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2021-08-16

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2021-07-24

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Administrative punishment! Tencent was ordered to lift the exclusive copyright of online music

2021-07-15

Wow

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2021-07-15

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2021-07-14

???

Comments on U.S. June CPI Data: The Departure of the Market from the Federal Reserve and Inflation

2021-07-09

Wow

The epitome of the rotation of times? The head of Ningde Times has more net worth than Jack Ma

2021-07-06

???

Luckin's resurrection, the stock price has risen by more than 50% in nearly two weeks

2021-07-05

Good

What to expect if 'peak everything' already has happened and markets feel the force of gravity again

2021-07-05

I hope amazon can faster grow up

Jeff Bezos Steps Down as CEO on Monday. Here’s What It Means for Amazon’s Stock.

2021-07-05

Waiting

US IPO This Week: Just 2 IPOs scheduled for the shortened holiday week

2021-07-05

Interesting

Palantir: How We Are Playing The Dip

2021-07-05

Good to monitor performance

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2021-07-05

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Bank of America’s Karen Fang says ‘business as usual is not OK’ for finance, the planet or social justice

2021-07-05

Noted

Second-Half 2021: Market Forecasts, Thoughts and Observations

2021-07-05

Noted

Is the stock market closed for the July Fourth holiday? Here’s what you need to know

2021-07-05

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Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%

2021-07-05

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2021-07-05

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2021-07-03

Ok

Global equity funds see third successive weekly inflows- Lipper

2021-07-03

Really... gogogo

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Tencent was ordered to lift the exclusive copyright of online music","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to being ordered to cancel the exclusive copyright of online music: The company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfil social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in an all-round way in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. In January 2021, based on the report, the State Administration for Market Regulation filed an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent)' s acquisition of equity interests in China Music Group in July 2016 for suspected illegal conduct of concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation has ascertained the facts of illegal concentration in this transaction, and fully evaluated factors such as the share, control power, concentration degree of operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, we extensively solicited the opinions of relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements for many times.</p><p>The investigation shows that the relevant market in this case is the online music playing platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group's relevant market shares were about 30% and 40% respectively. Tencent gained a higher market share by merging with major competitors in the market. After concentration, the exclusive music library resources occupied by the entity exceeded 80%, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or ask them to give them better trading conditions than their competitors. It may also be able to raise market entry barriers by paying high prepayments and other copyright payment modes, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on Centralized Examination of Operators, and in accordance with the principle of equal emphasis on development and standardization, the State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright holders to give them conditions superior to competitors without legitimate reasons. Tencent reports the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation according to law.</p><p>This case is the first case of taking necessary measures to restore the state of market competition since the implementation of China's Anti-Monopoly Law. Ordering Tencent to lift exclusive copyright and other measures will reshape the competition order of relevant markets, reduce market entry barriers, and give competitors a fair opportunity to reach upstream copyright resources, which is conducive to returning the focus of competition from using capital advantages to snatch copyright resources to the rational track of innovating service level and improving user experience; It is conducive to promoting the calculation of copyright fees in a reasonable way in line with international standards and reducing downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, safeguarding consumers' right to choose, ultimately benefiting consumers, and promoting the standardized innovation and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on Administrative Penalty</p><p>National Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the Anti-Monopoly Law) and the Interim Provisions on the Examination of Concentration of Operators, this authority launched an investigation on the suspected illegal implementation of concentration of operators in the acquisition of equity interests of China Music Group by Tencent Holdings Limited (hereinafter referred to as Tencent) on 25 January 2021.</p><p>After investigation, this case constitutes an illegal concentration of operators, which has or may have the effect of excluding or restricting competition. In accordance with the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ served Tencent with the Notice of Administrative Punishment, informing it of the contents, facts, reasons and basis of the proposed administrative punishment, and informing it of its rights to make statements, defend and request a hearing according to law. Tencent did not make a statement, plead or request a hearing within the prescribed time limit. The investigation and trial of this case have now ended.</p><p><ul><li>Basic situation</li></ul><b>(1) The counterparty.</b></p><p><b>Acquirer: Tencent.</b>Incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004, it controls Shenzhen Tencent Computer Systems Co., Ltd., a major domestic operating entity, through an agreement. The main business includes social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was RMB102.863 billion (the same currency below), and the domestic turnover in China was RMB96.251 billion.</p><p><b>Acquiree: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, both global and domestic turnover in China were (omitted).</p><p><b>(2) Overview of transactions.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with valuation (omitted) business (mainly QQ Music business), obtained 61.64% equity interest in China Music Group, and obtained sole control over China Music Group. In December 2016, the integrated China Music Group changed its name to Tencent Music Entertainment Group. On 6 December 2017, the transaction completed the registration formalities of equity change.</p><p>Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"the concentration of operators refers to the following situations: (1) the merger of operators; (2) the operator obtains control over other operators by acquiring equity or assets; (3) the operator obtains control over other operators or is able to exercise decisive influence over other operators through contracts or other means\". Prior to this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent obtained 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and that in China was 96.251 billion yuan. The global and domestic turnover of China Music Group in 2015 was (omitted), which met the declaration standards stipulated in Article 3 of the Regulations of the State Council on Declaration Standards for Concentration of Operators, and belonged to the circumstances that should be declared.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the declaration standards stipulated by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and those who fail to declare shall not implement the concentration\". On December 6, 2017, Tencent completed the registration of equity change, but did not report to this authority before that, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Antitrust Review of Concentration of Operators, Tencent's annual report, Written Explanation of Tencent's Related Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and considering the characteristics of platform economy, on the basis of economic analysis and questionnaire survey, the relevant market in this case is defined as the online music playing platform market in China with horizontal overlap between the two parties.<b>Online Music Playback Platform Market</b>It refers to a platform that provides consumers with complete copyrighted music recordings through online broadcasting or downloading through the programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyrights is restricted by the copyright laws of various countries and there are obvious geographical differences, the scope of transmission of music copyrights authorized by online music playback platforms in the PRC is generally within the PRC and is mainly targeted to users within the PRC, therefore the relevant geographical market is defined as within the PRC.</p><p>After in-depth research, this concentration has or may have the effect of excluding or restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market share is 45.77% and 39.65% respectively. Both parties rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue of the relevant markets. According to the share of core music copyright resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which the exclusive music libraries are 3.14 million and 1.3 million, and the market share of music libraries and exclusive resources both exceeds 80%.</p><p>From the analysis of the Hefendal-Hirschmann Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transactions have resulted in a further increase in the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in the relevant market.</b></li></ol>According to the survey, before the transaction, the two parties ranked in the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of Tencent's QQ Music flow to Kugou Music and Kuwo Music, which are subsidiaries of China Music Group, indicating that if QQ Music raises the price or lowers the service level, 73.6% of users may flow to the platforms of China Music Group, and the two sides are close competitors with each other. Focus on reducing major competitors in the relevant markets to further weaken market competition.</p><p><ol><li><b>Concentration may further raise barriers to entry to relevant markets.</b></li></ol><b>First, it is possible to raise the barrier of copyright resources.</b>When the entity locks in more exclusive copyright resources after centralization, new entrants have to rely on their sub-licensing, which makes it more difficult to enter the relevant market. The market size brought by concentration also enables it to pay copyright fees to upstream copyright holders by paying non-refundable high advance payments in advance, which may further raise the barriers to market entry.</p><p><b>Second, it may increase the user conversion cost.</b>Focus on bringing abundant music library resources, larger user scale and sufficient usage data to Tencent. Compared with newly entered platforms, it can recommend songs that meet consumers' preferences better, resulting in a lower willingness of users to switch platforms, thus further expanding the user scale and may prevent other competitors from reaching or maintaining the critical scale.</p><p><b>Third, the market entry activity after concentration is not high.</b>According to the data, the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity decreased significantly.</p><p>To sum up, Tencent has a high market share in the online music playback platform market in China through this item, which may enable it to urge upstream copyright owners to give exclusive copyright authorization to it, or provide it with conditions that are better than competitors. It may also enable Tencent to raise market entry barriers by paying high advance payments, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playing platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also showing a rapid growth rate, from less than 6% when the concentration occurred to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competition constraints. In addition, in recent years, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain enough music copyright resources.</p><p>The above facts are proved by evidence such as statistical data of third-party organizations and industry analysis reports, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sublicensing Agreement provided by Tencent and related parties, and replies from industry authorities and other relevant parties.</p><p>Basis and Decision of Administrative Penalty</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator carries out concentration in violation of the provisions of this Law, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the state before concentration, and may impose a fine of not more than 500,000 yuan\". Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall take into account factors such as the nature, extent and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusions, this organ has made the following handling decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliates to take the following measures to restore competition in relevant markets:</b></p><p>1. No exclusive copyright agreement (the scope of copyright includes the information network dissemination right of all music works and sound recordings) or other exclusive agreement shall be reached or reached in disguise with the upstream copyright party. If it has been reached, it shall be terminated within 30 days from the date of issuance of this decision, except for exclusive cooperation with independent musicians (natural persons who refer to the original rights holder of music works or sound recordings and license the copyright with music platforms in their own name and have never entered into an agreement with any record company or brokerage company) or new song debut. Exclusive collaborations with independent musicians may not exceed three years, and exclusive collaborations with new song debuts may not exceed thirty days.</p><p>2. Without valid reasons, the upstream copyright holder shall not be required or disguised to give the party conditions that are superior to other competitors, including but not limited to the scope of license, license amount, license term, etc., or any agreement or agreement terms related thereto. If it has been reached, it shall be lifted within thirty days from the date of issuance of this decision.</p><p>3. Quote to the upstream copyright owner according to factors such as the actual use of copyright, user payment, song unit price, application scenario, contract signing period, etc. It is not allowed to increase the cost of competitors in disguised form through high advance payment and other means to eliminate or restrict competition.</p><p><b>(2) A fine of 500,000 yuan will be imposed.</b></p><p><b>(3) Declare the concentration of operators according to law.</b></p><p>1. If the concentration of operators meets the declaration standards stipulated by the State Council, it shall report to the State Administration for Market Regulation in advance, and if it fails to declare, concentration shall not be implemented.</p><p>2. If the concentration of operators fails to meet the declaration standard, but the concentration of operators has or may have the effect of excluding or restricting competition, it shall report to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if it is not declared.</p><p>3. If the transaction does not constitute a concentration of operators, except for the protection of the rights and interests of minority shareholders stipulated by law, it is not allowed to participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>Operate in accordance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize one's own competition behavior, carry out comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and standardize one's own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness and non-discrimination.</p><p>3. Improve the internal compliance control system of the enterprise, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect the rights of consumers, set reasonable charges and prices, and protect consumers' privacy.</p><p>5. Actively safeguard fair competition and promote innovation and development of the industry.</p><p>The term of the above measures shall be counted from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate a rectification plan according to the above measures within ten days, and report it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to supervise the trustee or self-supervise and inspect the performance of the above obligations by Tencent and its affiliates within three years. Tencent reports the performance of obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ that makes the decision on fines shall be separated from the institution that collects the fines. Except for fines collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the decision on administrative penalties and its law enforcement officers shall not collect the fines by themselves. The parties concerned shall pay the fines at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative penalty decision. The bank shall receive the fine and hand it over directly to the state treasury \".</p><p>The parties concerned shall, within 15 days from the date of receipt of this administrative penalty decision, bring the payment code to any bank outlet or online banking of 12 central financial non-tax revenue collection agency banks (ICBC, Agriculture, China Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An and Xingye) to pay the fine according to this administrative penalty decision. Payment code: ***.</p><p>If the party concerned is dissatisfied with the above administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative penalty decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>Administrative punishment! Tencent was ordered to lift the exclusive copyright of online music</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\">\nAdministrative punishment! Tencent was ordered to lift the exclusive copyright of online music\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to being ordered to cancel the exclusive copyright of online music: The company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfil social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in an all-round way in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. In January 2021, based on the report, the State Administration for Market Regulation filed an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent)' s acquisition of equity interests in China Music Group in July 2016 for suspected illegal conduct of concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation has ascertained the facts of illegal concentration in this transaction, and fully evaluated factors such as the share, control power, concentration degree of operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, we extensively solicited the opinions of relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements for many times.</p><p>The investigation shows that the relevant market in this case is the online music playing platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group's relevant market shares were about 30% and 40% respectively. Tencent gained a higher market share by merging with major competitors in the market. After concentration, the exclusive music library resources occupied by the entity exceeded 80%, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or ask them to give them better trading conditions than their competitors. It may also be able to raise market entry barriers by paying high prepayments and other copyright payment modes, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on Centralized Examination of Operators, and in accordance with the principle of equal emphasis on development and standardization, the State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright holders to give them conditions superior to competitors without legitimate reasons. Tencent reports the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation according to law.</p><p>This case is the first case of taking necessary measures to restore the state of market competition since the implementation of China's Anti-Monopoly Law. Ordering Tencent to lift exclusive copyright and other measures will reshape the competition order of relevant markets, reduce market entry barriers, and give competitors a fair opportunity to reach upstream copyright resources, which is conducive to returning the focus of competition from using capital advantages to snatch copyright resources to the rational track of innovating service level and improving user experience; It is conducive to promoting the calculation of copyright fees in a reasonable way in line with international standards and reducing downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, safeguarding consumers' right to choose, ultimately benefiting consumers, and promoting the standardized innovation and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on Administrative Penalty</p><p>National Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the Anti-Monopoly Law) and the Interim Provisions on the Examination of Concentration of Operators, this authority launched an investigation on the suspected illegal implementation of concentration of operators in the acquisition of equity interests of China Music Group by Tencent Holdings Limited (hereinafter referred to as Tencent) on 25 January 2021.</p><p>After investigation, this case constitutes an illegal concentration of operators, which has or may have the effect of excluding or restricting competition. In accordance with the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ served Tencent with the Notice of Administrative Punishment, informing it of the contents, facts, reasons and basis of the proposed administrative punishment, and informing it of its rights to make statements, defend and request a hearing according to law. Tencent did not make a statement, plead or request a hearing within the prescribed time limit. The investigation and trial of this case have now ended.</p><p><ul><li>Basic situation</li></ul><b>(1) The counterparty.</b></p><p><b>Acquirer: Tencent.</b>Incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004, it controls Shenzhen Tencent Computer Systems Co., Ltd., a major domestic operating entity, through an agreement. The main business includes social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was RMB102.863 billion (the same currency below), and the domestic turnover in China was RMB96.251 billion.</p><p><b>Acquiree: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, both global and domestic turnover in China were (omitted).</p><p><b>(2) Overview of transactions.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with valuation (omitted) business (mainly QQ Music business), obtained 61.64% equity interest in China Music Group, and obtained sole control over China Music Group. In December 2016, the integrated China Music Group changed its name to Tencent Music Entertainment Group. On 6 December 2017, the transaction completed the registration formalities of equity change.</p><p>Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"the concentration of operators refers to the following situations: (1) the merger of operators; (2) the operator obtains control over other operators by acquiring equity or assets; (3) the operator obtains control over other operators or is able to exercise decisive influence over other operators through contracts or other means\". Prior to this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent obtained 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and that in China was 96.251 billion yuan. The global and domestic turnover of China Music Group in 2015 was (omitted), which met the declaration standards stipulated in Article 3 of the Regulations of the State Council on Declaration Standards for Concentration of Operators, and belonged to the circumstances that should be declared.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the declaration standards stipulated by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and those who fail to declare shall not implement the concentration\". On December 6, 2017, Tencent completed the registration of equity change, but did not report to this authority before that, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Antitrust Review of Concentration of Operators, Tencent's annual report, Written Explanation of Tencent's Related Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and considering the characteristics of platform economy, on the basis of economic analysis and questionnaire survey, the relevant market in this case is defined as the online music playing platform market in China with horizontal overlap between the two parties.<b>Online Music Playback Platform Market</b>It refers to a platform that provides consumers with complete copyrighted music recordings through online broadcasting or downloading through the programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyrights is restricted by the copyright laws of various countries and there are obvious geographical differences, the scope of transmission of music copyrights authorized by online music playback platforms in the PRC is generally within the PRC and is mainly targeted to users within the PRC, therefore the relevant geographical market is defined as within the PRC.</p><p>After in-depth research, this concentration has or may have the effect of excluding or restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market share is 45.77% and 39.65% respectively. Both parties rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue of the relevant markets. According to the share of core music copyright resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which the exclusive music libraries are 3.14 million and 1.3 million, and the market share of music libraries and exclusive resources both exceeds 80%.</p><p>From the analysis of the Hefendal-Hirschmann Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transactions have resulted in a further increase in the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in the relevant market.</b></li></ol>According to the survey, before the transaction, the two parties ranked in the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of Tencent's QQ Music flow to Kugou Music and Kuwo Music, which are subsidiaries of China Music Group, indicating that if QQ Music raises the price or lowers the service level, 73.6% of users may flow to the platforms of China Music Group, and the two sides are close competitors with each other. Focus on reducing major competitors in the relevant markets to further weaken market competition.</p><p><ol><li><b>Concentration may further raise barriers to entry to relevant markets.</b></li></ol><b>First, it is possible to raise the barrier of copyright resources.</b>When the entity locks in more exclusive copyright resources after centralization, new entrants have to rely on their sub-licensing, which makes it more difficult to enter the relevant market. The market size brought by concentration also enables it to pay copyright fees to upstream copyright holders by paying non-refundable high advance payments in advance, which may further raise the barriers to market entry.</p><p><b>Second, it may increase the user conversion cost.</b>Focus on bringing abundant music library resources, larger user scale and sufficient usage data to Tencent. Compared with newly entered platforms, it can recommend songs that meet consumers' preferences better, resulting in a lower willingness of users to switch platforms, thus further expanding the user scale and may prevent other competitors from reaching or maintaining the critical scale.</p><p><b>Third, the market entry activity after concentration is not high.</b>According to the data, the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity decreased significantly.</p><p>To sum up, Tencent has a high market share in the online music playback platform market in China through this item, which may enable it to urge upstream copyright owners to give exclusive copyright authorization to it, or provide it with conditions that are better than competitors. It may also enable Tencent to raise market entry barriers by paying high advance payments, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playing platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also showing a rapid growth rate, from less than 6% when the concentration occurred to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competition constraints. In addition, in recent years, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain enough music copyright resources.</p><p>The above facts are proved by evidence such as statistical data of third-party organizations and industry analysis reports, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sublicensing Agreement provided by Tencent and related parties, and replies from industry authorities and other relevant parties.</p><p>Basis and Decision of Administrative Penalty</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator carries out concentration in violation of the provisions of this Law, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the state before concentration, and may impose a fine of not more than 500,000 yuan\". Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall take into account factors such as the nature, extent and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusions, this organ has made the following handling decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliates to take the following measures to restore competition in relevant markets:</b></p><p>1. No exclusive copyright agreement (the scope of copyright includes the information network dissemination right of all music works and sound recordings) or other exclusive agreement shall be reached or reached in disguise with the upstream copyright party. If it has been reached, it shall be terminated within 30 days from the date of issuance of this decision, except for exclusive cooperation with independent musicians (natural persons who refer to the original rights holder of music works or sound recordings and license the copyright with music platforms in their own name and have never entered into an agreement with any record company or brokerage company) or new song debut. Exclusive collaborations with independent musicians may not exceed three years, and exclusive collaborations with new song debuts may not exceed thirty days.</p><p>2. Without valid reasons, the upstream copyright holder shall not be required or disguised to give the party conditions that are superior to other competitors, including but not limited to the scope of license, license amount, license term, etc., or any agreement or agreement terms related thereto. If it has been reached, it shall be lifted within thirty days from the date of issuance of this decision.</p><p>3. Quote to the upstream copyright owner according to factors such as the actual use of copyright, user payment, song unit price, application scenario, contract signing period, etc. It is not allowed to increase the cost of competitors in disguised form through high advance payment and other means to eliminate or restrict competition.</p><p><b>(2) A fine of 500,000 yuan will be imposed.</b></p><p><b>(3) Declare the concentration of operators according to law.</b></p><p>1. If the concentration of operators meets the declaration standards stipulated by the State Council, it shall report to the State Administration for Market Regulation in advance, and if it fails to declare, concentration shall not be implemented.</p><p>2. If the concentration of operators fails to meet the declaration standard, but the concentration of operators has or may have the effect of excluding or restricting competition, it shall report to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if it is not declared.</p><p>3. If the transaction does not constitute a concentration of operators, except for the protection of the rights and interests of minority shareholders stipulated by law, it is not allowed to participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>Operate in accordance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize one's own competition behavior, carry out comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and standardize one's own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness and non-discrimination.</p><p>3. Improve the internal compliance control system of the enterprise, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect the rights of consumers, set reasonable charges and prices, and protect consumers' privacy.</p><p>5. Actively safeguard fair competition and promote innovation and development of the industry.</p><p>The term of the above measures shall be counted from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate a rectification plan according to the above measures within ten days, and report it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to supervise the trustee or self-supervise and inspect the performance of the above obligations by Tencent and its affiliates within three years. Tencent reports the performance of obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ that makes the decision on fines shall be separated from the institution that collects the fines. Except for fines collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the decision on administrative penalties and its law enforcement officers shall not collect the fines by themselves. The parties concerned shall pay the fines at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative penalty decision. The bank shall receive the fine and hand it over directly to the state treasury \".</p><p>The parties concerned shall, within 15 days from the date of receipt of this administrative penalty decision, bring the payment code to any bank outlet or online banking of 12 central financial non-tax revenue collection agency banks (ICBC, Agriculture, China Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An and Xingye) to pay the fine according to this administrative penalty decision. Payment code: ***.</p><p>If the party concerned is dissatisfied with the above administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative penalty decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"TCEHY":0.9,"00700":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":4069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147331364,"gmtCreate":1626333366558,"gmtModify":1703758079597,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147331364","repostId":"2151544523","repostType":2,"isVote":1,"tweetType":1,"viewCount":2968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147333601,"gmtCreate":1626333330603,"gmtModify":1703758078446,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147333601","repostId":"2151544523","repostType":4,"isVote":1,"tweetType":1,"viewCount":4178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144074250,"gmtCreate":1626257595670,"gmtModify":1703756479159,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/144074250","repostId":"2151267518","repostType":4,"repost":{"id":"2151267518","kind":"highlight","pubTimestamp":1626256560,"share":"https://ttm.financial/m/news/2151267518?lang=en_US&edition=fundamental","pubTime":"2021-07-14 17:56","market":"us","language":"zh","title":"Comments on U.S. June CPI Data: The Departure of the Market from the Federal Reserve and Inflation","url":"https://stock-news.laohu8.com/highlight/detail?id=2151267518","media":"格隆汇","summary":"事件：美国2021年6月CPI同比上升5.4%，超过预期的4.9%；核心CPI同比上升4.5%，超过预期的4.0%。我们对此看法如下：\n\n交运和住房继续成为6月美国CPI超预期的主要贡献。6月CPI继","content":"<p><h3><b>What: U.S. June 2021 CPI up 5.4% year-over-year, exceeding expectations of 4.9%; Core CPI rose 4.5% year-on-year, exceeding expectations of 4.0%. Here's our take on this:</b></h3><h3></h3><b>Transportation and housing continued to be the main contributors to the U.S. CPI exceeding expectations in June.</b>In June, CPI continued to exceed expectations, and not only year-on-year, but also month-on-month exceeded expectations and seasonality. In terms of items, transportation and housing continue to be the main drivers. As we suggested before, the price increase of housing and transportation has the factors of bulk (oil price) rise, as well as the influence of supply and demand: in the transportation sub-item, the price of automobiles (especially used cars) continues to rise, reflecting that the impact of chip shortage is still continuing; In the housing sub-item, the improvement of the epidemic situation has made hotel prices pick up, and the rent sub-item has also begun to rise rapidly-this is closely related to the gradual return of unemployment rate and the return of labor force to work in big cities.</p><p><img src=\"https://static.tigerbbs.com/eac5a4af20f84bb663ce8767806230a6\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/945f193b97b80d75cda83347e13f2ad0\" tg-width=\"994\" tg-height=\"508\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/0ffc8ff7d4a8af59aa3b70dd75afd86b\" tg-width=\"1080\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><b>The focus of the U.S. economy has shifted to the service industry, the contradiction between labor supply and demand is prominent, and inflation is likely to remain high.</b>We previously suggested that as the focus of consumption recovery in the United States shifts from goods to services, the problem of mismatch between labor supply and demand will also be prominent, and the pressure of \"wage inflation\" will be difficult to alleviate in the short term. In addition, the situation of shortage of supply is also reflected in the rapid increase of pressure in the supply chain link-logistics link, which further aggravates the mismatch between supply and demand, thus pushing up the pressure of price increase.</p><p><b>Recently, the market has turned a deaf ear to the tight and high inflation of the Federal Reserve, or it is mainly dominated by the cooling of economic expectations.</b>Judging from the market reaction, within 30 minutes after the release of CPI, US debt and gold fell, the US dollar rose, and inflation expectations rose instantly, but the fluctuations calmed down soon after. In fact, since late May, the U.S. market seems to have reacted flat to high inflation and the Fed's hawking. The 10-year US Treasury yields continues to decline, the US Treasury yields curve flattens, and the U.S. stock market as a whole goes up.<b>Since February, we have continuously reminded the United States of the risk of high inflation in the third quarter. However, since the inflation exceeded expectations in April, the market consensus expectation quickly converged to our previous forecast. At the June meeting, the Federal Reserve also revised its core inflation expectation in 2021 to 3%, which made the previously soaring market inflation expectation weaken since May. Everyone seems to have begun to accept \"phased\" inflation, which drives the nominal interest rate of U.S. debt downward.</b>On the other hand, the downward trend of the real interest rate of U.S. long-term bonds and the rebalancing of the cycle and growth of U.S. stocks may indicate that the market has begun to reflect the recession of economic momentum after the fiscal decline, which is actually very similar to the trend in 2010.</p><p><img src=\"https://static.tigerbbs.com/2b03763568557b7a12c4b8faaaf5c3bc\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/eba91a52643c25fa897543876a4799e6\" tg-width=\"1080\" tg-height=\"445\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/17d945d5042c88800af14e44b4557bd5\" tg-width=\"1080\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><b>The calmer the market, the more attention needs to be paid to the possibility of the Fed releasing a signal beyond expectations and its potential impact.</b>Our judgment on the Fed's path is that although it will eventually be \"overwhelmed\", it may still need to \"act out\" in stages, giving the expected guidance of tightening. For now, the slower the current market expects the Fed's \"difficult tightening\", the higher the possibility that the Fed's marginal adjustment will exceed market expectations. We need to continue to pay attention to the Fed's operation from July to September and its potential impact on the market.</p><p><b>Risk warning: The Fed's monetary policy changes exceed expectations, overseas market fluctuations exceed expectations, and the epidemic deteriorates exceed expectations.</b></p>","source":"gelonghui_highlight","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>Comments on U.S. June CPI Data: The Departure of the Market from the Federal Reserve and Inflation</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\">\nComments on U.S. June CPI Data: The Departure of the Market from the Federal Reserve and Inflation\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-07-14 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><h3><b>What: U.S. June 2021 CPI up 5.4% year-over-year, exceeding expectations of 4.9%; Core CPI rose 4.5% year-on-year, exceeding expectations of 4.0%. Here's our take on this:</b></h3><h3></h3><b>Transportation and housing continued to be the main contributors to the U.S. CPI exceeding expectations in June.</b>In June, CPI continued to exceed expectations, and not only year-on-year, but also month-on-month exceeded expectations and seasonality. In terms of items, transportation and housing continue to be the main drivers. As we suggested before, the price increase of housing and transportation has the factors of bulk (oil price) rise, as well as the influence of supply and demand: in the transportation sub-item, the price of automobiles (especially used cars) continues to rise, reflecting that the impact of chip shortage is still continuing; In the housing sub-item, the improvement of the epidemic situation has made hotel prices pick up, and the rent sub-item has also begun to rise rapidly-this is closely related to the gradual return of unemployment rate and the return of labor force to work in big cities.</p><p><img src=\"https://static.tigerbbs.com/eac5a4af20f84bb663ce8767806230a6\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/945f193b97b80d75cda83347e13f2ad0\" tg-width=\"994\" tg-height=\"508\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/0ffc8ff7d4a8af59aa3b70dd75afd86b\" tg-width=\"1080\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><b>The focus of the U.S. economy has shifted to the service industry, the contradiction between labor supply and demand is prominent, and inflation is likely to remain high.</b>We previously suggested that as the focus of consumption recovery in the United States shifts from goods to services, the problem of mismatch between labor supply and demand will also be prominent, and the pressure of \"wage inflation\" will be difficult to alleviate in the short term. In addition, the situation of shortage of supply is also reflected in the rapid increase of pressure in the supply chain link-logistics link, which further aggravates the mismatch between supply and demand, thus pushing up the pressure of price increase.</p><p><b>Recently, the market has turned a deaf ear to the tight and high inflation of the Federal Reserve, or it is mainly dominated by the cooling of economic expectations.</b>Judging from the market reaction, within 30 minutes after the release of CPI, US debt and gold fell, the US dollar rose, and inflation expectations rose instantly, but the fluctuations calmed down soon after. In fact, since late May, the U.S. market seems to have reacted flat to high inflation and the Fed's hawking. The 10-year US Treasury yields continues to decline, the US Treasury yields curve flattens, and the U.S. stock market as a whole goes up.<b>Since February, we have continuously reminded the United States of the risk of high inflation in the third quarter. However, since the inflation exceeded expectations in April, the market consensus expectation quickly converged to our previous forecast. At the June meeting, the Federal Reserve also revised its core inflation expectation in 2021 to 3%, which made the previously soaring market inflation expectation weaken since May. Everyone seems to have begun to accept \"phased\" inflation, which drives the nominal interest rate of U.S. debt downward.</b>On the other hand, the downward trend of the real interest rate of U.S. long-term bonds and the rebalancing of the cycle and growth of U.S. stocks may indicate that the market has begun to reflect the recession of economic momentum after the fiscal decline, which is actually very similar to the trend in 2010.</p><p><img src=\"https://static.tigerbbs.com/2b03763568557b7a12c4b8faaaf5c3bc\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/eba91a52643c25fa897543876a4799e6\" tg-width=\"1080\" tg-height=\"445\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/17d945d5042c88800af14e44b4557bd5\" tg-width=\"1080\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><b>The calmer the market, the more attention needs to be paid to the possibility of the Fed releasing a signal beyond expectations and its potential impact.</b>Our judgment on the Fed's path is that although it will eventually be \"overwhelmed\", it may still need to \"act out\" in stages, giving the expected guidance of tightening. For now, the slower the current market expects the Fed's \"difficult tightening\", the higher the possibility that the Fed's marginal adjustment will exceed market expectations. We need to continue to pay attention to the Fed's operation from July to September and its potential impact on the market.</p><p><b>Risk warning: The Fed's monetary policy changes exceed expectations, overseas market fluctuations exceed expectations, and the epidemic deteriorates exceed expectations.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/475462\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b88e2fdae8e5bd88881023c7c82026ea","relate_stocks":{"TLT":"20+年以上美国国债ETF-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","IEI":"iShares Barclays 3-7 Year Trea","GOVT":"iShares安硕核心美国国债ETF"},"source_url":"http://www.gelonghui.com/p/475462","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2151267518","content_text":"事件：美国2021年6月CPI同比上升5.4%，超过预期的4.9%；核心CPI同比上升4.5%，超过预期的4.0%。我们对此看法如下：\n\n交运和住房继续成为6月美国CPI超预期的主要贡献。6月CPI继续超预期，且不仅是同比，环比也超过预期和季节性。分项看，交运和住房继续成为主要拉动。如我们在此前提示，住房和交运涨价有大宗（油价）上涨的因素，也有供需的影响：交运分项中，汽车（尤其二手车）价格继续上行，体现缺芯片的影响仍在延续；住房分项中，疫情好转使得酒店价格回暖，租金分项的拉动也开始快速上升——这和失业率逐步回归、劳动力回流大城市工作密切相关。\n\n\n\n美国经济重心转向服务业，劳动力供需矛盾突出，通胀恐持续维持高位。 我们此前提示，随着美国消费复苏的重心从商品切至服务，劳动力供需错配的问题也将突出，“工资通胀”压力短期难以缓解。此外，供不应求的状况也体现在供应链环节——物流环节压力快速上升，这也进一步加剧了供给和需求的错配，从而推升了涨价压力。\n近期市场对联储紧、高通胀“充耳不闻”，或主要受经济预期降温主导。从市场反应来看，CPI发布后30分钟内美债、黄金跌，美元涨，通胀预期瞬时升温，但不久后就平复波动。实际上，5月下旬以来，美国市场似乎对高通胀和联储转鹰反应都较平淡，10年期美债利率持续下行、美债利率曲线平坦化、美股整体上行。我们自2月以来持续提示美国三季度通胀居高难下的风险，而自4月通胀超预期后，市场一致预期快速向我们此前预测收敛，6月会议联储也将2021年核心通胀预期上修到3%，这使得此前冲高的市场通胀预期自5月反倒走弱，大家似乎开始接受“阶段性”通胀，拉动美债名义利率下行。另一方面，美国长债实际利率的下行及美股周期和成长的再平衡，可能显示市场已开始反映财政退坡后经济动能的衰退，这与2010年的走势实际上是非常相似的。\n\n\n\n市场越淡定，越需要关注联储释放超预期信号的可能性及其潜在冲击。我们对联储路径的判断是，虽然最终将是“覆水难收”，但是可能阶段性仍需“做做样子”，给出转紧的预期引导。就现在而言，当前市场对联储“难紧”预期量打得越慢，联储边际调整超出市场预期的可能性也越高。需要持续关注7-9月联储操作及其对市场带来的潜在冲击。\n风险提示：联储货币政策变化超预期，海外市场波动超预期，疫情恶化超预期。","news_type":1,"symbols_score_info":{"ZNmain":0.9,"IEF":0.9,"SHY":0.9,"TLT":0.9,"TNmain":0.9,"ZBmain":0.9,"GOVT":0.9,"IEI":0.9,"ZFmain":0.9,"UBmain":0.9,"ZTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143707725,"gmtCreate":1625815288467,"gmtModify":1703749107771,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/143707725","repostId":"2150682378","repostType":4,"repost":{"id":"2150682378","kind":"highlight","pubTimestamp":1625814142,"share":"https://ttm.financial/m/news/2150682378?lang=en_US&edition=fundamental","pubTime":"2021-07-09 15:02","market":"us","language":"zh","title":"The epitome of the rotation of times? The head of Ningde Times has more net worth than Jack Ma","url":"https://stock-news.laohu8.com/highlight/detail?id=2150682378","media":"华尔街见闻","summary":"曾毓群首次成为亚洲最富有的五人之一。","content":"<p>The world's largest electric vehicle battery maker, according to a live list of Forbes Rich List<a href=\"https://laohu8.com/S/300750\">CATL</a>The founder of Zeng Yuqun has a net worth of $49.5 billion, ranking 25th in global wealth.</p><p>This exceeds<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Founder Jack Ma has a net worth of $48.1 billion and made Mr Tsang one of the five richest people in Asia for the first time.</p><p><b>The global boom in clean energy</b></p><p>CATL is the world's leading lithium-ion R&D and manufacturing company, focusing on R&D, production and sales of power battery systems and energy storage systems for new energy vehicles. Its customers include<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Mercedes-Benz, BMW and many other enterprises, Lei Jun, who started his business for the last time, also visited CATL in May to discuss the issue of battery supply.</p><p>CATL's customers almost include the top ten enterprises in the automobile field, and their operating profits are increasing year by year, and their stock prices are exploding.</p><p>CATL's shares have soared more than 20-fold since its listing in Shenzhen in 2018, rising 59% this year alone, as demand for electric vehicles rises, countries struggle to reduce carbon emissions and costs fall.</p><p>The market value of CATL currently exceeds 1.28 trillion yuan, ranking fifth in the total market value of A shares.</p><p>China strives to peak carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060, and has already taken a leading position in the global electric vehicle sales market. Sales of electric vehicles in China rose 9.8% to 1.11 million units in 2020, according to the China Passenger Car Association.</p><p>Global EV battery sales more than doubled in the first five months of this year compared to last year, with CATL having the largest market share at 31.2%, according to a report by SNE Research.</p><p>This clean energy boom has pushed up the stock prices of major Tesla suppliers such as CATL, and has also allowed them to accumulate huge wealth.</p><p>Three years ago, when CATL was just listed, many people may not have expected that the lithium battery industry had such a huge prospect, and they did not realize that new energy vehicles would replace traditional fuel vehicles in the future.</p><p><b>The development prospects may continue to be broad</b></p><p>It is worth noting that Zeng Yuqun is not the only billionaire to benefit from the soaring share price of CATL. Huang Shilin, vice chairman of the company, is worth more than $21 billion, while Li Ping, vice chairman, is worth $8.5 billion.</p><p>As Zeng Yuqun's career rose, Jack Ma' star gradually declined. This year, his wealth lost 2.5 billion dollars.</p><p>Gao Hao, director of NIFR Global Family Business Research Center at Tsinghua University, said, according to Bloomberg:</p><p>In the past, billionaire rankings were dominated by real estate tycoons and tech entrepreneurs, and now more from the new energy sector. As an industry leader in electric vehicle batteries, CATL will benefit the most from the carbon neutrality goal. Bloomberg expects CATL's global sales to continue to grow thanks to economies of scale, a cost-competitive upstream supply chain, and a solid customer base.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>According to a recent report, the agreement between CATL and Tesla is stronger than the previous cooperation. Considering that the downstream demand of the company exceeds expectations, the profit forecast of CATL is raised and the target price is raised by 9% to 600 yuan. Zeng Tao, an analyst, pointed out in the report that the agreement did not stipulate the Chinese market, which means that CATL will take the opportunity of cooperating with Tesla's global market supply to accelerate its products to the world. Boosted by global demand, Ningde's forward global market share is expected to reach more than 30%.</p><p>From the perspective of long-term development, whether CATL can seize the current opportunity, quickly realize the coverage of the whole industry, and even expand the upstream and downstream markets of the industry, so as to truly make a comprehensive match between market expectations and market space, and let performance speak for itself may be the problem that CATL must solve immediately.</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>The epitome of the rotation of times? The head of Ningde Times has more net worth than Jack Ma</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 epitome of the rotation of times? The head of Ningde Times has more net worth than Jack Ma\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-09 15:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The world's largest electric vehicle battery maker, according to a live list of Forbes Rich List<a href=\"https://laohu8.com/S/300750\">CATL</a>The founder of Zeng Yuqun has a net worth of $49.5 billion, ranking 25th in global wealth.</p><p>This exceeds<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Founder Jack Ma has a net worth of $48.1 billion and made Mr Tsang one of the five richest people in Asia for the first time.</p><p><b>The global boom in clean energy</b></p><p>CATL is the world's leading lithium-ion R&D and manufacturing company, focusing on R&D, production and sales of power battery systems and energy storage systems for new energy vehicles. Its customers include<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Mercedes-Benz, BMW and many other enterprises, Lei Jun, who started his business for the last time, also visited CATL in May to discuss the issue of battery supply.</p><p>CATL's customers almost include the top ten enterprises in the automobile field, and their operating profits are increasing year by year, and their stock prices are exploding.</p><p>CATL's shares have soared more than 20-fold since its listing in Shenzhen in 2018, rising 59% this year alone, as demand for electric vehicles rises, countries struggle to reduce carbon emissions and costs fall.</p><p>The market value of CATL currently exceeds 1.28 trillion yuan, ranking fifth in the total market value of A shares.</p><p>China strives to peak carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060, and has already taken a leading position in the global electric vehicle sales market. Sales of electric vehicles in China rose 9.8% to 1.11 million units in 2020, according to the China Passenger Car Association.</p><p>Global EV battery sales more than doubled in the first five months of this year compared to last year, with CATL having the largest market share at 31.2%, according to a report by SNE Research.</p><p>This clean energy boom has pushed up the stock prices of major Tesla suppliers such as CATL, and has also allowed them to accumulate huge wealth.</p><p>Three years ago, when CATL was just listed, many people may not have expected that the lithium battery industry had such a huge prospect, and they did not realize that new energy vehicles would replace traditional fuel vehicles in the future.</p><p><b>The development prospects may continue to be broad</b></p><p>It is worth noting that Zeng Yuqun is not the only billionaire to benefit from the soaring share price of CATL. Huang Shilin, vice chairman of the company, is worth more than $21 billion, while Li Ping, vice chairman, is worth $8.5 billion.</p><p>As Zeng Yuqun's career rose, Jack Ma' star gradually declined. This year, his wealth lost 2.5 billion dollars.</p><p>Gao Hao, director of NIFR Global Family Business Research Center at Tsinghua University, said, according to Bloomberg:</p><p>In the past, billionaire rankings were dominated by real estate tycoons and tech entrepreneurs, and now more from the new energy sector. As an industry leader in electric vehicle batteries, CATL will benefit the most from the carbon neutrality goal. Bloomberg expects CATL's global sales to continue to grow thanks to economies of scale, a cost-competitive upstream supply chain, and a solid customer base.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>According to a recent report, the agreement between CATL and Tesla is stronger than the previous cooperation. Considering that the downstream demand of the company exceeds expectations, the profit forecast of CATL is raised and the target price is raised by 9% to 600 yuan. Zeng Tao, an analyst, pointed out in the report that the agreement did not stipulate the Chinese market, which means that CATL will take the opportunity of cooperating with Tesla's global market supply to accelerate its products to the world. Boosted by global demand, Ningde's forward global market share is expected to reach more than 30%.</p><p>From the perspective of long-term development, whether CATL can seize the current opportunity, quickly realize the coverage of the whole industry, and even expand the upstream and downstream markets of the industry, so as to truly make a comprehensive match between market expectations and market space, and let performance speak for itself may be the problem that CATL must solve immediately.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634987\">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/d4781a43b3aa306dd3d778e1dbf292b9","relate_stocks":{"300750":"宁德时代","BABA":"阿里巴巴","09988":"阿里巴巴-W","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://wallstreetcn.com/articles/3634987","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150682378","content_text":"福布斯富豪榜的实时榜单显示，全球最大电动汽车电池制造商宁德时代的创始人曾毓群身家已达到495亿美元，全球财富排名第25位。\n这超过了阿里巴巴创始人马云481亿美元的身家，并使曾毓群首次成为亚洲最富有的五人之一。\n全球清洁能源的热潮\n宁德时代是全球领先的锂离子研发制造公司，专注于新能源汽车动力电池系统、储能系统的研发、生产和销售，客户包括特斯拉、奔驰、宝马等众多企业，最后一次创业的雷军也曾于5月份拜访宁德时代，商讨电池供应问题。\n宁德时代的客户几乎囊括了汽车领域的前十企业，经营利润也是逐年高增，股价更是爆炸性上升。\n随着电动汽车需求的增加、各国努力减少碳排放和成本的下降，自2018年宁德时代在深圳上市以来，其股价已飙升逾20倍，仅今年就上涨了59%。\n宁德时代市值目前突破1.28万亿，位居A股总市值第5位。\n我国力争二氧化碳排放量于2030年前达到峰值，在2060年实现碳中和目标，已经在全球电动汽车销售市场中处于领先地位。根据中国乘用车协会的数据，2020年中国电动汽车销量增长9.8%至111万辆。\nSNE Research的一份报告显示，今年前五个月，全球电动汽车电池销量较去年同比增长一倍以上，其中宁德时代市场份额最大，占31.2%。\n这场清洁能源热潮推高了宁德时代等特斯拉主要供应商的股价，也使得他们积累了巨额的财富。\n3年前，宁德时代刚刚上市的时候，很多人可能未曾料到锂电池这个行业前景如此巨大，没有意识到新能源汽车未来会取代传统燃油车。\n发展前景或将继续广阔\n值得注意的是，曾毓群并不是唯一一位受益于宁德时代股价飙升的亿万富翁。公司副董事长黄世林身家已超过210亿美元，而副董事长李平身家85亿美元。\n随着曾毓群的事业平步青云，马云的星途却逐渐衰落，今年他的财富损失了25亿美元。\n据彭博报道，清华大学NIFR全球家族企业研究中心主任高昊表示：\n\n 过去亿万富翁排名由房地产大亨和科技企业家主导，现在更多来自新能源领域。作为电动汽车电池的行业领导者，宁德时代将从碳中和目标中受益最大。\n\n彭博预计，得益于规模经济、具有成本竞争力的上游供应链和稳固的客户基础，宁德时代的全球销售额将继续增长。\n中金公司近日发布报告称，宁德时代此次与特斯拉的协议较之前合作力度更大，考虑到公司下游需求超预期，上调宁德时代的盈利预测，并将目标价调升9%至600元人民币。分析师曾韬等在报告中指出，此次协议未约定中国市场，意味着宁德时代将以配合特斯拉全球市场供应为契机，推动产品加速走向全球。全球需求提振下，宁德远期全球市场份额有望达到30%以上。\n从长期发展的角度来看，宁德时代能否抓住当前的机遇，赶快实现全产业的覆盖，乃至于产业上下游市场的拓展，真正让市场的预期和市场的空间进行一次全面的匹配，让业绩来说话，可能才是宁德时代必须立刻解决的问题。","news_type":1,"symbols_score_info":{"300750":0.9,"09988":0.9,"BABA":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":3420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157591609,"gmtCreate":1625586779801,"gmtModify":1703744528446,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157591609","repostId":"1124973136","repostType":4,"repost":{"id":"1124973136","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":1625584086,"share":"https://ttm.financial/m/news/1124973136?lang=en_US&edition=fundamental","pubTime":"2021-07-06 23:08","market":"us","language":"zh","title":"Luckin's resurrection, the stock price has risen by more than 50% in nearly two weeks","url":"https://stock-news.laohu8.com/highlight/detail?id=1124973136","media":"老虎资讯综合","summary":"周二，瑞幸咖啡在美国粉单市场涨超10%，近两周涨幅已超50%！\n\n步入正轨的瑞幸\n时隔一年，瑞幸咖啡终于补发了2019年年报，经修正后，瑞幸当年的净收入为30.25亿元，总运营及成本费用62.37亿元","content":"<p>On Tuesday,<a href=\"https://laohu8.com/S/LUCKIN\">Luckin Coffee</a>In the United States, the powder market rose by more than 10%, and the increase in the past two weeks has exceeded 50%!</p><p><img src=\"https://static.tigerbbs.com/ff8136d76fe4a8c43d95036ab360d11f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Luckin on track</b></p><p>After a year,<a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>Finally, the 2019 annual report was reissued. After revision, Luckin's net income for that year was 3.025 billion yuan, the total operating and costs were 6.237 billion yuan, and the operating loss reached 3.212 billion yuan. This means that Luckin previously inflated its revenue by 2.119 billion yuan, inflated costs by 1.211 billion yuan, and inflated profits by 908 million yuan.</p><p>As for Ruixing's voluntary disclosure of data this time, this is also an introspection and correction for the previous fraud. Ruixing also said that it would release the 2020 financial report as soon as possible and gradually return to the normal financial report disclosure progress. It is not difficult to see that Luckin, which has experienced financial data fraud, stock price plunge, suspension and huge lawsuits, has not been knocked down by the fraud incident, but has become more and more \"normal\".</p><p>Taking this disclosure of financial report as a node to bring the past to an end, Luckin also gave the latest store data. As of May 31, 2021, it had 3,949 self-operated stores, 1,175 franchised stores and 556 Luckin units in China.<a href=\"https://laohu8.com/S/EXPR\">Express</a>Self-service coffee machines, with more than 73 million cumulative transaction customers.</p><p>In addition, Luckin also announced in August last year that the cash flow of a single store was positive; In December, it was announced that 60% of directly operated stores had achieved profitability; In April this year, it received $250 million in financing from existing shareholders Dazheng Capital and Joy Capital. Step by step, although the fraud incident has affected Ruixing's brand power, it has brought new opportunities to this enterprise that makes profits by marketing.</p><p><b>Why Quick Resurrection?</b></p><p><a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>It has been out of the circle with the myth of high growth. Even though it seems that there is more or less suspicion of fraud now, Luckin's resurrection ability is undeniable, and its resurrection speed is also extremely fast. In just one year, Luckin reversed its reputation from an enterprise that was criticized by public opinion and suffered the risk of losses, and captured consumers again.</p><p>On the whole, Luckin's rapid resurrection is inseparable from its own accumulation and optimization in all aspects.</p><p>First, long-term marketing goes out of the circle and gains consumer awareness. At the earliest, it started by relying on crazy subsidies to users and burning a lot of financing. It not only occupied market share, but also gained a high popularity. In just a few years, it was recognized by consumers. Until now, compared to<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>For the price of coffee brands, Luckin is still the representative of affordable coffee.</p><p>Although Ruixing's coffee discount is getting smaller and smaller now, its marketing has not stopped. For example, signing a contract to create a popular player in the camp, Li Luxiu, to endorse, and cross-border co-branding with well-known IP, etc., continues to capture consumers' minds and give themselves a respite after the thunder explosion.</p><p>Second, the product is pushed quickly, which is conducive to opening up the market. In addition to marketing, Luckin also innovates at the product level. In addition to raw coconut latte, which has refreshed the sales record of Luckin's new products, Luckin has also launched popular products such as thick milk latte, meteorite latte and Rena ice. The launch and accumulation of new products have also enabled Luckin to deepen its product moat.</p><p>Third, continue to expand and lay the foundation of stores. According to the data previously released by Luckin, even in the turbulent year of 2020, Luckin still opened more than 2,000 new stores. However, after the explosion, the way of Luckin's expansion has changed much compared with before, mainly based on the cache store mode, and the area has been greatly reduced. In this way, it not only saves the cost of opening a store, but also quickly occupies the market.</p><p><b>Is Luckin fully alive?</b></p><p>High-quality marketing, product innovation and store expansion constitute a basic disk of Ruixing's current development, and many consumers and investors sigh that \"Ruixing has finally come alive\". It is undeniable that the current Luckin is indeed in steady growth and operation, and many previous negative news have been eliminated. However, on the whole, the impact of previous fraud has not been completely eliminated, and there will still be many obstacles at some levels, such as the capital market.</p><p>Although Ruixing once again got a financing from the old shareholder before, it doesn't mean that Ruixing has regained the recognition of the capital market. After all, Ruixing's previous breach of market rules greatly hurt its brand and labeled itself \"shame\". Therefore, even if Ruixing's future development is healthy, it is still difficult to enter the capital market again in a short time.</p><p>In addition, the rise of competitors should not be underestimated. The emergence of Luckin has affected the previous<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>The dominant position of China has not only revitalized the Chinese coffee market, but also made more enterprises stare at the coffee track. At present, Manner, a coffee unicorn brand, has obtained three financing in six months; New online retail brands such as Sandun and a half and Sumida River are equally aggressive, which will be the resistance to Ruixing's future development.</p><p>For Ruixing, although there has been good news and the enterprise as a whole has been trending towards a relatively healthy state, Ruixing is still not completely profitable. With the brand power damaged and competitors constantly encircling and suppressing, it still takes some time for Ruixing to fully come alive.</p><p><b>Mainly stability, supplemented by growth</b></p><p>No enterprise's success is a fluke, and luck, strength, capital, operation, etc. are indispensable. High-speed growth is a myth once created by Luckin, and coming back to life is the result of Luckin's continuous self-help after a year. Undoubtedly, Luckin itself has some strength. However, in the four years of constant twists and turns and high-rise buildings collapsing, Luckin has become an extremely unstable person in the eyes of many people.</p><p>Therefore, the next key to Luckin is no longer resurrection, but \"stability\". Although the capital market pays more attention to the growth of enterprises, long-term enterprises need not only growth, but also stability. A stable enterprise indicates that this enterprise has the quality that its core competitive products or other competitors are difficult to replicate, forming its own inherent \"moat\", such as Laoganma and Maotai.</p><p>For Luckin, only by maintaining steady development can enterprises create long-term value for consumers, employees and shareholders, which is the real \"return to life\". However, according to the current situation of the coffee track where Ruixing is located, if Ruixing wants to be stable, it still needs to start from the levels of products and customer groups.</p><p>At present, Luckin no longer needs high growth to gain consumer awareness, and its focus has shifted from high-speed expansion to targeted expansion and improvement of profitability and cash flow. I believe Luckin himself knows better that only by recharging his batteries and holding the basic market firmly can he ensure long-term growth, and the market has little time left for Luckin.</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>Luckin's resurrection, the stock price has risen by more than 50% in nearly two weeks</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\">\nLuckin's resurrection, the stock price has risen by more than 50% in nearly two weeks\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-06 23:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Tuesday,<a href=\"https://laohu8.com/S/LUCKIN\">Luckin Coffee</a>In the United States, the powder market rose by more than 10%, and the increase in the past two weeks has exceeded 50%!</p><p><img src=\"https://static.tigerbbs.com/ff8136d76fe4a8c43d95036ab360d11f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Luckin on track</b></p><p>After a year,<a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>Finally, the 2019 annual report was reissued. After revision, Luckin's net income for that year was 3.025 billion yuan, the total operating and costs were 6.237 billion yuan, and the operating loss reached 3.212 billion yuan. This means that Luckin previously inflated its revenue by 2.119 billion yuan, inflated costs by 1.211 billion yuan, and inflated profits by 908 million yuan.</p><p>As for Ruixing's voluntary disclosure of data this time, this is also an introspection and correction for the previous fraud. Ruixing also said that it would release the 2020 financial report as soon as possible and gradually return to the normal financial report disclosure progress. It is not difficult to see that Luckin, which has experienced financial data fraud, stock price plunge, suspension and huge lawsuits, has not been knocked down by the fraud incident, but has become more and more \"normal\".</p><p>Taking this disclosure of financial report as a node to bring the past to an end, Luckin also gave the latest store data. As of May 31, 2021, it had 3,949 self-operated stores, 1,175 franchised stores and 556 Luckin units in China.<a href=\"https://laohu8.com/S/EXPR\">Express</a>Self-service coffee machines, with more than 73 million cumulative transaction customers.</p><p>In addition, Luckin also announced in August last year that the cash flow of a single store was positive; In December, it was announced that 60% of directly operated stores had achieved profitability; In April this year, it received $250 million in financing from existing shareholders Dazheng Capital and Joy Capital. Step by step, although the fraud incident has affected Ruixing's brand power, it has brought new opportunities to this enterprise that makes profits by marketing.</p><p><b>Why Quick Resurrection?</b></p><p><a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>It has been out of the circle with the myth of high growth. Even though it seems that there is more or less suspicion of fraud now, Luckin's resurrection ability is undeniable, and its resurrection speed is also extremely fast. In just one year, Luckin reversed its reputation from an enterprise that was criticized by public opinion and suffered the risk of losses, and captured consumers again.</p><p>On the whole, Luckin's rapid resurrection is inseparable from its own accumulation and optimization in all aspects.</p><p>First, long-term marketing goes out of the circle and gains consumer awareness. At the earliest, it started by relying on crazy subsidies to users and burning a lot of financing. It not only occupied market share, but also gained a high popularity. In just a few years, it was recognized by consumers. Until now, compared to<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>For the price of coffee brands, Luckin is still the representative of affordable coffee.</p><p>Although Ruixing's coffee discount is getting smaller and smaller now, its marketing has not stopped. For example, signing a contract to create a popular player in the camp, Li Luxiu, to endorse, and cross-border co-branding with well-known IP, etc., continues to capture consumers' minds and give themselves a respite after the thunder explosion.</p><p>Second, the product is pushed quickly, which is conducive to opening up the market. In addition to marketing, Luckin also innovates at the product level. In addition to raw coconut latte, which has refreshed the sales record of Luckin's new products, Luckin has also launched popular products such as thick milk latte, meteorite latte and Rena ice. The launch and accumulation of new products have also enabled Luckin to deepen its product moat.</p><p>Third, continue to expand and lay the foundation of stores. According to the data previously released by Luckin, even in the turbulent year of 2020, Luckin still opened more than 2,000 new stores. However, after the explosion, the way of Luckin's expansion has changed much compared with before, mainly based on the cache store mode, and the area has been greatly reduced. In this way, it not only saves the cost of opening a store, but also quickly occupies the market.</p><p><b>Is Luckin fully alive?</b></p><p>High-quality marketing, product innovation and store expansion constitute a basic disk of Ruixing's current development, and many consumers and investors sigh that \"Ruixing has finally come alive\". It is undeniable that the current Luckin is indeed in steady growth and operation, and many previous negative news have been eliminated. However, on the whole, the impact of previous fraud has not been completely eliminated, and there will still be many obstacles at some levels, such as the capital market.</p><p>Although Ruixing once again got a financing from the old shareholder before, it doesn't mean that Ruixing has regained the recognition of the capital market. After all, Ruixing's previous breach of market rules greatly hurt its brand and labeled itself \"shame\". Therefore, even if Ruixing's future development is healthy, it is still difficult to enter the capital market again in a short time.</p><p>In addition, the rise of competitors should not be underestimated. The emergence of Luckin has affected the previous<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>The dominant position of China has not only revitalized the Chinese coffee market, but also made more enterprises stare at the coffee track. At present, Manner, a coffee unicorn brand, has obtained three financing in six months; New online retail brands such as Sandun and a half and Sumida River are equally aggressive, which will be the resistance to Ruixing's future development.</p><p>For Ruixing, although there has been good news and the enterprise as a whole has been trending towards a relatively healthy state, Ruixing is still not completely profitable. With the brand power damaged and competitors constantly encircling and suppressing, it still takes some time for Ruixing to fully come alive.</p><p><b>Mainly stability, supplemented by growth</b></p><p>No enterprise's success is a fluke, and luck, strength, capital, operation, etc. are indispensable. High-speed growth is a myth once created by Luckin, and coming back to life is the result of Luckin's continuous self-help after a year. Undoubtedly, Luckin itself has some strength. However, in the four years of constant twists and turns and high-rise buildings collapsing, Luckin has become an extremely unstable person in the eyes of many people.</p><p>Therefore, the next key to Luckin is no longer resurrection, but \"stability\". Although the capital market pays more attention to the growth of enterprises, long-term enterprises need not only growth, but also stability. A stable enterprise indicates that this enterprise has the quality that its core competitive products or other competitors are difficult to replicate, forming its own inherent \"moat\", such as Laoganma and Maotai.</p><p>For Luckin, only by maintaining steady development can enterprises create long-term value for consumers, employees and shareholders, which is the real \"return to life\". However, according to the current situation of the coffee track where Ruixing is located, if Ruixing wants to be stable, it still needs to start from the levels of products and customer groups.</p><p>At present, Luckin no longer needs high growth to gain consumer awareness, and its focus has shifted from high-speed expansion to targeted expansion and improvement of profitability and cash flow. I believe Luckin himself knows better that only by recharging his batteries and holding the basic market firmly can he ensure long-term growth, and the market has little time left for Luckin.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d12f820102df1859c1d25e4011ee104","relate_stocks":{"LKNCY":"瑞幸咖啡"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124973136","content_text":"周二，瑞幸咖啡在美国粉单市场涨超10%，近两周涨幅已超50%！\n\n步入正轨的瑞幸\n时隔一年，瑞幸咖啡终于补发了2019年年报，经修正后，瑞幸当年的净收入为30.25亿元，总运营及成本费用62.37亿元，经营亏损达32.12亿元。这意味着瑞幸此前虚增收入21.19亿元，虚增成本费用12.11亿元，虚增利润9.08亿元。\n对于瑞幸此次主动披露数据的行为来看，这也是为此前的造假行为做出的自省和改过，而瑞幸也表示将尽快发布2020年财报，并逐渐恢复至正常财报披露进度。不难看出，在经历了财务数据造假、股价暴跌、停牌、面临巨额诉讼的瑞幸，却并没有被造假事件打倒，反而越来越“正常”。\n以此次披露财报作为节点为过去划上了句号，瑞幸也给出了最新的门店数据。截至2021年5月31日，其在中国拥有3949家自营店、1175家加盟店和556台瑞幸Express自助咖啡机，累计交易客户超过7300万。\n除此以外，瑞幸还在去年8月宣布实现了单店现金流为正；12月宣布有60%的直营店实现了盈利；今年四月从现有股东大钲资本及愉悦资本处获得2.5亿美金融资。一步步看来，造假事件虽影响了瑞幸的品牌力，但却给这个靠营销获利的企业带来了新的机会。\n为何快速复活？\n瑞幸咖啡一直以高增长神话出圈，即便现在看来多多少少存在造假的嫌疑，但瑞幸的复活能力却不可否认，其复活的速度也极其快。短短一年时间，瑞幸便从一个备受舆论讨伐和承受亏损风险的企业逆转口碑，并再次俘获了消费者。\n整体来看，瑞幸能够快速复活离不开自身在各方面的积累和优化。\n其一，长期营销出圈，获得消费者认知。最早依靠疯狂补贴用户、烧掉大量融资起家，不但占据了市场份额，更收获了相当高的知名度，短短几年便获得了消费者的认可。直至目前，相比于星巴克等咖啡品牌的价格，瑞幸依然是平价咖啡的代表。\n虽然现在瑞幸的咖啡折扣越来越小，但其营销却并未停止，比如签约创造营人气选手利路修代言，和知名IP进行跨界联名等，持续攻占消费者心智，也使自己在爆雷后获得喘息之机。\n其二，产品推新快，利于打开市场。除了营销以外，瑞幸也在产品层面进行创新，除了生椰拿铁这一刷新瑞幸的新品销量纪录的爆款以外，瑞幸还推出了厚乳拿铁、陨石拿铁、瑞纳冰等人气产品，新品的推出和积累也使瑞幸加深了产品护城河。\n其三，不断扩张，奠定门店基础。根据瑞幸此前公布的数据看，即便是动荡的2020年，瑞幸依然开出了2000余家新门店。但爆雷后，瑞幸扩张的方式较此前多有改变，主要以快取店模式为主，面积也大大减小。这样一来，既节省了开店成本，还快速占据了市场。\n瑞幸完全活了吗？\n高质量营销、产品创新、门店扩张构成了瑞幸当下发展的一个基本盘，也令许多消费者和投资者深叹“瑞幸终于活了过来”。不可置否，目前的瑞幸的确在稳定的增长和运营中，也消除了许多此前的负面新闻。但整体来看，此前造假的影响并未完全祛除，在某些层面依然会受到重重阻力，比如资本市场。\n虽然此前瑞幸再次拿到了老股东的一笔融资，但并不代表瑞幸重新获得了资本市场的认可，毕竟此前瑞幸破坏市场规则极大地伤害了自己的品牌，给自身贴上了“耻辱”的标签。因此，即便瑞幸未来发展的如何健康，短时间内想要再次进入资本市场依旧是困难重重。\n此外，竞争对手们的崛起也不容小觑。瑞幸的出现影响了此前星巴克的主导地位，在盘活了中国咖啡市场的同时也使更多企业盯上了咖啡的赛道。目前，咖啡独角兽品牌Manner一骑绝尘，半年内拿到三次融资；三顿半、隅田川等线上新零售品牌同样气势汹汹，都将是瑞幸未来发展的阻力。\n对于瑞幸来讲，虽然一直好消息不断，企业整体也不断趋于一个较为健康的状态，但瑞幸目前仍未彻底盈利。在品牌力受损，竞争对手不断围剿的状况下，瑞幸想要彻底活过来仍需要一定的时间。\n稳定为主，增长为辅\n没有任何企业的成功是侥幸的，运气、实力、资金、运营等缺一不可。高速增长是瑞幸曾经创造出来的神话，起死回生是瑞幸历经一年不断自救的结果。无疑，瑞幸自身是有一定实力的。但在波折不断，高楼起大厦塌的四年中，瑞幸却变成了诸多人眼中的极不稳定者。\n因此，接下来瑞幸的关键不再是复活，而是“稳定”。虽然资本市场更看重企业的增长，但长期的企业不但需要增长，更需要稳定。稳定的企业预示着这个企业具备核心竞争产品或其它竞争对手难以复制的品质，形成自身固有的“护城河”，比如老干妈、茅台等。\n对于瑞幸来讲，企业只有保持稳健发展，才能为消费者、员工和股东创造长期价值，才是真正的“起死回生”。但针对瑞幸所处的咖啡赛道现状来看，瑞幸想要稳定依然需要从产品、客户群等层面入手。\n目前的瑞幸已经不需要高增长去获得消费者认知，其重点已经从高速扩张转向有针对性的扩张和提升盈利能力以及现金流。相信瑞幸自己更懂得，只有养精蓄锐，将基本盘坐稳，才能保证长期的增长，而市场留给瑞幸的时间不多了。","news_type":1,"symbols_score_info":{"LKNCY":0.9}},"isVote":1,"tweetType":1,"viewCount":2567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154171580,"gmtCreate":1625492890640,"gmtModify":1703742662340,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154171580","repostId":"2148980793","repostType":4,"repost":{"id":"2148980793","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1625482920,"share":"https://ttm.financial/m/news/2148980793?lang=en_US&edition=fundamental","pubTime":"2021-07-05 19:02","market":"us","language":"en","title":"What to expect if 'peak everything' already has happened and markets feel the force of gravity again","url":"https://stock-news.laohu8.com/highlight/detail?id=2148980793","media":"Dow Jones","summary":"NASA ranks the lack of gravity as a top 5 risk of human space travel.\nBut gravity also has emerged a","content":"<p>NASA ranks the lack of gravity as a top 5 risk of human space travel.</p>\n<p>But gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.</p>\n<p>After a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.</p>\n<p>A bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.</p>\n<p>\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"</p>\n<p>Like the pace of \"revenge travel growth forecast for GDP in the second-quarter.</p>\n<p>\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.</p>\n<p>\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"</p>\n<p>A lofty perch</p>\n<p>The major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&amp;P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.</p>\n<p>Supply of U.S. corporate bonds <a href=\"https://laohu8.com/S/LQD\">$(LQD)$</a> -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.</p>\n<p>Issuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.</p>\n<p>\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"</p>\n<p>It isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.</p>\n<p>Still, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.</p>\n<p>\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.</p>\n<p>The S&amp;P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.</p>\n<p>Back on Earth</p>\n<p>Daily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.</p>\n<p><img src=\"https://static.tigerbbs.com/2f9f33b68cc0d4654aba0aa60780d9f6\" tg-width=\"620\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>Friday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.</p>\n<p>\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.</p>\n<p>\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"</p>\n<p>This week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.</p>\n<p>\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.</p>\n<p>\"The crisis brought Europe together.\"</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>What to expect if 'peak everything' already has happened and markets feel the force of gravity again</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat to expect if 'peak everything' already has happened and markets feel the force of gravity again\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-07-05 19:02</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>NASA ranks the lack of gravity as a top 5 risk of human space travel.</p>\n<p>But gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.</p>\n<p>After a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.</p>\n<p>A bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.</p>\n<p>\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"</p>\n<p>Like the pace of \"revenge travel growth forecast for GDP in the second-quarter.</p>\n<p>\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.</p>\n<p>\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"</p>\n<p>A lofty perch</p>\n<p>The major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&amp;P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.</p>\n<p>Supply of U.S. corporate bonds <a href=\"https://laohu8.com/S/LQD\">$(LQD)$</a> -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.</p>\n<p>Issuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.</p>\n<p>\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"</p>\n<p>It isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.</p>\n<p>Still, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.</p>\n<p>\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.</p>\n<p>The S&amp;P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.</p>\n<p>Back on Earth</p>\n<p>Daily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.</p>\n<p><img src=\"https://static.tigerbbs.com/2f9f33b68cc0d4654aba0aa60780d9f6\" tg-width=\"620\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>Friday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.</p>\n<p>\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.</p>\n<p>\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"</p>\n<p>This week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.</p>\n<p>\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.</p>\n<p>\"The crisis brought Europe together.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","LQD":"债券指数ETF-iShares iBoxx投资级公司债",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148980793","content_text":"NASA ranks the lack of gravity as a top 5 risk of human space travel.\nBut gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.\nAfter a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.\nA bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.\n\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"\nLike the pace of \"revenge travel growth forecast for GDP in the second-quarter.\n\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.\n\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"\nA lofty perch\nThe major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.\nSupply of U.S. corporate bonds $(LQD)$ -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.\nIssuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.\n\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"\nIt isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.\nStill, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.\n\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.\nThe S&P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.\nBack on Earth\nDaily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.\n\nFriday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.\n\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.\n\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"\nThis week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS Markit and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.\n\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.\n\"The crisis brought Europe together.\"","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"LQD":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154171075,"gmtCreate":1625492866397,"gmtModify":1703742660535,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"I hope amazon can faster grow up","listText":"I hope amazon can faster grow up","text":"I hope amazon can faster grow up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/154171075","repostId":"1157317474","repostType":4,"repost":{"id":"1157317474","kind":"news","pubTimestamp":1625483857,"share":"https://ttm.financial/m/news/1157317474?lang=en_US&edition=fundamental","pubTime":"2021-07-05 19:17","market":"us","language":"en","title":"Jeff Bezos Steps Down as CEO on Monday. Here’s What It Means for Amazon’s Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1157317474","media":"Barrons","summary":"Amazon.com founder Jeff Bezos is stepping down as the company’s CEO on Monday, the company’s 27th birthday. He’s handing over the baton to Andy Jassy, a 24-year Amazon veteran who built and ran Amazon Web Services , the company’s dominant cloud-computing business.As Wall Street analysts like to say, Jassy faces a “tough compare.” Bezos was always going to be a tough act to follow, and he’s leaving the job on top. . Meanwhile, regulatory scrutiny remains a headwind. Amazon is getting considerable","content":"<p>Amazon.com&nbsp;founder Jeff Bezos is stepping down as the company’s CEO on Monday, the company’s 27th birthday. He’s handing over the baton to Andy Jassy, a 24-year Amazon veteran who built and ran Amazon Web Services (AWS), the company’s dominant cloud-computing business.</p>\n<p>As Wall Street analysts like to say, Jassy faces a “tough compare.” Bezos was always going to be a tough act to follow, and he’s leaving the job on top. (He’ll still be executive chairman and the online retailer’s largest shareholder, assuming all goes well with histrip to space later this month.)</p>\n<p>Amazon’s (ticker: AMZN) business sparkled during the pandemic. In the first quarter,sales spiked 44%from a year earlier—the company’s best quarterly growth rate since 2011—and net income was $8.1 billion, its largest quarterly profit ever. With demand surging, Amazon hired more than 500,000 people in 2020, boosting its total staff to more than 1.3 million.</p>\n<p>AWS sales grew 32% in the first quarter, to $13.5 billion, an annualized run rate of well over $50 billion. That makes Amazon one of the world’s largest enterprise computing companies—bigger thanOracle(ORCL),SAP(SAP), orSalesforce.com(CRM). Amazon’s online retail business had revenue of $52.9 billion, up 41%. Third-party seller services like fulfillment and delivery were up 60%, to $23.7 billion (roughly the size ofFedEx). Subscription services, mostly Amazon Prime, had revenue of $7.6 billion, up 36%, for a run rate north of $30 billion (slightly bigger thanNetflix). “Other” revenue—mostly advertising—reached $6.9 billion, up 77%.</p>\n<p>Amazon’s market value is now $1.7 trillion, which trails justApple(AAPL) andMicrosoft(MSFT) among U.S. listed companies.</p>\n<p>Despite the huge numbers, Amazon’s stock has actually looked pedestrian for almost a year now. It’s up just 6% year to date versus 15% for the S&amp;P 500 index. There are several reasons for investor caution, including the CEO turnover. Large tech companies have a mixed record when it comes to replacing founder CEOs.</p>\n<p>The success story is Apple CEO Tim Cook, who took over the top job from Steve Jobs in 2011. Apple shares are up 1,000% since he took over.</p>\n<p>The cautionary tale is Microsoft, where Steve Ballmer succeeded Bill Gates as CEO in January 2000, and stayed in the role for 14 years. Microsoft’s sales tripled with Ballmer at the helm, but the stock went nowhere.</p>\n<p>There are also worries that Amazon’s e-commerce growth could slow as the economy reopens. The challenge for Jassy is to engineer a soft landing—and to drive growth in other areas to offset any e-tail slowdown.</p>\n<p>Meanwhile, regulatory scrutiny remains a headwind. Amazon is getting considerable attention from regulators and legislators for itspending $8.5 billion bid for film studio MGM. Newly appointed Federal Trade Commission Chair Lina Khan has built her career in part byfocusing on Amazon’s market dominance. In 2017, she wrote a now famous Yale Law Review article called “Amazon’s Antitrust Paradox.”</p>\n<p>Last week, Amazon&nbsp;formally asked Khan to recuse herselffrom any involvement in antitrust matters involving the company. Amazon could get its way, but having to ask highlights the risk that regulators now pose.</p>\n<p>The worst case scenario—one reflected in a package of bills under consideration in the U.S. House of Representatives—could force Amazon to shed operations that directly compete with customers, meaning its third-party retailers. That could put an end to Amazon’s ability to sell its own branded products.</p>\n<p>The more subtle risk is that the increased regulatory focus is likely to crimp Amazon’s ability to grow through acquisition. The outcome of the MGM transaction will serve as an important test case.</p>\n<p>Amazon also faces ongoing labor issues even after employees in the company’s Bessemer, Ala., facilityrejected a unionization vote. The company ismaking a big pushto be known as “Earth’s Best Employer” and “Earth’s Safest Place to Work.” Still, Amazon is likely to remain a target for Big Labor. At its annual convention late last month, the Teamsters approved a measure thatsupports a broad unionization push for Amazon’s workforce.</p>\n<p>As for the stock, I’ve noted before that Amazon could be Earth’s Best Stock, especially over the long term. Inmy April 19 column, I pointed to a sum-of-the-parts analysis by Jefferies analyst Brent Thill, which spelled out a $3 trillion market value for Amazon within three years. That estimate includes a projected $1.2 trillion value for AWS, $1 trillion for Amazon’s core retail business, and $600 billion for its ad business. And there are other intriguing bits, like the fast-growing logistics arm and the company’s still-nascent healthcare services unit.</p>\n<p>Even the bearish case on Amazon—a forced breakup—looks bullish when you do the math. If AWS was a stand-alone business and awarded the same sales multiple as red-hot cloud-software companySnowflake(SNOW), AWS would be worth more than $4 trillion. That is certainly ridiculous, but it gives you a sense of the size and power of Amazon’s underlying assets. For long-term investors, Jassy’s Amazon remains an obvious buy.</p>","source":"lsy1601382232898","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>Jeff Bezos Steps Down as CEO on Monday. Here’s What It Means for Amazon’s Stock.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJeff Bezos Steps Down as CEO on Monday. Here’s What It Means for Amazon’s Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 19:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/amazon-ceo-jeff-bezos-andy-jassy-51625253171?siteid=yhoof2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Amazon.com founder Jeff Bezos is stepping down as the company’s CEO on Monday, the company’s 27th birthday. He’s handing over the baton to Andy Jassy, a 24-year Amazon veteran who built and ran Amazon...</p>\n\n<a href=\"https://www.barrons.com/articles/amazon-ceo-jeff-bezos-andy-jassy-51625253171?siteid=yhoof2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.barrons.com/articles/amazon-ceo-jeff-bezos-andy-jassy-51625253171?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157317474","content_text":"Amazon.com founder Jeff Bezos is stepping down as the company’s CEO on Monday, the company’s 27th birthday. He’s handing over the baton to Andy Jassy, a 24-year Amazon veteran who built and ran Amazon Web Services (AWS), the company’s dominant cloud-computing business.\nAs Wall Street analysts like to say, Jassy faces a “tough compare.” Bezos was always going to be a tough act to follow, and he’s leaving the job on top. (He’ll still be executive chairman and the online retailer’s largest shareholder, assuming all goes well with histrip to space later this month.)\nAmazon’s (ticker: AMZN) business sparkled during the pandemic. In the first quarter,sales spiked 44%from a year earlier—the company’s best quarterly growth rate since 2011—and net income was $8.1 billion, its largest quarterly profit ever. With demand surging, Amazon hired more than 500,000 people in 2020, boosting its total staff to more than 1.3 million.\nAWS sales grew 32% in the first quarter, to $13.5 billion, an annualized run rate of well over $50 billion. That makes Amazon one of the world’s largest enterprise computing companies—bigger thanOracle(ORCL),SAP(SAP), orSalesforce.com(CRM). Amazon’s online retail business had revenue of $52.9 billion, up 41%. Third-party seller services like fulfillment and delivery were up 60%, to $23.7 billion (roughly the size ofFedEx). Subscription services, mostly Amazon Prime, had revenue of $7.6 billion, up 36%, for a run rate north of $30 billion (slightly bigger thanNetflix). “Other” revenue—mostly advertising—reached $6.9 billion, up 77%.\nAmazon’s market value is now $1.7 trillion, which trails justApple(AAPL) andMicrosoft(MSFT) among U.S. listed companies.\nDespite the huge numbers, Amazon’s stock has actually looked pedestrian for almost a year now. It’s up just 6% year to date versus 15% for the S&P 500 index. There are several reasons for investor caution, including the CEO turnover. Large tech companies have a mixed record when it comes to replacing founder CEOs.\nThe success story is Apple CEO Tim Cook, who took over the top job from Steve Jobs in 2011. Apple shares are up 1,000% since he took over.\nThe cautionary tale is Microsoft, where Steve Ballmer succeeded Bill Gates as CEO in January 2000, and stayed in the role for 14 years. Microsoft’s sales tripled with Ballmer at the helm, but the stock went nowhere.\nThere are also worries that Amazon’s e-commerce growth could slow as the economy reopens. The challenge for Jassy is to engineer a soft landing—and to drive growth in other areas to offset any e-tail slowdown.\nMeanwhile, regulatory scrutiny remains a headwind. Amazon is getting considerable attention from regulators and legislators for itspending $8.5 billion bid for film studio MGM. Newly appointed Federal Trade Commission Chair Lina Khan has built her career in part byfocusing on Amazon’s market dominance. In 2017, she wrote a now famous Yale Law Review article called “Amazon’s Antitrust Paradox.”\nLast week, Amazon formally asked Khan to recuse herselffrom any involvement in antitrust matters involving the company. Amazon could get its way, but having to ask highlights the risk that regulators now pose.\nThe worst case scenario—one reflected in a package of bills under consideration in the U.S. House of Representatives—could force Amazon to shed operations that directly compete with customers, meaning its third-party retailers. That could put an end to Amazon’s ability to sell its own branded products.\nThe more subtle risk is that the increased regulatory focus is likely to crimp Amazon’s ability to grow through acquisition. The outcome of the MGM transaction will serve as an important test case.\nAmazon also faces ongoing labor issues even after employees in the company’s Bessemer, Ala., facilityrejected a unionization vote. The company ismaking a big pushto be known as “Earth’s Best Employer” and “Earth’s Safest Place to Work.” Still, Amazon is likely to remain a target for Big Labor. At its annual convention late last month, the Teamsters approved a measure thatsupports a broad unionization push for Amazon’s workforce.\nAs for the stock, I’ve noted before that Amazon could be Earth’s Best Stock, especially over the long term. Inmy April 19 column, I pointed to a sum-of-the-parts analysis by Jefferies analyst Brent Thill, which spelled out a $3 trillion market value for Amazon within three years. That estimate includes a projected $1.2 trillion value for AWS, $1 trillion for Amazon’s core retail business, and $600 billion for its ad business. And there are other intriguing bits, like the fast-growing logistics arm and the company’s still-nascent healthcare services unit.\nEven the bearish case on Amazon—a forced breakup—looks bullish when you do the math. If AWS was a stand-alone business and awarded the same sales multiple as red-hot cloud-software companySnowflake(SNOW), AWS would be worth more than $4 trillion. That is certainly ridiculous, but it gives you a sense of the size and power of Amazon’s underlying assets. For long-term investors, Jassy’s Amazon remains an obvious buy.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154173443,"gmtCreate":1625492815282,"gmtModify":1703742661196,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Waiting","listText":"Waiting","text":"Waiting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154173443","repostId":"1166963826","repostType":4,"repost":{"id":"1166963826","kind":"news","pubTimestamp":1625486061,"share":"https://ttm.financial/m/news/1166963826?lang=en_US&edition=fundamental","pubTime":"2021-07-05 19:54","market":"us","language":"en","title":"US IPO This Week: Just 2 IPOs scheduled for the shortened holiday week","url":"https://stock-news.laohu8.com/highlight/detail?id=1166963826","media":"renaissancecap...","summary":"Following its busiest week in over a decade, the US IPO market is taking a breather after the holida","content":"<p>Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.</p>\n<p>While the calendar is quiet at the moment, several companies are primed to launch, including luxury social club&nbsp;<b>Membership Collective Group</b>(MCG), Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV), database provider&nbsp;<b>Couchbase</b>(BASE), and consumer banking platform<b>BlendLabs</b>(BLND).</p>\n<p>Chinese healthcare data company&nbsp;<b>LinkDoc Technology</b>(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.</p>\n<p>OTC-list&nbsp;<b>Minim</b>(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead.&nbsp;Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.</p>\n<p><img src=\"https://static.tigerbbs.com/003a0748043153c660ff267811776609\" tg-width=\"1421\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1619493174116","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>US IPO This Week: Just 2 IPOs scheduled for the shortened holiday week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO This Week: Just 2 IPOs scheduled for the shortened holiday week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 19:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week><strong>renaissancecap...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.\nWhile the calendar is quiet at the ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166963826","content_text":"Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.\nWhile the calendar is quiet at the moment, several companies are primed to launch, including luxury social club Membership Collective Group(MCG), Wahlberg-backed fitness franchise F45 Training(FXLV), database provider Couchbase(BASE), and consumer banking platformBlendLabs(BLND).\nChinese healthcare data company LinkDoc Technology(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.\nOTC-list Minim(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead. Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.","news_type":1,"symbols_score_info":{"LDOC":0.9,"MINM":0.9}},"isVote":1,"tweetType":1,"viewCount":2631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155659459,"gmtCreate":1625415794471,"gmtModify":1703741486183,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155659459","repostId":"1133195819","repostType":4,"repost":{"id":"1133195819","kind":"news","pubTimestamp":1625237543,"share":"https://ttm.financial/m/news/1133195819?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:52","market":"us","language":"en","title":"Palantir: How We Are Playing The Dip","url":"https://stock-news.laohu8.com/highlight/detail?id=1133195819","media":"seekingalpha","summary":"Summary\n\nPLTR has enormous growth momentum.\nWe estimate fair value at $26 and our STRONG BUY price t","content":"<p><b>Summary</b></p>\n<ul>\n <li>PLTR has enormous growth momentum.</li>\n <li>We estimate fair value at $26 and our STRONG BUY price target is $21.</li>\n <li>How we are playing the dip.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53ce0a31d4641eabb33ca8cd05302c9e\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>z1b/iStock via Getty Images</span></p>\n<p>As we detailed in our recent piece&nbsp;<i>June Headlines: Data Is Everywhere And So Is Palantir</i>, Palantir (PLTR) has enormous growth momentum right now.</p>\n<p>Through their&nbsp;partnership with DataRobot&nbsp;they are making a major play into the retail sector by giving floundering traditional retailers a chance to level the playing field somewhat. Their artificial intelligence-powered demand forecasting modeling offering gives many companies access to capabilities that were previously technically and/or cost prohibitive to them.</p>\n<p>Furthermore, they just scored an impressive $18.4 million contract with the FAA. Under the terms of the contract, PLTR will&nbsp;provide a data analytics tool&nbsp;to advance the agency's modernization goals for aviation safety. PLTR alsoreneweda $7.4 million contract with the CDC in June as their outbreak response and disease surveillance solution. On top of that, their recently scored contracts with the&nbsp;National Nuclear Security Administration&nbsp;and Space Force, reveal the strength of their Gotham business.</p>\n<p>They also recently&nbsp;extended their partnership&nbsp;with Grupo Global - Latin America's largest media company. All this on top of&nbsp;very strong Q1 numbers&nbsp;communicates unequivocally that PLTR has a strong moat and is accelerating its growth rapidly.</p>\n<p>However, despite all of this good news, Palantir Technologies stock has pulled back sharply over the past several days:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef4b70a471db41aae8831f101cfd913d\" tg-width=\"635\" tg-height=\"417\"><span>Data by YCharts</span></p>\n<p>Does this signal an opportunity for investors or is it simply a response to the stock becoming overvalued?</p>\n<p><b>How Much Is Palantir Worth?</b></p>\n<p>As we detailed in our piece&nbsp;<i>How Much Is Palantir Worth?</i>, the company still has a long way to grow to justify its current valuation. As a result, the range of potential outcomes (and net present fair values) is quite wide.</p>\n<p>However, we have strong conviction that PLTR's world-class brain trust of data analytics, machine learning, and software engineering professionals will be able to out-innovate competitors to position itself well to win an ever-growing amount of commercial business. Furthermore, we also believe that its brain trust will combine with its entrenched existing position in U.S. Government operations to enable it to remain the platform of choice for the U.S. Government as it accelerates its A.I. and data analytics capabilities in its tech race with peer rivals like China.</p>\n<p>Furthermore, PLTR enjoys a virtually unlimited growth runway.Estimates&nbsp;indicate that PLTR's current total addressable market is estimated to be ~$120 billion and is forecast to grow at a 20% CAGR through 2030.</p>\n<p>Assuming these forecasts are correct, PLTR only has to win 2% of Western commercial market share, 50% of U.S. Government addressable market share, and 20% of allied Western government addressable market share to&nbsp;reach a $1 Trillion market cap by 2040.</p>\n<p>If this plays out, PLTR will generate a 16.6% CAGR over that period before accounting for dilution from stock-based compensation. Even after factoring that in, the CAGR should be around 15% which is still phenomenal given how long that period of time is and how low interest rates are right now.</p>\n<p>However, given that this involves highly speculative projections far out into the future, we view fair value at $26 per share and our strong buy rating is at $21 per share in order to provide sufficient margin of safety to compensate for the uncertainty.</p>\n<p><b>Our Play</b></p>\n<p>Given that we only like to add to our position at the strong buy price, right now we have a choice of either:</p>\n<p>(1) sitting on our hands and waiting for a further correction or</p>\n<p>(2) selling puts to generate income while waiting for the stock price to fall to our strong buy price target.</p>\n<p>Thanks to the stock's sharp drop in recent days, including today's 6%+ decline:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c33a2f86fb782909b916011ca19500b\" tg-width=\"321\" tg-height=\"73\"><span>Source: SeekingAlpha.com</span></p>\n<p>the implied volatility has shot significantly higher and the margin of safety towards our strong buy price target of $21.00 has declined.</p>\n<p>Therefore, the put premiums have once again become attractive. We also note that the bid-ask spreads on the monthly options are much smaller than on the weekly option spreads, so we narrowed down our search to the monthly put options.</p>\n<p>The July 16th monthly options at a $21.00 strike price generated only $0.13 premiums, which translated to 16.1% annualized returns. While this is good, it is not great on a risk-adjusted basis given the low absolute return (0.6%).</p>\n<p>However, the August 20th monthly options were much more attractive at $0.90 for a $22.00 strike price. This gives us 14.8% downside protection from the current share price of $24.77 and an effective entry price of $21.10 which is roughly in-line with our STRONG BUY price target. Furthermore, if the puts expire worthlessly out of the money, we will earn 4.1% on our capital in 50 days, equating to an attractive annualized return of 30%.</p>\n<p>We therefore took this approach and view it as a win-win investment. We will either receive a handsome 4.1% return on our investment over a period of just 50 days or will get to add to our PLTR position at what we view is a highly attractive share price.</p>\n<p><b>Investor Takeaway</b></p>\n<p>PLTR is a great company with world-class artificial intelligence and data analytics technology, a deeply embedded and growing presence in the U.S. Government's (including the Department of Defense's) and their allies' operational infrastructure, and an expanding target commercial market.</p>\n<p>Furthermore, they are able to attract among the very best data and artificial intelligence engineering and computer programming minds, giving them a brain trust that should fuel future innovations and enable them to continue capturing market share.</p>\n<p>Last, but not least, their growth runway is truly massive and should only continue to grow at a rapid pace. PLTR operates in one of the hottest sectors and is positioned to emerge a major winner in the coming decades.</p>\n<p>As a result, we do not want to be too cute about waiting for perfect prices to grow our exposure to the stock and believe it is prudent to take advantage of pullbacks like the current one to build our position further. Thanks to lucrative put premiums, we are able to do so while still guarding against further downside risk.</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>Palantir: How We Are Playing The Dip</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: How We Are Playing The Dip\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 22:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437525-palantir-how-we-are-playing-the-dip><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nPLTR has enormous growth momentum.\nWe estimate fair value at $26 and our STRONG BUY price target is $21.\nHow we are playing the dip.\n\nz1b/iStock via Getty Images\nAs we detailed in our recent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437525-palantir-how-we-are-playing-the-dip\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4437525-palantir-how-we-are-playing-the-dip","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133195819","content_text":"Summary\n\nPLTR has enormous growth momentum.\nWe estimate fair value at $26 and our STRONG BUY price target is $21.\nHow we are playing the dip.\n\nz1b/iStock via Getty Images\nAs we detailed in our recent piece June Headlines: Data Is Everywhere And So Is Palantir, Palantir (PLTR) has enormous growth momentum right now.\nThrough their partnership with DataRobot they are making a major play into the retail sector by giving floundering traditional retailers a chance to level the playing field somewhat. Their artificial intelligence-powered demand forecasting modeling offering gives many companies access to capabilities that were previously technically and/or cost prohibitive to them.\nFurthermore, they just scored an impressive $18.4 million contract with the FAA. Under the terms of the contract, PLTR will provide a data analytics tool to advance the agency's modernization goals for aviation safety. PLTR alsoreneweda $7.4 million contract with the CDC in June as their outbreak response and disease surveillance solution. On top of that, their recently scored contracts with the National Nuclear Security Administration and Space Force, reveal the strength of their Gotham business.\nThey also recently extended their partnership with Grupo Global - Latin America's largest media company. All this on top of very strong Q1 numbers communicates unequivocally that PLTR has a strong moat and is accelerating its growth rapidly.\nHowever, despite all of this good news, Palantir Technologies stock has pulled back sharply over the past several days:\nData by YCharts\nDoes this signal an opportunity for investors or is it simply a response to the stock becoming overvalued?\nHow Much Is Palantir Worth?\nAs we detailed in our piece How Much Is Palantir Worth?, the company still has a long way to grow to justify its current valuation. As a result, the range of potential outcomes (and net present fair values) is quite wide.\nHowever, we have strong conviction that PLTR's world-class brain trust of data analytics, machine learning, and software engineering professionals will be able to out-innovate competitors to position itself well to win an ever-growing amount of commercial business. Furthermore, we also believe that its brain trust will combine with its entrenched existing position in U.S. Government operations to enable it to remain the platform of choice for the U.S. Government as it accelerates its A.I. and data analytics capabilities in its tech race with peer rivals like China.\nFurthermore, PLTR enjoys a virtually unlimited growth runway.Estimates indicate that PLTR's current total addressable market is estimated to be ~$120 billion and is forecast to grow at a 20% CAGR through 2030.\nAssuming these forecasts are correct, PLTR only has to win 2% of Western commercial market share, 50% of U.S. Government addressable market share, and 20% of allied Western government addressable market share to reach a $1 Trillion market cap by 2040.\nIf this plays out, PLTR will generate a 16.6% CAGR over that period before accounting for dilution from stock-based compensation. Even after factoring that in, the CAGR should be around 15% which is still phenomenal given how long that period of time is and how low interest rates are right now.\nHowever, given that this involves highly speculative projections far out into the future, we view fair value at $26 per share and our strong buy rating is at $21 per share in order to provide sufficient margin of safety to compensate for the uncertainty.\nOur Play\nGiven that we only like to add to our position at the strong buy price, right now we have a choice of either:\n(1) sitting on our hands and waiting for a further correction or\n(2) selling puts to generate income while waiting for the stock price to fall to our strong buy price target.\nThanks to the stock's sharp drop in recent days, including today's 6%+ decline:\nSource: SeekingAlpha.com\nthe implied volatility has shot significantly higher and the margin of safety towards our strong buy price target of $21.00 has declined.\nTherefore, the put premiums have once again become attractive. We also note that the bid-ask spreads on the monthly options are much smaller than on the weekly option spreads, so we narrowed down our search to the monthly put options.\nThe July 16th monthly options at a $21.00 strike price generated only $0.13 premiums, which translated to 16.1% annualized returns. While this is good, it is not great on a risk-adjusted basis given the low absolute return (0.6%).\nHowever, the August 20th monthly options were much more attractive at $0.90 for a $22.00 strike price. This gives us 14.8% downside protection from the current share price of $24.77 and an effective entry price of $21.10 which is roughly in-line with our STRONG BUY price target. Furthermore, if the puts expire worthlessly out of the money, we will earn 4.1% on our capital in 50 days, equating to an attractive annualized return of 30%.\nWe therefore took this approach and view it as a win-win investment. We will either receive a handsome 4.1% return on our investment over a period of just 50 days or will get to add to our PLTR position at what we view is a highly attractive share price.\nInvestor Takeaway\nPLTR is a great company with world-class artificial intelligence and data analytics technology, a deeply embedded and growing presence in the U.S. Government's (including the Department of Defense's) and their allies' operational infrastructure, and an expanding target commercial market.\nFurthermore, they are able to attract among the very best data and artificial intelligence engineering and computer programming minds, giving them a brain trust that should fuel future innovations and enable them to continue capturing market share.\nLast, but not least, their growth runway is truly massive and should only continue to grow at a rapid pace. PLTR operates in one of the hottest sectors and is positioned to emerge a major winner in the coming decades.\nAs a result, we do not want to be too cute about waiting for perfect prices to grow our exposure to the stock and believe it is prudent to take advantage of pullbacks like the current one to build our position further. Thanks to lucrative put premiums, we are able to do so while still guarding against further downside risk.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155659141,"gmtCreate":1625415736083,"gmtModify":1703741485034,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Good to monitor performance&nbsp;","listText":"Good to monitor performance&nbsp;","text":"Good to monitor performance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155659141","repostId":"2148073809","repostType":4,"isVote":1,"tweetType":1,"viewCount":1079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155650270,"gmtCreate":1625415608490,"gmtModify":1703741484223,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155650270","repostId":"1170195217","repostType":4,"repost":{"id":"1170195217","kind":"news","pubTimestamp":1625364798,"share":"https://ttm.financial/m/news/1170195217?lang=en_US&edition=fundamental","pubTime":"2021-07-04 10:13","market":"us","language":"en","title":"Bank of America’s Karen Fang says ‘business as usual is not OK’ for finance, the planet or social justice","url":"https://stock-news.laohu8.com/highlight/detail?id=1170195217","media":"MarketWatch","summary":"Where’s the money for change? Ask her.\n\nChange can be tough. But it also is rare that anything big h","content":"<blockquote>\n <b>Where’s the money for change? Ask her.</b>\n</blockquote>\n<p>Change can be tough. But it also is rare that anything big happens without a way to pay for it first — and that’s where Karen Fang, Bank of America’s global head of sustainable finance, steps in.</p>\n<p>“The bank’s ultimate job is to connect the supply and demand of capital,” Fang said in a recent interview with MarketWatch.</p>\n<p>That’s not all. She also outlined a brave new future for banks just on the horizon, where finance is a key to a less toxic planet and giving Black and Latino communities a better shot at prosperity.</p>\n<p>“I do think in 10 years, 20 years, everything we do is ESG,” said Fang, who grew up near Shanghai and was educated at the University of Tokyo, of the push for better environmental, social and corporate outcomes through finance and investing.</p>\n<p>For the past 11 years, Fang has been rising through the ranks of Bank of AmericaBAC,-0.94%in New York, including recently heading its global fixed income, currencies and commodities cross-asset trading division.</p>\n<p>During that time, ESG hasbecomea top investing theme with investors. Outrage sparked by George Floyd’s murder in Minneapolis a year ago in May has elevated the need for reckoning, and so has the shock of climate change leavinghometowns across the U.S. reeling from crisis to crisis.</p>\n<p>For its part, Bank of America in Februaryannounced a goalof reaching net-zero greenhouse gas emissions by 2050, joining others in a race against time to limit global warming. It has led its U.S. banking peers on ESG innovation, while also linking its planned $1.5 trillion deployment of sustainable finance capital by 2030 to the societalsustainable development goalsset out by the United Nations.</p>\n<p>Banks already in the first quarter acted as sponsors and arrangers to a record $231 billion of sustainable bonds, a category that includes debt with a green, social or sustainability focus — a 19% increase from the quarter before, according to Moody’s Investors Service.</p>\n<p>Clearly, more work remains. The gap in median wealth between Black and white families in the U.S. has been stuck at 12 cents to every $1for roughly the past 30 years, according to Federal Reserve data.Global securities regulatorsplan to crack down on “greenwashing” or when asset managers embellish how climate-friendly their products are to clients. AndWestern states, including California, face severe drought, extreme heat and the threat of mega wildfires as the planet warms.</p>\n<p>Fang, for her part, says her ultimate goal is “to put purpose and humanity in finance.” “I feel like finance has been demonized so much. But everything does run on money,” she said.</p>\n<p>Here are edited highlights of a Q&amp;A with Fang about her whirlwind first year heading sustainable finance, her thoughts on Tom Wolfe’s Wall Street“Masters of the Universe”and how she plans to call the shots.</p>\n<p><b>MarketWatch:</b>&nbsp;I read you were a key part of the team behindBank of America’s issuance of a $1 billion COVID-19 social bonda year ago. Tell me more about that.</p>\n<p><i>[Editor’s note: Fang was putting the final touches on her team as global head of sustainable finance, a new role created about one and a half years ago, when March 15, 2020 hit — the day most office workers in New York and California were sent home as COVID-19 cases climbed and restaurants, bars, movie theaters and more were ordered to close.]</i></p>\n<p><b>Fang:</b>&nbsp;In March 2020, I started this new job. It’s about sustainable finance. It is about the environment, social inclusion, and not just inclusion, it’s about access. It’s not just about race and gender equality. But it’s about healthcare, education and affordable housing, wherever historically the public sector played a major role.</p>\n<p>But the private sector also has a role. COVID at the time, if you recall, the not-for-profit hospitals, they were getting less funding than for-profit hospitals. Skilled nursing facilities, they were right on the front line. Remember PPE [personal protective equipment] suppliers? We just didn’t have enough PPE. We wanted to very intentionally set a billion-dollar target to deploy lending to not-for-profit hospitals, skilled nursing facilities and to manufacturers of PPE.</p>\n<p>You know, we have the money. [Bank of America] has a $2.8 trillion balance sheet. We don’t need to issue a $1 billion social bond. Why do we do that? Because you want to set an example. You can see the proceeds of that and track it, and record the impact. Which hospitals got the money? How did they use it? Track how many people benefited from this. How many nursing facilities got the funding they needed?</p>\n<p>Every year, we’re going to issue a report on every ESG bond we issue, because we want to track the proceeds. And that’s why these bonds are popular, because it’s not ring-fenced in our hundreds of billions of dollars of liabilities. This way, you can see exactly where the money went.</p>\n<p>At the time, I remember pitching it to the top of the house. I was like, hey, do you remember war bonds? Pandemic is war. We need to be able to show that we can very intentionally issue these types of ESG bonds, where people can track the money. We need to set this example, because if we do, other issuers will do it.</p>\n<p>It was a blowout. It sold out so quickly, in a few hours. And the punch line here is that, fortunately, I was right. We were able to underwrite, after that bond, close to $60 billion dollars of COVID-themed social bonds with other issuers. We also helped the government of Guatemala to issue a COVID bond, where proceeds were dedicated to the country’s response to the coronavirus.</p>\n<p>Essentially, my job is not ESG policy or climate risk. I have colleagues who do that. My job is as a frontline banker who has been in capital markets and sales and trading for 20 years. My job is to structure things, and scale that capital deployment. I’m not just mobilizing Bank of America’s money. I’m actually scaling capital deployment globally and setting an example.</p>\n<p><b>MarketWatch:</b>&nbsp;You’ve said your job is solving problems. How do we get concrete outcomes when looking at racism and inequity in the economy?</p>\n<p><b>Fang:</b>&nbsp;Last year, after George Floyd, we did a$2 billion landmark racial equity-themed bond.<i>[Editor’s note: This included mortgage lending and housing finance for Black and Latino communities, but also financing for small businesses and medical professionals, as well as venture capital and equity investments in banks that aim to reduce longstanding inequities.]</i></p>\n<p>It’s about breaking with business as usual and pouring more capital into Black and brown communities. Pretty much, I’m looking at something happening in the world and think: What can we do?</p>\n<p>This year, I really want to do gender equality-themed bonds. So when we issue our next sustainability bond, I want gender equality to be an additional theme on the social side. For me, it’s not about complaining. I do think there are systemic issues about access. I’m in the fortunate position of being given access to the bank’s CEO and the vice chairman and the COO and the board; they kind of empower me to do what’s right.</p>\n<p>Racial inequity has been a very persistent theme, unfortunately. A lot of [the solutions to racial inequity] have to do with public policy, regulations, public-sector finance and media awareness. But I think we all have a role. For me, it’s about putting humanity in finance.</p>\n<p>For me, I’m deeply offended, touched and hurt, because I know that even though I was lucky enough, somehow, not to experience discrimination, my aunts and uncles, they did. And my mom and dad did when they came to the U.S. to visit me, or to England. I know it exists. There’s a problem in society. The thing is, business has a role to play, and capital deployment. And all the different lending and financing activities have a role to play. Because business as usual is not OK.</p>\n<p>If I look back on my life 20 years from now, I’m still going to reflect on the last year with the COVID bond and the racial equity-progress bonds as highlights.</p>\n<p><b>MarketWatch:</b>&nbsp;How have attitudes changed in the years since Tom Wolfe popularized the phrase “Masters of the Universe” to describe the male-dominated world of Wall Street in the 1980s in his book “Bonfire of the Vanities”?</p>\n<p><b>Fang:</b>&nbsp;Some of those “Masters of the Universe” really helped me. I think that is [true of] a lot of men in my life. I am kind of a positive, bubbly personality and I usually assume that people are good. But I also know I was really lucky. I always had very powerful and good-willed men supporting me.Tom Montag[Bank of America’s chief operating officer], who I have worked for for nearly 15 years going back to Goldman SachsGS,-0.22%days — he is the reason I joined the bank.Jim DeMare, who runs the global markets division, has been very supportive of my career.</p>\n<p>By the way, without them, I don’t think I’d be in my current seat today. Our current CEO Brian Moynihan and Vice Chairman Anne Finucane, along with Tom and Jim, gave me a tremendous opportunity. These are four leaders who changed my life by supporting me in this role.</p>\n<p>And I also don’t think the “Masters of the Universe” thing is a phenomenon anymore.&nbsp;Wall Street isn’t so male-dominated anymore. I work at a bank where nearly&nbsp;half of the management teams are women. And I really intentionally make sure that the access I got, by luck or my effort, can be applied to other people too.</p>\n<p>I have this position because I feel I am empowered to do what’s right. If I feel like the “Masters of the Universe” are not giving women enough opportunity, A) I am going to talk about it. B) I’m going to design some offering to raise a lot of awareness about racial equality and gender equality, where the CFO, the CEO, and everybody at the top of the house is going to be aware.</p>\n<p><b>MarketWatch:</b>&nbsp;What is your ultimate goal?</p>\n<p><b>Fang:</b>My ultimate goal is to put purpose and humanity in finance. I say that because I feel like finance has been demonized so much. But everything does run on money. The bank’s ultimate job is to connect the supply and demand of capital.</p>\n<p>I do think in 10 years, 20 years, everything we do is ESG. It’s not about, “Do we abandon certain sectors, or walk away?” It’s about helping them transition to do their business in a more sustainable way, and to carry more humanity and purpose in their mission. I think finance will be better understood. And every piece of finance will serve a role, from a career-access standpoint to how finance works in a community.</p>\n<p>I recently had a conversation on affordable housing of the future with a banker who helped put a lot of affordable housing in New York City. We were talking about how we can put solar power in so that residents have cheaper and cleaner access to power. But we can also put in urban greenery, rooftop gardens, telemedicine, a clinic, a children’s education center. It’s about how to make affordable housing of tomorrow more accessible.</p>\n<p>Frankly, that’s what finance can do. That’s the kind of project that gets me going. That’s humanity and purpose. That’s community development. But without banks, it’s hard to do.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank of America’s Karen Fang says ‘business as usual is not OK’ for finance, the planet or social justice</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBank of America’s Karen Fang says ‘business as usual is not OK’ for finance, the planet or social justice\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 10:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/bank-of-americas-karen-fang-says-business-as-usual-is-not-ok-for-finance-the-planet-or-social-justice-11625162868?mod=hp_LATEST><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Where’s the money for change? Ask her.\n\nChange can be tough. But it also is rare that anything big happens without a way to pay for it first — and that’s where Karen Fang, Bank of America’s global ...</p>\n\n<a href=\"https://www.marketwatch.com/story/bank-of-americas-karen-fang-says-business-as-usual-is-not-ok-for-finance-the-planet-or-social-justice-11625162868?mod=hp_LATEST\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/bank-of-americas-karen-fang-says-business-as-usual-is-not-ok-for-finance-the-planet-or-social-justice-11625162868?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170195217","content_text":"Where’s the money for change? Ask her.\n\nChange can be tough. But it also is rare that anything big happens without a way to pay for it first — and that’s where Karen Fang, Bank of America’s global head of sustainable finance, steps in.\n“The bank’s ultimate job is to connect the supply and demand of capital,” Fang said in a recent interview with MarketWatch.\nThat’s not all. She also outlined a brave new future for banks just on the horizon, where finance is a key to a less toxic planet and giving Black and Latino communities a better shot at prosperity.\n“I do think in 10 years, 20 years, everything we do is ESG,” said Fang, who grew up near Shanghai and was educated at the University of Tokyo, of the push for better environmental, social and corporate outcomes through finance and investing.\nFor the past 11 years, Fang has been rising through the ranks of Bank of AmericaBAC,-0.94%in New York, including recently heading its global fixed income, currencies and commodities cross-asset trading division.\nDuring that time, ESG hasbecomea top investing theme with investors. Outrage sparked by George Floyd’s murder in Minneapolis a year ago in May has elevated the need for reckoning, and so has the shock of climate change leavinghometowns across the U.S. reeling from crisis to crisis.\nFor its part, Bank of America in Februaryannounced a goalof reaching net-zero greenhouse gas emissions by 2050, joining others in a race against time to limit global warming. It has led its U.S. banking peers on ESG innovation, while also linking its planned $1.5 trillion deployment of sustainable finance capital by 2030 to the societalsustainable development goalsset out by the United Nations.\nBanks already in the first quarter acted as sponsors and arrangers to a record $231 billion of sustainable bonds, a category that includes debt with a green, social or sustainability focus — a 19% increase from the quarter before, according to Moody’s Investors Service.\nClearly, more work remains. The gap in median wealth between Black and white families in the U.S. has been stuck at 12 cents to every $1for roughly the past 30 years, according to Federal Reserve data.Global securities regulatorsplan to crack down on “greenwashing” or when asset managers embellish how climate-friendly their products are to clients. AndWestern states, including California, face severe drought, extreme heat and the threat of mega wildfires as the planet warms.\nFang, for her part, says her ultimate goal is “to put purpose and humanity in finance.” “I feel like finance has been demonized so much. But everything does run on money,” she said.\nHere are edited highlights of a Q&A with Fang about her whirlwind first year heading sustainable finance, her thoughts on Tom Wolfe’s Wall Street“Masters of the Universe”and how she plans to call the shots.\nMarketWatch: I read you were a key part of the team behindBank of America’s issuance of a $1 billion COVID-19 social bonda year ago. Tell me more about that.\n[Editor’s note: Fang was putting the final touches on her team as global head of sustainable finance, a new role created about one and a half years ago, when March 15, 2020 hit — the day most office workers in New York and California were sent home as COVID-19 cases climbed and restaurants, bars, movie theaters and more were ordered to close.]\nFang: In March 2020, I started this new job. It’s about sustainable finance. It is about the environment, social inclusion, and not just inclusion, it’s about access. It’s not just about race and gender equality. But it’s about healthcare, education and affordable housing, wherever historically the public sector played a major role.\nBut the private sector also has a role. COVID at the time, if you recall, the not-for-profit hospitals, they were getting less funding than for-profit hospitals. Skilled nursing facilities, they were right on the front line. Remember PPE [personal protective equipment] suppliers? We just didn’t have enough PPE. We wanted to very intentionally set a billion-dollar target to deploy lending to not-for-profit hospitals, skilled nursing facilities and to manufacturers of PPE.\nYou know, we have the money. [Bank of America] has a $2.8 trillion balance sheet. We don’t need to issue a $1 billion social bond. Why do we do that? Because you want to set an example. You can see the proceeds of that and track it, and record the impact. Which hospitals got the money? How did they use it? Track how many people benefited from this. How many nursing facilities got the funding they needed?\nEvery year, we’re going to issue a report on every ESG bond we issue, because we want to track the proceeds. And that’s why these bonds are popular, because it’s not ring-fenced in our hundreds of billions of dollars of liabilities. This way, you can see exactly where the money went.\nAt the time, I remember pitching it to the top of the house. I was like, hey, do you remember war bonds? Pandemic is war. We need to be able to show that we can very intentionally issue these types of ESG bonds, where people can track the money. We need to set this example, because if we do, other issuers will do it.\nIt was a blowout. It sold out so quickly, in a few hours. And the punch line here is that, fortunately, I was right. We were able to underwrite, after that bond, close to $60 billion dollars of COVID-themed social bonds with other issuers. We also helped the government of Guatemala to issue a COVID bond, where proceeds were dedicated to the country’s response to the coronavirus.\nEssentially, my job is not ESG policy or climate risk. I have colleagues who do that. My job is as a frontline banker who has been in capital markets and sales and trading for 20 years. My job is to structure things, and scale that capital deployment. I’m not just mobilizing Bank of America’s money. I’m actually scaling capital deployment globally and setting an example.\nMarketWatch: You’ve said your job is solving problems. How do we get concrete outcomes when looking at racism and inequity in the economy?\nFang: Last year, after George Floyd, we did a$2 billion landmark racial equity-themed bond.[Editor’s note: This included mortgage lending and housing finance for Black and Latino communities, but also financing for small businesses and medical professionals, as well as venture capital and equity investments in banks that aim to reduce longstanding inequities.]\nIt’s about breaking with business as usual and pouring more capital into Black and brown communities. Pretty much, I’m looking at something happening in the world and think: What can we do?\nThis year, I really want to do gender equality-themed bonds. So when we issue our next sustainability bond, I want gender equality to be an additional theme on the social side. For me, it’s not about complaining. I do think there are systemic issues about access. I’m in the fortunate position of being given access to the bank’s CEO and the vice chairman and the COO and the board; they kind of empower me to do what’s right.\nRacial inequity has been a very persistent theme, unfortunately. A lot of [the solutions to racial inequity] have to do with public policy, regulations, public-sector finance and media awareness. But I think we all have a role. For me, it’s about putting humanity in finance.\nFor me, I’m deeply offended, touched and hurt, because I know that even though I was lucky enough, somehow, not to experience discrimination, my aunts and uncles, they did. And my mom and dad did when they came to the U.S. to visit me, or to England. I know it exists. There’s a problem in society. The thing is, business has a role to play, and capital deployment. And all the different lending and financing activities have a role to play. Because business as usual is not OK.\nIf I look back on my life 20 years from now, I’m still going to reflect on the last year with the COVID bond and the racial equity-progress bonds as highlights.\nMarketWatch: How have attitudes changed in the years since Tom Wolfe popularized the phrase “Masters of the Universe” to describe the male-dominated world of Wall Street in the 1980s in his book “Bonfire of the Vanities”?\nFang: Some of those “Masters of the Universe” really helped me. I think that is [true of] a lot of men in my life. I am kind of a positive, bubbly personality and I usually assume that people are good. But I also know I was really lucky. I always had very powerful and good-willed men supporting me.Tom Montag[Bank of America’s chief operating officer], who I have worked for for nearly 15 years going back to Goldman SachsGS,-0.22%days — he is the reason I joined the bank.Jim DeMare, who runs the global markets division, has been very supportive of my career.\nBy the way, without them, I don’t think I’d be in my current seat today. Our current CEO Brian Moynihan and Vice Chairman Anne Finucane, along with Tom and Jim, gave me a tremendous opportunity. These are four leaders who changed my life by supporting me in this role.\nAnd I also don’t think the “Masters of the Universe” thing is a phenomenon anymore. Wall Street isn’t so male-dominated anymore. I work at a bank where nearly half of the management teams are women. And I really intentionally make sure that the access I got, by luck or my effort, can be applied to other people too.\nI have this position because I feel I am empowered to do what’s right. If I feel like the “Masters of the Universe” are not giving women enough opportunity, A) I am going to talk about it. B) I’m going to design some offering to raise a lot of awareness about racial equality and gender equality, where the CFO, the CEO, and everybody at the top of the house is going to be aware.\nMarketWatch: What is your ultimate goal?\nFang:My ultimate goal is to put purpose and humanity in finance. I say that because I feel like finance has been demonized so much. But everything does run on money. The bank’s ultimate job is to connect the supply and demand of capital.\nI do think in 10 years, 20 years, everything we do is ESG. It’s not about, “Do we abandon certain sectors, or walk away?” It’s about helping them transition to do their business in a more sustainable way, and to carry more humanity and purpose in their mission. I think finance will be better understood. And every piece of finance will serve a role, from a career-access standpoint to how finance works in a community.\nI recently had a conversation on affordable housing of the future with a banker who helped put a lot of affordable housing in New York City. We were talking about how we can put solar power in so that residents have cheaper and cleaner access to power. But we can also put in urban greenery, rooftop gardens, telemedicine, a clinic, a children’s education center. It’s about how to make affordable housing of tomorrow more accessible.\nFrankly, that’s what finance can do. That’s the kind of project that gets me going. That’s humanity and purpose. That’s community development. But without banks, it’s hard to do.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155650880,"gmtCreate":1625415557240,"gmtModify":1703741484061,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155650880","repostId":"1192425829","repostType":4,"repost":{"id":"1192425829","kind":"news","pubTimestamp":1625362308,"share":"https://ttm.financial/m/news/1192425829?lang=en_US&edition=fundamental","pubTime":"2021-07-04 09:31","market":"us","language":"en","title":"Second-Half 2021: Market Forecasts, Thoughts and Observations","url":"https://stock-news.laohu8.com/highlight/detail?id=1192425829","media":"The Street","summary":"The stock market has given us some incredible returns in the past year or two but there are some war","content":"<blockquote>\n The stock market has given us some incredible returns in the past year or two but there are some warning signs developing -- and one key date to keep an eye on.\n</blockquote>\n<p>The stock market, commodity markets and fixed-income markets have been on some wild rides the past 18 months. We penned 2021 forecast pieces back in January (read<b>here</b>and<b>here</b>), but a fresh look at things for the balance of the year seems like a good idea with commodity plays on the rise, oil prices coming on strong while other areas of the market are cooling.</p>\n<p>Let's start our analysis with some monthly candlestick charts.</p>\n<p><b>Candlestick AnalysisDow Jones Industrials</b></p>\n<p>In this monthly Japanese candlestick chart of the Dow Jones Industrial Average (DJIA), below, we can see that prices have made a huge rise over the past decade and a very sharp advance since March of 2020. Taking a little liberty in our methodology we can see an 8 to 10 record high advance since the 2020 pandemic low. Notice the slowing pace of the 12-month price momentum study in the lower panel.</p>\n<p><img src=\"https://static.tigerbbs.com/8c0c65a961cdf2a9b6bdba9757ca8c5d\" tg-width=\"720\" tg-height=\"510\" referrerpolicy=\"no-referrer\"><b>S&amp;P 500</b></p>\n<p>In this monthly Japanese candlestick chart of the S&amp;P 500 Index (SPX) below, we can see another big advance over the past 10 years. The index made a sideways consolidation pattern in 2015-2016 around 2,000 to 2,200 and we have for most part doubled from there. I would not be surprised to see some significant profit-taking as the SPX approached 4,400. Momentum has been slowing here too.</p>\n<p><img src=\"https://static.tigerbbs.com/72a594dc06dc6364a1f4432334018a95\" tg-width=\"720\" tg-height=\"510\" referrerpolicy=\"no-referrer\"><b>Nasdaq</b></p>\n<p>In this monthly Japanese candlestick chart of the Nasdaq, below, we can see that prices have doubled from their consolidation pattern in 2018 and 2019 in the 7,000 area. Prices have nearly tripled from their consolidation around 5,000 in 2015-2016. Yes, the momentum study is slowing.</p>\n<p><img src=\"https://static.tigerbbs.com/a32c8a3b8cbd6d84dc3c316188d0714c\" tg-width=\"720\" tg-height=\"510\" referrerpolicy=\"no-referrer\"><b>Russell 2000</b></p>\n<p>In this monthly candlestick chart of the Russell 2000 index (RUT) we can see that prices have more than doubled from their March 2020 low. This could take your breath away. With the string of white candles and weakening momentum we want to be more cautious as we move forward in the third quarter.</p>\n<p><img src=\"https://static.tigerbbs.com/00e2eb68915aa7fe3a35df2b5cca4c7c\" tg-width=\"720\" tg-height=\"510\" referrerpolicy=\"no-referrer\">All these charts (above) show the 8 to 10 record high pattern so we should be on our guard for a top reversal pattern.</p>\n<p><b>Advance-Decline Analysis</b></p>\n<p>Now, let's turn our attention to the Advance-Decline line.</p>\n<p><b>Dow Jones Industrials</b></p>\n<p>In this daily candlestick chart of the DJIA, below, we show the Advance-Decline line which has been moving sideways since early May. This difference between the price action is a bearish divergence but the DJIA is a narrow average with only 30 stocks.</p>\n<p><img src=\"https://static.tigerbbs.com/5af49f53b61d7234c47302a43ef8fc54\" tg-width=\"1000\" tg-height=\"622\" referrerpolicy=\"no-referrer\"><b>S&amp;P 500</b></p>\n<p>In this chart of the S&amp;P 500 and its Advance-Decline line, below, we can see that prices and the Advance-Decline line are pointed up so a bearish divergence has not started.</p>\n<p><img src=\"https://static.tigerbbs.com/6f76b13060f5ac582155923264b7fb2f\" tg-width=\"1000\" tg-height=\"622\" referrerpolicy=\"no-referrer\"><b>Nasdaq</b></p>\n<p>In this chart of the Nasdaq, below, we can see a significant bearish divergence. The Nasdaq has been making new highs but the Advance-Decline line has been moving sideways to lower from February.</p>\n<p><img src=\"https://static.tigerbbs.com/c202ca833085d8ae21f804e01da1d20e\" tg-width=\"1000\" tg-height=\"622\" referrerpolicy=\"no-referrer\"><b>Nasdaq 100</b></p>\n<p>In this chart of Nasdaq 100 and its Advance-Decline line, below, we see prices and the indicator going up together. No bearish divergence here.<img src=\"https://static.tigerbbs.com/02f49df814666506de6bd3a8f8cff358\" tg-width=\"1000\" tg-height=\"622\" referrerpolicy=\"no-referrer\"><b>Sectors</b></p>\n<p>The marketplace can be broken down into 11 sectors but I want to cover just part of the list today.<b>Energy</b>In this weekly candlestick chart of the (XLE) , the S&amp;P Energy sector ETF, below, we can see that prices have doubled from their pandemic low. Trading volume has been very heavy and the weekly On-Balance-Volume has been stalled the past four months. The 12-week price momentum study has been weakening for a bearish divergence.</p>\n<p><img src=\"https://static.tigerbbs.com/c6c7c0cb796bbdd57de9aba933c615ce\" tg-width=\"720\" tg-height=\"820\" referrerpolicy=\"no-referrer\"></p>\n<p>Two energy names that could rally further in the third quarter are EOG Resources (EOG) and ConocoPhillips (COP) . Here are the charts.</p>\n<p><img src=\"https://static.tigerbbs.com/7d2fc7721f85cac4b418a821156c714f\" tg-width=\"720\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/874820e1c1c54a567c399f5129e88676\" tg-width=\"720\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fc072387bc975d38d92af5b6b3de16ac\" tg-width=\"720\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d2822d20c835ce4f4860d5eb45212cb\" tg-width=\"720\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><b>Financials</b></p>\n<p>In this daily bar chart of the (XLF) ,&nbsp; the Financial sector ETF, below, we can see that prices have begun a topping phase. Prices have broken below the cresting 50-day moving average line. The On-Balance-Volume line has weakened from early June and the Moving Average Convergence Divergence (MACD) oscillator has fallen below the zero line for an outright sell signal.</p>\n<p><img src=\"https://static.tigerbbs.com/bddfbb55fad602b4a29ff4ef1ba47e0f\" tg-width=\"720\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><b>Technology</b></p>\n<p>In this weekly Japanese candlestick chart of the (XLK) , the Technology sector ETF, below, we can see that prices have more than doubled from their pandemic low. The trading volume has diminished since March 2020 and the weekly On-Balance-Volume line has been stuck in a sideways trend for the past 12 months. The 12-week price momentum study in the bottom panel shows lower highs being made the past year. This is a significant bearish divergence.</p>\n<p><img src=\"https://static.tigerbbs.com/c9d9a652c4c72b421556bfbd90dd8d44\" tg-width=\"720\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><b>Industrials</b></p>\n<p>In this daily bar chart of the (XLI) &nbsp;, the Industrial sector ETF, below, we can see a weakening picture. Prices have slipped below the cresting 50-day moving average line. The On-Balance-Volume line has weakened the past two months and the MACD oscillator is below the zero line in sell territory.</p>\n<p><img src=\"https://static.tigerbbs.com/47838029e80d6b87a83abb9f1352bdaf\" tg-width=\"720\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><b>Bonds</b></p>\n<p>In this daily Point and Figure chart of the (TLT) , the iShares 20+ year Treasury Bond ETF, below, we can see a potential upside price target in the $165 area.</p>\n<p><img src=\"https://static.tigerbbs.com/587f7bae63415985c849540d27b7ffaa\" tg-width=\"1000\" tg-height=\"992\" referrerpolicy=\"no-referrer\"><b>U.S. Dollar</b></p>\n<p>In this daily Japanese candlestick chart of the U.S. Dollar Index (DXY) we can see that prices have stopped short of a test of its late March/early April highs. DXY could make a slow drift downward to retest its May lows.</p>\n<p><img src=\"https://static.tigerbbs.com/c086d11fb1d31f2710dc3752d158a2e7\" tg-width=\"720\" tg-height=\"510\" referrerpolicy=\"no-referrer\"><b>Mark Your Calendars</b></p>\n<p>A technical service that I have been using since the mid-1990s (www.pfr.com) is anticipating a large-scale \"trend change\" on or about Aug. 2 and this bears watching. This could mark the start of perhaps a 10% correction in the major averages. The next trend change is anticipated for late October, which could be the start of a year-end rally. We want to pay closer attention to the advance-decline numbers and price action as we approach Aug. 2.</p>\n<p><b>Sentiment</b></p>\n<p>No discussion about the stock market would be complete without some discussion of sentiment. There are plenty of \"signs\" of the stock market being out over its skis.</p>\n<p>I see a number of market letters and commentary from fellow technical analysts and they are all bullish. I get emails from Real Money subscribers asking about this stock or that stock and I have two observations:</p>\n<p>1. The names they are asking about seem to be more speculative in nature. I cannot remember the last time someone emailed me about a boring utility stock.</p>\n<p>2. The second thing that has struck me about the emails is the failure to recognize risk. Everyone wants to know the next highest price target but they never ask about where to move a stop up.</p>\n<p>Sentiment is not a precise indicator and much of it is anecdotal in nature and hard to quantify. The anticipated Robinhood IPO could mark a turning point.</p>\n<p><b>Bottom-Line Strategy</b></p>\n<p>The stock market has given us some incredible returns in the past year or two but there are some warning signs developing and traders need to start leaning in the other direction.</p>\n<p>Consider adding to commodity plays as they could be the outperformers of the third quarter.</p>\n<p>Consider becoming a scale-up profit taker. Continue to raise your stop protection to lock in more gains. Pay closer attention to where in the range prices are closing. Highs are typically made when prices close near the high of the day.Is the On-Balance-Volume line weakening as volume increases on days when the market or your favorite stock declines?</p>\n<p>Pay closer attention to the news and watch for stocks and the market to decline on bullish news -- this tells us that the news has been discounted.</p>","source":"lsy1610613172068","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>Second-Half 2021: Market Forecasts, Thoughts and Observations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSecond-Half 2021: Market Forecasts, Thoughts and Observations\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 09:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://realmoney.thestreet.com/investing/stocks/second-half-2021-market-forecasts-thoughts-and-observations-15702152?puc=yahoo&cm_ven=YAHOO><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The stock market has given us some incredible returns in the past year or two but there are some warning signs developing -- and one key date to keep an eye on.\n\nThe stock market, commodity markets ...</p>\n\n<a href=\"https://realmoney.thestreet.com/investing/stocks/second-half-2021-market-forecasts-thoughts-and-observations-15702152?puc=yahoo&cm_ven=YAHOO\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://realmoney.thestreet.com/investing/stocks/second-half-2021-market-forecasts-thoughts-and-observations-15702152?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192425829","content_text":"The stock market has given us some incredible returns in the past year or two but there are some warning signs developing -- and one key date to keep an eye on.\n\nThe stock market, commodity markets and fixed-income markets have been on some wild rides the past 18 months. We penned 2021 forecast pieces back in January (readhereandhere), but a fresh look at things for the balance of the year seems like a good idea with commodity plays on the rise, oil prices coming on strong while other areas of the market are cooling.\nLet's start our analysis with some monthly candlestick charts.\nCandlestick AnalysisDow Jones Industrials\nIn this monthly Japanese candlestick chart of the Dow Jones Industrial Average (DJIA), below, we can see that prices have made a huge rise over the past decade and a very sharp advance since March of 2020. Taking a little liberty in our methodology we can see an 8 to 10 record high advance since the 2020 pandemic low. Notice the slowing pace of the 12-month price momentum study in the lower panel.\nS&P 500\nIn this monthly Japanese candlestick chart of the S&P 500 Index (SPX) below, we can see another big advance over the past 10 years. The index made a sideways consolidation pattern in 2015-2016 around 2,000 to 2,200 and we have for most part doubled from there. I would not be surprised to see some significant profit-taking as the SPX approached 4,400. Momentum has been slowing here too.\nNasdaq\nIn this monthly Japanese candlestick chart of the Nasdaq, below, we can see that prices have doubled from their consolidation pattern in 2018 and 2019 in the 7,000 area. Prices have nearly tripled from their consolidation around 5,000 in 2015-2016. Yes, the momentum study is slowing.\nRussell 2000\nIn this monthly candlestick chart of the Russell 2000 index (RUT) we can see that prices have more than doubled from their March 2020 low. This could take your breath away. With the string of white candles and weakening momentum we want to be more cautious as we move forward in the third quarter.\nAll these charts (above) show the 8 to 10 record high pattern so we should be on our guard for a top reversal pattern.\nAdvance-Decline Analysis\nNow, let's turn our attention to the Advance-Decline line.\nDow Jones Industrials\nIn this daily candlestick chart of the DJIA, below, we show the Advance-Decline line which has been moving sideways since early May. This difference between the price action is a bearish divergence but the DJIA is a narrow average with only 30 stocks.\nS&P 500\nIn this chart of the S&P 500 and its Advance-Decline line, below, we can see that prices and the Advance-Decline line are pointed up so a bearish divergence has not started.\nNasdaq\nIn this chart of the Nasdaq, below, we can see a significant bearish divergence. The Nasdaq has been making new highs but the Advance-Decline line has been moving sideways to lower from February.\nNasdaq 100\nIn this chart of Nasdaq 100 and its Advance-Decline line, below, we see prices and the indicator going up together. No bearish divergence here.Sectors\nThe marketplace can be broken down into 11 sectors but I want to cover just part of the list today.EnergyIn this weekly candlestick chart of the (XLE) , the S&P Energy sector ETF, below, we can see that prices have doubled from their pandemic low. Trading volume has been very heavy and the weekly On-Balance-Volume has been stalled the past four months. The 12-week price momentum study has been weakening for a bearish divergence.\n\nTwo energy names that could rally further in the third quarter are EOG Resources (EOG) and ConocoPhillips (COP) . Here are the charts.\nFinancials\nIn this daily bar chart of the (XLF) ,  the Financial sector ETF, below, we can see that prices have begun a topping phase. Prices have broken below the cresting 50-day moving average line. The On-Balance-Volume line has weakened from early June and the Moving Average Convergence Divergence (MACD) oscillator has fallen below the zero line for an outright sell signal.\nTechnology\nIn this weekly Japanese candlestick chart of the (XLK) , the Technology sector ETF, below, we can see that prices have more than doubled from their pandemic low. The trading volume has diminished since March 2020 and the weekly On-Balance-Volume line has been stuck in a sideways trend for the past 12 months. The 12-week price momentum study in the bottom panel shows lower highs being made the past year. This is a significant bearish divergence.\nIndustrials\nIn this daily bar chart of the (XLI)  , the Industrial sector ETF, below, we can see a weakening picture. Prices have slipped below the cresting 50-day moving average line. The On-Balance-Volume line has weakened the past two months and the MACD oscillator is below the zero line in sell territory.\nBonds\nIn this daily Point and Figure chart of the (TLT) , the iShares 20+ year Treasury Bond ETF, below, we can see a potential upside price target in the $165 area.\nU.S. Dollar\nIn this daily Japanese candlestick chart of the U.S. Dollar Index (DXY) we can see that prices have stopped short of a test of its late March/early April highs. DXY could make a slow drift downward to retest its May lows.\nMark Your Calendars\nA technical service that I have been using since the mid-1990s (www.pfr.com) is anticipating a large-scale \"trend change\" on or about Aug. 2 and this bears watching. This could mark the start of perhaps a 10% correction in the major averages. The next trend change is anticipated for late October, which could be the start of a year-end rally. We want to pay closer attention to the advance-decline numbers and price action as we approach Aug. 2.\nSentiment\nNo discussion about the stock market would be complete without some discussion of sentiment. There are plenty of \"signs\" of the stock market being out over its skis.\nI see a number of market letters and commentary from fellow technical analysts and they are all bullish. I get emails from Real Money subscribers asking about this stock or that stock and I have two observations:\n1. The names they are asking about seem to be more speculative in nature. I cannot remember the last time someone emailed me about a boring utility stock.\n2. The second thing that has struck me about the emails is the failure to recognize risk. Everyone wants to know the next highest price target but they never ask about where to move a stop up.\nSentiment is not a precise indicator and much of it is anecdotal in nature and hard to quantify. The anticipated Robinhood IPO could mark a turning point.\nBottom-Line Strategy\nThe stock market has given us some incredible returns in the past year or two but there are some warning signs developing and traders need to start leaning in the other direction.\nConsider adding to commodity plays as they could be the outperformers of the third quarter.\nConsider becoming a scale-up profit taker. Continue to raise your stop protection to lock in more gains. Pay closer attention to where in the range prices are closing. Highs are typically made when prices close near the high of the day.Is the On-Balance-Volume line weakening as volume increases on days when the market or your favorite stock declines?\nPay closer attention to the news and watch for stocks and the market to decline on bullish news -- this tells us that the news has been discounted.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155650137,"gmtCreate":1625415537929,"gmtModify":1703741483738,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155650137","repostId":"1129944702","repostType":4,"repost":{"id":"1129944702","kind":"news","pubTimestamp":1625364641,"share":"https://ttm.financial/m/news/1129944702?lang=en_US&edition=fundamental","pubTime":"2021-07-04 10:10","market":"us","language":"en","title":"Is the stock market closed for the July Fourth holiday? Here’s what you need to know","url":"https://stock-news.laohu8.com/highlight/detail?id=1129944702","media":"MarketWatch","summary":"Independence Day will be observed Monday, but many Americans are taking to the road for a 3-day week","content":"<blockquote>\n <b>Independence Day will be observed Monday, but many Americans are taking to the road for a 3-day weekend.</b>\n</blockquote>\n<p>Independence Day falls on Sunday this year, so U.S. financial markets will be closed on Monday.</p>\n<p>TheNew York Stock Exchangeand theNasdaqshut at the end of regular trade Friday.</p>\n<p>Trading in oil futuresCL.1,-0.05%and other energy products on the New York Mercantile Exchange will resume at its regular time of 6 p.m. Eastern Monday.</p>\n<p>The holiday may feel especially festive this year: after being cooped up for the past year, nearly 44 million Americans are expected to take to the road, even as gas prices hit their highest since 2014 and rental cars remain scarce.</p>\n<p>But there’s still reason to be cautious: public-health officials are nervously watching the new delta variant of COVID-19, whichhas now been found in all 50 states and Washington, D.C.Gatherings of fans for the Euro 2020 football tournament are likely to blame for the resurgence of cases there,the World Health Organization saidThursday.</p>\n<p>Risky July Fourth practices long predate COVID-19, however.The Library of Congressnotes that there were 1,531 deaths between 1903 and 1910 from “fireworks and other incidents during July 4th celebrations.” In 1909, more than 5,000 Americans were injured, leading President Taft to appeal for a “Sane Fourth.”</p>\n<p>There may be some reason to approach financial markets with some caution, as well. All threebenchmark indexes swept to fresh highs Friday, marking the seventh in a row for the S&amp;P 500 indexSPX,+0.75%.</p>\n<p>The S&amp;P, along with the Dow Jones Industrial AverageDJIA,+0.44%and Nasdaq Composite indexCOMP,+0.81%booked their best first half of the year since 2019, according to Dow Jones Market data.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the stock market closed for the July Fourth holiday? Here’s what you need to know</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the stock market closed for the July Fourth holiday? Here’s what you need to know\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 10:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/heres-what-you-need-to-know-about-markets-and-the-july-fourth-u-s-holiday-11625240660?mod=hp_LATEST&adobe_mc=MCMID%3D81959659291108299300573327490633825258%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1625364288&adobe_mc=MCMID%3D81959659291108299300573327490633825258%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1625364294><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Independence Day will be observed Monday, but many Americans are taking to the road for a 3-day weekend.\n\nIndependence Day falls on Sunday this year, so U.S. financial markets will be closed on Monday...</p>\n\n<a href=\"https://www.marketwatch.com/story/heres-what-you-need-to-know-about-markets-and-the-july-fourth-u-s-holiday-11625240660?mod=hp_LATEST&adobe_mc=MCMID%3D81959659291108299300573327490633825258%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1625364288&adobe_mc=MCMID%3D81959659291108299300573327490633825258%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1625364294\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/heres-what-you-need-to-know-about-markets-and-the-july-fourth-u-s-holiday-11625240660?mod=hp_LATEST&adobe_mc=MCMID%3D81959659291108299300573327490633825258%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1625364288&adobe_mc=MCMID%3D81959659291108299300573327490633825258%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1625364294","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129944702","content_text":"Independence Day will be observed Monday, but many Americans are taking to the road for a 3-day weekend.\n\nIndependence Day falls on Sunday this year, so U.S. financial markets will be closed on Monday.\nTheNew York Stock Exchangeand theNasdaqshut at the end of regular trade Friday.\nTrading in oil futuresCL.1,-0.05%and other energy products on the New York Mercantile Exchange will resume at its regular time of 6 p.m. Eastern Monday.\nThe holiday may feel especially festive this year: after being cooped up for the past year, nearly 44 million Americans are expected to take to the road, even as gas prices hit their highest since 2014 and rental cars remain scarce.\nBut there’s still reason to be cautious: public-health officials are nervously watching the new delta variant of COVID-19, whichhas now been found in all 50 states and Washington, D.C.Gatherings of fans for the Euro 2020 football tournament are likely to blame for the resurgence of cases there,the World Health Organization saidThursday.\nRisky July Fourth practices long predate COVID-19, however.The Library of Congressnotes that there were 1,531 deaths between 1903 and 1910 from “fireworks and other incidents during July 4th celebrations.” In 1909, more than 5,000 Americans were injured, leading President Taft to appeal for a “Sane Fourth.”\nThere may be some reason to approach financial markets with some caution, as well. All threebenchmark indexes swept to fresh highs Friday, marking the seventh in a row for the S&P 500 indexSPX,+0.75%.\nThe S&P, along with the Dow Jones Industrial AverageDJIA,+0.44%and Nasdaq Composite indexCOMP,+0.81%booked their best first half of the year since 2019, according to Dow Jones Market data.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155650071,"gmtCreate":1625415515693,"gmtModify":1703741483252,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Go","listText":"Go","text":"Go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155650071","repostId":"1109375790","repostType":4,"repost":{"id":"1109375790","kind":"news","pubTimestamp":1625370494,"share":"https://ttm.financial/m/news/1109375790?lang=en_US&edition=fundamental","pubTime":"2021-07-04 11:48","market":"us","language":"en","title":"Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%","url":"https://stock-news.laohu8.com/highlight/detail?id=1109375790","media":"MarketWatch","summary":"More predictable businesses tend to be more profitable stock investments.Trust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders  who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.TheTrust Across America initiative has identified the most trustworthy U.S. public co","content":"<blockquote>\n <b>More predictable businesses tend to be more profitable stock investments.</b>\n</blockquote>\n<p>Trust is one of the most valuable assets a company can cultivate.&nbsp; Within an organization, trust percolates into culture.&nbsp;Outside an organization, it translates into loyalty.&nbsp; Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders —&nbsp;maintain this&nbsp;viewpoint in their investment practice.</p>\n<p>TheTrust Across America(TAA) initiative has identified the most&nbsp;trustworthy&nbsp;U.S. public&nbsp;companies using objective&nbsp;and quantitative&nbsp;indicators including accounting&nbsp;conservativeness&nbsp;and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.</p>\n<p>Companies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the&nbsp;Quality Shareholders Initiative&nbsp;(QSI), which I run, as well as the proprietary database of&nbsp;EQX, which I use to cross-check the QSI data.</p>\n<p>TAA’s assessment of the S&amp;P 500SPX,+0.75%in 2020 identified 51 companies, of which 49&nbsp;are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.</p>\n<p>Notably, both the TAA top 10 and the QSI Top 25 outperformed the S&amp;P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:</p>\n<p>Texas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.</p>\n<p>For investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to&nbsp;allocate such capital in accordance with the QS playbook&nbsp;that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.</p>\n<p>Another stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.</p>\n<p>Those CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy.&nbsp;Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.</p>\n<p>Finally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.&nbsp; Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.</p>\n<p>Ball remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington&nbsp;Management Group and&nbsp;Winslow Capital Management.</p>\n<p>While some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 11:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>More predictable businesses tend to be more profitable stock investments.\n\nTrust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109375790","content_text":"More predictable businesses tend to be more profitable stock investments.\n\nTrust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.\nTheTrust Across America(TAA) initiative has identified the most trustworthy U.S. public companies using objective and quantitative indicators including accounting conservativeness and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.\nCompanies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the Quality Shareholders Initiative (QSI), which I run, as well as the proprietary database of EQX, which I use to cross-check the QSI data.\nTAA’s assessment of the S&P 500SPX,+0.75%in 2020 identified 51 companies, of which 49 are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.\nNotably, both the TAA top 10 and the QSI Top 25 outperformed the S&P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:\nTexas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.\nFor investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to allocate such capital in accordance with the QS playbook that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.\nAnother stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.\nThose CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy. Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.\nFinally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.  Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.\nBall remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington Management Group and Winslow Capital Management.\nWhile some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155627757,"gmtCreate":1625415493879,"gmtModify":1703741483576,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155627757","repostId":"1189605893","repostType":4,"isVote":1,"tweetType":1,"viewCount":1141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155627588,"gmtCreate":1625415458144,"gmtModify":1703741483090,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155627588","repostId":"1160702483","repostType":4,"isVote":1,"tweetType":1,"viewCount":848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152616323,"gmtCreate":1625287017662,"gmtModify":1703740027780,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152616323","repostId":"2148872154","repostType":4,"repost":{"id":"2148872154","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625224478,"share":"https://ttm.financial/m/news/2148872154?lang=en_US&edition=fundamental","pubTime":"2021-07-02 19:14","market":"fut","language":"en","title":"Global equity funds see third successive weekly inflows- Lipper","url":"https://stock-news.laohu8.com/highlight/detail?id=2148872154","media":"Reuters","summary":"July 2 (Reuters) - Global investors were net buyers of equity funds for a third successive week in t","content":"<p>July 2 (Reuters) - Global investors were net buyers of equity funds for a third successive week in the week to June 30. However, a resurgence of coronavirus cases in Asia and concerns over high inflation levels and their impact on monetary policy capped inflows.</p>\n<p>According to Refinitiv Lipper data, global equity funds received inflows of $14 billion in the week, though the tally was down 35% from the previous week.</p>\n<p>European equity funds and U.S. equity funds had inflows worth $6.3 billion and $4.8 billion respectively, while Asian equity funds received only $1.9 billion.</p>\n<p>In the Asia-Pacific, Australia is battling small but fast growing outbreaks, while Indonesia is also grappling with record high-cases. Malaysia is set to extend a lockdown and Thailand has announced new restrictions.</p>\n<p>Among equity sector funds, tech funds lured inflows of $1.7 billion, the biggest in 11 weeks, while financials saw outflows worth $1.12 billion.</p>\n<p>Fears over the spread of the highly infectious Delta virus variant prompted more inflows into more safer debt funds during the week.</p>\n<p>The data showed global bond funds received a net $14.8 billion, the biggest since the week ended May 5.</p>\n<p>Inflows into government bond funds jumped to a four-week high of $3.3 billion, data from 2,981 funds showed.</p>\n<p>Meanwhile, money market funds saw outflows of $38.1 billion, their third consecutive week of net sales.</p>\n<p>In the commodities space, energy funds recorded a fifth straight week of outflows, while precious metal funds also had outflows for a second consecutive week, with gold prices dipping to a 2-1/2 month low this week.</p>\n<p>An analysis of 23,713 emerging-market funds showed equity funds had net selling worth $1.35 billion, the biggest outflow since mid-September, while bond funds had inflows of $530 million, compared with $1.4 billion worth of outflows in the previous week.</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>Global equity funds see third successive weekly inflows- Lipper</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGlobal equity funds see third successive weekly inflows- Lipper\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-02 19:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>July 2 (Reuters) - Global investors were net buyers of equity funds for a third successive week in the week to June 30. However, a resurgence of coronavirus cases in Asia and concerns over high inflation levels and their impact on monetary policy capped inflows.</p>\n<p>According to Refinitiv Lipper data, global equity funds received inflows of $14 billion in the week, though the tally was down 35% from the previous week.</p>\n<p>European equity funds and U.S. equity funds had inflows worth $6.3 billion and $4.8 billion respectively, while Asian equity funds received only $1.9 billion.</p>\n<p>In the Asia-Pacific, Australia is battling small but fast growing outbreaks, while Indonesia is also grappling with record high-cases. Malaysia is set to extend a lockdown and Thailand has announced new restrictions.</p>\n<p>Among equity sector funds, tech funds lured inflows of $1.7 billion, the biggest in 11 weeks, while financials saw outflows worth $1.12 billion.</p>\n<p>Fears over the spread of the highly infectious Delta virus variant prompted more inflows into more safer debt funds during the week.</p>\n<p>The data showed global bond funds received a net $14.8 billion, the biggest since the week ended May 5.</p>\n<p>Inflows into government bond funds jumped to a four-week high of $3.3 billion, data from 2,981 funds showed.</p>\n<p>Meanwhile, money market funds saw outflows of $38.1 billion, their third consecutive week of net sales.</p>\n<p>In the commodities space, energy funds recorded a fifth straight week of outflows, while precious metal funds also had outflows for a second consecutive week, with gold prices dipping to a 2-1/2 month low this week.</p>\n<p>An analysis of 23,713 emerging-market funds showed equity funds had net selling worth $1.35 billion, the biggest outflow since mid-September, while bond funds had inflows of $530 million, compared with $1.4 billion worth of outflows in the previous week.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148872154","content_text":"July 2 (Reuters) - Global investors were net buyers of equity funds for a third successive week in the week to June 30. However, a resurgence of coronavirus cases in Asia and concerns over high inflation levels and their impact on monetary policy capped inflows.\nAccording to Refinitiv Lipper data, global equity funds received inflows of $14 billion in the week, though the tally was down 35% from the previous week.\nEuropean equity funds and U.S. equity funds had inflows worth $6.3 billion and $4.8 billion respectively, while Asian equity funds received only $1.9 billion.\nIn the Asia-Pacific, Australia is battling small but fast growing outbreaks, while Indonesia is also grappling with record high-cases. Malaysia is set to extend a lockdown and Thailand has announced new restrictions.\nAmong equity sector funds, tech funds lured inflows of $1.7 billion, the biggest in 11 weeks, while financials saw outflows worth $1.12 billion.\nFears over the spread of the highly infectious Delta virus variant prompted more inflows into more safer debt funds during the week.\nThe data showed global bond funds received a net $14.8 billion, the biggest since the week ended May 5.\nInflows into government bond funds jumped to a four-week high of $3.3 billion, data from 2,981 funds showed.\nMeanwhile, money market funds saw outflows of $38.1 billion, their third consecutive week of net sales.\nIn the commodities space, energy funds recorded a fifth straight week of outflows, while precious metal funds also had outflows for a second consecutive week, with gold prices dipping to a 2-1/2 month low this week.\nAn analysis of 23,713 emerging-market funds showed equity funds had net selling worth $1.35 billion, the biggest outflow since mid-September, while bond funds had inflows of $530 million, compared with $1.4 billion worth of outflows in the previous week.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152618011,"gmtCreate":1625286910133,"gmtModify":1703740026123,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Really... gogogo","listText":"Really... gogogo","text":"Really... gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152618011","repostId":"2148870449","repostType":4,"isVote":1,"tweetType":1,"viewCount":783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":154171075,"gmtCreate":1625492866397,"gmtModify":1703742660535,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"I hope amazon can faster grow up","listText":"I hope amazon can faster grow up","text":"I hope amazon can faster grow up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/154171075","repostId":"1157317474","repostType":4,"repost":{"id":"1157317474","kind":"news","pubTimestamp":1625483857,"share":"https://ttm.financial/m/news/1157317474?lang=en_US&edition=fundamental","pubTime":"2021-07-05 19:17","market":"us","language":"en","title":"Jeff Bezos Steps Down as CEO on Monday. Here’s What It Means for Amazon’s Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1157317474","media":"Barrons","summary":"Amazon.com founder Jeff Bezos is stepping down as the company’s CEO on Monday, the company’s 27th birthday. He’s handing over the baton to Andy Jassy, a 24-year Amazon veteran who built and ran Amazon Web Services , the company’s dominant cloud-computing business.As Wall Street analysts like to say, Jassy faces a “tough compare.” Bezos was always going to be a tough act to follow, and he’s leaving the job on top. . Meanwhile, regulatory scrutiny remains a headwind. Amazon is getting considerable","content":"<p>Amazon.com&nbsp;founder Jeff Bezos is stepping down as the company’s CEO on Monday, the company’s 27th birthday. He’s handing over the baton to Andy Jassy, a 24-year Amazon veteran who built and ran Amazon Web Services (AWS), the company’s dominant cloud-computing business.</p>\n<p>As Wall Street analysts like to say, Jassy faces a “tough compare.” Bezos was always going to be a tough act to follow, and he’s leaving the job on top. (He’ll still be executive chairman and the online retailer’s largest shareholder, assuming all goes well with histrip to space later this month.)</p>\n<p>Amazon’s (ticker: AMZN) business sparkled during the pandemic. In the first quarter,sales spiked 44%from a year earlier—the company’s best quarterly growth rate since 2011—and net income was $8.1 billion, its largest quarterly profit ever. With demand surging, Amazon hired more than 500,000 people in 2020, boosting its total staff to more than 1.3 million.</p>\n<p>AWS sales grew 32% in the first quarter, to $13.5 billion, an annualized run rate of well over $50 billion. That makes Amazon one of the world’s largest enterprise computing companies—bigger thanOracle(ORCL),SAP(SAP), orSalesforce.com(CRM). Amazon’s online retail business had revenue of $52.9 billion, up 41%. Third-party seller services like fulfillment and delivery were up 60%, to $23.7 billion (roughly the size ofFedEx). Subscription services, mostly Amazon Prime, had revenue of $7.6 billion, up 36%, for a run rate north of $30 billion (slightly bigger thanNetflix). “Other” revenue—mostly advertising—reached $6.9 billion, up 77%.</p>\n<p>Amazon’s market value is now $1.7 trillion, which trails justApple(AAPL) andMicrosoft(MSFT) among U.S. listed companies.</p>\n<p>Despite the huge numbers, Amazon’s stock has actually looked pedestrian for almost a year now. It’s up just 6% year to date versus 15% for the S&amp;P 500 index. There are several reasons for investor caution, including the CEO turnover. Large tech companies have a mixed record when it comes to replacing founder CEOs.</p>\n<p>The success story is Apple CEO Tim Cook, who took over the top job from Steve Jobs in 2011. Apple shares are up 1,000% since he took over.</p>\n<p>The cautionary tale is Microsoft, where Steve Ballmer succeeded Bill Gates as CEO in January 2000, and stayed in the role for 14 years. Microsoft’s sales tripled with Ballmer at the helm, but the stock went nowhere.</p>\n<p>There are also worries that Amazon’s e-commerce growth could slow as the economy reopens. The challenge for Jassy is to engineer a soft landing—and to drive growth in other areas to offset any e-tail slowdown.</p>\n<p>Meanwhile, regulatory scrutiny remains a headwind. Amazon is getting considerable attention from regulators and legislators for itspending $8.5 billion bid for film studio MGM. Newly appointed Federal Trade Commission Chair Lina Khan has built her career in part byfocusing on Amazon’s market dominance. In 2017, she wrote a now famous Yale Law Review article called “Amazon’s Antitrust Paradox.”</p>\n<p>Last week, Amazon&nbsp;formally asked Khan to recuse herselffrom any involvement in antitrust matters involving the company. Amazon could get its way, but having to ask highlights the risk that regulators now pose.</p>\n<p>The worst case scenario—one reflected in a package of bills under consideration in the U.S. House of Representatives—could force Amazon to shed operations that directly compete with customers, meaning its third-party retailers. That could put an end to Amazon’s ability to sell its own branded products.</p>\n<p>The more subtle risk is that the increased regulatory focus is likely to crimp Amazon’s ability to grow through acquisition. The outcome of the MGM transaction will serve as an important test case.</p>\n<p>Amazon also faces ongoing labor issues even after employees in the company’s Bessemer, Ala., facilityrejected a unionization vote. The company ismaking a big pushto be known as “Earth’s Best Employer” and “Earth’s Safest Place to Work.” Still, Amazon is likely to remain a target for Big Labor. At its annual convention late last month, the Teamsters approved a measure thatsupports a broad unionization push for Amazon’s workforce.</p>\n<p>As for the stock, I’ve noted before that Amazon could be Earth’s Best Stock, especially over the long term. Inmy April 19 column, I pointed to a sum-of-the-parts analysis by Jefferies analyst Brent Thill, which spelled out a $3 trillion market value for Amazon within three years. That estimate includes a projected $1.2 trillion value for AWS, $1 trillion for Amazon’s core retail business, and $600 billion for its ad business. And there are other intriguing bits, like the fast-growing logistics arm and the company’s still-nascent healthcare services unit.</p>\n<p>Even the bearish case on Amazon—a forced breakup—looks bullish when you do the math. If AWS was a stand-alone business and awarded the same sales multiple as red-hot cloud-software companySnowflake(SNOW), AWS would be worth more than $4 trillion. That is certainly ridiculous, but it gives you a sense of the size and power of Amazon’s underlying assets. For long-term investors, Jassy’s Amazon remains an obvious buy.</p>","source":"lsy1601382232898","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>Jeff Bezos Steps Down as CEO on Monday. Here’s What It Means for Amazon’s Stock.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJeff Bezos Steps Down as CEO on Monday. Here’s What It Means for Amazon’s Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 19:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/amazon-ceo-jeff-bezos-andy-jassy-51625253171?siteid=yhoof2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Amazon.com founder Jeff Bezos is stepping down as the company’s CEO on Monday, the company’s 27th birthday. He’s handing over the baton to Andy Jassy, a 24-year Amazon veteran who built and ran Amazon...</p>\n\n<a href=\"https://www.barrons.com/articles/amazon-ceo-jeff-bezos-andy-jassy-51625253171?siteid=yhoof2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.barrons.com/articles/amazon-ceo-jeff-bezos-andy-jassy-51625253171?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157317474","content_text":"Amazon.com founder Jeff Bezos is stepping down as the company’s CEO on Monday, the company’s 27th birthday. He’s handing over the baton to Andy Jassy, a 24-year Amazon veteran who built and ran Amazon Web Services (AWS), the company’s dominant cloud-computing business.\nAs Wall Street analysts like to say, Jassy faces a “tough compare.” Bezos was always going to be a tough act to follow, and he’s leaving the job on top. (He’ll still be executive chairman and the online retailer’s largest shareholder, assuming all goes well with histrip to space later this month.)\nAmazon’s (ticker: AMZN) business sparkled during the pandemic. In the first quarter,sales spiked 44%from a year earlier—the company’s best quarterly growth rate since 2011—and net income was $8.1 billion, its largest quarterly profit ever. With demand surging, Amazon hired more than 500,000 people in 2020, boosting its total staff to more than 1.3 million.\nAWS sales grew 32% in the first quarter, to $13.5 billion, an annualized run rate of well over $50 billion. That makes Amazon one of the world’s largest enterprise computing companies—bigger thanOracle(ORCL),SAP(SAP), orSalesforce.com(CRM). Amazon’s online retail business had revenue of $52.9 billion, up 41%. Third-party seller services like fulfillment and delivery were up 60%, to $23.7 billion (roughly the size ofFedEx). Subscription services, mostly Amazon Prime, had revenue of $7.6 billion, up 36%, for a run rate north of $30 billion (slightly bigger thanNetflix). “Other” revenue—mostly advertising—reached $6.9 billion, up 77%.\nAmazon’s market value is now $1.7 trillion, which trails justApple(AAPL) andMicrosoft(MSFT) among U.S. listed companies.\nDespite the huge numbers, Amazon’s stock has actually looked pedestrian for almost a year now. It’s up just 6% year to date versus 15% for the S&P 500 index. There are several reasons for investor caution, including the CEO turnover. Large tech companies have a mixed record when it comes to replacing founder CEOs.\nThe success story is Apple CEO Tim Cook, who took over the top job from Steve Jobs in 2011. Apple shares are up 1,000% since he took over.\nThe cautionary tale is Microsoft, where Steve Ballmer succeeded Bill Gates as CEO in January 2000, and stayed in the role for 14 years. Microsoft’s sales tripled with Ballmer at the helm, but the stock went nowhere.\nThere are also worries that Amazon’s e-commerce growth could slow as the economy reopens. The challenge for Jassy is to engineer a soft landing—and to drive growth in other areas to offset any e-tail slowdown.\nMeanwhile, regulatory scrutiny remains a headwind. Amazon is getting considerable attention from regulators and legislators for itspending $8.5 billion bid for film studio MGM. Newly appointed Federal Trade Commission Chair Lina Khan has built her career in part byfocusing on Amazon’s market dominance. In 2017, she wrote a now famous Yale Law Review article called “Amazon’s Antitrust Paradox.”\nLast week, Amazon formally asked Khan to recuse herselffrom any involvement in antitrust matters involving the company. Amazon could get its way, but having to ask highlights the risk that regulators now pose.\nThe worst case scenario—one reflected in a package of bills under consideration in the U.S. House of Representatives—could force Amazon to shed operations that directly compete with customers, meaning its third-party retailers. That could put an end to Amazon’s ability to sell its own branded products.\nThe more subtle risk is that the increased regulatory focus is likely to crimp Amazon’s ability to grow through acquisition. The outcome of the MGM transaction will serve as an important test case.\nAmazon also faces ongoing labor issues even after employees in the company’s Bessemer, Ala., facilityrejected a unionization vote. The company ismaking a big pushto be known as “Earth’s Best Employer” and “Earth’s Safest Place to Work.” Still, Amazon is likely to remain a target for Big Labor. At its annual convention late last month, the Teamsters approved a measure thatsupports a broad unionization push for Amazon’s workforce.\nAs for the stock, I’ve noted before that Amazon could be Earth’s Best Stock, especially over the long term. Inmy April 19 column, I pointed to a sum-of-the-parts analysis by Jefferies analyst Brent Thill, which spelled out a $3 trillion market value for Amazon within three years. That estimate includes a projected $1.2 trillion value for AWS, $1 trillion for Amazon’s core retail business, and $600 billion for its ad business. And there are other intriguing bits, like the fast-growing logistics arm and the company’s still-nascent healthcare services unit.\nEven the bearish case on Amazon—a forced breakup—looks bullish when you do the math. If AWS was a stand-alone business and awarded the same sales multiple as red-hot cloud-software companySnowflake(SNOW), AWS would be worth more than $4 trillion. That is certainly ridiculous, but it gives you a sense of the size and power of Amazon’s underlying assets. For long-term investors, Jassy’s Amazon remains an obvious buy.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158060746,"gmtCreate":1625114127485,"gmtModify":1703736446087,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/158060746","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://ttm.financial/m/news/1178516480?lang=en_US&edition=fundamental","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p>\n<p>In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p>\n<p>All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p>\n<p>“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p>\n<p>For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p>\n<p>This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p>\n<p>“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p>\n<p>“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p>\n<p>“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p>\n<p>(Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p>\n<p><img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p>\n<p>The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p>\n<p>The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p>\n<p>Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p>\n<p>Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p>\n<p>Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p>\n<p>Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p>\n<p>Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</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>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 07:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127432371,"gmtCreate":1624861941193,"gmtModify":1703846455678,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Gogo","listText":"Gogo","text":"Gogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127432371","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174404365,"gmtCreate":1627119653957,"gmtModify":1703484539191,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/174404365","repostId":"1170350340","repostType":4,"repost":{"id":"1170350340","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":1627092098,"share":"https://ttm.financial/m/news/1170350340?lang=en_US&edition=fundamental","pubTime":"2021-07-24 10:01","market":"hk","language":"zh","title":"Administrative punishment! Tencent was ordered to lift the exclusive copyright of online music","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to being ordered to cancel the exclusive copyright of online music: The company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfil social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in an all-round way in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. In January 2021, based on the report, the State Administration for Market Regulation filed an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent)' s acquisition of equity interests in China Music Group in July 2016 for suspected illegal conduct of concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation has ascertained the facts of illegal concentration in this transaction, and fully evaluated factors such as the share, control power, concentration degree of operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, we extensively solicited the opinions of relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements for many times.</p><p>The investigation shows that the relevant market in this case is the online music playing platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group's relevant market shares were about 30% and 40% respectively. Tencent gained a higher market share by merging with major competitors in the market. After concentration, the exclusive music library resources occupied by the entity exceeded 80%, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or ask them to give them better trading conditions than their competitors. It may also be able to raise market entry barriers by paying high prepayments and other copyright payment modes, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on Centralized Examination of Operators, and in accordance with the principle of equal emphasis on development and standardization, the State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright holders to give them conditions superior to competitors without legitimate reasons. Tencent reports the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation according to law.</p><p>This case is the first case of taking necessary measures to restore the state of market competition since the implementation of China's Anti-Monopoly Law. Ordering Tencent to lift exclusive copyright and other measures will reshape the competition order of relevant markets, reduce market entry barriers, and give competitors a fair opportunity to reach upstream copyright resources, which is conducive to returning the focus of competition from using capital advantages to snatch copyright resources to the rational track of innovating service level and improving user experience; It is conducive to promoting the calculation of copyright fees in a reasonable way in line with international standards and reducing downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, safeguarding consumers' right to choose, ultimately benefiting consumers, and promoting the standardized innovation and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on Administrative Penalty</p><p>National Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the Anti-Monopoly Law) and the Interim Provisions on the Examination of Concentration of Operators, this authority launched an investigation on the suspected illegal implementation of concentration of operators in the acquisition of equity interests of China Music Group by Tencent Holdings Limited (hereinafter referred to as Tencent) on 25 January 2021.</p><p>After investigation, this case constitutes an illegal concentration of operators, which has or may have the effect of excluding or restricting competition. In accordance with the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ served Tencent with the Notice of Administrative Punishment, informing it of the contents, facts, reasons and basis of the proposed administrative punishment, and informing it of its rights to make statements, defend and request a hearing according to law. Tencent did not make a statement, plead or request a hearing within the prescribed time limit. The investigation and trial of this case have now ended.</p><p><ul><li>Basic situation</li></ul><b>(1) The counterparty.</b></p><p><b>Acquirer: Tencent.</b>Incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004, it controls Shenzhen Tencent Computer Systems Co., Ltd., a major domestic operating entity, through an agreement. The main business includes social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was RMB102.863 billion (the same currency below), and the domestic turnover in China was RMB96.251 billion.</p><p><b>Acquiree: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, both global and domestic turnover in China were (omitted).</p><p><b>(2) Overview of transactions.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with valuation (omitted) business (mainly QQ Music business), obtained 61.64% equity interest in China Music Group, and obtained sole control over China Music Group. In December 2016, the integrated China Music Group changed its name to Tencent Music Entertainment Group. On 6 December 2017, the transaction completed the registration formalities of equity change.</p><p>Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"the concentration of operators refers to the following situations: (1) the merger of operators; (2) the operator obtains control over other operators by acquiring equity or assets; (3) the operator obtains control over other operators or is able to exercise decisive influence over other operators through contracts or other means\". Prior to this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent obtained 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and that in China was 96.251 billion yuan. The global and domestic turnover of China Music Group in 2015 was (omitted), which met the declaration standards stipulated in Article 3 of the Regulations of the State Council on Declaration Standards for Concentration of Operators, and belonged to the circumstances that should be declared.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the declaration standards stipulated by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and those who fail to declare shall not implement the concentration\". On December 6, 2017, Tencent completed the registration of equity change, but did not report to this authority before that, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Antitrust Review of Concentration of Operators, Tencent's annual report, Written Explanation of Tencent's Related Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and considering the characteristics of platform economy, on the basis of economic analysis and questionnaire survey, the relevant market in this case is defined as the online music playing platform market in China with horizontal overlap between the two parties.<b>Online Music Playback Platform Market</b>It refers to a platform that provides consumers with complete copyrighted music recordings through online broadcasting or downloading through the programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyrights is restricted by the copyright laws of various countries and there are obvious geographical differences, the scope of transmission of music copyrights authorized by online music playback platforms in the PRC is generally within the PRC and is mainly targeted to users within the PRC, therefore the relevant geographical market is defined as within the PRC.</p><p>After in-depth research, this concentration has or may have the effect of excluding or restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market share is 45.77% and 39.65% respectively. Both parties rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue of the relevant markets. According to the share of core music copyright resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which the exclusive music libraries are 3.14 million and 1.3 million, and the market share of music libraries and exclusive resources both exceeds 80%.</p><p>From the analysis of the Hefendal-Hirschmann Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transactions have resulted in a further increase in the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in the relevant market.</b></li></ol>According to the survey, before the transaction, the two parties ranked in the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of Tencent's QQ Music flow to Kugou Music and Kuwo Music, which are subsidiaries of China Music Group, indicating that if QQ Music raises the price or lowers the service level, 73.6% of users may flow to the platforms of China Music Group, and the two sides are close competitors with each other. Focus on reducing major competitors in the relevant markets to further weaken market competition.</p><p><ol><li><b>Concentration may further raise barriers to entry to relevant markets.</b></li></ol><b>First, it is possible to raise the barrier of copyright resources.</b>When the entity locks in more exclusive copyright resources after centralization, new entrants have to rely on their sub-licensing, which makes it more difficult to enter the relevant market. The market size brought by concentration also enables it to pay copyright fees to upstream copyright holders by paying non-refundable high advance payments in advance, which may further raise the barriers to market entry.</p><p><b>Second, it may increase the user conversion cost.</b>Focus on bringing abundant music library resources, larger user scale and sufficient usage data to Tencent. Compared with newly entered platforms, it can recommend songs that meet consumers' preferences better, resulting in a lower willingness of users to switch platforms, thus further expanding the user scale and may prevent other competitors from reaching or maintaining the critical scale.</p><p><b>Third, the market entry activity after concentration is not high.</b>According to the data, the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity decreased significantly.</p><p>To sum up, Tencent has a high market share in the online music playback platform market in China through this item, which may enable it to urge upstream copyright owners to give exclusive copyright authorization to it, or provide it with conditions that are better than competitors. It may also enable Tencent to raise market entry barriers by paying high advance payments, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playing platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also showing a rapid growth rate, from less than 6% when the concentration occurred to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competition constraints. In addition, in recent years, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain enough music copyright resources.</p><p>The above facts are proved by evidence such as statistical data of third-party organizations and industry analysis reports, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sublicensing Agreement provided by Tencent and related parties, and replies from industry authorities and other relevant parties.</p><p>Basis and Decision of Administrative Penalty</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator carries out concentration in violation of the provisions of this Law, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the state before concentration, and may impose a fine of not more than 500,000 yuan\". Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall take into account factors such as the nature, extent and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusions, this organ has made the following handling decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliates to take the following measures to restore competition in relevant markets:</b></p><p>1. No exclusive copyright agreement (the scope of copyright includes the information network dissemination right of all music works and sound recordings) or other exclusive agreement shall be reached or reached in disguise with the upstream copyright party. If it has been reached, it shall be terminated within 30 days from the date of issuance of this decision, except for exclusive cooperation with independent musicians (natural persons who refer to the original rights holder of music works or sound recordings and license the copyright with music platforms in their own name and have never entered into an agreement with any record company or brokerage company) or new song debut. Exclusive collaborations with independent musicians may not exceed three years, and exclusive collaborations with new song debuts may not exceed thirty days.</p><p>2. Without valid reasons, the upstream copyright holder shall not be required or disguised to give the party conditions that are superior to other competitors, including but not limited to the scope of license, license amount, license term, etc., or any agreement or agreement terms related thereto. If it has been reached, it shall be lifted within thirty days from the date of issuance of this decision.</p><p>3. Quote to the upstream copyright owner according to factors such as the actual use of copyright, user payment, song unit price, application scenario, contract signing period, etc. It is not allowed to increase the cost of competitors in disguised form through high advance payment and other means to eliminate or restrict competition.</p><p><b>(2) A fine of 500,000 yuan will be imposed.</b></p><p><b>(3) Declare the concentration of operators according to law.</b></p><p>1. If the concentration of operators meets the declaration standards stipulated by the State Council, it shall report to the State Administration for Market Regulation in advance, and if it fails to declare, concentration shall not be implemented.</p><p>2. If the concentration of operators fails to meet the declaration standard, but the concentration of operators has or may have the effect of excluding or restricting competition, it shall report to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if it is not declared.</p><p>3. If the transaction does not constitute a concentration of operators, except for the protection of the rights and interests of minority shareholders stipulated by law, it is not allowed to participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>Operate in accordance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize one's own competition behavior, carry out comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and standardize one's own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness and non-discrimination.</p><p>3. Improve the internal compliance control system of the enterprise, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect the rights of consumers, set reasonable charges and prices, and protect consumers' privacy.</p><p>5. Actively safeguard fair competition and promote innovation and development of the industry.</p><p>The term of the above measures shall be counted from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate a rectification plan according to the above measures within ten days, and report it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to supervise the trustee or self-supervise and inspect the performance of the above obligations by Tencent and its affiliates within three years. Tencent reports the performance of obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ that makes the decision on fines shall be separated from the institution that collects the fines. Except for fines collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the decision on administrative penalties and its law enforcement officers shall not collect the fines by themselves. The parties concerned shall pay the fines at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative penalty decision. The bank shall receive the fine and hand it over directly to the state treasury \".</p><p>The parties concerned shall, within 15 days from the date of receipt of this administrative penalty decision, bring the payment code to any bank outlet or online banking of 12 central financial non-tax revenue collection agency banks (ICBC, Agriculture, China Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An and Xingye) to pay the fine according to this administrative penalty decision. Payment code: ***.</p><p>If the party concerned is dissatisfied with the above administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative penalty decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>Administrative punishment! Tencent was ordered to lift the exclusive copyright of online music</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\">\nAdministrative punishment! Tencent was ordered to lift the exclusive copyright of online music\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to being ordered to cancel the exclusive copyright of online music: The company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfil social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in an all-round way in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. In January 2021, based on the report, the State Administration for Market Regulation filed an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent)' s acquisition of equity interests in China Music Group in July 2016 for suspected illegal conduct of concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation has ascertained the facts of illegal concentration in this transaction, and fully evaluated factors such as the share, control power, concentration degree of operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, we extensively solicited the opinions of relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements for many times.</p><p>The investigation shows that the relevant market in this case is the online music playing platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group's relevant market shares were about 30% and 40% respectively. Tencent gained a higher market share by merging with major competitors in the market. After concentration, the exclusive music library resources occupied by the entity exceeded 80%, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or ask them to give them better trading conditions than their competitors. It may also be able to raise market entry barriers by paying high prepayments and other copyright payment modes, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on Centralized Examination of Operators, and in accordance with the principle of equal emphasis on development and standardization, the State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright holders to give them conditions superior to competitors without legitimate reasons. Tencent reports the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation according to law.</p><p>This case is the first case of taking necessary measures to restore the state of market competition since the implementation of China's Anti-Monopoly Law. Ordering Tencent to lift exclusive copyright and other measures will reshape the competition order of relevant markets, reduce market entry barriers, and give competitors a fair opportunity to reach upstream copyright resources, which is conducive to returning the focus of competition from using capital advantages to snatch copyright resources to the rational track of innovating service level and improving user experience; It is conducive to promoting the calculation of copyright fees in a reasonable way in line with international standards and reducing downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, safeguarding consumers' right to choose, ultimately benefiting consumers, and promoting the standardized innovation and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on Administrative Penalty</p><p>National Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the Anti-Monopoly Law) and the Interim Provisions on the Examination of Concentration of Operators, this authority launched an investigation on the suspected illegal implementation of concentration of operators in the acquisition of equity interests of China Music Group by Tencent Holdings Limited (hereinafter referred to as Tencent) on 25 January 2021.</p><p>After investigation, this case constitutes an illegal concentration of operators, which has or may have the effect of excluding or restricting competition. In accordance with the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ served Tencent with the Notice of Administrative Punishment, informing it of the contents, facts, reasons and basis of the proposed administrative punishment, and informing it of its rights to make statements, defend and request a hearing according to law. Tencent did not make a statement, plead or request a hearing within the prescribed time limit. The investigation and trial of this case have now ended.</p><p><ul><li>Basic situation</li></ul><b>(1) The counterparty.</b></p><p><b>Acquirer: Tencent.</b>Incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004, it controls Shenzhen Tencent Computer Systems Co., Ltd., a major domestic operating entity, through an agreement. The main business includes social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was RMB102.863 billion (the same currency below), and the domestic turnover in China was RMB96.251 billion.</p><p><b>Acquiree: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, both global and domestic turnover in China were (omitted).</p><p><b>(2) Overview of transactions.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with valuation (omitted) business (mainly QQ Music business), obtained 61.64% equity interest in China Music Group, and obtained sole control over China Music Group. In December 2016, the integrated China Music Group changed its name to Tencent Music Entertainment Group. On 6 December 2017, the transaction completed the registration formalities of equity change.</p><p>Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"the concentration of operators refers to the following situations: (1) the merger of operators; (2) the operator obtains control over other operators by acquiring equity or assets; (3) the operator obtains control over other operators or is able to exercise decisive influence over other operators through contracts or other means\". Prior to this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent obtained 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and that in China was 96.251 billion yuan. The global and domestic turnover of China Music Group in 2015 was (omitted), which met the declaration standards stipulated in Article 3 of the Regulations of the State Council on Declaration Standards for Concentration of Operators, and belonged to the circumstances that should be declared.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the declaration standards stipulated by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and those who fail to declare shall not implement the concentration\". On December 6, 2017, Tencent completed the registration of equity change, but did not report to this authority before that, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Antitrust Review of Concentration of Operators, Tencent's annual report, Written Explanation of Tencent's Related Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and considering the characteristics of platform economy, on the basis of economic analysis and questionnaire survey, the relevant market in this case is defined as the online music playing platform market in China with horizontal overlap between the two parties.<b>Online Music Playback Platform Market</b>It refers to a platform that provides consumers with complete copyrighted music recordings through online broadcasting or downloading through the programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyrights is restricted by the copyright laws of various countries and there are obvious geographical differences, the scope of transmission of music copyrights authorized by online music playback platforms in the PRC is generally within the PRC and is mainly targeted to users within the PRC, therefore the relevant geographical market is defined as within the PRC.</p><p>After in-depth research, this concentration has or may have the effect of excluding or restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market share is 45.77% and 39.65% respectively. Both parties rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue of the relevant markets. According to the share of core music copyright resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which the exclusive music libraries are 3.14 million and 1.3 million, and the market share of music libraries and exclusive resources both exceeds 80%.</p><p>From the analysis of the Hefendal-Hirschmann Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transactions have resulted in a further increase in the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in the relevant market.</b></li></ol>According to the survey, before the transaction, the two parties ranked in the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of Tencent's QQ Music flow to Kugou Music and Kuwo Music, which are subsidiaries of China Music Group, indicating that if QQ Music raises the price or lowers the service level, 73.6% of users may flow to the platforms of China Music Group, and the two sides are close competitors with each other. Focus on reducing major competitors in the relevant markets to further weaken market competition.</p><p><ol><li><b>Concentration may further raise barriers to entry to relevant markets.</b></li></ol><b>First, it is possible to raise the barrier of copyright resources.</b>When the entity locks in more exclusive copyright resources after centralization, new entrants have to rely on their sub-licensing, which makes it more difficult to enter the relevant market. The market size brought by concentration also enables it to pay copyright fees to upstream copyright holders by paying non-refundable high advance payments in advance, which may further raise the barriers to market entry.</p><p><b>Second, it may increase the user conversion cost.</b>Focus on bringing abundant music library resources, larger user scale and sufficient usage data to Tencent. Compared with newly entered platforms, it can recommend songs that meet consumers' preferences better, resulting in a lower willingness of users to switch platforms, thus further expanding the user scale and may prevent other competitors from reaching or maintaining the critical scale.</p><p><b>Third, the market entry activity after concentration is not high.</b>According to the data, the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity decreased significantly.</p><p>To sum up, Tencent has a high market share in the online music playback platform market in China through this item, which may enable it to urge upstream copyright owners to give exclusive copyright authorization to it, or provide it with conditions that are better than competitors. It may also enable Tencent to raise market entry barriers by paying high advance payments, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playing platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also showing a rapid growth rate, from less than 6% when the concentration occurred to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competition constraints. In addition, in recent years, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain enough music copyright resources.</p><p>The above facts are proved by evidence such as statistical data of third-party organizations and industry analysis reports, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sublicensing Agreement provided by Tencent and related parties, and replies from industry authorities and other relevant parties.</p><p>Basis and Decision of Administrative Penalty</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator carries out concentration in violation of the provisions of this Law, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the state before concentration, and may impose a fine of not more than 500,000 yuan\". Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall take into account factors such as the nature, extent and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusions, this organ has made the following handling decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliates to take the following measures to restore competition in relevant markets:</b></p><p>1. No exclusive copyright agreement (the scope of copyright includes the information network dissemination right of all music works and sound recordings) or other exclusive agreement shall be reached or reached in disguise with the upstream copyright party. If it has been reached, it shall be terminated within 30 days from the date of issuance of this decision, except for exclusive cooperation with independent musicians (natural persons who refer to the original rights holder of music works or sound recordings and license the copyright with music platforms in their own name and have never entered into an agreement with any record company or brokerage company) or new song debut. Exclusive collaborations with independent musicians may not exceed three years, and exclusive collaborations with new song debuts may not exceed thirty days.</p><p>2. Without valid reasons, the upstream copyright holder shall not be required or disguised to give the party conditions that are superior to other competitors, including but not limited to the scope of license, license amount, license term, etc., or any agreement or agreement terms related thereto. If it has been reached, it shall be lifted within thirty days from the date of issuance of this decision.</p><p>3. Quote to the upstream copyright owner according to factors such as the actual use of copyright, user payment, song unit price, application scenario, contract signing period, etc. It is not allowed to increase the cost of competitors in disguised form through high advance payment and other means to eliminate or restrict competition.</p><p><b>(2) A fine of 500,000 yuan will be imposed.</b></p><p><b>(3) Declare the concentration of operators according to law.</b></p><p>1. If the concentration of operators meets the declaration standards stipulated by the State Council, it shall report to the State Administration for Market Regulation in advance, and if it fails to declare, concentration shall not be implemented.</p><p>2. If the concentration of operators fails to meet the declaration standard, but the concentration of operators has or may have the effect of excluding or restricting competition, it shall report to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if it is not declared.</p><p>3. If the transaction does not constitute a concentration of operators, except for the protection of the rights and interests of minority shareholders stipulated by law, it is not allowed to participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>Operate in accordance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize one's own competition behavior, carry out comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and standardize one's own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness and non-discrimination.</p><p>3. Improve the internal compliance control system of the enterprise, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect the rights of consumers, set reasonable charges and prices, and protect consumers' privacy.</p><p>5. Actively safeguard fair competition and promote innovation and development of the industry.</p><p>The term of the above measures shall be counted from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate a rectification plan according to the above measures within ten days, and report it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to supervise the trustee or self-supervise and inspect the performance of the above obligations by Tencent and its affiliates within three years. Tencent reports the performance of obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ that makes the decision on fines shall be separated from the institution that collects the fines. Except for fines collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the decision on administrative penalties and its law enforcement officers shall not collect the fines by themselves. The parties concerned shall pay the fines at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative penalty decision. The bank shall receive the fine and hand it over directly to the state treasury \".</p><p>The parties concerned shall, within 15 days from the date of receipt of this administrative penalty decision, bring the payment code to any bank outlet or online banking of 12 central financial non-tax revenue collection agency banks (ICBC, Agriculture, China Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An and Xingye) to pay the fine according to this administrative penalty decision. Payment code: ***.</p><p>If the party concerned is dissatisfied with the above administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative penalty decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"TCEHY":0.9,"00700":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":4069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155627757,"gmtCreate":1625415493879,"gmtModify":1703741483576,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155627757","repostId":"1189605893","repostType":4,"isVote":1,"tweetType":1,"viewCount":1141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155650071,"gmtCreate":1625415515693,"gmtModify":1703741483252,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Go","listText":"Go","text":"Go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155650071","repostId":"1109375790","repostType":4,"repost":{"id":"1109375790","kind":"news","pubTimestamp":1625370494,"share":"https://ttm.financial/m/news/1109375790?lang=en_US&edition=fundamental","pubTime":"2021-07-04 11:48","market":"us","language":"en","title":"Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%","url":"https://stock-news.laohu8.com/highlight/detail?id=1109375790","media":"MarketWatch","summary":"More predictable businesses tend to be more profitable stock investments.Trust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders  who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.TheTrust Across America initiative has identified the most trustworthy U.S. public co","content":"<blockquote>\n <b>More predictable businesses tend to be more profitable stock investments.</b>\n</blockquote>\n<p>Trust is one of the most valuable assets a company can cultivate.&nbsp; Within an organization, trust percolates into culture.&nbsp;Outside an organization, it translates into loyalty.&nbsp; Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders —&nbsp;maintain this&nbsp;viewpoint in their investment practice.</p>\n<p>TheTrust Across America(TAA) initiative has identified the most&nbsp;trustworthy&nbsp;U.S. public&nbsp;companies using objective&nbsp;and quantitative&nbsp;indicators including accounting&nbsp;conservativeness&nbsp;and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.</p>\n<p>Companies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the&nbsp;Quality Shareholders Initiative&nbsp;(QSI), which I run, as well as the proprietary database of&nbsp;EQX, which I use to cross-check the QSI data.</p>\n<p>TAA’s assessment of the S&amp;P 500SPX,+0.75%in 2020 identified 51 companies, of which 49&nbsp;are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.</p>\n<p>Notably, both the TAA top 10 and the QSI Top 25 outperformed the S&amp;P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:</p>\n<p>Texas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.</p>\n<p>For investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to&nbsp;allocate such capital in accordance with the QS playbook&nbsp;that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.</p>\n<p>Another stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.</p>\n<p>Those CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy.&nbsp;Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.</p>\n<p>Finally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.&nbsp; Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.</p>\n<p>Ball remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington&nbsp;Management Group and&nbsp;Winslow Capital Management.</p>\n<p>While some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 11:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>More predictable businesses tend to be more profitable stock investments.\n\nTrust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109375790","content_text":"More predictable businesses tend to be more profitable stock investments.\n\nTrust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.\nTheTrust Across America(TAA) initiative has identified the most trustworthy U.S. public companies using objective and quantitative indicators including accounting conservativeness and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.\nCompanies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the Quality Shareholders Initiative (QSI), which I run, as well as the proprietary database of EQX, which I use to cross-check the QSI data.\nTAA’s assessment of the S&P 500SPX,+0.75%in 2020 identified 51 companies, of which 49 are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.\nNotably, both the TAA top 10 and the QSI Top 25 outperformed the S&P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:\nTexas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.\nFor investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to allocate such capital in accordance with the QS playbook that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.\nAnother stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.\nThose CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy. Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.\nFinally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.  Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.\nBall remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington Management Group and Winslow Capital Management.\nWhile some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152636727,"gmtCreate":1625286612869,"gmtModify":1703740014057,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152636727","repostId":"1197906560","repostType":4,"repost":{"id":"1197906560","kind":"news","pubTimestamp":1625285328,"share":"https://ttm.financial/m/news/1197906560?lang=en_US&edition=fundamental","pubTime":"2021-07-03 12:08","market":"us","language":"en","title":"The Jobs Report Was Strong. Why Investors Should Be Skeptical.","url":"https://stock-news.laohu8.com/highlight/detail?id=1197906560","media":"Barron's","summary":"On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat ","content":"<p>On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.</p>\n<p>One might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.</p>\n<p>First, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.</p>\n<p>What’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.</p>\n<p>Second, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.</p>\n<p>Third, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.</p>\n<p>“If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.</p>\n<p>Further highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.</p>\n<p>So, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.</p>\n<p>The degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.</p>\n<p>While about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.</p>\n<p>At least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.</p>\n<p>All of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.</p>\n<p>Not so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.</p>\n<p>If that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.</p>\n<p>Therein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.</p>\n<p>Investors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few months.</p>","source":"lsy1610680873436","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 Jobs Report Was Strong. Why Investors Should Be Skeptical.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Jobs Report Was Strong. Why Investors Should Be Skeptical.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 12:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197906560","content_text":"On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.\nOne might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.\nFirst, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.\nWhat’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.\nSecond, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.\nThird, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.\n“If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.\nFurther highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.\nSo, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.\nThe degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.\nWhile about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.\nAt least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.\nAll of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.\nNot so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.\nIf that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.\nTherein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.\nInvestors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few months.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156375599,"gmtCreate":1625199437311,"gmtModify":1703738212466,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156375599","repostId":"1175817125","repostType":4,"repost":{"id":"1175817125","kind":"news","pubTimestamp":1625180880,"share":"https://ttm.financial/m/news/1175817125?lang=en_US&edition=fundamental","pubTime":"2021-07-02 07:08","market":"us","language":"en","title":"S&P 500 winning streak extends to sixth straight record close","url":"https://stock-news.laohu8.com/highlight/detail?id=1175817125","media":"Reuters","summary":"NEW YORK  - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.Investors now eye Friday’s much-anticipated employment report.The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.“Historical data shows if you have a strong first half, the second half of the year was ac","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p>\n<p>Investors now eye Friday’s much-anticipated employment report.</p>\n<p>The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p>\n<p>“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p>\n<p>All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p>\n<p>The Philadelphia SE Semiconductor index slid 1.5%</p>\n<p>“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p>\n<p>“It feels like investors left for the Fourth of July weekend about three months ago.”</p>\n<p>The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p>\n<p>Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p>\n<p>Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p>\n<p>“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p>\n<p>Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p>\n<p>“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p>\n<p>The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p>\n<p>Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p>\n<p>Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p>\n<p>Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p>\n<p>Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</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>S&P 500 winning streak extends to sixth straight record close</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 winning streak extends to sixth straight record close\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175817125","content_text":"NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.\nInvestors now eye Friday’s much-anticipated employment report.\nThe bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.\n“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.\nAll three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.\nThe Philadelphia SE Semiconductor index slid 1.5%\n“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”\n“It feels like investors left for the Fourth of July weekend about three months ago.”\nThe ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.\nJobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.\nActivity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.\n“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.\nFriday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.\n“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”\nThe Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.\nOf the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.\nWalgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.\nDidi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.\nMicron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.\nVolume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147333601,"gmtCreate":1626333330603,"gmtModify":1703758078446,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147333601","repostId":"2151544523","repostType":4,"isVote":1,"tweetType":1,"viewCount":4178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155650270,"gmtCreate":1625415608490,"gmtModify":1703741484223,"author":{"id":"4087441318347290","authorId":"4087441318347290","name":"SeiLing","avatar":"https://static.tigerbbs.com/61706d20f94785010ef505c40d01e97e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087441318347290","idStr":"4087441318347290"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155650270","repostId":"1170195217","repostType":4,"repost":{"id":"1170195217","kind":"news","pubTimestamp":1625364798,"share":"https://ttm.financial/m/news/1170195217?lang=en_US&edition=fundamental","pubTime":"2021-07-04 10:13","market":"us","language":"en","title":"Bank of America’s Karen Fang says ‘business as usual is not OK’ for finance, the planet or social justice","url":"https://stock-news.laohu8.com/highlight/detail?id=1170195217","media":"MarketWatch","summary":"Where’s the money for change? Ask her.\n\nChange can be tough. But it also is rare that anything big h","content":"<blockquote>\n <b>Where’s the money for change? Ask her.</b>\n</blockquote>\n<p>Change can be tough. But it also is rare that anything big happens without a way to pay for it first — and that’s where Karen Fang, Bank of America’s global head of sustainable finance, steps in.</p>\n<p>“The bank’s ultimate job is to connect the supply and demand of capital,” Fang said in a recent interview with MarketWatch.</p>\n<p>That’s not all. She also outlined a brave new future for banks just on the horizon, where finance is a key to a less toxic planet and giving Black and Latino communities a better shot at prosperity.</p>\n<p>“I do think in 10 years, 20 years, everything we do is ESG,” said Fang, who grew up near Shanghai and was educated at the University of Tokyo, of the push for better environmental, social and corporate outcomes through finance and investing.</p>\n<p>For the past 11 years, Fang has been rising through the ranks of Bank of AmericaBAC,-0.94%in New York, including recently heading its global fixed income, currencies and commodities cross-asset trading division.</p>\n<p>During that time, ESG hasbecomea top investing theme with investors. Outrage sparked by George Floyd’s murder in Minneapolis a year ago in May has elevated the need for reckoning, and so has the shock of climate change leavinghometowns across the U.S. reeling from crisis to crisis.</p>\n<p>For its part, Bank of America in Februaryannounced a goalof reaching net-zero greenhouse gas emissions by 2050, joining others in a race against time to limit global warming. It has led its U.S. banking peers on ESG innovation, while also linking its planned $1.5 trillion deployment of sustainable finance capital by 2030 to the societalsustainable development goalsset out by the United Nations.</p>\n<p>Banks already in the first quarter acted as sponsors and arrangers to a record $231 billion of sustainable bonds, a category that includes debt with a green, social or sustainability focus — a 19% increase from the quarter before, according to Moody’s Investors Service.</p>\n<p>Clearly, more work remains. The gap in median wealth between Black and white families in the U.S. has been stuck at 12 cents to every $1for roughly the past 30 years, according to Federal Reserve data.Global securities regulatorsplan to crack down on “greenwashing” or when asset managers embellish how climate-friendly their products are to clients. AndWestern states, including California, face severe drought, extreme heat and the threat of mega wildfires as the planet warms.</p>\n<p>Fang, for her part, says her ultimate goal is “to put purpose and humanity in finance.” “I feel like finance has been demonized so much. But everything does run on money,” she said.</p>\n<p>Here are edited highlights of a Q&amp;A with Fang about her whirlwind first year heading sustainable finance, her thoughts on Tom Wolfe’s Wall Street“Masters of the Universe”and how she plans to call the shots.</p>\n<p><b>MarketWatch:</b>&nbsp;I read you were a key part of the team behindBank of America’s issuance of a $1 billion COVID-19 social bonda year ago. Tell me more about that.</p>\n<p><i>[Editor’s note: Fang was putting the final touches on her team as global head of sustainable finance, a new role created about one and a half years ago, when March 15, 2020 hit — the day most office workers in New York and California were sent home as COVID-19 cases climbed and restaurants, bars, movie theaters and more were ordered to close.]</i></p>\n<p><b>Fang:</b>&nbsp;In March 2020, I started this new job. It’s about sustainable finance. It is about the environment, social inclusion, and not just inclusion, it’s about access. It’s not just about race and gender equality. But it’s about healthcare, education and affordable housing, wherever historically the public sector played a major role.</p>\n<p>But the private sector also has a role. COVID at the time, if you recall, the not-for-profit hospitals, they were getting less funding than for-profit hospitals. Skilled nursing facilities, they were right on the front line. Remember PPE [personal protective equipment] suppliers? We just didn’t have enough PPE. We wanted to very intentionally set a billion-dollar target to deploy lending to not-for-profit hospitals, skilled nursing facilities and to manufacturers of PPE.</p>\n<p>You know, we have the money. [Bank of America] has a $2.8 trillion balance sheet. We don’t need to issue a $1 billion social bond. Why do we do that? Because you want to set an example. You can see the proceeds of that and track it, and record the impact. Which hospitals got the money? How did they use it? Track how many people benefited from this. How many nursing facilities got the funding they needed?</p>\n<p>Every year, we’re going to issue a report on every ESG bond we issue, because we want to track the proceeds. And that’s why these bonds are popular, because it’s not ring-fenced in our hundreds of billions of dollars of liabilities. This way, you can see exactly where the money went.</p>\n<p>At the time, I remember pitching it to the top of the house. I was like, hey, do you remember war bonds? Pandemic is war. We need to be able to show that we can very intentionally issue these types of ESG bonds, where people can track the money. We need to set this example, because if we do, other issuers will do it.</p>\n<p>It was a blowout. It sold out so quickly, in a few hours. And the punch line here is that, fortunately, I was right. We were able to underwrite, after that bond, close to $60 billion dollars of COVID-themed social bonds with other issuers. We also helped the government of Guatemala to issue a COVID bond, where proceeds were dedicated to the country’s response to the coronavirus.</p>\n<p>Essentially, my job is not ESG policy or climate risk. I have colleagues who do that. My job is as a frontline banker who has been in capital markets and sales and trading for 20 years. My job is to structure things, and scale that capital deployment. I’m not just mobilizing Bank of America’s money. I’m actually scaling capital deployment globally and setting an example.</p>\n<p><b>MarketWatch:</b>&nbsp;You’ve said your job is solving problems. How do we get concrete outcomes when looking at racism and inequity in the economy?</p>\n<p><b>Fang:</b>&nbsp;Last year, after George Floyd, we did a$2 billion landmark racial equity-themed bond.<i>[Editor’s note: This included mortgage lending and housing finance for Black and Latino communities, but also financing for small businesses and medical professionals, as well as venture capital and equity investments in banks that aim to reduce longstanding inequities.]</i></p>\n<p>It’s about breaking with business as usual and pouring more capital into Black and brown communities. Pretty much, I’m looking at something happening in the world and think: What can we do?</p>\n<p>This year, I really want to do gender equality-themed bonds. So when we issue our next sustainability bond, I want gender equality to be an additional theme on the social side. For me, it’s not about complaining. I do think there are systemic issues about access. I’m in the fortunate position of being given access to the bank’s CEO and the vice chairman and the COO and the board; they kind of empower me to do what’s right.</p>\n<p>Racial inequity has been a very persistent theme, unfortunately. A lot of [the solutions to racial inequity] have to do with public policy, regulations, public-sector finance and media awareness. But I think we all have a role. For me, it’s about putting humanity in finance.</p>\n<p>For me, I’m deeply offended, touched and hurt, because I know that even though I was lucky enough, somehow, not to experience discrimination, my aunts and uncles, they did. And my mom and dad did when they came to the U.S. to visit me, or to England. I know it exists. There’s a problem in society. The thing is, business has a role to play, and capital deployment. And all the different lending and financing activities have a role to play. Because business as usual is not OK.</p>\n<p>If I look back on my life 20 years from now, I’m still going to reflect on the last year with the COVID bond and the racial equity-progress bonds as highlights.</p>\n<p><b>MarketWatch:</b>&nbsp;How have attitudes changed in the years since Tom Wolfe popularized the phrase “Masters of the Universe” to describe the male-dominated world of Wall Street in the 1980s in his book “Bonfire of the Vanities”?</p>\n<p><b>Fang:</b>&nbsp;Some of those “Masters of the Universe” really helped me. I think that is [true of] a lot of men in my life. I am kind of a positive, bubbly personality and I usually assume that people are good. But I also know I was really lucky. I always had very powerful and good-willed men supporting me.Tom Montag[Bank of America’s chief operating officer], who I have worked for for nearly 15 years going back to Goldman SachsGS,-0.22%days — he is the reason I joined the bank.Jim DeMare, who runs the global markets division, has been very supportive of my career.</p>\n<p>By the way, without them, I don’t think I’d be in my current seat today. Our current CEO Brian Moynihan and Vice Chairman Anne Finucane, along with Tom and Jim, gave me a tremendous opportunity. These are four leaders who changed my life by supporting me in this role.</p>\n<p>And I also don’t think the “Masters of the Universe” thing is a phenomenon anymore.&nbsp;Wall Street isn’t so male-dominated anymore. I work at a bank where nearly&nbsp;half of the management teams are women. And I really intentionally make sure that the access I got, by luck or my effort, can be applied to other people too.</p>\n<p>I have this position because I feel I am empowered to do what’s right. If I feel like the “Masters of the Universe” are not giving women enough opportunity, A) I am going to talk about it. B) I’m going to design some offering to raise a lot of awareness about racial equality and gender equality, where the CFO, the CEO, and everybody at the top of the house is going to be aware.</p>\n<p><b>MarketWatch:</b>&nbsp;What is your ultimate goal?</p>\n<p><b>Fang:</b>My ultimate goal is to put purpose and humanity in finance. I say that because I feel like finance has been demonized so much. But everything does run on money. The bank’s ultimate job is to connect the supply and demand of capital.</p>\n<p>I do think in 10 years, 20 years, everything we do is ESG. It’s not about, “Do we abandon certain sectors, or walk away?” It’s about helping them transition to do their business in a more sustainable way, and to carry more humanity and purpose in their mission. I think finance will be better understood. And every piece of finance will serve a role, from a career-access standpoint to how finance works in a community.</p>\n<p>I recently had a conversation on affordable housing of the future with a banker who helped put a lot of affordable housing in New York City. We were talking about how we can put solar power in so that residents have cheaper and cleaner access to power. But we can also put in urban greenery, rooftop gardens, telemedicine, a clinic, a children’s education center. It’s about how to make affordable housing of tomorrow more accessible.</p>\n<p>Frankly, that’s what finance can do. That’s the kind of project that gets me going. That’s humanity and purpose. That’s community development. But without banks, it’s hard to do.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank of America’s Karen Fang says ‘business as usual is not OK’ for finance, the planet or social justice</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBank of America’s Karen Fang says ‘business as usual is not OK’ for finance, the planet or social justice\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 10:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/bank-of-americas-karen-fang-says-business-as-usual-is-not-ok-for-finance-the-planet-or-social-justice-11625162868?mod=hp_LATEST><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Where’s the money for change? Ask her.\n\nChange can be tough. But it also is rare that anything big happens without a way to pay for it first — and that’s where Karen Fang, Bank of America’s global ...</p>\n\n<a href=\"https://www.marketwatch.com/story/bank-of-americas-karen-fang-says-business-as-usual-is-not-ok-for-finance-the-planet-or-social-justice-11625162868?mod=hp_LATEST\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/bank-of-americas-karen-fang-says-business-as-usual-is-not-ok-for-finance-the-planet-or-social-justice-11625162868?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170195217","content_text":"Where’s the money for change? Ask her.\n\nChange can be tough. But it also is rare that anything big happens without a way to pay for it first — and that’s where Karen Fang, Bank of America’s global head of sustainable finance, steps in.\n“The bank’s ultimate job is to connect the supply and demand of capital,” Fang said in a recent interview with MarketWatch.\nThat’s not all. She also outlined a brave new future for banks just on the horizon, where finance is a key to a less toxic planet and giving Black and Latino communities a better shot at prosperity.\n“I do think in 10 years, 20 years, everything we do is ESG,” said Fang, who grew up near Shanghai and was educated at the University of Tokyo, of the push for better environmental, social and corporate outcomes through finance and investing.\nFor the past 11 years, Fang has been rising through the ranks of Bank of AmericaBAC,-0.94%in New York, including recently heading its global fixed income, currencies and commodities cross-asset trading division.\nDuring that time, ESG hasbecomea top investing theme with investors. Outrage sparked by George Floyd’s murder in Minneapolis a year ago in May has elevated the need for reckoning, and so has the shock of climate change leavinghometowns across the U.S. reeling from crisis to crisis.\nFor its part, Bank of America in Februaryannounced a goalof reaching net-zero greenhouse gas emissions by 2050, joining others in a race against time to limit global warming. It has led its U.S. banking peers on ESG innovation, while also linking its planned $1.5 trillion deployment of sustainable finance capital by 2030 to the societalsustainable development goalsset out by the United Nations.\nBanks already in the first quarter acted as sponsors and arrangers to a record $231 billion of sustainable bonds, a category that includes debt with a green, social or sustainability focus — a 19% increase from the quarter before, according to Moody’s Investors Service.\nClearly, more work remains. The gap in median wealth between Black and white families in the U.S. has been stuck at 12 cents to every $1for roughly the past 30 years, according to Federal Reserve data.Global securities regulatorsplan to crack down on “greenwashing” or when asset managers embellish how climate-friendly their products are to clients. AndWestern states, including California, face severe drought, extreme heat and the threat of mega wildfires as the planet warms.\nFang, for her part, says her ultimate goal is “to put purpose and humanity in finance.” “I feel like finance has been demonized so much. But everything does run on money,” she said.\nHere are edited highlights of a Q&A with Fang about her whirlwind first year heading sustainable finance, her thoughts on Tom Wolfe’s Wall Street“Masters of the Universe”and how she plans to call the shots.\nMarketWatch: I read you were a key part of the team behindBank of America’s issuance of a $1 billion COVID-19 social bonda year ago. Tell me more about that.\n[Editor’s note: Fang was putting the final touches on her team as global head of sustainable finance, a new role created about one and a half years ago, when March 15, 2020 hit — the day most office workers in New York and California were sent home as COVID-19 cases climbed and restaurants, bars, movie theaters and more were ordered to close.]\nFang: In March 2020, I started this new job. It’s about sustainable finance. It is about the environment, social inclusion, and not just inclusion, it’s about access. It’s not just about race and gender equality. But it’s about healthcare, education and affordable housing, wherever historically the public sector played a major role.\nBut the private sector also has a role. COVID at the time, if you recall, the not-for-profit hospitals, they were getting less funding than for-profit hospitals. Skilled nursing facilities, they were right on the front line. Remember PPE [personal protective equipment] suppliers? We just didn’t have enough PPE. We wanted to very intentionally set a billion-dollar target to deploy lending to not-for-profit hospitals, skilled nursing facilities and to manufacturers of PPE.\nYou know, we have the money. [Bank of America] has a $2.8 trillion balance sheet. We don’t need to issue a $1 billion social bond. Why do we do that? Because you want to set an example. You can see the proceeds of that and track it, and record the impact. Which hospitals got the money? How did they use it? Track how many people benefited from this. How many nursing facilities got the funding they needed?\nEvery year, we’re going to issue a report on every ESG bond we issue, because we want to track the proceeds. And that’s why these bonds are popular, because it’s not ring-fenced in our hundreds of billions of dollars of liabilities. This way, you can see exactly where the money went.\nAt the time, I remember pitching it to the top of the house. I was like, hey, do you remember war bonds? Pandemic is war. We need to be able to show that we can very intentionally issue these types of ESG bonds, where people can track the money. We need to set this example, because if we do, other issuers will do it.\nIt was a blowout. It sold out so quickly, in a few hours. And the punch line here is that, fortunately, I was right. We were able to underwrite, after that bond, close to $60 billion dollars of COVID-themed social bonds with other issuers. We also helped the government of Guatemala to issue a COVID bond, where proceeds were dedicated to the country’s response to the coronavirus.\nEssentially, my job is not ESG policy or climate risk. I have colleagues who do that. My job is as a frontline banker who has been in capital markets and sales and trading for 20 years. My job is to structure things, and scale that capital deployment. I’m not just mobilizing Bank of America’s money. I’m actually scaling capital deployment globally and setting an example.\nMarketWatch: You’ve said your job is solving problems. How do we get concrete outcomes when looking at racism and inequity in the economy?\nFang: Last year, after George Floyd, we did a$2 billion landmark racial equity-themed bond.[Editor’s note: This included mortgage lending and housing finance for Black and Latino communities, but also financing for small businesses and medical professionals, as well as venture capital and equity investments in banks that aim to reduce longstanding inequities.]\nIt’s about breaking with business as usual and pouring more capital into Black and brown communities. Pretty much, I’m looking at something happening in the world and think: What can we do?\nThis year, I really want to do gender equality-themed bonds. So when we issue our next sustainability bond, I want gender equality to be an additional theme on the social side. For me, it’s not about complaining. I do think there are systemic issues about access. I’m in the fortunate position of being given access to the bank’s CEO and the vice chairman and the COO and the board; they kind of empower me to do what’s right.\nRacial inequity has been a very persistent theme, unfortunately. A lot of [the solutions to racial inequity] have to do with public policy, regulations, public-sector finance and media awareness. But I think we all have a role. For me, it’s about putting humanity in finance.\nFor me, I’m deeply offended, touched and hurt, because I know that even though I was lucky enough, somehow, not to experience discrimination, my aunts and uncles, they did. And my mom and dad did when they came to the U.S. to visit me, or to England. I know it exists. There’s a problem in society. The thing is, business has a role to play, and capital deployment. And all the different lending and financing activities have a role to play. Because business as usual is not OK.\nIf I look back on my life 20 years from now, I’m still going to reflect on the last year with the COVID bond and the racial equity-progress bonds as highlights.\nMarketWatch: How have attitudes changed in the years since Tom Wolfe popularized the phrase “Masters of the Universe” to describe the male-dominated world of Wall Street in the 1980s in his book “Bonfire of the Vanities”?\nFang: Some of those “Masters of the Universe” really helped me. I think that is [true of] a lot of men in my life. I am kind of a positive, bubbly personality and I usually assume that people are good. But I also know I was really lucky. I always had very powerful and good-willed men supporting me.Tom Montag[Bank of America’s chief operating officer], who I have worked for for nearly 15 years going back to Goldman SachsGS,-0.22%days — he is the reason I joined the bank.Jim DeMare, who runs the global markets division, has been very supportive of my career.\nBy the way, without them, I don’t think I’d be in my current seat today. Our current CEO Brian Moynihan and Vice Chairman Anne Finucane, along with Tom and Jim, gave me a tremendous opportunity. These are four leaders who changed my life by supporting me in this role.\nAnd I also don’t think the “Masters of the Universe” thing is a phenomenon anymore. Wall Street isn’t so male-dominated anymore. I work at a bank where nearly half of the management teams are women. And I really intentionally make sure that the access I got, by luck or my effort, can be applied to other people too.\nI have this position because I feel I am empowered to do what’s right. If I feel like the “Masters of the Universe” are not giving women enough opportunity, A) I am going to talk about it. B) I’m going to design some offering to raise a lot of awareness about racial equality and gender equality, where the CFO, the CEO, and everybody at the top of the house is going to be aware.\nMarketWatch: What is your ultimate goal?\nFang:My ultimate goal is to put purpose and humanity in finance. I say that because I feel like finance has been demonized so much. But everything does run on money. The bank’s ultimate job is to connect the supply and demand of capital.\nI do think in 10 years, 20 years, everything we do is ESG. It’s not about, “Do we abandon certain sectors, or walk away?” It’s about helping them transition to do their business in a more sustainable way, and to carry more humanity and purpose in their mission. I think finance will be better understood. And every piece of finance will serve a role, from a career-access standpoint to how finance works in a community.\nI recently had a conversation on affordable housing of the future with a banker who helped put a lot of affordable housing in New York City. We were talking about how we can put solar power in so that residents have cheaper and cleaner access to power. But we can also put in urban greenery, rooftop gardens, telemedicine, a clinic, a children’s education center. It’s about how to make affordable housing of tomorrow more accessible.\nFrankly, that’s what finance can do. That’s the kind of project that gets me going. That’s humanity and purpose. That’s community development. But without banks, it’s hard to do.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}