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2021-06-24

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Dongpeng special drinks skyrocketed, Genki Forest is too expensive, all bubbles?

2021-06-24

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2021-06-24

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2021-06-24

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Pre-market: U.S. employment data falls short of expectations, Nasdaq futures go all the way higher

2021-06-24

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XPeng Automobile Hong Kong Stock Issue Price Up to 180 Hong Kong Dollars per Share, Nio Sends Blessings

2021-06-24

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The Big Reveal: Windows 11 is hitting tonight! What updates can we see

2021-06-24

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Zhonggui Education Stocks Collectively Rebound, Gaotu Rises Over 7%

2021-06-23

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2021-06-23

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Pre-market Change: XPeng Automobile "Returns to Hong Kong", New Car Manufacturing Forces Collectively Pull Up

2021-06-23

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Pony.ai will work with Geely to build electric vehicles, joined by XPeng design director

2021-06-23

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IP failure, good originality is difficult to find, how can You Aiteng break the "curse"?

2021-06-23

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Lead times extended to record 18 weeks as chip shortages grow

2021-06-23

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Feng Mingyuan: Science and technology sector is suitable for fixed investment, and the opportunity of new energy vehicles is in charging piles

2021-06-23

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2021-06-23

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The latest research and judgment of Haitong Securities Chief is here! The stock market ushered in a better window in the middle of summer

2021-06-23

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2021-06-22

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What Happened to the Cyclical Stocks Rally as U.S. Markets Reverse?

2021-06-22

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2021-06-22

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Opening: Education stocks bounce across the board as HSI opens 0.3% higher

2021-06-22

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Low-speed electric vehicles are legalized, and the spring of "old-age music" is coming?

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By the close of trading on June 18th, the stock price had risen from 46.27 yuan to 265.65 yuan, and the market value had doubled five times in just half a month.</p><p>Because it rose too sharply, the company issued seven consecutive stock trading risk warning announcements, but this failed to affect the enthusiasm of A-share investors at all. Although there was a slight decline this week, as of the close of June 23rd, the share price of Dongpeng Special Drink remained at a high level of 254 yuan, with a market value of 101.843 billion yuan.</p><p>Compared with the same energy drink, the P/E of Monster Drink listed in the United States is 33.7 times, while the P/E of Dongpeng Special Drink has reached 125 times.</p><p>Interestingly, in the whole beverage industry track, many beverage stocks maintain extremely high market value, such as the Hong Kong stock market listed last year<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>When it went public, it triggered a round of heated discussion because of its high P/E.</p><p>Unlisted companies, such as Genki Forest, now have a price-to-sales ratio of 14.38 with sales of 2.7 billion yuan, which can already benchmark Nongfu Spring.</p><p>Under the high valuation, it is the capital's high confidence in the new beverage track. An investor admitted that there are basically no cheap projects now. Driven by new demands such as sugar-free, health and functionality, the soft drink industry, which once lost its imagination, has ushered in a new focus of competition. The total number of mature categories such as carbonated beverages, juices and dairy beverages has peaked, but high-prosperity sub-categories with sugar-free and sugar-reduced as the core have been derived. As viewed by Huachuang Securities Research Report, the core driving factors of head beverage enterprises have changed from \"products + channels\" to \"innovation iteration + high-end\". It is category innovation and product upgrade that have brought enough imagination to the secondary market.</p><p><img src=\"https://static.tigerbbs.com/7950045fb0e050fcc4b559cdf3187951\" tg-width=\"1399\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"></p><p>Image from Huachuang Securities</p><p>However, can this imagination support the enthusiasm of shareholders?</p><p>01. Soaring all the way</p><p>Investors' enthusiasm for Dongpeng Special Drink was obviously reflected from the first day of its listing. On the first day of listing, Dongpeng Special Drink rose by 44%. On the next trading day, Dongpeng Special Drink maintained a share price increase of about 10% until the highest point on June 18th.</p><p>After 15 daily limits, Dongpeng Special Drink has become the most profitable new stock this year. At the highest point, you can earn nearly 220,000 yuan by winning the first lottery. One signing for a car is really not a dream.</p><p>However, now the static P/E of Dongpeng Special Drink has reached 125 times, the average P/E of the whole A-share food and beverage industry is about 50 times, and the average P/E of the beverage industry in Hong Kong stocks is even lower than 40 times. From this perspective, the current stock price is already ridiculously high.</p><p>Investors are so sought after for Dongpeng Special Drink, first of all, because they chose the right track. The functional beverage track has maintained rapid growth in the past five years, with a compound growth rate of 15%, which is one of the fastest growing sub-categories of soft drinks, while the compound growth rate of the whole soft drink industry in the same period was only 5.9%.</p><p>And the head effect of this track is very obvious. According to the report of Minsheng Securities, in the past ten years, the CR5 (industry concentration index) of functional beverages has remained at about 80% ~90%. In contrast, tea drinks had a CR5 of 63% and fruit juices had a CR5 of 32%.</p><p>Red Bull, the industry leader, occupies 57% of the market share, while Dongpeng Special Drinks has only 15%, less than one-third of it, making it the second-ranked player in this field. The market is often not hesitant to give the number one company in the industry a super high valuation, and when the number one is absent, the glory falls on the second place.</p><p>Dongpeng Special Drink naturally inherits people's long-term optimism for the whole track. Especially in the A-share market, the limited target of excellent soft drinks shows the scarcity of Dongpeng special drinks.</p><p>From the development history of Dongpeng Special Drink itself, this is a company that is still in the growth stage. The past decade of functional beverage market can be said to be the decade in which various domestic brands \"snatched food from the tiger's mouth\" from Red Bull. You know, before 2013, Red Bull had eaten 80% of the market of functional drinks. At its peak, the market share in 2011 reached 89%, when the market share of Dongpeng Special Drink was only 3.9%.</p><p><img src=\"https://static.tigerbbs.com/6048d80e9fc3bb59d7e63ff9693bc897\" tg-width=\"1399\" tg-height=\"811\" referrerpolicy=\"no-referrer\"></p><p>But after 2015, Red Bull was caught up in a trademark dispute, with dozens of games between the founding family of Red Bull of Thailand and its Chinese partner Reignwood Group failing to settle. Various domestic brands take advantage of the situation, such as Lehu launched by Dali Group in 2013, and the new brand War Horse made by Yan Bin, the original Chinese promoter of Red Bull... Red Bull's market share has been declining all the way.</p><p>Dongpeng Special Drink, which has been \"high imitation Red Bull\" in the early days, took the opportunity to reduce canned drinks from 5 yuan to 3.5 yuan, and slowly eroded the market share vacated by Red Bull by sponsoring ICC, World Cup, Chinese Super League and other sports events. Especially after the launch of 500ml gold bottle in 2017, Dongpeng Special Drink opened the gap with Lehu, which killed out halfway, and firmly sat in the second position in the industry.</p><p>At present, Red Bull's lawsuit is unsettled, and Dongpeng Special Drink is listed first, which is more prominent. After completing this round of fund-raising of 1.73 billion yuan, Dongpeng Special Drink will also build production bases in South China, Nanning and Chongqing, and will spend 370 million yuan for marketing. With the support of capital, Dongpeng Special Drink will also occupy more initiative in the next round of competition.</p><p><img src=\"https://static.tigerbbs.com/2a38340d5e26b671deda6bc831ddde31\" tg-width=\"1400\" tg-height=\"1433\" referrerpolicy=\"no-referrer\"></p><p>Picture from Dongpeng Special Drink Prospectus</p><p>However, even so, investors are too optimistic about Dongpeng Special Drink. After all, the company's current fist products are only energy drinks, new product lines such as 0 sugar and tangerine peel drink, which only account for less than 5% of the revenue. If the product structure is single, it is easy to cause the whole company to stall rapidly after the growth of fist products stagnates.<a href=\"https://laohu8.com/S/000848\">Chengde Lulu</a>、<a href=\"https://laohu8.com/S/603711\">Fragrance flutters</a>And so on can be called a lesson from the past.</p><p><img src=\"https://static.tigerbbs.com/5b640852c664df7f538a8c315778443f\" tg-width=\"1399\" tg-height=\"756\" referrerpolicy=\"no-referrer\"></p><p>Picture data from Energy Drinks in China</p><p>However, the main sales positions of Dongpeng Special Drink are now concentrated in South China, and to some extent, it is only a regional brand. At present, it gives such a high market value, even like<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>Such an institution also gives a target price of 291 yuan, and the market is obviously looking forward to its market expansion prospects.</p><p>02. Overflowing foam</p><p>People's optimism about the beverage industry is by no means limited to Dongpeng Special Drink. Several beverage companies listed since last year have maintained a high P/E.</p><p>Such as those listed last year<a href=\"https://laohu8.com/S/605388\">Juneyao Health</a>This year, the stock price rose for eight consecutive weeks, nearly doubling, listed in February this year<a href=\"https://laohu8.com/S/605337\">Plum Garden</a>Four months after listing, the stock price has tripled, and the first creamer stock in cooperation with Gu Ming, Yihetang, CoCo and other brands<a href=\"https://laohu8.com/S/605300\">Jiahe Food</a>After listing at the end of April this year, the current share price has also risen from the issue price of 11 yuan to 27 yuan.</p><p>The most typical representative may be Nongfu Spring, which was listed on Hong Kong stocks last year. As of press time, the P/E of Nongfu Spring is now as high as 54 times. You know, even Maotai's P/E is only 54 times, while in Hong Kong stocks, the average P/E of the beverage industry is only 40 times.</p><p>When it went public, Nongfu Spring was asked by many investors because its P/E was too high, \"Why is it higher than Maotai?\" And this kind of optimism is not only pervasive in the secondary market, but also very obvious in the primary market.</p><p>For example, the valuation has tripled in just one year, and Genki Forest, the leader of sugar-free sparkling water. According to Shenxiang's report, at present, the primary market basically adopts the price-to-sales ratio (market value/sales) to value new consumer brands. Based on the sales of Genki Forest last year and the latest valuation, its price-to-sales ratio has reached 14.8 times, which is close to the price-to-sales ratio of Nongfu Spring, the industry leader, 16 times, while the basic situation of the industry is about 2-3 times.</p><p><img src=\"https://static.tigerbbs.com/f83523516ab8f32d9c4a8fd739040145\" tg-width=\"1400\" tg-height=\"1050\" referrerpolicy=\"no-referrer\"></p><p>The high valuation of Genki Forest has also driven the valuation of a number of projects on the same track. An investor told Quan Now, \"There are no cheap projects now, and everyone has predicted their future very well.\"</p><p>The overall high premium of these beverage companies has the same cause as the skyrocketing of Dongpeng Special Drinks, that is, the soft drink market has not been met and has high-growth consumer demand.</p><p>Since 2015, the growth of mature categories such as tea drinks and juices has peaked in the past, and the channels are close to saturation. The explosion of a number of new brands such as Genki Forest and Hankou No.2 Factory means that the demand for sugar-free and functionalized has become a new increase in the beverage market.</p><p>Driven by new trends, according to<a href=\"https://laohu8.com/S/000776\">GF Securities</a>According to the data, from 2014 to 2019, the compound growth rate of sugar-free tea drinks was 32.6%, and the compound growth rates of pure juice and medium-concentration juice were 12.9% and 9.4% respectively, which were far higher than the growth of the whole tea drink and juice category. Also for this reason, sugar-free packaged water still has high room for imagination, and it is expected to maintain a compound growth rate of 10.8% in the next five years.</p><p><img src=\"https://static.tigerbbs.com/e64a5e4ce6cd34fa19da8d86ad7a4f93\" tg-width=\"1400\" tg-height=\"1033\" referrerpolicy=\"no-referrer\"></p><p>Image from<a href=\"https://laohu8.com/S/01776\">GF Securities</a></p><p>Therefore, Nongfu Spring, which occupies the first place in the packaged water market and can maintain high-speed growth when competitors such as Yibao and Master Kong have negative growth, has become the hot cake in the secondary market today. Needless to say, Genki Forest, looking at other enterprises that maintain a high market value, all of them regard the concept of health and functionality as their biggest selling point.</p><p>For example, Liziyuan, which specializes in sweet milk, not only plays the sinking strategy like Dongpeng Special Drink, but also launches new categories such as ready-to-drink coffee and electrolyte water. Jiahe Food not only pays close attention to the concept of \"health\", but also focuses on zero trans fatty acid fat-free powder, and is also developing new businesses such as cold brew coffee. In another glaring example, shares of Genki Forest, its erythritol producer, Bowling Bao, jumped 182% in a month after its sugar-free sparkling water exploded last year.</p><p><img src=\"https://static.tigerbbs.com/46079112fc80baa9c27f807d738680a9\" tg-width=\"1399\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>Capital has always been profit-seeking and crazy. If you compare the industry leaders of its traditional categories, you can better see the blessing of new concepts for these beverage enterprises, such as those in mature categories<a href=\"https://laohu8.com/S/603156\">Yangyuan Beverage</a>, Chengde Lulu and Xiangpiaopiao, the three are only 24, 26 and 20 times P/E.</p><p>The sentiment of the secondary market has obviously raised the expectations of the primary market.</p><p>Although the price is expensive, the investor also admitted that if he can invest in it, he will still vote. \"Genki Forest is a company with great certainty of performance. Now it has invested in it with a valuation of tens of billions. It's okay to bet that it will go public for 200 billion yuan.\"</p><p>Even if you can't invest in the first place in the industry, there is no shortage of people willing to invest in the following projects. Last year, a number of new domestic brands such as Qingquan Chushan, Haowangshui and Hankou No.2 Factory have received financing. There are many categories in this market, and the competitive situation has not yet been clarified, so there is enough room for imagination.</p><p>\"Sparkling water, juice and tea, each of these three categories can have at least one head enterprise, and there are many combinations, such as juice tea, bubbling tea, etc., so now everyone is gambling.\" An investor said.</p><p>But,<a href=\"https://laohu8.com/S/00506\">CHINA FOOD</a>Zhu Danpeng, an industry analyst, believes that last year's epidemic led to capital all over the world, and there were not many good places to go. Therefore, many of them flocked to China's capital market, which aggravated the formation of bubbles, but this was unconventional and staged.</p><p>But no matter whether the bubble is big or small, investors will not give up this wave of opportunities. After all, whether it is worth the price or not, as long as enough people believe it within a certain period of time, this may be the most important thing.</p>","source":"lsy1609725711450","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>Dongpeng special drinks skyrocketed, Genki Forest is too expensive, all bubbles?</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\">\nDongpeng special drinks skyrocketed, Genki Forest is too expensive, all bubbles?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">20社</strong><span class=\"h-time small\">2021-06-24 17:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The soaring \"demonic wind\" of Dongpeng Special Drink finally stopped for the time being.</p><p>This old functional beverage brand stock has soared since its listing on A-shares on May 27th this year, and it has harvested 15 daily limits in 16 trading days. By the close of trading on June 18th, the stock price had risen from 46.27 yuan to 265.65 yuan, and the market value had doubled five times in just half a month.</p><p>Because it rose too sharply, the company issued seven consecutive stock trading risk warning announcements, but this failed to affect the enthusiasm of A-share investors at all. Although there was a slight decline this week, as of the close of June 23rd, the share price of Dongpeng Special Drink remained at a high level of 254 yuan, with a market value of 101.843 billion yuan.</p><p>Compared with the same energy drink, the P/E of Monster Drink listed in the United States is 33.7 times, while the P/E of Dongpeng Special Drink has reached 125 times.</p><p>Interestingly, in the whole beverage industry track, many beverage stocks maintain extremely high market value, such as the Hong Kong stock market listed last year<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>When it went public, it triggered a round of heated discussion because of its high P/E.</p><p>Unlisted companies, such as Genki Forest, now have a price-to-sales ratio of 14.38 with sales of 2.7 billion yuan, which can already benchmark Nongfu Spring.</p><p>Under the high valuation, it is the capital's high confidence in the new beverage track. An investor admitted that there are basically no cheap projects now. Driven by new demands such as sugar-free, health and functionality, the soft drink industry, which once lost its imagination, has ushered in a new focus of competition. The total number of mature categories such as carbonated beverages, juices and dairy beverages has peaked, but high-prosperity sub-categories with sugar-free and sugar-reduced as the core have been derived. As viewed by Huachuang Securities Research Report, the core driving factors of head beverage enterprises have changed from \"products + channels\" to \"innovation iteration + high-end\". It is category innovation and product upgrade that have brought enough imagination to the secondary market.</p><p><img src=\"https://static.tigerbbs.com/7950045fb0e050fcc4b559cdf3187951\" tg-width=\"1399\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"></p><p>Image from Huachuang Securities</p><p>However, can this imagination support the enthusiasm of shareholders?</p><p>01. Soaring all the way</p><p>Investors' enthusiasm for Dongpeng Special Drink was obviously reflected from the first day of its listing. On the first day of listing, Dongpeng Special Drink rose by 44%. On the next trading day, Dongpeng Special Drink maintained a share price increase of about 10% until the highest point on June 18th.</p><p>After 15 daily limits, Dongpeng Special Drink has become the most profitable new stock this year. At the highest point, you can earn nearly 220,000 yuan by winning the first lottery. One signing for a car is really not a dream.</p><p>However, now the static P/E of Dongpeng Special Drink has reached 125 times, the average P/E of the whole A-share food and beverage industry is about 50 times, and the average P/E of the beverage industry in Hong Kong stocks is even lower than 40 times. From this perspective, the current stock price is already ridiculously high.</p><p>Investors are so sought after for Dongpeng Special Drink, first of all, because they chose the right track. The functional beverage track has maintained rapid growth in the past five years, with a compound growth rate of 15%, which is one of the fastest growing sub-categories of soft drinks, while the compound growth rate of the whole soft drink industry in the same period was only 5.9%.</p><p>And the head effect of this track is very obvious. According to the report of Minsheng Securities, in the past ten years, the CR5 (industry concentration index) of functional beverages has remained at about 80% ~90%. In contrast, tea drinks had a CR5 of 63% and fruit juices had a CR5 of 32%.</p><p>Red Bull, the industry leader, occupies 57% of the market share, while Dongpeng Special Drinks has only 15%, less than one-third of it, making it the second-ranked player in this field. The market is often not hesitant to give the number one company in the industry a super high valuation, and when the number one is absent, the glory falls on the second place.</p><p>Dongpeng Special Drink naturally inherits people's long-term optimism for the whole track. Especially in the A-share market, the limited target of excellent soft drinks shows the scarcity of Dongpeng special drinks.</p><p>From the development history of Dongpeng Special Drink itself, this is a company that is still in the growth stage. The past decade of functional beverage market can be said to be the decade in which various domestic brands \"snatched food from the tiger's mouth\" from Red Bull. You know, before 2013, Red Bull had eaten 80% of the market of functional drinks. At its peak, the market share in 2011 reached 89%, when the market share of Dongpeng Special Drink was only 3.9%.</p><p><img src=\"https://static.tigerbbs.com/6048d80e9fc3bb59d7e63ff9693bc897\" tg-width=\"1399\" tg-height=\"811\" referrerpolicy=\"no-referrer\"></p><p>But after 2015, Red Bull was caught up in a trademark dispute, with dozens of games between the founding family of Red Bull of Thailand and its Chinese partner Reignwood Group failing to settle. Various domestic brands take advantage of the situation, such as Lehu launched by Dali Group in 2013, and the new brand War Horse made by Yan Bin, the original Chinese promoter of Red Bull... Red Bull's market share has been declining all the way.</p><p>Dongpeng Special Drink, which has been \"high imitation Red Bull\" in the early days, took the opportunity to reduce canned drinks from 5 yuan to 3.5 yuan, and slowly eroded the market share vacated by Red Bull by sponsoring ICC, World Cup, Chinese Super League and other sports events. Especially after the launch of 500ml gold bottle in 2017, Dongpeng Special Drink opened the gap with Lehu, which killed out halfway, and firmly sat in the second position in the industry.</p><p>At present, Red Bull's lawsuit is unsettled, and Dongpeng Special Drink is listed first, which is more prominent. After completing this round of fund-raising of 1.73 billion yuan, Dongpeng Special Drink will also build production bases in South China, Nanning and Chongqing, and will spend 370 million yuan for marketing. With the support of capital, Dongpeng Special Drink will also occupy more initiative in the next round of competition.</p><p><img src=\"https://static.tigerbbs.com/2a38340d5e26b671deda6bc831ddde31\" tg-width=\"1400\" tg-height=\"1433\" referrerpolicy=\"no-referrer\"></p><p>Picture from Dongpeng Special Drink Prospectus</p><p>However, even so, investors are too optimistic about Dongpeng Special Drink. After all, the company's current fist products are only energy drinks, new product lines such as 0 sugar and tangerine peel drink, which only account for less than 5% of the revenue. If the product structure is single, it is easy to cause the whole company to stall rapidly after the growth of fist products stagnates.<a href=\"https://laohu8.com/S/000848\">Chengde Lulu</a>、<a href=\"https://laohu8.com/S/603711\">Fragrance flutters</a>And so on can be called a lesson from the past.</p><p><img src=\"https://static.tigerbbs.com/5b640852c664df7f538a8c315778443f\" tg-width=\"1399\" tg-height=\"756\" referrerpolicy=\"no-referrer\"></p><p>Picture data from Energy Drinks in China</p><p>However, the main sales positions of Dongpeng Special Drink are now concentrated in South China, and to some extent, it is only a regional brand. At present, it gives such a high market value, even like<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>Such an institution also gives a target price of 291 yuan, and the market is obviously looking forward to its market expansion prospects.</p><p>02. Overflowing foam</p><p>People's optimism about the beverage industry is by no means limited to Dongpeng Special Drink. Several beverage companies listed since last year have maintained a high P/E.</p><p>Such as those listed last year<a href=\"https://laohu8.com/S/605388\">Juneyao Health</a>This year, the stock price rose for eight consecutive weeks, nearly doubling, listed in February this year<a href=\"https://laohu8.com/S/605337\">Plum Garden</a>Four months after listing, the stock price has tripled, and the first creamer stock in cooperation with Gu Ming, Yihetang, CoCo and other brands<a href=\"https://laohu8.com/S/605300\">Jiahe Food</a>After listing at the end of April this year, the current share price has also risen from the issue price of 11 yuan to 27 yuan.</p><p>The most typical representative may be Nongfu Spring, which was listed on Hong Kong stocks last year. As of press time, the P/E of Nongfu Spring is now as high as 54 times. You know, even Maotai's P/E is only 54 times, while in Hong Kong stocks, the average P/E of the beverage industry is only 40 times.</p><p>When it went public, Nongfu Spring was asked by many investors because its P/E was too high, \"Why is it higher than Maotai?\" And this kind of optimism is not only pervasive in the secondary market, but also very obvious in the primary market.</p><p>For example, the valuation has tripled in just one year, and Genki Forest, the leader of sugar-free sparkling water. According to Shenxiang's report, at present, the primary market basically adopts the price-to-sales ratio (market value/sales) to value new consumer brands. Based on the sales of Genki Forest last year and the latest valuation, its price-to-sales ratio has reached 14.8 times, which is close to the price-to-sales ratio of Nongfu Spring, the industry leader, 16 times, while the basic situation of the industry is about 2-3 times.</p><p><img src=\"https://static.tigerbbs.com/f83523516ab8f32d9c4a8fd739040145\" tg-width=\"1400\" tg-height=\"1050\" referrerpolicy=\"no-referrer\"></p><p>The high valuation of Genki Forest has also driven the valuation of a number of projects on the same track. An investor told Quan Now, \"There are no cheap projects now, and everyone has predicted their future very well.\"</p><p>The overall high premium of these beverage companies has the same cause as the skyrocketing of Dongpeng Special Drinks, that is, the soft drink market has not been met and has high-growth consumer demand.</p><p>Since 2015, the growth of mature categories such as tea drinks and juices has peaked in the past, and the channels are close to saturation. The explosion of a number of new brands such as Genki Forest and Hankou No.2 Factory means that the demand for sugar-free and functionalized has become a new increase in the beverage market.</p><p>Driven by new trends, according to<a href=\"https://laohu8.com/S/000776\">GF Securities</a>According to the data, from 2014 to 2019, the compound growth rate of sugar-free tea drinks was 32.6%, and the compound growth rates of pure juice and medium-concentration juice were 12.9% and 9.4% respectively, which were far higher than the growth of the whole tea drink and juice category. Also for this reason, sugar-free packaged water still has high room for imagination, and it is expected to maintain a compound growth rate of 10.8% in the next five years.</p><p><img src=\"https://static.tigerbbs.com/e64a5e4ce6cd34fa19da8d86ad7a4f93\" tg-width=\"1400\" tg-height=\"1033\" referrerpolicy=\"no-referrer\"></p><p>Image from<a href=\"https://laohu8.com/S/01776\">GF Securities</a></p><p>Therefore, Nongfu Spring, which occupies the first place in the packaged water market and can maintain high-speed growth when competitors such as Yibao and Master Kong have negative growth, has become the hot cake in the secondary market today. Needless to say, Genki Forest, looking at other enterprises that maintain a high market value, all of them regard the concept of health and functionality as their biggest selling point.</p><p>For example, Liziyuan, which specializes in sweet milk, not only plays the sinking strategy like Dongpeng Special Drink, but also launches new categories such as ready-to-drink coffee and electrolyte water. Jiahe Food not only pays close attention to the concept of \"health\", but also focuses on zero trans fatty acid fat-free powder, and is also developing new businesses such as cold brew coffee. In another glaring example, shares of Genki Forest, its erythritol producer, Bowling Bao, jumped 182% in a month after its sugar-free sparkling water exploded last year.</p><p><img src=\"https://static.tigerbbs.com/46079112fc80baa9c27f807d738680a9\" tg-width=\"1399\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>Capital has always been profit-seeking and crazy. If you compare the industry leaders of its traditional categories, you can better see the blessing of new concepts for these beverage enterprises, such as those in mature categories<a href=\"https://laohu8.com/S/603156\">Yangyuan Beverage</a>, Chengde Lulu and Xiangpiaopiao, the three are only 24, 26 and 20 times P/E.</p><p>The sentiment of the secondary market has obviously raised the expectations of the primary market.</p><p>Although the price is expensive, the investor also admitted that if he can invest in it, he will still vote. \"Genki Forest is a company with great certainty of performance. Now it has invested in it with a valuation of tens of billions. It's okay to bet that it will go public for 200 billion yuan.\"</p><p>Even if you can't invest in the first place in the industry, there is no shortage of people willing to invest in the following projects. Last year, a number of new domestic brands such as Qingquan Chushan, Haowangshui and Hankou No.2 Factory have received financing. There are many categories in this market, and the competitive situation has not yet been clarified, so there is enough room for imagination.</p><p>\"Sparkling water, juice and tea, each of these three categories can have at least one head enterprise, and there are many combinations, such as juice tea, bubbling tea, etc., so now everyone is gambling.\" An investor said.</p><p>But,<a href=\"https://laohu8.com/S/00506\">CHINA FOOD</a>Zhu Danpeng, an industry analyst, believes that last year's epidemic led to capital all over the world, and there were not many good places to go. Therefore, many of them flocked to China's capital market, which aggravated the formation of bubbles, but this was unconventional and staged.</p><p>But no matter whether the bubble is big or small, investors will not give up this wave of opportunities. After all, whether it is worth the price or not, as long as enough people believe it within a certain period of time, this may be the most important thing.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.tmtpost.com/5424126.html\">20社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f83523516ab8f32d9c4a8fd739040145","relate_stocks":{"605499":"东鹏饮料"},"source_url":"https://www.tmtpost.com/5424126.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120879670","content_text":"东鹏特饮的暴涨“妖风”，终于暂时偃旗息鼓了。\n这只老牌功能饮料品牌股，自今年5月27日在A股上市以来，股价一路飙升，在16个交易日里收获了15个涨停板。到6月18日收盘时，股价从46.27元已经涨到了265.65元，短短半个月时间，市值整整翻了五倍。\n因为涨得太猛，公司连续发布了七次股票交易风险提示公告，但这完全没能影响A股股民的热情。本周虽然有稍微回落，但截止到6月23日收盘，东鹏特饮的股价仍然维持在254元的高位，市值达到了1018.43亿元。\n如果对比同为能量饮料，在美上市的怪兽饮料，其市盈率是33.7倍，而东鹏特饮的市盈率已经达到了125倍。\n有意思的是，整个饮料行业赛道，不少饮料股都维持着极高的市值，比如去年在港股上市的农夫山泉，在上市时就曾经因为高市盈率引发了一轮热议。\n而未上市的公司，如元气森林，如今在其销售额为27亿元的情况下，其市销率达到14.38，已经可以对标农夫山泉。\n高估值之下，是资本对于饮料新赛道的高涨信心。一位投资人坦言，现在基本上都没有便宜的项目了。在无糖、健康、功能性等新需求的驱动下，曾一度失去想象力的软饮行业，迎来了新的竞争焦点，碳酸饮料、果汁、乳饮料等成熟品类总量见顶，但衍生出以无糖、减糖为核心的高景气细分品类。正如华创证券研报观点，头部饮料企业核心驱动因素由“产品+渠道”切换到了“创新迭代+高端化”。正是品类创新和产品升级，给二级市场带来了足够的想象空间。\n\n图片来自于华创证券\n只不过，这个想象空间能否支撑得住股民的热情？\n01、一路暴涨\n投资者对东鹏特饮的热情，从其上市的第一天就明显地体现出来。上市首日，东鹏特饮就大涨44%，接下来的每个交易日，东鹏特饮都保持着10%左右股价涨幅，直到6月18日的最高点。\n15个涨停后，东鹏特饮已经成为了今年最为赚钱的新股，以最高点计算，中一签可以赚到近22万元。一签一辆车，真的不是梦。\n不过，如今东鹏特饮的静态市盈率已经达到了125倍，A股整个食品饮料行业平均市盈率为50倍左右，港股的饮料行业平均市盈率更低些为40倍。从这个角度看，当下的股价，已经算是高得离谱了。\n投资者对于东鹏特饮如此之追捧，首先是源于其选对了赛道。功能性饮料赛道近五年都维持着高速增长，复合增长率达15%，是软饮料增长最快的子品类之一，而整个软饮料行业的同期复合增长率只有5.9%。\n且这个赛道头部效应非常明显，据民生证券的报告，过去十年，功能性饮料的CR5（行业集中度指数）均维持在 80%~90%左右。相较之下，茶饮料的CR5为63%，果汁CR5为32%。\n行业龙头红牛的市场份额占据了57%，而东鹏特饮只有15%，不到其三分之一，是这个领域排名第二的玩家。市场往往不吝于给行业第一的公司以超高估值，而在第一不在的时候，荣耀于是落在了的第二名头上。\n东鹏特饮自然承接了人们对整个赛道的长期看好。尤其是在A股市场，上佳的软饮料标的有限，就更显现出东鹏特饮的稀缺性。\n而从东鹏特饮自身的发展史来说，这是一家尚且还处于成长期的公司。功能性饮料市场过去的十年，可以说是各个国产品牌从红牛手上“虎口夺食”的十年。要知道，2013年前，红牛一家就吃下了功能性饮料80%的市场，其巅峰时刻——2011年的市场份额占比达到了89%，当时东鹏特饮的市场份额仅为3.9%。\n\n但2015年后，红牛陷入了商标之争，泰国红牛的创始家族和其中国合作方华彬集团之间的博弈达几十次，都未能和解。各个国产品牌趁虚而入，如达利集团2013年推出的乐虎，红牛原来的中国推手严彬做的新品牌战马……红牛的市场份额占比一路下跌。\n早期一直在“高仿红牛”的东鹏特饮，也正是在此时，趁机将罐装饮料从5元直降至3.5元，还通过赞助ICC、世界杯、中超等体育赛事大力营销，慢慢蚕食着红牛空出的市场份额，尤其是在2017年推出了500ml金瓶装后，东鹏特饮跟半路杀出的乐虎拉开差距，稳稳地坐上了行业第二的位置。\n眼下红牛的官司未了，东鹏特饮又抢先上市，此消彼长更为突出。完成了这一轮17.3亿元的募资后，东鹏特饮还将在华南、南宁、重庆建设生产基地，并将拿出3.7个亿用于营销。有了资本的支持，东鹏特饮在下一轮的竞争中，也会占据更多的主动权。\n\n图片来自于东鹏特饮招股书\n不过，就算是如此，投资者对于东鹏特饮的情绪，也着实太过乐观了。毕竟这家公司目前的拳头产品只有能量饮料，0糖、陈皮特饮等新产品线，仅仅占据了不到5%的收入。产品结构单一，就很容易导致当拳头产品增长停滞后，整个公司迅速失速，承德露露、香飘飘等都可称是前车之鉴。\n\n图片资料来自于《Energy Drinks in China》\n不过，东鹏特饮现在的销售主阵地都集中在华南一带，某种程度上还只是一个区域性品牌，当下给出如此高的市值，甚至像国金证券这样的机构还给出291元的目标价，市场明显是期待其市场拓展前景。\n02、溢出的泡沫\n人们对于饮料行业的乐观情绪，绝不仅仅是局限于东鹏特饮这一家公司。去年至今上市的数家饮料公司，都保持着较高的市盈率。\n如去年上市的均瑶健康，今年一度股价连涨8周，几近翻倍，今年2月份上市的李子园，上市4个月，股价已经涨了2倍，和古茗、益禾堂、CoCo等品牌合作的奶精第一股佳禾食品，在今年4月底上市后，目前股价也从发行价的11元涨到了27元。\n而最典型的代表，则可能是去年在港股上市的农夫山泉。截止到发稿前，农夫山泉的市盈率如今高达54倍，要知道，连茅台的市盈率也只有54倍，而在港股，饮料行业的市盈率平均值仅仅只有40倍。\n在上市时，农夫山泉就曾经因为市盈率过高，被许多投资者追问“凭什么比茅台还高”？而这种乐观的情绪，不仅弥漫在二级市场上，在一级市场上也非常明显。\n比如短短一年内估值就翻了3倍，无糖气泡水的龙头元气森林。据深响的报道，目前一级市场基本采用市销率（市值/销售额）来为新消费品牌估值，以元气森林去年的销售额和最新的估值计算，其市销率已经达到14.8倍，接近行业龙头农夫山泉的市销率16倍，而行业的基本情况是2-3倍左右。\n\n元气森林的高估值，也带动了一批同赛道项目的估值。一位投资人告诉全现在，“现在的项目没有便宜的，大家的都把自己的未来预测得很美好。”\n这些饮料公司整体的高溢价，和东鹏特饮的疯涨，有着一样的起因，那就是软饮料市场上尚未被满足，具备高成长性的消费需求。\n从2015年开始，过去茶饮料、果汁等成熟品类的增长已经见顶，渠道接近饱和，而元气森林、汉口二厂等一批新品牌的爆火，代表着无糖化、功能化的需求已经成为了饮料市场里的新增量。\n在新趋势的推动下，据广发证券的数据，2014-2019 年无糖茶饮料的复合增长率为32.6%，纯果汁和中浓度果汁的复合增长率分别为12.9%和 9.4%，都远远高于整个茶饮和果汁大品类的增长。同样因为这一原因，无糖的包装水也还有较高的想象空间，预计未来5年保持10.8%的复合增长。\n\n图片来自于广发证券\n因此，在包装水市场占据第一，并能在竞争对手怡宝、康师傅等负增长时，还能保持高速增长的农夫山泉，就成了如今二级市场的香饽饽。元气森林更不必多说，纵观其他保持较高市值的企业，无一不是将健康、功能化的概念，作为最大的卖点。\n比如主打甜牛奶的李子园，不仅和东鹏特饮一样玩下沉策略，还推出了即饮咖啡、电解质水等新品类，佳禾食品不仅抓紧“健康”概念，主打零反式脂肪酸植脂末，还在发力冷萃咖啡等新业务。另一个明显的例子是，去年元气森林的无糖气泡水爆火后，其赤藓糖醇生产商保龄宝的股价一个月就上涨了182%。\n\n资本从来都是趋利且疯狂的。如果对比其传统品类的行业龙头，则更能看出新概念对于这些饮料企业的加持，比如处于成熟品类里的养元饮品、承德露露和香飘飘，三者的是市盈率仅仅只有24、26和20倍。\n而二级市场的情绪，显然也拉高了一级市场的期待。\n虽然价格昂贵，但这位投资人也坦言，如果能投进去，还是会投的。“元气森林是有很大确定性能做成的公司，现在以几百亿估值投进去，赌它上市2000亿也算还好吧。”\n即使投不进去行业第一，跟在后面的项目也不缺人愿意投。去年如清泉出山、好望水、汉口二厂等一批国产新品牌都纷纷拿到了融资。这个市场品类多，竞争局势也尚未明朗化，有足够的想象空间。\n“气泡水、果汁、茶，这三个大品类每个至少能有1家头部企业，还有很多结合的，比如果汁茶、气泡茶等等，所以现在大家都在赌。”一位投资人说。\n不过，中国食品行业分析师朱丹蓬认为，去年疫情导致全世界范围的资本，没有太多好的去处，因此不少都涌向了中国的资本市场，加剧了泡沫的形成，但这是非常规的、阶段性的。\n但无论泡沫大或小，投资者们都不会放弃这波机会，毕竟，不管是否值得这个价格，只要一定时期内有足够多的人相信，这可能才是最重要的事情。","news_type":1,"symbols_score_info":{"605499":0.9}},"isVote":1,"tweetType":1,"viewCount":2928,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126348474,"gmtCreate":1624545757698,"gmtModify":1703840024125,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126348474","repostId":"1114030654","repostType":4,"isVote":1,"tweetType":1,"viewCount":3415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126348251,"gmtCreate":1624545739873,"gmtModify":1703840023960,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126348251","repostId":"1162154872","repostType":4,"isVote":1,"tweetType":1,"viewCount":3535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126348914,"gmtCreate":1624545722738,"gmtModify":1703840023137,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126348914","repostId":"1122443964","repostType":4,"repost":{"id":"1122443964","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":1624536460,"share":"https://ttm.financial/m/news/1122443964?lang=en_US&edition=fundamental","pubTime":"2021-06-24 20:07","market":"us","language":"zh","title":"Pre-market: U.S. employment data falls short of expectations, Nasdaq futures go all the way higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1122443964","media":"老虎资讯综合","summary":"【重磅数据】\n\n美国至6月19日当周初请失业金人数（万人）：41.1，申请人数自4月底以来首次增加。预期：38，前值：41.2\n美国第一季度实际GDP年化季率终值：6.4%，预期：6.4%，前值：6.","content":"<p><b>[Heavy Data]</b></p><p><ul><li><b><b>U.S. jobless claims for the week ending June 19 (10,000): 41.1,</b></b><b>Applicants increased for the first time since the end of April.</b><b><b>Expected: 38, previous value: 41.2</b></b></li><li>Final annualized quarterly rate of real GDP in the first quarter of the United States:<b>6.4%，</b>Expected: 6.4%, previous value: 6.4%</li><li>US Durable Goods Order Monthly Rate in May:<b>2.3%，</b>Expected: 2.8%, previous value: -1.3%</li><li>Final annualized quarterly rate of core PCE price index in the United States in the first quarter:<b>2.5%，</b>Expected: 2.5%, previous value: 2.5%</li></ul>After the data was released, the three major index futures of U.S. stocks maintained an upward trend, with Nasdaq futures among the top gainers.</p><p><img src=\"https://static.tigerbbs.com/eebd9f5f42d7eb0eedf7063bd2f66784\" tg-width=\"575\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p><b>Pre-market trend of Chinese concept stocks</b></p><p><a href=\"https://laohu8.com/S/UXIN\">Uxin</a>It rose nearly 5% premarket. At a regular press conference held by the Ministry of Commerce today (24th), spokesman Gao Feng said that the Ministry of Commerce is working with relevant departments to accelerate the development of the used car market around cancelling the policy of restricting the relocation of used cars and facilitating the transaction of used cars.</p><p><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose more than 1% before the market. XPeng announced in the evening: In the global offering, 80.75 million Class A ordinary shares were offered internationally and 4.25 million Class A ordinary shares were offered publicly in Hong Kong under the stock code \"9868\". According to Securities and Exchange Commission filings:<b>XPeng said the highest offering price of this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</b></p><p><a href=\"https://laohu8.com/S/EDU\">New Oriental</a>There was a slight dive before the market and it is now down nearly 2%.</p><p><b>Important U.S. Stocks</b></p><p><b>The Federal Reserve will announce the results of the \"stress test\" of the banking industry at 04:30 a.m. Beijing time the next day. If it passes the test, the scale of share buybacks and dividends in the U.S. banking industry will be further upgraded.</b>U.S. bank stocks generally rose before the market,<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>up 2.65%,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>up 0.58%,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>up 0.45%,<a href=\"https://laohu8.com/S/C\">Citigroup</a>up 0.43%,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>up 0.45%.</p><p><a href=\"https://laohu8.com/S/LLY\">Lilly</a>It pulled up straight before the market, rising by more than 7%. The company's donanemab antibody for the treatment of early-stage Alzheimer's disease has received breakthrough therapeutic status certification from the U.S. Food and Drug Administration.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It rose 0.57% premarket. Microsoft shares hit an all-time high in intraday Wednesday, with a total market capitalization of $2 trillion. At 23:00 Beijing time tonight, Microsoft will release a new generation of Windows system Win11. It is reported that the new generation of Windows will provide many functions designed for the \"post-epidemic world\".</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose 3% premarket. Previously, the Tesla Model 3 was named the most-built car in the United States in 2021 by Cars.com, an American online car sales service.</p><p>Sub-IPO, customer experience management platform<a href=\"https://laohu8.com/S/CXM\">Sprinklr</a>It rose more than 10%, and closed up 10% on the first day of listing yesterday.</p><p>Human Resources Website<a href=\"https://laohu8.com/S/DHX\">Days Holdings</a>It jumped 20% premarket. The company announced yesterday that it will make an additional $12 million in share buybacks.</p><p>Cloud Enterprise Marketing Software<a href=\"https://laohu8.com/S/MRIN\">Marin Software</a>It surged more than 60% premarket after announcing that its flagship platform MarinOne has increased its ability to manage Instacart ads.</p><p>WSB concept stocks rose before the market,<a href=\"https://laohu8.com/S/SNDL\">Sundial Grower</a>Up 7%,<a href=\"https://laohu8.com/S/BBBY\">3B Home Furnishing</a>up 5.19%,<a href=\"https://laohu8.com/S/CLOV\">Clover Health</a>up 3.9%,<a href=\"https://laohu8.com/S/TLRY\">Tilray</a>up 3.07%,<a href=\"https://laohu8.com/S/MVIS\">Vision Image</a>up 2.23%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>up 0.98%.</p><p><b>Commodities</b></p><p>International oil prices fell sharply during the session. OPEC + will meet next week to discuss further cancellation of record production cuts since last August, but no decision has yet been made.</p><p>As of press time, the price of WTI crude oil futures was reported at 72.67 USD/barrel, down 0.56%; Brent crude oil futures price was traded at $74.81/barrel, down 0.51%.</p><p><img src=\"https://static.tigerbbs.com/0837b45d3fbd0863863c29d91a275f6d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>International gold prices moved higher during the session. Investors wait for more economic data.</p><p>As of press time, the price of gold futures in New York market was reported at $1,785.95/oz, an increase of 0.14%.</p><p><img src=\"https://static.tigerbbs.com/8b6dfead479925f1ef1f93e6aaf03982\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pre-market: U.S. employment data falls short of expectations, Nasdaq futures go all the way higher</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\">\nPre-market: U.S. employment data falls short of expectations, Nasdaq futures go all the way higher\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\">2021-06-24 20:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>[Heavy Data]</b></p><p><ul><li><b><b>U.S. jobless claims for the week ending June 19 (10,000): 41.1,</b></b><b>Applicants increased for the first time since the end of April.</b><b><b>Expected: 38, previous value: 41.2</b></b></li><li>Final annualized quarterly rate of real GDP in the first quarter of the United States:<b>6.4%，</b>Expected: 6.4%, previous value: 6.4%</li><li>US Durable Goods Order Monthly Rate in May:<b>2.3%，</b>Expected: 2.8%, previous value: -1.3%</li><li>Final annualized quarterly rate of core PCE price index in the United States in the first quarter:<b>2.5%，</b>Expected: 2.5%, previous value: 2.5%</li></ul>After the data was released, the three major index futures of U.S. stocks maintained an upward trend, with Nasdaq futures among the top gainers.</p><p><img src=\"https://static.tigerbbs.com/eebd9f5f42d7eb0eedf7063bd2f66784\" tg-width=\"575\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p><b>Pre-market trend of Chinese concept stocks</b></p><p><a href=\"https://laohu8.com/S/UXIN\">Uxin</a>It rose nearly 5% premarket. At a regular press conference held by the Ministry of Commerce today (24th), spokesman Gao Feng said that the Ministry of Commerce is working with relevant departments to accelerate the development of the used car market around cancelling the policy of restricting the relocation of used cars and facilitating the transaction of used cars.</p><p><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose more than 1% before the market. XPeng announced in the evening: In the global offering, 80.75 million Class A ordinary shares were offered internationally and 4.25 million Class A ordinary shares were offered publicly in Hong Kong under the stock code \"9868\". According to Securities and Exchange Commission filings:<b>XPeng said the highest offering price of this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</b></p><p><a href=\"https://laohu8.com/S/EDU\">New Oriental</a>There was a slight dive before the market and it is now down nearly 2%.</p><p><b>Important U.S. Stocks</b></p><p><b>The Federal Reserve will announce the results of the \"stress test\" of the banking industry at 04:30 a.m. Beijing time the next day. If it passes the test, the scale of share buybacks and dividends in the U.S. banking industry will be further upgraded.</b>U.S. bank stocks generally rose before the market,<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>up 2.65%,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>up 0.58%,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>up 0.45%,<a href=\"https://laohu8.com/S/C\">Citigroup</a>up 0.43%,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>up 0.45%.</p><p><a href=\"https://laohu8.com/S/LLY\">Lilly</a>It pulled up straight before the market, rising by more than 7%. The company's donanemab antibody for the treatment of early-stage Alzheimer's disease has received breakthrough therapeutic status certification from the U.S. Food and Drug Administration.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It rose 0.57% premarket. Microsoft shares hit an all-time high in intraday Wednesday, with a total market capitalization of $2 trillion. At 23:00 Beijing time tonight, Microsoft will release a new generation of Windows system Win11. It is reported that the new generation of Windows will provide many functions designed for the \"post-epidemic world\".</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose 3% premarket. Previously, the Tesla Model 3 was named the most-built car in the United States in 2021 by Cars.com, an American online car sales service.</p><p>Sub-IPO, customer experience management platform<a href=\"https://laohu8.com/S/CXM\">Sprinklr</a>It rose more than 10%, and closed up 10% on the first day of listing yesterday.</p><p>Human Resources Website<a href=\"https://laohu8.com/S/DHX\">Days Holdings</a>It jumped 20% premarket. The company announced yesterday that it will make an additional $12 million in share buybacks.</p><p>Cloud Enterprise Marketing Software<a href=\"https://laohu8.com/S/MRIN\">Marin Software</a>It surged more than 60% premarket after announcing that its flagship platform MarinOne has increased its ability to manage Instacart ads.</p><p>WSB concept stocks rose before the market,<a href=\"https://laohu8.com/S/SNDL\">Sundial Grower</a>Up 7%,<a href=\"https://laohu8.com/S/BBBY\">3B Home Furnishing</a>up 5.19%,<a href=\"https://laohu8.com/S/CLOV\">Clover Health</a>up 3.9%,<a href=\"https://laohu8.com/S/TLRY\">Tilray</a>up 3.07%,<a href=\"https://laohu8.com/S/MVIS\">Vision Image</a>up 2.23%,<a href=\"https://laohu8.com/S/GME\">Game Station</a>up 0.98%.</p><p><b>Commodities</b></p><p>International oil prices fell sharply during the session. OPEC + will meet next week to discuss further cancellation of record production cuts since last August, but no decision has yet been made.</p><p>As of press time, the price of WTI crude oil futures was reported at 72.67 USD/barrel, down 0.56%; Brent crude oil futures price was traded at $74.81/barrel, down 0.51%.</p><p><img src=\"https://static.tigerbbs.com/0837b45d3fbd0863863c29d91a275f6d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>International gold prices moved higher during the session. Investors wait for more economic data.</p><p>As of press time, the price of gold futures in New York market was reported at $1,785.95/oz, an increase of 0.14%.</p><p><img src=\"https://static.tigerbbs.com/8b6dfead479925f1ef1f93e6aaf03982\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed4ee39e6b0f45214393093d70ba81a8","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122443964","content_text":"【重磅数据】\n\n美国至6月19日当周初请失业金人数（万人）：41.1，申请人数自4月底以来首次增加。预期：38，前值：41.2\n美国第一季度实际GDP年化季率终值：6.4%，预期：6.4%，前值：6.4%\n美国5月耐用品订单月率：2.3%，预期：2.8%，前值：-1.3%\n美国第一季度核心PCE物价指数年化季率终值：2.5%，预期：2.5%，前值：2.5%\n\n数据公布后，美股三大指数期货维持上涨势头，纳指期货涨幅居前。\n\n中概股盘前走势\n优信盘前涨近5%。在今天（24日）商务部举行的例行新闻发布会上，新闻发言人高峰表示，商务部正会同有关部门，围绕取消二手车限迁政策、便利二手车交易等推动二手车市场加快发展。\n小鹏汽车盘前涨超1%。小鹏汽车晚间宣布：在全球发行中，国际发售8075万股A类普通股，香港公开发售425万股A类普通股，股票代码为“9868”。另据美国证券交易委员会文件：小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n新东方盘前出现小幅跳水，现跌近2%。\n重要美股\n美联储将于北京时间次日凌晨04:30公布银行业“压力测试”结果。如果通过测试，美国银行业股票回购和分红规模进一步上调。美股银行股盘前普涨，瑞士信贷涨2.65%，摩根大通涨0.58%，美国银行涨0.45%，花旗集团涨0.43%，富国银行涨0.45%。\n礼来盘前直线拉涨，涨超7%。公司治疗早期阿尔茨海默病的donanemab抗体获得美国食品药品监督管理局突破性治疗地位认证。\n微软盘前涨0.57%。微软股价周三盘中创历史新高，总市值达两万亿美元。北京时间今晚23:00，微软将发布全新一代Windows系统Win11。据悉，新一代Windows将提供多方面为“后疫情世界”设计的功能。\n特斯拉盘前涨3%。此前特斯拉Model 3被美国在线汽车销售服务商Cars.com评为2021年美国制造最多的汽车。\n次新股、客户体验管理平台Sprinklr涨超10%，昨日上市首日收涨10%。\n人力资源网站戴斯控股盘前大涨20%。公司昨日宣布将追加1200万美元进行股票回购。\n云企业营销软件Marin Software盘前飙升超60%，此前宣布其旗舰平台MarinOne增加了管理Instacart广告的能力。\nWSB概念股盘前齐涨，Sundial Grower涨7%，3B家居涨5.19%，Clover Health涨3.9%，Tilray涨3.07%，维视图像涨2.23%，游戏驿站涨0.98%。\n大宗商品\n国际油价盘中大幅下跌。OPEC+将在下周举行会议，讨论进一步取消去年8月以来创纪录的减产，但尚未做出决定。\n截至发稿，WTI原油期货价格报72.67美元/桶，跌幅0.56%；布伦特原油期货价格报74.81美元/桶，跌幅0.51%。\n\n国际金价盘中走高。投资者等待更多经济数据。\n截至发稿，纽约市场黄金期货价格报1785.95美元/盎司，涨幅0.14%。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126341940,"gmtCreate":1624545697780,"gmtModify":1703840021504,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126341940","repostId":"1106576178","repostType":4,"repost":{"id":"1106576178","kind":"news","pubTimestamp":1624536819,"share":"https://ttm.financial/m/news/1106576178?lang=en_US&edition=fundamental","pubTime":"2021-06-24 20:13","market":"us","language":"zh","title":"XPeng Automobile Hong Kong Stock Issue Price Up to 180 Hong Kong Dollars per Share, Nio Sends Blessings","url":"https://stock-news.laohu8.com/highlight/detail?id=1106576178","media":"时代在线","summary":"小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。","content":"<p>Text/Li Zhuoling</p><p>Less than a year after the successful listing in the United States in August last year,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>He is preparing to return to Hong Kong for IPO in order to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price of this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p>On the same day, Times Finance learned on the official website of HKEx that XPeng Automobile had passed the listing hearing of HKEx and submitted the post-hearing data set for the first time. XPeng Automotive stated that this information set is not a final listing document and may be updated or amended by the Company from time to time in accordance with the Listing Rules.</p><p>It is reported that this return to Hong Kong stocks,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And Bank of America is the joint sponsor of Xpeng Motors. The aforementioned investment bank previously helped XPeng complete its listing in the United States. XPeng Motors, meanwhile, raised up to $2 billion this time. However, XPeng Automobile told Times Finance that it would not comment on the news related to its listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/637e64eaf32d8f5ba864c1e1c3561ec9\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\">Credit: XPeng Motors</p><p>It is worth noting that in addition to XPeng cars,<a href=\"https://laohu8.com/S/NIO\">Nio</a>And Li Auto have also been reported to have the heart of listing in Hong Kong. In March this year, according to media reports, Nio and XPeng Automobile have submitted listing applications to the Hong Kong Stock Exchange, but Ideal has not yet \"submitted the form\"; The report also quoted people familiar with the matter as saying that all three companies intend to sell 5% of their equity, and the total amount of funds raised may reach $5 billion.</p><p>Regarding the follow-up return plan and progress, Times Finance also interviewed Nio and<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Both sides said that there was no more information disclosed for the time being, and for the IPO dynamics of XPeng returning to Hong Kong, a person from Nio Public Relations Department said, \"Bless teammates\".</p><p><b>Dual Listing</b></p><p>\"The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and Hong Kong SFC. Generally speaking, this situation will be stricter than the secondary listing.\" On June 24th, Wang Yitang, a strategist at Sichuan Finance Securities, told Times Finance.</p><p>According to public information, enterprises with primary listings on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, subject to several major conditions, including that the enterprise must be a startup<a href=\"https://laohu8.com/S/300832\">New industries</a>The Company has a good compliance record of listing on a qualified exchange in at least the last two full fiscal years, and the applicant's total market capitalization at the time of the secondary listing in Hong Kong is not less than HK$40 billion, or the total market capitalization at the time of listing is not less than HK$10 billion and the revenue of the latest audited fiscal year is not less than HK$1 billion, etc.</p><p><img src=\"https://static.tigerbbs.com/7426061ec0b6d7263a5f645b48ccc96b\" tg-width=\"550\" tg-height=\"414\" referrerpolicy=\"no-referrer\">Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p>Wang Yitang told Times Finance that from the current market value of XPeng Automobile, coupled with the fact that the company is an innovative enterprise, it theoretically meets the standards of listing on the Hong Kong Stock Exchange. As of the close of trading on June 23rd, the closing price of XPeng Motors (XPEV.NYSE) US stock was 41.61 USD/share, with a total market value of 33.427 billion USD, or about 259.53 billion Hong Kong dollars.</p><p>However, XPeng Automotive still mentioned a number of risks and uncertainties in the post-hearing information submitted to the HKEx, including the challenges of being a new entrant in the industry, the potential failure of research and development efforts to produce the expected results, the risks of autonomous driving technology, and the fact that it has only recently started to generate revenue and is still generating losses and negative operating cash flows, which are likely to continue in the future.</p><p>Among them, in relation to<a href=\"https://laohu8.com/S/000572\">Haima Auotmobile</a>In terms of production capacity cooperation, XPeng Automobile said that the cooperation agreement with the former will expire on December 31 this year, but there may be a failure to enter into a new contract or extend the existing contract with Haima on acceptable terms and conditions, and the agreement entered into may also be terminated with the consent of both parties. If any of the foregoing occurs, XPeng Automobile may be required to enter into contracts with other third parties or substantially increase its own production capacity.</p><p>\"We cannot guarantee that we will be able to partner with other third parties or increase our own production capacity under such circumstances on acceptable terms to meet our needs, or at all. Complete any transition and ensure that the new third-party partner's factories<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>It may take more expense and time than expected for electric vehicles to meet our quality standards and regulatory requirements. Any of the foregoing factors may adversely affect our business, results of operations, financial condition and prospects. \" XPeng Motor pointed out in its submission of post-hearing information.</p><p><img src=\"https://static.tigerbbs.com/70c771acf3ec396d6a6bb60ff0922bce\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\">Image source: Network, please contact to delete the infringement</p><p><b>\"Wei Xiaoli\" accelerates its return to Hong Kong for listing and fundraising?</b></p><p>From the perspective of the industry, if XPeng Automobile lands in the Hong Kong stock market as it wishes, it will help it further broaden its financing channels and make capital reserves for its follow-up product launch and technology research and development.</p><p>According to the information submitted by Xpeng Motors to the HKEx, from 2018 to 2020, the annual R&D expenditure of XPeng Motors was RMB1.051 billion, RMB2.07 billion and RMB1.726 billion respectively, plus RMB535 million in the first quarter of this year, totaling about RMB5.382 billion. The above expenses accounted for 89.2%, 29.5% and 18.1% of the total revenue in 2019, 2020 and the three months ended March 31, 2021, respectively.</p><p>In terms of R&D personnel, as of the end of March this year, there were 2,442 employees (about 39.8% of the total) working in the R&D department of XPeng Automotive, of which 62.1%, 16.3% and 21.5% were dedicated to automotive design and engineering, autonomous driving and intelligent operating systems, respectively. In terms of employee breakdown by function, the proportion of R&D personnel in XPeng Automobile is second only to those in charge of sales and marketing (2,518), which accounts for 41.1%.</p><p>It is worth noting that XPeng Automobile has obtained sufficient cash reserves through its initial listing and subsequent stock issuance. It is reported that it completed its initial public offering and listed on the NYSE in August last year. After deducting underwriting discounts, commissions and expenses, it raised a total net proceeds of about 1.656 billion US dollars. Subsequently, in December last year, XPeng Motors completed a follow-up public offering at $45 per ADS or $22.5 per share, raising net proceeds of $2.445 billion after deducting underwriting discounts, commissions and expenses.</p><p>At present, apart from XPeng Automobile, Nio and Ideal, the other two leading new car companies, are rumored to have plans to return to Hong Kong for listing to further optimize financing channels. According to the Q1 financial report of \"Wei Xiaoli\" car companies, at present, the cash reserves of the three car companies exceed 30 billion yuan, of which Nio has a maximum cash reserve of 47.5 billion yuan, XPeng is 36.201 billion yuan and Li Auto is 30.36 billion yuan.</p><p>Previously, Li Xiang, founder and CEO of Li Auto, said that Ideal didn't mind any way of financing, including the secondary market, bank loans and bond issuance.</p><p>Some people in the industry told Times Finance that while expanding external financing channels, expanding the delivery scale to improve their own hematopoietic capacity is still the top priority for new car companies to achieve profitability. According to<a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>According to the research report, if Nio, XPeng and Ideal want to achieve profitability, the sales volume needs to reach 180,000, 120,000 and 60,000 respectively. By the end of May this year, the cumulative delivery volume of Nio was 109,500, the cumulative delivery volume of XPeng vehicles exceeded 64,000, and the cumulative delivery volume of Li Auto exceeded 56,000.</p>","source":"lsy1588128741489","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>XPeng Automobile Hong Kong Stock Issue Price Up to 180 Hong Kong Dollars per Share, Nio Sends Blessings</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\">\nXPeng Automobile Hong Kong Stock Issue Price Up to 180 Hong Kong Dollars per Share, Nio Sends Blessings\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">时代在线</strong><span class=\"h-time small\">2021-06-24 20:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Text/Li Zhuoling</p><p>Less than a year after the successful listing in the United States in August last year,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>He is preparing to return to Hong Kong for IPO in order to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price of this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p>On the same day, Times Finance learned on the official website of HKEx that XPeng Automobile had passed the listing hearing of HKEx and submitted the post-hearing data set for the first time. XPeng Automotive stated that this information set is not a final listing document and may be updated or amended by the Company from time to time in accordance with the Listing Rules.</p><p>It is reported that this return to Hong Kong stocks,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And Bank of America is the joint sponsor of Xpeng Motors. The aforementioned investment bank previously helped XPeng complete its listing in the United States. XPeng Motors, meanwhile, raised up to $2 billion this time. However, XPeng Automobile told Times Finance that it would not comment on the news related to its listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/637e64eaf32d8f5ba864c1e1c3561ec9\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\">Credit: XPeng Motors</p><p>It is worth noting that in addition to XPeng cars,<a href=\"https://laohu8.com/S/NIO\">Nio</a>And Li Auto have also been reported to have the heart of listing in Hong Kong. In March this year, according to media reports, Nio and XPeng Automobile have submitted listing applications to the Hong Kong Stock Exchange, but Ideal has not yet \"submitted the form\"; The report also quoted people familiar with the matter as saying that all three companies intend to sell 5% of their equity, and the total amount of funds raised may reach $5 billion.</p><p>Regarding the follow-up return plan and progress, Times Finance also interviewed Nio and<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Both sides said that there was no more information disclosed for the time being, and for the IPO dynamics of XPeng returning to Hong Kong, a person from Nio Public Relations Department said, \"Bless teammates\".</p><p><b>Dual Listing</b></p><p>\"The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and Hong Kong SFC. Generally speaking, this situation will be stricter than the secondary listing.\" On June 24th, Wang Yitang, a strategist at Sichuan Finance Securities, told Times Finance.</p><p>According to public information, enterprises with primary listings on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, subject to several major conditions, including that the enterprise must be a startup<a href=\"https://laohu8.com/S/300832\">New industries</a>The Company has a good compliance record of listing on a qualified exchange in at least the last two full fiscal years, and the applicant's total market capitalization at the time of the secondary listing in Hong Kong is not less than HK$40 billion, or the total market capitalization at the time of listing is not less than HK$10 billion and the revenue of the latest audited fiscal year is not less than HK$1 billion, etc.</p><p><img src=\"https://static.tigerbbs.com/7426061ec0b6d7263a5f645b48ccc96b\" tg-width=\"550\" tg-height=\"414\" referrerpolicy=\"no-referrer\">Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p>Wang Yitang told Times Finance that from the current market value of XPeng Automobile, coupled with the fact that the company is an innovative enterprise, it theoretically meets the standards of listing on the Hong Kong Stock Exchange. As of the close of trading on June 23rd, the closing price of XPeng Motors (XPEV.NYSE) US stock was 41.61 USD/share, with a total market value of 33.427 billion USD, or about 259.53 billion Hong Kong dollars.</p><p>However, XPeng Automotive still mentioned a number of risks and uncertainties in the post-hearing information submitted to the HKEx, including the challenges of being a new entrant in the industry, the potential failure of research and development efforts to produce the expected results, the risks of autonomous driving technology, and the fact that it has only recently started to generate revenue and is still generating losses and negative operating cash flows, which are likely to continue in the future.</p><p>Among them, in relation to<a href=\"https://laohu8.com/S/000572\">Haima Auotmobile</a>In terms of production capacity cooperation, XPeng Automobile said that the cooperation agreement with the former will expire on December 31 this year, but there may be a failure to enter into a new contract or extend the existing contract with Haima on acceptable terms and conditions, and the agreement entered into may also be terminated with the consent of both parties. If any of the foregoing occurs, XPeng Automobile may be required to enter into contracts with other third parties or substantially increase its own production capacity.</p><p>\"We cannot guarantee that we will be able to partner with other third parties or increase our own production capacity under such circumstances on acceptable terms to meet our needs, or at all. Complete any transition and ensure that the new third-party partner's factories<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>It may take more expense and time than expected for electric vehicles to meet our quality standards and regulatory requirements. Any of the foregoing factors may adversely affect our business, results of operations, financial condition and prospects. \" XPeng Motor pointed out in its submission of post-hearing information.</p><p><img src=\"https://static.tigerbbs.com/70c771acf3ec396d6a6bb60ff0922bce\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\">Image source: Network, please contact to delete the infringement</p><p><b>\"Wei Xiaoli\" accelerates its return to Hong Kong for listing and fundraising?</b></p><p>From the perspective of the industry, if XPeng Automobile lands in the Hong Kong stock market as it wishes, it will help it further broaden its financing channels and make capital reserves for its follow-up product launch and technology research and development.</p><p>According to the information submitted by Xpeng Motors to the HKEx, from 2018 to 2020, the annual R&D expenditure of XPeng Motors was RMB1.051 billion, RMB2.07 billion and RMB1.726 billion respectively, plus RMB535 million in the first quarter of this year, totaling about RMB5.382 billion. The above expenses accounted for 89.2%, 29.5% and 18.1% of the total revenue in 2019, 2020 and the three months ended March 31, 2021, respectively.</p><p>In terms of R&D personnel, as of the end of March this year, there were 2,442 employees (about 39.8% of the total) working in the R&D department of XPeng Automotive, of which 62.1%, 16.3% and 21.5% were dedicated to automotive design and engineering, autonomous driving and intelligent operating systems, respectively. In terms of employee breakdown by function, the proportion of R&D personnel in XPeng Automobile is second only to those in charge of sales and marketing (2,518), which accounts for 41.1%.</p><p>It is worth noting that XPeng Automobile has obtained sufficient cash reserves through its initial listing and subsequent stock issuance. It is reported that it completed its initial public offering and listed on the NYSE in August last year. After deducting underwriting discounts, commissions and expenses, it raised a total net proceeds of about 1.656 billion US dollars. Subsequently, in December last year, XPeng Motors completed a follow-up public offering at $45 per ADS or $22.5 per share, raising net proceeds of $2.445 billion after deducting underwriting discounts, commissions and expenses.</p><p>At present, apart from XPeng Automobile, Nio and Ideal, the other two leading new car companies, are rumored to have plans to return to Hong Kong for listing to further optimize financing channels. According to the Q1 financial report of \"Wei Xiaoli\" car companies, at present, the cash reserves of the three car companies exceed 30 billion yuan, of which Nio has a maximum cash reserve of 47.5 billion yuan, XPeng is 36.201 billion yuan and Li Auto is 30.36 billion yuan.</p><p>Previously, Li Xiang, founder and CEO of Li Auto, said that Ideal didn't mind any way of financing, including the secondary market, bank loans and bond issuance.</p><p>Some people in the industry told Times Finance that while expanding external financing channels, expanding the delivery scale to improve their own hematopoietic capacity is still the top priority for new car companies to achieve profitability. According to<a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>According to the research report, if Nio, XPeng and Ideal want to achieve profitability, the sales volume needs to reach 180,000, 120,000 and 60,000 respectively. By the end of May this year, the cumulative delivery volume of Nio was 109,500, the cumulative delivery volume of XPeng vehicles exceeded 64,000, and the cumulative delivery volume of Li Auto exceeded 56,000.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.time-weekly.com/post/282527\">时代在线</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f112c7634aa63c7d43e3db0ad6536d8","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://www.time-weekly.com/post/282527","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106576178","content_text":"文／李卓玲\n距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。\n同日，据时代财经在港交所官网了解到，小鹏汽车已通过港交所上市聆讯，并第一次呈交聆讯后资料集。小鹏汽车称，该资料集并非最终上市文件，公司可能会不时根据上市规则作出更新或修订。\n据悉，此次回归港股，摩根大通和美银为小鹏汽车联席保荐人，前述投行此前曾助小鹏完成赴美上市事宜。与此同时，小鹏汽车此次融资规模最多为20亿美元。不过，对于赴港上市相关消息，小鹏汽车对时代财经称，不予置评。\n图片来源：小鹏汽车\n值得关注的是，除了小鹏汽车外，蔚来和理想汽车此前亦均传出有赴港上市之心。今年3月，据媒体报道，蔚来、小鹏汽车已向港交所递交上市申请，而理想尚未“递表”；该报道并援引知情人士称，三家公司均打算出售5%的股权，筹资金额合计或将达到50亿美元。\n对于后续回归计划及进展，时代财经6月24日也分别采访了蔚来和理想汽车，双方均称暂无更多消息披露，而对于小鹏回港IPO动态，蔚来公关部人士称，“祝福队友”。\n双重上市\n“小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。”6月24日，川财证券策略分析师王一棠对时代财经表示。\n公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创新产业公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。\n图片来源：港交所官网截图\n小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。\n王一棠对时代财经称，从小鹏汽车当前市值，再加上该公司为创新企业，理论上满足上市港交所的标准。而截至6月23日收盘，小鹏汽车(XPEV.NYSE)美股收盘价为41.61美元/股，总市值达334.27亿美元，约合2595.3亿港币。\n不过，小鹏汽车在向港交所呈交的聆讯后资料中仍提及多项风险和不确定因素，包括作为行业新加入者的挑战、研发工作可能无法产能预期成果、自动驾驶技术风险，以及最近才开始产生收入且仍在产生亏损和负经营现金流，而此等情形将有可能于日后持续等。\n其中，在与海马汽车的产能合作方面，小鹏汽车称，与前者的合作协议将于今年12月31日届满，但可能存在未能与海马以可接纳的条款及条件订立新合约或延长现有合约，以及订立的协议亦可能会在双方同意下终止。如出现任何上述情况，小鹏汽车或须与其他第三方订立合约或大幅增加本身的产能。\n“我们无法保证在该情形下能按可接纳的条款，与其他第三方合伙或增加本身的产能以满足我们的需求，或完全不能满足。完成任何过渡及确保新第三方合作伙伴的工厂所生产的智能电动汽车符合我们的质量标准及监管规定所需的开支及时间可能较预期为多。上述任何因素均可能对我们的业务、经营业绩、财务状况及前景造成不利影响。”小鹏汽车在其呈交的聆讯后资料中指出。\n图片来源：网络，侵权请联系删除\n“蔚小理”加速回港上市筹资？\n在业界看来，若小鹏汽车如愿登陆港股市场，将助其进一步拓宽融资渠道，为其后续产品投放、技术研发等做好资金储备。\n据小鹏汽车呈交给港交所的资料显示，2018年至2020年，小鹏汽车的年研发开支分別为人民币10.51亿元、20.7亿元、17.26亿元，再加上今年一季度的5.35亿元，合计约53.82亿元。在2019年、2020年及截至2021年3月31日止三个月，上述开支分别占总收入89.2%、29.5%及18.1%。\n在研发人员方面，截至今年3月底，有2442名员工(占总人数约39.8%)在小鹏汽车研发部门工作，其中62.1%、16.3%和21.5%分别致力于汽车设计与工程、自动驾驶和智能操作系统。按职能分类的员工明细来看，小鹏汽车的研发人员占比仅次于负责销售及营销的员工（2518人），后者这一占比为41.1%。\n值得关注的是，小鹏汽车此前通过首发上市及后续股票增发等，获得较为充足的现金储备。据悉，其去年8月完成首次公开发售及于纽交所上市，经扣除承销折扣、佣金及开支后，共筹得所得款项净额约16.56亿美元。随后，去年12月，小鹏汽车又按每股美国存托股45美元或每股股份22.5美元的价格完成后续公开发售，经扣除承销折扣、佣金及开支后，共筹得所得款项净额24.45亿美元。\n而目前，除了小鹏汽车外，另外两家头部新势力车企蔚来、理想被传同样有回港上市计划，以进一步优化融资渠道。结合“蔚小理”车企Q1财报来看，目前三家车企现金储备均超300亿元，其中，蔚来现金储备最多达475亿元，小鹏为362.01亿元，理想汽车为303.6亿元。\n此前，理想汽车创始人、CEO李想曾对外表示，理想不介意任何一种方式的融资，包括二级市场、银行贷款和发债等。\n有业界人士对时代财经称，在拓宽外部融资渠道的同时，扩大交付规模以提升自身造血能力仍是新势力车企实现盈利的头等大事。据国信证券研报测算认为，蔚来、小鹏、理想要想实现盈利，销量规模分别需达到18万辆、12万辆和6万辆。截至今年5月底，蔚来累计交付量为10.95万辆，小鹏汽车累计交付量超6.4万辆，理想汽车累计交付量超5.6万辆。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":2757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126343215,"gmtCreate":1624545683237,"gmtModify":1703840021013,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126343215","repostId":"1121154040","repostType":4,"repost":{"id":"1121154040","kind":"news","pubTimestamp":1624539354,"share":"https://ttm.financial/m/news/1121154040?lang=en_US&edition=fundamental","pubTime":"2021-06-24 20:55","market":"us","language":"zh","title":"The Big Reveal: Windows 11 is hitting tonight! What updates can we see","url":"https://stock-news.laohu8.com/highlight/detail?id=1121154040","media":"腾讯科技","summary":"被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。","content":"<p>At 11: 00 pm on June 24th, Beijing time,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A new product launch conference will be held, which Microsoft CEO Nadella called the \"most important update\" of Windows in a decade.</p><p>Although Microsoft has not confirmed the upcoming new products in any public venue, the major leak of the development version of Windows 11 on June 16th made this matter less mysterious. Windows 11 will become the protagonist of tonight's conference, and Microsoft's most important update of Windows in the decade has been shown to us in all directions before the conference.</p><p>However, regarding this press conference, it can't be said that it is completely unattractive, and there are some details worthy of our attention.</p><p><b>How can Windows 11 improve on touch and gestures?</b></p><p><img src=\"https://static.tigerbbs.com/6bd9316044d53f9972729e9b791817e4\" tg-width=\"641\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>After experiencing the development version of Windows 11, many people found that compared with the previous Windows 10, this so-called \"big version\" made some Design adjustments on the interface to make it more in line with Microsoft Fluent Design Design language, and made no very obvious functional improvements.</p><p>Some users even gave it the positioning of a Windows 10 skin after experiencing the development version of Windows 11.</p><p>To a certain extent, Windows 11 is really not as good as when you switched from Win8 to Win10 before, and the design improvement is huge. But in fact, if you know the previous design evolution of Microsoft on Windows, you will find that the current version of Windows 11 actually has a very similar design to Windows 10X, which has been cut off by Microsoft.</p><p>Including \"Start menu centering, multi-tasking layout on the same screen\" and other functions that appeared on Windows 11 development version, they were originally standard of Windows 10X.</p><p>So the current leaked Windows 11 is more like an iterative version of the previous Windows 10X. However, since 10X is a product built by Microsoft for touch dual screens, what features will be added to the system in Windows 11 to support touch operation will become an important highlight at tonight's conference.</p><p>Microsoft has confirmed that it is planning to \"innovate and develop exciting sensor technologies\" for future versions of Windows. Popular features such as \"user presence detection\", gesture detection and ambient light will be improved to \"enable a dazzling user experience on Windows\" as part of Windows 11 or an upcoming Windows update.</p><p>This means that Microsoft hopes to realize the integration of desktop and mobile through the new Windows 11. Although Microsoft's current mobile phone projects are basically in a semi-abandoned state, Surface still needs touch operation to achieve excellent experience in more usage scenarios, so the improvement of touch and gesture in Windows 11 is very important.</p><p><b>Brand new Windows App Store?</b></p><p><img src=\"https://static.tigerbbs.com/f95bc54f95bce56f6cd39680c5670f5e\" tg-width=\"641\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>Although the App Store of MacOS is not strong, in comparison, the App Store currently provided by Windows 10 is even more chicken.</p><p>However, this matter may be greatly improved with Windows 11 coming tonight.</p><p>According to media reports, Microsoft has been developing a brand-new app store, which is more open and free. Microsoft plans to introduce more developers into the new app store, such as apps like Chorme or Firefox, which can be downloaded from the Microsoft App Store in the future.</p><p>Another major improvement will be the payment mechanism. Microsoft may allow developers to bypass Microsoft's payment mechanism in the new App store and realize in-app payment through a third-party payment mechanism in exchange for a 15% reduction in Microsoft's commission.</p><p>Don't be surprised if this happens at tonight's launch event, after all, Microsoft is now uniting with Epic to resist<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The high \"Apple tax\" on the App Store. This move may affect the reshuffle of how big companies such as Microsoft, Apple and Google charge for application services in the next few years.</p><p>Microsoft also recently announced that it would reduce the purchase commission of games listed in its own App Store from the previous 30% to 12%. This large discount has put pressure on App stores like Steam.</p><p><b>Windows 11 will focus on improving the experience of professional users?</b></p><p>As the world's largest desktop operating system, Windows' professional ability has been ignored by many people. In this Windows 11 development version, we actually saw Microsoft's optimization and improvement for some professional users.</p><p>In the new Windows 11, Microsoft has improved the display mode of switching between multiple desktops, and at the same time, its support for multiple displays is even better, which to a certain extent solves the problems accumulated by high-end users in multitasking for many years.</p><p><img src=\"https://static.tigerbbs.com/e9e63bb5de9abe3a6b4ddd323172017f\" tg-width=\"641\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>At the same time, Windows 11 has also focused more on improving the experience of game users. On this brand new set of operating systems, the new Xbox app is now integrated into Windows 11, providing quick access to Xbox Game Pass games, the social section of the Xbox network, and the Xbox Store.</p><p>At the same time, Windows 11 has also been tested on XBox, and we also hope to see more XBox functions incorporated into the desktop, such as providing automatic HDR display function, or faster game loading speed, etc., so as to improve the PC experience in games once.</p><p><b>Free upgrades?</b></p><p><img src=\"https://static.tigerbbs.com/3eb69ed623b5cc7b7239d753886fda0b\" tg-width=\"641\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p>Yes, that's what we'd most like to see on Windows 11.</p><p>Previously, when Microsoft upgraded Windows 10 in Windows 7/8, it adopted a free upgrade method, and all users can upgrade the corresponding Win10 version. We hope that the free thing will still appear on Windows 11.</p><p>The market has successfully told Microsoft that it is pointless to collect money from users to upgrade the system. As an operating system development company, Microsoft earns more software revenue from OEM licensing and commercial licensing. Therefore, it is very likely that Win11 will still adopt the free upgrade method of Win10 before.</p><p>Although Microsoft Windows 11 has sneaked away, in fact, Microsoft has left a lot of suspense for us. At 23: 00 on June 24th, Beijing time, when Microsoft officially holds a new product launch conference, these answers may be revealed.</p>","source":"lsy1580517846866","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Big Reveal: Windows 11 is hitting tonight! What updates can we see</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Big Reveal: Windows 11 is hitting tonight! What updates can we see\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-06-24 20:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At 11: 00 pm on June 24th, Beijing time,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A new product launch conference will be held, which Microsoft CEO Nadella called the \"most important update\" of Windows in a decade.</p><p>Although Microsoft has not confirmed the upcoming new products in any public venue, the major leak of the development version of Windows 11 on June 16th made this matter less mysterious. Windows 11 will become the protagonist of tonight's conference, and Microsoft's most important update of Windows in the decade has been shown to us in all directions before the conference.</p><p>However, regarding this press conference, it can't be said that it is completely unattractive, and there are some details worthy of our attention.</p><p><b>How can Windows 11 improve on touch and gestures?</b></p><p><img src=\"https://static.tigerbbs.com/6bd9316044d53f9972729e9b791817e4\" tg-width=\"641\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>After experiencing the development version of Windows 11, many people found that compared with the previous Windows 10, this so-called \"big version\" made some Design adjustments on the interface to make it more in line with Microsoft Fluent Design Design language, and made no very obvious functional improvements.</p><p>Some users even gave it the positioning of a Windows 10 skin after experiencing the development version of Windows 11.</p><p>To a certain extent, Windows 11 is really not as good as when you switched from Win8 to Win10 before, and the design improvement is huge. But in fact, if you know the previous design evolution of Microsoft on Windows, you will find that the current version of Windows 11 actually has a very similar design to Windows 10X, which has been cut off by Microsoft.</p><p>Including \"Start menu centering, multi-tasking layout on the same screen\" and other functions that appeared on Windows 11 development version, they were originally standard of Windows 10X.</p><p>So the current leaked Windows 11 is more like an iterative version of the previous Windows 10X. However, since 10X is a product built by Microsoft for touch dual screens, what features will be added to the system in Windows 11 to support touch operation will become an important highlight at tonight's conference.</p><p>Microsoft has confirmed that it is planning to \"innovate and develop exciting sensor technologies\" for future versions of Windows. Popular features such as \"user presence detection\", gesture detection and ambient light will be improved to \"enable a dazzling user experience on Windows\" as part of Windows 11 or an upcoming Windows update.</p><p>This means that Microsoft hopes to realize the integration of desktop and mobile through the new Windows 11. Although Microsoft's current mobile phone projects are basically in a semi-abandoned state, Surface still needs touch operation to achieve excellent experience in more usage scenarios, so the improvement of touch and gesture in Windows 11 is very important.</p><p><b>Brand new Windows App Store?</b></p><p><img src=\"https://static.tigerbbs.com/f95bc54f95bce56f6cd39680c5670f5e\" tg-width=\"641\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>Although the App Store of MacOS is not strong, in comparison, the App Store currently provided by Windows 10 is even more chicken.</p><p>However, this matter may be greatly improved with Windows 11 coming tonight.</p><p>According to media reports, Microsoft has been developing a brand-new app store, which is more open and free. Microsoft plans to introduce more developers into the new app store, such as apps like Chorme or Firefox, which can be downloaded from the Microsoft App Store in the future.</p><p>Another major improvement will be the payment mechanism. Microsoft may allow developers to bypass Microsoft's payment mechanism in the new App store and realize in-app payment through a third-party payment mechanism in exchange for a 15% reduction in Microsoft's commission.</p><p>Don't be surprised if this happens at tonight's launch event, after all, Microsoft is now uniting with Epic to resist<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The high \"Apple tax\" on the App Store. This move may affect the reshuffle of how big companies such as Microsoft, Apple and Google charge for application services in the next few years.</p><p>Microsoft also recently announced that it would reduce the purchase commission of games listed in its own App Store from the previous 30% to 12%. This large discount has put pressure on App stores like Steam.</p><p><b>Windows 11 will focus on improving the experience of professional users?</b></p><p>As the world's largest desktop operating system, Windows' professional ability has been ignored by many people. In this Windows 11 development version, we actually saw Microsoft's optimization and improvement for some professional users.</p><p>In the new Windows 11, Microsoft has improved the display mode of switching between multiple desktops, and at the same time, its support for multiple displays is even better, which to a certain extent solves the problems accumulated by high-end users in multitasking for many years.</p><p><img src=\"https://static.tigerbbs.com/e9e63bb5de9abe3a6b4ddd323172017f\" tg-width=\"641\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>At the same time, Windows 11 has also focused more on improving the experience of game users. On this brand new set of operating systems, the new Xbox app is now integrated into Windows 11, providing quick access to Xbox Game Pass games, the social section of the Xbox network, and the Xbox Store.</p><p>At the same time, Windows 11 has also been tested on XBox, and we also hope to see more XBox functions incorporated into the desktop, such as providing automatic HDR display function, or faster game loading speed, etc., so as to improve the PC experience in games once.</p><p><b>Free upgrades?</b></p><p><img src=\"https://static.tigerbbs.com/3eb69ed623b5cc7b7239d753886fda0b\" tg-width=\"641\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p>Yes, that's what we'd most like to see on Windows 11.</p><p>Previously, when Microsoft upgraded Windows 10 in Windows 7/8, it adopted a free upgrade method, and all users can upgrade the corresponding Win10 version. We hope that the free thing will still appear on Windows 11.</p><p>The market has successfully told Microsoft that it is pointless to collect money from users to upgrade the system. As an operating system development company, Microsoft earns more software revenue from OEM licensing and commercial licensing. Therefore, it is very likely that Win11 will still adopt the free upgrade method of Win10 before.</p><p>Although Microsoft Windows 11 has sneaked away, in fact, Microsoft has left a lot of suspense for us. At 23: 00 on June 24th, Beijing time, when Microsoft officially holds a new product launch conference, these answers may be revealed.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g8NrMXShsncnruGuc8TTjw\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a04bf2da8ab76e823e11aa8e2f8fa5a2","relate_stocks":{"MSFT":"微软"},"source_url":"https://mp.weixin.qq.com/s/g8NrMXShsncnruGuc8TTjw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121154040","content_text":"北京时间6月24日晚11点，微软将召开一场新品发布会，被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。\n尽管微软并没有在任何的公开场合确认过即将发布的新品，但因为6月16日Windows 11开发版本的重大泄露，让这件事变得没有那么神秘了。Windows 11将会成为今晚发布会的主角，而微软口中Windows十年最重要的更新，也已经在发布会之前就全方位的展示给我们了。\n但关于这场发布会，也不能说完全没有看点，其中还有一些细节值得我们关注。\nWindows 11在触摸和手势上能有何改善？\n\n很多人在体验过Windows 11的开发版本之后，发现这个所谓的“大版本”和之前的Windows 10相比，除了在界面上进行了一些设计调整，让它更贴合微软Fluent Design设计语言外，并让没有非常明显的功能性改进。\n甚至有的用户在体验完Windows 11开发版之后，给它了一个Windows 10皮肤的定位。\n从一定程度上讲，Windows 11确实不如之前从Win8转Win10时，设计改进巨大。但实际上如果你了解之前微软在Windows上的设计演进外，你会发现当下这个版本Windows 11实际上和已经被微软砍掉的Windows 10X有着极为相似的设计。\n包括“开始菜单居中、同屏多任务布局”等等在Windows 11开发版上出现的功能，原来都是Windows 10X的标配。\n所以目前泄露的Windows 11，更像是之前Windows 10X的迭代版本。但由于10X是微软为触摸双屏幕打造的产品，因此Windows 11将会在系统上增加哪些支持触摸操作的特性，将会成为今晚发布会上重要的看点。\n微软方面已经确认，正计划为未来的Windows版本 “创新和开发令人兴奋的传感器技术”。作为Windows 11或即将到来的Windows更新的一部分，“用户存在检测”、手势检测和环境光等流行功能将得到改进，以 “实现Windows上令人眼花缭乱的用户体验”。\n这意味着微软希望通过新的Windows 11来实现桌面和移动端的融合，尽管微软目前的手机项目基本上处于半放弃状态，但Surface依然需要触摸操作来实现在更多使用场景下的出色体验，因此Windows 11在触摸和手势上的改进，非常重要。\n全新的Windows App Store？\n\n尽管MacOS的App Store存在感也不强，但是相比之下，Windows 10目前提供的应用商店显得更加鸡肋。\n不过这件事可能会在今晚到来的Windows 11上大为改善。\n据媒体报道，微软一直在开发一个全新的应用商店，它更加的海纳百川也更加的自由。微软计划在新的应用商店中引入更多的开发者，比如Chorme或者Firefox这样的应用，未来都可以在微软应用商店进行下载。\n另外一个重大的改进，将会是支付机制上。微软或许将在新的应用商店中允许开发者绕过微软的支付机制，通过第三方的支付机制实现App内付款，以换得减免15%的微软抽成。\n如果这件事在今天晚上的发布会上成真，请别惊讶，毕竟微软现在正和Epic统一战线，以抵制苹果App Store高昂的“苹果税”。此举可能会影响到未来几年内，微软、苹果、Google这样的大公司，在应用服务上的收费方式重新洗牌。\n微软最近也宣布了将自家App Store中上架游戏的购买抽成从之前的30%降到12%，这大幅的优惠，让Steam这样的应用商店倍感压力。\nWindows 11将重点提升专业用户的使用感受？\nWindows作为全球最大的桌面操作系统，其专业能力其实一直被很多人忽视。而在此次Windows 11开发版中，我们其实看到了微软对于一些专业用户的优化改进。\n微软在新的Windows 11中，改善了多桌面之间切换的显示方式，同时对于多显示器的支持，也更加的出色，这从一定程度上解决了高端用户对于多任务处理上，多年积累的问题。\n\n同时Windows 11也更专注的改善了游戏用户的体验。在这套全新的操作系统上，新的Xbox应用程序现已集成到Windows 11中，提供对Xbox Game Pass游戏、Xbox网络的社交部分和Xbox商店的快速访问。\n同时目前Windows 11也已经在XBox上进行了测试，我们也希望看到更多XBox的功能被纳入到桌面端来，比如提供自动HDR显示功能，或者是更快的游戏加载速度等等，一次提升PC在游戏方面的体验。\n免费升级？\n\n是的，这是我们最希望在Windows 11上看到的。\n微软之前在Windows 7/8升级Windows 10时，采用了免费升级的方式，所有用户都可以升级对应的Win10版本。我们希望免费这件事，依然会出现在Windows 11上。\n市场已经成功的告诉微软，从用户手里收钱升级系统这件事是没有意义的，微软作为一家操作系统开发公司，更多软件的收入要来自OEM授权和商业许可。因此很有可能Win11依然会采用之前Win10免费升级的方式。\n尽管微软Windows 11已经偷跑，但实际上微软还是留下了不少悬念给我们。北京时间6月24日23点，微软正式召开新品发布会之时，这些答案可能会被揭开。","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":2909,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126349757,"gmtCreate":1624545666979,"gmtModify":1703840020194,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126349757","repostId":"1105253990","repostType":4,"repost":{"id":"1105253990","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":1624543189,"share":"https://ttm.financial/m/news/1105253990?lang=en_US&edition=fundamental","pubTime":"2021-06-24 21:59","market":"us","language":"zh","title":"Zhonggui Education Stocks Collectively Rebound, Gaotu Rises Over 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1105253990","media":"老虎资讯综合","summary":"周四美股盘中，中概教育股集体走高，截至发稿，$高途(GOTU)$涨7.3%，$掌门教育(ZME)$涨4.23%，$好未来(TAL)$涨4.14%，$新东方(EDU)$涨3.82%。","content":"<p>On Thursday, Chinese education stocks rose collectively in the U.S. stock market. As of press time,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Up 7.3%,<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>up 4.23%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>up 4.14%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>up 3.82%.</p><p><img src=\"https://static.tigerbbs.com/1361568be6786ad099d75fae05597ac8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhonggui Education Stocks Collectively Rebound, Gaotu Rises Over 7%</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\">\nZhonggui Education Stocks Collectively Rebound, Gaotu Rises Over 7%\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\">2021-06-24 21:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Thursday, Chinese education stocks rose collectively in the U.S. stock market. As of press time,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Up 7.3%,<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>up 4.23%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>up 4.14%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>up 3.82%.</p><p><img src=\"https://static.tigerbbs.com/1361568be6786ad099d75fae05597ac8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d0dcd81c76b57c004cab65425452aa1","relate_stocks":{"ZME":"掌门教育","GOTU":"高途","TAL":"好未来","EDU":"新东方"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105253990","content_text":"周四美股盘中，中概教育股集体走高，截至发稿，高途涨7.3%，掌门教育涨4.23%，好未来涨4.14%，新东方涨3.82%。","news_type":1,"symbols_score_info":{"TAL":0.9,"ZME":0.9,"GOTU":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":2830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121902911,"gmtCreate":1624447298833,"gmtModify":1703836948236,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121902911","repostId":"2145098856","repostType":4,"isVote":1,"tweetType":1,"viewCount":2963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121906871,"gmtCreate":1624447276193,"gmtModify":1703836946774,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121906871","repostId":"1193942232","repostType":4,"repost":{"id":"1193942232","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":1624439857,"share":"https://ttm.financial/m/news/1193942232?lang=en_US&edition=fundamental","pubTime":"2021-06-23 17:17","market":"us","language":"zh","title":"Pre-market Change: XPeng Automobile \"Returns to Hong Kong\", New Car Manufacturing Forces Collectively Pull Up","url":"https://stock-news.laohu8.com/highlight/detail?id=1193942232","media":"老虎资讯综合","summary":"6月23日（周三），美股三大指数期货在盘前时段涨跌不一，道指期货涨幅居前。今日，美国将公布第一季度经常帐（预测值-2068亿美元，前值-1885亿美元）、6月Markit制造业PMI等重要经济数据。另","content":"<p>On June 23rd (Wednesday), the three major index futures of U.S. stocks had mixed gains and losses in the pre-market session, and the Dow futures were among the top gainers. Today, the United States will announce the first quarter current account (forecast-$206.8 billion, previous value-$188.5 billion), June<a href=\"https://laohu8.com/S/MRKT\">Markit</a>Important economic data such as manufacturing PMI. In addition, Fed Governor Bowman, Atlanta Fed President and 2018 FOMC voting committee Bostic will also deliver speeches.</p><p><img src=\"https://static.tigerbbs.com/bd69c3560a3f0dc0f10bae39d40677f1\" tg-width=\"693\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose nearly 5% premarket. According to sources on Wednesday, XPeng Motors has been approved to go public in Hong Kong, and plans to raise $2 billion in Hong Kong. This Hong Kong stock listing of XPeng Automobile is a \"dual main listing\", and it is also the first dual listing of major Chinese stocks in Hong Kong and the United States in three years. Unlike other \"secondary listing\" of Hong Kong stocks, which can't be accessed through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, XPeng Automobile's Hong Kong stock IPO will return to Hong Kong stocks in a \"dual main listing\" way, which can meet the access conditions of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and facilitate A-share investors to invest in Hong Kong Stock Connect and activate stock transactions.</p><p>At the same time,<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It rose more than 2% before the market.</p><p>\"Truck version of Didi\"<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The group fell more than 2% before the market. Manbang Group officially landed on the New York Stock Exchange yesterday, closing up 13% on the first day of listing, and its market value exceeded 23 billion USD.</p><p>ALFI, a digital advertising management platform, fell by more than 10% before the market. Yesterday, the company announced the repurchase of $2 million of shares, closing up 108%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose 0.45% premarket. GLJ Research analyst Gordon Johnson issued a Research note reiterating a \"sell\" rating on Tesla with a $67 price target. The analyst lowered Tesla's second-quarter delivery forecast to 194,000 units from 196,000, while it raised its full-year 2021 delivery forecast to 799,700 units from 783,900.</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>Pre-market Change: XPeng Automobile \"Returns to Hong Kong\", New Car Manufacturing Forces Collectively Pull Up</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\">\nPre-market Change: XPeng Automobile \"Returns to Hong Kong\", New Car Manufacturing Forces Collectively Pull Up\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\">2021-06-23 17:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 23rd (Wednesday), the three major index futures of U.S. stocks had mixed gains and losses in the pre-market session, and the Dow futures were among the top gainers. Today, the United States will announce the first quarter current account (forecast-$206.8 billion, previous value-$188.5 billion), June<a href=\"https://laohu8.com/S/MRKT\">Markit</a>Important economic data such as manufacturing PMI. In addition, Fed Governor Bowman, Atlanta Fed President and 2018 FOMC voting committee Bostic will also deliver speeches.</p><p><img src=\"https://static.tigerbbs.com/bd69c3560a3f0dc0f10bae39d40677f1\" tg-width=\"693\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose nearly 5% premarket. According to sources on Wednesday, XPeng Motors has been approved to go public in Hong Kong, and plans to raise $2 billion in Hong Kong. This Hong Kong stock listing of XPeng Automobile is a \"dual main listing\", and it is also the first dual listing of major Chinese stocks in Hong Kong and the United States in three years. Unlike other \"secondary listing\" of Hong Kong stocks, which can't be accessed through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, XPeng Automobile's Hong Kong stock IPO will return to Hong Kong stocks in a \"dual main listing\" way, which can meet the access conditions of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and facilitate A-share investors to invest in Hong Kong Stock Connect and activate stock transactions.</p><p>At the same time,<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It rose more than 2% before the market.</p><p>\"Truck version of Didi\"<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The group fell more than 2% before the market. Manbang Group officially landed on the New York Stock Exchange yesterday, closing up 13% on the first day of listing, and its market value exceeded 23 billion USD.</p><p>ALFI, a digital advertising management platform, fell by more than 10% before the market. Yesterday, the company announced the repurchase of $2 million of shares, closing up 108%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose 0.45% premarket. GLJ Research analyst Gordon Johnson issued a Research note reiterating a \"sell\" rating on Tesla with a $67 price target. The analyst lowered Tesla's second-quarter delivery forecast to 194,000 units from 196,000, while it raised its full-year 2021 delivery forecast to 799,700 units from 783,900.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{"XPEV":"小鹏汽车",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193942232","content_text":"6月23日（周三），美股三大指数期货在盘前时段涨跌不一，道指期货涨幅居前。今日，美国将公布第一季度经常帐（预测值-2068亿美元，前值-1885亿美元）、6月Markit制造业PMI等重要经济数据。另外，美联储理事Bowman、亚特兰大联储主席、2018年FOMC票委博斯蒂克也将发表讲话。\n\n小鹏汽车盘前涨近5%。据消息人士周三透露，小鹏汽车赴港上市已经获得批准，计划在港融资20亿美元。小鹏汽车本次港股上市为“双重主要上市”，也是三年内首个香港、美国两地重大中概股双重上市。与其他港股“二次上市”的中概股无法通过沪港通、深港通接入不同，小鹏汽车本次港股IPO将以“双重主要上市”方式回归港股，可满足沪港通和深港通的接入条件，便于A股投资者借助港股通投资，活跃股票成交。\n同时，蔚来、理想汽车盘前涨超2%。\n“货车版滴滴”满帮集团盘前跌超2%。满帮集团昨天正式登陆纽交所，上市首日收涨13%，市值突破230亿美元。\n数字广告管理平台ALFI盘前跌超10%，昨日公司宣布回购200万美元股票，收涨108%。\n特斯拉盘前涨0.45%。GLJ Research分析师Gordon Johnson发布研究报告，重申对特斯拉 的“卖出”评级，目标价为67美元。该分析师将特斯拉第二季度交付量预期从19.6万下调至19.4万辆，而2021年全年交付量预期从78.39万上调到79.97万辆。","news_type":1,"symbols_score_info":{".DJI":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":2940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121906997,"gmtCreate":1624447255119,"gmtModify":1703836947259,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121906997","repostId":"1155650044","repostType":4,"repost":{"id":"1155650044","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":1624441077,"share":"https://ttm.financial/m/news/1155650044?lang=en_US&edition=fundamental","pubTime":"2021-06-23 17:37","market":"hk","language":"zh","title":"Pony.ai will work with Geely to build electric vehicles, joined by XPeng design director","url":"https://stock-news.laohu8.com/highlight/detail?id=1155650044","media":"老虎资讯综合","summary":"小马智行方面表示不予置评。","content":"<p>According to late LatePost, self-driving company Pony.ai is currently in contact with Geely and plans to build electric vehicles based on Geely's \"SEA Vast\" platform.</p><p>Pony Zhixing began to consider building cars at the beginning of this year, and poached people from major OEMs. At present, it has set up dozens of R&D teams in Shanghai. Original<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Zhao Qian, the forward-looking design director of the styling center, has joined Pony.ai to be responsible for the vehicle design. Pony Zhixing's past accumulation mainly lies in L4 autonomous driving technology. Cooperation with car companies can enable Pony Zhixing to fill up its vehicle manufacturing capacity faster.</p><p>Pony.ai said it would not comment on the above news.</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>Pony.ai will work with Geely to build electric vehicles, joined by XPeng design director</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\">\nPony.ai will work with Geely to build electric vehicles, joined by XPeng design director\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\">2021-06-23 17:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to late LatePost, self-driving company Pony.ai is currently in contact with Geely and plans to build electric vehicles based on Geely's \"SEA Vast\" platform.</p><p>Pony Zhixing began to consider building cars at the beginning of this year, and poached people from major OEMs. At present, it has set up dozens of R&D teams in Shanghai. Original<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Zhao Qian, the forward-looking design director of the styling center, has joined Pony.ai to be responsible for the vehicle design. Pony Zhixing's past accumulation mainly lies in L4 autonomous driving technology. Cooperation with car companies can enable Pony Zhixing to fill up its vehicle manufacturing capacity faster.</p><p>Pony.ai said it would not comment on the above news.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9650f2612f443ead7eb61b0211075572","relate_stocks":{"GELYY":"吉利汽车ADR","00175":"吉利汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155650044","content_text":"据晚点LatePost，自动驾驶公司小马智行（Pony.ai）目前正与吉利接触，计划基于吉利“SEA浩瀚”平台打造电动车。\n小马智行今年初开始考虑造车，并从各大主机厂挖人，目前已在上海组建起数十人的研发团队。原小鹏汽车造型设计中心前瞻设计总监赵谦已加盟小马智行，负责整车设计。小马智行过去的积累主要在于 L4 级自动驾驶技术，与车企合作，能让小马智行更快补齐整车制造能力。\n对上述消息，小马智行方面表示不予置评。","news_type":1,"symbols_score_info":{"00175":0.9,"GELYY":0.9}},"isVote":1,"tweetType":1,"viewCount":2680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121908130,"gmtCreate":1624447228620,"gmtModify":1703836945481,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121908130","repostId":"2145096977","repostType":4,"repost":{"id":"2145096977","kind":"news","pubTimestamp":1624443254,"share":"https://ttm.financial/m/news/2145096977?lang=en_US&edition=fundamental","pubTime":"2021-06-23 18:14","market":"us","language":"zh","title":"IP failure, good originality is difficult to find, how can You Aiteng break the \"curse\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2145096977","media":"DoNews","summary":"IP已经成为优爱腾片单中不可缺少的一部分。\n日前，优爱腾陆续召开春季招商会，也公布了自家的最新片单。和以往一样，无论什么题材的剧集，在选材上都能看到不同的IP题材。\n爱奇艺“爆款主推”的剧目、优酷的悬","content":"<p>IP has become an indispensable part of Youaiteng's film list.</p><p>A few days ago, You Aiteng held spring investment promotion meetings one after another, and also announced its latest film list. As in the past, no matter what theme of the drama, you can see different IP themes in the selection of materials.</p><p>Most of iQiyi's \"explosive main push\" repertoire and Youku's suspense theater are IP adaptations. Ideal City starring Sun Li and Zhao Youting, Ace Force starring Huang Jingyu and Xiao Zhan, Gate of Rebirth and Family of Five Elements are all based on popular online novels. Tencent Video, which relies on Tencent to obtain a large number of IP resources in China Literature, has directly formed an expansion strategy based on IP ecology, and launched many original remakes such as Eternal Juechen and Green Hairpin.</p><p>Not only video websites, but also film and television companies such as Noon Sunshine and Perfect Film and Television have spent high prices to buy IP copyrights. And produced out-of-the-circle works such as \"Nirvana in Fire\" and \"Honey Sinks as Ember as Frost\".</p><p>The reason why the industry is keen to adapt IP is that such episodes bring great benefits to themselves. Remakes of popular online novels such as Tomb Robber Notes and Celebrating More Than Years prompted the video platform to open the copyright payment market and the subsequent advanced on-demand payment mode, which stimulated the growth of member revenue of iQiyi and Tencent Video. Even the short video platform can't hold back. In August last year, Aauto Quicker reached a cooperation with China's \"Online Literature +\" conference, starting from the adaptation of 10 high-quality online IPs, and will jointly develop 100 high-quality online IPs in the future.</p><p>However, with the continuous improvement of public aesthetics, the problem of shoddy IP dramas has surfaced. Remakes such as Phoenix Prisoner and Choosing Heaven, which have only traffic but no quality, are abandoned by the audience. The industry gradually realized that it was not feasible to develop IP in a rough way, and turned to refined operation instead.</p><p>It can be seen that although the market is still very concerned about big IP in the past two years, according to the data of third-party platforms, the overall proportion of such dramas is constantly shrinking. Under the background that IP adapted dramas have embarked on a benign development road of quality rather than quantity, original dramas have also ushered in new developments, although the whole original drama market is still facing many problems at present.</p><p><b>The essence of adapting IP is traffic conversion</b></p><p>According to the 2020 Blue Book of Chinese Online Literature, in 2020, the number of online literature users in China reached 467 million, and the total number of works on the whole network was about 28 million. The average number of words updated on national literary websites exceeded 150 million per day, and the cumulative number of new words in the whole year exceeded 50 billion. Drive the total output value of downstream cultural industries to exceed 1 trillion yuan. This includes film and television adaptations.</p><p>This part of the industry has brought great benefits to major video websites. iQiyi can be said to be one of the first players to eat crabs.</p><p>In 2015, iQiyi launched the IP adaptation drama \"Tomb Robber Notes\" starring Li Yifeng and Yang Yang, which achieved 24.6 million hits in just 5 minutes. After 22 hours, the traffic exceeded 100 million, setting a record for the fastest online drama to break 100 million. iQiyi even tore open the opening of the membership payment model.</p><p>When the full content of the play was officially opened to iQIYI VIP members, there were 160 million instantaneous broadcast requests within 5 minutes. Because the platform can't bear such a large-scale traffic \"attack\", iQiyi server is \"paralyzed\".</p><p>This has made the market see the power of IP, and major video platforms and film and television companies have begun to hoard popular comics, online novels and other copyrights. According to Phoenix Wenchuang Insight, in 2017, online IP dramas won 70% of the market share of Chinese TV dramas. These IPs have also given the platform certain returns. For example, in 2016, 100% of online dramas with more than 2 billion broadcasts were adapted from online IP.</p><p>In the past two years, IP has continued to play a role, and several explosive dramas have even further promoted the realization of video websites.</p><p>In the middle of last year, iQiyi successfully launched the \"advanced on-demand\" charging mode and Star Diamond membership through two popular dramas \"Celebrating More Than Years\" and \"Chen Qing Ling\", which broadened the payment consumption scene of members, and made the revenue of the platform's membership service business increase by 7% year-on-year to 4 billion yuan in Q3 2020 despite the reduction of the number of members. Among them, the paid on-demand volume of the finale of \"Chen Qing Ling\" reached 5.2 million, and the final on-demand revenue was as high as 156 million yuan.</p><p>Tencent also stated in the first quarter of 2021 financial report that some IP adaptations into animation and live-action dramas are popular, such as \"Douluo Dalu\", and the member retention rate is high.</p><p>Why can IP adaptations be so sought after? This is closely related to the trait that IP has its own traffic.</p><p>The head online novel \"Tomb Robber Notes\" gained a large number of fans when it was serialized online. Driven by it, the total sales volume of nine physical books published by the novel exceeded 12 million; Other \"ancient\" popular online articles have also been able to achieve good listening volume in the emerging audio field with the help of fans; This is also the reason why today's IP remakes are easy to explode.</p><p>This kind of remake can enter the public eye driven by the original traffic. \"Son-in-law\", \"The Legend of Zhen Huan\" and other IPs were not broadcast first when they were remade. From casting arrangements to service, all kinds of details may be on the board<a href=\"https://laohu8.com/S/WB\">Weibo</a>Hot search, after causing hot discussion on the Internet, attracted the attention of some passersby and harvested new traffic.</p><p>However, adapting IP is not always a hit.</p><p><b>IP operation is insufficient, and adaptation will destroy the original work after all</b></p><p>Since the first year of IP in 2015, the platform and production companies have actually produced many explosive dramas, but they have also overturned.</p><p>\"His Highness Wolf\" is accused of \"spicy eyes\" from the plot to the lines, and the public score is only 4.3 points; After Zhang Yishan's version of \"The Deer and the Cauldron\" was broadcast, it was criticized in actors' acting skills, plot setting and editing. It suffered from word-of-mouth Waterloo, with a public score of 3.3 points, making it the \"worst Jin Yong martial arts remake\". \"Sweet Crit\", which adopts the classic \"IP + Traffic Artist\" routine and is adapted from the popular Korean comic \"Wild Girl\", was also ridiculed by netizens that \"I didn't see sweetness, every second was a critical hit\", and the \"motto\" of \"adapting and destroying the original work\" came into being.</p><p>Previous popular online novels such as Silent Reading and Blessing from Heavenly Officials caused many book powder conflicts when they were reported to be remade into dramas, and the theory of IP explosion finally became the theory of IP failure. For this phenomenon, producer Yu Miao attributed the reason to the blind development of the industry.</p><p>Yu Miao told DoNews (ID: ilovedonews), \"Some IPs are not suitable for adaptation. When these IPs are developed, if they are shot completely according to the original work, it may be difficult to support them because of the lack of many things. However, the change of broad knives and axes will also cause many problems, such as whether the screenwriting skills are strong enough, and doing so means that the whole IP is bought for nothing, and fans will not accept it.\" This has already learned many lessons before.</p><p>\"Phoenix Prisoner\" is a typical example of the magic drama. In order to avoid the sensitive crossing plot, the producer deleted many related plots, which basically deviated from the core points of the original IP. In the end, Douban scored only 3.7. It greatly consumes fans' loyalty to IP and reduces the commercial value of the original work. As a Danmei novel, \"Fourteen Years of Chenghua\" also dissuaded a large number of original fans because of the addition of BG (heterosexual) line in the remake.</p><p>After learning the lesson, the industry changed its previous aggression. \"Now the whole industry is becoming more and more cautious about the choice of IP. In addition to traffic, the industry pays more attention to whether this IP is a good story and whether it is operable.\" However, even with these characteristics, it is still difficult to create high-quality works due to the immature industry.</p><p>Cheng Wu, CEO of Yuewen, once said that the industrialization capability of China's IP industry is still in its infancy, and there are still many problems in IP operation capability and IP talent reserve. On this basis, it is proposed that China Reading should cultivate more creators including directors and screenwriters.</p><p>However, in the general environment of saying goodbye to the trend of extensive and high-quality, the pace of IP drama development has slowed down.</p><p>According to iiMedia Data Center, according to the proportion of IP dramas in online dramas in the Chinese market from 2017 to 2019, the proportion of IP dramas in online dramas in the Chinese market is decreasing year by year. In the past three years, the number of IP dramas in the Chinese market accounted for 42%, 32% and 29% respectively.</p><p>For the first time in 2021, the trend continued. According to data provided by IP Values, there were about 76 new dramas released in the first quarter of 2021, of which the number of IP dramas was about 44, accounting for about 58% of the total, while there were about 48 new IP dramas released in the first quarter of 2020, accounting for about 77% of all new dramas released in the current season.</p><p>The decline in the proportion of IP episodes means that the original market has more opportunities to emerge.</p><p><b>The original script of Sinking Underwater</b></p><p>Last year, the original market produced explosive dramas such as \"Twenty Don't Confuse\" and \"Thirty Only\". Among them, \"Thirty Only\" finally broke 7 billion hits, with more than 170 million users watching, Weibo and<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>The number of discussions on topics exceeded 20 billion. This year's \"Age of Awakening\" makes originality climb to another peak.</p><p>However, in contrast, there is still a certain gap between the original combat effectiveness and the IP adaptation. In 2019, there were 27 dramas with an average popularity of over 70, of which only 4 were original dramas, and the number of IP-adapted dramas was as high as 85%. According to the 2020 Domestic Drama Market Research Report released by Yien, the number of IP adaptations in the head drama in 2020 decreased slightly but still exceeded 60%, which means that there are still few original dramas that have become explosives.</p><p>Does this happen because there are too few quality original scripts? In the view of Wang Heming, CEO of Script Supermarket, this is not the case. \"There is no shortage of good original scripts in the market. The problem is how to find these scripts. Because the original is the part that sinks at the bottom of the water, unlike IP, which can be found floating on the water because of data reference. Because it can't be distinguished, the market misses many good works.\"</p><p>At the first \"Chinese Screenwriting Golden Week Conference\" in 2019, the document \"Research Report on the Current Situation and Development Trend of China's Screenwriting Industry\" released by the organizer also pointed out that the number of professional screenwriters is conservatively estimated to exceed 140,000. However, only 3% of the screenwriters have their works broadcast every year, and a large number of scripts are in a state of being unable to be shot.</p><p>Digging the script is only a link to create high-quality original dramas. Besides, we have to find a good production team for the script.</p><p>\"Because the platform receives not scripts but films, a good script needs to be given to a good producer, a good director and a good production company. The chain in between is too long. If the screenwriter lacks such ability, it will eventually lead to good stories failing to make good works, and the platform will not buy it, and it will only be buried in the end. Therefore, I hope that more intermediary platforms connecting screenwriters, scripts and film and television companies will appear to provide a path for original scripts to be discovered. \"</p><p>As such a platform, script supermarket has now cooperated with Aiyouteng,<a href=\"https://laohu8.com/S/300027\">Huayi Brothers</a>More than 4,000 companies have established in-depth cooperation and launched works such as Trumpeter in Position.</p><p>In addition to external blessing, if the original market wants to further develop, it is also necessary to improve the innovation ability of screenwriters from within. Gong Yu, CEO of iQiyi, said at this year's \"Screenwriter's Night\" that iQiyi has several review meetings every month, and every time it looks at several projects to more than a dozen projects, but the projects it sees all feel familiar.</p><p>Whether it's IP adaptation or original drama, the ultimate goal of the platform and producers is to produce more excellent works and create more explosives. However, with the policy cracking down on water injection dramas and the audience's appreciation level getting higher and higher, the concept that traffic is the market that the industry previously believed in is no longer effective. Only by further improving the operation of the whole industry chain and making every link such as authors, directors and screenwriters do a good job and become stronger can we export recognized films and television dramas.</p><p>As Yu Miao said, \"As an online IP,\" Hidden Corner \"is not a top work, but under good operation, the effect that the adapted film and television drama can bring can be said to be beyond expectations. Instead, the public began to review novels under the impetus of the drama.\" The development of the whole industry will eventually return to content and operation.</p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IP failure, good originality is difficult to find, how can You Aiteng break the \"curse\"?</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\">\nIP failure, good originality is difficult to find, how can You Aiteng break the \"curse\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">DoNews</strong><span class=\"h-time small\">2021-06-23 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>IP has become an indispensable part of Youaiteng's film list.</p><p>A few days ago, You Aiteng held spring investment promotion meetings one after another, and also announced its latest film list. As in the past, no matter what theme of the drama, you can see different IP themes in the selection of materials.</p><p>Most of iQiyi's \"explosive main push\" repertoire and Youku's suspense theater are IP adaptations. Ideal City starring Sun Li and Zhao Youting, Ace Force starring Huang Jingyu and Xiao Zhan, Gate of Rebirth and Family of Five Elements are all based on popular online novels. Tencent Video, which relies on Tencent to obtain a large number of IP resources in China Literature, has directly formed an expansion strategy based on IP ecology, and launched many original remakes such as Eternal Juechen and Green Hairpin.</p><p>Not only video websites, but also film and television companies such as Noon Sunshine and Perfect Film and Television have spent high prices to buy IP copyrights. And produced out-of-the-circle works such as \"Nirvana in Fire\" and \"Honey Sinks as Ember as Frost\".</p><p>The reason why the industry is keen to adapt IP is that such episodes bring great benefits to themselves. Remakes of popular online novels such as Tomb Robber Notes and Celebrating More Than Years prompted the video platform to open the copyright payment market and the subsequent advanced on-demand payment mode, which stimulated the growth of member revenue of iQiyi and Tencent Video. Even the short video platform can't hold back. In August last year, Aauto Quicker reached a cooperation with China's \"Online Literature +\" conference, starting from the adaptation of 10 high-quality online IPs, and will jointly develop 100 high-quality online IPs in the future.</p><p>However, with the continuous improvement of public aesthetics, the problem of shoddy IP dramas has surfaced. Remakes such as Phoenix Prisoner and Choosing Heaven, which have only traffic but no quality, are abandoned by the audience. The industry gradually realized that it was not feasible to develop IP in a rough way, and turned to refined operation instead.</p><p>It can be seen that although the market is still very concerned about big IP in the past two years, according to the data of third-party platforms, the overall proportion of such dramas is constantly shrinking. Under the background that IP adapted dramas have embarked on a benign development road of quality rather than quantity, original dramas have also ushered in new developments, although the whole original drama market is still facing many problems at present.</p><p><b>The essence of adapting IP is traffic conversion</b></p><p>According to the 2020 Blue Book of Chinese Online Literature, in 2020, the number of online literature users in China reached 467 million, and the total number of works on the whole network was about 28 million. The average number of words updated on national literary websites exceeded 150 million per day, and the cumulative number of new words in the whole year exceeded 50 billion. Drive the total output value of downstream cultural industries to exceed 1 trillion yuan. This includes film and television adaptations.</p><p>This part of the industry has brought great benefits to major video websites. iQiyi can be said to be one of the first players to eat crabs.</p><p>In 2015, iQiyi launched the IP adaptation drama \"Tomb Robber Notes\" starring Li Yifeng and Yang Yang, which achieved 24.6 million hits in just 5 minutes. After 22 hours, the traffic exceeded 100 million, setting a record for the fastest online drama to break 100 million. iQiyi even tore open the opening of the membership payment model.</p><p>When the full content of the play was officially opened to iQIYI VIP members, there were 160 million instantaneous broadcast requests within 5 minutes. Because the platform can't bear such a large-scale traffic \"attack\", iQiyi server is \"paralyzed\".</p><p>This has made the market see the power of IP, and major video platforms and film and television companies have begun to hoard popular comics, online novels and other copyrights. According to Phoenix Wenchuang Insight, in 2017, online IP dramas won 70% of the market share of Chinese TV dramas. These IPs have also given the platform certain returns. For example, in 2016, 100% of online dramas with more than 2 billion broadcasts were adapted from online IP.</p><p>In the past two years, IP has continued to play a role, and several explosive dramas have even further promoted the realization of video websites.</p><p>In the middle of last year, iQiyi successfully launched the \"advanced on-demand\" charging mode and Star Diamond membership through two popular dramas \"Celebrating More Than Years\" and \"Chen Qing Ling\", which broadened the payment consumption scene of members, and made the revenue of the platform's membership service business increase by 7% year-on-year to 4 billion yuan in Q3 2020 despite the reduction of the number of members. Among them, the paid on-demand volume of the finale of \"Chen Qing Ling\" reached 5.2 million, and the final on-demand revenue was as high as 156 million yuan.</p><p>Tencent also stated in the first quarter of 2021 financial report that some IP adaptations into animation and live-action dramas are popular, such as \"Douluo Dalu\", and the member retention rate is high.</p><p>Why can IP adaptations be so sought after? This is closely related to the trait that IP has its own traffic.</p><p>The head online novel \"Tomb Robber Notes\" gained a large number of fans when it was serialized online. Driven by it, the total sales volume of nine physical books published by the novel exceeded 12 million; Other \"ancient\" popular online articles have also been able to achieve good listening volume in the emerging audio field with the help of fans; This is also the reason why today's IP remakes are easy to explode.</p><p>This kind of remake can enter the public eye driven by the original traffic. \"Son-in-law\", \"The Legend of Zhen Huan\" and other IPs were not broadcast first when they were remade. From casting arrangements to service, all kinds of details may be on the board<a href=\"https://laohu8.com/S/WB\">Weibo</a>Hot search, after causing hot discussion on the Internet, attracted the attention of some passersby and harvested new traffic.</p><p>However, adapting IP is not always a hit.</p><p><b>IP operation is insufficient, and adaptation will destroy the original work after all</b></p><p>Since the first year of IP in 2015, the platform and production companies have actually produced many explosive dramas, but they have also overturned.</p><p>\"His Highness Wolf\" is accused of \"spicy eyes\" from the plot to the lines, and the public score is only 4.3 points; After Zhang Yishan's version of \"The Deer and the Cauldron\" was broadcast, it was criticized in actors' acting skills, plot setting and editing. It suffered from word-of-mouth Waterloo, with a public score of 3.3 points, making it the \"worst Jin Yong martial arts remake\". \"Sweet Crit\", which adopts the classic \"IP + Traffic Artist\" routine and is adapted from the popular Korean comic \"Wild Girl\", was also ridiculed by netizens that \"I didn't see sweetness, every second was a critical hit\", and the \"motto\" of \"adapting and destroying the original work\" came into being.</p><p>Previous popular online novels such as Silent Reading and Blessing from Heavenly Officials caused many book powder conflicts when they were reported to be remade into dramas, and the theory of IP explosion finally became the theory of IP failure. For this phenomenon, producer Yu Miao attributed the reason to the blind development of the industry.</p><p>Yu Miao told DoNews (ID: ilovedonews), \"Some IPs are not suitable for adaptation. When these IPs are developed, if they are shot completely according to the original work, it may be difficult to support them because of the lack of many things. However, the change of broad knives and axes will also cause many problems, such as whether the screenwriting skills are strong enough, and doing so means that the whole IP is bought for nothing, and fans will not accept it.\" This has already learned many lessons before.</p><p>\"Phoenix Prisoner\" is a typical example of the magic drama. In order to avoid the sensitive crossing plot, the producer deleted many related plots, which basically deviated from the core points of the original IP. In the end, Douban scored only 3.7. It greatly consumes fans' loyalty to IP and reduces the commercial value of the original work. As a Danmei novel, \"Fourteen Years of Chenghua\" also dissuaded a large number of original fans because of the addition of BG (heterosexual) line in the remake.</p><p>After learning the lesson, the industry changed its previous aggression. \"Now the whole industry is becoming more and more cautious about the choice of IP. In addition to traffic, the industry pays more attention to whether this IP is a good story and whether it is operable.\" However, even with these characteristics, it is still difficult to create high-quality works due to the immature industry.</p><p>Cheng Wu, CEO of Yuewen, once said that the industrialization capability of China's IP industry is still in its infancy, and there are still many problems in IP operation capability and IP talent reserve. On this basis, it is proposed that China Reading should cultivate more creators including directors and screenwriters.</p><p>However, in the general environment of saying goodbye to the trend of extensive and high-quality, the pace of IP drama development has slowed down.</p><p>According to iiMedia Data Center, according to the proportion of IP dramas in online dramas in the Chinese market from 2017 to 2019, the proportion of IP dramas in online dramas in the Chinese market is decreasing year by year. In the past three years, the number of IP dramas in the Chinese market accounted for 42%, 32% and 29% respectively.</p><p>For the first time in 2021, the trend continued. According to data provided by IP Values, there were about 76 new dramas released in the first quarter of 2021, of which the number of IP dramas was about 44, accounting for about 58% of the total, while there were about 48 new IP dramas released in the first quarter of 2020, accounting for about 77% of all new dramas released in the current season.</p><p>The decline in the proportion of IP episodes means that the original market has more opportunities to emerge.</p><p><b>The original script of Sinking Underwater</b></p><p>Last year, the original market produced explosive dramas such as \"Twenty Don't Confuse\" and \"Thirty Only\". Among them, \"Thirty Only\" finally broke 7 billion hits, with more than 170 million users watching, Weibo and<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>The number of discussions on topics exceeded 20 billion. This year's \"Age of Awakening\" makes originality climb to another peak.</p><p>However, in contrast, there is still a certain gap between the original combat effectiveness and the IP adaptation. In 2019, there were 27 dramas with an average popularity of over 70, of which only 4 were original dramas, and the number of IP-adapted dramas was as high as 85%. According to the 2020 Domestic Drama Market Research Report released by Yien, the number of IP adaptations in the head drama in 2020 decreased slightly but still exceeded 60%, which means that there are still few original dramas that have become explosives.</p><p>Does this happen because there are too few quality original scripts? In the view of Wang Heming, CEO of Script Supermarket, this is not the case. \"There is no shortage of good original scripts in the market. The problem is how to find these scripts. Because the original is the part that sinks at the bottom of the water, unlike IP, which can be found floating on the water because of data reference. Because it can't be distinguished, the market misses many good works.\"</p><p>At the first \"Chinese Screenwriting Golden Week Conference\" in 2019, the document \"Research Report on the Current Situation and Development Trend of China's Screenwriting Industry\" released by the organizer also pointed out that the number of professional screenwriters is conservatively estimated to exceed 140,000. However, only 3% of the screenwriters have their works broadcast every year, and a large number of scripts are in a state of being unable to be shot.</p><p>Digging the script is only a link to create high-quality original dramas. Besides, we have to find a good production team for the script.</p><p>\"Because the platform receives not scripts but films, a good script needs to be given to a good producer, a good director and a good production company. The chain in between is too long. If the screenwriter lacks such ability, it will eventually lead to good stories failing to make good works, and the platform will not buy it, and it will only be buried in the end. Therefore, I hope that more intermediary platforms connecting screenwriters, scripts and film and television companies will appear to provide a path for original scripts to be discovered. \"</p><p>As such a platform, script supermarket has now cooperated with Aiyouteng,<a href=\"https://laohu8.com/S/300027\">Huayi Brothers</a>More than 4,000 companies have established in-depth cooperation and launched works such as Trumpeter in Position.</p><p>In addition to external blessing, if the original market wants to further develop, it is also necessary to improve the innovation ability of screenwriters from within. Gong Yu, CEO of iQiyi, said at this year's \"Screenwriter's Night\" that iQiyi has several review meetings every month, and every time it looks at several projects to more than a dozen projects, but the projects it sees all feel familiar.</p><p>Whether it's IP adaptation or original drama, the ultimate goal of the platform and producers is to produce more excellent works and create more explosives. However, with the policy cracking down on water injection dramas and the audience's appreciation level getting higher and higher, the concept that traffic is the market that the industry previously believed in is no longer effective. Only by further improving the operation of the whole industry chain and making every link such as authors, directors and screenwriters do a good job and become stronger can we export recognized films and television dramas.</p><p>As Yu Miao said, \"As an online IP,\" Hidden Corner \"is not a top work, but under good operation, the effect that the adapted film and television drama can bring can be said to be beyond expectations. Instead, the public began to review novels under the impetus of the drama.\" The development of the whole industry will eventually return to content and operation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/norm_detail?url=https://finance.sina.com.cn/tech/2021-06-23/doc-ikqcfnca2781691.shtml\">DoNews</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b522e43768dcfdcf8a416d2782fe39a","relate_stocks":{"IQ":"爱奇艺"},"source_url":"https://cj.sina.cn/article/norm_detail?url=https://finance.sina.com.cn/tech/2021-06-23/doc-ikqcfnca2781691.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145096977","content_text":"IP已经成为优爱腾片单中不可缺少的一部分。\n日前，优爱腾陆续召开春季招商会，也公布了自家的最新片单。和以往一样，无论什么题材的剧集，在选材上都能看到不同的IP题材。\n爱奇艺“爆款主推”的剧目、优酷的悬疑剧场大多为IP改编剧。孙俪、赵又廷主演的《理想之城》，黄景瑜、肖战主演的《王牌部队》以及《重生之门》、《五行世家》均取材自人气网络小说。背靠腾讯获得阅文大量IP资源的腾讯视频更是直接形成了以IP生态为基础的扩张策略，推出了《千古玦尘》，《青簪行》等多部原著翻拍剧。\n不仅是视频网站，正午阳光、完美影视等影视公司都曾花费高价购买过IP版权。并且制作出《琅琊榜》、《香蜜沉沉烬如霜》等出圈作品。\n行业热衷于改编IP的原因在于这类剧集为自身带来了巨大效益。《盗墓笔记》、《庆余年》等人气网络小说的翻拍剧就促使视频平台打开版权付费市场以及后续的超前点播付费模式，拉动了爱奇艺、腾讯视频的会员营收增长。就连短视频平台也按捺不住，快手在去年8月与中国“网络文学+”大会达成合作，以10部优质网文IP的影视剧改编为起点，未来还将共同开发100个优质网文IP。\n不过随着大众审美的不断提升，IP剧粗制滥造的问题浮上水面。《凤囚凰》、《择天记》等只有流量没有质量的翻拍剧被观众舍弃。行业逐渐意识到赌马式的粗犷开发IP并不可行，转而走向精细化运作。\n可以看到，近两年市场虽然仍十分关注大IP，但根据第三方平台数据，这类剧集整体占比正在不断缩减。在IP改编剧走上要质不要量的良性发展道路的背景下，原创剧集也迎来了新的发展，尽管目前整个原创剧市场还面临着诸多问题。\n改编IP的本质是流量转化\n据《2020中国网络文学蓝皮书》显示，2020年中国网络文学用户规模达4.67亿人，全网作品累计约2800万部，全国文学网站日均更新字数超1.5亿，全年累计新增字数超过500亿。拉动下游文化产业总产值超过1万亿元。这其中就包括影视改编。\n这部分产业给各大视频网站带来极大收益，爱奇艺可以说就是最先吃到螃蟹的玩家之一。\n2015年，爱奇艺上线了李易峰杨洋主演的IP改编剧《盗墓笔记》，上线仅5分钟即刷下2460万次点击率，22小时后流量破亿，创造了网剧最快破亿纪录。爱奇艺更是借此撕开了会员付费模式的口子。\n当该剧全集内容向爱奇艺VIP会员正式开放后，5分钟内瞬时播放请求达1.6亿次。平台因承受不住如此大规模的流量“袭击”，致使爱奇艺服务器“大瘫痪”。\n这让市场看到了IP的力量，各大视频平台以及影视公司开始囤积极具人气的漫画、网络小说等各类版权，据凤凰文创洞察报道，2017年，网文IP剧拿下了中国电视剧市场份额的70%。这些IP也给予了平台一定的回报，比如在2016年，播放量超20亿的网剧100%改编自网文IP。\n近两年IP仍在持续发挥效应，几部爆款剧甚至进一步推动了视频网站变现。\n去年中旬，爱奇艺通过两部热播剧《庆余年》和《陈情令》成功推出“超前点播”收费模式和星钻会员，拓宽了会员付费消费场景，使得该平台在会员数减少的情况下，会员服务业务的收入在2020年Q3仍同比增长7%至40亿元。其中，《陈情令》大结局的付费点播量达到520万，最终的点播收入高达1.56亿元。\n腾讯也在2021年第一季度财报表示，一些IP改编为动画及真人剧集的作品广受欢迎，例如《斗罗大陆》等，会员留存率较高。\n为什么IP改编剧能如此受追捧?这与IP拥有自带流量的特质密切相关。\n头部网络小说《盗墓笔记》在网上连载之际收获了大量粉丝，在其带动下，该小说出版的九本实体书总销量得以超过1200万;其他“古早”人气网文也在粉丝力量的帮助下，得以在新兴的音频领域取得不错的收听量;如今的IP翻拍剧容易出爆款的原因也在于此。\n这类翻拍剧可以在原有流量的推动下走进大众视野。《赘婿》、《甄嬛传》等IP在翻拍的时候均未播先火，大到选角安排，小到服化道，各种细节上的问题都有可能登上微博热搜，在引起网络热议后引来一部分路人关注，收割新流量。\n但改编IP也并非百发百中。\nIP运营力不足，改编终究毁原著\n自2015年IP元年至今，平台以及制作公司着实产出了不少爆款剧集，但也没少翻车。\n《狼殿下》从剧情到台词都被指“辣眼睛”，大众评分仅有4.3分;张一山版《鹿鼎记》播出之后在演员演技、情节设置、剪辑方面都遭到诟病，遭遇口碑滑铁卢，大众评分3.3分，成为“最差金庸武侠翻拍剧”。采用经典“IP+流量艺人”套路、由韩国人气漫画《狂野少女》改编的《甜蜜暴击》也被网友调侃“没见到甜蜜，每一秒都是暴击”，“改编毁原著”的“箴言”就此产生。\n此前的热门网络小说《默读》、《天官赐福》等作品在传出要被翻拍成剧的时候，引发了不少书粉的抵触，IP爆款论最终变成了IP失灵论。对于这种现象，制片人于淼将其原因归结为行业盲目开发。\n于淼告诉DoNews(ID：ilovedonews)，“有些IP并不适合改编，这些IP在开发的时候，如果是完全按照原著来拍可能会因为缺少很多东西难以支撑。但是大刀破斧的去改也会产生很多问题，比如编剧功底是不是够强，而且这样做也就意味着整个IP就等于白买了，粉丝也不会接受。”这在之前已经有不少前车之鉴。\n《凤囚凰》就是魔改剧中的典型。为了避开敏感的穿越情节，制片方对很多相关剧情进行了删减，基本背离了原IP 的核心要点，最终豆瓣评分仅3.7。大大消耗了粉丝对IP的忠诚度，降低了原著的商业价值。作为耽美小说的《成化十四年》也因为在翻拍时加入了BG(异性恋)线，劝退了大量原著粉。\n接受过教训后，行业一改之前的冒进。“现在整个行业对于IP的选择越来越谨慎。除了流量以外，业内更看重这个IP是不是一个好故事以及是否有可操作性。”不过，即便具备了这些特质，由于行业不成熟，打造优质作品依旧困难。\n阅文CEO程武就曾表示，当前中国IP产业的工业化能力仍处在初级阶段，IP运营能力以及IP人才储备上还存在诸多问题。并在此基础上提出阅文要培养更多导演、编剧在内的创作者。\n而在告别粗放走向精品化趋势到来的大环境下，IP剧开发的步调随之慢了下来。\n据艾媒数据中心显示，从2017-2019年中国市场网剧IP剧数量占比情况来看，中国市场网剧IP剧数量比重呈逐年下降的趋势。这3年中国市场网剧IP剧数量占比分别为42%、32%以及29%。\n2021年第一度该趋势继续保持。据IP价值观提供的数据，2021年一季度上新剧集约为76部，其中IP剧集数量约为44部，约占整体的58%，而2020年一季度上新的IP剧约为48部，占当季所有上新剧比例约为77%。\nIP剧集占比下降意味着原创市场有了更多崭露头角的机会。\n沉在水下的原创剧本\n去年，原创市场便产生了《二十不惑》、《三十而已》等爆款剧集。其中《三十而已》最终点击量破70亿，超过1.7亿用户收看，微博和抖音的话题讨论量均超过200亿。今年的《觉醒年代》更是让原创再攀高峰。\n但相比之下，原创的战斗力较IP改编剧仍有一定差距。2019年骨朵平均热度超70的剧集达27部，其中仅有4部为原创剧集，IP改编剧集数量高达85%。艺恩发布的《2020年国产剧集市场研究报告》显示，2020年头部剧中IP改编剧数量稍减但仍超6成，也就是说成为爆款的原创剧依然很少。\n出现这种现象是因为优质原创剧本太少吗?在剧本超市CEO王鹤鸣看来并非如此。“市场上并不缺好的原创剧本，问题在于怎么把找到这些剧本。因为原创是沉在水底的那部分，不像IP因为有数据参考所以浮在水面上可以被发现。因为无法分辨，市场错过了很多好作品。”\n在2019年的第一届“华语编剧黄金周大会”上，主办方发布的《中国编剧行业现状及发展趋势研究报告》文件也指出，专业编剧从业人数保守估算超过14万。而每年有作品播出的编剧仅占3%，大量的剧本处于无法投拍的状态。\n挖掘剧本只是打造优质原创剧的一个环节，在这之外，还要给剧本找到好的制作团队。\n“因为平台收的不是剧本而是影片，所以一个好剧本还需要给到一个好的制片人，好的导演好以及好的制作公司，这中间的链条太长了。编剧如果缺乏这样的能力，最终就会导致好故事没能拍成好作品，平台就不会买账，最终只能被埋没。所以，希望能够有更多联结编剧、剧本和影视公司的中介平台出现，给原创剧本提供一个被发现的路径。”\n剧本超市作为这样一个平台，目前已经与爱优腾、华谊兄弟等4000多家公司建立了深度合作，推出了《号手就位》等作品。\n除了外部加持，原创市场要想更进一步发展，还要从内提高编剧的创新能力。爱奇艺CEO龚宇就在今年的“编剧之夜”上表示，爱奇艺每个月有数次的评审会，每一次看几个项目到十几个项目，但看到的项目都有似曾相识的感觉。\n无论是做IP改编剧还是做原创剧，平台以及制作方的最终目的还是产出更多优秀作品，打造更多爆款。而在政策严打注水剧、观众欣赏水平越来越高的情况下，此前行业所信奉的流量即市场的理念已经不再奏效。只有进一步提升整个产业链的运营，让作者、导演、编剧等每一个环节都做好做强，才能输出受到认可的影视剧。\n正如于淼所说，“作为网文IP，《隐秘的角落》并不算多么头部的作品，但是在很好的运作之下，改编后的影视剧可以带来的效果可以说是超出预期，大众反倒是在剧的推动下开始回顾小说。”而整个产业的发展最终还是要回归到内容与运营。","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121901544,"gmtCreate":1624447188088,"gmtModify":1703836944831,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121901544","repostId":"1170566189","repostType":4,"repost":{"id":"1170566189","kind":"news","pubTimestamp":1624444070,"share":"https://ttm.financial/m/news/1170566189?lang=en_US&edition=fundamental","pubTime":"2021-06-23 18:27","market":"us","language":"zh","title":"Lead times extended to record 18 weeks as chip shortages grow","url":"https://stock-news.laohu8.com/highlight/detail?id=1170566189","media":"新浪财经","summary":"从汽车制造到消费电子产品，这些芯片匮乏的行业将需要等待更长时间才能获得组件，因为订单交付延迟的情况越来越严重。\n根据Susquehanna Financial Group的研究，5月份芯片交货时间——","content":"<p>From automotive manufacturing to consumer electronics, these chip-starved industries will have to wait longer to get their hands on components as order delivery delays grow.</p><p>Chip lead times — the time it takes for semiconductors from order to pick-up — increased seven days to 18 weeks in May from the previous month, according to research by Susquehanna Financial Group, suggesting that chipmakers' struggles to meet demand are deteriorating. The gap is already the longest wait time since the agency began tracking the data in 2017, and more than four weeks longer than the previous peak in 2018.</p><p>That is, power management chips that regulate the current of devices from industrial machinery to smartphones are the main reason for the overall lead time extension. The lead time for these chips reached 25.6 weeks, nearly two weeks longer than a month ago. Shortages are widespread though.</p><p>\"The data highlights the widespread nature of the shortage, with extended lead times across most key product categories (power management, discrete devices, analog devices, passive devices),\" wrote Susquehanna analyst Chris Rolland.</p><p>Investors focus on lead times for clues about demand trends, but it could also be a signal that chip users are panicking and ordering too much, meaning the industry is heading towards oversupply. That is behind us, says Rolland, who is concerned that demand for end equipment is not enough to support current order levels.</p><p>although<a href=\"https://laohu8.com/S/BRCM\">Broadcom</a>、<a href=\"https://laohu8.com/S/NXPI\">NXP</a>semiconductor,<a href=\"https://laohu8.com/S/STM\">STMicroelectronics</a>And<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>And other companies' overall lead times have been extended, but some areas have begun to catch up with demand. Lead times for microcontrollers have been reduced by more than a week, Rolland writes. According to Susquehanna, lead times for analog chips have increased, but the pace of growth has slowed.</p><p>Susquehanna's research shows that optoelectronic components are becoming increasingly difficult to obtain. Most of the companies listed in the report that struggle to keep up with order demand see automakers as major customers.</p><p><img src=\"https://static.tigerbbs.com/35ca0b070d94bc05c63505d5fa70b09e\" tg-width=\"540\" tg-height=\"293\" referrerpolicy=\"no-referrer\"></p><p>The semiconductor shortage is being felt most clearly in the automotive industry, which is expected to lose more than $100 billion in sales of vehicles the industry cannot produce. The pain has been felt in other areas, including<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Many electronics manufacturers, including, are also unable to meet all the demand for their products.</p><p>Includes<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>Some chipmaking industry executives, including CEO Hock Tan, have warned against overreading the surge in lead times. They noted that the extended lead time is evidence that customers have a deeper understanding of the semiconductor industry and are willing to accept long-term supply agreements that cannot be cancelled.</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>Lead times extended to record 18 weeks as chip shortages grow</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\">\nLead times extended to record 18 weeks as chip shortages grow\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-06-23 18:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>From automotive manufacturing to consumer electronics, these chip-starved industries will have to wait longer to get their hands on components as order delivery delays grow.</p><p>Chip lead times — the time it takes for semiconductors from order to pick-up — increased seven days to 18 weeks in May from the previous month, according to research by Susquehanna Financial Group, suggesting that chipmakers' struggles to meet demand are deteriorating. The gap is already the longest wait time since the agency began tracking the data in 2017, and more than four weeks longer than the previous peak in 2018.</p><p>That is, power management chips that regulate the current of devices from industrial machinery to smartphones are the main reason for the overall lead time extension. The lead time for these chips reached 25.6 weeks, nearly two weeks longer than a month ago. Shortages are widespread though.</p><p>\"The data highlights the widespread nature of the shortage, with extended lead times across most key product categories (power management, discrete devices, analog devices, passive devices),\" wrote Susquehanna analyst Chris Rolland.</p><p>Investors focus on lead times for clues about demand trends, but it could also be a signal that chip users are panicking and ordering too much, meaning the industry is heading towards oversupply. That is behind us, says Rolland, who is concerned that demand for end equipment is not enough to support current order levels.</p><p>although<a href=\"https://laohu8.com/S/BRCM\">Broadcom</a>、<a href=\"https://laohu8.com/S/NXPI\">NXP</a>semiconductor,<a href=\"https://laohu8.com/S/STM\">STMicroelectronics</a>And<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>And other companies' overall lead times have been extended, but some areas have begun to catch up with demand. Lead times for microcontrollers have been reduced by more than a week, Rolland writes. According to Susquehanna, lead times for analog chips have increased, but the pace of growth has slowed.</p><p>Susquehanna's research shows that optoelectronic components are becoming increasingly difficult to obtain. Most of the companies listed in the report that struggle to keep up with order demand see automakers as major customers.</p><p><img src=\"https://static.tigerbbs.com/35ca0b070d94bc05c63505d5fa70b09e\" tg-width=\"540\" tg-height=\"293\" referrerpolicy=\"no-referrer\"></p><p>The semiconductor shortage is being felt most clearly in the automotive industry, which is expected to lose more than $100 billion in sales of vehicles the industry cannot produce. The pain has been felt in other areas, including<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Many electronics manufacturers, including, are also unable to meet all the demand for their products.</p><p>Includes<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>Some chipmaking industry executives, including CEO Hock Tan, have warned against overreading the surge in lead times. They noted that the extended lead time is evidence that customers have a deeper understanding of the semiconductor industry and are willing to accept long-term supply agreements that cannot be cancelled.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-06-23/doc-ikqciyzk1297416.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/8a1a8c5698b6f32ee1637556a15bb35b","relate_stocks":{"159813":"芯片"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-06-23/doc-ikqciyzk1297416.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170566189","content_text":"从汽车制造到消费电子产品，这些芯片匮乏的行业将需要等待更长时间才能获得组件，因为订单交付延迟的情况越来越严重。\n根据Susquehanna Financial Group的研究，5月份芯片交货时间——半导体从订购到提货的时间——比此前一个月增加了7天达到18周，表明芯片制造商难以满足需求的状况正在恶化。这一差距已经是该机构自2017年开始追踪该项数据以来最长的等待时间，比2018年的前一个峰值长了四周多。\n即调节从工业机械到智能手机等设备电流的电源管理芯片是整体交货时间延长的主要原因。这些芯片的交货时间达到25.6周，比一个月前长了近两周。不过短缺普遍存在。\n“数据突显了短缺的广泛性，大多数关键产品类别（电源管理、分立器件、模拟器件、无源器件）的交货时间都有延长，”Susquehanna分析师Chris Rolland写道。\n投资者关注交货时间，从中寻找有关需求趋势的线索，但这也可能是芯片用户感到恐慌而订购过多产品的信号，意味着该行业正迈向供过于求。Rolland说，这一点已经过去了，他担心终端设备的需求不足以支持当前的订单水平。\n虽然博通、恩智浦半导体、意法半导体和德州仪器等公司的总体交货时间延长，但一些领域已开始赶上需求。Rolland写道，微控制器的交货时间减少了一周多。根据Susquehanna，模拟芯片的交货时间增加，但增速放缓了。\nSusquehanna的研究显示，光电元器件越来越难获得。报告中列出的难以跟上订单需求的公司大多都将汽车制造商视为主要客户。\n\n汽车行业对半导体短缺感受最为明显，预计该行业无法生产的汽车销售额将损失超过1000 亿美元。其他领域也感受到了痛苦，包括苹果在内的许多电子制造商也无法满足对其产品的所有需求。\n包括博通首席执行官Hock Tan在内的一些芯片制造行业高管已经警告，不要过度解读交货时间的激增。他们指出，交货时间延长证明客户对半导体行业的了解加深，并且愿意接受无法取消的长期供应协议。","news_type":1,"symbols_score_info":{"159813":0.9}},"isVote":1,"tweetType":1,"viewCount":934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121903742,"gmtCreate":1624447145086,"gmtModify":1703836943697,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121903742","repostId":"1117385571","repostType":4,"repost":{"id":"1117385571","kind":"news","pubTimestamp":1624444515,"share":"https://ttm.financial/m/news/1117385571?lang=en_US&edition=fundamental","pubTime":"2021-06-23 18:35","market":"sh","language":"zh","title":"Feng Mingyuan: Science and technology sector is suitable for fixed investment, and the opportunity of new energy vehicles is in charging piles","url":"https://stock-news.laohu8.com/highlight/detail?id=1117385571","media":" 投资作业本","summary":"“科技板块的吸引力就是这种快速的爆发式的增长。”\n“对于非专业投资者定投这种科技类的基金应该说是最好的一种方式。”\n“我们投消费电子或者说未来智能硬件这一块需要去找一些细分品类，然后找到这种能够爆发式","content":"<p>\"The attraction of the technology sector is this rapid explosive growth.\"</p><p>\"It should be said that it is the best way for non-professional investors to invest in this kind of technology fund.\"</p><p>\"We're investing in consumer electronics or the future<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>In this hardware area, we need to find some sub-categories, and then find this point or product that can grow explosively. \"</p><p>\"I believe that the (new energy subsidy) policy will gradually withdraw, mainly because it is still an encouragement and support. When this industry develops on the right track, it will gradually withdraw, the scale effect will come out, and the price of new energy vehicles will gradually drop... Even if it is subsidized later, there is no need to worry particularly, because it still has obvious advantages in product strength after all.\"</p><p>\"In fact, the net value of a few dollars of the fund is not without any representative significance. It just records the performance of a fund in your past, and it has nothing to do with the future performance of this fund and the current net value.\"</p><p>\"I believe the technology sector will have a good performance in these two or three decades.\"</p><p>\"The military industry still doesn't match our current GDP level, and the overall development of our military industry still needs to make up lessons.\"</p><p>\"The profit model of e-sports is still unstable, so this asset was not recognized by this capital market after listing.\"</p><p>On June 21st, in the live broadcast jointly organized by Alipay and Cinda Australia Bank Fund, Feng Mingyuan, manager of Science and Technology Golden Bull and Cinda Australia Bank Fund, shared the above views.<img src=\"https://static.tigerbbs.com/c4e80e2f96106651b36c7a027d47ccc6\" tg-width=\"640\" tg-height=\"448\" referrerpolicy=\"no-referrer\">The following is the essence of the investment workbook, which is shared with you:</p><p><b>The attractiveness of the technology sector lies in rapid and explosive growth</b></p><p>Feng Mingyuan: The technology industry is because of the whole one<b>The biggest feature is that there are still more innovations</b>Therefore, in the time of technological innovation, many new products and technologies will come out. These new products and technologies will change our lives profoundly or quickly. After this rapid change, its products will be sold particularly quickly. Its corresponding listed company, its products including technology, its sales may be very good, corresponding to its profits and revenue, it will have a good embodiment, and its stocks will perform accordingly. Therefore, let's say that the attraction of its technology sector is this rapid explosive growth.</p><p><b>Volatile sectors are suitable for fixed investment</b></p><p><b>Moderator: As we all know, the whole fluctuation of the science and technology sector is also quite intense. Faced with such a volatile sector, how is it better to invest?</b></p><p>Feng Mingyuan: The volatile sector is the easiest and worry-free way that we often mention to make fixed investment, because you don't have to look at the stock price if you make fixed investment, because the technology sector is difficult to grasp, the technology changes faster, and the products change faster. Therefore, it should be said that it is the best way for non-professional investors to invest in this kind of technology fund. I personally will invest in my own fund.</p><p><b>Invest in consumer electronics to find subdivision plates and explosive growth points</b></p><p>Moderator: What investment opportunities do you think there are in consumer electronics?</p><p>Feng Mingyuan: What impressed me deeply was that in the past 12 or 13 years, things like<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Smartphones, it is achieved a rapid explosive growth in revenue profits, and the stock price is also performing very well.</p><p>Now, for the consumer electronics sector, everyone still hopes to find products similar to Apple's explosive growth again.</p><p>In the future, for example, wearable devices, including AR, VR or many smart small products that everyone carries with them are similar to watches, Bluetooth headsets, Apple tracking locators (worn on kittens and puppies, they can always find positioning, or on the elderly), and things like sweeping the floor<a href=\"https://laohu8.com/S/300024\">Robot</a>, scooter balance car, these are all intelligent hardware. When we invest in consumer electronics or future intelligent hardware, we need to find some sub-categories, and then find this point or product that can grow explosively.</p><p><b>Focus on companies with deep R&D accumulation and more capital investment</b></p><p>Moderator: How to find some investment opportunities in semiconductors?</p><p>Feng Mingyuan:<b>In the semiconductor sector, localization substitution in our country in the past two years should be said to be a relatively big development trend.</b>In the past two years, the localization speed of some high-end manufacturing industries in our country is relatively fast, and semiconductors should be said to be one of the important fields.</p><p>In this investment, we need to focus on some deep technology accumulation, and then the sales channels have opened some big domestic customers, and then the foundation of R&D is relatively good. For example, there are many masters and doctorates among R&D personnel, and the R&D accumulation is relatively deep. When the market gives you opportunities, these enterprises can seize the opportunities relatively quickly when making localization substitution, because in the past, the market did not give opportunities. In fact, many companies still invested a lot in R&D funds. This is from a stock investment perspective.</p><p>Then, from the perspective of fund investment, there are many Public Offering of Funds, which are invested in the field of chip semiconductors, and semiconductors are also an important sub-sector of emerging industries, so we will invest quite a lot of investment and research resources, time and energy in this field.</p><p><b>Future Opportunities of New Energy Vehicles Focus on Charging Bits</b></p><p>Moderator: May I ask how General Manager Feng thinks of our new energy vehicle industry and some investment opportunities behind it.</p><p>Feng Mingyuan: As you can observe, the number of green-plate electric vehicles on the road is increasing,<b>First</b>Is the number is relatively large, this is a.</p><p>Second, the penetration rate is not very high. Although it is growing rapidly, for example, if you go to the parking space to observe, the total amount of new energy vehicles is not very large, which indicates that there is still a lot of space in the future.</p><p>The number of charging positions is not particularly large,<b>So this piece is where the future growth potential lies</b>That is, I believe that in the future, maybe one third or half of the parking spaces will be equipped with charging piles, and the future will definitely be visible on the road,<b>In three to five years, I think there may be 20 to 30 percent, or even more vehicles will be new energy vehicles, so this piece is the opportunity for new energy vehicles in the future</b>。</p><p>Third, the driving experience is good and the start is quick, like the domestic XPeng<a href=\"https://laohu8.com/S/NIO\">Nio</a>Ideally, these cars will accelerate better than fuel cars that cost twice as much. For example, while waiting for a traffic light, you may be the first to rush out, and then Mercedes-Benz and BMW are eating dirt behind your ass.</p><p>The autonomous driving experience is good, and its assisted driving still makes people feel a lot less fatigued when driving.</p><p>At present, the charging speed is much faster than before. At present, from a fast charging pile I have experienced myself, basically 15~20 minutes can be enough for you to commute to and from work in the urban area.</p><p>The usability, price and experience of new energy vehicles have reached an ordinary level<a href=\"https://laohu8.com/S/603883\">Ordinary people</a>To such an acceptable level of consumption, the development will be faster and faster. I also changed from a fuel vehicle to a new energy vehicle last year.</p><p><b>Scientific and technological enterprises focus on R&D</b></p><p>Moderator: If you are researching a technology-based enterprise, what do you think is the most critical factor that can impress you?</p><p>Feng Mingyuan: Pay attention to R&D, including its technology R&D and product R&D, for example, the number of people in its patent R&D, including whether there are some outstanding R&D leaders.</p><p>On the product, we may also observe a comparison between its products and its peers on the market, including a leading nature of various performance technologies. It should be said that technology and products may be a prominent feature of technology enterprises compared with other industries.</p><p><b>New energy subsidy policy will be slowly withdrawn, but new energy vehicles still have obvious advantages</b></p><p><b>Moderator: Now the subsidy for new energy vehicles is slowly being withdrawn. Will the future development of new energy vehicles be greatly affected?</b></p><p>Feng Mingyuan: Nowadays, in some places, the policies of each place are different. Like some cities, it is actually easier to get green cards for new energy vehicles. In fact, the impact is quite great, because oil trucks cost about 50,000 to 60,000 yuan to take a card in first-tier cities like now, and green cards can basically save this piece.</p><p>In terms of tax, generally, many places will still have subsidies for buying oil trucks, so it should be said that in terms of economy, this piece will basically be 60,000 to 70,000 yuan or 70,000 to 80,000 yuan.</p><p>In terms of policy, I believe that it will gradually withdraw, mainly because it is still an encouragement and support. When this industry develops on the right track, it will gradually withdraw, the scale effect will come out, and the price of new energy vehicles will gradually drop.</p><p>In terms of performance, the new energy vehicle has the incomparable performance of the oil vehicle. Because of its natural battery motor performance, its system is also relatively simple, so it will do cheaper than the oil vehicle. With the same acceleration and the same performance, it will definitely do cheaper than the oil vehicle.</p><p>In terms of intelligence, because the intelligence of electrified systems is actually easier to realize, it will actually have a greater advantage over oil trucks in terms of performance and intelligence. Therefore, even if it is subsidized later, there is no need to worry particularly, because after all, it still has obvious advantages in product strength.</p><p><b>Fund Net Value Means Little, Different from Stock Concept</b></p><p>The net value of the fund is different from the concept of stocks, because stocks, for example, have a market value of 100 billion and a market value of 10 billion. Indeed, the market value of stocks with a market value of 100 billion is definitely larger than that of small market capitalization stocks. However, because our fund manager is also dynamically adjusting positions, we will adjust the allocation of a stock in our whole fund according to our investment and research situation.</p><p>Therefore, my 4-yuan fund may have the same stock allocation as a 6-cent fund, so the trend behind the whole fund may also be the same. Therefore, the net value of a few dollars of the fund is actually not without any representative significance. It just records the performance of your past fund, which has nothing to do with the future performance of this fund and its current net value.</p><p><b>What areas does the tech sector focus on?</b></p><p>Feng Mingyuan: The main fields of the science and technology sector include new energy, semiconductor communication electronics, some computer software, and the Internet. There are also some fields of high-end manufacturing, such as some new materials, which are also the fields that our foundation invests in. There is no limit to saying that we can only invest in a certain industry, so in the end, we will also have an appropriate investment in some better consumption. Of course, the general direction is still in the direction of manufacturing or emerging industries.</p><p><b>Optimistic about new energy vehicles and emerging technological industries</b></p><p>Moderator: May I ask if General Manager Feng has any subdivision plate that he is particularly optimistic about?</p><p>We have been investing in new energy vehicles, including emerging industries like science and technology. At present, we will invest more.</p><p><b>How to distinguish new energy industries?</b></p><p><b>Stock trading can secrete adrenaline, it is recommended that funds and stocks are matched with some</b></p><p>Feng Mingyuan: Basically, I think many individual investors can allocate more funds and stocks. Of course, for this kind of non-professional investor, if you are not in the financial industry or in this business, my personal suggestion is that you can allocate a little more funds, and then stocks can also be allocated appropriately, but don't allocate too much, because stocks fluctuate greatly. If you are not a particularly professional investor, in fact, too much fluctuation may also affect your mood.</p><p>Of course, I think we still have to buy some stocks, because scientists have done a test experiment, that is to say, investment in stocks is more conducive to the human body to secrete its adrenaline, so everyone will feel very happy and high when trading stocks, because of the adrenaline it secretes when you are trading stocks, you can still take some money to invest in some stocks to make your life happier.</p><p><b>There are also many good companies on the Science and Technology Innovation Board</b></p><p>Feng Mingyuan: We will also vote in the Science and Technology Innovation Board normally, because there are many good companies in the Science and Technology Innovation Board. Indeed, because its system is more innovative, it is different from the original main board listing system, so it has some interesting companies and smaller companies, but its technology research and development may be quite bright, so I think there are still many opportunities in the Science and Technology Innovation Board.</p><p>Of course, I think many of you like to buy Science and Technology Innovation Board or GEM, because it can have a daily limit of 20 points, and everyone will play higher.</p><p><b>The technology sector will perform well in the next two or three decades</b></p><p>Moderator: What do you think of the technology market outlook?</p><p>Feng Mingyuan: I can't figure out the science and technology sector either. There is definitely no doubt about the medium-and long-term direction, because people often say that we are in a new industrial revolution, from the steam age to internal combustion engines, fossil energy, and then to the current era of new energy to wind power and photovoltaic new energy. You can understand that automobiles are actually a particularly typical symbol of this watershed, from steam vehicles to internal combustion engine vehicles to the current new energy vehicles, so we are in this cycle of great technological change, just saying that we are in huge waves, but we can't feel it ourselves.</p><p>Everyone feels quite high when lying down and playing with mobile phones every day, and their days are quite high. In fact, we are in a big wave of science and technology. Of course, the big wave of science and technology takes a long time, because it may last, for example, 20, 30 or 40 years. I believe the long-term performance of its stocks will have a good performance in these 20 or 30 years.</p><p>However, most people trade stocks or buy funds, and basically they can't stand it in one quarter, two quarters or three quarters. For example, technology stocks were still miserable last year. After the second quarter of last year, the overall performance of technology stocks was not particularly good, and the second, third and fourth quarters were still relatively poor compared with other sectors, so everyone was frustrated, including that our fund managers had a bleak life.</p><p>Of course, from the long-term perspective, I think this is just a small wave. Looking at the long-term, I think it will be a particularly good investment opportunity, which will change our lives and our wealth. Look at 5~10 years, but if you want to look at these two/three quarters, I can't actually tell. You see, last year, everyone had high hopes for science and technology, and as a result, many people engaged in science and technology became vegetable dogs.</p><p><b>VR will be applied in many industries</b></p><p>Moderator: I would like to ask General Manager Feng, what is the current situation of VR development in China, and what do you think?</p><p>Feng Mingyuan: We are ordinary investors in VR. In recent years, many of them are more specialized. It has produced some glasses that can play games, and the feeling is to be immersive. Then, for example, on the front windshield of your car when driving, it will prompt some information such as navigation speed to hit your front windshield. These are also some applications of VR, so I don't think this can be just a preliminary application. There should be more in the future. For example, many of them are not only for playing games, but in the future, for example, many of them will be in the field of industrial applications, such as doctors' treatment, such as doctors' remote treatment, including some metallurgical and chemical industries.</p><p><b>5G is the interconnection of everything</b></p><p>Moderator: What does General Manager Feng think of 5G?</p><p>Feng Mingyuan: 5G has a wide scope, a wide field and in-depth development, such as electric lamps or children's desk lamps, including e-cigarettes we smoke. These things can be networked, so from the perspective of large communication, everything can be networked now.</p><p>From the point of view of communication technology, the space for development is particularly large. You have to connect anything to your mobile phone to control it. As I just said, basically every light bulb in your home, if you buy a new light bulb, you can buy a light bulb with WiFi function. Basically, your mobile phone can control every light bulb. 5g is actually about connecting everything.</p><p><b>The profit model of e-sports industry is not very stable and not recognized by capital</b></p><p>Feng Mingyuan: The whole e-sports industry sector is still a small sector. The scale of small industries is not particularly large, and the profit model is not particularly clear.</p><p>This industry is still a relatively niche industry. After all, there are still a few people playing e-sports, and the profit model is actually not particularly clear, so it is not easy to go public.</p><p>If you look at the listings of football clubs all over the world, the number of listings is also relatively rare, and then even if they are listed. Its profitability is not very stable, because there are many influencing factors. Some stars are not in this team, and the ups and downs of sports status will affect its overall performance of the team, such as advertising income and sponsorship income.</p><p>Therefore, the profit model of e-sports is still unstable, so this asset was not recognized by this capital market after listing.</p><p><b>The development of military industry needs make-up lessons</b></p><p>Feng Mingyuan: Because many investors ask the military industry that question, the military industry still doesn't match our current GDP level, and the overall development of our military industry still needs to make up lessons.</p><p>In fact, the military industry also represents a lot of high-tech industries, which use a lot of new technologies, new materials and new equipment. Therefore, I believe that there will be a particularly great development potential in this area in the future, because on the one hand, it is also conducive to the development of the whole military industry after the upgrading of our whole basic technology.</p><p>In the future, our country may have more responsibilities in international affairs, and many military strengths may also need to be matched accordingly.</p>","source":"lsy1597111094582","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>Feng Mingyuan: Science and technology sector is suitable for fixed investment, and the opportunity of new energy vehicles is in charging piles</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\">\nFeng Mingyuan: Science and technology sector is suitable for fixed investment, and the opportunity of new energy vehicles is in charging piles\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 投资作业本</strong><span class=\"h-time small\">2021-06-23 18:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"The attraction of the technology sector is this rapid explosive growth.\"</p><p>\"It should be said that it is the best way for non-professional investors to invest in this kind of technology fund.\"</p><p>\"We're investing in consumer electronics or the future<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>In this hardware area, we need to find some sub-categories, and then find this point or product that can grow explosively. \"</p><p>\"I believe that the (new energy subsidy) policy will gradually withdraw, mainly because it is still an encouragement and support. When this industry develops on the right track, it will gradually withdraw, the scale effect will come out, and the price of new energy vehicles will gradually drop... Even if it is subsidized later, there is no need to worry particularly, because it still has obvious advantages in product strength after all.\"</p><p>\"In fact, the net value of a few dollars of the fund is not without any representative significance. It just records the performance of a fund in your past, and it has nothing to do with the future performance of this fund and the current net value.\"</p><p>\"I believe the technology sector will have a good performance in these two or three decades.\"</p><p>\"The military industry still doesn't match our current GDP level, and the overall development of our military industry still needs to make up lessons.\"</p><p>\"The profit model of e-sports is still unstable, so this asset was not recognized by this capital market after listing.\"</p><p>On June 21st, in the live broadcast jointly organized by Alipay and Cinda Australia Bank Fund, Feng Mingyuan, manager of Science and Technology Golden Bull and Cinda Australia Bank Fund, shared the above views.<img src=\"https://static.tigerbbs.com/c4e80e2f96106651b36c7a027d47ccc6\" tg-width=\"640\" tg-height=\"448\" referrerpolicy=\"no-referrer\">The following is the essence of the investment workbook, which is shared with you:</p><p><b>The attractiveness of the technology sector lies in rapid and explosive growth</b></p><p>Feng Mingyuan: The technology industry is because of the whole one<b>The biggest feature is that there are still more innovations</b>Therefore, in the time of technological innovation, many new products and technologies will come out. These new products and technologies will change our lives profoundly or quickly. After this rapid change, its products will be sold particularly quickly. Its corresponding listed company, its products including technology, its sales may be very good, corresponding to its profits and revenue, it will have a good embodiment, and its stocks will perform accordingly. Therefore, let's say that the attraction of its technology sector is this rapid explosive growth.</p><p><b>Volatile sectors are suitable for fixed investment</b></p><p><b>Moderator: As we all know, the whole fluctuation of the science and technology sector is also quite intense. Faced with such a volatile sector, how is it better to invest?</b></p><p>Feng Mingyuan: The volatile sector is the easiest and worry-free way that we often mention to make fixed investment, because you don't have to look at the stock price if you make fixed investment, because the technology sector is difficult to grasp, the technology changes faster, and the products change faster. Therefore, it should be said that it is the best way for non-professional investors to invest in this kind of technology fund. I personally will invest in my own fund.</p><p><b>Invest in consumer electronics to find subdivision plates and explosive growth points</b></p><p>Moderator: What investment opportunities do you think there are in consumer electronics?</p><p>Feng Mingyuan: What impressed me deeply was that in the past 12 or 13 years, things like<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Smartphones, it is achieved a rapid explosive growth in revenue profits, and the stock price is also performing very well.</p><p>Now, for the consumer electronics sector, everyone still hopes to find products similar to Apple's explosive growth again.</p><p>In the future, for example, wearable devices, including AR, VR or many smart small products that everyone carries with them are similar to watches, Bluetooth headsets, Apple tracking locators (worn on kittens and puppies, they can always find positioning, or on the elderly), and things like sweeping the floor<a href=\"https://laohu8.com/S/300024\">Robot</a>, scooter balance car, these are all intelligent hardware. When we invest in consumer electronics or future intelligent hardware, we need to find some sub-categories, and then find this point or product that can grow explosively.</p><p><b>Focus on companies with deep R&D accumulation and more capital investment</b></p><p>Moderator: How to find some investment opportunities in semiconductors?</p><p>Feng Mingyuan:<b>In the semiconductor sector, localization substitution in our country in the past two years should be said to be a relatively big development trend.</b>In the past two years, the localization speed of some high-end manufacturing industries in our country is relatively fast, and semiconductors should be said to be one of the important fields.</p><p>In this investment, we need to focus on some deep technology accumulation, and then the sales channels have opened some big domestic customers, and then the foundation of R&D is relatively good. For example, there are many masters and doctorates among R&D personnel, and the R&D accumulation is relatively deep. When the market gives you opportunities, these enterprises can seize the opportunities relatively quickly when making localization substitution, because in the past, the market did not give opportunities. In fact, many companies still invested a lot in R&D funds. This is from a stock investment perspective.</p><p>Then, from the perspective of fund investment, there are many Public Offering of Funds, which are invested in the field of chip semiconductors, and semiconductors are also an important sub-sector of emerging industries, so we will invest quite a lot of investment and research resources, time and energy in this field.</p><p><b>Future Opportunities of New Energy Vehicles Focus on Charging Bits</b></p><p>Moderator: May I ask how General Manager Feng thinks of our new energy vehicle industry and some investment opportunities behind it.</p><p>Feng Mingyuan: As you can observe, the number of green-plate electric vehicles on the road is increasing,<b>First</b>Is the number is relatively large, this is a.</p><p>Second, the penetration rate is not very high. Although it is growing rapidly, for example, if you go to the parking space to observe, the total amount of new energy vehicles is not very large, which indicates that there is still a lot of space in the future.</p><p>The number of charging positions is not particularly large,<b>So this piece is where the future growth potential lies</b>That is, I believe that in the future, maybe one third or half of the parking spaces will be equipped with charging piles, and the future will definitely be visible on the road,<b>In three to five years, I think there may be 20 to 30 percent, or even more vehicles will be new energy vehicles, so this piece is the opportunity for new energy vehicles in the future</b>。</p><p>Third, the driving experience is good and the start is quick, like the domestic XPeng<a href=\"https://laohu8.com/S/NIO\">Nio</a>Ideally, these cars will accelerate better than fuel cars that cost twice as much. For example, while waiting for a traffic light, you may be the first to rush out, and then Mercedes-Benz and BMW are eating dirt behind your ass.</p><p>The autonomous driving experience is good, and its assisted driving still makes people feel a lot less fatigued when driving.</p><p>At present, the charging speed is much faster than before. At present, from a fast charging pile I have experienced myself, basically 15~20 minutes can be enough for you to commute to and from work in the urban area.</p><p>The usability, price and experience of new energy vehicles have reached an ordinary level<a href=\"https://laohu8.com/S/603883\">Ordinary people</a>To such an acceptable level of consumption, the development will be faster and faster. I also changed from a fuel vehicle to a new energy vehicle last year.</p><p><b>Scientific and technological enterprises focus on R&D</b></p><p>Moderator: If you are researching a technology-based enterprise, what do you think is the most critical factor that can impress you?</p><p>Feng Mingyuan: Pay attention to R&D, including its technology R&D and product R&D, for example, the number of people in its patent R&D, including whether there are some outstanding R&D leaders.</p><p>On the product, we may also observe a comparison between its products and its peers on the market, including a leading nature of various performance technologies. It should be said that technology and products may be a prominent feature of technology enterprises compared with other industries.</p><p><b>New energy subsidy policy will be slowly withdrawn, but new energy vehicles still have obvious advantages</b></p><p><b>Moderator: Now the subsidy for new energy vehicles is slowly being withdrawn. Will the future development of new energy vehicles be greatly affected?</b></p><p>Feng Mingyuan: Nowadays, in some places, the policies of each place are different. Like some cities, it is actually easier to get green cards for new energy vehicles. In fact, the impact is quite great, because oil trucks cost about 50,000 to 60,000 yuan to take a card in first-tier cities like now, and green cards can basically save this piece.</p><p>In terms of tax, generally, many places will still have subsidies for buying oil trucks, so it should be said that in terms of economy, this piece will basically be 60,000 to 70,000 yuan or 70,000 to 80,000 yuan.</p><p>In terms of policy, I believe that it will gradually withdraw, mainly because it is still an encouragement and support. When this industry develops on the right track, it will gradually withdraw, the scale effect will come out, and the price of new energy vehicles will gradually drop.</p><p>In terms of performance, the new energy vehicle has the incomparable performance of the oil vehicle. Because of its natural battery motor performance, its system is also relatively simple, so it will do cheaper than the oil vehicle. With the same acceleration and the same performance, it will definitely do cheaper than the oil vehicle.</p><p>In terms of intelligence, because the intelligence of electrified systems is actually easier to realize, it will actually have a greater advantage over oil trucks in terms of performance and intelligence. Therefore, even if it is subsidized later, there is no need to worry particularly, because after all, it still has obvious advantages in product strength.</p><p><b>Fund Net Value Means Little, Different from Stock Concept</b></p><p>The net value of the fund is different from the concept of stocks, because stocks, for example, have a market value of 100 billion and a market value of 10 billion. Indeed, the market value of stocks with a market value of 100 billion is definitely larger than that of small market capitalization stocks. However, because our fund manager is also dynamically adjusting positions, we will adjust the allocation of a stock in our whole fund according to our investment and research situation.</p><p>Therefore, my 4-yuan fund may have the same stock allocation as a 6-cent fund, so the trend behind the whole fund may also be the same. Therefore, the net value of a few dollars of the fund is actually not without any representative significance. It just records the performance of your past fund, which has nothing to do with the future performance of this fund and its current net value.</p><p><b>What areas does the tech sector focus on?</b></p><p>Feng Mingyuan: The main fields of the science and technology sector include new energy, semiconductor communication electronics, some computer software, and the Internet. There are also some fields of high-end manufacturing, such as some new materials, which are also the fields that our foundation invests in. There is no limit to saying that we can only invest in a certain industry, so in the end, we will also have an appropriate investment in some better consumption. Of course, the general direction is still in the direction of manufacturing or emerging industries.</p><p><b>Optimistic about new energy vehicles and emerging technological industries</b></p><p>Moderator: May I ask if General Manager Feng has any subdivision plate that he is particularly optimistic about?</p><p>We have been investing in new energy vehicles, including emerging industries like science and technology. At present, we will invest more.</p><p><b>How to distinguish new energy industries?</b></p><p><b>Stock trading can secrete adrenaline, it is recommended that funds and stocks are matched with some</b></p><p>Feng Mingyuan: Basically, I think many individual investors can allocate more funds and stocks. Of course, for this kind of non-professional investor, if you are not in the financial industry or in this business, my personal suggestion is that you can allocate a little more funds, and then stocks can also be allocated appropriately, but don't allocate too much, because stocks fluctuate greatly. If you are not a particularly professional investor, in fact, too much fluctuation may also affect your mood.</p><p>Of course, I think we still have to buy some stocks, because scientists have done a test experiment, that is to say, investment in stocks is more conducive to the human body to secrete its adrenaline, so everyone will feel very happy and high when trading stocks, because of the adrenaline it secretes when you are trading stocks, you can still take some money to invest in some stocks to make your life happier.</p><p><b>There are also many good companies on the Science and Technology Innovation Board</b></p><p>Feng Mingyuan: We will also vote in the Science and Technology Innovation Board normally, because there are many good companies in the Science and Technology Innovation Board. Indeed, because its system is more innovative, it is different from the original main board listing system, so it has some interesting companies and smaller companies, but its technology research and development may be quite bright, so I think there are still many opportunities in the Science and Technology Innovation Board.</p><p>Of course, I think many of you like to buy Science and Technology Innovation Board or GEM, because it can have a daily limit of 20 points, and everyone will play higher.</p><p><b>The technology sector will perform well in the next two or three decades</b></p><p>Moderator: What do you think of the technology market outlook?</p><p>Feng Mingyuan: I can't figure out the science and technology sector either. There is definitely no doubt about the medium-and long-term direction, because people often say that we are in a new industrial revolution, from the steam age to internal combustion engines, fossil energy, and then to the current era of new energy to wind power and photovoltaic new energy. You can understand that automobiles are actually a particularly typical symbol of this watershed, from steam vehicles to internal combustion engine vehicles to the current new energy vehicles, so we are in this cycle of great technological change, just saying that we are in huge waves, but we can't feel it ourselves.</p><p>Everyone feels quite high when lying down and playing with mobile phones every day, and their days are quite high. In fact, we are in a big wave of science and technology. Of course, the big wave of science and technology takes a long time, because it may last, for example, 20, 30 or 40 years. I believe the long-term performance of its stocks will have a good performance in these 20 or 30 years.</p><p>However, most people trade stocks or buy funds, and basically they can't stand it in one quarter, two quarters or three quarters. For example, technology stocks were still miserable last year. After the second quarter of last year, the overall performance of technology stocks was not particularly good, and the second, third and fourth quarters were still relatively poor compared with other sectors, so everyone was frustrated, including that our fund managers had a bleak life.</p><p>Of course, from the long-term perspective, I think this is just a small wave. Looking at the long-term, I think it will be a particularly good investment opportunity, which will change our lives and our wealth. Look at 5~10 years, but if you want to look at these two/three quarters, I can't actually tell. You see, last year, everyone had high hopes for science and technology, and as a result, many people engaged in science and technology became vegetable dogs.</p><p><b>VR will be applied in many industries</b></p><p>Moderator: I would like to ask General Manager Feng, what is the current situation of VR development in China, and what do you think?</p><p>Feng Mingyuan: We are ordinary investors in VR. In recent years, many of them are more specialized. It has produced some glasses that can play games, and the feeling is to be immersive. Then, for example, on the front windshield of your car when driving, it will prompt some information such as navigation speed to hit your front windshield. These are also some applications of VR, so I don't think this can be just a preliminary application. There should be more in the future. For example, many of them are not only for playing games, but in the future, for example, many of them will be in the field of industrial applications, such as doctors' treatment, such as doctors' remote treatment, including some metallurgical and chemical industries.</p><p><b>5G is the interconnection of everything</b></p><p>Moderator: What does General Manager Feng think of 5G?</p><p>Feng Mingyuan: 5G has a wide scope, a wide field and in-depth development, such as electric lamps or children's desk lamps, including e-cigarettes we smoke. These things can be networked, so from the perspective of large communication, everything can be networked now.</p><p>From the point of view of communication technology, the space for development is particularly large. You have to connect anything to your mobile phone to control it. As I just said, basically every light bulb in your home, if you buy a new light bulb, you can buy a light bulb with WiFi function. Basically, your mobile phone can control every light bulb. 5g is actually about connecting everything.</p><p><b>The profit model of e-sports industry is not very stable and not recognized by capital</b></p><p>Feng Mingyuan: The whole e-sports industry sector is still a small sector. The scale of small industries is not particularly large, and the profit model is not particularly clear.</p><p>This industry is still a relatively niche industry. After all, there are still a few people playing e-sports, and the profit model is actually not particularly clear, so it is not easy to go public.</p><p>If you look at the listings of football clubs all over the world, the number of listings is also relatively rare, and then even if they are listed. Its profitability is not very stable, because there are many influencing factors. Some stars are not in this team, and the ups and downs of sports status will affect its overall performance of the team, such as advertising income and sponsorship income.</p><p>Therefore, the profit model of e-sports is still unstable, so this asset was not recognized by this capital market after listing.</p><p><b>The development of military industry needs make-up lessons</b></p><p>Feng Mingyuan: Because many investors ask the military industry that question, the military industry still doesn't match our current GDP level, and the overall development of our military industry still needs to make up lessons.</p><p>In fact, the military industry also represents a lot of high-tech industries, which use a lot of new technologies, new materials and new equipment. Therefore, I believe that there will be a particularly great development potential in this area in the future, because on the one hand, it is also conducive to the development of the whole military industry after the upgrading of our whole basic technology.</p><p>In the future, our country may have more responsibilities in international affairs, and many military strengths may also need to be matched accordingly.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzI0OTU4MTM3NQ==&mid=2247489969&idx=1&sn=7ec54576f0f1520d6ab7dfef9b2edc58&chksm=e98e03e1def98af7eec32b8720e7ae3ee85a0cefcd8c5dfdb022179322cbcfed05b8bf1e5538&mpshare=1&scene=23&srcid=0623qps8wCrjZykZQ4GKYqxp&sharer_sharetime=1624440059707&sharer_shareid=ad9b2b8e01e45d9350b7cd98d4e88279#rd\"> 投资作业本</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9a3e252cf47633203f1bca58d691ff6f","relate_stocks":{"161028":"新能源车","399417":"新能源车"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzI0OTU4MTM3NQ==&mid=2247489969&idx=1&sn=7ec54576f0f1520d6ab7dfef9b2edc58&chksm=e98e03e1def98af7eec32b8720e7ae3ee85a0cefcd8c5dfdb022179322cbcfed05b8bf1e5538&mpshare=1&scene=23&srcid=0623qps8wCrjZykZQ4GKYqxp&sharer_sharetime=1624440059707&sharer_shareid=ad9b2b8e01e45d9350b7cd98d4e88279#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117385571","content_text":"“科技板块的吸引力就是这种快速的爆发式的增长。”\n“对于非专业投资者定投这种科技类的基金应该说是最好的一种方式。”\n“我们投消费电子或者说未来智能硬件这一块需要去找一些细分品类，然后找到这种能够爆发式增长的点或者产品。”\n“（新能源补贴）政策这一块，我相信慢慢它逐步还是会退出的，主要是因为现在还是一个鼓励跟支持。这个产业当它发展走到正轨的时候，它逐步会退出，规模效应会出来，新能源车价格也会逐步下来……即使后面补贴下来其实也不用特别担心，因为它毕竟产品力上面还是有比较明显的优势。”\n“基金净值几块钱其实不没有任何代表意义，它只是记录你过去的一个基金业绩表现，跟这个基金未来的表现，跟现在净值高低是没有任何联系的。”\n“我相信科技板块在这二三十年中会有一个很好的表现。”\n“军工这一块跟我们的现在的GDP的水平还是不太匹配，我们军工的整体发展还是要补课的。”\n“电竞它的盈利模式还是不太稳定，所以上市后这个资产也最后没有得到这个资本市场的认可。”\n6月21日，在支付宝和信达澳银基金联合举办的直播中，科技金牛经理、信达澳银基金冯明远做出了以上观点分享。以下是投资作业本整理的精华内容，分享给大家：\n科技板块吸引力在于快速爆发式的增长\n冯明远：科技行业它就是因为整个一个最大特点是创新还是比较多，所以在技术创新的时候，有很多新产品新技术会出来，这些新产品新技术它会比较深刻地或者快速地改变我们的生活，这种快速的变化之后，它的产品就会特别快速地销售，它相应的上市公司这一块，它的产品包括技术这一块，它的销售可能就会非常的好，对应到它的利润、营收、就会有一个很好的体现，它的股票也就会相应的有所表现，所以咱们说它科技板块的吸引力就是这种快速的爆发式的增长。\n波动剧烈的板块适合定投\n主持人：大家知道科技板块它整个的波动也是比较剧烈的，面对这样波动剧烈的板块，怎样做投资比较好？\n冯明远：波动剧烈的板块就是咱们经常提的做定投是最简单省心的一种方式，因为做定投的话也不用去看股价，因为科技板块它比较难把握，技术变化比较快，产品变化也比较快，所以对于非专业投资者定投这种科技类的基金应该说是最好的一种方式。我自己个人也是会定投自己的基金。\n投消费电子要找细分板块、爆发式增长点\n主持人：消费电子这一块，您认为有哪些投资机会的？\n冯明远：印象比较深刻的就是在过去12年、13年，像苹果智能手机，它是实现了收入利润的一个快速的爆发式的增长，股价表现也非常好。\n现在对于消费电子板块，大家还是希望能够再次找到类似于苹果当年这种爆发式增长的产品。\n未来去看的话，比如说像穿戴式设备，包括AR、VR或者大家随身带的很多智能的那种小产品类似于手表，蓝牙耳机、苹果跟踪定位器（戴在小猫小狗身上，总是能找到定位，或者老人身上），还有像扫地机器人，滑板车平衡车，这些都算智能硬件，我们投消费电子或者说未来智能硬件这一块需要去找一些细分品类，然后找到这种能够爆发式增长的点或者产品。\n聚焦研发积累深厚，资金投入较多的公司\n主持人：如何去找到一些半导体的投资机会？\n冯明远：半导体板块，这两年国产化替代在我们国家应该说是一个比较大的发展趋势。我们国家这两年对一些高端制造业的国产化的速度是比较快的，半导体应该说是其中的一个重要的领域。\n这一块投资我们需要聚焦一些技术积累比较深厚，然后销售渠道已经打开了一些国内的大客户，然后研发的底子比较好，比如研发人员中硕博比较多，研发积累较深厚，那当市场给你机会的时候，在进行国产化替代的时候，这些企业是能够比较快的抓住机会的，因为在过去是市场不给机会，其实很多公司它的研发资金还是投入挺多的。这是从股票投资的角度。\n然后从基金投资来角度来说，有很多公募基金它是投在芯片半导体这个领域的，半导体也是新兴产业的一个重要子板块，所以这一块我们会投入相当多的投研资源，时间精力在这个领域。\n新能源车未来机会关注充电位\n主持人：请问一下冯总如何看待我们新能源车的行业以及它背后的一些投资机会。\n冯明远：大家可以观察到，马路上绿牌的电动车的数量是越来越多的，第一是数量比较多，这是一个。\n第二渗透率不是很高，虽然增长很快，但是比如去停车位观察一下，总的新能源车的量还不是很大的，说明未来的空间还是挺大的。\n充电位的数量也不算特别多的，所以这一块都是未来增长潜力所在，就是我相信未来可能可能会有1/3或一半的停车位会配上充电桩，马路上未来一定是可见的，三五年内我觉得可能有百分之二三十，甚至更多的车会是新能源车，所以这一块是未来的新能源车的机会所在。\n第三，驾驶体验好，启动较快， 像国内小鹏蔚来理想这些车它的加速性能基本上会比价格高一倍的那种燃油车还要好。比如说在等红绿灯的时候，你可能是第一个冲出去的，然后奔驰宝马都在你屁股后面吃土。\n自动驾驶体验不错，它的辅助驾驶还是让人开车的疲劳感会减少很多。\n目前充电的速度也比以前快了很多了，目前从我自己体验的一个快充桩来说，基本上15~20分钟可以够你在市区里面去上下班。\n新能源车基本上可使用度，价格、体验度都已经到了一个普通的老百姓去消费能接受的这么一个水平，发展会越来越快。我也是去年从燃油车换成了新能源车。\n科技型企业重点关注研发\n主持人：如果说您在调研一家科技型企业，您认为它能够打动你的一个最关键的因素会是什么？\n冯明远：关注研发，包括它的技术的研发以及产品的研发，比如说它的专利研发的人数的数量，包括是不是有一些比突出的研发领军人物。\n在产品上面可能我们也会观察一下，它的产品与市面上同行产品的一个比较，包括各种性能技术的一种领先性。应该说技术与产品可能是科技企业相比于其他行业的一个比较突出的特点。\n新能源补贴政策会慢慢退出，但新能源车仍有明显优势\n主持人：现在新能源车的补贴在慢慢的撤掉，新能源车它未来这一块的发展是不是会受到一个比较大的影响？\n冯明远：现在有些地方看每个地方政策不太一样，像有些城市，新能源车绿牌其实更容易获得一些，其实影响挺大的，因为油车像现在一线城市大概拍个牌也要五六万块钱，绿牌基本上可以省掉这一块。\n税这一块，一般买油车很多地方还是会有补贴的，所以这一块应该说是从经济性来说，算下来基本上会差个六七万或七八万块钱。\n政策这一块，我相信慢慢它逐步还是会退出的，主要是因为现在还是一个鼓励跟支持。这个产业当它发展走到正轨的时候，它逐步会退出，规模效应会出来，新能源车价格也会逐步下来。\n新能源车在性能上面它具有油车不可比拟的性能，因为它天生电池电机的性能它系统也比较简单，所以它做的会比油车会更便宜，同样的加速同样的性能，它一定能做的比油车会更便宜一些。\n智能化这一块，因为电气化的系统智能化其实是更容易去实现的，所以在性能与智能化上，其实它还是会比油车有比较大的一个优势的。所以即使后面补贴下来其实也不用特别担心，因为它毕竟产品力上面还是有比较明显的优势。\n基金净值意义不大，与股票概念不同\n基金的净值跟股票的概念还不太一样，因为股票比如说1000亿市值跟100亿市值，确实1000亿市值的股票它的市值肯定是比小市值股票要大的，但基金这个东西因为我们基金经理我们也是在动态地其实在调仓的，我们会根据我们的投研情况来调整我们整个基金里面的一个股票的配置。\n所以我一个4块钱的基金有可能跟一个6毛钱的基金里面的股票配置是一样的，所以整个基金后面走势也可能是一样的，所以基金净值几块钱其实不没有任何代表意义，它只是记录你过去的一个基金业绩表现，跟这个基金未来的表现，跟现在净值高低是没有任何联系的。\n科技板块关注哪些领域？\n冯明远：科技板块主要领域像包括新能源，半导体通信电子，一些计算机软件，互联网也算在里面，还有一些高端制造业的一些领域，像一些新材料也是我们基金会投的领域，没有限定说只能投某一个行业，所以最后我们也会在一些比较好的一些消费也会有适当的一个投资，当然大的方向还是在制造业或者新兴产业这个方向上面。\n看好新能源车、科技类新兴行业\n主持人：请问一下冯总有没有自己特别看好的细分板块？\n我们一直在新能源车，新能源包括像科技类的新兴产业，目前来说会投的相对多一些。\n如何区分新能源行业？\n炒股可以分泌肾上腺素，建议基金和股票都配一些\n冯明远：基本上我觉得很多个人投资者他可以基金与股票多配置一下，当然对于这种非专业的投资者，如果你不是金融行业，不是干这一行，我自己个人建议还是基金你可以稍微配多一点，然后股票也可以适当的配一些，但是不要配的太多，因为股票它波动比较大，如果您不是特别专业投资者，其实波动太大，可能也会影响你的心情。\n当然股票我觉得还是要买一点的，因为科学家做过一个测试实验，就是说炒股这一类的投资是比较有利于人体去分泌它的肾上腺素的，所以大家炒股会觉得很开心很high，是因为你在炒股的时候它分泌的肾上腺素，还是可以拿点资金投一些股票让生活开心一点。\n科创板也有很多好公司\n冯明远：科创板我们也会正常去投，因为科创板里面也有挺多好公司的，确实因为它那个制度比较比较创新一些，它跟原来的主板上市的制度不太一样，所以它有一些比较好玩的公司，比较小的公司，但它可能技术研发还挺有亮点的，所以科创板我觉得机会还是挺多的。\n当然我觉得大家很多人喜欢买科创板或者创业板，是因为它可以涨停有20个点，大家这个玩的会比较high一点。\n未来二三十年科技板块表现会很好\n主持人：问下您对于科技后市的一个看法？\n冯明远：科技板块我也搞不清楚，中长期的方向肯定是毋庸置疑的，因为大家经常说我们正处在新的一次工业革命，原来从蒸汽时代到内燃机，化石能源，然后到现在新能源到风电光伏新能源这个时代，你可以理解成，汽车其实是一个特别典型的这种分水岭的标志意义，从蒸汽汽车到内燃机汽车到现在的新能源汽车，所以我们正处在一个技术大变革的这一个周期内，只是说我们身在巨浪之中，却自己感受不到。\n大家每天躺着玩玩手机觉得挺high的，日子过得挺high的，其实我们正处在一个科技大浪潮之中，当然科技大浪潮它的时间是比较长的，因为可能持续比如说20年30年或40年，它股票的长期表现，我相信科技板块在这二三十年中会有一个很好的表现。\n但是大部分人炒股或者买基金，基本上一个季度或两个季度或三个季度就受不了了，比如说去年科技股还是比较惨的，去年二季度之后科技股的整体表现并不是特别的好，二三四季度相对于别的板块来说还是比较差的，所以大家也比较沮丧，包括其实我们基金经理的日子也过得比较惨淡。\n当然从长周期来看，我觉得这只是一个小浪花，看长周期我觉得会是一个特别好的投资机会，会改变我们生活，也会改变我们的财富，看5~10年，但是你要说看这两/三个季度其实我也说不清楚，你看去年大家对科技还是寄予厚望的，结果很多搞科技的都变成菜狗。\nVR会多行业应用\n主持人：想请问一下冯总，像VR这一块在我国发展的现状如何，怎么看待？\n冯明远: VR这一块我们是普通的投资者，现在这几年很多更专业化一点，它出了一些这种可以玩游戏的眼镜，感受就是身临其境，然后比如开车的时候在你的汽车的前挡风玻璃上，它会提示一些比如像导航车速这么一些信息的打在你的前挡风玻璃上，这些也是VR的一些应用，所以我觉得不能这只是一个初步的应用，未来应该会更多，比如说它很多不光是玩游戏的，未来比如说，很多在工业应用领域像医生的治疗，医生比如说一些远远程治疗，包括一些冶金化工是工业里面很多的这些应用应该会挺多的。\n5G就是万事万物互联\n主持人：冯总怎么看5G？\n冯明远 ：5G它范畴太广了，领域比较宽，发展比较深入，比如电灯或者小孩子台灯，包括我们抽的电子烟，这些东西都是可以联网的，所以从大的通信范畴来说，现在万事万物都可以进行联网了。\n从通信技术上看，发展的空间是特别大的，任何一件东西你都要把它连到手机上去控制，我刚才说的现在家里面基本上每一个如果你买新的灯泡的话，你可以买一个那种带WiFi功能的灯电灯泡，基本上你的手机就可以控制每一个灯泡了。5g其实就是把万事万物连起来。\n电竞行业盈利模式不太稳定，不受资本认可\n冯明远：整个电竞行业板块还是一个小板块，小行业它规模不算是特别大，然后盈利模式不是特别清晰。\n这个行业还是行业比较小众，在玩电竞的人毕竟还是一些少数人，然后盈利模式其实也不是特别清晰，上市不太容易。\n你去看全世界足球俱乐部上市的，上市的数量也是凤毛麟角比较少的，然后即使上市了。它的盈利状况也不是很稳定，因为影响因素特别多，一些球星在不在这个团队，运动状态起伏对球队的整体表现等就会影响它的收入，比如广告费收入、赞助费收入。\n所以电竞它的盈利模式还是不太稳定，所以上市后这个资产也最后没有得到这个资本市场的认可。\n军工发展需要补课\n冯明远：因为很多投资者问军工那个问题，军工这一块跟我们的现在的GDP的水平还是不太匹配，我们军工的整体发展还是要补课的。\n军工其实也是代表了一个很多高科技产业的，它里面用到了很多新技术、新材料、新装备的，所以这一块我相信未来一定会有一个特别大的发展潜力，因为一方面也是我们整个基础的技术在提升之后，也有利于整个军工产业的发展。\n那未来可能我们国家会在国际事务中有更多的担当，很多军事实力可能也需要有相应的一个匹配。","news_type":1,"symbols_score_info":{"161028":0.9,"399417":0.9}},"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121903176,"gmtCreate":1624447114195,"gmtModify":1703836942722,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"✌️","listText":"✌️","text":"✌️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121903176","repostId":"1149419785","repostType":4,"isVote":1,"tweetType":1,"viewCount":1031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121903052,"gmtCreate":1624447094176,"gmtModify":1703836942395,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/121903052","repostId":"1158814488","repostType":4,"repost":{"id":"1158814488","kind":"news","pubTimestamp":1624445249,"share":"https://ttm.financial/m/news/1158814488?lang=en_US&edition=fundamental","pubTime":"2021-06-23 18:47","market":"sh","language":"zh","title":"The latest research and judgment of Haitong Securities Chief is here! The stock market ushered in a better window in the middle of summer","url":"https://stock-news.laohu8.com/highlight/detail?id=1158814488","media":"中国证券报","summary":"6月23日-25日，海通证券召开2021年中期策略会，在今日上午的主论坛环节，海通证券首席经济学家兼首席策略分析师荀玉根及首席宏观分析师梁中华，就市场关注的宏观经济相关话题以及A股市场策略等进行了深度","content":"<p><div>From June 23rd to 25th, Haitong Securities held the 2021 medium-term strategy meeting. At the main forum this morning, Xun Yugen, chief economist and chief strategist of Haitong Securities, and Liang Zhonghua, chief macro analyst, made an in-depth analysis on macroeconomic-related topics and A-share market strategies that the market is concerned about. Xun Yugen said that the inflationary pressure is expected to ease in the second half of the year, the index is expected to hit a new high this year, and the market will usher in a better window period in midsummer. He suggested that the structure is surprisingly upright, and the leading high-quality companies represented by \"Mao Index\" are still well allocated, and intelligent manufacturing with rapid profit growth and policy direction is worth...</p><p><a href=\"https://mp.weixin.qq.com/s/NpdUE1xWHsuJ0wlGCXJWHA\">Web link</a></div></p>","source":"zgzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The latest research and judgment of Haitong Securities Chief is here! The stock market ushered in a better window in the middle of summer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe latest research and judgment of Haitong Securities Chief is here! The stock market ushered in a better window in the middle of summer\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-06-23 18:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>From June 23rd to 25th, Haitong Securities held the 2021 medium-term strategy meeting. At the main forum this morning, Xun Yugen, chief economist and chief strategist of Haitong Securities, and Liang Zhonghua, chief macro analyst, made an in-depth analysis on macroeconomic-related topics and A-share market strategies that the market is concerned about. Xun Yugen said that the inflationary pressure is expected to ease in the second half of the year, the index is expected to hit a new high this year, and the market will usher in a better window period in midsummer. He suggested that the structure is surprisingly upright, and the leading high-quality companies represented by \"Mao Index\" are still well allocated, and intelligent manufacturing with rapid profit growth and policy direction is worth...</p><p><a href=\"https://mp.weixin.qq.com/s/NpdUE1xWHsuJ0wlGCXJWHA\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/NpdUE1xWHsuJ0wlGCXJWHA\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"399001":"深证成指","399006":"创业板指","600837":"海通证券","06837":"海通证券","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/NpdUE1xWHsuJ0wlGCXJWHA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158814488","content_text":"6月23日-25日，海通证券召开2021年中期策略会，在今日上午的主论坛环节，海通证券首席经济学家兼首席策略分析师荀玉根及首席宏观分析师梁中华，就市场关注的宏观经济相关话题以及A股市场策略等进行了深度解析。\n荀玉根表示，通胀压力下半年有望缓解，指数今年有望创新高，市场在盛夏迎来较好窗口期。他建议，结构上守正出奇，以“茅指数”为代表的龙头优质公司仍是较好配置，盈利增长较快、顺应政策方向的智能制造值得关注。\n宏观经济延续上半年趋势\n从国内宏观经济走势来看，梁中华认为，下半年国内经济和政策预计仍会延续上半年的趋势。当前我国经济总量正常，但结构性分化很大，主要是终端消费还偏弱，政策重点是调结构、均衡经济。\n对应到货币政策上，梁中华表示，接下来预计仍将保持“宽货币、紧信用”的主基调。另外，抓住稳增长压力较小的窗口期，化解房地产、地方债务、中小银行等方面的风险。\n“本轮经济增长最快的时候已经过去。”梁中华指出，总量上来看，社融的高点在去年二季度，经济的高点在去年四季度；结构上来看，投资的高点在去年四季度，工业生产的高点在今年前两月，消费则会延续弱复苏的态势。\n在此背景下，梁中华强调，权益市场更多关注结构性机会，关键还是要挖掘有业绩增长、能够支撑估值的领域，继续关注国际油价上行的机会。如果资金回笼、供给增加、通胀短期偏高等因素导致利率上行，可以择机逐步配置利率债。\n股票市场今年还有机会\n对于目前A股的境况，荀玉根从估值、资金、盈利等几个方面进行了分析。\n“参考历史年度振幅，今年指数再创新高概率偏大。”荀玉根指出，统计A股各主要股指在2000-2020年间每一年的振幅（年内最高价相对最低价的涨幅），上证综指2000年以来年振幅基本都在25%以上，沪深300振幅30%以上，万得全A也在30%以上。今年以来，前述三大指数的振幅分别只有12%、21%和15%。如果前期低点有效（今年上证综指的低点是3月9日的3328点，沪深300则是3月25日的4883点），那参考历史股指的波动幅度，今年股市还有进一步向上拓宽的空间。\n在估值层面，虽然短期看目前A股估值略偏贵，但中长期视角看，A股估值中枢有望上移：一是ROE上行，当前我国经济步入产业结构转型期；二是利率下行；三是居民资产配置转向权益资产。\n从资金面角度看，春节后股市微观资金仍在净流入，春节后至今（截至6月16日，下同）偏股型基金的发行量仍达5700亿份，年初至今新发规模高达1.2万亿份（预计已完成建仓的为9000亿），整体基金的存量规模依旧在上升。外资方面，2月18日至今，北上资金净流入1400亿元，年初至今更是已经净流入2100亿元，日均流入量高达21亿元，创历史新高。\n上市公司盈利层面，本轮盈利回升周期在时间和空间上都没走完。按照利润的季度占比规律推算，今年全A归母净利润同比增速在30%以上，对应两年年化增速17%以上；剔除金融股、“两油”后，全部A股归母净利润同比增速预计在45%以上，两年年化增速30%以上。考虑到2019年后上市公司包括商誉减值在内的资产减值损失开始下降，今年资产减值损失或将小于2020年，因此今年A股利润增速存在向上超预期的可能。\n策略上守正出奇\n近年来，A股市场出现新分化，主要体现在个股及基金净值表现、市值结构等方面。荀玉根认为，这一分化趋势还将延续，未来我国股市两极分化的马太效应将更加显著。\n展望下半年，荀玉根认为，守正出奇方能致胜。守正出奇，即以“茅指数”为代表的第一梯队超大市值公司仍然值得配置。2021年是“十四五”规划元年，“十四五”规划纲要指出要重点提高制造业发展质量，以科技创新突破核心技术是当前国家重大战略，科技赋能制造业是未来发展趋势。\n在此背景下，今年智能制造有望崛起，智能制造领域基本面更强，政策支持智能制造快速崛起，智能制造基金持仓热度不高。荀玉根建议关注三大领域：信息技术的应用，新能源技术的应用，传统制造技术改进与升级。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"600837":0.9,"000001.SH":0.9,"06837":0.9}},"isVote":1,"tweetType":1,"viewCount":1270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121909838,"gmtCreate":1624447078824,"gmtModify":1703836941421,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121909838","repostId":"2145960020","repostType":4,"isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120521618,"gmtCreate":1624328471234,"gmtModify":1703833626674,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120521618","repostId":"2145603471","repostType":4,"repost":{"id":"2145603471","kind":"highlight","pubTimestamp":1624322277,"share":"https://ttm.financial/m/news/2145603471?lang=en_US&edition=fundamental","pubTime":"2021-06-22 08:37","market":"hk","language":"zh","title":"What Happened to the Cyclical Stocks Rally as U.S. Markets Reverse?","url":"https://stock-news.laohu8.com/highlight/detail?id=2145603471","media":"华尔街见闻","summary":"再通胀交易重获青睐，或许意味着投资者已经消化了美联储的紧缩信号，并且对此前过于悲观的预期进行了修正。","content":"<p>On Monday, the U.S. market staged a big reversal. U.S. stocks rebounded sharply under the guidance of cyclical stocks, the price of U.S. bonds fell, and the yield of long-term bonds rebounded in a V-shape, reversing the trend since the Federal Reserve unexpectedly \"hawked\" last week.</p><p>The three major U.S. stock indexes closed up collectively for the first time since June 11th, with the S&P 500 closing up 1.4%, the largest increase since April 5th, the Dow closing up 1.76%, the largest increase since March 5th, and the Nasdaq closing up 0.79%.</p><p>Value sectors such as energy and finance swept away the decline since last week and were far ahead of the broader market. Russell 2000, a small-cap stock index dominated by value stocks, opened higher and closed up 2.16%, almost erasing all the losses last Friday. While including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Including the decline of some leading technology stocks, the Nasdaq fell in early trading.<img src=\"https://static.tigerbbs.com/cd51db19b0ddcc98b5f136359117e77e\" tg-width=\"1156\" tg-height=\"802\" referrerpolicy=\"no-referrer\">With the rebound of U.S. stocks, the U.S. dollar turned down in the intraday session, falling from a ten-week high. By the time U.S. stocks closed on Monday, the US Dollar Index was below 91.90, down 0.4% for the day.<img src=\"https://static.tigerbbs.com/ef0355bb70ecdc230691dc9aeee74dfe\" tg-width=\"948\" tg-height=\"517\" referrerpolicy=\"no-referrer\">The price of U.S. bonds fell, and the yields of 10-year and 30-year U.S. bonds rebounded in the intraday session, coming out of a four-month trough. The yield of 2-year U.S. bonds, which soared last Friday, temporarily bid farewell to a one-year high.</p><p>Among them, the yield of 30-year U.S. bonds rebounded in a V-shape. The Asian market fell below 2.00% to 1.929% in early trading, hitting a four-month low for three consecutive trading days. European stocks rose during the session, and U.S. stocks closed slightly above 2.10%, up more than 10 basis points from the intraday low.<img src=\"https://static.tigerbbs.com/7172ee6483bcbad05501168717bb2643\" tg-width=\"948\" tg-height=\"515\" referrerpolicy=\"no-referrer\">At the interest rate meeting last week, the Federal Reserve obviously raised its inflation expectation this year. Although it reiterated that the rise in inflation mainly came from temporary factors, it released the signal that there is a possibility of more than one rate hike in two years, that is, 2023.</p><p>This \"hawkish\" signal made investors worry that the Federal Reserve would quickly tighten monetary policy, thus undermining the process of economic recovery. As a result, reinflation trading cooled down rapidly, US stock investors returned to the arms of growth stocks, and value stocks were sold off. U.S. bonds once plummeted, and the yield rose rapidly, but this trend only lasted for less than one day. Last Thursday, U.S. bonds turned strongly, especially the long-term yield dropped sharply.</p><p>On Monday, the market reversed again, and reinflation trading regained favor, which may mean that investors have digested the Fed's tightening signal and revised their previous overly pessimistic expectations.</p><p>As quoted by the Ft.<a href=\"https://laohu8.com/S/PVTB\">Private banking</a>Gregory Perdon, co-chief investment officer at Arbuthnot Latham, said: \"the fact that the Fed hasn't done anything yet, wall Street likes to climb the wall of worry.\"</p><p>Peter Chatwell, head of multi-asset strategy at Mizuho, believes that a long-term yield decline is only justified if the Fed makes policy mistakes that accidentally hurt the economy, but this is a far cry from the truth, and the Fed is simply trying to stop inflation expectations from moving off target.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happened to the Cyclical Stocks Rally as U.S. Markets Reverse?</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\">\nWhat Happened to the Cyclical Stocks Rally as U.S. Markets Reverse?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-22 08:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On Monday, the U.S. market staged a big reversal. U.S. stocks rebounded sharply under the guidance of cyclical stocks, the price of U.S. bonds fell, and the yield of long-term bonds rebounded in a V-shape, reversing the trend since the Federal Reserve unexpectedly \"hawked\" last week.</p><p>The three major U.S. stock indexes closed up collectively for the first time since June 11th, with the S&P 500 closing up 1.4%, the largest increase since April 5th, the Dow closing up 1.76%, the largest increase since March 5th, and the Nasdaq closing up 0.79%.</p><p>Value sectors such as energy and finance swept away the decline since last week and were far ahead of the broader market. Russell 2000, a small-cap stock index dominated by value stocks, opened higher and closed up 2.16%, almost erasing all the losses last Friday. While including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Including the decline of some leading technology stocks, the Nasdaq fell in early trading.<img src=\"https://static.tigerbbs.com/cd51db19b0ddcc98b5f136359117e77e\" tg-width=\"1156\" tg-height=\"802\" referrerpolicy=\"no-referrer\">With the rebound of U.S. stocks, the U.S. dollar turned down in the intraday session, falling from a ten-week high. By the time U.S. stocks closed on Monday, the US Dollar Index was below 91.90, down 0.4% for the day.<img src=\"https://static.tigerbbs.com/ef0355bb70ecdc230691dc9aeee74dfe\" tg-width=\"948\" tg-height=\"517\" referrerpolicy=\"no-referrer\">The price of U.S. bonds fell, and the yields of 10-year and 30-year U.S. bonds rebounded in the intraday session, coming out of a four-month trough. The yield of 2-year U.S. bonds, which soared last Friday, temporarily bid farewell to a one-year high.</p><p>Among them, the yield of 30-year U.S. bonds rebounded in a V-shape. The Asian market fell below 2.00% to 1.929% in early trading, hitting a four-month low for three consecutive trading days. European stocks rose during the session, and U.S. stocks closed slightly above 2.10%, up more than 10 basis points from the intraday low.<img src=\"https://static.tigerbbs.com/7172ee6483bcbad05501168717bb2643\" tg-width=\"948\" tg-height=\"515\" referrerpolicy=\"no-referrer\">At the interest rate meeting last week, the Federal Reserve obviously raised its inflation expectation this year. Although it reiterated that the rise in inflation mainly came from temporary factors, it released the signal that there is a possibility of more than one rate hike in two years, that is, 2023.</p><p>This \"hawkish\" signal made investors worry that the Federal Reserve would quickly tighten monetary policy, thus undermining the process of economic recovery. As a result, reinflation trading cooled down rapidly, US stock investors returned to the arms of growth stocks, and value stocks were sold off. U.S. bonds once plummeted, and the yield rose rapidly, but this trend only lasted for less than one day. Last Thursday, U.S. bonds turned strongly, especially the long-term yield dropped sharply.</p><p>On Monday, the market reversed again, and reinflation trading regained favor, which may mean that investors have digested the Fed's tightening signal and revised their previous overly pessimistic expectations.</p><p>As quoted by the Ft.<a href=\"https://laohu8.com/S/PVTB\">Private banking</a>Gregory Perdon, co-chief investment officer at Arbuthnot Latham, said: \"the fact that the Fed hasn't done anything yet, wall Street likes to climb the wall of worry.\"</p><p>Peter Chatwell, head of multi-asset strategy at Mizuho, believes that a long-term yield decline is only justified if the Fed makes policy mistakes that accidentally hurt the economy, but this is a far cry from the truth, and the Fed is simply trying to stop inflation expectations from moving off target.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633477\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SQQQ":"纳指三倍做空ETF","UDOW":"三倍做多道指30ETF-ProShares",".SPX":"S&P 500 Index","DOG":"道指ETF-ProShares做空","SDS":"两倍做空标普500 ETF-ProShares","IVV":"标普500ETF-iShares","IEF":"债券指数ETF-iShares Barclays 7-10年","SHY":"债券指数ETF-iShares Barclays 1-3年国债","SPXU":"三倍做空标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","TLT":"20+年以上美国国债ETF-iShares","SSO":"2倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","IEI":"iShares Barclays 3-7 Year Trea","SPY":"标普500ETF","OEX":"标普100","DJX":"1/100道琼斯","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF",".DJI":"道琼斯","SDOW":"三倍做空道指30ETF-ProShares","GOVT":"iShares安硕核心美国国债ETF","OEF":"标普100指数ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares"},"source_url":"https://wallstreetcn.com/articles/3633477","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145603471","content_text":"周一，美国市场上演大逆转，美股在周期股的引领下大幅反弹，美债价格回落，长债收益率V型反弹，一举扭转了上周美联储意外“放鹰”以来的走势。\n美国三大股指自6月11日以来首次集体收涨，标普500收涨1.4%，创4月5日以来最大涨幅，道指收涨1.76%，创3月5日以来最大涨幅，纳指收涨0.79%。\n能源和金融等价值板块一扫上周以来的颓势，遥遥领先大盘，以价值股为主的小盘股指罗素2000高开高走，收涨2.16%，几乎抹平上周五所有跌幅。而包括特斯拉和亚马逊在内的部分龙头科技股下跌拖累，纳指早盘曾下跌。伴随美股反弹，美元盘中转跌，跌离十周高位。到周一美股收盘时，美元指数处于91.90下方，日内跌0.4%。美债价格回落，10年和30年期美债收益率盘中反弹，走出四个月低谷，上周五飙升的2年期美债收益率暂时告别一年高位。\n其中，30年期美债收益率V形反弹，亚市早盘曾跌破2.00%至1.929%，连续三个交易日创四个月新低，欧股盘中转升，美股收盘时略高于2.10%，较日内低位升逾10个基点。上周议息会议上，美联储明显上调了今年的通胀预期，虽然重申通胀上升主要来自暂时的因素，但释放了两年后、即2023年有可能加息不止一次的信号。\n这番“鹰派”信号使投资者担心，美联储将迅速收紧货币政策，从而破坏经济复苏的进程，于是再通胀交易迅速降温，美股投资者重回成长股怀抱，而价值股遭到抛售。美债一度暴跌，收益率快速上行，但这一走势仅维持了一天不到，上周四美债强势转涨，尤其是长端收益率大幅下行。\n而周一市场的再度反转，再通胀交易重获青睐，或许意味着投资者已经消化了美联储的紧缩信号，并且对此前过于悲观的预期进行了修正。\n据英国《金融时报》援引私人银行Arbuthnot Latham联席首席投资官Gregory Perdon表示：“事实上美联储尚未采取任何行动，华尔街喜欢爬上忧虑之墙（climb the wall of worry）。”\n瑞穗多资产策略主管Peter Chatwell认为，长期收益率下跌只有在美联储犯下政策失误、误伤经济的情况下才是合理的，但这与事实相去甚远，美联储只是试图阻止通胀预期脱离目标。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DOG":0.9,"ESmain":0.9,"PSQ":0.9,"QQQ":0.9,"SDOW":0.9,"QLD":0.9,"TLT":0.9,".IXIC":0.9,"DJX":0.9,"SH":0.9,"IEF":0.9,"GOVT":0.9,"TQQQ":0.9,".DJI":0.9,"UDOW":0.9,"ZBmain":0.9,"ZNmain":0.9,"DDM":0.9,"SHY":0.9,"SSO":0.9,"OEF":0.9,"QID":0.9,"SQQQ":0.9,"IEI":0.9,"MNQmain":0.9,"SPXU":0.9,"SDS":0.9,"ZTmain":0.9,"DXD":0.9,"OEX":0.9,"UBmain":0.9,"NQmain":0.9,"TNmain":0.9,".SPX":0.9,"ZFmain":0.9,"SPY":0.9,"UPRO":0.9,"IVV":0.9}},"isVote":1,"tweetType":1,"viewCount":1159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120521023,"gmtCreate":1624328452562,"gmtModify":1703833626351,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120521023","repostId":"2145035774","repostType":4,"isVote":1,"tweetType":1,"viewCount":1375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120529498,"gmtCreate":1624328420714,"gmtModify":1703833627159,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120529498","repostId":"1170012957","repostType":4,"repost":{"id":"1170012957","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":1624324961,"share":"https://ttm.financial/m/news/1170012957?lang=en_US&edition=fundamental","pubTime":"2021-06-22 09:22","market":"sh","language":"zh","title":"Opening: Education stocks bounce across the board as HSI opens 0.3% higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1170012957","media":"老虎资讯综合","summary":"6月22日讯，港股三大指数高开，恒指涨0.3%报28575点，国指涨0.19%报10568点，恒生科技指数涨0.07%报7961点。盘面上，医药、能源股领涨，爱康医疗涨逾10%；香港中华煤气、中国石油","content":"<p>On June 22nd, the three major indices of Hong Kong stocks opened higher, with the Hang Seng Index rising 0.3% to 28,575 points, the State Index rising 0.19% to 10,568 points, and the Hang Seng Technology Index rising 0.07% to 7,961 points.<img src=\"https://static.tigerbbs.com/46773ad85a1f327f8173d4e5f9589ca4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, pharmaceutical and energy stocks led the gains, and Aikang Medical rose by more than 10%; Hong Kong and China Gas and PetroChina both rose more than 2%, leading the gains in Hang Seng Index components. Education stocks that were weak in the early stage opened higher collectively,<a href=\"https://laohu8.com/S/09901\">New Oriental</a>Up nearly 6%,<a href=\"https://laohu8.com/S/00667\">Oriental Education in China</a>It rose by more than 4%; Oil stocks, photovoltaic glass stocks, gas stocks, wind power stocks and biotechnology stocks generally rose, and three barrels of oil strengthened obviously; Big Tech Stocks<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Millet,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low, Meituan<a href=\"https://laohu8.com/S/03690\">$(03690)$</a>up 0.33%; The blockchain sector plunged,<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>It fell nearly 10%, and aviation stocks and pharmaceutical stocks generally fell.</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>Opening: Education stocks bounce across the board as HSI opens 0.3% higher</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\">\nOpening: Education stocks bounce across the board as HSI opens 0.3% higher\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\">2021-06-22 09:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 22nd, the three major indices of Hong Kong stocks opened higher, with the Hang Seng Index rising 0.3% to 28,575 points, the State Index rising 0.19% to 10,568 points, and the Hang Seng Technology Index rising 0.07% to 7,961 points.<img src=\"https://static.tigerbbs.com/46773ad85a1f327f8173d4e5f9589ca4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, pharmaceutical and energy stocks led the gains, and Aikang Medical rose by more than 10%; Hong Kong and China Gas and PetroChina both rose more than 2%, leading the gains in Hang Seng Index components. Education stocks that were weak in the early stage opened higher collectively,<a href=\"https://laohu8.com/S/09901\">New Oriental</a>Up nearly 6%,<a href=\"https://laohu8.com/S/00667\">Oriental Education in China</a>It rose by more than 4%; Oil stocks, photovoltaic glass stocks, gas stocks, wind power stocks and biotechnology stocks generally rose, and three barrels of oil strengthened obviously; Big Tech Stocks<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Millet,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low, Meituan<a href=\"https://laohu8.com/S/03690\">$(03690)$</a>up 0.33%; The blockchain sector plunged,<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>It fell nearly 10%, and aviation stocks and pharmaceutical stocks generally fell.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","01789":"爱康医疗","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170012957","content_text":"6月22日讯，港股三大指数高开，恒指涨0.3%报28575点，国指涨0.19%报10568点，恒生科技指数涨0.07%报7961点。盘面上，医药、能源股领涨，爱康医疗涨逾10%；香港中华煤气、中国石油股份均涨逾2%，领涨恒指成分股。前期弱势的教育股集体高开，新东方涨近6%，中国东方教育涨超4%；石油股、光伏玻璃股、燃气股、风电股、生物科技股普涨，三桶油走强明显；大型科技股阿里巴巴、小米、腾讯小幅低开，美团$(03690)$上涨0.33%；区块链板块重挫，火币科技大跌近10%，航空股、药品股普跌。","news_type":1,"symbols_score_info":{"513600":0.9,"HSImain":0.9,"HHImain":0.9,"02833":0.9,"01789":0.9,"MCHmain":0.9,"HSI":0.9,"MHImain":0.9}},"isVote":1,"tweetType":1,"viewCount":1078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120520280,"gmtCreate":1624328384640,"gmtModify":1703833623440,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586992742345237","idStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120520280","repostId":"2145088111","repostType":4,"repost":{"id":"2145088111","kind":"highlight","pubTimestamp":1624327433,"share":"https://ttm.financial/m/news/2145088111?lang=en_US&edition=fundamental","pubTime":"2021-06-22 10:03","market":"us","language":"zh","title":"Low-speed electric vehicles are legalized, and the spring of \"old-age music\" is coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2145088111","media":"华尔街见闻","summary":"老大爷：你干哈？\n交警：我想扣你车。\n老大爷：凭啥扣我车，我开了那么多次都没人查我，你是不是故意的，不让人开为啥还生产？\n交警：...\n这不是段子，而是2020年5月20日山东某地发生的真实事件。6旬","content":"<p>Old Grandpa: What are you doing?</p><p>Traffic Police: I want to seize your car.</p><p>Old man: Why do you keep my car? I have driven so many times and no one has checked me. Did you do it on purpose? Why do you still produce if you don't let people drive it?</p><p>Traffic Police:...</p><p>This is not a joke, but a real event that happened somewhere in Shandong on May 20, 2020. The 60-year-old uncle drove the pure electric four-wheeled scooter bought by his children to block the traffic. The traffic police on duty stopped the scooter and asked the old man to lean the car against the roadside. The \"soul\" torture issued by the uncle: Why do you still produce if you don't let people drive it? Indeed, why are you still producing low-speed electric cars that are reasonable because of their existence have been wandering in the gray area of regulations.</p><p><img src=\"https://static.tigerbbs.com/ed5c9b825e918ed2b913b55fde6c84c3\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"></p><p>And this embarrassment is finally coming to an end. On June 17th, the Ministry of Industry and Information Technology publicly solicited opinions on the new version of the national standard \"Technical Conditions for Pure Electric Passenger Vehicles (Draft for Comment)\". The definition and standard of micro-low-speed pure electric passenger vehicles have been added to this Draft for Comment, which is managed as a subcategory of pure electric passenger vehicles.</p><p>That is to say, low-speed electric vehicles, which have been controversial for years, are one step closer to legalization. For a long time, low-speed electric vehicles have been named old-age music. The drivers are older, have no driver's license, have low vehicle performance and violate traffic regulations. These have always been the labels of low-speed electric vehicles. Now this industry has finally ushered in a thorough revolution and upgrading.</p><p><h2>Norms are always progress</h2>Since the establishment of the national standard for low-speed electric vehicles in October 2016, the news that the national standard is about to be issued has been reported every year. \"The wolf has come\" several times, but it has been pending. By 2017, some media flowed out of \"Four-wheeled Low-speed Electric Vehicles-Technical Conditions (Draft)\". The contents of the outflow \"Draft\" show that the national standard has made detailed provisions on the production standards of four-wheeled low-speed electric vehicles.</p><p>It was only in September 2020 that the Ministry of Industry and Information Technology issued the Reply to Recommendation No.7609 of the Third Session of the 13th National People's Congress (hereinafter referred to as the Reply), stating that the draft standard of Technical Conditions for Four-wheeled Low-speed Electric Vehicles had been approved by the competent standardization administrative department of the State Council in September 2019, and the preparation of the standard is currently being accelerated.</p><p><img src=\"https://static.tigerbbs.com/a47745bf43a0166fb405799ec185613d\" tg-width=\"1754\" tg-height=\"1443\" referrerpolicy=\"no-referrer\">On March 23 this year, the Ministry of Industry and Information Technology released the Minutes of the Standards Formulation Meeting for Low-Speed Electric Vehicles. According to its content, it is expected that the new national standard for four-wheeled low-speed electric vehicles will be released and completed as soon as the end of August, and included in the management of new models. This draft clarifies that four-wheeled low-speed electric vehicles will be a subcategory of pure electric passenger vehicles, and named them \"miniature low-speed pure electric passenger vehicles\". Therefore, the draft published this time means that low-speed electric vehicles will once again be standardized. In the draft for comment, the main definitions and technical indicators of mini low-speed pure electric passenger vehicles are as follows:</p><p>1. Number of seats: no more than 4 seats.</p><p>2. Dimension requirements: length is not more than 3500mm, width is not more than 1500mm, and height is not more than 1700mm.</p><p>3. Kerb weight: no more than 750kg.</p><p>4. Vehicle speed: The maximum speed in 30 minutes is greater than or equal to 40 km/h and less than 70 km/h.</p><p>5. Driving range: not less than 100km.</p><p>6. Battery energy density: not less than 70Wh/kg.</p><p>7. Acceleration performance: The acceleration time from 0 km/h to 30 km/h is not more than 10s.</p><p>8. Climbing performance: the speed of climbing through 4% slope is not less than 20 km/h, and the speed of climbing through 12% slope is not less than 10 km/h.</p><p>This kind of performance data is exactly the same as the \"Four-wheel Low-speed Electric Vehicle-Technical Conditions (Draft)\" that leaked out in 2017. Whether it is body size, battery performance or safety and stability, the \"Draft for Comment\" and the \"Draft\" are mostly the same, but there are also differences.</p><p>In terms of safety performance, the draft revises the braking speed and collision speed according to the characteristics of low-speed vehicles, but the braking efficiency and post-collision requirements of vehicles are not reduced. Reduces the requirement that the ratio of the original power battery mass to the kerb mass of the whole vehicle should not be more than 30%, that is to say, the weight occupied by the battery can be greater.</p><p>Not only that, but the \"Draft for Comment\" also adds regulations on power ratio and low-temperature starting performance. The specific power value calculated by the ratio of the peak motor power to the kerb weight of the whole vehicle for the miniature low-speed pure electric passenger vehicle shall not be less than 10kW/t and not more than 20kW/t. However, the vehicle should be able to start and drive normally after being immersed in the vehicle for 8 hours at the test ambient temperature of-20℃±1℃.</p><p><img src=\"https://static.tigerbbs.com/fce25ea5c1a555521e97119fd60bf85a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>When Zhiwen Auto interviewed Zhao Yaning, executive vice president of Hebei Yujie Vehicle Industry Co., Ltd. Research Institute, on the launch of the Draft for Comments, he said, \"This should be a general trend, and it is also to better promote upgrading and ensure safety. From the perspective of industrial development, it is a better policy, which can make car companies more formal.\"</p><p>Industry insiders also said that the launch of the Draft for Comments not only conforms to the basic principle of China's Road Traffic Safety Law, which distinguishes motor vehicles from non-motor vehicles by power plants, but also is more conducive to integrating them into the motor vehicle management system from the aspects of production, sales and use, so as to achieve the purpose of ensuring public safety. The standardized management of low-speed electric vehicle industry is about to enter the \"fast lane\". After all, norms are always progress.</p><p><h2>Spring or winter for old age fun?</h2>In recent years, the sales volume of low-speed electric vehicles in China has increased substantially, and the market has developed rapidly. Without any subsidies, it has increased more than tenfold from 2011 to 2017, relying on market demand.</p><p>From a geographical point of view, low-speed electric vehicles are mainly distributed in Shandong, Hebei, Henan, Jiangsu, Anhui and other places, and the sales areas are concentrated in third-and fourth-tier cities and urban-rural fringes, among which Shandong and Henan are major provinces in the production and sale of low-speed electric vehicles. Sales of low-speed electric vehicles nationwide were approximately 200,000 in 2013, which doubled to nearly 400,000 in 2014. In 2015, sales of low-speed electric vehicles nationwide increased by more than 50% to approach 700,000. By 2018, the national sales of low-speed electric vehicles have approached 1.4 million units. At the end of 2019, sales of low-speed EVs across the country fell by about 8% year-on-year, but there were still more than 5 million units in existence.</p><p>The decline in 2018 was mainly due to the rectification of low-speed vehicles by the state and the uncertainty of policy expectations, resulting in a slowdown in the growth rate of production and sales of low-speed vehicles nationwide, which also affected major provinces. Among them, due to the government's strengthening of market management in Shandong Province, the production and sales of low-speed electric vehicles in the province decreased significantly. The market reacted differently to the launch of the Draft for Comment.</p><p>\"It doesn't matter. Our car has already predicted the national standard a few years ago, and we have done a good job in product research and development,\" Zhao Yaning said. As a former producer of low-speed electric vehicles, Yujie Automobile relies on and<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>In-depth cooperation, transformation from low-speed electric vehicles to more normal pure electric vehicles.</p><p><img src=\"https://static.tigerbbs.com/1792819e71c002df964aed7d948fb37e\" tg-width=\"1080\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p><p>They who have transformed into regular car companies actually want to promulgate regulations, because once the regulations are promulgated, most non-national standard enterprises will be eliminated, while the \"workshop\" type products are still at the low end of the product matrix. Therefore, from the actual sales point of view, the inclusion of micro-speed electric vehicles in the ranks of electric vehicles will surely bring industry norms, first of all, the norms for obtaining driver's licenses and the age of drivers, so it is conducive to the development of road traffic. However, we should know that a large number of low-speed electric vehicles will be purchased because they don't have to take a driver's license. Therefore, the implementation of the new regulations will also greatly improve the driving threshold of low-speed electric vehicles, and the decline in sales can be expected.</p><p>\"It seems that the right-of-way issue has not been finalized yet. Now it is called a micro-speed electric vehicle. Whether it fully enjoys the right-of-way has not yet been concluded. There will be some restrictions in prediction,\" Zhao Yaning said. Indeed, the reason why microelectronics are different from ordinary electric vehicles is not only in the product side, but also in the actual use scenarios, that is to say<a href=\"https://laohu8.com/S/NIO\">Nio</a>Wuling Hongguang MINI EV may be listed as a microspeed electric vehicle.</p><p>At present, there are more than 15,000 low-speed electric vehicle-related enterprises in China whose names or business scopes include \"low-speed electric vehicles and scooters for the elderly\", and whose status is in business, existing, moving in and out. Among them, more than 80% of related enterprises were established within 5 years. Low technical content and no scale effect are the norm of these enterprises. Although in the short term, the implementation of the New Deal will surely reshuffle the whole industry, in the long run, the standardized market sales will be healthier, which will also be greatly beneficial to transportation development.</p><p><h2>Chaos still exists</h2>In Dezhou, Shandong, you can buy a licensed low-speed electric vehicle with an ID card.</p><p>\"As long as you give me an ID card, I can register you.\" The agent of Boshuo electric four-wheeled mobility scooter vowed that this 3600mm long and Land Rover-like low-speed electric vehicle was the \"top brand\" they sold. a sheet of<a href=\"https://laohu8.com/S/601319\">PICC</a>The green card of property insurance is the biggest confidence of this agent.</p><p><img src=\"https://static.tigerbbs.com/86420816330a71908e44aa764d43e532\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\">They are obviously not worried about the promulgation of the new regulations. \"We open this for the elderly. As long as we don't go to the city, we will be fine.\"\"Low-speed electric vehicles have been developed for more than 20 years, and they all say that we have to make policies. Now we can not only sell them, but also sell them better. So it's okay.\" Although in the eyes of many people, low-speed electric vehicles are an industry with low technical content, they not only meet the travel needs of many rural consumers, but also make many small and medium-sized enterprises move towards the road of \"transformation and upgrading\", opening up a brand-new source of profit for them and stepping out of the era of \"survival in the wilderness\".</p><p>Not only are they pure electric scooters, but they are also extending the range of low-speed electric vehicles in order to meet the longer cruising range. \"Some pure electric low-speed vehicles have reserved the installation position of gasoline engine range extenders at the beginning of the design. As long as consumers have demand, we can provide installation services, and we only need to pay about 2,000 yuan extra.\" A low-speed electric vehicle sales told reporters.</p><p><img src=\"https://static.tigerbbs.com/5c4f73548bdf7092e40adce1af0b64c4\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\">They are upgrading, they are making progress for the purest needs of consumers, and the promulgation of regulations may bring more obstacles to them, but they can still find their spring where the sun can't shine. We try to understand this industry that grows savagely in the cracks, to think about the meaning of existence as reasonable, to fight for its legitimacy, while low-speed electric cars are searching for their own spring in the streets, under bridges, and in the fields.</p><p>But such a spring must also be under the \"shelter\" of laws and regulations to moisten those who yearn for the spring breeze, which is very painful and inevitable. We don't know whether the promulgation of regulations can really change the industry from the deepest point, but we are sure that the industry will definitely change, and the chaos needs more regulations and manufacturers to solve it from the legal and consumer side.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Low-speed electric vehicles are legalized, and the spring of \"old-age music\" is coming?</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\">\nLow-speed electric vehicles are legalized, and the spring of \"old-age music\" is coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-22 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Old Grandpa: What are you doing?</p><p>Traffic Police: I want to seize your car.</p><p>Old man: Why do you keep my car? I have driven so many times and no one has checked me. Did you do it on purpose? Why do you still produce if you don't let people drive it?</p><p>Traffic Police:...</p><p>This is not a joke, but a real event that happened somewhere in Shandong on May 20, 2020. The 60-year-old uncle drove the pure electric four-wheeled scooter bought by his children to block the traffic. The traffic police on duty stopped the scooter and asked the old man to lean the car against the roadside. The \"soul\" torture issued by the uncle: Why do you still produce if you don't let people drive it? Indeed, why are you still producing low-speed electric cars that are reasonable because of their existence have been wandering in the gray area of regulations.</p><p><img src=\"https://static.tigerbbs.com/ed5c9b825e918ed2b913b55fde6c84c3\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"></p><p>And this embarrassment is finally coming to an end. On June 17th, the Ministry of Industry and Information Technology publicly solicited opinions on the new version of the national standard \"Technical Conditions for Pure Electric Passenger Vehicles (Draft for Comment)\". The definition and standard of micro-low-speed pure electric passenger vehicles have been added to this Draft for Comment, which is managed as a subcategory of pure electric passenger vehicles.</p><p>That is to say, low-speed electric vehicles, which have been controversial for years, are one step closer to legalization. For a long time, low-speed electric vehicles have been named old-age music. The drivers are older, have no driver's license, have low vehicle performance and violate traffic regulations. These have always been the labels of low-speed electric vehicles. Now this industry has finally ushered in a thorough revolution and upgrading.</p><p><h2>Norms are always progress</h2>Since the establishment of the national standard for low-speed electric vehicles in October 2016, the news that the national standard is about to be issued has been reported every year. \"The wolf has come\" several times, but it has been pending. By 2017, some media flowed out of \"Four-wheeled Low-speed Electric Vehicles-Technical Conditions (Draft)\". The contents of the outflow \"Draft\" show that the national standard has made detailed provisions on the production standards of four-wheeled low-speed electric vehicles.</p><p>It was only in September 2020 that the Ministry of Industry and Information Technology issued the Reply to Recommendation No.7609 of the Third Session of the 13th National People's Congress (hereinafter referred to as the Reply), stating that the draft standard of Technical Conditions for Four-wheeled Low-speed Electric Vehicles had been approved by the competent standardization administrative department of the State Council in September 2019, and the preparation of the standard is currently being accelerated.</p><p><img src=\"https://static.tigerbbs.com/a47745bf43a0166fb405799ec185613d\" tg-width=\"1754\" tg-height=\"1443\" referrerpolicy=\"no-referrer\">On March 23 this year, the Ministry of Industry and Information Technology released the Minutes of the Standards Formulation Meeting for Low-Speed Electric Vehicles. According to its content, it is expected that the new national standard for four-wheeled low-speed electric vehicles will be released and completed as soon as the end of August, and included in the management of new models. This draft clarifies that four-wheeled low-speed electric vehicles will be a subcategory of pure electric passenger vehicles, and named them \"miniature low-speed pure electric passenger vehicles\". Therefore, the draft published this time means that low-speed electric vehicles will once again be standardized. In the draft for comment, the main definitions and technical indicators of mini low-speed pure electric passenger vehicles are as follows:</p><p>1. Number of seats: no more than 4 seats.</p><p>2. Dimension requirements: length is not more than 3500mm, width is not more than 1500mm, and height is not more than 1700mm.</p><p>3. Kerb weight: no more than 750kg.</p><p>4. Vehicle speed: The maximum speed in 30 minutes is greater than or equal to 40 km/h and less than 70 km/h.</p><p>5. Driving range: not less than 100km.</p><p>6. Battery energy density: not less than 70Wh/kg.</p><p>7. Acceleration performance: The acceleration time from 0 km/h to 30 km/h is not more than 10s.</p><p>8. Climbing performance: the speed of climbing through 4% slope is not less than 20 km/h, and the speed of climbing through 12% slope is not less than 10 km/h.</p><p>This kind of performance data is exactly the same as the \"Four-wheel Low-speed Electric Vehicle-Technical Conditions (Draft)\" that leaked out in 2017. Whether it is body size, battery performance or safety and stability, the \"Draft for Comment\" and the \"Draft\" are mostly the same, but there are also differences.</p><p>In terms of safety performance, the draft revises the braking speed and collision speed according to the characteristics of low-speed vehicles, but the braking efficiency and post-collision requirements of vehicles are not reduced. Reduces the requirement that the ratio of the original power battery mass to the kerb mass of the whole vehicle should not be more than 30%, that is to say, the weight occupied by the battery can be greater.</p><p>Not only that, but the \"Draft for Comment\" also adds regulations on power ratio and low-temperature starting performance. The specific power value calculated by the ratio of the peak motor power to the kerb weight of the whole vehicle for the miniature low-speed pure electric passenger vehicle shall not be less than 10kW/t and not more than 20kW/t. However, the vehicle should be able to start and drive normally after being immersed in the vehicle for 8 hours at the test ambient temperature of-20℃±1℃.</p><p><img src=\"https://static.tigerbbs.com/fce25ea5c1a555521e97119fd60bf85a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>When Zhiwen Auto interviewed Zhao Yaning, executive vice president of Hebei Yujie Vehicle Industry Co., Ltd. Research Institute, on the launch of the Draft for Comments, he said, \"This should be a general trend, and it is also to better promote upgrading and ensure safety. From the perspective of industrial development, it is a better policy, which can make car companies more formal.\"</p><p>Industry insiders also said that the launch of the Draft for Comments not only conforms to the basic principle of China's Road Traffic Safety Law, which distinguishes motor vehicles from non-motor vehicles by power plants, but also is more conducive to integrating them into the motor vehicle management system from the aspects of production, sales and use, so as to achieve the purpose of ensuring public safety. The standardized management of low-speed electric vehicle industry is about to enter the \"fast lane\". After all, norms are always progress.</p><p><h2>Spring or winter for old age fun?</h2>In recent years, the sales volume of low-speed electric vehicles in China has increased substantially, and the market has developed rapidly. Without any subsidies, it has increased more than tenfold from 2011 to 2017, relying on market demand.</p><p>From a geographical point of view, low-speed electric vehicles are mainly distributed in Shandong, Hebei, Henan, Jiangsu, Anhui and other places, and the sales areas are concentrated in third-and fourth-tier cities and urban-rural fringes, among which Shandong and Henan are major provinces in the production and sale of low-speed electric vehicles. Sales of low-speed electric vehicles nationwide were approximately 200,000 in 2013, which doubled to nearly 400,000 in 2014. In 2015, sales of low-speed electric vehicles nationwide increased by more than 50% to approach 700,000. By 2018, the national sales of low-speed electric vehicles have approached 1.4 million units. At the end of 2019, sales of low-speed EVs across the country fell by about 8% year-on-year, but there were still more than 5 million units in existence.</p><p>The decline in 2018 was mainly due to the rectification of low-speed vehicles by the state and the uncertainty of policy expectations, resulting in a slowdown in the growth rate of production and sales of low-speed vehicles nationwide, which also affected major provinces. Among them, due to the government's strengthening of market management in Shandong Province, the production and sales of low-speed electric vehicles in the province decreased significantly. The market reacted differently to the launch of the Draft for Comment.</p><p>\"It doesn't matter. Our car has already predicted the national standard a few years ago, and we have done a good job in product research and development,\" Zhao Yaning said. As a former producer of low-speed electric vehicles, Yujie Automobile relies on and<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>In-depth cooperation, transformation from low-speed electric vehicles to more normal pure electric vehicles.</p><p><img src=\"https://static.tigerbbs.com/1792819e71c002df964aed7d948fb37e\" tg-width=\"1080\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p><p>They who have transformed into regular car companies actually want to promulgate regulations, because once the regulations are promulgated, most non-national standard enterprises will be eliminated, while the \"workshop\" type products are still at the low end of the product matrix. Therefore, from the actual sales point of view, the inclusion of micro-speed electric vehicles in the ranks of electric vehicles will surely bring industry norms, first of all, the norms for obtaining driver's licenses and the age of drivers, so it is conducive to the development of road traffic. However, we should know that a large number of low-speed electric vehicles will be purchased because they don't have to take a driver's license. Therefore, the implementation of the new regulations will also greatly improve the driving threshold of low-speed electric vehicles, and the decline in sales can be expected.</p><p>\"It seems that the right-of-way issue has not been finalized yet. Now it is called a micro-speed electric vehicle. Whether it fully enjoys the right-of-way has not yet been concluded. There will be some restrictions in prediction,\" Zhao Yaning said. Indeed, the reason why microelectronics are different from ordinary electric vehicles is not only in the product side, but also in the actual use scenarios, that is to say<a href=\"https://laohu8.com/S/NIO\">Nio</a>Wuling Hongguang MINI EV may be listed as a microspeed electric vehicle.</p><p>At present, there are more than 15,000 low-speed electric vehicle-related enterprises in China whose names or business scopes include \"low-speed electric vehicles and scooters for the elderly\", and whose status is in business, existing, moving in and out. Among them, more than 80% of related enterprises were established within 5 years. Low technical content and no scale effect are the norm of these enterprises. Although in the short term, the implementation of the New Deal will surely reshuffle the whole industry, in the long run, the standardized market sales will be healthier, which will also be greatly beneficial to transportation development.</p><p><h2>Chaos still exists</h2>In Dezhou, Shandong, you can buy a licensed low-speed electric vehicle with an ID card.</p><p>\"As long as you give me an ID card, I can register you.\" The agent of Boshuo electric four-wheeled mobility scooter vowed that this 3600mm long and Land Rover-like low-speed electric vehicle was the \"top brand\" they sold. a sheet of<a href=\"https://laohu8.com/S/601319\">PICC</a>The green card of property insurance is the biggest confidence of this agent.</p><p><img src=\"https://static.tigerbbs.com/86420816330a71908e44aa764d43e532\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\">They are obviously not worried about the promulgation of the new regulations. \"We open this for the elderly. As long as we don't go to the city, we will be fine.\"\"Low-speed electric vehicles have been developed for more than 20 years, and they all say that we have to make policies. Now we can not only sell them, but also sell them better. So it's okay.\" Although in the eyes of many people, low-speed electric vehicles are an industry with low technical content, they not only meet the travel needs of many rural consumers, but also make many small and medium-sized enterprises move towards the road of \"transformation and upgrading\", opening up a brand-new source of profit for them and stepping out of the era of \"survival in the wilderness\".</p><p>Not only are they pure electric scooters, but they are also extending the range of low-speed electric vehicles in order to meet the longer cruising range. \"Some pure electric low-speed vehicles have reserved the installation position of gasoline engine range extenders at the beginning of the design. As long as consumers have demand, we can provide installation services, and we only need to pay about 2,000 yuan extra.\" A low-speed electric vehicle sales told reporters.</p><p><img src=\"https://static.tigerbbs.com/5c4f73548bdf7092e40adce1af0b64c4\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\">They are upgrading, they are making progress for the purest needs of consumers, and the promulgation of regulations may bring more obstacles to them, but they can still find their spring where the sun can't shine. We try to understand this industry that grows savagely in the cracks, to think about the meaning of existence as reasonable, to fight for its legitimacy, while low-speed electric cars are searching for their own spring in the streets, under bridges, and in the fields.</p><p>But such a spring must also be under the \"shelter\" of laws and regulations to moisten those who yearn for the spring breeze, which is very painful and inevitable. We don't know whether the promulgation of regulations can really change the industry from the deepest point, but we are sure that the industry will definitely change, and the chaos needs more regulations and manufacturers to solve it from the legal and consumer side.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633405\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed5c9b825e918ed2b913b55fde6c84c3","relate_stocks":{"601633":"长城汽车"},"source_url":"https://wallstreetcn.com/articles/3633405","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145088111","content_text":"老大爷：你干哈？\n交警：我想扣你车。\n老大爷：凭啥扣我车，我开了那么多次都没人查我，你是不是故意的，不让人开为啥还生产？\n交警：...\n这不是段子，而是2020年5月20日山东某地发生的真实事件。6旬大爷开着子女买的纯电动四轮代步车阻塞了交通，执勤的交警叫停了代步车，让老大爷将车子靠到路边，大爷发出的“灵魂”拷问：不让人开为啥还生产？ 确实，不让开为什么还生产，凭借存在即合理而发展的低速电动车一直游走于法规的灰色地带。\n\n而这样的尴尬到现在终于要结束了。6月17日工信部对新版国标《纯电动乘用车技术条件（征求意见稿）》公开征求意见。本次《征求意见稿》中增加了微型低速纯电动乘用车的定义和标准，将其作为纯电动乘用车的一个子类进行管理。\n也就是说多年以来一直备受争议的低速电动车距离合法化又更近了一步。一直以来低速电动车被冠名老年乐，驾驶者的年龄偏高，没有驾照，车辆性能低下、违反交规这些一直是低速电动车的标签。而现在这一行业终于迎来一次彻底的革命和升级。\n规范永远是进步\n自从2016年10月低速电动车国标立项以来，每年都传出国标即将出台的消息，“狼来了”好几次，但是一直悬而未决。到了2017年，有媒体流出《四轮低速电动车——技术条件（草案）》。流出的《草案》内容显示，国标对四轮低速电动车生产标准做出了详细规定。\n到了2020年9月，工信部才发布《对十三届全国人大三次会议第7609号建议的答复》（下称《答复》）称，《四轮低速电动车技术条件》标准草案已于2019年9月获得国务院标准化行政主管部门批准立项，目前正在加快标准编制工作。\n今年3月23日，工信部发布了《低速电动车标准制定会议纪要》。根据其内容，预计最快将于8月份底发布制定完成四轮低速电动车新国标，纳入新车型管理。此次意见稿明确了四轮低速电动车将作为纯电动乘用车的一个子类，并命名为“微型低速纯电动乘用车”所以这一次公布的征求意见稿意味着低速电动车又再一次走向规范。在征求意见稿中微型低速纯电动乘用车主要定义与技术指标如下：\n一、座位数：不多于 4 座。\n二、尺寸要求：长度不大于 3500mm、宽度不大于 1500mm，高度不大于 1700mm。\n三、整备质量：不超过 750kg。\n四、车速：30 分钟最高车速大于等于 40 km/h 且小于 70 km/h。\n五、续驶里程：不小于 100km。\n六、电池能量密度：不低于 70Wh/kg。\n七、加速性能：0 km/h~30 km/h 加速时间不大于 10s。\n八、爬坡性能：通过 4% 坡度爬坡车速不小于 20 km/h，通过 12% 坡度的爬坡车速不小于 10 km/h。\n这样的性能数据和2017年流出的《四轮低速电动车——技术条件（草案）》如出一辙，无论是车身尺寸、电池性能还是安全稳定性，《征求意见稿》和《草案》大都相同，但也有不同之处。\n在安全性能方面，意见稿根据车辆低速化特点修改了制动速度和碰撞速度，但车辆的制动效能和碰撞后的要求没有降低。减少了原来动力蓄电池质量与整车整备质量的比值应不大于30%的规定，也就是说电池所占的重量能够更大。\n不仅如此，《征求意见稿》还增加了功率比以及低温起动性能的规定。微型低速纯电动乘用车采用电机峰值功率与整车整备质量之比计算的比功率值应不小于10kW/t且不大于20kW/t。而车辆在-20℃±1℃的试验环境温度下，浸车8 h后，应能正常起动、行驶。\n\n当见闻Auto就《征求意见稿》的推出采访河北御捷车业有限公司研究院常务副院长赵亚宁时，其表示“这个应该是一个大势所趋，也是为了更好的促进升级，保证安全。从产业发展来看，是一个更好的政策，可以让车企更加正规化。”\n业内人士也表示《征求意见稿》的推出不但形式上符合我国《道路交通安全法》以动力装置区分机动车和非机动车的基本原则，也更有利于从生产、销售和使用等环节将其全面纳入机动车管理体系，以达到保障公共安全的目的，低速电动车行业规范管理即将进入“快车道”。 毕竟，规范永远是进步。\n老年乐的春天还是冬天？\n近年来，中国低速电动车销量大幅增长，市场发展迅猛，在没有任何补贴的情况下，依靠市场需求,从2011年到2017年增长十倍以上。\n从地域来看，低速电动车主要分布于山东、河北、河南、江苏、安徽等地，销售区域集中在三、四线城市和城乡结合部，其中山东和河南是低速电动车产销大省。 2013年全国低速电动汽车销量约20万辆，2014年翻倍达到近40万辆，2015年，全国低速电动汽车销量增长50%多，逼近70万辆。到2018年全国低速电动车销量已接近140万辆。截至2019年底，全国低速电动汽车销量同比下滑8%左右，但保有量仍超过500万辆。\n2018年的下滑主要是由于国家对低速车的整改加上对政策预期的不明朗，全国低速车产销量增速减缓，主要省份也受到影响。其中，山东省由于政府对市场管理加强，全省低速电动车产销量出现大幅下降。 对于《征求意见稿》的推出，市场出现了不同的反应。\n“没什么影响的，我们的车在几年之前就已经预判了国标，并且做好了产品的研发。”赵亚宁表示。作为曾经的低速电动车的生产商，御捷汽车凭借和长城汽车的深度合作，从低速电动车转型，向更正常的纯电动车型发展。\n\n已经向正规车企转型的他们其实更想法规的颁布，因为法规一旦发布，必定将淘汰大部分的非国标企业，而目前处于产品矩阵低端的依旧是“作坊”类型的产品。 所以从实际销量上来看，微速电动车被列入电动车的行列，必将带来行业的规范，首先就是驾照考取的规范，驾驶人员年龄的规定，所以有利于道路交通的发展。 但要知道大量低速电动车就是因为不用考驾照才会购买，所以新规的实行也将大大提升低速电动车的驾驶门槛，销量的下滑是能够预期的。\n“路权问题好像还没有最终定论，现在叫微速电动车，是否完全享受路权还没有结论出来。预判会有部分限制。”赵亚宁表示。确实微电之所以和普通电动车产生区别就不会仅仅在产品端，更会在实际使用场景上做出区别，也就是说蔚来五菱宏光MINI EV有可能会被列为微速电动车。\n我国目前有超1.5万家企业名称或经营范围含“低速电动车、老年代步车”，且状态为在业、存续、迁入、迁出的低速电动车相关企业。其中，超8成的相关企业成立于5年以内。技术含量不高、没有规模效应是这些企业的常态。 虽然从短期来看，新政的实行必将对整个行业进行一次洗牌，但是从长远来看，规范后的市场销量会更加健康，对交通发展也会有极大的利好。\n乱象依旧存在\n在山东德州，有一个身份证就能够买一个上牌的低速电动车。\n“你只要给我一张身份证，我就能给你上牌。”博硕电动四轮代步车的代理商信誓旦旦，这辆长3600mm并且神似路虎的低速电动车是他们销售的“头牌”。一张中国人保财险的绿牌是这位代理商最大的底气。\n对于新规的颁布，他们显然并不担心。“我们这个就是给老人开的，只要不去市里，就没事的”“低速电动车发展了20多年，都说要出政策，到现在我们不仅能卖，还卖得更好了。所以没事的。” 虽说在很多人看来低速电动车是一个技术含量并不高的行业，但其不仅满足了众多农村消费者的出行需求，还使得众多中小企业走向了“转型升级”的道路，为它们开辟出全新的利润来源，走出了“荒野求生”的时代。\n不仅仅是纯电代步车，他们为了满足更长的续航里程，也在增程式低速电动车。“一些纯电动低速车在设计之初就已经预留好了汽油机增程器安装位置，只要消费者有需求，我们就能提供安装服务，仅需额外支付2000块钱左右就可以了。”一位低速电动车销售向记者表示。\n他们在升级、他们在为消费者最纯真的需求而进步，法规的颁布或将给他们带来更多的阻碍，但是在太阳照不到的地方，他们依旧能够找到自己的春天。 我们试图去理解这一在缝隙中野蛮生长的产业，去思考存在即合理的意义，去为其合法性唇枪舌剑，而低速电动车们却兀自地在街上、在桥下、在田野中找寻属于自己的春天。\n但这样的春天也一定要在法规的“庇护”下滋润那些渴望春风的人们，这很痛苦，这也必然。我们不知道法规的颁布能否真正从最深处改变行业，但我们确定的是行业一定会改变，而乱象则需要更多的法规和厂家去从法律和消费者端解决。","news_type":1,"symbols_score_info":{"601633":0.9}},"isVote":1,"tweetType":1,"viewCount":1164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":164367785,"gmtCreate":1624172833047,"gmtModify":1703830149407,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/164367785","repostId":"2144709321","repostType":4,"repost":{"id":"2144709321","kind":"highlight","pubTimestamp":1624167977,"share":"https://ttm.financial/m/news/2144709321?lang=en_US&edition=fundamental","pubTime":"2021-06-20 13:46","market":"us","language":"zh","title":"After the resolution, the market actually went like this! Did the Fed think of it?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144709321","media":"智通财经网","summary":"德银首席外汇策略师George Saravelos认为，从收益率曲线平坦化可以看出，美联储犯了一个重大的政策错误，市场表明了对中性利率r*的极度悲观态度。","content":"<p>The market performance after the Fed's decision is extraordinary from any angle: the US Dollar Index has recorded the biggest one-day increase since the COVID-19 epidemic swept the world in March last year, the yield of long-term U.S. bonds has fallen to the lowest since February, and some commodity prices have fallen to new lows since March last year, but the Nasdaq has hit a record high.</p><p>Why is the market doing so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist George Saravelos said in the report that the flattening of the yield curve shows that the Fed has made a major policy mistake. And this comes down to the market's extremely pessimistic view of the neutral interest rate r*, \"in other words, this is the same thesis we predicted six years ago that the Fed's rate hike cycle would end in disaster.\"<img src=\"https://static.tigerbbs.com/531c16b22c4764b6f441ed19bd04fd96\" tg-width=\"500\" tg-height=\"271\" referrerpolicy=\"no-referrer\">Why does the market have such an unexpected trend? Deutsche Bank analysts gave analysis one by one:</p><p>US dollar surge: The performance of the US dollar surge is completely in line with the traditional view that the front-end real interest rate has the greatest impact on the US Dollar Index. Expectations of the Fed's tightening of monetary policy in 2023 have been repriced, underpinning the recent strong performance of the dollar. Even if the yield on the 10-year U.S. bond did not hit a new high, it was not surprising that the US Dollar Index rebounded strongly.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity Plunge: The Fed's role in pushing up commodity prices should not be underestimated, perhaps as we can see from the current very high correlation between the dollar and base metal prices. Deutsche Bank's previous report also showed that there was a strong correlation between the Fed's balance sheet, commodity prices and inflation expectations, and the shrinkage of the balance sheet in 2013 also marked the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">A number of survey-based indicators, such as the University of Michigan Inflation Expectations Index, also indicate a high correlation between commodity prices and inflation expectations. The above arguments all show that the Fed's ability to influence inflation expectations through the US dollar and commodities far exceeds ordinary people's imagination.</p><p>Finally, and most importantly, the bonds and the neutral interest rate segment. As you can see from the chart below, there has been a marked distortion and flattening of the bond market in the past 48 hours, which is unusual when the Federal Reserve has not even started a rate hike.</p><p>Repeating the Fed's rate hike cycle from 2015 to 2019, although the market's pricing of interest rate hikes in 2023 and 2024 has risen, the yield after these two time points began to decline, mainly because the market believes that the most the Fed can do is rate hike in less than two years.<img src=\"https://static.tigerbbs.com/9df9859d8bd5aaac81db8c1c1d9764e2\" tg-width=\"500\" tg-height=\"254\" referrerpolicy=\"no-referrer\">This also coincides with the apparent decline in inflation expectations. In fact, the Fed took a hawkish turn even before the breakeven inflation rate reached 2014 normal range levels. And now the market has taken an extremely pessimistic view of the neutral interest rate r*.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Fed decides to move early, then market voices say that the Fed can't go far until inflation and growth reach the speed limit, which also leads to lower market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets outside the bond market also reflect pessimism about the neutral interest rate r*, with the huge demand for yields from global investors driving the US dollar stronger and having a de-inflation (disinflation) impact that comes faster than expected. In other words, the global downturn in neutral interest rates has pushed US neutral rates even lower.</p><p>The low neutral interest rate is consistent with the strength of the stock market, especially growth stocks that rely heavily on medium-term discount rates. The trend of U.S. stocks in the past two days reflects the huge relative rotation from Russell 2000 to Nasdaq, but Deutsche Bank analysts warn that this is actually version 2.0 of the long-term stagnation of ten-year pricing from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While a day or two of price performance does not constitute a trend, the strange signals from the market should not be ignored. Deutsche Bank analysts have been highlighting over the past few weeks that there are still many issues to be resolved from the V-shaped recovery to post-Covid stability, including the structural damage left by Covid on private sector savings rates and the new equilibrium real interest rate level. One can imagine the tragic situation of the economy without fiscal stimulus-can the United States sustain positive GDP growth without trillions of dollars in new fiscal stimulus every year? And what happens to inflation if the Fed is forced to cut interest rates before the inflationary fire extinguishes? These are all issues that the market will have to consider in the coming months.</p><p>The biggest question facing the Fed at present is whether it is possible to repeat the mistake of 1937, when the Fed thought that the U.S. economy had improved and started a rate hike, but the result was that the U.S. economy was back in trouble, and ultimately it was massive fiscal reinflation during World War II that saved everything.</p><p>But the question is, now that America's debt and deficit have risen to World War II levels, how can the U.S. government justify trillions of dollars a year in fiscal stimulus without war? When prices continue to rise in 2024 and the economy is in recession again, how will the then-Fed chairman fight inflation?</p>","source":"highlight_zhitongcaijin","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>After the resolution, the market actually went like this! Did the Fed think of it?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter the resolution, the market actually went like this! Did the Fed think of it?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-06-20 13:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market performance after the Fed's decision is extraordinary from any angle: the US Dollar Index has recorded the biggest one-day increase since the COVID-19 epidemic swept the world in March last year, the yield of long-term U.S. bonds has fallen to the lowest since February, and some commodity prices have fallen to new lows since March last year, but the Nasdaq has hit a record high.</p><p>Why is the market doing so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist George Saravelos said in the report that the flattening of the yield curve shows that the Fed has made a major policy mistake. And this comes down to the market's extremely pessimistic view of the neutral interest rate r*, \"in other words, this is the same thesis we predicted six years ago that the Fed's rate hike cycle would end in disaster.\"<img src=\"https://static.tigerbbs.com/531c16b22c4764b6f441ed19bd04fd96\" tg-width=\"500\" tg-height=\"271\" referrerpolicy=\"no-referrer\">Why does the market have such an unexpected trend? Deutsche Bank analysts gave analysis one by one:</p><p>US dollar surge: The performance of the US dollar surge is completely in line with the traditional view that the front-end real interest rate has the greatest impact on the US Dollar Index. Expectations of the Fed's tightening of monetary policy in 2023 have been repriced, underpinning the recent strong performance of the dollar. Even if the yield on the 10-year U.S. bond did not hit a new high, it was not surprising that the US Dollar Index rebounded strongly.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity Plunge: The Fed's role in pushing up commodity prices should not be underestimated, perhaps as we can see from the current very high correlation between the dollar and base metal prices. Deutsche Bank's previous report also showed that there was a strong correlation between the Fed's balance sheet, commodity prices and inflation expectations, and the shrinkage of the balance sheet in 2013 also marked the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">A number of survey-based indicators, such as the University of Michigan Inflation Expectations Index, also indicate a high correlation between commodity prices and inflation expectations. The above arguments all show that the Fed's ability to influence inflation expectations through the US dollar and commodities far exceeds ordinary people's imagination.</p><p>Finally, and most importantly, the bonds and the neutral interest rate segment. As you can see from the chart below, there has been a marked distortion and flattening of the bond market in the past 48 hours, which is unusual when the Federal Reserve has not even started a rate hike.</p><p>Repeating the Fed's rate hike cycle from 2015 to 2019, although the market's pricing of interest rate hikes in 2023 and 2024 has risen, the yield after these two time points began to decline, mainly because the market believes that the most the Fed can do is rate hike in less than two years.<img src=\"https://static.tigerbbs.com/9df9859d8bd5aaac81db8c1c1d9764e2\" tg-width=\"500\" tg-height=\"254\" referrerpolicy=\"no-referrer\">This also coincides with the apparent decline in inflation expectations. In fact, the Fed took a hawkish turn even before the breakeven inflation rate reached 2014 normal range levels. And now the market has taken an extremely pessimistic view of the neutral interest rate r*.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Fed decides to move early, then market voices say that the Fed can't go far until inflation and growth reach the speed limit, which also leads to lower market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets outside the bond market also reflect pessimism about the neutral interest rate r*, with the huge demand for yields from global investors driving the US dollar stronger and having a de-inflation (disinflation) impact that comes faster than expected. In other words, the global downturn in neutral interest rates has pushed US neutral rates even lower.</p><p>The low neutral interest rate is consistent with the strength of the stock market, especially growth stocks that rely heavily on medium-term discount rates. The trend of U.S. stocks in the past two days reflects the huge relative rotation from Russell 2000 to Nasdaq, but Deutsche Bank analysts warn that this is actually version 2.0 of the long-term stagnation of ten-year pricing from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While a day or two of price performance does not constitute a trend, the strange signals from the market should not be ignored. Deutsche Bank analysts have been highlighting over the past few weeks that there are still many issues to be resolved from the V-shaped recovery to post-Covid stability, including the structural damage left by Covid on private sector savings rates and the new equilibrium real interest rate level. One can imagine the tragic situation of the economy without fiscal stimulus-can the United States sustain positive GDP growth without trillions of dollars in new fiscal stimulus every year? And what happens to inflation if the Fed is forced to cut interest rates before the inflationary fire extinguishes? These are all issues that the market will have to consider in the coming months.</p><p>The biggest question facing the Fed at present is whether it is possible to repeat the mistake of 1937, when the Fed thought that the U.S. economy had improved and started a rate hike, but the result was that the U.S. economy was back in trouble, and ultimately it was massive fiscal reinflation during World War II that saved everything.</p><p>But the question is, now that America's debt and deficit have risen to World War II levels, how can the U.S. government justify trillions of dollars a year in fiscal stimulus without war? When prices continue to rise in 2024 and the economy is in recession again, how will the then-Fed chairman fight inflation?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/497227.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85333027402a432a97137c9e6d12fcdc","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时",".DJI":"道琼斯","SH":"做空标普500-Proshares","QQQ":"纳指100ETF","SDOW":"三倍做空道指30ETF-ProShares",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","OEX":"标普100","SDS":"两倍做空标普500 ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","UDOW":"三倍做多道指30ETF-ProShares",".IXIC":"NASDAQ Composite","DJX":"1/100道琼斯","DOG":"道指ETF-ProShares做空","IVV":"标普500ETF-iShares","SPXU":"三倍做空标普500ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","SPY":"标普500ETF"},"source_url":"http://www.zhitongcaijing.com/content/detail/497227.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2144709321","content_text":"美联储决议后的市场表现，无论从什么角度来看都非比寻常：美元指数自去年3月新冠疫情席卷全球以来创下单日最大涨幅，长端美债收益率跌至2月以来最低，部分商品价格跌至去年3月以来新低，但纳斯达克指数却创下历史新高。\n市场为何出现如此出乎意料的表现?德意志银行首席外汇策略师George Saravelos在报告中表示，从收益率曲线平坦化可以看出，美联储犯了一个重大的政策错误。而这归结为市场对中性利率r*的极度悲观看法，“换句话说，这与我们六年前预测的，美联储加息周期将以灾难结束时的论点相同。”为何市场会有如此意外走势?德银分析师一一给出分析：\n美元大涨：美元大涨的表现完全符合传统观点，即对美元指数影响最大的是前端实际利率。美联储2023年收紧货币政策的预期已经被重新定价，支撑近期美元强势的表现。即便10年期美债收益率没有创下新高，美元指数强势反弹也并不让人惊讶。商品暴跌：不应低估美联储在推升商品价格方面起到的作用，或许我们从目前美元与基金属价格之前非常高的相关性中可以看出。德银此前的报告也表明，美联储资产负债表、商品价格和通胀预期之间存在强关联性，2013年缩表也标志着当时的通胀预期顶。而多项基于调查的指标，比如密歇根大学通胀预期指数也表明商品价格与通胀预期的高关联性。上述的论据都表明，美联储通过美元和商品影响通胀预期的能力远超一般人想象。\n最后，也是最重要的，债券和中性利率的部分。从下图可以看出，在过去48小时内，债券市场出现明显的扭曲平坦化，在美联储甚至还没开始加息的时候出现这种情况非比寻常。\n重演2015年至2019年美联储加息周期，尽管市场对2023年和2024年加息定价已经上升，但这两个时间点之后的收益率开始下降，主要因市场认为美联储最多能做到的也只有在不到两年时间内加息。这也与通胀预期的明显下降相吻合。事实上，美联储甚至在盈亏平衡通胀率达到2014年正常区间水平前就出现了鹰派的转变。而现在市场对中性利率r*采取了极其悲观的看法。换句话说，如果美联储决定提前行动，那么市场的声音表示，在通胀和增长达到速度极限前，美联储无法走得很远，这也导致市场对美联储第一次加息后的利率预期下降。\n债券市场之外的其他市场也反映出对中性利率r*的悲观，全球投资者对收益率的巨大需求推动美元走强，并产生比预期来得更快的去通胀(通胀放缓，disinflation)影响。换句话说，全球中性利率的低迷将美国中性利率推得更低了。\n而低中性利率与股市走强是相一致的，特别是严重依赖中期贴现利率的成长股。过去两天美股走势反映的是从罗素2000到纳斯达克指数的巨大相对轮动，但德银分析师警告，这其实是2010年到2019年长期停滞十年定价的2.0版本。虽然一两天的价格表现并不能构成趋势，但市场发出的奇怪信号不应被忽略。德银分析师在过去几周一直强调，从V型复苏到后新冠时代的稳定状态，还有许多问题有待解决，包括新冠疫情对私营部门储蓄率，以及新均衡实际利率水平留下的结构性损伤。可以想象，没有财政刺激措施之后经济的悲惨情形——没有每年数万亿美元的新财政刺激措施，美国是否能维持正的GDP增长率?而如果美联储被迫在通胀之火熄灭前就降息，通胀率会怎样?这些都是市场在未来几个月内不得不考虑的问题。\n美联储当前面临的最大问题在于是否可能重蹈1937年覆辙，当时美联储认为美国经济已经好转，并开始启动加息，但结果是美国经济重新陷入困境，最终是二战时期的大规模财政再通胀挽救了一切。\n但问题在于，目前美国的债务和赤字都已经升至二战时的水平，没有战争，美国政府还能如何证明每年几万亿美元的财政刺激措施合理?当2024年物价继续上涨，经济再度陷入衰退，时任的美联储主席要如何抗击通胀?","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DXD":0.9,"NQmain":0.9,"SSO":0.9,"UDOW":0.9,".DJI":0.9,"IVV":0.9,"SDS":0.9,"QID":0.9,"ESmain":0.9,"DDM":0.9,"SDOW":0.9,"DJX":0.9,"SH":0.9,"SPY":0.9,".IXIC":0.9,"QLD":0.9,"QQQ":0.9,"SPXU":0.9,"UPRO":0.9,"OEF":0.9,"TQQQ":0.9,"MNQmain":0.9,"DOG":0.9,"PSQ":0.9,"SQQQ":0.9,"OEX":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121903052,"gmtCreate":1624447094176,"gmtModify":1703836942395,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/121903052","repostId":"1158814488","repostType":4,"repost":{"id":"1158814488","kind":"news","pubTimestamp":1624445249,"share":"https://ttm.financial/m/news/1158814488?lang=en_US&edition=fundamental","pubTime":"2021-06-23 18:47","market":"sh","language":"zh","title":"The latest research and judgment of Haitong Securities Chief is here! The stock market ushered in a better window in the middle of summer","url":"https://stock-news.laohu8.com/highlight/detail?id=1158814488","media":"中国证券报","summary":"6月23日-25日，海通证券召开2021年中期策略会，在今日上午的主论坛环节，海通证券首席经济学家兼首席策略分析师荀玉根及首席宏观分析师梁中华，就市场关注的宏观经济相关话题以及A股市场策略等进行了深度","content":"<p><div>From June 23rd to 25th, Haitong Securities held the 2021 medium-term strategy meeting. At the main forum this morning, Xun Yugen, chief economist and chief strategist of Haitong Securities, and Liang Zhonghua, chief macro analyst, made an in-depth analysis on macroeconomic-related topics and A-share market strategies that the market is concerned about. Xun Yugen said that the inflationary pressure is expected to ease in the second half of the year, the index is expected to hit a new high this year, and the market will usher in a better window period in midsummer. He suggested that the structure is surprisingly upright, and the leading high-quality companies represented by \"Mao Index\" are still well allocated, and intelligent manufacturing with rapid profit growth and policy direction is worth...</p><p><a href=\"https://mp.weixin.qq.com/s/NpdUE1xWHsuJ0wlGCXJWHA\">Web link</a></div></p>","source":"zgzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The latest research and judgment of Haitong Securities Chief is here! The stock market ushered in a better window in the middle of summer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe latest research and judgment of Haitong Securities Chief is here! The stock market ushered in a better window in the middle of summer\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-06-23 18:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>From June 23rd to 25th, Haitong Securities held the 2021 medium-term strategy meeting. At the main forum this morning, Xun Yugen, chief economist and chief strategist of Haitong Securities, and Liang Zhonghua, chief macro analyst, made an in-depth analysis on macroeconomic-related topics and A-share market strategies that the market is concerned about. Xun Yugen said that the inflationary pressure is expected to ease in the second half of the year, the index is expected to hit a new high this year, and the market will usher in a better window period in midsummer. He suggested that the structure is surprisingly upright, and the leading high-quality companies represented by \"Mao Index\" are still well allocated, and intelligent manufacturing with rapid profit growth and policy direction is worth...</p><p><a href=\"https://mp.weixin.qq.com/s/NpdUE1xWHsuJ0wlGCXJWHA\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/NpdUE1xWHsuJ0wlGCXJWHA\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"399001":"深证成指","399006":"创业板指","600837":"海通证券","06837":"海通证券","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/NpdUE1xWHsuJ0wlGCXJWHA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158814488","content_text":"6月23日-25日，海通证券召开2021年中期策略会，在今日上午的主论坛环节，海通证券首席经济学家兼首席策略分析师荀玉根及首席宏观分析师梁中华，就市场关注的宏观经济相关话题以及A股市场策略等进行了深度解析。\n荀玉根表示，通胀压力下半年有望缓解，指数今年有望创新高，市场在盛夏迎来较好窗口期。他建议，结构上守正出奇，以“茅指数”为代表的龙头优质公司仍是较好配置，盈利增长较快、顺应政策方向的智能制造值得关注。\n宏观经济延续上半年趋势\n从国内宏观经济走势来看，梁中华认为，下半年国内经济和政策预计仍会延续上半年的趋势。当前我国经济总量正常，但结构性分化很大，主要是终端消费还偏弱，政策重点是调结构、均衡经济。\n对应到货币政策上，梁中华表示，接下来预计仍将保持“宽货币、紧信用”的主基调。另外，抓住稳增长压力较小的窗口期，化解房地产、地方债务、中小银行等方面的风险。\n“本轮经济增长最快的时候已经过去。”梁中华指出，总量上来看，社融的高点在去年二季度，经济的高点在去年四季度；结构上来看，投资的高点在去年四季度，工业生产的高点在今年前两月，消费则会延续弱复苏的态势。\n在此背景下，梁中华强调，权益市场更多关注结构性机会，关键还是要挖掘有业绩增长、能够支撑估值的领域，继续关注国际油价上行的机会。如果资金回笼、供给增加、通胀短期偏高等因素导致利率上行，可以择机逐步配置利率债。\n股票市场今年还有机会\n对于目前A股的境况，荀玉根从估值、资金、盈利等几个方面进行了分析。\n“参考历史年度振幅，今年指数再创新高概率偏大。”荀玉根指出，统计A股各主要股指在2000-2020年间每一年的振幅（年内最高价相对最低价的涨幅），上证综指2000年以来年振幅基本都在25%以上，沪深300振幅30%以上，万得全A也在30%以上。今年以来，前述三大指数的振幅分别只有12%、21%和15%。如果前期低点有效（今年上证综指的低点是3月9日的3328点，沪深300则是3月25日的4883点），那参考历史股指的波动幅度，今年股市还有进一步向上拓宽的空间。\n在估值层面，虽然短期看目前A股估值略偏贵，但中长期视角看，A股估值中枢有望上移：一是ROE上行，当前我国经济步入产业结构转型期；二是利率下行；三是居民资产配置转向权益资产。\n从资金面角度看，春节后股市微观资金仍在净流入，春节后至今（截至6月16日，下同）偏股型基金的发行量仍达5700亿份，年初至今新发规模高达1.2万亿份（预计已完成建仓的为9000亿），整体基金的存量规模依旧在上升。外资方面，2月18日至今，北上资金净流入1400亿元，年初至今更是已经净流入2100亿元，日均流入量高达21亿元，创历史新高。\n上市公司盈利层面，本轮盈利回升周期在时间和空间上都没走完。按照利润的季度占比规律推算，今年全A归母净利润同比增速在30%以上，对应两年年化增速17%以上；剔除金融股、“两油”后，全部A股归母净利润同比增速预计在45%以上，两年年化增速30%以上。考虑到2019年后上市公司包括商誉减值在内的资产减值损失开始下降，今年资产减值损失或将小于2020年，因此今年A股利润增速存在向上超预期的可能。\n策略上守正出奇\n近年来，A股市场出现新分化，主要体现在个股及基金净值表现、市值结构等方面。荀玉根认为，这一分化趋势还将延续，未来我国股市两极分化的马太效应将更加显著。\n展望下半年，荀玉根认为，守正出奇方能致胜。守正出奇，即以“茅指数”为代表的第一梯队超大市值公司仍然值得配置。2021年是“十四五”规划元年，“十四五”规划纲要指出要重点提高制造业发展质量，以科技创新突破核心技术是当前国家重大战略，科技赋能制造业是未来发展趋势。\n在此背景下，今年智能制造有望崛起，智能制造领域基本面更强，政策支持智能制造快速崛起，智能制造基金持仓热度不高。荀玉根建议关注三大领域：信息技术的应用，新能源技术的应用，传统制造技术改进与升级。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"600837":0.9,"000001.SH":0.9,"06837":0.9}},"isVote":1,"tweetType":1,"viewCount":1270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120521023,"gmtCreate":1624328452562,"gmtModify":1703833626351,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120521023","repostId":"2145035774","repostType":4,"isVote":1,"tweetType":1,"viewCount":1375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165831025,"gmtCreate":1624114034267,"gmtModify":1703828993143,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165831025","repostId":"2143801764","repostType":4,"isVote":1,"tweetType":1,"viewCount":1231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161915462,"gmtCreate":1623900360556,"gmtModify":1703823021748,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161915462","repostId":"1101569149","repostType":4,"repost":{"id":"1101569149","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":1623896248,"share":"https://ttm.financial/m/news/1101569149?lang=en_US&edition=fundamental","pubTime":"2021-06-17 10:17","market":"hk","language":"zh","title":"Keji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1101569149","media":"老虎资讯综合","summary":"6月17日消息，本周四科济药业-B发布公告，公司发行9474.7万股股份，每股定价32.8港元，每手500股，预期将于6月18日上市。\n公开发售阶段科济药业-B获434.57倍认购，分配至公开发售的发","content":"<p>June 17 news, this Thursday<a href=\"https://laohu8.com/S/02171\">Keji Pharmaceutical-B</a>According to the announcement, the company issued 94.747 million shares at a price of HK$ 32.8 per share and 500 shares per lot, which is expected to be listed on June 18th.</p><p>During the public offering stage, Keji Pharmaceutical-B was subscribed 434.57 times, and the final number of Offer Shares allocated to the public offering was 47,343,500 shares, representing 50% of the total number of Offer Shares (before any over-allotment option is exercised). A total of 365,662 valid applications were received, with a successful rate of 5%, and 70 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 47,343,500 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/95d89d7eee6c2f396df4d3ef45820c65\" tg-width=\"697\" tg-height=\"586\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>500 shares per board lot with an admission fee of HK$16,565.26. The winning rate of one hand is 5%, and the subscription of 70 lots is stable.</p><p>The threshold of Group B is 200,000 shares, and the funds required for subscription are approximately HK$6,626,105.12.<img src=\"https://static.tigerbbs.com/353378b0488328f9e158c8091c6bd0e6\" tg-width=\"812\" tg-height=\"848\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f020abe439deaa57cbca1e60a4888b29\" tg-width=\"847\" tg-height=\"595\" referrerpolicy=\"no-referrer\">In terms of financing, the Company intends to use the net proceeds from the Global Offering of approximately HK$2.94 billion for the following purposes: approximately 30% will be used to provide funds for the further development of the core product candidate BCMA CAR-T (CT053); Approximately 20% will be used to develop comprehensive manufacturing and commercialization capabilities; approximately 10% will be used to continue upgrading the CAR-T technology and fund early stage research and development activities; Approximately 9% will be used for working capital and other general corporate purposes.</p><p>It is reported that Keji Pharmaceutical is a biopharmaceutical company with operations in China and the United States, focusing on innovative CAR-T cell therapy for the treatment of hematological malignancies and solid tumors. The company has internally developed new technologies and a product pipeline with global rights to solve the major challenges of CAR-T cell therapy, such as improving safety, improving the efficacy of treating solid tumors and reducing treatment costs.</p><p>According to Frost & Sullivan, the Company has obtained IND licenses for seven CAR-T therapies in China, the United States and Canada.<b>Ranked first among all CAR-T companies in China</b>。 In addition, among all CAR-T companies in China, companies are<b>The first and only one</b>Companies that obtained the U.S. FDA Advanced Therapy for Regenerative Medicine (or RMAT) designation for CT053.</p><p>In terms of financial data, during the Track Record Period, the Company had no products approved for commercial sales, no revenue from product sales and incurred operating loss. In 2019 and 2020, the Company recorded losses of RMB227 million and RMB327 million, respectively. The majority of the Company's operating losses were attributable to research and development expenses and administrative expenses.</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>Keji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable</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\">\nKeji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable\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\">2021-06-17 10:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 17 news, this Thursday<a href=\"https://laohu8.com/S/02171\">Keji Pharmaceutical-B</a>According to the announcement, the company issued 94.747 million shares at a price of HK$ 32.8 per share and 500 shares per lot, which is expected to be listed on June 18th.</p><p>During the public offering stage, Keji Pharmaceutical-B was subscribed 434.57 times, and the final number of Offer Shares allocated to the public offering was 47,343,500 shares, representing 50% of the total number of Offer Shares (before any over-allotment option is exercised). A total of 365,662 valid applications were received, with a successful rate of 5%, and 70 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 47,343,500 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/95d89d7eee6c2f396df4d3ef45820c65\" tg-width=\"697\" tg-height=\"586\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>500 shares per board lot with an admission fee of HK$16,565.26. The winning rate of one hand is 5%, and the subscription of 70 lots is stable.</p><p>The threshold of Group B is 200,000 shares, and the funds required for subscription are approximately HK$6,626,105.12.<img src=\"https://static.tigerbbs.com/353378b0488328f9e158c8091c6bd0e6\" tg-width=\"812\" tg-height=\"848\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f020abe439deaa57cbca1e60a4888b29\" tg-width=\"847\" tg-height=\"595\" referrerpolicy=\"no-referrer\">In terms of financing, the Company intends to use the net proceeds from the Global Offering of approximately HK$2.94 billion for the following purposes: approximately 30% will be used to provide funds for the further development of the core product candidate BCMA CAR-T (CT053); Approximately 20% will be used to develop comprehensive manufacturing and commercialization capabilities; approximately 10% will be used to continue upgrading the CAR-T technology and fund early stage research and development activities; Approximately 9% will be used for working capital and other general corporate purposes.</p><p>It is reported that Keji Pharmaceutical is a biopharmaceutical company with operations in China and the United States, focusing on innovative CAR-T cell therapy for the treatment of hematological malignancies and solid tumors. The company has internally developed new technologies and a product pipeline with global rights to solve the major challenges of CAR-T cell therapy, such as improving safety, improving the efficacy of treating solid tumors and reducing treatment costs.</p><p>According to Frost & Sullivan, the Company has obtained IND licenses for seven CAR-T therapies in China, the United States and Canada.<b>Ranked first among all CAR-T companies in China</b>。 In addition, among all CAR-T companies in China, companies are<b>The first and only one</b>Companies that obtained the U.S. FDA Advanced Therapy for Regenerative Medicine (or RMAT) designation for CT053.</p><p>In terms of financial data, during the Track Record Period, the Company had no products approved for commercial sales, no revenue from product sales and incurred operating loss. In 2019 and 2020, the Company recorded losses of RMB227 million and RMB327 million, respectively. The majority of the Company's operating losses were attributable to research and development expenses and administrative expenses.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3c6daacf13f78492ec38a4e178ddca49","relate_stocks":{"02171":"科济药业-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101569149","content_text":"6月17日消息，本周四科济药业-B发布公告，公司发行9474.7万股股份，每股定价32.8港元，每手500股，预期将于6月18日上市。\n公开发售阶段科济药业-B获434.57倍认购，分配至公开发售的发售股份最终数目为4734.35万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获365662份有效申请，一手中签率5%，认购70手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为4734.35万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手500股，入场费16,565.26港元。一手中签率5%，认购70手稳中一手。\n乙组门槛为20万股，申购所需资金约6,626,105.12港元。筹资用途方面，公司拟将全球发售所得款项净额约29.4亿港元用于以下用途：约30%将用于进一步开发核心候选产品BCMA CAR-T (CT053)提供资金；约20%将用于培养全面的制造及商业化能力；约10%将用于继续升级CAR-T技术及为早期研发活动提供资金；约9%将用于营运资金及其他一般公司用途。\n据悉，科济药业是一家在中国及美国拥有业务的生物制药公司，专注于治疗血液恶性肿瘤和实体瘤的创新CAR-T细胞疗法，公司已内部开发新技术以及拥有全球权益的产品管线，以解决CAR-T细胞疗法的重大挑战，比如提高安全性，提高治疗实体瘤的疗效和降低治疗成本。\n根据弗若斯特沙利文的资料，公司已在中国、美国和加拿大获得7项CAR-T疗法的IND许可，在中国所有CAR-T公司中排名第一。此外，在中国所有CAR-T公司中，公司是第一个也是唯一一个就CT053获得美国FDA再生医学高级疗法（或RMAT）认定的公司。\n财务数据方面，于往绩记录期间，公司尚无产品获批准进行商业销售，未有产品销售的收益并产生经营亏损。于2019年及2020年，公司分别录得亏损人民币2.27亿元及3.27亿元。公司经营亏损绝大部分来自研发开支及行政开支。","news_type":1,"symbols_score_info":{"02171":0.9}},"isVote":1,"tweetType":1,"viewCount":979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161997433,"gmtCreate":1623899530422,"gmtModify":1703822996656,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161997433","repostId":"1186688505","repostType":4,"repost":{"id":"1186688505","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":1623891302,"share":"https://ttm.financial/m/news/1186688505?lang=en_US&edition=fundamental","pubTime":"2021-06-17 08:55","market":"hk","language":"zh","title":"Youran Animal Husbandry's first-hand winning rate is 80%, and the subscription of 3 lots is stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1186688505","media":"老虎资讯综合","summary":"6月17日消息，本周四优然牧业发布公告，公司发行7.15亿股股份，每股定价6.98港元，每手1000股，预期将于6月18日上市。\n公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目","content":"<p>June 17 news, this Thursday<a href=\"https://laohu8.com/S/09858\">Youran Animal Husbandry</a>An announcement was made that the company issued 715 million shares at a price of HK$ 6.98 per share and 1,000 shares per lot, which is expected to be listed on June 18th.</p><p>During the Public Offer, Youran Dairy was subscribed 3.73 times and the final number of Offer Shares allocated to the Public Offer was 71,544 million, representing 10% of the total number of Offer Shares (before any Over-allotment Option is exercised). A total of 28,283 valid applications were received, with a successful rate of 80%, and 3 subscriptions were successful.</p><p>In addition, the International Offering was over-subscribed and the final number of Offer Shares was 644 million (excluding the Over-allocated Shares), representing 90% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/a2349a0d398ab0b7c627322586dc1995\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>1000 shares per board lot with an admission fee of HK$8,747.26. The winning rate of one hand is 80%, and the subscription of three hands is stable.</p><p>The threshold of Group B is 600,000 shares, and the funds required for subscription are approximately HK$5,248,360.09.<img src=\"https://static.tigerbbs.com/183b55b260a699e4eed6d62b7a2b20d9\" tg-width=\"713\" tg-height=\"208\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/baef5fa28b0cc392f49dad86d7d64628\" tg-width=\"721\" tg-height=\"786\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/46328b4384685df91ed4359f3713a90a\" tg-width=\"714\" tg-height=\"329\" referrerpolicy=\"no-referrer\">During the Public Offer, Youran Dairy was subscribed 3.73 times and the final number of Offer Shares allocated to the Public Offer was 71,544 million, representing 10% of the total number of Offer Shares (before any Over-allotment Option is exercised). A total of 28,283 valid applications were received, with a successful rate of 80%, and 3 subscriptions were successful.</p><p>In addition, the International Offering was over-subscribed and the final number of Offer Shares was 644 million (excluding the Over-allocated Shares), representing 90% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:</p><p>For financing purposes, the Company intends to apply approximately HK$3,238 million of the net proceeds from the Global Offering for the following purposes: approximately 75% will be allocated to fund investment projects in the next two years, including the construction of ranches under construction, new ranches and feed production bases and the purchase of necessary facilities and equipment for them; Approximately 15% or will be allocated to pasture to purchase dairy cows; Approximately 10% will be allocated for working capital and general corporate purpose.</p><p>It is reported that Youran Animal Husbandry was founded in 1984. It was once a wholly-owned subsidiary of Yili, the fifth largest dairy manufacturer in the world. In 2015, it spun off its business from Yili. At present, the company has developed into a leader in the upstream dairy market in China, and its business layout covers the whole upstream dairy industry chain from breeding to feed to raw milk production.</p><p>According to Frost & Sullivan,<b>In terms of revenue in 2020, the Company is the largest upstream integrated dairy products and services provider in China.</b>The Company provides high-quality raw milk to large dairy manufacturers and ruminant farming products and services to ranches through two business segments, namely raw milk and systematic solutions for ruminant farming. Yili is Youran Dairy's largest customer.</p><p>In terms of financial data, the total revenue of the Company from 2018 to 2020 was RMB6,334 million, RMB7,668 million and RMB11,781 million, respectively, representing a CAGR of 36.4%; Net profits of RMB653 million, RMB802 million and RMB1,541 million were recorded for the same periods, representing a CAGR of 53.6%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Youran Animal Husbandry's first-hand winning rate is 80%, and the subscription of 3 lots is stable</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\">\nYouran Animal Husbandry's first-hand winning rate is 80%, and the subscription of 3 lots is stable\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\">2021-06-17 08:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 17 news, this Thursday<a href=\"https://laohu8.com/S/09858\">Youran Animal Husbandry</a>An announcement was made that the company issued 715 million shares at a price of HK$ 6.98 per share and 1,000 shares per lot, which is expected to be listed on June 18th.</p><p>During the Public Offer, Youran Dairy was subscribed 3.73 times and the final number of Offer Shares allocated to the Public Offer was 71,544 million, representing 10% of the total number of Offer Shares (before any Over-allotment Option is exercised). A total of 28,283 valid applications were received, with a successful rate of 80%, and 3 subscriptions were successful.</p><p>In addition, the International Offering was over-subscribed and the final number of Offer Shares was 644 million (excluding the Over-allocated Shares), representing 90% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/a2349a0d398ab0b7c627322586dc1995\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>1000 shares per board lot with an admission fee of HK$8,747.26. The winning rate of one hand is 80%, and the subscription of three hands is stable.</p><p>The threshold of Group B is 600,000 shares, and the funds required for subscription are approximately HK$5,248,360.09.<img src=\"https://static.tigerbbs.com/183b55b260a699e4eed6d62b7a2b20d9\" tg-width=\"713\" tg-height=\"208\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/baef5fa28b0cc392f49dad86d7d64628\" tg-width=\"721\" tg-height=\"786\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/46328b4384685df91ed4359f3713a90a\" tg-width=\"714\" tg-height=\"329\" referrerpolicy=\"no-referrer\">During the Public Offer, Youran Dairy was subscribed 3.73 times and the final number of Offer Shares allocated to the Public Offer was 71,544 million, representing 10% of the total number of Offer Shares (before any Over-allotment Option is exercised). A total of 28,283 valid applications were received, with a successful rate of 80%, and 3 subscriptions were successful.</p><p>In addition, the International Offering was over-subscribed and the final number of Offer Shares was 644 million (excluding the Over-allocated Shares), representing 90% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:</p><p>For financing purposes, the Company intends to apply approximately HK$3,238 million of the net proceeds from the Global Offering for the following purposes: approximately 75% will be allocated to fund investment projects in the next two years, including the construction of ranches under construction, new ranches and feed production bases and the purchase of necessary facilities and equipment for them; Approximately 15% or will be allocated to pasture to purchase dairy cows; Approximately 10% will be allocated for working capital and general corporate purpose.</p><p>It is reported that Youran Animal Husbandry was founded in 1984. It was once a wholly-owned subsidiary of Yili, the fifth largest dairy manufacturer in the world. In 2015, it spun off its business from Yili. At present, the company has developed into a leader in the upstream dairy market in China, and its business layout covers the whole upstream dairy industry chain from breeding to feed to raw milk production.</p><p>According to Frost & Sullivan,<b>In terms of revenue in 2020, the Company is the largest upstream integrated dairy products and services provider in China.</b>The Company provides high-quality raw milk to large dairy manufacturers and ruminant farming products and services to ranches through two business segments, namely raw milk and systematic solutions for ruminant farming. Yili is Youran Dairy's largest customer.</p><p>In terms of financial data, the total revenue of the Company from 2018 to 2020 was RMB6,334 million, RMB7,668 million and RMB11,781 million, respectively, representing a CAGR of 36.4%; Net profits of RMB653 million, RMB802 million and RMB1,541 million were recorded for the same periods, representing a CAGR of 53.6%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"09858":"优然牧业"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186688505","content_text":"6月17日消息，本周四优然牧业发布公告，公司发行7.15亿股股份，每股定价6.98港元，每手1000股，预期将于6月18日上市。\n公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。\n此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：申购阶梯：\n每手1000股，入场费8,747.26港元。一手中签率80%，认购3手稳中一手。\n乙组门槛为60万股，申购所需资金约5,248,360.09港元。公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。\n此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：\n筹资用途方面，公司拟将全球发售所得款项净额约32.38亿港元用于以下用途：约75%将分配用于拨付未来两年的投资项目，包括兴建正在建设的牧场、新建的牧场及饲料生产基地并为其购置所需设施设备；约15%或将分配用于牧场购买奶牛；约10%将分配用于营运资金及一般企业用途。\n据悉，优然牧业成立于1984年，曾作为全球排名第五的大型乳制品制造商伊利旗下全资附属公司，2015年将业务从伊利分拆出来运营。目前公司已发展成为中国乳业上游市场的领导者，业务布局覆盖由育种到饲料再到原料奶生产的乳业上游全产业链。\n根据弗若斯特沙利文的资料，按2020年收入计，公司是中国规模最大的乳业上游综合产品和服务提供商。公司通过原料奶及反刍动物养殖系统化解决方案两个业务分部，向大型乳制品制造商提供优质原料奶并向牧场提供反刍动物养殖产品及服务，伊利是优然牧业最大的客户。\n财务数据方面，2018年至2020年公司总营收分别为人民币63.34亿元、76.68亿元及117.81亿元，复合年增长率为36.4%；同期录得净利润6.53亿元、8.02亿元及15.41亿元，复合年增长率为53.6%。","news_type":1,"symbols_score_info":{"09858":0.9}},"isVote":1,"tweetType":1,"viewCount":1007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161994038,"gmtCreate":1623899462524,"gmtModify":1703822994070,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161994038","repostId":"1101569149","repostType":4,"repost":{"id":"1101569149","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":1623896248,"share":"https://ttm.financial/m/news/1101569149?lang=en_US&edition=fundamental","pubTime":"2021-06-17 10:17","market":"hk","language":"zh","title":"Keji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1101569149","media":"老虎资讯综合","summary":"6月17日消息，本周四科济药业-B发布公告，公司发行9474.7万股股份，每股定价32.8港元，每手500股，预期将于6月18日上市。\n公开发售阶段科济药业-B获434.57倍认购，分配至公开发售的发","content":"<p>June 17 news, this Thursday<a href=\"https://laohu8.com/S/02171\">Keji Pharmaceutical-B</a>According to the announcement, the company issued 94.747 million shares at a price of HK$ 32.8 per share and 500 shares per lot, which is expected to be listed on June 18th.</p><p>During the public offering stage, Keji Pharmaceutical-B was subscribed 434.57 times, and the final number of Offer Shares allocated to the public offering was 47,343,500 shares, representing 50% of the total number of Offer Shares (before any over-allotment option is exercised). A total of 365,662 valid applications were received, with a successful rate of 5%, and 70 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 47,343,500 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/95d89d7eee6c2f396df4d3ef45820c65\" tg-width=\"697\" tg-height=\"586\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>500 shares per board lot with an admission fee of HK$16,565.26. The winning rate of one hand is 5%, and the subscription of 70 lots is stable.</p><p>The threshold of Group B is 200,000 shares, and the funds required for subscription are approximately HK$6,626,105.12.<img src=\"https://static.tigerbbs.com/353378b0488328f9e158c8091c6bd0e6\" tg-width=\"812\" tg-height=\"848\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f020abe439deaa57cbca1e60a4888b29\" tg-width=\"847\" tg-height=\"595\" referrerpolicy=\"no-referrer\">In terms of financing, the Company intends to use the net proceeds from the Global Offering of approximately HK$2.94 billion for the following purposes: approximately 30% will be used to provide funds for the further development of the core product candidate BCMA CAR-T (CT053); Approximately 20% will be used to develop comprehensive manufacturing and commercialization capabilities; approximately 10% will be used to continue upgrading the CAR-T technology and fund early stage research and development activities; Approximately 9% will be used for working capital and other general corporate purposes.</p><p>It is reported that Keji Pharmaceutical is a biopharmaceutical company with operations in China and the United States, focusing on innovative CAR-T cell therapy for the treatment of hematological malignancies and solid tumors. The company has internally developed new technologies and a product pipeline with global rights to solve the major challenges of CAR-T cell therapy, such as improving safety, improving the efficacy of treating solid tumors and reducing treatment costs.</p><p>According to Frost & Sullivan, the Company has obtained IND licenses for seven CAR-T therapies in China, the United States and Canada.<b>Ranked first among all CAR-T companies in China</b>。 In addition, among all CAR-T companies in China, companies are<b>The first and only one</b>Companies that obtained the U.S. FDA Advanced Therapy for Regenerative Medicine (or RMAT) designation for CT053.</p><p>In terms of financial data, during the Track Record Period, the Company had no products approved for commercial sales, no revenue from product sales and incurred operating loss. In 2019 and 2020, the Company recorded losses of RMB227 million and RMB327 million, respectively. The majority of the Company's operating losses were attributable to research and development expenses and administrative expenses.</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>Keji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable</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\">\nKeji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable\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\">2021-06-17 10:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 17 news, this Thursday<a href=\"https://laohu8.com/S/02171\">Keji Pharmaceutical-B</a>According to the announcement, the company issued 94.747 million shares at a price of HK$ 32.8 per share and 500 shares per lot, which is expected to be listed on June 18th.</p><p>During the public offering stage, Keji Pharmaceutical-B was subscribed 434.57 times, and the final number of Offer Shares allocated to the public offering was 47,343,500 shares, representing 50% of the total number of Offer Shares (before any over-allotment option is exercised). A total of 365,662 valid applications were received, with a successful rate of 5%, and 70 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 47,343,500 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/95d89d7eee6c2f396df4d3ef45820c65\" tg-width=\"697\" tg-height=\"586\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>500 shares per board lot with an admission fee of HK$16,565.26. The winning rate of one hand is 5%, and the subscription of 70 lots is stable.</p><p>The threshold of Group B is 200,000 shares, and the funds required for subscription are approximately HK$6,626,105.12.<img src=\"https://static.tigerbbs.com/353378b0488328f9e158c8091c6bd0e6\" tg-width=\"812\" tg-height=\"848\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f020abe439deaa57cbca1e60a4888b29\" tg-width=\"847\" tg-height=\"595\" referrerpolicy=\"no-referrer\">In terms of financing, the Company intends to use the net proceeds from the Global Offering of approximately HK$2.94 billion for the following purposes: approximately 30% will be used to provide funds for the further development of the core product candidate BCMA CAR-T (CT053); Approximately 20% will be used to develop comprehensive manufacturing and commercialization capabilities; approximately 10% will be used to continue upgrading the CAR-T technology and fund early stage research and development activities; Approximately 9% will be used for working capital and other general corporate purposes.</p><p>It is reported that Keji Pharmaceutical is a biopharmaceutical company with operations in China and the United States, focusing on innovative CAR-T cell therapy for the treatment of hematological malignancies and solid tumors. The company has internally developed new technologies and a product pipeline with global rights to solve the major challenges of CAR-T cell therapy, such as improving safety, improving the efficacy of treating solid tumors and reducing treatment costs.</p><p>According to Frost & Sullivan, the Company has obtained IND licenses for seven CAR-T therapies in China, the United States and Canada.<b>Ranked first among all CAR-T companies in China</b>。 In addition, among all CAR-T companies in China, companies are<b>The first and only one</b>Companies that obtained the U.S. FDA Advanced Therapy for Regenerative Medicine (or RMAT) designation for CT053.</p><p>In terms of financial data, during the Track Record Period, the Company had no products approved for commercial sales, no revenue from product sales and incurred operating loss. In 2019 and 2020, the Company recorded losses of RMB227 million and RMB327 million, respectively. The majority of the Company's operating losses were attributable to research and development expenses and administrative expenses.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3c6daacf13f78492ec38a4e178ddca49","relate_stocks":{"02171":"科济药业-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101569149","content_text":"6月17日消息，本周四科济药业-B发布公告，公司发行9474.7万股股份，每股定价32.8港元，每手500股，预期将于6月18日上市。\n公开发售阶段科济药业-B获434.57倍认购，分配至公开发售的发售股份最终数目为4734.35万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获365662份有效申请，一手中签率5%，认购70手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为4734.35万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手500股，入场费16,565.26港元。一手中签率5%，认购70手稳中一手。\n乙组门槛为20万股，申购所需资金约6,626,105.12港元。筹资用途方面，公司拟将全球发售所得款项净额约29.4亿港元用于以下用途：约30%将用于进一步开发核心候选产品BCMA CAR-T (CT053)提供资金；约20%将用于培养全面的制造及商业化能力；约10%将用于继续升级CAR-T技术及为早期研发活动提供资金；约9%将用于营运资金及其他一般公司用途。\n据悉，科济药业是一家在中国及美国拥有业务的生物制药公司，专注于治疗血液恶性肿瘤和实体瘤的创新CAR-T细胞疗法，公司已内部开发新技术以及拥有全球权益的产品管线，以解决CAR-T细胞疗法的重大挑战，比如提高安全性，提高治疗实体瘤的疗效和降低治疗成本。\n根据弗若斯特沙利文的资料，公司已在中国、美国和加拿大获得7项CAR-T疗法的IND许可，在中国所有CAR-T公司中排名第一。此外，在中国所有CAR-T公司中，公司是第一个也是唯一一个就CT053获得美国FDA再生医学高级疗法（或RMAT）认定的公司。\n财务数据方面，于往绩记录期间，公司尚无产品获批准进行商业销售，未有产品销售的收益并产生经营亏损。于2019年及2020年，公司分别录得亏损人民币2.27亿元及3.27亿元。公司经营亏损绝大部分来自研发开支及行政开支。","news_type":1,"symbols_score_info":{"02171":0.9}},"isVote":1,"tweetType":1,"viewCount":867,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121903176,"gmtCreate":1624447114195,"gmtModify":1703836942722,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"✌️","listText":"✌️","text":"✌️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121903176","repostId":"1149419785","repostType":4,"isVote":1,"tweetType":1,"viewCount":1031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120529498,"gmtCreate":1624328420714,"gmtModify":1703833627159,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120529498","repostId":"1170012957","repostType":4,"repost":{"id":"1170012957","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":1624324961,"share":"https://ttm.financial/m/news/1170012957?lang=en_US&edition=fundamental","pubTime":"2021-06-22 09:22","market":"sh","language":"zh","title":"Opening: Education stocks bounce across the board as HSI opens 0.3% higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1170012957","media":"老虎资讯综合","summary":"6月22日讯，港股三大指数高开，恒指涨0.3%报28575点，国指涨0.19%报10568点，恒生科技指数涨0.07%报7961点。盘面上，医药、能源股领涨，爱康医疗涨逾10%；香港中华煤气、中国石油","content":"<p>On June 22nd, the three major indices of Hong Kong stocks opened higher, with the Hang Seng Index rising 0.3% to 28,575 points, the State Index rising 0.19% to 10,568 points, and the Hang Seng Technology Index rising 0.07% to 7,961 points.<img src=\"https://static.tigerbbs.com/46773ad85a1f327f8173d4e5f9589ca4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, pharmaceutical and energy stocks led the gains, and Aikang Medical rose by more than 10%; Hong Kong and China Gas and PetroChina both rose more than 2%, leading the gains in Hang Seng Index components. Education stocks that were weak in the early stage opened higher collectively,<a href=\"https://laohu8.com/S/09901\">New Oriental</a>Up nearly 6%,<a href=\"https://laohu8.com/S/00667\">Oriental Education in China</a>It rose by more than 4%; Oil stocks, photovoltaic glass stocks, gas stocks, wind power stocks and biotechnology stocks generally rose, and three barrels of oil strengthened obviously; Big Tech Stocks<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Millet,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low, Meituan<a href=\"https://laohu8.com/S/03690\">$(03690)$</a>up 0.33%; The blockchain sector plunged,<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>It fell nearly 10%, and aviation stocks and pharmaceutical stocks generally fell.</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>Opening: Education stocks bounce across the board as HSI opens 0.3% higher</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\">\nOpening: Education stocks bounce across the board as HSI opens 0.3% higher\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\">2021-06-22 09:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 22nd, the three major indices of Hong Kong stocks opened higher, with the Hang Seng Index rising 0.3% to 28,575 points, the State Index rising 0.19% to 10,568 points, and the Hang Seng Technology Index rising 0.07% to 7,961 points.<img src=\"https://static.tigerbbs.com/46773ad85a1f327f8173d4e5f9589ca4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, pharmaceutical and energy stocks led the gains, and Aikang Medical rose by more than 10%; Hong Kong and China Gas and PetroChina both rose more than 2%, leading the gains in Hang Seng Index components. Education stocks that were weak in the early stage opened higher collectively,<a href=\"https://laohu8.com/S/09901\">New Oriental</a>Up nearly 6%,<a href=\"https://laohu8.com/S/00667\">Oriental Education in China</a>It rose by more than 4%; Oil stocks, photovoltaic glass stocks, gas stocks, wind power stocks and biotechnology stocks generally rose, and three barrels of oil strengthened obviously; Big Tech Stocks<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Millet,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low, Meituan<a href=\"https://laohu8.com/S/03690\">$(03690)$</a>up 0.33%; The blockchain sector plunged,<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>It fell nearly 10%, and aviation stocks and pharmaceutical stocks generally fell.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","01789":"爱康医疗","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170012957","content_text":"6月22日讯，港股三大指数高开，恒指涨0.3%报28575点，国指涨0.19%报10568点，恒生科技指数涨0.07%报7961点。盘面上，医药、能源股领涨，爱康医疗涨逾10%；香港中华煤气、中国石油股份均涨逾2%，领涨恒指成分股。前期弱势的教育股集体高开，新东方涨近6%，中国东方教育涨超4%；石油股、光伏玻璃股、燃气股、风电股、生物科技股普涨，三桶油走强明显；大型科技股阿里巴巴、小米、腾讯小幅低开，美团$(03690)$上涨0.33%；区块链板块重挫，火币科技大跌近10%，航空股、药品股普跌。","news_type":1,"symbols_score_info":{"513600":0.9,"HSImain":0.9,"HHImain":0.9,"02833":0.9,"01789":0.9,"MCHmain":0.9,"HSI":0.9,"MHImain":0.9}},"isVote":1,"tweetType":1,"viewCount":1078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164329786,"gmtCreate":1624172916545,"gmtModify":1703830151992,"author":{"id":"3586992742345237","authorId":"3586992742345237","name":"Jason001","avatar":"https://static.tigerbbs.com/d626b690870a11055bc7975ee05c4e36","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586992742345237","authorIdStr":"3586992742345237"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164329786","repostId":"2144706445","repostType":4,"isVote":1,"tweetType":1,"viewCount":742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}