一剑奈何 personal page - To The Moon

一剑奈何

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2021-09-18

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2021-08-13

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2023-01-04

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2021-09-15

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PetroChina will lighten its positions if it pulls violently, is it carving a boat for a sword

2021-09-11

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Inflation "The Wolf Is Really Coming"? U.S. Stocks Have Worst Week Since June

2021-08-24

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China Hand Tour's revenue in the first half of the year was 2.18 billion yuan and its net profit was 394 million yuan

2021-09-18

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2021-09-14

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Lei Jun went to FAW to negotiate, three mysteries to be solved

2021-09-12

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Xingzheng Strategy: Let a Hundred Flowers Bloom as scheduled, and the market accelerates

2021-09-04

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Xiaomi OV Core-making: Advance can attack, retreat can defend

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Here’s how you can maximize your winnings:🏆 Winning Guide 🏆Discover Exclusive Features:Click to explore the unique features you’re interested in.Watch the feature introduction videos and complete the corresponding tasksShow Your Love:Like your favorite featuresIf the features you like end up in the top three, you’ll share in extra grand prizes!Collect and Win:Complete special tasks to earn pieces.Collect all pieces to exchange for high-value rewards!💡 Pro Tips:Complete highlighted tasks to earn extra rewards and a big bonus!Ready to dive","text":"🎉 Unlock Your Path to $1,010 voucher with Our Winning Guide! 🎉Our exclusive anniversary event is now LIVE, and we want YOU to join in the fun! Not only can you explore our unique tech-driven features, but you also stand a chance to win incredible rewards. 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As of the close, PetroChina reported 5.71 yuan, up 3.82%. After 11 o'clock yesterday, at the same time as PetroChina rose rapidly, the GEM Index and the Shanghai Composite Index both turned downward. As of the close, the Shanghai Composite Index turned from a red plate to a fall of 1.42%, and the growth rate of the GEM index fell from about 2.5% to 1.32%.</p><p>For a time, many netizens exclaimed: Absolutely abnormal! Some investors even hurriedly cleared their positions and \"fled\" in order to escape the mysterious \"PetroChina curse\".</p><p>The saying of \"four magic curses\" once circulated in the A-share market. The most well-known one is the \"PetroChina Curse\". As long as PetroChina rises, the stock market will plummet. Over time, PetroChina has become a reverse indicator of the market.</p><p>So, does the historical data support the \"PetroChina Curse\"? After counting the data of PetroChina's stock surge in recent years, the reporter found that the \"PetroChina Curse\" only \"works\" in a few days. However, in the long term, it definitely can't reach the statistically significant level. For example, on February 25, 2019, PetroChina rose 3.7% and the Shanghai Composite Index rose 5.6%, after which the Shanghai Composite Index rose until April of that year. On May 18th this year, PetroChina rose by 4.51%, and the Shanghai Composite Index rose by 0.32%. Since then, the structural market of GEM has been obvious.</p><p><b>So, what is the reason why the \"curse of PetroChina\" is frequently chanted by investors?</b></p><p>The answer lies in the huge contrast between PetroChina's total market value and circulating market value. As of yesterday's close, PetroChina's total market value was 1,045 billion yuan, and its circulating market value was 924.6 billion yuan. Among the outstanding shares, CNPC, the largest shareholder, holds nearly 91% of the shares, and the top 10 shareholders hold 96% of the shares. This means that the remaining free circulation market value of PetroChina is less than 40 billion yuan. Controlling this part of the free circulation market value can affect the market trend to a certain extent.</p><p>However, at this time, the era when PetroChina's market value was \"outstanding\" has long passed. At present, there are nearly 10 stocks with a market value of over one trillion yuan in Shanghai and Shenzhen stock markets.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>（600519）、<a href=\"https://laohu8.com/S/300750\">CATL</a>（300750）、<a href=\"https://laohu8.com/S/601398\">ICBC</a>When the market value exceeds that of PetroChina, PetroChina's ability to \"control the overall situation\" is not as good as before.</p><p>Recently, OPEC raised its global oil demand forecast in 2022 to 100.8 million barrels per day, which drove international oil prices to climb, and various funds increased their holdings of oil stocks. Perhaps, this is the real reason for PetroChina's surge. Investors should also get used to the rise of PetroChina, and don't talk about it.</p>","source":"tonghuashun","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>PetroChina will lighten its positions if it pulls violently, is it carving a boat for a sword</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\">\nPetroChina will lighten its positions if it pulls violently, is it carving a boat for a sword\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\">2021-09-15 09:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/4b0da3672920a0df7167636959c320b0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/601857\">PetroChina</a>(601857) (abbreviated \"<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>\") Yesterday, it rose by more than 8% in the intraday session, which brought back the sad memories of many investors.</p><p>Yesterday, the highest intraday price of PetroChina was 5.99 yuan, an increase of nearly 9%. As of the close, PetroChina reported 5.71 yuan, up 3.82%. After 11 o'clock yesterday, at the same time as PetroChina rose rapidly, the GEM Index and the Shanghai Composite Index both turned downward. As of the close, the Shanghai Composite Index turned from a red plate to a fall of 1.42%, and the growth rate of the GEM index fell from about 2.5% to 1.32%.</p><p>For a time, many netizens exclaimed: Absolutely abnormal! Some investors even hurriedly cleared their positions and \"fled\" in order to escape the mysterious \"PetroChina curse\".</p><p>The saying of \"four magic curses\" once circulated in the A-share market. The most well-known one is the \"PetroChina Curse\". As long as PetroChina rises, the stock market will plummet. Over time, PetroChina has become a reverse indicator of the market.</p><p>So, does the historical data support the \"PetroChina Curse\"? After counting the data of PetroChina's stock surge in recent years, the reporter found that the \"PetroChina Curse\" only \"works\" in a few days. However, in the long term, it definitely can't reach the statistically significant level. For example, on February 25, 2019, PetroChina rose 3.7% and the Shanghai Composite Index rose 5.6%, after which the Shanghai Composite Index rose until April of that year. On May 18th this year, PetroChina rose by 4.51%, and the Shanghai Composite Index rose by 0.32%. Since then, the structural market of GEM has been obvious.</p><p><b>So, what is the reason why the \"curse of PetroChina\" is frequently chanted by investors?</b></p><p>The answer lies in the huge contrast between PetroChina's total market value and circulating market value. As of yesterday's close, PetroChina's total market value was 1,045 billion yuan, and its circulating market value was 924.6 billion yuan. Among the outstanding shares, CNPC, the largest shareholder, holds nearly 91% of the shares, and the top 10 shareholders hold 96% of the shares. This means that the remaining free circulation market value of PetroChina is less than 40 billion yuan. Controlling this part of the free circulation market value can affect the market trend to a certain extent.</p><p>However, at this time, the era when PetroChina's market value was \"outstanding\" has long passed. At present, there are nearly 10 stocks with a market value of over one trillion yuan in Shanghai and Shenzhen stock markets.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>（600519）、<a href=\"https://laohu8.com/S/300750\">CATL</a>（300750）、<a href=\"https://laohu8.com/S/601398\">ICBC</a>When the market value exceeds that of PetroChina, PetroChina's ability to \"control the overall situation\" is not as good as before.</p><p>Recently, OPEC raised its global oil demand forecast in 2022 to 100.8 million barrels per day, which drove international oil prices to climb, and various funds increased their holdings of oil stocks. Perhaps, this is the real reason for PetroChina's surge. Investors should also get used to the rise of PetroChina, and don't talk about it.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://stock.10jqka.com.cn/hks/20210915/c632725095.shtml\">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/a7ed81b1e72df2f2f0f21497fe08eaed","relate_stocks":{},"source_url":"http://stock.10jqka.com.cn/hks/20210915/c632725095.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/f0343184bd9b9c963ed02b302442e2b8","article_id":"2167550435","content_text":"中国石油（601857）（简称“中石油”）昨日盘中一度大涨超8%，勾起了许多投资者的心酸回忆。\n昨日，中石油盘中最高价5.99元，涨幅一度接近9%。截至收盘，中石油报5.71元，上涨3.82%。昨日11点后，在中石油快速拉升同时，创业板指、上证指数均转为震荡下行。截至收盘，上证指数由红盘转为下跌1.42%，创业板指涨幅由2.5%左右回落至1.32%。\n一时间，有不少网友都惊呼：绝对不正常！甚至有投资者为了躲过神秘的“中石油魔咒”，慌忙清仓“出逃”。\nA股市场上一度流传着“四大魔咒”的说法。最广为人知的是“中石油魔咒”，只要中石油一涨，股市就会大跌。久而久之，中石油俨然成了市场反向指标。\n那么，历史数据是否支持“中石油魔咒”呢？记者统计近年来中石油股票大涨的数据后发现，“中石油魔咒”仅仅在少数日子“灵验”。但放长周期看，绝对达不到统计意义上的显著水平。例如，2019年2月25日，中石油上涨3.7%，上证指数上涨5.6%，此后沪指一直上涨到当年4月。今年5月18日，中石油大涨4.51%，上证指数上涨0.32%，此后创业板结构性行情明显。\n那么，“中石油魔咒”被投资者频频念叨的原因究竟是什么呢？\n答案就在于中石油总市值和流通市值的巨大反差。截至昨日收盘，中石油总市值为10450亿元，流通市值为9246亿元。在流通股中，第一大股东中国石油集团持股近91%，前10大股东持股比例更是高达96%。这意味着，中石油剩下的自由流通市值不足400亿元。控制了这部分的自由流通市值，在一定程度上就可以影响大盘走势。\n不过，此一时，彼一时，中石油市值“一枝独秀”的年代早已过去。现在沪深两市市值过万亿元的个股接近10只，贵州茅台（600519）、宁德时代（300750）、工商银行等市值都超过了中石油，中石油“操控全局”的能力已大不如前。\n近期OPEC将2022年全球石油需求预期上调至1.008亿桶/日，带动国际油价攀升，各路资金纷纷增持石油股。或许，这才是中石油大涨的真正原因。投资者也要习惯中石油的上涨，不要谈虎色变。","news_type":1,"symbols_score_info":{"PTR":0.9}},"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881495928,"gmtCreate":1631374203064,"gmtModify":1676530537696,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586266967551836","authorIdStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/881495928","repostId":"1154363769","repostType":4,"repost":{"id":"1154363769","kind":"news","pubTimestamp":1631337958,"share":"https://ttm.financial/m/news/1154363769?lang=en_US&edition=fundamental","pubTime":"2021-09-11 13:25","market":"us","language":"zh","title":"Inflation \"The Wolf Is Really Coming\"? U.S. Stocks Have Worst Week Since June","url":"https://stock-news.laohu8.com/highlight/detail?id=1154363769","media":"新浪财经","summary":"本周美国股市创下近3个月来最糟糕的一周，对通胀的担忧重新抬头，削弱了人们对央行继续支持金融市场的乐观情绪。\n标普和道指连跌五日，周五标普500指数收跌0.77%，报4458.58点，创2月22日以来最","content":"<p>U.S. stocks posted their worst week in nearly three months this week, with renewed concerns about inflation dampening optimism that the central bank continues to support financial markets.</p><p>The S&P and Dow Jones Industrial Average fell for five consecutive days. On Friday, the S&P 500 closed down 0.77% at 4,458.58 points, the longest losing streak since February 22nd; The Dow closed down 271.66 points, or 0.78%, at 34,607.72, with both indexes recording weekly losses of 1.6%, their worst performance since mid-June. The Nasdaq closed down 0.87% on Friday at 15,115.49 points, a new low since Aug. 26.</p><p><img src=\"https://static.tigerbbs.com/5dbf2d40847cec18e57cbe4133e739b4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1cefc99dce7b4d849d58968769f83cb3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Small-cap stocks are faring worse,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Compiled data shows that 90 percent of stocks in the Russell 2000 component have experienced a 10 percent pullback since May.</p><p>U.S. stocks are bearish this week. On Wednesday, U.S. Treasury Secretary Yellen warned that the United States would plunge into a debt crisis in October if the White House and Congress fail to raise the debt ceiling; The Federal Reserve's Beige Book report notes that U.S. economic growth is slowing and suggests that inflation may be worse; At the same time, the \"third in command\" of the Federal Reserve and the president of the New York Fed<a href=\"https://laohu8.com/S/WMB\">Williams</a>Indicates that the tapering for the year is appropriate.</p><p>According to the data released on Friday, the PPI of the United States rose by 0.7% month-on-month in August, exceeding economists' expectation of 0.6%; It increased by 8.3% year-on-year, rising for nine consecutive months, setting a new record again, which hit investor confidence hard; At the same time, Mester, the voting committee of the Federal Reserve next year and president of Cleveland Fed, said at an event on Friday that despite the dismal non-farm payrolls in August, she still tended to support the start of QE reduction this year.</p><p><b>Wall Street warns that this round of bull market in U.S. stocks is facing a pullback test</b></p><p>While the S&P 500 has only fallen for five consecutive days and has not deviated more than 2% from its all-time high, some Wall Street analysts believe it will set the stage for further declines.</p><p>According to Bloomberg,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Group, Citigroup and other strategists have issued their latest forecasts that a negative shock may occur to disrupt the stock market's winning streak. Inflation concerns amid the ongoing pandemic, a weak global economic recovery, and the Federal Reserve's taper, all pose risks.</p><p><a href=\"https://laohu8.com/S/BMO\">Bank of Montreal</a>Ian Lyngen, interest rate strategist at BMO Capital Markets, said the inflation data reinforced ongoing concerns about higher cost structures as supply chain disruptions from the pandemic persisted.</p><p>Phil Blancato, CEO of investment bank Ladenburg Thalmann & Co., said: \"My biggest concern is the market movement over the next six weeks, which has ebbed a bit because of the Fed's plan for taper, and possible tax hikes.\"</p><p>Christian Mueller-Glissmann, managing director of portfolio strategy and asset allocation at Goldman Sachs, said in an interview that \"high valuations increase the vulnerability of the market, and if new negative developments occur, it may cause economic growth to suffer and trigger rapid risk-aversion in the market.\"</p><p>At present, investors' positions have been overly bullish, and the ratio of long positions to short positions in the S&P 500 has approached 10 to 1. Half of these positions could face losses if the index drops 2.2%. Strategists led by Citigroup's Chris Montagu also warned that even a small pullback could be amplified by the forced liquidation of bulls.</p><p>In addition, Mike Wilson, chief U.S. equity strategist at Morgan Stanley, said that \"the stock market has entered the inflection point stage of the market cycle, at which the valuation tends to shrink, and even the most sound companies can't escape the drag\". Its recommendation is to downgrade the U.S. stock market to underweight and adjust the global stock rating to the same proportion, citing the huge risk of economic growth by the end of October.</p>","source":"XLCJ","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>Inflation \"The Wolf Is Really Coming\"? U.S. Stocks Have Worst Week Since June</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\">\nInflation \"The Wolf Is Really Coming\"? U.S. Stocks Have Worst Week Since June\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-09-11 13:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stocks posted their worst week in nearly three months this week, with renewed concerns about inflation dampening optimism that the central bank continues to support financial markets.</p><p>The S&P and Dow Jones Industrial Average fell for five consecutive days. On Friday, the S&P 500 closed down 0.77% at 4,458.58 points, the longest losing streak since February 22nd; The Dow closed down 271.66 points, or 0.78%, at 34,607.72, with both indexes recording weekly losses of 1.6%, their worst performance since mid-June. The Nasdaq closed down 0.87% on Friday at 15,115.49 points, a new low since Aug. 26.</p><p><img src=\"https://static.tigerbbs.com/5dbf2d40847cec18e57cbe4133e739b4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1cefc99dce7b4d849d58968769f83cb3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Small-cap stocks are faring worse,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Compiled data shows that 90 percent of stocks in the Russell 2000 component have experienced a 10 percent pullback since May.</p><p>U.S. stocks are bearish this week. On Wednesday, U.S. Treasury Secretary Yellen warned that the United States would plunge into a debt crisis in October if the White House and Congress fail to raise the debt ceiling; The Federal Reserve's Beige Book report notes that U.S. economic growth is slowing and suggests that inflation may be worse; At the same time, the \"third in command\" of the Federal Reserve and the president of the New York Fed<a href=\"https://laohu8.com/S/WMB\">Williams</a>Indicates that the tapering for the year is appropriate.</p><p>According to the data released on Friday, the PPI of the United States rose by 0.7% month-on-month in August, exceeding economists' expectation of 0.6%; It increased by 8.3% year-on-year, rising for nine consecutive months, setting a new record again, which hit investor confidence hard; At the same time, Mester, the voting committee of the Federal Reserve next year and president of Cleveland Fed, said at an event on Friday that despite the dismal non-farm payrolls in August, she still tended to support the start of QE reduction this year.</p><p><b>Wall Street warns that this round of bull market in U.S. stocks is facing a pullback test</b></p><p>While the S&P 500 has only fallen for five consecutive days and has not deviated more than 2% from its all-time high, some Wall Street analysts believe it will set the stage for further declines.</p><p>According to Bloomberg,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Group, Citigroup and other strategists have issued their latest forecasts that a negative shock may occur to disrupt the stock market's winning streak. Inflation concerns amid the ongoing pandemic, a weak global economic recovery, and the Federal Reserve's taper, all pose risks.</p><p><a href=\"https://laohu8.com/S/BMO\">Bank of Montreal</a>Ian Lyngen, interest rate strategist at BMO Capital Markets, said the inflation data reinforced ongoing concerns about higher cost structures as supply chain disruptions from the pandemic persisted.</p><p>Phil Blancato, CEO of investment bank Ladenburg Thalmann & Co., said: \"My biggest concern is the market movement over the next six weeks, which has ebbed a bit because of the Fed's plan for taper, and possible tax hikes.\"</p><p>Christian Mueller-Glissmann, managing director of portfolio strategy and asset allocation at Goldman Sachs, said in an interview that \"high valuations increase the vulnerability of the market, and if new negative developments occur, it may cause economic growth to suffer and trigger rapid risk-aversion in the market.\"</p><p>At present, investors' positions have been overly bullish, and the ratio of long positions to short positions in the S&P 500 has approached 10 to 1. Half of these positions could face losses if the index drops 2.2%. Strategists led by Citigroup's Chris Montagu also warned that even a small pullback could be amplified by the forced liquidation of bulls.</p><p>In addition, Mike Wilson, chief U.S. equity strategist at Morgan Stanley, said that \"the stock market has entered the inflection point stage of the market cycle, at which the valuation tends to shrink, and even the most sound companies can't escape the drag\". Its recommendation is to downgrade the U.S. stock market to underweight and adjust the global stock rating to the same proportion, citing the huge risk of economic growth by the end of October.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-09-11/doc-iktzscyx3587771.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{"513500":"标普500ETF博时",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF","SH":"做空标普500-Proshares","TQQQ":"纳指三倍做多ETF","SDOW":"三倍做空道指30ETF-ProShares","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite","SDS":"两倍做空标普500 ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","DJX":"1/100道琼斯","OEX":"标普100","DDM":"2倍做多道指ETF-ProShares","DOG":"道指ETF-ProShares做空"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-09-11/doc-iktzscyx3587771.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154363769","content_text":"本周美国股市创下近3个月来最糟糕的一周，对通胀的担忧重新抬头，削弱了人们对央行继续支持金融市场的乐观情绪。\n标普和道指连跌五日，周五标普500指数收跌0.77%，报4458.58点，创2月22日以来最长连跌；道指收跌271.66点，跌幅0.78%，报34607.72点，两大指数均录得1.6%的周跌幅，为6月中旬以来的最差表现。纳指周五收跌0.87%，报15115.49点，创8月26日以来新低。\n\n小盘股的情况更糟，摩根士丹利编制的数据显示，自5月份以来，罗素2000成分股中90%的股票已经经历了10%的回调。\n本周美股利空重重。周三，美国财政部部长耶伦警告如果白宫和国会无法提高债务上限，美国将在10月陷入债务危机；美联储褐皮书报告指出美国经济增长正在放缓，并暗示通胀可能将更加严重；同时，美联储“三把手”、纽约联储主席威廉姆斯表示年内缩债是合适的。\n而周五公布的数据显示，美国8月PPI环比上涨0.7%，超过经济学家0.6%的预期；同比更是增长8.3%，连续9个月上行，再次刷新纪录，令投资者信心备受打击；同时，美联储明年票委、美国克利夫兰联储主席梅斯特周五参加活动时表示，尽管8月非农就业惨淡，她仍倾向于支持今年开始减码QE。\n华尔街警告美股这轮大牛市面临回调考验\n尽管标普500指数仅连续五天下跌，且未偏离历史高点2%以上，但一些华尔街分析师认为，这将为进一步走低奠定基础。\n据彭博社，高盛集团、花旗集团等策略师发布了最新预测认为，可能会出现负面冲击以打乱股市的连涨势头。疫情持续下的通胀担忧、全球经济复苏疲软以及美联储taper，都会带来风险。\n蒙特利尔银行资本市场（BMO Capital Markets）利率策略师伊恩•林根（Ian Lyngen）表示，通胀数据加强了对成本结构升高的持续担忧，因为疫情造成的供应链中断持续存在。\n投资银行拉登堡塔尔曼公司（Ladenburg Thalmann & Co．）首席执行官Phil Blancato表示：“我最担心的是未来六周的市场走势，由于美联储计划taper，以及可能增税，市场有点退潮了。”\n高盛投资组合策略和资产配置董事总经理Christian Mueller-Glissmann在接受采访时表示，“高估值增加了市场的脆弱性，如果出现新的负面形势发展，可能会导致经济增长遭受冲击，并引发市场的迅速避险走势。”\n目前投资者的持仓已经过度看涨，标普500指数多头头寸与空头头寸的比例已经接近10比1。其中一半的头寸可能因指数下跌2.2%就面临损失。花旗集团Chris Montagu牵头的策略师也警告称，即便是出现小幅回调，也可能因多头被强制平仓而放大。\n此外，摩根士丹利首席美国股票策略师威尔逊（Mike Wilson）表示，“股市已经进入了市场周期的拐点阶段，在这个阶段，估值往往会缩水，即使是最稳健的公司也难逃拖累”，其建议对美国股市下调至减持，并将全球股票评级调整至同等比重，理由是经济增长到10月底面临巨大风险。","news_type":1,"symbols_score_info":{"513500":0.9,"SPXU":0.9,"DJX":0.9,"MNQmain":0.9,"DOG":0.9,"OEX":0.9,"DXD":0.9,"ESmain":0.9,".SPX":0.9,"SPY":0.9,"QQQ":0.9,"TQQQ":0.9,"SDS":0.9,"NQmain":0.9,"SH":0.9,"DDM":0.9,"QID":0.9,"SDOW":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835445253,"gmtCreate":1629735487672,"gmtModify":1676530117125,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586266967551836","authorIdStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/835445253","repostId":"1196056296","repostType":4,"repost":{"id":"1196056296","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":1629730871,"share":"https://ttm.financial/m/news/1196056296?lang=en_US&edition=fundamental","pubTime":"2021-08-23 23:01","market":"hk","language":"zh","title":"China Hand Tour's revenue in the first half of the year was 2.18 billion yuan and its net profit was 394 million yuan","url":"https://stock-news.laohu8.com/highlight/detail?id=1196056296","media":"老虎资讯综合","summary":"8月23日晚间，中手游发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增","content":"<p>On the evening of August 23rd,<a href=\"https://laohu8.com/S/00302\">China Hand Tour</a>Release of first half 2021 results. According to the financial report, the revenue in the first half of the year was 2.18 billion yuan, compared with 1.714 billion yuan in the same period last year; Net profit in the first half of the year was 394 million yuan, compared with 288 million yuan in the same period last year; Adjusted net profit for the first half of the year was RMB401.8 million, representing a year-on-year increase of approximately 17.6%</p><p><img src=\"https://static.tigerbbs.com/49a4f7baa745a0a64abda4776574bd32\" tg-width=\"957\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p>The average monthly active users in the first half of 2021 was 19.084 million, compared with 15.053 million in the same period last year; In the first half of the year, the average monthly paying users was 1.442 million, compared with 1.135 million in the same period last year; The total number of newly registered users in the first half of the year was 58.014 million, compared with 54.3578 million in the same period last year.<img src=\"https://static.tigerbbs.com/ad0c4c234938d33ef8e8bcd159da4e24\" tg-width=\"941\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>According to the announcement, several new games were launched in the first half of the year, among which \"One Piece Hot Blood Route\", jointly produced by the Group and Beijing Chaoxi Guangnian, a subsidiary of ByteDance, was launched on April 22nd. In the month of its launch, it won the first place in the free list of Apple Stores in mainland China and the third place in the best-selling list of Apple Stores, and won the Best Game Award of the Month recommended by the editor of Apple Store; \"Douluo Continent-The Return of the God of Fighting\" was launched on April 28th. After its launch, it won the first place in the free list of Apple Stores in mainland China, and won the special recommendation of Apple Stores today and the best-selling recommendation today for many times. The Group's self-developed mobile game \"Legend of Sword and Fairy: Jiuye\" and web game \"Legend of Blood Drinking\" were launched in the first half of 2021 and also achieved good performance.</p><p>Looking forward to the second half of the year, China Mobile Games will launch new tours such as PC game \"Legend of Sword and Fairy 7\", mobile game \"Code Name: City Lord World\", \"New Legend of Sword and Fairy: Swiping Sword and Asking Love\", \"My Sword Diary\" and \"Zhenhun Street: Born as King\".</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>China Hand Tour's revenue in the first half of the year was 2.18 billion yuan and its net profit was 394 million yuan</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\">\nChina Hand Tour's revenue in the first half of the year was 2.18 billion yuan and its net profit was 394 million yuan\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\">2021-08-23 23:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On the evening of August 23rd,<a href=\"https://laohu8.com/S/00302\">China Hand Tour</a>Release of first half 2021 results. According to the financial report, the revenue in the first half of the year was 2.18 billion yuan, compared with 1.714 billion yuan in the same period last year; Net profit in the first half of the year was 394 million yuan, compared with 288 million yuan in the same period last year; Adjusted net profit for the first half of the year was RMB401.8 million, representing a year-on-year increase of approximately 17.6%</p><p><img src=\"https://static.tigerbbs.com/49a4f7baa745a0a64abda4776574bd32\" tg-width=\"957\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p>The average monthly active users in the first half of 2021 was 19.084 million, compared with 15.053 million in the same period last year; In the first half of the year, the average monthly paying users was 1.442 million, compared with 1.135 million in the same period last year; The total number of newly registered users in the first half of the year was 58.014 million, compared with 54.3578 million in the same period last year.<img src=\"https://static.tigerbbs.com/ad0c4c234938d33ef8e8bcd159da4e24\" tg-width=\"941\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>According to the announcement, several new games were launched in the first half of the year, among which \"One Piece Hot Blood Route\", jointly produced by the Group and Beijing Chaoxi Guangnian, a subsidiary of ByteDance, was launched on April 22nd. In the month of its launch, it won the first place in the free list of Apple Stores in mainland China and the third place in the best-selling list of Apple Stores, and won the Best Game Award of the Month recommended by the editor of Apple Store; \"Douluo Continent-The Return of the God of Fighting\" was launched on April 28th. After its launch, it won the first place in the free list of Apple Stores in mainland China, and won the special recommendation of Apple Stores today and the best-selling recommendation today for many times. The Group's self-developed mobile game \"Legend of Sword and Fairy: Jiuye\" and web game \"Legend of Blood Drinking\" were launched in the first half of 2021 and also achieved good performance.</p><p>Looking forward to the second half of the year, China Mobile Games will launch new tours such as PC game \"Legend of Sword and Fairy 7\", mobile game \"Code Name: City Lord World\", \"New Legend of Sword and Fairy: Swiping Sword and Asking Love\", \"My Sword Diary\" and \"Zhenhun Street: Born as King\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6732755bad1da573809dd82708472f29","relate_stocks":{"00302":"中手游"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196056296","content_text":"8月23日晚间，中手游发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增长约17.6%\n\n2021年上半年平均每月活跃用户1908.4万人，去年同期1505.3万人；上半年平均每月付费用户144.2万人，去年同期113.5万人；上半年新注册用户总数5801.4万人，去年同期5435.78万人。\n公告显示，上半年推出数款新游戏，其中“航海王热血航线”由本集团与字节跳动旗下北京朝夕光年联合出品，于4月22日推出，上线当月取得中国大陆苹果商店免费榜第一名，苹果商店畅销榜第三名的成绩，获得了苹果商店编辑推荐的当月最佳游戏奖；“斗罗大陆－斗神再临”于4月28日推出，上线后取得中国大陆苹果商店免费榜第一名的成绩，并多次获得苹果商店今日专题推荐和时下畅销推荐；本集团自主研发的手机游戏“仙剑奇侠传：九野”和网页游戏“血饮传说”在2021年上半年上线，也取得不俗的表现。\n展望下半年，中手游将推出PC游戏《仙剑奇侠传7》、手游《代号：城主天下》、《新仙剑奇侠传之挥剑问情》、《我的御剑日记》、《镇魂街：天生为王》等新游。","news_type":1,"symbols_score_info":{"00302":0.9}},"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884223778,"gmtCreate":1631895688094,"gmtModify":1676530665583,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586266967551836","authorIdStr":"3586266967551836"},"themes":[],"htmlText":"555","listText":"555","text":"555","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/884223778","repostId":"1175503908","repostType":4,"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886877244,"gmtCreate":1631583038788,"gmtModify":1676530581398,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586266967551836","authorIdStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/886877244","repostId":"2167587144","repostType":4,"repost":{"id":"2167587144","kind":"news","pubTimestamp":1631581156,"share":"https://ttm.financial/m/news/2167587144?lang=en_US&edition=fundamental","pubTime":"2021-09-14 08:59","market":"hk","language":"zh","title":"Lei Jun went to FAW to negotiate, three mysteries to be solved","url":"https://stock-news.laohu8.com/highlight/detail?id=2167587144","media":"证券日报","summary":"近期，有消息称，小米集团创始人、董事长兼首席执行官雷军到中国一汽集团就合作事宜进行深度对接洽谈。这一消息引发了市场对小米汽车将与一汽合作的猜想。7月28日，雷军在微博为小米汽车的自动驾驶部门招聘人才。据了解，小米汽车团队已精挑细选，组成了约300人的团队。小米汽车方面透露，目前团队还在急速扩张。而在前述业内人士看来，小米与各大车企洽谈的应该是合作建厂。","content":"<p>Since Lei Jun announced the construction of a car, every move of Xiaomi Automobile has attracted market attention.</p><p>Recently, it was reported that Lei Jun, founder, chairman and CEO of Xiaomi Group, went to China FAW Group to conduct in-depth docking negotiations on cooperation matters.</p><p>The news has triggered speculation that Xiaomi Motors will cooperate with FAW. In fact, since the beginning of this year, there have been many rumors about Xiaomi Auto negotiating with Wuhan, Hefei, Beijing and other places. Who Xiaomi Auto will finally win is undoubtedly one of the most concerned issues in the current market.</p><p><b>Cooperation with FAW?</b></p><p>Lei Jun said that he must seize the favorable opportunity of deep integration of automobile industry and consumer electronics, give full play to his advantages in scientific and technological innovation and ecological integration, actively strengthen docking cooperation with Jilin automobile enterprises, better consolidate the foundation of automobile production, and strive to create high-quality automobile products.</p><p>\"Jilin Province attaches great importance to millet cars.\" Some insiders told the Securities Daily reporter that there is FAW Group in Jilin Province. If millet cars can settle in Jilin, it can bring investment to the local area, and more importantly, it can bring talents in automobile-related industry chains and intelligent cars, which may bear the high hope of revitalizing the Northeast automobile industry.</p><p>According to Zhang Xiang, an automobile industry analyst and researcher at the Industrial Innovation Research Center of North China University of Technology, Xiaomi has been frequently negotiating with local governments recently, mainly to compare which preferential policies in various places are stronger and more suitable for its own development, and to consider the local industrial chain and industrial environment, so as to choose where to finally land. \"That's normal. Now car companies, including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>It used to be like this, negotiating with many local governments, and finally choosing the place most suitable for their own development. Similarly, it is still uncertain whether Xiaomi can cooperate with FAW in depth. \" Zhang Xiang told the Securities Daily reporter, \"So FAW is very eager to find a new car-making force to cooperate with. Generally speaking, the cooperation between Xiaomi and FAW is relatively complementary and can achieve the effect of 1+1 greater than 2.\"</p><p>However, some insiders told the Securities Daily reporter that Xiaomi's car manufacturing will be considered more from the commercial level. The automobile industry chain in Northeast China is not enough, especially in smart cars, and there is no advantage in logistics. Whether Xiaomi can finally reach cooperation with FAW is still uncertain.</p><p><b>Whose is it?</b></p><p>At the end of March this year, Lei Jun said in his speech announcing the building of cars that Xiaomi will invest 10 billion dollars to build cars in the next ten years, with an initial investment of 10 billion yuan, and he will personally lead the team, bet all his reputation in life and fight for Xiaomi cars.</p><p>On the morning of September 1st, Xiaomi Group passed the official<a href=\"https://laohu8.com/S/WB\">Weibo</a>The account \"Xiaomi Company Spokesperson\" announced that Xiaomi Automobile Co., Ltd. has completed the industrial and commercial registration with a registered capital of 10 billion yuan, and the legal representative of the company is Lei Jun. According to Tianyan App, the registered address of Xiaomi Automobile Co., Ltd. is Beijing Economic and Technological Development Zone.</p><p>Previously, Xiaomi made cars frequently. On July 28th, Lei Jun recruited talents for Xiaomi Automobile's autonomous driving department in Weibo. On August 25th, at the media conference call of Xiaomi Group's second quarter financial report, Wang Xiang, president of Xiaomi Group, said that since the start of car building, he deeply felt the love of people in the automobile industry for Xiaomi, and had received more than 20,000 resumes. It is understood that the Xiaomi car team has been carefully selected to form a team of about 300 people. Xiaomi Auto revealed that the team is still expanding rapidly.</p><p>According to the reporter of Securities Daily, in the five months from the announcement of car building to the official registration of the company, Xiaomi Automobile team conducted a large number of user surveys and industrial chain inspections, conducted more than 2,000 surveys and interviews, visited and communicated with more than 10 industry peers and dozens of industrial partners in depth, and at the same time vigorously promoted the product definition and team building of automobiles.</p><p>In addition, Xiaomi Group also announced on August 25th that it acquired DEEPMOTIONTECH, an autonomous driving technology company. This indicates that Xiaomi has begun to focus on enriching the power of automobile-related technology and personnel.</p><p>Previously, many places threw out \"olive branches\" to millet cars. According to media reports, Wuhan Economic Development Zone said that the Economic Development Zone has set up a special work class at the first time, and will actively and enthusiastically connect with Xiaomi, fully demonstrate the high-quality automobile ecosystem and superior business environment in the zone, and strive for the possibility of cooperation. Previously, there were rumors that the SASAC of Anhui Province was in contact with Xiaomi Automobile and intended to introduce Xiaomi Automobile into Hefei.</p><p><b>OEM or self-built factory?</b></p><p>\"Xiaomi building a car is essentially finding a car company to cooperate with. If you start building a car from scratch, it will be more difficult, and it will take a long period.\" Zhang Xiang told the Securities Daily reporter that Xiaomi building a car needs to master core resources and participate in some links with high profits, just like<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Like making a cell phone.</p><p>In addition, Xiaomi hopes that new cars can be delivered as soon as possible, because the national policy window for new energy vehicles, including smart cars, will not be long. Therefore, Xiaomi should build a car quickly, and the best way to achieve this goal is to find a car company to cooperate with, so Xiaomi is now frequently negotiating with Wuhan, Beijing, Jilin and other places.</p><p>In the eyes of the aforementioned industry insiders, Xiaomi's negotiations with major car companies should be to cooperate in building factories. \"Unlike making mobile phones, the automobile industry chain is more complicated, and OEM is not easy to control. More than 100,000 vehicles are basically the production capacity of a factory, and large-scale OEM is unrealistic. For Xiaomi, choosing to cooperate or acquire with car companies may be mainly to solve the qualification problem and put it into production as soon as possible.\"</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>Lei Jun went to FAW to negotiate, three mysteries to be solved</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\">\nLei Jun went to FAW to negotiate, three mysteries to be solved\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券日报</strong><span class=\"h-time small\">2021-09-14 08:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Since Lei Jun announced the construction of a car, every move of Xiaomi Automobile has attracted market attention.</p><p>Recently, it was reported that Lei Jun, founder, chairman and CEO of Xiaomi Group, went to China FAW Group to conduct in-depth docking negotiations on cooperation matters.</p><p>The news has triggered speculation that Xiaomi Motors will cooperate with FAW. In fact, since the beginning of this year, there have been many rumors about Xiaomi Auto negotiating with Wuhan, Hefei, Beijing and other places. Who Xiaomi Auto will finally win is undoubtedly one of the most concerned issues in the current market.</p><p><b>Cooperation with FAW?</b></p><p>Lei Jun said that he must seize the favorable opportunity of deep integration of automobile industry and consumer electronics, give full play to his advantages in scientific and technological innovation and ecological integration, actively strengthen docking cooperation with Jilin automobile enterprises, better consolidate the foundation of automobile production, and strive to create high-quality automobile products.</p><p>\"Jilin Province attaches great importance to millet cars.\" Some insiders told the Securities Daily reporter that there is FAW Group in Jilin Province. If millet cars can settle in Jilin, it can bring investment to the local area, and more importantly, it can bring talents in automobile-related industry chains and intelligent cars, which may bear the high hope of revitalizing the Northeast automobile industry.</p><p>According to Zhang Xiang, an automobile industry analyst and researcher at the Industrial Innovation Research Center of North China University of Technology, Xiaomi has been frequently negotiating with local governments recently, mainly to compare which preferential policies in various places are stronger and more suitable for its own development, and to consider the local industrial chain and industrial environment, so as to choose where to finally land. \"That's normal. Now car companies, including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>It used to be like this, negotiating with many local governments, and finally choosing the place most suitable for their own development. Similarly, it is still uncertain whether Xiaomi can cooperate with FAW in depth. \" Zhang Xiang told the Securities Daily reporter, \"So FAW is very eager to find a new car-making force to cooperate with. Generally speaking, the cooperation between Xiaomi and FAW is relatively complementary and can achieve the effect of 1+1 greater than 2.\"</p><p>However, some insiders told the Securities Daily reporter that Xiaomi's car manufacturing will be considered more from the commercial level. The automobile industry chain in Northeast China is not enough, especially in smart cars, and there is no advantage in logistics. Whether Xiaomi can finally reach cooperation with FAW is still uncertain.</p><p><b>Whose is it?</b></p><p>At the end of March this year, Lei Jun said in his speech announcing the building of cars that Xiaomi will invest 10 billion dollars to build cars in the next ten years, with an initial investment of 10 billion yuan, and he will personally lead the team, bet all his reputation in life and fight for Xiaomi cars.</p><p>On the morning of September 1st, Xiaomi Group passed the official<a href=\"https://laohu8.com/S/WB\">Weibo</a>The account \"Xiaomi Company Spokesperson\" announced that Xiaomi Automobile Co., Ltd. has completed the industrial and commercial registration with a registered capital of 10 billion yuan, and the legal representative of the company is Lei Jun. According to Tianyan App, the registered address of Xiaomi Automobile Co., Ltd. is Beijing Economic and Technological Development Zone.</p><p>Previously, Xiaomi made cars frequently. On July 28th, Lei Jun recruited talents for Xiaomi Automobile's autonomous driving department in Weibo. On August 25th, at the media conference call of Xiaomi Group's second quarter financial report, Wang Xiang, president of Xiaomi Group, said that since the start of car building, he deeply felt the love of people in the automobile industry for Xiaomi, and had received more than 20,000 resumes. It is understood that the Xiaomi car team has been carefully selected to form a team of about 300 people. Xiaomi Auto revealed that the team is still expanding rapidly.</p><p>According to the reporter of Securities Daily, in the five months from the announcement of car building to the official registration of the company, Xiaomi Automobile team conducted a large number of user surveys and industrial chain inspections, conducted more than 2,000 surveys and interviews, visited and communicated with more than 10 industry peers and dozens of industrial partners in depth, and at the same time vigorously promoted the product definition and team building of automobiles.</p><p>In addition, Xiaomi Group also announced on August 25th that it acquired DEEPMOTIONTECH, an autonomous driving technology company. This indicates that Xiaomi has begun to focus on enriching the power of automobile-related technology and personnel.</p><p>Previously, many places threw out \"olive branches\" to millet cars. According to media reports, Wuhan Economic Development Zone said that the Economic Development Zone has set up a special work class at the first time, and will actively and enthusiastically connect with Xiaomi, fully demonstrate the high-quality automobile ecosystem and superior business environment in the zone, and strive for the possibility of cooperation. Previously, there were rumors that the SASAC of Anhui Province was in contact with Xiaomi Automobile and intended to introduce Xiaomi Automobile into Hefei.</p><p><b>OEM or self-built factory?</b></p><p>\"Xiaomi building a car is essentially finding a car company to cooperate with. If you start building a car from scratch, it will be more difficult, and it will take a long period.\" Zhang Xiang told the Securities Daily reporter that Xiaomi building a car needs to master core resources and participate in some links with high profits, just like<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Like making a cell phone.</p><p>In addition, Xiaomi hopes that new cars can be delivered as soon as possible, because the national policy window for new energy vehicles, including smart cars, will not be long. Therefore, Xiaomi should build a car quickly, and the best way to achieve this goal is to find a car company to cooperate with, so Xiaomi is now frequently negotiating with Wuhan, Beijing, Jilin and other places.</p><p>In the eyes of the aforementioned industry insiders, Xiaomi's negotiations with major car companies should be to cooperate in building factories. \"Unlike making mobile phones, the automobile industry chain is more complicated, and OEM is not easy to control. More than 100,000 vehicles are basically the production capacity of a factory, and large-scale OEM is unrealistic. For Xiaomi, choosing to cooperate or acquire with car companies may be mainly to solve the qualification problem and put it into production as soon as possible.\"</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=nesSN202109140127047c3beac1&s=b\">证券日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0c41ca995041c78195bbad9ac3fe1d37","relate_stocks":{"01810":"小米集团-W","KC":"金山云"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202109140127047c3beac1&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2167587144","content_text":"自从雷军宣布造车以来，小米汽车的一举一动都引发市场关注。\n近期，有消息称，小米集团创始人、董事长兼首席执行官雷军到中国一汽集团就合作事宜进行深度对接洽谈。\n这一消息引发了市场对小米汽车将与一汽合作的猜想。事实上，今年以来，已有多个关于小米汽车与武汉、合肥、北京等多地进行洽谈的传闻，小米汽车最终花落谁家无疑是当前市场最关注的问题之一。\n与一汽合作？\n雷军表示，一定抢抓汽车产业与消费电子深度融合的有利契机，充分发挥自身科技创新和生态整合优势，主动加强与吉林汽车企业对接合作，更好地夯实汽车生产基础，努力打造高品质汽车产品。\n“吉林省对小米汽车非常重视。”有业内人士对《证券日报》记者表示，吉林省有一汽集团，如果小米汽车能落户吉林，能为当地带去投资，更重要的是能带去汽车相关产业链和智能汽车方面的人才，可能承担着振兴东北汽车工业的厚望。\n在汽车行业分析师、北方工业大学产业创新研究中心研究员张翔看来，近段时间小米频频在跟各地政府洽谈，主要是在比较各地的优惠政策哪个力度更大、更适合其自身的发展，还要考虑当地的产业链、产业环境等，以此选择最终落地何处。“这很正常，现在的车企，包括特斯拉、蔚来等以前都是这样的，跟很多地方政府洽谈，最后选择最适合其自身发展的地方落地。同样，小米能不能跟一汽深度合作目前还不确定。”张翔对《证券日报》记者表示，“所以一汽非常迫切地想要找一家造车新势力合作。总体来说，小米和一汽的合作，双方互补性比较强，可以达到1+1大于2的效果。”\n不过，也有业内人士对《证券日报》记者表示，小米造车更多会从商业层面考虑，东北的汽车产业链不够，尤其是智能汽车方面，物流方面也没有优势，小米最终能否与一汽达成合作，仍然具有不确定性。\n花落谁家？\n今年3月底，雷军在宣布造车的演讲中表示，未来十年小米将投入100亿美元造车，首期投资为100亿元，而自己将亲自带队，押上人生全部的声誉，为小米汽车而战。\n9月1日上午，小米集团通过官方微博账号“小米公司发言人”宣布，小米汽车有限公司完成了工商注册，注册资本为100亿元，公司法定代表人为雷军。天眼查App显示，小米汽车有限公司注册地址是北京经济技术开发区。\n此前，小米造车动作频频。7月28日，雷军在微博为小米汽车的自动驾驶部门招聘人才。8月25日，在小米集团第二季度财报媒体电话会上，小米集团总裁王翔表示，自启动造车后深感汽车业内人士对小米的厚爱，已收到了超过2万份简历。据了解，小米汽车团队已精挑细选，组成了约300人的团队。小米汽车方面透露，目前团队还在急速扩张。\n据《证券日报》记者了解，自宣布造车至正式注册公司的5个月间，小米汽车团队进行了大量的用户调研和产业链考察，调研访谈2000多次，拜访并深度沟通交流了10多家业内同行和几十家产业合作伙伴，同时紧锣密鼓地推进汽车的产品定义和团队搭建。\n此外，小米集团还在8月25日发布公告，收购了自动驾驶技术公司深动科技（DEEPMOTIONTECH）。这表明小米开始重点充实汽车相关技术和人员的力量。\n而此前，也有多地向小米汽车抛出了“橄榄枝”。据媒体报道，武汉市经济开发区称经开区已经第一时间成立工作专班，将主动、热情对接小米，充分展示区内优质汽车生态圈和优越营商环境，争取合作可能性。此前亦有传闻称，安徽省国资委正在和小米汽车接触，有意将小米汽车引入合肥。\n代工还是自建工厂？\n“小米造车本质上是找一家车企合作，如果自己从头开始造车会比较困难，需要的周期很长。”张翔对《证券日报》记者表示，小米造车要掌握核心资源，参与利润高的一些环节，就像苹果造手机一样。\n此外，小米造车是希望新车能尽快上市交付，因为现在国家对新能源汽车，包括智能汽车的政策窗口期不会很长。所以小米造车要快，要达到这个目标最好的方式是找一家车企合作，所以小米现在频频在跟武汉、北京、吉林等地洽谈。\n而在前述业内人士看来，小米与各大车企洽谈的应该是合作建厂。“不同于造手机，汽车产业链更复杂，代工不好管控，超过10万辆基本就是一个工厂的产能，大规模代工并不现实。对于小米来说，选择与车企合作或收购，主要可能是为了解决资质问题，尽快实现投产。”","news_type":1,"symbols_score_info":{"48657":0.9,"48708":0.9,"48717":0.9,"48730":0.9,"48754":0.9,"01810":0.9,"KC":0.9}},"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888180212,"gmtCreate":1631456336936,"gmtModify":1676530550782,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586266967551836","authorIdStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/888180212","repostId":"1198332081","repostType":4,"repost":{"id":"1198332081","kind":"news","pubTimestamp":1631437022,"share":"https://ttm.financial/m/news/1198332081?lang=en_US&edition=fundamental","pubTime":"2021-09-12 16:57","market":"sh","language":"zh","title":"Xingzheng Strategy: Let a Hundred Flowers Bloom as scheduled, and the market accelerates","url":"https://stock-news.laohu8.com/highlight/detail?id=1198332081","media":"尧望后势","summary":"核心观点\n回顾：2021年4月以来，我们看多市场，布局“百周年”行情，板块配置上强调科创长牛，科创板行情。此后近半年，创业板指、科创板等新兴成长方向持续领涨。7月中旬开始，我们前瞻提示“夏日避暑”、“","content":"<p><b>Core Perspectives</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and laid out the \"Centennial\" market, emphasizing the science and technology innovation long bull and science and technology innovation board market in the sector allocation. Since then, in the past six months, emerging growth directions such as GEM Index and Science and Technology Innovation Board have continued to lead the gains. Starting from mid-July, we looked forward to reminding \"summer summer vacation\" and \"science and technology innovation has entered a bumpy layout period\", after which the market fluctuated, differentiated and spread as scheduled. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market will enter a hundred flowers blooming\". At present, a hundred flowers blooming are performed as scheduled.</p><p><b>Outlook: After \"summer summer escape\" and \"bumpy period\", a hundred flowers will bloom as scheduled. The A-share market accelerated, and risk appetite continued to improve. For trading players, it is recommended to grasp the expectation difference and flexibly grasp the structural hot spots. For configuration players, it is recommended to continue to base on the long-term and actively lay out around the general direction of science and technology innovation and the new demands driven by it.</b></p><p><b>After \"summer summer vacation\" and \"bumpy period\", hundreds of flowers bloom as scheduled.</b>In the second quarter, the market continued to focus on high-prosperity tracks such as new energy, semiconductor, military industry, science and technology innovation, which brought the trend of rising related sectors and the concentrated inflow of funds. Its transaction congestion once reached a record high in July. Therefore, we put forward \"summer summer heat prevention and overheating\", and judged that funds will gradually spread and spill over from these sectors. In July and August, when the market fluctuated sharply and investors were most worried, we repeatedly emphasized that the current market is not in 2018, and there is no systemic risk. Stock funds will not systematically reduce positions, but surge back and forth in various sectors, leading the market to bloom. At present, the hot spots in the market are spreading, various sectors are taking turns upward, and a hundred flowers are blooming as scheduled: whether resource products such as coal, nonferrous metals and steel, large-cap blue chips such as infrastructure real estate, high β sectors such as securities firms, small-cap indexes such as CSI 1000, and even consumer sectors that have been impacted by policies and adjusted more since the beginning of the year have all shown some performance, and Hong Kong stocks have also rebounded from the bottom area.</p><p><b>The A-share market accelerated, and risk appetite continued to improve.</b>With a hundred flowers blooming, the market has come out of the bumpy period. With the early negative impact further fading, the superimposed policy easing continues to increase, and A shares have moved from first suppression to later rise: 1) The currency is already loose, and the follow-up finance and credit are also expected to exert their strength, and the direction of policy easing is clear. On September 6, Vice Premier Liu He said that \"infrastructure construction should be carried out moderately ahead of schedule\". On September 7th, Pan Gongsheng, deputy governor of the central bank, said that China's monetary policy is still in the range of normalized monetary policy, and the monetary policy space is relatively large. On September 9th, according to the deployment of the Standing Committee of the People's Republic of China, the central bank announced an additional 300 billion yuan of small refinancing quota, which would be issued at a preferential interest rate within the remaining four months of this year. 2) There is no systemic risk overseas. The Fed's expected guidance is relatively sufficient, the market's concerns about Taper have basically eased, and the United States is expected to have at least $550 billion of infrastructure plans in the fourth quarter. In Europe, on September 10th, although the European Central Bank announced that it would slow down PEPP bond purchases in the fourth quarter, it would still maintain the potential scale of 1.85 trillion euros. 3) At the time point, with the completion of the disclosure of the interim report, the current market has once again entered the performance window period, and the superimposed policy has relaxed expectations, and the market risk appetite is improving. At the same time, last week, President Xi had a telephone call with US President Joe Biden at the request, which is also conducive to improving the risk appetite of foreign capital for Chinese assets.</p><p><b>For trading players, in the market where a hundred flowers are blooming, it is recommended to seize the poor expectations and flexibly grasp the structural hot spots. For configuration players, it is recommended to continue to base on the long-term and actively lay out around the general direction of science and technology innovation and the new demands driven by it:</b>1) Science and technology innovation is in the ascendant, taking advantage of the bumps after the \"top of the bottom\" to lay out \"small but beautiful\", \"specialized and new\" and science and technology innovation \"little giants\" with long-term cost performance. Its representative \"hard technology\" attribute can best conform to the current background of the Sino-US game, urgency to enhance scientific and technological competitiveness, and get rid of the \"stuck neck\" dilemma. At the same time, the capital side has changed from incremental entry to stock game. The era of \"buying the leader without brain\" has passed, and the market aesthetic is shifting from ROE to G. High growth rate and high prosperity will become the core of institutional aesthetic. \"Specialization, Specialization and Innovation\" and Science and Technology Innovation Board, as the sectors with the highest growth rate in the whole market, will become the preferred directions to overcome \"involution\". 2) With the spread of science and technology, traditional fields such as manufacturing upgrading, science and technology, and cyclical industries in the dual-carbon era are also facing revaluation. Focus on steel, aluminum, copper, chemical, cement, securities firms and other sectors that serve the needs of science and technology innovation, have new α logic and embrace new technology empowerment. 3) In those areas with less bright fundamentals, the assets with a turnaround in the second half of the year should be laid out in advance, and the direction of \"new infrastructure\" should be steadily grown, including small household appliances, automobiles, machinery, and the leaders of consumption segment industries.</p><p><b>Investment strategy: Embrace the long-term, embrace the general direction, and fight the short with the long. Continue to lay out the core line of high-quality growth represented by \"specialization, specialization and innovation\" and \"little giant\" of science and technology.</b>1) high-end manufacturing (semiconductor industry chain, military industry chain, etc.), 2) new energy chain (new energy materials, lithium battery equipment, new energy vehicle industry chain,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving, etc.), 3) AIoT (computers, communications, electronics), and 4) life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>Risk warning:</b>Pay attention to the return of global capital to the United States beyond expectations, and the game between China and the United States beyond expectations.</p><p><b>Report Text</b></p><p><b>Hundred flowers bloom as scheduled and the market accelerates</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and laid out the \"Centennial\" market, emphasizing the science and technology innovation long bull and science and technology innovation board market in the sector allocation. Since then, in the past six months, emerging growth directions such as GEM Index and Science and Technology Innovation Board have continued to lead the gains. Starting from mid-July, we looked forward to reminding \"summer summer vacation\" and \"science and technology innovation has entered a bumpy layout period\", after which the market fluctuated, differentiated and spread as scheduled. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market will enter a hundred flowers blooming\". At present, a hundred flowers blooming are performed as scheduled.</p><p><b>Outlook: After \"summer summer escape\" and \"bumpy period\", a hundred flowers will bloom as scheduled. The A-share market accelerated, and risk appetite continued to improve. For trading players, it is recommended to seize the expectation difference and flexibly grasp the structural hot spots. For configuration players, it is recommended to continue to base on the long-term and actively lay out around the general direction of science and technology innovation and the new demands driven by it.</b></p><p><b>— — After \"summer summer vacation\" and \"bumpy period\", a hundred flowers bloom as scheduled.</b>In the second quarter, the market continued to focus on high-prosperity tracks such as new energy, semiconductor, military industry, science and technology innovation, which brought the trend of rising related sectors and the concentrated inflow of funds. Its transaction congestion once reached a record high in July. Therefore, we put forward \"summer summer heat prevention and overheating\", and judged that funds will gradually spread and spill over from these sectors. In July and August, when the market fluctuated sharply and investors were most worried, we repeatedly emphasized that the current market is not in 2018, and there is no systemic risk. Stock funds will not systematically reduce their positions, but will surge back and forth in various sectors, leading the market to bloom. At present, the hot spots in the market are spreading, various sectors are taking turns upward, and a hundred flowers are blooming as scheduled: whether resource products such as coal, nonferrous metals and steel, large-cap blue chips such as infrastructure real estate, high β sectors such as securities firms, small-cap indexes such as CSI 1000, and even consumer sectors that have been impacted by policies and adjusted more since the beginning of the year have all shown some performance, and Hong Kong stocks have also rebounded from the bottom area.</p><p><b>— — The A-share market accelerated, and the risk appetite continued to improve.</b>With a hundred flowers blooming, the market has come out of the bumpy period. With the early negative impact further fading, the superimposed policy easing continues to increase, and A shares have moved from first suppression to later rise: 1) The currency is already loose, and the follow-up finance and credit are also expected to exert their strength, and the direction of policy easing is clear. On September 6, Vice Premier Liu He said that \"infrastructure construction should be carried out moderately ahead of schedule\". On September 7th, Pan Gongsheng, deputy governor of the central bank, said that China's monetary policy is still in the range of normalized monetary policy, and the monetary policy space is relatively large. On September 9th, according to the deployment of the Standing Committee of the People's Republic of China, the central bank announced an additional 300 billion yuan of small refinancing quota, which would be issued at a preferential interest rate within the remaining four months of this year. 2) There is no systemic risk overseas. The Fed's expected guidance is relatively sufficient, the market's concerns about Taper have basically eased, and the United States is expected to have at least $550 billion of infrastructure plans in the fourth quarter. In Europe, on September 10th, although the European Central Bank announced that it would slow down PEPP bond purchases in the fourth quarter, it would still maintain the potential scale of 1.85 trillion euros. 3) At the time point, with the completion of the disclosure of the interim report, the current market has once again entered the performance window period, and the superimposed policy has relaxed expectations, and the market risk appetite is improving. At the same time, last week, President Xi had a telephone call with US President Joe Biden at the request, which is also conducive to improving the risk appetite of foreign capital for Chinese assets.</p><p><b>— — For trading players, in the market where a hundred flowers are blooming, it is recommended to seize the poor expectations and flexibly grasp the structural hot spots. For configuration players, it is recommended to continue to base on the long-term and actively lay out around the general direction of science and technology innovation and the new demands driven by it:</b>1) Science and technology innovation is in the ascendant, taking advantage of the bumps after the \"top of the bottom\" to lay out \"small but beautiful\", \"specialized and new\" and science and technology innovation \"little giants\" with long-term cost performance. Its representative \"hard technology\" attribute can best conform to the current background of the Sino-US game, urgency to enhance scientific and technological competitiveness, and get rid of the \"stuck neck\" dilemma. At the same time, the capital side has changed from incremental entry to stock game. The era of \"buying the leader without brain\" has passed, and the market aesthetic is shifting from ROE to G. High growth rate and high prosperity will become the core of institutional aesthetic. \"Specialization, Specialization and Innovation\" and Science and Technology Innovation Board, as the sectors with the highest growth rate in the whole market, will become the preferred directions to overcome \"involution\". 2) With the spread of science and technology, traditional fields such as manufacturing upgrading, science and technology, and cyclical industries in the dual-carbon era are also facing revaluation. Focus on steel, aluminum, copper, chemical, cement, securities firms and other sectors that serve the needs of science and technology innovation, have new α logic and embrace new technology empowerment. 3) In those areas with less bright fundamentals, the assets with a turnaround in the second half of the year should be laid out in advance, and the direction of \"new infrastructure\" should be steadily grown, including small household appliances, automobiles, machinery, and the leaders of consumption segment industries.</p><p><b>— — Investment strategy: embrace the long-term, embrace the general direction, and fight the short with the long. Continue to lay out the core line of high-quality growth represented by \"specialization, specialization and innovation\" and \"little giant\" of science and technology.</b>1) High-end manufacturing (semiconductor industry chain, military industry chain, etc.), 2) New energy chain (new energy materials, lithium battery equipment, new energy vehicle industry chain, intelligent driving, etc.), 3) AIoT (computer, communication, electronics), 4) Life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>A-share market review this week</b></p><p><img src=\"https://static.tigerbbs.com/13071928fe3eeb6151dd5ce85bc6c855\" tg-width=\"1080\" tg-height=\"405\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/69ba9b865b341e29205bbb6185a02cbc\" tg-width=\"1080\" tg-height=\"406\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/50eb477d5780e2d8336af02294a958b1\" tg-width=\"1080\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>A-share capital tracking</b></p><p><img src=\"https://static.tigerbbs.com/f33f9f6887e315296989199286714530\" tg-width=\"1080\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/71dfe6b49cefe41574a2536cb10f5c76\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a6ea75c24764a8265c984bb443603886\" tg-width=\"1080\" tg-height=\"418\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a5d294ded9d090e98cbcaf4388165aab\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/247f4082b8df088496f39cd90650f750\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/474c012d2d5eb83e71126cefcbae1004\" tg-width=\"1080\" tg-height=\"419\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/59adf5d792210fc726493a9861df8ab7\" tg-width=\"1080\" tg-height=\"421\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb2a7d4758017515b7167b8c82cf0c75\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/60af3d869f451c91dbfd98cf111af778\" tg-width=\"1080\" tg-height=\"419\" referrerpolicy=\"no-referrer\"></p><p><b>A Share Earnings and Valuation</b></p><p><img src=\"https://static.tigerbbs.com/904398a8e2d5c55af5fc7cdbb22cb485\" tg-width=\"1080\" tg-height=\"434\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c200d190f7e6d85bb50b1cbce1558bd6\" tg-width=\"1080\" tg-height=\"434\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/709795eb203c094f43d766f3ce9acef5\" tg-width=\"1080\" tg-height=\"476\" referrerpolicy=\"no-referrer\"></p><p><b>Overseas market tracking</b></p><p><img src=\"https://static.tigerbbs.com/33936cc9cfcb6aae21cfd24bc13bebef\" tg-width=\"1080\" tg-height=\"378\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a396dc75e119b4f7f05cfc27d3270440\" tg-width=\"1080\" tg-height=\"446\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6fc496e65ba7e0aec1dcf90e417cf750\" tg-width=\"1080\" tg-height=\"420\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ee9e81e6df73399f2375e00440fc8cd2\" tg-width=\"1080\" tg-height=\"448\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/054f9b313e1bb6999ea74c6b36b4eb79\" tg-width=\"1080\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning</b></p><p><b>Pay attention to the return of global capital to the United States beyond expectations, and the game between China and the United States beyond expectations.</b></p>","source":"ywhs","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nXingzheng Strategy: Let a Hundred Flowers Bloom as scheduled, and the market accelerates\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">尧望后势</strong><span class=\"h-time small\">2021-09-12 16:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Core Perspectives</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and laid out the \"Centennial\" market, emphasizing the science and technology innovation long bull and science and technology innovation board market in the sector allocation. Since then, in the past six months, emerging growth directions such as GEM Index and Science and Technology Innovation Board have continued to lead the gains. Starting from mid-July, we looked forward to reminding \"summer summer vacation\" and \"science and technology innovation has entered a bumpy layout period\", after which the market fluctuated, differentiated and spread as scheduled. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market will enter a hundred flowers blooming\". At present, a hundred flowers blooming are performed as scheduled.</p><p><b>Outlook: After \"summer summer escape\" and \"bumpy period\", a hundred flowers will bloom as scheduled. The A-share market accelerated, and risk appetite continued to improve. For trading players, it is recommended to grasp the expectation difference and flexibly grasp the structural hot spots. For configuration players, it is recommended to continue to base on the long-term and actively lay out around the general direction of science and technology innovation and the new demands driven by it.</b></p><p><b>After \"summer summer vacation\" and \"bumpy period\", hundreds of flowers bloom as scheduled.</b>In the second quarter, the market continued to focus on high-prosperity tracks such as new energy, semiconductor, military industry, science and technology innovation, which brought the trend of rising related sectors and the concentrated inflow of funds. Its transaction congestion once reached a record high in July. Therefore, we put forward \"summer summer heat prevention and overheating\", and judged that funds will gradually spread and spill over from these sectors. In July and August, when the market fluctuated sharply and investors were most worried, we repeatedly emphasized that the current market is not in 2018, and there is no systemic risk. Stock funds will not systematically reduce positions, but surge back and forth in various sectors, leading the market to bloom. At present, the hot spots in the market are spreading, various sectors are taking turns upward, and a hundred flowers are blooming as scheduled: whether resource products such as coal, nonferrous metals and steel, large-cap blue chips such as infrastructure real estate, high β sectors such as securities firms, small-cap indexes such as CSI 1000, and even consumer sectors that have been impacted by policies and adjusted more since the beginning of the year have all shown some performance, and Hong Kong stocks have also rebounded from the bottom area.</p><p><b>The A-share market accelerated, and risk appetite continued to improve.</b>With a hundred flowers blooming, the market has come out of the bumpy period. With the early negative impact further fading, the superimposed policy easing continues to increase, and A shares have moved from first suppression to later rise: 1) The currency is already loose, and the follow-up finance and credit are also expected to exert their strength, and the direction of policy easing is clear. On September 6, Vice Premier Liu He said that \"infrastructure construction should be carried out moderately ahead of schedule\". On September 7th, Pan Gongsheng, deputy governor of the central bank, said that China's monetary policy is still in the range of normalized monetary policy, and the monetary policy space is relatively large. On September 9th, according to the deployment of the Standing Committee of the People's Republic of China, the central bank announced an additional 300 billion yuan of small refinancing quota, which would be issued at a preferential interest rate within the remaining four months of this year. 2) There is no systemic risk overseas. The Fed's expected guidance is relatively sufficient, the market's concerns about Taper have basically eased, and the United States is expected to have at least $550 billion of infrastructure plans in the fourth quarter. In Europe, on September 10th, although the European Central Bank announced that it would slow down PEPP bond purchases in the fourth quarter, it would still maintain the potential scale of 1.85 trillion euros. 3) At the time point, with the completion of the disclosure of the interim report, the current market has once again entered the performance window period, and the superimposed policy has relaxed expectations, and the market risk appetite is improving. At the same time, last week, President Xi had a telephone call with US President Joe Biden at the request, which is also conducive to improving the risk appetite of foreign capital for Chinese assets.</p><p><b>For trading players, in the market where a hundred flowers are blooming, it is recommended to seize the poor expectations and flexibly grasp the structural hot spots. For configuration players, it is recommended to continue to base on the long-term and actively lay out around the general direction of science and technology innovation and the new demands driven by it:</b>1) Science and technology innovation is in the ascendant, taking advantage of the bumps after the \"top of the bottom\" to lay out \"small but beautiful\", \"specialized and new\" and science and technology innovation \"little giants\" with long-term cost performance. Its representative \"hard technology\" attribute can best conform to the current background of the Sino-US game, urgency to enhance scientific and technological competitiveness, and get rid of the \"stuck neck\" dilemma. At the same time, the capital side has changed from incremental entry to stock game. The era of \"buying the leader without brain\" has passed, and the market aesthetic is shifting from ROE to G. High growth rate and high prosperity will become the core of institutional aesthetic. \"Specialization, Specialization and Innovation\" and Science and Technology Innovation Board, as the sectors with the highest growth rate in the whole market, will become the preferred directions to overcome \"involution\". 2) With the spread of science and technology, traditional fields such as manufacturing upgrading, science and technology, and cyclical industries in the dual-carbon era are also facing revaluation. Focus on steel, aluminum, copper, chemical, cement, securities firms and other sectors that serve the needs of science and technology innovation, have new α logic and embrace new technology empowerment. 3) In those areas with less bright fundamentals, the assets with a turnaround in the second half of the year should be laid out in advance, and the direction of \"new infrastructure\" should be steadily grown, including small household appliances, automobiles, machinery, and the leaders of consumption segment industries.</p><p><b>Investment strategy: Embrace the long-term, embrace the general direction, and fight the short with the long. Continue to lay out the core line of high-quality growth represented by \"specialization, specialization and innovation\" and \"little giant\" of science and technology.</b>1) high-end manufacturing (semiconductor industry chain, military industry chain, etc.), 2) new energy chain (new energy materials, lithium battery equipment, new energy vehicle industry chain,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving, etc.), 3) AIoT (computers, communications, electronics), and 4) life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>Risk warning:</b>Pay attention to the return of global capital to the United States beyond expectations, and the game between China and the United States beyond expectations.</p><p><b>Report Text</b></p><p><b>Hundred flowers bloom as scheduled and the market accelerates</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and laid out the \"Centennial\" market, emphasizing the science and technology innovation long bull and science and technology innovation board market in the sector allocation. Since then, in the past six months, emerging growth directions such as GEM Index and Science and Technology Innovation Board have continued to lead the gains. Starting from mid-July, we looked forward to reminding \"summer summer vacation\" and \"science and technology innovation has entered a bumpy layout period\", after which the market fluctuated, differentiated and spread as scheduled. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market will enter a hundred flowers blooming\". At present, a hundred flowers blooming are performed as scheduled.</p><p><b>Outlook: After \"summer summer escape\" and \"bumpy period\", a hundred flowers will bloom as scheduled. The A-share market accelerated, and risk appetite continued to improve. For trading players, it is recommended to seize the expectation difference and flexibly grasp the structural hot spots. For configuration players, it is recommended to continue to base on the long-term and actively lay out around the general direction of science and technology innovation and the new demands driven by it.</b></p><p><b>— — After \"summer summer vacation\" and \"bumpy period\", a hundred flowers bloom as scheduled.</b>In the second quarter, the market continued to focus on high-prosperity tracks such as new energy, semiconductor, military industry, science and technology innovation, which brought the trend of rising related sectors and the concentrated inflow of funds. Its transaction congestion once reached a record high in July. Therefore, we put forward \"summer summer heat prevention and overheating\", and judged that funds will gradually spread and spill over from these sectors. In July and August, when the market fluctuated sharply and investors were most worried, we repeatedly emphasized that the current market is not in 2018, and there is no systemic risk. Stock funds will not systematically reduce their positions, but will surge back and forth in various sectors, leading the market to bloom. At present, the hot spots in the market are spreading, various sectors are taking turns upward, and a hundred flowers are blooming as scheduled: whether resource products such as coal, nonferrous metals and steel, large-cap blue chips such as infrastructure real estate, high β sectors such as securities firms, small-cap indexes such as CSI 1000, and even consumer sectors that have been impacted by policies and adjusted more since the beginning of the year have all shown some performance, and Hong Kong stocks have also rebounded from the bottom area.</p><p><b>— — The A-share market accelerated, and the risk appetite continued to improve.</b>With a hundred flowers blooming, the market has come out of the bumpy period. With the early negative impact further fading, the superimposed policy easing continues to increase, and A shares have moved from first suppression to later rise: 1) The currency is already loose, and the follow-up finance and credit are also expected to exert their strength, and the direction of policy easing is clear. On September 6, Vice Premier Liu He said that \"infrastructure construction should be carried out moderately ahead of schedule\". On September 7th, Pan Gongsheng, deputy governor of the central bank, said that China's monetary policy is still in the range of normalized monetary policy, and the monetary policy space is relatively large. On September 9th, according to the deployment of the Standing Committee of the People's Republic of China, the central bank announced an additional 300 billion yuan of small refinancing quota, which would be issued at a preferential interest rate within the remaining four months of this year. 2) There is no systemic risk overseas. The Fed's expected guidance is relatively sufficient, the market's concerns about Taper have basically eased, and the United States is expected to have at least $550 billion of infrastructure plans in the fourth quarter. In Europe, on September 10th, although the European Central Bank announced that it would slow down PEPP bond purchases in the fourth quarter, it would still maintain the potential scale of 1.85 trillion euros. 3) At the time point, with the completion of the disclosure of the interim report, the current market has once again entered the performance window period, and the superimposed policy has relaxed expectations, and the market risk appetite is improving. At the same time, last week, President Xi had a telephone call with US President Joe Biden at the request, which is also conducive to improving the risk appetite of foreign capital for Chinese assets.</p><p><b>— — For trading players, in the market where a hundred flowers are blooming, it is recommended to seize the poor expectations and flexibly grasp the structural hot spots. For configuration players, it is recommended to continue to base on the long-term and actively lay out around the general direction of science and technology innovation and the new demands driven by it:</b>1) Science and technology innovation is in the ascendant, taking advantage of the bumps after the \"top of the bottom\" to lay out \"small but beautiful\", \"specialized and new\" and science and technology innovation \"little giants\" with long-term cost performance. Its representative \"hard technology\" attribute can best conform to the current background of the Sino-US game, urgency to enhance scientific and technological competitiveness, and get rid of the \"stuck neck\" dilemma. At the same time, the capital side has changed from incremental entry to stock game. The era of \"buying the leader without brain\" has passed, and the market aesthetic is shifting from ROE to G. High growth rate and high prosperity will become the core of institutional aesthetic. \"Specialization, Specialization and Innovation\" and Science and Technology Innovation Board, as the sectors with the highest growth rate in the whole market, will become the preferred directions to overcome \"involution\". 2) With the spread of science and technology, traditional fields such as manufacturing upgrading, science and technology, and cyclical industries in the dual-carbon era are also facing revaluation. Focus on steel, aluminum, copper, chemical, cement, securities firms and other sectors that serve the needs of science and technology innovation, have new α logic and embrace new technology empowerment. 3) In those areas with less bright fundamentals, the assets with a turnaround in the second half of the year should be laid out in advance, and the direction of \"new infrastructure\" should be steadily grown, including small household appliances, automobiles, machinery, and the leaders of consumption segment industries.</p><p><b>— — Investment strategy: embrace the long-term, embrace the general direction, and fight the short with the long. Continue to lay out the core line of high-quality growth represented by \"specialization, specialization and innovation\" and \"little giant\" of science and technology.</b>1) High-end manufacturing (semiconductor industry chain, military industry chain, etc.), 2) New energy chain (new energy materials, lithium battery equipment, new energy vehicle industry chain, intelligent driving, etc.), 3) AIoT (computer, communication, electronics), 4) Life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>A-share market review this week</b></p><p><img src=\"https://static.tigerbbs.com/13071928fe3eeb6151dd5ce85bc6c855\" tg-width=\"1080\" tg-height=\"405\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/69ba9b865b341e29205bbb6185a02cbc\" tg-width=\"1080\" tg-height=\"406\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/50eb477d5780e2d8336af02294a958b1\" tg-width=\"1080\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>A-share capital tracking</b></p><p><img src=\"https://static.tigerbbs.com/f33f9f6887e315296989199286714530\" tg-width=\"1080\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/71dfe6b49cefe41574a2536cb10f5c76\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a6ea75c24764a8265c984bb443603886\" tg-width=\"1080\" tg-height=\"418\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a5d294ded9d090e98cbcaf4388165aab\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/247f4082b8df088496f39cd90650f750\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/474c012d2d5eb83e71126cefcbae1004\" tg-width=\"1080\" tg-height=\"419\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/59adf5d792210fc726493a9861df8ab7\" tg-width=\"1080\" tg-height=\"421\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb2a7d4758017515b7167b8c82cf0c75\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/60af3d869f451c91dbfd98cf111af778\" tg-width=\"1080\" tg-height=\"419\" referrerpolicy=\"no-referrer\"></p><p><b>A Share Earnings and Valuation</b></p><p><img src=\"https://static.tigerbbs.com/904398a8e2d5c55af5fc7cdbb22cb485\" tg-width=\"1080\" tg-height=\"434\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c200d190f7e6d85bb50b1cbce1558bd6\" tg-width=\"1080\" tg-height=\"434\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/709795eb203c094f43d766f3ce9acef5\" tg-width=\"1080\" tg-height=\"476\" referrerpolicy=\"no-referrer\"></p><p><b>Overseas market tracking</b></p><p><img src=\"https://static.tigerbbs.com/33936cc9cfcb6aae21cfd24bc13bebef\" tg-width=\"1080\" tg-height=\"378\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a396dc75e119b4f7f05cfc27d3270440\" tg-width=\"1080\" tg-height=\"446\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6fc496e65ba7e0aec1dcf90e417cf750\" tg-width=\"1080\" tg-height=\"420\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ee9e81e6df73399f2375e00440fc8cd2\" tg-width=\"1080\" tg-height=\"448\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/054f9b313e1bb6999ea74c6b36b4eb79\" tg-width=\"1080\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning</b></p><p><b>Pay attention to the return of global capital to the United States beyond expectations, and the game between China and the United States beyond expectations.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/3qKDuGqsRbyXwpX6Y6xJcQ\">尧望后势</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/3qKDuGqsRbyXwpX6Y6xJcQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198332081","content_text":"核心观点\n回顾：2021年4月以来，我们看多市场，布局“百周年”行情，板块配置上强调科创长牛，科创板行情。此后近半年，创业板指、科创板等新兴成长方向持续领涨。7月中旬开始，我们前瞻提示“夏日避暑”、“科创进入颠簸布局期”，之后市场如期震荡、分化、扩散。8月以来，我们反复强调“不存在系统性风险”、“市场将进入百花齐放”，当前百花齐放如期演绎。\n展望：“夏日避暑”、“颠簸期”后，百花齐放如期演绎。A股行情加速，风险偏好持续提升。对于交易型选手，建议抓住预期差、灵活把握结构热点。对于配置型选手，建议继续立足长期，围绕科创大方向及其拉动下的新需求积极布局。\n“夏日避暑”、“颠簸期”后，百花齐放如期演绎。二季度，市场持续聚焦在新能源、半导体、军工、科创等高景气赛道，带来相关板块趋势性的上涨和资金的集中流入，其交易拥挤度也在7月一度达到历史最高位。因此，我们提出“夏日避暑防过热”，并判断资金将逐步从这些板块扩散、外溢。而在7、8月市场大幅波动、投资者担忧情绪最浓之际，我们又反复强调，当前市场并非2018年，并无系统性风险。存量资金不会系统性降仓位，而是在各个板块中来回涌动，带领市场进入百花齐放。当前，市场热点扩散、各板块轮番向上，百花齐放如期演绎：无论煤炭、有色、钢铁等资源品，还是基建地产等大盘蓝筹，亦或券商等高β板块，还有中证1000等小盘指数，乃至受政策冲击、年初以来调整较多的消费板块，都有所表现，港股也自底部区域有所反弹。\nA股行情加速，风险偏好持续提升。百花齐放之下，市场已从颠簸期中走出。随着前期利空影响进一步消退，叠加政策宽松持续加码，A股已由先抑走向后扬：1）货币已然宽松，后续财政、信贷也有望发力，政策放松的方向明确。9月6日刘鹤副总理表示“适度超前进行基础设施建设”。9月7日，央行副行长潘功胜表示中国的货币政策仍然处于常态化货币政策区间，货币政策空间比较大。9月9日，央行按照国常会部署，宣布新增3000亿元支小再贷款额度，并在今年剩余4个月之内以优惠利率发放。2）海外也不存在系统性风险。美联储预期引导相对充分，市场对于Taper的担忧基本缓和，并且美国四季度预计至少还有5500亿美元基建计划落地。欧洲方面，9月10日欧央行尽管宣布将放缓四季度PEPP购债速度，但仍将维持1.85万亿欧元潜在规模不变。3）时间点上，随着中报披露完毕，当前市场再度进入业绩空窗期，叠加政策放松预期，市场风险偏好正在提升。同时，上周习主席应约同美国总统拜登通电话，也有利于提升外资对中国资产的风险偏好。\n对于交易型选手，在百花齐放的市场中，建议抓住预期差、灵活把握结构热点。对于配置型选手，建议继续立足长期，围绕科创大方向及其拉动下的新需求积极布局：1）科创长牛方兴未艾，利用“底部的顶部”后的颠簸，布局长期性价比高的“小而美”、“专精特新”与科创“小巨人”。其代表的“硬科技”属性最能顺应当前中美博弈、迫切提升科技竞争力、摆脱“卡脖子”困境的时代大背景。与此同时，资金面由增量入场转为存量博弈，“无脑买龙头”的时代已过去，市场审美正从ROE转向G，高增速、高景气将成为机构审美的核心，“专精特新”与科创板作为全市场增速最高的板块，将成为战胜“内卷”的优选方向。2）科创行情扩散之中，能够拥抱制造业升级、拥抱科技、拥抱双碳时代的周期行业等传统领域，估值和盈利也正面临重估。重点关注服务科创需求、有新的α逻辑、拥抱新的科技赋能的钢铁、铝、铜、化工、水泥、券商等板块。3）那些基本面不太亮丽领域，提前布局下半年有转机的资产，稳增长“新基建”方向，包括，小家电、汽车、机械，也包括消费细分行业龙头。\n投资策略：拥抱长期、拥抱大方向，以长打短。继续逢低布局以“专精特新”与科创“小巨人”为代表的优质成长核心主线。1）高端制造（半导体产业链、军工产业链等），2）新能源链条（新能源材料、锂电设备、新能源车产业链、智能驾驶等）， 3）AIoT（计算机、通信、电子），4）生命科学（生物医药、医疗器械、医疗服务、种子等）。\n风险提示：关注全球资本回流美国超预期，中美博弈超预期等。\n报告正文\n百花齐放如期演绎，行情加速\n回顾：2021年4月以来，我们看多市场，布局“百周年”行情，板块配置上强调科创长牛，科创板行情。此后近半年，创业板指、科创板等新兴成长方向持续领涨。7月中旬开始，我们前瞻提示“夏日避暑”、“科创进入颠簸布局期”，之后市场如期震荡、分化、扩散。8月以来，我们反复强调“不存在系统性风险”、“市场将进入百花齐放”，当前百花齐放如期演绎。\n展望：“夏日避暑”、“颠簸期”后，百花齐放如期演绎。A股行情加速，风险偏好持续提升。对于交易型选手，建议抓住预期差、灵活把握结构热点。对于配置型选手，建议继续立足长期，围绕科创大方向及其拉动下的新需求积极布局。\n——“夏日避暑”、“颠簸期”后，百花齐放如期演绎。二季度，市场持续聚焦在新能源、半导体、军工、科创等高景气赛道，带来相关板块趋势性的上涨和资金的集中流入，其交易拥挤度也在7月一度达到历史最高位。因此，我们提出“夏日避暑防过热”，并判断资金将逐步从这些板块扩散、外溢。而在7、8月市场大幅波动、投资者担忧情绪最浓之际，我们又反复强调，当前市场并非2018年，并无系统性风险。存量资金不会系统性降仓位，而是在各个板块中来回涌动，带领市场进入百花齐放。当前，市场热点扩散、各板块轮番向上，百花齐放如期演绎：无论煤炭、有色、钢铁等资源品，还是基建地产等大盘蓝筹，亦或券商等高β板块，还有中证1000等小盘指数，乃至受政策冲击、年初以来调整较多的消费板块，都有所表现，港股也自底部区域有所反弹。\n——A股行情加速，风险偏好持续提升。百花齐放之下，市场已从颠簸期中走出。随着前期利空影响进一步消退，叠加政策宽松持续加码，A股已由先抑走向后扬：1）货币已然宽松，后续财政、信贷也有望发力，政策放松的方向明确。9月6日刘鹤副总理表示“适度超前进行基础设施建设”。9月7日，央行副行长潘功胜表示中国的货币政策仍然处于常态化货币政策区间，货币政策空间比较大。9月9日，央行按照国常会部署，宣布新增3000亿元支小再贷款额度，并在今年剩余4个月之内以优惠利率发放。2）海外也不存在系统性风险。美联储预期引导相对充分，市场对于Taper的担忧基本缓和，并且美国四季度预计至少还有5500亿美元基建计划落地。欧洲方面，9月10日欧央行尽管宣布将放缓四季度PEPP购债速度，但仍将维持1.85万亿欧元潜在规模不变。3）时间点上，随着中报披露完毕，当前市场再度进入业绩空窗期，叠加政策放松预期，市场风险偏好正在提升。同时，上周习主席应约同美国总统拜登通电话，也有利于提升外资对中国资产的风险偏好。\n——对于交易型选手，在百花齐放的市场中，建议抓住预期差、灵活把握结构热点。对于配置型选手，建议继续立足长期，围绕科创大方向及其拉动下的新需求积极布局：1）科创长牛方兴未艾，利用“底部的顶部”后的颠簸，布局长期性价比高的“小而美”、“专精特新”与科创“小巨人”。其代表的“硬科技”属性最能顺应当前中美博弈、迫切提升科技竞争力、摆脱“卡脖子”困境的时代大背景。与此同时，资金面由增量入场转为存量博弈，“无脑买龙头”的时代已过去，市场审美正从ROE转向G，高增速、高景气将成为机构审美的核心，“专精特新”与科创板作为全市场增速最高的板块，将成为战胜“内卷”的优选方向。2）科创行情扩散之中，能够拥抱制造业升级、拥抱科技、拥抱双碳时代的周期行业等传统领域，估值和盈利也正面临重估。重点关注服务科创需求、有新的α逻辑、拥抱新的科技赋能的钢铁、铝、铜、化工、水泥、券商等板块。3）那些基本面不太亮丽领域，提前布局下半年有转机的资产，稳增长“新基建”方向，包括，小家电、汽车、机械，也包括消费细分行业龙头。\n——投资策略：拥抱长期、拥抱大方向，以长打短。继续逢低布局以“专精特新”与科创“小巨人”为代表的优质成长核心主线。1）高端制造（半导体产业链、军工产业链等），2）新能源链条（新能源材料、锂电设备、新能源车产业链、智能驾驶等）， 3）AIoT（计算机、通信、电子），4）生命科学（生物医药、医疗器械、医疗服务、种子等）。\n本周A股市场回顾\n\nA股资金面跟踪\n\nA股盈利与估值\n\n海外市场跟踪\n\n风险提示\n关注全球资本回流美国超预期，中美博弈超预期等。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814362790,"gmtCreate":1630766212110,"gmtModify":1676530392125,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586266967551836","authorIdStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/814362790","repostId":"2164331806","repostType":4,"repost":{"id":"2164331806","kind":"news","pubTimestamp":1630799959,"share":"https://ttm.financial/m/news/2164331806?lang=en_US&edition=fundamental","pubTime":"2021-09-05 07:59","market":"hk","language":"zh","title":"Xiaomi OV Core-making: Advance can attack, retreat can defend","url":"https://stock-news.laohu8.com/highlight/detail?id=2164331806","media":"36氪","summary":"华为之后，小米、OV先后开始造芯。路线选择上也基本一致，都是从图像信号处理器芯片（ISP）开始做起。\n8 月末，vivo手机终于宣布，将在不久后发布的vivoX70旗舰手机上搭载自研的第一颗影像芯片V","content":"<p>After Huawei, Xiaomi and OV began to make cores successively. The route selection is basically the same, starting with the image signal processor chip (ISP).</p><p>At the end of August, vivo mobile phone finally announced that it would be equipped with the first self-developed imaging chip V1 on the vivoX70 flagship mobile phone released soon. vivo, which has always been \"responsible\", finally made the same decision as other companies on the chip issue when it did not blindly build cars and did not engage in IoT ecology, and the battle was not small. As a self-developed imaging chip, the development of V1 chip took 24 months, and more than 300 people were invested in R&D.</p><p>Hu Baishan, Executive Vice President of vivo, accepted<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>In the media interview, it was admitted that in the future, vivo's chip layout will mainly focus on four tracks: design, imaging, system and performance.</p><p>On the other side, OPPO's core-making has also been booming, and we can probably spell out the original appearance of things.</p><p>According to 36Kr, OPPO's core-making team will take \"Zheku Technology\" as the main body, and the direction of research and development is not only ISP chips, but also mobile phone brain Soc, baseband chips responsible for mobile phone signals and so on. In the past year, OPPO hired a large team of people from MediaTek, Spreadtrum and other companies, and the number of R&D personnel in the company has reached thousands. According to market news, OPPO's self-developed ISP may be used on the latest Find series products next year.</p><p>Both sides offered an annual salary of one million at the same time, and continued to recruit troops. With Huawei's lessons from the past, it is understandable that each company has gone to make cores one after another. The first step of Xiaomi and OV's long march is to choose to cut from ISP, which is obviously a rational choice. In addition to reason, core-making is still a matter that extremely tests perseverance and long-term strategic layout.</p><p>Why start with ISP chips?</p><p>You can understand the role that ISP chips play on a mobile phone in this way. ISP is like a bridge, which further processes the image information collected from the lens to the sensor, such as pixel sharpening, color optimization, noise reduction, etc., and then passes it to the back-end processing unit. Basically, the significance of ISP chip is to transform digital signals into visual images that are more acceptable to human eyes.</p><p>In terms of development difficulty, compared with baseband chips and other directions, the research and development of ISP chips is simpler. In fact, the \"core-making\" of mobile phone manufacturers is only the link to participate in chip design, while ISP chips themselves are relatively mature in the industry. Industry Earlier<b>Has accumulated certain mature IP</b>Therefore, it also leaves room for on-demand access for the R&D process of mobile phone manufacturers. On the other hand, in the industry, companies such as ARM and VeriSilicon Microelectronics are also conducting research and development in the direction of ISP simultaneously.</p><p>In addition, ISP chips don't need to grab the production capacity of precision chip processes in production. Even if the research and development of ISP chips of mobile phone manufacturers is unfortunately blocked internally, it is always possible to piece together a finished product and explain it to the market. More importantly, mobile phone manufacturers can also play a role in starting with ISP chips that are easier to tape out successfully<b>Tempering the new coremaking army</b>The role of.</p><p>Image is the key for flagship mobile phones to fight bayonets. To output a good photo, core components such as sensors, lenses and ISPs need to cooperate well.</p><p>In terms of sensors,<a href=\"https://laohu8.com/S/SNE\">Sony</a>The IMX series of sensors are sophisticated enough,<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Also in desperate pursuit; The lens can be solved by stacking materials, and mobile phone manufacturers stack from dual cameras to five cameras and six cameras; In contrast,<b>ISP promotion has been slow in the past</b>While<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Manufacturers such as MediaTek, which provide integrated chips, have been unable to meet the needs of terminals. Therefore, developing a \"plug-in\" ISP chip independent of Soc is one of the problem-solving ideas.</p><p>Long before Xiaomi OV ended, some mobile phone manufacturers with stronger R&D capabilities had already realized,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Samsung,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Mobile phone products have been self-researched on ISP chips early. In the field of professional cameras with higher imaging requirements,<a href=\"https://laohu8.com/S/CAJ\">Canon</a>Some Nikon models have already used their own ISPs.</p><p>In addition, the ISP chip is directly linked to the image quality, which determines the performance of focus, white balance and exposure parameters. Therefore, mobile phone manufacturers should show the muscles of R&D capabilities, starting from ISP chips, and users' perception is the most obvious.</p><p>For Xiaomi OV, starting the core-making business from ISP chips, in terms of technical ability, it can not only advance, attack, retreat and defend, but also have a relatively high cost performance.<b>Easier to show the direction of the results.</b></p><p>Making the core, the choice of burning the boat</p><p>In fact, before mobile phone manufacturers decided on the research and development of chips, each company tried to work with the upstream \"<b>Joint R&D</b>\"A compromise. For example, vivo has cooperated with Samsung for two consecutive years on the core chip, launching the Exynos 980/1080 chip, and the GN2 super-large bottom sensor cooperated between Xiaomi and Samsung this year.</p><p>This kind of cooperation, to put it nicely, is jointly developed by mobile phone manufacturers and upstream, but in essence, mobile phone manufacturers are only Party A who raise demand and adapt. How much R&D capability they really export is open to debate. And, this way doesn't really build a moat,<b>Mobile phone manufacturers just throw money at the product lock-up period</b>The upstream technology has not been mastered by mobile phone manufacturers, let alone reused in the next generation.</p><p>Relying on supply chain innovation is too slow, and only resolutely investing in core making is the way to do it once and for all. However, the difficulty of mobile phone manufacturers in making cores is that they not only invest a lot of money, people and energy, but also the finished chip products can't be exposed to the outside world,<b>It needs to form a virtuous circle with its own terminal system.</b></p><p>Huawei HiSilicon has done just that in the past decade. HiSilicon invests tens of billions every year, but as the shipment of Mate/P series equipped with these Kirin chips reaches the order of tens of millions, the cost of chip research and development is not difficult to accept. The fixed update cycle of flagship mobile phones in turn drives the steady progress of chip research and development.</p><p>Xiaomi and OV will continue to invest in chip research and development in the future, which means that the high-end series of models can't make mistakes, and it is necessary to gain a firm foothold as soon as possible to raise shipments.</p><p>It is not a light decision for mobile phone manufacturers to make cores-even this seemingly simple external ISP chip, Xiaomi used a hundred engineers to make it for a year, and it is not difficult to imagine the cost of OV. This is only the starting point. After the first generation product of Xiaomi Surging Chip Soc failed, Lei Jun emphasized in his speech that the research and development of Surging Chip is not over yet. vivo and OPPO's chips won't stop at ISPs either.</p><p>A hidden worry in front of mobile phone manufacturers is how to balance the relationship with Qualcomm, which has the absolute right to speak.</p><p>At present, mobile phone manufacturers only make ISP chips in the form of plug-ins, and there is no conflict of interest with Qualcomm MediaTek. However, in the future, the hands of mobile phone manufacturers will stretch farther and farther, and it is difficult for the relationship between the two sides not to become subtle. MediaTek's recent \"open architecture\" layout, which unbinds the functional definitions of some components of the chip, is in line with this changing trend.</p><p>Ten years ago, Apple's iPhone 4 equipped with self-developed A4 processor was like a depth bomb. Huawei HiSilicon, which was stimulated, started the research and development of K3V2 processor and Barong 710 the following year. Ten years later, the tide of core-making in the mobile phone circle has risen again, and the history of difficult development of domestic chips in the past has given experience. Foreign chip suppliers have the possibility of subverting product models and adjusting prices and policies at any time. Deciding to make core millet and OV still requires more determination to burn the boat.</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>Xiaomi OV Core-making: Advance can attack, retreat can defend</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\">\nXiaomi OV Core-making: Advance can attack, retreat can defend\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-09-05 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After Huawei, Xiaomi and OV began to make cores successively. The route selection is basically the same, starting with the image signal processor chip (ISP).</p><p>At the end of August, vivo mobile phone finally announced that it would be equipped with the first self-developed imaging chip V1 on the vivoX70 flagship mobile phone released soon. vivo, which has always been \"responsible\", finally made the same decision as other companies on the chip issue when it did not blindly build cars and did not engage in IoT ecology, and the battle was not small. As a self-developed imaging chip, the development of V1 chip took 24 months, and more than 300 people were invested in R&D.</p><p>Hu Baishan, Executive Vice President of vivo, accepted<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>In the media interview, it was admitted that in the future, vivo's chip layout will mainly focus on four tracks: design, imaging, system and performance.</p><p>On the other side, OPPO's core-making has also been booming, and we can probably spell out the original appearance of things.</p><p>According to 36Kr, OPPO's core-making team will take \"Zheku Technology\" as the main body, and the direction of research and development is not only ISP chips, but also mobile phone brain Soc, baseband chips responsible for mobile phone signals and so on. In the past year, OPPO hired a large team of people from MediaTek, Spreadtrum and other companies, and the number of R&D personnel in the company has reached thousands. According to market news, OPPO's self-developed ISP may be used on the latest Find series products next year.</p><p>Both sides offered an annual salary of one million at the same time, and continued to recruit troops. With Huawei's lessons from the past, it is understandable that each company has gone to make cores one after another. The first step of Xiaomi and OV's long march is to choose to cut from ISP, which is obviously a rational choice. In addition to reason, core-making is still a matter that extremely tests perseverance and long-term strategic layout.</p><p>Why start with ISP chips?</p><p>You can understand the role that ISP chips play on a mobile phone in this way. ISP is like a bridge, which further processes the image information collected from the lens to the sensor, such as pixel sharpening, color optimization, noise reduction, etc., and then passes it to the back-end processing unit. Basically, the significance of ISP chip is to transform digital signals into visual images that are more acceptable to human eyes.</p><p>In terms of development difficulty, compared with baseband chips and other directions, the research and development of ISP chips is simpler. In fact, the \"core-making\" of mobile phone manufacturers is only the link to participate in chip design, while ISP chips themselves are relatively mature in the industry. Industry Earlier<b>Has accumulated certain mature IP</b>Therefore, it also leaves room for on-demand access for the R&D process of mobile phone manufacturers. On the other hand, in the industry, companies such as ARM and VeriSilicon Microelectronics are also conducting research and development in the direction of ISP simultaneously.</p><p>In addition, ISP chips don't need to grab the production capacity of precision chip processes in production. Even if the research and development of ISP chips of mobile phone manufacturers is unfortunately blocked internally, it is always possible to piece together a finished product and explain it to the market. More importantly, mobile phone manufacturers can also play a role in starting with ISP chips that are easier to tape out successfully<b>Tempering the new coremaking army</b>The role of.</p><p>Image is the key for flagship mobile phones to fight bayonets. To output a good photo, core components such as sensors, lenses and ISPs need to cooperate well.</p><p>In terms of sensors,<a href=\"https://laohu8.com/S/SNE\">Sony</a>The IMX series of sensors are sophisticated enough,<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Also in desperate pursuit; The lens can be solved by stacking materials, and mobile phone manufacturers stack from dual cameras to five cameras and six cameras; In contrast,<b>ISP promotion has been slow in the past</b>While<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Manufacturers such as MediaTek, which provide integrated chips, have been unable to meet the needs of terminals. Therefore, developing a \"plug-in\" ISP chip independent of Soc is one of the problem-solving ideas.</p><p>Long before Xiaomi OV ended, some mobile phone manufacturers with stronger R&D capabilities had already realized,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Samsung,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Mobile phone products have been self-researched on ISP chips early. In the field of professional cameras with higher imaging requirements,<a href=\"https://laohu8.com/S/CAJ\">Canon</a>Some Nikon models have already used their own ISPs.</p><p>In addition, the ISP chip is directly linked to the image quality, which determines the performance of focus, white balance and exposure parameters. Therefore, mobile phone manufacturers should show the muscles of R&D capabilities, starting from ISP chips, and users' perception is the most obvious.</p><p>For Xiaomi OV, starting the core-making business from ISP chips, in terms of technical ability, it can not only advance, attack, retreat and defend, but also have a relatively high cost performance.<b>Easier to show the direction of the results.</b></p><p>Making the core, the choice of burning the boat</p><p>In fact, before mobile phone manufacturers decided on the research and development of chips, each company tried to work with the upstream \"<b>Joint R&D</b>\"A compromise. For example, vivo has cooperated with Samsung for two consecutive years on the core chip, launching the Exynos 980/1080 chip, and the GN2 super-large bottom sensor cooperated between Xiaomi and Samsung this year.</p><p>This kind of cooperation, to put it nicely, is jointly developed by mobile phone manufacturers and upstream, but in essence, mobile phone manufacturers are only Party A who raise demand and adapt. How much R&D capability they really export is open to debate. And, this way doesn't really build a moat,<b>Mobile phone manufacturers just throw money at the product lock-up period</b>The upstream technology has not been mastered by mobile phone manufacturers, let alone reused in the next generation.</p><p>Relying on supply chain innovation is too slow, and only resolutely investing in core making is the way to do it once and for all. However, the difficulty of mobile phone manufacturers in making cores is that they not only invest a lot of money, people and energy, but also the finished chip products can't be exposed to the outside world,<b>It needs to form a virtuous circle with its own terminal system.</b></p><p>Huawei HiSilicon has done just that in the past decade. HiSilicon invests tens of billions every year, but as the shipment of Mate/P series equipped with these Kirin chips reaches the order of tens of millions, the cost of chip research and development is not difficult to accept. The fixed update cycle of flagship mobile phones in turn drives the steady progress of chip research and development.</p><p>Xiaomi and OV will continue to invest in chip research and development in the future, which means that the high-end series of models can't make mistakes, and it is necessary to gain a firm foothold as soon as possible to raise shipments.</p><p>It is not a light decision for mobile phone manufacturers to make cores-even this seemingly simple external ISP chip, Xiaomi used a hundred engineers to make it for a year, and it is not difficult to imagine the cost of OV. This is only the starting point. After the first generation product of Xiaomi Surging Chip Soc failed, Lei Jun emphasized in his speech that the research and development of Surging Chip is not over yet. vivo and OPPO's chips won't stop at ISPs either.</p><p>A hidden worry in front of mobile phone manufacturers is how to balance the relationship with Qualcomm, which has the absolute right to speak.</p><p>At present, mobile phone manufacturers only make ISP chips in the form of plug-ins, and there is no conflict of interest with Qualcomm MediaTek. However, in the future, the hands of mobile phone manufacturers will stretch farther and farther, and it is difficult for the relationship between the two sides not to become subtle. MediaTek's recent \"open architecture\" layout, which unbinds the functional definitions of some components of the chip, is in line with this changing trend.</p><p>Ten years ago, Apple's iPhone 4 equipped with self-developed A4 processor was like a depth bomb. Huawei HiSilicon, which was stimulated, started the research and development of K3V2 processor and Barong 710 the following year. Ten years later, the tide of core-making in the mobile phone circle has risen again, and the history of difficult development of domestic chips in the past has given experience. Foreign chip suppliers have the possibility of subverting product models and adjusting prices and policies at any time. Deciding to make core millet and OV still requires more determination to burn the boat.</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=nesSN202109041212447c3844fc&s=b\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/14d6e649b06703312499e84952510944","relate_stocks":{"01810":"小米集团-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202109041212447c3844fc&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2164331806","content_text":"华为之后，小米、OV先后开始造芯。路线选择上也基本一致，都是从图像信号处理器芯片（ISP）开始做起。\n8 月末，vivo手机终于宣布，将在不久后发布的vivoX70旗舰手机上搭载自研的第一颗影像芯片V1。向来“本分”的vivo，在没有盲从造车、不大搞IoT生态的时候，在芯片问题上终于做出了和其他家相同的决定，而且阵仗不小。作为自主研发影像芯片，V1芯片的开发历时24个月，投入研发人力超过了300人。\nvivo执行副总裁胡柏山在接受36氪在内的媒体采访时坦言，未来vivo的芯片布局将主要围绕设计、影像、系统和性能四个赛道展开。\n另一边的OPPO的造芯也已经沸沸扬扬，我们大概可以拼出事情的原貌。\n据36氪了解，OPPO的造芯团队将以“哲库科技”为主体，正在研发的方向不仅是ISP芯片，还囊括了手机大脑Soc，负责手机信号的基带芯片等等。在过去的一年，OPPO从联发科、展讯等公司挖来大队人马，公司的研发人员数量已经达到上千人。有市场消息指出，OPPO自研的ISP或将在明年最新款的Find系列新品上使用。\n两边同时开出了百万年薪，持续招兵买马。在华为的前车之鉴下，各家先后奔赴造芯情有可原。小米、OV万里长征的第一步，都是选择从ISP切入，这显然是一个理智的选择。而在理智之余，造芯还是一件极其考验毅力、长远策略布局的事情。\n为什么从ISP芯片开始？\n可以这么理解ISP芯片在一台手机上发挥的作用。ISP就像是一个桥梁，把镜头到传感器收集到的图像信息做进一步的加工，比如像素的锐化、色彩的优化、降噪处理等，再传递给后端的处理单元。基本上，ISP芯片的意义就是将数字信号，转变到人眼更能接受的视觉图像。\n在开发难度上，相比基带芯片等等方向，ISP芯片的研发更简单。手机厂商的“造芯”其实只是参与芯片设计的环节，而ISP芯片本身在行业当中算是比较成熟的。行业早前已经积累了一定的成熟IP，所以也为手机厂商的研发过程留下了按需取用的空间。另一边，行业里面，ARM、芯原微电子等公司也在同步进行ISP方向的研发。\n再加上，ISP芯片在生产上也不需要去抢精密芯片制程的产能，就算手机厂商的ISP芯片研发在内部不幸受阻，也总归是可以拼凑出一个成品向市场交待的。更重要的是，手机厂商从比较容易流片成功的ISP芯片开始，也可以起到磨炼造芯新军的作用。\n影像是旗舰手机们拼刺刀的关键，要输出一张好照片，传感器、镜头、ISP等核心元器件需要打好配合。\n在传感器方面，索尼的IMX系列传感器已经足够尖端，三星也在拼命追赶中；镜头可以用堆料解决，手机厂商从双摄一路堆到五摄、六摄；相比之下，ISP的提升在过去一直比较迟缓，而高通、联发科这种提供集成芯片的厂商已经无法满足终端的需求。所以，自己开发独立在Soc之外的“外挂”ISP芯片，就是其中一条解题思路。\n早在小米OV下场之前，一些研发力更强的手机厂商已经有所觉悟，苹果、三星、谷歌的手机产品在ISP芯片上已经早早完成自研，在对成像要求更高的专业相机领域，佳能、尼康的部分型号也早都用上了自己的ISP。\n另外，ISP芯片直接与成像质量挂钩，决定了对焦、白平衡、曝光参数表现。所以，手机厂商要秀研发能力的肌肉，从ISP芯片着手，用户的感知是最明显的。\n对于小米OV来说，从ISP芯片起步造芯事业，在技术能力上不仅进可攻退可守，还是性价比相对比较高，更容易展示成果的方向。\n造芯，破釜沉舟的抉择\n其实，在手机厂商巨纷纷决定芯片的研发之前，各家尝试的是和上游“联合研发”的折中方案。比如，vivo在核心芯片上就与三星进行了连续两年的合作定制，推出Exynos 980/1080的芯片，以及今年小米和三星合作的GN2超大底传感器。\n这种合作，说好听点是手机厂商和上游共同研发，但手机厂商本质上还只是提需求、做适配的甲方，真正输出了多少研发能力有待商榷。并且，这种方式并不能真正构建护城河，手机厂商只是砸钱在了产品锁定期上，上游的技术并未被手机厂商所掌握，更不能在下一代复用。\n依赖供应链创新太慢，只有坚决投入造芯，才是一劳永逸的方式。不过，手机厂商造芯的困难之处在于，不仅投入大量的钱、人、精力，芯片成品无法对外，需要和自己的终端体系形成一个良性循环。\n华为海思过去十年已经做到了这一点。海思每年投入上百亿，但随着搭载这些麒麟芯片的Mate/P系列出货达到千万的量级，平摊下来的芯片研发成本也不难接受，旗舰手机固定的更新周期，反过来也驱动了芯片研发稳步向前推进。\n小米、OV后续要持续投入芯片研发的背后，意味着高端化系列的机型无法出错，还要尽快站稳脚跟，把出货量抬高。\n手机厂商造芯不是一个轻飘飘的决定——就连这一颗看似简单的外挂ISP芯片，小米动用了一百个工程师沉浸式做了一年才做出来， OV这边所要耗费的也不难想象。这只是起点，小米澎湃芯片Soc在初代产品折戟之后，雷军此前在演讲中就强调，澎湃芯片研发仍未结束。vivo和OPPO的芯片也不会止步于ISP。\n摆在手机厂商眼前的一个隐忧是，如何平衡好与掌握绝对话语权的高通的关系。\n目前，手机厂商造ISP芯片还只是用外挂的形式，和高通联发科还没有利益冲突，但未来手机厂商的手越伸越远，双方的关系很难不变得微妙。联发科近期“开放架构”的布局，对芯片部分组件的功能定义解绑，就是在顺应这种变化趋势。\n十年前，苹果搭载自研A4处理器的iPhone 4犹如一颗深水炸弹，受到刺激的华为海思，次年才开始了K3V2处理器、巴龙710的研发。十年后，手机圈造芯潮又起，而国内过去艰难发展国产芯片的历史已经给出了经验，国外芯片供应商随时存在颠覆产品模式，调整价格、政策的可能。决定造芯小米、OV，还需要多一些破釜沉舟的决心。","news_type":1,"symbols_score_info":{"48657":0.9,"48708":0.9,"48717":0.9,"48730":0.9,"48754":0.9,"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}