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2024-11-19

$Grab Holdings(GRAB)$

2024-11-19

$Grab Holdings(GRAB)$

2021-08-04

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Chinese concept game stocks plummeted, with several mutual funds caught in the crossfire! Jump or get on?

2021-07-21

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Value investing is not the same as undervalued investing; traditional cyclical theory has become ineffective.

2021-09-02

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Apple makes a major concession! Allow some apps to bypass the App Store for payments

2021-08-24

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Apple's iPad mini 6 has been leaked, featuring an A14 chip.

2021-07-19

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[Unusual Movement] Wei Xiaoli recovers from today's losses and rebounds.

2021-08-04

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2021-08-17

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Apple has released another new automotive patent, this time related to virtual car key sharing.

2021-08-16

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The Haiti earthquake has killed 1,297 people; Apple CEO Tim Cook has pledged to donate aid.

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09:36","market":"hk","language":"zh","title":"Apple makes a major concession! Allow some apps to bypass the App Store for payments","url":"https://stock-news.laohu8.com/highlight/detail?id=2164147758","media":"华尔街见闻","summary":"苹果将允许“阅读器”应用程序添加一个应用内链接，以便用户跳转到外部网站进行注册并支付费用，这一变化适用于杂志、报纸、书籍、音频、音乐和视频等应用程序，将于明年年初在全球范围内实施。","content":"<p>Just now,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The significant concession, allowing some App users to bypass the App Store and make payments to external websites, means that many developers will no longer need to pay Apple up to 30% in App Store commissions.</p><p>On Thursday (September 2), Apple released a statement on its official website saying that the Apple App Store will be updated.<b>This update will allow developers of the \"Reader\" application to add an in-app link so that users can jump to an external website to register for the service and pay for it.</b></p><p>This statement is part of a settlement agreement reached between Apple and the Japan Fair Trade Commission. Apple stated that this change will be implemented globally early next year.</p><p>In a statement, Apple said:</p><p>To ensure a secure and seamless user experience, App Store guidelines require developers to use Apple's in-app payment system to sell digital services and subscription services. Because developers of reading apps do not offer digital goods and services within the app, Apple agreed to the JFTC allowing developers of these apps to share a link to their website to help users set up and manage their accounts. According to Apple's definition of a \"reader\" app, this change applies to apps such as magazines, newspapers, books, audio, music, and video.</p><p>Apple has consistently charged developers up to 30% commission on each transaction and mandated the use of its internal payment system to collect a portion of the transaction fees.<b>Globally, Apple's total revenue in the last fiscal year was $274.5 billion, of which $53.8 billion came from its services business, including the App Store.</b></p><p><h2>\"Apple Tax\" War</h2><b>In recent years, Apple's exorbitant commissions have sparked numerous controversies and drawn protests worldwide.</b></p><p>Epic Games, the developer of the once globally popular Fortnite game, established its own in-game payment system last year in an attempt to bypass Apple's payment platform, which fired the first shot in the \"Apple tax\" war. Spotify, Tinder's parent company Match Group, and several other companies have said in recent years that tech giants should not monopolize payment systems.</p><p>On Tuesday, the South Korean National Assembly passed a bill banning Apple from...<a href=\"https://laohu8.com/S/GOOG\">Google</a>The operation of such App stores forced App developers to use their designated payment systems, and 180 of the 188 lawmakers present voted in favor.</p><p>The bill would make South Korea the first country to impose restrictions on the payment policies of Google and Apple. The law also gives the South Korean government the power to mediate disputes related to payments, cancellations, and refunds in the app market. Companies that violate the rules may be fined up to 3% of their revenue in South Korea by the Korea Communications Commission, South Korea's regulator.</p><p><b>Faced with increasing antitrust regulatory pressure, Apple is constantly making concessions.</b></p><p>Earlier this year, Apple officially launched the App Store Small Business and Individual Developer program. Under the new plan, App Store commissions for developers with annual revenue of less than $1 million will be reduced from 30% to 15%.</p><p>On August 27, Apple announced on its official website that it would make several improvements to the App Store as part of a preliminary settlement agreement between U.S. developers in a class-action lawsuit against it. Improvements include allowing developers to introduce users to their purchasing options outside the App Store.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple makes a major concession! 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Allow some apps to bypass the App Store for payments\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-09-02 09:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Just now,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The significant concession, allowing some App users to bypass the App Store and make payments to external websites, means that many developers will no longer need to pay Apple up to 30% in App Store commissions.</p><p>On Thursday (September 2), Apple released a statement on its official website saying that the Apple App Store will be updated.<b>This update will allow developers of the \"Reader\" application to add an in-app link so that users can jump to an external website to register for the service and pay for it.</b></p><p>This statement is part of a settlement agreement reached between Apple and the Japan Fair Trade Commission. Apple stated that this change will be implemented globally early next year.</p><p>In a statement, Apple said:</p><p>To ensure a secure and seamless user experience, App Store guidelines require developers to use Apple's in-app payment system to sell digital services and subscription services. Because developers of reading apps do not offer digital goods and services within the app, Apple agreed to the JFTC allowing developers of these apps to share a link to their website to help users set up and manage their accounts. According to Apple's definition of a \"reader\" app, this change applies to apps such as magazines, newspapers, books, audio, music, and video.</p><p>Apple has consistently charged developers up to 30% commission on each transaction and mandated the use of its internal payment system to collect a portion of the transaction fees.<b>Globally, Apple's total revenue in the last fiscal year was $274.5 billion, of which $53.8 billion came from its services business, including the App Store.</b></p><p><h2>\"Apple Tax\" War</h2><b>In recent years, Apple's exorbitant commissions have sparked numerous controversies and drawn protests worldwide.</b></p><p>Epic Games, the developer of the once globally popular Fortnite game, established its own in-game payment system last year in an attempt to bypass Apple's payment platform, which fired the first shot in the \"Apple tax\" war. Spotify, Tinder's parent company Match Group, and several other companies have said in recent years that tech giants should not monopolize payment systems.</p><p>On Tuesday, the South Korean National Assembly passed a bill banning Apple from...<a href=\"https://laohu8.com/S/GOOG\">Google</a>The operation of such App stores forced App developers to use their designated payment systems, and 180 of the 188 lawmakers present voted in favor.</p><p>The bill would make South Korea the first country to impose restrictions on the payment policies of Google and Apple. The law also gives the South Korean government the power to mediate disputes related to payments, cancellations, and refunds in the app market. Companies that violate the rules may be fined up to 3% of their revenue in South Korea by the Korea Communications Commission, South Korea's regulator.</p><p><b>Faced with increasing antitrust regulatory pressure, Apple is constantly making concessions.</b></p><p>Earlier this year, Apple officially launched the App Store Small Business and Individual Developer program. Under the new plan, App Store commissions for developers with annual revenue of less than $1 million will be reduced from 30% to 15%.</p><p>On August 27, Apple announced on its official website that it would make several improvements to the App Store as part of a preliminary settlement agreement between U.S. developers in a class-action lawsuit against it. Improvements include allowing developers to introduce users to their purchasing options outside the App Store.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3639472\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d2a986280a0d0ac6d75b62fd1fec8874","relate_stocks":{"AAPL":"苹果"},"source_url":"https://wallstreetcn.com/articles/3639472","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164147758","content_text":"刚刚，苹果作出重大让步，允许部分应用程序用户绕过苹果应用商店（App Store），到外部网站进行支付，这意味着许多开发者将不再需要向苹果支付高达30%的应用商店佣金。\n周四（9月2日），苹果在其官方网站发布声明称，苹果应用商店将进行更新，这一更新将允许“阅读器”应用程序的开发者添加一个应用内链接，以便用户跳转到外部网站进行注册服务并支付费用。\n这一声明是苹果与日本公平贸易委员会(Japan Fair Trade Commission)达成和解协议的一部分。苹果表示，这一变化将于明年年初在全球范围内实施。\n苹果在声明中表示：\n\n 为了确保安全无缝的用户体验，App Store的指导方针要求开发者使用苹果的应用内支付系统销售数字服务和订阅服务。由于阅读应用的开发者不提供应用内的数字商品和服务，苹果同意JFTC允许这些应用的开发者分享一个链接跳转到他们的网站，以帮助用户设置和管理自己的账户。\n\n根据苹果对“阅读器”应用的定义，这一变化适用于杂志、报纸、书籍、音频、音乐和视频等应用程序。\n一直以来，苹果向开发者在每笔交易中收取高达30%佣金，并且强制使用内部支付系统，以收取一部分交易费。在全球范围内，苹果上一财年总营收为2745亿美元，其中包括应用商店在内的服务业务收入为538亿美元。\n“苹果税”大战\n近年来，苹果高昂抽佣引发众多争议，在全球范围内遭到“抗议”。\n一度风靡全球的《堡垒之夜》游戏的开发商Epic Games，去年建立了自己的游戏内的支付系统，试图绕过苹果支付平台，这打响了“苹果税”大战第一枪。Spotify、Tinder的母公司Match Group和其他几家公司近年来都表示，科技巨头不应该垄断支付系统。\n本周二，韩国国会通过了一项法案，禁止苹果与谷歌这类App商店的运营强制App开发者使用他们指定的支付系统，与会的立法者中有180人（共188人）投票赞成。\n该法案将使韩国成为第一个对谷歌和苹果的支付政策实施限制的国家。该法律还赋予韩国政府调解应用市场中有关支付、取消和退款纠纷的权力。违反规定的公司可能会被韩国监管机构通信委员会处以高达在韩国收入3%的罚款。\n面对日益增大的反垄断监管压力，苹果也在不断作出让步。\n今年初，苹果正式推出App Store小型企业和个体开发者计划。根据新计划，年营收少于100万美元的开发者App Store佣金从之前的30%降至15%。\n8月27日，苹果在其官方网站宣布，将对App Store进行多项改进，作为美国开发者对其集体诉讼初步和解协议的一部分。改进包括开发者可以向用户介绍他们在 App Store之外的购买选项。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":5618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834804939,"gmtCreate":1629786355821,"gmtModify":1676530130621,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/834804939","repostId":"2161709897","repostType":2,"repost":{"id":"2161709897","kind":"news","pubTimestamp":1629781974,"share":"https://ttm.financial/m/news/2161709897?lang=en_US&edition=fundamental","pubTime":"2021-08-24 13:12","market":"us","language":"zh","title":"Apple's iPad mini 6 has been leaked, featuring an A14 chip.","url":"https://stock-news.laohu8.com/highlight/detail?id=2161709897","media":"轻舟","summary":"苹果 iPad mini 6 的铝制模型图曝光，该模型没有实体 Home 键，机身更薄，采用直角边框，看起来就像缩小版 iPad Air 4。据悉数码博主爆料，iPad mini 6 采用了侧边 Touch ID 指纹识别，搭载了 8.4 英寸屏幕，双扬声器 + A14+60Hz 四面等宽屏幕，采用 USB-C 接口，尺寸为 206mm X 138mm X 6.1mm，拥有银黑金配色。新款iPad mini将在苹果秋季发布会与网友见面，你期待吗？","content":"<p><html><body><div><div itemprop=\"articleBody\"><div><div><div></div></div></div><a href=\"https://laohu8.com/S/AAPL\">Apple</a>Aluminum model images of the iPad mini 6 have been leaked. The model lacks a physical Home button, has a thinner body, and features right-angled bezels, making it look like a scaled-down version of the iPad Air 4.</p><p>According to reports from digital bloggers, the iPad mini 6 features side-mounted Touch ID fingerprint recognition, an 8.4-inch screen, dual speakers, an A14+60Hz quad-sided display, a USB-C port, dimensions of 206mm X 138mm X 6.1mm, and is available in silver, black, and gold colors.</p><p>The new iPad mini will be unveiled at Apple's fall event. Are you looking forward to it?</p><p><div zpv-events-inview=\"article-cont-bottom-viewport\"></div><div><span itemprop=\"url\">https://news.zol.com.cn/775/7751834.html</span><span itemprop=\"indexUrl\">news.zol.com.cn</span><span itemprop=\"isOriginal\">true</span><span itemprop=\"author\"><a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Online</span><span itemprop=\"isBasedOnUrl\">https://news.zol.com.cn/775/7751834.html</span><span itemprop=\"genre\">report</span><span itemprop=\"wordCount\">343</span><span itemprop=\"description\">Aluminum model images of Apple's iPad mini 6 have been leaked. The model lacks a physical Home button, is thinner, and features right-angled bezels, making it look like a scaled-down version of the iPad Air 4. According to reports from a digital blogger, the iPad mini 6 features side-mounted Touch ID fingerprint recognition, an 8.4-inch screen, dual speakers, an A14+60Hz quad-sided display, a USB-C port, and a size of...</span></div></div></div></body></html></p>","source":"zol_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>Apple's iPad mini 6 has been leaked, featuring an A14 chip.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple's iPad mini 6 has been leaked, featuring an A14 chip.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">轻舟</strong><span class=\"h-time small\">2021-08-24 13:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div><div itemprop=\"articleBody\"><div><div><div></div></div></div><a href=\"https://laohu8.com/S/AAPL\">Apple</a>Aluminum model images of the iPad mini 6 have been leaked. The model lacks a physical Home button, has a thinner body, and features right-angled bezels, making it look like a scaled-down version of the iPad Air 4.</p><p>According to reports from digital bloggers, the iPad mini 6 features side-mounted Touch ID fingerprint recognition, an 8.4-inch screen, dual speakers, an A14+60Hz quad-sided display, a USB-C port, dimensions of 206mm X 138mm X 6.1mm, and is available in silver, black, and gold colors.</p><p>The new iPad mini will be unveiled at Apple's fall event. Are you looking forward to it?</p><p><div zpv-events-inview=\"article-cont-bottom-viewport\"></div><div><span itemprop=\"url\">https://news.zol.com.cn/775/7751834.html</span><span itemprop=\"indexUrl\">news.zol.com.cn</span><span itemprop=\"isOriginal\">true</span><span itemprop=\"author\"><a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Online</span><span itemprop=\"isBasedOnUrl\">https://news.zol.com.cn/775/7751834.html</span><span itemprop=\"genre\">report</span><span itemprop=\"wordCount\">343</span><span itemprop=\"description\">Aluminum model images of Apple's iPad mini 6 have been leaked. The model lacks a physical Home button, is thinner, and features right-angled bezels, making it look like a scaled-down version of the iPad Air 4. According to reports from a digital blogger, the iPad mini 6 features side-mounted Touch ID fingerprint recognition, an 8.4-inch screen, dual speakers, an A14+60Hz quad-sided display, a USB-C port, and a size of...</span></div></div></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://news.zol.com.cn/775/7751834.html\">轻舟</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38b14d4c1528b585f44d427c7a09d860","relate_stocks":{"159813":"芯片","AAPL":"苹果"},"source_url":"http://news.zol.com.cn/775/7751834.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161709897","content_text":"苹果 iPad mini 6 的铝制模型图曝光，该模型没有实体 Home 键，机身更薄，采用直角边框，看起来就像缩小版 iPad Air 4。据悉数码博主爆料，iPad mini 6 采用了侧边 Touch ID 指纹识别，搭载了 8.4 英寸屏幕，双扬声器 + A14+60Hz 四面等宽屏幕，采用 USB-C 接口，尺寸为 206mm X 138mm X 6.1mm，拥有银黑金配色。新款iPad mini将在苹果秋季发布会与网友见面，你期待吗？\n\nhttps://news.zol.com.cn/775/7751834.html\nnews.zol.com.cn\ntrue\n中关村在线\nhttps://news.zol.com.cn/775/7751834.html\nreport\n343\n苹果 iPad mini 6 的铝制模型图曝光，该模型没有实体 Home 键，机身更薄，采用直角边框，看起来就像缩小版 iPad Air 4。据悉数码博主爆料，iPad mini 6 采用了侧边 Touch ID 指纹识别，搭载了 8.4 英寸屏幕，双扬声器 + A14+60Hz 四面等宽屏幕，采用 USB-C 接口，尺寸为...","news_type":1,"symbols_score_info":{"159813":1,"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":5072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839249417,"gmtCreate":1629163330139,"gmtModify":1676529949678,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/839249417","repostId":"2160275638","repostType":2,"repost":{"id":"2160275638","kind":"news","pubTimestamp":1629158400,"share":"https://ttm.financial/m/news/2160275638?lang=en_US&edition=fundamental","pubTime":"2021-08-17 08:00","market":"us","language":"zh","title":"Apple has released another new automotive patent, this time related to virtual car key sharing.","url":"https://stock-news.laohu8.com/highlight/detail?id=2160275638","media":"界面新闻","summary":"虽然对亲自下场造车的态度扭扭捏捏，但苹果公司目前正在研发自动驾驶类相关技术早已不是秘密。日前，苹果公司又发布了一项新专利，这项专利称为“朋友钥匙共享”，它基本上描述了一种与他人共享苹果车的方法。数字钥匙的概念将使苹果公司能够提供这种“朋友钥匙共享”系统，正如该公司在专利中所描述的那样，它应该允许其他人在不披露任何机密信息和暴露关键数据的情况下驾驶你的汽车。","content":"<p><div>Although Apple is hesitant about personally getting involved in car manufacturing, it is no secret that it is currently developing autonomous driving-related technologies. Although the Cupertino-based tech giant hasn't said anything about it, the company's numerous patent applications in the automotive sector undoubtedly add to the veracity of this story. Apple recently released a new patent called \"Friend Key Sharing,\" which essentially describes a way to share an Apple car with others. It's easy to guess that the whole thing doesn't involve traditional physical car keys...</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817080114788b819f&s=b\">Web page link</a></div></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple has released another new automotive patent, this time related to virtual car key sharing.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple has released another new automotive patent, this time related to virtual car key sharing.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">界面新闻</strong><span class=\"h-time small\">2021-08-17 08:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Although Apple is hesitant about personally getting involved in car manufacturing, it is no secret that it is currently developing autonomous driving-related technologies. Although the Cupertino-based tech giant hasn't said anything about it, the company's numerous patent applications in the automotive sector undoubtedly add to the veracity of this story. Apple recently released a new patent called \"Friend Key Sharing,\" which essentially describes a way to share an Apple car with others. It's easy to guess that the whole thing doesn't involve traditional physical car keys...</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817080114788b819f&s=b\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817080114788b819f&s=b\">界面新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ddd65df9928c608cb63c03990d41f6c2","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817080114788b819f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160275638","content_text":"虽然对亲自下场造车的态度扭扭捏捏，但苹果公司目前正在研发自动驾驶类相关技术早已不是秘密。虽然这家位于库比蒂诺的科技巨头没有说任何关于它的事情，但该公司在汽车领域申请的无数专利无疑是在不断增加这件事的真实性。日前，苹果公司又发布了一项新专利，这项专利称为“朋友钥匙共享（Friend Key Sharing）”，它基本上描述了一种与他人共享苹果车的方法。很容易猜到，整个事情并不涉及传统的实体汽车钥匙，因为在苹果的世界里，汽车钥匙已经是“昨天的事情”了。一部iPhone就是你所需要的全部硬件，而苹果汽车很有可能全面采用数字车钥匙，这个位于库比蒂诺的科技巨头已经在与宝马等合作伙伴推进这一概念。数字钥匙的概念将使苹果公司能够提供这种“朋友钥匙共享”系统，正如该公司在专利中所描述的那样，它应该允许其他人在不披露任何机密信息和暴露关键数据的情况下驾驶你的汽车。苹果公司描述道：“如果访问是由实物钥匙或钥匙扣控制的，业主必须将钥匙/钥匙扣实际交付给个人，然后必须在个人访问结束后实际取回钥匙/钥匙扣。”当然，鉴于该公司希望为其客户提供充分便利，苹果不会出现这种情况。“如果访问是由秘密数据控制的，所有者必须将秘密数据传达给个人。如果通信不安全，第三方可以观察到秘密数据。此外，在个人完成访问后，必须改变秘密数据”iPhone制造商进一步补充说。因此，使用密码并与他人分享也不是苹果的选择。相反，该公司发明了一个基于令牌的系统，由另一个设备提供动力，然后用安全的方法（iPhone上的App）与另一个人分享。这个令牌类似于一个一次性的访问代码，所以在他们使用汽车后，它会自动过期，不再提供对车辆的访问。当然，重要的是要记住整个事情目前仍是一项专利，但如果这种能力最终在苹果汽车2025年准备就绪时上线，也不要太惊讶。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":5750,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830573574,"gmtCreate":1629085489198,"gmtModify":1676529924957,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830573574","repostId":"2159246901","repostType":2,"repost":{"id":"2159246901","kind":"news","pubTimestamp":1629081660,"share":"https://ttm.financial/m/news/2159246901?lang=en_US&edition=fundamental","pubTime":"2021-08-16 10:41","market":"us","language":"zh","title":"The Haiti earthquake has killed 1,297 people; Apple CEO Tim Cook has pledged to donate aid.","url":"https://stock-news.laohu8.com/highlight/detail?id=2159246901","media":"虎嗅","summary":"海地地震已致1297人死亡：苹果CEO库克表态将捐款援助。8月14日20时29分，加勒比海北部岛国海地发生7.3级地震，震源深度10千米。当地官员确认，截止15日，此次地震已经造成1297人死亡，超5700人受伤。在最严重的三个地区，有13785间房屋受损，13694间房屋毁坏。对于此次灾难，苹果CEO库克出面表示对遇难者表示同情，将捐款以帮助社区救援和恢复工作。","content":"<p><html><body><article>The earthquake in Haiti has killed 1,297 people:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>CEO Tim Cook stated that he would donate to provide assistance.</p><p>At 8:29 p.m. on August 14, a 7.3-magnitude earthquake struck Haiti, an island nation in the northern Caribbean Sea, with a focal depth of 10 kilometers. Local officials confirmed that as of the 15th, the earthquake had caused 1,297 deaths and injured more than 5,700 people. In the three worst-hit areas, 13,785 houses were damaged and 13,694 were destroyed.</p><p>In response to the disaster, Apple CEO Tim Cook expressed his sympathy for the victims and pledged to donate money to help with community relief and recovery efforts.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Haiti earthquake has killed 1,297 people; Apple CEO Tim Cook has pledged to donate aid.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Haiti earthquake has killed 1,297 people; Apple CEO Tim Cook has pledged to donate aid.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">虎嗅</strong><span class=\"h-time small\">2021-08-16 10:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>The earthquake in Haiti has killed 1,297 people:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>CEO Tim Cook stated that he would donate to provide assistance.</p><p>At 8:29 p.m. on August 14, a 7.3-magnitude earthquake struck Haiti, an island nation in the northern Caribbean Sea, with a focal depth of 10 kilometers. Local officials confirmed that as of the 15th, the earthquake had caused 1,297 deaths and injured more than 5,700 people. In the three worst-hit areas, 13,785 houses were damaged and 13,694 were destroyed.</p><p>In response to the disaster, Apple CEO Tim Cook expressed his sympathy for the victims and pledged to donate money to help with community relief and recovery efforts.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210816104112788b63fe&s=b\">虎嗅</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/28fdf96529f17262c1abf4a746dcc817","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210816104112788b63fe&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2159246901","content_text":"海地地震已致1297人死亡：苹果CEO库克表态将捐款援助。8月14日20时29分，加勒比海北部岛国海地发生7.3级地震，震源深度10千米。当地官员确认，截止15日，此次地震已经造成1297人死亡，超5700人受伤。在最严重的三个地区，有13785间房屋受损，13694间房屋毁坏。对于此次灾难，苹果CEO库克出面表示对遇难者表示同情，将捐款以帮助社区救援和恢复工作。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":5481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890485655,"gmtCreate":1628128527777,"gmtModify":1703501734120,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890485655","repostId":"2157857964","repostType":4,"repost":{"id":"2157857964","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628117704,"share":"https://ttm.financial/m/news/2157857964?lang=en_US&edition=fundamental","pubTime":"2021-08-05 06:55","market":"us","language":"zh","title":"Roku turned a profit year-on-year in the second quarter, but its stock price fell nearly 9% in after-hours trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=2157857964","media":"老虎资讯综合","summary":"8月4日美股盘后，Roku公布2021年第二季度业绩。财报显示，Q2净营收6.45亿美元，同比增长81%，上年同期为3.56亿美元;净利润为7346.7万美元，上年同期净亏损为4314.8万美元。Roku预计第三季度净营收6.75亿美元至6.85亿美元，毛利润3.15亿美元至3.25亿美元，净利润为亏损300万美元至盈利700万美元，调整后的息税前利润为6000万美元至7000万美元。截至发稿，Roku盘后大跌8.64%，报384.02美元。","content":"<p>After the US stock market closed on Wednesday, August 4th, Eastern Time, Roku...<a href=\"https://laohu8.com/S/ROKU\">$(year)$</a>The company announced its results for the second quarter of 2021. The financial report shows that Q2 net revenue was $645 million, an 81% year-over-year increase, compared to $356 million in the same period last year; Net profit was $73.467 million, compared to a net loss of $43.148 million in the same period last year.<img src=\"https://static.tigerbbs.com/62ad95db04d1933cf5d940a86acdd4f5\" tg-width=\"752\" tg-height=\"655\" referrerpolicy=\"no-referrer\">Basic earnings per share were $0.55, compared to a loss of $0.35 in the same period last year; Diluted earnings per share were $0.52, compared to a loss of $0.35 in the same period last year.</p><p>By business segment, platform business revenue was US$532 million, a year-on-year increase of 117%; Revenue from the media player business reached $113 million, a year-over-year increase of 1%.</p><p>The number of active users was 55.1 million, a year-on-year increase of 28%; Streaming media playback time reached 17.4 billion hours, a year-on-year increase of 19%; Average revenue per user (ARPU) was $36.46, a 46% year-over-year increase.</p><p>Roku expects third-quarter net revenue of $675 million to $685 million, gross profit of $315 million to $325 million, net loss of $3 million to profit of $7 million, and adjusted earnings before interest and taxes of $60 million to $70 million.</p><p>As of press time, Roku shares plunged 8.41% to $384.99 in after-hours trading.<img src=\"https://static.tigerbbs.com/0dff1ce7723b1be1a8ebea486bf15c96\" tg-width=\"711\" tg-height=\"527\" 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>Roku turned a profit year-on-year in the second quarter, but its stock price fell nearly 9% in after-hours trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRoku turned a profit year-on-year in the second quarter, but its stock price fell nearly 9% in after-hours trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-05 06:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the US stock market closed on Wednesday, August 4th, Eastern Time, Roku...<a href=\"https://laohu8.com/S/ROKU\">$(year)$</a>The company announced its results for the second quarter of 2021. The financial report shows that Q2 net revenue was $645 million, an 81% year-over-year increase, compared to $356 million in the same period last year; Net profit was $73.467 million, compared to a net loss of $43.148 million in the same period last year.<img src=\"https://static.tigerbbs.com/62ad95db04d1933cf5d940a86acdd4f5\" tg-width=\"752\" tg-height=\"655\" referrerpolicy=\"no-referrer\">Basic earnings per share were $0.55, compared to a loss of $0.35 in the same period last year; Diluted earnings per share were $0.52, compared to a loss of $0.35 in the same period last year.</p><p>By business segment, platform business revenue was US$532 million, a year-on-year increase of 117%; Revenue from the media player business reached $113 million, a year-over-year increase of 1%.</p><p>The number of active users was 55.1 million, a year-on-year increase of 28%; Streaming media playback time reached 17.4 billion hours, a year-on-year increase of 19%; Average revenue per user (ARPU) was $36.46, a 46% year-over-year increase.</p><p>Roku expects third-quarter net revenue of $675 million to $685 million, gross profit of $315 million to $325 million, net loss of $3 million to profit of $7 million, and adjusted earnings before interest and taxes of $60 million to $70 million.</p><p>As of press time, Roku shares plunged 8.41% to $384.99 in after-hours trading.<img src=\"https://static.tigerbbs.com/0dff1ce7723b1be1a8ebea486bf15c96\" tg-width=\"711\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"ROKU":"Roku Inc"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157857964","content_text":"美东时间8月4日周三美股盘后，Roku$(ROKU)$公布2021年第二季度业绩。财报显示，Q2净营收6.45亿美元，同比增长81%，上年同期为3.56亿美元;净利润为7346.7万美元，上年同期净亏损为4314.8万美元。基本每股收益0.55美元，上年同期为亏损0.35美元;摊薄后每股收益0.52美元，上年同期为亏损0.35美元。\n按业务划分，平台业务营收5.32亿美元，同比增长117%;播放器业务营收1.13亿美元，同比增长1%。\n活跃用户数为5510万，同比增长28%;流媒体播放时长为174亿小时，同比增长19%;每用户平均营收(ARPU)为36.46美元，同比增长46%。\nRoku预计第三季度净营收6.75亿美元至6.85亿美元，毛利润3.15亿美元至3.25亿美元，净利润为亏损300万美元至盈利700万美元，调整后的息税前利润为6000万美元至7000万美元。\n截至发稿，Roku盘后大跌8.41%，报384.99美元。","news_type":1,"symbols_score_info":{"ROKU":0.9}},"isVote":1,"tweetType":1,"viewCount":5562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807596099,"gmtCreate":1628042262411,"gmtModify":1703500109407,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807596099","repostId":"1163360313","repostType":4,"isVote":1,"tweetType":1,"viewCount":5328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807593398,"gmtCreate":1628042117214,"gmtModify":1703500105679,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807593398","repostId":"1161395470","repostType":4,"repost":{"id":"1161395470","kind":"news","pubTimestamp":1628041950,"share":"https://ttm.financial/m/news/1161395470?lang=en_US&edition=fundamental","pubTime":"2021-08-04 09:52","market":"sh","language":"zh","title":"Chinese concept game stocks plummeted, with several mutual funds caught in the crossfire! Jump or get on?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161395470","media":"中国证券报","summary":"8月3日，游戏股跳水给中概互联带来一记重拳。截至港股收盘，腾讯控股报446.00港元，跌6.11%；网易报145.90港元，跌7.77%；哔哩哔哩报646.5港元，跌3.44%。截至美股收盘，腾讯AD","content":"<p><div>On August 3, the plunge in gaming stocks dealt a heavy blow to Chinese internet companies listed in the US. At the close of trading in Hong Kong, Tencent Holdings was trading at HK$446.00, down 6.11%. NetEase traded at HK$145.90, down 7.77%; Bilibili closed at HK$646.5, down 3.44%. As of the US stock market close, Tencent ADRs fell 7.32%, Tencent Music fell 3.03%, NetEase fell 11.41%, and Bilibili fell 7.06%. Several well-known fund managers, including Zhang Kun and Xie Zhiyu, have invested in this field, and a considerable number of other funds have been affected. While Chinese concept stocks are being impacted, a considerable number of investors are taking advantage of the situation...</p><p><a href=\"https://mp.weixin.qq.com/s/mIGASuul0V49T1QxvxZ5LQ\">Web page link</a></div></p>","source":"zgzqb","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>Chinese concept game stocks plummeted, with several mutual funds caught in the crossfire! Jump or get on?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese concept game stocks plummeted, with several mutual funds caught in the crossfire! Jump or get on?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-08-04 09:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On August 3, the plunge in gaming stocks dealt a heavy blow to Chinese internet companies listed in the US. At the close of trading in Hong Kong, Tencent Holdings was trading at HK$446.00, down 6.11%. NetEase traded at HK$145.90, down 7.77%; Bilibili closed at HK$646.5, down 3.44%. As of the US stock market close, Tencent ADRs fell 7.32%, Tencent Music fell 3.03%, NetEase fell 11.41%, and Bilibili fell 7.06%. Several well-known fund managers, including Zhang Kun and Xie Zhiyu, have invested in this field, and a considerable number of other funds have been affected. While Chinese concept stocks are being impacted, a considerable number of investors are taking advantage of the situation...</p><p><a href=\"https://mp.weixin.qq.com/s/mIGASuul0V49T1QxvxZ5LQ\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/mIGASuul0V49T1QxvxZ5LQ\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7eaa2c45cf70f617f2a492ecb0fcce5f","relate_stocks":{"TCEHY":"腾讯控股ADR","QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF","00700":"腾讯控股"},"source_url":"https://mp.weixin.qq.com/s/mIGASuul0V49T1QxvxZ5LQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161395470","content_text":"8月3日，游戏股跳水给中概互联带来一记重拳。截至港股收盘，腾讯控股报446.00港元，跌6.11%；网易报145.90港元，跌7.77%；哔哩哔哩报646.5港元，跌3.44%。截至美股收盘，腾讯ADR跌7.32%，腾讯音乐跌3.03%，网易跌11.41%，哔哩哔哩跌7.06%。\n张坤、谢治宇等多位知名基金经理投资了该领域，此外还有相当数量的基金被波及。\n中概股受冲击之际，却有相当数量的投资人趁机上车，积极布局。以中概互联网ETF为例，截至8月3日，该基金的规模已较今年1月底增加超100亿元。此外，也有不少投资者选择易方达中证海外中国互联网50ETF联接基金抄底，该基金二季度规模也大涨30亿元以上。\n相关基金“大地震”\n8月3日，持有游戏相关的中概股基金“大地震”。以腾讯控股为例，截至6月底，全市场76家基金公司旗下的506只基金重仓了腾讯控股，规模合计1.64万亿元。从持股数看，二季度末公募基金持有该股数高达1.98亿股，占腾讯控股流通股比例的2.07%。\n同期，共有219只基金增持了腾讯控股。从持股数量看，易方达蓝筹精选是所有基金中持有腾讯控股股票数量最多的基金。截至6月底，该基金共持有腾讯控股1810万股，较一季度增持了200万股。谢治宇管理的兴全合宜持有399.32万股。此外，冯波管理的易方达研究精选、曲扬管理的前海开源沪港深蓝筹、李耀柱管理的广发沪港深新起点、王宗合管理的鹏华匠心精选等基金都持有相当数量的腾讯控股。\n值得注意的是，虽然游戏板块表现不尽如人意，但从公募基金的动作来看，部分基金仍呈增持态势。\n不过，也有基金经理已开始对重仓股做出调整。8月2日，三七互娱在董事会通过股份回购案之后，公布了此次回购前的重要股东持股情况。在前十大流通股东当中，兴全基金旗下三只基金分列八、九、十位，分别是兴全合润、兴全商业模式和兴全合宜。\n陷入窘境\n事实上，自今年农历春节以来，中概互联ETF便陷入了窘境。该指数从今年2月18日高点以来，被一路血洗。从股价表现来看，仅二季度，中概互联就有5只个股跌幅超过25%，其中快手科技和贝壳集团的跌幅超过50%。\n\n来源：Wind\n不过，自春节长假结束以来，中概股持续下跌，但获得了超百亿元资金的持续涌入。Wind数据显示，2月中概互联网ETF获净申购4.2亿份，3月获净申购3.27亿份，4月获净申购8.31亿份，5月获净申购24.83亿份，6月获净申购28.52亿份。截至7月28日，不到一个月时间，7月中概互联网ETF已获净申购30.84亿份。\n万家基金经理刘宏达认为，主要原因还是部分公司估值过高，透支了一段时间的涨幅。阶段性调整是因为预期过高，但港股长期趋势不会改变，在调整之后，港股将迎来长期配置时点。\n能否跌出“黄金坑”？\n值得注意的是，港股科技股近期走势可谓一波三折，以互联网为主的科技股出现较大回调，这也令市场怀疑港股是否将一蹶不振。\n不过，上投摩根投资总监杜猛认为，港股科技股下半年仍会有表现机会。“我们对港股互联网公司未来蛮有信心的，虽然短期政策使得市场情绪承压，但从长期看，互联网行业仍有很强的成长弹性。”\n江勇提出，在恐慌情绪宣泄过后，港股投资时机也将明显体现。对于目前的港股市场而言，估值水平已大幅降低，个股尤其是成长股价格已足够便宜，交易拥挤的情况也明显缓解，因此就目前来看，港股市场相较于A股市场会更具有吸引力。此外，近期多家中概公司在海外上市受阻，并且纷纷转向A股或港股双重上市和回归二次上市，港股桥头堡的地位将得以巩固，这对于港股市场来说也是一大利好信息。\n站在当下时点，刘宏达对未来市场充满信心。他判断，从3年维度看，港股市场长期向上，短期的调整反而是布局机会，许多标的可能在二三季度回调至合理区间。这次抗疫充分显现了中国的制度以及经济优势，中国市场会成为全球资本配置的大方向。更多符合中国经济发展方向的新经济公司来港股上市，会带动境内外更多资本涌入港股市场。","news_type":1,"symbols_score_info":{"00700":0.9,"TTTN":0.9,"TCEHY":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":6844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805518549,"gmtCreate":1627891502081,"gmtModify":1703497287401,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"gd","listText":"gd","text":"gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805518549","repostId":"2156247193","repostType":4,"isVote":1,"tweetType":1,"viewCount":5445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805513155,"gmtCreate":1627891373277,"gmtModify":1703497283944,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805513155","repostId":"1154823024","repostType":4,"repost":{"id":"1154823024","kind":"news","pubTimestamp":1627882335,"share":"https://ttm.financial/m/news/1154823024?lang=en_US&edition=fundamental","pubTime":"2021-08-02 13:32","market":"sh","language":"zh","title":"Large inflows and outflows! What are northbound capital planning this week?","url":"https://stock-news.laohu8.com/highlight/detail?id=1154823024","media":"上海证券报","summary":"本周A股市场风格快速切换，北向资金的流向也呈现出大幅波动的特征：周初A股、港股全线下挫，北向资金两个交易日累计流出额近170亿元；而周三周四，随着市场情绪回暖，北向资金再度累计回流超120亿元。\n数据","content":"<p><div>This week, the A-share market style shifted rapidly, and the flow of northbound capital also showed significant fluctuations: at the beginning of the week, A-shares and Hong Kong stocks all declined, with a cumulative outflow of nearly 17 billion yuan in northbound capital over two trading days. On Wednesday and Thursday, as market sentiment recovered, northbound capital once again saw a cumulative inflow of over 12 billion yuan. Data shows that amidst drastic market changes, northbound capital has begun to buy some oversold leading companies in the financial and consumer sectors against the trend. Northbound capital saw the largest increases in holdings of stocks such as Ping An Insurance, Yili Group, and Haitian Flavoring this week. Will northbound capital adjust its portfolio this month? Northbound capital saw another net outflow in a single day on July 26...</p><p><a href=\"https://mp.weixin.qq.com/s/zVvX5KW5sfmKUoYMv3fnDA\">Web page link</a></div></p>","source":"shzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Large inflows and outflows! What are northbound capital planning this week?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLarge inflows and outflows! What are northbound capital planning this week?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2021-08-02 13:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>This week, the A-share market style shifted rapidly, and the flow of northbound capital also showed significant fluctuations: at the beginning of the week, A-shares and Hong Kong stocks all declined, with a cumulative outflow of nearly 17 billion yuan in northbound capital over two trading days. On Wednesday and Thursday, as market sentiment recovered, northbound capital once again saw a cumulative inflow of over 12 billion yuan. Data shows that amidst drastic market changes, northbound capital has begun to buy some oversold leading companies in the financial and consumer sectors against the trend. Northbound capital saw the largest increases in holdings of stocks such as Ping An Insurance, Yili Group, and Haitian Flavoring this week. Will northbound capital adjust its portfolio this month? Northbound capital saw another net outflow in a single day on July 26...</p><p><a href=\"https://mp.weixin.qq.com/s/zVvX5KW5sfmKUoYMv3fnDA\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/zVvX5KW5sfmKUoYMv3fnDA\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/zVvX5KW5sfmKUoYMv3fnDA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154823024","content_text":"本周A股市场风格快速切换，北向资金的流向也呈现出大幅波动的特征：周初A股、港股全线下挫，北向资金两个交易日累计流出额近170亿元；而周三周四，随着市场情绪回暖，北向资金再度累计回流超120亿元。\n数据显示，在市场激烈的变化中，北向资金开始逆势买入部分超跌的金融和消费类赛道的龙头公司。中国平安、伊利股份、海天味业等个股的北向资金本周加仓幅度居前。\n北向资金月内调仓？\n7月26日北向资金单日净流出再度超过100亿元，这是自沪深港通开通以来，北向资金第13次净流出金额超百亿元，单日净卖出额创下近1年新高。\n虽然创出阶段新高的资金流出发生在本周，但近月以来北向资金似乎在调仓。\n7月共21个交易日中，有三个交易日北向资金单日净流入或净流出金额超过百亿元。其中7月14日，北向资金单日大幅净卖出108.06亿元，随后又于15日反手净买入123.98亿元。其短期操作呈现出快进快出特征。\n\n南北资金流向\n不过整体来看，虽然本周累计净流出24.46亿元，但7月整体北向资金仍然呈现净买入态势，金额达107.62亿元。\n\n兴业证券统计显示，结构上来看，托管于国际银行的配置型外资作为加仓A股的主要力量，7月以来却出现超70亿元的净流出。兴业证券策略团队分析认为，首先外资对A股市场三季度的走势有所不确定；其次全球疫情反复，外资出于防御性的减仓行为，暂时回流美国和发达市场 。\n开源证券牟一凌策略团队认为，对于北向重仓股而言，不管是北向整体还是分托管席位，前10大重仓股的平均跌幅在4.4%左右，在全A中排在后10%~15%。而公募2021二季度的前10大重仓股平均下跌5.39%。开源证券表示，这意味着当前市场并未出现任何外资大幅撤出中国的证据，近期市场的波动并非是资金流动导致的共振，而更像是风险情绪的扩散。\n北向资金在交易什么？\n从具体操作来看，剧烈波动的外资取舍之间，又在交易哪些公司呢？\n统计数据显示，北向资金本周以来对长期青睐的蓝筹白马股呈分歧态度：贵州茅台、东方财富和京东方A等个股遭抛售，但部分超跌的食品饮料、医药类的消费股以及金融股获得北向资金的低吸。\n今年以来股价持续低迷的中国平安本周获得北向资金的连续买入：本周北向资金共计加仓中国平安超3000万股，持股比例上升了3.62个百分点，在北向资金前十大重仓股中加仓幅度最前。持股数占流通A股比例为4月21日以来新高。\n此前跌幅较深的海天味业、伊利股份、中国中免等消费类龙头股，以及恒瑞医药、迈瑞医疗为代表的医药赛道龙头同样获得了北向资金不同幅度的加仓。\n\n本周以来北向资金前二十大重仓股持股变动\n另一方面，新能源龙头宁德时代本周遭北向资金小幅减仓超40万股。从更长时间轴看，7月以来北向资金对宁德时代整体同样持抛售态度，持股比例整体下降0.34个百分点，累计减持近700万股。\n除宁德时代以外，不少前期累计涨幅较前的新能源、半导体概念个股均遭到北向资金的抛售。恩捷股份、阳光电源、上海贝岭、兆易创新等个股7月以来北向资金持股比例下降均超过1个百分点。\n此外，军工板块遭北向资金集体抛售，中航光电、中国重工、中航西飞、中航沈飞等多只军工股遭北向资金减仓幅度居前。\n加仓个股方面，北向资金7月持股比例变动幅度较前的主要仍集中在半年报业绩向好的部分化工、制造业、医药类个股。公牛集团、捷昌驱动、万华化学、海尔生物、泰和新材等个股加仓幅度居前。\n\n7月以来北向资金持股变动\n光大证券策略团队则认为，部分北向资金或根据半年报业绩调整配置。6月以来也是A股上市公司密集披露业绩预告的时期，业绩预告的结果整体较好，大部分行业中已经披露业绩预告的公司大多预喜，其中北向资金流入较多的电子、电气设备等行业也有70%以上的预喜率。\n从配置方向上看，北向资金对于龙头股的配置风格或将延续，但对于具体个股的选择上或更偏好于景气度相对更高的行业龙头。历史上看，财报季业绩超预期的个股流入规模也往往更大，建议关注未来业绩有望超预期的龙头公司。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802731853,"gmtCreate":1627804995072,"gmtModify":1703496128355,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"&nbsp;good","listText":"&nbsp;good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802731853","repostId":"1118959005","repostType":4,"isVote":1,"tweetType":1,"viewCount":2588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802481385,"gmtCreate":1627795451247,"gmtModify":1703496018908,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"gd","listText":"gd","text":"gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802481385","repostId":"1184546610","repostType":4,"isVote":1,"tweetType":1,"viewCount":2024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802381967,"gmtCreate":1627718677059,"gmtModify":1703495184535,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802381967","repostId":"2155501101","repostType":4,"repost":{"id":"2155501101","kind":"news","pubTimestamp":1627694763,"share":"https://ttm.financial/m/news/2155501101?lang=en_US&edition=fundamental","pubTime":"2021-07-31 09:26","market":"us","language":"zh","title":"The source of funding for the trillion-dollar new infrastructure plan in the United States has become a problem","url":"https://stock-news.laohu8.com/highlight/detail?id=2155501101","media":"华夏时报","summary":"关于美国万亿基建计划资金来源的分歧，是影响美国国会达成一致协议的重要阻碍。而关于加大加密货币交易征税用于筹集部分万亿基建计划却迅速在两党达成一致意见。\n7月28日晚间，美国国会经过数周的谈判后，参议院","content":"<p><div>Disagreements over the source of funding for the trillion-dollar infrastructure program in the United States are a major obstacle to reaching a consensus agreement in the U.S. Congress. However, a bipartisan agreement was quickly reached on increasing taxes on cryptocurrency transactions to raise part of the trillion-dollar infrastructure plan. On the evening of July 28, after weeks of negotiations in the U.S. Congress, the results of the Senate's procedural vote on the trillion-dollar infrastructure plan were released. The vote was 67 in favor and 32 against, with 17 Republicans and 50 Democrats voting in favor. After the bill is passed by the Senate, which is predominantly controlled by Republicans, it is then considered by the House of Representatives, which is predominantly controlled by Democrats. The voting results...</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/roll/2021-07-31/doc-ikqcfncc0051184.shtml\">Web page link</a></div></p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The source of funding for the trillion-dollar new infrastructure plan in the United States has become a problem</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe source of funding for the trillion-dollar new infrastructure plan in the United States has become a problem\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华夏时报</strong><span class=\"h-time small\">2021-07-31 09:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Disagreements over the source of funding for the trillion-dollar infrastructure program in the United States are a major obstacle to reaching a consensus agreement in the U.S. Congress. However, a bipartisan agreement was quickly reached on increasing taxes on cryptocurrency transactions to raise part of the trillion-dollar infrastructure plan. On the evening of July 28, after weeks of negotiations in the U.S. Congress, the results of the Senate's procedural vote on the trillion-dollar infrastructure plan were released. The vote was 67 in favor and 32 against, with 17 Republicans and 50 Democrats voting in favor. After the bill is passed by the Senate, which is predominantly controlled by Republicans, it is then considered by the House of Representatives, which is predominantly controlled by Democrats. The voting results...</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/roll/2021-07-31/doc-ikqcfncc0051184.shtml\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/roll/2021-07-31/doc-ikqcfncc0051184.shtml\">华夏时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab1815ec48bd4c5f20d5928cc3337253","relate_stocks":{},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/roll/2021-07-31/doc-ikqcfncc0051184.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155501101","content_text":"关于美国万亿基建计划资金来源的分歧，是影响美国国会达成一致协议的重要阻碍。而关于加大加密货币交易征税用于筹集部分万亿基建计划却迅速在两党达成一致意见。\n7月28日晚间，美国国会经过数周的谈判后，参议院关于美国万亿基建计划的程序性投票结果出炉，67票赞成32票反对，其中投出赞成票的包括17名共和党人和50名民主党人。主要由共和党人控制的参议院通过法案后，再通过主要由民主党控制的众议院审议，投票结果通过后，才能由拜登签字最终通过法案。\n尽管关于法案的细节大部分已经达成一致，但是还有小部分目前还未完全确定。而其中关于万亿基建法案中建设资金的来源一直是法案讨论的重点。对于白宫提议的通过提高税率覆盖基建投资，共和党方面始终持反对意见。\n对此，美国参议院两党一致通过了一份关于基础设施的补充提案，提出要通过向加密货币交易征税，筹集280亿美元的基建资金，包括券商、交易平台（包括中心化与去中心化的交易平台）在内的数字资产交易经纪人必须通过修改后的信息报告制度向美国国税局提交税收申报，主要针对超过1万美元的交易。截至发文，比特币报价38806美元，以太坊报价2348美元，依据现价，大约0.3个比特币与4个以太坊的交易就需要提交税收申报表进行缴税。\n不少加密行业人士对此表达了不满，诸如华盛顿行业组织区块链协会负责人Kristin Smith、共和党参议员Cynthia Lummis、加密税务公司CoinTracker的税务策略主管Shehan Chandrasekera等人。\n俄明州共和党参议员 Cynthia Lummis 对此表示：“加密货币市场是非常复杂的领域，很容易出现问题，需要成立专门委员会来研究加密货币税收问题，而不是迫切地起草。”\n加密税务公司CoinTracker的税务策略主管Shehan Chandrasekera甚至指出，新申报要求执行起来相当困难，立法者试图将传统股票和证券领域的做法放在加密货币领域很难行得通。他强调：“在投资加密货币的过程中，大多数人会将资产保存在硬钱包中，这与传统金融领域完全不同。”\n不过，今年5月份美国也提及了类似的关于加密货币征税的提案，美国财政部提交的关于税收执法建议的报告中就曾提到，对加密资产需采取额外措施，以减少将收入转移出新信息报告制度的机会，超过1万美元的现金交易已经受到报告要求的约束。\n在此之前，美国也曾多次提出要对加密货币交易进行征税，2020年11月，美国国税局（IRS）发布的1040号“美国个人所得税申报表”草案的指导说明中也曾规定，如果纳税人免费收到任何加密货币，包括空投或硬分叉等途径，则必须在加密相关问题中勾选“是”选项。2014年，美国税务局IRS就发布了第一版关于加密货币纳税的指南，2019年IRS对其进行了适度的修改。根据现有的政策，持有者每次交易加密货币都要缴纳资本利得税。\n本报记者统计，目前在美国的加密货币交易需要交税的情况，一是通过挖矿获得的加密货币被算作普通收入范围，需要缴纳其他收入税；另外将加密货币兑换为法币、将加密货币兑换成其他加密货币、使用加密货币购买商品或服务以及通过空投或者奖励免费获得加密货币等行为。美国加密货币的持有者必须记录自己的交易活动和收益/损失，填写和提交Form8949向国税局登记。","news_type":1,"symbols_score_info":{"BTCmain":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803226906,"gmtCreate":1627443042305,"gmtModify":1703490066930,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"yes","listText":"yes","text":"yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803226906","repostId":"2154194398","repostType":4,"repost":{"id":"2154194398","kind":"highlight","pubTimestamp":1627437972,"share":"https://ttm.financial/m/news/2154194398?lang=en_US&edition=fundamental","pubTime":"2021-07-28 10:06","market":"us","language":"zh","title":"Why are US stocks flocking to big tech? Giants' financial reports all exceeded expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=2154194398","media":"华尔街见闻","summary":"尽管科技股周二拖累美股结束了连涨势头，不过苹果、微软和谷歌母公司三大科技公司财报没有让市场失望，收入和盈利均大幅上升，超过了市场本已十分乐观的预期。\n受益于看好美股科技巨头的财报表现，在周二之前纳指已","content":"<p>Although technology stocks dragged down US stocks on Tuesday, ending their winning streak,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>and<a href=\"https://laohu8.com/S/GOOG\">Google</a>The financial reports of the parent company's three major technology companies did not disappoint the market, with both revenue and profits rising significantly, exceeding the market's already very optimistic expectations.</p><p>Benefiting from optimistic earnings reports from US tech giants, the Nasdaq had risen for five consecutive days before Tuesday and hit 14,863.65 points on Monday, setting a new intraday record.</p><p>Apple: Almost all metrics exceeded expectations; quarterly profits nearly doubled; iPhone sales surged by 50%.</p><p>Apple released its Q3 2021 fiscal year results (i.e., the second quarter of calendar year 2021 results) after the U.S. stock market closed on Tuesday, July 27.<b>Although the year-over-year growth rate was slightly lower than the previous quarter, Apple far exceeded Wall Street's targets in almost all indicators.</b></p><p>Driven by service sales and iPhone sales, Apple's total revenue for the quarter increased by 36% year-over-year to $81.4 billion, a record high for the same period. Profits almost doubled, increasing by 93% year-on-year to $21.7 billion.</p><p>Specifically, iPhone revenue for the quarter was $39.57 billion, a surge of nearly 50% year-over-year; Services revenue reached $17.49 billion, marking the second consecutive quarterly record high and representing a 33% year-over-year increase.</p><p>By region, Apple achieved double-digit percentage growth across all major geographic markets, with Greater China growing by over 58% and revenue in the Americas increasing by nearly 33% year-on-year.</p><p>Regarding last quarter's performance, Apple's Chief Financial Officer Luca Maestri told the Financial Times that Apple's overall performance in the quarter was \"very, very strong.\" Among them, the number of active equipment installed set new records in all geographical market segments.</p><p>In addition, Apple warned in the last fiscal quarter that supply chain issues could lead to supply shortages for iPads and Macs. However, the final results show that this impact will ultimately be less than $3 billion.</p><p>Microsoft: Quarterly revenue hits record high; Azure cloud platform achieves fastest growth in five quarters.</p><p>Microsoft's quarterly financial report was also released on the same day.<b>This tech giant, with a market capitalization exceeding $2 trillion, has far exceeded market expectations in all indicators.</b></p><p>Driven by a large number of new businesses in cloud computing, LinkedIn advertising, and business applications, Microsoft's revenue for the quarter increased by more than 21% year-over-year to $46.2 billion, a record high. This also marks the third consecutive quarter that Microsoft's total revenue has exceeded $40 billion. Net profit was $16.5 billion, up 47% year-over-year.</p><p>In terms of profit margins, Microsoft's gross margin improved by nearly 2 percentage points to 69.7%, nearly 1 percentage point higher than expected, and drove earnings per share up 48% to $2.17.</p><p>By business segment, the rapidly growing Azure cloud platform is Microsoft's main engine. Azure revenue grew by 51% in the quarter, the fastest growth rate in five quarters.</p><p>Google's parent company Alphabet: Net profit exceeded analysts' expectations by 10%, and advertising revenue growth was double that of the previous quarter.</p><p>In addition to the two companies mentioned above, Alphabet also released its latest financial report on the same day. With the surge in advertising sales, the company's profits and revenue both exceeded market expectations.</p><p>The outbreak of the COVID-19 pandemic last year caused a sharp decline in global advertising spending, which also dealt a heavy blow to Alphabet. However, with the reopening of the economy, as Wall Street expected, Alphabet's revenue for the quarter surged 62% year-on-year to $61.88 billion, and net profit reached $18.53 billion, about 10% higher than analysts' expectations.</p><p>By business segment, revenue from the main advertising business was $50.444 billion in the quarter, easily exceeding analysts' expectations; The year-on-year growth rate was nearly 69%, more than double that of the first quarter. YouTube's advertising revenue grew significantly, reaching $7 billion, a year-on-year increase of over 80%.</p><p>In addition, benefiting from working from home, Alphabet's cloud business also saw significant growth, with quarterly revenue increasing by nearly 54% year-over-year to $4.63 billion, also exceeding analysts' expectations.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Net profit exceeded $1 billion for the first time, setting a new record and representing a year-on-year increase of nearly 1000%.</p><p>Tesla's earnings report, released after the market closed on Monday, also attracted market attention this week. As the world's largest automaker and electric vehicle giant by market capitalization, Tesla's quarterly revenue not only exceeded expectations, but its net profit also hit a new high.</p><p>After-hours earnings reports released by US stocks on July 27 showed that Tesla's revenue reached $11.96 billion, a year-on-year increase of 98%, exceeding analysts' expectations of $11.36 billion, marking the third consecutive quarter that it has surpassed the $10 billion mark.</p><p>Tesla's GAAP net income for the quarter was $1.14 billion, marking the first time in the company's history that it has exceeded the $1 billion mark, representing a year-on-year increase of nearly 1,000%. This is also the eighth consecutive quarter of positive profitability.</p><p>Wall Street Insights previously pointed out in an article that it is worth noting that Tesla still expects its car deliveries to achieve an average annual growth rate of 50% within a few years. Bloomberg reports that this means Tesla's delivery guidance this year may be higher than market expectations.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are US stocks flocking to big tech? Giants' financial reports all exceeded expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are US stocks flocking to big tech? Giants' financial reports all exceeded expectations\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-28 10:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Although technology stocks dragged down US stocks on Tuesday, ending their winning streak,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>and<a href=\"https://laohu8.com/S/GOOG\">Google</a>The financial reports of the parent company's three major technology companies did not disappoint the market, with both revenue and profits rising significantly, exceeding the market's already very optimistic expectations.</p><p>Benefiting from optimistic earnings reports from US tech giants, the Nasdaq had risen for five consecutive days before Tuesday and hit 14,863.65 points on Monday, setting a new intraday record.</p><p>Apple: Almost all metrics exceeded expectations; quarterly profits nearly doubled; iPhone sales surged by 50%.</p><p>Apple released its Q3 2021 fiscal year results (i.e., the second quarter of calendar year 2021 results) after the U.S. stock market closed on Tuesday, July 27.<b>Although the year-over-year growth rate was slightly lower than the previous quarter, Apple far exceeded Wall Street's targets in almost all indicators.</b></p><p>Driven by service sales and iPhone sales, Apple's total revenue for the quarter increased by 36% year-over-year to $81.4 billion, a record high for the same period. Profits almost doubled, increasing by 93% year-on-year to $21.7 billion.</p><p>Specifically, iPhone revenue for the quarter was $39.57 billion, a surge of nearly 50% year-over-year; Services revenue reached $17.49 billion, marking the second consecutive quarterly record high and representing a 33% year-over-year increase.</p><p>By region, Apple achieved double-digit percentage growth across all major geographic markets, with Greater China growing by over 58% and revenue in the Americas increasing by nearly 33% year-on-year.</p><p>Regarding last quarter's performance, Apple's Chief Financial Officer Luca Maestri told the Financial Times that Apple's overall performance in the quarter was \"very, very strong.\" Among them, the number of active equipment installed set new records in all geographical market segments.</p><p>In addition, Apple warned in the last fiscal quarter that supply chain issues could lead to supply shortages for iPads and Macs. However, the final results show that this impact will ultimately be less than $3 billion.</p><p>Microsoft: Quarterly revenue hits record high; Azure cloud platform achieves fastest growth in five quarters.</p><p>Microsoft's quarterly financial report was also released on the same day.<b>This tech giant, with a market capitalization exceeding $2 trillion, has far exceeded market expectations in all indicators.</b></p><p>Driven by a large number of new businesses in cloud computing, LinkedIn advertising, and business applications, Microsoft's revenue for the quarter increased by more than 21% year-over-year to $46.2 billion, a record high. This also marks the third consecutive quarter that Microsoft's total revenue has exceeded $40 billion. Net profit was $16.5 billion, up 47% year-over-year.</p><p>In terms of profit margins, Microsoft's gross margin improved by nearly 2 percentage points to 69.7%, nearly 1 percentage point higher than expected, and drove earnings per share up 48% to $2.17.</p><p>By business segment, the rapidly growing Azure cloud platform is Microsoft's main engine. Azure revenue grew by 51% in the quarter, the fastest growth rate in five quarters.</p><p>Google's parent company Alphabet: Net profit exceeded analysts' expectations by 10%, and advertising revenue growth was double that of the previous quarter.</p><p>In addition to the two companies mentioned above, Alphabet also released its latest financial report on the same day. With the surge in advertising sales, the company's profits and revenue both exceeded market expectations.</p><p>The outbreak of the COVID-19 pandemic last year caused a sharp decline in global advertising spending, which also dealt a heavy blow to Alphabet. However, with the reopening of the economy, as Wall Street expected, Alphabet's revenue for the quarter surged 62% year-on-year to $61.88 billion, and net profit reached $18.53 billion, about 10% higher than analysts' expectations.</p><p>By business segment, revenue from the main advertising business was $50.444 billion in the quarter, easily exceeding analysts' expectations; The year-on-year growth rate was nearly 69%, more than double that of the first quarter. YouTube's advertising revenue grew significantly, reaching $7 billion, a year-on-year increase of over 80%.</p><p>In addition, benefiting from working from home, Alphabet's cloud business also saw significant growth, with quarterly revenue increasing by nearly 54% year-over-year to $4.63 billion, also exceeding analysts' expectations.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Net profit exceeded $1 billion for the first time, setting a new record and representing a year-on-year increase of nearly 1000%.</p><p>Tesla's earnings report, released after the market closed on Monday, also attracted market attention this week. As the world's largest automaker and electric vehicle giant by market capitalization, Tesla's quarterly revenue not only exceeded expectations, but its net profit also hit a new high.</p><p>After-hours earnings reports released by US stocks on July 27 showed that Tesla's revenue reached $11.96 billion, a year-on-year increase of 98%, exceeding analysts' expectations of $11.36 billion, marking the third consecutive quarter that it has surpassed the $10 billion mark.</p><p>Tesla's GAAP net income for the quarter was $1.14 billion, marking the first time in the company's history that it has exceeded the $1 billion mark, representing a year-on-year increase of nearly 1,000%. This is also the eighth consecutive quarter of positive profitability.</p><p>Wall Street Insights previously pointed out in an article that it is worth noting that Tesla still expects its car deliveries to achieve an average annual growth rate of 50% within a few years. Bloomberg reports that this means Tesla's delivery guidance this year may be higher than market expectations.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636490\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"GOOGL":"谷歌A","TSLA":"特斯拉","AAPL":"苹果","MSFT":"微软","GOOG":"谷歌"},"source_url":"https://wallstreetcn.com/articles/3636490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154194398","content_text":"尽管科技股周二拖累美股结束了连涨势头，不过苹果、微软和谷歌母公司三大科技公司财报没有让市场失望，收入和盈利均大幅上升，超过了市场本已十分乐观的预期。\n受益于看好美股科技巨头的财报表现，在周二之前纳指已经连涨五日，并在周一盘中触及14863.65点，刷新盘中纪录。\n苹果：几乎所有指标均超预期 季度利润接近翻倍 iPhone销量激增50%\n苹果公司在7月27日周二美股盘后发布2021财年三季报（即2021自然年第二季度业绩）。尽管同比增速略低于上季度，但是苹果在几乎所有指标上都远超华尔街目标。\n在服务销售和iPhone销量的刺激下，苹果当季总营收同比增长36%至814亿美元，创历史同期最高；利润更是几乎翻了一倍，同比增长93%至217亿美元。\n具体来看，当季iPhone营收395.7亿美元，同比激增近50%；服务业务营收174.9亿美元，连续两个季度历史新高，同比增33%。\n按地区来看，苹果各大地理市场分区均实现双位数百分比涨幅，大中华区增超58%，美洲市场收入同比增近33%。\n对于上季度的表现，苹果首席财务官Luca Maestri在接受英国金融时报采访时表示，该季度苹果的表现在整体上“非常、非常强劲”。其中，活跃设备装机量在所有地理市场分区都创下了新纪录。\n另外，苹果曾在上一财季警告，供应链问题恐将使iPad和Mac产品出现供应不足问题。不过最终的情况显示，这一影响最终不足30亿美元。\n微软：当季营收创历史新高Azure云平台创五个季度最快增速\n同天公布的还有微软的季度财报，同样的，这家市值超过2万亿美元的科技巨头在各项指标上都远超市场预期。\n在云计算、LinkedIn广告和商业应用领域的大批量新业务推动下，微软当季营收同比增长超21%至462亿美元，创历史新高，这也代表微软总营收连续三个季度突破400亿美元；净利润为165亿美元，同比增47%。\n利润率方面，微软毛利率提高了近2个百分点至69.7%，比预期高出近1个百分点，并推动每股盈利跃升48%至2.17美元。\n分业务来看，快速增长的Azure云平台是微软的主要引擎。当季Azure收入增长了51%，创下5个季度以来的最快增速。\n谷歌母公司Alphabet：净利润高出分析师预期10% 广告收入增速是上季度两倍\n除了以上两家之外，Alphabet也在同一天公布了最新财报，随着广告销售的激增，公司盈利和收入均高于市场预期。\n去年新冠疫情的爆发令全球广告支出大幅下滑，这也给Alphabet带了沉重的打击。不过随着经济的重新开放，正如华尔街预期的那样，Alphabet当季营业收入同比大增62%至618.8亿美元，净利润更是达到185.3亿美元，比分析师预期的高出约10%。\n分业务来看，主营业务广告的收入当季为504.44亿美元，轻松超越分析师预期；同比增长近69%，同比增速是一季度的两倍多。其中YouTube广告收入大幅增长，达到70亿美元，同比增长逾80%。\n除此之外，受益于居家办公，Alphabet的云业务也大幅增长，当季收入同比增长近54%至46.3亿美元，同样超过分析师预期。\n特斯拉：净利润首超10亿美元创新高 同比增长近1000%\n本周获得市场聚焦的还有周一盘后公布的特斯拉财报。作为全球市值最大的汽车制造商、电动汽车巨头，特斯拉不仅季度营收好于预期，净利润更是创下新高.\n7月27日美股盘后公布的财报显示，特斯拉119.6亿美元，同比增长98%，高于分析师预期的113.6亿美元，连续三个季度超过100亿美元大关。\n当季GAAP项下特斯拉净利润为11.4亿美元，是公司史上首次超过10亿美元大关，同比增长近1000%，这也是连续第八个季度实现正盈利。\n华尔街见闻此前在文章中指出，值得注意的是，特斯拉仍预期汽车交付量在几年内实现50%的年均增长率。彭博社称，这代表今年特斯拉交付指引可能高于市场预期。","news_type":1,"symbols_score_info":{"TSLA":0.9,"AAPL":0.9,"MSFT":0.9,"GOOGL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":1837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803221752,"gmtCreate":1627442988076,"gmtModify":1703490065273,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"yes","listText":"yes","text":"yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803221752","repostId":"2154194398","repostType":4,"repost":{"id":"2154194398","kind":"highlight","pubTimestamp":1627437972,"share":"https://ttm.financial/m/news/2154194398?lang=en_US&edition=fundamental","pubTime":"2021-07-28 10:06","market":"us","language":"zh","title":"Why are US stocks flocking to big tech? Giants' financial reports all exceeded expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=2154194398","media":"华尔街见闻","summary":"尽管科技股周二拖累美股结束了连涨势头，不过苹果、微软和谷歌母公司三大科技公司财报没有让市场失望，收入和盈利均大幅上升，超过了市场本已十分乐观的预期。\n受益于看好美股科技巨头的财报表现，在周二之前纳指已","content":"<p>Although technology stocks dragged down US stocks on Tuesday, ending their winning streak,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>and<a href=\"https://laohu8.com/S/GOOG\">Google</a>The financial reports of the parent company's three major technology companies did not disappoint the market, with both revenue and profits rising significantly, exceeding the market's already very optimistic expectations.</p><p>Benefiting from optimistic earnings reports from US tech giants, the Nasdaq had risen for five consecutive days before Tuesday and hit 14,863.65 points on Monday, setting a new intraday record.</p><p>Apple: Almost all metrics exceeded expectations; quarterly profits nearly doubled; iPhone sales surged by 50%.</p><p>Apple released its Q3 2021 fiscal year results (i.e., the second quarter of calendar year 2021 results) after the U.S. stock market closed on Tuesday, July 27.<b>Although the year-over-year growth rate was slightly lower than the previous quarter, Apple far exceeded Wall Street's targets in almost all indicators.</b></p><p>Driven by service sales and iPhone sales, Apple's total revenue for the quarter increased by 36% year-over-year to $81.4 billion, a record high for the same period. Profits almost doubled, increasing by 93% year-on-year to $21.7 billion.</p><p>Specifically, iPhone revenue for the quarter was $39.57 billion, a surge of nearly 50% year-over-year; Services revenue reached $17.49 billion, marking the second consecutive quarterly record high and representing a 33% year-over-year increase.</p><p>By region, Apple achieved double-digit percentage growth across all major geographic markets, with Greater China growing by over 58% and revenue in the Americas increasing by nearly 33% year-on-year.</p><p>Regarding last quarter's performance, Apple's Chief Financial Officer Luca Maestri told the Financial Times that Apple's overall performance in the quarter was \"very, very strong.\" Among them, the number of active equipment installed set new records in all geographical market segments.</p><p>In addition, Apple warned in the last fiscal quarter that supply chain issues could lead to supply shortages for iPads and Macs. However, the final results show that this impact will ultimately be less than $3 billion.</p><p>Microsoft: Quarterly revenue hits record high; Azure cloud platform achieves fastest growth in five quarters.</p><p>Microsoft's quarterly financial report was also released on the same day.<b>This tech giant, with a market capitalization exceeding $2 trillion, has far exceeded market expectations in all indicators.</b></p><p>Driven by a large number of new businesses in cloud computing, LinkedIn advertising, and business applications, Microsoft's revenue for the quarter increased by more than 21% year-over-year to $46.2 billion, a record high. This also marks the third consecutive quarter that Microsoft's total revenue has exceeded $40 billion. Net profit was $16.5 billion, up 47% year-over-year.</p><p>In terms of profit margins, Microsoft's gross margin improved by nearly 2 percentage points to 69.7%, nearly 1 percentage point higher than expected, and drove earnings per share up 48% to $2.17.</p><p>By business segment, the rapidly growing Azure cloud platform is Microsoft's main engine. Azure revenue grew by 51% in the quarter, the fastest growth rate in five quarters.</p><p>Google's parent company Alphabet: Net profit exceeded analysts' expectations by 10%, and advertising revenue growth was double that of the previous quarter.</p><p>In addition to the two companies mentioned above, Alphabet also released its latest financial report on the same day. With the surge in advertising sales, the company's profits and revenue both exceeded market expectations.</p><p>The outbreak of the COVID-19 pandemic last year caused a sharp decline in global advertising spending, which also dealt a heavy blow to Alphabet. However, with the reopening of the economy, as Wall Street expected, Alphabet's revenue for the quarter surged 62% year-on-year to $61.88 billion, and net profit reached $18.53 billion, about 10% higher than analysts' expectations.</p><p>By business segment, revenue from the main advertising business was $50.444 billion in the quarter, easily exceeding analysts' expectations; The year-on-year growth rate was nearly 69%, more than double that of the first quarter. YouTube's advertising revenue grew significantly, reaching $7 billion, a year-on-year increase of over 80%.</p><p>In addition, benefiting from working from home, Alphabet's cloud business also saw significant growth, with quarterly revenue increasing by nearly 54% year-over-year to $4.63 billion, also exceeding analysts' expectations.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Net profit exceeded $1 billion for the first time, setting a new record and representing a year-on-year increase of nearly 1000%.</p><p>Tesla's earnings report, released after the market closed on Monday, also attracted market attention this week. As the world's largest automaker and electric vehicle giant by market capitalization, Tesla's quarterly revenue not only exceeded expectations, but its net profit also hit a new high.</p><p>After-hours earnings reports released by US stocks on July 27 showed that Tesla's revenue reached $11.96 billion, a year-on-year increase of 98%, exceeding analysts' expectations of $11.36 billion, marking the third consecutive quarter that it has surpassed the $10 billion mark.</p><p>Tesla's GAAP net income for the quarter was $1.14 billion, marking the first time in the company's history that it has exceeded the $1 billion mark, representing a year-on-year increase of nearly 1,000%. This is also the eighth consecutive quarter of positive profitability.</p><p>Wall Street Insights previously pointed out in an article that it is worth noting that Tesla still expects its car deliveries to achieve an average annual growth rate of 50% within a few years. Bloomberg reports that this means Tesla's delivery guidance this year may be higher than market expectations.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are US stocks flocking to big tech? Giants' financial reports all exceeded expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are US stocks flocking to big tech? Giants' financial reports all exceeded expectations\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-28 10:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Although technology stocks dragged down US stocks on Tuesday, ending their winning streak,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>and<a href=\"https://laohu8.com/S/GOOG\">Google</a>The financial reports of the parent company's three major technology companies did not disappoint the market, with both revenue and profits rising significantly, exceeding the market's already very optimistic expectations.</p><p>Benefiting from optimistic earnings reports from US tech giants, the Nasdaq had risen for five consecutive days before Tuesday and hit 14,863.65 points on Monday, setting a new intraday record.</p><p>Apple: Almost all metrics exceeded expectations; quarterly profits nearly doubled; iPhone sales surged by 50%.</p><p>Apple released its Q3 2021 fiscal year results (i.e., the second quarter of calendar year 2021 results) after the U.S. stock market closed on Tuesday, July 27.<b>Although the year-over-year growth rate was slightly lower than the previous quarter, Apple far exceeded Wall Street's targets in almost all indicators.</b></p><p>Driven by service sales and iPhone sales, Apple's total revenue for the quarter increased by 36% year-over-year to $81.4 billion, a record high for the same period. Profits almost doubled, increasing by 93% year-on-year to $21.7 billion.</p><p>Specifically, iPhone revenue for the quarter was $39.57 billion, a surge of nearly 50% year-over-year; Services revenue reached $17.49 billion, marking the second consecutive quarterly record high and representing a 33% year-over-year increase.</p><p>By region, Apple achieved double-digit percentage growth across all major geographic markets, with Greater China growing by over 58% and revenue in the Americas increasing by nearly 33% year-on-year.</p><p>Regarding last quarter's performance, Apple's Chief Financial Officer Luca Maestri told the Financial Times that Apple's overall performance in the quarter was \"very, very strong.\" Among them, the number of active equipment installed set new records in all geographical market segments.</p><p>In addition, Apple warned in the last fiscal quarter that supply chain issues could lead to supply shortages for iPads and Macs. However, the final results show that this impact will ultimately be less than $3 billion.</p><p>Microsoft: Quarterly revenue hits record high; Azure cloud platform achieves fastest growth in five quarters.</p><p>Microsoft's quarterly financial report was also released on the same day.<b>This tech giant, with a market capitalization exceeding $2 trillion, has far exceeded market expectations in all indicators.</b></p><p>Driven by a large number of new businesses in cloud computing, LinkedIn advertising, and business applications, Microsoft's revenue for the quarter increased by more than 21% year-over-year to $46.2 billion, a record high. This also marks the third consecutive quarter that Microsoft's total revenue has exceeded $40 billion. Net profit was $16.5 billion, up 47% year-over-year.</p><p>In terms of profit margins, Microsoft's gross margin improved by nearly 2 percentage points to 69.7%, nearly 1 percentage point higher than expected, and drove earnings per share up 48% to $2.17.</p><p>By business segment, the rapidly growing Azure cloud platform is Microsoft's main engine. Azure revenue grew by 51% in the quarter, the fastest growth rate in five quarters.</p><p>Google's parent company Alphabet: Net profit exceeded analysts' expectations by 10%, and advertising revenue growth was double that of the previous quarter.</p><p>In addition to the two companies mentioned above, Alphabet also released its latest financial report on the same day. With the surge in advertising sales, the company's profits and revenue both exceeded market expectations.</p><p>The outbreak of the COVID-19 pandemic last year caused a sharp decline in global advertising spending, which also dealt a heavy blow to Alphabet. However, with the reopening of the economy, as Wall Street expected, Alphabet's revenue for the quarter surged 62% year-on-year to $61.88 billion, and net profit reached $18.53 billion, about 10% higher than analysts' expectations.</p><p>By business segment, revenue from the main advertising business was $50.444 billion in the quarter, easily exceeding analysts' expectations; The year-on-year growth rate was nearly 69%, more than double that of the first quarter. YouTube's advertising revenue grew significantly, reaching $7 billion, a year-on-year increase of over 80%.</p><p>In addition, benefiting from working from home, Alphabet's cloud business also saw significant growth, with quarterly revenue increasing by nearly 54% year-over-year to $4.63 billion, also exceeding analysts' expectations.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Net profit exceeded $1 billion for the first time, setting a new record and representing a year-on-year increase of nearly 1000%.</p><p>Tesla's earnings report, released after the market closed on Monday, also attracted market attention this week. As the world's largest automaker and electric vehicle giant by market capitalization, Tesla's quarterly revenue not only exceeded expectations, but its net profit also hit a new high.</p><p>After-hours earnings reports released by US stocks on July 27 showed that Tesla's revenue reached $11.96 billion, a year-on-year increase of 98%, exceeding analysts' expectations of $11.36 billion, marking the third consecutive quarter that it has surpassed the $10 billion mark.</p><p>Tesla's GAAP net income for the quarter was $1.14 billion, marking the first time in the company's history that it has exceeded the $1 billion mark, representing a year-on-year increase of nearly 1,000%. This is also the eighth consecutive quarter of positive profitability.</p><p>Wall Street Insights previously pointed out in an article that it is worth noting that Tesla still expects its car deliveries to achieve an average annual growth rate of 50% within a few years. Bloomberg reports that this means Tesla's delivery guidance this year may be higher than market expectations.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636490\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"GOOGL":"谷歌A","TSLA":"特斯拉","AAPL":"苹果","MSFT":"微软","GOOG":"谷歌"},"source_url":"https://wallstreetcn.com/articles/3636490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154194398","content_text":"尽管科技股周二拖累美股结束了连涨势头，不过苹果、微软和谷歌母公司三大科技公司财报没有让市场失望，收入和盈利均大幅上升，超过了市场本已十分乐观的预期。\n受益于看好美股科技巨头的财报表现，在周二之前纳指已经连涨五日，并在周一盘中触及14863.65点，刷新盘中纪录。\n苹果：几乎所有指标均超预期 季度利润接近翻倍 iPhone销量激增50%\n苹果公司在7月27日周二美股盘后发布2021财年三季报（即2021自然年第二季度业绩）。尽管同比增速略低于上季度，但是苹果在几乎所有指标上都远超华尔街目标。\n在服务销售和iPhone销量的刺激下，苹果当季总营收同比增长36%至814亿美元，创历史同期最高；利润更是几乎翻了一倍，同比增长93%至217亿美元。\n具体来看，当季iPhone营收395.7亿美元，同比激增近50%；服务业务营收174.9亿美元，连续两个季度历史新高，同比增33%。\n按地区来看，苹果各大地理市场分区均实现双位数百分比涨幅，大中华区增超58%，美洲市场收入同比增近33%。\n对于上季度的表现，苹果首席财务官Luca Maestri在接受英国金融时报采访时表示，该季度苹果的表现在整体上“非常、非常强劲”。其中，活跃设备装机量在所有地理市场分区都创下了新纪录。\n另外，苹果曾在上一财季警告，供应链问题恐将使iPad和Mac产品出现供应不足问题。不过最终的情况显示，这一影响最终不足30亿美元。\n微软：当季营收创历史新高Azure云平台创五个季度最快增速\n同天公布的还有微软的季度财报，同样的，这家市值超过2万亿美元的科技巨头在各项指标上都远超市场预期。\n在云计算、LinkedIn广告和商业应用领域的大批量新业务推动下，微软当季营收同比增长超21%至462亿美元，创历史新高，这也代表微软总营收连续三个季度突破400亿美元；净利润为165亿美元，同比增47%。\n利润率方面，微软毛利率提高了近2个百分点至69.7%，比预期高出近1个百分点，并推动每股盈利跃升48%至2.17美元。\n分业务来看，快速增长的Azure云平台是微软的主要引擎。当季Azure收入增长了51%，创下5个季度以来的最快增速。\n谷歌母公司Alphabet：净利润高出分析师预期10% 广告收入增速是上季度两倍\n除了以上两家之外，Alphabet也在同一天公布了最新财报，随着广告销售的激增，公司盈利和收入均高于市场预期。\n去年新冠疫情的爆发令全球广告支出大幅下滑，这也给Alphabet带了沉重的打击。不过随着经济的重新开放，正如华尔街预期的那样，Alphabet当季营业收入同比大增62%至618.8亿美元，净利润更是达到185.3亿美元，比分析师预期的高出约10%。\n分业务来看，主营业务广告的收入当季为504.44亿美元，轻松超越分析师预期；同比增长近69%，同比增速是一季度的两倍多。其中YouTube广告收入大幅增长，达到70亿美元，同比增长逾80%。\n除此之外，受益于居家办公，Alphabet的云业务也大幅增长，当季收入同比增长近54%至46.3亿美元，同样超过分析师预期。\n特斯拉：净利润首超10亿美元创新高 同比增长近1000%\n本周获得市场聚焦的还有周一盘后公布的特斯拉财报。作为全球市值最大的汽车制造商、电动汽车巨头，特斯拉不仅季度营收好于预期，净利润更是创下新高.\n7月27日美股盘后公布的财报显示，特斯拉119.6亿美元，同比增长98%，高于分析师预期的113.6亿美元，连续三个季度超过100亿美元大关。\n当季GAAP项下特斯拉净利润为11.4亿美元，是公司史上首次超过10亿美元大关，同比增长近1000%，这也是连续第八个季度实现正盈利。\n华尔街见闻此前在文章中指出，值得注意的是，特斯拉仍预期汽车交付量在几年内实现50%的年均增长率。彭博社称，这代表今年特斯拉交付指引可能高于市场预期。","news_type":1,"symbols_score_info":{"TSLA":0.9,"AAPL":0.9,"MSFT":0.9,"GOOGL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800315912,"gmtCreate":1627277821936,"gmtModify":1703486580721,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800315912","repostId":"1143674346","repostType":4,"isVote":1,"tweetType":1,"viewCount":2008,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177210753,"gmtCreate":1627221990872,"gmtModify":1703485713817,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"h.....","listText":"h.....","text":"h.....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177210753","repostId":"2154939392","repostType":4,"isVote":1,"tweetType":1,"viewCount":2078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174857333,"gmtCreate":1627092222722,"gmtModify":1703484078051,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174857333","repostId":"1147892180","repostType":4,"isVote":1,"tweetType":1,"viewCount":1877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175326654,"gmtCreate":1627008373778,"gmtModify":1703482351176,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175326654","repostId":"2153760339","repostType":4,"repost":{"id":"2153760339","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626989507,"share":"https://ttm.financial/m/news/2153760339?lang=en_US&edition=fundamental","pubTime":"2021-07-23 05:31","market":"hk","language":"zh","title":"Snap's second-quarter revenue doubled, and its stock price rose more than 16% in after-hours trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=2153760339","media":"老虎资讯综合","summary":"新浪科技讯 北京时间7月23日凌晨消息，“阅后即焚”通信应用Snapchat母公司Snap今天发布了2021财年第二季度财报，当日，Snap股价在纽约证券交易所的常规交易中下跌0.42美元，报收于62.97美元，跌幅为0.66%。在随后的盘后交易中，Snap股价涨超16%。\n\n\n\n\n财报显示，Snap2021财年第二季度营收为9.821亿美元，与去年同期的4.542亿美元相比增长116%；净亏损为1.517亿美元，与去年同期的净亏损3.260亿美元相比收窄53%。","content":"<p>After the US stock market closed on Thursday, the 22nd, Eastern Time, Snap, the parent company of the ephemeral messaging app Snapchat, released its financial report for the second quarter of fiscal year 2021. The report showed that Snap's revenue for the second quarter of fiscal year 2021 was $982.1 million, a 116% increase compared to $454.2 million in the same period last year. The net loss was $151.7 million, a 53% narrowing compared to a net loss of $326 million in the same period last year.<img src=\"https://static.tigerbbs.com/2ca11c77ce7016b10fd7a192001261e0\" tg-width=\"1055\" tg-height=\"267\" referrerpolicy=\"no-referrer\">Performance Highlights:</p><p><ul><li>Revenue for the second quarter of 2021 was $982 million, a year-over-year increase of 116%.</li><li>The company reported a net loss of $151.7 million in 2021, a 53% reduction compared to a net loss of $326.0 million in the same period last year.</li><li>Adjusted EBITD for the second quarter of 2021 was $117 million, a year-over-year increase of 223%.</li><li>Cash flow from operations in the second quarter of 2021 was $101 million, compared to $67 million in the same period last year.</li><li>Free cash flow in the second quarter of 2021 was $116 million, compared to $82 million in the same period last year.</li><li>As of June 30, 2021, the total number of outstanding ordinary shares plus shares based on stock awards was 1.681 billion, compared to 1.616 billion a year ago.</li></ul>“Our second-quarter results reflect the broad strength of our business, as both our revenue and daily active users grew at their fastest pace in four years,” said CEO Evan Spiegel. “We are pleased with the progress our team has made in developing our augmented reality platform, and we are excited about the many opportunities to grow our communities and businesses around the world.”</p><p>On that day, Snap's stock price fell $0.42 to close at $62.97 in regular trading on the New York Stock Exchange, a drop of 0.66%. In subsequent after-hours trading, Snap's stock price rose more than 16%.<img src=\"https://static.tigerbbs.com/21aea98efb27a4411815156585467225\" tg-width=\"695\" tg-height=\"528\" 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>Snap's second-quarter revenue doubled, and its stock price rose more than 16% in after-hours trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSnap's second-quarter revenue doubled, and its stock price rose more than 16% in after-hours trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 05:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the US stock market closed on Thursday, the 22nd, Eastern Time, Snap, the parent company of the ephemeral messaging app Snapchat, released its financial report for the second quarter of fiscal year 2021. The report showed that Snap's revenue for the second quarter of fiscal year 2021 was $982.1 million, a 116% increase compared to $454.2 million in the same period last year. The net loss was $151.7 million, a 53% narrowing compared to a net loss of $326 million in the same period last year.<img src=\"https://static.tigerbbs.com/2ca11c77ce7016b10fd7a192001261e0\" tg-width=\"1055\" tg-height=\"267\" referrerpolicy=\"no-referrer\">Performance Highlights:</p><p><ul><li>Revenue for the second quarter of 2021 was $982 million, a year-over-year increase of 116%.</li><li>The company reported a net loss of $151.7 million in 2021, a 53% reduction compared to a net loss of $326.0 million in the same period last year.</li><li>Adjusted EBITD for the second quarter of 2021 was $117 million, a year-over-year increase of 223%.</li><li>Cash flow from operations in the second quarter of 2021 was $101 million, compared to $67 million in the same period last year.</li><li>Free cash flow in the second quarter of 2021 was $116 million, compared to $82 million in the same period last year.</li><li>As of June 30, 2021, the total number of outstanding ordinary shares plus shares based on stock awards was 1.681 billion, compared to 1.616 billion a year ago.</li></ul>“Our second-quarter results reflect the broad strength of our business, as both our revenue and daily active users grew at their fastest pace in four years,” said CEO Evan Spiegel. “We are pleased with the progress our team has made in developing our augmented reality platform, and we are excited about the many opportunities to grow our communities and businesses around the world.”</p><p>On that day, Snap's stock price fell $0.42 to close at $62.97 in regular trading on the New York Stock Exchange, a drop of 0.66%. In subsequent after-hours trading, Snap's stock price rose more than 16%.<img src=\"https://static.tigerbbs.com/21aea98efb27a4411815156585467225\" tg-width=\"695\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/08e57c6bbb57e0fa86f513a934e5e3ba","relate_stocks":{"SNAP":"Snap Inc"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153760339","content_text":"美东时间22日周四美股盘后，“阅后即焚”通信应用Snapchat母公司Snap发布了2021财年第二季度财报，财报显示，Snap2021财年第二季度营收为9.821亿美元，与去年同期的4.542亿美元相比增长116%；净亏损为1.517亿美元，与去年同期的净亏损3.260亿美元相比收窄53%。业绩亮点：\n\n2021 年第二季度的营收为9.82 亿美元，同比增长116% 。\n2021 年净亏损为1.517亿美元，与去年同期的净亏损3.260亿美元相比收窄53%。\n2021 年第二季度调整后的 EBITD为 1.17 亿美元，同比增长 223%，。\n2021 年第二季度的经营现金流为 (1.01) 亿美元，而去年同期为 (6,700) 万美元。\n2021 年第二季度的自由现金流为 (1.16) 亿美元，而去年同期为 (8,200) 万美元。\n截至 2021 年 6 月 30 日，流通在外的普通股加上基于股票奖励的股份总数为 16.81 亿，而一年前为 16.16 亿。\n\n首席执行官埃文·斯皮格尔 (Evan Spiegel) 表示：“我们的第二季度业绩反映了我们业务的广泛实力，因为我们的收入和日活跃用户均以过去四年来的最高速度增长。”“我们对我们的团队在增强现实平台的开发方面取得的进展感到高兴，我们也为在世界各地发展我们的社区和业务的许多机会而充满活力。”\n当日，Snap股价在纽约证券交易所的常规交易中下跌0.42美元，报收于62.97美元，跌幅为0.66%。在随后的盘后交易中，Snap股价涨超16%。","news_type":1,"symbols_score_info":{"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":2341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":372588534292776,"gmtCreate":1731973116942,"gmtModify":1731973120274,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a>&nbsp;","text":"$Grab Holdings(GRAB)$","images":[{"img":"https://community-static.tradeup.com/news/e51ea8e0a54571a45bd94ce4ebc0a411","width":"1086","height":"1713"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372588534292776","isVote":1,"tweetType":1,"viewCount":5100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":372588093075608,"gmtCreate":1731973084105,"gmtModify":1731973087874,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a>&nbsp;","text":"$Grab Holdings(GRAB)$","images":[{"img":"https://community-static.tradeup.com/news/141f306354941e876f5b635b5b105d09","width":"1086","height":"1713"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372588093075608","isVote":1,"tweetType":1,"viewCount":5387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":807593398,"gmtCreate":1628042117214,"gmtModify":1703500105679,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807593398","repostId":"1161395470","repostType":4,"repost":{"id":"1161395470","kind":"news","pubTimestamp":1628041950,"share":"https://ttm.financial/m/news/1161395470?lang=en_US&edition=fundamental","pubTime":"2021-08-04 09:52","market":"sh","language":"zh","title":"Chinese concept game stocks plummeted, with several mutual funds caught in the crossfire! Jump or get on?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161395470","media":"中国证券报","summary":"8月3日，游戏股跳水给中概互联带来一记重拳。截至港股收盘，腾讯控股报446.00港元，跌6.11%；网易报145.90港元，跌7.77%；哔哩哔哩报646.5港元，跌3.44%。截至美股收盘，腾讯AD","content":"<p><div>On August 3, the plunge in gaming stocks dealt a heavy blow to Chinese internet companies listed in the US. At the close of trading in Hong Kong, Tencent Holdings was trading at HK$446.00, down 6.11%. NetEase traded at HK$145.90, down 7.77%; Bilibili closed at HK$646.5, down 3.44%. As of the US stock market close, Tencent ADRs fell 7.32%, Tencent Music fell 3.03%, NetEase fell 11.41%, and Bilibili fell 7.06%. Several well-known fund managers, including Zhang Kun and Xie Zhiyu, have invested in this field, and a considerable number of other funds have been affected. While Chinese concept stocks are being impacted, a considerable number of investors are taking advantage of the situation...</p><p><a href=\"https://mp.weixin.qq.com/s/mIGASuul0V49T1QxvxZ5LQ\">Web page link</a></div></p>","source":"zgzqb","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>Chinese concept game stocks plummeted, with several mutual funds caught in the crossfire! Jump or get on?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese concept game stocks plummeted, with several mutual funds caught in the crossfire! Jump or get on?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-08-04 09:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On August 3, the plunge in gaming stocks dealt a heavy blow to Chinese internet companies listed in the US. At the close of trading in Hong Kong, Tencent Holdings was trading at HK$446.00, down 6.11%. NetEase traded at HK$145.90, down 7.77%; Bilibili closed at HK$646.5, down 3.44%. As of the US stock market close, Tencent ADRs fell 7.32%, Tencent Music fell 3.03%, NetEase fell 11.41%, and Bilibili fell 7.06%. Several well-known fund managers, including Zhang Kun and Xie Zhiyu, have invested in this field, and a considerable number of other funds have been affected. While Chinese concept stocks are being impacted, a considerable number of investors are taking advantage of the situation...</p><p><a href=\"https://mp.weixin.qq.com/s/mIGASuul0V49T1QxvxZ5LQ\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/mIGASuul0V49T1QxvxZ5LQ\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7eaa2c45cf70f617f2a492ecb0fcce5f","relate_stocks":{"TCEHY":"腾讯控股ADR","QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF","00700":"腾讯控股"},"source_url":"https://mp.weixin.qq.com/s/mIGASuul0V49T1QxvxZ5LQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161395470","content_text":"8月3日，游戏股跳水给中概互联带来一记重拳。截至港股收盘，腾讯控股报446.00港元，跌6.11%；网易报145.90港元，跌7.77%；哔哩哔哩报646.5港元，跌3.44%。截至美股收盘，腾讯ADR跌7.32%，腾讯音乐跌3.03%，网易跌11.41%，哔哩哔哩跌7.06%。\n张坤、谢治宇等多位知名基金经理投资了该领域，此外还有相当数量的基金被波及。\n中概股受冲击之际，却有相当数量的投资人趁机上车，积极布局。以中概互联网ETF为例，截至8月3日，该基金的规模已较今年1月底增加超100亿元。此外，也有不少投资者选择易方达中证海外中国互联网50ETF联接基金抄底，该基金二季度规模也大涨30亿元以上。\n相关基金“大地震”\n8月3日，持有游戏相关的中概股基金“大地震”。以腾讯控股为例，截至6月底，全市场76家基金公司旗下的506只基金重仓了腾讯控股，规模合计1.64万亿元。从持股数看，二季度末公募基金持有该股数高达1.98亿股，占腾讯控股流通股比例的2.07%。\n同期，共有219只基金增持了腾讯控股。从持股数量看，易方达蓝筹精选是所有基金中持有腾讯控股股票数量最多的基金。截至6月底，该基金共持有腾讯控股1810万股，较一季度增持了200万股。谢治宇管理的兴全合宜持有399.32万股。此外，冯波管理的易方达研究精选、曲扬管理的前海开源沪港深蓝筹、李耀柱管理的广发沪港深新起点、王宗合管理的鹏华匠心精选等基金都持有相当数量的腾讯控股。\n值得注意的是，虽然游戏板块表现不尽如人意，但从公募基金的动作来看，部分基金仍呈增持态势。\n不过，也有基金经理已开始对重仓股做出调整。8月2日，三七互娱在董事会通过股份回购案之后，公布了此次回购前的重要股东持股情况。在前十大流通股东当中，兴全基金旗下三只基金分列八、九、十位，分别是兴全合润、兴全商业模式和兴全合宜。\n陷入窘境\n事实上，自今年农历春节以来，中概互联ETF便陷入了窘境。该指数从今年2月18日高点以来，被一路血洗。从股价表现来看，仅二季度，中概互联就有5只个股跌幅超过25%，其中快手科技和贝壳集团的跌幅超过50%。\n\n来源：Wind\n不过，自春节长假结束以来，中概股持续下跌，但获得了超百亿元资金的持续涌入。Wind数据显示，2月中概互联网ETF获净申购4.2亿份，3月获净申购3.27亿份，4月获净申购8.31亿份，5月获净申购24.83亿份，6月获净申购28.52亿份。截至7月28日，不到一个月时间，7月中概互联网ETF已获净申购30.84亿份。\n万家基金经理刘宏达认为，主要原因还是部分公司估值过高，透支了一段时间的涨幅。阶段性调整是因为预期过高，但港股长期趋势不会改变，在调整之后，港股将迎来长期配置时点。\n能否跌出“黄金坑”？\n值得注意的是，港股科技股近期走势可谓一波三折，以互联网为主的科技股出现较大回调，这也令市场怀疑港股是否将一蹶不振。\n不过，上投摩根投资总监杜猛认为，港股科技股下半年仍会有表现机会。“我们对港股互联网公司未来蛮有信心的，虽然短期政策使得市场情绪承压，但从长期看，互联网行业仍有很强的成长弹性。”\n江勇提出，在恐慌情绪宣泄过后，港股投资时机也将明显体现。对于目前的港股市场而言，估值水平已大幅降低，个股尤其是成长股价格已足够便宜，交易拥挤的情况也明显缓解，因此就目前来看，港股市场相较于A股市场会更具有吸引力。此外，近期多家中概公司在海外上市受阻，并且纷纷转向A股或港股双重上市和回归二次上市，港股桥头堡的地位将得以巩固，这对于港股市场来说也是一大利好信息。\n站在当下时点，刘宏达对未来市场充满信心。他判断，从3年维度看，港股市场长期向上，短期的调整反而是布局机会，许多标的可能在二三季度回调至合理区间。这次抗疫充分显现了中国的制度以及经济优势，中国市场会成为全球资本配置的大方向。更多符合中国经济发展方向的新经济公司来港股上市，会带动境内外更多资本涌入港股市场。","news_type":1,"symbols_score_info":{"00700":0.9,"TTTN":0.9,"TCEHY":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":6844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176308069,"gmtCreate":1626858748751,"gmtModify":1703479416409,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176308069","repostId":"1127726705","repostType":4,"repost":{"id":"1127726705","kind":"news","pubTimestamp":1626837888,"share":"https://ttm.financial/m/news/1127726705?lang=en_US&edition=fundamental","pubTime":"2021-07-21 11:24","market":"sh","language":"zh","title":"Value investing is not the same as undervalued investing; traditional cyclical theory has become ineffective.","url":"https://stock-news.laohu8.com/highlight/detail?id=1127726705","media":"追寻价值之路","summary":"估值从来都不是决定行情走势的充分条件。","content":"<p>Author: Yan Xiang, Guoxin Securities</p><p>In response to the new situations, circumstances, and problems that have emerged in the Chinese stock market in recent years, we are constantly reflecting on some old investment frameworks and concepts. This article discusses four ideas: value investing is not the same as undervalued investing, traditional economic cycle framework analysis of the stock market has become ineffective, moving from investing beyond expectations to investing in industry trends, and breaking free from the constraints of mean reversion thinking. These are summaries of our reflections on our investment framework philosophy and the problems we have encountered in our research work in recent years.</p><p>I. Value investing is not the same as undervalued investing.</p><p>The first and most important thing to reflect on is value investing. Almost all stock market investors agree with value investing, but what exactly constitutes value investing is a matter of great disagreement.</p><p><b>Traditional views easily equate value investing with undervalued styles.</b></p><p>The most traditional school of value investing concepts is particularly prone to equating value investing with undervalued investing, thus forming two investment styles that oppose the so-called \"value\" and \"growth\". In the A-share market, we often see indices with \"value\" as their investment style, such as the CSI Value Index and the CSI 800 Value Index. The index compilation rules all use undervaluation as the main reference factor. What's rather embarrassing is that the \"value investors\" who have performed well in the A-share market in recent years are often \"growth investors\".</p><p>The value investing philosophy, centered on undervaluation, originated from Graham's idea of a margin of safety. This means that when a stock price is significantly lower than its intrinsic value, a margin of safety appears, at which point one should buy, and when the stock price exceeds its intrinsic value, one should sell. Graham's concept of a margin of safety became the basic benchmark for many undervalued value investors in the future. Graham's investment philosophy, born after the 1929 stock market crash (the first edition of Securities Analysis was published in 1934), placed investment safety first.</p><p>Understanding value investing as an undervalued style essentially places more emphasis on \"whether the stock price is significantly lower than its intrinsic value\" while reducing the weight on \"the long-term dynamic changes in the future of intrinsic value.\" This investment philosophy tends to be more speculative than logical.</p><p>(Note: According to the compilation method published by the index compilation company, the value factors referenced by the CSI Value Index and the CSI 800 Value Index include four variables: Dividend return (D/P), net assets per share to price ratio (B/P), net cash flow per share to price ratio (CF/P), and earnings per share to price ratio (E/P).) After standardizing Z-scoring for these four variables and excluding the effects of extreme values, the mean Z-values of the four variables were calculated. The 332 and 250 stocks with the highest mean values were selected and weighted to obtain the CSI Value Index and the CSI 800 Value Index, respectively.</p><p><b>Valuation is never a sufficient condition to determine market trends.</b></p><p>Historical experience in domestic and international stock markets shows that valuation has never been a sufficient condition to determine stock market trends. In other words, a high valuation does not necessarily lead to a decline, nor does a low valuation necessarily lead to an increase. Simply relying on valuation levels for trading actually negates the effectiveness of the market.</p><p>In most cases, valuation is more like an option; it does not change the stock price trend, but only affects the magnitude of subsequent changes. If the fundamentals reverse upwards and the valuation is at a low level, then the subsequent upside potential will be relatively large. Conversely, if the fundamentals reverse downwards when the peak valuation is high, the stock price will also fall significantly. However, regardless of whether it is a top or a bottom, valuation itself will not be the factor that determines the inflection point of stock prices; what determines the inflection point of stock prices is the fundamental economic cycle. (For more discussion, please see: \"Market Reflections Part 32: Can Trees Grow to the Sky? Discussing Valuation Ceilings\")</p><p>Therefore, we see that during a bull market, valuations can rise even higher when they are high, and during a bear market, valuations can rise even lower when they are low. If we plot the stock price index and valuation together on the same chart, we will find that the stock price index and valuation are completely synchronized at the top and bottom. Valuation is the stock price, and the stock price is the valuation. At this point, from an operational perspective, judging the stock price by the valuation level is not meaningful. Moreover, once the valuation breaks through the original upper or lower limit, it becomes difficult to have a benchmark to measure how high the valuation is and how low it is.</p><p>Regarding valuation, another much-discussed issue is the \"effectiveness of undervaluation strategies\". Due to the different profit growth attributes of industry sectors, undervalued sectors are mainly concentrated in pro-cyclical sectors such as finance, real estate, cyclical sectors, and discretionary consumption, while overvalued sectors are mainly concentrated in counter-cyclical sectors such as pharmaceuticals, consumer staples, and TMT. Therefore, from the perspective of market performance, undervaluation strategies are generally effective during economic upturns, and the undervaluation index can outperform the overall market. However, during economic downturns, undervaluation strategies fail, and the undervaluation index will underperform the overall market (see the chart below). This market characteristic still reflects a fundamental problem: the fundamental profit cycle, rather than valuation levels, determines the market trend. (For more discussion, see: Market Thoughts Part 42: Failed Undervaluation Strategies)</p><p><img src=\"https://static.tigerbbs.com/0d056a54d9244c4c70ca7e2be3053144\" tg-width=\"1080\" tg-height=\"638\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Of course, believing that value investing is not the same as undervalued investing does not mean advocating an overvalued investment style. Rather, it means that we believe that value investing is mainly about investing in \"the increase in the intrinsic value of a company\" rather than \"profiting from the price difference between the stock price and the intrinsic value.\" This may be the main difference between the two.</p><p>II. Traditional economic cycle theory has become ineffective.</p><p>The second paradigm of thought that needs to be revised is the traditional framework for economic cycle analysis. In recent years, we have seen that, firstly, the correlation between the performance of the stock market and the macroeconomy is becoming weaker and weaker, especially the structural performance of popular market sectors, which has almost nothing to do with economic growth and inflation in the traditional macroeconomics. Secondly, various analytical frameworks such as \"clocks\" and \"fans\" are gradually becoming ineffective.</p><p><b>Traditional frameworks for stock market analysis are gradually failing.</b></p><p>The variables in traditional macroeconomic analysis mainly include: economic growth indicators (GDP, industrial added value, fixed asset investment (including infrastructure investment, real estate investment, manufacturing investment, etc.), imports and exports, PMI, etc.), inflation indicators (CPI, PPI, etc.), and financial indicators (M1, M2, loans, social financing, etc.). These economic indicators collectively represent the total demand for nominal economic growth.</p><p>The changes that have occurred in China's economy since 2012 are that the nominal economic growth rate has decreased and volatility has decreased. In particular, the reduced volatility of nominal economic growth has led to a decline in the importance of the aforementioned macroeconomic indicators. Initially, it was GDP, which started to fluctuate little after 2012. Then, after 2015, the industrial added value indicator also stopped fluctuating, and then after 2017, M2 also basically stopped fluctuating.</p><p><img src=\"https://static.tigerbbs.com/71c71163e34f9ae9d11525039c565c17\" tg-width=\"1080\" tg-height=\"629\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>These analytical paradigms, based on changes in nominal economic growth and aggregate demand, are reflected in various \"clock\" and \"fan\" analytical frameworks. It started with the Merrill Lynch clock, which later evolved into various models. These \"clock\" and \"fan\" models generally have the same framework: first, several (N) macroeconomic variables are determined, and then each variable is divided into several (M) states, so that N^M macroeconomic \"scenarios\" can be defined. Next, in each \"scenario,\" historical data pattern statistics are performed to obtain the performance of major asset classes in each \"scenario,\" as well as the historical average of the overall and structural performance of the stock market.</p><p>For example, if two macroeconomic variables are selected and two states (good and bad) are determined, then a total of four macroeconomic \"scenarios\" can be divided. If we select three macroeconomic variables and determine three states (good, medium, and poor), then a total of 27 macroeconomic \"scenarios\" will be divided. Since only four quadrants can be displayed on a two-dimensional plane, general models generally adopt a 2×2 architecture with four \"scenarios\". For example, Merrill Lynch has always followed this 2×2 four-scenario model, selecting two macroeconomic variables (economic growth and inflation) and dividing them into two states (upward and downward).</p><p>As the volatility of macroeconomic indicators decreases, the effectiveness of investment analysis frameworks based on these indicators is generally declining.</p><p>As for the Kitchen cycle, the Jugra cycle, and the Konwave cycle, they are even less interesting. As we discussed in detail in our previous report, \"Goodbye, the Economic Cycle,\" these are all products of pre-World War II viewpoints that are not found in mainstream macroeconomic textbooks. These pre-World War II academic views represented a very basic understanding of economic cycles. However, as the National Bureau of Economic Research (NBER) conducted a massive amount of statistical research on these traditional \"economic cycles\" from the post-war period to the 1960s, they were basically all disproven.</p><p>(Readers who are truly interested in this topic can check out NBER's series of research monographs on business cycles:) Measuring Business Cycles (1946), Statistical Indicators of Cyclical Revivals and Recessions (1950), Business Cycle Indicators, Volumes 1 & 2 (1961), Cyclical Fluctuations in the Exports of the United States Since 1879 (1967), Indicators of Business Expansions and Contractions (1967), The Business Cycle in a Changing World (1969), Business Cycles, Inflation, and Forecasting (1983)</p><p><b>The fundamental change is a complete change in the driving force behind corporate profits.</b></p><p>The reason why the overall trend of the stock market is becoming less and less correlated with the macroeconomy, and the structural market trends in the stock market are becoming increasingly difficult to grasp from the macroeconomy \"from top to bottom\", is fundamentally that the core driving force of listed companies' profit growth has changed, from aggregate demand to supply-side changes. I believe this is the most core factor determining the characteristics of the A-share market in recent years.</p><p>The starting point of the traditional top-down investment analysis framework is the nominal economic growth rate (because the revenue and profits of listed companies are also nominal figures, the nominal economic growth rate is more important than the actual economic growth rate). We look for investment opportunities in the stock market based on the cyclical pattern of nominal economic growth rate.</p><p>The logic is roughly as follows: when the nominal economic growth rate is rising, the overall profit cycle of listed companies is rising. At this time, we are bullish on the market and then choose pro-cyclical sectors with the greatest profit elasticity, including cyclical sectors, finance, and consumer discretionaries. As the economy gradually overheats and policies begin to tighten, the nominal economic growth rate begins to decline. At this time, the overall profit cycle of listed companies will also decline. Therefore, we are bearish on the overall market and choose counter-cyclical sectors, such as consumer goods, pharmaceuticals, and utilities, as defenses.</p><p><img src=\"https://static.tigerbbs.com/fe22744ab64aab499582308280af1a5a\" tg-width=\"1080\" tg-height=\"603\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Figure: The traditional top-down investment framework is failing.</p><p>The biggest logical premise of this framework methodology is that changes in demand are the biggest variable affecting the elasticity of corporate profits. Therefore, fluctuations in nominal economic growth lead to economic cycles and sector rotation. Once the volatility in nominal economic growth disappears, the biggest variable determining a listed company's profitability is no longer aggregate demand, but rather a series of supply-side variables, including:</p><p>Increased concentration: In traditional industries, as industrial concentration increases, the profit margins of leading enterprises continue to rise.</p><p>Consumption upgrading: Residents' consumption is increasingly trending towards quality and personalization, and the proportion of services is constantly increasing.</p><p>Technological innovation: generating new products and new supply from the bottom up.</p><p>In recent years, the leading sectors or top-performing stocks in the A-share market have basically followed these logics. The core point is that what determines a company's profitability is the aforementioned changes in supply, not changes in aggregate demand (not the logic that higher income growth leads to more consumption). Increased concentration, consumption upgrading, and technological innovation seem to have little correlation with traditional macroeconomic indicators (economic growth, inflation, monetary policy, etc.).</p><p><b>The performance of consumer stocks over the past five years is the best evidence of this.</b></p><p>Since 2016, the A-share consumer sector has performed exceptionally well over the past five years, which I think is beyond doubt.</p><p>This round of consumer stock market rally is definitely not \"defensive\" in nature; defensive stocks cannot maintain sustained excess returns for such a long time. This round of consumer stock rally is truly \"offensive,\" with the sector's profitability continuously improving (ROE continuously increasing) being the main driving force behind the rally. At the same time, the stock prices and valuations of core stocks are hitting new highs.</p><p><img src=\"https://static.tigerbbs.com/e549206abb83d23a64c936a7fa757f39\" tg-width=\"1080\" tg-height=\"632\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The problem is that over the past five years, the ROE of the A-share consumer sector has increased completely without a trace in macroeconomic data. Almost all consumption-related indicators in macroeconomic data, including the growth rate of total retail sales of consumer goods, the growth rate of urban and rural residents' income, and the growth rate of urban and rural residents' expenditure, are all declining. Therefore, at this point, if we conduct a top-down analysis and believe that the growth rate of consumption in the Chinese economy may decline further in the future, is it meaningful to invest in consumer stocks?</p><p>Therefore, in a previous report, I jokingly said that if we start entirely from top-down macroeconomic research, we can definitely miss the consumer stock rally since 2016 (see: \"Market Thoughts Part 27: Discussing the Pain Points of Top-Down Research from the Past Five Years of Consumer Stock Research\"). You can find a thousand macroeconomic reasons to explain why the profitability of listed consumer goods companies did not decline during the slowdown in macroeconomic consumption growth, but you cannot find a macroeconomic curve that can well fit to explain why the ROE of consumer stocks is rising.</p><p>The reason why macroeconomic analysis fails in the consumer stock market is that the driving force behind listed companies' profit growth, as mentioned earlier, has changed. It's not that residents' income increased by 20%, so total consumption also increased by 20%; this is the logic of aggregate demand. The current situation is that residents' income has only increased by 10%, but residents are spending more money in certain areas. According to economic terms, the income elasticity of demand for these products is greater than 1, which is the logic of a new structure.</p><p>The rise in liquor stocks in recent years has not been due to an increase in the number of people drinking alcohol, nor to an increase in their alcohol tolerance, but rather to the continuous rise in alcohol prices. Looking further ahead, our investment logic for consumer stocks is not the logic of increased aggregate demand due to rising residents' income growth, but rather the logic of stocks where consumer spending may increase.</p><p>With the continuous development of the economy, countries and regions generally experience a continuous decline in nominal economic growth, which is a global pattern. In 2019, China's per capita GDP reached US$10,000 for the first time. It is projected that by 2035, my country's per capita GDP will exceed US$20,000, entering the ranks of high-income countries. The next 15 years from now will be a new stage of economic development for China's economy, moving from a per capita GDP of US$10,000 to US$20,000. In this new stage of economic development, the possibility of significant fluctuations in nominal economic growth is extremely small. Western countries generally entered this stage after 1982, so we see that since the 1980s, there has been very little analysis of looking for investment opportunities in the United States from the perspective of traditional macroeconomics.</p><p>III. From Exceeding Expectations to Industry Trend</p><p><b>The unexpected logic is both inexplicable and difficult to operate.</b></p><p>In secondary market investment and research analysis, many people like to ask this question: Where do your views differ from market consensus expectations, or where do they exceed expectations? The person asking the question may want to grasp the core information in the shortest possible time, but this question is very difficult to answer. The difficulty lies not in one's own opinion, but in the fact that the market's consensus expectations are often really hard to explain.</p><p>The mindset of exceeding expectations, with short-term profit performance exceeding or falling short of expectations and economic data exceeding or falling short of expectations, is more of a game-driven mindset. Regardless of whether it exceeds expectations, it is often difficult to say clearly. Even if it can be said clearly, there will be great difficulties in practice. What if the quarterly earnings exceed expectations and the stock price opens higher? The unexpected investment logic is too short-term and speculative.</p><p><b>Trends in business cycles: Investors</b></p><p>Beyond exceeding expectations, we can grasp the investment logic of industry trends. The stock market reflects changes in industry trends, and this pattern is very clear. Furthermore, we believe that this framework of thinking can be summarized as: trend investors in business cycles. Whether in the A-share market or overseas markets, investors are actually looking for the most prosperous industry sector at any given time.</p><p>Guoxin Strategy Research prefers to use return on equity (ROE) to measure the boom cycle of an industry sector. Of course, there are completely different measurement methods, such as using profit growth rate (YOY), the relationship between ROE and YOY, and the relationship between average cost and marginal cost in \"Principles of Economics\". When marginal cost exceeds average cost, average cost will rise further. Theoretically speaking, without considering dividends, if a company's YOY is higher than ROE in the following year, ROE will increase further. If YOY is lower than ROE, ROE will go down; If a company pays 100% dividends, then as long as the profit growth rate is 0%, the ROE will remain unchanged the following year.</p><p>The advantage of using ROE to measure the boom cycle of an industry sector is that the ROE curve is smoother and more trendy than YOY. The disadvantage is that ROE is a relatively lagging indicator, and the indicator itself is not a sensitive leading indicator.</p><p>Using ROE as a measure of the industry sector's boom cycle, we can divide industry sectors into three types:</p><p>The first scenario is a sector with an upward trend in ROE.</p><p>This is a typical sector with an upward trend in the economic cycle, and it is the first type of investment. Because ROE is rising, theoretically the valuation should also be rising. In this case, it must be to make money from both performance and valuation. Historically, these types of sectors have generally had both absolute and excess returns, and the leading sectors usually appear here.</p><p>Historically, the A-share market has experienced this situation in the steel sector from 2001 to 2004, the banking sector from 2005 to 2007, the home appliance sector from 2006 to 2010, the ChiNext technology sector from 2013 to 2015, the consumer sector from 2016 to 2020, and the new energy and new energy vehicle sectors from 2020 to the present. In this situation, it can be said that valuation is basically not considered, because since ROE has not peaked, it is impossible to judge the valuation peak. In most cases, the inflection point of ROE is the inflection point of the market.</p><p>Moreover, in this case, it is difficult to find an absolute correspondence between ROE and valuation; it is more of a correspondence between trend inflection points. Taking the liquor industry as an example, the ROE at the peak of the market boom cycle in 2012 was higher than it is now. As early as 2019, the valuation of many liquor companies had already broken through the level at the peak of the market in 2012. After breaking through the upper limit, it is difficult to discuss how high the absolute value is.</p><p>A classic example of the aggressive rally of sectors with an upward ROE trend is the ChiNext market in the A-share market from 2013 to 2015. Against the backdrop of the \"reform bull market\" and \"water bull market\" at the time, many people believed that the market was purely speculative, but there were actually fundamental reasons. We can clearly see that from 2013 to mid-2016, the ROE of the ChiNext board continued to rise, while the ROE of the main board continued to decline (see the chart below). This was the main driving force behind that major market rally.</p><p>There are two characteristics in this market trend that I think deserve special attention: First, although the ROE of the ChiNext board was upward from 2013 to mid-2016, the absolute value of ROE never exceeded that of the main board. The actual performance of the A-share market clearly and undoubtedly illustrates an important conclusion: the market is pricing based on the trend of ROE rather than the absolute value.</p><p>Secondly, during the upward trend in ROE, after the \"two stock market crashes\" in 2015 and the \"two circuit breakers\" in 2016, it was ChiNext companies that rebounded. It wasn't until the second half of 2016, when the turning point in the profit cycle of ChiNext companies appeared, that the market style completely shifted. This market characteristic is very similar to the market correction in February 2021. While the ROE of a sector is rising during a boom cycle, after the overall market correction, it is still these sectors that are rising during a boom cycle that can rise.</p><p><img src=\"https://static.tigerbbs.com/63a72a7f1f3a05bb1f689112fdd7c23f\" tg-width=\"1080\" tg-height=\"612\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In the second scenario, sectors with basically flat ROE.</p><p>These types of assets are basically fixed-income assets; they can earn money from performance but not from valuation. Because you can only make money from performance, you should look at the valuation when investing in this type of asset. The ROE is basically flat and the valuation center remains unchanged. A high valuation at the time of purchase will lower the future return, while a low valuation at the time of purchase will increase the future return.</p><p>Typical examples of this type of sector are the US consumer staples sector since 1995 and the A-share banking sector since 2014. The consumer staples sector in the United States (including Coca-Cola, Procter & Gamble, and Colgate) has generally had a high ROE since 1995, approximately 1.7 times that of the S&P 500. However, the profitability trend has not been upward. The stock prices of the consumer staples sector have absolute returns but no excess returns at all. (For more analysis, please refer to: \"China-US Industry Comparison Series: The Historical Trajectory of Excess Returns on Consumer Staples\")</p><p>The banking sector in A-shares is also a very typical example. The banking sector was once a growth sector, with its ROE continuously rising from 2005 to 2007. At the time, it was said that the banking sector was an \"eternal growth sector\" because the growth of any industry would ultimately benefit banks. Therefore, the price-to-book ratio of the banking sector at that time was roughly equivalent to the current price-to-book ratio of the banking sector. Since 2014, the overall valuation of the A-share banking sector has been at the bottom, but ROE has continued to decline, although the annual decline is limited. In this case, we can calculate it like this: assuming the bank's ROE is 11%, if the valuation remains unchanged, then the expected return for holding it for one year is 11%. However, the problem is that the valuation will change because as the ROE decreases, the PB will also decrease. In this case, considering the valuation conversion, the expected return for one year may only be around 6% to 8%.</p><p>This brings us back to an important fundamental issue: if a sector's ROE does not have the opportunity to trend upwards, then investment opportunities arising from undervaluation are all trading opportunities, with relatively short durations and limited ranges. Only when the sector's ROE bottoms out and rebounds will the sector have a trend opportunity.</p><p>The third scenario is a sector with a continuously declining ROE.</p><p>In this situation, the industry is a recession-prone sector and should be resolutely avoided, because ROE is continuously declining, and valuations are also continuously declining. It is difficult to say where the valuations are low. The cyclical stock sector in the A-share market from 2012 to 2015 is such a case. In this situation, investing doesn't actually look at valuation. Looking at valuation often leads to a \"value trap.\" You might think the valuation is already very low, but it will actually hit a new low because the bottom of profitability hasn't been seen yet.</p><p>Within this framework, we also have a very clear definition of \"growth stocks\" and \"value stocks\". We believe that so-called \"growth stocks\" are industry sectors with an upward trend in ROE, meaning they make money from both performance and valuation. The so-called \"value stocks\" are those with a high absolute ROE that remains stable, and whose profits have not accelerated. In this case, they only make money from performance and not from valuation.</p><p><b>Domestic demand, technology, and green development—the direction is clear.</b></p><p>So, what are the future industry trends for A-share investment? The 14th Five-Year Plan and the 2035 Long-Range Goals Outline have clearly outlined the future development direction. In summary, we believe that the opportunities for the stock market are mainly concentrated in the six words \"domestic demand, technology, and green\", which determine the main direction of China's economic policies and the investment theme of my country's capital market in the next five years.</p><p>Regarding domestic demand, the 14th Five-Year Plan emphasizes the need to form a strong domestic market and build a new development pattern. We must adhere to the strategic focus of expanding domestic demand, accelerate the cultivation of a complete domestic demand system, organically combine the implementation of the strategy of expanding domestic demand with the deepening of supply-side structural reform, and use innovation-driven development and high-quality supply to lead and create new demand, thereby improving people's quality of life and enhancing the level of social development. In terms of investment opportunities, we believe the core opportunity lies in companies that can innovate their products and create new demand with new supply.</p><p>In terms of science and technology, the 14th Five-Year Plan proposes to uphold the core position of innovation in the overall modernization of my country and to regard scientific and technological self-reliance as a strategic support for national development. In the future, the country will target cutting-edge fields such as artificial intelligence, quantum information, integrated circuits, life and health, brain science, biological breeding, aerospace technology, and deep-earth and deep-sea science and technology, and implement a number of forward-looking and strategic major national science and technology projects. The investment opportunities here mainly lie in cutting-edge technologies of independent innovation and the transformation and upgrading of various industries through digitalization.</p><p>In terms of green development, my country is currently undergoing a new energy transformation. my country has officially proposed a \"roadmap\" to achieve carbon neutrality by 2060. \"Carbon peaking by 2030\" and \"carbon neutrality by 2060\" will be key tasks during the \"14th Five-Year Plan\" period. The clean energy industry will be the main direction of my country's energy development, and the growth rate of clean energy such as wind power, solar power, biomass, hydropower, nuclear power and natural gas will continue to lead. Clean energy has become a new economic growth point, and the new energy and new energy vehicle industry chain will undoubtedly be the main track for market investment in the next few years.</p><p>Over the past few years, the A-share market has shown obvious structural differentiation. Emerging industries such as semiconductors, new energy vehicles, new energy, medical services, and consumer goods have achieved huge gains, while traditional industry sectors such as banking, real estate, construction, traditional energy, and cyclical sectors, although their valuations are already very low, have seen very average stock price performance and some have even declined. This divergence reflects the trend changes in the profitability of listed companies under the background of economic transformation. As economic transformation and upgrading continue to deepen, the old and new growth drivers of the economy are accelerating their transformation, and we believe that this differentiation in the stock market will continue.</p><p>IV. Breaking free from the constraints of mean regression thinking</p><p>Mean regression is a common way of thinking in daily research. However, it seems that mean regression thinking has often become a kind of ideological constraint. Here I will briefly discuss the following two issues.</p><p><b>Valuation Upper and Lower Limits PE/PB Band Question</b></p><p>The valuation upper and lower limits, as well as the PE/PB Band issue, are typical mean regression thinking. Similar extensions also include the upper and lower limits of ERP (equity risk premium, i.e., P/E PE minus risk-free interest rate). These types of questions all share the same mindset and methodology: when the valuation reaches its upper limit, it is believed that the valuation will fall back, and at this time, investment advice to sell should be given. When valuations hit their lowest point, it is believed that valuations will rebound, at which point a buy investment recommendation should be given.</p><p>In my February 2020 research report, \"Market Reflections Part 32: Can Trees Grow to the Sky? Discussing Valuation Ceilings,\" I discussed in detail the issue of upper and lower limits for valuation. In my personal opinion, from the perspective of the lower limit of valuation, only when two conditions are met: relatively stable profitability and the Dividend ratio being cost-effective compared to bond interest rates, can a lower limit of valuation be triggered. Otherwise, it's hard to say what constraints or mechanisms would exist to maintain such a valuation lower limit. However, there are actually very few companies and sectors in the entire stock market that can meet the conditions of stable profitability and high Dividend. Therefore, for the vast majority of sectors and companies, it is difficult to establish a valuation floor or have practical constraints.</p><p>Regarding the upper limit of valuation, that is, whether there is a ceiling in valuation, historical experience shows that this ceiling has never existed. The valuation peak can be different in each bull market. More importantly, with the development of the times, many situations that were previously considered impossible in textbooks and financial models have occurred. First, zero and negative interest rates appeared in many countries after the 2008 financial crisis. Second, many excellent companies have shown extremely strong profit growth, resulting in the situation of g>r, that is, the growth rate of the numerator profit g in the valuation model must continue to be higher than the growth rate of the denominator r. The occurrence of these two phenomena leads to an extremely awkward result for all valuation models: theoretically, the valuation will be infinite, making it even more difficult to determine where the upper limit of the valuation is.</p><p>This is the reality. From the beginning of 2020 to the present, we can see that, on the one hand, the valuations of emerging industries such as new energy, semiconductors, and pharmaceutical consumption are constantly reaching new historical highs. Both the valuation differentiation between sectors and the valuation differentiation within sectors are reaching new highs. On the other hand, represented by real estate, the valuations of some traditional industries, both in absolute and relative terms, are hitting new lows. In other words, under the current market conditions, the upper and lower limits of valuation and the PE/PB Band have been broken through in many cases, and the mean regression approach can no longer be used.</p><p><b>Is it necessary to frequently judge sector rotation?</b></p><p>For stock investment strategy research, judging sector rotation is a very important task, and it can even be said to be more important than analyzing the overall trend. In sector rotation judgments, the mean regression mindset often emerges. Typical ideas include \"overvalued leading sectors have risen too much, water is flowing downwards, and undervalued stagflation sectors should rise,\" \"It doesn't happen more than three times, consumer stocks have already risen for three years, they probably won't be able to rise this year,\" \"The financial sector has been at the bottom for so long, it should rise at least,\" and \"I am optimistic about pro-cyclical economic recovery in the first half of the year, and optimistic about counter-cyclical economic decline in the second half,\" etc. These are all ideas that often appear in our daily research work and essentially have a strong mean regression character.</p><p>The first question I'd like to discuss here is: what causes sector rotation? I believe market opportunities can be divided into two types: \"trend opportunities\" and \"trading opportunities\". I believe that the so-called \"trend-driven market opportunities\" are mainly market opportunities driven by fundamental profit cycles, which are the market opportunities brought about by the upward ROE trend mentioned earlier. These market opportunities generally last for a long time and have a large market range. I believe that the so-called \"trading opportunities\" are mainly caused by factors at the market trading level, such as oversold rebounds and valuation repairs. These types of opportunities may occur suddenly, but their duration is short and their magnitude is average. In recent years, we have often seen brokerage stock prices sometimes suddenly explode and last for one to two weeks. I think this is a typical \"trading opportunity\".</p><p>Judging from the assessment of sector rotation, it is naturally best to seize both \"trend market opportunities\" and \"trading market opportunities\". But we know that this is basically impossible in reality; no one can grasp every market trend. Especially for \"trading market opportunities,\" due to the characteristics of their duration and magnitude, it is actually very difficult to judge and grasp them. Betting on an oversold rebound or valuation repair is often like waiting for a rabbit to recover. Therefore, what can be invested in research is more about judging \"trend market opportunities\".</p><p>As mentioned earlier, after economic transformation, the core driver of listed companies' profits has become a supply-side variable, such as increased concentration, new products generated by technological innovation, population aging, and widening wealth gap. These supply-side variables are all trend-driven slow variables compared to changes in aggregate demand (changes in indicators such as GDP, CPI, PPI, and M2). Therefore, once a trend is formed, the profit cycle will be very long, either upward or downward, resulting in a very long period of excess returns for the sector. This is completely different from the profit cycle generated by changes in aggregate demand. The profit cycle generated by changes in aggregate demand is generally 1 to 2 years, which is relatively short. Therefore, we see that the excess returns of pro-cyclical sectors often rotate back and forth.</p><p>Therefore, if these slow variables drive the profit cycle of listed companies and become the norm in the future, then the profit cycle and excess return period of the sector may be relatively long, and the rotation between sectors will be significantly reduced. Frequently using mean regression thinking to judge sector rotation can easily backfire.</p><p>Outlook: New structure, new opportunities</p><p>The above is a systematic summary and reflection of our stock investment strategy framework and investment philosophy over the past few years.</p><p>Guoxin Securities believes that the golden age of China's capital market has arrived. The old and new growth drivers of China's economy have shifted, and new opportunities will arise in the stock market in the future within the new economic structure.</p><p>Our strategic framework and investment philosophy are also shifting from old to new, and at an increasingly rapid pace. We have always adhered to the ideals and beliefs of value investing.</p><p>We believe that value investing:</p><p>It is logical thinking, not game thinking;</p><p>It's about grasping industry trends, rather than judging whether things exceed expectations in the short term</p><p>It refers to investing in an increase in the intrinsic value of a company, rather than profiting from the price difference where the stock price is lower than its intrinsic value.</p>","source":"zxjzzl","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>Value investing is not the same as undervalued investing; traditional cyclical theory has become ineffective.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nValue investing is not the same as undervalued investing; traditional cyclical theory has become ineffective.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">追寻价值之路</strong><span class=\"h-time small\">2021-07-21 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author: Yan Xiang, Guoxin Securities</p><p>In response to the new situations, circumstances, and problems that have emerged in the Chinese stock market in recent years, we are constantly reflecting on some old investment frameworks and concepts. This article discusses four ideas: value investing is not the same as undervalued investing, traditional economic cycle framework analysis of the stock market has become ineffective, moving from investing beyond expectations to investing in industry trends, and breaking free from the constraints of mean reversion thinking. These are summaries of our reflections on our investment framework philosophy and the problems we have encountered in our research work in recent years.</p><p>I. Value investing is not the same as undervalued investing.</p><p>The first and most important thing to reflect on is value investing. Almost all stock market investors agree with value investing, but what exactly constitutes value investing is a matter of great disagreement.</p><p><b>Traditional views easily equate value investing with undervalued styles.</b></p><p>The most traditional school of value investing concepts is particularly prone to equating value investing with undervalued investing, thus forming two investment styles that oppose the so-called \"value\" and \"growth\". In the A-share market, we often see indices with \"value\" as their investment style, such as the CSI Value Index and the CSI 800 Value Index. The index compilation rules all use undervaluation as the main reference factor. What's rather embarrassing is that the \"value investors\" who have performed well in the A-share market in recent years are often \"growth investors\".</p><p>The value investing philosophy, centered on undervaluation, originated from Graham's idea of a margin of safety. This means that when a stock price is significantly lower than its intrinsic value, a margin of safety appears, at which point one should buy, and when the stock price exceeds its intrinsic value, one should sell. Graham's concept of a margin of safety became the basic benchmark for many undervalued value investors in the future. Graham's investment philosophy, born after the 1929 stock market crash (the first edition of Securities Analysis was published in 1934), placed investment safety first.</p><p>Understanding value investing as an undervalued style essentially places more emphasis on \"whether the stock price is significantly lower than its intrinsic value\" while reducing the weight on \"the long-term dynamic changes in the future of intrinsic value.\" This investment philosophy tends to be more speculative than logical.</p><p>(Note: According to the compilation method published by the index compilation company, the value factors referenced by the CSI Value Index and the CSI 800 Value Index include four variables: Dividend return (D/P), net assets per share to price ratio (B/P), net cash flow per share to price ratio (CF/P), and earnings per share to price ratio (E/P).) After standardizing Z-scoring for these four variables and excluding the effects of extreme values, the mean Z-values of the four variables were calculated. The 332 and 250 stocks with the highest mean values were selected and weighted to obtain the CSI Value Index and the CSI 800 Value Index, respectively.</p><p><b>Valuation is never a sufficient condition to determine market trends.</b></p><p>Historical experience in domestic and international stock markets shows that valuation has never been a sufficient condition to determine stock market trends. In other words, a high valuation does not necessarily lead to a decline, nor does a low valuation necessarily lead to an increase. Simply relying on valuation levels for trading actually negates the effectiveness of the market.</p><p>In most cases, valuation is more like an option; it does not change the stock price trend, but only affects the magnitude of subsequent changes. If the fundamentals reverse upwards and the valuation is at a low level, then the subsequent upside potential will be relatively large. Conversely, if the fundamentals reverse downwards when the peak valuation is high, the stock price will also fall significantly. However, regardless of whether it is a top or a bottom, valuation itself will not be the factor that determines the inflection point of stock prices; what determines the inflection point of stock prices is the fundamental economic cycle. (For more discussion, please see: \"Market Reflections Part 32: Can Trees Grow to the Sky? Discussing Valuation Ceilings\")</p><p>Therefore, we see that during a bull market, valuations can rise even higher when they are high, and during a bear market, valuations can rise even lower when they are low. If we plot the stock price index and valuation together on the same chart, we will find that the stock price index and valuation are completely synchronized at the top and bottom. Valuation is the stock price, and the stock price is the valuation. At this point, from an operational perspective, judging the stock price by the valuation level is not meaningful. Moreover, once the valuation breaks through the original upper or lower limit, it becomes difficult to have a benchmark to measure how high the valuation is and how low it is.</p><p>Regarding valuation, another much-discussed issue is the \"effectiveness of undervaluation strategies\". Due to the different profit growth attributes of industry sectors, undervalued sectors are mainly concentrated in pro-cyclical sectors such as finance, real estate, cyclical sectors, and discretionary consumption, while overvalued sectors are mainly concentrated in counter-cyclical sectors such as pharmaceuticals, consumer staples, and TMT. Therefore, from the perspective of market performance, undervaluation strategies are generally effective during economic upturns, and the undervaluation index can outperform the overall market. However, during economic downturns, undervaluation strategies fail, and the undervaluation index will underperform the overall market (see the chart below). This market characteristic still reflects a fundamental problem: the fundamental profit cycle, rather than valuation levels, determines the market trend. (For more discussion, see: Market Thoughts Part 42: Failed Undervaluation Strategies)</p><p><img src=\"https://static.tigerbbs.com/0d056a54d9244c4c70ca7e2be3053144\" tg-width=\"1080\" tg-height=\"638\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Of course, believing that value investing is not the same as undervalued investing does not mean advocating an overvalued investment style. Rather, it means that we believe that value investing is mainly about investing in \"the increase in the intrinsic value of a company\" rather than \"profiting from the price difference between the stock price and the intrinsic value.\" This may be the main difference between the two.</p><p>II. Traditional economic cycle theory has become ineffective.</p><p>The second paradigm of thought that needs to be revised is the traditional framework for economic cycle analysis. In recent years, we have seen that, firstly, the correlation between the performance of the stock market and the macroeconomy is becoming weaker and weaker, especially the structural performance of popular market sectors, which has almost nothing to do with economic growth and inflation in the traditional macroeconomics. Secondly, various analytical frameworks such as \"clocks\" and \"fans\" are gradually becoming ineffective.</p><p><b>Traditional frameworks for stock market analysis are gradually failing.</b></p><p>The variables in traditional macroeconomic analysis mainly include: economic growth indicators (GDP, industrial added value, fixed asset investment (including infrastructure investment, real estate investment, manufacturing investment, etc.), imports and exports, PMI, etc.), inflation indicators (CPI, PPI, etc.), and financial indicators (M1, M2, loans, social financing, etc.). These economic indicators collectively represent the total demand for nominal economic growth.</p><p>The changes that have occurred in China's economy since 2012 are that the nominal economic growth rate has decreased and volatility has decreased. In particular, the reduced volatility of nominal economic growth has led to a decline in the importance of the aforementioned macroeconomic indicators. Initially, it was GDP, which started to fluctuate little after 2012. Then, after 2015, the industrial added value indicator also stopped fluctuating, and then after 2017, M2 also basically stopped fluctuating.</p><p><img src=\"https://static.tigerbbs.com/71c71163e34f9ae9d11525039c565c17\" tg-width=\"1080\" tg-height=\"629\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>These analytical paradigms, based on changes in nominal economic growth and aggregate demand, are reflected in various \"clock\" and \"fan\" analytical frameworks. It started with the Merrill Lynch clock, which later evolved into various models. These \"clock\" and \"fan\" models generally have the same framework: first, several (N) macroeconomic variables are determined, and then each variable is divided into several (M) states, so that N^M macroeconomic \"scenarios\" can be defined. Next, in each \"scenario,\" historical data pattern statistics are performed to obtain the performance of major asset classes in each \"scenario,\" as well as the historical average of the overall and structural performance of the stock market.</p><p>For example, if two macroeconomic variables are selected and two states (good and bad) are determined, then a total of four macroeconomic \"scenarios\" can be divided. If we select three macroeconomic variables and determine three states (good, medium, and poor), then a total of 27 macroeconomic \"scenarios\" will be divided. Since only four quadrants can be displayed on a two-dimensional plane, general models generally adopt a 2×2 architecture with four \"scenarios\". For example, Merrill Lynch has always followed this 2×2 four-scenario model, selecting two macroeconomic variables (economic growth and inflation) and dividing them into two states (upward and downward).</p><p>As the volatility of macroeconomic indicators decreases, the effectiveness of investment analysis frameworks based on these indicators is generally declining.</p><p>As for the Kitchen cycle, the Jugra cycle, and the Konwave cycle, they are even less interesting. As we discussed in detail in our previous report, \"Goodbye, the Economic Cycle,\" these are all products of pre-World War II viewpoints that are not found in mainstream macroeconomic textbooks. These pre-World War II academic views represented a very basic understanding of economic cycles. However, as the National Bureau of Economic Research (NBER) conducted a massive amount of statistical research on these traditional \"economic cycles\" from the post-war period to the 1960s, they were basically all disproven.</p><p>(Readers who are truly interested in this topic can check out NBER's series of research monographs on business cycles:) Measuring Business Cycles (1946), Statistical Indicators of Cyclical Revivals and Recessions (1950), Business Cycle Indicators, Volumes 1 & 2 (1961), Cyclical Fluctuations in the Exports of the United States Since 1879 (1967), Indicators of Business Expansions and Contractions (1967), The Business Cycle in a Changing World (1969), Business Cycles, Inflation, and Forecasting (1983)</p><p><b>The fundamental change is a complete change in the driving force behind corporate profits.</b></p><p>The reason why the overall trend of the stock market is becoming less and less correlated with the macroeconomy, and the structural market trends in the stock market are becoming increasingly difficult to grasp from the macroeconomy \"from top to bottom\", is fundamentally that the core driving force of listed companies' profit growth has changed, from aggregate demand to supply-side changes. I believe this is the most core factor determining the characteristics of the A-share market in recent years.</p><p>The starting point of the traditional top-down investment analysis framework is the nominal economic growth rate (because the revenue and profits of listed companies are also nominal figures, the nominal economic growth rate is more important than the actual economic growth rate). We look for investment opportunities in the stock market based on the cyclical pattern of nominal economic growth rate.</p><p>The logic is roughly as follows: when the nominal economic growth rate is rising, the overall profit cycle of listed companies is rising. At this time, we are bullish on the market and then choose pro-cyclical sectors with the greatest profit elasticity, including cyclical sectors, finance, and consumer discretionaries. As the economy gradually overheats and policies begin to tighten, the nominal economic growth rate begins to decline. At this time, the overall profit cycle of listed companies will also decline. Therefore, we are bearish on the overall market and choose counter-cyclical sectors, such as consumer goods, pharmaceuticals, and utilities, as defenses.</p><p><img src=\"https://static.tigerbbs.com/fe22744ab64aab499582308280af1a5a\" tg-width=\"1080\" tg-height=\"603\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Figure: The traditional top-down investment framework is failing.</p><p>The biggest logical premise of this framework methodology is that changes in demand are the biggest variable affecting the elasticity of corporate profits. Therefore, fluctuations in nominal economic growth lead to economic cycles and sector rotation. Once the volatility in nominal economic growth disappears, the biggest variable determining a listed company's profitability is no longer aggregate demand, but rather a series of supply-side variables, including:</p><p>Increased concentration: In traditional industries, as industrial concentration increases, the profit margins of leading enterprises continue to rise.</p><p>Consumption upgrading: Residents' consumption is increasingly trending towards quality and personalization, and the proportion of services is constantly increasing.</p><p>Technological innovation: generating new products and new supply from the bottom up.</p><p>In recent years, the leading sectors or top-performing stocks in the A-share market have basically followed these logics. The core point is that what determines a company's profitability is the aforementioned changes in supply, not changes in aggregate demand (not the logic that higher income growth leads to more consumption). Increased concentration, consumption upgrading, and technological innovation seem to have little correlation with traditional macroeconomic indicators (economic growth, inflation, monetary policy, etc.).</p><p><b>The performance of consumer stocks over the past five years is the best evidence of this.</b></p><p>Since 2016, the A-share consumer sector has performed exceptionally well over the past five years, which I think is beyond doubt.</p><p>This round of consumer stock market rally is definitely not \"defensive\" in nature; defensive stocks cannot maintain sustained excess returns for such a long time. This round of consumer stock rally is truly \"offensive,\" with the sector's profitability continuously improving (ROE continuously increasing) being the main driving force behind the rally. At the same time, the stock prices and valuations of core stocks are hitting new highs.</p><p><img src=\"https://static.tigerbbs.com/e549206abb83d23a64c936a7fa757f39\" tg-width=\"1080\" tg-height=\"632\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The problem is that over the past five years, the ROE of the A-share consumer sector has increased completely without a trace in macroeconomic data. Almost all consumption-related indicators in macroeconomic data, including the growth rate of total retail sales of consumer goods, the growth rate of urban and rural residents' income, and the growth rate of urban and rural residents' expenditure, are all declining. Therefore, at this point, if we conduct a top-down analysis and believe that the growth rate of consumption in the Chinese economy may decline further in the future, is it meaningful to invest in consumer stocks?</p><p>Therefore, in a previous report, I jokingly said that if we start entirely from top-down macroeconomic research, we can definitely miss the consumer stock rally since 2016 (see: \"Market Thoughts Part 27: Discussing the Pain Points of Top-Down Research from the Past Five Years of Consumer Stock Research\"). You can find a thousand macroeconomic reasons to explain why the profitability of listed consumer goods companies did not decline during the slowdown in macroeconomic consumption growth, but you cannot find a macroeconomic curve that can well fit to explain why the ROE of consumer stocks is rising.</p><p>The reason why macroeconomic analysis fails in the consumer stock market is that the driving force behind listed companies' profit growth, as mentioned earlier, has changed. It's not that residents' income increased by 20%, so total consumption also increased by 20%; this is the logic of aggregate demand. The current situation is that residents' income has only increased by 10%, but residents are spending more money in certain areas. According to economic terms, the income elasticity of demand for these products is greater than 1, which is the logic of a new structure.</p><p>The rise in liquor stocks in recent years has not been due to an increase in the number of people drinking alcohol, nor to an increase in their alcohol tolerance, but rather to the continuous rise in alcohol prices. Looking further ahead, our investment logic for consumer stocks is not the logic of increased aggregate demand due to rising residents' income growth, but rather the logic of stocks where consumer spending may increase.</p><p>With the continuous development of the economy, countries and regions generally experience a continuous decline in nominal economic growth, which is a global pattern. In 2019, China's per capita GDP reached US$10,000 for the first time. It is projected that by 2035, my country's per capita GDP will exceed US$20,000, entering the ranks of high-income countries. The next 15 years from now will be a new stage of economic development for China's economy, moving from a per capita GDP of US$10,000 to US$20,000. In this new stage of economic development, the possibility of significant fluctuations in nominal economic growth is extremely small. Western countries generally entered this stage after 1982, so we see that since the 1980s, there has been very little analysis of looking for investment opportunities in the United States from the perspective of traditional macroeconomics.</p><p>III. From Exceeding Expectations to Industry Trend</p><p><b>The unexpected logic is both inexplicable and difficult to operate.</b></p><p>In secondary market investment and research analysis, many people like to ask this question: Where do your views differ from market consensus expectations, or where do they exceed expectations? The person asking the question may want to grasp the core information in the shortest possible time, but this question is very difficult to answer. The difficulty lies not in one's own opinion, but in the fact that the market's consensus expectations are often really hard to explain.</p><p>The mindset of exceeding expectations, with short-term profit performance exceeding or falling short of expectations and economic data exceeding or falling short of expectations, is more of a game-driven mindset. Regardless of whether it exceeds expectations, it is often difficult to say clearly. Even if it can be said clearly, there will be great difficulties in practice. What if the quarterly earnings exceed expectations and the stock price opens higher? The unexpected investment logic is too short-term and speculative.</p><p><b>Trends in business cycles: Investors</b></p><p>Beyond exceeding expectations, we can grasp the investment logic of industry trends. The stock market reflects changes in industry trends, and this pattern is very clear. Furthermore, we believe that this framework of thinking can be summarized as: trend investors in business cycles. Whether in the A-share market or overseas markets, investors are actually looking for the most prosperous industry sector at any given time.</p><p>Guoxin Strategy Research prefers to use return on equity (ROE) to measure the boom cycle of an industry sector. Of course, there are completely different measurement methods, such as using profit growth rate (YOY), the relationship between ROE and YOY, and the relationship between average cost and marginal cost in \"Principles of Economics\". When marginal cost exceeds average cost, average cost will rise further. Theoretically speaking, without considering dividends, if a company's YOY is higher than ROE in the following year, ROE will increase further. If YOY is lower than ROE, ROE will go down; If a company pays 100% dividends, then as long as the profit growth rate is 0%, the ROE will remain unchanged the following year.</p><p>The advantage of using ROE to measure the boom cycle of an industry sector is that the ROE curve is smoother and more trendy than YOY. The disadvantage is that ROE is a relatively lagging indicator, and the indicator itself is not a sensitive leading indicator.</p><p>Using ROE as a measure of the industry sector's boom cycle, we can divide industry sectors into three types:</p><p>The first scenario is a sector with an upward trend in ROE.</p><p>This is a typical sector with an upward trend in the economic cycle, and it is the first type of investment. Because ROE is rising, theoretically the valuation should also be rising. In this case, it must be to make money from both performance and valuation. Historically, these types of sectors have generally had both absolute and excess returns, and the leading sectors usually appear here.</p><p>Historically, the A-share market has experienced this situation in the steel sector from 2001 to 2004, the banking sector from 2005 to 2007, the home appliance sector from 2006 to 2010, the ChiNext technology sector from 2013 to 2015, the consumer sector from 2016 to 2020, and the new energy and new energy vehicle sectors from 2020 to the present. In this situation, it can be said that valuation is basically not considered, because since ROE has not peaked, it is impossible to judge the valuation peak. In most cases, the inflection point of ROE is the inflection point of the market.</p><p>Moreover, in this case, it is difficult to find an absolute correspondence between ROE and valuation; it is more of a correspondence between trend inflection points. Taking the liquor industry as an example, the ROE at the peak of the market boom cycle in 2012 was higher than it is now. As early as 2019, the valuation of many liquor companies had already broken through the level at the peak of the market in 2012. After breaking through the upper limit, it is difficult to discuss how high the absolute value is.</p><p>A classic example of the aggressive rally of sectors with an upward ROE trend is the ChiNext market in the A-share market from 2013 to 2015. Against the backdrop of the \"reform bull market\" and \"water bull market\" at the time, many people believed that the market was purely speculative, but there were actually fundamental reasons. We can clearly see that from 2013 to mid-2016, the ROE of the ChiNext board continued to rise, while the ROE of the main board continued to decline (see the chart below). This was the main driving force behind that major market rally.</p><p>There are two characteristics in this market trend that I think deserve special attention: First, although the ROE of the ChiNext board was upward from 2013 to mid-2016, the absolute value of ROE never exceeded that of the main board. The actual performance of the A-share market clearly and undoubtedly illustrates an important conclusion: the market is pricing based on the trend of ROE rather than the absolute value.</p><p>Secondly, during the upward trend in ROE, after the \"two stock market crashes\" in 2015 and the \"two circuit breakers\" in 2016, it was ChiNext companies that rebounded. It wasn't until the second half of 2016, when the turning point in the profit cycle of ChiNext companies appeared, that the market style completely shifted. This market characteristic is very similar to the market correction in February 2021. While the ROE of a sector is rising during a boom cycle, after the overall market correction, it is still these sectors that are rising during a boom cycle that can rise.</p><p><img src=\"https://static.tigerbbs.com/63a72a7f1f3a05bb1f689112fdd7c23f\" tg-width=\"1080\" tg-height=\"612\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In the second scenario, sectors with basically flat ROE.</p><p>These types of assets are basically fixed-income assets; they can earn money from performance but not from valuation. Because you can only make money from performance, you should look at the valuation when investing in this type of asset. The ROE is basically flat and the valuation center remains unchanged. A high valuation at the time of purchase will lower the future return, while a low valuation at the time of purchase will increase the future return.</p><p>Typical examples of this type of sector are the US consumer staples sector since 1995 and the A-share banking sector since 2014. The consumer staples sector in the United States (including Coca-Cola, Procter & Gamble, and Colgate) has generally had a high ROE since 1995, approximately 1.7 times that of the S&P 500. However, the profitability trend has not been upward. The stock prices of the consumer staples sector have absolute returns but no excess returns at all. (For more analysis, please refer to: \"China-US Industry Comparison Series: The Historical Trajectory of Excess Returns on Consumer Staples\")</p><p>The banking sector in A-shares is also a very typical example. The banking sector was once a growth sector, with its ROE continuously rising from 2005 to 2007. At the time, it was said that the banking sector was an \"eternal growth sector\" because the growth of any industry would ultimately benefit banks. Therefore, the price-to-book ratio of the banking sector at that time was roughly equivalent to the current price-to-book ratio of the banking sector. Since 2014, the overall valuation of the A-share banking sector has been at the bottom, but ROE has continued to decline, although the annual decline is limited. In this case, we can calculate it like this: assuming the bank's ROE is 11%, if the valuation remains unchanged, then the expected return for holding it for one year is 11%. However, the problem is that the valuation will change because as the ROE decreases, the PB will also decrease. In this case, considering the valuation conversion, the expected return for one year may only be around 6% to 8%.</p><p>This brings us back to an important fundamental issue: if a sector's ROE does not have the opportunity to trend upwards, then investment opportunities arising from undervaluation are all trading opportunities, with relatively short durations and limited ranges. Only when the sector's ROE bottoms out and rebounds will the sector have a trend opportunity.</p><p>The third scenario is a sector with a continuously declining ROE.</p><p>In this situation, the industry is a recession-prone sector and should be resolutely avoided, because ROE is continuously declining, and valuations are also continuously declining. It is difficult to say where the valuations are low. The cyclical stock sector in the A-share market from 2012 to 2015 is such a case. In this situation, investing doesn't actually look at valuation. Looking at valuation often leads to a \"value trap.\" You might think the valuation is already very low, but it will actually hit a new low because the bottom of profitability hasn't been seen yet.</p><p>Within this framework, we also have a very clear definition of \"growth stocks\" and \"value stocks\". We believe that so-called \"growth stocks\" are industry sectors with an upward trend in ROE, meaning they make money from both performance and valuation. The so-called \"value stocks\" are those with a high absolute ROE that remains stable, and whose profits have not accelerated. In this case, they only make money from performance and not from valuation.</p><p><b>Domestic demand, technology, and green development—the direction is clear.</b></p><p>So, what are the future industry trends for A-share investment? The 14th Five-Year Plan and the 2035 Long-Range Goals Outline have clearly outlined the future development direction. In summary, we believe that the opportunities for the stock market are mainly concentrated in the six words \"domestic demand, technology, and green\", which determine the main direction of China's economic policies and the investment theme of my country's capital market in the next five years.</p><p>Regarding domestic demand, the 14th Five-Year Plan emphasizes the need to form a strong domestic market and build a new development pattern. We must adhere to the strategic focus of expanding domestic demand, accelerate the cultivation of a complete domestic demand system, organically combine the implementation of the strategy of expanding domestic demand with the deepening of supply-side structural reform, and use innovation-driven development and high-quality supply to lead and create new demand, thereby improving people's quality of life and enhancing the level of social development. In terms of investment opportunities, we believe the core opportunity lies in companies that can innovate their products and create new demand with new supply.</p><p>In terms of science and technology, the 14th Five-Year Plan proposes to uphold the core position of innovation in the overall modernization of my country and to regard scientific and technological self-reliance as a strategic support for national development. In the future, the country will target cutting-edge fields such as artificial intelligence, quantum information, integrated circuits, life and health, brain science, biological breeding, aerospace technology, and deep-earth and deep-sea science and technology, and implement a number of forward-looking and strategic major national science and technology projects. The investment opportunities here mainly lie in cutting-edge technologies of independent innovation and the transformation and upgrading of various industries through digitalization.</p><p>In terms of green development, my country is currently undergoing a new energy transformation. my country has officially proposed a \"roadmap\" to achieve carbon neutrality by 2060. \"Carbon peaking by 2030\" and \"carbon neutrality by 2060\" will be key tasks during the \"14th Five-Year Plan\" period. The clean energy industry will be the main direction of my country's energy development, and the growth rate of clean energy such as wind power, solar power, biomass, hydropower, nuclear power and natural gas will continue to lead. Clean energy has become a new economic growth point, and the new energy and new energy vehicle industry chain will undoubtedly be the main track for market investment in the next few years.</p><p>Over the past few years, the A-share market has shown obvious structural differentiation. Emerging industries such as semiconductors, new energy vehicles, new energy, medical services, and consumer goods have achieved huge gains, while traditional industry sectors such as banking, real estate, construction, traditional energy, and cyclical sectors, although their valuations are already very low, have seen very average stock price performance and some have even declined. This divergence reflects the trend changes in the profitability of listed companies under the background of economic transformation. As economic transformation and upgrading continue to deepen, the old and new growth drivers of the economy are accelerating their transformation, and we believe that this differentiation in the stock market will continue.</p><p>IV. Breaking free from the constraints of mean regression thinking</p><p>Mean regression is a common way of thinking in daily research. However, it seems that mean regression thinking has often become a kind of ideological constraint. Here I will briefly discuss the following two issues.</p><p><b>Valuation Upper and Lower Limits PE/PB Band Question</b></p><p>The valuation upper and lower limits, as well as the PE/PB Band issue, are typical mean regression thinking. Similar extensions also include the upper and lower limits of ERP (equity risk premium, i.e., P/E PE minus risk-free interest rate). These types of questions all share the same mindset and methodology: when the valuation reaches its upper limit, it is believed that the valuation will fall back, and at this time, investment advice to sell should be given. When valuations hit their lowest point, it is believed that valuations will rebound, at which point a buy investment recommendation should be given.</p><p>In my February 2020 research report, \"Market Reflections Part 32: Can Trees Grow to the Sky? Discussing Valuation Ceilings,\" I discussed in detail the issue of upper and lower limits for valuation. In my personal opinion, from the perspective of the lower limit of valuation, only when two conditions are met: relatively stable profitability and the Dividend ratio being cost-effective compared to bond interest rates, can a lower limit of valuation be triggered. Otherwise, it's hard to say what constraints or mechanisms would exist to maintain such a valuation lower limit. However, there are actually very few companies and sectors in the entire stock market that can meet the conditions of stable profitability and high Dividend. Therefore, for the vast majority of sectors and companies, it is difficult to establish a valuation floor or have practical constraints.</p><p>Regarding the upper limit of valuation, that is, whether there is a ceiling in valuation, historical experience shows that this ceiling has never existed. The valuation peak can be different in each bull market. More importantly, with the development of the times, many situations that were previously considered impossible in textbooks and financial models have occurred. First, zero and negative interest rates appeared in many countries after the 2008 financial crisis. Second, many excellent companies have shown extremely strong profit growth, resulting in the situation of g>r, that is, the growth rate of the numerator profit g in the valuation model must continue to be higher than the growth rate of the denominator r. The occurrence of these two phenomena leads to an extremely awkward result for all valuation models: theoretically, the valuation will be infinite, making it even more difficult to determine where the upper limit of the valuation is.</p><p>This is the reality. From the beginning of 2020 to the present, we can see that, on the one hand, the valuations of emerging industries such as new energy, semiconductors, and pharmaceutical consumption are constantly reaching new historical highs. Both the valuation differentiation between sectors and the valuation differentiation within sectors are reaching new highs. On the other hand, represented by real estate, the valuations of some traditional industries, both in absolute and relative terms, are hitting new lows. In other words, under the current market conditions, the upper and lower limits of valuation and the PE/PB Band have been broken through in many cases, and the mean regression approach can no longer be used.</p><p><b>Is it necessary to frequently judge sector rotation?</b></p><p>For stock investment strategy research, judging sector rotation is a very important task, and it can even be said to be more important than analyzing the overall trend. In sector rotation judgments, the mean regression mindset often emerges. Typical ideas include \"overvalued leading sectors have risen too much, water is flowing downwards, and undervalued stagflation sectors should rise,\" \"It doesn't happen more than three times, consumer stocks have already risen for three years, they probably won't be able to rise this year,\" \"The financial sector has been at the bottom for so long, it should rise at least,\" and \"I am optimistic about pro-cyclical economic recovery in the first half of the year, and optimistic about counter-cyclical economic decline in the second half,\" etc. These are all ideas that often appear in our daily research work and essentially have a strong mean regression character.</p><p>The first question I'd like to discuss here is: what causes sector rotation? I believe market opportunities can be divided into two types: \"trend opportunities\" and \"trading opportunities\". I believe that the so-called \"trend-driven market opportunities\" are mainly market opportunities driven by fundamental profit cycles, which are the market opportunities brought about by the upward ROE trend mentioned earlier. These market opportunities generally last for a long time and have a large market range. I believe that the so-called \"trading opportunities\" are mainly caused by factors at the market trading level, such as oversold rebounds and valuation repairs. These types of opportunities may occur suddenly, but their duration is short and their magnitude is average. In recent years, we have often seen brokerage stock prices sometimes suddenly explode and last for one to two weeks. I think this is a typical \"trading opportunity\".</p><p>Judging from the assessment of sector rotation, it is naturally best to seize both \"trend market opportunities\" and \"trading market opportunities\". But we know that this is basically impossible in reality; no one can grasp every market trend. Especially for \"trading market opportunities,\" due to the characteristics of their duration and magnitude, it is actually very difficult to judge and grasp them. Betting on an oversold rebound or valuation repair is often like waiting for a rabbit to recover. Therefore, what can be invested in research is more about judging \"trend market opportunities\".</p><p>As mentioned earlier, after economic transformation, the core driver of listed companies' profits has become a supply-side variable, such as increased concentration, new products generated by technological innovation, population aging, and widening wealth gap. These supply-side variables are all trend-driven slow variables compared to changes in aggregate demand (changes in indicators such as GDP, CPI, PPI, and M2). Therefore, once a trend is formed, the profit cycle will be very long, either upward or downward, resulting in a very long period of excess returns for the sector. This is completely different from the profit cycle generated by changes in aggregate demand. The profit cycle generated by changes in aggregate demand is generally 1 to 2 years, which is relatively short. Therefore, we see that the excess returns of pro-cyclical sectors often rotate back and forth.</p><p>Therefore, if these slow variables drive the profit cycle of listed companies and become the norm in the future, then the profit cycle and excess return period of the sector may be relatively long, and the rotation between sectors will be significantly reduced. Frequently using mean regression thinking to judge sector rotation can easily backfire.</p><p>Outlook: New structure, new opportunities</p><p>The above is a systematic summary and reflection of our stock investment strategy framework and investment philosophy over the past few years.</p><p>Guoxin Securities believes that the golden age of China's capital market has arrived. The old and new growth drivers of China's economy have shifted, and new opportunities will arise in the stock market in the future within the new economic structure.</p><p>Our strategic framework and investment philosophy are also shifting from old to new, and at an increasingly rapid pace. We have always adhered to the ideals and beliefs of value investing.</p><p>We believe that value investing:</p><p>It is logical thinking, not game thinking;</p><p>It's about grasping industry trends, rather than judging whether things exceed expectations in the short term</p><p>It refers to investing in an increase in the intrinsic value of a company, rather than profiting from the price difference where the stock price is lower than its intrinsic value.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzU0MjAwOTA2MQ==&mid=2247502300&idx=1&sn=f6b8230d028f21dec67d1d80e51f11a5&chksm=fb23ba56cc54334066b36bfdcf5a8b1c883efb896ecfb52e8841c59f7da32cdeafc1ff829a9f&mpshare=1&scene=23&srcid=07211xnU5xlji6Ijny8EODue&sharer_sharetime=1626828171780&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd\">追寻价值之路</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00745cd781f91ef6ef359064c639fbb","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzU0MjAwOTA2MQ==&mid=2247502300&idx=1&sn=f6b8230d028f21dec67d1d80e51f11a5&chksm=fb23ba56cc54334066b36bfdcf5a8b1c883efb896ecfb52e8841c59f7da32cdeafc1ff829a9f&mpshare=1&scene=23&srcid=07211xnU5xlji6Ijny8EODue&sharer_sharetime=1626828171780&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127726705","content_text":"作者：国信证券燕翔\n面对近几年中国股市出现的新情况、新形势、新问题，我们在不断地对一些旧有的投资框架和理念进行反思。本文讨论了四个方面的想法，包括价值投资不等于低估值投资、传统经济周期框架分析股市已经失效、从超预期投资到产业趋势投资、摆脱均值回归思维的束缚。这些是对我们最近几年的投资框架理念以及研究工作中碰到问题的思考总结。\n一、价值投资不等于低估值投资\n第一个需要反思的，也是最重要的，就是价值投资。几乎所有股票市场投资者，都会认同价值投资，但究竟什么是价值投资，仁者见仁智者见智分歧巨大。\n传统观点容易把价值投资等同于低估值风格\n最传统的一派价值投资理念，特别容易把价值投资等同于低估值投资，从而形成所谓的“价值”与“成长”对立的两派投资风格。A股市场中我们经常看到的一些以“价值”为投资风格的指数，比如国证价值指数、中证800价值指数等，指数的编制法则均以低估值为主要参考因素。而实际上比较尴尬的是，最近几年A股市场中业绩表现较好的“价值投资者”，往往又都是“成长风格”。\n以低估值为核心的价值投资理念，起源是格雷厄姆的安全边际思想，即当股票价格大大低于其内在价值时，安全边际出现，此时应该买入，而当股价超过内在价值时应该卖出。格雷厄姆的安全边际理念，成为了以后很多低估值价值投资者的基本标尺。格雷厄姆的投资理念诞生于1929年股灾之后（《证券分析》第一版于1934年出版），将投资安全性放在第一位。\n将价值投资理解为低估值风格，本质上还是将“股票价格是否大幅低于内在价值”看得更重一些，而对“内在价值未来的长期动态变化”权重降低一些，这种投资理念偏博弈思维多点而逻辑思维少点。\n（注：根据指数编制公司发布的编制方式来看，国证价值指数和中证800价值指数参考的价值因子包含4个变量，分别是：股息收益率（D/P），每股净资产与价格比率（B/P），每股净现金流与价格比率（CF/P）、每股收益与价格比率（E/P）。对这4个变量进行标准化Z分处理排除极值影响后，计算4个变量的Z值均值，选取均值最高的332只和250只股票加权后计算分别得出国证价值指数和中证800价值指数。）\n估值从来都不是决定行情走势的充分条件\n从国内外股市的历史经验来看，估值历来都不是决定股市行情走势的充分条件，换言之，不会因为估值高了就一定会跌，也不会因为估值低了就一定会涨，单纯依靠估值高低交易实际上是在否定市场的有效性。\n多数情况下估值更像是一个期权，它不会改变股价的走势，只会影响后续变化的幅度。如果基本面向上反转时，估值处在低位，那么后续的上涨空间会比较大，反之在顶部估值较高时，如果基本面向下反转，股价跌幅也会比较大。但无论顶部还是底部，估值本身不会成为决定股价拐点的因素，决定股价拐点的是基本面的景气周期。（更多讨论可以参见：《市场思考随笔之三十二：树能不能长到天上去，谈估值天花板》）\n所以我们看到，牛市时估值高了还会再高，熊市时估值低了还能再低。如果我们把股价指数和估值画在一张图上放一起看，就会发现顶部和底部时，股价指数和估值都是完全同步的，估值就是股价、股价就是估值，此时从操作上讲，用估值高低去判断股价是没有指导意义的。而且一旦估值突破了原有的上限或者下限，估值究竟多高算高多低算低，就很难再有基准去衡量了。\n关于估值，另一个讨论较多的问题就是“低估值策略有效性”。由于行业板块本身盈利增长属性不同，低估值板块主要集中在金融、地产、周期、可选消费等顺周期板块，而高估值板块主要集中在医药、必需消费、TMT等逆周期板块。所以从市场表现来看，一般情况下在经济上行期中低估值策略是有效的，低估值指数能够跑赢市场整体，而在经济下行期中，低估值策略失效，低估值指数会跑输市场整体（参见下图）。这种行情特点依然反映着一个本质问题，即是基本面盈利周期而非估值高低决定了行情走势。（更多讨论可以参见：《市场思考随笔之四十二：失效的低估值策略》）\n\n当然，认为价值投资不等于低估值投资，绝对不是去提倡高估值投资风格，而是说我们认为，价值投资主要是去投资“企业内在价值的上升”，而不是“赚取股价低于内在价值的价差”，这可能是两者的主要区别。\n二、传统经济周期理论已经失效\n第二个有待修正的思维范式，是传统的经济周期分析框架。这几年我们看到，一是股票市场的表现与宏观经济关联度越来越弱，特别是市场热门板块的结构性行情，与传统宏观中的经济增长通货膨胀几乎毫无关系；二是各种“时钟”、“电风扇”类的分析框架在陆续失效。\n传统框架对股市分析陆续失效\n传统宏观经济分析的变量主要包括：经济增长指标（GDP、工业增加值、固定资产投资（包括基建投资、房地产投资、制造业投资等）、进出口、PMI等）、通货膨胀指标（CPI、PPI等）、金融指标（M1、M2、贷款、社融等）。这些经济指标总体上都代表了名义经济增长的总需求。\n中国经济2012年以后出现的变化是，名义经济增长增速降低波动降低。特别是名义经济增长的波动降低，使得前述宏观经济指标的重要性开始不断下降。最开始是GDP，大概从2012年以后开始没什么波动了，然后是2015年以后工业增加值这个指标也没有什么波动了，再然后是2017年以后M2基本也没有什么波动了。\n\n这些基于名义经济增速和总需求变化的分析范式，体现在各种“时钟”、“电风扇”类的分析框架。最早是美林时钟，随后演化拓展出各种模型。这类“时钟”、“电风扇”模型总体上框架是一样的：首先，确定几个（N个）宏观经济变量，然后每个变量划分几种（M种）状态，这样就可以定义出N^M种宏观经济“情景”；随后再在每一种“情景”中，做历史数据规律统计，得到每一个“情景”中大类资产价格的表现，以及股市整体和结构性行情表现的历史均值。\n比如说如果选择2个宏观变量，确定2种状态（好和坏），那么就一共可以划分出4种宏观经济“情景”。如果选择3个宏观变量，确定3种状态（好、中、差），那么就一共会划分出27种宏观经济“情景”。由于二维平面上只能够展示四个象限，所以一般的模型普遍采取2×2四种“情景”的架构。比如美林始终就是这种2×2四种“情景”模型，选择了两个宏观变量（经济增长和通货膨胀），划分了两种状态（上行和下行）。\n而随着一个个宏观经济指标波动性的降低，基于这些指标所产生的投资分析框架有效性普遍都在不断降低。\n至于基钦周期、朱格拉周期、康波周期这些，就更没有意思了。我们在之前的报告《别了，经济周期》中详细讨论过，这些都是二战前的观点产物，在主流的宏观教科书上是统统没有的。这些二战前的学术观点，是当时人类对于经济周期非常朴素的认识和理解，随着战后到60年代美国国家经济研究局（NBER）对这些传统“经济周期”进行了巨量的统计规律研究，这些基本上被统统证伪了。\n（实在对这块感兴趣的读者可以去看NBER关于经济周期的系列研究专著：《Measuring Business Cycles》（1946）、《Statistical Indicators of Cyclical Revivals and Recessions》（1950）、《Business Cycle Indicators, Volume 1&2》（1961）、《Cyclical Fluctuations in the Exports of the United States Since 1879》（1967）、《Indicators of Business Expansions and Contractions》（1967）、《The Business Cycle in a Changing World》（1969）、《Business Cycles, Inflation, and Forecasting》（1983））\n本质变化是企业盈利驱动力彻底改变\n之所以股票市场整体走势与宏观经济关联度越来越弱，股票市场中的结构性行情越来越难以从宏观经济中“自上而下”地去把握，根本上的原因，在于上市公司盈利增长的核心驱动力发生了变化，从总需求变成了供给端变化，我认为这个是决定最近几年A股市场行情特征的最核心因素。\n传统自上而下的投资分析框架的起始点，是经济的名义增速（因为上市公司的营收和利润也都是名义数，所以名义经济增速比实际经济增速更加重要），我们根据经济名义增速的周期往复规律去寻找股票市场的投资机会。\n其逻辑大致是这样的：名义经济增速向上时，上市公司整体盈利周期向上，此时我们看多市场，然后选择盈利弹性最大的顺周期板块，包括周期、金融、可选消费等。随着经济逐步过热，政策开始收紧，名义经济增速开始向下，此时上市公司整体的盈利周期也会向下，所以我们会看空大盘，然后板块上选择逆周期板块，消费、医药、公用事业等作为防守。\n\n图：传统自上而下投资框架在失效\n这套框架方法论的最大逻辑前提假设，在于需求变化是影响企业盈利弹性的最大变量，因此名义经济增速的波动，产生经济周期和板块轮动。名义经济增速的波动性没有了之后，决定上市公司盈利的最大变量就不是总需求了，而变成了一系列供给侧的变量，包括：\n集中度提升：传统行业随着产业集中度的提升，龙头企业利润率不断提升。\n消费升级：居民消费越来越趋向于品质化和个性化，服务性占比不断提高。\n科技创新：自下而上产生新产品新供给。\n这几年A股市场的领涨板块或者说大牛股，基本都是遵循着这几条逻辑走出来的，核心一点：决定企业盈利的是上述供给端变化，而不是总需求变化（并不是居民收入增速高了所以消费多了的逻辑）。而集中度提升、消费升级、科技创新，这些变量与传统宏观经济指标（经济增长、通货膨胀、货币政策等），似乎关联度都不大。\n过去五年消费股行情是最好的佐证\n从2016年起至今，过去五年多时间里，A股消费板块有非常出色的表现，这点我想应该是毋庸置疑的。\n这一轮的消费股行情，绝对不是“防守”属性的，防守不可能防守这么长时间有持续超额收益。这一轮的消费股行情是地地道道的“进攻”属性，板块的盈利能力持续提高（ROE持续提升），是行情的主要驱动力，而与此同时核心标的的股价和估值都在创新高。\n\n可问题就是，过去五年多时间里，A股消费板块的ROE提高，在宏观数据中完全看不到无影无踪。宏观数据中几乎所有与消费有关的指标，包括社会消费品零售总额增速、城乡居民收入增速、城乡居民支出增速，统统都是往下的。所以，这个时候，如果再自上而下进行研究分析，认为未来中国经济中消费的增速可能还会进一步往下，对消费股投资，有意义吗？\n因此，在之前的报告中，我曾经开玩笑地说过，如果完全从自上而下的宏观研究出发，一定可以完美踏空2016年以来的消费股行情（参见：《市场思考随笔之二十七：从近五年消费股行情谈自上而下研究的痛点》）。你可以找到一万条宏观的理由去解释为什么在宏观消费增速下行的过程中，消费品上市公司的盈利能力没有往下，但是你找不到一条宏观曲线，能够很好地去拟合去解释消费股的ROE为什么是向上的。\n消费股行情中，宏观分析之所以失效，核心的变化就是前面说的上市公司盈利增长的驱动力变了。不是说居民收入增长了20%，所以消费总量也增长了20%，这是总需求的逻辑。现在的情况是，居民收入只增长了10%，但是居民在某些领域消费的钱更多了，按照经济学的专业说法，就是这部分产品的需求收入弹性大于1，这是一个新结构的逻辑。\n最近几年的白酒股行情，不是喝酒的人多了，也不是喝酒的人酒量大了，而是酒价在不断提高。那么再往后看，我们去找消费股的投资逻辑，也不是去找因为居民收入增速提高而总需求增加的逻辑，依然是去找消费者可能支出比例提高的品种。\n随着经济的不断发展，各国和地区普遍都会出现名义经济增速波动不断降低的情况，这是一个全球性的普遍规律。2019年中国人均GDP首次达到1万美元，预计到2035年我国人均GDP超过2万美元，迈入高收入国家行列，从现在算起往后的15年，是中国经济从人均GDP一万美元向两万美元进军的经济发展新阶段。在经济发展新阶段中，再要名义经济增速大幅波动，可能性非常小。西方国家大体在1982年以后进入这个阶段，所以我们看到80年代以后，实际上很少有从传统宏观经济去找美国投资机会的分析。\n三、从超预期到产业趋势投资\n超预期逻辑说不清也不好操作\n二级市场投资和研究分析中，很多人喜欢问这样一个问题，你们的观点与市场一致预期不同的地方在哪里，或者说超预期的地方在哪里。提问的人可能是想在最短的时间内掌握核心信息，但这个问题却非常难回答，难点不在于自身的观点，而在于市场一致预期很多时候真的说不清楚。\n超预期的思维范式，短期的盈利业绩高于或者低于预期，经济数据高于或者低于预期，更多的属于一种博弈性的思维。且不论是否超预期很多时候会说不清楚，就算能说清楚，实践操作中也会有很大的困难，季报盈利超预期了，股价高开后怎么办？超预期的投资逻辑过于短期和博弈了。\n景气周期的趋势投资者\n超预期之外，更能够把握的是产业趋势的投资逻辑，股票市场行情反应产业趋势变化，这个脉络非常清晰。更进一步地，我们认为，这个思考框架可以归纳为：景气周期的趋势投资者。无论是A股市场还是海外市场，投资者在任何一个时间点实际上都是在寻找当时市场最景气的行业板块。\n国信策略研究比较喜欢使用净资产收益率（ROE）来度量行业板块的景气周期。当然完全也可以有不同的度量方式，比如用盈利增速（YOY），ROE和YOY的关系，好比《经济学原理》中平均成本与边际成本的关系，当边际成本超过平均成本时，平均成本会进一步向上。从理论上来说，在不考虑分红的情况下，如果下一年企业的YOY高于ROE，则ROE会进一步向上；如果YOY低于ROE，则ROE会向下；如果企业100%分红，那么只要盈利增速是0%，ROE下一年也保持不变。\n用ROE度量行业板块景气周期的好处，是ROE的曲线走势相比YOY更加平滑，趋势性更明显，缺点是ROE是一个相对滞后的指标，指标本身不是一个敏感的领先指标。\n以ROE作为行业板块景气周期的度量指标，我们可以把行业板块分为三种类型：\n第一种情况，ROE趋势向上的板块。\n这是典型的景气周期向上的板块，是投资中的首先品种。因为ROE是向上的，所以理论上估值也应该向上，这种情况下，一定是既赚业绩的钱，也赚估值的钱。历史来看，这类板块基本都是既有绝对收益又有超额收益的，领涨板块也一般都在此出现。\nA股历史上，2001年到2004年的钢铁板块、2005年到2007年的银行板块、2006年到2010年的家电板块、2013年到2015年的创业板科技板块、2016年到2020年的消费板块、2020年至今的新能源和新能源车板块，都是这种情况。这种情况下，可以说基本上是不看估值的，因为既然ROE没有见顶，估值顶也无从判断，ROE的拐点多数情况下就是行情的拐点。\n而且这种情况下，ROE和估值之间也很难找到绝对数的对应关系，更多的是趋势拐点的对应关系。以白酒行业为例，2012年行情景气周期顶点时的ROE比现在更高，而早在2019年时很多白酒公司的估值就已经突破了2012年行情最高点时的水平，突破上限后，再去讨论绝对值多高算高就很困难了。\nROE趋势向上板块的进攻性行情，有一个非常经典的案例，就是2013年到2015年A股市场的创业板行情。在当时“改革牛”、“水牛”的背景下，很多观点认为市场完全是炒作，实际上是有基本面原因的。我们可以清晰的看到，从2013年开始到2016年年中，创业板的ROE是持续向上的，而与此对应主板的ROE是不断下降的（参见下图），这是导致那波大行情的主要驱动力。\n这段行情中有两个特征我觉得需要特别注意：第一，虽然从2013年到2016年中，创业板的ROE是向上的，但是ROE的绝对值始终没有超过过主板，而A股市场的实际表现则明确无疑地说明了一个重要结论，就是市场是对ROE的趋势而非绝对值在进行定价。\n第二，就是在ROE上行过程中，2015年“两次股灾”和2016年“两次熔断”之后，反弹的都是创业板公司，一直到2016年下半年开始，随着创业板公司盈利景气周期的拐点出现，市场风格才彻底切换。这个行情特征跟2021年今年2月份市场调整的情况非常相似，在板块ROE向上景气周期上行中，市场整体调整之后，能够起来的依然是这些景气周期上行的板块。\n\n第二种情况，ROE基本走平的板块。\n这种品种基本上属于类固收资产，能赚业绩的钱，赚不了估值的钱。因为只能赚业绩的钱，所以对于这类资产的投资，是要看估值的，因为ROE基本走平估值中枢总体上是不变的，买入时估值高了就会降低未来收益率，反之买入时估值低则会提高未来收益率。\n这类板块比较典型的案例是1995年以来的美国必需消费板块以及2014年以来的A股银行板块。美国的必需消费板块（包括可口可乐、保洁、高露洁这些），1995年以来整体上ROE很高，差不多是标普500指数的1.7倍，但盈利趋势并未向上，必需消费板块股价有绝对收益但完全没有超额收益。（更多分析可以参见：《中美行业比较系列：必需消费品超额收益的历史轨迹》）\nA股的银行板块也非常典型。曾经的银行板块也是成长板块，在2005年到2007年ROE持续向上，当时的说法是银行板块是“永恒的成长板块”，因为无论什么行业成长最终都会利好银行，所以当时银行板块的PB差不多跟现在银行板块的PE相当。2014年以后A股银行板块整体上估值一直处于底部，但ROE依然在回落虽然每年下降的幅度有限。这种情况下，我们可以这样算，假设银行的ROE是11%，如果估值不变，那么持有一年的期望收益率就是11%，但问题是估值会变啊，因为ROE在下降PB也会下降，这样一来考虑估值上的折算，一年的期望收益率可能就只有6%到8%左右了。\n所以这也就回到了一个重要的基本性问题，如果一个板块的ROE没有趋势性上升的机会，那么由于低估值产生的投资机会都是交易性机会，时间都比较短幅度也比较有限。只有哪天板块的ROE可以见底回升了，板块才会有趋势性机会。\n第三种情况，ROE持续向下的板块。\n这种情况下的行业属于衰退型行业板块，应该是要坚决回避的，因为ROE在持续下降，估值也是持续下降的，估值低在哪里是不好说的。A股市场中2012年到2015年的周期股板块，就是这样的案例。这种情况下的投资实际上也是不看估值的，看估值投资往往会掉入“价值陷阱”，你以为估值已经很低了，但实际上还会再创新低，因为盈利的底还没有看到。\n在这个框架中，我们对“成长股”和“价值股”也有很清晰的定义。我们认为，所谓“成长股”，就是ROE趋势向上的行业板块，即赚业绩的钱，也赚估值的钱。而所谓的“价值股”，就是ROE绝对水平较高保持稳定的，盈利没有加速上行，这种情况下，只赚业绩的钱不赚估值的钱。\n内需、科技、绿色，方向明确\n那么，未来A股投资的产业趋势在哪里呢？十四五规划和2035年远景目标纲要已经清晰地描绘了未来的发展方向，概括起来，我们认为对股市而言，机会主要集中在“内需、科技、绿色”六个字中，这决定了未来五年中国经济政策的主要走向以及我国资本市场的投资主线。\n内需方面，十四五规划强调要形成强大国内市场，构建新发展格局。要坚持扩大内需这个战略基点，加快培育完整内需体系，将实施扩大内需战略同深化供给侧结构性改革有机结合起来，以创新驱动、高质量供给引领和创造新需求，进而改善人民生活品质，提高社会建设水平。就投资机会而言，我们认为核心机会是能够有产品创新的企业，用新供给创造新需求。\n科技方面，“十四五”规划提出，坚持创新在我国现代化建设全局中的核心地位，把科技自立自强作为国家发展的战略支撑，未来国家将瞄准人工智能、量子信息、集成电路、生命健康、脑科学、生物育种、空天科技、深地深海等前沿领域，实施一批具有前瞻性、战略性的国家重大科技项目。这里的投资机会，主要在自主创新的前沿技术，以及用数字化对各行各业的改造升级。\n绿色方面，当前我国正在经历一场新的能源变革，我国已经正式提出了2060年前实现碳中和的“路线图”，“2030年碳达峰”和“2060年碳中和”将成为“十四五”期间的重点任务，清洁能源产业将是我国能源发展主方向，风能、太阳能、生物质、水电、核电和天然气等清洁能源增速将继续领先。清洁能源已是新经济增长点，新能源和新能源汽车产业链毫无疑问是未来几年市场投资的主要赛道。\n过去几年，A股市场表现呈现出明显的结构分化特征，半导体、新能源汽车、新能源、医疗服务、消费等新兴产业取得了巨大涨幅，而银行、地产、建筑、传统能源、周期等传统行业板块，虽然估值已经很低了，但股价表现非常一般有些甚至还是下跌的。这种分化反应的是经济转型背景下，上市公司盈利的趋势性变化。而随着经济转型升级的持续深入，目前经济的新旧动能在加速转换，我们认为这种股市的这种分化也将会持续。\n四、摆脱均值回归思维的束缚\n均值回归是日常研究中经常会用到的一种思维方式，现在看来均值回归思维很多时候也成为了一种思想上的束缚，这里我简要谈以下两个问题。\n估值上下限PE/PB Band问题\n估值上限下限以及PE/PB Band问题，是一个典型的均值回归思维，类似的延展还包括ERP（股权风险溢价，即用市盈率PE减去无风险利率）的上下限。这类问题都是同一种思维模式方法论，即当估值触及上限时，认为估值会回落，此时应该给出卖出的投资建议；而当估值触及下限时，认为估值会回升，此时应该给出买入的投资建议。\n在2020年2月的研究报告《市场思考随笔之三十二：树能不能长到天上去，谈估值天花板》中，我曾经详细讨论过估值上下限问题。我个人观点，从估值下限看，可能只有满足盈利相对稳定和股息率相比债券利率有性价比这两个条件，才能够触发估值有下限的发生。否则很难说会存在什么样的约束或者机制，来维系这样的估值下限。但能够满足盈利稳定和股息率高这两个条件的公司和板块，在整个股票市场中实际上是非常少的。因此对于绝大多数板块和公司而言，估值下限很难成立或者说有实际约束。\n对于估值上限，也就是估值是不是有天花板的问题，从历史经验来看，这个天花板从来就是不存在的。每一轮牛市的估值高点位置都是可以不一样的。而且更重要的是，随着时代的发展，很多原来教科书和财务模型中认为不可能的情况都发生了，一是零利率和负利率2008年金融危机后在很多国家出现，二是很多优秀公司表现出了极强的盈利成长性，出现了g>r的情况，即估值模型中分子盈利的增速g要持续高于分母r的增速。这两种现象的出现，会导致所有估值模型都面临一个极其尴尬的结果，就是理论上会出现估值无穷大的情况，这种个情况下就更难以判断估值的上限在哪里了。\n实际情况就是如此，从2020年初至今，我们可以发现，一方面以新能源、半导体、医药消费等为代表的新兴产业，估值在不断创历史新高，无论是板块间的估值分化还是板块内的估值分化都在创新高。另一方面，以房地产为代表，部分传统行业的估值，无论是绝对估值还是相对估值，又都在创新低。换言之，目前的市场行情下，估值上下限和PE/PB Band在很多时候都已经被突破了，均值回归的思路已经没有办法再用了。\n是否需要频繁判断板块轮动\n对于股票投资策略研究而言，判断板块轮动是非常重要的一个工作，甚至可以说比大势研判更重要。在板块轮动判断中，也经常会出现均值回归的思维模式，典型的想法包括“高估值领涨板块涨多了，水往低处流，低估值滞涨板块该起来了”、“事不过三，消费股已经涨了三年了，今年应该可能不行了”、“大金融板块底部趴了这么久，怎么着也该起来了吧”、“上半年经济复苏看好顺周期，下半年经济回落看好逆周期”等等，这些都是我们日常研究工作中经常会出现的想法，本质上都带有强烈的均值回归色彩。\n这里首先想讨论一个问题，板块会出现轮动的原因是什么？我认为行情可以分为两种，一种是“趋势性行情机会”，另一种是“交易性行情机会”。所谓“趋势性行情机会”，我认为主要是由基本面盈利周期驱动的行情，也就是前面说的ROE趋势向上带来的行情机会，这种行情一般持续时间长行情幅度大。而所谓“交易性行情机会”，我认为主要是由市场交易层面因素引起的行情，比如超跌反弹估值修复等等，这类行情往往可能突如其来，但持续时间短行情幅度也一般，最近几年中我们经常看到的券商股行情有时突然爆发然后持续一到两周，我认为就是典型的“交易性行情机会”。\n从板块轮动的研判来看，如果既能把握“趋势性行情机会”又能把握“交易性行情机会”，自然是最好。但我们知道现实中这基本是不可能的，没有人能够把握住每一段行情。特别是对于“交易性行情机会”，由于其行情持续时间和幅度的特征，实际上非常难以判断把握，去下注超跌反弹或者估值修复，很多时候都是在守株待兔。因此能够去下功夫研究的，更多的是对“趋势性行情机会”判断。\n而如前所述，经济转型之后，上市公司盈利的核心驱动力，变成了供给侧的变量，比如集中度提升、科技创新产生新产品、人口老龄化、贫富差距扩大等等。这些供给侧的变量，相比总需求变化（GDP、CPI、PPI、M2等指标的变化），都属于趋势性的慢变量。因此一旦趋势形成，盈利周期向上或者向下的时间就会非常长，由此造成的板块超额收益时间也会非常长。这跟总需求变动产生的盈利周期完全不同，总需求变化产生的盈利周期，一般可能就是1到2年，时间都比较短，所以我们看到顺周期板块的超额收益走势经常是来来回回地轮动。\n因此如果未来由这些慢变量驱动上市公司盈利周期，成为一个常态，那么板块的盈利周期和超额收益时间可能都会比较长，板块间的轮动会明显减少。用均值回归思维频繁进行板块轮动判断，反而容易弄巧成拙。\n展望：新结构、新机会\n以上是我们对于过去几年股票投资策略框架和投资理念的一些系统总结和反思。\n国信证券认为，中国资本市场的黄金岁月已经到来，当前中国经济新旧动能已经转换，未来在经济新结构中，会有股市新机会。\n而我们的策略框架和投资理念，也在新旧转换，而且越转越快。我们一直坚守价值投资的理想和信念。\n我们认为价值投资：\n是一个逻辑思维，而不是博弈思维；\n是把握产业趋势，而不是判断短期是否超预期；\n是投资企业内在价值上升，而不是赚取股价低于内在价值的价差。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812302796,"gmtCreate":1630550346215,"gmtModify":1676530337684,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/812302796","repostId":"2164147758","repostType":2,"repost":{"id":"2164147758","kind":"highlight","pubTimestamp":1630546619,"share":"https://ttm.financial/m/news/2164147758?lang=en_US&edition=fundamental","pubTime":"2021-09-02 09:36","market":"hk","language":"zh","title":"Apple makes a major concession! Allow some apps to bypass the App Store for payments","url":"https://stock-news.laohu8.com/highlight/detail?id=2164147758","media":"华尔街见闻","summary":"苹果将允许“阅读器”应用程序添加一个应用内链接，以便用户跳转到外部网站进行注册并支付费用，这一变化适用于杂志、报纸、书籍、音频、音乐和视频等应用程序，将于明年年初在全球范围内实施。","content":"<p>Just now,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The significant concession, allowing some App users to bypass the App Store and make payments to external websites, means that many developers will no longer need to pay Apple up to 30% in App Store commissions.</p><p>On Thursday (September 2), Apple released a statement on its official website saying that the Apple App Store will be updated.<b>This update will allow developers of the \"Reader\" application to add an in-app link so that users can jump to an external website to register for the service and pay for it.</b></p><p>This statement is part of a settlement agreement reached between Apple and the Japan Fair Trade Commission. Apple stated that this change will be implemented globally early next year.</p><p>In a statement, Apple said:</p><p>To ensure a secure and seamless user experience, App Store guidelines require developers to use Apple's in-app payment system to sell digital services and subscription services. Because developers of reading apps do not offer digital goods and services within the app, Apple agreed to the JFTC allowing developers of these apps to share a link to their website to help users set up and manage their accounts. According to Apple's definition of a \"reader\" app, this change applies to apps such as magazines, newspapers, books, audio, music, and video.</p><p>Apple has consistently charged developers up to 30% commission on each transaction and mandated the use of its internal payment system to collect a portion of the transaction fees.<b>Globally, Apple's total revenue in the last fiscal year was $274.5 billion, of which $53.8 billion came from its services business, including the App Store.</b></p><p><h2>\"Apple Tax\" War</h2><b>In recent years, Apple's exorbitant commissions have sparked numerous controversies and drawn protests worldwide.</b></p><p>Epic Games, the developer of the once globally popular Fortnite game, established its own in-game payment system last year in an attempt to bypass Apple's payment platform, which fired the first shot in the \"Apple tax\" war. Spotify, Tinder's parent company Match Group, and several other companies have said in recent years that tech giants should not monopolize payment systems.</p><p>On Tuesday, the South Korean National Assembly passed a bill banning Apple from...<a href=\"https://laohu8.com/S/GOOG\">Google</a>The operation of such App stores forced App developers to use their designated payment systems, and 180 of the 188 lawmakers present voted in favor.</p><p>The bill would make South Korea the first country to impose restrictions on the payment policies of Google and Apple. The law also gives the South Korean government the power to mediate disputes related to payments, cancellations, and refunds in the app market. Companies that violate the rules may be fined up to 3% of their revenue in South Korea by the Korea Communications Commission, South Korea's regulator.</p><p><b>Faced with increasing antitrust regulatory pressure, Apple is constantly making concessions.</b></p><p>Earlier this year, Apple officially launched the App Store Small Business and Individual Developer program. Under the new plan, App Store commissions for developers with annual revenue of less than $1 million will be reduced from 30% to 15%.</p><p>On August 27, Apple announced on its official website that it would make several improvements to the App Store as part of a preliminary settlement agreement between U.S. developers in a class-action lawsuit against it. Improvements include allowing developers to introduce users to their purchasing options outside the App Store.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple makes a major concession! Allow some apps to bypass the App Store for payments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple makes a major concession! Allow some apps to bypass the App Store for payments\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-09-02 09:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Just now,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The significant concession, allowing some App users to bypass the App Store and make payments to external websites, means that many developers will no longer need to pay Apple up to 30% in App Store commissions.</p><p>On Thursday (September 2), Apple released a statement on its official website saying that the Apple App Store will be updated.<b>This update will allow developers of the \"Reader\" application to add an in-app link so that users can jump to an external website to register for the service and pay for it.</b></p><p>This statement is part of a settlement agreement reached between Apple and the Japan Fair Trade Commission. Apple stated that this change will be implemented globally early next year.</p><p>In a statement, Apple said:</p><p>To ensure a secure and seamless user experience, App Store guidelines require developers to use Apple's in-app payment system to sell digital services and subscription services. Because developers of reading apps do not offer digital goods and services within the app, Apple agreed to the JFTC allowing developers of these apps to share a link to their website to help users set up and manage their accounts. According to Apple's definition of a \"reader\" app, this change applies to apps such as magazines, newspapers, books, audio, music, and video.</p><p>Apple has consistently charged developers up to 30% commission on each transaction and mandated the use of its internal payment system to collect a portion of the transaction fees.<b>Globally, Apple's total revenue in the last fiscal year was $274.5 billion, of which $53.8 billion came from its services business, including the App Store.</b></p><p><h2>\"Apple Tax\" War</h2><b>In recent years, Apple's exorbitant commissions have sparked numerous controversies and drawn protests worldwide.</b></p><p>Epic Games, the developer of the once globally popular Fortnite game, established its own in-game payment system last year in an attempt to bypass Apple's payment platform, which fired the first shot in the \"Apple tax\" war. Spotify, Tinder's parent company Match Group, and several other companies have said in recent years that tech giants should not monopolize payment systems.</p><p>On Tuesday, the South Korean National Assembly passed a bill banning Apple from...<a href=\"https://laohu8.com/S/GOOG\">Google</a>The operation of such App stores forced App developers to use their designated payment systems, and 180 of the 188 lawmakers present voted in favor.</p><p>The bill would make South Korea the first country to impose restrictions on the payment policies of Google and Apple. The law also gives the South Korean government the power to mediate disputes related to payments, cancellations, and refunds in the app market. Companies that violate the rules may be fined up to 3% of their revenue in South Korea by the Korea Communications Commission, South Korea's regulator.</p><p><b>Faced with increasing antitrust regulatory pressure, Apple is constantly making concessions.</b></p><p>Earlier this year, Apple officially launched the App Store Small Business and Individual Developer program. Under the new plan, App Store commissions for developers with annual revenue of less than $1 million will be reduced from 30% to 15%.</p><p>On August 27, Apple announced on its official website that it would make several improvements to the App Store as part of a preliminary settlement agreement between U.S. developers in a class-action lawsuit against it. Improvements include allowing developers to introduce users to their purchasing options outside the App Store.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3639472\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d2a986280a0d0ac6d75b62fd1fec8874","relate_stocks":{"AAPL":"苹果"},"source_url":"https://wallstreetcn.com/articles/3639472","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164147758","content_text":"刚刚，苹果作出重大让步，允许部分应用程序用户绕过苹果应用商店（App Store），到外部网站进行支付，这意味着许多开发者将不再需要向苹果支付高达30%的应用商店佣金。\n周四（9月2日），苹果在其官方网站发布声明称，苹果应用商店将进行更新，这一更新将允许“阅读器”应用程序的开发者添加一个应用内链接，以便用户跳转到外部网站进行注册服务并支付费用。\n这一声明是苹果与日本公平贸易委员会(Japan Fair Trade Commission)达成和解协议的一部分。苹果表示，这一变化将于明年年初在全球范围内实施。\n苹果在声明中表示：\n\n 为了确保安全无缝的用户体验，App Store的指导方针要求开发者使用苹果的应用内支付系统销售数字服务和订阅服务。由于阅读应用的开发者不提供应用内的数字商品和服务，苹果同意JFTC允许这些应用的开发者分享一个链接跳转到他们的网站，以帮助用户设置和管理自己的账户。\n\n根据苹果对“阅读器”应用的定义，这一变化适用于杂志、报纸、书籍、音频、音乐和视频等应用程序。\n一直以来，苹果向开发者在每笔交易中收取高达30%佣金，并且强制使用内部支付系统，以收取一部分交易费。在全球范围内，苹果上一财年总营收为2745亿美元，其中包括应用商店在内的服务业务收入为538亿美元。\n“苹果税”大战\n近年来，苹果高昂抽佣引发众多争议，在全球范围内遭到“抗议”。\n一度风靡全球的《堡垒之夜》游戏的开发商Epic Games，去年建立了自己的游戏内的支付系统，试图绕过苹果支付平台，这打响了“苹果税”大战第一枪。Spotify、Tinder的母公司Match Group和其他几家公司近年来都表示，科技巨头不应该垄断支付系统。\n本周二，韩国国会通过了一项法案，禁止苹果与谷歌这类App商店的运营强制App开发者使用他们指定的支付系统，与会的立法者中有180人（共188人）投票赞成。\n该法案将使韩国成为第一个对谷歌和苹果的支付政策实施限制的国家。该法律还赋予韩国政府调解应用市场中有关支付、取消和退款纠纷的权力。违反规定的公司可能会被韩国监管机构通信委员会处以高达在韩国收入3%的罚款。\n面对日益增大的反垄断监管压力，苹果也在不断作出让步。\n今年初，苹果正式推出App Store小型企业和个体开发者计划。根据新计划，年营收少于100万美元的开发者App Store佣金从之前的30%降至15%。\n8月27日，苹果在其官方网站宣布，将对App Store进行多项改进，作为美国开发者对其集体诉讼初步和解协议的一部分。改进包括开发者可以向用户介绍他们在 App Store之外的购买选项。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":5618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834804939,"gmtCreate":1629786355821,"gmtModify":1676530130621,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/834804939","repostId":"2161709897","repostType":2,"repost":{"id":"2161709897","kind":"news","pubTimestamp":1629781974,"share":"https://ttm.financial/m/news/2161709897?lang=en_US&edition=fundamental","pubTime":"2021-08-24 13:12","market":"us","language":"zh","title":"Apple's iPad mini 6 has been leaked, featuring an A14 chip.","url":"https://stock-news.laohu8.com/highlight/detail?id=2161709897","media":"轻舟","summary":"苹果 iPad mini 6 的铝制模型图曝光，该模型没有实体 Home 键，机身更薄，采用直角边框，看起来就像缩小版 iPad Air 4。据悉数码博主爆料，iPad mini 6 采用了侧边 Touch ID 指纹识别，搭载了 8.4 英寸屏幕，双扬声器 + A14+60Hz 四面等宽屏幕，采用 USB-C 接口，尺寸为 206mm X 138mm X 6.1mm，拥有银黑金配色。新款iPad mini将在苹果秋季发布会与网友见面，你期待吗？","content":"<p><html><body><div><div itemprop=\"articleBody\"><div><div><div></div></div></div><a href=\"https://laohu8.com/S/AAPL\">Apple</a>Aluminum model images of the iPad mini 6 have been leaked. The model lacks a physical Home button, has a thinner body, and features right-angled bezels, making it look like a scaled-down version of the iPad Air 4.</p><p>According to reports from digital bloggers, the iPad mini 6 features side-mounted Touch ID fingerprint recognition, an 8.4-inch screen, dual speakers, an A14+60Hz quad-sided display, a USB-C port, dimensions of 206mm X 138mm X 6.1mm, and is available in silver, black, and gold colors.</p><p>The new iPad mini will be unveiled at Apple's fall event. Are you looking forward to it?</p><p><div zpv-events-inview=\"article-cont-bottom-viewport\"></div><div><span itemprop=\"url\">https://news.zol.com.cn/775/7751834.html</span><span itemprop=\"indexUrl\">news.zol.com.cn</span><span itemprop=\"isOriginal\">true</span><span itemprop=\"author\"><a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Online</span><span itemprop=\"isBasedOnUrl\">https://news.zol.com.cn/775/7751834.html</span><span itemprop=\"genre\">report</span><span itemprop=\"wordCount\">343</span><span itemprop=\"description\">Aluminum model images of Apple's iPad mini 6 have been leaked. The model lacks a physical Home button, is thinner, and features right-angled bezels, making it look like a scaled-down version of the iPad Air 4. According to reports from a digital blogger, the iPad mini 6 features side-mounted Touch ID fingerprint recognition, an 8.4-inch screen, dual speakers, an A14+60Hz quad-sided display, a USB-C port, and a size of...</span></div></div></div></body></html></p>","source":"zol_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>Apple's iPad mini 6 has been leaked, featuring an A14 chip.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple's iPad mini 6 has been leaked, featuring an A14 chip.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">轻舟</strong><span class=\"h-time small\">2021-08-24 13:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div><div itemprop=\"articleBody\"><div><div><div></div></div></div><a href=\"https://laohu8.com/S/AAPL\">Apple</a>Aluminum model images of the iPad mini 6 have been leaked. The model lacks a physical Home button, has a thinner body, and features right-angled bezels, making it look like a scaled-down version of the iPad Air 4.</p><p>According to reports from digital bloggers, the iPad mini 6 features side-mounted Touch ID fingerprint recognition, an 8.4-inch screen, dual speakers, an A14+60Hz quad-sided display, a USB-C port, dimensions of 206mm X 138mm X 6.1mm, and is available in silver, black, and gold colors.</p><p>The new iPad mini will be unveiled at Apple's fall event. Are you looking forward to it?</p><p><div zpv-events-inview=\"article-cont-bottom-viewport\"></div><div><span itemprop=\"url\">https://news.zol.com.cn/775/7751834.html</span><span itemprop=\"indexUrl\">news.zol.com.cn</span><span itemprop=\"isOriginal\">true</span><span itemprop=\"author\"><a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Online</span><span itemprop=\"isBasedOnUrl\">https://news.zol.com.cn/775/7751834.html</span><span itemprop=\"genre\">report</span><span itemprop=\"wordCount\">343</span><span itemprop=\"description\">Aluminum model images of Apple's iPad mini 6 have been leaked. The model lacks a physical Home button, is thinner, and features right-angled bezels, making it look like a scaled-down version of the iPad Air 4. According to reports from a digital blogger, the iPad mini 6 features side-mounted Touch ID fingerprint recognition, an 8.4-inch screen, dual speakers, an A14+60Hz quad-sided display, a USB-C port, and a size of...</span></div></div></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://news.zol.com.cn/775/7751834.html\">轻舟</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38b14d4c1528b585f44d427c7a09d860","relate_stocks":{"159813":"芯片","AAPL":"苹果"},"source_url":"http://news.zol.com.cn/775/7751834.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161709897","content_text":"苹果 iPad mini 6 的铝制模型图曝光，该模型没有实体 Home 键，机身更薄，采用直角边框，看起来就像缩小版 iPad Air 4。据悉数码博主爆料，iPad mini 6 采用了侧边 Touch ID 指纹识别，搭载了 8.4 英寸屏幕，双扬声器 + A14+60Hz 四面等宽屏幕，采用 USB-C 接口，尺寸为 206mm X 138mm X 6.1mm，拥有银黑金配色。新款iPad mini将在苹果秋季发布会与网友见面，你期待吗？\n\nhttps://news.zol.com.cn/775/7751834.html\nnews.zol.com.cn\ntrue\n中关村在线\nhttps://news.zol.com.cn/775/7751834.html\nreport\n343\n苹果 iPad mini 6 的铝制模型图曝光，该模型没有实体 Home 键，机身更薄，采用直角边框，看起来就像缩小版 iPad Air 4。据悉数码博主爆料，iPad mini 6 采用了侧边 Touch ID 指纹识别，搭载了 8.4 英寸屏幕，双扬声器 + A14+60Hz 四面等宽屏幕，采用 USB-C 接口，尺寸为...","news_type":1,"symbols_score_info":{"159813":1,"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":5072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171106913,"gmtCreate":1626709919332,"gmtModify":1703763860451,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171106913","repostId":"1159080706","repostType":4,"repost":{"id":"1159080706","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626709038,"share":"https://ttm.financial/m/news/1159080706?lang=en_US&edition=fundamental","pubTime":"2021-07-19 23:37","market":"us","language":"zh","title":"[Unusual Movement] Wei Xiaoli recovers from today's losses and rebounds.","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>On July 19,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>The price has stopped falling and rebounded, recovering the ground lost today.</p><p>XPeng previously announced the pre-sale price of its XPeng P5, which is equipped with mass-produced automotive-grade LiDAR, and announced the start of pre-sales. The new XPeng P5 will have a pre-sale price of 160,000 to 230,000 yuan, with a total of 6 versions with different range configurations to choose from, with a maximum range of 600 kilometers under NEDC conditions.</p><p>Meanwhile, XPeng Motor Company issued an announcement stating that it issued 12.0833 million shares on July 19, 2021, upon partial exercise of its over-allotment option, at an issue price of HK$165 per share.</p><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>[Unusual Movement] Wei Xiaoli recovers from today's losses and rebounds.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Unusual Movement] Wei Xiaoli recovers from today's losses and rebounds.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-19 23:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 19,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>The price has stopped falling and rebounded, recovering the ground lost today.</p><p>XPeng previously announced the pre-sale price of its XPeng P5, which is equipped with mass-produced automotive-grade LiDAR, and announced the start of pre-sales. The new XPeng P5 will have a pre-sale price of 160,000 to 230,000 yuan, with a total of 6 versions with different range configurations to choose from, with a maximum range of 600 kilometers under NEDC conditions.</p><p>Meanwhile, XPeng Motor Company issued an announcement stating that it issued 12.0833 million shares on July 19, 2021, upon partial exercise of its over-allotment option, at an issue price of HK$165 per share.</p><p><img src=\"https://static.tigerbbs.com/f72a193fe4e67d7c18a4cbdff58c6864\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f36b37eb8e9efe8641c7be55a7da26d","relate_stocks":{"NIO":"蔚来","09868":"小鹏集团-W","XPEV":"小鹏集团","LI":"理想汽车"},"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,"symbols_score_info":{"NIO":0.9,"XPEV":0.9,"LI":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":1310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807596099,"gmtCreate":1628042262411,"gmtModify":1703500109407,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807596099","repostId":"1163360313","repostType":4,"isVote":1,"tweetType":1,"viewCount":5328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839249417,"gmtCreate":1629163330139,"gmtModify":1676529949678,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/839249417","repostId":"2160275638","repostType":2,"repost":{"id":"2160275638","kind":"news","pubTimestamp":1629158400,"share":"https://ttm.financial/m/news/2160275638?lang=en_US&edition=fundamental","pubTime":"2021-08-17 08:00","market":"us","language":"zh","title":"Apple has released another new automotive patent, this time related to virtual car key sharing.","url":"https://stock-news.laohu8.com/highlight/detail?id=2160275638","media":"界面新闻","summary":"虽然对亲自下场造车的态度扭扭捏捏，但苹果公司目前正在研发自动驾驶类相关技术早已不是秘密。日前，苹果公司又发布了一项新专利，这项专利称为“朋友钥匙共享”，它基本上描述了一种与他人共享苹果车的方法。数字钥匙的概念将使苹果公司能够提供这种“朋友钥匙共享”系统，正如该公司在专利中所描述的那样，它应该允许其他人在不披露任何机密信息和暴露关键数据的情况下驾驶你的汽车。","content":"<p><div>Although Apple is hesitant about personally getting involved in car manufacturing, it is no secret that it is currently developing autonomous driving-related technologies. Although the Cupertino-based tech giant hasn't said anything about it, the company's numerous patent applications in the automotive sector undoubtedly add to the veracity of this story. Apple recently released a new patent called \"Friend Key Sharing,\" which essentially describes a way to share an Apple car with others. It's easy to guess that the whole thing doesn't involve traditional physical car keys...</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817080114788b819f&s=b\">Web page link</a></div></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple has released another new automotive patent, this time related to virtual car key sharing.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple has released another new automotive patent, this time related to virtual car key sharing.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">界面新闻</strong><span class=\"h-time small\">2021-08-17 08:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Although Apple is hesitant about personally getting involved in car manufacturing, it is no secret that it is currently developing autonomous driving-related technologies. Although the Cupertino-based tech giant hasn't said anything about it, the company's numerous patent applications in the automotive sector undoubtedly add to the veracity of this story. Apple recently released a new patent called \"Friend Key Sharing,\" which essentially describes a way to share an Apple car with others. It's easy to guess that the whole thing doesn't involve traditional physical car keys...</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817080114788b819f&s=b\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817080114788b819f&s=b\">界面新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ddd65df9928c608cb63c03990d41f6c2","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817080114788b819f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160275638","content_text":"虽然对亲自下场造车的态度扭扭捏捏，但苹果公司目前正在研发自动驾驶类相关技术早已不是秘密。虽然这家位于库比蒂诺的科技巨头没有说任何关于它的事情，但该公司在汽车领域申请的无数专利无疑是在不断增加这件事的真实性。日前，苹果公司又发布了一项新专利，这项专利称为“朋友钥匙共享（Friend Key Sharing）”，它基本上描述了一种与他人共享苹果车的方法。很容易猜到，整个事情并不涉及传统的实体汽车钥匙，因为在苹果的世界里，汽车钥匙已经是“昨天的事情”了。一部iPhone就是你所需要的全部硬件，而苹果汽车很有可能全面采用数字车钥匙，这个位于库比蒂诺的科技巨头已经在与宝马等合作伙伴推进这一概念。数字钥匙的概念将使苹果公司能够提供这种“朋友钥匙共享”系统，正如该公司在专利中所描述的那样，它应该允许其他人在不披露任何机密信息和暴露关键数据的情况下驾驶你的汽车。苹果公司描述道：“如果访问是由实物钥匙或钥匙扣控制的，业主必须将钥匙/钥匙扣实际交付给个人，然后必须在个人访问结束后实际取回钥匙/钥匙扣。”当然，鉴于该公司希望为其客户提供充分便利，苹果不会出现这种情况。“如果访问是由秘密数据控制的，所有者必须将秘密数据传达给个人。如果通信不安全，第三方可以观察到秘密数据。此外，在个人完成访问后，必须改变秘密数据”iPhone制造商进一步补充说。因此，使用密码并与他人分享也不是苹果的选择。相反，该公司发明了一个基于令牌的系统，由另一个设备提供动力，然后用安全的方法（iPhone上的App）与另一个人分享。这个令牌类似于一个一次性的访问代码，所以在他们使用汽车后，它会自动过期，不再提供对车辆的访问。当然，重要的是要记住整个事情目前仍是一项专利，但如果这种能力最终在苹果汽车2025年准备就绪时上线，也不要太惊讶。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":5750,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830573574,"gmtCreate":1629085489198,"gmtModify":1676529924957,"author":{"id":"3585964302651088","authorId":"3585964302651088","name":"GoodLuck0102","avatar":"https://static.tigerbbs.com/344a326f3c2ab4d67b3f22a58a26f13f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585964302651088","idStr":"3585964302651088"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830573574","repostId":"2159246901","repostType":2,"repost":{"id":"2159246901","kind":"news","pubTimestamp":1629081660,"share":"https://ttm.financial/m/news/2159246901?lang=en_US&edition=fundamental","pubTime":"2021-08-16 10:41","market":"us","language":"zh","title":"The Haiti earthquake has killed 1,297 people; Apple CEO Tim Cook has pledged to donate aid.","url":"https://stock-news.laohu8.com/highlight/detail?id=2159246901","media":"虎嗅","summary":"海地地震已致1297人死亡：苹果CEO库克表态将捐款援助。8月14日20时29分，加勒比海北部岛国海地发生7.3级地震，震源深度10千米。当地官员确认，截止15日，此次地震已经造成1297人死亡，超5700人受伤。在最严重的三个地区，有13785间房屋受损，13694间房屋毁坏。对于此次灾难，苹果CEO库克出面表示对遇难者表示同情，将捐款以帮助社区救援和恢复工作。","content":"<p><html><body><article>The earthquake in Haiti has killed 1,297 people:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>CEO Tim Cook stated that he would donate to provide assistance.</p><p>At 8:29 p.m. on August 14, a 7.3-magnitude earthquake struck Haiti, an island nation in the northern Caribbean Sea, with a focal depth of 10 kilometers. Local officials confirmed that as of the 15th, the earthquake had caused 1,297 deaths and injured more than 5,700 people. In the three worst-hit areas, 13,785 houses were damaged and 13,694 were destroyed.</p><p>In response to the disaster, Apple CEO Tim Cook expressed his sympathy for the victims and pledged to donate money to help with community relief and recovery efforts.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Haiti earthquake has killed 1,297 people; Apple CEO Tim Cook has pledged to donate aid.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Haiti earthquake has killed 1,297 people; Apple CEO Tim Cook has pledged to donate aid.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">虎嗅</strong><span class=\"h-time small\">2021-08-16 10:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>The earthquake in Haiti has killed 1,297 people:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>CEO Tim Cook stated that he would donate to provide assistance.</p><p>At 8:29 p.m. on August 14, a 7.3-magnitude earthquake struck Haiti, an island nation in the northern Caribbean Sea, with a focal depth of 10 kilometers. Local officials confirmed that as of the 15th, the earthquake had caused 1,297 deaths and injured more than 5,700 people. In the three worst-hit areas, 13,785 houses were damaged and 13,694 were destroyed.</p><p>In response to the disaster, Apple CEO Tim Cook expressed his sympathy for the victims and pledged to donate money to help with community relief and recovery efforts.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210816104112788b63fe&s=b\">虎嗅</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/28fdf96529f17262c1abf4a746dcc817","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210816104112788b63fe&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2159246901","content_text":"海地地震已致1297人死亡：苹果CEO库克表态将捐款援助。8月14日20时29分，加勒比海北部岛国海地发生7.3级地震，震源深度10千米。当地官员确认，截止15日，此次地震已经造成1297人死亡，超5700人受伤。在最严重的三个地区，有13785间房屋受损，13694间房屋毁坏。对于此次灾难，苹果CEO库克出面表示对遇难者表示同情，将捐款以帮助社区救援和恢复工作。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":5481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}