free) and HULU ($11.99 ad-free), but it is not much different from Disney,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>These new generation of ambitious entrants have little advantage. Disney + costs just $7.99 a month, and Apple TV + costs even less at just $4.99.</p><p>The past year was almost the Warring States Era of global streaming media, with giants Disney, Apple and Paramount entering the market one after another.</p><p>Reed Hastings, the founder of Netflix, responded at the first-quarter earnings analysis conference: \"Obviously, new competition has always existed. But when we look at the past data, the company has been growing because we are also very confident.\"</p><p>Founders' confidence is one aspect, but the giants' cannibalization of Netflix is also real. The market share of Netflix's original shows fell to 50% in 2020 from 56% at the beginning of the year.</p><p><img src=\"https://static.tigerbbs.com/e3168aceb52ba01af09cfda9ca74654a\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Global Original Programming Market Share. Data Source : Parrot Analytics. Image credit:<a href=\"https://laohu8.com/S/NYT\">The New York Times</a></p><p>Behind this, is Netflix's content loss. Because of the launch of Disney +, Netflix removed a series of Disney IP content. And HBO, also got back the copyrights of Friends, The Big Bang Theory, Studio Ghibli and other works. Similarly, the old sitcom The Office was taken back by NBC.</p><p>Netflix's self-produced shows account for only 30% of the total time watched by subscribers, and the rest comes from external rights. According to China Business News, the top three Netflix titles in 2018 were The Office, Friends and Grey's Anatomy. New content may be the key to driving user growth, but for old audiences, they are more inclined to choose works they are familiar with.</p><p>Netflix, which has been working on original content, withdrew most of its production plans because of the pandemic. Currently, Netflix doesn't have any major comeback series.</p><p>Netflix's model is somewhat like a one-time deal. After watching the episode, the user no longer has contact with the show. Netflix's \"Stranger Things\" and \"House of Cards\" have huge die-hard fans, but a single subscription payment model can't fully tap the value of these IPs. This creates a strange phenomenon: fans holding bills and shouting \"Shut up and take my money\" on one side, and officials \"indifferent\" on the other.</p><p><img src=\"https://static.tigerbbs.com/e8ff18c69d2bd4df4d5c3788a0149e63\" tg-width=\"399\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Credit: memegenetator</p><p>Last year, Netflix's self-produced documentary Tiger King was watched by 34.3 million people within 10 days of its launch, making it Netflix's most successful series. A large number of \"Tiger King\" peripherals immediately appeared on the e-commerce brand Esty. But none of them are knockoffs.</p><p>Search for \"Tiger King\" on Esty and there are still 8195 results. Credit: Esty</p><p>It is not difficult to understand why Netflix is launching an online mall. On Netflix's official blog, Josh Simon, head of Netflix Shop and vice president of consumer goods, wrote: \"<b>We love seeing good stories go beyond screens and become part of people's lives.</b>」「<b>We are constantly thinking about how we can expand our story world for fans, from costumes and toys to immersive events and games.</b>That's why today we launch Netflix.shop as an exciting new destination that combines curated products and rich stories in a unique Netflix shopping experience. \"</p><p>This says one thing between the lines:<b>We want to be Disney!</b></p><p><b>Disney Magic</b></p><p>In 1929, a man approached Walter Disney at the hotel, offered $300 and asked for Mickey Mouse to be printed on his writing desk. The $300 became Disney's first \"franchise\" revenue. Nearly a hundred years later, that $300 became $54.7 billion in big business.</p><p>Flip through Disney's IP list and you'll see that it's almost a bottomless directory. In addition to its own original IPs, such as Mickey Mouse, Winnie the Pooh, Disney Princesses, The Lion King, etc., Disney also went wild to buy Pixar, Marvel, Lucasfilm, and Twentieth Century Fox in the first 20 years of the 21st century. That is to say, except Mickey Mouse, all the IPs you are familiar with such as Avengers, Star Wars, Avatar, and Toy Story belong to Disney.</p><p>Family portrait of IP characters owned by Disney. Credit: psu.edu</p><p>According to 2019 data from TitleMax, eight of the world's 20 most profitable IPs came from Disney, with a cumulative economic value of $355.182 billion. Winnie the Pooh, Mickey Mouse and Star Wars ranked 3rd, 4th and 5th respectively. These old IPs, which have exceeded 40 years or even nearly a hundred years, still explode with amazing vitality.</p><p><img src=\"https://static.tigerbbs.com/e949ad901d47454456f46fa01087221f\" tg-width=\"1080\" tg-height=\"3408\" referrerpolicy=\"no-referrer\">The rest of the TOP 20 Disney IPs are Disney Princess at#7, Marvel Universe at#11, Spider-Man at#12, Cars at#18, and Toy Story at#19. Credit: TITLEMAX</p><p>In Hollywood, there is a famous locomotive theory:<b>The film itself may not make money, but it must drive the development of related products</b>。 Walt Disney clearly knows it well. Back in 1957, he drew a sketch that clearly depicted Disney's business model.</p><p><img src=\"https://static.tigerbbs.com/4c6a77415a665f0ec24a5f0dc2a0a794\" tg-width=\"596\" tg-height=\"529\" referrerpolicy=\"no-referrer\">The Disney business model painted by Walt Disney. Credit: kottke.org</p><p>In this sketch, the film studio is clearly central, with music, television, licensed merchandise, theme parks and publications all surrounding it. In the case of magazines, movies provide articles for magazines, and magazines can promote movies and Disneyland. Each part is closely linked, cooperating and complementing each other.</p><p>To this day, Disney Company still hasn't left the underlying logic of this model. Disney never regards the animated images created as disposable consumer goods, but as a gold mine that can be consumed for a long time. When Disney makes a movie, the company doesn't just think about the movie itself, but how it translates the story into goods, services, experiences and other derivatives. As former Disney's chief financial officer Jay Rasulo said, \"Every aspect of the company is brand-oriented and franchise-oriented.\"</p><p>Today, Disney's model is called<b>Round Revenue</b>。</p><p>First of all, Disney will launch movies with IP stories as the core at a high cost, and earn the first round of revenue through the box office.</p><p>Then, Disney will sell the rights to the film to the streaming platform for a second round of revenue</p><p>At the same time, Disney will add corresponding new characters to the theme park for every new movie it releases, earning a third round of revenue through Disneyland.</p><p>Finally, earn a fourth round of revenue through franchising, publishing, retail, and more.</p><p>Through these four rounds of revenue, Disney clearly \"drained\" the profits of every IP. These diverse profit channels give Disney a key advantage over Netflix, and further extend the vitality of its IP.</p><p><b>Build Love for Stories, Turn Love into Money</b></p><p>Unlike Disney, Netflix has no plans to set up offline stores. At present, Netflix has cooperated with Target,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, H&M, Sephora and other retailers have signed licensing agreements for hundreds of peripheral products.</p><p>Netflix has also developed an online mall system with e-commerce platform Shopify. Previously, Shopify has provided technical support for Allbirds, Kith, The New York Times and Kim Kardashian's brand Skims.</p><p>Simon, the project leader of Netflix Shop, once spent six years at Disney Studios as director of production and development.</p><p>These messages all seem to indicate Netflix's determination: \"Hey! We're not playing tickets, we're serious!\"</p><p>For years, Netflix has shied away from whether it is an entertainment company or a tech company. Just recently, Netflix founder Hastings declared, \"We really are an entertainment company.\"</p><p>According to Matthew Ball, a former executive at Amazon Studio,<b>Essentially, an entertainment company only does three things;</b></p><p><ol><li><b>Create/Tell Stories</b></p><p></li><li><b>Build Love for These Stories</b></p><p></li><li><b>Turn love into money</b></p><p></li></ol>By that standard, Disney is hands down the best company on the planet. Think, how many little girls want to wear Elsa's long blue dress while visiting Disneyland? And how many parents will pay for it?</p><p>Netflix has done well enough to tell stories and build love, but can it turn love into money?</p><p>Mark A Cohen, director of retail research at Columbia Business School, is skeptical: \"Most of them [Netflix's hits] have a short shelf life, unlike Disney's IP, which is a generational journey.\"</p><p>Despite a lot of uncertainty, this is certainly the best year for Netflix financially. The company has borrowed a total of $16 billion over the past 10 years. Late last year, Netflix said at its fourth-quarter earnings that it no longer needed to seek borrowing to fund the company. In other words, Netflix became a truly profitable company.</p><p>Its other streaming rivals are still losing money, including Disney.</p>","source":"jkgy","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>Next for Netflix: Becoming Disney?</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\">\nNext for Netflix: Becoming Disney?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">极客公园</strong><span class=\"h-time small\">2021-06-29 15:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Although Netflix has begun to make money in the face of a massive counterattack by film and television giants, it is far from enough.</p><p>Netflix Starts Learning<a href=\"https://laohu8.com/S/DIS\">Disney</a>Yeah.</p><p>Just as Aiyouteng was still competing with the short video industry, Netflix, which had already made a profit, launched Netflix Shop and entered the e-commerce field for the first time.</p><p>Netflix Shop currently has a limited number of items on sale, but 18. Among them are up to $135<a href=\"https://laohu8.com/S/300024\">Robot</a>Alarm clocks, and T-shirts for $30, but mainly clothes that cost between $30 and $80. In the future, Netflix will also launch series of merchandise such as Stranger Things and Demon Hunter.</p><p><b>What these merchandise have in common is-they are all peripherals of Netflix's IP.</b></p><p>It's hard not to think of Disney, the top player in the IP licensing market. According to data from the International Licensing Industry Association (LIMA), global sales of licensed goods in 2019 were $292.8 billion. No. 1 Disney accounted for $54.7 billion, which is double Netflix's full-year revenue in 2020.</p><p>Apparently, Netflix is targeting the IP licensing cake. Behind this is Netflix's hidden worries and ambitions.</p><p><b>Netflix's Hidden Worries</b></p><p>2020 was pretty much the best year since Netflix was born. Because of the pandemic staying home, many people's entertainment activities have turned online. Netflix also grew 37 million paying subscribers as a result, breaking the company's growth record, and recording a historic 200 million total paying subscribers. Correspondingly, full-year profits rose 76%.</p><p>The company, which was in the DVD rental business when it was founded, turned to streaming in time at the end of the Golden Age of television. Since then, it has achieved more than double-digit growth in paying users every year.</p><p><b>As a $230 billion company, Netflix's business model is extremely simple — producing premium content that attracts consumers to pay for subscriptions.</b>In 2019, Netflix generated 98.52% of its revenue from membership fees. Analogy to domestic long video platforms<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>Membership fees only account for about 50% of its total revenue, and other revenue mainly comes from online advertising and content distribution. Arguably, Netflix's revenue growth depends entirely on the growth of subscribers.<b>The flip side of this phrase is that once paying subscribers can't continue to grow, Netflix's business model will be in crisis.</b></p><p>Netflix, the pioneer of streaming platforms and the largest subscriber base, may hit the subscriber ceiling earlier. Streaming platforms are essentially robbing subscribers of pay TV. Take the U.S. pay TV market as an example. After reaching a peak of 101 million paying subscribers in 2011, it has declined year by year. At present, Netflix has about 67 million U.S. subscribers, which means that more than half of potential subscribers have already paid for Netflix. As recently as the first quarter of 2021, Netflix added just 4 million new subscribers, missing estimates of 6 million, and Netflix's stock price dropped 11% in response.</p><p>A poor quarter of performance is not a serious problem for Netflix, and what really hurts is that Netflix's market share may be being eaten away by its competitors.</p><p>In order to cope with the revenue pressure caused by the slowdown of subscriber growth, Netflix's membership fee has increased five times. The most recent occurred in October 2020, when the base package remained unchanged at $8.99, and the standard and base packages increased by $1 and $2 respectively to $13.99 and $17.99.</p><p>This price is not much different from Netflix's main competitors for more than a decade, HBO NOW ($14.99 ad-free) and HULU ($11.99 ad-free), but it is not much different from Disney,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>These new generation of ambitious entrants have little advantage. Disney + costs just $7.99 a month, and Apple TV + costs even less at just $4.99.</p><p>The past year was almost the Warring States Era of global streaming media, with giants Disney, Apple and Paramount entering the market one after another.</p><p>Reed Hastings, the founder of Netflix, responded at the first-quarter earnings analysis conference: \"Obviously, new competition has always existed. But when we look at the past data, the company has been growing because we are also very confident.\"</p><p>Founders' confidence is one aspect, but the giants' cannibalization of Netflix is also real. The market share of Netflix's original shows fell to 50% in 2020 from 56% at the beginning of the year.</p><p><img src=\"https://static.tigerbbs.com/e3168aceb52ba01af09cfda9ca74654a\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Global Original Programming Market Share. Data Source : Parrot Analytics. Image credit:<a href=\"https://laohu8.com/S/NYT\">The New York Times</a></p><p>Behind this, is Netflix's content loss. Because of the launch of Disney +, Netflix removed a series of Disney IP content. And HBO, also got back the copyrights of Friends, The Big Bang Theory, Studio Ghibli and other works. Similarly, the old sitcom The Office was taken back by NBC.</p><p>Netflix's self-produced shows account for only 30% of the total time watched by subscribers, and the rest comes from external rights. According to China Business News, the top three Netflix titles in 2018 were The Office, Friends and Grey's Anatomy. New content may be the key to driving user growth, but for old audiences, they are more inclined to choose works they are familiar with.</p><p>Netflix, which has been working on original content, withdrew most of its production plans because of the pandemic. Currently, Netflix doesn't have any major comeback series.</p><p>Netflix's model is somewhat like a one-time deal. After watching the episode, the user no longer has contact with the show. Netflix's \"Stranger Things\" and \"House of Cards\" have huge die-hard fans, but a single subscription payment model can't fully tap the value of these IPs. This creates a strange phenomenon: fans holding bills and shouting \"Shut up and take my money\" on one side, and officials \"indifferent\" on the other.</p><p><img src=\"https://static.tigerbbs.com/e8ff18c69d2bd4df4d5c3788a0149e63\" tg-width=\"399\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Credit: memegenetator</p><p>Last year, Netflix's self-produced documentary Tiger King was watched by 34.3 million people within 10 days of its launch, making it Netflix's most successful series. A large number of \"Tiger King\" peripherals immediately appeared on the e-commerce brand Esty. But none of them are knockoffs.</p><p>Search for \"Tiger King\" on Esty and there are still 8195 results. Credit: Esty</p><p>It is not difficult to understand why Netflix is launching an online mall. On Netflix's official blog, Josh Simon, head of Netflix Shop and vice president of consumer goods, wrote: \"<b>We love seeing good stories go beyond screens and become part of people's lives.</b>」「<b>We are constantly thinking about how we can expand our story world for fans, from costumes and toys to immersive events and games.</b>That's why today we launch Netflix.shop as an exciting new destination that combines curated products and rich stories in a unique Netflix shopping experience. \"</p><p>This says one thing between the lines:<b>We want to be Disney!</b></p><p><b>Disney Magic</b></p><p>In 1929, a man approached Walter Disney at the hotel, offered $300 and asked for Mickey Mouse to be printed on his writing desk. The $300 became Disney's first \"franchise\" revenue. Nearly a hundred years later, that $300 became $54.7 billion in big business.</p><p>Flip through Disney's IP list and you'll see that it's almost a bottomless directory. In addition to its own original IPs, such as Mickey Mouse, Winnie the Pooh, Disney Princesses, The Lion King, etc., Disney also went wild to buy Pixar, Marvel, Lucasfilm, and Twentieth Century Fox in the first 20 years of the 21st century. That is to say, except Mickey Mouse, all the IPs you are familiar with such as Avengers, Star Wars, Avatar, and Toy Story belong to Disney.</p><p>Family portrait of IP characters owned by Disney. Credit: psu.edu</p><p>According to 2019 data from TitleMax, eight of the world's 20 most profitable IPs came from Disney, with a cumulative economic value of $355.182 billion. Winnie the Pooh, Mickey Mouse and Star Wars ranked 3rd, 4th and 5th respectively. These old IPs, which have exceeded 40 years or even nearly a hundred years, still explode with amazing vitality.</p><p><img src=\"https://static.tigerbbs.com/e949ad901d47454456f46fa01087221f\" tg-width=\"1080\" tg-height=\"3408\" referrerpolicy=\"no-referrer\">The rest of the TOP 20 Disney IPs are Disney Princess at#7, Marvel Universe at#11, Spider-Man at#12, Cars at#18, and Toy Story at#19. Credit: TITLEMAX</p><p>In Hollywood, there is a famous locomotive theory:<b>The film itself may not make money, but it must drive the development of related products</b>。 Walt Disney clearly knows it well. Back in 1957, he drew a sketch that clearly depicted Disney's business model.</p><p><img src=\"https://static.tigerbbs.com/4c6a77415a665f0ec24a5f0dc2a0a794\" tg-width=\"596\" tg-height=\"529\" referrerpolicy=\"no-referrer\">The Disney business model painted by Walt Disney. Credit: kottke.org</p><p>In this sketch, the film studio is clearly central, with music, television, licensed merchandise, theme parks and publications all surrounding it. In the case of magazines, movies provide articles for magazines, and magazines can promote movies and Disneyland. Each part is closely linked, cooperating and complementing each other.</p><p>To this day, Disney Company still hasn't left the underlying logic of this model. Disney never regards the animated images created as disposable consumer goods, but as a gold mine that can be consumed for a long time. When Disney makes a movie, the company doesn't just think about the movie itself, but how it translates the story into goods, services, experiences and other derivatives. As former Disney's chief financial officer Jay Rasulo said, \"Every aspect of the company is brand-oriented and franchise-oriented.\"</p><p>Today, Disney's model is called<b>Round Revenue</b>。</p><p>First of all, Disney will launch movies with IP stories as the core at a high cost, and earn the first round of revenue through the box office.</p><p>Then, Disney will sell the rights to the film to the streaming platform for a second round of revenue</p><p>At the same time, Disney will add corresponding new characters to the theme park for every new movie it releases, earning a third round of revenue through Disneyland.</p><p>Finally, earn a fourth round of revenue through franchising, publishing, retail, and more.</p><p>Through these four rounds of revenue, Disney clearly \"drained\" the profits of every IP. These diverse profit channels give Disney a key advantage over Netflix, and further extend the vitality of its IP.</p><p><b>Build Love for Stories, Turn Love into Money</b></p><p>Unlike Disney, Netflix has no plans to set up offline stores. At present, Netflix has cooperated with Target,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, H&M, Sephora and other retailers have signed licensing agreements for hundreds of peripheral products.</p><p>Netflix has also developed an online mall system with e-commerce platform Shopify. Previously, Shopify has provided technical support for Allbirds, Kith, The New York Times and Kim Kardashian's brand Skims.</p><p>Simon, the project leader of Netflix Shop, once spent six years at Disney Studios as director of production and development.</p><p>These messages all seem to indicate Netflix's determination: \"Hey! We're not playing tickets, we're serious!\"</p><p>For years, Netflix has shied away from whether it is an entertainment company or a tech company. Just recently, Netflix founder Hastings declared, \"We really are an entertainment company.\"</p><p>According to Matthew Ball, a former executive at Amazon Studio,<b>Essentially, an entertainment company only does three things;</b></p><p><ol><li><b>Create/Tell Stories</b></p><p></li><li><b>Build Love for These Stories</b></p><p></li><li><b>Turn love into money</b></p><p></li></ol>By that standard, Disney is hands down the best company on the planet. Think, how many little girls want to wear Elsa's long blue dress while visiting Disneyland? And how many parents will pay for it?</p><p>Netflix has done well enough to tell stories and build love, but can it turn love into money?</p><p>Mark A Cohen, director of retail research at Columbia Business School, is skeptical: \"Most of them [Netflix's hits] have a short shelf life, unlike Disney's IP, which is a generational journey.\"</p><p>Despite a lot of uncertainty, this is certainly the best year for Netflix financially. The company has borrowed a total of $16 billion over the past 10 years. Late last year, Netflix said at its fourth-quarter earnings that it no longer needed to seek borrowing to fund the company. In other words, Netflix became a truly profitable company.</p><p>Its other streaming rivals are still losing money, including Disney.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/m--XabEJEHyLq5PY_bXcWw\">极客公园</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e2224e6b43e75f835dbd8bb6d8c4972c","relate_stocks":{"DIS":"迪士尼","QNETCN":"纳斯达克中美互联网老虎指数","NFLX":"奈飞"},"source_url":"https://mp.weixin.qq.com/s/m--XabEJEHyLq5PY_bXcWw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138372330","content_text":"面对大举反攻的影视巨头，Netflix 虽然已经开始赚钱，但这远远不够。\nNetflix 开始学习迪士尼了。\n就在爱优腾还在和短视频行业较劲的当口，早已盈利的 Netflix 推出了 Netflix Shop，首次进入了电商领域。\nNetflix Shop 目前在售的商品数量还很有限，不过 18 种。其中有高达 135 美元的机器人闹钟，也有 30 美元的 T 恤，但主要还是价位在 30 至 80 美元的服饰。未来，Netflix 还会推出《怪奇物语》《猎魔人》等系列商品。\n这些商品的共同点在于——它们都是 Netflix 旗下 IP 的周边产品。\n这很难让人不联想到 IP 授权市场里的那个顶级玩家——迪士尼。根据国际授权业协会（LIMA）数据显示，2019 年全球授权商品的销售额为了 2928 亿美元。第一名迪士尼就占了 547 亿美元，这个数字，是 Netflix 2020 全年收入的两倍。\n显然，Netflix 瞄准了 IP 授权的蛋糕。这背后，是 Netflix 的隐忧，和野心。\nNetflix 的隐忧\n2020 年几乎是 Netflix 诞生以来最好的一年。因为疫情宅家的原因，许多人的娱乐活动都转向了线上。Netflix 也因此增长了 3700 万付费用户，打破了该公司的增长纪录，总付费用户数也历史性地突破 2 亿。相应的，全年利润增长了 76%。\n这家创立时做 DVD 租赁生意的公司，在电视黄金时代的末尾，及时转向了流媒体业务。此后年年实现了付费用户两位数以上的增长。\n作为一家市值 2300 亿美元的公司，Netflix 的商业模式却极其简单——生产优质内容，吸引消费者付费订阅。2019 年，Netflix 98.52% 的收入都来自会员费。类比国内的长视频平台爱奇艺，会员费仅占其总营收的约 50%，其它的收入主要来自在线广告和内容分发。可以说，Netflix 营收的增长完全取决于用户的增长。这句话的另一面是，一旦付费用户无法持续增长，Netflix 的商业模式就会迎来危机。\n作为流媒体平台的先驱和用户数量最庞大的 Netflix，可能更早撞上用户天花板。流媒体平台本质上是抢夺了付费电视的用户。以美国付费电视市场为例，在 2011 年付费用户达到 1.01 亿的顶峰后就逐年下滑。目前 Netflix 的美国用户约为 6700 万，也就是说，超过半数的潜在用户已经为 Netflix 买了单。就在 2021 年第一季度，Netflix 新增用户仅为 400 万，低于预期的 600 万，Netflix 的股价应声下跌了 11%。\n一个季度的糟糕表现对 Netflix 来说并不是什么严重的问题，真正伤筋动骨的是——Netflix 的市场份额可能正在被竞争对手蚕食。\n为了应对用户增长放缓带来的营收压力，Netflix 的会员费先后上涨过 5 次。最近的一次发生在 2020 年 10 月份, 基础套餐维持在 8.99 美元不变，标准和基础套餐别上涨了 1 美元和 2 美元，至 13.99 美元和 17.99 美元。\n这个价格与 Netflix 过于十几年来的主要竞争对手 HBO NOW（无广告版 14.99 美元）、HULU（无广告版 11.99 美元）差别不大，但是和迪士尼、苹果这些野心勃勃的新一代入场者相比，就没有什么优势了。迪士尼+的月费仅为 7.99 美元，苹果 TV+的费用甚至更低，仅为 4.99 美元。\n过去一年几乎是全球流媒体的战国时代，巨头迪士尼、苹果、派拉蒙相继入场。\n在今年一季度的财报分析会议上，当被问及如何看待当下的竞争时，Netflix 的创始人里德·黑斯廷斯（Reed Hastings）是这么回应的：「很明显，新的竞争一直存在。但是当我们翻看过往的数据，公司一直在保持增长，因为我们也很有信心。」\n创始人的信心是一方面，但巨头们对 Netflix 的蚕食也是实实在在。2020 年，Netflix 原创节目的市场份额从年初的 56% 跌至了 50%。\n全球原创节目市场份额。数据来源：Parrot Analytics。图片来源：纽约时报\n这背后，是 Netflix 的内容流失。因为迪士尼+的上线，Netflix 下架了一系列迪士尼 IP 内容。而 HBO，也拿回了《老友记》《生活大爆炸》、吉卜力工作室等作品的版权。同样的，老牌情景喜剧《办公室》也被 NBC 收回旗下。\n在订阅用户的观看时长中，Netflix 自制剧仅占总数的 30%，其它都来自外部版权。根据《第一财经》杂志的数据，2018 年 Netflix 播放时长前三的作品正是《办公室》《老友记》和《实习医生格蕾》。新内容可能是拉动用户增长的关键，但是对于老观众来说，他们更倾向于选择自己熟悉的作品。\n一直在原创内容发力的 Netflix，因为疫情的缘故，撤回了大部分制作计划。目前，Netflix 还没有任何大型的回归系列。\nNetflix 的模式多少像是一锤子买卖。用户观看完剧集后，就和这部剧不再发生联系。Netflix 旗下的《怪奇物语》《纸牌屋》有大批的死忠粉丝，但单一的订阅付费模式并不能完全挖掘这些 IP 的价值。这就出现了一种奇怪的现象：一边是手握钞票嗷嗷叫着「Shut up and take my money」的粉丝，一边是「无动于衷」的官方。\n图片来源：memegenetator\n去年 Netflix 自制纪录片《虎王》上线 10 天就有 3430 万人观看，是 Netflix 最成功的剧集。在电商品牌 Esty 上立刻出现了大量《虎王》周边。但无一列外，它们都是山寨的。\n在 Esty 上搜索「虎王」，仍有 8195 条结果。图片来源：Esty\n这就不难理解为什么 Netflix 要推出线上商城。在 Netflix 官方博客中，Netflix Shop 的负责人、消费品部门副总裁约什·西蒙（Josh Simon）如此写道：「我们喜欢看到好故事超越屏幕，成为人们生活的一部分。」「我们一直在考虑如何为粉丝们拓展我们的故事世界，从服装和玩具到身临其境的事件和游戏。这也是为什么今天我们推出 Netflix.shop，将其作为一个令人兴奋的新目的地，将精心策划的产品和丰富的故事结合在一个独特的 Netflix 购物体验中。」\n这字里行间都在说一件事：我们想要成为迪士尼！\n迪士尼魔法\n1929 年，有一个人到旅馆找到沃尔特·迪士尼（Walter Disney），拿出 300 美元，要求把米老鼠的形象印在写字桌上。这 300 美元成了迪士尼的第一笔「特许经营」收入。近百年后，这 300 美元成了 547 亿美元的大生意。\n翻开迪士尼的 IP 清单，你会发现这几乎是一本长不见底的名录。除了自有的原创 IP，如米老鼠、小熊维尼、迪士尼公主、狮子王等，迪士尼在 21 世纪的头 20 年还疯狂收购了皮克斯、漫威、卢卡斯影业、二十世纪福克斯。也就是说，除了米老鼠，你所熟悉的复仇者联盟、星球大战、阿凡达、玩具总动员这些 IP 全部都属于迪士尼。\n迪士尼旗下 IP 人物全家福。图片来源：psu.edu\n根据 TitleMax 2019 年的数据，全球最赚钱的 20 个 IP 中有 8 个来自迪士尼，累计经济价值达 3551.82 亿美元。其中小熊维尼、米老鼠、星球大战分别位列第 3、4、5 位。这些超过了 40 年甚至近百年的老 IP，依旧爆发出了惊人的生命力。\n其余 TOP 20 的迪士尼 IP 分别是第 7 位的迪士尼公主、11 位的漫威宇宙、12 位的蜘蛛侠、18 位的赛车总动员和 19 位的玩具总动员。图片来源：TITLEMAX\n在好莱坞，有一个著名的火车头理论：电影本身可以不赚钱，但它必须带动相关产品的发展。沃尔特·迪士尼显然深谙此道。早在 1957 年，他就画下了一张草图，清晰描述了迪士尼的商业模式。\n沃尔特·迪士尼画下的迪士尼商业模式。图片来源：kottke.org\n在这张草图中，电影制片厂处在了明确的中心位置，音乐、电视、授权商品、主题乐园和出版物都环绕在四周。拿杂志来说，电影为杂志提供了文章内容，杂志则可以宣传电影和迪士尼乐园。每一部分都紧密联系在一起，相互配合，相互补充。\n时至今日，迪士尼公司依旧没有脱离这套模式的底层逻辑。迪士尼从不把创作出的动画形象看成一次性消费品，而是作为一个可长久消费的金矿去深度挖掘。当迪士尼制作一部电影时，公司不仅仅是考虑电影本身，而如何将故事转化为商品、服务、体验和其它衍生产品。正如迪士尼前首席财务官杰·拉苏洛（Jay Rasulo）所说：「公司的每个方面都是面向品牌和特许经营的。」\n在今天，迪士尼的这种模式被叫做轮次收入。\n首先，迪士尼会以高成本推出以 IP 故事为核心的电影，通过票房赚取第一轮收入。\n然后，迪士尼会把影片版权卖给流媒体平台，赚取第二轮收入\n同时，迪士尼每推出一部新电影就会在主题乐园中增加相应的新人物，通过迪士尼乐园赚取第三轮收入。\n最后，通过特许经营、出版、零售等方式赚取第四轮收入。\n通过这四轮收入，迪士尼明明白白地「榨干」了每一个 IP 的利润。这些多种多样的盈利渠道使迪士尼比 Netflix 拥有了关键的优势，更加延续了旗下 IP 的生命力。\n为故事建立爱，把爱变成钱\n与迪士尼不同，Netflix 并没有建立线下门店的计划。目前，Netflix 已经和 Target、沃尔玛、亚马逊、H&M、丝芙兰等零售商签订了数百种周边产品的许可协议。\nNetflix 还和电商平台 Shopify 一起开发了线上商城系统。此前，Shopify 已经为 Allbirds、Kith、《纽约时报》和金·卡戴珊（Kim Kardashian）的品牌 Skims 提供过技术支持。\n而 Netflix Shop 的项目负责人西蒙，就曾经在迪士尼工作室呆过六年，担任制作和开发总监。\n这些信息似乎都在表明 Netflix 的决心：「嘿！我们可不是在玩票，我们是认真的！」\n多年来，Netflix 一直回避自己是一家娱乐公司还是科技公司。就在最近，Netflix 创始人黑斯廷斯宣称：「我们真的是一家娱乐公司。」\n按照亚马逊工作室（Amazon Studio）前高管马修·鲍尔（Matthew Ball）的说法，从本质上讲，一家娱乐公司只做三件事：\n\n创造/讲述故事\n为这些故事建立爱\n把爱变成钱\n\n按照这个标准来说，迪士尼无疑是这个星球上做得最好的公司。想想看，有多少小女孩想在逛迪士尼乐园的时候穿上爱莎的蓝色长裙？又有多少家长会为此买单？\n在讲故事和建立爱上，Netflix 已经做得足够好了，但它能把爱变成钱吗？\n哥伦比亚商学院的零售研究主任马克·A·科恩（Mark A Cohen）就表示了怀疑：「它们（Netflix 的热播剧）大多数的保质期都很短，不像迪士尼的 IP，那是一代人的漫长旅程。」\n尽管有非常多的不确定性，但当下无疑是 Netflix 财务状况最好的一年。这家公司在过去 10 年总共借款达 160 亿美元。去年年底，Netflix 在第四季度财报上表示，它不再需要寻求借款来为公司提供资金。换句话说，Netflix 成为了一家真正盈利的公司。\n而它的其它流媒体竞争对手，都还在亏着钱，包括迪士尼。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"NFLX":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":2722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125893144,"gmtCreate":1624666797288,"gmtModify":1703843043553,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"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/125893144","repostId":"1193078182","repostType":4,"repost":{"id":"1193078182","kind":"news","pubTimestamp":1624665305,"share":"https://ttm.financial/m/news/1193078182?lang=en_US&edition=fundamental","pubTime":"2021-06-26 07:55","market":"us","language":"zh","title":"With the approval of dual major listing, can XPeng Motors obtain a win-win situation between capital and market?","url":"https://stock-news.laohu8.com/highlight/detail?id=1193078182","media":"锌财经","summary":"距离美国上市不到一年，小鹏汽车又有了大动作。6月24日，据港交所官网显示，小鹏汽车已通过港交所聆讯，将冲刺港交所智能电动车第一股，同时，小鹏汽车也将成为今年首个美国、香港两地双重主要上市中概股。\n一旦","content":"<p>Less than a year after listing in the United States,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Another big move. On June 24th, according to the official website of the Hong Kong Stock Exchange, XPeng Automobile has passed the hearing of the Hong Kong Stock Exchange and will sprint the Hong Kong Stock Exchange<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>At the same time, XPeng Automobile will become the first dual-major listed Chinese stock in the United States and Hong Kong this year.</p><p>Once listed successfully, XPeng Motors, which does not pursue gross profit in the short term, hopes to spend more of the funds raised on research and development of technological innovations such as autonomous driving and intelligent operating systems.</p><p>At the same time, driven by national policies and the entry of many technology giants, smart vehicles are about to enter a period of rapid growth, and the successful listing of XPeng vehicles may become a milestone in the development history of China's smart electric vehicles.</p><p><b>Will become the first new power Hong Kong stock</b></p><p>According to foreign media reports, the international placing portion of XPeng Automobile, a Chinese intelligent electric vehicle company, has recorded full subscription. According to Futu data, the public offering of XPeng Automobile temporarily raised HK$997 million, an overpurchase of 0.3 times.</p><p>On June 25th, XPeng Automobile announced that the company would offer shares from June 25th to June 30th; It is proposed to offer 85 million shares globally, including 4.25 million shares in the Hong Kong offer, 80.75 million shares in the international offer and 15% over-allotment option; The issue price per share is not more than HK$180, each board lot is 100 shares, and the admission fee is approximately HK$18,181.39; The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p>According to the news of the Hong Kong Stock Exchange,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And Bank of America are the joint sponsors. These investment banks helped XPeng Motors complete its listing in the United States last August.</p><p>In August 2020, XPeng Motors went public in the United States at an offering price of $15/share, and its first-day opening price was $23.1, an increase of more than 55% from the offering price. At the beginning of its listing, XPeng Motors set its goal to become a company with a market capitalization of 100 billion dollars, and its share price did develop as the company expected, with XPeng Motors rising to $74 at one point in late November 2020.</p><p><img src=\"https://static.tigerbbs.com/ab56716b04b05384b561ebe548a119c5\" tg-width=\"975\" tg-height=\"650\" referrerpolicy=\"no-referrer\"></p><p>According to the regulations of Hong Kong Stock Exchange, the company's secondary listing in Hong Kong needs to meet some \"hard\" requirements. First of all, the requirements of the industry in which the company operates are<a href=\"https://laohu8.com/S/300832\">New industries</a>； Second, the company must have a proven regulatory compliance track record of at least two years on another eligible exchange; Third, a market capitalization of at least HK$40 billion or a market capitalization of more than HK$10 billion and revenue of more than HK$1 billion.</p><p>For XPeng Motors, which has been listed in the United States for less than a year, the Hong Kong listing is a dual-primary listing, which requires the joint supervision of the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC). It is reported that the dual primary listing is a stricter listing process than the secondary listing. In the secondary listing, the regulatory agency of the first listing place has the main regulatory power.</p><p>Up to now, there have been<a href=\"https://laohu8.com/S/JD\">Jingdong</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>More than 10 Chinese stocks are listed in Hong Kong for the second time. In terms of car building, Xiaopeng has appeared before,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The rumor that the three new domestic car-making forces are listed in Hong Kong.</p><p>In March, Reuters quoted people familiar with the matter as saying that Nio had contacted<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, will issue shares in Hong Kong stocks, and will plan to land in the A-share market in the future. Whereas the ideal is related to<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Cooperate, and it is expected to complete the listing in Hong Kong in the third quarter of this year, raising $1 billion-2 billion. At the same time,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Founder Li Xiang once said that Ideal doesn't mind any way of financing, including the secondary market, bank loans and bond issuance.</p><p>This time, XPeng Automobile took the lead in passing the hearing of Hong Kong Stock Exchange, undoubtedly running ahead of the other two new car-making forces.</p><p>Zhang Yi, CEO of iMedia Consulting, told Zinc Finance that listing in Hong Kong can share the risk of uncertainty in the US capital market, especially the secondary market; At the same time, the dual main listing will be of great help to corporate financing, and the dual market can directly enhance the influence of XPeng vehicles in domestic and foreign markets, which will help to expand brand marketing.</p><p><b>Increase R&D investment and play a good \"scientific and technological innovation card\"</b></p><p>Enterprises can undoubtedly raise more funds when they go public. The use of funds is the most important thing that can really affect the development of enterprises.</p><p>Sources say that this XPeng vehicle financing will be up to $2 billion. The company declined to comment on this. However, according to its prospectus, approximately 45% of the net proceeds will be used to expand the company's product portfolio and develop more advanced technologies; Approximately 35% of the net proceeds were used to accelerate the Company's business expansion by enhancing the Company's brand recognition, acquiring customers through omni-channel marketing strategies, and increasing sales and service touchpoints both domestically and internationally; Approximately 10% of the net proceeds was used to enhance production capacity, including expansion of production capacity, upgrading of production facilities and development of production technology; Approximately 10% of the net proceeds were used for general corporate purposes, including as working capital.</p><p>It can be seen that R&D has become the top priority of XPeng Automobile's strategic layout. In fact, as a technology-driven company, XPeng Automobile has invested a lot of money in independent research and development of technology, hoping to promote the company's rapid development and even the transformation of intelligent electric vehicles with differentiated products and services.</p><p>According to the previous financial report released by Xpeng Motors, in 2018-2020, the revenue of XPeng Automobile was 9.7 million yuan, 2.321 billion yuan and 5.844 billion yuan respectively. In the first quarter of this year, its revenue was 2.951 billion yuan, up 616.1% from the same period last year.</p><p>In terms of research and development expenses, in 2018-2020 and the first quarter of this year, the research and development expenses of XPeng Automobile were RMB1,051 million, RMB2,070 million, RMB1,726 million and RMB535 million, respectively. Research and development expenses accounted for 89.2%, 29.5% and 18.1% of total revenue in 2019, 2020 and the first quarter of this year, respectively.</p><p>XPeng Motors believes that it can only maintain its leading position in smart electric vehicles with continued investment in research and development. The company will focus on technological innovation and continuously upgrade autonomous driving, intelligent operating systems and core vehicle systems.</p><p>In terms of technological innovation, XPeng Motors is currently the only automobile company in China to independently develop full-stack autonomous driving technology and apply this software to mass-produced cars. Its latest self-developed autonomous driving system, XPILOT 3.0, is the highest level of autonomous driving technology already adopted in cars currently on the market.</p><p>It is undeniable that in the pursuit of technological innovation, we will also encounter losses caused by high R&D costs. In this regard, XPeng Automobile has its own views: \"In the long run, a technology-based automobile company should be an enterprise with high gross profit. In the short and medium term, it is wrong to have too high gross profit in the short term. We will adhere to the scientific and technological route, take our own path and position ourselves well.\"</p><p>\"Enterprises will go through some strategic stages in market cultivation and product creation. As long as there is no problem with funds, the rest will be secondary.\" In Zhang Yi's view, \"There is no doubt about the financing ability of XPeng Automobile.\"</p><p>In fact, at present, the funds of XPeng vehicles are relatively sufficient. As of March 31 this year, the Company had cash, cash equivalents, restricted funds, short-term deposits, short-term investments and long-term deposits totaling RMB36.2 billion. XPeng expects the company to deliver 15,500 to 16,000 vehicles in the second quarter, up 380.2% to 395.7% year-over-year; Total revenue ranged from RMB3.4 billion to RMB3.5 billion, representing a year-on-year increase of 475.5% to 492.4%.</p><p><b>Deep cultivation of intelligent cars attracts many capital blessings</b></p><p>Nowadays, on a global scale, it is the general trend for electric vehicles to replace fuel vehicles, and the policies of various countries are favorable to the development of electric vehicles.</p><p>In China, in October 2020, the State Council announced the New Energy Vehicle Industry Development Plan (2021 – 2035) (the \"New Energy Vehicle Industry Development Plan\"), which pointed out that the development of new energy vehicles is the only way for China to transform into a powerful automobile country. The State Council has set a goal of increasing the penetration rate of new energy vehicles in China's passenger car market to 20% by 2025, and it is expected that pure electric vehicles will become the mainstream of new energy vehicles in newly sold vehicles.</p><p>It is worth noting that the Chinese government has put forward the development vision of intelligent interconnected vehicles in the development plan of new energy vehicle industry, and plans to realize the large-scale commercialization of high-level autonomous driving in specific scenarios by 2025, while also strengthening the research and development of key components and systems of interconnected vehicles.</p><p>At the 11th China Automobile Forum hosted by China Association of Automobile Manufacturers not long ago, Yu Peng, senior director of XPeng Automobile Embedded, said that after smart phones, we have great reason to believe that the next generation of brand-new core carriers of intelligent software and hardware will definitely be smart cars.</p><p>Currently, including<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Xiaomi, Didi, 360 and many other technology giants have begun to lay out the field of smart cars, and software has gradually become the new commanding heights of smart cars.</p><p>The automotive software and electrical and electronic components (E/E) market is expected to grow at a CAGR of 7%, according to a McKinsey survey, and the market will grow to $469 billion by 2030.</p><p>Some industry experts predict that by 2025, smart cars + electric vehicles will account for 60% of new cars in China's first-tier cities, of which smart cars will account for more than 50%. It is expected that by 2028, smart cars will enter a period of rapid jump.</p><p>According to Zinc Finance, XPeng Motors began to develop smart electric vehicles a long time ago. As of March 31, 2021, 13,340 smart electric vehicles have been delivered. In April, XPeng Motors unveiled the P5, its third smart electric vehicle, and the company plans to start delivering the P5 in bulk in the fourth quarter of this year.</p><p>In addition to the P5, XPeng Motors plans to deliver the mid-term facelift of the G3, the G3i, by the end of the third quarter of this year, and plans to launch its fourth smart electric vehicle in 2022, an SUV with advanced autonomous driving systems and enhanced core vehicle systems.</p><p>In the view of Zinc Finance, the acceleration of vehicle delivery means that XPeng vehicles will officially cross the production climbing period and usher in a new round of high-speed growth. In addition, it is particularly worth mentioning that as of the first quarter of this year, there were 172 XPeng brand supercharging stations, covering 60 cities. It is planned to build more than 500 private-brand supercharging stations by the end of this year.</p><p>In terms of software, XPeng Automobile is currently the only automobile company in China to realize full-stack self-developed autonomous assisted driving software with separate charges, with a total recognized revenue of 80 million yuan, and in the first quarter of 2021, software revenue was 30 million yuan. In the future, the business model of software business income will have obvious favorable trends in the field of smart cars.</p><p>According to the data of the first quarter of this year, software revenue accounted for 2.5% of XPeng Motors' total revenue. The inclusion of this part of revenue also increased the gross profit margin. With the increase of delivery volume, the contribution of software to the company's revenue and gross profit will continue to increase. XPeng expects the penetration rate of software revenue to increase 1% in the second quarter of this year compared with the first quarter.</p><p>Such sparing no effort to lay out the intelligent electric vehicle market has also won the favor of more capital. According to public information, since its establishment in 2015, XPeng has successively obtained<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group, Xiaomi Group, IDG Capital, Morningside Capital, GGV GGV Capital, Primavera Capital, Hillhouse Capital, Sequoia China and many other domestic and foreign investors.</p><p><a href=\"https://laohu8.com/S/00017\">New World Development</a>Zheng Zhigang, Executive Vice Chairman and Chief Executive Officer, said: \"I have always been optimistic about the development of smart cars, which have unlimited market potential. Since its founding, Xpeng Motors has always insisted on independent research and development. It is the only enterprise in mainland China that can deeply integrate its own software and hardware and achieve mass production; Among them, product research and development includes innovative technologies such as autonomous driving and advanced voice interaction, which brings an innovative driving experience with both safety and futuristic sense to more consumers, which also prompted me to invest in XPeng vehicles.\"</p><p>With the support of many capitals, coupled with the fact that if it is successfully listed in Hong Kong, it may become a milestone event in the development history of China's intelligent electric vehicles, and XPeng will have more imagination in the future.</p>","source":"lsy1568892980557","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With the approval of dual major listing, can XPeng Motors obtain a win-win situation between capital and market?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith the approval of dual major listing, can XPeng Motors obtain a win-win situation between capital and market?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">锌财经</strong><span class=\"h-time small\">2021-06-26 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Less than a year after listing in the United States,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Another big move. On June 24th, according to the official website of the Hong Kong Stock Exchange, XPeng Automobile has passed the hearing of the Hong Kong Stock Exchange and will sprint the Hong Kong Stock Exchange<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>At the same time, XPeng Automobile will become the first dual-major listed Chinese stock in the United States and Hong Kong this year.</p><p>Once listed successfully, XPeng Motors, which does not pursue gross profit in the short term, hopes to spend more of the funds raised on research and development of technological innovations such as autonomous driving and intelligent operating systems.</p><p>At the same time, driven by national policies and the entry of many technology giants, smart vehicles are about to enter a period of rapid growth, and the successful listing of XPeng vehicles may become a milestone in the development history of China's smart electric vehicles.</p><p><b>Will become the first new power Hong Kong stock</b></p><p>According to foreign media reports, the international placing portion of XPeng Automobile, a Chinese intelligent electric vehicle company, has recorded full subscription. According to Futu data, the public offering of XPeng Automobile temporarily raised HK$997 million, an overpurchase of 0.3 times.</p><p>On June 25th, XPeng Automobile announced that the company would offer shares from June 25th to June 30th; It is proposed to offer 85 million shares globally, including 4.25 million shares in the Hong Kong offer, 80.75 million shares in the international offer and 15% over-allotment option; The issue price per share is not more than HK$180, each board lot is 100 shares, and the admission fee is approximately HK$18,181.39; The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p>According to the news of the Hong Kong Stock Exchange,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And Bank of America are the joint sponsors. These investment banks helped XPeng Motors complete its listing in the United States last August.</p><p>In August 2020, XPeng Motors went public in the United States at an offering price of $15/share, and its first-day opening price was $23.1, an increase of more than 55% from the offering price. At the beginning of its listing, XPeng Motors set its goal to become a company with a market capitalization of 100 billion dollars, and its share price did develop as the company expected, with XPeng Motors rising to $74 at one point in late November 2020.</p><p><img src=\"https://static.tigerbbs.com/ab56716b04b05384b561ebe548a119c5\" tg-width=\"975\" tg-height=\"650\" referrerpolicy=\"no-referrer\"></p><p>According to the regulations of Hong Kong Stock Exchange, the company's secondary listing in Hong Kong needs to meet some \"hard\" requirements. First of all, the requirements of the industry in which the company operates are<a href=\"https://laohu8.com/S/300832\">New industries</a>； Second, the company must have a proven regulatory compliance track record of at least two years on another eligible exchange; Third, a market capitalization of at least HK$40 billion or a market capitalization of more than HK$10 billion and revenue of more than HK$1 billion.</p><p>For XPeng Motors, which has been listed in the United States for less than a year, the Hong Kong listing is a dual-primary listing, which requires the joint supervision of the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC). It is reported that the dual primary listing is a stricter listing process than the secondary listing. In the secondary listing, the regulatory agency of the first listing place has the main regulatory power.</p><p>Up to now, there have been<a href=\"https://laohu8.com/S/JD\">Jingdong</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>More than 10 Chinese stocks are listed in Hong Kong for the second time. In terms of car building, Xiaopeng has appeared before,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The rumor that the three new domestic car-making forces are listed in Hong Kong.</p><p>In March, Reuters quoted people familiar with the matter as saying that Nio had contacted<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, will issue shares in Hong Kong stocks, and will plan to land in the A-share market in the future. Whereas the ideal is related to<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Cooperate, and it is expected to complete the listing in Hong Kong in the third quarter of this year, raising $1 billion-2 billion. At the same time,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Founder Li Xiang once said that Ideal doesn't mind any way of financing, including the secondary market, bank loans and bond issuance.</p><p>This time, XPeng Automobile took the lead in passing the hearing of Hong Kong Stock Exchange, undoubtedly running ahead of the other two new car-making forces.</p><p>Zhang Yi, CEO of iMedia Consulting, told Zinc Finance that listing in Hong Kong can share the risk of uncertainty in the US capital market, especially the secondary market; At the same time, the dual main listing will be of great help to corporate financing, and the dual market can directly enhance the influence of XPeng vehicles in domestic and foreign markets, which will help to expand brand marketing.</p><p><b>Increase R&D investment and play a good \"scientific and technological innovation card\"</b></p><p>Enterprises can undoubtedly raise more funds when they go public. The use of funds is the most important thing that can really affect the development of enterprises.</p><p>Sources say that this XPeng vehicle financing will be up to $2 billion. The company declined to comment on this. However, according to its prospectus, approximately 45% of the net proceeds will be used to expand the company's product portfolio and develop more advanced technologies; Approximately 35% of the net proceeds were used to accelerate the Company's business expansion by enhancing the Company's brand recognition, acquiring customers through omni-channel marketing strategies, and increasing sales and service touchpoints both domestically and internationally; Approximately 10% of the net proceeds was used to enhance production capacity, including expansion of production capacity, upgrading of production facilities and development of production technology; Approximately 10% of the net proceeds were used for general corporate purposes, including as working capital.</p><p>It can be seen that R&D has become the top priority of XPeng Automobile's strategic layout. In fact, as a technology-driven company, XPeng Automobile has invested a lot of money in independent research and development of technology, hoping to promote the company's rapid development and even the transformation of intelligent electric vehicles with differentiated products and services.</p><p>According to the previous financial report released by Xpeng Motors, in 2018-2020, the revenue of XPeng Automobile was 9.7 million yuan, 2.321 billion yuan and 5.844 billion yuan respectively. In the first quarter of this year, its revenue was 2.951 billion yuan, up 616.1% from the same period last year.</p><p>In terms of research and development expenses, in 2018-2020 and the first quarter of this year, the research and development expenses of XPeng Automobile were RMB1,051 million, RMB2,070 million, RMB1,726 million and RMB535 million, respectively. Research and development expenses accounted for 89.2%, 29.5% and 18.1% of total revenue in 2019, 2020 and the first quarter of this year, respectively.</p><p>XPeng Motors believes that it can only maintain its leading position in smart electric vehicles with continued investment in research and development. The company will focus on technological innovation and continuously upgrade autonomous driving, intelligent operating systems and core vehicle systems.</p><p>In terms of technological innovation, XPeng Motors is currently the only automobile company in China to independently develop full-stack autonomous driving technology and apply this software to mass-produced cars. Its latest self-developed autonomous driving system, XPILOT 3.0, is the highest level of autonomous driving technology already adopted in cars currently on the market.</p><p>It is undeniable that in the pursuit of technological innovation, we will also encounter losses caused by high R&D costs. In this regard, XPeng Automobile has its own views: \"In the long run, a technology-based automobile company should be an enterprise with high gross profit. In the short and medium term, it is wrong to have too high gross profit in the short term. We will adhere to the scientific and technological route, take our own path and position ourselves well.\"</p><p>\"Enterprises will go through some strategic stages in market cultivation and product creation. As long as there is no problem with funds, the rest will be secondary.\" In Zhang Yi's view, \"There is no doubt about the financing ability of XPeng Automobile.\"</p><p>In fact, at present, the funds of XPeng vehicles are relatively sufficient. As of March 31 this year, the Company had cash, cash equivalents, restricted funds, short-term deposits, short-term investments and long-term deposits totaling RMB36.2 billion. XPeng expects the company to deliver 15,500 to 16,000 vehicles in the second quarter, up 380.2% to 395.7% year-over-year; Total revenue ranged from RMB3.4 billion to RMB3.5 billion, representing a year-on-year increase of 475.5% to 492.4%.</p><p><b>Deep cultivation of intelligent cars attracts many capital blessings</b></p><p>Nowadays, on a global scale, it is the general trend for electric vehicles to replace fuel vehicles, and the policies of various countries are favorable to the development of electric vehicles.</p><p>In China, in October 2020, the State Council announced the New Energy Vehicle Industry Development Plan (2021 – 2035) (the \"New Energy Vehicle Industry Development Plan\"), which pointed out that the development of new energy vehicles is the only way for China to transform into a powerful automobile country. The State Council has set a goal of increasing the penetration rate of new energy vehicles in China's passenger car market to 20% by 2025, and it is expected that pure electric vehicles will become the mainstream of new energy vehicles in newly sold vehicles.</p><p>It is worth noting that the Chinese government has put forward the development vision of intelligent interconnected vehicles in the development plan of new energy vehicle industry, and plans to realize the large-scale commercialization of high-level autonomous driving in specific scenarios by 2025, while also strengthening the research and development of key components and systems of interconnected vehicles.</p><p>At the 11th China Automobile Forum hosted by China Association of Automobile Manufacturers not long ago, Yu Peng, senior director of XPeng Automobile Embedded, said that after smart phones, we have great reason to believe that the next generation of brand-new core carriers of intelligent software and hardware will definitely be smart cars.</p><p>Currently, including<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Xiaomi, Didi, 360 and many other technology giants have begun to lay out the field of smart cars, and software has gradually become the new commanding heights of smart cars.</p><p>The automotive software and electrical and electronic components (E/E) market is expected to grow at a CAGR of 7%, according to a McKinsey survey, and the market will grow to $469 billion by 2030.</p><p>Some industry experts predict that by 2025, smart cars + electric vehicles will account for 60% of new cars in China's first-tier cities, of which smart cars will account for more than 50%. It is expected that by 2028, smart cars will enter a period of rapid jump.</p><p>According to Zinc Finance, XPeng Motors began to develop smart electric vehicles a long time ago. As of March 31, 2021, 13,340 smart electric vehicles have been delivered. In April, XPeng Motors unveiled the P5, its third smart electric vehicle, and the company plans to start delivering the P5 in bulk in the fourth quarter of this year.</p><p>In addition to the P5, XPeng Motors plans to deliver the mid-term facelift of the G3, the G3i, by the end of the third quarter of this year, and plans to launch its fourth smart electric vehicle in 2022, an SUV with advanced autonomous driving systems and enhanced core vehicle systems.</p><p>In the view of Zinc Finance, the acceleration of vehicle delivery means that XPeng vehicles will officially cross the production climbing period and usher in a new round of high-speed growth. In addition, it is particularly worth mentioning that as of the first quarter of this year, there were 172 XPeng brand supercharging stations, covering 60 cities. It is planned to build more than 500 private-brand supercharging stations by the end of this year.</p><p>In terms of software, XPeng Automobile is currently the only automobile company in China to realize full-stack self-developed autonomous assisted driving software with separate charges, with a total recognized revenue of 80 million yuan, and in the first quarter of 2021, software revenue was 30 million yuan. In the future, the business model of software business income will have obvious favorable trends in the field of smart cars.</p><p>According to the data of the first quarter of this year, software revenue accounted for 2.5% of XPeng Motors' total revenue. The inclusion of this part of revenue also increased the gross profit margin. With the increase of delivery volume, the contribution of software to the company's revenue and gross profit will continue to increase. XPeng expects the penetration rate of software revenue to increase 1% in the second quarter of this year compared with the first quarter.</p><p>Such sparing no effort to lay out the intelligent electric vehicle market has also won the favor of more capital. According to public information, since its establishment in 2015, XPeng has successively obtained<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group, Xiaomi Group, IDG Capital, Morningside Capital, GGV GGV Capital, Primavera Capital, Hillhouse Capital, Sequoia China and many other domestic and foreign investors.</p><p><a href=\"https://laohu8.com/S/00017\">New World Development</a>Zheng Zhigang, Executive Vice Chairman and Chief Executive Officer, said: \"I have always been optimistic about the development of smart cars, which have unlimited market potential. Since its founding, Xpeng Motors has always insisted on independent research and development. It is the only enterprise in mainland China that can deeply integrate its own software and hardware and achieve mass production; Among them, product research and development includes innovative technologies such as autonomous driving and advanced voice interaction, which brings an innovative driving experience with both safety and futuristic sense to more consumers, which also prompted me to invest in XPeng vehicles.\"</p><p>With the support of many capitals, coupled with the fact that if it is successfully listed in Hong Kong, it may become a milestone event in the development history of China's intelligent electric vehicles, and XPeng will have more imagination in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/4eGXa4d8XiymQjk2xY3Q8w\">锌财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/4eGXa4d8XiymQjk2xY3Q8w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193078182","content_text":"距离美国上市不到一年，小鹏汽车又有了大动作。6月24日，据港交所官网显示，小鹏汽车已通过港交所聆讯，将冲刺港交所智能电动车第一股，同时，小鹏汽车也将成为今年首个美国、香港两地双重主要上市中概股。\n一旦上市成功，短期内并不追求毛利的小鹏汽车希望将筹集到的资金更多的用在自动驾驶、智能操作系统等科技创新的研发上。\n同时，在国家政策推动下，以及众多科技巨头的入局，智能汽车即将进入快速增长期，小鹏汽车的成功上市，或将成为中国智能电动汽车发展史的一个里程碑事件。\n将成为首个新势力港股\n据外媒报道，中国智能电动汽车公司小鹏汽车国际配售部分已录得足额认购。据富途数据显示，小鹏汽车公开发售暂募资9.97亿港元，超购0.3倍。\n6月25日，小鹏汽车发布公告称，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，每手买卖单位100股，入场费约18181.39港元；预期股份将于7月7日于联交所主板挂牌上市。\n据港交所消息显示，摩根大通和美银为此次联席保荐人，这些投行曾在去年8月帮助小鹏汽车完成赴美上市事宜。\n2020年8月，小鹏汽车以15美元/股的发行价在美国上市，其首日开盘价为23.1美元，较发行价上涨幅度超过55%。上市之初，小鹏汽车将目标定为成为一家千亿美元市值的公司，其股价也确实按照该公司的预期发展，2020年11月底，小鹏汽车一度涨至74美元。\n\n此次据港交所的规定，公司赴港二次上市需要满足一些“硬性”要求。首先，公司所处行业要求是创新产业；其次，公司必须在另一家符合条件的交易所至少有两年的良好监管合规记录；第三，市值至少超过400亿港元，或者市值超过100亿港元且收入超过10亿港元。\n对于赴美上市还不到一年的小鹏汽车而言，此次香港上市属于双重主要上市行为，为此该公司需要受到美国证券交易委员会(SEC)和香港证券及期货事务监察委员会(SFC)的共同监管。据悉，双重主要上市是比二次上市更严格的上市过程，在二次上市中，第一上市地点的监管机构拥有主要监管权。\n截止目前，已有包括京东、网易等10多家中概股在香港二次上市。在造车方面，此前也曾出现过小鹏、蔚来、理想国内三大造车新势力在香港上市的传闻。\n今年3月，路透社曾援引知情人士消息称，蔚来已联系瑞士信贷和摩根士丹利，将在港股发行股票，未来还将筹划登陆A股市场。而理想则与高盛和瑞银进行合作，预计在今年第三季度完成香港上市，募资10亿-20亿美元。同时，理想汽车创始人李想曾表示，理想不介意任何一种方式的融资，包括二级市场、银行贷款和发债等。\n此次小鹏汽车率先通过港交所聆讯，无疑跑在了其他两家造车新势力的前面。\n艾媒咨询CEO张毅告诉锌财经，在香港上市，可以分摊美国资本市场尤其是二级市场不确定性的风险；同时，双重主要上市对企业融资会有很大的帮助，而双市场可以直接提升小鹏汽车在国内外市场的影响，有助于扩大品牌营销。\n加大研发投入打好“科技创新牌”\n企业上市，无疑可以筹集到更多的资金。而资金的用法，才是真正可以影响到企业发展的重中之重。\n有消息称，此次小鹏汽车融资规模最多为20亿美元。对此，该公司不予置评。但据其招股书显示，将所得款项净额中约45%用于拓展公司的产品组合及开发更先进的技术；所得款项净额中约35%用于通过提升公司的品牌认知度，借助全渠道营销策略获取客户，以及在国内及国际上增加销售及服务接触点，来加速公司的业务扩张；所得款项净额中约10%用于提升生产能力，包括扩大产能、升级生产设施和开发生产技术；所得款项净额中约10%用于一般公司用途，包括用作运营资金。\n从中可见，研发已成为小鹏汽车战略布局的重中之重。事实上，作为一家技术驱动型公司，小鹏汽车已投入大量资金用于自主研发技术，希望凭借差异化的产品和服务推动公司的快速发展，乃至推动智能电动汽车转型。\n据小鹏汽车此前发布的财报显示，在2018-2020年，小鹏汽车营收分别为970万元、23.21亿元和58.44亿元。今年第一季度，其营收29.51亿元，较去年同期增长616.1%。\n研发开支方面，在2018年-2020年及今年第一季度，小鹏汽车研发开支分别为10.51亿元、20.70亿元、17.26亿元及5.35亿元。在2019年、2020年及今年第一季度，研发开支分别占总收入的89.2%、29.5%及18.1%。\n小鹏汽车认为，只有凭借对研发的持续投资，才能保持在智能电动汽车领域的领先地位。公司将专注于技术创新，不断升级自动驾驶、智能操作系统以及核心车辆系统。\n在技术创新方面，小鹏汽车是目前国内唯一一家自主开发全栈式自动驾驶技术，并在量产汽车上应用该软件的汽车公司。其最新自主研发的自动驾驶系统XPILOT 3.0是目前市场上所售汽车中已采用的最高水平自动驾驶技术。\n不可否认的是，在追求技术创新的路上也会遇到因高额研发成本带来的亏损问题，对此，小鹏汽车有着自己看法：“从长期来看，一个科技型的汽车企业应该是有很高毛利的企业。从短中期来看，短期有太高的毛利是错误的。我们会坚持走科技路线，走好自己的道路，做好自己的定位。”\n“企业在市场培育和产品打造上会经历一些战略性阶段，只要资金不出现问题其余都是其次的。”在张毅看来，“在小鹏汽车的融资能力是不用怀疑的。”\n实际上，目前小鹏汽车资金也较为充足。截至今年3月31日，公司拥有现金、现金等价物、受限资金、短期存款、短期投资和长期存款为共计人民币362亿元。小鹏预计，第二季度公司车辆交付量为1.55万至1.6万辆，同比增长380.2％至395.7％；总收入在人民币34亿元至35亿元之间，同比增长475.5％至492.4％。\n深耕智能汽车引众多资本加持\n时下，在全球范围内，电动汽车替代燃油车已是大势所趋，各国政策都利好电动汽车发展。\n在国内，2020年10月，国务院公布了《新能源汽车产业发展规划(2021–2035)》（「新能源汽车产业发展规划」），指出发展新能源汽车是中国转型为汽车强国的必由之路。国务院已经设定到2025年将新能源汽车在中国乘用车市场的渗透率提高到20%的目标，预期纯电动汽车会成为新销售车辆中新能源汽车的主流。\n值得注意的是，我国政府在新能源汽车产业发展规划中提出了智能互联汽车的发展愿景，计划在2025年前实现特定场景下高级别自动驾驶的大规模商业化，同时还加强互联车辆关键零部件和系统的研发。\n在前不久中国汽车工业协会主办的第11届中国汽车论坛上，小鹏汽车嵌入式高级总监余鹏表示，智能手机之后，我们非常有理由相信，下一代全新的智能软硬件核心载体，一定会是智能汽车。\n目前，包括百度、小米、滴滴、360等众多科技巨头开始布局智能汽车领域，软件已经在逐渐成为智能汽车的全新制高点。\n据麦肯锡的调查显示，汽车软件和电气电子元件（E/E）市场预计复合年增长率为 7%，该市场将在2030 年增长至4690 亿美元。\n有业内专家预计，到2025年，在中国一线城市智能汽车+电动汽车在新车中占比将达60%，其中，智能汽车占到50%以上。预计到2028年，智能汽车会进入到急速的跳跃时期。\n据锌财经了解到，小鹏汽车很早之前就开始发力智能电动汽车。截至2021年3月31日，智能电动汽车已交付量13340辆。今年4月，小鹏汽车发布了P5，这是其第三款智能电动汽车，该公司计划在今年第四季度开始批量交付P5。\n除了P5，小鹏汽车还计划在今年第三季度末交付G3的中期改款版G3i，并计划在2022年推出旗下第四款智能电动汽车，这是一款具备高级自动驾驶系统和加强版核心车辆系统的SUV。\n在锌财经看来，车辆交付的加速，意味着小鹏汽车将正式渡过产量爬坡期，迎来新一轮的高速增长。此外，特别值得一提的是，截至今年第一季度，小鹏品牌超充站172座，覆盖60个城市。计划至今年年底建设超过500个自有品牌超级充电站。\n软件方面，小鹏汽车目前是中国唯一一家实现全栈自研的自动辅助驾驶软件单独收费的汽车企业，总计确认收入8000万，在2021年第一季度，软件收入为3000万元。未来，软件业务收入的商业模式在智能汽车领域会有明显的利好趋势。\n从今年第一季度的数据看，软件收入占了小鹏汽车总收入的2.5%。而该部分收入的计入也提升了毛利率。随着交付量的增加，接下来软件对公司的营收及毛利贡献度将持续提升。小鹏汽车预计，在今年第二季度软件收入的渗透率会比第一季度提高1%。\n如此不遗余力的布局智能电动汽车市场，也换来更多资本的青睐。公开资料显示，小鹏汽车自2015年成立以来，先后获得了阿里巴巴集团、小米集团、IDG资本、晨兴资本、GGV纪源资本、春华资本、高瓴资本、 红杉中国等国内外众多投资者的支持。\n新世界发展执行副主席兼行政总裁郑志刚表示：“我一直看好智能汽车发展，当中的市场潜力无限，而小鹏汽车从创立至今，一直坚持自主研发，是中国内地唯一一家能够将自家研发的软件、硬件深度整合，并且做到量产落地的企业；当中的产品研发包括自动驾驶、高级语音交互等创新技术，为更多消费者带来安全性与未来感兼备的创新驾驶体验，这也促成我投资小鹏汽车。”\n在众多资本的支持下，再加上此次若成功在香港上市，或将成为中国智能电动汽车发展史的一个里程碑事件，小鹏汽车未来还会更多的想象空间。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":1986,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167885573,"gmtCreate":1624259042192,"gmtModify":1703831787554,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun 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Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165833824","repostId":"2144170319","repostType":4,"repost":{"id":"2144170319","kind":"highlight","pubTimestamp":1624086714,"share":"https://ttm.financial/m/news/2144170319?lang=en_US&edition=fundamental","pubTime":"2021-06-19 15:11","market":"us","language":"zh","title":"Biden administration completes 300 million vaccine doses, challenges 70% adult vaccination target","url":"https://stock-news.laohu8.com/highlight/detail?id=2144170319","media":"新浪财经","summary":"　　中新社华盛顿6月18日电 美国总统拜登18日在白宫宣布，在其就任150天内，美国已完成3亿剂新冠疫苗接种。　　尽管疫情大幅改善，但美国民众的疫苗接种意愿降低，让拜登政府的另一项抗疫目标面临挑战。拜登此前提出，在7月4日前，让70%的美国成年人至少接种一剂疫苗。15个州和华盛顿特区的一剂疫苗接种率已达70%。这将成为拜登就任总统以来白宫举行的最大规模活动。","content":"<p>(Fighting COVID-19) Biden administration completes 300 million doses of vaccination, 70% adult vaccination goal faces challenges</p><p>China News Service, Washington, June 18 (Reporter Chen Mengtong) U.S. President Joe Biden announced at the White House on the 18th that within 150 days of his inauguration, the United States has completed 300 million doses of COVID-19 vaccine.</p><p>Speaking on the pandemic that day, Biden said: \"Compared to last year, the United States is about to usher in a very different summer. A bright, pleasant summer.\"</p><p>According to the data of Johns Hopkins University in the United States, as of the 18th, the cumulative number of confirmed cases of COVID-19 in the United States exceeded 33.51 million, and the number of deaths reached 601,000. Currently, the seven-day average of confirmed cases and deaths in the United States is about 12,000 and 300.</p><p>Despite the dramatic improvement in the pandemic, the decreased willingness of Americans to vaccinate has challenged another Biden administration anti-pandemic goal. Biden previously offered to have 70% of U.S. adults receive at least one dose of the vaccine by July 4. With 15 days left until the Independence Day holiday, the figure remains at 65.1%.</p><p>《<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>The aforementioned goals may not be achieved until the summer. Currently, the U.S. seven-day average of about 1.1 million doses is well below the peak of 3.3 million doses per day.</p><p>Biden noted that areas of the U.S. with high vaccination rates have seen significant declines in deaths and hospitalizations. \"But unfortunately, in states with lower vaccination rates, new cases and hospitalizations are not going down in many places. In some places, it's actually going up.\"</p><p>According to data released by the White House on the 18th, at present, more than 175 million Americans have received at least one dose of vaccine. One-dose vaccination rates have reached 70% in 15 states and Washington, D.C. According to US media statistics, the current one-dose vaccination rate in Alabama, Louisiana, Mississippi, Tennessee, Wyoming and other places is less than 50%.</p><p>At the same time, Biden pointed out that the new coronavirus variant is a \"serious problem\" for the United States to fight the epidemic. The Covid variant will leave unvaccinated people more vulnerable than they were a month ago. In the face of high-risk and highly transmissible mutant viruses, full vaccination is still the \"best way\" to protect yourself.</p><p>\"On July 4th, we will celebrate independence from the pandemic while celebrating Independence Day. We want everyone to do it,\" Biden said.</p><p>Earlier this week, the White House revealed that on Independence Day, a thousand-person celebration would be held in the South Lawn, inviting medical staff, rescue workers and their families on the front line of the fight against the epidemic to participate. It will be the largest event held at the White House since Biden became president.</p>","source":"sina_us","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>Biden administration completes 300 million vaccine doses, challenges 70% adult vaccination target</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\">\nBiden administration completes 300 million vaccine doses, challenges 70% adult vaccination target\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-06-19 15:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Fighting COVID-19) Biden administration completes 300 million doses of vaccination, 70% adult vaccination goal faces challenges</p><p>China News Service, Washington, June 18 (Reporter Chen Mengtong) U.S. President Joe Biden announced at the White House on the 18th that within 150 days of his inauguration, the United States has completed 300 million doses of COVID-19 vaccine.</p><p>Speaking on the pandemic that day, Biden said: \"Compared to last year, the United States is about to usher in a very different summer. A bright, pleasant summer.\"</p><p>According to the data of Johns Hopkins University in the United States, as of the 18th, the cumulative number of confirmed cases of COVID-19 in the United States exceeded 33.51 million, and the number of deaths reached 601,000. Currently, the seven-day average of confirmed cases and deaths in the United States is about 12,000 and 300.</p><p>Despite the dramatic improvement in the pandemic, the decreased willingness of Americans to vaccinate has challenged another Biden administration anti-pandemic goal. Biden previously offered to have 70% of U.S. adults receive at least one dose of the vaccine by July 4. With 15 days left until the Independence Day holiday, the figure remains at 65.1%.</p><p>《<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>The aforementioned goals may not be achieved until the summer. Currently, the U.S. seven-day average of about 1.1 million doses is well below the peak of 3.3 million doses per day.</p><p>Biden noted that areas of the U.S. with high vaccination rates have seen significant declines in deaths and hospitalizations. \"But unfortunately, in states with lower vaccination rates, new cases and hospitalizations are not going down in many places. In some places, it's actually going up.\"</p><p>According to data released by the White House on the 18th, at present, more than 175 million Americans have received at least one dose of vaccine. One-dose vaccination rates have reached 70% in 15 states and Washington, D.C. According to US media statistics, the current one-dose vaccination rate in Alabama, Louisiana, Mississippi, Tennessee, Wyoming and other places is less than 50%.</p><p>At the same time, Biden pointed out that the new coronavirus variant is a \"serious problem\" for the United States to fight the epidemic. The Covid variant will leave unvaccinated people more vulnerable than they were a month ago. In the face of high-risk and highly transmissible mutant viruses, full vaccination is still the \"best way\" to protect yourself.</p><p>\"On July 4th, we will celebrate independence from the pandemic while celebrating Independence Day. We want everyone to do it,\" Biden said.</p><p>Earlier this week, the White House revealed that on Independence Day, a thousand-person celebration would be held in the South Lawn, inviting medical staff, rescue workers and their families on the front line of the fight against the epidemic to participate. It will be the largest event held at the White House since Biden became president.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-06-19/doc-ikqcfnca1958952.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c26835d2a08742c3de45f524c7bb8604","relate_stocks":{},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-06-19/doc-ikqcfnca1958952.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144170319","content_text":"（抗击新冠肺炎）拜登政府完成3亿剂疫苗接种 70%成人接种目标迎挑战\n中新社华盛顿6月18日电 （记者 陈孟统）美国总统拜登18日在白宫宣布，在其就任150天内，美国已完成3亿剂新冠疫苗接种。\n拜登当天就疫情发表讲话说：“与去年相比，美国即将迎来一个非常不同的夏天。一个明亮的、愉悦的夏天。”\n据美国约翰斯·霍普金斯大学数据，截至18日，美国累计新冠确诊病例超3351万，死亡病例达60.1万。目前，美国7天平均确诊和死亡病例约为1.2万例和300例。\n尽管疫情大幅改善，但美国民众的疫苗接种意愿降低，让拜登政府的另一项抗疫目标面临挑战。拜登此前提出，在7月4日前，让70%的美国成年人至少接种一剂疫苗。距离独立日假期还剩15天，但这一数据仍为65.1%。\n《华盛顿邮报》指出，上述目标可能要到夏天才能实现。目前，美国7天平均疫苗接种量约为110万剂，远低于高峰时期的每日330万剂。\n拜登指出，美国疫苗接种率高的地区，死亡率和住院率大幅下降。“但不幸的是，在疫苗接种率较低的州，许多地方的新增病例和住院率并没有下降。在一些地方，实际在上升。”\n白宫18日公布的数据显示，目前，超过1.75亿美国人已至少接种一剂疫苗。15个州和华盛顿特区的一剂疫苗接种率已达70%。而据美国媒体统计，亚拉巴马州、路易斯安那州、密西西比州、田纳西州、怀俄明州等地目前一剂疫苗接种率不足50%。\n拜登同时指出，新冠变异病毒是美国抗击疫情的一个“严重问题”。新冠变异病毒将使未接种疫苗的人比一个月前更加脆弱。面对高危险性、高传播性的变异病毒，完全接种疫苗仍是自我保护的“最佳方法”。\n“7月4日，我们将在欢度独立日的同时，庆祝摆脱疫情而独立。我们希望每个人都能做到。”拜登如是说。\n本周早些时候，白宫对外透露，独立日当天将在南草坪举办千人规模的庆祝活动，邀请在抗疫一线的医务人员、救援人员及其家人参加。这将成为拜登就任总统以来白宫举行的最大规模活动。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168545054,"gmtCreate":1623979602178,"gmtModify":1703825312172,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168545054","repostId":"2144253297","repostType":4,"isVote":1,"tweetType":1,"viewCount":2454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185526603,"gmtCreate":1623661501302,"gmtModify":1704208050619,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185526603","repostId":"1174303058","repostType":4,"repost":{"id":"1174303058","kind":"news","weMediaInfo":{"introduction":"“一号在手，投资无忧！”此微信公众号为中信证券研究报告权威发布平台，力求信息及时、准确，是您投资好帮手！","home_visible":1,"media_name":"中信证券研究","id":"1010577552","head_image":"https://static.tigerbbs.com/aa20565b6019f08c46a1722e89f3141b"},"pubTimestamp":1623659285,"share":"https://ttm.financial/m/news/1174303058?lang=en_US&edition=fundamental","pubTime":"2021-06-14 16:28","market":"sh","language":"zh","title":"CITIC Securities: Stock Game Dominates the Market and Seizes the Short-term Rotation Opportunity","url":"https://stock-news.laohu8.com/highlight/detail?id=1174303058","media":"中信证券研究","summary":"存量资金频繁调仓的博弈将继续主导6月市场，基本面因素短期影响趋弱，估值依然是主要驱动，建议继续把握短期市场轮动下的机遇。首先，增量资金并未大幅入场，机构端资金流入缓慢，万亿成交的背后更多是存量资金频繁","content":"<p>The game of frequent adjustment of stock funds will continue to dominate the market in June. The short-term impact of fundamental factors will weaken, and valuation is still the main driver. It is recommended to continue to grasp the opportunities under the short-term market rotation. First of all, incremental funds have not entered the market substantially, and the inflow of institutional funds is slow. Behind the trillion-dollar transaction, there are more frequent positions of stock funds, and the valuation flexibility of the game is played with a short, flat and fast trading style. With the asymptotic disclosure of the interim report, the structural game will slowly ebb. Secondly, the short-term impact of fundamental factors on the market has weakened, and A shares are still in a quiet period and are still in the valuation-driven stage. Finally, seize the short-term market rotation opportunity, short-term trading cycle and theme, and closely follow the main line of growth and manufacturing in the medium term: 1) Upstream resource products with high certainty of interim report performance are more favored by funds in the short term; 2) Short-term policy-catalyzed themes, including Hengqin concept plate and military industry, are also worthy of attention; 3) As the trade-driven tide ebbs, it is recommended to closely follow the main line of growth and manufacturing in the medium term, and continue to allocate new energy, independent and controllable science and technology, national defense security and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing and other sectors.</p><p><b>Stock funds are active in adjusting positions to dominate the market, and the structural game will slowly ebb as the interim report approaches</b></p><p>1) Incremental funds have not entered the market substantially, and the inflow of institutional funds is slow. Contrary to the heavy volume of market transactions since May, the scale of incremental funds on the institutional side has been limited in the past few weeks. The inflow rate of allocation funds in northbound funds has obviously slowed down. In May/June (as of June/11), the inflow was 37.2 billion yuan/12.9 billion yuan, which was lower than the monthly scale of about 50 billion yuan in March and April. The new fever of public offering has gradually recovered. In the first two weeks of June, the issuance of active products was 46.6 billion yuan, which is close to the scale of May, but there is still a significant gap compared with the beginning of the year.<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>Channel research shows that the average daily net redemption rate of stock products in the past three weeks (May 24th to present) is close to two thousandths.</p><p>2) The stock funds are frequently adjusted, and the valuation flexibility is played with a short, flat and fast trading style. The market is active. In the past 14 trading days, the average daily turnover of A shares reached 967.7 billion yuan, of which 6 trading days exceeded one trillion yuan. The latest financing balance of A shares was 1.59 trillion yuan, which has exceeded the high point at the beginning of 2021 and is second only to the level during the bull market in 2015. Investor behavior dominates the short-term market style, and small and medium-sized tickets with \"light market and no basis\" perform better, while institutional heavyweights perform relatively weakly. On June 11th, the turnover of CSI 1000 constituent stocks was close to the high point at the beginning of the year, while the turnover of CSI 300 constituent stocks was only 2/3 of the high point at the beginning of the year.</p><p>3) The increment of short-term funds is limited, the disclosure of the interim report is approaching, and the structural game will slowly ebb. First of all, the appreciation of RMB is expected to ease, and the lagging impact of inflation and downward credit cycle on fundamentals remains to be confirmed in the interim report. It is expected that the northbound funds dominated by allocation-oriented foreign capital will remain in a slow state. Secondly, in the small and medium-sized ticket market in review from 2013 to 2015, the chase of short-term income by Christians made the subscription funds flow to non-head products with relatively better performance. The head products temporarily lacked the profit-making effect, and the scale of new funds was still limited. Finally, July is about to enter the period of intensive disclosure of public opinion in the interim report, and the recent behavior of market stock game is expected to converge, while some small and medium-sized ticket relay markets without performance support are nearing the end.</p><p><b>The short-term impact of fundamental factors on the market has weakened, and A shares are still in the valuation-driven stage in June</b></p><p>1) PPI peaked year-on-year, social financing bottomed year-on-year, and the macro environment is favorable to the market, but the market response is passivated. First of all, the 9% PPI in May may have been at the high point of the year year-on-year, and there is less room for the subsequent PPI to continue to climb month-on-month; Secondly, the growth rate of social financing in May has probably fallen back to near the low point of the year. With the acceleration of special bond issuance from June to September, the growth rate of social financing will gradually stabilize and rebound slightly during the year; Finally, the export boom is still high, and the lower-than-expected monthly growth rate in May may be mainly disturbed by the local epidemic situation in Guangdong and the high freight rate of sea freight. Recently, the domestic macro data as a whole is in line with expectations, and the trend is favorable to A shares. However, the market reaction is passivated, and some structurally deviating macro data have limited disturbances. After the price/financial data is released, the Shanghai Composite Index rose by 0.32%/fell by 0.58% respectively, with small fluctuations.</p><p>2) The disturbance of inflation to the monetary policy of China and the United States will be further alleviated. First of all, the high point of inflation's market disturbance has passed. In May, when inflation in China and the United States exceeded expectations year-on-year, the reaction of Chinese and American stock markets was relatively flat. Secondly, although the short-term commodity prices have rebounded, the possibility that the prices of most varieties will exceed the previous high is low. Under China's active control and the slowdown of the US economic recovery, the phased inflation is coming to an end. Third, overseas expectations for the Federal Reserve's reduction of bond purchases are improving. After the release of US CPI data in May, the nominal yield and real yield of 10-year US bonds dropped by 5BP/8BP respectively on the same day. On June 10, the leaders of the People's Bank of China and the two sessions<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum speech showed that commodity prices, real estate regulation and control, and financial risk prevention are still the focus of recent monetary policy, and the tone of prudent policy remains unchanged.</p><p>3) A shares are still in a quiet period, and June is in the stage dominated by valuation. Incremental capital inflow is slow, and under the highly consistent market expectation, the risk appetite of stock funds will remain at a high level. Behind its active trading, the characteristics of chasing valuation flexibility are very obvious. At the same time, the time constraint of the rapid rotation market driven by this round of stock game is obvious. The asymptotic disclosure of the interim report in July means that the fundamental window period will end. It is expected that the risk appetite of stock funds will not decline before this. It is recommended to seize the short-term rotation opportunity of the market.</p><p><b>Short-term trading cycle and theme, closely adhering to the main line of growth manufacturing in the medium term</b></p><p>1) Upstream resource products with high performance certainty in the interim report are more popular in the short term. As of June 11th, more than 200 companies have disclosed the 2021 interim report forecast. According to the average of the upper and lower limits of the forecast net profit, it has been disclosed that the company's net profit in 2021Q2 single quarter has grown by 56% year-on-year, among which non-ferrous metals, automobiles, petroleum and petrochemicals, basic chemicals, etc. have the top year-on-year growth rate. Although the number of samples of disclosed companies is small, under the background that PPI and commodity prices remain high, upstream resource products with high certainty and flexibility in the interim report may have strong support, which is expected to be more favored by funds in the short term. However, as the cycle is no longer the main line in the medium term, the rebound of the cyclical product sector before the earnings season provides a better opportunity to adjust positions.</p><p>2) Combining policy to catalyze trading related topics. In addition to the themes of innovation, green and sharing under high-quality development in the medium term, short-term suggestions focus on the themes that specific policies are expected to catalyze. After the pilot projects in Hainan and Pudong, the policies to promote Hengqin's further opening up deserve attention. Driven by the compensatory development of the army, the military sector will also have corresponding thematic opportunities.</p><p>3) Growth manufacturing is still the main line leading the growth in the medium term. First of all, the macro environment in which the economy is running smoothly and liquidity is expected to be restored is more conducive to the market building a consensus on growth. Secondly, the valuation premium of high-growth varieties with large industrial space, clear profit model and high capital expenditure will increase in the stage when the profit growth rate of the whole market declines, and they will continue to benefit from the market environment of game valuation flexibility. Thirdly, the policy implementation density based on medium and long-term high-quality development has increased, and the overall growth sector with large industrial space is more conducive to it. Among them, the allocation value of the bottom warehouse of growth and manufacturing is still obvious. It is recommended to insist on the allocation of new energy, independent and controllable science and technology, national defense security and intelligent manufacturing. If these sectors are adjusted due to the rapid rise in the early stage and the adjustment of short-term stock funds, it is a good opportunity to increase the allocation.</p><p><b>Risk Factors</b></p><p>The global epidemic has repeated, and vaccination has fallen short of expectations; Friction between China and the United States in the field of science and technology trade has intensified; The progress of domestic economic recovery is less than expected; Macro liquidity at home and abroad tightened more than expected.</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>CITIC Securities: Stock Game Dominates the Market and Seizes the Short-term Rotation Opportunity</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\">\nCITIC Securities: Stock Game Dominates the Market and Seizes the Short-term Rotation Opportunity\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1010577552\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/aa20565b6019f08c46a1722e89f3141b);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">中信证券研究 </p>\n<p class=\"h-time smaller\">2021-06-14 16:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The game of frequent adjustment of stock funds will continue to dominate the market in June. The short-term impact of fundamental factors will weaken, and valuation is still the main driver. It is recommended to continue to grasp the opportunities under the short-term market rotation. First of all, incremental funds have not entered the market substantially, and the inflow of institutional funds is slow. Behind the trillion-dollar transaction, there are more frequent positions of stock funds, and the valuation flexibility of the game is played with a short, flat and fast trading style. With the asymptotic disclosure of the interim report, the structural game will slowly ebb. Secondly, the short-term impact of fundamental factors on the market has weakened, and A shares are still in a quiet period and are still in the valuation-driven stage. Finally, seize the short-term market rotation opportunity, short-term trading cycle and theme, and closely follow the main line of growth and manufacturing in the medium term: 1) Upstream resource products with high certainty of interim report performance are more favored by funds in the short term; 2) Short-term policy-catalyzed themes, including Hengqin concept plate and military industry, are also worthy of attention; 3) As the trade-driven tide ebbs, it is recommended to closely follow the main line of growth and manufacturing in the medium term, and continue to allocate new energy, independent and controllable science and technology, national defense security and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing and other sectors.</p><p><b>Stock funds are active in adjusting positions to dominate the market, and the structural game will slowly ebb as the interim report approaches</b></p><p>1) Incremental funds have not entered the market substantially, and the inflow of institutional funds is slow. Contrary to the heavy volume of market transactions since May, the scale of incremental funds on the institutional side has been limited in the past few weeks. The inflow rate of allocation funds in northbound funds has obviously slowed down. In May/June (as of June/11), the inflow was 37.2 billion yuan/12.9 billion yuan, which was lower than the monthly scale of about 50 billion yuan in March and April. The new fever of public offering has gradually recovered. In the first two weeks of June, the issuance of active products was 46.6 billion yuan, which is close to the scale of May, but there is still a significant gap compared with the beginning of the year.<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>Channel research shows that the average daily net redemption rate of stock products in the past three weeks (May 24th to present) is close to two thousandths.</p><p>2) The stock funds are frequently adjusted, and the valuation flexibility is played with a short, flat and fast trading style. The market is active. In the past 14 trading days, the average daily turnover of A shares reached 967.7 billion yuan, of which 6 trading days exceeded one trillion yuan. The latest financing balance of A shares was 1.59 trillion yuan, which has exceeded the high point at the beginning of 2021 and is second only to the level during the bull market in 2015. Investor behavior dominates the short-term market style, and small and medium-sized tickets with \"light market and no basis\" perform better, while institutional heavyweights perform relatively weakly. On June 11th, the turnover of CSI 1000 constituent stocks was close to the high point at the beginning of the year, while the turnover of CSI 300 constituent stocks was only 2/3 of the high point at the beginning of the year.</p><p>3) The increment of short-term funds is limited, the disclosure of the interim report is approaching, and the structural game will slowly ebb. First of all, the appreciation of RMB is expected to ease, and the lagging impact of inflation and downward credit cycle on fundamentals remains to be confirmed in the interim report. It is expected that the northbound funds dominated by allocation-oriented foreign capital will remain in a slow state. Secondly, in the small and medium-sized ticket market in review from 2013 to 2015, the chase of short-term income by Christians made the subscription funds flow to non-head products with relatively better performance. The head products temporarily lacked the profit-making effect, and the scale of new funds was still limited. Finally, July is about to enter the period of intensive disclosure of public opinion in the interim report, and the recent behavior of market stock game is expected to converge, while some small and medium-sized ticket relay markets without performance support are nearing the end.</p><p><b>The short-term impact of fundamental factors on the market has weakened, and A shares are still in the valuation-driven stage in June</b></p><p>1) PPI peaked year-on-year, social financing bottomed year-on-year, and the macro environment is favorable to the market, but the market response is passivated. First of all, the 9% PPI in May may have been at the high point of the year year-on-year, and there is less room for the subsequent PPI to continue to climb month-on-month; Secondly, the growth rate of social financing in May has probably fallen back to near the low point of the year. With the acceleration of special bond issuance from June to September, the growth rate of social financing will gradually stabilize and rebound slightly during the year; Finally, the export boom is still high, and the lower-than-expected monthly growth rate in May may be mainly disturbed by the local epidemic situation in Guangdong and the high freight rate of sea freight. Recently, the domestic macro data as a whole is in line with expectations, and the trend is favorable to A shares. However, the market reaction is passivated, and some structurally deviating macro data have limited disturbances. After the price/financial data is released, the Shanghai Composite Index rose by 0.32%/fell by 0.58% respectively, with small fluctuations.</p><p>2) The disturbance of inflation to the monetary policy of China and the United States will be further alleviated. First of all, the high point of inflation's market disturbance has passed. In May, when inflation in China and the United States exceeded expectations year-on-year, the reaction of Chinese and American stock markets was relatively flat. Secondly, although the short-term commodity prices have rebounded, the possibility that the prices of most varieties will exceed the previous high is low. Under China's active control and the slowdown of the US economic recovery, the phased inflation is coming to an end. Third, overseas expectations for the Federal Reserve's reduction of bond purchases are improving. After the release of US CPI data in May, the nominal yield and real yield of 10-year US bonds dropped by 5BP/8BP respectively on the same day. On June 10, the leaders of the People's Bank of China and the two sessions<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum speech showed that commodity prices, real estate regulation and control, and financial risk prevention are still the focus of recent monetary policy, and the tone of prudent policy remains unchanged.</p><p>3) A shares are still in a quiet period, and June is in the stage dominated by valuation. Incremental capital inflow is slow, and under the highly consistent market expectation, the risk appetite of stock funds will remain at a high level. Behind its active trading, the characteristics of chasing valuation flexibility are very obvious. At the same time, the time constraint of the rapid rotation market driven by this round of stock game is obvious. The asymptotic disclosure of the interim report in July means that the fundamental window period will end. It is expected that the risk appetite of stock funds will not decline before this. It is recommended to seize the short-term rotation opportunity of the market.</p><p><b>Short-term trading cycle and theme, closely adhering to the main line of growth manufacturing in the medium term</b></p><p>1) Upstream resource products with high performance certainty in the interim report are more popular in the short term. As of June 11th, more than 200 companies have disclosed the 2021 interim report forecast. According to the average of the upper and lower limits of the forecast net profit, it has been disclosed that the company's net profit in 2021Q2 single quarter has grown by 56% year-on-year, among which non-ferrous metals, automobiles, petroleum and petrochemicals, basic chemicals, etc. have the top year-on-year growth rate. Although the number of samples of disclosed companies is small, under the background that PPI and commodity prices remain high, upstream resource products with high certainty and flexibility in the interim report may have strong support, which is expected to be more favored by funds in the short term. However, as the cycle is no longer the main line in the medium term, the rebound of the cyclical product sector before the earnings season provides a better opportunity to adjust positions.</p><p>2) Combining policy to catalyze trading related topics. In addition to the themes of innovation, green and sharing under high-quality development in the medium term, short-term suggestions focus on the themes that specific policies are expected to catalyze. After the pilot projects in Hainan and Pudong, the policies to promote Hengqin's further opening up deserve attention. Driven by the compensatory development of the army, the military sector will also have corresponding thematic opportunities.</p><p>3) Growth manufacturing is still the main line leading the growth in the medium term. First of all, the macro environment in which the economy is running smoothly and liquidity is expected to be restored is more conducive to the market building a consensus on growth. Secondly, the valuation premium of high-growth varieties with large industrial space, clear profit model and high capital expenditure will increase in the stage when the profit growth rate of the whole market declines, and they will continue to benefit from the market environment of game valuation flexibility. Thirdly, the policy implementation density based on medium and long-term high-quality development has increased, and the overall growth sector with large industrial space is more conducive to it. Among them, the allocation value of the bottom warehouse of growth and manufacturing is still obvious. It is recommended to insist on the allocation of new energy, independent and controllable science and technology, national defense security and intelligent manufacturing. If these sectors are adjusted due to the rapid rise in the early stage and the adjustment of short-term stock funds, it is a good opportunity to increase the allocation.</p><p><b>Risk Factors</b></p><p>The global epidemic has repeated, and vaccination has fallen short of expectations; Friction between China and the United States in the field of science and technology trade has intensified; The progress of domestic economic recovery is less than expected; Macro liquidity at home and abroad tightened more than expected.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/718d9d0cee89dacb8ae3664167fe24e6","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174303058","content_text":"存量资金频繁调仓的博弈将继续主导6月市场，基本面因素短期影响趋弱，估值依然是主要驱动，建议继续把握短期市场轮动下的机遇。首先，增量资金并未大幅入场，机构端资金流入缓慢，万亿成交的背后更多是存量资金频繁调仓，以短平快的交易风格博弈估值弹性，随着中报披露渐近，结构博弈将缓慢退潮。其次，基本面因素对市场的短期影响趋弱，A股依然处于平静期，依然处于估值驱动阶段。最后，把握短期市场轮动机遇，短期交易周期与主题，中期紧扣成长制造主线：1）中报业绩确定性高的上游资源品短期更受资金青睐；2）短期有政策催化的主题，包括横琴概念板块和军工也值得关注；3）随着交易驱动退潮，建议紧扣中期的成长制造主线，继续配置新能源、科技自主可控、国防安全和智能制造等板块。\n存量资金活跃调仓主导市场，中报临近下，结构博弈将缓慢退潮\n1）增量资金并未大幅入场，机构端资金流入缓慢。与5月份以来市场成交放量相反，过去几周机构端增量资金入场规模有限。北向资金中的配置型资金流入速度明显放缓，5月/6月（截至6/11）流入372亿元/129亿元，低于3、4月每月500亿元左右的规模。公募新发热度逐渐恢复，6月前两周主动型产品发行466亿元，已经接近5月全月规模，但相比年初仍有显著差距。中信证券渠道调研显示存量产品在过去3周（5月24日至今）日均净赎率接近千分之二。\n2）存量资金频繁调仓，以短平快的交易风格博弈估值弹性。市场交投活跃，过去14个交易日A股日均成交额高达9677亿元，其中6个交易日破万亿，最新A股融资余额1.59万亿元，已超过2021年初高点，仅次于2015年牛市期间的水平。投资者行为主导短期市场风格，“盘轻无基”的中小票表现较好，而机构权重股表现相对疲软。6月11日中证1000成分股成交额已经接近年初高点，而沪深300成分股成交额仅为年初高点的2/3。\n3）短期资金增量有限，中报披露渐近，结构博弈将缓慢退潮。首先，人民币升值预期缓解，通胀和信用周期下行对基本面的滞后影响仍待中报确认，预计配置型外资主导的北向资金将保持细水长流状态。其次，复盘2013~2015年的中小票行情，基民对于短期收益的追逐使得申购资金流向表现相对更优的非头部产品，头部产品暂时缺乏赚钱效应，新发基金的规模依然受限。最后，7月份即将进入中报舆情密集披露期，近期市场存量博弈的行为预计将收敛，而部分没有业绩支撑的中小票接力行情或接近尾声。\n基本面因素对市场的短期影响趋弱，6月A股依然处于估值驱动阶段\n1）PPI同比见顶，社融同比见底，宏观环境对市场有利，但市场反应钝化。首先，5月9%的PPI同比或已位于年内高点，后续PPI环比持续攀升的空间较小；其次，5月社融增速大概率已回落至年内低点附近，伴随6~9月专项债发行节奏加快，社融增速将逐步企稳，年内或小幅回升；最后，出口景气仍然较高，5月单月增速低于预期可能主要受到广东局部疫情和海运高运价的扰动。近期国内宏观数据整体符合预期，趋势上有利于A股，但市场反应钝化，一些结构上偏离预期的宏观数据带来的扰动有限，物价/金融数据公布后上证指数分别上涨0.32%/下跌0.58%，波动较小。\n2）通胀对中美货币政策的扰动将进一步缓解。首先，通胀对市场扰动的高点已过，5月中美通胀同比超预期的新高读数下，中美股市反应都比较平淡。其次，短期大宗商品价格虽有反弹，但大部分品种价格超越前高可能性低，中国主动管控和美国经济恢复放缓下，阶段性通胀已接近尾声。再次，海外对美联储缩减购债的预期在改善，5月美国CPI数据公布后10年期美债名义收益率和实际收益率当日分别下行5BP/8BP。6月10日一行两会领导在陆家嘴论坛发言表明，大宗商品价格、房地产调控、金融风险防范依然是近期货币政策的重心，稳健的政策定调不变。\n3）A股依然处于平静期，6月处于估值驱动主导的阶段。增量资金流入缓慢，而高度一致的市场预期下，存量资金风险偏好将依然保持较高水平，其活跃的交投背后，追逐估值弹性的特征非常明显。同时，本轮存量博弈驱动的快速轮动行情时间约束明显，渐近的7月中报披露意味着基本面空窗期将结束，预计在这之前存量资金的风险偏好不会下降，看短做短，建议把握市场短期轮动机遇。\n短期交易周期与主题，中期紧扣成长制造主线\n1）中报业绩确定性高的上游资源品短期更受青睐。截至6月11日，共200余家公司披露了2021年中报预告，按照预告净利润上下限均值计算，已披露公司2021Q2单季度净利润同比增速高达56%，其中有色金属、汽车、石油石化、基础化工等同比增速靠前。尽管披露公司样本数量很小，但PPI和商品价格维持高位的背景下，中报业绩确定性和弹性较高上游资源品或有较强支撑，短期预计更受资金青睐。但由于周期已非中期主线，周期品板块财报季前的反弹提供了更好的调仓机会。\n2）结合政策催化交易相关主题。除了中期高质量发展下的创新、绿色、共享主题外，短期建议聚焦具体政策有望落地催化的主题。在海南、浦东等试点之后，推动横琴进一步扩大开放的政策值得关注。在军队补偿式发展的驱动下，军工板块也会有相应的主题性机会。\n3）成长制造依然是中期领涨主线。首先，经济运行平稳，流动性预期修复的宏观环境更有利于市场凝聚成长共识。其次，产业空间大，盈利模式清晰，资本开支高的高成长品种在全市场盈利增速回落的阶段，估值溢价会提升，也将继续受益于博弈估值弹性的市场环境。再次，立足于中长期高质量发展的政策落地密度加大，整体也更有利于产业空间大的成长板块。其中，成长、制造的底仓配置价值依然明显，建议坚持配置新能源、科技自主可控、国防安全和智能制造，这些板块若因为前期上涨较快和短期存量资金调仓出现调整，是很好的增配机会。\n风险因素\n全球疫情反复、疫苗接种不及预期；中美科技贸易领域摩擦加剧；国内经济复苏进度不及预期；海内外宏观流动性超预期收紧。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189494484,"gmtCreate":1623284367248,"gmtModify":1704199958580,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189494484","repostId":"2142211740","repostType":4,"repost":{"id":"2142211740","kind":"news","pubTimestamp":1623284018,"share":"https://ttm.financial/m/news/2142211740?lang=en_US&edition=fundamental","pubTime":"2021-06-10 08:13","market":"hk","language":"zh","title":"EU releases preliminary findings: Alexa and Siri, among others, raise monopoly concerns","url":"https://stock-news.laohu8.com/highlight/detail?id=2142211740","media":"新浪科技","summary":"视频丨欧盟：对亚马逊“出手”正式提起反垄断诉讼新浪科技讯 北京时间6月9日晚间消息，据报道，欧盟反垄断监管机构今日表示，亚马逊Alexa、苹果Siri和Google Assistant等语音助手的市场力量日益增强，这引发了潜在的反竞争行为担忧。调研公司Statista数据显示，Alexa、Siri和Google Assistant是欧洲最受欢迎的语音助手设备。欧盟委员会表示，该调查结果将接受为期12周的公众咨询，截止日期为今年的9月1日。","content":"<p><a href=\"https://laohu8.com/S/SINA\">SINA</a>News Beijing time on the evening of June 9th, it is reported that the EU antitrust regulator said today that Amazon Alexa,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The growing market power of voice assistants such as Siri and Google Assistant has raised concerns about potential anti-competitive behaviour.</p><p>The European Commission made the comments today after a year-long investigation into voice assistants and other connected devices. More than 200 companies responded to this during the survey. Previously, the European Commission has conducted similar investigations into companies such as e-commerce, pharmaceuticals, financial services and energy, and led to some companies suffering huge fines.</p><p>According to research firm Statista, Alexa, Siri and Google Assistant are the most popular voice Assistant devices in Europe. Global sales of voice assistant devices are expected to double to 8.4 billion units in 2024 from 4.2 billion units in 2020.</p><p>EU Antitrust Commissioner Margrethe Vestager said today: \"We have seen some signs that some practices that we were familiar with before may lead to bundling, or the emergence of 'gatekeepers'. From the preliminary findings published today, our concerns seem to be shared by many market participants.\"</p><p>Vesteger also said it was hard to say whether the investigation would lead to a formal EU antitrust investigation into the companies. However, if their anti-competitive behaviour is confirmed, it is possible to open an investigation in the future.</p><p>The Commission said respondents cited concerns about certain exclusivities, namely bundling practices related to voice assistants, such as smart device manufacturers being prevented from installing a second voice assistant on one device. The second concern is that voice assistant providers restrict competitors by promoting their own or third-party services through default settings on devices.</p><p>A third concern focuses on what is available to voice assistants and smart device providers<a href=\"https://laohu8.com/S/603138\">Massive data</a>, while the fourth concern is the lack of interoperability between devices, with proprietary technology becoming the \"de facto\" standard.</p><p>In this regard,<a href=\"https://laohu8.com/S/GOOG\">Google</a>, Apple and Amazon have not yet commented.</p><p>For these anti-competitive behaviors, the EU has put in place more stringent regulations, called the Digital Markets Act. The bill will also need to be consulted with EU lawmakers and EU member states before it can be implemented, which is expected next year.</p><p>The Commission said the findings would be subject to a 12-week public consultation until September 1 this year. In the first half of next year, the EU will give a final report.</p>","source":"sina_symbol","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>EU releases preliminary findings: Alexa and Siri, among others, raise monopoly concerns</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\">\nEU releases preliminary findings: Alexa and Siri, among others, raise monopoly concerns\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-06-10 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/SINA\">SINA</a>News Beijing time on the evening of June 9th, it is reported that the EU antitrust regulator said today that Amazon Alexa,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The growing market power of voice assistants such as Siri and Google Assistant has raised concerns about potential anti-competitive behaviour.</p><p>The European Commission made the comments today after a year-long investigation into voice assistants and other connected devices. More than 200 companies responded to this during the survey. Previously, the European Commission has conducted similar investigations into companies such as e-commerce, pharmaceuticals, financial services and energy, and led to some companies suffering huge fines.</p><p>According to research firm Statista, Alexa, Siri and Google Assistant are the most popular voice Assistant devices in Europe. Global sales of voice assistant devices are expected to double to 8.4 billion units in 2024 from 4.2 billion units in 2020.</p><p>EU Antitrust Commissioner Margrethe Vestager said today: \"We have seen some signs that some practices that we were familiar with before may lead to bundling, or the emergence of 'gatekeepers'. From the preliminary findings published today, our concerns seem to be shared by many market participants.\"</p><p>Vesteger also said it was hard to say whether the investigation would lead to a formal EU antitrust investigation into the companies. However, if their anti-competitive behaviour is confirmed, it is possible to open an investigation in the future.</p><p>The Commission said respondents cited concerns about certain exclusivities, namely bundling practices related to voice assistants, such as smart device manufacturers being prevented from installing a second voice assistant on one device. The second concern is that voice assistant providers restrict competitors by promoting their own or third-party services through default settings on devices.</p><p>A third concern focuses on what is available to voice assistants and smart device providers<a href=\"https://laohu8.com/S/603138\">Massive data</a>, while the fourth concern is the lack of interoperability between devices, with proprietary technology becoming the \"de facto\" standard.</p><p>In this regard,<a href=\"https://laohu8.com/S/GOOG\">Google</a>, Apple and Amazon have not yet commented.</p><p>For these anti-competitive behaviors, the EU has put in place more stringent regulations, called the Digital Markets Act. The bill will also need to be consulted with EU lawmakers and EU member states before it can be implemented, which is expected next year.</p><p>The Commission said the findings would be subject to a 12-week public consultation until September 1 this year. In the first half of next year, the EU will give a final report.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2021-06-09/doc-ikqcfnca0117612.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ccaf5a00a23e698b11127b5df489f477","relate_stocks":{"09086":"华夏纳指-U","QNETCN":"纳斯达克中美互联网老虎指数","03086":"华夏纳指"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2021-06-09/doc-ikqcfnca0117612.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142211740","content_text":"新浪科技讯 北京时间6月9日晚间消息，据报道，欧盟反垄断监管机构今日表示，亚马逊Alexa、苹果Siri和Google Assistant等语音助手的市场力量日益增强，这引发了潜在的反竞争行为担忧。\n在对语音助手和其他联网设备进行了长达一年的调查后，欧盟委员会于今日发表了上述言论。调查期间，200多家公司对此做出了回应。之前，欧盟委员会曾对电子商务、制药、金融服务和能源等企业进行过类似的调查，并导致部分企业遭遇巨额罚款。\n调研公司Statista数据显示，Alexa、Siri和Google Assistant是欧洲最受欢迎的语音助手设备。据预计，2024年全球语音助手设备销量将从2020年的42亿台翻一番达到84亿台。\n欧盟反垄断专员玛格丽特·维斯塔格（Margrethe Vestager）今日表示：“我们看到了一些迹象，即我们之前很熟悉的一些做法可能会导致捆绑，或者是‘看门人’的出现。从今天公布的初步调查结果来看，我们的担忧似乎得到了许多市场参与者的认同。”\n维斯特格还表示，该调查是否会导致欧盟对这些公司展开正式的反垄断调查，目前还很难说。但如果他们的反竞争行为得到证实，将来展开调查是有可能的。\n欧盟委员会表示，受访者提到了对某些排他性的担忧，即与语音助手相关的捆绑做法，比如智能设备制造商被阻止在一台设备上安装第二个语音助手。第二个担忧是，语音助手提供商通过设备上的默认设置，推广自家或第三方的服务，从而限制了竞争对手。\n第三个担忧集中在语音助手和智能设备提供商可获得的海量数据，而第四个担忧是设备之间缺乏互操作性，专有技术成为了“事实上”的标准。\n对此，谷歌、苹果和亚马逊尚未发表评论。\n对于这些反竞争行为，欧盟已经制定了更为严格的法规，名为《数字市场法案》。该法案还需要与欧盟立法者和欧盟成员国进行磋商，然后才能实施，预计是明年。\n欧盟委员会表示，该调查结果将接受为期12周的公众咨询，截止日期为今年的9月1日。明年上半年，欧盟会给出最终的报告。","news_type":1,"symbols_score_info":{"09086":0.9,"03086":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114868554,"gmtCreate":1623066529878,"gmtModify":1704195324585,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/114868554","repostId":"1171406130","repostType":4,"repost":{"id":"1171406130","kind":"news","pubTimestamp":1623066365,"share":"https://ttm.financial/m/news/1171406130?lang=en_US&edition=fundamental","pubTime":"2021-06-07 19:46","market":"hk","language":"zh","title":"The battle of \"6.18\", I am afraid that it is difficult for Gome to name it","url":"https://stock-news.laohu8.com/highlight/detail?id=1171406130","media":" 锌刻度","summary":"黄光裕，迎来重掌国美的一大挑战。\n一年一度的“6·18”，堪称电商上半年的关键之战，京东、苏宁、拼多多、淘宝等无不摩拳擦掌。\n对国美而言，则是一个检验“复兴”效果的契机。\n“希望通过我们的奋斗，我们的","content":"<p>Huang Guangyu, ushered in a major challenge to regain control of Gome.</p><p>The annual \"6.18\" can be called the key battle of e-commerce in the first half of the year.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Suning,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Taobao, etc. are all gearing up.</p><p>For Gome, it is an opportunity to test the effect of \"revival\".</p><p>\"I hope that through our struggle and our efforts, we will strive to restore the original market position of the enterprise in the next 18 months.\" Huang Guangyu made a bold statement on the third day of his official release.</p><p>However, Gome has been left behind for more than a decade.</p><p>Its retail sales revenue in 2020 was 44.119 billion yuan, compared with the same period.<a href=\"https://laohu8.com/S/002024\">Suning.com</a>The sales scale of commodities is 416.315 billion yuan, and the two that used to be comparable are now a full order of magnitude away.</p><p>So, what cards can Gome, which has turned from conservative to offensive, play in this \"6.18\" war? Under the pattern of e-commerce giants, can we find a gap to jump up? Home improvement market, will it become the second curve of Gome?</p><p><b>Live broadcast is weak, short video is reduced to advertising site</b></p><p>\"I heard that Maotai was easy to grab, so I went to Gome,\" E Zijun said.</p><p>E Zijun told Zinc Scale that Maotai on Gome's e-commerce APP \"True Happiness\" was as difficult to grab, but later he learned that it was \"routine\": Xiaomei Help, a sharing commission tool on \"True Happiness\", can get a commission of up to 6 yuan for every successful promotion of a member, and the so-called Maotai is one of its biggest gimmicks.</p><p>In E Zijun's view, \"True Happiness\" followed Taobao to launch the live broadcast function, JD.COM to launch the 99 membership function, and Pinduoduo to launch the game and group buying function. \"At best, it is a collection, and at worst, it is a stitching monster!\"</p><p>The zinc scale survey found that,<b>The above functions of \"true happiness\" are still the conventional gameplay of e-commerce, which is still far from seizing users' minds.</b></p><p>For example, the live broadcast is regarded as a value growth point by Gome, and Huang Guangyu has high hopes. However, the live broadcast on \"True Happiness\" is quite simple, mostly offline store scenes in Gome, and the clerk directly serves as the anchor.</p><p>According to Times Finance, since the beginning of the year, Gome has asked employees to guide customers to place orders through the \"True Happiness\" APP, among which the live assessment target requires that the number of viewers per game should not be less than 30.</p><p>After a week's observation, the zinc scale found that most live broadcasts lacked popularity. In most cases, the number of viewers was maintained in double digits, even less than 30 people.<img src=\"https://static.tigerbbs.com/524f5566e23fc3c50ec348a5996b1ccc\" tg-width=\"726\" tg-height=\"1476\" referrerpolicy=\"no-referrer\">Audience Less than 30</p><p>To make matters worse,<b>The short videos of \"really happy\" are almost all advertisements of manufacturers.</b></p><p>For example, \"True Happiness\" moves the slot machine game into \"True Happiness\". Users can get small tiger coins by logging in or shopping on the activity page every day. Users can choose a multiplication of 2 times, 5 times or 8 times for lottery drawing, so as to have the opportunity to get a high tiger coin reward.</p><p>The little tiger coin can be exchanged for real happy beans, which can be cashed out when shopping. Therefore, there is a saying on the Internet that \"the little tiger takes a fight, and the bicycle becomes a motorcycle\".</p><p>The problem is,<b>This style of play is obviously walking on the edge of the law, and the practice of \"True Happiness\" embedding it in the e-commerce system is questionable</b>。</p><p><b>Is there just bluff behind the \"price war\"?</b></p><p>Actually,<b>Price war is the killer of \"true happiness\".</b></p><p>Near May Day, Huang Guangyu sent an open letter: \"After 34 years of deep cultivation in the retail industry, Gome deeply feels the pain of low-price gimmicks in the industry, and knows the difficulty of low-price sustainability. It is convinced that only the real low price of high cost performance, winning by quantity, small profits but quick turnover and the real support of manufacturers and partners can meet the interests of consumers and drive market prosperity.\"</p><p>This means that Gome has raised the banner of \"price war\".</p><p>During the \"6.18\" period, the price war of \"True Happiness\" covered electrical appliances, department stores, drinks and other fields, in order to find a gap for jumping up under the pattern of e-commerce giants.</p><p>Zhao Bingcong, who is decorating, has a deep understanding of this.</p><p>Because he is in Jiangsu and Zhejiang, it is difficult to dry the clothes on Huangmeitian's balcony. Zhao Bingcong has suffered before. This time, he wants to buy a dryer for his new home. In contrast, Gome is almost the lowest in the whole network.</p><p>\"The neighbor recommended Siemens WT47W5681W, which also comes with its own sterilization function.\" Zhao Bingcong said that the price of Gome is 7,499 yuan, which is 100 yuan less than that of mainstream e-commerce platforms. \"You can buy one or two more T-shirts.\"</p><p>However, Zhao Bingcong told the zinc scale that only some household appliances on \"True Happiness\" have a price advantage, while most of the other products are not dominant, and some are even at a disadvantage.</p><p>In other words,<b>The firepower density of Gome's \"price war\" is not as large as imagined.</b></p><p>According to<a href=\"https://laohu8.com/S/00493\">GOME Retail</a>According to the 2020 annual report, as of December 31, 2020, Gome Retail had cash and cash equivalents of 9.597 billion yuan, and the net cash flow generated from operating activities was 1.851 billion yuan, which shows that its foundation of \"price war\" is not deep.</p><p>In fact, the zinc scale survey found that the current \"really happy\" activity of \"1 yuan purchase for newcomers\" is useless because the coupons have already been robbed, but the publicity in the APP has not been pulled down, which causes dissatisfaction among new consumers. The volume of \"don't play if you can't afford it\" is quite high.<img src=\"https://static.tigerbbs.com/cff327127cb836d1a50c551d49bff644\" tg-width=\"520\" tg-height=\"753\" referrerpolicy=\"no-referrer\">No coupon activity is useless</p><p>This confirms from the side,<b>Gome's \"price war\" lacks stamina and urgently needs to replenish ammunition.</b></p><p>An Internet observer told Zinc Scale: \"At the moment when Internet traffic is peaking and customer acquisition costs are high, if Gome's low-cost subsidy can't be continuously exported and covered in a large area, the possibility of overtaking in corners is doubtful.\"</p><p><b>E-commerce is left behind, and it is difficult to break the traffic bottleneck when the curve attacks</b></p><p>Under the above disadvantages,<b>Gome is afraid of difficulty staging corner overtaking in traditional fields</b>In fact, the official is well aware of this, and is actively seeking a breakthrough to solve the problem.</p><p>\"If Gome continues to promote the same e-commerce model as JD.COM Tmall, it will be difficult to form a new pattern and competitiveness.\" He Yangqing, CEO of Gome Investment Company, said in an interview with the media, \"There are very few leading companies in the home improvement industry, and the market share is even less than 1%.\"</p><p>Yes,<b>Gome is aiming at the home improvement market.</b></p><p>According to the big data of Aowei Cloud Network, the decoration demand of the stock housing market is expected to exceed 35 million sets during the 14th Five-Year Plan period, a substantial increase of more than 77% compared with the 13th Five-Year Plan period.</p><p>Relevant data show that with the increase of the proportion of decoration in fourth-tier cities and below, the home improvement market will reach a scale of 6 trillion yuan by around 2025, which is four times that of the home appliance industry.</p><p>To this end, Gome is eager to incorporate scheme design, contract signing, material procurement, construction acceptance, etc. into a unified platform to create a closed loop of transparent decoration.<img src=\"https://static.tigerbbs.com/326a3b0e0b05fb12c2c69139cef10128\" tg-width=\"758\" tg-height=\"505\" referrerpolicy=\"no-referrer\">Gome takes a stake in dressers as a starting point to cut into the home improvement market</p><p>Huang Guangyu said: \"In the industrial chain, we work together to optimize, and all parties will standardize this industry step by step, giving everyone more sustainable development space with implementation paths.\"</p><p>Nevertheless,<b>Gome's breakthrough path may not be smooth</b>。</p><p>Transparent decoration is not a new thing, but it is not ideal to land. The reason is that the home improvement chain is long, there are many links, and it is difficult to trace. Especially in the case of low popularization of digitalization, supervision has become a difficult problem.</p><p>This is not something that can change overnight.</p><p>In addition, Gome takes the platform mode, which does not involve specific decoration business. In essence, it still does traffic business. The problem is that there is no shortage of home improvement platforms in the market, including vertical home improvement platforms such as Qijia.com and comprehensive home improvement platforms such as Tmall Home Improvement. So under the confrontation, why does Gome attract home improvement companies of all sizes?</p><p>Go around and go back to the problem of how to break through the traffic bottleneck.</p><p>In this regard,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Pessimistic attitude: \"Gome has ambitions for future development, but its prospects and plans are unclear. Considering the fierce competition and unclear development prospects of the business, it reiterates its 'underweight' rating.\"</p><p>All in all,<b>The road to Gome's revival still has a long way to go</b>On the one hand, it is necessary to transfer the advantages of offline to online to open up new channels of traffic; on the other hand, it is necessary to convert traffic into actual sales volume, so that the market-oriented defensive in home appliances, home improvement and other markets is offensive.</p><p>From this point of view, there is not much time left for Gome to redeem itself.</p>","source":"lsy1568158634801","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 battle of \"6.18\", I am afraid that it is difficult for Gome to name it</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 battle of \"6.18\", I am afraid that it is difficult for Gome to name it\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 锌刻度</strong><span class=\"h-time small\">2021-06-07 19:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Huang Guangyu, ushered in a major challenge to regain control of Gome.</p><p>The annual \"6.18\" can be called the key battle of e-commerce in the first half of the year.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Suning,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Taobao, etc. are all gearing up.</p><p>For Gome, it is an opportunity to test the effect of \"revival\".</p><p>\"I hope that through our struggle and our efforts, we will strive to restore the original market position of the enterprise in the next 18 months.\" Huang Guangyu made a bold statement on the third day of his official release.</p><p>However, Gome has been left behind for more than a decade.</p><p>Its retail sales revenue in 2020 was 44.119 billion yuan, compared with the same period.<a href=\"https://laohu8.com/S/002024\">Suning.com</a>The sales scale of commodities is 416.315 billion yuan, and the two that used to be comparable are now a full order of magnitude away.</p><p>So, what cards can Gome, which has turned from conservative to offensive, play in this \"6.18\" war? Under the pattern of e-commerce giants, can we find a gap to jump up? Home improvement market, will it become the second curve of Gome?</p><p><b>Live broadcast is weak, short video is reduced to advertising site</b></p><p>\"I heard that Maotai was easy to grab, so I went to Gome,\" E Zijun said.</p><p>E Zijun told Zinc Scale that Maotai on Gome's e-commerce APP \"True Happiness\" was as difficult to grab, but later he learned that it was \"routine\": Xiaomei Help, a sharing commission tool on \"True Happiness\", can get a commission of up to 6 yuan for every successful promotion of a member, and the so-called Maotai is one of its biggest gimmicks.</p><p>In E Zijun's view, \"True Happiness\" followed Taobao to launch the live broadcast function, JD.COM to launch the 99 membership function, and Pinduoduo to launch the game and group buying function. \"At best, it is a collection, and at worst, it is a stitching monster!\"</p><p>The zinc scale survey found that,<b>The above functions of \"true happiness\" are still the conventional gameplay of e-commerce, which is still far from seizing users' minds.</b></p><p>For example, the live broadcast is regarded as a value growth point by Gome, and Huang Guangyu has high hopes. However, the live broadcast on \"True Happiness\" is quite simple, mostly offline store scenes in Gome, and the clerk directly serves as the anchor.</p><p>According to Times Finance, since the beginning of the year, Gome has asked employees to guide customers to place orders through the \"True Happiness\" APP, among which the live assessment target requires that the number of viewers per game should not be less than 30.</p><p>After a week's observation, the zinc scale found that most live broadcasts lacked popularity. In most cases, the number of viewers was maintained in double digits, even less than 30 people.<img src=\"https://static.tigerbbs.com/524f5566e23fc3c50ec348a5996b1ccc\" tg-width=\"726\" tg-height=\"1476\" referrerpolicy=\"no-referrer\">Audience Less than 30</p><p>To make matters worse,<b>The short videos of \"really happy\" are almost all advertisements of manufacturers.</b></p><p>For example, \"True Happiness\" moves the slot machine game into \"True Happiness\". Users can get small tiger coins by logging in or shopping on the activity page every day. Users can choose a multiplication of 2 times, 5 times or 8 times for lottery drawing, so as to have the opportunity to get a high tiger coin reward.</p><p>The little tiger coin can be exchanged for real happy beans, which can be cashed out when shopping. Therefore, there is a saying on the Internet that \"the little tiger takes a fight, and the bicycle becomes a motorcycle\".</p><p>The problem is,<b>This style of play is obviously walking on the edge of the law, and the practice of \"True Happiness\" embedding it in the e-commerce system is questionable</b>。</p><p><b>Is there just bluff behind the \"price war\"?</b></p><p>Actually,<b>Price war is the killer of \"true happiness\".</b></p><p>Near May Day, Huang Guangyu sent an open letter: \"After 34 years of deep cultivation in the retail industry, Gome deeply feels the pain of low-price gimmicks in the industry, and knows the difficulty of low-price sustainability. It is convinced that only the real low price of high cost performance, winning by quantity, small profits but quick turnover and the real support of manufacturers and partners can meet the interests of consumers and drive market prosperity.\"</p><p>This means that Gome has raised the banner of \"price war\".</p><p>During the \"6.18\" period, the price war of \"True Happiness\" covered electrical appliances, department stores, drinks and other fields, in order to find a gap for jumping up under the pattern of e-commerce giants.</p><p>Zhao Bingcong, who is decorating, has a deep understanding of this.</p><p>Because he is in Jiangsu and Zhejiang, it is difficult to dry the clothes on Huangmeitian's balcony. Zhao Bingcong has suffered before. This time, he wants to buy a dryer for his new home. In contrast, Gome is almost the lowest in the whole network.</p><p>\"The neighbor recommended Siemens WT47W5681W, which also comes with its own sterilization function.\" Zhao Bingcong said that the price of Gome is 7,499 yuan, which is 100 yuan less than that of mainstream e-commerce platforms. \"You can buy one or two more T-shirts.\"</p><p>However, Zhao Bingcong told the zinc scale that only some household appliances on \"True Happiness\" have a price advantage, while most of the other products are not dominant, and some are even at a disadvantage.</p><p>In other words,<b>The firepower density of Gome's \"price war\" is not as large as imagined.</b></p><p>According to<a href=\"https://laohu8.com/S/00493\">GOME Retail</a>According to the 2020 annual report, as of December 31, 2020, Gome Retail had cash and cash equivalents of 9.597 billion yuan, and the net cash flow generated from operating activities was 1.851 billion yuan, which shows that its foundation of \"price war\" is not deep.</p><p>In fact, the zinc scale survey found that the current \"really happy\" activity of \"1 yuan purchase for newcomers\" is useless because the coupons have already been robbed, but the publicity in the APP has not been pulled down, which causes dissatisfaction among new consumers. The volume of \"don't play if you can't afford it\" is quite high.<img src=\"https://static.tigerbbs.com/cff327127cb836d1a50c551d49bff644\" tg-width=\"520\" tg-height=\"753\" referrerpolicy=\"no-referrer\">No coupon activity is useless</p><p>This confirms from the side,<b>Gome's \"price war\" lacks stamina and urgently needs to replenish ammunition.</b></p><p>An Internet observer told Zinc Scale: \"At the moment when Internet traffic is peaking and customer acquisition costs are high, if Gome's low-cost subsidy can't be continuously exported and covered in a large area, the possibility of overtaking in corners is doubtful.\"</p><p><b>E-commerce is left behind, and it is difficult to break the traffic bottleneck when the curve attacks</b></p><p>Under the above disadvantages,<b>Gome is afraid of difficulty staging corner overtaking in traditional fields</b>In fact, the official is well aware of this, and is actively seeking a breakthrough to solve the problem.</p><p>\"If Gome continues to promote the same e-commerce model as JD.COM Tmall, it will be difficult to form a new pattern and competitiveness.\" He Yangqing, CEO of Gome Investment Company, said in an interview with the media, \"There are very few leading companies in the home improvement industry, and the market share is even less than 1%.\"</p><p>Yes,<b>Gome is aiming at the home improvement market.</b></p><p>According to the big data of Aowei Cloud Network, the decoration demand of the stock housing market is expected to exceed 35 million sets during the 14th Five-Year Plan period, a substantial increase of more than 77% compared with the 13th Five-Year Plan period.</p><p>Relevant data show that with the increase of the proportion of decoration in fourth-tier cities and below, the home improvement market will reach a scale of 6 trillion yuan by around 2025, which is four times that of the home appliance industry.</p><p>To this end, Gome is eager to incorporate scheme design, contract signing, material procurement, construction acceptance, etc. into a unified platform to create a closed loop of transparent decoration.<img src=\"https://static.tigerbbs.com/326a3b0e0b05fb12c2c69139cef10128\" tg-width=\"758\" tg-height=\"505\" referrerpolicy=\"no-referrer\">Gome takes a stake in dressers as a starting point to cut into the home improvement market</p><p>Huang Guangyu said: \"In the industrial chain, we work together to optimize, and all parties will standardize this industry step by step, giving everyone more sustainable development space with implementation paths.\"</p><p>Nevertheless,<b>Gome's breakthrough path may not be smooth</b>。</p><p>Transparent decoration is not a new thing, but it is not ideal to land. The reason is that the home improvement chain is long, there are many links, and it is difficult to trace. Especially in the case of low popularization of digitalization, supervision has become a difficult problem.</p><p>This is not something that can change overnight.</p><p>In addition, Gome takes the platform mode, which does not involve specific decoration business. In essence, it still does traffic business. The problem is that there is no shortage of home improvement platforms in the market, including vertical home improvement platforms such as Qijia.com and comprehensive home improvement platforms such as Tmall Home Improvement. So under the confrontation, why does Gome attract home improvement companies of all sizes?</p><p>Go around and go back to the problem of how to break through the traffic bottleneck.</p><p>In this regard,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Pessimistic attitude: \"Gome has ambitions for future development, but its prospects and plans are unclear. Considering the fierce competition and unclear development prospects of the business, it reiterates its 'underweight' rating.\"</p><p>All in all,<b>The road to Gome's revival still has a long way to go</b>On the one hand, it is necessary to transfer the advantages of offline to online to open up new channels of traffic; on the other hand, it is necessary to convert traffic into actual sales volume, so that the market-oriented defensive in home appliances, home improvement and other markets is offensive.</p><p>From this point of view, there is not much time left for Gome to redeem itself.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/m-9VfbcT8jzObWdeYZgBzA\"> 锌刻度</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6f78d2f00cbc26b40aac0942a0a777ee","relate_stocks":{"00493":"国美零售"},"source_url":"https://mp.weixin.qq.com/s/m-9VfbcT8jzObWdeYZgBzA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171406130","content_text":"黄光裕，迎来重掌国美的一大挑战。\n一年一度的“6·18”，堪称电商上半年的关键之战，京东、苏宁、拼多多、淘宝等无不摩拳擦掌。\n对国美而言，则是一个检验“复兴”效果的契机。\n“希望通过我们的奋斗，我们的努力，力争用未来18个月的时间，使企业恢复原有的市场地位。”黄光裕于正式获释第三天放出豪言。\n然而，国美掉队已有十余年。\n其2020年零售销售收入为441.19亿元，同期苏宁易购的商品销售规模为4163.15亿元，昔日比肩的两者，如今差了足足一个量级。\n那么，从保守转为进攻的国美，在这场“6·18”大战中，有哪些牌可打？在电商巨头林立的格局之下，能否寻找到上跃的空隙？家装市场，会成为国美的第二曲线吗？\n直播乏力，短视频沦为广告地盘\n“听说茅台好抢，才去的国美。”鄂子君如是说。\n鄂子君告诉锌刻度，国美电商APP“真快乐”上的茅台一样难抢，后来才知道是被“套路”了：“真快乐”上的分享赚佣金工具小美帮帮，每成功推广一位会员即可获得最高6元的佣金，而所谓的茅台好抢正是其最大噱头之一。\n在鄂子君看来，“真快乐”效仿淘宝推出了直播功能，效仿京东推出了九九会员功能，效仿拼多多推出了游戏、拼团抢购功能，“往好了说是集大成，往坏了说不就是缝合怪嘛！”\n锌刻度调查发现，“真快乐”的上述功能依然是电商的常规玩法，离抢占用户心智尚远。\n譬如，直播被国美视为价值增长点，被黄光裕寄予厚望，不过“真快乐”上的直播颇为单一，多为国美线下门店场景，店员直接兼任主播。\n据《时代财经》报道，从年初开始，国美要求员工引导顾客通过“真快乐”APP下单，其中直播考核目标要求每场观看人数不得低于30人。\n经过一周的观察，锌刻度发现多数直播人气匮乏，多数情况下观众人数维系在两位数，甚至有低于30人情况存在。观众人数低于30\n更为糟糕的是，“真快乐”的短视频几乎全为厂商的宣传广告。\n再譬如，“真快乐”把老虎机游戏搬入“真快乐”，用户每天登陆活动页面签到或购物就能获得小虎币，者选择2倍、5倍或8倍的倍率进行抽奖，从而有机会获得高额小虎币奖励。\n而小虎币可兑换真快乐豆，后者在购物时可抵现，因而网上有“小虎搏一搏，单车变摩托”的说法。\n问题在于，这个打法明显游走在法律边缘，“真快乐”堂而皇之将其植入电商体系的做法值得商榷。\n“价格战”背后只是虚张声势？\n其实，价格战才是“真快乐”的杀手锏。\n临近五一，黄光裕发了一封公开信：“深耕零售业34年，国美深感行业低价噱头化之痛，深知低价可持续性之难，深信只有高性价比、以量取胜、薄利多销的真低价，厂商伙伴的真支持，才能符合消费者的利益和带动市场繁荣。”\n这意味着，国美祭起“价格战”的大旗。\n在“6·18”期间，“真快乐”的价格战范围覆盖电器、百货、酒水等多个领域，以图在电商巨头林立的格局之下，寻找上跃的空隙。\n对此，正在装修的赵冰聪深有体会。\n由于身处江浙地区，遇到黄梅天阳台的衣服难以晾干，赵冰聪之前吃过苦头，这次想为新家添置一台烘干机，对比下来国美差不多为全网最低。\n“邻居推荐的是西门子WT47W5681W，还自带除菌功能。”赵冰聪表示国美售价7499元，到手价比主流电商平台少了100元，“可以再多买一两件T恤了。”\n不过，赵冰聪告诉锌刻度，“真快乐”上仅部分家电具备价格优势，其余商品多数不占优，甚至有的还处于劣势。\n换而言之，国美的“价格战”的火力密度并没有想象的那么大。\n据国美零售2020年年报显示，截至2020年12月31日，国美零售拥有现金及现金等价物为95.97亿元，经营活动产生的现金流量净额为18.51亿元，可见其打“价格战”的底蕴并不深厚。\n事实上，锌刻度调查发现，眼下“真快乐”的“新人专享1元购”活动，因为优惠券早已被抢完，该活动形同虚设，可APP中的宣传并未拉下，从而引起新入的消费者不满，“玩不起就不要玩”声量颇高。没有券活动形同虚设\n这从侧面印证了，国美的“价格战”后劲不足，亟需补充弹药。\n一名互联网观察人士告诉锌刻度：“在互联网流量见顶、获客成本高企的当下，国美的低价补贴打法如若不能持续输出、大面积覆盖，那弯道超车的可能性就存疑。”\n电商掉队，曲线出击也难破流量瓶颈\n上述种种劣势之下，国美恐难在传统领域上演弯道超车，对此官方其实也是心知肚明，进而也在积极寻求一个解题的突破口。\n“国美如果继续推进和京东天猫一样的电商模式，很难形成新的格局和竞争力。”国美投资公司CEO何阳青在接受媒体采访时表示，“家装行业头部公司非常少，市场份额甚至不足1%。”\n是的，国美将突围的目光瞄向了家装市场。\n据奥维云网大数据显示，在十四五期间存量房市场装修需求预计可超过3500万套，相比十三五期间大幅提升超过77%。\n而相关数据显示，随着四线及以下城市装修金额比例上升，家装市场到2025年左右达到6万亿元的规模，这一规模是家电行业的四倍。\n为此，国美渴望将方案设计、合同签订、材料采购、施工验收等纳入统一平台，打造一个透明装修的闭环。国美入股打扮家，以其为切入家装市场的抓手\n黄光裕表示：“在产业链里我们协同进行优化，各方一步一步把这个行业进行规范，给大家更多的可持续的而且有实施路径的发展空间。”\n尽管如此，但国美的突围之路或并不平坦。\n透明装修并非新鲜事物，然而落地却不太理想，究其原因为家装链条长、环节多、追溯难，特别是在数字化普及较低的情况下，监管成为老大难的问题。\n这并非一朝一夕可以改变的。\n此外，国美走的是平台模式，不下场涉及具体的装修业务，本质上仍然做的是流量生意，问题在于市场并不缺家装平台，既有齐家网等垂直家装平台，也有天猫家装等综合家装平台，那么对垒之下，国美何以吸引大大小小的家装公司？\n兜兜转转，又回到流量瓶颈如何突破这个问题上。\n对此，摩根大通持悲观态度：“国美对未来发展具有野心，但前景及计划未见明朗，考虑到业务面对激烈竞争及发展前景未明，重申‘减持’评级。”\n总而言之，国美的复兴之路依然任重道远，一方面需将线下的优势转移至线上，开拓流量新渠道，另外一方面则需将流量转化为实际销量，从而在家电、家装等市场化守势为攻势。\n这么来看，留给国美自我救赎的时间不多了。","news_type":1,"symbols_score_info":{"00493":0.9}},"isVote":1,"tweetType":1,"viewCount":742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114026289,"gmtCreate":1623037430841,"gmtModify":1704194784875,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"…","listText":"…","text":"…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114026289","repostId":"1168123787","repostType":4,"isVote":1,"tweetType":1,"viewCount":983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112832432,"gmtCreate":1622859514126,"gmtModify":1704192569952,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112832432","repostId":"2141400966","repostType":4,"repost":{"id":"2141400966","kind":"news","pubTimestamp":1622859093,"share":"https://ttm.financial/m/news/2141400966?lang=en_US&edition=fundamental","pubTime":"2021-06-05 10:11","market":"sh","language":"zh","title":"Land income tax levy, impact geometry?","url":"https://stock-news.laohu8.com/highlight/detail?id=2141400966","media":"中泰证券  ","summary":"投资要点\n6月4日，财政部宣布将国有土地使用权出让收入等四项政府非税收入划转税务部门征收，我们解读如下：\n税收和非税收入在预算管理、征收监管等方面存在较大差异。税收只在一般公共预算中核算，非税收入则分","content":"<p><b>Key points of investment</b></p><p>On June 4th, the Ministry of Finance announced that four government non-tax income, such as the income from the transfer of state-owned land use rights, would be transferred to the tax department for collection. We interpret it as follows:</p><p><b>There are big differences between tax revenue and non-tax revenue in budget management, collection supervision, etc.</b>Taxes are accounted for only in the general public budget, while non-tax revenues are distributed among three accounts; The collection and management of tax revenue is concentrated in tax authorities and customs departments, while the collection departments of non-tax revenue are diversified; Taxation adopts the collection management mode, which is divided into registration, declaration, collection, inspection, punishment and preservation compulsory links; Most non-taxes are collected or collected, and they are checked in advance. After checking, a payment book is issued for collection and storage. Generally, there is no need for post-event risk management.</p><p><b>The tax department collects non-taxes, which is the general trend.</b>The collection of non-taxes by the tax department is an important goal of the reform of state institutions proposed by the central government in March 2018. The collection of non-tax by the tax department will help to improve the efficiency of collection and management, and strengthen the standardization of non-tax expenditure management. The tax authorities have a professional collection team, and are familiar with the payment units. For example, the payment base of social insurance premiums is the total wages of employees. The tax authorities have mastered this data when collecting corporate income tax and personal income tax, so accurate collection can be realized. Since the beginning of this year, nearly 20 non-tax income, including soil and water conservation compensation fees and local reservoir resettlement support funds, have been transferred to the tax department for collection.</p><p><b>Transfer only changes the expropriation process and helps to standardize the management of land revenue and expenditure.</b>After the transfer, the land transfer income is still fully included in the budget management of local government funds according to the current policy, and the income is fully paid into the local treasury, and the expenditure is arranged through the budget of local government funds. For a long time, the local government's land revenue and expenditure is \"opaque\", and the existing problems are: unlevied, underlevied and omitted land transfer income; Reduce or exempt income illegally by means of first collection and then return, subsidies, etc.; Idle, inflate land transfer income, etc. As the national tax system and local governments are relatively independent, it will help to solve the problem of untimely or omitted payment of land transfer income after being transferred to the tax department for collection, and reduce the occurrence of illegal returns. In addition, for some areas where inflated land income is serious, the government fund budget may be forced to \"squeeze water\".</p><p>On June 4, the Ministry of Finance announced that four items of government non-tax income, including the income from the transfer of state-owned land use rights, will be transferred to the tax authorities for collection, and pilot projects will be carried out in Hebei and other provinces and cities from July 1, 2021, and fully implemented from January 1, 2022. Land transfer income is the main source of local government fund income. What impact may it have after it is transferred to the tax department for collection? We interpret it as follows:</p><p><b>First, the tax authorities collect non-taxes, the general trend</b></p><p>China's fiscal revenue mainly includes two parts: first, taxation, as the main body; Second, non-tax income, including administrative fees, government funds, state-owned capital income, penalty and confiscation income, etc. Compared with \"mandatory, free and fixed\" taxes, non-tax income is more flexible and mostly reflects the characteristics of \"paid\", such as fees paid for using public services and occupying public resources. Therefore, there is a big difference between non-tax revenue and taxation in terms of budget management, collection and supervision.</p><p><b>One is that the budget categories are different.</b>According to the Budget Law, all revenues and expenditures of the government should be included in the budget. Taxes are only accounted for in the general public budget, while non-tax revenues are distributed in three accounts: the general public budget, the government fund budget and the state-owned capital operation budget.</p><p><b>Second, the management subjects are different.</b>The collection and management of tax revenue is concentrated in the tax authorities and customs departments, while the collection departments of non-tax revenue are diversified. For example, the land transfer income has always been responsible for the land department.</p><p><b>Third, the collection mode is different.</b>Taxation adopts the collection management mode, which is divided into registration, declaration, collection, inspection, punishment and preservation compulsory links; Most non-taxes are collected or collected, and they are checked in advance. After checking, a payment book is issued for collection and storage. Generally, there is no need for post-event risk management.</p><p><b>The collection of non-tax by the tax department is an important goal of institutional reform.</b>In March 2018, the central government's \"Plan for Deepening the Reform of Party and State Institutions\" clearly stated that \"the national and local tax agencies at and below the provincial level will be merged to specifically undertake the responsibilities of collection and management of various taxes and non-tax income within their jurisdiction\". In July of the same year, the Central Office and the State Office issued the Reform Plan of National Tax and Local Tax Collection and Management System, which once again clarified \"the transfer of social insurance premiums and non-tax income collection and management responsibilities\", requiring that \"according to the principle of convenience and efficiency, the scope of non-tax income collection and management responsibilities transferred to the tax department should be reasonably determined, and the non-tax income items retained according to law and suitable for transfer should be transferred in batches and gradually advanced\".</p><p><b>The collection of non-tax by the tax department will help to improve the efficiency of collection and management, and strengthen the standardization of non-tax expenditure management.</b>The tax authorities have a professional collection team, and are familiar with the payment units. For example, the payment base of social insurance premiums is the total wages of employees. The tax authorities have mastered this data when collecting corporate income tax and personal income tax, so accurate collection can be realized. Since January 1, 2019, various social insurance premiums such as \"five insurances and one gold\" have been handed over to the tax department for unified collection; Since the beginning of this year, nearly 20 non-tax income, including soil and water conservation compensation fees and local reservoir resettlement support funds, have been transferred to the tax department for collection.</p><p><b>2. Transfer only changes the collection process</b></p><p>The reason why the market pays more attention to this policy release is mainly because the land transfer income is closely related to local finance, local debt pressure and urban investment bond investment. In fact, the notice clearly states that \"the four policies on the scope, object, standard, reduction and exemption, sharing, use and management of government non-tax revenue will continue to be implemented in accordance with the current regulations\" [1]. In other words, in addition to changing the expropriation process, the land transfer income is still fully included in the budget management of local government funds according to the current policy, the income is fully paid into the local treasury, and the expenditure is arranged through the budget of local government funds.</p><p>In the past, the land transfer income was generally collected by the city and county land and resources management department (the predecessor of the natural resources department) according to the land transfer contract or land supply agreement. The general process is as follows: 1) the land and resources department signs a land transfer contract with the transferee of the state-owned land use right; 2) The land and resources department shall issue a payment notice according to the land transfer contract and the approval document for land allocation, specifying the area of land supplied, the total income from land transfer and the specific method of installment payment; 3) The transferee of the state-owned land use right needs to pay the land transfer income into the local treasury in time according to the contract; 4) The land department and the financial department are responsible for confirming the land transfer income. If the land transfer income is not paid in full and in time, the land use certificate will not be issued.</p><p><img src=\"https://static.tigerbbs.com/3305fdf8d50585e2ad0f376d1966af7c\" tg-width=\"613\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>After the transfer to the tax department for collection, the natural resources department is still responsible for signing the contract and confirming the amount and the specific method of installment payment. After the relevant information is pushed to the tax department, the tax department is responsible for collecting and collecting from the transferee of the land transfer right. In the whole process, the natural resources department, the financial department, the tax department and the People's Bank of China (which operates the treasury as an agent) realize information sharing.</p><p><img src=\"https://static.tigerbbs.com/22128f9c0b1595266475a82a6f21c91c\" tg-width=\"649\" tg-height=\"390\" referrerpolicy=\"no-referrer\"></p><p><b>From a financial point of view, transfer helps to standardize the management of local land revenue and expenditure.</b>For a long time, the land revenue and expenditure of local governments has been \"opaque\". According to the information disclosed in the 2015 Audit Office report [1], the income-side problems mainly include: unlevied, underlevied and missed land transfer income; Reduce or exempt income illegally by means of first collection and then return, subsidies, etc.; Idle, inflate land transfer income, etc. As the national tax system and local governments are relatively independent, it will help to solve the problem of untimely or omitted payment of land transfer income after being transferred to the tax department for collection, and reduce the occurrence of illegal returns. In addition, for some areas where inflated land income is serious, the government fund budget may be forced to \"squeeze water\".</p><p><img src=\"https://static.tigerbbs.com/ca44f1f3de93eb1af403307d306894dc\" tg-width=\"653\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1570716150226","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>Land income tax levy, impact geometry?</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\">\nLand income tax levy, impact geometry?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中泰证券  </strong><span class=\"h-time small\">2021-06-05 10:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key points of investment</b></p><p>On June 4th, the Ministry of Finance announced that four government non-tax income, such as the income from the transfer of state-owned land use rights, would be transferred to the tax department for collection. We interpret it as follows:</p><p><b>There are big differences between tax revenue and non-tax revenue in budget management, collection supervision, etc.</b>Taxes are accounted for only in the general public budget, while non-tax revenues are distributed among three accounts; The collection and management of tax revenue is concentrated in tax authorities and customs departments, while the collection departments of non-tax revenue are diversified; Taxation adopts the collection management mode, which is divided into registration, declaration, collection, inspection, punishment and preservation compulsory links; Most non-taxes are collected or collected, and they are checked in advance. After checking, a payment book is issued for collection and storage. Generally, there is no need for post-event risk management.</p><p><b>The tax department collects non-taxes, which is the general trend.</b>The collection of non-taxes by the tax department is an important goal of the reform of state institutions proposed by the central government in March 2018. The collection of non-tax by the tax department will help to improve the efficiency of collection and management, and strengthen the standardization of non-tax expenditure management. The tax authorities have a professional collection team, and are familiar with the payment units. For example, the payment base of social insurance premiums is the total wages of employees. The tax authorities have mastered this data when collecting corporate income tax and personal income tax, so accurate collection can be realized. Since the beginning of this year, nearly 20 non-tax income, including soil and water conservation compensation fees and local reservoir resettlement support funds, have been transferred to the tax department for collection.</p><p><b>Transfer only changes the expropriation process and helps to standardize the management of land revenue and expenditure.</b>After the transfer, the land transfer income is still fully included in the budget management of local government funds according to the current policy, and the income is fully paid into the local treasury, and the expenditure is arranged through the budget of local government funds. For a long time, the local government's land revenue and expenditure is \"opaque\", and the existing problems are: unlevied, underlevied and omitted land transfer income; Reduce or exempt income illegally by means of first collection and then return, subsidies, etc.; Idle, inflate land transfer income, etc. As the national tax system and local governments are relatively independent, it will help to solve the problem of untimely or omitted payment of land transfer income after being transferred to the tax department for collection, and reduce the occurrence of illegal returns. In addition, for some areas where inflated land income is serious, the government fund budget may be forced to \"squeeze water\".</p><p>On June 4, the Ministry of Finance announced that four items of government non-tax income, including the income from the transfer of state-owned land use rights, will be transferred to the tax authorities for collection, and pilot projects will be carried out in Hebei and other provinces and cities from July 1, 2021, and fully implemented from January 1, 2022. Land transfer income is the main source of local government fund income. What impact may it have after it is transferred to the tax department for collection? We interpret it as follows:</p><p><b>First, the tax authorities collect non-taxes, the general trend</b></p><p>China's fiscal revenue mainly includes two parts: first, taxation, as the main body; Second, non-tax income, including administrative fees, government funds, state-owned capital income, penalty and confiscation income, etc. Compared with \"mandatory, free and fixed\" taxes, non-tax income is more flexible and mostly reflects the characteristics of \"paid\", such as fees paid for using public services and occupying public resources. Therefore, there is a big difference between non-tax revenue and taxation in terms of budget management, collection and supervision.</p><p><b>One is that the budget categories are different.</b>According to the Budget Law, all revenues and expenditures of the government should be included in the budget. Taxes are only accounted for in the general public budget, while non-tax revenues are distributed in three accounts: the general public budget, the government fund budget and the state-owned capital operation budget.</p><p><b>Second, the management subjects are different.</b>The collection and management of tax revenue is concentrated in the tax authorities and customs departments, while the collection departments of non-tax revenue are diversified. For example, the land transfer income has always been responsible for the land department.</p><p><b>Third, the collection mode is different.</b>Taxation adopts the collection management mode, which is divided into registration, declaration, collection, inspection, punishment and preservation compulsory links; Most non-taxes are collected or collected, and they are checked in advance. After checking, a payment book is issued for collection and storage. Generally, there is no need for post-event risk management.</p><p><b>The collection of non-tax by the tax department is an important goal of institutional reform.</b>In March 2018, the central government's \"Plan for Deepening the Reform of Party and State Institutions\" clearly stated that \"the national and local tax agencies at and below the provincial level will be merged to specifically undertake the responsibilities of collection and management of various taxes and non-tax income within their jurisdiction\". In July of the same year, the Central Office and the State Office issued the Reform Plan of National Tax and Local Tax Collection and Management System, which once again clarified \"the transfer of social insurance premiums and non-tax income collection and management responsibilities\", requiring that \"according to the principle of convenience and efficiency, the scope of non-tax income collection and management responsibilities transferred to the tax department should be reasonably determined, and the non-tax income items retained according to law and suitable for transfer should be transferred in batches and gradually advanced\".</p><p><b>The collection of non-tax by the tax department will help to improve the efficiency of collection and management, and strengthen the standardization of non-tax expenditure management.</b>The tax authorities have a professional collection team, and are familiar with the payment units. For example, the payment base of social insurance premiums is the total wages of employees. The tax authorities have mastered this data when collecting corporate income tax and personal income tax, so accurate collection can be realized. Since January 1, 2019, various social insurance premiums such as \"five insurances and one gold\" have been handed over to the tax department for unified collection; Since the beginning of this year, nearly 20 non-tax income, including soil and water conservation compensation fees and local reservoir resettlement support funds, have been transferred to the tax department for collection.</p><p><b>2. Transfer only changes the collection process</b></p><p>The reason why the market pays more attention to this policy release is mainly because the land transfer income is closely related to local finance, local debt pressure and urban investment bond investment. In fact, the notice clearly states that \"the four policies on the scope, object, standard, reduction and exemption, sharing, use and management of government non-tax revenue will continue to be implemented in accordance with the current regulations\" [1]. In other words, in addition to changing the expropriation process, the land transfer income is still fully included in the budget management of local government funds according to the current policy, the income is fully paid into the local treasury, and the expenditure is arranged through the budget of local government funds.</p><p>In the past, the land transfer income was generally collected by the city and county land and resources management department (the predecessor of the natural resources department) according to the land transfer contract or land supply agreement. The general process is as follows: 1) the land and resources department signs a land transfer contract with the transferee of the state-owned land use right; 2) The land and resources department shall issue a payment notice according to the land transfer contract and the approval document for land allocation, specifying the area of land supplied, the total income from land transfer and the specific method of installment payment; 3) The transferee of the state-owned land use right needs to pay the land transfer income into the local treasury in time according to the contract; 4) The land department and the financial department are responsible for confirming the land transfer income. If the land transfer income is not paid in full and in time, the land use certificate will not be issued.</p><p><img src=\"https://static.tigerbbs.com/3305fdf8d50585e2ad0f376d1966af7c\" tg-width=\"613\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>After the transfer to the tax department for collection, the natural resources department is still responsible for signing the contract and confirming the amount and the specific method of installment payment. After the relevant information is pushed to the tax department, the tax department is responsible for collecting and collecting from the transferee of the land transfer right. In the whole process, the natural resources department, the financial department, the tax department and the People's Bank of China (which operates the treasury as an agent) realize information sharing.</p><p><img src=\"https://static.tigerbbs.com/22128f9c0b1595266475a82a6f21c91c\" tg-width=\"649\" tg-height=\"390\" referrerpolicy=\"no-referrer\"></p><p><b>From a financial point of view, transfer helps to standardize the management of local land revenue and expenditure.</b>For a long time, the land revenue and expenditure of local governments has been \"opaque\". According to the information disclosed in the 2015 Audit Office report [1], the income-side problems mainly include: unlevied, underlevied and missed land transfer income; Reduce or exempt income illegally by means of first collection and then return, subsidies, etc.; Idle, inflate land transfer income, etc. As the national tax system and local governments are relatively independent, it will help to solve the problem of untimely or omitted payment of land transfer income after being transferred to the tax department for collection, and reduce the occurrence of illegal returns. In addition, for some areas where inflated land income is serious, the government fund budget may be forced to \"squeeze water\".</p><p><img src=\"https://static.tigerbbs.com/ca44f1f3de93eb1af403307d306894dc\" tg-width=\"653\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://m.cls.cn/depth/761843\">中泰证券  </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8d51ebce3c85489ae272d9f008bccc05","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://m.cls.cn/depth/761843","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141400966","content_text":"投资要点\n6月4日，财政部宣布将国有土地使用权出让收入等四项政府非税收入划转税务部门征收，我们解读如下：\n税收和非税收入在预算管理、征收监管等方面存在较大差异。税收只在一般公共预算中核算，非税收入则分布在三本账中；税收的征管集中于税务机关和海关部门，非税收入的征收部门则多样化；税收采用征收管理模式，具体分为登记、申报、征收、检查、处罚和保全强制等环节；非税大多为收缴或执收，采取事前核对的方式，核对无误后再开具缴款书征收入库，一般无需事后风险管理。\n税务部门征收非税，大势所趋。税务部门征收非税是2018年3月中央提出的国家机构改革的重要目标。税务部门征收非税有助于提高征管效率，加强非税收支管理的规范性。税务机关有专业的征收队伍，而且对缴费单位较为熟悉，比如社会保险费的缴费基数是职工工资总额，税务部门在征收企业所得税和个人所得税时已经掌握这一数据，因此能实现精准征收。今年以来，已经有包括水土保持补偿费、地方水库移民扶持基金等近20项非税收入划转至税务部门征收。\n划转只是改变征收流程，有助于规范土地收支管理。划转之后，土地出让收入仍依照现行政策，全额纳入地方政府性基金预算管理，收入全额缴入地方国库，支出通过地方政府性基金预算安排。长期以来，地方政府土地收支“不透明”，存在问题有：欠征、少征、漏征土地出让收入；采取先征后返、补贴等方式违规减免收入；空转、虚增土地出让收入等。由于国税系统和地方政府相对独立，划转税务部门征收后，有助于解决土地出让收入缴纳不及时或者漏缴问题，减少违规返还行为的发生，另外，对于部分虚增土地收入较严重的地区，政府性基金预算可能被迫“挤水分”。\n6月4日，财政部宣布将国有土地使用权出让收入等四项政府非税收入划转税务部门征收，自2021年7月1日起在河北等省市开展试点，2022年1月1日起全面实施。土地出让收入是地方政府性基金收入的主要来源，划转税务部门征收后可能产生哪些影响？我们解读如下：\n一、税务部门征收非税，大势所趋\n我国财政收入主要包括两部分：一是税收，作为主体；二是非税收入，包括行政事业性收费、政府性基金、国有资本收入、罚没收入等等。相比于具有“强制性、无偿性、固定性”的税收，非税收入更加灵活，多体现“有偿性”的特点，比如因使用公共服务、占用公共资源而缴纳的费用。所以，非税收入在预算管理、征收监管等方面和税收存在较大差异。\n一是预算类别不同。根据预算法，政府的全部收入和支出都应当纳入预算。税收只在一般公共预算中核算，非税收入则分布在一般公共预算、政府性基金预算和国有资本经营预算等三本账中。\n二是管理主体不同。税收的征管集中于税务机关和海关部门，非税收入的征收部门则多样化，比如一直以来土地出让收入由国土部门负责。\n三是征收模式不同。税收采用征收管理模式，具体分为登记、申报、征收、检查、处罚和保全强制等环节；非税大多为收缴或执收，采取事前核对的方式，核对无误后再开具缴款书征收入库，一般无需事后风险管理。\n税务部门征收非税是机构改革的重要目标。2018年3月中央《深化党和国家机构改革方案》中明确提出，“将省级和省级以下国税地税机构合并，具体承担所辖区域内各项税收、非税收入征管等职责”。同年7月，中办、国办印发《国税地税征管体制改革方案》，再次明确“划转社会保险费和非税收入征管职责”，要求“按照便民、高效的原则，合理确定非税收入征管职责划转到税务部门的范围，对依法保留、适宜划转的非税收入项目成熟一批划转一批，逐步推进”。\n税务部门征收非税有助于提高征管效率，加强非税收支管理的规范性。税务机关有专业的征收队伍，而且对缴费单位较为熟悉，比如社会保险费的缴费基数是职工工资总额，税务部门在征收企业所得税和个人所得税时已经掌握这一数据，因此能实现精准征收。从2019年1月1日起，“五险一金”等各项社会保险费已经交由税务部门统一征收；今年以来，已经有包括水土保持补偿费、地方水库移民扶持基金等近20项非税收入划转至税务部门征收。\n二、划转只是改变征收流程\n市场之所以对本次政策发布关注度较高，主要因为土地出让收入和地方财政、地方债务压力、城投债投资息息相关。实际上，通知中明确表示，“四项政府非税收入的征收范围、对象、标准、减免、分成、使用、管理等政策，继续按照现行规定执行”[1]。换言之，除了改变征收流程，土地出让收入仍依照现行政策，全额纳入地方政府性基金预算管理，收入全额缴入地方国库，支出通过地方政府性基金预算安排。\n过去，土地出让收入一般由市县国土资源管理部门（自然资源部门的前身）依据土地出让合同或供地协议负责征收，一般流程为：1）国土部门与国有土地使用权受让人签订土地出让合同；2）国土部门根据土地出让合同和划拨用地批准文件，开具缴款通知书，明确供应土地的面积、土地出让收入总额以及分期缴纳的具体方式等；3）国有土地使用权受让人需要按照合同及时将土地出让收入缴入地方国库；4）国土部门和财政部门负责确认土地出让收入，未能及时足额缴纳的，不予核发土地使用证。\n\n划转税务部门征收后，仍然由自然资源部门负责签订合同并确认金额和分期缴纳的具体方式，相关信息推送给税务部门后，税务部门负责向土地出让权受让人征收和催款。整个流程中，自然资源部门、财政部门、税务部门、人民银行（代理经营国库）实现信息共享。\n\n从财政角度看，划转有助于规范地方土地收支管理。长期以来，地方政府土地收支“不透明”，按照2015年审计署报告披露的信息[1]，收入端问题主要包括：欠征、少征、漏征土地出让收入；采取先征后返、补贴等方式违规减免收入；空转、虚增土地出让收入等。由于国税系统和地方政府相对独立，划转税务部门征收后，有助于解决土地出让收入缴纳不及时或者漏缴问题，减少违规返还行为的发生，另外，对于部分虚增土地收入较严重的地区，政府性基金预算可能被迫“挤水分”。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112832115,"gmtCreate":1622859485537,"gmtModify":1704192569138,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112832115","repostId":"1166736358","repostType":4,"isVote":1,"tweetType":1,"viewCount":937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112172260,"gmtCreate":1622858114850,"gmtModify":1704192528275,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"yes","listText":"yes","text":"yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112172260","repostId":"2141400304","repostType":4,"repost":{"id":"2141400304","kind":"news","pubTimestamp":1622854462,"share":"https://ttm.financial/m/news/2141400304?lang=en_US&edition=fundamental","pubTime":"2021-06-05 08:54","market":"us","language":"zh","title":"Microsoft's $16 billion acquisition of Nuance has been granted US antitrust clearance","url":"https://stock-news.laohu8.com/highlight/detail?id=2141400304","media":"新浪科技","summary":"北京时间6月5日上午消息，据报道，根据最近人工智能与语音技术公司Nuance向政府提交的文件，微软收购Nuance的这笔交易，已经获得美国的反垄断许可。今年四月份，微软正式公开了这笔160亿美元的交易","content":"<p>On the morning of June 5th, Beijing time, it is reported that according to the documents recently submitted to the government by Nuance, an artificial intelligence and voice technology company,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>The deal to acquire Nuance has obtained antitrust permission from the United States.</p><p>In April, Microsoft officially unveiled the $16 billion deal. Prior to this, the two companies had already cooperated on automated medical management work (such as document archiving, etc.) in 2019.</p><p>In a Friday filing with the Securities and Exchange Commission, Nuance said the deadline for the U.S. government to file objections to the deal is June 1. The expiration of that date \"met one of the conditions for closing the transaction,\" Nuance said.</p><p>A Microsoft spokesperson previously said in a statement that regulators in other jurisdictions are reviewing the acquisition and expect the deal to close by the end of 2021.</p>","source":"sina_tech","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>Microsoft's $16 billion acquisition of Nuance has been granted US antitrust clearance</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\">\nMicrosoft's $16 billion acquisition of Nuance has been granted US antitrust clearance\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-06-05 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the morning of June 5th, Beijing time, it is reported that according to the documents recently submitted to the government by Nuance, an artificial intelligence and voice technology company,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>The deal to acquire Nuance has obtained antitrust permission from the United States.</p><p>In April, Microsoft officially unveiled the $16 billion deal. Prior to this, the two companies had already cooperated on automated medical management work (such as document archiving, etc.) in 2019.</p><p>In a Friday filing with the Securities and Exchange Commission, Nuance said the deadline for the U.S. government to file objections to the deal is June 1. The expiration of that date \"met one of the conditions for closing the transaction,\" Nuance said.</p><p>A Microsoft spokesperson previously said in a statement that regulators in other jurisdictions are reviewing the acquisition and expect the deal to close by the end of 2021.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-06-05/detail-ikqcfnaz9207589.d.html?vt=4\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/055c7812061d918cb8dbc486a1ec6b48","relate_stocks":{"MSFT":"微软"},"source_url":"https://tech.sina.cn/i/gj/2021-06-05/detail-ikqcfnaz9207589.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141400304","content_text":"北京时间6月5日上午消息，据报道，根据最近人工智能与语音技术公司Nuance向政府提交的文件，微软收购Nuance的这笔交易，已经获得美国的反垄断许可。今年四月份，微软正式公开了这笔160亿美元的交易。在此之前，两家公司已经在2019年就自动化医疗管理工作（比如文件归档等）进行合作。在周五提交给美国证券交易委员会的文件中，Nuance表示，美国政府对该交易提出反对的截止日期为6月1日。Nuance称，该日期到期“满足了完成交易的条件之一”。微软发言人之前在一份声明中表示，其他司法管辖区的监管机构正在审查这笔收购交易，并预期交易将于2021年底完成。","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":156010626,"gmtCreate":1625185688866,"gmtModify":1703737829406,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156010626","repostId":"2148225838","repostType":4,"isVote":1,"tweetType":1,"viewCount":2461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114026289,"gmtCreate":1623037430841,"gmtModify":1704194784875,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"…","listText":"…","text":"…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114026289","repostId":"1168123787","repostType":4,"isVote":1,"tweetType":1,"viewCount":983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112832432,"gmtCreate":1622859514126,"gmtModify":1704192569952,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112832432","repostId":"2141400966","repostType":4,"repost":{"id":"2141400966","kind":"news","pubTimestamp":1622859093,"share":"https://ttm.financial/m/news/2141400966?lang=en_US&edition=fundamental","pubTime":"2021-06-05 10:11","market":"sh","language":"zh","title":"Land income tax levy, impact geometry?","url":"https://stock-news.laohu8.com/highlight/detail?id=2141400966","media":"中泰证券  ","summary":"投资要点\n6月4日，财政部宣布将国有土地使用权出让收入等四项政府非税收入划转税务部门征收，我们解读如下：\n税收和非税收入在预算管理、征收监管等方面存在较大差异。税收只在一般公共预算中核算，非税收入则分","content":"<p><b>Key points of investment</b></p><p>On June 4th, the Ministry of Finance announced that four government non-tax income, such as the income from the transfer of state-owned land use rights, would be transferred to the tax department for collection. We interpret it as follows:</p><p><b>There are big differences between tax revenue and non-tax revenue in budget management, collection supervision, etc.</b>Taxes are accounted for only in the general public budget, while non-tax revenues are distributed among three accounts; The collection and management of tax revenue is concentrated in tax authorities and customs departments, while the collection departments of non-tax revenue are diversified; Taxation adopts the collection management mode, which is divided into registration, declaration, collection, inspection, punishment and preservation compulsory links; Most non-taxes are collected or collected, and they are checked in advance. After checking, a payment book is issued for collection and storage. Generally, there is no need for post-event risk management.</p><p><b>The tax department collects non-taxes, which is the general trend.</b>The collection of non-taxes by the tax department is an important goal of the reform of state institutions proposed by the central government in March 2018. The collection of non-tax by the tax department will help to improve the efficiency of collection and management, and strengthen the standardization of non-tax expenditure management. The tax authorities have a professional collection team, and are familiar with the payment units. For example, the payment base of social insurance premiums is the total wages of employees. The tax authorities have mastered this data when collecting corporate income tax and personal income tax, so accurate collection can be realized. Since the beginning of this year, nearly 20 non-tax income, including soil and water conservation compensation fees and local reservoir resettlement support funds, have been transferred to the tax department for collection.</p><p><b>Transfer only changes the expropriation process and helps to standardize the management of land revenue and expenditure.</b>After the transfer, the land transfer income is still fully included in the budget management of local government funds according to the current policy, and the income is fully paid into the local treasury, and the expenditure is arranged through the budget of local government funds. For a long time, the local government's land revenue and expenditure is \"opaque\", and the existing problems are: unlevied, underlevied and omitted land transfer income; Reduce or exempt income illegally by means of first collection and then return, subsidies, etc.; Idle, inflate land transfer income, etc. As the national tax system and local governments are relatively independent, it will help to solve the problem of untimely or omitted payment of land transfer income after being transferred to the tax department for collection, and reduce the occurrence of illegal returns. In addition, for some areas where inflated land income is serious, the government fund budget may be forced to \"squeeze water\".</p><p>On June 4, the Ministry of Finance announced that four items of government non-tax income, including the income from the transfer of state-owned land use rights, will be transferred to the tax authorities for collection, and pilot projects will be carried out in Hebei and other provinces and cities from July 1, 2021, and fully implemented from January 1, 2022. Land transfer income is the main source of local government fund income. What impact may it have after it is transferred to the tax department for collection? We interpret it as follows:</p><p><b>First, the tax authorities collect non-taxes, the general trend</b></p><p>China's fiscal revenue mainly includes two parts: first, taxation, as the main body; Second, non-tax income, including administrative fees, government funds, state-owned capital income, penalty and confiscation income, etc. Compared with \"mandatory, free and fixed\" taxes, non-tax income is more flexible and mostly reflects the characteristics of \"paid\", such as fees paid for using public services and occupying public resources. Therefore, there is a big difference between non-tax revenue and taxation in terms of budget management, collection and supervision.</p><p><b>One is that the budget categories are different.</b>According to the Budget Law, all revenues and expenditures of the government should be included in the budget. Taxes are only accounted for in the general public budget, while non-tax revenues are distributed in three accounts: the general public budget, the government fund budget and the state-owned capital operation budget.</p><p><b>Second, the management subjects are different.</b>The collection and management of tax revenue is concentrated in the tax authorities and customs departments, while the collection departments of non-tax revenue are diversified. For example, the land transfer income has always been responsible for the land department.</p><p><b>Third, the collection mode is different.</b>Taxation adopts the collection management mode, which is divided into registration, declaration, collection, inspection, punishment and preservation compulsory links; Most non-taxes are collected or collected, and they are checked in advance. After checking, a payment book is issued for collection and storage. Generally, there is no need for post-event risk management.</p><p><b>The collection of non-tax by the tax department is an important goal of institutional reform.</b>In March 2018, the central government's \"Plan for Deepening the Reform of Party and State Institutions\" clearly stated that \"the national and local tax agencies at and below the provincial level will be merged to specifically undertake the responsibilities of collection and management of various taxes and non-tax income within their jurisdiction\". In July of the same year, the Central Office and the State Office issued the Reform Plan of National Tax and Local Tax Collection and Management System, which once again clarified \"the transfer of social insurance premiums and non-tax income collection and management responsibilities\", requiring that \"according to the principle of convenience and efficiency, the scope of non-tax income collection and management responsibilities transferred to the tax department should be reasonably determined, and the non-tax income items retained according to law and suitable for transfer should be transferred in batches and gradually advanced\".</p><p><b>The collection of non-tax by the tax department will help to improve the efficiency of collection and management, and strengthen the standardization of non-tax expenditure management.</b>The tax authorities have a professional collection team, and are familiar with the payment units. For example, the payment base of social insurance premiums is the total wages of employees. The tax authorities have mastered this data when collecting corporate income tax and personal income tax, so accurate collection can be realized. Since January 1, 2019, various social insurance premiums such as \"five insurances and one gold\" have been handed over to the tax department for unified collection; Since the beginning of this year, nearly 20 non-tax income, including soil and water conservation compensation fees and local reservoir resettlement support funds, have been transferred to the tax department for collection.</p><p><b>2. Transfer only changes the collection process</b></p><p>The reason why the market pays more attention to this policy release is mainly because the land transfer income is closely related to local finance, local debt pressure and urban investment bond investment. In fact, the notice clearly states that \"the four policies on the scope, object, standard, reduction and exemption, sharing, use and management of government non-tax revenue will continue to be implemented in accordance with the current regulations\" [1]. In other words, in addition to changing the expropriation process, the land transfer income is still fully included in the budget management of local government funds according to the current policy, the income is fully paid into the local treasury, and the expenditure is arranged through the budget of local government funds.</p><p>In the past, the land transfer income was generally collected by the city and county land and resources management department (the predecessor of the natural resources department) according to the land transfer contract or land supply agreement. The general process is as follows: 1) the land and resources department signs a land transfer contract with the transferee of the state-owned land use right; 2) The land and resources department shall issue a payment notice according to the land transfer contract and the approval document for land allocation, specifying the area of land supplied, the total income from land transfer and the specific method of installment payment; 3) The transferee of the state-owned land use right needs to pay the land transfer income into the local treasury in time according to the contract; 4) The land department and the financial department are responsible for confirming the land transfer income. If the land transfer income is not paid in full and in time, the land use certificate will not be issued.</p><p><img src=\"https://static.tigerbbs.com/3305fdf8d50585e2ad0f376d1966af7c\" tg-width=\"613\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>After the transfer to the tax department for collection, the natural resources department is still responsible for signing the contract and confirming the amount and the specific method of installment payment. After the relevant information is pushed to the tax department, the tax department is responsible for collecting and collecting from the transferee of the land transfer right. In the whole process, the natural resources department, the financial department, the tax department and the People's Bank of China (which operates the treasury as an agent) realize information sharing.</p><p><img src=\"https://static.tigerbbs.com/22128f9c0b1595266475a82a6f21c91c\" tg-width=\"649\" tg-height=\"390\" referrerpolicy=\"no-referrer\"></p><p><b>From a financial point of view, transfer helps to standardize the management of local land revenue and expenditure.</b>For a long time, the land revenue and expenditure of local governments has been \"opaque\". According to the information disclosed in the 2015 Audit Office report [1], the income-side problems mainly include: unlevied, underlevied and missed land transfer income; Reduce or exempt income illegally by means of first collection and then return, subsidies, etc.; Idle, inflate land transfer income, etc. As the national tax system and local governments are relatively independent, it will help to solve the problem of untimely or omitted payment of land transfer income after being transferred to the tax department for collection, and reduce the occurrence of illegal returns. In addition, for some areas where inflated land income is serious, the government fund budget may be forced to \"squeeze water\".</p><p><img src=\"https://static.tigerbbs.com/ca44f1f3de93eb1af403307d306894dc\" tg-width=\"653\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1570716150226","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>Land income tax levy, impact geometry?</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\">\nLand income tax levy, impact geometry?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中泰证券  </strong><span class=\"h-time small\">2021-06-05 10:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key points of investment</b></p><p>On June 4th, the Ministry of Finance announced that four government non-tax income, such as the income from the transfer of state-owned land use rights, would be transferred to the tax department for collection. We interpret it as follows:</p><p><b>There are big differences between tax revenue and non-tax revenue in budget management, collection supervision, etc.</b>Taxes are accounted for only in the general public budget, while non-tax revenues are distributed among three accounts; The collection and management of tax revenue is concentrated in tax authorities and customs departments, while the collection departments of non-tax revenue are diversified; Taxation adopts the collection management mode, which is divided into registration, declaration, collection, inspection, punishment and preservation compulsory links; Most non-taxes are collected or collected, and they are checked in advance. After checking, a payment book is issued for collection and storage. Generally, there is no need for post-event risk management.</p><p><b>The tax department collects non-taxes, which is the general trend.</b>The collection of non-taxes by the tax department is an important goal of the reform of state institutions proposed by the central government in March 2018. The collection of non-tax by the tax department will help to improve the efficiency of collection and management, and strengthen the standardization of non-tax expenditure management. The tax authorities have a professional collection team, and are familiar with the payment units. For example, the payment base of social insurance premiums is the total wages of employees. The tax authorities have mastered this data when collecting corporate income tax and personal income tax, so accurate collection can be realized. Since the beginning of this year, nearly 20 non-tax income, including soil and water conservation compensation fees and local reservoir resettlement support funds, have been transferred to the tax department for collection.</p><p><b>Transfer only changes the expropriation process and helps to standardize the management of land revenue and expenditure.</b>After the transfer, the land transfer income is still fully included in the budget management of local government funds according to the current policy, and the income is fully paid into the local treasury, and the expenditure is arranged through the budget of local government funds. For a long time, the local government's land revenue and expenditure is \"opaque\", and the existing problems are: unlevied, underlevied and omitted land transfer income; Reduce or exempt income illegally by means of first collection and then return, subsidies, etc.; Idle, inflate land transfer income, etc. As the national tax system and local governments are relatively independent, it will help to solve the problem of untimely or omitted payment of land transfer income after being transferred to the tax department for collection, and reduce the occurrence of illegal returns. In addition, for some areas where inflated land income is serious, the government fund budget may be forced to \"squeeze water\".</p><p>On June 4, the Ministry of Finance announced that four items of government non-tax income, including the income from the transfer of state-owned land use rights, will be transferred to the tax authorities for collection, and pilot projects will be carried out in Hebei and other provinces and cities from July 1, 2021, and fully implemented from January 1, 2022. Land transfer income is the main source of local government fund income. What impact may it have after it is transferred to the tax department for collection? We interpret it as follows:</p><p><b>First, the tax authorities collect non-taxes, the general trend</b></p><p>China's fiscal revenue mainly includes two parts: first, taxation, as the main body; Second, non-tax income, including administrative fees, government funds, state-owned capital income, penalty and confiscation income, etc. Compared with \"mandatory, free and fixed\" taxes, non-tax income is more flexible and mostly reflects the characteristics of \"paid\", such as fees paid for using public services and occupying public resources. Therefore, there is a big difference between non-tax revenue and taxation in terms of budget management, collection and supervision.</p><p><b>One is that the budget categories are different.</b>According to the Budget Law, all revenues and expenditures of the government should be included in the budget. Taxes are only accounted for in the general public budget, while non-tax revenues are distributed in three accounts: the general public budget, the government fund budget and the state-owned capital operation budget.</p><p><b>Second, the management subjects are different.</b>The collection and management of tax revenue is concentrated in the tax authorities and customs departments, while the collection departments of non-tax revenue are diversified. For example, the land transfer income has always been responsible for the land department.</p><p><b>Third, the collection mode is different.</b>Taxation adopts the collection management mode, which is divided into registration, declaration, collection, inspection, punishment and preservation compulsory links; Most non-taxes are collected or collected, and they are checked in advance. After checking, a payment book is issued for collection and storage. Generally, there is no need for post-event risk management.</p><p><b>The collection of non-tax by the tax department is an important goal of institutional reform.</b>In March 2018, the central government's \"Plan for Deepening the Reform of Party and State Institutions\" clearly stated that \"the national and local tax agencies at and below the provincial level will be merged to specifically undertake the responsibilities of collection and management of various taxes and non-tax income within their jurisdiction\". In July of the same year, the Central Office and the State Office issued the Reform Plan of National Tax and Local Tax Collection and Management System, which once again clarified \"the transfer of social insurance premiums and non-tax income collection and management responsibilities\", requiring that \"according to the principle of convenience and efficiency, the scope of non-tax income collection and management responsibilities transferred to the tax department should be reasonably determined, and the non-tax income items retained according to law and suitable for transfer should be transferred in batches and gradually advanced\".</p><p><b>The collection of non-tax by the tax department will help to improve the efficiency of collection and management, and strengthen the standardization of non-tax expenditure management.</b>The tax authorities have a professional collection team, and are familiar with the payment units. For example, the payment base of social insurance premiums is the total wages of employees. The tax authorities have mastered this data when collecting corporate income tax and personal income tax, so accurate collection can be realized. Since January 1, 2019, various social insurance premiums such as \"five insurances and one gold\" have been handed over to the tax department for unified collection; Since the beginning of this year, nearly 20 non-tax income, including soil and water conservation compensation fees and local reservoir resettlement support funds, have been transferred to the tax department for collection.</p><p><b>2. Transfer only changes the collection process</b></p><p>The reason why the market pays more attention to this policy release is mainly because the land transfer income is closely related to local finance, local debt pressure and urban investment bond investment. In fact, the notice clearly states that \"the four policies on the scope, object, standard, reduction and exemption, sharing, use and management of government non-tax revenue will continue to be implemented in accordance with the current regulations\" [1]. In other words, in addition to changing the expropriation process, the land transfer income is still fully included in the budget management of local government funds according to the current policy, the income is fully paid into the local treasury, and the expenditure is arranged through the budget of local government funds.</p><p>In the past, the land transfer income was generally collected by the city and county land and resources management department (the predecessor of the natural resources department) according to the land transfer contract or land supply agreement. The general process is as follows: 1) the land and resources department signs a land transfer contract with the transferee of the state-owned land use right; 2) The land and resources department shall issue a payment notice according to the land transfer contract and the approval document for land allocation, specifying the area of land supplied, the total income from land transfer and the specific method of installment payment; 3) The transferee of the state-owned land use right needs to pay the land transfer income into the local treasury in time according to the contract; 4) The land department and the financial department are responsible for confirming the land transfer income. If the land transfer income is not paid in full and in time, the land use certificate will not be issued.</p><p><img src=\"https://static.tigerbbs.com/3305fdf8d50585e2ad0f376d1966af7c\" tg-width=\"613\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>After the transfer to the tax department for collection, the natural resources department is still responsible for signing the contract and confirming the amount and the specific method of installment payment. After the relevant information is pushed to the tax department, the tax department is responsible for collecting and collecting from the transferee of the land transfer right. In the whole process, the natural resources department, the financial department, the tax department and the People's Bank of China (which operates the treasury as an agent) realize information sharing.</p><p><img src=\"https://static.tigerbbs.com/22128f9c0b1595266475a82a6f21c91c\" tg-width=\"649\" tg-height=\"390\" referrerpolicy=\"no-referrer\"></p><p><b>From a financial point of view, transfer helps to standardize the management of local land revenue and expenditure.</b>For a long time, the land revenue and expenditure of local governments has been \"opaque\". According to the information disclosed in the 2015 Audit Office report [1], the income-side problems mainly include: unlevied, underlevied and missed land transfer income; Reduce or exempt income illegally by means of first collection and then return, subsidies, etc.; Idle, inflate land transfer income, etc. As the national tax system and local governments are relatively independent, it will help to solve the problem of untimely or omitted payment of land transfer income after being transferred to the tax department for collection, and reduce the occurrence of illegal returns. In addition, for some areas where inflated land income is serious, the government fund budget may be forced to \"squeeze water\".</p><p><img src=\"https://static.tigerbbs.com/ca44f1f3de93eb1af403307d306894dc\" tg-width=\"653\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://m.cls.cn/depth/761843\">中泰证券  </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8d51ebce3c85489ae272d9f008bccc05","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://m.cls.cn/depth/761843","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141400966","content_text":"投资要点\n6月4日，财政部宣布将国有土地使用权出让收入等四项政府非税收入划转税务部门征收，我们解读如下：\n税收和非税收入在预算管理、征收监管等方面存在较大差异。税收只在一般公共预算中核算，非税收入则分布在三本账中；税收的征管集中于税务机关和海关部门，非税收入的征收部门则多样化；税收采用征收管理模式，具体分为登记、申报、征收、检查、处罚和保全强制等环节；非税大多为收缴或执收，采取事前核对的方式，核对无误后再开具缴款书征收入库，一般无需事后风险管理。\n税务部门征收非税，大势所趋。税务部门征收非税是2018年3月中央提出的国家机构改革的重要目标。税务部门征收非税有助于提高征管效率，加强非税收支管理的规范性。税务机关有专业的征收队伍，而且对缴费单位较为熟悉，比如社会保险费的缴费基数是职工工资总额，税务部门在征收企业所得税和个人所得税时已经掌握这一数据，因此能实现精准征收。今年以来，已经有包括水土保持补偿费、地方水库移民扶持基金等近20项非税收入划转至税务部门征收。\n划转只是改变征收流程，有助于规范土地收支管理。划转之后，土地出让收入仍依照现行政策，全额纳入地方政府性基金预算管理，收入全额缴入地方国库，支出通过地方政府性基金预算安排。长期以来，地方政府土地收支“不透明”，存在问题有：欠征、少征、漏征土地出让收入；采取先征后返、补贴等方式违规减免收入；空转、虚增土地出让收入等。由于国税系统和地方政府相对独立，划转税务部门征收后，有助于解决土地出让收入缴纳不及时或者漏缴问题，减少违规返还行为的发生，另外，对于部分虚增土地收入较严重的地区，政府性基金预算可能被迫“挤水分”。\n6月4日，财政部宣布将国有土地使用权出让收入等四项政府非税收入划转税务部门征收，自2021年7月1日起在河北等省市开展试点，2022年1月1日起全面实施。土地出让收入是地方政府性基金收入的主要来源，划转税务部门征收后可能产生哪些影响？我们解读如下：\n一、税务部门征收非税，大势所趋\n我国财政收入主要包括两部分：一是税收，作为主体；二是非税收入，包括行政事业性收费、政府性基金、国有资本收入、罚没收入等等。相比于具有“强制性、无偿性、固定性”的税收，非税收入更加灵活，多体现“有偿性”的特点，比如因使用公共服务、占用公共资源而缴纳的费用。所以，非税收入在预算管理、征收监管等方面和税收存在较大差异。\n一是预算类别不同。根据预算法，政府的全部收入和支出都应当纳入预算。税收只在一般公共预算中核算，非税收入则分布在一般公共预算、政府性基金预算和国有资本经营预算等三本账中。\n二是管理主体不同。税收的征管集中于税务机关和海关部门，非税收入的征收部门则多样化，比如一直以来土地出让收入由国土部门负责。\n三是征收模式不同。税收采用征收管理模式，具体分为登记、申报、征收、检查、处罚和保全强制等环节；非税大多为收缴或执收，采取事前核对的方式，核对无误后再开具缴款书征收入库，一般无需事后风险管理。\n税务部门征收非税是机构改革的重要目标。2018年3月中央《深化党和国家机构改革方案》中明确提出，“将省级和省级以下国税地税机构合并，具体承担所辖区域内各项税收、非税收入征管等职责”。同年7月，中办、国办印发《国税地税征管体制改革方案》，再次明确“划转社会保险费和非税收入征管职责”，要求“按照便民、高效的原则，合理确定非税收入征管职责划转到税务部门的范围，对依法保留、适宜划转的非税收入项目成熟一批划转一批，逐步推进”。\n税务部门征收非税有助于提高征管效率，加强非税收支管理的规范性。税务机关有专业的征收队伍，而且对缴费单位较为熟悉，比如社会保险费的缴费基数是职工工资总额，税务部门在征收企业所得税和个人所得税时已经掌握这一数据，因此能实现精准征收。从2019年1月1日起，“五险一金”等各项社会保险费已经交由税务部门统一征收；今年以来，已经有包括水土保持补偿费、地方水库移民扶持基金等近20项非税收入划转至税务部门征收。\n二、划转只是改变征收流程\n市场之所以对本次政策发布关注度较高，主要因为土地出让收入和地方财政、地方债务压力、城投债投资息息相关。实际上，通知中明确表示，“四项政府非税收入的征收范围、对象、标准、减免、分成、使用、管理等政策，继续按照现行规定执行”[1]。换言之，除了改变征收流程，土地出让收入仍依照现行政策，全额纳入地方政府性基金预算管理，收入全额缴入地方国库，支出通过地方政府性基金预算安排。\n过去，土地出让收入一般由市县国土资源管理部门（自然资源部门的前身）依据土地出让合同或供地协议负责征收，一般流程为：1）国土部门与国有土地使用权受让人签订土地出让合同；2）国土部门根据土地出让合同和划拨用地批准文件，开具缴款通知书，明确供应土地的面积、土地出让收入总额以及分期缴纳的具体方式等；3）国有土地使用权受让人需要按照合同及时将土地出让收入缴入地方国库；4）国土部门和财政部门负责确认土地出让收入，未能及时足额缴纳的，不予核发土地使用证。\n\n划转税务部门征收后，仍然由自然资源部门负责签订合同并确认金额和分期缴纳的具体方式，相关信息推送给税务部门后，税务部门负责向土地出让权受让人征收和催款。整个流程中，自然资源部门、财政部门、税务部门、人民银行（代理经营国库）实现信息共享。\n\n从财政角度看，划转有助于规范地方土地收支管理。长期以来，地方政府土地收支“不透明”，按照2015年审计署报告披露的信息[1]，收入端问题主要包括：欠征、少征、漏征土地出让收入；采取先征后返、补贴等方式违规减免收入；空转、虚增土地出让收入等。由于国税系统和地方政府相对独立，划转税务部门征收后，有助于解决土地出让收入缴纳不及时或者漏缴问题，减少违规返还行为的发生，另外，对于部分虚增土地收入较严重的地区，政府性基金预算可能被迫“挤水分”。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835018733,"gmtCreate":1629680844722,"gmtModify":1676530094809,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun 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Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"htmlText":"yes","listText":"yes","text":"yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112172260","repostId":"2141400304","repostType":4,"repost":{"id":"2141400304","kind":"news","pubTimestamp":1622854462,"share":"https://ttm.financial/m/news/2141400304?lang=en_US&edition=fundamental","pubTime":"2021-06-05 08:54","market":"us","language":"zh","title":"Microsoft's $16 billion acquisition of Nuance has been granted US antitrust clearance","url":"https://stock-news.laohu8.com/highlight/detail?id=2141400304","media":"新浪科技","summary":"北京时间6月5日上午消息，据报道，根据最近人工智能与语音技术公司Nuance向政府提交的文件，微软收购Nuance的这笔交易，已经获得美国的反垄断许可。今年四月份，微软正式公开了这笔160亿美元的交易","content":"<p>On the morning of June 5th, Beijing time, it is reported that according to the documents recently submitted to the government by Nuance, an artificial intelligence and voice technology company,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>The deal to acquire Nuance has obtained antitrust permission from the United States.</p><p>In April, Microsoft officially unveiled the $16 billion deal. Prior to this, the two companies had already cooperated on automated medical management work (such as document archiving, etc.) in 2019.</p><p>In a Friday filing with the Securities and Exchange Commission, Nuance said the deadline for the U.S. government to file objections to the deal is June 1. The expiration of that date \"met one of the conditions for closing the transaction,\" Nuance said.</p><p>A Microsoft spokesperson previously said in a statement that regulators in other jurisdictions are reviewing the acquisition and expect the deal to close by the end of 2021.</p>","source":"sina_tech","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>Microsoft's $16 billion acquisition of Nuance has been granted US antitrust clearance</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\">\nMicrosoft's $16 billion acquisition of Nuance has been granted US antitrust clearance\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-06-05 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the morning of June 5th, Beijing time, it is reported that according to the documents recently submitted to the government by Nuance, an artificial intelligence and voice technology company,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>The deal to acquire Nuance has obtained antitrust permission from the United States.</p><p>In April, Microsoft officially unveiled the $16 billion deal. Prior to this, the two companies had already cooperated on automated medical management work (such as document archiving, etc.) in 2019.</p><p>In a Friday filing with the Securities and Exchange Commission, Nuance said the deadline for the U.S. government to file objections to the deal is June 1. The expiration of that date \"met one of the conditions for closing the transaction,\" Nuance said.</p><p>A Microsoft spokesperson previously said in a statement that regulators in other jurisdictions are reviewing the acquisition and expect the deal to close by the end of 2021.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-06-05/detail-ikqcfnaz9207589.d.html?vt=4\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/055c7812061d918cb8dbc486a1ec6b48","relate_stocks":{"MSFT":"微软"},"source_url":"https://tech.sina.cn/i/gj/2021-06-05/detail-ikqcfnaz9207589.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141400304","content_text":"北京时间6月5日上午消息，据报道，根据最近人工智能与语音技术公司Nuance向政府提交的文件，微软收购Nuance的这笔交易，已经获得美国的反垄断许可。今年四月份，微软正式公开了这笔160亿美元的交易。在此之前，两家公司已经在2019年就自动化医疗管理工作（比如文件归档等）进行合作。在周五提交给美国证券交易委员会的文件中，Nuance表示，美国政府对该交易提出反对的截止日期为6月1日。Nuance称，该日期到期“满足了完成交易的条件之一”。微软发言人之前在一份声明中表示，其他司法管辖区的监管机构正在审查这笔收购交易，并预期交易将于2021年底完成。","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151034389,"gmtCreate":1625056864541,"gmtModify":1703734989575,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"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/151034389","repostId":"1124821132","repostType":4,"isVote":1,"tweetType":1,"viewCount":2202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159837189,"gmtCreate":1624954929741,"gmtModify":1703848748063,"author":{"id":"3585803365128858","authorId":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585803365128858","authorIdStr":"3585803365128858"},"themes":[],"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/159837189","repostId":"1138372330","repostType":4,"isVote":1,"tweetType":1,"viewCount":2722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}