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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Is PetroChina reducing its holdings immediately after a sharp surge? Is this a case of trying to find a way to solve a problem?

2021-09-11

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Is inflation "really the wolf"? US stocks suffered their worst week since June

2021-08-24

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CMGE reported revenue of 2.18 billion yuan and net profit of 394 million yuan in the first half of the year.

2021-09-18

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2021-09-14

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Lei Jun visits FAW for negotiations; three major mysteries remain to be solved.

2021-09-12

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Xingzheng Strategy: A diverse range of strategies unfolded as scheduled, and the market accelerated.

2021-09-04

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Xiaomi OPPO chip manufacturing: offensive and defensive.

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Is this a case of trying to find a way to solve a problem?","url":"https://stock-news.laohu8.com/highlight/detail?id=2167550435","media":"上海证券报","summary":"◎记者 唐燕飞 ○编辑 朱绍勇中国石油（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。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， ...","content":"<p><div>PetroChina (601857) (hereinafter referred to as \"PetroChina\") surged by more than 8% at one point during trading yesterday, evoking painful memories for many investors. Yesterday, PetroChina's highest intraday price was 5.99 yuan, with an increase of nearly 9% at one point. At the close of trading, PetroChina closed at 5.71 yuan, up 3.82%. After 11 a.m. yesterday, while PetroChina rose rapidly, both the ChiNext and Shanghai Composite indices turned downward. By the close of trading, the Shanghai Composite Index had turned from positive to down 1.42%, while the ChiNext Index had fallen from around 2.5% to 1.32%. Immediately, many netizens exclaimed: This is absolutely abnormal! There are even...</p><p><a href=\"http://stock.10jqka.com.cn/hks/20210915/c632725095.shtml\">Web page link</a></div></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>Is PetroChina reducing its holdings immediately after a sharp surge? Is this a case of trying to find a way to solve a problem?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs PetroChina reducing its holdings immediately after a sharp surge? Is this a case of trying to find a way to solve a problem?\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><div>PetroChina (601857) (hereinafter referred to as \"PetroChina\") surged by more than 8% at one point during trading yesterday, evoking painful memories for many investors. Yesterday, PetroChina's highest intraday price was 5.99 yuan, with an increase of nearly 9% at one point. At the close of trading, PetroChina closed at 5.71 yuan, up 3.82%. After 11 a.m. yesterday, while PetroChina rose rapidly, both the ChiNext and Shanghai Composite indices turned downward. By the close of trading, the Shanghai Composite Index had turned from positive to down 1.42%, while the ChiNext Index had fallen from around 2.5% to 1.32%. Immediately, many netizens exclaimed: This is absolutely abnormal! There are even...</p><p><a href=\"http://stock.10jqka.com.cn/hks/20210915/c632725095.shtml\">Web page link</a></div></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":1448,"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,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"title":"","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":"Is inflation \"really the wolf\"? US stocks suffered their 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 had their worst week in nearly three months this week, with renewed concerns about inflation dampening optimism about the central bank's continued support for financial markets.</p><p>The S&P 500 and Dow Jones Industrial Average fell for the fifth consecutive day, with the S&P 500 closing down 0.77% at 4,458.58 points on Friday, its longest losing streak since February 22. The Dow Jones Industrial Average closed down 271.66 points, or 0.78%, at 34,607.72, with both major indexes recording a 1.6% weekly decline, their worst performance since mid-June. The Nasdaq closed down 0.87% at 15,115.49 points on Friday, its lowest level since August 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>The situation is worse for small-cap stocks.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Compiled data shows that since May, 90% of the Russell 2000 stocks have experienced a 10% correction.</p><p>This week is full of negative news for US stocks. On Wednesday, U.S. Treasury Secretary Janet Yellen warned that the United States would fall 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 indicates that U.S. economic growth is slowing and suggests that inflation may become more severe; Meanwhile, 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>This indicates that the tapering for the year is appropriate.</p><p>Data released on Friday showed that the US PPI rose 0.7% month-on-month in August, exceeding economists' expectations of 0.6%. Year-on-year growth was 8.3%, marking the ninth consecutive month of increase and setting a new record, severely damaging investor confidence. Meanwhile, Mester, a voting member of the Federal Reserve next year and president of the Cleveland Fed, said at an event on Friday that despite the dismal non-farm payrolls in August, she still tends to support starting to taper QE this year.</p><p><b>Wall Street warns that the US stock market is facing a pullback test in this bull market.</b></p><p>Although the S&P 500 has only fallen for five consecutive days and has not deviated from its all-time high by more than 2%, some Wall Street analysts believe this will lay the foundation for further declines.</p><p>According to Bloomberg,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Strategists from the group, Citigroup, and other companies have released new forecasts, suggesting that negative shocks may occur to disrupt the stock market's continuous rise. Inflation concerns amid the ongoing pandemic, a weak global economic recovery, and the Federal Reserve's taper will 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 reinforces ongoing concerns about rising cost structures as supply chain disruptions caused by the pandemic persist.</p><p>Phil Blancato, CEO of investment bank Ladenburg Thalmann & Co., said: \"My biggest concern is the market trend over the next six weeks. The market has receded a bit due to the Federal Reserve's plan to taper and potential tax increases.\"</p><p>In an interview, Christian Mueller-Glissmann, Managing Director of Portfolio Strategy and Asset Allocation at Goldman Sachs, said, \"High valuations increase market vulnerability, and new negative developments could impact economic growth and trigger rapid risk aversion in the market.\"</p><p>Investors are currently overly bullish, with the ratio of long to short positions in the S&P 500 approaching 10 to 1. Half of those positions could be lost if the index falls by 2.2%. Citigroup strategists led by Chris Montagu also warned that even a small pullback could be amplified by forced liquidation of long positions.</p><p>In addition, Morgan Stanley's chief U.S. equity strategist, Mike Wilson, said, \"The stock market has entered a turning point in the market cycle, during which valuations tend to shrink, and even the most stable companies cannot escape the drag.\" He recommended downgrading the U.S. stock market to underweight and adjusting the global stock rating to the same weighting, citing significant risks to 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>Is inflation \"really the wolf\"? US stocks suffered their 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\">\nIs inflation \"really the wolf\"? US stocks suffered their 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 had their worst week in nearly three months this week, with renewed concerns about inflation dampening optimism about the central bank's continued support for financial markets.</p><p>The S&P 500 and Dow Jones Industrial Average fell for the fifth consecutive day, with the S&P 500 closing down 0.77% at 4,458.58 points on Friday, its longest losing streak since February 22. The Dow Jones Industrial Average closed down 271.66 points, or 0.78%, at 34,607.72, with both major indexes recording a 1.6% weekly decline, their worst performance since mid-June. The Nasdaq closed down 0.87% at 15,115.49 points on Friday, its lowest level since August 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>The situation is worse for small-cap stocks.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Compiled data shows that since May, 90% of the Russell 2000 stocks have experienced a 10% correction.</p><p>This week is full of negative news for US stocks. On Wednesday, U.S. Treasury Secretary Janet Yellen warned that the United States would fall 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 indicates that U.S. economic growth is slowing and suggests that inflation may become more severe; Meanwhile, 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>This indicates that the tapering for the year is appropriate.</p><p>Data released on Friday showed that the US PPI rose 0.7% month-on-month in August, exceeding economists' expectations of 0.6%. Year-on-year growth was 8.3%, marking the ninth consecutive month of increase and setting a new record, severely damaging investor confidence. Meanwhile, Mester, a voting member of the Federal Reserve next year and president of the Cleveland Fed, said at an event on Friday that despite the dismal non-farm payrolls in August, she still tends to support starting to taper QE this year.</p><p><b>Wall Street warns that the US stock market is facing a pullback test in this bull market.</b></p><p>Although the S&P 500 has only fallen for five consecutive days and has not deviated from its all-time high by more than 2%, some Wall Street analysts believe this will lay the foundation for further declines.</p><p>According to Bloomberg,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Strategists from the group, Citigroup, and other companies have released new forecasts, suggesting that negative shocks may occur to disrupt the stock market's continuous rise. Inflation concerns amid the ongoing pandemic, a weak global economic recovery, and the Federal Reserve's taper will 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 reinforces ongoing concerns about rising cost structures as supply chain disruptions caused by the pandemic persist.</p><p>Phil Blancato, CEO of investment bank Ladenburg Thalmann & Co., said: \"My biggest concern is the market trend over the next six weeks. The market has receded a bit due to the Federal Reserve's plan to taper and potential tax increases.\"</p><p>In an interview, Christian Mueller-Glissmann, Managing Director of Portfolio Strategy and Asset Allocation at Goldman Sachs, said, \"High valuations increase market vulnerability, and new negative developments could impact economic growth and trigger rapid risk aversion in the market.\"</p><p>Investors are currently overly bullish, with the ratio of long to short positions in the S&P 500 approaching 10 to 1. Half of those positions could be lost if the index falls by 2.2%. Citigroup strategists led by Chris Montagu also warned that even a small pullback could be amplified by forced liquidation of long positions.</p><p>In addition, Morgan Stanley's chief U.S. equity strategist, Mike Wilson, said, \"The stock market has entered a turning point in the market cycle, during which valuations tend to shrink, and even the most stable companies cannot escape the drag.\" He recommended downgrading the U.S. stock market to underweight and adjusting the global stock rating to the same weighting, citing significant risks to 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","TQQQ":"纳指三倍做多ETF","SH":"做空标普500-Proshares","QID":"两倍做空纳斯达克指数ETF-ProShares",".DJI":"道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares",".SPX":"S&P 500 Index","DOG":"道指ETF-ProShares做空","SPXU":"三倍做空标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","OEX":"标普100",".IXIC":"NASDAQ Composite","SDOW":"三倍做空道指30ETF-ProShares","DJX":"1/100道琼斯","SPY":"标普500ETF","QQQ":"纳指100ETF"},"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,"SPY":0.9,"DDM":0.9,"SDS":0.9,"DXD":0.9,"SPXU":0.9,"QQQ":0.9,"SH":0.9,"NQmain":0.9,"OEX":0.9,"MNQmain":0.9,"DOG":0.9,".IXIC":0.9,"QID":0.9,"TQQQ":0.9,"SDOW":0.9,".DJI":0.9,"ESmain":0.9,".SPX":0.9,"DJX":0.9}},"isVote":1,"tweetType":1,"viewCount":1207,"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,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"title":"","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":"CMGE reported revenue of 2.18 billion yuan and net profit of 394 million yuan in the first half of the year.","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 23,<a href=\"https://laohu8.com/S/00302\">CMGE</a>The company released its results for the first half of 2021. Financial reports show that revenue in the first half of the year was 2.18 billion yuan, compared to 1.714 billion yuan in the same period last year; Net profit for the first half of the year was 394 million yuan, compared to 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>In the first half of 2021, the average monthly active users were 19.084 million, compared to 15.053 million in the same period last year; In the first half of the year, the average number of monthly paying users was 1.442 million, compared to 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 to 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>The announcement shows that several new games were launched in the first half of the year. Among them, \"One Piece Route\" was jointly produced by the Group and Beijing Chaoxi Guangnian, a subsidiary of ByteDance. It was launched on April 22 and ranked first on the free chart of the Apple Store in mainland China and third on the best-selling chart of the Apple Store in the month of its launch. It won the Best Game of the Month award recommended by the Apple Store editors. \"Douluo Continent - The Return of the God of Fighting\" was launched on April 28. After its launch, it ranked first on the Apple Store's free chart in mainland China and has been featured in the Apple Store's Today's Special Recommendation and Current Bestseller Recommendation multiple times. The Group's self-developed mobile game \"The Legend of Sword and Fairy: Nine Fields\" and web game \"Legend of Blood Drinking\" were launched in the first half of 2021 and achieved remarkable performance.</p><p>Looking ahead to the second half of the year, CMGE will launch new games such as the PC game \"The Legend of Sword and Fairy 7\", the mobile game \"Code Name: City Lord World\", \"The New Legend of Sword and Fairy: Swiping the Sword and Asking for Love\", \"My Sword Riding Diary\", and \"Guardian Street: Born to Be 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>CMGE reported revenue of 2.18 billion yuan and net profit of 394 million yuan in the first half of the year.</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\">\nCMGE reported revenue of 2.18 billion yuan and net profit of 394 million yuan in the first half of the year.\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 23,<a href=\"https://laohu8.com/S/00302\">CMGE</a>The company released its results for the first half of 2021. Financial reports show that revenue in the first half of the year was 2.18 billion yuan, compared to 1.714 billion yuan in the same period last year; Net profit for the first half of the year was 394 million yuan, compared to 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>In the first half of 2021, the average monthly active users were 19.084 million, compared to 15.053 million in the same period last year; In the first half of the year, the average number of monthly paying users was 1.442 million, compared to 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 to 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>The announcement shows that several new games were launched in the first half of the year. Among them, \"One Piece Route\" was jointly produced by the Group and Beijing Chaoxi Guangnian, a subsidiary of ByteDance. It was launched on April 22 and ranked first on the free chart of the Apple Store in mainland China and third on the best-selling chart of the Apple Store in the month of its launch. It won the Best Game of the Month award recommended by the Apple Store editors. \"Douluo Continent - The Return of the God of Fighting\" was launched on April 28. After its launch, it ranked first on the Apple Store's free chart in mainland China and has been featured in the Apple Store's Today's Special Recommendation and Current Bestseller Recommendation multiple times. The Group's self-developed mobile game \"The Legend of Sword and Fairy: Nine Fields\" and web game \"Legend of Blood Drinking\" were launched in the first half of 2021 and achieved remarkable performance.</p><p>Looking ahead to the second half of the year, CMGE will launch new games such as the PC game \"The Legend of Sword and Fairy 7\", the mobile game \"Code Name: City Lord World\", \"The New Legend of Sword and Fairy: Swiping the Sword and Asking for Love\", \"My Sword Riding Diary\", and \"Guardian Street: Born to Be 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":1076,"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,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"title":"","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":767,"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,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"title":"","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 visits FAW for negotiations; three major mysteries remain 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 his intention to manufacture cars, Xiaomi Auto's every move has attracted market attention.</p><p>Recently, there have been reports that Lei Jun, founder, chairman and CEO of Xiaomi Group, visited FAW Group to hold in-depth discussions on cooperation matters.</p><p>This news has sparked speculation in the market that Xiaomi Auto will cooperate with FAW. In fact, since the beginning of this year, there have been several rumors about Xiaomi Auto in talks with Wuhan, Hefei, Beijing and other places. Who will ultimately get Xiaomi Auto is undoubtedly one of the most pressing questions in the market.</p><p><b>Cooperate with FAW?</b></p><p>Lei Jun stated that he will seize the favorable opportunity of the deep integration of the automotive industry and consumer electronics, give full play to his own advantages in technological innovation and ecosystem integration, proactively strengthen cooperation with Jilin automobile companies, better consolidate the foundation of automobile production, and strive to create high-quality automobile products.</p><p>\"Jilin Province attaches great importance to Xiaomi Auto.\" An industry insider told the Securities Daily reporter that Jilin Province has FAW Group. If Xiaomi Auto can be established in Jilin, it can bring investment to the local area, and more importantly, it can bring talents in the automotive-related industry chain and intelligent vehicles, which may bear the high hopes of revitalizing the automotive industry in Northeast China.</p><p>According to Zhang Xiang, an automotive industry analyst and researcher at the Industrial Innovation Research Center of North China University of Technology, Xiaomi has been in frequent negotiations with local governments recently, mainly to compare which preferential policies are stronger and more suitable for its own development, as well as to consider the local industrial chain and industrial environment in order to choose where to ultimately land. \"This is normal, nowadays automakers, including...\"<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>In the past, this was always the case. We negotiated with many local governments and finally chose the location that best suited their own development to settle down. Similarly, it is currently uncertain whether Xiaomi can deeply cooperate with FAW. Zhang Xiang told the Securities Daily reporter, \"Therefore, FAW is very eager to find a new car manufacturer to cooperate with. Overall, the cooperation between Xiaomi and FAW is highly complementary and can achieve a 1+1 effect greater than 2.\"</p><p>However, some industry insiders told the Securities Daily reporter that Xiaomi's car manufacturing will be more considered from a commercial perspective. The automotive industry chain in Northeast China is insufficient, especially in intelligent vehicles, and there are no advantages in logistics. Whether Xiaomi can ultimately reach a cooperation agreement with FAW remains uncertain.</p><p><b>Who will win?</b></p><p>In a speech announcing its car manufacturing plan at the end of March this year, Lei Jun stated that Xiaomi would invest $10 billion in car manufacturing over the next ten years, with an initial investment of 10 billion yuan. He added that he would personally lead the team, risking his entire reputation to fight for Xiaomi cars.</p><p>On the morning of September 1st, Xiaomi Group announced through its official...<a href=\"https://laohu8.com/S/WB\">Weibo</a>The account \"Xiaomi Spokesperson\" announced that Xiaomi Auto Co., Ltd. has completed its business registration with a registered capital of 10 billion yuan, and the company's legal representative is Lei Jun. According to Tianyancha App, Xiaomi Auto Co., Ltd.'s registered address is Beijing Economic-Technological Development Area.</p><p>Previously, Xiaomi had made frequent moves in car manufacturing. On July 28, Lei Jun posted on Weibo about recruiting talent for Xiaomi Auto's autonomous driving department. On August 25, during the media conference call for Xiaomi Group's second-quarter earnings report, Xiaomi Group President Wang Xiang said that since the start of car manufacturing, he has been deeply impressed by the love that people in the automotive industry have for Xiaomi and has received more than 20,000 resumes. It is understood that Xiaomi's automotive team has been carefully selected and has formed a team of about 300 people. Xiaomi Auto revealed that the team is currently expanding rapidly.</p><p>According to a reporter from Securities Daily, in the five months from the announcement of car manufacturing to the official registration of the company, the Xiaomi Auto team conducted extensive user research and industry chain inspections, conducted more than 2,000 research and interviews, visited and had in-depth communication with more than 10 industry peers and dozens of industry partners, while working intensively to promote the product definition and team building of automobiles.</p><p>In addition, Xiaomi Group announced on August 25 that it had acquired DEEPMOTIONTECH, an autonomous driving technology company. This indicates that Xiaomi has begun to focus on strengthening its automotive-related technology and personnel capabilities.</p><p>Previously, several regions had also extended olive branches to Xiaomi Auto. According to media reports, the Wuhan Economic Development Zone stated that it has immediately established a special working group to proactively and enthusiastically connect with Xiaomi, fully showcase the zone's high-quality automotive ecosystem and superior business environment, and strive for cooperation possibilities. Previously, there were rumors that the State-owned Assets Supervision and Administration Commission of Anhui Province was in contact with Xiaomi Auto, intending to introduce Xiaomi Auto to Hefei.</p><p><b>OEM manufacturing or self-built factory?</b></p><p>\"Xiaomi's car manufacturing process essentially involves partnering with a car company. Starting from scratch would be quite difficult, requiring a long timeframe,\" Zhang Xiang told the Securities Daily. He added that Xiaomi's car manufacturing needs to acquire core resources and participate in high-profit segments, such as...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Just like making mobile phones.</p><p>In addition, Xiaomi hopes to launch and deliver its new cars as soon as possible, because the government's policy window for new energy vehicles, including intelligent vehicles, will not be very long. Therefore, Xiaomi needs to manufacture cars quickly, and the best way to achieve this goal is to find a car company to cooperate with. As a result, Xiaomi is currently frequently in talks with Wuhan, Beijing, Jilin and other places.</p><p>According to the aforementioned industry insider, Xiaomi is likely in talks with major automakers about jointly building a factory. “Unlike manufacturing mobile phones, the automotive industry chain is more complex, and OEM manufacturing is difficult to control. More than 100,000 vehicles is basically the production capacity of one factory, and large-scale OEM manufacturing is not realistic. For Xiaomi, choosing to cooperate with or acquire automakers may be mainly to solve qualification issues and achieve 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 visits FAW for negotiations; three major mysteries remain 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 visits FAW for negotiations; three major mysteries remain 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 his intention to manufacture cars, Xiaomi Auto's every move has attracted market attention.</p><p>Recently, there have been reports that Lei Jun, founder, chairman and CEO of Xiaomi Group, visited FAW Group to hold in-depth discussions on cooperation matters.</p><p>This news has sparked speculation in the market that Xiaomi Auto will cooperate with FAW. In fact, since the beginning of this year, there have been several rumors about Xiaomi Auto in talks with Wuhan, Hefei, Beijing and other places. Who will ultimately get Xiaomi Auto is undoubtedly one of the most pressing questions in the market.</p><p><b>Cooperate with FAW?</b></p><p>Lei Jun stated that he will seize the favorable opportunity of the deep integration of the automotive industry and consumer electronics, give full play to his own advantages in technological innovation and ecosystem integration, proactively strengthen cooperation with Jilin automobile companies, better consolidate the foundation of automobile production, and strive to create high-quality automobile products.</p><p>\"Jilin Province attaches great importance to Xiaomi Auto.\" An industry insider told the Securities Daily reporter that Jilin Province has FAW Group. If Xiaomi Auto can be established in Jilin, it can bring investment to the local area, and more importantly, it can bring talents in the automotive-related industry chain and intelligent vehicles, which may bear the high hopes of revitalizing the automotive industry in Northeast China.</p><p>According to Zhang Xiang, an automotive industry analyst and researcher at the Industrial Innovation Research Center of North China University of Technology, Xiaomi has been in frequent negotiations with local governments recently, mainly to compare which preferential policies are stronger and more suitable for its own development, as well as to consider the local industrial chain and industrial environment in order to choose where to ultimately land. \"This is normal, nowadays automakers, including...\"<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>In the past, this was always the case. We negotiated with many local governments and finally chose the location that best suited their own development to settle down. Similarly, it is currently uncertain whether Xiaomi can deeply cooperate with FAW. Zhang Xiang told the Securities Daily reporter, \"Therefore, FAW is very eager to find a new car manufacturer to cooperate with. Overall, the cooperation between Xiaomi and FAW is highly complementary and can achieve a 1+1 effect greater than 2.\"</p><p>However, some industry insiders told the Securities Daily reporter that Xiaomi's car manufacturing will be more considered from a commercial perspective. The automotive industry chain in Northeast China is insufficient, especially in intelligent vehicles, and there are no advantages in logistics. Whether Xiaomi can ultimately reach a cooperation agreement with FAW remains uncertain.</p><p><b>Who will win?</b></p><p>In a speech announcing its car manufacturing plan at the end of March this year, Lei Jun stated that Xiaomi would invest $10 billion in car manufacturing over the next ten years, with an initial investment of 10 billion yuan. He added that he would personally lead the team, risking his entire reputation to fight for Xiaomi cars.</p><p>On the morning of September 1st, Xiaomi Group announced through its official...<a href=\"https://laohu8.com/S/WB\">Weibo</a>The account \"Xiaomi Spokesperson\" announced that Xiaomi Auto Co., Ltd. has completed its business registration with a registered capital of 10 billion yuan, and the company's legal representative is Lei Jun. According to Tianyancha App, Xiaomi Auto Co., Ltd.'s registered address is Beijing Economic-Technological Development Area.</p><p>Previously, Xiaomi had made frequent moves in car manufacturing. On July 28, Lei Jun posted on Weibo about recruiting talent for Xiaomi Auto's autonomous driving department. On August 25, during the media conference call for Xiaomi Group's second-quarter earnings report, Xiaomi Group President Wang Xiang said that since the start of car manufacturing, he has been deeply impressed by the love that people in the automotive industry have for Xiaomi and has received more than 20,000 resumes. It is understood that Xiaomi's automotive team has been carefully selected and has formed a team of about 300 people. Xiaomi Auto revealed that the team is currently expanding rapidly.</p><p>According to a reporter from Securities Daily, in the five months from the announcement of car manufacturing to the official registration of the company, the Xiaomi Auto team conducted extensive user research and industry chain inspections, conducted more than 2,000 research and interviews, visited and had in-depth communication with more than 10 industry peers and dozens of industry partners, while working intensively to promote the product definition and team building of automobiles.</p><p>In addition, Xiaomi Group announced on August 25 that it had acquired DEEPMOTIONTECH, an autonomous driving technology company. This indicates that Xiaomi has begun to focus on strengthening its automotive-related technology and personnel capabilities.</p><p>Previously, several regions had also extended olive branches to Xiaomi Auto. According to media reports, the Wuhan Economic Development Zone stated that it has immediately established a special working group to proactively and enthusiastically connect with Xiaomi, fully showcase the zone's high-quality automotive ecosystem and superior business environment, and strive for cooperation possibilities. Previously, there were rumors that the State-owned Assets Supervision and Administration Commission of Anhui Province was in contact with Xiaomi Auto, intending to introduce Xiaomi Auto to Hefei.</p><p><b>OEM manufacturing or self-built factory?</b></p><p>\"Xiaomi's car manufacturing process essentially involves partnering with a car company. Starting from scratch would be quite difficult, requiring a long timeframe,\" Zhang Xiang told the Securities Daily. He added that Xiaomi's car manufacturing needs to acquire core resources and participate in high-profit segments, such as...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Just like making mobile phones.</p><p>In addition, Xiaomi hopes to launch and deliver its new cars as soon as possible, because the government's policy window for new energy vehicles, including intelligent vehicles, will not be very long. Therefore, Xiaomi needs to manufacture cars quickly, and the best way to achieve this goal is to find a car company to cooperate with. As a result, Xiaomi is currently frequently in talks with Wuhan, Beijing, Jilin and other places.</p><p>According to the aforementioned industry insider, Xiaomi is likely in talks with major automakers about jointly building a factory. “Unlike manufacturing mobile phones, the automotive industry chain is more complex, and OEM manufacturing is difficult to control. More than 100,000 vehicles is basically the production capacity of one factory, and large-scale OEM manufacturing is not realistic. For Xiaomi, choosing to cooperate with or acquire automakers may be mainly to solve qualification issues and achieve 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,"KC":0.9,"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":1304,"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,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"title":"","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: A diverse range of strategies unfolded as scheduled, and the market accelerated.","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 Points</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and have planned for a \"centennial\" rally. In terms of sector allocation, we emphasize the long-term bull market in science and technology innovation and the performance of the Science and Technology Innovation Board. For the next six months, emerging growth sectors such as the ChiNext Index and the Science and Technology Innovation Board continued to lead the gains. Starting in mid-July, we issued forward-looking warnings such as \"summer escape\" and \"science and technology innovation entering a period of turbulent investment strategies.\" Afterwards, the market fluctuated, differentiated, and spread as expected. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market is about to enter a period of diverse flourishing,\" and the current flourishing is unfolding as scheduled.</p><p><b>Looking ahead: After the \"summer escape\" and \"turbulent period,\" a hundred flowers will bloom as scheduled. The A-share market is accelerating, and risk appetite continues to rise. For traders, it is recommended to seize the expectation gap and flexibly manage structural hotspots. For players who focus on asset allocation, it is recommended to continue to focus on the long term and actively plan around the general direction of scientific and technological innovation and the new demands driven by it.</b></p><p><b>After the \"summer escape\" and \"bumpy period\", a hundred flowers bloomed as scheduled.</b>In the second quarter, the market continued to focus on high-growth sectors such as new energy, semiconductors, military industry, and science and technology innovation, leading to a trend of rise in related sectors and a concentrated inflow of funds. Trading congestion also reached a historical high in July. Therefore, we propose \"avoiding overheating during the summer heat\" and predict that funds will gradually spread and overflow from these sectors. Amid significant market volatility and intense investor concerns in July and August, we repeatedly emphasized that the current market is not in 2018 and there is no systemic risk. Existing funds will not systematically reduce their positions, but will instead flow back and forth across various sectors, leading the market into a diverse flourishing. Currently, market hotspots are spreading, various sectors are taking turns rising, and a hundred flowers are blooming as expected: whether it is resource commodities such as coal, non-ferrous metals, and steel, large-cap blue-chips such as infrastructure and real estate, high-beta sectors such as securities firms, small-cap indices such as the CSI 1000, or even the consumer sector, which has been impacted by policies and has undergone significant adjustments since the beginning of the year, all have performed well, and Hong Kong stocks have also rebounded from their bottoming areas.</p><p><b>The A-share market is accelerating, and risk appetite continues to rise.</b>With a hundred flowers blooming, the market has emerged from its turbulent period. As the negative impact of the previous period has further subsided, coupled with the continued strengthening of policy easing, A-shares have moved from an initial decline to a subsequent rise: 1) Monetary policy has been loosened, and fiscal and credit policies are expected to take effect in the future, making the direction of policy easing clear. On September 6, Vice Premier Liu He stated that \"infrastructure construction will be carried out appropriately ahead of schedule.\" On September 7, Pan Gongsheng, vice governor of the People's Bank of China, said that China's monetary policy is still within the normalized monetary policy range, with relatively large room for monetary policy. On September 9, in accordance with the arrangements of the State Council executive meeting, the People's Bank of China announced an additional 300 billion yuan in relending quotas for small and medium-sized enterprises, which will be disbursed at preferential interest rates for the remaining four months of this year. 2) There is no systemic risk overseas. The Federal Reserve's expectation guidance is relatively sufficient, market concerns about Taper have largely eased, and the United States is expected to implement at least $550 billion in infrastructure plans in the fourth quarter. In Europe, on September 10, the European Central Bank announced that it would slow down the pace of PEPP bond purchases in the fourth quarter, but would maintain the potential size of €1.85 trillion. 3) In terms of timing, with the release of interim reports, the market has once again entered a period of earnings gap. Coupled with expectations of policy easing, market risk appetite is increasing. Meanwhile, President *'s phone call with US President Biden last week at his request also helped to increase foreign investors' risk appetite for Chinese assets.</p><p><b>For traders, in a diverse market, it is advisable to seize the expectation gap and flexibly grasp structural hotspots. For investors seeking asset allocation, it is recommended to continue with a long-term perspective and actively plan around the general direction of scientific and technological innovation and the new demands driven by it:</b>1) The long-term bull market in science and technology innovation is in full swing. Taking advantage of the bumps after the \"bottom to the top\", we are laying out long-term cost-effective \"small but beautiful\", \"specialized, refined and innovative\" and science and technology innovation \"little giants\". The \"hard technology\" attribute it represents best aligns with the current context of the Sino-US rivalry, the urgent need to enhance technological competitiveness, and get rid of the \"bottleneck\" dilemma. At the same time, the funding situation has shifted from incremental entry to existing competition. The era of \"mindlessly buying leading companies\" is over, and market aesthetics are shifting from ROE to G. High growth and high prosperity will become the core of institutional aesthetics. \"Specialized, refined and innovative\" stocks and the Science and Technology Innovation Board, as the sectors with the highest growth rate in the entire market, will become the preferred direction to overcome \"involution\". 2) As the science and technology innovation market spreads, traditional sectors such as cyclical industries that can embrace manufacturing upgrading, technology, and the dual-carbon era are also facing reassessment in terms of valuation and profitability. We will focus on sectors such as steel, aluminum, copper, chemicals, cement, and securities that serve the needs of scientific and technological innovation, have a new alpha logic, and embrace new technological empowerment. 3) For sectors with less promising fundamentals, invest in assets with potential for a turnaround in the second half of the year in advance, and focus on \"new infrastructure\" for stable growth, including small appliances, automobiles, machinery, and leading companies in consumer sub-sectors.</p><p><b>Investment strategy: Embrace the long term and the overall direction, focusing on the long term and the short term. Continue to buy on dips in high-quality growth core themes represented by \"specialized, refined, distinctive and innovative\" and \"little giants\" in science and technology innovation.</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), 4) Life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>Risk Warning:</b>Focus on factors such as the better-than-expected global capital outflow to the United States and the better-than-expected Sino-</p><p><b>Main text of the report</b></p><p><b>A hundred flowers bloomed as scheduled, and the market accelerated.</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and have planned for a \"centennial\" rally. In terms of sector allocation, we emphasize the long-term bull market in science and technology innovation and the performance of the Science and Technology Innovation Board. For the next six months, emerging growth sectors such as the ChiNext Index and the Science and Technology Innovation Board continued to lead the gains. Starting in mid-July, we issued forward-looking warnings such as \"summer escape\" and \"science and technology innovation entering a period of turbulent investment strategies.\" Afterwards, the market fluctuated, differentiated, and spread as expected. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market is about to enter a period of diverse flourishing,\" and the current flourishing is unfolding as scheduled.</p><p><b>Looking ahead: After the \"summer escape\" and \"turbulent period,\" a hundred flowers will bloom as scheduled. The A-share market is accelerating, and risk appetite continues to rise. For traders, it is recommended to seize the expectation gap and flexibly manage structural hotspots. For players who focus on asset allocation, it is recommended to continue to focus on the long term and actively plan around the general direction of scientific and technological innovation and the new demands driven by it.</b></p><p><b>—After the \"summer escape\" and \"turbulent period,\" a hundred flowers bloomed as scheduled.</b>In the second quarter, the market continued to focus on high-growth sectors such as new energy, semiconductors, military industry, and science and technology innovation, leading to a trend of rise in related sectors and a concentrated inflow of funds. Trading congestion also reached a historical high in July. Therefore, we propose \"avoiding overheating during the summer heat\" and predict that funds will gradually spread and overflow from these sectors. Amid significant market volatility and intense investor concerns in July and August, we repeatedly emphasized that the current market is not in 2018 and there is no systemic risk. Existing funds will not systematically reduce their positions, but will instead flow back and forth across various sectors, leading the market into a diverse flourishing. Currently, market hotspots are spreading, various sectors are taking turns rising, and a hundred flowers are blooming as expected: whether it is resource commodities such as coal, non-ferrous metals, and steel, large-cap blue-chips such as infrastructure and real estate, high-beta sectors such as securities firms, small-cap indices such as the CSI 1000, or even the consumer sector, which has been impacted by policies and has undergone significant adjustments since the beginning of the year, all have performed well, and Hong Kong stocks have also rebounded from their bottoming areas.</p><p><b>—The A-share market is accelerating, and risk appetite continues to rise.</b>With a hundred flowers blooming, the market has emerged from its turbulent period. As the negative impact of the previous period has further subsided, coupled with the continued strengthening of policy easing, A-shares have moved from an initial decline to a subsequent rise: 1) Monetary policy has been loosened, and fiscal and credit policies are expected to take effect in the future, making the direction of policy easing clear. On September 6, Vice Premier Liu He stated that \"infrastructure construction will be carried out appropriately ahead of schedule.\" On September 7, Pan Gongsheng, vice governor of the People's Bank of China, said that China's monetary policy is still within the normalized monetary policy range, with relatively large room for monetary policy. On September 9, in accordance with the arrangements of the State Council executive meeting, the People's Bank of China announced an additional 300 billion yuan in relending quotas for small and medium-sized enterprises, which will be disbursed at preferential interest rates for the remaining four months of this year. 2) There is no systemic risk overseas. The Federal Reserve's expectation guidance is relatively sufficient, market concerns about Taper have largely eased, and the United States is expected to implement at least $550 billion in infrastructure plans in the fourth quarter. In Europe, on September 10, the European Central Bank announced that it would slow down the pace of PEPP bond purchases in the fourth quarter, but would maintain the potential size of €1.85 trillion. 3) In terms of timing, with the release of interim reports, the market has once again entered a period of earnings gap. Coupled with expectations of policy easing, market risk appetite is increasing. Meanwhile, President *'s phone call with US President Biden last week at his request also helped to increase foreign investors' risk appetite for Chinese assets.</p><p><b>—For trading players, in a diverse market, it is recommended to seize the expectation gap and flexibly grasp structural hotspots. For investors seeking asset allocation, it is recommended to continue with a long-term perspective and actively plan around the general direction of scientific and technological innovation and the new demands driven by it:</b>1) The long-term bull market in science and technology innovation is in full swing. Taking advantage of the bumps after the \"bottom to the top\", we are laying out long-term cost-effective \"small but beautiful\", \"specialized, refined and innovative\" and science and technology innovation \"little giants\". The \"hard technology\" attribute it represents best aligns with the current context of the Sino-US rivalry, the urgent need to enhance technological competitiveness, and get rid of the \"bottleneck\" dilemma. At the same time, the funding situation has shifted from incremental entry to existing competition. The era of \"mindlessly buying leading companies\" is over, and market aesthetics are shifting from ROE to G. High growth and high prosperity will become the core of institutional aesthetics. \"Specialized, refined and innovative\" stocks and the Science and Technology Innovation Board, as the sectors with the highest growth rate in the entire market, will become the preferred direction to overcome \"involution\". 2) As the science and technology innovation market spreads, traditional sectors such as cyclical industries that can embrace manufacturing upgrading, technology, and the dual-carbon era are also facing reassessment in terms of valuation and profitability. We will focus on sectors such as steel, aluminum, copper, chemicals, cement, and securities that serve the needs of scientific and technological innovation, have a new alpha logic, and embrace new technological empowerment. 3) For sectors with less promising fundamentals, invest in assets with potential for a turnaround in the second half of the year in advance, and focus on \"new infrastructure\" for stable growth, including small appliances, automobiles, machinery, and leading companies in consumer sub-sectors.</p><p><b>—Investment Strategy: Embrace the long term and the overall direction, focusing on the long term and the short term. Continue to buy on dips in high-quality growth core themes represented by \"specialized, refined, distinctive and innovative\" and \"little giants\" in science and technology innovation.</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 (computers, communications, 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 liquidity 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>Focus on factors such as the better-than-expected global capital outflow to the United States and the better-than-expected Sino-</b></p>","source":"ywhs","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>Xingzheng Strategy: A diverse range of strategies unfolded as scheduled, and the market accelerated.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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: A diverse range of strategies unfolded as scheduled, and the market accelerated.\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 Points</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and have planned for a \"centennial\" rally. In terms of sector allocation, we emphasize the long-term bull market in science and technology innovation and the performance of the Science and Technology Innovation Board. For the next six months, emerging growth sectors such as the ChiNext Index and the Science and Technology Innovation Board continued to lead the gains. Starting in mid-July, we issued forward-looking warnings such as \"summer escape\" and \"science and technology innovation entering a period of turbulent investment strategies.\" Afterwards, the market fluctuated, differentiated, and spread as expected. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market is about to enter a period of diverse flourishing,\" and the current flourishing is unfolding as scheduled.</p><p><b>Looking ahead: After the \"summer escape\" and \"turbulent period,\" a hundred flowers will bloom as scheduled. The A-share market is accelerating, and risk appetite continues to rise. For traders, it is recommended to seize the expectation gap and flexibly manage structural hotspots. For players who focus on asset allocation, it is recommended to continue to focus on the long term and actively plan around the general direction of scientific and technological innovation and the new demands driven by it.</b></p><p><b>After the \"summer escape\" and \"bumpy period\", a hundred flowers bloomed as scheduled.</b>In the second quarter, the market continued to focus on high-growth sectors such as new energy, semiconductors, military industry, and science and technology innovation, leading to a trend of rise in related sectors and a concentrated inflow of funds. Trading congestion also reached a historical high in July. Therefore, we propose \"avoiding overheating during the summer heat\" and predict that funds will gradually spread and overflow from these sectors. Amid significant market volatility and intense investor concerns in July and August, we repeatedly emphasized that the current market is not in 2018 and there is no systemic risk. Existing funds will not systematically reduce their positions, but will instead flow back and forth across various sectors, leading the market into a diverse flourishing. Currently, market hotspots are spreading, various sectors are taking turns rising, and a hundred flowers are blooming as expected: whether it is resource commodities such as coal, non-ferrous metals, and steel, large-cap blue-chips such as infrastructure and real estate, high-beta sectors such as securities firms, small-cap indices such as the CSI 1000, or even the consumer sector, which has been impacted by policies and has undergone significant adjustments since the beginning of the year, all have performed well, and Hong Kong stocks have also rebounded from their bottoming areas.</p><p><b>The A-share market is accelerating, and risk appetite continues to rise.</b>With a hundred flowers blooming, the market has emerged from its turbulent period. As the negative impact of the previous period has further subsided, coupled with the continued strengthening of policy easing, A-shares have moved from an initial decline to a subsequent rise: 1) Monetary policy has been loosened, and fiscal and credit policies are expected to take effect in the future, making the direction of policy easing clear. On September 6, Vice Premier Liu He stated that \"infrastructure construction will be carried out appropriately ahead of schedule.\" On September 7, Pan Gongsheng, vice governor of the People's Bank of China, said that China's monetary policy is still within the normalized monetary policy range, with relatively large room for monetary policy. On September 9, in accordance with the arrangements of the State Council executive meeting, the People's Bank of China announced an additional 300 billion yuan in relending quotas for small and medium-sized enterprises, which will be disbursed at preferential interest rates for the remaining four months of this year. 2) There is no systemic risk overseas. The Federal Reserve's expectation guidance is relatively sufficient, market concerns about Taper have largely eased, and the United States is expected to implement at least $550 billion in infrastructure plans in the fourth quarter. In Europe, on September 10, the European Central Bank announced that it would slow down the pace of PEPP bond purchases in the fourth quarter, but would maintain the potential size of €1.85 trillion. 3) In terms of timing, with the release of interim reports, the market has once again entered a period of earnings gap. Coupled with expectations of policy easing, market risk appetite is increasing. Meanwhile, President *'s phone call with US President Biden last week at his request also helped to increase foreign investors' risk appetite for Chinese assets.</p><p><b>For traders, in a diverse market, it is advisable to seize the expectation gap and flexibly grasp structural hotspots. For investors seeking asset allocation, it is recommended to continue with a long-term perspective and actively plan around the general direction of scientific and technological innovation and the new demands driven by it:</b>1) The long-term bull market in science and technology innovation is in full swing. Taking advantage of the bumps after the \"bottom to the top\", we are laying out long-term cost-effective \"small but beautiful\", \"specialized, refined and innovative\" and science and technology innovation \"little giants\". The \"hard technology\" attribute it represents best aligns with the current context of the Sino-US rivalry, the urgent need to enhance technological competitiveness, and get rid of the \"bottleneck\" dilemma. At the same time, the funding situation has shifted from incremental entry to existing competition. The era of \"mindlessly buying leading companies\" is over, and market aesthetics are shifting from ROE to G. High growth and high prosperity will become the core of institutional aesthetics. \"Specialized, refined and innovative\" stocks and the Science and Technology Innovation Board, as the sectors with the highest growth rate in the entire market, will become the preferred direction to overcome \"involution\". 2) As the science and technology innovation market spreads, traditional sectors such as cyclical industries that can embrace manufacturing upgrading, technology, and the dual-carbon era are also facing reassessment in terms of valuation and profitability. We will focus on sectors such as steel, aluminum, copper, chemicals, cement, and securities that serve the needs of scientific and technological innovation, have a new alpha logic, and embrace new technological empowerment. 3) For sectors with less promising fundamentals, invest in assets with potential for a turnaround in the second half of the year in advance, and focus on \"new infrastructure\" for stable growth, including small appliances, automobiles, machinery, and leading companies in consumer sub-sectors.</p><p><b>Investment strategy: Embrace the long term and the overall direction, focusing on the long term and the short term. Continue to buy on dips in high-quality growth core themes represented by \"specialized, refined, distinctive and innovative\" and \"little giants\" in science and technology innovation.</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), 4) Life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>Risk Warning:</b>Focus on factors such as the better-than-expected global capital outflow to the United States and the better-than-expected Sino-</p><p><b>Main text of the report</b></p><p><b>A hundred flowers bloomed as scheduled, and the market accelerated.</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and have planned for a \"centennial\" rally. In terms of sector allocation, we emphasize the long-term bull market in science and technology innovation and the performance of the Science and Technology Innovation Board. For the next six months, emerging growth sectors such as the ChiNext Index and the Science and Technology Innovation Board continued to lead the gains. Starting in mid-July, we issued forward-looking warnings such as \"summer escape\" and \"science and technology innovation entering a period of turbulent investment strategies.\" Afterwards, the market fluctuated, differentiated, and spread as expected. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market is about to enter a period of diverse flourishing,\" and the current flourishing is unfolding as scheduled.</p><p><b>Looking ahead: After the \"summer escape\" and \"turbulent period,\" a hundred flowers will bloom as scheduled. The A-share market is accelerating, and risk appetite continues to rise. For traders, it is recommended to seize the expectation gap and flexibly manage structural hotspots. For players who focus on asset allocation, it is recommended to continue to focus on the long term and actively plan around the general direction of scientific and technological innovation and the new demands driven by it.</b></p><p><b>—After the \"summer escape\" and \"turbulent period,\" a hundred flowers bloomed as scheduled.</b>In the second quarter, the market continued to focus on high-growth sectors such as new energy, semiconductors, military industry, and science and technology innovation, leading to a trend of rise in related sectors and a concentrated inflow of funds. Trading congestion also reached a historical high in July. Therefore, we propose \"avoiding overheating during the summer heat\" and predict that funds will gradually spread and overflow from these sectors. Amid significant market volatility and intense investor concerns in July and August, we repeatedly emphasized that the current market is not in 2018 and there is no systemic risk. Existing funds will not systematically reduce their positions, but will instead flow back and forth across various sectors, leading the market into a diverse flourishing. Currently, market hotspots are spreading, various sectors are taking turns rising, and a hundred flowers are blooming as expected: whether it is resource commodities such as coal, non-ferrous metals, and steel, large-cap blue-chips such as infrastructure and real estate, high-beta sectors such as securities firms, small-cap indices such as the CSI 1000, or even the consumer sector, which has been impacted by policies and has undergone significant adjustments since the beginning of the year, all have performed well, and Hong Kong stocks have also rebounded from their bottoming areas.</p><p><b>—The A-share market is accelerating, and risk appetite continues to rise.</b>With a hundred flowers blooming, the market has emerged from its turbulent period. As the negative impact of the previous period has further subsided, coupled with the continued strengthening of policy easing, A-shares have moved from an initial decline to a subsequent rise: 1) Monetary policy has been loosened, and fiscal and credit policies are expected to take effect in the future, making the direction of policy easing clear. On September 6, Vice Premier Liu He stated that \"infrastructure construction will be carried out appropriately ahead of schedule.\" On September 7, Pan Gongsheng, vice governor of the People's Bank of China, said that China's monetary policy is still within the normalized monetary policy range, with relatively large room for monetary policy. On September 9, in accordance with the arrangements of the State Council executive meeting, the People's Bank of China announced an additional 300 billion yuan in relending quotas for small and medium-sized enterprises, which will be disbursed at preferential interest rates for the remaining four months of this year. 2) There is no systemic risk overseas. The Federal Reserve's expectation guidance is relatively sufficient, market concerns about Taper have largely eased, and the United States is expected to implement at least $550 billion in infrastructure plans in the fourth quarter. In Europe, on September 10, the European Central Bank announced that it would slow down the pace of PEPP bond purchases in the fourth quarter, but would maintain the potential size of €1.85 trillion. 3) In terms of timing, with the release of interim reports, the market has once again entered a period of earnings gap. Coupled with expectations of policy easing, market risk appetite is increasing. Meanwhile, President *'s phone call with US President Biden last week at his request also helped to increase foreign investors' risk appetite for Chinese assets.</p><p><b>—For trading players, in a diverse market, it is recommended to seize the expectation gap and flexibly grasp structural hotspots. For investors seeking asset allocation, it is recommended to continue with a long-term perspective and actively plan around the general direction of scientific and technological innovation and the new demands driven by it:</b>1) The long-term bull market in science and technology innovation is in full swing. Taking advantage of the bumps after the \"bottom to the top\", we are laying out long-term cost-effective \"small but beautiful\", \"specialized, refined and innovative\" and science and technology innovation \"little giants\". The \"hard technology\" attribute it represents best aligns with the current context of the Sino-US rivalry, the urgent need to enhance technological competitiveness, and get rid of the \"bottleneck\" dilemma. At the same time, the funding situation has shifted from incremental entry to existing competition. The era of \"mindlessly buying leading companies\" is over, and market aesthetics are shifting from ROE to G. High growth and high prosperity will become the core of institutional aesthetics. \"Specialized, refined and innovative\" stocks and the Science and Technology Innovation Board, as the sectors with the highest growth rate in the entire market, will become the preferred direction to overcome \"involution\". 2) As the science and technology innovation market spreads, traditional sectors such as cyclical industries that can embrace manufacturing upgrading, technology, and the dual-carbon era are also facing reassessment in terms of valuation and profitability. We will focus on sectors such as steel, aluminum, copper, chemicals, cement, and securities that serve the needs of scientific and technological innovation, have a new alpha logic, and embrace new technological empowerment. 3) For sectors with less promising fundamentals, invest in assets with potential for a turnaround in the second half of the year in advance, and focus on \"new infrastructure\" for stable growth, including small appliances, automobiles, machinery, and leading companies in consumer sub-sectors.</p><p><b>—Investment Strategy: Embrace the long term and the overall direction, focusing on the long term and the short term. Continue to buy on dips in high-quality growth core themes represented by \"specialized, refined, distinctive and innovative\" and \"little giants\" in science and technology innovation.</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 (computers, communications, 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 liquidity 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>Focus on factors such as the better-than-expected global capital outflow to the United States and the better-than-expected Sino-</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":1439,"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,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"title":"","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 OPPO chip manufacturing: offensive and defensive.","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>Following Huawei, Xiaomi and OPPO have successively started manufacturing chips. The routes chosen are basically the same, starting with image signal processor chips (ISPs).</p><p>At the end of August, vivo finally announced that the upcoming vivo X70 flagship phone will be equipped with its first self-developed imaging chip, V1. vivo, which has always been \"honest\", has finally made the same decision as other companies on the chip issue when it did not blindly follow the car manufacturing industry or develop the IoT ecosystem, and it is quite a big decision. As an independently developed imaging chip, the V1 chip took 24 months to develop and involved more than 300 people.</p><p>Hu Baishan, Executive Vice President of vivo, in an interview<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>In an interview with media outlets including vivo, he frankly stated that vivo's future chip layout will mainly revolve around four tracks: design, imaging, system, and performance.</p><p>On the other hand, OPPO's chip manufacturing efforts have already made headlines, and we can probably piece together the true story of the matter.</p><p>According to 36Kr, OPPO's chip manufacturing team will be mainly based on \"Zheku Technology\". The research and development direction is not only ISP chips, but also includes mobile phone brain SoCs, baseband chips responsible for mobile phone signals, etc. In the past year, OPPO has poached a large number of people from companies such as MediaTek and Spreadtrum, bringing the company's total number of R&D personnel to thousands. Market sources indicate that OPPO's self-developed ISP may be used in next year's latest Find series products.</p><p>Both sides simultaneously offered millions in annual salaries and continued to recruit. Learning from Huawei's past experience, it's understandable that various companies have successively ventured into chip manufacturing. Xiaomi and OPPO both chose to enter the ISP market as their first step in their long journey, which is clearly a rational choice. Beyond rationality, chip manufacturing is also a matter that extremely tests perseverance and long-term strategic planning.</p><p>Why start with ISP chips?</p><p>This is how you can understand the role of an ISP chip in a mobile phone. An ISP acts like a bridge, further processing the image information collected from the lens to the sensor, such as pixel sharpening, color optimization, and noise reduction, before transmitting it to the back-end processing unit. Basically, the purpose of an ISP chip is to convert digital signals into visual images that are more acceptable to the human eye.</p><p>In terms of development difficulty, ISP chip development is simpler than that of baseband chips and other fields. Mobile phone manufacturers' \"chip manufacturing\" is actually just a part of participating in chip design, while ISP chips are relatively mature in the industry. Industry earlier<b>It has already accumulated a certain number of mature IPs.</b>Therefore, it also leaves room for mobile phone manufacturers to use it as needed during their R&D process. On the other hand, companies such as ARM and VeriSilicon are also simultaneously conducting research and development in the ISP direction.</p><p>In addition, ISP chips do not need to compete for precision chip manufacturing capacity. Even if mobile phone manufacturers' ISP chip research and development is unfortunately hindered internally, they can still put together a finished product and deliver it to the market. More importantly, mobile phone manufacturers can also play a role by starting with ISP chips that are relatively easy to successfully tape out.<b>Training new chip manufacturing forces</b>Its role.</p><p>Imaging is key to flagship phones' competitive advantage. To produce a good photo, core components such as sensors, lenses, and ISPs need to work together well.</p><p>Regarding sensors,<a href=\"https://laohu8.com/S/SNE\">Sony</a>The IMX series sensors are already cutting-edge enough.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>They are also desperately chasing after them; The lens can be solved by piling up materials; mobile phone manufacturers have gone from dual cameras to five or six cameras. In contrast,<b>The improvement of ISPs has been slow in the past.</b>, and<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Manufacturers like MediaTek, which provide integrated chips, can no longer meet the needs of terminals. Therefore, developing your own \"cheat\" ISP chip that is independent of the Soc is one solution.</p><p>Even before Xiaomi and OPPO entered the market, some mobile phone manufacturers with stronger R&D capabilities had already realized this.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>,Samsung,<a href=\"https://laohu8.com/S/GOOG\">Google</a>The mobile phone products have already completed their self-development on ISP chips, especially in the field of professional cameras with higher imaging requirements.<a href=\"https://laohu8.com/S/CAJ\">Canon</a>Some Nikon models have long since adopted their own ISP.</p><p>In addition, the ISP chip is directly linked to imaging quality, determining the performance of focusing, white balance, and exposure parameters. Therefore, if mobile phone manufacturers want to flex their R&D capabilities, they should start with ISP chips, where user perception is most obvious.</p><p>For Xiaomi and OPPO, starting their chip manufacturing business with ISP chips not only offers both offensive and defensive capabilities but also offers relatively high cost-effectiveness.<b>It is easier to showcase the direction of the results.</b></p><p>Chip manufacturing: a do-or-die choice</p><p>In fact, before major mobile phone manufacturers decided to develop chips, they were trying to collaborate with upstream suppliers.<b>Joint research and development</b>A compromise solution. For example, vivo has collaborated with Samsung on core chip customization for two consecutive years, launching the Exynos 980/1080 chip, as well as the GN2 ultra-large sensor that Xiaomi and Samsung collaborated on this year.</p><p>To put it nicely, this kind of cooperation involves mobile phone manufacturers and upstream suppliers jointly developing research and development, but mobile phone manufacturers are essentially just the clients who raise requirements and make adaptations. It is debatable how much R&D capability they actually contribute. Furthermore, this approach cannot truly build a competitive advantage.<b>Mobile phone manufacturers only spent money on the product lock-up period.</b>The upstream technology has not been mastered by mobile phone manufacturers, and it cannot be reused in the next generation.</p><p>Relying on supply chain innovation is too slow; only by resolutely investing in chip manufacturing can we achieve a one-time solution. However, the difficulty for mobile phone manufacturers in chip manufacturing lies in the fact that not only do they invest a lot of money, manpower, and energy, but the finished chip products cannot be released to the public.<b>It needs to form a virtuous cycle with its own terminal system.</b></p><p>Huawei HiSilicon has achieved this over the past decade. HiSilicon invests tens of billions of yuan annually, but with shipments of the Mate/P series equipped with these Kirin chips reaching tens of millions, the chip development costs spread out are not difficult to accept. The fixed update cycle of flagship phones, in turn, has driven the steady progress of chip development.</p><p>The fact that Xiaomi and OPPO will continue to invest in chip research and development means that their high-end models cannot make mistakes, and they also need to establish themselves as soon as possible and increase shipments.</p><p>Making chips for mobile phone manufacturers is not a lighthearted decision—even this seemingly simple external ISP chip took Xiaomi a hundred engineers a year to develop, and it's not hard to imagine what OPPO would have to spend. This is just the beginning. After the failure of the first generation of Xiaomi's Surge chip Soc, Lei Jun emphasized in his speech that the development of the Surge chip is not over yet. vivo and OPPO's chips will not stop at ISPs.</p><p>One hidden concern facing mobile phone manufacturers is how to balance the relationship with Qualcomm, which wields absolute influence.</p><p>Currently, mobile phone manufacturers only manufacture ISP chips using cheats, and there is no conflict of interest with Qualcomm and MediaTek. However, as mobile phone manufacturers extend their reach further and further in the future, it is inevitable that the relationship between the two sides will become delicate. MediaTek's recent \"open architecture\" layout, which unbinds the functional definitions of some chip components, is in line with this changing trend.</p><p>Ten years ago, Apple's iPhone 4, equipped with its self-developed A4 processor, was like a depth charge. Stimulated by this, Huawei HiSilicon only began developing the K3V2 processor and the Balon 710 the following year. Ten years later, a chip manufacturing boom has swept through the mobile phone industry again, and China's past history of struggling to develop domestically produced chips has provided experience. Foreign chip suppliers are always at risk of disrupting their product models and adjusting prices and policies. Deciding to manufacture chips for Xiaomi and OPPO needs more determination to go all out.</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 OPPO chip manufacturing: offensive and defensive.</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 OPPO chip manufacturing: offensive and defensive.\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>Following Huawei, Xiaomi and OPPO have successively started manufacturing chips. The routes chosen are basically the same, starting with image signal processor chips (ISPs).</p><p>At the end of August, vivo finally announced that the upcoming vivo X70 flagship phone will be equipped with its first self-developed imaging chip, V1. vivo, which has always been \"honest\", has finally made the same decision as other companies on the chip issue when it did not blindly follow the car manufacturing industry or develop the IoT ecosystem, and it is quite a big decision. As an independently developed imaging chip, the V1 chip took 24 months to develop and involved more than 300 people.</p><p>Hu Baishan, Executive Vice President of vivo, in an interview<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>In an interview with media outlets including vivo, he frankly stated that vivo's future chip layout will mainly revolve around four tracks: design, imaging, system, and performance.</p><p>On the other hand, OPPO's chip manufacturing efforts have already made headlines, and we can probably piece together the true story of the matter.</p><p>According to 36Kr, OPPO's chip manufacturing team will be mainly based on \"Zheku Technology\". The research and development direction is not only ISP chips, but also includes mobile phone brain SoCs, baseband chips responsible for mobile phone signals, etc. In the past year, OPPO has poached a large number of people from companies such as MediaTek and Spreadtrum, bringing the company's total number of R&D personnel to thousands. Market sources indicate that OPPO's self-developed ISP may be used in next year's latest Find series products.</p><p>Both sides simultaneously offered millions in annual salaries and continued to recruit. Learning from Huawei's past experience, it's understandable that various companies have successively ventured into chip manufacturing. Xiaomi and OPPO both chose to enter the ISP market as their first step in their long journey, which is clearly a rational choice. Beyond rationality, chip manufacturing is also a matter that extremely tests perseverance and long-term strategic planning.</p><p>Why start with ISP chips?</p><p>This is how you can understand the role of an ISP chip in a mobile phone. An ISP acts like a bridge, further processing the image information collected from the lens to the sensor, such as pixel sharpening, color optimization, and noise reduction, before transmitting it to the back-end processing unit. Basically, the purpose of an ISP chip is to convert digital signals into visual images that are more acceptable to the human eye.</p><p>In terms of development difficulty, ISP chip development is simpler than that of baseband chips and other fields. Mobile phone manufacturers' \"chip manufacturing\" is actually just a part of participating in chip design, while ISP chips are relatively mature in the industry. Industry earlier<b>It has already accumulated a certain number of mature IPs.</b>Therefore, it also leaves room for mobile phone manufacturers to use it as needed during their R&D process. On the other hand, companies such as ARM and VeriSilicon are also simultaneously conducting research and development in the ISP direction.</p><p>In addition, ISP chips do not need to compete for precision chip manufacturing capacity. Even if mobile phone manufacturers' ISP chip research and development is unfortunately hindered internally, they can still put together a finished product and deliver it to the market. More importantly, mobile phone manufacturers can also play a role by starting with ISP chips that are relatively easy to successfully tape out.<b>Training new chip manufacturing forces</b>Its role.</p><p>Imaging is key to flagship phones' competitive advantage. To produce a good photo, core components such as sensors, lenses, and ISPs need to work together well.</p><p>Regarding sensors,<a href=\"https://laohu8.com/S/SNE\">Sony</a>The IMX series sensors are already cutting-edge enough.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>They are also desperately chasing after them; The lens can be solved by piling up materials; mobile phone manufacturers have gone from dual cameras to five or six cameras. In contrast,<b>The improvement of ISPs has been slow in the past.</b>, and<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Manufacturers like MediaTek, which provide integrated chips, can no longer meet the needs of terminals. Therefore, developing your own \"cheat\" ISP chip that is independent of the Soc is one solution.</p><p>Even before Xiaomi and OPPO entered the market, some mobile phone manufacturers with stronger R&D capabilities had already realized this.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>,Samsung,<a href=\"https://laohu8.com/S/GOOG\">Google</a>The mobile phone products have already completed their self-development on ISP chips, especially in the field of professional cameras with higher imaging requirements.<a href=\"https://laohu8.com/S/CAJ\">Canon</a>Some Nikon models have long since adopted their own ISP.</p><p>In addition, the ISP chip is directly linked to imaging quality, determining the performance of focusing, white balance, and exposure parameters. Therefore, if mobile phone manufacturers want to flex their R&D capabilities, they should start with ISP chips, where user perception is most obvious.</p><p>For Xiaomi and OPPO, starting their chip manufacturing business with ISP chips not only offers both offensive and defensive capabilities but also offers relatively high cost-effectiveness.<b>It is easier to showcase the direction of the results.</b></p><p>Chip manufacturing: a do-or-die choice</p><p>In fact, before major mobile phone manufacturers decided to develop chips, they were trying to collaborate with upstream suppliers.<b>Joint research and development</b>A compromise solution. For example, vivo has collaborated with Samsung on core chip customization for two consecutive years, launching the Exynos 980/1080 chip, as well as the GN2 ultra-large sensor that Xiaomi and Samsung collaborated on this year.</p><p>To put it nicely, this kind of cooperation involves mobile phone manufacturers and upstream suppliers jointly developing research and development, but mobile phone manufacturers are essentially just the clients who raise requirements and make adaptations. It is debatable how much R&D capability they actually contribute. Furthermore, this approach cannot truly build a competitive advantage.<b>Mobile phone manufacturers only spent money on the product lock-up period.</b>The upstream technology has not been mastered by mobile phone manufacturers, and it cannot be reused in the next generation.</p><p>Relying on supply chain innovation is too slow; only by resolutely investing in chip manufacturing can we achieve a one-time solution. However, the difficulty for mobile phone manufacturers in chip manufacturing lies in the fact that not only do they invest a lot of money, manpower, and energy, but the finished chip products cannot be released to the public.<b>It needs to form a virtuous cycle with its own terminal system.</b></p><p>Huawei HiSilicon has achieved this over the past decade. HiSilicon invests tens of billions of yuan annually, but with shipments of the Mate/P series equipped with these Kirin chips reaching tens of millions, the chip development costs spread out are not difficult to accept. The fixed update cycle of flagship phones, in turn, has driven the steady progress of chip development.</p><p>The fact that Xiaomi and OPPO will continue to invest in chip research and development means that their high-end models cannot make mistakes, and they also need to establish themselves as soon as possible and increase shipments.</p><p>Making chips for mobile phone manufacturers is not a lighthearted decision—even this seemingly simple external ISP chip took Xiaomi a hundred engineers a year to develop, and it's not hard to imagine what OPPO would have to spend. This is just the beginning. After the failure of the first generation of Xiaomi's Surge chip Soc, Lei Jun emphasized in his speech that the development of the Surge chip is not over yet. vivo and OPPO's chips will not stop at ISPs.</p><p>One hidden concern facing mobile phone manufacturers is how to balance the relationship with Qualcomm, which wields absolute influence.</p><p>Currently, mobile phone manufacturers only manufacture ISP chips using cheats, and there is no conflict of interest with Qualcomm and MediaTek. However, as mobile phone manufacturers extend their reach further and further in the future, it is inevitable that the relationship between the two sides will become delicate. MediaTek's recent \"open architecture\" layout, which unbinds the functional definitions of some chip components, is in line with this changing trend.</p><p>Ten years ago, Apple's iPhone 4, equipped with its self-developed A4 processor, was like a depth charge. Stimulated by this, Huawei HiSilicon only began developing the K3V2 processor and the Balon 710 the following year. Ten years later, a chip manufacturing boom has swept through the mobile phone industry again, and China's past history of struggling to develop domestically produced chips has provided experience. Foreign chip suppliers are always at risk of disrupting their product models and adjusting prices and policies. Deciding to manufacture chips for Xiaomi and OPPO needs more determination to go all out.</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":1320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}