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2023-12-29

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2023-12-29

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@TigerEvents:🐅🌟 TIGER TYCOON CHALLENGE IS ON! 🌟🐅

2022-11-01

This is a terrible day.

Mega-Cap Stocks Are Dropping in Morning Trading

2022-11-01

this is too bad

3 Big Positives Within Amazon's "Disappointing" Earnings Report

2022-11-01

this is good to hear that.

Apple: Cut And Sell To The Enthusiastic Buyers

2021-08-06

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2021-07-29

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2021-07-20

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【异动】收复今日失地，蔚小理止跌回升

2021-07-15

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2021-07-15

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2021-07-10

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2021-06-24

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朝聚眼科今起招股，一手入场费约5353.41港元

2021-06-22

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2021-06-22

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开盘：美股涨跌不一，比特币大跌区块链概念集体走弱

2021-06-17

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2021-06-17

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如果全面关停课外培训班会怎么样？

2021-06-16

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2021-06-16

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Fastest finge","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/248312805347464","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9982798473,"gmtCreate":1667256013592,"gmtModify":1676537884156,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"This is a terrible day.","listText":"This is a terrible day.","text":"This is a terrible day.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9982798473","repostId":"1146462353","repostType":4,"repost":{"id":"1146462353","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1667224523,"share":"https://www.laohu8.com/m/news/1146462353?lang=&edition=full","pubTime":"2022-10-31 21:55","market":"us","language":"en","title":"Mega-Cap Stocks Are Dropping in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1146462353","media":"Tiger Newspress","summary":"Mega-Cap Stocks Are Dropping in Morning Trading. Meta falls 3%; Apple, Nvidia, Tesla, Google, Micros","content":"<html><head></head><body><p>Mega-Cap Stocks Are Dropping in Morning Trading. Meta falls 3%; Apple, Nvidia, Tesla, Google, Microsoft fall about 2%.<img src=\"https://static.tigerbbs.com/e8bcd6a4edc83a31f436a62f5fb3b951\" tg-width=\"456\" tg-height=\"401\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMega-Cap Stocks Are Dropping in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-10-31 21:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Mega-Cap Stocks Are Dropping in Morning Trading. Meta falls 3%; Apple, Nvidia, Tesla, Google, Microsoft fall about 2%.<img src=\"https://static.tigerbbs.com/e8bcd6a4edc83a31f436a62f5fb3b951\" tg-width=\"456\" tg-height=\"401\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","TSLA":"特斯拉","META":"Meta Platforms","AAPL":"苹果","GOOGL":"谷歌A","MSFT":"微软"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146462353","content_text":"Mega-Cap Stocks Are Dropping in Morning Trading. Meta falls 3%; Apple, Nvidia, Tesla, Google, Microsoft fall about 2%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9982791201,"gmtCreate":1667255929003,"gmtModify":1676537884119,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"this is too bad","listText":"this is too bad","text":"this is too bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9982791201","repostId":"2279932388","repostType":4,"repost":{"id":"2279932388","pubTimestamp":1667228641,"share":"https://www.laohu8.com/m/news/2279932388?lang=&edition=full","pubTime":"2022-10-31 23:04","market":"us","language":"en","title":"3 Big Positives Within Amazon's \"Disappointing\" Earnings Report","url":"https://stock-news.laohu8.com/highlight/detail?id=2279932388","media":"Motley Fool","summary":"The market reaction was negative, but there were some bullish indicators underneath Amazon's earnings miss and guidance.","content":"<html><head></head><body><p>This past week&#39;s big tech earnings reports saw most names sell off hard, with <a href=\"https://laohu8.com/S/AMZN\">Amazon</a> logging a 6.8% decline on Friday after its Thursday night earnings, even as the broader market was up 2.5% on the day.</p><p>Sellers were probably worried about two things: relatively tepid fourth-quarter guidance, along with lower-than-expected revenue growth and margins in the Amazon Web Services (AWS) segment.</p><p>Those were not unfounded concerns, although quarter-to-quarter fluctuations are expected, especially as interest rates and natural gas prices spiked over the summer.</p><p>Yet lost underneath the headlines, there were actually several segments of Amazon showing positive strength and profitability -- each of which could be bullish indicators for the stock&#39;s long-term future.</p><h2>Advertising revenues are large and accelerating</h2><p>The reason AWS looms large for many investors is because it&#39;s a high-margin business, whereas Amazon&#39;s retail operations have generally operated at razor-thin, or negative, margins in pursuit of growth and market share.</p><p>However, Amazon&#39;s burgeoning advertising business, which it just started breaking out this year, has the potential to be another high-margin business within Amazon&#39;s corporate empire. And that segment, for all intents and purposes, is booming.</p><p>Last quarter, Amazon&#39;s ad segment actually showed an acceleration, growing 30% year over year to more than $9.5 billion. That&#39;s really impressive, especially when so many digital advertising companies showed tepid growth last quarter.</p><p>By comparison, Alphabet (GOOG) (GOOGL) saw Search ads rise only 4% in the third quarter, and YouTube and third-party ad networks each fell 2%. <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> saw its advertising revenue fall roughly 3.3%. And lest you think that is because Amazon&#39;s ad business is much smaller than these two behemoths, Amazon&#39;s ad revenues are now greater than both YouTube and Alphabet&#39;s third-party networks, and are more than one-third the size of Meta&#39;s ad revenue.</p><p>Amazon Chief Financial Officer Brian Olsavsky said on the conference call with analysts: &#34;[O]ur advertising is at the point where consumers are ready to spend. So we have a lot of advantages that we feel that will help both consumers and also our partners like sellers and advertisers.&#34;</p><p>Amazon doesn&#39;t break out the operating margin for its ad business, but even in a bad quarter in which margins compressed, Google&#39;s services segment -- which also includes some lower-margin hardware -- sported a 32.2% operating margin, down from 40% a year ago. Meta&#39;s &#34;family of apps&#34; operating margin was 34%, down from 45.9% in the year-ago quarter.</p><p>So it stands to reason Amazon&#39;s ad business is probably high-margin as well -- especially given its robust top-line growth.</p><h2>Shipping costs go below paid units growth</h2><p>Another positive lurking in the fine print of Amazon&#39;s report was shipping costs. Over recent quarters, Amazon&#39;s shipping cost growth outpaced units shipped, putting pressure on margins. However, in the third quarter, units shipped grew 11%, while shipping costs only grew 10%. That&#39;s the first time unit growth outpaced shipping costs in a long while.</p><p>Getting shipping costs under control was one of the things investors wanted to see, given that Amazon had way overbuilt its infrastructure during the pandemic, and demand slowed in the first half of the year. It&#39;s likely that lower oil prices during the third quarter played a role. Also, this could be the beginning of seeing the fruits of its own in-house expansion of its shipping infrastructure, as opposed to using third-party delivery companies.</p><p>Of course, overall margins were squeezed by currency headwinds in Europe, which swung third-quarter revenue growth by a whopping 17 percentage points, from a 12% gain in constant currency to a 5% revenue decline. But in the North American segment, operating losses narrowed quarter over quarter, lending credence to the hope that the e-commerce segment will eventually return to profitability in short order.</p><h2>Other revenues were up 168%</h2><p>Finally, with e-commerce, AWS, and advertising taking up so much attention, investors may not have noticed 168% year-over-year growth and 18% quarter-over-quarter growth in Amazon&#39;s &#34;other&#34; revenues.</p><p>Other revenues were only $1.26 billion, or about 1% of total revenue, but remember, the advertising segment used to be included in this segment, and it&#39;s probably where some of Amazon&#39;s exciting experimental ventures reside.</p><p>In its filings, Amazon describes the &#34;other segment&#34; as &#34;sales related to various other offerings, such as certain licensing and distribution of video content and shipping services, and our co-branded credit card agreements.&#34;</p><p>The step up in Amazon&#39;s other revenues really showed up in the second quarter, which could be related to its closing of MGM Studios late in the first quarter. However, that doesn&#39;t explain the big surge of growth from the second quarter to the third quarter.</p><p>I&#39;m very bullish on Amazon&#39;s new &#34;Just Walk Out&#34; technology that enables customers to shop without having to wait in line to check out; however, it&#39;s unclear if that is even monetized yet, or if it&#39;s included in the physical stores segment or other revenues.</p><p>In any case, while other revenue is a small footnote to the other all earnings picture, something within the segment has been growing at an exponential rate over the past two quarters. Amazon is known to experiment a lot to develop new products and services, so it&#39;s something to watch going forward.</p><h2>Short-term pain, long-term gain</h2><p>The headwinds Amazon faced last quarter primarily related to AWS. However, AWS saw 200 points of margin compression as natural gas prices spiked, causing higher electricity costs, according to management. Those prices have since come down in a big way since September. In fact, natural gas prices are down some 40% over the past two months. Meanwhile, Amazon was helping customers looking to save money move to some lower-cost services. which caused a revenue &#34;disappointment&#34; of only 27% growth.</p><p>Unlike the pandemic, when some customers saw an acceleration of demand, the interest rate spike of 2022 is causing a pullback across the board. However, AWS was able to reaccelerate growth after a brief lull at the start of the pandemic, and I&#39;d expect the same once inflation is under control and interest rates come down. Meanwhile, Amazon&#39;s AWS backlog was actually up 57% year over year to over $104 billion. So, the long-term trajectory of cloud computing seems very much intact.</p><p>Meanwhile, the three silver linings outlined above bode well for other parts of Amazon&#39;s future as well. This sell-off seems like a short-term overreaction, and a gift to long-term investors.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Big Positives Within Amazon's \"Disappointing\" Earnings Report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n3 Big Positives Within Amazon's \"Disappointing\" Earnings Report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-31 23:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/10/31/3-big-positives-in-amazons-disappointing-earnings/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This past week's big tech earnings reports saw most names sell off hard, with Amazon logging a 6.8% decline on Friday after its Thursday night earnings, even as the broader market was up 2.5% on the ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/10/31/3-big-positives-in-amazons-disappointing-earnings/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.fool.com/investing/2022/10/31/3-big-positives-in-amazons-disappointing-earnings/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2279932388","content_text":"This past week's big tech earnings reports saw most names sell off hard, with Amazon logging a 6.8% decline on Friday after its Thursday night earnings, even as the broader market was up 2.5% on the day.Sellers were probably worried about two things: relatively tepid fourth-quarter guidance, along with lower-than-expected revenue growth and margins in the Amazon Web Services (AWS) segment.Those were not unfounded concerns, although quarter-to-quarter fluctuations are expected, especially as interest rates and natural gas prices spiked over the summer.Yet lost underneath the headlines, there were actually several segments of Amazon showing positive strength and profitability -- each of which could be bullish indicators for the stock's long-term future.Advertising revenues are large and acceleratingThe reason AWS looms large for many investors is because it's a high-margin business, whereas Amazon's retail operations have generally operated at razor-thin, or negative, margins in pursuit of growth and market share.However, Amazon's burgeoning advertising business, which it just started breaking out this year, has the potential to be another high-margin business within Amazon's corporate empire. And that segment, for all intents and purposes, is booming.Last quarter, Amazon's ad segment actually showed an acceleration, growing 30% year over year to more than $9.5 billion. That's really impressive, especially when so many digital advertising companies showed tepid growth last quarter.By comparison, Alphabet (GOOG) (GOOGL) saw Search ads rise only 4% in the third quarter, and YouTube and third-party ad networks each fell 2%. Meta Platforms saw its advertising revenue fall roughly 3.3%. And lest you think that is because Amazon's ad business is much smaller than these two behemoths, Amazon's ad revenues are now greater than both YouTube and Alphabet's third-party networks, and are more than one-third the size of Meta's ad revenue.Amazon Chief Financial Officer Brian Olsavsky said on the conference call with analysts: \"[O]ur advertising is at the point where consumers are ready to spend. So we have a lot of advantages that we feel that will help both consumers and also our partners like sellers and advertisers.\"Amazon doesn't break out the operating margin for its ad business, but even in a bad quarter in which margins compressed, Google's services segment -- which also includes some lower-margin hardware -- sported a 32.2% operating margin, down from 40% a year ago. Meta's \"family of apps\" operating margin was 34%, down from 45.9% in the year-ago quarter.So it stands to reason Amazon's ad business is probably high-margin as well -- especially given its robust top-line growth.Shipping costs go below paid units growthAnother positive lurking in the fine print of Amazon's report was shipping costs. Over recent quarters, Amazon's shipping cost growth outpaced units shipped, putting pressure on margins. However, in the third quarter, units shipped grew 11%, while shipping costs only grew 10%. That's the first time unit growth outpaced shipping costs in a long while.Getting shipping costs under control was one of the things investors wanted to see, given that Amazon had way overbuilt its infrastructure during the pandemic, and demand slowed in the first half of the year. It's likely that lower oil prices during the third quarter played a role. Also, this could be the beginning of seeing the fruits of its own in-house expansion of its shipping infrastructure, as opposed to using third-party delivery companies.Of course, overall margins were squeezed by currency headwinds in Europe, which swung third-quarter revenue growth by a whopping 17 percentage points, from a 12% gain in constant currency to a 5% revenue decline. But in the North American segment, operating losses narrowed quarter over quarter, lending credence to the hope that the e-commerce segment will eventually return to profitability in short order.Other revenues were up 168%Finally, with e-commerce, AWS, and advertising taking up so much attention, investors may not have noticed 168% year-over-year growth and 18% quarter-over-quarter growth in Amazon's \"other\" revenues.Other revenues were only $1.26 billion, or about 1% of total revenue, but remember, the advertising segment used to be included in this segment, and it's probably where some of Amazon's exciting experimental ventures reside.In its filings, Amazon describes the \"other segment\" as \"sales related to various other offerings, such as certain licensing and distribution of video content and shipping services, and our co-branded credit card agreements.\"The step up in Amazon's other revenues really showed up in the second quarter, which could be related to its closing of MGM Studios late in the first quarter. However, that doesn't explain the big surge of growth from the second quarter to the third quarter.I'm very bullish on Amazon's new \"Just Walk Out\" technology that enables customers to shop without having to wait in line to check out; however, it's unclear if that is even monetized yet, or if it's included in the physical stores segment or other revenues.In any case, while other revenue is a small footnote to the other all earnings picture, something within the segment has been growing at an exponential rate over the past two quarters. Amazon is known to experiment a lot to develop new products and services, so it's something to watch going forward.Short-term pain, long-term gainThe headwinds Amazon faced last quarter primarily related to AWS. However, AWS saw 200 points of margin compression as natural gas prices spiked, causing higher electricity costs, according to management. Those prices have since come down in a big way since September. In fact, natural gas prices are down some 40% over the past two months. Meanwhile, Amazon was helping customers looking to save money move to some lower-cost services. which caused a revenue \"disappointment\" of only 27% growth.Unlike the pandemic, when some customers saw an acceleration of demand, the interest rate spike of 2022 is causing a pullback across the board. However, AWS was able to reaccelerate growth after a brief lull at the start of the pandemic, and I'd expect the same once inflation is under control and interest rates come down. Meanwhile, Amazon's AWS backlog was actually up 57% year over year to over $104 billion. So, the long-term trajectory of cloud computing seems very much intact.Meanwhile, the three silver linings outlined above bode well for other parts of Amazon's future as well. This sell-off seems like a short-term overreaction, and a gift to long-term investors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9982793254,"gmtCreate":1667255832478,"gmtModify":1676537884093,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"this is good to hear that.","listText":"this is good to hear that.","text":"this is good to hear that.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9982793254","repostId":"1165961334","repostType":2,"repost":{"id":"1165961334","pubTimestamp":1667230185,"share":"https://www.laohu8.com/m/news/1165961334?lang=&edition=full","pubTime":"2022-10-31 23:29","market":"us","language":"en","title":"Apple: Cut And Sell To The Enthusiastic Buyers","url":"https://stock-news.laohu8.com/highlight/detail?id=1165961334","media":"Seeking Alpha","summary":"SummaryApple bulls have gotten excited over its post-earnings surge. However, we urge investors not ","content":"<html><head></head><body><h2>Summary</h2><ul><li>Apple bulls have gotten excited over its post-earnings surge. However, we urge investors not to get caught up in what could be a short-term relief rally.</li><li>We parse several red flags in Apple&#39;s &#34;growth&#34; story that investors must consider carefully. These could be structural challenges that suggest AAPL&#39;s valuation is not sustainable.</li><li>We discuss why AAPL&#39;s price action is not constructive for a sustained rally. Therefore, investors should consider taking some exposure off at these levels.</li><li>Revising AAPL from Hold to Sell.</li></ul><h2>Thesis</h2><p><a href=\"https://laohu8.com/S/AAPL\">Apple Inc.</a>&#39;s FQ4 earnings release saw many loyal Apple fans excited at the Cupertino company&#39;s resilience while its big tech peers faltered.</p><p>However, investors who parsed its earning commentary and segment metrics would have gleaned several red flags that shouldn&#39;t be missed. iPhone was strong as it launched its iPhone 14 series recently. Apple investors are keenly aware that its FQ4 is a seasonally strong quarter due to the timing of its iPhone launch. Hence, we wouldn&#39;t focus too much on how FQ4 performs per se. Instead, we will discuss why we see significant headwinds into the next two quarters that Apple bulls may not have considered carefully relative to Apple&#39;s unsustainable valuation.</p><p>We will pore through forward guidance/commentary on how Apple sees its forward outlook. The market doesn&#39;t focus on past data/releases but on what it anticipates Apple&#39;s forward performances could shape up.</p><p>Our analysis indicates that the post-earnings surge looks increasingly like a move to ensnare traders/Apple bulls into another trap before digesting those gains. Some investors get caught up in pre/post-earnings moves without carefully assessing the price action of their overall price structures. As a result, we maintain our conviction that AAPL&#39;s medium-term uptrend has been lost, which we will address in the article.</p><p>We discuss why AAPL&#39;s valuation at the current levels is unsustainable. Also, it appears to have been de-rated, which is another early warning sign that a steeper fall could be in the works for careless Apple bulls who don&#39;t accord sufficient caution on its valuations.</p><p>Accordingly, we revise our rating on AAPL from Hold to Sell and urge investors to use the rally to cut exposure.</p><h3>Where&#39;s The Follow Through For iPhone?</h3><p><img src=\"https://static.tigerbbs.com/2dd288e8645266ef125527813239263a\" tg-width=\"640\" tg-height=\"394\" referrerpolicy=\"no-referrer\"/>Apple revenue share by product category % (S&amp;P Cap IQ)</p><p>Apple investors should be keenly aware that any serious discussion can never avoid the performance of its three most critical revenue drivers, as seen above.</p><p>There&#39;s little doubt that Mac outperformed in 2022, as its revenue share surged to 12.8% in FQ4. Coupled with iPhone and Services, they accounted for 81.3% of Apple&#39;s FQ4 revenue, down from FQ3&#39;s 81.6%. However, it&#39;s higher than FQ4&#39;21&#39;s revenue share of 79.6% when Mac accounted for 11% of revenue. Hence, we will need to address whether Mac&#39;s outperformance in FQ4 can sustain its growth moving forward.</p><p><img src=\"https://static.tigerbbs.com/7b58e351dfebd1a6aa36497c23b8b011\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/>Apple iPhone revenue change % and Mac revenue change % (Company filings)</p><p>With iPhone accounting for 47.3% of FQ4&#39;s revenue base, Apple bulls would have been heartened to know that iPhone revenue grew 9.7%. But that&#39;s miles off last year&#39;s 47% growth. Management attributed the strength in iPhone revenue to the upgraders and switchers, implying that it has continued to gain market share. But, we wouldn&#39;t encourage investors to read too much into FQ4&#39;s numbers for Apple, given its seasonal distortions.</p><p>Notably, we urge investors to consider what FQ1 could look like as Apple enters its first full quarter of iPhone 14 series sales. Management&#39;s forward commentary (not guidance) suggests it sees &#34;year-over-year revenue performance will decelerate during the December quarter [FQ1&#39;23] as compared to the September quarter [FQ4&#39;22].&#34;</p><p>Okay, so here&#39;s what it looks like. Apple&#39;s FQ1&#39;22 iPhone revenue grew by 9.2% YoY. So, iPhone 13 had a pretty solid full quarter of performance, but it still came in below FQ1&#39;21&#39;s 17.2% growth, as seen above.</p><p>Note that Apple&#39;s FQ4&#39;22 overall revenue grew by 8.1% YoY. Hence, it suggests that iPhone&#39;s revenue growth would likely continue on a declining trend even as it gains share against its competitors. As a result, we believe it will continue to get harder for Apple to outperform.</p><p>Meanwhile, Mac&#39;s performance is unsustainable. Apple has outperformed its Windows peers by posting a remarkable 25.4% growth in Mac revenue in FQ4. However, management&#39;s commentary suggests that &#34;Mac revenue to decline substantially year-over-year during the December quarter [FQ1&#39;23].&#34;</p><p>As a reminder, Mac delivered $10.9B in revenue for FQ1&#39;22, up 25.6% YoY. Hence, that tailwind from Mac is presumably gone. Therefore, it suggests that Apple is not immune to the significant consumer electronics headwinds that have impacted the PC market. Apple&#39;s commentary suggests that it sees these headwinds to continue. Supply chain sources indicate that inventory digestion in the PC channel could continue till H2&#39;23. But that&#39;s inventory digestion. Recovery of demand is another matter.</p><p>In a recent commentary, Bloomberg&#39;s Mark Gurman highlighted that Apple could be ready for its MacBook launch with new M2 chips on TSMC&#39;s (TSM) 3nm process nodes in early 2023. Therefore, Apple could be looking to juice its Mac segment in time for FQ3&#39;s reporting. We will see how that goes, but we assess that investors shouldn&#39;t place too much emphasis on expecting Mac to lead again in the near term.</p><h3>What About Services?</h3><p>Before investors get overly excited about the recent price hike in Apple&#39;s subscriptions, Loup Ventures&#39; estimates indicate a 1% accretion to net income &#34;over the next year.&#34; Of course, Apple&#39;s ability to boost prices is often taken for granted but is an outcome of its competitive moat built up over time. However, we wouldn&#39;t get too excited over a 1% boost for now, as AAPL shares are priced at a marked premium.</p><p><img src=\"https://static.tigerbbs.com/401f119f3363941ae70a638803c86be9\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"/>Apple services revenue change % (Company filings)</p><p>Services grew by 5% YoY in FQ4, continuing a downward trend that topped out in FQ3&#39;21, as seen above. Hence, is it going to bottom out eventually? Nothing falls in a straight line. But maybe not in the near term.</p><p>Management&#39;s commentary suggests that Services could continue to come under pressure due to significant macro challenges, including forex. However, we urge investors to consider forex tailwinds/headwinds as one package. For companies with substantial global exposure, it&#39;s just part and parcel of doing business. It&#39;s inherent in the business model. When did people complain about forex being a tailwind previously? We don&#39;t recall if there was any.</p><p>So, Apple&#39;s most important growth driver could be undergoing a structural slowdown even if its bottoms out subsequently. So what&#39;s next in line? If you buy Apple for &#34;optionality,&#34; you can consider the following, as highlighted by Loup Ventures&#39;s Gene Munster:</p><p>Apple has growth optionality within three potential addressable markets that I’ve talked about before. This includes health, AR, and auto. One of these three opportunities will likely come to fruition and set up the company for another decade of solid performance. - Loup Ventures</p><p>For now, we focus on what we can see. Why? AAPL is not cheap. It&#39;s too expensive to buy just for optionality.</p><h3>Is AAPL Stock A Buy, Sell, Or Hold?</h3><p><img src=\"https://static.tigerbbs.com/6b84c8068257bfa0618e5a5da91ad8de\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/>AAPL NTM EBITDA multiples valuation trend (koyfin)</p><p>AAPL last traded at an NTM EBITDA multiple of 18.7x, well above its 10Y mean of 11x. Also, note that AAPL has been unable to gain momentum above the two standard deviation zone over its 10Y mean.</p><p>Hence, the market has seemingly &#34;refused&#34; to follow AAPL bulls on their optimism that AAPL deserves to be rated at a significant premium against the market and its peers.</p><p><img src=\"https://static.tigerbbs.com/4f139c454009f7ac5479bf7f017902f6\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/>AAPL Forward EBITDA multiples consensus estimates (S&amp;P Cap IQ)</p><p>Based on its forward EBITDA multiples through FY25, it&#39;s clear that Apple is not a growth story. Even the bullish Street analysts don&#39;t think Apple can generate massive profitability growth over the next three years to &#34;bring down&#34; its forward EBITDA multiples.</p><p>We believe the market knows that AAPL is not a growth story. And therefore, its valuation is unsustainable at the current levels.</p><p><img src=\"https://static.tigerbbs.com/e0434014220415fdae1acd42aaadf37a\" tg-width=\"640\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/>AAPL price chart (weekly) (TradingView)</p><p>Therefore, we postulate that the easy money in AAPL has already been made. If you jump on the bandwagon now, we assess that the reward-to-risk profile is highly unattractive.</p><p>Note that AAPL has already lost its medium-term bullish bias. It&#39;s not unusual for AAPL to stage a relief rally from an oversold September bottom (yes, the rally already started three weeks ago, not last week). The critical question is where this rally could stall.</p><p>We urge investors to watch for its near-term resistance, annotated in the chart above. Hence, it doesn&#39;t hurt to take some exposure off if you are sitting on massive gains. Given the tech bear market, there are plenty of alternatives to choose from.</p></body></html>","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>Apple: Cut And Sell To The Enthusiastic Buyers</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nApple: Cut And Sell To The Enthusiastic Buyers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-31 23:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4551058-apple-q4-earnings-cut-sell-to-enthusiastic-buyers><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryApple bulls have gotten excited over its post-earnings surge. However, we urge investors not to get caught up in what could be a short-term relief rally.We parse several red flags in Apple's \"...</p>\n\n<a href=\"https://seekingalpha.com/article/4551058-apple-q4-earnings-cut-sell-to-enthusiastic-buyers\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4551058-apple-q4-earnings-cut-sell-to-enthusiastic-buyers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165961334","content_text":"SummaryApple bulls have gotten excited over its post-earnings surge. However, we urge investors not to get caught up in what could be a short-term relief rally.We parse several red flags in Apple's \"growth\" story that investors must consider carefully. These could be structural challenges that suggest AAPL's valuation is not sustainable.We discuss why AAPL's price action is not constructive for a sustained rally. Therefore, investors should consider taking some exposure off at these levels.Revising AAPL from Hold to Sell.ThesisApple Inc.'s FQ4 earnings release saw many loyal Apple fans excited at the Cupertino company's resilience while its big tech peers faltered.However, investors who parsed its earning commentary and segment metrics would have gleaned several red flags that shouldn't be missed. iPhone was strong as it launched its iPhone 14 series recently. Apple investors are keenly aware that its FQ4 is a seasonally strong quarter due to the timing of its iPhone launch. Hence, we wouldn't focus too much on how FQ4 performs per se. Instead, we will discuss why we see significant headwinds into the next two quarters that Apple bulls may not have considered carefully relative to Apple's unsustainable valuation.We will pore through forward guidance/commentary on how Apple sees its forward outlook. The market doesn't focus on past data/releases but on what it anticipates Apple's forward performances could shape up.Our analysis indicates that the post-earnings surge looks increasingly like a move to ensnare traders/Apple bulls into another trap before digesting those gains. Some investors get caught up in pre/post-earnings moves without carefully assessing the price action of their overall price structures. As a result, we maintain our conviction that AAPL's medium-term uptrend has been lost, which we will address in the article.We discuss why AAPL's valuation at the current levels is unsustainable. Also, it appears to have been de-rated, which is another early warning sign that a steeper fall could be in the works for careless Apple bulls who don't accord sufficient caution on its valuations.Accordingly, we revise our rating on AAPL from Hold to Sell and urge investors to use the rally to cut exposure.Where's The Follow Through For iPhone?Apple revenue share by product category % (S&P Cap IQ)Apple investors should be keenly aware that any serious discussion can never avoid the performance of its three most critical revenue drivers, as seen above.There's little doubt that Mac outperformed in 2022, as its revenue share surged to 12.8% in FQ4. Coupled with iPhone and Services, they accounted for 81.3% of Apple's FQ4 revenue, down from FQ3's 81.6%. However, it's higher than FQ4'21's revenue share of 79.6% when Mac accounted for 11% of revenue. Hence, we will need to address whether Mac's outperformance in FQ4 can sustain its growth moving forward.Apple iPhone revenue change % and Mac revenue change % (Company filings)With iPhone accounting for 47.3% of FQ4's revenue base, Apple bulls would have been heartened to know that iPhone revenue grew 9.7%. But that's miles off last year's 47% growth. Management attributed the strength in iPhone revenue to the upgraders and switchers, implying that it has continued to gain market share. But, we wouldn't encourage investors to read too much into FQ4's numbers for Apple, given its seasonal distortions.Notably, we urge investors to consider what FQ1 could look like as Apple enters its first full quarter of iPhone 14 series sales. Management's forward commentary (not guidance) suggests it sees \"year-over-year revenue performance will decelerate during the December quarter [FQ1'23] as compared to the September quarter [FQ4'22].\"Okay, so here's what it looks like. Apple's FQ1'22 iPhone revenue grew by 9.2% YoY. So, iPhone 13 had a pretty solid full quarter of performance, but it still came in below FQ1'21's 17.2% growth, as seen above.Note that Apple's FQ4'22 overall revenue grew by 8.1% YoY. Hence, it suggests that iPhone's revenue growth would likely continue on a declining trend even as it gains share against its competitors. As a result, we believe it will continue to get harder for Apple to outperform.Meanwhile, Mac's performance is unsustainable. Apple has outperformed its Windows peers by posting a remarkable 25.4% growth in Mac revenue in FQ4. However, management's commentary suggests that \"Mac revenue to decline substantially year-over-year during the December quarter [FQ1'23].\"As a reminder, Mac delivered $10.9B in revenue for FQ1'22, up 25.6% YoY. Hence, that tailwind from Mac is presumably gone. Therefore, it suggests that Apple is not immune to the significant consumer electronics headwinds that have impacted the PC market. Apple's commentary suggests that it sees these headwinds to continue. Supply chain sources indicate that inventory digestion in the PC channel could continue till H2'23. But that's inventory digestion. Recovery of demand is another matter.In a recent commentary, Bloomberg's Mark Gurman highlighted that Apple could be ready for its MacBook launch with new M2 chips on TSMC's (TSM) 3nm process nodes in early 2023. Therefore, Apple could be looking to juice its Mac segment in time for FQ3's reporting. We will see how that goes, but we assess that investors shouldn't place too much emphasis on expecting Mac to lead again in the near term.What About Services?Before investors get overly excited about the recent price hike in Apple's subscriptions, Loup Ventures' estimates indicate a 1% accretion to net income \"over the next year.\" Of course, Apple's ability to boost prices is often taken for granted but is an outcome of its competitive moat built up over time. However, we wouldn't get too excited over a 1% boost for now, as AAPL shares are priced at a marked premium.Apple services revenue change % (Company filings)Services grew by 5% YoY in FQ4, continuing a downward trend that topped out in FQ3'21, as seen above. Hence, is it going to bottom out eventually? Nothing falls in a straight line. But maybe not in the near term.Management's commentary suggests that Services could continue to come under pressure due to significant macro challenges, including forex. However, we urge investors to consider forex tailwinds/headwinds as one package. For companies with substantial global exposure, it's just part and parcel of doing business. It's inherent in the business model. When did people complain about forex being a tailwind previously? We don't recall if there was any.So, Apple's most important growth driver could be undergoing a structural slowdown even if its bottoms out subsequently. So what's next in line? If you buy Apple for \"optionality,\" you can consider the following, as highlighted by Loup Ventures's Gene Munster:Apple has growth optionality within three potential addressable markets that I’ve talked about before. This includes health, AR, and auto. One of these three opportunities will likely come to fruition and set up the company for another decade of solid performance. - Loup VenturesFor now, we focus on what we can see. Why? AAPL is not cheap. It's too expensive to buy just for optionality.Is AAPL Stock A Buy, Sell, Or Hold?AAPL NTM EBITDA multiples valuation trend (koyfin)AAPL last traded at an NTM EBITDA multiple of 18.7x, well above its 10Y mean of 11x. Also, note that AAPL has been unable to gain momentum above the two standard deviation zone over its 10Y mean.Hence, the market has seemingly \"refused\" to follow AAPL bulls on their optimism that AAPL deserves to be rated at a significant premium against the market and its peers.AAPL Forward EBITDA multiples consensus estimates (S&P Cap IQ)Based on its forward EBITDA multiples through FY25, it's clear that Apple is not a growth story. Even the bullish Street analysts don't think Apple can generate massive profitability growth over the next three years to \"bring down\" its forward EBITDA multiples.We believe the market knows that AAPL is not a growth story. And therefore, its valuation is unsustainable at the current levels.AAPL price chart (weekly) (TradingView)Therefore, we postulate that the easy money in AAPL has already been made. If you jump on the bandwagon now, we assess that the reward-to-risk profile is highly unattractive.Note that AAPL has already lost its medium-term bullish bias. It's not unusual for AAPL to stage a relief rally from an oversold September bottom (yes, the rally already started three weeks ago, not last week). The critical question is where this rally could stall.We urge investors to watch for its near-term resistance, annotated in the chart above. Hence, it doesn't hurt to take some exposure off if you are sitting on massive gains. Given the tech bear market, there are plenty of alternatives to choose from.","news_type":1},"isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893638299,"gmtCreate":1628258775711,"gmtModify":1703504139728,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like my comment","listText":"like my comment","text":"like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/893638299","repostId":"2157739460","repostType":4,"isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801801703,"gmtCreate":1627494196502,"gmtModify":1703491125095,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like my comment","listText":"like my comment","text":"like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/801801703","repostId":"2154494900","repostType":4,"isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171186806,"gmtCreate":1626714193405,"gmtModify":1703763915538,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment my post","listText":"like and comment my post","text":"like and comment my post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171186806","repostId":"1159080706","repostType":4,"repost":{"id":"1159080706","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626709038,"share":"https://www.laohu8.com/m/news/1159080706?lang=&edition=full","pubTime":"2021-07-19 23:37","market":"us","language":"zh","title":"【异动】收复今日失地，蔚小理止跌回升","url":"https://stock-news.laohu8.com/highlight/detail?id=1159080706","media":"老虎资讯综合","summary":"7月19日，理想汽车、蔚来、小鹏汽车止跌回升，收复今日失地。\n小鹏汽车此前公布旗下搭载量产车规级激光雷达的小鹏P5的预售价格，并宣布开启预售，小鹏P5新车预售价格16-23万元，共推出6个不同续航配置","content":"<p>7月19日，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>止跌回升，收复今日失地。</p>\n<p>小鹏汽车此前公布旗下搭载量产车规级激光雷达的小鹏P5的预售价格，并宣布开启预售，小鹏P5新车预售价格16-23万元，共推出6个不同续航配置的版本可供选择，NEDC工况下最高续航达到600公里。</p>\n<p>同时，小鹏汽车发布公告，于2021年7月19日因部分行使超额配股权而发行1208.33万股，每股发行价为165港元。</p>\n<p><img src=\"https://static.tigerbbs.com/f72a193fe4e67d7c18a4cbdff58c6864\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【异动】收复今日失地，蔚小理止跌回升</title>\n<style 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【异动】收复今日失地，蔚小理止跌回升\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-07-19 23:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>7月19日，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>止跌回升，收复今日失地。</p>\n<p>小鹏汽车此前公布旗下搭载量产车规级激光雷达的小鹏P5的预售价格，并宣布开启预售，小鹏P5新车预售价格16-23万元，共推出6个不同续航配置的版本可供选择，NEDC工况下最高续航达到600公里。</p>\n<p>同时，小鹏汽车发布公告，于2021年7月19日因部分行使超额配股权而发行1208.33万股，每股发行价为165港元。</p>\n<p><img src=\"https://static.tigerbbs.com/f72a193fe4e67d7c18a4cbdff58c6864\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f36b37eb8e9efe8641c7be55a7da26d","relate_stocks":{"09868":"小鹏汽车-W","LI":"理想汽车","NIO":"蔚来","XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159080706","content_text":"7月19日，理想汽车、蔚来、小鹏汽车止跌回升，收复今日失地。\n小鹏汽车此前公布旗下搭载量产车规级激光雷达的小鹏P5的预售价格，并宣布开启预售，小鹏P5新车预售价格16-23万元，共推出6个不同续航配置的版本可供选择，NEDC工况下最高续航达到600公里。\n同时，小鹏汽车发布公告，于2021年7月19日因部分行使超额配股权而发行1208.33万股，每股发行价为165港元。","news_type":1},"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147684084,"gmtCreate":1626356350348,"gmtModify":1703758542642,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"please like my comment","listText":"please like my comment","text":"please like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147684084","repostId":"2151210135","repostType":4,"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147685678,"gmtCreate":1626356335394,"gmtModify":1703758542154,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"please like my comment","listText":"please like my comment","text":"please like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147685678","repostId":"1130429804","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148014691,"gmtCreate":1625899980413,"gmtModify":1703750720250,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like&nbsp;and commen","listText":"like&nbsp;and commen","text":"like and commen","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148014691","repostId":"1106394312","repostType":4,"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128135762,"gmtCreate":1624505243756,"gmtModify":1703838664254,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128135762","repostId":"1136951406","repostType":4,"repost":{"id":"1136951406","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624497362,"share":"https://www.laohu8.com/m/news/1136951406?lang=&edition=full","pubTime":"2021-06-24 09:16","market":"hk","language":"zh","title":"朝聚眼科今起招股，一手入场费约5353.41港元","url":"https://stock-news.laohu8.com/highlight/detail?id=1136951406","media":"老虎资讯综合","summary":"6月24日，朝聚眼科发布公告，公司于6月24日至6月29日招股；公司拟全球发售1.7093亿股股份，其中香港发售股份1709.3万股，国际发售股份1.53837亿股；每股发行价9.48-10.60港元","content":"<p>6月24日，朝聚眼科发布公告，公司于6月24日至6月29日招股；公司拟全球发售1.7093亿股股份，其中香港发售股份1709.3万股，国际发售股份1.53837亿股；每股发行价9.48-10.60港元，每手买卖单位500股，入场费约5353.41港元；海通国际及华泰国际为联席保荐人，预期股份将于7月7日于联交所主板挂牌上市。</p>\n<p><b>Tiger Trade将于11:30开放申购【</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>申购入口</b></a><b>】</b></p>\n<p><img src=\"https://static.tigerbbs.com/396a841474a75b2709096e6774872273\" tg-width=\"850\" tg-height=\"763\" referrerpolicy=\"no-referrer\"></p>\n<p><b>申购阶梯：</b></p>\n<p>每手500股，入场费5353.41港元。</p>\n<p>乙组门槛为50万股，申购所需资金约5353408.1港元。</p>\n<p><img src=\"https://static.tigerbbs.com/3ad211e1911379810ca70b4c49d2cfe8\" tg-width=\"1153\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p>\n<p>集团是中国华北地区领先、全国知名的眼科医疗服务集团。根据弗若斯特沙利文报告，于民营眼科医院中，按2020年的收益总额计，集团在内蒙古排名第一、在中国华北地区排名第二及在中国排名第五。中国拥有一个庞大且快速成长的眼科医疗服务市场。根据弗若斯特沙利文报告，中国眼科医疗服务市场的规模从2015年的人民币730亿元增加至2019年的人民币1,275亿元，复合年增长率达15.0%，预计将进一步增至2024年的人民币2,231亿元；中国华北地区眼科医疗服务市场的规模从2015年的人民币132亿元增加至2019年的人民币212亿元，复合年增长率达12.5%，预计将进一步增长至2024年的人民币337亿元；内蒙古眼科医疗服务市场的规模由2015年的人民币11亿元增至2019年的人民币20亿元，复合年增长率达15.6%，预期将进一步增长至2024年的人民币33亿元。随着人口增加，加上眼科医疗服务需求殷切，预期中国眼科医疗服务市场的增长潜力庞大。凭藉集团于眼科服务的经验及市场领先优势，集团相信集团处于有利位置以把握不断增长的机遇，并从中国眼科服务市场的快速扩展中受惠。</p>\n<p>于往绩记录期间，集团迎来快速增长。集团的收益由2018年的人民币6.327亿元增加13.0%至2019年的人民币7.147亿元，并进一步增加11.1%至2020年的人民币7.943亿元。集团的纯利亦由2018年的人民币2920万元大幅增加至2019年的人民币7080万元，并进一步增加70.2%至2020年的人民币1.205亿元。于2018年、2019年及2020年，集团医院的患者就诊人次分别为638,650名、702,143名及696,206名，且视光中心的客户就诊人次分别为73,935名、79,903名及91,660名。</p>\n<p><img src=\"https://static.tigerbbs.com/9b85516f9bf7cbda5d3618c2a26e58d7\" tg-width=\"957\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p>\n<p>集团已与基石投资者订立基石投资协议，据此，基石投资者已同意按发售价认购或促使其指定实体按发售价认购若干数目的发售股份。基石投资者已同意按发售价认购可认购有关数目的发售股份，总额为1.02亿美元或约7.92亿港元。按发售价每股10.04港元(即发售价范围中位数)计算，假设超额配股权不获行使，基石投资者将予认购的股份总数为7883.95万股，占发售股份约46.12%及紧随全球发售完成后已发行股本总额约11.47%。基石投资者包括富国基金管理有限公司、Gigantic Wealth Holdings Limited、通柏资本(香港)有限公司、及The Valliance Fund。</p>\n<p><img src=\"https://static.tigerbbs.com/bec0f4980a5f1eb938ada0e1abe84825\" tg-width=\"946\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>\n<p>假设发售价为每股10.04港元(即发售价范围中位数)，并假设超额配股权未获行使，集团估计收取的全球发售所得款项净额将约为12.832亿港元。其中，全球发售所得款项净额约35.8%将用于建立新医院以及搬迁、升级及装修现有医院；约44.8%将在出现合适机遇时，用于在人口庞大且对眼科医疗服务需求相对较高的新市场中收购医院；约9.4%将用于升级集团的信息技术系统；及约10.0%将用于营运资金及其他一般企业用途。</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\" 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n朝聚眼科今起招股，一手入场费约5353.41港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-06-24 09:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月24日，朝聚眼科发布公告，公司于6月24日至6月29日招股；公司拟全球发售1.7093亿股股份，其中香港发售股份1709.3万股，国际发售股份1.53837亿股；每股发行价9.48-10.60港元，每手买卖单位500股，入场费约5353.41港元；海通国际及华泰国际为联席保荐人，预期股份将于7月7日于联交所主板挂牌上市。</p>\n<p><b>Tiger Trade将于11:30开放申购【</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>申购入口</b></a><b>】</b></p>\n<p><img src=\"https://static.tigerbbs.com/396a841474a75b2709096e6774872273\" tg-width=\"850\" tg-height=\"763\" referrerpolicy=\"no-referrer\"></p>\n<p><b>申购阶梯：</b></p>\n<p>每手500股，入场费5353.41港元。</p>\n<p>乙组门槛为50万股，申购所需资金约5353408.1港元。</p>\n<p><img src=\"https://static.tigerbbs.com/3ad211e1911379810ca70b4c49d2cfe8\" tg-width=\"1153\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p>\n<p>集团是中国华北地区领先、全国知名的眼科医疗服务集团。根据弗若斯特沙利文报告，于民营眼科医院中，按2020年的收益总额计，集团在内蒙古排名第一、在中国华北地区排名第二及在中国排名第五。中国拥有一个庞大且快速成长的眼科医疗服务市场。根据弗若斯特沙利文报告，中国眼科医疗服务市场的规模从2015年的人民币730亿元增加至2019年的人民币1,275亿元，复合年增长率达15.0%，预计将进一步增至2024年的人民币2,231亿元；中国华北地区眼科医疗服务市场的规模从2015年的人民币132亿元增加至2019年的人民币212亿元，复合年增长率达12.5%，预计将进一步增长至2024年的人民币337亿元；内蒙古眼科医疗服务市场的规模由2015年的人民币11亿元增至2019年的人民币20亿元，复合年增长率达15.6%，预期将进一步增长至2024年的人民币33亿元。随着人口增加，加上眼科医疗服务需求殷切，预期中国眼科医疗服务市场的增长潜力庞大。凭藉集团于眼科服务的经验及市场领先优势，集团相信集团处于有利位置以把握不断增长的机遇，并从中国眼科服务市场的快速扩展中受惠。</p>\n<p>于往绩记录期间，集团迎来快速增长。集团的收益由2018年的人民币6.327亿元增加13.0%至2019年的人民币7.147亿元，并进一步增加11.1%至2020年的人民币7.943亿元。集团的纯利亦由2018年的人民币2920万元大幅增加至2019年的人民币7080万元，并进一步增加70.2%至2020年的人民币1.205亿元。于2018年、2019年及2020年，集团医院的患者就诊人次分别为638,650名、702,143名及696,206名，且视光中心的客户就诊人次分别为73,935名、79,903名及91,660名。</p>\n<p><img src=\"https://static.tigerbbs.com/9b85516f9bf7cbda5d3618c2a26e58d7\" tg-width=\"957\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p>\n<p>集团已与基石投资者订立基石投资协议，据此，基石投资者已同意按发售价认购或促使其指定实体按发售价认购若干数目的发售股份。基石投资者已同意按发售价认购可认购有关数目的发售股份，总额为1.02亿美元或约7.92亿港元。按发售价每股10.04港元(即发售价范围中位数)计算，假设超额配股权不获行使，基石投资者将予认购的股份总数为7883.95万股，占发售股份约46.12%及紧随全球发售完成后已发行股本总额约11.47%。基石投资者包括富国基金管理有限公司、Gigantic Wealth Holdings Limited、通柏资本(香港)有限公司、及The Valliance Fund。</p>\n<p><img src=\"https://static.tigerbbs.com/bec0f4980a5f1eb938ada0e1abe84825\" tg-width=\"946\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>\n<p>假设发售价为每股10.04港元(即发售价范围中位数)，并假设超额配股权未获行使，集团估计收取的全球发售所得款项净额将约为12.832亿港元。其中，全球发售所得款项净额约35.8%将用于建立新医院以及搬迁、升级及装修现有医院；约44.8%将在出现合适机遇时，用于在人口庞大且对眼科医疗服务需求相对较高的新市场中收购医院；约9.4%将用于升级集团的信息技术系统；及约10.0%将用于营运资金及其他一般企业用途。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02219":"朝聚眼科"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136951406","content_text":"6月24日，朝聚眼科发布公告，公司于6月24日至6月29日招股；公司拟全球发售1.7093亿股股份，其中香港发售股份1709.3万股，国际发售股份1.53837亿股；每股发行价9.48-10.60港元，每手买卖单位500股，入场费约5353.41港元；海通国际及华泰国际为联席保荐人，预期股份将于7月7日于联交所主板挂牌上市。\nTiger Trade将于11:30开放申购【申购入口】\n\n申购阶梯：\n每手500股，入场费5353.41港元。\n乙组门槛为50万股，申购所需资金约5353408.1港元。\n\n集团是中国华北地区领先、全国知名的眼科医疗服务集团。根据弗若斯特沙利文报告，于民营眼科医院中，按2020年的收益总额计，集团在内蒙古排名第一、在中国华北地区排名第二及在中国排名第五。中国拥有一个庞大且快速成长的眼科医疗服务市场。根据弗若斯特沙利文报告，中国眼科医疗服务市场的规模从2015年的人民币730亿元增加至2019年的人民币1,275亿元，复合年增长率达15.0%，预计将进一步增至2024年的人民币2,231亿元；中国华北地区眼科医疗服务市场的规模从2015年的人民币132亿元增加至2019年的人民币212亿元，复合年增长率达12.5%，预计将进一步增长至2024年的人民币337亿元；内蒙古眼科医疗服务市场的规模由2015年的人民币11亿元增至2019年的人民币20亿元，复合年增长率达15.6%，预期将进一步增长至2024年的人民币33亿元。随着人口增加，加上眼科医疗服务需求殷切，预期中国眼科医疗服务市场的增长潜力庞大。凭藉集团于眼科服务的经验及市场领先优势，集团相信集团处于有利位置以把握不断增长的机遇，并从中国眼科服务市场的快速扩展中受惠。\n于往绩记录期间，集团迎来快速增长。集团的收益由2018年的人民币6.327亿元增加13.0%至2019年的人民币7.147亿元，并进一步增加11.1%至2020年的人民币7.943亿元。集团的纯利亦由2018年的人民币2920万元大幅增加至2019年的人民币7080万元，并进一步增加70.2%至2020年的人民币1.205亿元。于2018年、2019年及2020年，集团医院的患者就诊人次分别为638,650名、702,143名及696,206名，且视光中心的客户就诊人次分别为73,935名、79,903名及91,660名。\n\n集团已与基石投资者订立基石投资协议，据此，基石投资者已同意按发售价认购或促使其指定实体按发售价认购若干数目的发售股份。基石投资者已同意按发售价认购可认购有关数目的发售股份，总额为1.02亿美元或约7.92亿港元。按发售价每股10.04港元(即发售价范围中位数)计算，假设超额配股权不获行使，基石投资者将予认购的股份总数为7883.95万股，占发售股份约46.12%及紧随全球发售完成后已发行股本总额约11.47%。基石投资者包括富国基金管理有限公司、Gigantic Wealth Holdings Limited、通柏资本(香港)有限公司、及The Valliance Fund。\n\n假设发售价为每股10.04港元(即发售价范围中位数)，并假设超额配股权未获行使，集团估计收取的全球发售所得款项净额将约为12.832亿港元。其中，全球发售所得款项净额约35.8%将用于建立新医院以及搬迁、升级及装修现有医院；约44.8%将在出现合适机遇时，用于在人口庞大且对眼科医疗服务需求相对较高的新市场中收购医院；约9.4%将用于升级集团的信息技术系统；及约10.0%将用于营运资金及其他一般企业用途。","news_type":1},"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129826747,"gmtCreate":1624369324189,"gmtModify":1703834621337,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129826747","repostId":"1158994165","repostType":4,"isVote":1,"tweetType":1,"viewCount":500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129828650,"gmtCreate":1624369306570,"gmtModify":1703834618806,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129828650","repostId":"1121740775","repostType":4,"repost":{"id":"1121740775","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624368518,"share":"https://www.laohu8.com/m/news/1121740775?lang=&edition=full","pubTime":"2021-06-22 21:28","market":"us","language":"zh","title":"开盘：美股涨跌不一，比特币大跌区块链概念集体走弱","url":"https://stock-news.laohu8.com/highlight/detail?id=1121740775","media":"老虎资讯综合","summary":"6月22日（周二），美股开盘涨跌不一。道琼斯指数开盘下跌22点，跌幅0.06%，报33855点；标普500指数开盘下跌2.0点，跌幅0.05%，报4222.8点；纳斯达克综合指数开盘上涨0.2点，涨幅","content":"<p>6月22日（周二），美股开盘涨跌不一。道琼斯指数开盘下跌22点，跌幅0.06%，报33855点；标普500指数开盘下跌2.0点，跌幅0.05%，报4222.8点；纳斯达克综合指数开盘上涨0.2点，涨幅0.03%，报14141.7点。</p>\n<p><img src=\"https://static.tigerbbs.com/0c4899cfec1286397933f077ece3d3d8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>比特币跌破29500美元/枚，日内跌幅6.75%。区块链概念股普跌。<a href=\"https://laohu8.com/S/NCTY\">第九城市</a>跌超10%，MicroStrategy跌超8%，Marathon Patent跌6.97%，<a href=\"https://laohu8.com/S/CAN\">嘉楠科技</a>跌6.44%，Riot Blockchain跌4.96%，Coinbase跌3.41%。</p>\n<p><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>开涨8%，公司宣布完成了在市场上发行500万股股票的计划。</p>\n<p><a href=\"https://laohu8.com/S/SPLK\">Splunk</a>开盘大涨10%。市场消息：银湖资本将向Splunk投资10亿美元。</p>\n<p><a href=\"https://laohu8.com/S/PLUG\">普拉格能源</a>涨超3%，公司CEO称<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>购买了其电解器。</p>\n<p><a href=\"https://laohu8.com/S/MVIS\">维视图像</a>开盘跌超7%。维视图像表示，已经与Craig-Hallum集团达成一项协议，公司可以随时向该集团发行普通股股份，总价值不超过1.4亿美元，发行股份所得将用于一般公司用途。</p>\n<p><a href=\"https://laohu8.com/S/KXIN\">开心汽车</a>涨超3%。开心汽车宣布，公司正在与中国领先的休闲车（RV）零售商进行谈判，双方打算在销售和租赁方面进行合作，并探索开发和生产电动休闲车的机会。</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>开盘：美股涨跌不一，比特币大跌区块链概念集体走弱</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n开盘：美股涨跌不一，比特币大跌区块链概念集体走弱\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-06-22 21:28</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月22日（周二），美股开盘涨跌不一。道琼斯指数开盘下跌22点，跌幅0.06%，报33855点；标普500指数开盘下跌2.0点，跌幅0.05%，报4222.8点；纳斯达克综合指数开盘上涨0.2点，涨幅0.03%，报14141.7点。</p>\n<p><img src=\"https://static.tigerbbs.com/0c4899cfec1286397933f077ece3d3d8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>比特币跌破29500美元/枚，日内跌幅6.75%。区块链概念股普跌。<a href=\"https://laohu8.com/S/NCTY\">第九城市</a>跌超10%，MicroStrategy跌超8%，Marathon Patent跌6.97%，<a href=\"https://laohu8.com/S/CAN\">嘉楠科技</a>跌6.44%，Riot Blockchain跌4.96%，Coinbase跌3.41%。</p>\n<p><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>开涨8%，公司宣布完成了在市场上发行500万股股票的计划。</p>\n<p><a href=\"https://laohu8.com/S/SPLK\">Splunk</a>开盘大涨10%。市场消息：银湖资本将向Splunk投资10亿美元。</p>\n<p><a href=\"https://laohu8.com/S/PLUG\">普拉格能源</a>涨超3%，公司CEO称<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>购买了其电解器。</p>\n<p><a href=\"https://laohu8.com/S/MVIS\">维视图像</a>开盘跌超7%。维视图像表示，已经与Craig-Hallum集团达成一项协议，公司可以随时向该集团发行普通股股份，总价值不超过1.4亿美元，发行股份所得将用于一般公司用途。</p>\n<p><a href=\"https://laohu8.com/S/KXIN\">开心汽车</a>涨超3%。开心汽车宣布，公司正在与中国领先的休闲车（RV）零售商进行谈判，双方打算在销售和租赁方面进行合作，并探索开发和生产电动休闲车的机会。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121740775","content_text":"6月22日（周二），美股开盘涨跌不一。道琼斯指数开盘下跌22点，跌幅0.06%，报33855点；标普500指数开盘下跌2.0点，跌幅0.05%，报4222.8点；纳斯达克综合指数开盘上涨0.2点，涨幅0.03%，报14141.7点。\n\n比特币跌破29500美元/枚，日内跌幅6.75%。区块链概念股普跌。第九城市跌超10%，MicroStrategy跌超8%，Marathon Patent跌6.97%，嘉楠科技跌6.44%，Riot Blockchain跌4.96%，Coinbase跌3.41%。\n游戏驿站开涨8%，公司宣布完成了在市场上发行500万股股票的计划。\nSplunk开盘大涨10%。市场消息：银湖资本将向Splunk投资10亿美元。\n普拉格能源涨超3%，公司CEO称亚马逊购买了其电解器。\n维视图像开盘跌超7%。维视图像表示，已经与Craig-Hallum集团达成一项协议，公司可以随时向该集团发行普通股股份，总价值不超过1.4亿美元，发行股份所得将用于一般公司用途。\n开心汽车涨超3%。开心汽车宣布，公司正在与中国领先的休闲车（RV）零售商进行谈判，双方打算在销售和租赁方面进行合作，并探索开发和生产电动休闲车的机会。","news_type":1},"isVote":1,"tweetType":1,"viewCount":161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161319942,"gmtCreate":1623904660086,"gmtModify":1703823152081,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/161319942","repostId":"1186688505","repostType":4,"isVote":1,"tweetType":1,"viewCount":383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161337560,"gmtCreate":1623904590950,"gmtModify":1703823149794,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161337560","repostId":"1101656645","repostType":4,"repost":{"id":"1101656645","pubTimestamp":1623902534,"share":"https://www.laohu8.com/m/news/1101656645?lang=&edition=full","pubTime":"2021-06-17 12:02","market":"hk","language":"zh","title":"如果全面关停课外培训班会怎么样？","url":"https://stock-news.laohu8.com/highlight/detail?id=1101656645","media":"古三古四","summary":"校外教育培训机构，本质上是家长们厮杀的战场。","content":"<p>教育界发生一件大事，教育培训监管司正式成立！</p>\n<p>最近对教育培训的相关传闻挺多的，大多是谣言。</p>\n<p>但背后对应的是一股汹涌的民意，就是对校外教育培训的强烈不满。</p>\n<p>各类传言下面，点赞率最高的往往是“取缔一切校外教育培训机构”。</p>\n<p>太多家长痛恨补习班了，花钱，费力，全家无比痛苦。</p>\n<p>而家长们对教育的追求，也被评为内卷。</p>\n<p><b>中国的高考，打的是排名战，不是水平战。</b>能不能上好大学，与你的水平无关，只与你的排名相关。</p>\n<p>既然是排名赛，本质上就是竞争稀缺资源，那各家家长使出吃奶的劲，花大钱去校外辅导，目的只有一个，在高考的排名战中一举超越竞争对手。</p>\n<p><b>校外教育培训机构，本质上是家长们厮杀的战场。</b></p>\n<p>校内教育，大家接受的东西都一样，那我如何实现弯道超车呢？咱换个战场比，比钱多少，比父母辅导能力，比管理孩子的能力。</p>\n<p>这个厮杀战，不是以班级为单位展开的，而是以省为单位展开的，即使你在班上第一名，也没用，你要拼的是全省第N名。</p>\n<p><b>而指挥这场战役的，是高考。</b></p>\n<p><b>一考定终身。</b></p>\n<p>在北京，有家长花数百万买学区房，有人上培训班年支出超过十万。</p>\n<p>十年前，学大教育一对一辅导曾收取过上百万一个人的天价。</p>\n<p>有人说，中国的家长疯了，为了孩子的教育，这么大的投资值得吗？</p>\n<p>值。非常值。</p>\n<p>如果你考进211，985，大部分家长的投入就基本回来了，因为这样的大学生均年经费都是几十万。比如复旦大学，年支出经费就八十亿，如果按学生数量算，人均一年十六万，但学生只需要交几千块的学费。这个经费还没有计算土地，因为很多大学的土地是免费划拨的。</p>\n<p>你进了好的大学，相当于你可以享受到巨额的财政补贴。</p>\n<p>如果读到博士，总补贴金额没有一百万，也有大几十万。</p>\n<p>这还只是读大学时享受到的。读完大学呢？海外留学，国内公务员，国内名企，一生下来，收入可能与普通大学毕业生相差千万级别以上。</p>\n<p>这么大的产出，当然要拼。</p>\n<p>当然，教育这种东西，投资回报率是一种概率，读北大都可能读成废材，人不是工业品，偶然性因素很多。</p>\n<p>但人决策行动时，都需要面向不确定性，进好学校有好前途，这是大概率。</p>\n<p><b>既然概率高，就值得追求。</b></p>\n<p>那网上取消培训班的要求出现会缓解这种竞争吗？</p>\n<p>有人想象了这么一幅美好的画面，从此孩子们的竞争只发生在学校的课堂里，下了课没作业，然后开心的玩耍，然后父母晚上不再痛苦，不再逼孩子写作业了，不再接送孩子上培训班了。</p>\n<p><b>这美好的一切真的会发生吗？</b></p>\n<p>假设有一天真发生了。</p>\n<p>张三他妈发现，张三班上的同学回家后全在打游戏，看电视，她一下就欣喜若狂，什么是机会？对手放松，那就是我的机会。</p>\n<p>没有校外辅导班，好办，咱把老师请回家，一请请三个。晚上六点到十二点，每个老师两小时，小样，瞧我家张三，那分数蹭蹭蹭地往上涨。</p>\n<p>张三他妈刚刚高兴了半学期。李四妈妈得知了这个消息。</p>\n<p>就你家有钱？你请的起，我就不能请？我能把985的位置让给你吗？不行。</p>\n<p>你天天晚上请，我就天天晚上再加上周六周日全请，全排满。<b>我怎么可能竞争不过你？不就是比钱多吗？比房子大吗？老娘舍得在孩子身上花钱。</b></p>\n<p>再过几天，全校家里有条件的全部都把一对一家教老师请上了，由于需求旺盛，普通的一对一老师的价格从一小时二百上涨到一小时三四百了，优秀的一小时涨到五百了。</p>\n<p>然后家里困难一点的学生家长面对这个情况就傻眼了。</p>\n<p>原来可以上培训班，一个老师教二十个孩子，我一小时八十一百就行了，现在我得花五百一小时，咱家穷实在是花不起啊。</p>\n<p><b>取消培训班，意味着原来小班制教学全部要换为一对一家教模式，这就造成了供给不足。</b></p>\n<p>这时，所有的在一二线城市的大学生们，将疯狂地冲进家庭成为家教老师，哪怕挂科，也要疯狂，月入上万，谁不干？</p>\n<p>而三四线城市的家长将无计可施，就算出的起钱，但优秀的人才都在一二线啊。</p>\n<p>农村高中，就不要想了，集体躺平吧，除了个别天才，你就别指望了。可能当地最好的老师全跑到一二线城市当家教去了，五百一小时，一晚上可能上千的收入，还呆在五线县城和农村做什么？</p>\n<p>这时，中产还有新招。培训老师太贵，<b>我就从需求方转为供给者。</b></p>\n<p>这什么意思呢？打个比方说，如果滴滴一公里涨价到二十块，你去十公里外的公司上班要二百，那你会干什么？你会辞职去开滴滴，你会从消费者转变为供给者。</p>\n<p>中产家庭面对这种情况，会让知识水平较高的妈妈们离职，在家成为专职老师，白天就自学课程，天天在网上听名师讲课，晚上就自己亲自动手教小孩。</p>\n<p>相当于这个妈妈每晚四小时的工作收入一千多。</p>\n<p>鸡娃大战将进入贴身肉搏的程度，以至于不少妈妈们在孩子高考完了，立马就变身职业家教了。</p>\n<p>而富人将轻松用金钱将穷人打败，知识分子中产阶级孕育出一批比学校老师还牛的家长型家教，而四五线小县城农村的学生，则集体躺平，真正实现素质教育，下了课就和父母进行吵架素质训练，教不了，就只能骂了。</p>\n<p>取消培训班真就这么香吗？不见得喔。</p>","source":"lsy1623902592118","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>如果全面关停课外培训班会怎么样？</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{ 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n如果全面关停课外培训班会怎么样？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 12:02 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/bkyKEz8c0dUQX-BjZQbpJA><strong>古三古四</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>教育界发生一件大事，教育培训监管司正式成立！\n最近对教育培训的相关传闻挺多的，大多是谣言。\n但背后对应的是一股汹涌的民意，就是对校外教育培训的强烈不满。\n各类传言下面，点赞率最高的往往是“取缔一切校外教育培训机构”。\n太多家长痛恨补习班了，花钱，费力，全家无比痛苦。\n而家长们对教育的追求，也被评为内卷。\n中国的高考，打的是排名战，不是水平战。能不能上好大学，与你的水平无关，只与你的排名相关。\n既然...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/bkyKEz8c0dUQX-BjZQbpJA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/428db54350354f66d13560331e078b53","relate_stocks":{"01797":"东方甄选","EDU":"新东方","COE":"51TALK","GOTU":"高途","09901":"新东方-S","ZME":"掌门教育","YQ":"一起教育科技","DAO":"有道","IH":"洪恩","TAL":"好未来"},"source_url":"https://mp.weixin.qq.com/s/bkyKEz8c0dUQX-BjZQbpJA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101656645","content_text":"教育界发生一件大事，教育培训监管司正式成立！\n最近对教育培训的相关传闻挺多的，大多是谣言。\n但背后对应的是一股汹涌的民意，就是对校外教育培训的强烈不满。\n各类传言下面，点赞率最高的往往是“取缔一切校外教育培训机构”。\n太多家长痛恨补习班了，花钱，费力，全家无比痛苦。\n而家长们对教育的追求，也被评为内卷。\n中国的高考，打的是排名战，不是水平战。能不能上好大学，与你的水平无关，只与你的排名相关。\n既然是排名赛，本质上就是竞争稀缺资源，那各家家长使出吃奶的劲，花大钱去校外辅导，目的只有一个，在高考的排名战中一举超越竞争对手。\n校外教育培训机构，本质上是家长们厮杀的战场。\n校内教育，大家接受的东西都一样，那我如何实现弯道超车呢？咱换个战场比，比钱多少，比父母辅导能力，比管理孩子的能力。\n这个厮杀战，不是以班级为单位展开的，而是以省为单位展开的，即使你在班上第一名，也没用，你要拼的是全省第N名。\n而指挥这场战役的，是高考。\n一考定终身。\n在北京，有家长花数百万买学区房，有人上培训班年支出超过十万。\n十年前，学大教育一对一辅导曾收取过上百万一个人的天价。\n有人说，中国的家长疯了，为了孩子的教育，这么大的投资值得吗？\n值。非常值。\n如果你考进211，985，大部分家长的投入就基本回来了，因为这样的大学生均年经费都是几十万。比如复旦大学，年支出经费就八十亿，如果按学生数量算，人均一年十六万，但学生只需要交几千块的学费。这个经费还没有计算土地，因为很多大学的土地是免费划拨的。\n你进了好的大学，相当于你可以享受到巨额的财政补贴。\n如果读到博士，总补贴金额没有一百万，也有大几十万。\n这还只是读大学时享受到的。读完大学呢？海外留学，国内公务员，国内名企，一生下来，收入可能与普通大学毕业生相差千万级别以上。\n这么大的产出，当然要拼。\n当然，教育这种东西，投资回报率是一种概率，读北大都可能读成废材，人不是工业品，偶然性因素很多。\n但人决策行动时，都需要面向不确定性，进好学校有好前途，这是大概率。\n既然概率高，就值得追求。\n那网上取消培训班的要求出现会缓解这种竞争吗？\n有人想象了这么一幅美好的画面，从此孩子们的竞争只发生在学校的课堂里，下了课没作业，然后开心的玩耍，然后父母晚上不再痛苦，不再逼孩子写作业了，不再接送孩子上培训班了。\n这美好的一切真的会发生吗？\n假设有一天真发生了。\n张三他妈发现，张三班上的同学回家后全在打游戏，看电视，她一下就欣喜若狂，什么是机会？对手放松，那就是我的机会。\n没有校外辅导班，好办，咱把老师请回家，一请请三个。晚上六点到十二点，每个老师两小时，小样，瞧我家张三，那分数蹭蹭蹭地往上涨。\n张三他妈刚刚高兴了半学期。李四妈妈得知了这个消息。\n就你家有钱？你请的起，我就不能请？我能把985的位置让给你吗？不行。\n你天天晚上请，我就天天晚上再加上周六周日全请，全排满。我怎么可能竞争不过你？不就是比钱多吗？比房子大吗？老娘舍得在孩子身上花钱。\n再过几天，全校家里有条件的全部都把一对一家教老师请上了，由于需求旺盛，普通的一对一老师的价格从一小时二百上涨到一小时三四百了，优秀的一小时涨到五百了。\n然后家里困难一点的学生家长面对这个情况就傻眼了。\n原来可以上培训班，一个老师教二十个孩子，我一小时八十一百就行了，现在我得花五百一小时，咱家穷实在是花不起啊。\n取消培训班，意味着原来小班制教学全部要换为一对一家教模式，这就造成了供给不足。\n这时，所有的在一二线城市的大学生们，将疯狂地冲进家庭成为家教老师，哪怕挂科，也要疯狂，月入上万，谁不干？\n而三四线城市的家长将无计可施，就算出的起钱，但优秀的人才都在一二线啊。\n农村高中，就不要想了，集体躺平吧，除了个别天才，你就别指望了。可能当地最好的老师全跑到一二线城市当家教去了，五百一小时，一晚上可能上千的收入，还呆在五线县城和农村做什么？\n这时，中产还有新招。培训老师太贵，我就从需求方转为供给者。\n这什么意思呢？打个比方说，如果滴滴一公里涨价到二十块，你去十公里外的公司上班要二百，那你会干什么？你会辞职去开滴滴，你会从消费者转变为供给者。\n中产家庭面对这种情况，会让知识水平较高的妈妈们离职，在家成为专职老师，白天就自学课程，天天在网上听名师讲课，晚上就自己亲自动手教小孩。\n相当于这个妈妈每晚四小时的工作收入一千多。\n鸡娃大战将进入贴身肉搏的程度，以至于不少妈妈们在孩子高考完了，立马就变身职业家教了。\n而富人将轻松用金钱将穷人打败，知识分子中产阶级孕育出一批比学校老师还牛的家长型家教，而四五线小县城农村的学生，则集体躺平，真正实现素质教育，下了课就和父母进行吵架素质训练，教不了，就只能骂了。\n取消培训班真就这么香吗？不见得喔。","news_type":1},"isVote":1,"tweetType":1,"viewCount":287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160880656,"gmtCreate":1623779728775,"gmtModify":1703819301888,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160880656","repostId":"1149738275","repostType":4,"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160880174,"gmtCreate":1623779696498,"gmtModify":1703819301726,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160880174","repostId":"1188387561","repostType":4,"isVote":1,"tweetType":1,"viewCount":323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160880959,"gmtCreate":1623779674471,"gmtModify":1703819301242,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160880959","repostId":"1134804844","repostType":4,"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160900368,"gmtCreate":1623767973454,"gmtModify":1703818840453,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160900368","repostId":"1118595382","repostType":4,"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":801801703,"gmtCreate":1627494196502,"gmtModify":1703491125095,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like my comment","listText":"like my comment","text":"like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/801801703","repostId":"2154494900","repostType":4,"isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147685678,"gmtCreate":1626356335394,"gmtModify":1703758542154,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"please like my comment","listText":"please like my comment","text":"please like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147685678","repostId":"1130429804","repostType":4,"repost":{"id":"1130429804","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626355873,"share":"https://www.laohu8.com/m/news/1130429804?lang=&edition=full","pubTime":"2021-07-15 21:31","market":"us","language":"zh","title":"开盘：美股低开，台积电大跌3%","url":"https://stock-news.laohu8.com/highlight/detail?id=1130429804","media":"老虎资讯综合","summary":"7月15日（周四）美股开盘，道琼斯指数下跌120.74点，跌幅0.35%，报34812.49点；标普500指数下跌9.58点，跌幅0.22%，报4364.80点；纳斯达克综合指数下跌14.9点，跌幅0","content":"<p>7月15日（周四）美股开盘，道琼斯指数下跌120.74点，跌幅0.35%，报34812.49点；标普500指数下跌9.58点，跌幅0.22%，报4364.80点；纳斯达克综合指数下跌14.9点，跌幅0.10%，报14630.0点。WSB热门概念股、银行股、石油股普跌。</p>\n<p><img src=\"https://static.tigerbbs.com/ff4ced48f916b1059de8314c8b253c0c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p><a href=\"https://laohu8.com/S/TSM\">台积电</a>开跌3%，公司第二季度净利润和毛利率不及预期，预计供应紧缺将持续至明年。</p>\n<p><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>涨1.7%，昨日有报道称，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>和<a href=\"https://laohu8.com/S/00700\">腾讯</a>考虑互相开放生态系统。</p>\n<p>奈飞涨0.8%，奈飞今日称将在流媒体平台上推出游戏内容。</p>\n<p>数码影院公司Cinedigm涨21.8%，公司第四财季流媒体频道收入增长197%。</p>\n<p>美股银行股普跌。<a href=\"https://laohu8.com/S/BK\">纽约梅隆银行</a>跌超2%，<a href=\"https://laohu8.com/S/BAC\">美国银行</a>跌1.2%，花旗集团跌0.8%，<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>跌0.7%，<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>跌0.5%。</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>开盘：美股低开，台积电大跌3%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n开盘：美股低开，台积电大跌3%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-07-15 21:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>7月15日（周四）美股开盘，道琼斯指数下跌120.74点，跌幅0.35%，报34812.49点；标普500指数下跌9.58点，跌幅0.22%，报4364.80点；纳斯达克综合指数下跌14.9点，跌幅0.10%，报14630.0点。WSB热门概念股、银行股、石油股普跌。</p>\n<p><img src=\"https://static.tigerbbs.com/ff4ced48f916b1059de8314c8b253c0c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p><a href=\"https://laohu8.com/S/TSM\">台积电</a>开跌3%，公司第二季度净利润和毛利率不及预期，预计供应紧缺将持续至明年。</p>\n<p><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>涨1.7%，昨日有报道称，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>和<a href=\"https://laohu8.com/S/00700\">腾讯</a>考虑互相开放生态系统。</p>\n<p>奈飞涨0.8%，奈飞今日称将在流媒体平台上推出游戏内容。</p>\n<p>数码影院公司Cinedigm涨21.8%，公司第四财季流媒体频道收入增长197%。</p>\n<p>美股银行股普跌。<a href=\"https://laohu8.com/S/BK\">纽约梅隆银行</a>跌超2%，<a href=\"https://laohu8.com/S/BAC\">美国银行</a>跌1.2%，花旗集团跌0.8%，<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>跌0.7%，<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>跌0.5%。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"03145":"华夏亚洲高息股",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","TSM":"台积电","EWT":"台湾ETF-iShares MSCI"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130429804","content_text":"7月15日（周四）美股开盘，道琼斯指数下跌120.74点，跌幅0.35%，报34812.49点；标普500指数下跌9.58点，跌幅0.22%，报4364.80点；纳斯达克综合指数下跌14.9点，跌幅0.10%，报14630.0点。WSB热门概念股、银行股、石油股普跌。\n\n台积电开跌3%，公司第二季度净利润和毛利率不及预期，预计供应紧缺将持续至明年。\n阿里巴巴涨1.7%，昨日有报道称，阿里巴巴和腾讯考虑互相开放生态系统。\n奈飞涨0.8%，奈飞今日称将在流媒体平台上推出游戏内容。\n数码影院公司Cinedigm涨21.8%，公司第四财季流媒体频道收入增长197%。\n美股银行股普跌。纽约梅隆银行跌超2%，美国银行跌1.2%，花旗集团跌0.8%，摩根士丹利跌0.7%，摩根大通跌0.5%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893638299,"gmtCreate":1628258775711,"gmtModify":1703504139728,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like my comment","listText":"like my comment","text":"like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/893638299","repostId":"2157739460","repostType":4,"repost":{"id":"2157739460","pubTimestamp":1628253571,"share":"https://www.laohu8.com/m/news/2157739460?lang=&edition=full","pubTime":"2021-08-06 20:39","market":"us","language":"zh","title":"Facebook：全球头号网民收割机的“生意含金量”","url":"https://stock-news.laohu8.com/highlight/detail?id=2157739460","media":"海豚投研","summary":"Facebook 当前能看到的最大价值是 “挟流量以令广告主” 的自主调节能力。","content":"<p>作者：海豚投研</p>\n<p>早期市场在研究<a href=\"https://laohu8.com/S/00700\">腾讯</a>的时候，通常会拿同为社交巨头的<a href=\"https://laohu8.com/S/FB\">Facebook</a>来做他山之石的对标。</p>\n<p>但进入移动互联网之后，Facebook的脚步明显慢了，拥有全球30亿的流量大盘，如今却只做成了广告生意，而腾讯则多点开花，短短几年就跃升中国泛娱乐乃至消费互联网行业的绝对龙头。</p>\n<p>不过，毕竟Facebook面向的是更加庞大的全球用户市场，所以依然能够支撑Facebook在近10年上市周期（2012至今）里面，轻松跑赢纳指。</p>\n<p><img src=\"https://static.tigerbbs.com/1359f1a4c4ed8bc9f84d9a54223e199e\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>上周Facebook 2021年二季度财报发布，虽然从整体业绩上看，超出市场预期。但对于用户增长的表现，市场明显还是不太满意的。</p>\n<p>尤其是在MAU增长数百万的情况下，欧美地区的DAU竟然不及去年同期， DAU的下滑实际上在一定程度上反应了走出疫情后Facebook在欧美地区用户粘性的降低。这对于平台广告投放的吸引力是显然不太友好的。</p>\n<p>除此之外，管理层对于下半年的增长指引也给的非常保守。因此财报发布后的股价表现，说明市场并没有对FB此次业绩给予奖励。</p>\n<p>前有<a href=\"https://laohu8.com/S/AAPL\">苹果</a>ATT政策影响在即，后有用户高基数增长压力。对于当下的Facebook是否还具备多少价值空间，我们仍然需要定量分析。因此本文将重点围绕Facebook价值的未来增长机遇以及风险，来对Facebook作出估值判断。</p>\n<h2>Facebook的流量侵蚀危机？</h2>\n<p>海豚君从市场对此次FB财报最具争议的用户增长谈起。</p>\n<p>首先，当下的Facebook是妥妥的全球社交龙头。在近20年的成长过程中，以Facebook平台为核心，通过自设、收购等方式，围绕社交领域逐渐延伸自己的能力圈。</p>\n<p><img src=\"https://static.tigerbbs.com/68e5998bb889db984ca4200273ac2357\" tg-width=\"1080\" tg-height=\"130\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图片来源：Facebook官网</p>\n<p>截至今年二季度，Facebook整个生态（包含Facebook自身平台，生态其他平台Messenger、Instagram、WhatsApp以及新发布的板块，如Reels、Shops等等）的全球用户规模已经达到35亿，其中Facebook主体平台全球近30亿人，是当之无愧的流量巨无霸。</p>\n<p><img src=\"https://static.tigerbbs.com/1612ac634c462d3d0db1bebdc5316fe5\" tg-width=\"415\" tg-height=\"181\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研整理</p>\n<p>但对于未来的用户增长空间，Facebook还需要发挥整个生态的力量。</p>\n<p><b>1、Facebook自身平台用户增长已几近“稳态”</b></p>\n<p>除了欧美增长基本停滞外，在无其他重大偶发性因素情况下，Facebook在亚太及其他地区预计也只能保持个位数增长。</p>\n<p>也就是说，其实在一定程度上，在经历了2020年疫情加速渗透期之后，FB主体平台的用户增长基本达到了一个相对稳态，未来的用户增量更多的是靠互联网渗透率的自然提高带来。</p>\n<p><img src=\"https://static.tigerbbs.com/89c14bb2637805df1d5443a0923f52bf\" tg-width=\"415\" tg-height=\"201\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研整理</p>\n<p>这样的数据虽然单纯看上去没有多少吸引力，但若是放在同行堆里横向对比下，其实已经算是优越。</p>\n<p><img src=\"https://static.tigerbbs.com/090c59c86f37e3781eab09d986c2ba17\" tg-width=\"415\" tg-height=\"167\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook、<a href=\"https://laohu8.com/S/TWTR\">Twitter</a>、Snapchat财报</p>\n<p><b>2、从图文到流媒体，抢夺的更多的是用户时长</b></p>\n<p>当然如果剔除疫情因素，几大社交平台的流量增速都存在趋势性放缓，甚至增长并不轻松。全球互联网渗透率在2018年也似乎进入一个小瓶颈。</p>\n<p><img src=\"https://static.tigerbbs.com/ffbd1de6410c3cc14df4ac1a159e5e24\" tg-width=\"554\" tg-height=\"270\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：IWS、海豚投研整理</p>\n<p>但与此同时，YouTube、TikTok等流媒体平台的腾飞景象却又大不相同。</p>\n<p><img src=\"https://static.tigerbbs.com/b26aad427fb705fa71db264dbd45326f\" tg-width=\"417\" tg-height=\"232\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图片来源：Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a></p>\n<p>海豚君认为，流媒体平台们对Facebook的影响，并不是主要表现在传统社交平台的MAU上，而是体现在对现有用户时长或者说用户粘性的侵蚀。</p>\n<p>就好比国内的微信，新的内容平台并不能够完全从微信上夺走这个用户，但可以瓜分用户使用微信的时长。</p>\n<p>在通信技术不断迭代下，互联网流量的传输速度飞跃提升，从而传达信息效率更高的视频内容替代了图文，成为用户在4、5G时代下的“新宠儿”。</p>\n<p>当然，这个趋势在通信基建设施更好的欧美发达地区表现得更明显。直接反映在Facebook上，就是带来用户时长或用户粘性的降低。如下，我们选取DAU/MAU代表用户粘性指标，可以看出欧美地区的用户粘性一直在缓慢下滑，尤其是TikTok短视频大放异彩的2020年，FB的用户吸引力在加速下滑。</p>\n<p><img src=\"https://static.tigerbbs.com/fa71ea9c3957429e3ff3d30b234b4c6b\" tg-width=\"415\" tg-height=\"199\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研整理</p>\n<p><b>3、Facebook的出拳：Watch（中长视频）+Reels（短视频）</b></p>\n<p>Facebook的反击动作无疑是太慢了点。或许是广告的吸金能力让FB忽视了市场竞争的变化，又或许是小扎过于沉浸在抢占VR科技龙头的美好愿景中。</p>\n<p>面对长视频Netflix、中视频（YouTube）以及甚至是后起之秀的短视频TikTok对用户的吸引力转移，Facebook明显被动。</p>\n<p>直到近两年，Facebook才推出聚焦中长视频的Watch以及内嵌在Ins中的短视频版面Reels（此前独立短视频app Lasso失败退场）。</p>\n<p><img src=\"https://static.tigerbbs.com/f4f48a9c3342d3839164d401ee76ce6d\" tg-width=\"554\" tg-height=\"600\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图片来源：Facebook Watch、Instagram Reels</p>\n<p>好在全球视频化的浪潮还未褪去，就连消费互联网发展一直走在前面的中国，<a href=\"https://laohu8.com/S/DYIN\">抖音</a>、快手等短视频的流量增长还未见衰竭迹象，对其他平台的侵蚀也仍然在持续。</p>\n<p>因此Facebook仍然有机会追赶。在陆续推出Watch、Reels等视频平台或功能之后，全品类的用户粘性并没有如Facebook单一平台那样下滑。</p>\n<p><img src=\"https://static.tigerbbs.com/2c6725910c1ac97762d241c6a4015459\" tg-width=\"415\" tg-height=\"198\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook、海豚投研整理</p>\n<p>除此之外，未来潜在的用户粘性增长机会还包括流媒体平台们对于有线电视的替代渗透，也就是说将用户在有线电视上的时长部分转移至在线视频平台（包含短中长视频）。</p>\n<p>——根据Nielsen跟踪数据显示，截至2021年6月，美国人花在看视频的时间，64%仍然耗在有线电视上，而流媒体的时长占比为36%。</p>\n<p>尽管目前观看有线电视的占比仍高，但是观看流媒体的占比正迅速增加当中。报导指出，美国人在去年在流媒体上观看的时间，约占整体收看电视时间的20%。</p>\n<p>显然，国际互联网巨头还未切身感受到国内巨头们流量内卷的焦虑。</p>\n<p>因此，海豚君乐观假设：Facebook在逐渐补齐内容平台后，如果整个app家族仍然能够保持自己的市场地位，那么FB 家族app的用户增长又还有多少空间呢？</p>\n<p>首先来算一下整体市场的空间，IWS数据显示截至2020年6月，全球互联网渗透率近60%，不同的地区，渗透率水平如下：</p>\n<p><img src=\"https://static.tigerbbs.com/e91e6d07990bd58916ee2c349b1ed7d1\" tg-width=\"415\" tg-height=\"195\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：IWS、海豚投研整理</p>\n<p>如果假设5年后的2026年，全球互联网渗透率水平能够提升至75%（当下菲律宾、俄罗斯等国水平），那么在FB全生态护城河未受到较大影响下（市占率不变）。</p>\n<p>则FB家族app的整体用户规模有望达到85亿*75%/46.5亿*33亿=45亿人，相比2020年33亿的MAP，年复合增速为5.3%。</p>\n<p><img src=\"https://static.tigerbbs.com/3359c5e995a418e054b9c79470442268\" tg-width=\"415\" tg-height=\"174\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研估算</p>\n<p>当然，对应四大地区，用户增长情况差异是比较大的。总体来讲，未来用户规模的拉动更多的是靠亚太及其他地区。</p>\n<p><img src=\"https://static.tigerbbs.com/ed940c4504faf9bffc97e11d26ceb3ca\" tg-width=\"415\" tg-height=\"197\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研预测</p>\n<p><img src=\"https://static.tigerbbs.com/e091cc3b3cb61cea9439df8c86f7a88d\" tg-width=\"415\" tg-height=\"202\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研预测</p>\n<h2>Facebook广告创收的秘密武器</h2>\n<p><b>1、广告主对Facebook的强依赖</b></p>\n<p>Facebook对自己流量价值挖掘，几乎只做好了广告这一种商业模式。从收入结构上看，广告占总营收的98%。</p>\n<p>宏观一点看，按照当前全球广告市场5500多亿美金的规模（2019，Statista），Facebook市占率超过12%，而单看线上广告市场，Facebook则吃掉了近20%的蛋糕（全广告市场15%），仅次于Google的40%（全广告市场的27%）。</p>\n<p><img src=\"https://static.tigerbbs.com/f1175c5539b2af210bb152ad09021b67\" tg-width=\"415\" tg-height=\"177\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：eMarketer、Facebook财报、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>财报</p>\n<p>在《Facebook二季度财报点评》中，海豚君提及了这样一个观点：在坐拥全球最大流量地基上，长年深根于数字广告的Facebook，具备通过调节广告的量价关系，来达到一定程度上的平衡增长。</p>\n<p>而从资本市场的角度来思考，这个就是公司的Alpha能力，等于在高景气度周期内，Facebook如果愿意，可以不仅享受行业Beta利好，也可以通过维持广告投放量阀门，释放自己强于周期的Alpha能力。</p>\n<p>而拥有这个能力的基础，是它足以号令全球的用户数。</p>\n<p>这样的穿越周期的能力，从外部体现出来的，则是“单用户对应的广告价值（ARPU）”的高低。</p>\n<p>横向对比下，显然广告主更愿意给Facebook更高的“溢价”。</p>\n<p><img src=\"https://static.tigerbbs.com/f9197c861667172ce024d00746244812\" tg-width=\"415\" tg-height=\"157\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：公司财报、公开信息整理、海豚投研整理</p>\n<p><b>2、推演一下Facebook广告的量价调节过程</b></p>\n<p>在上文中，我们已经对Facebook全生态的用户天花板做了一个简单测算。而在海豚君的假设中，长期下广告具体的量价关系由Facebook自己来把握，具体的调节则取决于经济景气度。</p>\n<p><img src=\"https://static.tigerbbs.com/4a7fced9aa5ac183e01970654838a5bd\" tg-width=\"415\" tg-height=\"186\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：wind、Facebook公司财报、海豚投研预测</p>\n<p>从上图可以看出，红色线代表的广告单价（Facebook制定基准+广告主竞价而成）的走势与GDP增速走势方向在经济出现明显的波动周期时，会存在相对一致性。与此同时，广告投放量的变化方向则完全相反。</p>\n<p>简单来说，就是当经济不好，广告主过穷日子的时候，FB放出多个广告位大甩卖，加大广告加载率，而经济周期好的时候，它就会收紧广告总量的闸门，用单价的提升来做高收入。</p>\n<p>背后是FB基于流量上的垄断优势保证高ROI和内容生态的平衡。因此无论是广告量还是价，他们的变化都会相对GDP预期先有所反映。</p>\n<p>海豚君结合IMF、<a href=\"https://laohu8.com/S/GS\">高盛</a>等机构的预测，预期今年下半年开始，经济增速将逐渐环比放缓。2021-2022年可以说是一个经济相对复苏的周期，后年2023年则开始回到原先正轨（低增速稳态）。具体各地区未来1-2年的增速预测如下：</p>\n<p><img src=\"https://static.tigerbbs.com/29db9a01b846453c6d75bef05a7d2ae2\" tg-width=\"415\" tg-height=\"154\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：IMF、欧盟、亚行、高盛等机构</p>\n<p>基于以上GDP预测以及历史广告量价与GDP增速之间的关系，海豚君对未来5年的广告量价做了简单预测（疫情假设2023年之后未出现较大的经济波动，整体广告收入按增速趋势进行线性测算）</p>\n<p><img src=\"https://static.tigerbbs.com/899e0fe3296c2de05039756b3f8817b9\" tg-width=\"415\" tg-height=\"186\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研整理</p>\n<p>a）对于单MAU广告的展示次数增量来源。海豚君认为，从当前FB与其它平台对比来看，Facebook 单一app以及Instagram app的广告加载率已相对偏高，若后续强行在Facebook和Instagram的主页面上再增加广告显得不那么现实。</p>\n<p><img src=\"https://static.tigerbbs.com/17ff8f84f110d196c9aa0e3578508522\" tg-width=\"415\" tg-height=\"192\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：海豚投研草根调研</p>\n<p>而对于FB来说，能够带来广告增量的，一个是旗下新app的广告变现，还有一个就是引入新的广告主和广告形式。而针对这两点，从去年开始，Facebook已经开始发力。</p>\n<ul>\n <li><p>2020年5月，Facebook分别上线了Watch和Reels，虽然之前FB也有过短视频运营失败的经历（Lasso），但借助Ins本身的用户优势，Reels还是取得了不错的成绩。目前，FB正在鼓励广告主在Reels和Stories上投放广告。</p><p>扎克伯格在二季度业绩电话会中提及，当下每月有20亿用户观看了视频广告。预计未来无论是广告覆盖的用户范围还是单用户观看广告量，都会快速增加。</p></li>\n <li><p>2020年疫情期间，全球电商快速渗透。Facebook加大了在中小商户的广告投放激励，包括在Facebook内置提供电商模块Shops，增加Messenger点击广告等等。截至今年一季度，Shops每月活跃商户100万，用户产生2.5亿次浏览。超过300万个广告主采用了Messenger点击广告。</p></li>\n</ul>\n<p>b）对于广告单价的未来可能变化。海豚君通过上文GDP与单价变动的关系，对不同地区分别做了未来5年广告单价变动的情景推演。</p>\n<p>总的来说，从不同地区来看，随着经济复苏反弹，未来亚太地区广告单价的提升空间可能相对更大。</p>\n<p><img src=\"https://static.tigerbbs.com/452ba3ffb04eed1f13192651cf585d7f\" tg-width=\"415\" tg-height=\"180\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研估算</p>\n<p><b>3、海豚君隐含假设：Facebook广告地位继续提升</b></p>\n<p>在上文一一将影响广告收入的三个核心变量进行推演测算后，我们可以顺势得出Facebook的广告收入：</p>\n<p>广告收入增速=（1+广告单价增速）*（1+单用户广告展示次数增速）*（1+用户规模增速）-1</p>\n<p>那么在海豚君的假设下，Facebook未来5年的广告收入将以年复合17%的趋势增长：</p>\n<p><img src=\"https://static.tigerbbs.com/e0a8eed4a02292a707b76883949020e0\" tg-width=\"554\" tg-height=\"231\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研估测</p>\n<p>那么这样的广告收入，在整个市场上是什么水平？当2026年Facebook广告收入预期达到2200亿美金时，对应的市占率如何？</p>\n<p>从Statista统计的2020年数据来看，整体广告市场大约为5400亿，网络广告渗透率为62%。</p>\n<p><img src=\"https://static.tigerbbs.com/6f0fce7b3bffe687d619532e1aad643b\" tg-width=\"415\" tg-height=\"191\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Statista、公开信息、海豚投研整理</p>\n<p>2020年疫情以来，在居家隔离下，全球线上经济加速繁荣，虽然更多的是对线下经济的内部挤占，但疫情对于用户线上消费习惯养成的影响是不可逆的。其次网络广告中以实际投放效果进行收费，对于广告主，尤其是中小广告主来说，数字广告也是相对较优的选择。</p>\n<p>根据UnivDatos预测，对未来5年数字广告的市场规模将以7.7%的年复合增速增长，到2026年将达到6260亿元，海豚君对该增长趋势进行了平滑测算。</p>\n<p>在上文假设下，Facebook2026年广告收入将占整体网络广告规模的35%（类似于2020年字节在国内互联网广告的地位），较当前25%的水平上大幅提升，市占率的提升也隐含了海豚君对于Facebook给予了显著高于同行的核心竞争力预期。</p>\n<p><img src=\"https://static.tigerbbs.com/fb8a6401562fabfb971423e021e24eb8\" tg-width=\"415\" tg-height=\"178\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：UnivDatos，海豚投研测算</p>\n<h2>除了广告，下一个Facebook可以想象的点在哪里？</h2>\n<p>海豚君开头提到，在移动互联网时代，老外这些巨头的动作明显落后于国内BATJ们的。但毕竟Facebook、Google这些巨头，收割的是全球市场，流量在手，变现早晚可以推进。</p>\n<p>因此，我们可以看到，在去年疫情期间，Facebook除了在广告业务上继续保持强势之外，也在趁着这难得的“天降机遇”，加快其它内容变现的布局。</p>\n<p>对比国内流量巨头们选择的变现路径，除了广告这个毛利又高、变现又快速直接的模式之外，电商也是巨头们纷纷觊觎的流量收割方式。</p>\n<p>早在2016年推出Marketplace（购物市场），到2019年上线Facebook Pay，和2020年上线Shops，WhatsApp上线购物车功能，以及将电商广告与Messenger功能打通、商户的WhatsApp官方号等，就可以看到Facebook在电商领域的野心不小。</p>\n<p><img src=\"https://static.tigerbbs.com/049320844d306a16ecee7775411edcf7\" tg-width=\"554\" tg-height=\"136\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图片来源：Facebook app、WhatsApp</p>\n<p>这有点类似于微信生态希望破局电商一样，通过社交引流，广告曝光，到商品交易、支付来完成一套电商闭环打法。</p>\n<p>而Facebook打电商比微信更轻松一点是，FB旗下同时拥有私欲流量和公域流量平台，各app之间更多的是基于不同的风格特色以及用户的使用习惯来区分。</p>\n<p>因此当Facebook在基于全球第一社交流量盘子的优势上去发展电商，对于中小商户来说，要想在大牌<a href=\"https://laohu8.com/S/YJ\">云集</a>的电商平台中更有效的透出自己的品牌，Facebook是不二之选。</p>\n<p>由于当前Facebook的用户消费的主打市场仍然是北美地区，在其它地区发展电商，或许会受到当地政策、竞争格局的影响。因此海豚君在对Facebook电商空间想象时，仅选取美国地区。</p>\n<p>——据eMarketer数据，2020年美国电商市场规模达到7700亿美金，占总体零售额的15%左右。分析师预测2025年美国电商占比将超过30%。海豚君假设Facebook能从中吃到10%的市场份额的话，按照当前Marketplace 5%的平台费率，则对应100亿美元的电商收入。</p>\n<p><img src=\"https://static.tigerbbs.com/e895beab48e83f26500058484c5fbcb7\" tg-width=\"415\" tg-height=\"185\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：eMarketer、海豚投研估算</p>\n<h2>VR的预期再次被炒得有点高了！</h2>\n<p>今年以来，连续两个季度，小扎在业绩电话会上，对VR是大谈特谈。令小扎突然兴奋的原因，还是因为Quest2 自去年10月发布以来，销量表现显著优于过往Oculus发布的VR头显（Rift、Quest等）。</p>\n<p>但正如海豚君在二季度财报点评中强调，对于一季度炒的火热的元宇宙行情，我们仍然认为市场的预期可能过于高了。是否真正能看到市场被引爆和直接催化的拐点，可能还需要等待今年下半年的数据进行验证。</p>\n<p>长期下，海豚君和市场一样，认可VR/AR将是未来用户生活娱乐中一个重要的电子设备。</p>\n<p>根据IDC数据，海豚君预计2026年VR头显出货量有望达到3382万台，若Oculus市占率能够维持在60%以上（当前水平），那么2026年Oculus的出货量将在2000万台左右，按照300美金/台的售价，则预计当年能够带来55亿元的收入（剔除8%的消费税）。</p>\n<p><img src=\"https://static.tigerbbs.com/53eff6c7d18bf730ba6f40be5dfe70ad\" tg-width=\"415\" tg-height=\"172\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：IDC、海豚投研估算</p>\n<h2>逻辑总结与估值判断</h2>\n<p>海豚君总结一下上文分析的一些逻辑假设：</p>\n<p><b>1、主要看点和逻辑</b></p>\n<p>（1）影响Facebook短期业绩或价值的，主要是全球经济复苏的节奏。由于去年同期的高基数以及苹果IDFA隐私新政等影响，下半年业绩增速明显将放缓。短期股价的波动会受到全球尤其是美国宏观经济的数据影响。</p>\n<p>（2）长期下，讨论Facebook投资价值的一个基本前提是用户数和时长的盘子基本能够守住；在这个大流量盘子下，随着数字经济的渗透推广，Facebook能够对自己乃至行业的广告量价关系自主调节的能力，继续借助自身垄断优势，吃掉更多的广告市场份额。另一个则是基于社交大生态下，完善电商闭环后想象的电商规模成长空间。</p>\n<p>（3）对于VR设备、内容的“元宇宙”概念，海豚君相对保守，仅对硬件做了估值，未对VR/AR软件生态的溢价空间做测算。这一块需要长期跟踪Facebook的战略部署，持续做调整。</p>\n<p><b>2、估值假设</b></p>\n<p>（1）对于广告业务，海豚君基于IMF等国际机构对未来中短期宏观经济的走势判断，对Facebook广告量、价分别进行了推演假设（不代表真实走势），也就是说，未来6年广告收入的年复合增速在17%。2026年Facebook的广告收入占整体数字广告市场的35%，较当前25%有显著提升。</p>\n<p>（2）其他业务中，海豚君具体拆分成了Oculus硬件收入、电商收入、游戏及其他支付收入。</p>\n<p>a.Oculus继续保持市场垄断优势，硬件销售市占率维持在60%以上，2026年销量2000万台。</p>\n<p>b.电商收入只估算Facebook在美国地区的情况。按照10%的市占率，对2026年Facebook电商GMV达到2030亿美金，按照公司所称的5%的变现率转化为收入。</p>\n<p>c. 在全球VR渗透率加速提升中，预计Facebook的游戏等其他内容收入将扭转持续下滑的趋势，但具体是否叫卖，海豚君仍然存疑，因此参照当前主机、PC游戏增速趋势，给予未来6年年复合增速3.5%左右。</p>\n<p>（3）成本费用：</p>\n<p>短期内的成本费用以及资本开支，Facebook都做了指引，海豚君假设落在指引区间。</p>\n<p>长期下，由于Facebook作为全球龙头，主要业务的经营效率以及资本开支的投入，基本趋于稳定。</p>\n<p>唯一可能出现变量的就是Facebook押注VR市场，而持续加大的研发投入。因此在海豚君的估值模型中，主要研发费用做了较高的预期。</p>\n<p><img src=\"https://static.tigerbbs.com/2e10bb9b6b61329f23ea402e52d1b284\" tg-width=\"415\" tg-height=\"206\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研估算</p>\n<p><img src=\"https://static.tigerbbs.com/86ced0465d6d143cb9382521d15cc266\" tg-width=\"415\" tg-height=\"189\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：Facebook财报、海豚投研估算</p>\n<p><b>3、估值结果</b></p>\n<p>基于以上投资逻辑和假设，海豚君按照WACC=9.53%，g=2.5%的折现，给予Facebook 1.16万亿估值，合409美元/股，较美东时间8月4日收盘356美元，存在15%的溢价空间。</p>\n<p><img src=\"https://static.tigerbbs.com/fab401178995a50d6447afc578346d46\" tg-width=\"554\" tg-height=\"352\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>另外从相对估值角度来说，目前股价对应2021年净利润PE仅25倍，属于历史估值中低部区间，在未有突发性风险下（主要为宏观风险），安全边际仍然较高。</p>\n<p><img src=\"https://static.tigerbbs.com/c60a487dad72e687f08c941a148a8b39\" tg-width=\"554\" tg-height=\"209\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>数据来源：wind</p>\n<p>风险提示：此文出于传递更多信息之目的，文章内容仅供参考，不构成投资建议。</p>","source":"lsy1607051923659","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>Facebook：全球头号网民收割机的“生意含金量”</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nFacebook：全球头号网民收割机的“生意含金量”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-06 20:39 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/zCicO-SINcFsZkaYQOYgcA><strong>海豚投研</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：海豚投研\n早期市场在研究腾讯的时候，通常会拿同为社交巨头的Facebook来做他山之石的对标。\n但进入移动互联网之后，Facebook的脚步明显慢了，拥有全球30亿的流量大盘，如今却只做成了广告生意，而腾讯则多点开花，短短几年就跃升中国泛娱乐乃至消费互联网行业的绝对龙头。\n不过，毕竟Facebook面向的是更加庞大的全球用户市场，所以依然能够支撑Facebook在近10年上市周期（2012...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/zCicO-SINcFsZkaYQOYgcA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e49b50080e294611229bef63423ccd53","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/zCicO-SINcFsZkaYQOYgcA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157739460","content_text":"作者：海豚投研\n早期市场在研究腾讯的时候，通常会拿同为社交巨头的Facebook来做他山之石的对标。\n但进入移动互联网之后，Facebook的脚步明显慢了，拥有全球30亿的流量大盘，如今却只做成了广告生意，而腾讯则多点开花，短短几年就跃升中国泛娱乐乃至消费互联网行业的绝对龙头。\n不过，毕竟Facebook面向的是更加庞大的全球用户市场，所以依然能够支撑Facebook在近10年上市周期（2012至今）里面，轻松跑赢纳指。\n\n上周Facebook 2021年二季度财报发布，虽然从整体业绩上看，超出市场预期。但对于用户增长的表现，市场明显还是不太满意的。\n尤其是在MAU增长数百万的情况下，欧美地区的DAU竟然不及去年同期， DAU的下滑实际上在一定程度上反应了走出疫情后Facebook在欧美地区用户粘性的降低。这对于平台广告投放的吸引力是显然不太友好的。\n除此之外，管理层对于下半年的增长指引也给的非常保守。因此财报发布后的股价表现，说明市场并没有对FB此次业绩给予奖励。\n前有苹果ATT政策影响在即，后有用户高基数增长压力。对于当下的Facebook是否还具备多少价值空间，我们仍然需要定量分析。因此本文将重点围绕Facebook价值的未来增长机遇以及风险，来对Facebook作出估值判断。\nFacebook的流量侵蚀危机？\n海豚君从市场对此次FB财报最具争议的用户增长谈起。\n首先，当下的Facebook是妥妥的全球社交龙头。在近20年的成长过程中，以Facebook平台为核心，通过自设、收购等方式，围绕社交领域逐渐延伸自己的能力圈。\n\n图片来源：Facebook官网\n截至今年二季度，Facebook整个生态（包含Facebook自身平台，生态其他平台Messenger、Instagram、WhatsApp以及新发布的板块，如Reels、Shops等等）的全球用户规模已经达到35亿，其中Facebook主体平台全球近30亿人，是当之无愧的流量巨无霸。\n\n数据来源：Facebook财报、海豚投研整理\n但对于未来的用户增长空间，Facebook还需要发挥整个生态的力量。\n1、Facebook自身平台用户增长已几近“稳态”\n除了欧美增长基本停滞外，在无其他重大偶发性因素情况下，Facebook在亚太及其他地区预计也只能保持个位数增长。\n也就是说，其实在一定程度上，在经历了2020年疫情加速渗透期之后，FB主体平台的用户增长基本达到了一个相对稳态，未来的用户增量更多的是靠互联网渗透率的自然提高带来。\n\n数据来源：Facebook财报、海豚投研整理\n这样的数据虽然单纯看上去没有多少吸引力，但若是放在同行堆里横向对比下，其实已经算是优越。\n\n数据来源：Facebook、Twitter、Snapchat财报\n2、从图文到流媒体，抢夺的更多的是用户时长\n当然如果剔除疫情因素，几大社交平台的流量增速都存在趋势性放缓，甚至增长并不轻松。全球互联网渗透率在2018年也似乎进入一个小瓶颈。\n\n数据来源：IWS、海豚投研整理\n但与此同时，YouTube、TikTok等流媒体平台的腾飞景象却又大不相同。\n\n图片来源：Sensor Tower\n海豚君认为，流媒体平台们对Facebook的影响，并不是主要表现在传统社交平台的MAU上，而是体现在对现有用户时长或者说用户粘性的侵蚀。\n就好比国内的微信，新的内容平台并不能够完全从微信上夺走这个用户，但可以瓜分用户使用微信的时长。\n在通信技术不断迭代下，互联网流量的传输速度飞跃提升，从而传达信息效率更高的视频内容替代了图文，成为用户在4、5G时代下的“新宠儿”。\n当然，这个趋势在通信基建设施更好的欧美发达地区表现得更明显。直接反映在Facebook上，就是带来用户时长或用户粘性的降低。如下，我们选取DAU/MAU代表用户粘性指标，可以看出欧美地区的用户粘性一直在缓慢下滑，尤其是TikTok短视频大放异彩的2020年，FB的用户吸引力在加速下滑。\n\n数据来源：Facebook财报、海豚投研整理\n3、Facebook的出拳：Watch（中长视频）+Reels（短视频）\nFacebook的反击动作无疑是太慢了点。或许是广告的吸金能力让FB忽视了市场竞争的变化，又或许是小扎过于沉浸在抢占VR科技龙头的美好愿景中。\n面对长视频Netflix、中视频（YouTube）以及甚至是后起之秀的短视频TikTok对用户的吸引力转移，Facebook明显被动。\n直到近两年，Facebook才推出聚焦中长视频的Watch以及内嵌在Ins中的短视频版面Reels（此前独立短视频app Lasso失败退场）。\n\n图片来源：Facebook Watch、Instagram Reels\n好在全球视频化的浪潮还未褪去，就连消费互联网发展一直走在前面的中国，抖音、快手等短视频的流量增长还未见衰竭迹象，对其他平台的侵蚀也仍然在持续。\n因此Facebook仍然有机会追赶。在陆续推出Watch、Reels等视频平台或功能之后，全品类的用户粘性并没有如Facebook单一平台那样下滑。\n\n数据来源：Facebook、海豚投研整理\n除此之外，未来潜在的用户粘性增长机会还包括流媒体平台们对于有线电视的替代渗透，也就是说将用户在有线电视上的时长部分转移至在线视频平台（包含短中长视频）。\n——根据Nielsen跟踪数据显示，截至2021年6月，美国人花在看视频的时间，64%仍然耗在有线电视上，而流媒体的时长占比为36%。\n尽管目前观看有线电视的占比仍高，但是观看流媒体的占比正迅速增加当中。报导指出，美国人在去年在流媒体上观看的时间，约占整体收看电视时间的20%。\n显然，国际互联网巨头还未切身感受到国内巨头们流量内卷的焦虑。\n因此，海豚君乐观假设：Facebook在逐渐补齐内容平台后，如果整个app家族仍然能够保持自己的市场地位，那么FB 家族app的用户增长又还有多少空间呢？\n首先来算一下整体市场的空间，IWS数据显示截至2020年6月，全球互联网渗透率近60%，不同的地区，渗透率水平如下：\n\n数据来源：IWS、海豚投研整理\n如果假设5年后的2026年，全球互联网渗透率水平能够提升至75%（当下菲律宾、俄罗斯等国水平），那么在FB全生态护城河未受到较大影响下（市占率不变）。\n则FB家族app的整体用户规模有望达到85亿*75%/46.5亿*33亿=45亿人，相比2020年33亿的MAP，年复合增速为5.3%。\n\n数据来源：Facebook财报、海豚投研估算\n当然，对应四大地区，用户增长情况差异是比较大的。总体来讲，未来用户规模的拉动更多的是靠亚太及其他地区。\n\n数据来源：Facebook财报、海豚投研预测\n\n数据来源：Facebook财报、海豚投研预测\nFacebook广告创收的秘密武器\n1、广告主对Facebook的强依赖\nFacebook对自己流量价值挖掘，几乎只做好了广告这一种商业模式。从收入结构上看，广告占总营收的98%。\n宏观一点看，按照当前全球广告市场5500多亿美金的规模（2019，Statista），Facebook市占率超过12%，而单看线上广告市场，Facebook则吃掉了近20%的蛋糕（全广告市场15%），仅次于Google的40%（全广告市场的27%）。\n\n数据来源：eMarketer、Facebook财报、谷歌财报\n在《Facebook二季度财报点评》中，海豚君提及了这样一个观点：在坐拥全球最大流量地基上，长年深根于数字广告的Facebook，具备通过调节广告的量价关系，来达到一定程度上的平衡增长。\n而从资本市场的角度来思考，这个就是公司的Alpha能力，等于在高景气度周期内，Facebook如果愿意，可以不仅享受行业Beta利好，也可以通过维持广告投放量阀门，释放自己强于周期的Alpha能力。\n而拥有这个能力的基础，是它足以号令全球的用户数。\n这样的穿越周期的能力，从外部体现出来的，则是“单用户对应的广告价值（ARPU）”的高低。\n横向对比下，显然广告主更愿意给Facebook更高的“溢价”。\n\n数据来源：公司财报、公开信息整理、海豚投研整理\n2、推演一下Facebook广告的量价调节过程\n在上文中，我们已经对Facebook全生态的用户天花板做了一个简单测算。而在海豚君的假设中，长期下广告具体的量价关系由Facebook自己来把握，具体的调节则取决于经济景气度。\n\n数据来源：wind、Facebook公司财报、海豚投研预测\n从上图可以看出，红色线代表的广告单价（Facebook制定基准+广告主竞价而成）的走势与GDP增速走势方向在经济出现明显的波动周期时，会存在相对一致性。与此同时，广告投放量的变化方向则完全相反。\n简单来说，就是当经济不好，广告主过穷日子的时候，FB放出多个广告位大甩卖，加大广告加载率，而经济周期好的时候，它就会收紧广告总量的闸门，用单价的提升来做高收入。\n背后是FB基于流量上的垄断优势保证高ROI和内容生态的平衡。因此无论是广告量还是价，他们的变化都会相对GDP预期先有所反映。\n海豚君结合IMF、高盛等机构的预测，预期今年下半年开始，经济增速将逐渐环比放缓。2021-2022年可以说是一个经济相对复苏的周期，后年2023年则开始回到原先正轨（低增速稳态）。具体各地区未来1-2年的增速预测如下：\n\n数据来源：IMF、欧盟、亚行、高盛等机构\n基于以上GDP预测以及历史广告量价与GDP增速之间的关系，海豚君对未来5年的广告量价做了简单预测（疫情假设2023年之后未出现较大的经济波动，整体广告收入按增速趋势进行线性测算）\n\n数据来源：Facebook财报、海豚投研整理\na）对于单MAU广告的展示次数增量来源。海豚君认为，从当前FB与其它平台对比来看，Facebook 单一app以及Instagram app的广告加载率已相对偏高，若后续强行在Facebook和Instagram的主页面上再增加广告显得不那么现实。\n\n数据来源：海豚投研草根调研\n而对于FB来说，能够带来广告增量的，一个是旗下新app的广告变现，还有一个就是引入新的广告主和广告形式。而针对这两点，从去年开始，Facebook已经开始发力。\n\n2020年5月，Facebook分别上线了Watch和Reels，虽然之前FB也有过短视频运营失败的经历（Lasso），但借助Ins本身的用户优势，Reels还是取得了不错的成绩。目前，FB正在鼓励广告主在Reels和Stories上投放广告。扎克伯格在二季度业绩电话会中提及，当下每月有20亿用户观看了视频广告。预计未来无论是广告覆盖的用户范围还是单用户观看广告量，都会快速增加。\n2020年疫情期间，全球电商快速渗透。Facebook加大了在中小商户的广告投放激励，包括在Facebook内置提供电商模块Shops，增加Messenger点击广告等等。截至今年一季度，Shops每月活跃商户100万，用户产生2.5亿次浏览。超过300万个广告主采用了Messenger点击广告。\n\nb）对于广告单价的未来可能变化。海豚君通过上文GDP与单价变动的关系，对不同地区分别做了未来5年广告单价变动的情景推演。\n总的来说，从不同地区来看，随着经济复苏反弹，未来亚太地区广告单价的提升空间可能相对更大。\n\n数据来源：Facebook财报、海豚投研估算\n3、海豚君隐含假设：Facebook广告地位继续提升\n在上文一一将影响广告收入的三个核心变量进行推演测算后，我们可以顺势得出Facebook的广告收入：\n广告收入增速=（1+广告单价增速）*（1+单用户广告展示次数增速）*（1+用户规模增速）-1\n那么在海豚君的假设下，Facebook未来5年的广告收入将以年复合17%的趋势增长：\n\n数据来源：Facebook财报、海豚投研估测\n那么这样的广告收入，在整个市场上是什么水平？当2026年Facebook广告收入预期达到2200亿美金时，对应的市占率如何？\n从Statista统计的2020年数据来看，整体广告市场大约为5400亿，网络广告渗透率为62%。\n\n数据来源：Statista、公开信息、海豚投研整理\n2020年疫情以来，在居家隔离下，全球线上经济加速繁荣，虽然更多的是对线下经济的内部挤占，但疫情对于用户线上消费习惯养成的影响是不可逆的。其次网络广告中以实际投放效果进行收费，对于广告主，尤其是中小广告主来说，数字广告也是相对较优的选择。\n根据UnivDatos预测，对未来5年数字广告的市场规模将以7.7%的年复合增速增长，到2026年将达到6260亿元，海豚君对该增长趋势进行了平滑测算。\n在上文假设下，Facebook2026年广告收入将占整体网络广告规模的35%（类似于2020年字节在国内互联网广告的地位），较当前25%的水平上大幅提升，市占率的提升也隐含了海豚君对于Facebook给予了显著高于同行的核心竞争力预期。\n\n数据来源：UnivDatos，海豚投研测算\n除了广告，下一个Facebook可以想象的点在哪里？\n海豚君开头提到，在移动互联网时代，老外这些巨头的动作明显落后于国内BATJ们的。但毕竟Facebook、Google这些巨头，收割的是全球市场，流量在手，变现早晚可以推进。\n因此，我们可以看到，在去年疫情期间，Facebook除了在广告业务上继续保持强势之外，也在趁着这难得的“天降机遇”，加快其它内容变现的布局。\n对比国内流量巨头们选择的变现路径，除了广告这个毛利又高、变现又快速直接的模式之外，电商也是巨头们纷纷觊觎的流量收割方式。\n早在2016年推出Marketplace（购物市场），到2019年上线Facebook Pay，和2020年上线Shops，WhatsApp上线购物车功能，以及将电商广告与Messenger功能打通、商户的WhatsApp官方号等，就可以看到Facebook在电商领域的野心不小。\n\n图片来源：Facebook app、WhatsApp\n这有点类似于微信生态希望破局电商一样，通过社交引流，广告曝光，到商品交易、支付来完成一套电商闭环打法。\n而Facebook打电商比微信更轻松一点是，FB旗下同时拥有私欲流量和公域流量平台，各app之间更多的是基于不同的风格特色以及用户的使用习惯来区分。\n因此当Facebook在基于全球第一社交流量盘子的优势上去发展电商，对于中小商户来说，要想在大牌云集的电商平台中更有效的透出自己的品牌，Facebook是不二之选。\n由于当前Facebook的用户消费的主打市场仍然是北美地区，在其它地区发展电商，或许会受到当地政策、竞争格局的影响。因此海豚君在对Facebook电商空间想象时，仅选取美国地区。\n——据eMarketer数据，2020年美国电商市场规模达到7700亿美金，占总体零售额的15%左右。分析师预测2025年美国电商占比将超过30%。海豚君假设Facebook能从中吃到10%的市场份额的话，按照当前Marketplace 5%的平台费率，则对应100亿美元的电商收入。\n\n数据来源：eMarketer、海豚投研估算\nVR的预期再次被炒得有点高了！\n今年以来，连续两个季度，小扎在业绩电话会上，对VR是大谈特谈。令小扎突然兴奋的原因，还是因为Quest2 自去年10月发布以来，销量表现显著优于过往Oculus发布的VR头显（Rift、Quest等）。\n但正如海豚君在二季度财报点评中强调，对于一季度炒的火热的元宇宙行情，我们仍然认为市场的预期可能过于高了。是否真正能看到市场被引爆和直接催化的拐点，可能还需要等待今年下半年的数据进行验证。\n长期下，海豚君和市场一样，认可VR/AR将是未来用户生活娱乐中一个重要的电子设备。\n根据IDC数据，海豚君预计2026年VR头显出货量有望达到3382万台，若Oculus市占率能够维持在60%以上（当前水平），那么2026年Oculus的出货量将在2000万台左右，按照300美金/台的售价，则预计当年能够带来55亿元的收入（剔除8%的消费税）。\n\n数据来源：IDC、海豚投研估算\n逻辑总结与估值判断\n海豚君总结一下上文分析的一些逻辑假设：\n1、主要看点和逻辑\n（1）影响Facebook短期业绩或价值的，主要是全球经济复苏的节奏。由于去年同期的高基数以及苹果IDFA隐私新政等影响，下半年业绩增速明显将放缓。短期股价的波动会受到全球尤其是美国宏观经济的数据影响。\n（2）长期下，讨论Facebook投资价值的一个基本前提是用户数和时长的盘子基本能够守住；在这个大流量盘子下，随着数字经济的渗透推广，Facebook能够对自己乃至行业的广告量价关系自主调节的能力，继续借助自身垄断优势，吃掉更多的广告市场份额。另一个则是基于社交大生态下，完善电商闭环后想象的电商规模成长空间。\n（3）对于VR设备、内容的“元宇宙”概念，海豚君相对保守，仅对硬件做了估值，未对VR/AR软件生态的溢价空间做测算。这一块需要长期跟踪Facebook的战略部署，持续做调整。\n2、估值假设\n（1）对于广告业务，海豚君基于IMF等国际机构对未来中短期宏观经济的走势判断，对Facebook广告量、价分别进行了推演假设（不代表真实走势），也就是说，未来6年广告收入的年复合增速在17%。2026年Facebook的广告收入占整体数字广告市场的35%，较当前25%有显著提升。\n（2）其他业务中，海豚君具体拆分成了Oculus硬件收入、电商收入、游戏及其他支付收入。\na.Oculus继续保持市场垄断优势，硬件销售市占率维持在60%以上，2026年销量2000万台。\nb.电商收入只估算Facebook在美国地区的情况。按照10%的市占率，对2026年Facebook电商GMV达到2030亿美金，按照公司所称的5%的变现率转化为收入。\nc. 在全球VR渗透率加速提升中，预计Facebook的游戏等其他内容收入将扭转持续下滑的趋势，但具体是否叫卖，海豚君仍然存疑，因此参照当前主机、PC游戏增速趋势，给予未来6年年复合增速3.5%左右。\n（3）成本费用：\n短期内的成本费用以及资本开支，Facebook都做了指引，海豚君假设落在指引区间。\n长期下，由于Facebook作为全球龙头，主要业务的经营效率以及资本开支的投入，基本趋于稳定。\n唯一可能出现变量的就是Facebook押注VR市场，而持续加大的研发投入。因此在海豚君的估值模型中，主要研发费用做了较高的预期。\n\n数据来源：Facebook财报、海豚投研估算\n\n数据来源：Facebook财报、海豚投研估算\n3、估值结果\n基于以上投资逻辑和假设，海豚君按照WACC=9.53%，g=2.5%的折现，给予Facebook 1.16万亿估值，合409美元/股，较美东时间8月4日收盘356美元，存在15%的溢价空间。\n\n另外从相对估值角度来说，目前股价对应2021年净利润PE仅25倍，属于历史估值中低部区间，在未有突发性风险下（主要为宏观风险），安全边际仍然较高。\n\n数据来源：wind\n风险提示：此文出于传递更多信息之目的，文章内容仅供参考，不构成投资建议。","news_type":1},"isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117493356,"gmtCreate":1623155554975,"gmtModify":1704197203044,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/117493356","repostId":"1135816983","repostType":4,"repost":{"id":"1135816983","pubTimestamp":1623153812,"share":"https://www.laohu8.com/m/news/1135816983?lang=&edition=full","pubTime":"2021-06-08 20:03","market":"us","language":"en","title":"Since 2008, this has been the biggest signal for stock direction. Here’s where it’s telling investors to go now.","url":"https://stock-news.laohu8.com/highlight/detail?id=1135816983","media":"marketwatch","summary":"Critical information for the U.S. trading day.\n\nThe summer lull is real for investors right now, as ","content":"<blockquote>\n <b>Critical information for the U.S. trading day.</b>\n</blockquote>\n<p>The summer lull is real for investors right now, as stock catalysts seem few and far between. Thursday’s update on consumer prices could bring the next one, after May dataspooked markets last month.</p>\n<p>With equitiesSPX,-0.08%hovering at record highs amid a mind-blowing recovery from the COVID-19 pandemic slump, investors want to know when and how central banks will start responding to signs of surging global inflation. And as not all stocks are built alike for different stages of a recovery, many rightly want to know if they are betting on the right ones.</p>\n<p>They should start by keeping an eye on what has been the most reliable indicator for stock direction since 2008 — the 10-year bond yieldTMUBMUSD10Y,1.541%,according to The Leuthold Group’s chief investment strategist, Jim Paulsen, who provides our<b>call of the day</b>.</p>\n<p>Since the 2008-09 financial crisis, “the bond market has been determining, or at least coincidentally signaling” which groups of stocks will be the winners and losers, he told clients in a note. That has been particularly true for several popular themes including cyclicals, growth investing, small-caps, etc.</p>\n<p>For example, via the below charts he showed how defensive sectors, such as utilities and staples or low-volatility investments, only do well when bond yields are headed lower:</p>\n<p><img src=\"https://static.tigerbbs.com/96c7d981e160fe9dea266dbe88c5eb97\" tg-width=\"1259\" tg-height=\"490\"><i>The Leuthold Group</i></p>\n<p>So should the yield on the 10-year, currently hovering at 1.561%, make another run at 2%, that group is likely to underperform, he said. But if the economy is headed for overheat pressures and yields are set to rise, history has shown the most volatile stocks are often winner, he added.</p>\n<p>Paulsen pointed to the below charts of small-cap stocks, cyclical sectors and emerging markets that are “often the winners during periods in which rising yields cause stock market mayhem.”</p>\n<p><img src=\"https://static.tigerbbs.com/58ad9970b8d52f5524ef4da54113986a\" tg-width=\"1260\" tg-height=\"461\"><i>The Leuthold Group</i></p>\n<p><img src=\"https://static.tigerbbs.com/13d5f3bc8075fad7b17676c51ffadaed\" tg-width=\"1259\" tg-height=\"929\">The Leuthold Group</p>\n<p>And the strategist is among those who do indeed see yields rising.</p>\n<p>“The recent pause in the 10-year yield despite escalating inflation expectations has been puzzling. Moreover, if yields continue to trend sideways or retrace part of their recent advance, defensive investments, including growth stocks, will likely be stock market leaders,” wrote Paulsen.</p>\n<p>He expects another leg higher for that yield, pushing it above 2%, likely by the end of 2021. And that means “stock investors should heed the bond market’s message and drive a few of those fast ‘cyclical’ stock cars!”</p>\n<p><b>Bitcoin blues and billionaires and taxes</b></p>\n<p>U.S. stock futuresES00,0.14%NQ00,0.49%YM00,-0.06%are trading mixed, with European stocksSXXP,0.35%flat, while Asian marketspulled back. OilCL.1,-0.92%is slipping, the dollarDXY,0.14%is up and bitcoinBTCUSD,-3.83%and other cryptocurrencies continue to fall. Some note digital assets sagging since the news that U.S. authoritiesmanaged to recover most of the bitcoin usedto pay a ransomware attack on a key energy pipeline.</p>\n<p><img src=\"https://static.tigerbbs.com/855f10c42119dd8220686f093a8dc34d\" tg-width=\"517\" tg-height=\"529\">On the data front, the National Federation of Independent Business index fell for the first time this year, ashiring woes hit small-business owners. Still ahead is the trade deficit report and job openings survey.</p>\n<p>Major global websites including Amazon.com, CNN and Bloomberghave been hit by outageson Tuesday. Shares of FastlyFSLY,+7.17%fell briefly after the cloud platform said it hasidentified a problemand was working on a fix.</p>\n<p>Billionaires including AmazonAMZN,-0.26%Chief Executive Jeff Bezos and Tesla Chief Executive Elon Musk at times have sidestepped federal income taxes,a new report says.</p>\n<p>Jerome Guillen, longtime president of TeslaTSLA,+1.01%Heavy Trucking, apparentlyleft the electric-car makerlast week.</p>\n<p>Back in May 2020, a U.S. government report on COVID-19 origins wasurging an investigation into the theorythat it leaked from a Wuhan laboratory.</p>","source":"lsy1603348471595","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>Since 2008, this has been the biggest signal for stock direction. Here’s where it’s telling investors to go now.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSince 2008, this has been the biggest signal for stock direction. Here’s where it’s telling investors to go now.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 20:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/since-2008-this-has-been-the-biggest-signal-for-stock-direction-heres-where-its-telling-investors-to-go-now-11623151244?mod=home-page><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Critical information for the U.S. trading day.\n\nThe summer lull is real for investors right now, as stock catalysts seem few and far between. Thursday’s update on consumer prices could bring the next ...</p>\n\n<a href=\"https://www.marketwatch.com/story/since-2008-this-has-been-the-biggest-signal-for-stock-direction-heres-where-its-telling-investors-to-go-now-11623151244?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/since-2008-this-has-been-the-biggest-signal-for-stock-direction-heres-where-its-telling-investors-to-go-now-11623151244?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135816983","content_text":"Critical information for the U.S. trading day.\n\nThe summer lull is real for investors right now, as stock catalysts seem few and far between. Thursday’s update on consumer prices could bring the next one, after May dataspooked markets last month.\nWith equitiesSPX,-0.08%hovering at record highs amid a mind-blowing recovery from the COVID-19 pandemic slump, investors want to know when and how central banks will start responding to signs of surging global inflation. And as not all stocks are built alike for different stages of a recovery, many rightly want to know if they are betting on the right ones.\nThey should start by keeping an eye on what has been the most reliable indicator for stock direction since 2008 — the 10-year bond yieldTMUBMUSD10Y,1.541%,according to The Leuthold Group’s chief investment strategist, Jim Paulsen, who provides ourcall of the day.\nSince the 2008-09 financial crisis, “the bond market has been determining, or at least coincidentally signaling” which groups of stocks will be the winners and losers, he told clients in a note. That has been particularly true for several popular themes including cyclicals, growth investing, small-caps, etc.\nFor example, via the below charts he showed how defensive sectors, such as utilities and staples or low-volatility investments, only do well when bond yields are headed lower:\nThe Leuthold Group\nSo should the yield on the 10-year, currently hovering at 1.561%, make another run at 2%, that group is likely to underperform, he said. But if the economy is headed for overheat pressures and yields are set to rise, history has shown the most volatile stocks are often winner, he added.\nPaulsen pointed to the below charts of small-cap stocks, cyclical sectors and emerging markets that are “often the winners during periods in which rising yields cause stock market mayhem.”\nThe Leuthold Group\nThe Leuthold Group\nAnd the strategist is among those who do indeed see yields rising.\n“The recent pause in the 10-year yield despite escalating inflation expectations has been puzzling. Moreover, if yields continue to trend sideways or retrace part of their recent advance, defensive investments, including growth stocks, will likely be stock market leaders,” wrote Paulsen.\nHe expects another leg higher for that yield, pushing it above 2%, likely by the end of 2021. And that means “stock investors should heed the bond market’s message and drive a few of those fast ‘cyclical’ stock cars!”\nBitcoin blues and billionaires and taxes\nU.S. stock futuresES00,0.14%NQ00,0.49%YM00,-0.06%are trading mixed, with European stocksSXXP,0.35%flat, while Asian marketspulled back. OilCL.1,-0.92%is slipping, the dollarDXY,0.14%is up and bitcoinBTCUSD,-3.83%and other cryptocurrencies continue to fall. Some note digital assets sagging since the news that U.S. authoritiesmanaged to recover most of the bitcoin usedto pay a ransomware attack on a key energy pipeline.\nOn the data front, the National Federation of Independent Business index fell for the first time this year, ashiring woes hit small-business owners. Still ahead is the trade deficit report and job openings survey.\nMajor global websites including Amazon.com, CNN and Bloomberghave been hit by outageson Tuesday. Shares of FastlyFSLY,+7.17%fell briefly after the cloud platform said it hasidentified a problemand was working on a fix.\nBillionaires including AmazonAMZN,-0.26%Chief Executive Jeff Bezos and Tesla Chief Executive Elon Musk at times have sidestepped federal income taxes,a new report says.\nJerome Guillen, longtime president of TeslaTSLA,+1.01%Heavy Trucking, apparentlyleft the electric-car makerlast week.\nBack in May 2020, a U.S. government report on COVID-19 origins wasurging an investigation into the theorythat it leaked from a Wuhan laboratory.","news_type":1},"isVote":1,"tweetType":1,"viewCount":49,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9982793254,"gmtCreate":1667255832478,"gmtModify":1676537884093,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"this is good to hear that.","listText":"this is good to hear that.","text":"this is good to hear that.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9982793254","repostId":"1165961334","repostType":2,"isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187778550,"gmtCreate":1623765522070,"gmtModify":1703818693629,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/187778550","repostId":"1140629644","repostType":4,"isVote":1,"tweetType":1,"viewCount":90,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187779807,"gmtCreate":1623765436309,"gmtModify":1703818688683,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/187779807","repostId":"1119444358","repostType":4,"repost":{"id":"1119444358","pubTimestamp":1623730397,"share":"https://www.laohu8.com/m/news/1119444358?lang=&edition=full","pubTime":"2021-06-15 12:13","market":"us","language":"zh","title":"2万亿期权周五到期，年内第二个“四巫日”太可怕？","url":"https://stock-news.laohu8.com/highlight/detail?id=1119444358","media":"美港电讯","summary":"美股这样的平静日子很可能在本周五就画上句号。","content":"<p>周一，纳指、标普500指数再创历史新高；与此同时，衡量标普500指数波动性的VIX指数近日持续走低，目前已经触及去年疫情爆发以来的最低水平。</p>\n<p><img src=\"https://static.tigerbbs.com/1c682edd73777792c9069a8b0727620e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>金融博客零对冲撰文指出，<u><b>美股这样的平静日子很可能在本周五就画上句号，这是年内第二个“四巫日”，届时大量美股期权将同时到期。</b></u></p>\n<p>高盛的内部衍生品专家Rocky Fishman预测6月即将到期的期权规模和之前一样巨大，具体而言，本周五到期的期权包括：价值2400亿美元的标普500指数ETF期权，2000亿美元的迷你标普500指数期货以及1.8万亿美元的标普500指数期权。</p>\n<p><img src=\"https://static.tigerbbs.com/54db6f13be487dd09e44c260bc5440db\" tg-width=\"894\" tg-height=\"713\" referrerpolicy=\"no-referrer\"></p>\n<p>值得注意的是，执行价格接近标的资产价格的期权数量创下10年来最低，由于近期美股一直处于高位，预计大部分6月未平仓合约价格都低于当前的股指现货价格。如下图所示，行权价在3900和4150附近期权分布密集。这意味着在本周五之后，这些点周围可能会有一定的支撑，直到被新的gamma重新填充。</p>\n<p><img src=\"https://static.tigerbbs.com/a85d6a35c0b893247b3b9095f4400b15\" tg-width=\"1139\" tg-height=\"658\" referrerpolicy=\"no-referrer\"></p>\n<p>此外，据高盛估计，折式合成期权（combos）占标普500指数期权规模的15-20%，即调整后的未平仓合约总额将达到1.5万亿美元，仍远大于即将到期的单一股票期权的未平仓合约总额（7750亿美元）。</p>\n<p><b><u>这个“四巫日”之所以特别，一个重要原因是此前大盘波动率实在低得异常。</u></b>高盛策略师指出标普500指数过去13个交易日的波动率仅为5.1%，这是自2019年以来最低。</p>\n<p><img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p>这一幕和1997年8月相似，当时标普500指数不断续刷新高，与此同时VIX指数却处于新低。</p>\n<p><img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p>\n<p>大盘波动率极低，但诡异的是，个股却频频上演极端波动，例如AMC——虽然AMC上周名义成交量仅70亿美元/天，远低于亚马逊的1200亿美元/天，且远低于第一季度的峰值，但在所有个股中其合约成交量最高，期间可实现的成交量接近400%。</p>\n<p>分析指出，散户驱动了所有个股期权活动的很大比例，近期个股期权活动的增长主要集中在低价股票上，导致过去两周合约交易量的份额与名义交易量不匹配。</p>\n<p>目前美股的多头伽玛头寸规模依然高企，野村证券的Charlie McElligott指出，<b><u>极低的大盘实际波动率与大量看涨gamma期权到期的情况是危险的，即一旦头寸集体平仓，实际波动率可能会瞬间回升</u></b>。同时，VIX指数期货相对于标普500指数Beta值不断上升，这表明，如果市场出现抛售，空头gamma仓位会回升，市场将变得更加不稳定。</p>\n<p><img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p>\n<p>高盛还指出，临近周五“四巫日”，美股期权交易量正在下降，这个反常现象出现主要是因为每周到期的短期期权正在变得火热，尤其是大受散户投资者欢迎。事实上，第三个周五到期的标普500指数期权交易量百分比处于历史最低点，甚至小于每周一和周三到期期权交易量的百分比。</p>\n<p><img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p>\n<p>超短期期权交易量增加的一个解释是散户对部分个股的热潮。高盛指出：</p>\n<blockquote>\n “如果做市商无法覆盖散户投资者看涨买入产生的短期gamma，他们可能会积极买入多头头寸，以抵消伽玛效应。”\n</blockquote>\n<p>零对冲警告，一旦这个趋势变得普遍，大盘可能会面临剧烈波动。</p>","source":"live_meigang","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>2万亿期权周五到期，年内第二个“四巫日”太可怕？</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n2万亿期权周五到期，年内第二个“四巫日”太可怕？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 12:13 北京时间&nbsp;&nbsp;&nbsp;<a href=https://news.ushknews.com/mobile/details.html?id=1003226><strong>美港电讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>周一，纳指、标普500指数再创历史新高；与此同时，衡量标普500指数波动性的VIX指数近日持续走低，目前已经触及去年疫情爆发以来的最低水平。\n\n金融博客零对冲撰文指出，美股这样的平静日子很可能在本周五就画上句号，这是年内第二个“四巫日”，届时大量美股期权将同时到期。\n高盛的内部衍生品专家Rocky Fishman预测6月即将到期的期权规模和之前一样巨大，具体而言，本周五到期的期权包括：价值2400...</p>\n\n<a href=\"https://news.ushknews.com/mobile/details.html?id=1003226\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/32f76f2b955be371110b877bebef37ba","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://news.ushknews.com/mobile/details.html?id=1003226","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119444358","content_text":"周一，纳指、标普500指数再创历史新高；与此同时，衡量标普500指数波动性的VIX指数近日持续走低，目前已经触及去年疫情爆发以来的最低水平。\n\n金融博客零对冲撰文指出，美股这样的平静日子很可能在本周五就画上句号，这是年内第二个“四巫日”，届时大量美股期权将同时到期。\n高盛的内部衍生品专家Rocky Fishman预测6月即将到期的期权规模和之前一样巨大，具体而言，本周五到期的期权包括：价值2400亿美元的标普500指数ETF期权，2000亿美元的迷你标普500指数期货以及1.8万亿美元的标普500指数期权。\n\n值得注意的是，执行价格接近标的资产价格的期权数量创下10年来最低，由于近期美股一直处于高位，预计大部分6月未平仓合约价格都低于当前的股指现货价格。如下图所示，行权价在3900和4150附近期权分布密集。这意味着在本周五之后，这些点周围可能会有一定的支撑，直到被新的gamma重新填充。\n\n此外，据高盛估计，折式合成期权（combos）占标普500指数期权规模的15-20%，即调整后的未平仓合约总额将达到1.5万亿美元，仍远大于即将到期的单一股票期权的未平仓合约总额（7750亿美元）。\n这个“四巫日”之所以特别，一个重要原因是此前大盘波动率实在低得异常。高盛策略师指出标普500指数过去13个交易日的波动率仅为5.1%，这是自2019年以来最低。\n\n这一幕和1997年8月相似，当时标普500指数不断续刷新高，与此同时VIX指数却处于新低。\n\n大盘波动率极低，但诡异的是，个股却频频上演极端波动，例如AMC——虽然AMC上周名义成交量仅70亿美元/天，远低于亚马逊的1200亿美元/天，且远低于第一季度的峰值，但在所有个股中其合约成交量最高，期间可实现的成交量接近400%。\n分析指出，散户驱动了所有个股期权活动的很大比例，近期个股期权活动的增长主要集中在低价股票上，导致过去两周合约交易量的份额与名义交易量不匹配。\n目前美股的多头伽玛头寸规模依然高企，野村证券的Charlie McElligott指出，极低的大盘实际波动率与大量看涨gamma期权到期的情况是危险的，即一旦头寸集体平仓，实际波动率可能会瞬间回升。同时，VIX指数期货相对于标普500指数Beta值不断上升，这表明，如果市场出现抛售，空头gamma仓位会回升，市场将变得更加不稳定。\n\n高盛还指出，临近周五“四巫日”，美股期权交易量正在下降，这个反常现象出现主要是因为每周到期的短期期权正在变得火热，尤其是大受散户投资者欢迎。事实上，第三个周五到期的标普500指数期权交易量百分比处于历史最低点，甚至小于每周一和周三到期期权交易量的百分比。\n\n超短期期权交易量增加的一个解释是散户对部分个股的热潮。高盛指出：\n\n “如果做市商无法覆盖散户投资者看涨买入产生的短期gamma，他们可能会积极买入多头头寸，以抵消伽玛效应。”\n\n零对冲警告，一旦这个趋势变得普遍，大盘可能会面临剧烈波动。","news_type":1},"isVote":1,"tweetType":1,"viewCount":69,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9982791201,"gmtCreate":1667255929003,"gmtModify":1676537884119,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"this is too bad","listText":"this is too bad","text":"this is too bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9982791201","repostId":"2279932388","repostType":4,"repost":{"id":"2279932388","pubTimestamp":1667228641,"share":"https://www.laohu8.com/m/news/2279932388?lang=&edition=full","pubTime":"2022-10-31 23:04","market":"us","language":"en","title":"3 Big Positives Within Amazon's \"Disappointing\" Earnings Report","url":"https://stock-news.laohu8.com/highlight/detail?id=2279932388","media":"Motley Fool","summary":"The market reaction was negative, but there were some bullish indicators underneath Amazon's earnings miss and guidance.","content":"<html><head></head><body><p>This past week&#39;s big tech earnings reports saw most names sell off hard, with <a href=\"https://laohu8.com/S/AMZN\">Amazon</a> logging a 6.8% decline on Friday after its Thursday night earnings, even as the broader market was up 2.5% on the day.</p><p>Sellers were probably worried about two things: relatively tepid fourth-quarter guidance, along with lower-than-expected revenue growth and margins in the Amazon Web Services (AWS) segment.</p><p>Those were not unfounded concerns, although quarter-to-quarter fluctuations are expected, especially as interest rates and natural gas prices spiked over the summer.</p><p>Yet lost underneath the headlines, there were actually several segments of Amazon showing positive strength and profitability -- each of which could be bullish indicators for the stock&#39;s long-term future.</p><h2>Advertising revenues are large and accelerating</h2><p>The reason AWS looms large for many investors is because it&#39;s a high-margin business, whereas Amazon&#39;s retail operations have generally operated at razor-thin, or negative, margins in pursuit of growth and market share.</p><p>However, Amazon&#39;s burgeoning advertising business, which it just started breaking out this year, has the potential to be another high-margin business within Amazon&#39;s corporate empire. And that segment, for all intents and purposes, is booming.</p><p>Last quarter, Amazon&#39;s ad segment actually showed an acceleration, growing 30% year over year to more than $9.5 billion. That&#39;s really impressive, especially when so many digital advertising companies showed tepid growth last quarter.</p><p>By comparison, Alphabet (GOOG) (GOOGL) saw Search ads rise only 4% in the third quarter, and YouTube and third-party ad networks each fell 2%. <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> saw its advertising revenue fall roughly 3.3%. And lest you think that is because Amazon&#39;s ad business is much smaller than these two behemoths, Amazon&#39;s ad revenues are now greater than both YouTube and Alphabet&#39;s third-party networks, and are more than one-third the size of Meta&#39;s ad revenue.</p><p>Amazon Chief Financial Officer Brian Olsavsky said on the conference call with analysts: &#34;[O]ur advertising is at the point where consumers are ready to spend. So we have a lot of advantages that we feel that will help both consumers and also our partners like sellers and advertisers.&#34;</p><p>Amazon doesn&#39;t break out the operating margin for its ad business, but even in a bad quarter in which margins compressed, Google&#39;s services segment -- which also includes some lower-margin hardware -- sported a 32.2% operating margin, down from 40% a year ago. Meta&#39;s &#34;family of apps&#34; operating margin was 34%, down from 45.9% in the year-ago quarter.</p><p>So it stands to reason Amazon&#39;s ad business is probably high-margin as well -- especially given its robust top-line growth.</p><h2>Shipping costs go below paid units growth</h2><p>Another positive lurking in the fine print of Amazon&#39;s report was shipping costs. Over recent quarters, Amazon&#39;s shipping cost growth outpaced units shipped, putting pressure on margins. However, in the third quarter, units shipped grew 11%, while shipping costs only grew 10%. That&#39;s the first time unit growth outpaced shipping costs in a long while.</p><p>Getting shipping costs under control was one of the things investors wanted to see, given that Amazon had way overbuilt its infrastructure during the pandemic, and demand slowed in the first half of the year. It&#39;s likely that lower oil prices during the third quarter played a role. Also, this could be the beginning of seeing the fruits of its own in-house expansion of its shipping infrastructure, as opposed to using third-party delivery companies.</p><p>Of course, overall margins were squeezed by currency headwinds in Europe, which swung third-quarter revenue growth by a whopping 17 percentage points, from a 12% gain in constant currency to a 5% revenue decline. But in the North American segment, operating losses narrowed quarter over quarter, lending credence to the hope that the e-commerce segment will eventually return to profitability in short order.</p><h2>Other revenues were up 168%</h2><p>Finally, with e-commerce, AWS, and advertising taking up so much attention, investors may not have noticed 168% year-over-year growth and 18% quarter-over-quarter growth in Amazon&#39;s &#34;other&#34; revenues.</p><p>Other revenues were only $1.26 billion, or about 1% of total revenue, but remember, the advertising segment used to be included in this segment, and it&#39;s probably where some of Amazon&#39;s exciting experimental ventures reside.</p><p>In its filings, Amazon describes the &#34;other segment&#34; as &#34;sales related to various other offerings, such as certain licensing and distribution of video content and shipping services, and our co-branded credit card agreements.&#34;</p><p>The step up in Amazon&#39;s other revenues really showed up in the second quarter, which could be related to its closing of MGM Studios late in the first quarter. However, that doesn&#39;t explain the big surge of growth from the second quarter to the third quarter.</p><p>I&#39;m very bullish on Amazon&#39;s new &#34;Just Walk Out&#34; technology that enables customers to shop without having to wait in line to check out; however, it&#39;s unclear if that is even monetized yet, or if it&#39;s included in the physical stores segment or other revenues.</p><p>In any case, while other revenue is a small footnote to the other all earnings picture, something within the segment has been growing at an exponential rate over the past two quarters. Amazon is known to experiment a lot to develop new products and services, so it&#39;s something to watch going forward.</p><h2>Short-term pain, long-term gain</h2><p>The headwinds Amazon faced last quarter primarily related to AWS. However, AWS saw 200 points of margin compression as natural gas prices spiked, causing higher electricity costs, according to management. Those prices have since come down in a big way since September. In fact, natural gas prices are down some 40% over the past two months. Meanwhile, Amazon was helping customers looking to save money move to some lower-cost services. which caused a revenue &#34;disappointment&#34; of only 27% growth.</p><p>Unlike the pandemic, when some customers saw an acceleration of demand, the interest rate spike of 2022 is causing a pullback across the board. However, AWS was able to reaccelerate growth after a brief lull at the start of the pandemic, and I&#39;d expect the same once inflation is under control and interest rates come down. Meanwhile, Amazon&#39;s AWS backlog was actually up 57% year over year to over $104 billion. So, the long-term trajectory of cloud computing seems very much intact.</p><p>Meanwhile, the three silver linings outlined above bode well for other parts of Amazon&#39;s future as well. This sell-off seems like a short-term overreaction, and a gift to long-term investors.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Big Positives Within Amazon's \"Disappointing\" Earnings Report</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n3 Big Positives Within Amazon's \"Disappointing\" Earnings Report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-31 23:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/10/31/3-big-positives-in-amazons-disappointing-earnings/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This past week's big tech earnings reports saw most names sell off hard, with Amazon logging a 6.8% decline on Friday after its Thursday night earnings, even as the broader market was up 2.5% on the ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/10/31/3-big-positives-in-amazons-disappointing-earnings/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.fool.com/investing/2022/10/31/3-big-positives-in-amazons-disappointing-earnings/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2279932388","content_text":"This past week's big tech earnings reports saw most names sell off hard, with Amazon logging a 6.8% decline on Friday after its Thursday night earnings, even as the broader market was up 2.5% on the day.Sellers were probably worried about two things: relatively tepid fourth-quarter guidance, along with lower-than-expected revenue growth and margins in the Amazon Web Services (AWS) segment.Those were not unfounded concerns, although quarter-to-quarter fluctuations are expected, especially as interest rates and natural gas prices spiked over the summer.Yet lost underneath the headlines, there were actually several segments of Amazon showing positive strength and profitability -- each of which could be bullish indicators for the stock's long-term future.Advertising revenues are large and acceleratingThe reason AWS looms large for many investors is because it's a high-margin business, whereas Amazon's retail operations have generally operated at razor-thin, or negative, margins in pursuit of growth and market share.However, Amazon's burgeoning advertising business, which it just started breaking out this year, has the potential to be another high-margin business within Amazon's corporate empire. And that segment, for all intents and purposes, is booming.Last quarter, Amazon's ad segment actually showed an acceleration, growing 30% year over year to more than $9.5 billion. That's really impressive, especially when so many digital advertising companies showed tepid growth last quarter.By comparison, Alphabet (GOOG) (GOOGL) saw Search ads rise only 4% in the third quarter, and YouTube and third-party ad networks each fell 2%. Meta Platforms saw its advertising revenue fall roughly 3.3%. And lest you think that is because Amazon's ad business is much smaller than these two behemoths, Amazon's ad revenues are now greater than both YouTube and Alphabet's third-party networks, and are more than one-third the size of Meta's ad revenue.Amazon Chief Financial Officer Brian Olsavsky said on the conference call with analysts: \"[O]ur advertising is at the point where consumers are ready to spend. So we have a lot of advantages that we feel that will help both consumers and also our partners like sellers and advertisers.\"Amazon doesn't break out the operating margin for its ad business, but even in a bad quarter in which margins compressed, Google's services segment -- which also includes some lower-margin hardware -- sported a 32.2% operating margin, down from 40% a year ago. Meta's \"family of apps\" operating margin was 34%, down from 45.9% in the year-ago quarter.So it stands to reason Amazon's ad business is probably high-margin as well -- especially given its robust top-line growth.Shipping costs go below paid units growthAnother positive lurking in the fine print of Amazon's report was shipping costs. Over recent quarters, Amazon's shipping cost growth outpaced units shipped, putting pressure on margins. However, in the third quarter, units shipped grew 11%, while shipping costs only grew 10%. That's the first time unit growth outpaced shipping costs in a long while.Getting shipping costs under control was one of the things investors wanted to see, given that Amazon had way overbuilt its infrastructure during the pandemic, and demand slowed in the first half of the year. It's likely that lower oil prices during the third quarter played a role. Also, this could be the beginning of seeing the fruits of its own in-house expansion of its shipping infrastructure, as opposed to using third-party delivery companies.Of course, overall margins were squeezed by currency headwinds in Europe, which swung third-quarter revenue growth by a whopping 17 percentage points, from a 12% gain in constant currency to a 5% revenue decline. But in the North American segment, operating losses narrowed quarter over quarter, lending credence to the hope that the e-commerce segment will eventually return to profitability in short order.Other revenues were up 168%Finally, with e-commerce, AWS, and advertising taking up so much attention, investors may not have noticed 168% year-over-year growth and 18% quarter-over-quarter growth in Amazon's \"other\" revenues.Other revenues were only $1.26 billion, or about 1% of total revenue, but remember, the advertising segment used to be included in this segment, and it's probably where some of Amazon's exciting experimental ventures reside.In its filings, Amazon describes the \"other segment\" as \"sales related to various other offerings, such as certain licensing and distribution of video content and shipping services, and our co-branded credit card agreements.\"The step up in Amazon's other revenues really showed up in the second quarter, which could be related to its closing of MGM Studios late in the first quarter. However, that doesn't explain the big surge of growth from the second quarter to the third quarter.I'm very bullish on Amazon's new \"Just Walk Out\" technology that enables customers to shop without having to wait in line to check out; however, it's unclear if that is even monetized yet, or if it's included in the physical stores segment or other revenues.In any case, while other revenue is a small footnote to the other all earnings picture, something within the segment has been growing at an exponential rate over the past two quarters. Amazon is known to experiment a lot to develop new products and services, so it's something to watch going forward.Short-term pain, long-term gainThe headwinds Amazon faced last quarter primarily related to AWS. However, AWS saw 200 points of margin compression as natural gas prices spiked, causing higher electricity costs, according to management. Those prices have since come down in a big way since September. In fact, natural gas prices are down some 40% over the past two months. Meanwhile, Amazon was helping customers looking to save money move to some lower-cost services. which caused a revenue \"disappointment\" of only 27% growth.Unlike the pandemic, when some customers saw an acceleration of demand, the interest rate spike of 2022 is causing a pullback across the board. However, AWS was able to reaccelerate growth after a brief lull at the start of the pandemic, and I'd expect the same once inflation is under control and interest rates come down. Meanwhile, Amazon's AWS backlog was actually up 57% year over year to over $104 billion. So, the long-term trajectory of cloud computing seems very much intact.Meanwhile, the three silver linings outlined above bode well for other parts of Amazon's future as well. This sell-off seems like a short-term overreaction, and a gift to long-term investors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129828650,"gmtCreate":1624369306570,"gmtModify":1703834618806,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129828650","repostId":"1121740775","repostType":4,"isVote":1,"tweetType":1,"viewCount":161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161319942,"gmtCreate":1623904660086,"gmtModify":1703823152081,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/161319942","repostId":"1186688505","repostType":4,"repost":{"id":"1186688505","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623891302,"share":"https://www.laohu8.com/m/news/1186688505?lang=&edition=full","pubTime":"2021-06-17 08:55","market":"us","language":"zh","title":"优然牧业一手中签率80%，认购3手稳中一手","url":"https://stock-news.laohu8.com/highlight/detail?id=1186688505","media":"老虎资讯综合","summary":"6月17日消息，本周四优然牧业发布公告，公司发行7.15亿股股份，每股定价6.98港元，每手1000股，预期将于6月18日上市。\n公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目","content":"<p>6月17日消息，本周四<a href=\"https://laohu8.com/S/09858\">优然牧业</a>发布公告，公司发行7.15亿股股份，每股定价6.98港元，每手1000股，预期将于6月18日上市。</p>\n<p>公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。</p>\n<p>此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：<img src=\"https://static.tigerbbs.com/a2349a0d398ab0b7c627322586dc1995\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>申购阶梯：</b></p>\n<p>每手1000股，入场费8,747.26港元。一手中签率80%，认购3手稳中一手。</p>\n<p>乙组门槛为60万股，申购所需资金约5,248,360.09港元。<img src=\"https://static.tigerbbs.com/183b55b260a699e4eed6d62b7a2b20d9\" tg-width=\"713\" tg-height=\"208\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/baef5fa28b0cc392f49dad86d7d64628\" tg-width=\"721\" tg-height=\"786\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/46328b4384685df91ed4359f3713a90a\" tg-width=\"714\" tg-height=\"329\" referrerpolicy=\"no-referrer\">公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。</p>\n<p>此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：</p>\n<p>筹资用途方面，公司拟将全球发售所得款项净额约32.38亿港元用于以下用途：约75%将分配用于拨付未来两年的投资项目，包括兴建正在建设的牧场、新建的牧场及饲料生产基地并为其购置所需设施设备；约15%或将分配用于牧场购买奶牛；约10%将分配用于营运资金及一般企业用途。</p>\n<p>据悉，优然牧业成立于1984年，曾作为全球排名第五的大型乳制品制造商伊利旗下全资附属公司，2015年将业务从伊利分拆出来运营。目前公司已发展成为中国乳业上游市场的领导者，业务布局覆盖由育种到饲料再到原料奶生产的乳业上游全产业链。</p>\n<p>根据弗若斯特沙利文的资料，<b>按2020年收入计，公司是中国规模最大的乳业上游综合产品和服务提供商。</b>公司通过原料奶及反刍动物养殖系统化解决方案两个业务分部，向大型乳制品制造商提供优质原料奶并向牧场提供反刍动物养殖产品及服务，伊利是优然牧业最大的客户。</p>\n<p>财务数据方面，2018年至2020年公司总营收分别为人民币63.34亿元、76.68亿元及117.81亿元，复合年增长率为36.4%；同期录得净利润6.53亿元、8.02亿元及15.41亿元，复合年增长率为53.6%。</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>优然牧业一手中签率80%，认购3手稳中一手</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n优然牧业一手中签率80%，认购3手稳中一手\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-06-17 08:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月17日消息，本周四<a href=\"https://laohu8.com/S/09858\">优然牧业</a>发布公告，公司发行7.15亿股股份，每股定价6.98港元，每手1000股，预期将于6月18日上市。</p>\n<p>公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。</p>\n<p>此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：<img src=\"https://static.tigerbbs.com/a2349a0d398ab0b7c627322586dc1995\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>申购阶梯：</b></p>\n<p>每手1000股，入场费8,747.26港元。一手中签率80%，认购3手稳中一手。</p>\n<p>乙组门槛为60万股，申购所需资金约5,248,360.09港元。<img src=\"https://static.tigerbbs.com/183b55b260a699e4eed6d62b7a2b20d9\" tg-width=\"713\" tg-height=\"208\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/baef5fa28b0cc392f49dad86d7d64628\" tg-width=\"721\" tg-height=\"786\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/46328b4384685df91ed4359f3713a90a\" tg-width=\"714\" tg-height=\"329\" referrerpolicy=\"no-referrer\">公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。</p>\n<p>此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：</p>\n<p>筹资用途方面，公司拟将全球发售所得款项净额约32.38亿港元用于以下用途：约75%将分配用于拨付未来两年的投资项目，包括兴建正在建设的牧场、新建的牧场及饲料生产基地并为其购置所需设施设备；约15%或将分配用于牧场购买奶牛；约10%将分配用于营运资金及一般企业用途。</p>\n<p>据悉，优然牧业成立于1984年，曾作为全球排名第五的大型乳制品制造商伊利旗下全资附属公司，2015年将业务从伊利分拆出来运营。目前公司已发展成为中国乳业上游市场的领导者，业务布局覆盖由育种到饲料再到原料奶生产的乳业上游全产业链。</p>\n<p>根据弗若斯特沙利文的资料，<b>按2020年收入计，公司是中国规模最大的乳业上游综合产品和服务提供商。</b>公司通过原料奶及反刍动物养殖系统化解决方案两个业务分部，向大型乳制品制造商提供优质原料奶并向牧场提供反刍动物养殖产品及服务，伊利是优然牧业最大的客户。</p>\n<p>财务数据方面，2018年至2020年公司总营收分别为人民币63.34亿元、76.68亿元及117.81亿元，复合年增长率为36.4%；同期录得净利润6.53亿元、8.02亿元及15.41亿元，复合年增长率为53.6%。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"09858":"优然牧业"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186688505","content_text":"6月17日消息，本周四优然牧业发布公告，公司发行7.15亿股股份，每股定价6.98港元，每手1000股，预期将于6月18日上市。\n公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。\n此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：申购阶梯：\n每手1000股，入场费8,747.26港元。一手中签率80%，认购3手稳中一手。\n乙组门槛为60万股，申购所需资金约5,248,360.09港元。公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。\n此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：\n筹资用途方面，公司拟将全球发售所得款项净额约32.38亿港元用于以下用途：约75%将分配用于拨付未来两年的投资项目，包括兴建正在建设的牧场、新建的牧场及饲料生产基地并为其购置所需设施设备；约15%或将分配用于牧场购买奶牛；约10%将分配用于营运资金及一般企业用途。\n据悉，优然牧业成立于1984年，曾作为全球排名第五的大型乳制品制造商伊利旗下全资附属公司，2015年将业务从伊利分拆出来运营。目前公司已发展成为中国乳业上游市场的领导者，业务布局覆盖由育种到饲料再到原料奶生产的乳业上游全产业链。\n根据弗若斯特沙利文的资料，按2020年收入计，公司是中国规模最大的乳业上游综合产品和服务提供商。公司通过原料奶及反刍动物养殖系统化解决方案两个业务分部，向大型乳制品制造商提供优质原料奶并向牧场提供反刍动物养殖产品及服务，伊利是优然牧业最大的客户。\n财务数据方面，2018年至2020年公司总营收分别为人民币63.34亿元、76.68亿元及117.81亿元，复合年增长率为36.4%；同期录得净利润6.53亿元、8.02亿元及15.41亿元，复合年增长率为53.6%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171186806,"gmtCreate":1626714193405,"gmtModify":1703763915538,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"like and comment my post","listText":"like and comment my post","text":"like and comment my post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171186806","repostId":"1159080706","repostType":4,"repost":{"id":"1159080706","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626709038,"share":"https://www.laohu8.com/m/news/1159080706?lang=&edition=full","pubTime":"2021-07-19 23:37","market":"us","language":"zh","title":"【异动】收复今日失地，蔚小理止跌回升","url":"https://stock-news.laohu8.com/highlight/detail?id=1159080706","media":"老虎资讯综合","summary":"7月19日，理想汽车、蔚来、小鹏汽车止跌回升，收复今日失地。\n小鹏汽车此前公布旗下搭载量产车规级激光雷达的小鹏P5的预售价格，并宣布开启预售，小鹏P5新车预售价格16-23万元，共推出6个不同续航配置","content":"<p>7月19日，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>止跌回升，收复今日失地。</p>\n<p>小鹏汽车此前公布旗下搭载量产车规级激光雷达的小鹏P5的预售价格，并宣布开启预售，小鹏P5新车预售价格16-23万元，共推出6个不同续航配置的版本可供选择，NEDC工况下最高续航达到600公里。</p>\n<p>同时，小鹏汽车发布公告，于2021年7月19日因部分行使超额配股权而发行1208.33万股，每股发行价为165港元。</p>\n<p><img src=\"https://static.tigerbbs.com/f72a193fe4e67d7c18a4cbdff58c6864\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【异动】收复今日失地，蔚小理止跌回升</title>\n<style 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【异动】收复今日失地，蔚小理止跌回升\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-07-19 23:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>7月19日，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>止跌回升，收复今日失地。</p>\n<p>小鹏汽车此前公布旗下搭载量产车规级激光雷达的小鹏P5的预售价格，并宣布开启预售，小鹏P5新车预售价格16-23万元，共推出6个不同续航配置的版本可供选择，NEDC工况下最高续航达到600公里。</p>\n<p>同时，小鹏汽车发布公告，于2021年7月19日因部分行使超额配股权而发行1208.33万股，每股发行价为165港元。</p>\n<p><img src=\"https://static.tigerbbs.com/f72a193fe4e67d7c18a4cbdff58c6864\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f36b37eb8e9efe8641c7be55a7da26d","relate_stocks":{"09868":"小鹏汽车-W","LI":"理想汽车","NIO":"蔚来","XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159080706","content_text":"7月19日，理想汽车、蔚来、小鹏汽车止跌回升，收复今日失地。\n小鹏汽车此前公布旗下搭载量产车规级激光雷达的小鹏P5的预售价格，并宣布开启预售，小鹏P5新车预售价格16-23万元，共推出6个不同续航配置的版本可供选择，NEDC工况下最高续航达到600公里。\n同时，小鹏汽车发布公告，于2021年7月19日因部分行使超额配股权而发行1208.33万股，每股发行价为165港元。","news_type":1},"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160075342,"gmtCreate":1623767897686,"gmtModify":1703818838331,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160075342","repostId":"1184448000","repostType":4,"isVote":1,"tweetType":1,"viewCount":109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160013727,"gmtCreate":1623766257269,"gmtModify":1703818746177,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160013727","repostId":"1129680978","repostType":4,"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112637156,"gmtCreate":1622865229175,"gmtModify":1704192708685,"author":{"id":"3585892771405380","authorId":"3585892771405380","name":"feldman","avatar":"https://static.tigerbbs.com/f552903947bc1c432539267262545fd3","crmLevel":2,"crmLevelSwitch":0},"themes":[],"htmlText":"oh man, so stop game?","listText":"oh man, so stop game?","text":"oh man, so stop game?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112637156","repostId":"1160563289","repostType":4,"repost":{"id":"1160563289","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622864224,"share":"https://www.laohu8.com/m/news/1160563289?lang=&edition=full","pubTime":"2021-06-05 11:37","market":"us","language":"en","title":"FTSE Russell removed GameStop from the small-cap index","url":"https://stock-news.laohu8.com/highlight/detail?id=1160563289","media":"Tiger Newspress","summary":"FTSE Russell removed GameStop from the small-cap index, with Tesla and JPMorgan among the top 10 in ","content":"<p>FTSE Russell removed GameStop from the small-cap index, with Tesla and JPMorgan among the top 10 in the Russell U.S. index.</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>FTSE Russell removed GameStop from the small-cap index</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFTSE Russell removed GameStop from the small-cap index\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-05 11:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>FTSE Russell removed GameStop from the small-cap index, with Tesla and JPMorgan among the top 10 in the Russell U.S. index.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","IWM":"罗素2000指数ETF","GME":"游戏驿站","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160563289","content_text":"FTSE Russell removed 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it!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/257347758985272","repostId":"248312805347464","repostType":1,"repost":{"id":248312805347464,"gmtCreate":1701660745864,"gmtModify":1703059991513,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/61ed9b39c6cbcdce6372edc1c0b48a2d","crmLevel":1,"crmLevelSwitch":0},"themes":[],"title":"🐅🌟 TIGER TYCOON CHALLENGE IS ON! 🌟🐅","htmlText":"Hey Tycoons! 🎩💼 Ready to embark on the adventure of a lifetime? Introducing the Tiger Tycoon Challenge – where fortunes are made, and USD 888 worth of prizes await the boldest players! 🏰🌈🎯 Objective: Build your empire, score big points, and unlock fabulous rewards!💰 Gold Rush: Grab those shiny gold coins every time you pass by it! Cha-ching! 💰💵🏠 Construct &amp; Conquer: Step on an empty tile to construct a building to gain points! 🏰🏆 Prizes Galore: Hit the prize tile to claim your treasure – it could be anything! 🎁✨🔄 Lucky Draw: Land on the draw tile and brace yourself! You might move forward, backward, or even unlock a secret power! 🔄🔮🚀 Airdrop Alert: Keep your eyes on the sky! Periodically, the Tiger Tycoon map will rain down special rewards like stocks, vouchers, and more. Fastest finge","listText":"Hey Tycoons! 🎩💼 Ready to embark on the adventure of a lifetime? 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