yapfuiping personal page - To The Moon

yapfuiping

yapfuiping

No personal profile

431Follow

19Followers

0Topic

0Badge

2023-12-11

Good job and do it better

2022-10-28

Good

2022-10-28

Good

Sorry, the original content has been removed

2022-09-16

Good

Tightening expectations are rising again! US mortgage rates have broken through the 6% mark for the first time since 2008.

2022-09-16

Good

Sorry, the original content has been removed

2022-06-08

Good

Sorry, the original content has been removed

2022-06-08

Good

Bank of America strategist: Investors do not believe that a US economic recession is imminent

2022-05-25

Good

Sorry, the original content has been removed

2022-05-25

Good

Has US Treasury bonds passed its lowest point? Wall Street veterans decided to take a gamble.

2022-05-25

Good

How long will US stocks fall? When the Federal Reserve panics, the market won't panic.

2022-05-09

Good

Sorry, the original content has been removed

2022-04-19

good

@投资界:精“材”路演上線！「創投W+」新材料專場路演順利舉行

2022-04-12

Good

Four Differences in High Inflation Engines in Europe and America

2022-02-10

Good

Lepu Biotechnology begins its IPO today, with an entry fee of HK$7,454.38.

2022-02-08

Good

Sorry, the original content has been removed

2022-02-07

Good

Sorry, the original content has been removed

2022-01-13

Good

With wages and prices spiraling upwards, can the Federal Reserve prevent a US economic recession?

2022-01-13

Good

With wages and prices spiraling upwards, can the Federal Reserve prevent a US economic recession?

2022-01-13

Good

Sorry, the original content has been removed

2022-01-11

Good

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4089010487435940","uuid":"4089010487435940","gmtCreate":1625907452109,"gmtModify":1706620741444,"name":"yapfuiping","pinyin":"yapfuiping","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","hatId":"shopping-5c7909103804749e0b21df6dfddc9bae","hatName":"2024 New Year frame","vip":1,"status":2,"fanSize":19,"headSize":431,"tweetSize":44,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.08.19","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":250806779003056,"gmtCreate":1702251264994,"gmtModify":1702251269072,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good job and do it better&nbsp;","listText":"Good job and do it better&nbsp;","text":"Good job and do it better","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/250806779003056","isVote":1,"tweetType":1,"viewCount":6898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9986277997,"gmtCreate":1666971145119,"gmtModify":1676537842854,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9986277997","isVote":1,"tweetType":1,"viewCount":5049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9986274431,"gmtCreate":1666971111523,"gmtModify":1676537842846,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9986274431","repostId":"1185917497","repostType":4,"isVote":1,"tweetType":1,"viewCount":4900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934222382,"gmtCreate":1663260443546,"gmtModify":1676537239038,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9934222382","repostId":"2267068823","repostType":4,"repost":{"id":"2267068823","kind":"news","pubTimestamp":1663254748,"share":"https://ttm.financial/m/news/2267068823?lang=en_US&edition=fundamental","pubTime":"2022-09-15 23:12","market":"us","language":"zh","title":"Tightening expectations are rising again! US mortgage rates have broken through the 6% mark for the first time since 2008.","url":"https://stock-news.laohu8.com/highlight/detail?id=2267068823","media":"华尔街见闻","summary":"高涨的房贷利率严重挤压房地产贷款需求，更多的购房者开始持币观望。伴随着美联储政策持续收紧，美国最受欢迎的住房贷款平均利率自2008年以来首次升至6%以上。抵押贷款银行家协会（MBA）数据显示，截至9月","content":"<p><html><head></head><body>Soaring mortgage rates have severely squeezed the demand for real estate loans, and more homebuyers have begun to hold cash and wait and see. As the Federal Reserve continues to tighten policy, the average interest rate on the most popular home loan in the United States has risen above 6% for the first time since 2008.</p><p>Data from the Mortgage Bankers Association (MBA) shows that in the week ending September 9, the U.S. 30-year fixed mortgage rate rose to 6.01%, breaking through the 6% mark for the first time since 2008 and double that of the same period last year.</p><p><img src=\"https://static.tigerbbs.com/1d221eff5a83aecbb6996b21f7f45d5a\" tg-width=\"550\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Soaring mortgage rates have severely squeezed demand for real estate loans.</b>In the week ending September 9, mortgage applications were down 29% compared to the same period in 2021. The market composite index, which measures mortgage applications, fell 1.2% from the previous week. The MBA refinancing index fell 4% from the previous week and 83% from the same period last year. Joel Kan, MBA's vice president of economic and industry forecasting, said,<b>Rising mortgage rates have led more homebuyers to hold their money and wait and see.</b></p><p>As the Federal Reserve continues to raise interest rates, the entire U.S. real estate industry is affected by higher interest rates. Previous data showed that U.S. new home sales rose 12.6% month-on-month in July, falling far short of the expected 2.5%. New home sales have declined month-on-month in six of the past seven months. Sales volume shrank to the lowest level in six and a half years.</p><p><img src=\"https://static.tigerbbs.com/6f3a07a596f24e18a871d1e6cc1b627a\" tg-width=\"550\" tg-height=\"290\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>While sales are sluggish, new home inventory in the United States is high. As of the end of July, there were 464,000 new homes for sale, the most since 2008. At the current rate of sales, it will take 10.9 months to clear the supply of new homes, the highest inventory-to-sales ratio since March 2009 and almost double what it was at the beginning of this year.</p><p><img src=\"https://static.tigerbbs.com/5da9e4aaf175e9be328df0ab07033077\" tg-width=\"550\" tg-height=\"301\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Although the new home market accounts for only 10% of the US housing market, new home sales are calculated based on the data at the time of signing the purchase contract, which is different from existing home sales, which are included in the statistics after the contract is signed. Therefore, it is considered a leading indicator of the US housing market.<b>Some market analysts believe that, given the sharp drop in mortgage loan applications, new home sales are expected to decline further in the future.</b></p><p></body></html></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>Tightening expectations are rising again! US mortgage rates have broken through the 6% mark for the first time since 2008.</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\">\nTightening expectations are rising again! US mortgage rates have broken through the 6% mark for the first time since 2008.\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\">2022-09-15 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Soaring mortgage rates have severely squeezed the demand for real estate loans, and more homebuyers have begun to hold cash and wait and see. As the Federal Reserve continues to tighten policy, the average interest rate on the most popular home loan in the United States has risen above 6% for the first time since 2008.</p><p>Data from the Mortgage Bankers Association (MBA) shows that in the week ending September 9, the U.S. 30-year fixed mortgage rate rose to 6.01%, breaking through the 6% mark for the first time since 2008 and double that of the same period last year.</p><p><img src=\"https://static.tigerbbs.com/1d221eff5a83aecbb6996b21f7f45d5a\" tg-width=\"550\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Soaring mortgage rates have severely squeezed demand for real estate loans.</b>In the week ending September 9, mortgage applications were down 29% compared to the same period in 2021. The market composite index, which measures mortgage applications, fell 1.2% from the previous week. The MBA refinancing index fell 4% from the previous week and 83% from the same period last year. Joel Kan, MBA's vice president of economic and industry forecasting, said,<b>Rising mortgage rates have led more homebuyers to hold their money and wait and see.</b></p><p>As the Federal Reserve continues to raise interest rates, the entire U.S. real estate industry is affected by higher interest rates. Previous data showed that U.S. new home sales rose 12.6% month-on-month in July, falling far short of the expected 2.5%. New home sales have declined month-on-month in six of the past seven months. Sales volume shrank to the lowest level in six and a half years.</p><p><img src=\"https://static.tigerbbs.com/6f3a07a596f24e18a871d1e6cc1b627a\" tg-width=\"550\" tg-height=\"290\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>While sales are sluggish, new home inventory in the United States is high. As of the end of July, there were 464,000 new homes for sale, the most since 2008. At the current rate of sales, it will take 10.9 months to clear the supply of new homes, the highest inventory-to-sales ratio since March 2009 and almost double what it was at the beginning of this year.</p><p><img src=\"https://static.tigerbbs.com/5da9e4aaf175e9be328df0ab07033077\" tg-width=\"550\" tg-height=\"301\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Although the new home market accounts for only 10% of the US housing market, new home sales are calculated based on the data at the time of signing the purchase contract, which is different from existing home sales, which are included in the statistics after the contract is signed. Therefore, it is considered a leading indicator of the US housing market.<b>Some market analysts believe that, given the sharp drop in mortgage loan applications, new home sales are expected to decline further in the future.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3670388\">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/c3c5822c22b6cfd1d0ae2625b7bc085e","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3670388","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2267068823","content_text":"高涨的房贷利率严重挤压房地产贷款需求，更多的购房者开始持币观望。伴随着美联储政策持续收紧，美国最受欢迎的住房贷款平均利率自2008年以来首次升至6%以上。抵押贷款银行家协会（MBA）数据显示，截至9月9日当周，美国30年期固定抵押贷款利率升至6.01%，为2008年以来首次突破6%关口，是去年同期的两倍。高涨的房贷利率严重挤压房地产贷款需求。截至9月9日当周，抵押贷款购房申请比2021年同期下降了29%。衡量抵押贷款申请量的市场综合指数较前一周下降了1.2%。MBA再融资指数较前一周下降了4%，较去年同期下降了83%。MBA负责经济和行业预测的副总裁Joel Kan表示，抵押贷款利率上升导致更多购房者持币观望。伴随着美联储持续升息，整个美国房地产行业都受到更高利率的影响。此前数据显示，美国7月新屋销售环比大12.6%，大幅不及预期的下跌2.5%，新屋销售在过去七个月中，有六个月环比下跌。销售量萎缩至六年半以来的最低水平。销售萎靡的同时，美国新屋库存高企。截至7月末，有46.4万套新房待售，为2008年以来最多。按照目前的销售速度计算，将需要10.9个月才能清空新房供应，这是自2009年3月以来的最高库销比，几乎是今年年初的两倍。新屋市场虽仅占美国楼市的一成，但新屋销售按照签订购房合同之时的数据计算，与签约完成再纳入统计的成屋销售有所区别，因此被视为美国楼市的领先指标。有市场分析认为，鉴于房屋按揭贷款申请的暴跌，新屋销售未来预计仍将进一步下跌。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934222915,"gmtCreate":1663260376337,"gmtModify":1676537239022,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9934222915","repostId":"2267687636","repostType":4,"isVote":1,"tweetType":1,"viewCount":6622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9051335618,"gmtCreate":1654644895034,"gmtModify":1676535482645,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051335618","repostId":"2241270077","repostType":4,"isVote":1,"tweetType":1,"viewCount":4002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9051335184,"gmtCreate":1654644877348,"gmtModify":1676535482645,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051335184","repostId":"2241907023","repostType":4,"repost":{"id":"2241907023","kind":"news","pubTimestamp":1654643193,"share":"https://ttm.financial/m/news/2241907023?lang=en_US&edition=fundamental","pubTime":"2022-06-08 07:06","market":"hk","language":"zh","title":"Bank of America strategist: Investors do not believe that a US economic recession is imminent","url":"https://stock-news.laohu8.com/highlight/detail?id=2241907023","media":"环球市场播报","summary":"策略师们表示， 美国银行客户并不认为经济衰退即将来临，自2021年7月以来，流入美国周期性股票的资金继续超过流入防御性股票的资金。Jill Carey Hall等策略师在报告中写道，美银客户上周成为美国股票的净买家，散户客户居首。客户买入单一股票，ETF则出现1月以来最大资金流出；中型股被买入，大盘股和小盘股遭抛售。需要注意到的是，随着财报季结束，股票回购速度较前一周有所放缓。策略师表示，标普500指数11个行业板块中8个走高，科技和非必需消费品股领涨。股民福利来了！十大金股送给你，带你掘金“黄金坑”！点击查看>>","content":"<p><html><head></head><body>Strategists said,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Clients do not believe a recession is imminent, and since July 2021, inflows into U.S. cyclical stocks have continued to outpace inflows into defensive stocks.</p><p>Strategists such as Jill Carey Hall wrote in a report that Bank of America clients became net buyers of U.S. stocks last week, with retail clients leading the way.</p><p>The customer buys a single stock.<a href=\"https://laohu8.com/S/PSFF\">Pacer Swan SOS Fund of Funds ETF|ETFs</a>This would result in the largest capital outflow since January; Mid-cap stocks were bought, while large-cap and small-cap stocks were sold off.</p><p>It should be noted that with the end of the earnings season, the pace of stock buybacks has slowed down compared to the previous week.</p><p>Strategists said eight of the 11 industry sectors in the S&P 500 rose, with technology and consumer discretionary stocks leading the gains.</p><p></body></html></p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank of America strategist: Investors do not believe that a US economic recession is imminent</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\">\nBank of America strategist: Investors do not believe that a US economic recession is imminent\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">环球市场播报</strong><span class=\"h-time small\">2022-06-08 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Strategists said,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Clients do not believe a recession is imminent, and since July 2021, inflows into U.S. cyclical stocks have continued to outpace inflows into defensive stocks.</p><p>Strategists such as Jill Carey Hall wrote in a report that Bank of America clients became net buyers of U.S. stocks last week, with retail clients leading the way.</p><p>The customer buys a single stock.<a href=\"https://laohu8.com/S/PSFF\">Pacer Swan SOS Fund of Funds ETF|ETFs</a>This would result in the largest capital outflow since January; Mid-cap stocks were bought, while large-cap and small-cap stocks were sold off.</p><p>It should be noted that with the end of the earnings season, the pace of stock buybacks has slowed down compared to the previous week.</p><p>Strategists said eight of the 11 industry sectors in the S&P 500 rose, with technology and consumer discretionary stocks leading the gains.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-06-07/doc-imizmscu5622440.shtml\">环球市场播报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5e9ba109e7f6844f2904f6647779f151","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPXU":"三倍做空标普500ETF-ProShares","BK4504":"桥水持仓","BK4559":"巴菲特持仓","BK4550":"红杉资本持仓","OEX":"标普100","SPY":"标普500ETF","BK4207":"综合性银行","SDS":"两倍做空标普500 ETF-ProShares","BK4581":"高盛持仓","SSO":"2倍做多标普500ETF-ProShares","BK4553":"喜马拉雅资本持仓","BAC":"美国银行","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","BK4534":"瑞士信贷持仓","UPRO":"三倍做多标普500ETF-ProShares","OEF":"标普100指数ETF-iShares",".SPX":"S&P 500 Index"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-06-07/doc-imizmscu5622440.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2241907023","content_text":"策略师们表示， 美国银行客户并不认为经济衰退即将来临，自2021年7月以来，流入美国周期性股票的资金继续超过流入防御性股票的资金。Jill Carey Hall等策略师在报告中写道，美银客户上周成为美国股票的净买家，散户客户居首。客户买入单一股票，Pacer Swan SOS Fund of Funds ETF|ETF则出现1月以来最大资金流出；中型股被买入，大盘股和小盘股遭抛售。需要注意到的是，随着财报季结束，股票回购速度较前一周有所放缓。策略师表示，标普500指数11个行业板块中8个走高，科技和非必需消费品股领涨。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,"OEX":0.6,"SSO":0.6,"SDS":0.6,".SPX":0.6,"SH":0.6,"IVV":0.6,"UPRO":0.6,"ESmain":0.6,"SPXU":0.6,"OEF":0.6,"BAC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":5001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026712553,"gmtCreate":1653435450372,"gmtModify":1676535280170,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026712553","repostId":"2238304789","repostType":4,"isVote":1,"tweetType":1,"viewCount":6463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026716559,"gmtCreate":1653435408272,"gmtModify":1676535280154,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026716559","repostId":"2238371098","repostType":4,"repost":{"id":"2238371098","kind":"news","pubTimestamp":1653433904,"share":"https://ttm.financial/m/news/2238371098?lang=en_US&edition=fundamental","pubTime":"2022-05-25 07:11","market":"hk","language":"zh","title":"Has US Treasury bonds passed its lowest point? Wall Street veterans decided to take a gamble.","url":"https://stock-news.laohu8.com/highlight/detail?id=2238371098","media":"环球市场播报","summary":"从贝莱德到T． Rowe Price Group Inc．，华尔街一些对判断债市荣枯颇有经验的市场老手看到了预示可重新买入的迹象。　　但没有人急着下市场见底的判断，因为美国通胀率仍处于四十年高点，而且美联储刚开始收紧货币政策。　　但是，今年以来美国国债收益率已经飙升了许多，其中10年期国债收益率上涨近一倍，令人回想起上一次退潮时被证明时机不错的买入窗口。10年期国债收益率周二盘中一度下挫13基点至2.72%，创4月27日以来最低水平。","content":"<p><html><head></head><body>From<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>At T. Rowe Price Group Inc., some Wall Street market veterans experienced in judging the boom and bust of the bond market saw signs that it was time to buy again.</p><p>But no one is in a hurry to judge that the market has bottomed out, because U.S. inflation is still at a forty-year high and the Federal Reserve has just begun to tighten monetary policy.</p><p>However, U.S. Treasury Bond yields have surged significantly this year, with the 10-year Treasury Bond yield nearly doubling, reminiscent of the buying window that proved to be a good time during the last ebb. Most importantly, there are signs that the economy is cooling, with major retailers reporting changes in consumer spending and a decline in home sales. The decline in risky assets such as growth stocks and cryptocurrencies has once again made the US Treasury Bond a safe haven, with investors who bought in earlier this month when yields peaked reaping good returns.</p><p>All of this gives long-term fund managers a reason to cautiously increase their risk exposure, with some prepared to accelerate their buying pace when returns exceed what they consider reasonable.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The global head of interest rates at Asset Management said that the sharpest phase of the decline in U.S. Treasury bonds is over, as the prospect of a Federal Reserve rate hike has been largely priced in by the market.</p><p>David Giroux, head of Investment strategy at T. Rowe Price Investment Management, said, “Much of the negative news has been digested, and the current environment is reminiscent of 2013 and 2018, when the 10-year Treasury Bond yield exceeded 3%. We reduced our cash allocation and have been buying U.S. Treasury Bond.”</p><p>Market sentiment has shifted significantly over the past two weeks, with investors speculating that the Russia-Ukraine conflict and tightening global monetary policy will drag down economic growth. The 10-year Treasury Bond yield fell as much as 13 basis points to 2.72% during trading on Tuesday, its lowest level since April 27.<img src=\"https://static.tigerbbs.com/d0a7c3dc21d9e61d01823242de860909\" tg-width=\"550\" tg-height=\"312\" referrerpolicy=\"no-referrer\"/></p><p>The U.S. Treasury Bond market still faces considerable uncertainty, and yields could surpass their peaks over the past decade if the Federal Reserve finds itself battling persistent inflation. Powell said last week that the Federal Reserve is prepared to adjust its policy rate above the neutral level until there is “clear and convincing” evidence that inflation is declining. In addition, the Federal Reserve will begin shrinking balance sheet in June, which may bring new resistance to the market.</p><p>Goldman Sachs analysts released a rather cautious research report predicting that the yield on the 10-year Treasury Bond will reach around 3.3% by the end of the year.</p><p>“We don’t think we’re at the point where we can give the green light yet,” said RJ Gallo, senior portfolio manager at Federated Investment. \"The economy still has growth momentum, and the inflation rate has not declined rapidly.\"</p><p>However, there are some signs that the Federal Reserve's actions are leading to a tightening of financial conditions. The rise in indicators for measuring corporate credit risk has increased the borrowing costs of heavily indebted companies. Mortgage rates are slowing the housing market, and this year's stock market decline could further erode consumer confidence.</p><p>Yvette Klevan, portfolio manager of the global fixed income team at Lazard Asset Management, said, \"We are not completely out of the inflation woes, so yields may rise slightly.\" However, she added, \"Given that many things have already been digested, the yield on the 10-year U.S. Treasury Bond should be around 3%.\"</p><p>Rick Rieder, chief investment officer of global fixed income at BlackRock, the world's largest asset manager, said, \"Several funds have increased their interest rate exposure in recent weeks, and people are worried that interest rates will be much higher, so we are already betting on the other side.\"</p><p></body></html></p>","source":"sina","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>Has US Treasury bonds passed its lowest point? Wall Street veterans decided to take a gamble.</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\">\nHas US Treasury bonds passed its lowest point? Wall Street veterans decided to take a gamble.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">环球市场播报</strong><span class=\"h-time small\">2022-05-25 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>From<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>At T. Rowe Price Group Inc., some Wall Street market veterans experienced in judging the boom and bust of the bond market saw signs that it was time to buy again.</p><p>But no one is in a hurry to judge that the market has bottomed out, because U.S. inflation is still at a forty-year high and the Federal Reserve has just begun to tighten monetary policy.</p><p>However, U.S. Treasury Bond yields have surged significantly this year, with the 10-year Treasury Bond yield nearly doubling, reminiscent of the buying window that proved to be a good time during the last ebb. Most importantly, there are signs that the economy is cooling, with major retailers reporting changes in consumer spending and a decline in home sales. The decline in risky assets such as growth stocks and cryptocurrencies has once again made the US Treasury Bond a safe haven, with investors who bought in earlier this month when yields peaked reaping good returns.</p><p>All of this gives long-term fund managers a reason to cautiously increase their risk exposure, with some prepared to accelerate their buying pace when returns exceed what they consider reasonable.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The global head of interest rates at Asset Management said that the sharpest phase of the decline in U.S. Treasury bonds is over, as the prospect of a Federal Reserve rate hike has been largely priced in by the market.</p><p>David Giroux, head of Investment strategy at T. Rowe Price Investment Management, said, “Much of the negative news has been digested, and the current environment is reminiscent of 2013 and 2018, when the 10-year Treasury Bond yield exceeded 3%. We reduced our cash allocation and have been buying U.S. Treasury Bond.”</p><p>Market sentiment has shifted significantly over the past two weeks, with investors speculating that the Russia-Ukraine conflict and tightening global monetary policy will drag down economic growth. The 10-year Treasury Bond yield fell as much as 13 basis points to 2.72% during trading on Tuesday, its lowest level since April 27.<img src=\"https://static.tigerbbs.com/d0a7c3dc21d9e61d01823242de860909\" tg-width=\"550\" tg-height=\"312\" referrerpolicy=\"no-referrer\"/></p><p>The U.S. Treasury Bond market still faces considerable uncertainty, and yields could surpass their peaks over the past decade if the Federal Reserve finds itself battling persistent inflation. Powell said last week that the Federal Reserve is prepared to adjust its policy rate above the neutral level until there is “clear and convincing” evidence that inflation is declining. In addition, the Federal Reserve will begin shrinking balance sheet in June, which may bring new resistance to the market.</p><p>Goldman Sachs analysts released a rather cautious research report predicting that the yield on the 10-year Treasury Bond will reach around 3.3% by the end of the year.</p><p>“We don’t think we’re at the point where we can give the green light yet,” said RJ Gallo, senior portfolio manager at Federated Investment. \"The economy still has growth momentum, and the inflation rate has not declined rapidly.\"</p><p>However, there are some signs that the Federal Reserve's actions are leading to a tightening of financial conditions. The rise in indicators for measuring corporate credit risk has increased the borrowing costs of heavily indebted companies. Mortgage rates are slowing the housing market, and this year's stock market decline could further erode consumer confidence.</p><p>Yvette Klevan, portfolio manager of the global fixed income team at Lazard Asset Management, said, \"We are not completely out of the inflation woes, so yields may rise slightly.\" However, she added, \"Given that many things have already been digested, the yield on the 10-year U.S. Treasury Bond should be around 3%.\"</p><p>Rick Rieder, chief investment officer of global fixed income at BlackRock, the world's largest asset manager, said, \"Several funds have increased their interest rate exposure in recent weeks, and people are worried that interest rates will be much higher, so we are already betting on the other side.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2022-05-25/doc-imizirau4597088.shtml?finpagefr=p_115\">环球市场播报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d0a7c3dc21d9e61d01823242de860909","relate_stocks":{"SHY":"债券指数ETF-iShares Barclays 1-3年国债","TLT":"20+年以上美国国债ETF-iShares","GOVT":"iShares安硕核心美国国债ETF","BND":"债券指数ETF-Vanguard美国","IEF":"债券指数ETF-iShares Barclays 7-10年","IEI":"iShares Barclays 3-7 Year Trea"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2022-05-25/doc-imizirau4597088.shtml?finpagefr=p_115","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2238371098","content_text":"从贝莱德到T． Rowe Price Group Inc．，华尔街一些对判断债市荣枯颇有经验的市场老手看到了预示可重新买入的迹象。但没有人急着下市场见底的判断，因为美国通胀率仍处于四十年高点，而且美联储刚开始收紧货币政策。但是，今年以来美国国债收益率已经飙升了许多，其中10年期国债收益率上涨近一倍，令人回想起上一次退潮时被证明时机不错的买入窗口。最重要的是，迹象表明经济正在降温， 大型零售商报告消费者支出发生变化，住宅销售下降。成长股、加密货币等风险资产下挫令美国国债再次成为避险天堂，本月早些时候在收益率见顶时入市买入的投资者获得了不错回报。所有这些都让长线基金经理看到了谨慎增加风险敞口的理由，一些人准备在收益率超过他们认为合理的水平时加快买入步伐。摩根大通资产管理的全球利率主管说，美债下跌最猛烈的阶段已经过去，因为美联储的升息前景基本被市场所消化。T． Rowe Price Investment Management投资策略主管David Giroux表示，“很多利空消息已经被消化，现在的环境让人联想到2013年和2018年，当时10年期国债收益率超过3%。 我们削减了现金配置，一直在购买美国国债。”过去两周市场情绪发生了明显转变，投资者猜测俄乌冲突和全球货币政策收紧将拖累经济增长。10年期国债收益率周二盘中一度下挫13基点至2.72%，创4月27日以来最低水平。美国国债市场仍然面临相当大的不确定性，如果美联储发现自己在对抗持续的通胀，那么收益率可能会超过过去十年的峰值。 鲍威尔上周表示，美联储准备将政策利率调整至中性水平以上，直到有“明确且令人信服”的证据表明通胀正在下降。此外，美联储还将从6月开始缩表，这可能给市场带来新的阻力。高盛集团分析师发布了一份颇为谨慎的研报，预测10年期国债收益率将在年末时达到3.3%左右。“我们认为现在还没有达到我们可以绿灯通行的地步，”Federated Investment的高级投资组合经理RJ Gallo表示。“经济仍然有增长动能，通胀率没有迅速下降。”然而，有一些信号显示美联储的举措正在导致金融环境收紧。衡量企业信用风险的指标上升，使得负债累累的公司举债成本上升。抵押贷款利率正在令房地产市场放缓，今年的股市下跌有可能进一步侵蚀消费者信心。Lazard Asset Management全球固定收益团队投资组合经理Yvette Klevan表示，“我们并没有完全摆脱通胀困境，因此收益率还可能略有上升”。但她补充称， “鉴于很多事情已经被消化，10年期美国国债的收益率应该在3%左右”。全球最大资产管理公司贝莱德的全球固定收益业务首席投资官Rick Rieder表示，“几只基金最近几周增加了更多的利率敞口，人们担心利率会高得多，我们已经在另一侧下注”。","news_type":1,"symbols_score_info":{"IEI":0.6,"GOVT":0.6,"BND":1,"TLT":0.6,"TNmain":0.6,"UBmain":0.6,"ZFmain":0.6,"IEF":0.6,"SHY":0.6,"ZTmain":0.6,"ZBmain":0.6}},"isVote":1,"tweetType":1,"viewCount":4463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026716183,"gmtCreate":1653435386942,"gmtModify":1676535280138,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026716183","repostId":"2238130573","repostType":4,"repost":{"id":"2238130573","kind":"highlight","pubTimestamp":1653434786,"share":"https://ttm.financial/m/news/2238130573?lang=en_US&edition=fundamental","pubTime":"2022-05-25 07:26","market":"us","language":"zh","title":"How long will US stocks fall? When the Federal Reserve panics, the market won't panic.","url":"https://stock-news.laohu8.com/highlight/detail?id=2238130573","media":"华尔街见闻","summary":"美银发布报告前一天，高盛周一报告称，和2018年类似，一个潜在的衰退风险信号就足以让美联储放弃持续紧缩。","content":"<p><html><head></head><body>On Monday, the three major U.S. stock indexes achieved their first collective gain in four trading days, before falling across the board on Tuesday. The S&P 500 fell more than 2% during the session, entering bear territory again after last Friday, and fell more than 20% from its record high in January.</p><p>When will US stocks bottom out? Regarding this issue, the two major Wall Street institutions<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Sharing the same view, everyone believes that US stocks may have to fall further until the Federal Reserve hints at ending monetary tightening.</p><p>On Tuesday, the 24th, Eastern Time, strategists at Bank of America, including Benjamin Bowler, released a report stating that the Federal Reserve has not provided any assistance to risky assets and appears to be far from beginning to lend a helping hand. It points out that, based on past Federal Reserve interventions, market pressure indicators such as liquidity and credit spreads in S&P 500 futures are currently at pre-Fed intervention levels.</p><p>In their report, the aforementioned Bank of America strategist stated, \"We believe the market will continue to test the 'Fed put option'—the market view that the Fed will intervene to curb the decline if the stock market falls.\" But these strategists point out that,</p><p>\"There needs to be more market panic before the Fed starts panicking.\" The Bank of America report came a day after Goldman Sachs strategist Vickie Chang released a report on Monday stating that the Fed is unlikely to shift to an easing policy without the U.S. economy clearly entering a recession. But similar to 2018, a potential recession risk signal is enough to make the Federal Reserve abandon continued tightening.</p><p>Chang points out that historically, the Federal Reserve's monetary tightening usually ends three months before the stock market actually bottoms out, and then turns to easing two months after the stock market bottoms out. Stock market corrections triggered by monetary tightening often bottom out when the Federal Reserve turns to easing, regardless of whether actual economic activity has bottomed out.</p><p>Chang believes that investors are unlikely to receive a clear signal of a policy shift from the Federal Reserve at this time unless there is conclusive evidence of slowing economic growth and cooling prices. The market needs to see signs of slowing inflation before it can see a shift in monetary policy. Goldman Sachs currently expects U.S. inflation to slow significantly in the second half of the year.</p><p>Earlier this month, the Federal Reserve decided to rate hike by 50 basis points for the first time in 22 years. At the post-meeting press conference, Fed Chairman Jerome Powell said that the next two meetings in June and July may be suitable for rate hike within this range. Last Tuesday, Powell reiterated that it might be appropriate to continue rate hike’s 50 basis point pace at the two meetings in June and July.</p><p>On Monday, Atlanta Fed President Bostic said the Fed might raise rate hike by 50 basis points at each of its next two meetings, adding that he believes it is reasonable to stop rate hike in September. However, this senior Federal Reserve official who made dovish remarks did not have the right to vote at the Federal Reserve Monetary Committee (FOMC) meeting this year and will not have the right to vote until 2024.</p><p>St. Louis Fed President Bullard, a voting member with FOMC voting rights this year, also said last Friday: \"We should try to get Federal Funds rate to 3.50% by the end of 2022.\" This means that the Federal Reserve will rate hike by 50 basis points at each meeting for the rest of the year.</p><p></body></html></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>How long will US stocks fall? When the Federal Reserve panics, the market won't panic.</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\">\nHow long will US stocks fall? When the Federal Reserve panics, the market won't panic.\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\">2022-05-25 07:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Monday, the three major U.S. stock indexes achieved their first collective gain in four trading days, before falling across the board on Tuesday. The S&P 500 fell more than 2% during the session, entering bear territory again after last Friday, and fell more than 20% from its record high in January.</p><p>When will US stocks bottom out? Regarding this issue, the two major Wall Street institutions<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Sharing the same view, everyone believes that US stocks may have to fall further until the Federal Reserve hints at ending monetary tightening.</p><p>On Tuesday, the 24th, Eastern Time, strategists at Bank of America, including Benjamin Bowler, released a report stating that the Federal Reserve has not provided any assistance to risky assets and appears to be far from beginning to lend a helping hand. It points out that, based on past Federal Reserve interventions, market pressure indicators such as liquidity and credit spreads in S&P 500 futures are currently at pre-Fed intervention levels.</p><p>In their report, the aforementioned Bank of America strategist stated, \"We believe the market will continue to test the 'Fed put option'—the market view that the Fed will intervene to curb the decline if the stock market falls.\" But these strategists point out that,</p><p>\"There needs to be more market panic before the Fed starts panicking.\" The Bank of America report came a day after Goldman Sachs strategist Vickie Chang released a report on Monday stating that the Fed is unlikely to shift to an easing policy without the U.S. economy clearly entering a recession. But similar to 2018, a potential recession risk signal is enough to make the Federal Reserve abandon continued tightening.</p><p>Chang points out that historically, the Federal Reserve's monetary tightening usually ends three months before the stock market actually bottoms out, and then turns to easing two months after the stock market bottoms out. Stock market corrections triggered by monetary tightening often bottom out when the Federal Reserve turns to easing, regardless of whether actual economic activity has bottomed out.</p><p>Chang believes that investors are unlikely to receive a clear signal of a policy shift from the Federal Reserve at this time unless there is conclusive evidence of slowing economic growth and cooling prices. The market needs to see signs of slowing inflation before it can see a shift in monetary policy. Goldman Sachs currently expects U.S. inflation to slow significantly in the second half of the year.</p><p>Earlier this month, the Federal Reserve decided to rate hike by 50 basis points for the first time in 22 years. At the post-meeting press conference, Fed Chairman Jerome Powell said that the next two meetings in June and July may be suitable for rate hike within this range. Last Tuesday, Powell reiterated that it might be appropriate to continue rate hike’s 50 basis point pace at the two meetings in June and July.</p><p>On Monday, Atlanta Fed President Bostic said the Fed might raise rate hike by 50 basis points at each of its next two meetings, adding that he believes it is reasonable to stop rate hike in September. However, this senior Federal Reserve official who made dovish remarks did not have the right to vote at the Federal Reserve Monetary Committee (FOMC) meeting this year and will not have the right to vote until 2024.</p><p>St. Louis Fed President Bullard, a voting member with FOMC voting rights this year, also said last Friday: \"We should try to get Federal Funds rate to 3.50% by the end of 2022.\" This means that the Federal Reserve will rate hike by 50 basis points at each meeting for the rest of the year.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3660233\">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/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares",".IXIC":"NASDAQ Composite","BK4534":"瑞士信贷持仓","BK4127":"投资银行业与经纪业",".SPX":"S&P 500 Index","BK4533":"AQR资本管理(全球第二大对冲基金)","SDOW":"三倍做空道指30ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","BK4504":"桥水持仓","BK4559":"巴菲特持仓","BK4550":"红杉资本持仓","SSO":"2倍做多标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","BK4552":"Archegos爆仓风波概念","SH":"做空标普500-Proshares","GS":"高盛","OEX":"标普100","DJX":"1/100道琼斯","DDM":"2倍做多道指ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","IVV":"标普500ETF-iShares","QQQ":"纳指100ETF","BK4581":"高盛持仓","OEF":"标普100指数ETF-iShares","DXD":"两倍做空道琼30指数ETF-ProShares","DOG":"道指ETF-ProShares做空",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3660233","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2238130573","content_text":"周一美股三大指数才实现最近四个交易日首次集体收涨，周二就全线下跌，标普500盘中跌超2%、继上周五之后再度跌入熊市区间，较今年1月的纪录高位跌超20%。美股何时能见底？对这个问题，两大华尔街机构高盛和美国银行持同样的观点，都认为，美股可能还得下跌，直到美联储暗示结束收紧货币为止。美东时间24日周二，Benjamin Bowler等美国银行的策略师发布报告称，美联储没有给风险资产提供任何帮助，看来远未开始伸出援手。其指出，从过往美联储干预的情况看，标普500期货的流动性和信用利差这类市场压力的指标目前处于美联储干预前的水平。上述美银策略师在报告中称，我们相信，市场将继续测试“美联储看跌期权”——即如果股市下跌美联储就会出手干预遏制跌势的市场观点。但这些策略师指出，“在美联储开始恐慌前，还要有更多的市场恐慌。”美银发布上述报告前一天，高盛策略师Vickie Chang本周一发布报告称，在美国经济目前没有明显步入衰退的情况下，美联储不太可能转向宽松政策。但与2018年类似，一个潜在的衰退风险信号就足以让美联储放弃持续紧缩。Chang指出，历史上美联储的货币紧缩通常在股市真正触底三个月前就结束，在股市触底两个月后转向宽松。由货币紧缩引发的股市调整往往会在美联储转向宽松时触底，而不管实际经济活动是否触底。Chang认为，投资者目前不太可能从美联储获得政策转变的明确信号，除非有确凿证据显示经济增长放缓，物价降温。市场需要看到通胀减速的迹象，才能看到货币政策的转向。目前高盛预计，美国通胀将在下半年显著放缓。美联储本月初刚刚决定二十二年来首度一次加息50个基点，联储主席鲍威尔就在会后的新闻发布会上说，6月和7月的未来两次会议可能都适合这个幅度加息。上周二鲍威尔重申，6月和7月的两次会议上可能适合延续加息50个基点的步调。本周一，亚特兰大联储主席博斯蒂克表示，美联储可能会接下来的两次会议中分别加息50个基点，还说，他认为9月停止加息是合理的。不过，这位放出鸽派言论的美联储高官今年并没有联储货币委员会FOMC会议的投票权，2024年才轮到他享有投票权力。今年拥有FOMC投票权的票委、圣路易斯联储主席布拉德上周五还表示：“应当设法让联邦基金利率到2022年年末达到3.50%。” 这意味着在美联储将在今年余下的所有会议上每次加息50个基点。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,".IXIC":1,"DXD":0.6,"SSO":0.6,"PSQ":0.6,".SPX":0.6,"SH":0.6,"UPRO":0.6,"ESmain":0.6,"QQQ":0.6,"QLD":0.6,"DOG":0.6,"OEF":0.6,".DJI":1,"DJX":0.6,"DDM":0.6,"SDS":0.6,"SPXU":0.6,"NQmain":0.6,"QID":0.6,"TQQQ":0.6,"IVV":0.6,"SPY":1,"MNQmain":0.6,"SDOW":0.6,"GS":1,"UDOW":0.6,"SQQQ":0.6,"OEX":0.6}},"isVote":1,"tweetType":1,"viewCount":5297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062783674,"gmtCreate":1652107518198,"gmtModify":1676535030938,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062783674","repostId":"2234890520","repostType":4,"isVote":1,"tweetType":1,"viewCount":2043,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9088349179,"gmtCreate":1650322831491,"gmtModify":1676534693717,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9088349179","repostId":"613872623","repostType":1,"repost":{"id":613872623,"gmtCreate":1649832120000,"gmtModify":1676532974118,"author":{"id":"3579560926082632","authorId":"3579560926082632","name":"投资界","avatar":"https://static.tigerbbs.com/6a09632062f91283b4308e641ec08979","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579560926082632","authorIdStr":"3579560926082632"},"themes":[],"title":"精“材”路演上線！「創投W+」新材料專場路演順利舉行","htmlText":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","listText":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","text":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/613872623","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2254,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"content":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone","text":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone","html":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014423797,"gmtCreate":1649712832480,"gmtModify":1676534553309,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014423797","repostId":"2226688741","repostType":4,"repost":{"id":"2226688741","kind":"highlight","pubTimestamp":1649691182,"share":"https://ttm.financial/m/news/2226688741?lang=en_US&edition=fundamental","pubTime":"2022-04-11 23:33","market":"us","language":"zh","title":"Four Differences in High Inflation Engines in Europe and America","url":"https://stock-news.laohu8.com/highlight/detail?id=2226688741","media":"格隆汇","summary":"主要观点自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，持续高通胀压力下，欧美央行均转鹰。但欧美通胀压力来源具有明显差异，美国","content":"<p><html><head></head><body><b>Main points</b></p><p><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and the CPI has risen rapidly year-on-year. In February of this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States hit a new historical high year-on-year. Under the continued high inflationary pressure, both European and American central banks have turned hawkish. However, the sources of inflationary pressures in Europe and the United States are significantly different. In the United States, inflation is \"blooming in multiple places,\" while in the Eurozone, it is \"energy inflation,\" meaning that the pressure on US inflation is a general increase in the prices of various goods and services. The vast majority of inflation in the Eurozone comes from energy. Given that energy price increases are mainly influenced by supply factors, it suggests that inflationary pressures in the Eurozone come more from external supply-side shocks than from strong demand caused by a rapid economic recovery. The widespread price increases in the United States indicate that its inflationary pressures are both limited by supply-side bottlenecks (such as rising energy prices) and driven by strong domestic demand for durable goods and services. Therefore, in comparison, domestic demand in the United States is more \"resistant\" to rate hike than in the Eurozone, which may face greater risks of economic recession.</b></p><p><b>1. What are the similarities and differences between HICP and CPI?</b></p><p><b>In terms of compilation methods,</b>The US CPI only considers urban consumers; Secondly, regarding weighting adjustments, the weighting of the Eurozone HICP basket of goods and services is adjusted annually, while the weighting of each good and service in the US CPI basket is adjusted every two years.</p><p><b>Regarding the weighting of the consumer basket,</b>In inflation indicators in Europe and the United States, the weight of services is higher than that of goods, indicating that the economic characteristics of Europe and the United States are dominated by service consumption. Moreover, the weight of services in the United States is significantly higher than that in the Eurozone, by about 18.3 percentage points. In terms of commodity weights, the difference in food weights between Europe and the United States is the largest. The Eurozone's HICP food weight is 8.8 percentage points higher than that of the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that of the United States, while Europe's energy weight is 3.9 percentage points higher than that of the United States.</p><p><b>2. How do we compare the sources of inflation in Europe and the United States?</b></p><p><b>Due to differences in the classification of inflation indicators in Europe and the United States, we have broken them down according to the approach of core and non-core inflation for ease of comparison.</b>Eurostat breaks down the Eurozone HICP into four major categories: \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\" These categories can be matched with the US CPI classification of \"food,\" \"energy,\" \"goods (excluding food and energy),\" and \"services (excluding energy).\" Therefore, we first conduct a preliminary comparison of the inflation structure in the US and Europe based on the four categories of \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\"</p><p><b>3. Four major differences in the \"engines\" of inflation in Europe and the United States</b></p><p><b>One difference: rising energy prices play an almost decisive role in high inflation in Europe, while the United States is experiencing \"multi-pronged growth\".</b>For the Eurozone, energy consumption rose 3.2% year-on-year in February, accounting for 53.5% of the HICP year-on-year. In the United States, in addition to energy, food, non-energy industrial products, and services \"worked together,\" contributing 14.1%, 31.5%, and 33% year-on-year respectively in February, totaling 78.6%.</p><p><b>The second difference: food prices are rising faster in the Eurozone.</b>Food prices in the Eurozone have risen faster since the end of 2021 because food accounts for a higher proportion of the inflation structure in the Eurozone.</p><p><b>The third difference: Durable goods prices rose across the board in the United States, while in the Eurozone, apart from car prices, price increases for other durable goods were not significant.</b></p><p><b>The fourth difference: services were the biggest driver of the US CPI year-on-year, with rent contributing the most, while services in the Eurozone saw a smaller increase.</b></p><p><b>In summary, the biggest difference in the sources of inflationary pressures in Europe and the United States lies in the fact that the Eurozone mainly experiences inflation driven by commodity price increases, while the United States experiences widespread price increases: ① This can be seen from differences one and two.</b>Eurozone inflation is more pronounced to be dominated by external supply shocks, with the upward pressure on energy and food prices mainly coming from the external supply side. Energy contributes more than 50% to the high inflation in the Eurozone, and food prices have also recently shown a higher rate of increase than in the United States.<b>②Differences three and four may indicate that,</b>Inflationary pressures in the Eurozone are not significant due to strong domestic demand. In the durable goods sector, US durable goods are experiencing widespread upward pressure, while the Eurozone is only driven by automobiles. In terms of services, service inflation in the United States is the strongest driver of overall inflation, while the Eurozone faces greater pressure to increase transportation service prices, which are also related to rising energy prices. This difference may indicate that compared to the United States, domestic demand in the Eurozone is weaker, and inflationary pressures driven by demand are not significant.</p><p><b>Risk warning: US inflation rises more than expected.</b></p><p><b>text</b></p><p><h3>one</h3><h3>Europe and America: Same high inflationary pressures, different sources of pressure</h3><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and the CPI has risen rapidly year-on-year.</b>In February of this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States hit a new historical high year-on-year, reaching high levels of 5.9% and 7.9% respectively; Both increased by 0.9% month-on-month, especially in the Eurozone, which was greatly affected by the Russia-Ukraine conflict, with February increasing by 0.5 percentage points month-on-month compared to January.</p><p><img src=\"https://static.tigerbbs.com/344210b70f6a8e7f8063ad61f98c749f\" tg-width=\"1077\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Faced with persistently high inflationary pressures, both European and American central banks have turned hawkish.</b>In the Eurozone, the ECB raised its inflation forecast across the board at its March policy meeting and announced that it would end its bond-buying program (APP) at a faster pace, turning hawkish again compared to its February meeting. On March 17, President Christine Lagarde also stated in her speech that \"Eurozone inflation is unlikely to return to pre-pandemic levels, and the ECB has begun to adjust its policy in order to further promote policy normalization when the necessary conditions are met,\" indicating that the ECB is being \"forced\" to change its attitude under high inflationary pressures. In the United States, the minutes of the Federal Reserve's March interest rate meeting also clearly indicated that one or more future interest rate meetings may have a rate hike of 50 basis points, and a shrinking balance sheet may be initiated as early as May.</p><p><b>However, the sources of inflationary pressures in Europe and the United States differ significantly. In the United States, inflation is \"multi-pronged,\" while in the Eurozone, it is \"energy inflation.\"</b>In other words, the inflationary pressure facing the United States is a general increase in the prices of various goods and services; The vast majority of inflation in the Eurozone comes from energy. Given that energy price increases are mainly influenced by supply factors, it suggests that inflationary pressures in the Eurozone come more from external supply-side shocks than from strong demand caused by a rapid economic recovery. The widespread price increases in the United States indicate that its inflationary pressures are both limited by supply-side bottlenecks (such as rising energy prices) and driven by strong domestic demand for durable goods and services. Therefore, in comparison,<b>Domestic demand in the United States is more resilient to rate hike than in the Eurozone, which may face a greater risk of economic recession.</b></p><p><img src=\"https://static.tigerbbs.com/56c39847928266470c03e9819fe7d45d\" tg-width=\"1062\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/b767cc36d9c22ec7a31d451cb1b6220b\" tg-width=\"1061\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(a) What are the similarities and differences between HICP and CPI?</b></p><p><b>Before comparing the sources of inflation in Europe and the United States, let's first compare the similarities and differences between inflation indicators in Europe and the United States.</b>This report selects the US CPI and the Eurozone HICP indicators to represent their respective inflation levels. For details on the basic information about the US CPI indicator, please refer to the report \"Deflation or Inflation: The Search and Outlook for a Long-Term and Short-Term Dual Framework for US Inflation & Number Theory Economics Series XI\". This report mainly introduces the Eurozone inflation indicator HICP.</p><p>HICP stands for The Harmonised Index of Consumer Prices. It is a Consumer price Index compiled by EU member states according to unified standards. Its purpose is to make the price indices of member states comparable and to be summed up to obtain the Consumer price Index of the Eurozone.</p><p>The comparison reveals the following main differences between the Eurozone HICP and the US CPI:</p><p><b>1. Regarding the compilation method,</b>First, in terms of sample selection, the Eurozone HICP attempts to include rural consumers in the sample, while the US CPI only considers urban consumers; Secondly, regarding weighting adjustments, the weighting of the Eurozone HICP basket of goods and services is adjusted annually, while the weighting of each good and service in the US CPI basket is adjusted every two years.</p><p><b>2. Regarding the weighting of the consumer basket</b>Based on the caliber of core and non-core inflation, the service weight in inflation indicators in Europe and the United States is higher than the goods weight, indicating that the economic characteristics of Europe and the United States are dominated by service consumption. Moreover, the service weight in the United States is significantly higher than that in the Eurozone, by about 18.3 percentage points. In terms of commodity weights, the difference in food weights between Europe and the United States is the largest. The Eurozone's HICP food weight is 8.8 percentage points higher than that of the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that of the United States, while Europe's energy weight is 3.9 percentage points higher than that of the United States.<b>Given the recent sharp rise in prices of commodities such as energy and food due to the Russia-Ukraine conflict, the relatively higher weighting of food and energy in the European HICP consumer basket means that the Eurozone will face higher inflationary pressures on food and energy.</b></p><p>Based on the categories of consumer baskets, the Eurozone HICP is divided into 12 major categories according to the types of goods and services consumed, while the US CPI encompasses 8 major categories (see Chart 6 for details). Among them, the weight of residential properties in the US CPI is significantly higher than that in the European HICP, by about 19.7 percentage points. This is also the main source of the huge gap in service weights between Europe and the US. The main reason may be that the Eurozone HICP does not include the estimated rent of Owner-occupied Housing, while the US CPI includes the Owner-occupied Housing component, which is recorded as \"Owners' equivalent rent of Residences\".<b>However, food and beverages in the European HICP are much higher than the US CPI.</b>This is approximately 11.3 percentage points higher, corresponding to a significantly higher weighting of the food category in the European HICP than in the US CPI.</p><p><img src=\"https://static.tigerbbs.com/10abae6b02802e2a49078b647aa7933c\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e1abf1b276517940750f8668383b952c\" tg-width=\"823\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(ii) How to compare the sources of inflation in Europe and the United States?</b></p><p><b>Due to differences in the classification of inflation indicators in Europe and the United States, we have broken them down according to the approach of core and non-core inflation for ease of comparison.</b>Eurostat breaks down the Eurozone HICP into four major categories: \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\" These categories can be matched with the US CPI classification of \"food,\" \"energy,\" \"goods (excluding food and energy),\" and \"services (excluding energy).\" Therefore, we first conduct a preliminary comparison of the inflation structure in the US and Europe based on the four categories of \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\"</p><p>To further refine the differences in the inflation structure between the US and Europe,<b>We further split non-energy industrial products into durable goods and non-durable goods.</b>The U.S. Bureau of Labor Statistics classification includes these two subcategories, so no adjustments are necessary; For the Eurozone, durable and semi-durable goods in the official classification are combined as \"durable goods\", and \"non-durable goods\" are not adjusted.<b>For durable goods, it is further broken down into automobiles and other durable goods.</b>The U.S. Bureau of Labor Statistics classification includes the automobile subcategory, so no adjustment is required; For the Eurozone, motor vehicles and motor vehicle parts in the official classification are aggregated as cars.</p><p><b>The services were further broken down into four categories: transportation services, leisure and entertainment services, rent, and others.</b>For the Eurozone, the first two items are in the official classification of Eurostat and do not need to be adjusted; The rent is equal to the actual rent + the catering and hotel accommodation services sub-items; The others are the top three service items, which include telecommunications services. In the United States, transportation services, leisure and entertainment services, and rent are all included in the official classification of the Bureau of Labor Statistics and do not need to be adjusted. Others can also be squeezed out. See the table below for specific classification details. After unifying the inflation standards in the US and Europe, we can compare the inflation structures in the US and Europe.</p><p><img src=\"https://static.tigerbbs.com/8cc47ade54035315be60678571cf2b38\" tg-width=\"834\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(III) Four Major Differences in the \"Engines\" of Inflation in Europe and the United</b></p><p><b>One difference: rising energy prices have played an almost decisive role in high inflation in Europe, while the United States has seen a \"multi-pronged approach\".</b>For the Eurozone, energy contributed 3.2% to the year-on-year growth rate of HICP in February, reaching 53.5%. For the United States, energy contributed 1.7% to the year-on-year CPI growth rate in February, with a contribution rate of 21.3%. Besides energy, food, non-energy industrial products, and services all worked together, contributing 14.1%, 31.5%, and 33% to the year-on-year CPI growth rate in February, respectively, totaling 78.6%, indicating that high inflation in the United States is \"blossoming from multiple points\".</p><p><img src=\"https://static.tigerbbs.com/2cdc2cbdff201692fddf827873b203c5\" tg-width=\"838\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The second difference: food prices are rising faster in the Eurozone.</b>Since the end of 2021, food prices in the Eurozone have risen faster. As of February this year, the year-on-year contribution of rising food prices to inflation in Europe and the United States was 1% and 1.1%, respectively. The difference in the year-on-year contribution of rising food prices to inflation in Europe and the United States is not significant. However, judging from the changing trend, due to the higher proportion of goods in inflation in the Eurozone, food prices have brought greater upward pressure on inflation in the Eurozone.</p><p><b>The third difference: Durable goods prices in the United States have generally increased, while in the Eurozone, apart from car price increases, price increases for other durable goods have not been significant.</b>In terms of absolute contribution rate, the increase in durable goods prices in the United States in February contributed 2.1% to the year-on-year increase in CPI, while the increase in the Eurozone was only 0.4%. Since the outbreak of the pandemic, the increase in durable goods prices in the Eurozone has been consistently much smaller than that in the United States. Structurally, automobiles are the main driver of durable goods price increases in Europe and the United States. In February, the year-on-year increases in automobiles in Europe and the United States were 1.7% and 0.42% respectively, contributing 80% and 103% to the price increases of durable goods in Europe and the United States. In addition to rising automobile prices, other durable goods in the United States are also facing upward pressure, which may indicate strong domestic demand in the United States, leading to general upward pressure on durable goods prices. In the Eurozone, apart from rising car prices due to supply-side constraints such as chip shortages, prices of other durable goods are actually declining, which may indicate weak demand within the Eurozone.</p><p><img src=\"https://static.tigerbbs.com/583f5b9b134cdafe34123c218690e477\" tg-width=\"1074\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/077db96d692e97d750ebdb8e494c25c5\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The fourth difference: services were the biggest driver of the US CPI year-on-year, with rent contributing the most, while services in the Eurozone saw a smaller increase, with leisure and entertainment services contributing the most.</b>In February, the services sub-category of the US CPI contributed 2.6% year-on-year to overall inflation and 33% year-on-year to the CPI, the highest among the four major sub-categories (food, energy, non-energy industrial products, and services), while the Eurozone contributed only 17% to service price increases. Structurally, in the United States, the increase in service prices is mainly due to rising rents. In addition, the increase in transportation service prices has also contributed to some extent. In February, rents and transportation services contributed 1.6% and 0.3% to overall inflation year-on-year, respectively, and contributed 60% and 13% to service price increases, respectively. In the Eurozone, leisure and entertainment services were the main driver of service price increases. In February, they contributed 0.4% to the CPI year-on-year and 42% to service price increases. Rents remained almost unchanged, and transportation services also made a certain contribution. In February, they contributed 19% to service price increases, which is larger than in the United States. The increase in transportation service prices is mainly limited by supply-side factors. On the one hand, rising energy prices are pushing up costs, and on the other hand, the pandemic has led to a shortage of transportation workers, which is pushing up wage costs.</p><p><img src=\"https://static.tigerbbs.com/b3f0d6068eff414c3598852b9b181e09\" tg-width=\"1069\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7479eede35f1ec5b02a41335d9ce8753\" tg-width=\"838\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>In summary, a comparison reveals that the biggest difference in the sources of inflationary pressures in Europe and the United States lies in the fact that the Eurozone primarily experiences inflation driven by commodity price increases, while the United States experiences widespread price increases. More specifically:</b></p><p><b>Firstly, differences one and two show that Eurozone inflation is more pronounced to be dominated by external supply shocks.</b>The upward pressure on energy and food prices mainly comes from the external supply side, while energy contributes more than 50% to the high inflation in the Eurozone, and food prices have recently shown a higher rate of increase than in the United States.</p><p><b>Secondly, differences three and four may indicate that inflationary pressures in the Eurozone due to stronger domestic demand are not significant.</b>In the durable goods sector, durable goods in the United States are experiencing general upward pressure, while the Eurozone is only driven by automobiles. In terms of services, service inflation in the United States is the strongest driver of overall inflation, while the Eurozone faces greater pressure to increase transportation service prices, which are also related to rising energy prices. This difference may indicate that compared to the United States, domestic demand in the Eurozone is weaker, and inflationary pressures driven by demand are not significant.</p><p><b>Considering that the accelerated tightening by the US and European central banks is both affected by inflation, but compared to the US, inflation in the Eurozone mainly comes from external supply shocks, and domestic demand is not overheated. Therefore, after monetary policy tightening, domestic demand in the US may still be able to withstand it for some time, while domestic demand in the Eurozone may be more affected by monetary tightening and more vulnerable to the risk of economic slowdown.</b></p><p></body></html></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>Four Differences in High Inflation Engines in Europe and America</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\">\nFour Differences in High Inflation Engines in Europe and America\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\">2022-04-11 23:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Main points</b></p><p><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and the CPI has risen rapidly year-on-year. In February of this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States hit a new historical high year-on-year. Under the continued high inflationary pressure, both European and American central banks have turned hawkish. However, the sources of inflationary pressures in Europe and the United States are significantly different. In the United States, inflation is \"blooming in multiple places,\" while in the Eurozone, it is \"energy inflation,\" meaning that the pressure on US inflation is a general increase in the prices of various goods and services. The vast majority of inflation in the Eurozone comes from energy. Given that energy price increases are mainly influenced by supply factors, it suggests that inflationary pressures in the Eurozone come more from external supply-side shocks than from strong demand caused by a rapid economic recovery. The widespread price increases in the United States indicate that its inflationary pressures are both limited by supply-side bottlenecks (such as rising energy prices) and driven by strong domestic demand for durable goods and services. Therefore, in comparison, domestic demand in the United States is more \"resistant\" to rate hike than in the Eurozone, which may face greater risks of economic recession.</b></p><p><b>1. What are the similarities and differences between HICP and CPI?</b></p><p><b>In terms of compilation methods,</b>The US CPI only considers urban consumers; Secondly, regarding weighting adjustments, the weighting of the Eurozone HICP basket of goods and services is adjusted annually, while the weighting of each good and service in the US CPI basket is adjusted every two years.</p><p><b>Regarding the weighting of the consumer basket,</b>In inflation indicators in Europe and the United States, the weight of services is higher than that of goods, indicating that the economic characteristics of Europe and the United States are dominated by service consumption. Moreover, the weight of services in the United States is significantly higher than that in the Eurozone, by about 18.3 percentage points. In terms of commodity weights, the difference in food weights between Europe and the United States is the largest. The Eurozone's HICP food weight is 8.8 percentage points higher than that of the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that of the United States, while Europe's energy weight is 3.9 percentage points higher than that of the United States.</p><p><b>2. How do we compare the sources of inflation in Europe and the United States?</b></p><p><b>Due to differences in the classification of inflation indicators in Europe and the United States, we have broken them down according to the approach of core and non-core inflation for ease of comparison.</b>Eurostat breaks down the Eurozone HICP into four major categories: \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\" These categories can be matched with the US CPI classification of \"food,\" \"energy,\" \"goods (excluding food and energy),\" and \"services (excluding energy).\" Therefore, we first conduct a preliminary comparison of the inflation structure in the US and Europe based on the four categories of \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\"</p><p><b>3. Four major differences in the \"engines\" of inflation in Europe and the United States</b></p><p><b>One difference: rising energy prices play an almost decisive role in high inflation in Europe, while the United States is experiencing \"multi-pronged growth\".</b>For the Eurozone, energy consumption rose 3.2% year-on-year in February, accounting for 53.5% of the HICP year-on-year. In the United States, in addition to energy, food, non-energy industrial products, and services \"worked together,\" contributing 14.1%, 31.5%, and 33% year-on-year respectively in February, totaling 78.6%.</p><p><b>The second difference: food prices are rising faster in the Eurozone.</b>Food prices in the Eurozone have risen faster since the end of 2021 because food accounts for a higher proportion of the inflation structure in the Eurozone.</p><p><b>The third difference: Durable goods prices rose across the board in the United States, while in the Eurozone, apart from car prices, price increases for other durable goods were not significant.</b></p><p><b>The fourth difference: services were the biggest driver of the US CPI year-on-year, with rent contributing the most, while services in the Eurozone saw a smaller increase.</b></p><p><b>In summary, the biggest difference in the sources of inflationary pressures in Europe and the United States lies in the fact that the Eurozone mainly experiences inflation driven by commodity price increases, while the United States experiences widespread price increases: ① This can be seen from differences one and two.</b>Eurozone inflation is more pronounced to be dominated by external supply shocks, with the upward pressure on energy and food prices mainly coming from the external supply side. Energy contributes more than 50% to the high inflation in the Eurozone, and food prices have also recently shown a higher rate of increase than in the United States.<b>②Differences three and four may indicate that,</b>Inflationary pressures in the Eurozone are not significant due to strong domestic demand. In the durable goods sector, US durable goods are experiencing widespread upward pressure, while the Eurozone is only driven by automobiles. In terms of services, service inflation in the United States is the strongest driver of overall inflation, while the Eurozone faces greater pressure to increase transportation service prices, which are also related to rising energy prices. This difference may indicate that compared to the United States, domestic demand in the Eurozone is weaker, and inflationary pressures driven by demand are not significant.</p><p><b>Risk warning: US inflation rises more than expected.</b></p><p><b>text</b></p><p><h3>one</h3><h3>Europe and America: Same high inflationary pressures, different sources of pressure</h3><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and the CPI has risen rapidly year-on-year.</b>In February of this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States hit a new historical high year-on-year, reaching high levels of 5.9% and 7.9% respectively; Both increased by 0.9% month-on-month, especially in the Eurozone, which was greatly affected by the Russia-Ukraine conflict, with February increasing by 0.5 percentage points month-on-month compared to January.</p><p><img src=\"https://static.tigerbbs.com/344210b70f6a8e7f8063ad61f98c749f\" tg-width=\"1077\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Faced with persistently high inflationary pressures, both European and American central banks have turned hawkish.</b>In the Eurozone, the ECB raised its inflation forecast across the board at its March policy meeting and announced that it would end its bond-buying program (APP) at a faster pace, turning hawkish again compared to its February meeting. On March 17, President Christine Lagarde also stated in her speech that \"Eurozone inflation is unlikely to return to pre-pandemic levels, and the ECB has begun to adjust its policy in order to further promote policy normalization when the necessary conditions are met,\" indicating that the ECB is being \"forced\" to change its attitude under high inflationary pressures. In the United States, the minutes of the Federal Reserve's March interest rate meeting also clearly indicated that one or more future interest rate meetings may have a rate hike of 50 basis points, and a shrinking balance sheet may be initiated as early as May.</p><p><b>However, the sources of inflationary pressures in Europe and the United States differ significantly. In the United States, inflation is \"multi-pronged,\" while in the Eurozone, it is \"energy inflation.\"</b>In other words, the inflationary pressure facing the United States is a general increase in the prices of various goods and services; The vast majority of inflation in the Eurozone comes from energy. Given that energy price increases are mainly influenced by supply factors, it suggests that inflationary pressures in the Eurozone come more from external supply-side shocks than from strong demand caused by a rapid economic recovery. The widespread price increases in the United States indicate that its inflationary pressures are both limited by supply-side bottlenecks (such as rising energy prices) and driven by strong domestic demand for durable goods and services. Therefore, in comparison,<b>Domestic demand in the United States is more resilient to rate hike than in the Eurozone, which may face a greater risk of economic recession.</b></p><p><img src=\"https://static.tigerbbs.com/56c39847928266470c03e9819fe7d45d\" tg-width=\"1062\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/b767cc36d9c22ec7a31d451cb1b6220b\" tg-width=\"1061\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(a) What are the similarities and differences between HICP and CPI?</b></p><p><b>Before comparing the sources of inflation in Europe and the United States, let's first compare the similarities and differences between inflation indicators in Europe and the United States.</b>This report selects the US CPI and the Eurozone HICP indicators to represent their respective inflation levels. For details on the basic information about the US CPI indicator, please refer to the report \"Deflation or Inflation: The Search and Outlook for a Long-Term and Short-Term Dual Framework for US Inflation & Number Theory Economics Series XI\". This report mainly introduces the Eurozone inflation indicator HICP.</p><p>HICP stands for The Harmonised Index of Consumer Prices. It is a Consumer price Index compiled by EU member states according to unified standards. Its purpose is to make the price indices of member states comparable and to be summed up to obtain the Consumer price Index of the Eurozone.</p><p>The comparison reveals the following main differences between the Eurozone HICP and the US CPI:</p><p><b>1. Regarding the compilation method,</b>First, in terms of sample selection, the Eurozone HICP attempts to include rural consumers in the sample, while the US CPI only considers urban consumers; Secondly, regarding weighting adjustments, the weighting of the Eurozone HICP basket of goods and services is adjusted annually, while the weighting of each good and service in the US CPI basket is adjusted every two years.</p><p><b>2. Regarding the weighting of the consumer basket</b>Based on the caliber of core and non-core inflation, the service weight in inflation indicators in Europe and the United States is higher than the goods weight, indicating that the economic characteristics of Europe and the United States are dominated by service consumption. Moreover, the service weight in the United States is significantly higher than that in the Eurozone, by about 18.3 percentage points. In terms of commodity weights, the difference in food weights between Europe and the United States is the largest. The Eurozone's HICP food weight is 8.8 percentage points higher than that of the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that of the United States, while Europe's energy weight is 3.9 percentage points higher than that of the United States.<b>Given the recent sharp rise in prices of commodities such as energy and food due to the Russia-Ukraine conflict, the relatively higher weighting of food and energy in the European HICP consumer basket means that the Eurozone will face higher inflationary pressures on food and energy.</b></p><p>Based on the categories of consumer baskets, the Eurozone HICP is divided into 12 major categories according to the types of goods and services consumed, while the US CPI encompasses 8 major categories (see Chart 6 for details). Among them, the weight of residential properties in the US CPI is significantly higher than that in the European HICP, by about 19.7 percentage points. This is also the main source of the huge gap in service weights between Europe and the US. The main reason may be that the Eurozone HICP does not include the estimated rent of Owner-occupied Housing, while the US CPI includes the Owner-occupied Housing component, which is recorded as \"Owners' equivalent rent of Residences\".<b>However, food and beverages in the European HICP are much higher than the US CPI.</b>This is approximately 11.3 percentage points higher, corresponding to a significantly higher weighting of the food category in the European HICP than in the US CPI.</p><p><img src=\"https://static.tigerbbs.com/10abae6b02802e2a49078b647aa7933c\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e1abf1b276517940750f8668383b952c\" tg-width=\"823\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(ii) How to compare the sources of inflation in Europe and the United States?</b></p><p><b>Due to differences in the classification of inflation indicators in Europe and the United States, we have broken them down according to the approach of core and non-core inflation for ease of comparison.</b>Eurostat breaks down the Eurozone HICP into four major categories: \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\" These categories can be matched with the US CPI classification of \"food,\" \"energy,\" \"goods (excluding food and energy),\" and \"services (excluding energy).\" Therefore, we first conduct a preliminary comparison of the inflation structure in the US and Europe based on the four categories of \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\"</p><p>To further refine the differences in the inflation structure between the US and Europe,<b>We further split non-energy industrial products into durable goods and non-durable goods.</b>The U.S. Bureau of Labor Statistics classification includes these two subcategories, so no adjustments are necessary; For the Eurozone, durable and semi-durable goods in the official classification are combined as \"durable goods\", and \"non-durable goods\" are not adjusted.<b>For durable goods, it is further broken down into automobiles and other durable goods.</b>The U.S. Bureau of Labor Statistics classification includes the automobile subcategory, so no adjustment is required; For the Eurozone, motor vehicles and motor vehicle parts in the official classification are aggregated as cars.</p><p><b>The services were further broken down into four categories: transportation services, leisure and entertainment services, rent, and others.</b>For the Eurozone, the first two items are in the official classification of Eurostat and do not need to be adjusted; The rent is equal to the actual rent + the catering and hotel accommodation services sub-items; The others are the top three service items, which include telecommunications services. In the United States, transportation services, leisure and entertainment services, and rent are all included in the official classification of the Bureau of Labor Statistics and do not need to be adjusted. Others can also be squeezed out. See the table below for specific classification details. After unifying the inflation standards in the US and Europe, we can compare the inflation structures in the US and Europe.</p><p><img src=\"https://static.tigerbbs.com/8cc47ade54035315be60678571cf2b38\" tg-width=\"834\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(III) Four Major Differences in the \"Engines\" of Inflation in Europe and the United</b></p><p><b>One difference: rising energy prices have played an almost decisive role in high inflation in Europe, while the United States has seen a \"multi-pronged approach\".</b>For the Eurozone, energy contributed 3.2% to the year-on-year growth rate of HICP in February, reaching 53.5%. For the United States, energy contributed 1.7% to the year-on-year CPI growth rate in February, with a contribution rate of 21.3%. Besides energy, food, non-energy industrial products, and services all worked together, contributing 14.1%, 31.5%, and 33% to the year-on-year CPI growth rate in February, respectively, totaling 78.6%, indicating that high inflation in the United States is \"blossoming from multiple points\".</p><p><img src=\"https://static.tigerbbs.com/2cdc2cbdff201692fddf827873b203c5\" tg-width=\"838\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The second difference: food prices are rising faster in the Eurozone.</b>Since the end of 2021, food prices in the Eurozone have risen faster. As of February this year, the year-on-year contribution of rising food prices to inflation in Europe and the United States was 1% and 1.1%, respectively. The difference in the year-on-year contribution of rising food prices to inflation in Europe and the United States is not significant. However, judging from the changing trend, due to the higher proportion of goods in inflation in the Eurozone, food prices have brought greater upward pressure on inflation in the Eurozone.</p><p><b>The third difference: Durable goods prices in the United States have generally increased, while in the Eurozone, apart from car price increases, price increases for other durable goods have not been significant.</b>In terms of absolute contribution rate, the increase in durable goods prices in the United States in February contributed 2.1% to the year-on-year increase in CPI, while the increase in the Eurozone was only 0.4%. Since the outbreak of the pandemic, the increase in durable goods prices in the Eurozone has been consistently much smaller than that in the United States. Structurally, automobiles are the main driver of durable goods price increases in Europe and the United States. In February, the year-on-year increases in automobiles in Europe and the United States were 1.7% and 0.42% respectively, contributing 80% and 103% to the price increases of durable goods in Europe and the United States. In addition to rising automobile prices, other durable goods in the United States are also facing upward pressure, which may indicate strong domestic demand in the United States, leading to general upward pressure on durable goods prices. In the Eurozone, apart from rising car prices due to supply-side constraints such as chip shortages, prices of other durable goods are actually declining, which may indicate weak demand within the Eurozone.</p><p><img src=\"https://static.tigerbbs.com/583f5b9b134cdafe34123c218690e477\" tg-width=\"1074\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/077db96d692e97d750ebdb8e494c25c5\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The fourth difference: services were the biggest driver of the US CPI year-on-year, with rent contributing the most, while services in the Eurozone saw a smaller increase, with leisure and entertainment services contributing the most.</b>In February, the services sub-category of the US CPI contributed 2.6% year-on-year to overall inflation and 33% year-on-year to the CPI, the highest among the four major sub-categories (food, energy, non-energy industrial products, and services), while the Eurozone contributed only 17% to service price increases. Structurally, in the United States, the increase in service prices is mainly due to rising rents. In addition, the increase in transportation service prices has also contributed to some extent. In February, rents and transportation services contributed 1.6% and 0.3% to overall inflation year-on-year, respectively, and contributed 60% and 13% to service price increases, respectively. In the Eurozone, leisure and entertainment services were the main driver of service price increases. In February, they contributed 0.4% to the CPI year-on-year and 42% to service price increases. Rents remained almost unchanged, and transportation services also made a certain contribution. In February, they contributed 19% to service price increases, which is larger than in the United States. The increase in transportation service prices is mainly limited by supply-side factors. On the one hand, rising energy prices are pushing up costs, and on the other hand, the pandemic has led to a shortage of transportation workers, which is pushing up wage costs.</p><p><img src=\"https://static.tigerbbs.com/b3f0d6068eff414c3598852b9b181e09\" tg-width=\"1069\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7479eede35f1ec5b02a41335d9ce8753\" tg-width=\"838\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>In summary, a comparison reveals that the biggest difference in the sources of inflationary pressures in Europe and the United States lies in the fact that the Eurozone primarily experiences inflation driven by commodity price increases, while the United States experiences widespread price increases. More specifically:</b></p><p><b>Firstly, differences one and two show that Eurozone inflation is more pronounced to be dominated by external supply shocks.</b>The upward pressure on energy and food prices mainly comes from the external supply side, while energy contributes more than 50% to the high inflation in the Eurozone, and food prices have recently shown a higher rate of increase than in the United States.</p><p><b>Secondly, differences three and four may indicate that inflationary pressures in the Eurozone due to stronger domestic demand are not significant.</b>In the durable goods sector, durable goods in the United States are experiencing general upward pressure, while the Eurozone is only driven by automobiles. In terms of services, service inflation in the United States is the strongest driver of overall inflation, while the Eurozone faces greater pressure to increase transportation service prices, which are also related to rising energy prices. This difference may indicate that compared to the United States, domestic demand in the Eurozone is weaker, and inflationary pressures driven by demand are not significant.</p><p><b>Considering that the accelerated tightening by the US and European central banks is both affected by inflation, but compared to the US, inflation in the Eurozone mainly comes from external supply shocks, and domestic demand is not overheated. Therefore, after monetary policy tightening, domestic demand in the US may still be able to withstand it for some time, while domestic demand in the Eurozone may be more affected by monetary tightening and more vulnerable to the risk of economic slowdown.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/520872\">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/a8fca69a364eb1ccaf6e9078f1721480","relate_stocks":{".DJI":"道琼斯"},"source_url":"http://www.gelonghui.com/p/520872","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2226688741","content_text":"主要观点自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，持续高通胀压力下，欧美央行均转鹰。但欧美通胀压力来源具有明显差异，美国通胀“多点开花”，但欧元区则是“能源通胀”，即美国通胀面临的压力是各类商品和服务价格普涨；而欧元区通胀绝大部分来自于能源。考虑到能源涨价主要受供给因素影响，说明欧元区通胀压力更多来自外部供给端的冲击，而非因经济快速复苏导致需求强劲。而美国的价格普涨则表明其通胀压力既有供应端瓶颈的限制（如能源涨价），又有居民耐用品、服务等内部需求强劲的推动。因此，相较而言，美国内部需求对加息的“抵抗力”要强于欧元区，欧元区可能面临更大的经济衰退风险。1、HICP与CPI有什么异同？在编制方式上，美国CPI只考虑城市消费者；其次，在权重调整上，欧元区HICP一篮子商品与服务的权重每年调整一次，而美国CPI篮子中各商品和服务的权重两年调整一次。在消费篮子的权重方面，欧美通胀指标中服务权重均高于商品权重，显示欧美以服务消费为主的经济特征，而且美国的服务权重明显高于欧元区，高出约18.3个百分点。在商品权重中，欧美食品权重差距最大，欧元区HICP食品权重比美高8.8个百分点，其次是非能源工业品，欧较美高5.6个百分点，欧能源权重则高于美3.9个百分点。2、如何对比欧美通胀来源？由于欧美通胀指标分类上的差异，为了方便对比，我们按照核心与非核心通胀的思路进行拆分。欧盟统计局将欧元区HICP拆分为四大项目——“食品”、“能源”、“非能源工业品”、“服务”，与美国CPI分类中的“食品”、“能源”、“商品（不含食品和能源类）”、“服务（不含能源类）”可一一匹配，因此我们首先根据“食品”、“能源”、“非能源工业品”、“服务”四大类的口径，对美欧通胀结构进行初步对比。3、欧美通胀“引擎”的四大差异区别之一：能源涨价对欧高通胀几乎起决定性作用，美国“多点开花”。对于欧元区，2月份能源同比拉动3.2%，占HICP同比的53.5%；而美国除能源外，食品、非能源工业品、服务“共同发力”，2月对同比贡献分别为14.1%、31.5%、33%，合计达78.6%。区别之二：欧元区食品涨价更快。由于欧元区通胀结构中食品占比更高，因此自2021年底以来欧元区食品涨价更快。区别之三：美国耐用品普涨，欧元区除汽车涨价外，其他耐用品涨价不明显。区别之四：服务是美国CPI同比的最大拉动项，其中房租贡献“一枝独秀”，而欧元区服务涨幅较小。综上，欧美通胀压力来源最大差异在于：欧元区主要是大宗商品价格推升型通胀，而美国则是价格普涨：①从区别一和二可以看出，欧元区通胀受外部供给冲击主导特征更为明显，能源、食品涨价压力主要来自外部供给端，而欧元区高通胀中能源贡献超50%，近期食品也表现出高于美国的涨价速度。②区别三和四可能表明，欧元区由于内部需求走强带来的通胀压力并不大，耐用品方面，美国耐用品呈现普涨压力，而欧元区则仅由汽车推动。在服务方面，美国服务通胀对通胀整体拉动最强，而欧元区则更多面临更高的运输服务涨价压力，而运输服务的涨价也与能源价格上涨有关。这一区别可能表明相比于美国，欧元区内部需求偏弱，由需求推动的通胀压力并不大。风险提示：美国通胀超预期走高正文一欧美：一样的通胀高压，不一样的压力来源自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，分别达到5.9%、7.9%的高位；环比均+0.9%，尤其是欧元区受俄乌冲突影响较大，2月环比较1月增长了0.5个百分点。持续高通胀压力下，欧美央行均转鹰。欧元区方面，3月议息会议上欧央行全面上调通胀预期，并宣布将以更快速度结束购债计划（APP），相较2月会议再度超预期转鹰。3月17日，行长拉加德在讲话中也表示“欧元区通胀水平已经不太可能回到疫情之前的水平，欧央行已经开始调整政策，以便在满足必要条件时，进一步推进政策正常化”，表明在高通胀压力下，欧央行正“被迫”转变态度。美国方面，3月美联储议息会议纪要也明确未来1次或多次议息会议或将加息50bps，最早5月或将启动缩表。但欧美通胀压力来源具有明显差异，美国通胀“多点开花”，但欧元区则是“能源通胀”，即美国通胀面临的压力是各类商品和服务价格普涨；而欧元区通胀绝大部分来自于能源。考虑到能源涨价主要受供给因素影响，说明欧元区通胀压力更多来自外部供给端的冲击，而非因经济快速复苏导致需求强劲。而美国的价格普涨则表明其通胀压力既有供应端瓶颈的限制（如能源涨价），又有居民耐用品、服务等内部需求强劲的推动。因此，相较而言，美国内部需求对加息的“抵抗力”要强于欧元区，欧元区可能面临更大的经济衰退风险。（一）HICP与CPI有什么异同？在展开欧美通胀来源对比之前，首先对比欧美通胀指标的异同。本报告选取美国CPI和欧元区HICP指标表征各自通胀水平。关于美国CPI指标的基本情况详见报告《缩or胀——美国通胀长短期双框架的找寻与展望&数论经济系列十一》，本报告主要介绍欧元区通胀指标HICP。HICP全称为TheHarmonised Index of Consumer Prices，译为调和CPI，是欧盟各成员国按照统一标准编制的消费物价指数，目的是使各成员国的物价指数具备可比性，可以进行加总得到欧元区的消费物价指数。对比发现，欧元区HICP与美国CPI主要存在以下几点差别：1、编制方法方面，首先，在样本选取上，欧元区HICP试图将农村消费者纳入样本，而美国CPI只考虑城市消费者；其次，在权重调整上，欧元区HICP一篮子商品与服务的权重每年调整一次，而美国CPI篮子中各商品和服务的权重两年调整一次。2、消费篮子的权重方面，根据核心与非核心通胀的口径来看，欧美通胀指标中服务权重均高于商品权重，显示欧美以服务消费为主的经济特征，而且美国的服务权重明显高于欧元区，高出约18.3个百分点；在商品权重中，欧美食品权重差距最大，欧元区HICP食品权重比美高8.8个百分点，其次是非能源工业品，欧较美高5.6个百分点，欧能源权重则高于美3.9个百分点。考虑到近期受俄乌冲突影响，能源、粮食等大宗商品大幅涨价，欧HICP消费者篮子中相对更高的食品和能源权重则意味着欧元区会面临更高的食品和能源通胀压力。根据消费篮子的细分种类看，按照消费的商品和服务种类分，欧元区HICP分为12大类，美国CPI则囊括8大类（详见图表6）。其中：美国CPI中住宅权重明显高于欧HICP的住宅权重，约高19.7个百分点，这也是欧美服务权重巨大差距的主要来源，主要原因可能在于欧元区HICP不包括自有住房（Owner-occupied Housing）的估计租金，而美国CPI包含自有住房部分，记为“业主等价租金”（Owners’ EquivalentRent of Residences）。但欧HICP中的食品和饮料则远高于美CPI，约高11.3个百分点，对应着欧HICP中食品大类权重远高于美CPI。（二）如何对比欧美通胀来源？由于欧美通胀指标分类上的差异，为了方便对比，我们按照核心与非核心通胀的思路进行拆分。欧盟统计局将欧元区HICP拆分为四大项目——“食品”、“能源”、“非能源工业品”、“服务”，与美国CPI分类中的“食品”、“能源”、“商品（不含食品和能源类）”、“服务（不含能源类）”可一一匹配，因此我们首先根据“食品”、“能源”、“非能源工业品”、“服务”四大类的口径，对美欧通胀结构进行初步对比。为进一步细化美欧通胀结构上的差异，我们将非能源工业品进一步拆分为耐用品与非耐用品，美国劳工统计局分类中包括这两个分项，因此不需调整；对于欧元区，将官方分类中的耐用品与半耐用品合计为“耐用品”，“非耐用品”不作调整。对于耐用品，又进一步拆分出汽车和其他耐用品，美国劳工统计局分类中包括汽车分项，因此不需调整；对于欧元区，将官方分类中的机动车和机动车零部件合计为汽车。将服务进一步拆分为交通运输服务、休闲娱乐服务、房租与其他四项，对于欧元区，前两项为欧盟统计局官方分类中的内容，无需调整；房租等于实际房租+餐饮和酒店中的住宿服务分项；其他为服务项倒减前三项，内容上包括通信服务等。对于美国，交通运输服务、休闲娱乐服务、房租均为劳工统计局官方分类中的内容，无需调整；其他也依靠倒挤得出。具体分类细节详见下表，在对美欧通胀口径进行统一后，我们可对美欧通胀结构进行对比。（三）欧美通胀“引擎”的四大差异区别之一：能源涨价对欧高通胀几乎起决定性作用，而美国“多点开花”。对于欧元区，2月份能源对HICP同比增速的拉动率为3.2%，贡献率达到53.5%；对于美国，2月份能源对CPI同比增速的拉动率为1.7%，贡献率为21.3%；除能源外，食品、非能源工业品、服务“共同发力”，2月对CPI同比增速的贡献分别为14.1%、31.5%、33%，合计达78.6%，表明美国的高通胀是“多点开花”。区别之二：欧元区食品涨价更快。自2021年末以来欧元区食品涨价更快，截至今年2月，食品价格上涨对欧、美通胀同比的拉动率分别为1%、1.1%，食品涨价对欧美通胀同比拉动率差距不大，但从变化趋势来看，由于欧元区通胀中商品占比更高，食品价格带来欧元区的通胀上行压力更大。区别之三：美国耐用品普遍涨价，欧元区除汽车涨价拉动外，其他耐用品涨价不明显。从拉动率绝对水平上看，2月美国耐用品涨价对CPI同比拉动录得2.1%，而欧元区仅有0.4%，疫情发生以来欧元区耐用品涨价幅度持续远小于美国。结构来看，对欧美来说汽车均是耐用品涨价主要拉动项，2月欧美汽车同比拉动分别为1.7%、0.42%，对欧美耐用品涨价贡献分别为80%、103%。而美国除了汽车涨价外，其他耐用品亦有价格上涨压力，可能表明美国内部需求较强劲，导致耐用品价格产生普涨压力；而在欧元区，除了因“缺芯”等供给端因素限制导致的汽车涨价外，其他耐用品价格反而在回落，可能暗示欧元区内部需求不强。区别之四：服务是美国CPI同比的最大拉动项，其中房租贡献“一枝独秀”，而欧元区服务涨幅较小，休闲娱乐服务贡献最大。2月，美国CPI服务分项对整体通胀的同比拉动率为2.6%，对CPI同比贡献率为33%，为四大分项（食品、能源、非能源工业品、服务）中最高，而欧元区服务涨价贡献率仅为17%。结构来看，在美国，服务涨价主要是因为房租上涨，此外运输服务涨价亦有一定贡献，2月，房租、运输服务对整体通胀的同比拉动分别录得1.6%、0.3%，对服务涨价贡献率分别为60%、13%；而在欧元区，休闲娱乐服务才是服务涨价的主要推动力，2月对CPI同比拉动率为0.4%，对服务涨价贡献率42%，房租几乎没有变化，交通运输服务也有一定贡献，2月对服务涨价贡献率19%，比美国大。而运输服务涨价也主要受供给端因素限制，一方面能源涨价推升成本，另一方面疫情导致运输就业人员不足推升薪资成本。综上，通过对比可以发现，欧美通胀压力来源最大差异在于：欧元区主要是大宗商品价格推升型通胀，而美国则是价格普涨，更具体地说：其一，从区别一和二可以看出，欧元区通胀受外部供给冲击主导特征更为明显，能源、食品涨价压力主要来自外部供给端，而欧元区高通胀中能源贡献超50%，近期食品也表现出高于美国的涨价速度。其二，区别三和四可能表明，欧元区由于内部需求走强带来的通胀压力并不大，耐用品方面，美国耐用品呈现普涨压力，而欧元区则仅由汽车推动。在服务方面，美国服务通胀对通胀整体拉动最强，而欧元区则更多面临更高的运输服务涨价压力，而运输服务的涨价也与能源价格上涨有关。这一区别可能表明相比于美国，欧元区内部需求偏弱，由需求推动的通胀压力并不大。考虑到美欧央行此轮加速紧缩均是受到通胀影响，但相比于美国，欧元区的通胀主要来自外部供给冲击，内部需求并未过热，因此货币政策紧缩后，美国国内需求或仍能“扛”一段时间，而欧元区内部需求或受货币紧缩冲击更大，更易陷入经济增长放缓的风险。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096782019,"gmtCreate":1644461751143,"gmtModify":1676533929902,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096782019","repostId":"1120878270","repostType":4,"repost":{"id":"1120878270","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":1644459301,"share":"https://ttm.financial/m/news/1120878270?lang=en_US&edition=fundamental","pubTime":"2022-02-10 10:15","market":"hk","language":"zh","title":"Lepu Biotechnology begins its IPO today, with an entry fee of HK$7,454.38.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120878270","media":"老虎资讯综合","summary":"每股发售价介于6.87港元-7.38港元，每手1000股。","content":"<p><html><head></head><body>February 10th news,<a href=\"https://laohu8.com/S/02157\">Lepu Bio-B</a>Announcement: The company will conduct an IPO from February 10 to February 15, 2022. It plans to issue approximately 127 million shares, of which 10% will be offered in Hong Kong and 90% will be offered internationally, with an over-allotment option of 15%.<b>The offer price is HK$6.87-HK$7.38 per share, with 1,000 shares per lot, and an entry fee of HK$7,454.38.</b>Trading in the Shares on the Stock Exchange is expected to commence on February 23, 2022.</p><p><img src=\"https://static.tigerbbs.com/97e1a27c96f3078f3c0b6f92bab54cb8\" tg-width=\"869\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p><b>Subscription ladder</b></p><p>Each lot costs 1,000 shares, with an entry fee of HK$7,454.38.</p><p>The threshold for Group B is 70,000 shares, and the funds required for subscription are approximately HK$521,806.55.<img src=\"https://static.tigerbbs.com/64702a21d77baa3223cdcc943a37271a\" tg-width=\"800\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p><b>Company Profile</b></p><p>Founded in 2018, Lepu Bio has completed three rounds of financing in the past four years, attracting numerous professional pharmaceutical and medical industry investment funds, including Vivo Capital, Suzhou Danqing, Guotou Chuanghe, Ping An Capital, Sunshine Life Insurance, Ronghui Sunshine, Guoxin Central Enterprises, and Shanghai Biomedical Fund.</p><p><b>Differential layout PD-1 pan-cancer immunotherapy</b></p><p>Lepu Bio focuses on the combination drug mechanism in the field of tumor treatment, which is<b>The only innovative drug company in China that has both NDA production stage PD-1 monoclonal antibody and multiple clinical phase II ADC pipelines.</b>Its product pipeline includes eight clinical-stage drug candidates, mainly consisting of targeted therapies (ADC antibody-conjugated drugs) and immunotherapy drugs, the latter including two immune checkpoint drugs (PD-1/L1) and an oncolytic virus drug. Three drug candidates have entered registration trials, and two trials are underway in the United States. Monoclonal antibody cornerstone products can form advantages in combination with ADCs, oncolytic viruses, etc. The company will also expand the beneficiary patient group and improve the quality of life of patients.</p><p><img src=\"https://static.tigerbbs.com/893211e958a9d22abefebb7472519142\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Source: Prospectus</p><p>The competition for PD-1 (L1) in China has been extremely fierce, so many companies have begun to target the more cutting-edge therapeutic market. The marketing application for MSI-H/dMMR solid tumors, one of Lepu Bio's core products, PD-1 putelizumab injection (HX008), was included in the priority review by CDE in November 2021.</p><p>MSI-H/dMMR is the first \"pan-tumor type\" tumor marker. The discovery of MSI-H/dMMR tumor marker has promoted the progress of tumor treatment methods that \"treat by type regardless of cancer type\". As an emerging immunotherapy biomarker, MSI-H/dMMR has a high detection rate in gastric cancer, colorectal cancer and other digestive system cancers, so it has broad application prospects. However, the competition in the MSI-H/dMMR solid tumor treatment market has just begun. Currently, globally<b>Only three anti-PD-(L)1 monoclonal antibodies (approved by the NMPA) were approved for the treatment of MSI-H/dMMR solid tumors: K (pembrolizumab, approved by the FDA and NMPA), O (nivolumab, approved by the FDA), and envolumab.</b></p><p>Taking K drug as an example, in the large-scale global multi-center phase III clinical trial of pembrolizumab for the first-line treatment of colorectal cancer, the 3-year survival rate, PFS, ORR, CRR, TRAE and other performances of patients with advanced colorectal cancer using K drug were significantly better than those of patients with advanced colorectal cancer using conventional chemotherapy. Lepu Bio's NDA application for HX008 has been accepted. HX008 is expected to become Lepu Bio's first marketed product and enable patients to benefit from the new therapy earlier.</p><p><b>It is also worth mentioning that PD-1 is the closest to commercialization in Lepu Bio's overall strategic deployment and plays an important role. The company will leverage PD-1 products to open up sales channels, and plans to launch marketing efforts in medical institutions and pharmacy systems after HX008 is approved for the treatment of MSI-H/dMMR solid tumors and melanoma in China, laying the foundation for the smooth launch of ADC products and subsequent pipelines.</b>。</p><p><b>Several ADCs are expected to achieve global firsts.</b></p><p>ADC drugs are the core of Lepu Bio's targeted therapies. The company has multiple targeted ADC drug pipelines, among which the core pipeline, HER2 targeted ADC drug MRG002, is making the fastest progress in commercialization. Lepu Bio has a relatively complete layout in the field of breast cancer treatment, especially one of its core products, MRG002, which is a HER2-targeted ADC drug. The HER2 positivity rate for breast cancer is approximately 25.4%. The second-line progression rate of breast cancer in China is 94.3%.</p><p>Breast cancer has now become the most common cancer in the world, with 331,600 new breast cancer cases in China in 2020. According to Frost & Sullivan, the size of China's breast cancer market was RMB 50.7 billion in 2020 and is expected to reach RMB 81.8 billion and RMB 124.6 billion by 2025 and 2030, respectively.</p><p>MRG002 has achieved a breakthrough in Phase II clinical studies. This Phase II clinical trial was led by Professor Jiang Zefei of the General Hospital of the People's Liberation Army. Jiang Zefei gave a detailed report at the CSCO Annual Meeting on Clinical Research Data on Innovative Drugs in September 2021. Jiang Zefei said that the innovative efficacy of MRG002 comes from its innovative molecular design, because ADC drug design has unique difficulties in cytotoxicity and linkers.</p><p>The global breast cancer treatment market has never lacked blockbuster varieties. According to Nature Reviews Drug Discovery, global sales of currently marketed ADCs will exceed $16.4 billion in 2026.</p><p>Another core pipeline, MRG003, is an EGFR-targeted ADC drug candidate. According to Frost & Sullivan, MRG003 is currently<b>First in China and leading in international clinical progress</b>ADC drugs targeting EGFR, globally, except for Japan's Rakuten Medical's product Akalux (for unresectable locally recurrent head and neck cancer) approved by PMDA, no other ADC targeting EGFR has been approved. Lepu Bio is conducting multiple Phase II clinical trials for MRG003 in China.</p><p>Similarly, ADC's other pipelines also have the potential to be first-of-its-kind. For example, CMG901, jointly developed by Lepu Bio and Connoya (2162.HK), is the world's first CLDN18.2 targeted ADC to receive IND approval; The company's self-developed MRG001 targets hematological tumors. There are currently no approved CD20-targeted ADC products worldwide. The only CD20-targeted ADCs in China that have entered the clinical stage are the company's MRG001 and Teris's TRS005.</p><p><b>ADC drug technology is complex, and many pipelines will face the challenge of early R&D failure; In addition, the company's ADC commercial production capacity and production experience are also crucial for ADC drugs to be finally approved for marketing.</b>Dr. Hu Chaohong, co-general manager of Lepu Bio, has worked at Seagen (SGEN.US) for many years, and the team has extensive experience in ADC drug development. Lepu Bio also has an ADC platform with clinically proven coupling and CMC technology, as well as an advanced process development and analysis platform to support commercial production.</p><p><b>Globally leading clinical progress of oncolytic viruses</b></p><p>Lepu Bio introduced the innovative pipeline CG0070 from CG Oncology and obtained the rights to develop, manufacture and commercialize the product in China. The company has submitted an IND application to the National Medical Products Administration for the intravesical administration of CG0070 for the treatment of bladder cancer (NMIBC, i.e. non-muscle-invasive bladder cancer that does not respond to BCG) and other solid tumors.<b>The application for NMIBC has received clinical approval from CDE,</b>Conduct clinical trials for this indication.</p><p>According to Frost and Sullivan,<b>CG0070 is the first and only oncolytic adenovirus in clinical development to treat bladder cancer</b>。 Oncolytic viruses are a class of viruses that can selectively lyse cancer cells. On the one hand, they can infect tumor cells and cause cell lysis; On the other hand, the molecules they release during lysis can also induce innate and adaptive immune responses, attracting more immune cells to continue killing residual tumor cells. Therefore, oncolytic viruses have good clinical prospects as innovative therapies.</p><p>The main indication for oncolytic viruses is bladder cancer, which is the most common malignant tumor of the urinary system and has the highest incidence of urogenital tumors in China.<b>The five-year survival rate in China is 72.9%, and there is a significant market opportunity for bladder cancer treatment.</b>In addition, oncolytic viruses can be extended to other indications, especially in combination,<b>The combination of oncolytic viruses and anti-PD-1/anti-PD-L1 monoclonal antibodies has become an emerging treatment for advanced malignancies.</b></p><p>CG0070 has demonstrated good safety and efficacy in a Phase II clinical study conducted by CG Oncology in the United States for the treatment of NMIBC. On November 13, 2021, CG Oncology disclosed the very impressive Phase II clinical trial data of CG0070 combined with K drug.<b>The trial results showed that among the 9 NMIBC patients whose efficacy could be evaluated, all patients achieved complete response (CR) at 3 months. In addition, the CR rate of patients who reached the 6-month evaluation node and the 9-month evaluation node also remained 100%.</b></p><p>Many companies around the world have deployed a total of more than 180 oncolytic virus pipelines, but at present, CG Oncology and Candel Therapeutics (CADL.US)'s aglatimagene besadenovec (the treatment of prostate cancer has entered clinical phase III) is one of the fastest progressing pipelines.</p><p>In addition to CG0070, Lepu Biotechnology also holds shares in Wuhan Binhui Biotechnology, which has independently developed recombinant human GM-CSF oncolytic herpes simplex virus type II (OH2) injection. According to Lepu Bio's prospectus, the combination therapy of HX008 and OH2 for advanced hepatocellular carcinoma has been approved for IND and the corresponding Phase I clinical trial has begun.</p><p>Lepu Biotechnology has established multiple tumor treatment pipelines for various indications. As the commercialization of the product approaches, the company is also advancing research on the combination of monoclonal antibodies with other core pipelines, in order to provide patients with innovative and even disruptive treatment solutions. In addition to the aforementioned HX008 combined with OH2, Lepu Bio also plans to conduct research and development on ADC combined with HX008 for the treatment of advanced head and neck squamous cell carcinoma (HNSCC). MRG003 in combination with HX008 for the treatment of HNSCC, and MRG002 in combination with HX008 for the treatment of gastric cancer have all received IND approval from the National Medical Products Administration.</p><p>Globally, in clinical trials of monoclonal antibody products such as K drugs in combination with ADCs and oncolytic viruses, combination therapy generally shows a higher complete response rate than single drugs, and the survival rate of patients participating in combination chemotherapy trials is also improving.</p><p>While advancing the development of product candidates, the company has planned and is implementing its production and commercialization layout. In 2019, Lepu Bio built a 2,000L antibody production line with GMP standards in Beijing and put it into production. It is currently building a 200L oncolytic virus drug production line in Beijing. The company is also currently building a biopharmaceutical production center in Shanghai, including the construction of a production line with a preliminary design capacity of 12,000L and supporting laboratories and factories. Leveraging the company's team and technology platform, the development of production and commercialization capabilities will also provide significant support for the company's global expansion.</p><p></body></html></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>Lepu Biotechnology begins its IPO today, with an entry fee of HK$7,454.38.</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\">\nLepu Biotechnology begins its IPO today, with an entry fee of HK$7,454.38.\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\">2022-02-10 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>February 10th news,<a href=\"https://laohu8.com/S/02157\">Lepu Bio-B</a>Announcement: The company will conduct an IPO from February 10 to February 15, 2022. It plans to issue approximately 127 million shares, of which 10% will be offered in Hong Kong and 90% will be offered internationally, with an over-allotment option of 15%.<b>The offer price is HK$6.87-HK$7.38 per share, with 1,000 shares per lot, and an entry fee of HK$7,454.38.</b>Trading in the Shares on the Stock Exchange is expected to commence on February 23, 2022.</p><p><img src=\"https://static.tigerbbs.com/97e1a27c96f3078f3c0b6f92bab54cb8\" tg-width=\"869\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p><b>Subscription ladder</b></p><p>Each lot costs 1,000 shares, with an entry fee of HK$7,454.38.</p><p>The threshold for Group B is 70,000 shares, and the funds required for subscription are approximately HK$521,806.55.<img src=\"https://static.tigerbbs.com/64702a21d77baa3223cdcc943a37271a\" tg-width=\"800\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p><b>Company Profile</b></p><p>Founded in 2018, Lepu Bio has completed three rounds of financing in the past four years, attracting numerous professional pharmaceutical and medical industry investment funds, including Vivo Capital, Suzhou Danqing, Guotou Chuanghe, Ping An Capital, Sunshine Life Insurance, Ronghui Sunshine, Guoxin Central Enterprises, and Shanghai Biomedical Fund.</p><p><b>Differential layout PD-1 pan-cancer immunotherapy</b></p><p>Lepu Bio focuses on the combination drug mechanism in the field of tumor treatment, which is<b>The only innovative drug company in China that has both NDA production stage PD-1 monoclonal antibody and multiple clinical phase II ADC pipelines.</b>Its product pipeline includes eight clinical-stage drug candidates, mainly consisting of targeted therapies (ADC antibody-conjugated drugs) and immunotherapy drugs, the latter including two immune checkpoint drugs (PD-1/L1) and an oncolytic virus drug. Three drug candidates have entered registration trials, and two trials are underway in the United States. Monoclonal antibody cornerstone products can form advantages in combination with ADCs, oncolytic viruses, etc. The company will also expand the beneficiary patient group and improve the quality of life of patients.</p><p><img src=\"https://static.tigerbbs.com/893211e958a9d22abefebb7472519142\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Source: Prospectus</p><p>The competition for PD-1 (L1) in China has been extremely fierce, so many companies have begun to target the more cutting-edge therapeutic market. The marketing application for MSI-H/dMMR solid tumors, one of Lepu Bio's core products, PD-1 putelizumab injection (HX008), was included in the priority review by CDE in November 2021.</p><p>MSI-H/dMMR is the first \"pan-tumor type\" tumor marker. The discovery of MSI-H/dMMR tumor marker has promoted the progress of tumor treatment methods that \"treat by type regardless of cancer type\". As an emerging immunotherapy biomarker, MSI-H/dMMR has a high detection rate in gastric cancer, colorectal cancer and other digestive system cancers, so it has broad application prospects. However, the competition in the MSI-H/dMMR solid tumor treatment market has just begun. Currently, globally<b>Only three anti-PD-(L)1 monoclonal antibodies (approved by the NMPA) were approved for the treatment of MSI-H/dMMR solid tumors: K (pembrolizumab, approved by the FDA and NMPA), O (nivolumab, approved by the FDA), and envolumab.</b></p><p>Taking K drug as an example, in the large-scale global multi-center phase III clinical trial of pembrolizumab for the first-line treatment of colorectal cancer, the 3-year survival rate, PFS, ORR, CRR, TRAE and other performances of patients with advanced colorectal cancer using K drug were significantly better than those of patients with advanced colorectal cancer using conventional chemotherapy. Lepu Bio's NDA application for HX008 has been accepted. HX008 is expected to become Lepu Bio's first marketed product and enable patients to benefit from the new therapy earlier.</p><p><b>It is also worth mentioning that PD-1 is the closest to commercialization in Lepu Bio's overall strategic deployment and plays an important role. The company will leverage PD-1 products to open up sales channels, and plans to launch marketing efforts in medical institutions and pharmacy systems after HX008 is approved for the treatment of MSI-H/dMMR solid tumors and melanoma in China, laying the foundation for the smooth launch of ADC products and subsequent pipelines.</b>。</p><p><b>Several ADCs are expected to achieve global firsts.</b></p><p>ADC drugs are the core of Lepu Bio's targeted therapies. The company has multiple targeted ADC drug pipelines, among which the core pipeline, HER2 targeted ADC drug MRG002, is making the fastest progress in commercialization. Lepu Bio has a relatively complete layout in the field of breast cancer treatment, especially one of its core products, MRG002, which is a HER2-targeted ADC drug. The HER2 positivity rate for breast cancer is approximately 25.4%. The second-line progression rate of breast cancer in China is 94.3%.</p><p>Breast cancer has now become the most common cancer in the world, with 331,600 new breast cancer cases in China in 2020. According to Frost & Sullivan, the size of China's breast cancer market was RMB 50.7 billion in 2020 and is expected to reach RMB 81.8 billion and RMB 124.6 billion by 2025 and 2030, respectively.</p><p>MRG002 has achieved a breakthrough in Phase II clinical studies. This Phase II clinical trial was led by Professor Jiang Zefei of the General Hospital of the People's Liberation Army. Jiang Zefei gave a detailed report at the CSCO Annual Meeting on Clinical Research Data on Innovative Drugs in September 2021. Jiang Zefei said that the innovative efficacy of MRG002 comes from its innovative molecular design, because ADC drug design has unique difficulties in cytotoxicity and linkers.</p><p>The global breast cancer treatment market has never lacked blockbuster varieties. According to Nature Reviews Drug Discovery, global sales of currently marketed ADCs will exceed $16.4 billion in 2026.</p><p>Another core pipeline, MRG003, is an EGFR-targeted ADC drug candidate. According to Frost & Sullivan, MRG003 is currently<b>First in China and leading in international clinical progress</b>ADC drugs targeting EGFR, globally, except for Japan's Rakuten Medical's product Akalux (for unresectable locally recurrent head and neck cancer) approved by PMDA, no other ADC targeting EGFR has been approved. Lepu Bio is conducting multiple Phase II clinical trials for MRG003 in China.</p><p>Similarly, ADC's other pipelines also have the potential to be first-of-its-kind. For example, CMG901, jointly developed by Lepu Bio and Connoya (2162.HK), is the world's first CLDN18.2 targeted ADC to receive IND approval; The company's self-developed MRG001 targets hematological tumors. There are currently no approved CD20-targeted ADC products worldwide. The only CD20-targeted ADCs in China that have entered the clinical stage are the company's MRG001 and Teris's TRS005.</p><p><b>ADC drug technology is complex, and many pipelines will face the challenge of early R&D failure; In addition, the company's ADC commercial production capacity and production experience are also crucial for ADC drugs to be finally approved for marketing.</b>Dr. Hu Chaohong, co-general manager of Lepu Bio, has worked at Seagen (SGEN.US) for many years, and the team has extensive experience in ADC drug development. Lepu Bio also has an ADC platform with clinically proven coupling and CMC technology, as well as an advanced process development and analysis platform to support commercial production.</p><p><b>Globally leading clinical progress of oncolytic viruses</b></p><p>Lepu Bio introduced the innovative pipeline CG0070 from CG Oncology and obtained the rights to develop, manufacture and commercialize the product in China. The company has submitted an IND application to the National Medical Products Administration for the intravesical administration of CG0070 for the treatment of bladder cancer (NMIBC, i.e. non-muscle-invasive bladder cancer that does not respond to BCG) and other solid tumors.<b>The application for NMIBC has received clinical approval from CDE,</b>Conduct clinical trials for this indication.</p><p>According to Frost and Sullivan,<b>CG0070 is the first and only oncolytic adenovirus in clinical development to treat bladder cancer</b>。 Oncolytic viruses are a class of viruses that can selectively lyse cancer cells. On the one hand, they can infect tumor cells and cause cell lysis; On the other hand, the molecules they release during lysis can also induce innate and adaptive immune responses, attracting more immune cells to continue killing residual tumor cells. Therefore, oncolytic viruses have good clinical prospects as innovative therapies.</p><p>The main indication for oncolytic viruses is bladder cancer, which is the most common malignant tumor of the urinary system and has the highest incidence of urogenital tumors in China.<b>The five-year survival rate in China is 72.9%, and there is a significant market opportunity for bladder cancer treatment.</b>In addition, oncolytic viruses can be extended to other indications, especially in combination,<b>The combination of oncolytic viruses and anti-PD-1/anti-PD-L1 monoclonal antibodies has become an emerging treatment for advanced malignancies.</b></p><p>CG0070 has demonstrated good safety and efficacy in a Phase II clinical study conducted by CG Oncology in the United States for the treatment of NMIBC. On November 13, 2021, CG Oncology disclosed the very impressive Phase II clinical trial data of CG0070 combined with K drug.<b>The trial results showed that among the 9 NMIBC patients whose efficacy could be evaluated, all patients achieved complete response (CR) at 3 months. In addition, the CR rate of patients who reached the 6-month evaluation node and the 9-month evaluation node also remained 100%.</b></p><p>Many companies around the world have deployed a total of more than 180 oncolytic virus pipelines, but at present, CG Oncology and Candel Therapeutics (CADL.US)'s aglatimagene besadenovec (the treatment of prostate cancer has entered clinical phase III) is one of the fastest progressing pipelines.</p><p>In addition to CG0070, Lepu Biotechnology also holds shares in Wuhan Binhui Biotechnology, which has independently developed recombinant human GM-CSF oncolytic herpes simplex virus type II (OH2) injection. According to Lepu Bio's prospectus, the combination therapy of HX008 and OH2 for advanced hepatocellular carcinoma has been approved for IND and the corresponding Phase I clinical trial has begun.</p><p>Lepu Biotechnology has established multiple tumor treatment pipelines for various indications. As the commercialization of the product approaches, the company is also advancing research on the combination of monoclonal antibodies with other core pipelines, in order to provide patients with innovative and even disruptive treatment solutions. In addition to the aforementioned HX008 combined with OH2, Lepu Bio also plans to conduct research and development on ADC combined with HX008 for the treatment of advanced head and neck squamous cell carcinoma (HNSCC). MRG003 in combination with HX008 for the treatment of HNSCC, and MRG002 in combination with HX008 for the treatment of gastric cancer have all received IND approval from the National Medical Products Administration.</p><p>Globally, in clinical trials of monoclonal antibody products such as K drugs in combination with ADCs and oncolytic viruses, combination therapy generally shows a higher complete response rate than single drugs, and the survival rate of patients participating in combination chemotherapy trials is also improving.</p><p>While advancing the development of product candidates, the company has planned and is implementing its production and commercialization layout. In 2019, Lepu Bio built a 2,000L antibody production line with GMP standards in Beijing and put it into production. It is currently building a 200L oncolytic virus drug production line in Beijing. The company is also currently building a biopharmaceutical production center in Shanghai, including the construction of a production line with a preliminary design capacity of 12,000L and supporting laboratories and factories. Leveraging the company's team and technology platform, the development of production and commercialization capabilities will also provide significant support for the company's global expansion.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8d9586192423abb2922de7db5c64252","relate_stocks":{"02157":"乐普生物"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120878270","content_text":"2月10日消息，乐普生物-B公告：于2022年2月10日-2月15日进行招股，公司拟发行约1.27亿股，其中香港公开发售占10%，国际发售占90%，另附有15%的超额配股权。每股发售价为6.87港元-7.38港元，每手1000股，入场费7454.38港元，预期股份将于2022年2月23日在联交所开始买卖。申购阶梯每手1000股，入场费7454.38港元。乙组门槛为70000股，申购所需资金约521806.55港元。公司简介乐普生物成立于2018年，近4年一共完成了3轮融资，吸引了众多专业的医药医疗行业投资基金，包括维梧资本、苏州丹青、国投创合、平安资本、阳光人寿、融汇阳光、国新央企、上海生物医药基金等。差异化布局PD-1泛癌种免疫治疗乐普生物聚焦肿瘤治疗领域的联合用药机制，是国内唯一一家既有NDA报产阶段PD-1单抗，又拥有多个临床II期ADC管线的创新药企业。其产品管线中有8种临床阶段候选药物，主要由靶向疗法（ADC抗体偶联药物）和免疫治疗药物构成，后者包括两种免疫检查点药物（PD-1/L1）和一种溶瘤病毒药物。三项候选药物已进入注册性试验，两项试验正在美国进行。单抗类基石产品与ADC、溶瘤病毒等可形成联合用药优势，公司也将扩大受益患者群，提高患者的生存质量。来源：招股书PD-1（L1）在国内竞争已经异常激烈，因此不少企业都开始瞄准更前沿的治疗市场，乐普生物核心产品之一PD-1 普特利单抗注射液（HX008）第二个适应症MSI-H/dMMR 实体瘤的上市申请，2021年11月被CDE纳入优先评审。MSI-H/dMMR是第一个「泛瘤种」肿瘤标志物，MSI-H/dMMR肿瘤标志物的发现推动了「不分癌种，分型而治」的肿瘤治疗方式的进展。作为新兴的免疫治疗生物标志物，MSI-H/dMMR在胃癌、结直肠癌等消化系统癌症中的检出率较高，因此具有广泛的应用前景。但MSI-H/dMMR实体瘤治疗市场的竞争才刚开始。目前，全球仅获批了K药（帕博丽珠单抗，已于FDA、NMPA获批）、O药（纳武利尤单抗，已于FDA获批）及恩沃利单抗3款抗PD-(L)1单抗（已于NMPA获批）用于治疗MSI-H/dMMR实体瘤。以K药为例，在帕博利珠单抗针对肠癌一线治疗的全球多中心的大型III期临床试验中，使用K药的晚期肠癌患者的3年生存率、PFS、ORR、CRR、TRAE等表现都明显优于使用常规化疗的晚期肠癌患者。乐普生物提交的HX008的NDA申请已获受理，HX008有望成为乐普生物首个上市产品，并使患者较早从新疗法中获益。另外值得一提的是，PD-1在乐普生物整体战略部署中离商业化最近，具有重要地位。公司将借助PD-1产品来打通销售渠道，计划HX008国内获批用于治疗MSI-H/dMMR实体瘤及黑色素瘤后启动在医疗机构、药房体系的营销工作，为ADC产品及后续管线顺利上市奠定基础。多款ADC有望实现全球首创ADC药物是乐普生物靶向疗法的核心，公司拥有多种靶向ADC药物管线，其中核心管线HER2靶向ADC药物MRG002商业化进展最快。乐普生物在乳腺癌治疗领域有相对完善的布局，尤其是核心产品之一MRG002为HER2靶向ADC药物。乳腺癌的HER2阳性率约为25.4%。中国乳腺癌的二线进展率为94.3%。乳腺癌现成为全球最常见的癌种，中国2020年新增的乳腺癌病例数达到33.16万。据弗若斯特沙利文的资料，2020年中国乳腺癌市场的规模为人民币507亿元，预计至2025年及2030年将分别达到818亿元及1246亿元。MRG002在II期临床研究中已实现突破。此II期临床试验由解放军总医院江泽飞教授牵头，江泽飞在2021年9月的CSCO年会创新药物临床研究数据专场中作了详细汇报。江泽飞表示，MRG002的创新疗效来自于其创新的分子设计，因为ADC药物设计在细胞毒、连接子方面都有独特难点。全球的乳腺癌治疗市场从来不乏重磅品种。据Nature Reviews Drug Discovery预计，2026年，目前已上市ADC的全球销售额将超过164亿美元。另一项核心管线MRG003为一款EGFR靶向ADC候选药物。据弗若斯特沙利文，MRG003是目前国内首创和国际临床进度领先的靶向EGFR的ADC药物，全球范围内，除了日本Rakuten Medical的产品Akalux（适用于不能切除的局部复发性头颈癌）获PMDA批准外，还没有其他靶向EGFR的ADC获批。乐普生物正在就MRG003在中国进行多项II期临床试验。同样，ADC其他管线也具有同类首创的潜质。例如，乐普生物与康诺亚（2162.HK）合作开发的CMG901是全球首款获IND批准的CLDN18.2靶向ADC；公司自研的MRG001针对血液肿瘤，全球目前尚未有获批的CD20靶向ADC产品，国内进入临床阶段的CD20靶向ADC仅有公司的MRG001和特瑞思的TRS005。ADC药物技术复杂，很多管线会面临前期研发失败的挑战；此外，ADC药物能最终获批上市，企业的ADC商业化生产能力、生产经验也至关重要。乐普生物联席总经理胡朝红博士在Seagen（SGEN.US）工作多年，团队拥有丰富的ADC药物研发经验。乐普生物也具有经临床验证的偶联和CMC技术的ADC平台，以及先进工艺的开发分析平台作为商业化生产的支持。溶瘤病毒临床进展全球领先乐普生物从CG Oncology引进了创新型管线CG0070，获得了该产品在国内的开发、制造和商业化权利。公司已向国家药监局提交CG0070膀胱内给药治疗膀胱癌（NMIBC，即卡介苗（BCG）无应答的非肌层浸润性膀胱癌）及其他实体瘤的IND申请，针对NMIBC的申请已获CDE的临床批件，开展对该适应症的临床试验。据弗若斯特沙利文，CG0070是首个也是唯一一个处于临床开发阶段的治疗膀胱癌的溶瘤腺病毒。溶瘤病毒是一类能选择性裂解癌细胞的病毒，一方面，它们可以感染肿瘤细胞并引起细胞裂解；另一方面，它们在裂解过程中释放的分子还能诱导先天性和适应性免疫反应，吸引更多免疫细胞来继续杀死残余肿瘤细胞，因此溶瘤病毒作为创新疗法有很好的临床前景。溶瘤病毒的主要适应症为膀胱癌，膀胱癌是泌尿系统最常见的恶性肿瘤，在中国泌尿生殖道肿瘤的发病率最高，在中国的五年生存率为72.9%，膀胱癌治疗有重大的市场机会。此外，溶瘤病毒还可拓展至其他适应症，尤其能在联用中体现优势，溶瘤病毒及抗PD-1╱抗PD-L1单克隆抗体的联合已成为新兴的晚期恶性肿瘤治疗方法。CG0070在CG Oncology于美国进行的用于治疗NMIBC的临床II期研究中展现出良好的安全性及疗效， 2021年11月13日，CG Oncology披露了CG0070联合K药十分亮眼的Ⅱ期临床试验数据。试验结果显示，在可评估疗效的9名NMIBC患者中，所有患者在3个月时实现了完全缓解（CR），此外，达到6个月评估节点和9个月评估节点的患者CR率也保持了100%。全球很多家企业布局了共约180多款溶瘤病毒管线，但目前CG Oncology和美国Candel Therapeutics（CADL.US）的aglatimagene besadenovec（治疗前列腺癌进入了临床III期）属于其中进展较快的管线。除CG0070外，乐普生物还参股了武汉滨会生物，滨会生物自主开发了重组人GM-CSF溶瘤II型单纯疱疹病毒（OH2）注射液。乐普生物招股书显示，HX008联合OH2针对晚期肝细胞癌的联合疗法已经获批IND并开始相应的I期临床试验。乐普生物已建立起针对多种适应症的多个肿瘤治疗管线。随着产品商业化的临近，公司也在推进单抗与其他核心管线联用的研究，以期为患者提供创新甚至颠覆性的治疗方案。除上述HX008联合OH2外，乐普生物还计划就ADC联合HX008治疗晚期头颈部鳞状细胞癌（HNSCC）等进行研发。MRG003联合HX008治疗HNSCC，以及MRG002与HX008联合治疗胃癌均已从国家药监局获得了IND批准。而从全球来看，K药等单抗产品与ADC、溶瘤病毒联用的临床试验中，联合疗法普遍显示出较单药更高的完全缓解率，参与联合化疗试验的患者生存率也在提高。在推进候选产品开发的同时，公司已规划并正在落实生产和商业化布局。2019年，乐普生物在北京建设了GMP标准的2,000L抗体生产线并投产，目前还正在北京建设200L溶瘤病毒药物生产线。公司目前还在建上海的生物医药生产中心，包括初步设计产能12,000L的生产线及配套实验室和厂房的建设。依托公司的团队和技术平台，生产及商业化能力的建设也将为公司的全球化布局提供巨大支持。","news_type":1,"symbols_score_info":{"02157":0.9}},"isVote":1,"tweetType":1,"viewCount":2521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096940559,"gmtCreate":1644287131714,"gmtModify":1676533908888,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096940559","repostId":"1162467337","repostType":4,"isVote":1,"tweetType":1,"viewCount":2419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096039914,"gmtCreate":1644248676565,"gmtModify":1676533904606,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096039914","repostId":"2209371501","repostType":4,"isVote":1,"tweetType":1,"viewCount":2291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002709235,"gmtCreate":1642085374154,"gmtModify":1676533679368,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002709235","repostId":"2203762528","repostType":2,"repost":{"id":"2203762528","kind":"highlight","pubTimestamp":1642084749,"share":"https://ttm.financial/m/news/2203762528?lang=en_US&edition=fundamental","pubTime":"2022-01-13 22:39","market":"us","language":"zh","title":"With wages and prices spiraling upwards, can the Federal Reserve prevent a US economic recession?","url":"https://stock-news.laohu8.com/highlight/detail?id=2203762528","media":"智通财经网","summary":"美国非农及CPI数据公布后，美国经济处境变得十分尴尬。就业情况不容乐观，通胀已经破7，这意味着当前的通胀水平和“大滞胀”时期已经基本相当。此外，美联储最担心的事情也初见端倪，即“工资-物价”螺旋初步形","content":"<p><html><head></head><body>Following the release of US non-farm payroll and CPI data, the US economic situation has become extremely awkward. The employment situation is not optimistic, and inflation has broken through 7%, which means that the current inflation level is basically comparable to that during the \"Great Stagflation\" period. In addition, the Federal Reserve's biggest concern is beginning to emerge: a wage-price spiral is beginning to take shape, with low-income earners demanding higher wage growth. This could lead to inflation remaining well above the Federal Reserve's 2% target, forcing it to rate hike sharply and triggering the risk of an economic recession.</p><p><img src=\"https://static.tigerbbs.com/a83930eef744f47fb6f12d8a4319e113\" tg-width=\"652\" tg-height=\"400\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>If we recalculate the current inflation level using the method used in 1980, known as \"shadow inflation,\" we will find that the year-on-year growth rate of the US CPI has reached a high of around 15%.</p><p>Current economic situation in the</p><p>On January 12 local time, the Federal Reserve released its regional economic survey report, commonly known as the \"Beige Book\". The report shows that in the final weeks of 2021, the U.S. economy grew moderately, but due to ongoing supply chain disruptions and labor shortages, businesses in some regions lowered their expectations for economic growth over the next six months. Of the 12 local Feds, 10 said the Omeprone variant had impacted economic activity and exacerbated challenges in inflation and hiring.</p><p>Regarding inflation, the report shows that service providers and goods manufacturers across various industries are under pressure from rising wholesale and material prices. Some Feds attribute high costs to ongoing supply chain disruptions; Some regions have also reported that transportation bottlenecks have stabilized in recent weeks, but procurement costs remain high. At the same time, it is worth noting that the persistent labor shortage and corresponding wage growth have also brought more cost pressure to enterprises.</p><p>It is worth noting that the report shows that tight labor markets have driven strong wage growth across the United States, with some regions highlighting additional increases in labor costs related to non-wage benefits in the report. Reports from many regions indicate particularly strong wage growth for low-skilled workers, with wage growth far exceeding historical averages across all industries, all employees, and all regions.</p><p>In addition, data released by the Atlanta Federal Reserve shows that the wages of the lowest-income earners in the United States are growing at the fastest pace since the financial crisis, far exceeding the wage growth rate of high-income earners during the same period. This data is relatively consistent with the average hourly wage growth rate across various industries. Considering the continuous rise in wage growth and the synchronized trend of price growth over the past six months, a spiral of rising wages and inflation may have begun to take shape.</p><p>From the perspective of small Business operations, according to a Business survey, nearly 90% of small businesses plan to raise prices by 15% or more, due to the ever-increasing cost burden. Nearly 90% of small businesses reported that the cost of supplies or services has increased since the COVID-19 pandemic, with most (71%) reporting an increase of at least 20%.</p><p>Neil Bradley, chief policy officer of the U.S. Chamber of Commerce, said that inflation has become a major problem facing small businesses, and small business owners are more concerned about inflation than the COVID-19 pandemic. In the early stages of the pandemic, small businesses mainly faced challenges such as lockdowns and controls, as well as the economic recession caused by the pandemic. Now they are mainly facing inflation, severe labor shortages, and supply chain disruptions.</p><p>According to Zhitong Finance APP, there are currently approximately 25 million small and medium-sized enterprises (SMEs) in the United States, accounting for about 98% of all businesses in the country, making them the most dynamic part of the US economy.</p><p>Market wary of liquidity tightening risks</p><p>As the annual inflation rate continues to remain more than twice the flexible target of 2%, the Federal Reserve has taken steps to control inflation. Last November, the Federal Reserve began reducing its monthly purchases of Treasury bonds and mortgage-backed securities and will completely end the program in mid-March, clearing the way for its policy meeting on March 15-16 to begin rate hike.</p><p>The Federal Reserve is under pressure from Congress and the public to deal with the worst inflation since the 1980s. Policymakers, including Federal Reserve Governor Waller, Atlanta Federal Reserve Bank President Bostic, and Cleveland Fed President Mester, have indicated that they hope to raise interest rates as early as March if current economic conditions remain unchanged.</p><p>Inflation has clearly become the key to determining the next direction of the Federal Reserve's monetary policy. The interest rate dot plot released by the Federal Reserve at its meeting last December hinted at three interest rate hikes this year or rate hike, each of 25 basis points. newest<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>(CME) Federal Reserve Watch data shows that traders believe the probability of the Fed rate hike in March is 74.4%, and the probability of its fourth rate hike of the year in December is about 50%.</p><p>High inflation, the Federal Reserve's accelerated tightening of monetary policy, and market concerns about the Omeprone variant are collectively impacting the performance of the US stock market. If inflation fails to decline for a long time, the Federal Reserve may tighten monetary policy too quickly to combat high inflation, affecting further economic recovery, while the stock market, which is extremely sensitive to economic conditions, will face enormous challenges.</p><p>Regardless, the latest Beige Book's overall description of the economy is \"moderate\" growth. Although this is down from the \"moderate to moderate\" growth assessment in the previous two reports, the overall tone of the report remains optimistic rather than pessimistic.</p><p>Therefore, optimistically, rate hike and even shrinking balance sheet cannot completely solve the current problem of high inflation in the United States. However, on the one hand, it can indeed partially alleviate the pressure of upward inflation. On the other hand, the impact of tightening monetary policy on expectations is also crucial. If various market participants believe that the inflation level will decline significantly, they will change their behavior patterns under high inflation, enabling regulatory policies to achieve twice the result with half the effort.</p><p>However, it is certain that the current high inflation level is unlikely to be truly changed by just one or two rate hike. Therefore, the Federal Reserve is expected to conduct multiple rate hike this year, and the market still needs to be wary of the risk of liquidity tightening.</p><p></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With wages and prices spiraling upwards, can the Federal Reserve prevent a US economic recession?</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\">\nWith wages and prices spiraling upwards, can the Federal Reserve prevent a US economic recession?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-01-13 22:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Following the release of US non-farm payroll and CPI data, the US economic situation has become extremely awkward. The employment situation is not optimistic, and inflation has broken through 7%, which means that the current inflation level is basically comparable to that during the \"Great Stagflation\" period. In addition, the Federal Reserve's biggest concern is beginning to emerge: a wage-price spiral is beginning to take shape, with low-income earners demanding higher wage growth. This could lead to inflation remaining well above the Federal Reserve's 2% target, forcing it to rate hike sharply and triggering the risk of an economic recession.</p><p><img src=\"https://static.tigerbbs.com/a83930eef744f47fb6f12d8a4319e113\" tg-width=\"652\" tg-height=\"400\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>If we recalculate the current inflation level using the method used in 1980, known as \"shadow inflation,\" we will find that the year-on-year growth rate of the US CPI has reached a high of around 15%.</p><p>Current economic situation in the</p><p>On January 12 local time, the Federal Reserve released its regional economic survey report, commonly known as the \"Beige Book\". The report shows that in the final weeks of 2021, the U.S. economy grew moderately, but due to ongoing supply chain disruptions and labor shortages, businesses in some regions lowered their expectations for economic growth over the next six months. Of the 12 local Feds, 10 said the Omeprone variant had impacted economic activity and exacerbated challenges in inflation and hiring.</p><p>Regarding inflation, the report shows that service providers and goods manufacturers across various industries are under pressure from rising wholesale and material prices. Some Feds attribute high costs to ongoing supply chain disruptions; Some regions have also reported that transportation bottlenecks have stabilized in recent weeks, but procurement costs remain high. At the same time, it is worth noting that the persistent labor shortage and corresponding wage growth have also brought more cost pressure to enterprises.</p><p>It is worth noting that the report shows that tight labor markets have driven strong wage growth across the United States, with some regions highlighting additional increases in labor costs related to non-wage benefits in the report. Reports from many regions indicate particularly strong wage growth for low-skilled workers, with wage growth far exceeding historical averages across all industries, all employees, and all regions.</p><p>In addition, data released by the Atlanta Federal Reserve shows that the wages of the lowest-income earners in the United States are growing at the fastest pace since the financial crisis, far exceeding the wage growth rate of high-income earners during the same period. This data is relatively consistent with the average hourly wage growth rate across various industries. Considering the continuous rise in wage growth and the synchronized trend of price growth over the past six months, a spiral of rising wages and inflation may have begun to take shape.</p><p>From the perspective of small Business operations, according to a Business survey, nearly 90% of small businesses plan to raise prices by 15% or more, due to the ever-increasing cost burden. Nearly 90% of small businesses reported that the cost of supplies or services has increased since the COVID-19 pandemic, with most (71%) reporting an increase of at least 20%.</p><p>Neil Bradley, chief policy officer of the U.S. Chamber of Commerce, said that inflation has become a major problem facing small businesses, and small business owners are more concerned about inflation than the COVID-19 pandemic. In the early stages of the pandemic, small businesses mainly faced challenges such as lockdowns and controls, as well as the economic recession caused by the pandemic. Now they are mainly facing inflation, severe labor shortages, and supply chain disruptions.</p><p>According to Zhitong Finance APP, there are currently approximately 25 million small and medium-sized enterprises (SMEs) in the United States, accounting for about 98% of all businesses in the country, making them the most dynamic part of the US economy.</p><p>Market wary of liquidity tightening risks</p><p>As the annual inflation rate continues to remain more than twice the flexible target of 2%, the Federal Reserve has taken steps to control inflation. Last November, the Federal Reserve began reducing its monthly purchases of Treasury bonds and mortgage-backed securities and will completely end the program in mid-March, clearing the way for its policy meeting on March 15-16 to begin rate hike.</p><p>The Federal Reserve is under pressure from Congress and the public to deal with the worst inflation since the 1980s. Policymakers, including Federal Reserve Governor Waller, Atlanta Federal Reserve Bank President Bostic, and Cleveland Fed President Mester, have indicated that they hope to raise interest rates as early as March if current economic conditions remain unchanged.</p><p>Inflation has clearly become the key to determining the next direction of the Federal Reserve's monetary policy. The interest rate dot plot released by the Federal Reserve at its meeting last December hinted at three interest rate hikes this year or rate hike, each of 25 basis points. newest<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>(CME) Federal Reserve Watch data shows that traders believe the probability of the Fed rate hike in March is 74.4%, and the probability of its fourth rate hike of the year in December is about 50%.</p><p>High inflation, the Federal Reserve's accelerated tightening of monetary policy, and market concerns about the Omeprone variant are collectively impacting the performance of the US stock market. If inflation fails to decline for a long time, the Federal Reserve may tighten monetary policy too quickly to combat high inflation, affecting further economic recovery, while the stock market, which is extremely sensitive to economic conditions, will face enormous challenges.</p><p>Regardless, the latest Beige Book's overall description of the economy is \"moderate\" growth. Although this is down from the \"moderate to moderate\" growth assessment in the previous two reports, the overall tone of the report remains optimistic rather than pessimistic.</p><p>Therefore, optimistically, rate hike and even shrinking balance sheet cannot completely solve the current problem of high inflation in the United States. However, on the one hand, it can indeed partially alleviate the pressure of upward inflation. On the other hand, the impact of tightening monetary policy on expectations is also crucial. If various market participants believe that the inflation level will decline significantly, they will change their behavior patterns under high inflation, enabling regulatory policies to achieve twice the result with half the effort.</p><p>However, it is certain that the current high inflation level is unlikely to be truly changed by just one or two rate hike. Therefore, the Federal Reserve is expected to conduct multiple rate hike this year, and the market still needs to be wary of the risk of liquidity tightening.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/640354.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a335dbc7703604fbe6877b83265f3eb8","relate_stocks":{".IXIC":"NASDAQ Composite","BK4559":"巴菲特持仓","BK4504":"桥水持仓","SPY":"标普500ETF",".DJI":"道琼斯","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓"},"source_url":"http://www.zhitongcaijing.com/content/detail/640354.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2203762528","content_text":"美国非农及CPI数据公布后，美国经济处境变得十分尴尬。就业情况不容乐观，通胀已经破7，这意味着当前的通胀水平和“大滞胀”时期已经基本相当。此外，美联储最担心的事情也初见端倪，即“工资-物价”螺旋初步形成，低收入者要求更高薪资增速。这可能导致通胀率保持在远高于美联储2%目标的水平，迫使其大幅加息，并引发经济衰退风险。如果按照1980年的方法，重新计算当前的通胀水平，即所谓“影子通胀”，则会发现美国CPI同比增速已达到15%左右的高位。美国当前经济状况当地时间1月12日，美联储发布了俗称“褐皮书”的地区经济调查报告。报告显示，2021年最后几周，美国经济增长温和，但由于受限于持续的供应链中断和劳动力短缺，部分地区的企业对未来六个月经济增长的预期有所降温。在12家地方联储中，10家表示奥密克戎变异株影响了经济活动，加剧了通胀和招聘方面的挑战。在通胀方面，该报告显示，各个行业的服务提供商和商品生产商，都受到来自批发和材料价格成本上升的压力。一些联储将高成本归因于持续的供应链中断;也有一些地区反应运输瓶颈在最近几周已经稳定下来，但采购成本仍然很高。同时，值得注意的是，持续的劳动力短缺和相应的工资增长也给企业带来了更多的成本压力。值得注意是的，该报告显示，劳动力市场的紧张状况推动了美国全国范围内工资的强劲增长，一些地区在报告中强调了与非工资福利相关的劳动力成本的额外增长。许多地区的报告指出低技能工人的工资增长特别强劲，在所有行业、所有员工和所有地区的薪酬增长均远高于历史平均水平。此外，亚特兰大联储披露的数据显示，美国最低收入者的工资正以金融危机以来最快的速度增长，远高于同期高收入者的工资增速。这一数据与各行业的平均时薪增速较为一致，考虑到近半年来工资增速的持续走高和物价增速走势同步，工资和通胀螺旋上升的局面或已初步形成。从小企业运营状况的角度看，据Business调查发现，接近90%的小企业计划提价15%及以上，这是源于不停增长的成本负担。近九成的小企业报告称，自新冠大流行以来，供应或服务的成本增加了，其中大多数(71%)报告说至少增加了20%。美国商会的首席政策官尼尔·布拉德利表示，通胀已经成为小企业所面临的主要问题，小企业主对通胀的担忧已经超过了新冠疫情。疫情爆发初期，小企业们主要面临的是封锁管控和疫情导致的经济衰退等问题。而现在他们面临的主要是通胀、劳动力严重短缺和供应链中断。智通财经APP了解到，美国目前约有中小企业2500万家，其数量约占美国全部企业数量的98%，是美国经济中最具活力的部分。市场警惕流动性收紧风险随着通胀年率持续保持在2%的灵活目标的两倍以上，美联储已经采取措施来控制通胀。去年11月，美联储开始减少每月购买公债和抵押贷款支持证券的步伐，并将在3月中完全结束该计划，为其在3月15-16日的政策会议上开始加息扫清道路。美联储面临着来自国会和公众的压力，要求他们应对1980年代以来最严重的通货膨胀。包括美联储理事沃勒、亚特兰大联邦储备银行行长博斯蒂克和克利夫兰联储主席梅斯特在内的决策者已经暗示，如果目前的经济状况保持不变，他们希望最早在3月升息。通胀显然成了决定美联储货币政策下一步走向的关键。美联储去年12月会议上发布的利率点阵图暗示今年或加息3次，每次25个基点。最新芝加哥商品交易所(CME)美联储观察数据显示，交易员认为美联储3月加息的概率为74.4%，12月实施年内第4次加息的概率约50%。高企的通胀、美联储加速收紧货币政策以及市场对于奥密克戎变异毒株的担忧，正在共同影响美股市场的表现。若通胀迟迟无法回落，美联储为对抗高通胀可能会过快收紧货币政策，影响经济进一步复苏，而对经济景气极为敏感的股市将会迎接巨大的挑战。但无论如何，最新的褐皮书对经济的总体描述是“温和”增长，尽管较之前两份报告中“温和至适度”增长的评估有所下降，但整个报告的基调仍偏乐观，而非悲观。因此，乐观来看，加息乃至于缩表并不能够完全解决当前美国通胀高企的问题。但一方面，其确确实实可以部分缓解通胀上行的压力，而另一方面，货币政策转紧对于预期的影响也举足轻重，如果各个市场主体认为通胀水平会有显著回落，则会改变其高通胀下的行为模式，使得调控政策能够发挥事半功倍的效果。但无论如何，可以肯定的是，目前高企的通胀水平仅靠一到两次加息很难真正改变，因此，今年年内预计美联储将有多次加息，市场仍需警惕流动性收紧的风险。","news_type":1,"symbols_score_info":{"SPY":1,".IXIC":1,".DJI":1}},"isVote":1,"tweetType":1,"viewCount":1865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002709386,"gmtCreate":1642085334551,"gmtModify":1676533679367,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002709386","repostId":"2203762528","repostType":4,"repost":{"id":"2203762528","kind":"highlight","pubTimestamp":1642084749,"share":"https://ttm.financial/m/news/2203762528?lang=en_US&edition=fundamental","pubTime":"2022-01-13 22:39","market":"us","language":"zh","title":"With wages and prices spiraling upwards, can the Federal Reserve prevent a US economic recession?","url":"https://stock-news.laohu8.com/highlight/detail?id=2203762528","media":"智通财经网","summary":"美国非农及CPI数据公布后，美国经济处境变得十分尴尬。就业情况不容乐观，通胀已经破7，这意味着当前的通胀水平和“大滞胀”时期已经基本相当。此外，美联储最担心的事情也初见端倪，即“工资-物价”螺旋初步形","content":"<p><html><head></head><body>Following the release of US non-farm payroll and CPI data, the US economic situation has become extremely awkward. The employment situation is not optimistic, and inflation has broken through 7%, which means that the current inflation level is basically comparable to that during the \"Great Stagflation\" period. In addition, the Federal Reserve's biggest concern is beginning to emerge: a wage-price spiral is beginning to take shape, with low-income earners demanding higher wage growth. This could lead to inflation remaining well above the Federal Reserve's 2% target, forcing it to rate hike sharply and triggering the risk of an economic recession.</p><p><img src=\"https://static.tigerbbs.com/a83930eef744f47fb6f12d8a4319e113\" tg-width=\"652\" tg-height=\"400\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>If we recalculate the current inflation level using the method used in 1980, known as \"shadow inflation,\" we will find that the year-on-year growth rate of the US CPI has reached a high of around 15%.</p><p>Current economic situation in the</p><p>On January 12 local time, the Federal Reserve released its regional economic survey report, commonly known as the \"Beige Book\". The report shows that in the final weeks of 2021, the U.S. economy grew moderately, but due to ongoing supply chain disruptions and labor shortages, businesses in some regions lowered their expectations for economic growth over the next six months. Of the 12 local Feds, 10 said the Omeprone variant had impacted economic activity and exacerbated challenges in inflation and hiring.</p><p>Regarding inflation, the report shows that service providers and goods manufacturers across various industries are under pressure from rising wholesale and material prices. Some Feds attribute high costs to ongoing supply chain disruptions; Some regions have also reported that transportation bottlenecks have stabilized in recent weeks, but procurement costs remain high. At the same time, it is worth noting that the persistent labor shortage and corresponding wage growth have also brought more cost pressure to enterprises.</p><p>It is worth noting that the report shows that tight labor markets have driven strong wage growth across the United States, with some regions highlighting additional increases in labor costs related to non-wage benefits in the report. Reports from many regions indicate particularly strong wage growth for low-skilled workers, with wage growth far exceeding historical averages across all industries, all employees, and all regions.</p><p>In addition, data released by the Atlanta Federal Reserve shows that the wages of the lowest-income earners in the United States are growing at the fastest pace since the financial crisis, far exceeding the wage growth rate of high-income earners during the same period. This data is relatively consistent with the average hourly wage growth rate across various industries. Considering the continuous rise in wage growth and the synchronized trend of price growth over the past six months, a spiral of rising wages and inflation may have begun to take shape.</p><p>From the perspective of small Business operations, according to a Business survey, nearly 90% of small businesses plan to raise prices by 15% or more, due to the ever-increasing cost burden. Nearly 90% of small businesses reported that the cost of supplies or services has increased since the COVID-19 pandemic, with most (71%) reporting an increase of at least 20%.</p><p>Neil Bradley, chief policy officer of the U.S. Chamber of Commerce, said that inflation has become a major problem facing small businesses, and small business owners are more concerned about inflation than the COVID-19 pandemic. In the early stages of the pandemic, small businesses mainly faced challenges such as lockdowns and controls, as well as the economic recession caused by the pandemic. Now they are mainly facing inflation, severe labor shortages, and supply chain disruptions.</p><p>According to Zhitong Finance APP, there are currently approximately 25 million small and medium-sized enterprises (SMEs) in the United States, accounting for about 98% of all businesses in the country, making them the most dynamic part of the US economy.</p><p>Market wary of liquidity tightening risks</p><p>As the annual inflation rate continues to remain more than twice the flexible target of 2%, the Federal Reserve has taken steps to control inflation. Last November, the Federal Reserve began reducing its monthly purchases of Treasury bonds and mortgage-backed securities and will completely end the program in mid-March, clearing the way for its policy meeting on March 15-16 to begin rate hike.</p><p>The Federal Reserve is under pressure from Congress and the public to deal with the worst inflation since the 1980s. Policymakers, including Federal Reserve Governor Waller, Atlanta Federal Reserve Bank President Bostic, and Cleveland Fed President Mester, have indicated that they hope to raise interest rates as early as March if current economic conditions remain unchanged.</p><p>Inflation has clearly become the key to determining the next direction of the Federal Reserve's monetary policy. The interest rate dot plot released by the Federal Reserve at its meeting last December hinted at three interest rate hikes this year or rate hike, each of 25 basis points. newest<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>(CME) Federal Reserve Watch data shows that traders believe the probability of the Fed rate hike in March is 74.4%, and the probability of its fourth rate hike of the year in December is about 50%.</p><p>High inflation, the Federal Reserve's accelerated tightening of monetary policy, and market concerns about the Omeprone variant are collectively impacting the performance of the US stock market. If inflation fails to decline for a long time, the Federal Reserve may tighten monetary policy too quickly to combat high inflation, affecting further economic recovery, while the stock market, which is extremely sensitive to economic conditions, will face enormous challenges.</p><p>Regardless, the latest Beige Book's overall description of the economy is \"moderate\" growth. Although this is down from the \"moderate to moderate\" growth assessment in the previous two reports, the overall tone of the report remains optimistic rather than pessimistic.</p><p>Therefore, optimistically, rate hike and even shrinking balance sheet cannot completely solve the current problem of high inflation in the United States. However, on the one hand, it can indeed partially alleviate the pressure of upward inflation. On the other hand, the impact of tightening monetary policy on expectations is also crucial. If various market participants believe that the inflation level will decline significantly, they will change their behavior patterns under high inflation, enabling regulatory policies to achieve twice the result with half the effort.</p><p>However, it is certain that the current high inflation level is unlikely to be truly changed by just one or two rate hike. Therefore, the Federal Reserve is expected to conduct multiple rate hike this year, and the market still needs to be wary of the risk of liquidity tightening.</p><p></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With wages and prices spiraling upwards, can the Federal Reserve prevent a US economic recession?</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\">\nWith wages and prices spiraling upwards, can the Federal Reserve prevent a US economic recession?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-01-13 22:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Following the release of US non-farm payroll and CPI data, the US economic situation has become extremely awkward. The employment situation is not optimistic, and inflation has broken through 7%, which means that the current inflation level is basically comparable to that during the \"Great Stagflation\" period. In addition, the Federal Reserve's biggest concern is beginning to emerge: a wage-price spiral is beginning to take shape, with low-income earners demanding higher wage growth. This could lead to inflation remaining well above the Federal Reserve's 2% target, forcing it to rate hike sharply and triggering the risk of an economic recession.</p><p><img src=\"https://static.tigerbbs.com/a83930eef744f47fb6f12d8a4319e113\" tg-width=\"652\" tg-height=\"400\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>If we recalculate the current inflation level using the method used in 1980, known as \"shadow inflation,\" we will find that the year-on-year growth rate of the US CPI has reached a high of around 15%.</p><p>Current economic situation in the</p><p>On January 12 local time, the Federal Reserve released its regional economic survey report, commonly known as the \"Beige Book\". The report shows that in the final weeks of 2021, the U.S. economy grew moderately, but due to ongoing supply chain disruptions and labor shortages, businesses in some regions lowered their expectations for economic growth over the next six months. Of the 12 local Feds, 10 said the Omeprone variant had impacted economic activity and exacerbated challenges in inflation and hiring.</p><p>Regarding inflation, the report shows that service providers and goods manufacturers across various industries are under pressure from rising wholesale and material prices. Some Feds attribute high costs to ongoing supply chain disruptions; Some regions have also reported that transportation bottlenecks have stabilized in recent weeks, but procurement costs remain high. At the same time, it is worth noting that the persistent labor shortage and corresponding wage growth have also brought more cost pressure to enterprises.</p><p>It is worth noting that the report shows that tight labor markets have driven strong wage growth across the United States, with some regions highlighting additional increases in labor costs related to non-wage benefits in the report. Reports from many regions indicate particularly strong wage growth for low-skilled workers, with wage growth far exceeding historical averages across all industries, all employees, and all regions.</p><p>In addition, data released by the Atlanta Federal Reserve shows that the wages of the lowest-income earners in the United States are growing at the fastest pace since the financial crisis, far exceeding the wage growth rate of high-income earners during the same period. This data is relatively consistent with the average hourly wage growth rate across various industries. Considering the continuous rise in wage growth and the synchronized trend of price growth over the past six months, a spiral of rising wages and inflation may have begun to take shape.</p><p>From the perspective of small Business operations, according to a Business survey, nearly 90% of small businesses plan to raise prices by 15% or more, due to the ever-increasing cost burden. Nearly 90% of small businesses reported that the cost of supplies or services has increased since the COVID-19 pandemic, with most (71%) reporting an increase of at least 20%.</p><p>Neil Bradley, chief policy officer of the U.S. Chamber of Commerce, said that inflation has become a major problem facing small businesses, and small business owners are more concerned about inflation than the COVID-19 pandemic. In the early stages of the pandemic, small businesses mainly faced challenges such as lockdowns and controls, as well as the economic recession caused by the pandemic. Now they are mainly facing inflation, severe labor shortages, and supply chain disruptions.</p><p>According to Zhitong Finance APP, there are currently approximately 25 million small and medium-sized enterprises (SMEs) in the United States, accounting for about 98% of all businesses in the country, making them the most dynamic part of the US economy.</p><p>Market wary of liquidity tightening risks</p><p>As the annual inflation rate continues to remain more than twice the flexible target of 2%, the Federal Reserve has taken steps to control inflation. Last November, the Federal Reserve began reducing its monthly purchases of Treasury bonds and mortgage-backed securities and will completely end the program in mid-March, clearing the way for its policy meeting on March 15-16 to begin rate hike.</p><p>The Federal Reserve is under pressure from Congress and the public to deal with the worst inflation since the 1980s. Policymakers, including Federal Reserve Governor Waller, Atlanta Federal Reserve Bank President Bostic, and Cleveland Fed President Mester, have indicated that they hope to raise interest rates as early as March if current economic conditions remain unchanged.</p><p>Inflation has clearly become the key to determining the next direction of the Federal Reserve's monetary policy. The interest rate dot plot released by the Federal Reserve at its meeting last December hinted at three interest rate hikes this year or rate hike, each of 25 basis points. newest<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>(CME) Federal Reserve Watch data shows that traders believe the probability of the Fed rate hike in March is 74.4%, and the probability of its fourth rate hike of the year in December is about 50%.</p><p>High inflation, the Federal Reserve's accelerated tightening of monetary policy, and market concerns about the Omeprone variant are collectively impacting the performance of the US stock market. If inflation fails to decline for a long time, the Federal Reserve may tighten monetary policy too quickly to combat high inflation, affecting further economic recovery, while the stock market, which is extremely sensitive to economic conditions, will face enormous challenges.</p><p>Regardless, the latest Beige Book's overall description of the economy is \"moderate\" growth. Although this is down from the \"moderate to moderate\" growth assessment in the previous two reports, the overall tone of the report remains optimistic rather than pessimistic.</p><p>Therefore, optimistically, rate hike and even shrinking balance sheet cannot completely solve the current problem of high inflation in the United States. However, on the one hand, it can indeed partially alleviate the pressure of upward inflation. On the other hand, the impact of tightening monetary policy on expectations is also crucial. If various market participants believe that the inflation level will decline significantly, they will change their behavior patterns under high inflation, enabling regulatory policies to achieve twice the result with half the effort.</p><p>However, it is certain that the current high inflation level is unlikely to be truly changed by just one or two rate hike. Therefore, the Federal Reserve is expected to conduct multiple rate hike this year, and the market still needs to be wary of the risk of liquidity tightening.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/640354.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a335dbc7703604fbe6877b83265f3eb8","relate_stocks":{".IXIC":"NASDAQ Composite","BK4559":"巴菲特持仓","BK4504":"桥水持仓","SPY":"标普500ETF",".DJI":"道琼斯","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓"},"source_url":"http://www.zhitongcaijing.com/content/detail/640354.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2203762528","content_text":"美国非农及CPI数据公布后，美国经济处境变得十分尴尬。就业情况不容乐观，通胀已经破7，这意味着当前的通胀水平和“大滞胀”时期已经基本相当。此外，美联储最担心的事情也初见端倪，即“工资-物价”螺旋初步形成，低收入者要求更高薪资增速。这可能导致通胀率保持在远高于美联储2%目标的水平，迫使其大幅加息，并引发经济衰退风险。如果按照1980年的方法，重新计算当前的通胀水平，即所谓“影子通胀”，则会发现美国CPI同比增速已达到15%左右的高位。美国当前经济状况当地时间1月12日，美联储发布了俗称“褐皮书”的地区经济调查报告。报告显示，2021年最后几周，美国经济增长温和，但由于受限于持续的供应链中断和劳动力短缺，部分地区的企业对未来六个月经济增长的预期有所降温。在12家地方联储中，10家表示奥密克戎变异株影响了经济活动，加剧了通胀和招聘方面的挑战。在通胀方面，该报告显示，各个行业的服务提供商和商品生产商，都受到来自批发和材料价格成本上升的压力。一些联储将高成本归因于持续的供应链中断;也有一些地区反应运输瓶颈在最近几周已经稳定下来，但采购成本仍然很高。同时，值得注意的是，持续的劳动力短缺和相应的工资增长也给企业带来了更多的成本压力。值得注意是的，该报告显示，劳动力市场的紧张状况推动了美国全国范围内工资的强劲增长，一些地区在报告中强调了与非工资福利相关的劳动力成本的额外增长。许多地区的报告指出低技能工人的工资增长特别强劲，在所有行业、所有员工和所有地区的薪酬增长均远高于历史平均水平。此外，亚特兰大联储披露的数据显示，美国最低收入者的工资正以金融危机以来最快的速度增长，远高于同期高收入者的工资增速。这一数据与各行业的平均时薪增速较为一致，考虑到近半年来工资增速的持续走高和物价增速走势同步，工资和通胀螺旋上升的局面或已初步形成。从小企业运营状况的角度看，据Business调查发现，接近90%的小企业计划提价15%及以上，这是源于不停增长的成本负担。近九成的小企业报告称，自新冠大流行以来，供应或服务的成本增加了，其中大多数(71%)报告说至少增加了20%。美国商会的首席政策官尼尔·布拉德利表示，通胀已经成为小企业所面临的主要问题，小企业主对通胀的担忧已经超过了新冠疫情。疫情爆发初期，小企业们主要面临的是封锁管控和疫情导致的经济衰退等问题。而现在他们面临的主要是通胀、劳动力严重短缺和供应链中断。智通财经APP了解到，美国目前约有中小企业2500万家，其数量约占美国全部企业数量的98%，是美国经济中最具活力的部分。市场警惕流动性收紧风险随着通胀年率持续保持在2%的灵活目标的两倍以上，美联储已经采取措施来控制通胀。去年11月，美联储开始减少每月购买公债和抵押贷款支持证券的步伐，并将在3月中完全结束该计划，为其在3月15-16日的政策会议上开始加息扫清道路。美联储面临着来自国会和公众的压力，要求他们应对1980年代以来最严重的通货膨胀。包括美联储理事沃勒、亚特兰大联邦储备银行行长博斯蒂克和克利夫兰联储主席梅斯特在内的决策者已经暗示，如果目前的经济状况保持不变，他们希望最早在3月升息。通胀显然成了决定美联储货币政策下一步走向的关键。美联储去年12月会议上发布的利率点阵图暗示今年或加息3次，每次25个基点。最新芝加哥商品交易所(CME)美联储观察数据显示，交易员认为美联储3月加息的概率为74.4%，12月实施年内第4次加息的概率约50%。高企的通胀、美联储加速收紧货币政策以及市场对于奥密克戎变异毒株的担忧，正在共同影响美股市场的表现。若通胀迟迟无法回落，美联储为对抗高通胀可能会过快收紧货币政策，影响经济进一步复苏，而对经济景气极为敏感的股市将会迎接巨大的挑战。但无论如何，最新的褐皮书对经济的总体描述是“温和”增长，尽管较之前两份报告中“温和至适度”增长的评估有所下降，但整个报告的基调仍偏乐观，而非悲观。因此，乐观来看，加息乃至于缩表并不能够完全解决当前美国通胀高企的问题。但一方面，其确确实实可以部分缓解通胀上行的压力，而另一方面，货币政策转紧对于预期的影响也举足轻重，如果各个市场主体认为通胀水平会有显著回落，则会改变其高通胀下的行为模式，使得调控政策能够发挥事半功倍的效果。但无论如何，可以肯定的是，目前高企的通胀水平仅靠一到两次加息很难真正改变，因此，今年年内预计美联储将有多次加息，市场仍需警惕流动性收紧的风险。","news_type":1,"symbols_score_info":{"SPY":1,".IXIC":1,".DJI":1}},"isVote":1,"tweetType":1,"viewCount":2194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002453972,"gmtCreate":1642078847446,"gmtModify":1676533678512,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002453972","repostId":"2203763141","repostType":4,"isVote":1,"tweetType":1,"viewCount":1770,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002336586,"gmtCreate":1641912971493,"gmtModify":1676533661202,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002336586","repostId":"2202204160","repostType":4,"isVote":1,"tweetType":1,"viewCount":2372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":814456542,"gmtCreate":1630880986086,"gmtModify":1676530408196,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good day&nbsp;","listText":"Good day&nbsp;","text":"Good day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/814456542","repostId":"1152020609","repostType":4,"repost":{"id":"1152020609","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":1630572749,"share":"https://ttm.financial/m/news/1152020609?lang=en_US&edition=fundamental","pubTime":"2021-09-02 16:52","market":"hk","language":"zh","title":"Reminder: US stocks will be closed on September 6th due to Labor Day.","url":"https://stock-news.laohu8.com/highlight/detail?id=1152020609","media":"老虎资讯综合","summary":"9月6日（下周一），美国股市因劳工节休市一天，9月7日（下周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n九月的第一个星期一是美国的劳工节（Labor Day），在189","content":"<p>The U.S. stock market will be closed for Labor Day on September 6 (next Monday) and will resume trading on September 7 (next Tuesday).</p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p>The first Monday in September is Labor Day in the United States, which was established as the national holiday of the United States in 1894.</p><p>On this day, people across the United States generally hold various celebrations such as*and rallies to show respect for workers. In some states, people hold picnics after*, with lively eating, drinking, singing, and dancing. As night falls, fireworks are set off in some places.</p><p><img src=\"https://static.tigerbbs.com/6a3b13247eca5b02ef7724259aead09e\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: US stocks will be closed on September 6th due to Labor Day.</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\">\nReminder: US stocks will be closed on September 6th due to Labor Day.\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\">2021-09-02 16:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The U.S. stock market will be closed for Labor Day on September 6 (next Monday) and will resume trading on September 7 (next Tuesday).</p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p>The first Monday in September is Labor Day in the United States, which was established as the national holiday of the United States in 1894.</p><p>On this day, people across the United States generally hold various celebrations such as*and rallies to show respect for workers. In some states, people hold picnics after*, with lively eating, drinking, singing, and dancing. As night falls, fireworks are set off in some places.</p><p><img src=\"https://static.tigerbbs.com/6a3b13247eca5b02ef7724259aead09e\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a3b13247eca5b02ef7724259aead09e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152020609","content_text":"9月6日（下周一），美国股市因劳工节休市一天，9月7日（下周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n九月的第一个星期一是美国的劳工节（Labor Day），在1894年被确立为美国的国家节日，即美国的劳动节。\n这一天，全美各地民众一般都会举行游行、集会等各种庆祝活动，以示对劳工的尊重。在一些州，人们在游行之后还要举办野餐会，热闹地吃喝、唱歌、跳舞。入夜，有的地方还会放焰火。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":250806779003056,"gmtCreate":1702251264994,"gmtModify":1702251269072,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good job and do it better&nbsp;","listText":"Good job and do it better&nbsp;","text":"Good job and do it better","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/250806779003056","isVote":1,"tweetType":1,"viewCount":6898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934222915,"gmtCreate":1663260376337,"gmtModify":1676537239022,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9934222915","repostId":"2267687636","repostType":4,"isVote":1,"tweetType":1,"viewCount":6622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026712553,"gmtCreate":1653435450372,"gmtModify":1676535280170,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026712553","repostId":"2238304789","repostType":4,"isVote":1,"tweetType":1,"viewCount":6463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9088349179,"gmtCreate":1650322831491,"gmtModify":1676534693717,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9088349179","repostId":"613872623","repostType":1,"repost":{"id":613872623,"gmtCreate":1649832120000,"gmtModify":1676532974118,"author":{"id":"3579560926082632","authorId":"3579560926082632","name":"投资界","avatar":"https://static.tigerbbs.com/6a09632062f91283b4308e641ec08979","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579560926082632","authorIdStr":"3579560926082632"},"themes":[],"title":"精“材”路演上線！「創投W+」新材料專場路演順利舉行","htmlText":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","listText":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","text":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/613872623","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2254,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"content":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone","text":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone","html":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9006831397,"gmtCreate":1641685819938,"gmtModify":1676533638911,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9006831397","repostId":"1147279991","repostType":4,"repost":{"id":"1147279991","kind":"news","weMediaInfo":{"introduction":"提供来自华尔街的观点，观察市场，提供独道的解读视角。","home_visible":1,"media_name":"老虎锐评","id":"1005414032","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1641563858,"share":"https://ttm.financial/m/news/1147279991?lang=en_US&edition=fundamental","pubTime":"2022-01-07 21:57","market":"us","language":"zh","title":"Tiger's Pre-Market Observation: Non-farm payroll data cannot stop the Fed's March rate hike.","url":"https://stock-news.laohu8.com/highlight/detail?id=1147279991","media":"老虎锐评","summary":"盘前观察美股盘前小跌，全球新冠确诊数超过3亿（美国贡献近20%，接近6,000万）。12月非农就业：新增就业不及预期，但失业率好于预期其实现在关注非农就业数据，多多少少有点鸡肋。对于市场参与者，关注宏","content":"<p><html><head></head><body><b>Pre-market observation</b></p><p>U.S. stocks fell slightly in pre-market trading as the number of confirmed COVID-19 cases worldwide exceeded 300 million (the U.S. contributed nearly 20%, approaching 60 million).</p><p><b>December non-farm payrolls: New jobs fell short of expectations, but the unemployment rate was better than expected.</b></p><p>In fact, focusing on non-farm payroll data now is somewhat useless. For market participants, the logic behind focusing on macroeconomic data is (1) focusing on the macroeconomy -> (2) inferring the Federal Reserve's monetary policy -> (3) judging market trends. In fact, this logical chain has never been very effective. (1) The quality of the macroeconomy is the basis for the Federal Reserve's monetary policy, but the relationship between the two keeps changing. (2) The relationship between the Federal Reserve’s monetary policy and market trends is even more blurred. The rate hike cycle market can rise, and the market can fall during the zero interest rate period. This is why fewer and fewer hedge funds on Wall Street are using \"macro strategies\" as their investment strategies, and the remaining \"macro strategy\" hedge funds have rather embarrassing returns.</p><p>The relationship between (2) and (3) was already very vague, and now the relationship between (1) and (2) is even more lacking. Regardless of the non-farm payroll data, the Federal Reserve's pace of tightening liquidity in rate hike will absolutely not change. This is why I say that focusing on non-farm payroll data now is somewhat useless for market participants.</p><p>December non-farm payrolls data showed new jobs of +199,000 (expected +450,000) and an unemployment rate of +3.9% (expected +4.1%).</p><p>Similar to the previous analysis of non-farm payroll data, the real highlights are the other two. The first point to watch is how the slowest-growing occupation among the unemployed, \"Leisure and Hospitality,\" is recovering. The second point to watch is whether the persistently low labor force participation rate has increased.</p><p>\"Leisure and Hospitality\" continued to grow in December, but the growth rate slowed down, just like in November. The data for December includes the impact of the pandemic. In general, after nearly two years of suffering from COVID-19, some restaurants/hotels/entertainment industries in the United States have chosen to close permanently, which is almost irreversible. To give an example known to Chinese people in New York, Jinfeng Grand Restaurant (with 800 seats), a dim sum restaurant that had existed in Chinatown for 28 years, chose to close permanently during this round of COVID-19.</p><p>The labor force participation rate remained the same as last month at 61.9%. The labor force participation rate has been slow to recover, indicating that labor costs remain high, which means that the CPI in December will not fall anytime soon. However, I still maintain that the CPI in the first quarter of this year will decline rapidly, just like the pandemic data.</p><p>In summary, while the unemployment rate was better than expected, other data were less than satisfactory. However, whether the data is good or bad cannot stop the Federal Reserve from releasing rate hike in March.</p><p><img src=\"https://static.tigerbbs.com/3202d6698fcff5cf78ea08a7ff55f2da\" tg-width=\"936\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p><b>Company News</b></p><p>Moderna (MRNA): CEO Bancel warns that the efficacy of booster shots may decline over time. People may need a fourth injection this fall to enhance protection. The CDC currently recommends two doses of the Moderna COVID-19 vaccine followed by a booster shot six months later.</p><p>Quidel (QDEL): Q4 revenue is expected to be $633 million to $637 million, exceeding market expectations of $466 million. The expected increase in revenue is mainly due to increased demand for COVID-19 testing and other disease testing.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA): The starting price of the US Model X Plaid has increased from $119,990 to $126,490. The reason is that other seating options for the model have been removed, all of which are specified as a six-seat configuration priced at $6,500, with deliveries expected to begin in October.</p><p>Tesla (TSLA): 15 Semi electric semi-trailers may be delivered to Pepsi (PEP) this month. Pepsi announced last March that it would receive the Tesla Semi electric semi-trailer, which Tesla began producing at its Nevada Gigafactory last December.</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL): CEO Tim Cook's total compensation in 2021 was $98.7 million. A base salary of $3 million and stock-based compensation of $82.34 million will be awarded in time-based installments, including $37.5 million in time-based stock and $44.8 million in performance-based stock.</p><p>SONO: International Trade Commission Ruling<a href=\"https://laohu8.com/S/GOOG\">Google</a>(GOOGL) infringed on some of its audio patents for Nest speakers. Google said it plans to appeal the ruling.</p><p>T-Mobile (TMUS): Net paying subscribers increased by 844,000 in the fourth quarter, below market expectations of 868,000. The total number of new users in 2021 was approximately 2.9 million.</p><p><a href=\"https://laohu8.com/S/NYT\">New York times</a>(NYT): Announced The acquisition of sports news website The Athletic for $550 million. The Athletic has over 1 million subscribers, and The transaction is expected to close in The first quarter. The website will remain a standalone project thereafter. The New York Times currently has more than 8 million subscribers.</p><p><a href=\"https://laohu8.com/S/CZR\">Caesar Entertainment</a>(CZR) & DraftKings (DKNG): The New York State Gaming Commission announced that four companies can operate mobile sports betting businesses in New York. Caesars, DraftKings, FanDuel, and Rush Street Interactive can begin operating mobile sportsbooks on Saturday mornings.</p><p><b>other</b></p><p>There were 300,451,850 (+1,966,759) confirmed cases and 5,474,348 (+6,143) deaths worldwide.</p><p>The United States confirmed 58,487,940 (+610,989) cases and 833,989 (+1,404) deaths.</p><p>New York State has 3,890,666 (+84,202) confirmed cases and 60,166 (+130) deaths.</p><p>U.S. non-farm payrolls increased by 199,000 in December, compared to an expected 447,000 and a previous reading of 210,000.</p><p>The head of the U.S. CDC will hold a press conference at 11 a.m. after six of Biden's public health advisors from the presidential transition period published articles calling on the Biden administration to adopt new protest strategies to adapt to coexisting with the virus rather than completely eliminating it.</p><p>Federal Reserve Vice Chair Clarida's stock trading behavior in the early stages of the COVID-19 pandemic has sparked new controversy.</p><p><img src=\"https://static.tigerbbs.com/568899c19bad5bedd5f1532327af0500\" tg-width=\"937\" tg-height=\"89\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>Tiger's Pre-Market Observation: Non-farm payroll data cannot stop the Fed's March rate hike.</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\">\nTiger's Pre-Market Observation: Non-farm payroll data cannot stop the Fed's March rate hike.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1005414032\">\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\">老虎锐评 </p>\n<p class=\"h-time smaller\">2022-01-07 21:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Pre-market observation</b></p><p>U.S. stocks fell slightly in pre-market trading as the number of confirmed COVID-19 cases worldwide exceeded 300 million (the U.S. contributed nearly 20%, approaching 60 million).</p><p><b>December non-farm payrolls: New jobs fell short of expectations, but the unemployment rate was better than expected.</b></p><p>In fact, focusing on non-farm payroll data now is somewhat useless. For market participants, the logic behind focusing on macroeconomic data is (1) focusing on the macroeconomy -> (2) inferring the Federal Reserve's monetary policy -> (3) judging market trends. In fact, this logical chain has never been very effective. (1) The quality of the macroeconomy is the basis for the Federal Reserve's monetary policy, but the relationship between the two keeps changing. (2) The relationship between the Federal Reserve’s monetary policy and market trends is even more blurred. The rate hike cycle market can rise, and the market can fall during the zero interest rate period. This is why fewer and fewer hedge funds on Wall Street are using \"macro strategies\" as their investment strategies, and the remaining \"macro strategy\" hedge funds have rather embarrassing returns.</p><p>The relationship between (2) and (3) was already very vague, and now the relationship between (1) and (2) is even more lacking. Regardless of the non-farm payroll data, the Federal Reserve's pace of tightening liquidity in rate hike will absolutely not change. This is why I say that focusing on non-farm payroll data now is somewhat useless for market participants.</p><p>December non-farm payrolls data showed new jobs of +199,000 (expected +450,000) and an unemployment rate of +3.9% (expected +4.1%).</p><p>Similar to the previous analysis of non-farm payroll data, the real highlights are the other two. The first point to watch is how the slowest-growing occupation among the unemployed, \"Leisure and Hospitality,\" is recovering. The second point to watch is whether the persistently low labor force participation rate has increased.</p><p>\"Leisure and Hospitality\" continued to grow in December, but the growth rate slowed down, just like in November. The data for December includes the impact of the pandemic. In general, after nearly two years of suffering from COVID-19, some restaurants/hotels/entertainment industries in the United States have chosen to close permanently, which is almost irreversible. To give an example known to Chinese people in New York, Jinfeng Grand Restaurant (with 800 seats), a dim sum restaurant that had existed in Chinatown for 28 years, chose to close permanently during this round of COVID-19.</p><p>The labor force participation rate remained the same as last month at 61.9%. The labor force participation rate has been slow to recover, indicating that labor costs remain high, which means that the CPI in December will not fall anytime soon. However, I still maintain that the CPI in the first quarter of this year will decline rapidly, just like the pandemic data.</p><p>In summary, while the unemployment rate was better than expected, other data were less than satisfactory. However, whether the data is good or bad cannot stop the Federal Reserve from releasing rate hike in March.</p><p><img src=\"https://static.tigerbbs.com/3202d6698fcff5cf78ea08a7ff55f2da\" tg-width=\"936\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p><b>Company News</b></p><p>Moderna (MRNA): CEO Bancel warns that the efficacy of booster shots may decline over time. People may need a fourth injection this fall to enhance protection. The CDC currently recommends two doses of the Moderna COVID-19 vaccine followed by a booster shot six months later.</p><p>Quidel (QDEL): Q4 revenue is expected to be $633 million to $637 million, exceeding market expectations of $466 million. The expected increase in revenue is mainly due to increased demand for COVID-19 testing and other disease testing.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA): The starting price of the US Model X Plaid has increased from $119,990 to $126,490. The reason is that other seating options for the model have been removed, all of which are specified as a six-seat configuration priced at $6,500, with deliveries expected to begin in October.</p><p>Tesla (TSLA): 15 Semi electric semi-trailers may be delivered to Pepsi (PEP) this month. Pepsi announced last March that it would receive the Tesla Semi electric semi-trailer, which Tesla began producing at its Nevada Gigafactory last December.</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL): CEO Tim Cook's total compensation in 2021 was $98.7 million. A base salary of $3 million and stock-based compensation of $82.34 million will be awarded in time-based installments, including $37.5 million in time-based stock and $44.8 million in performance-based stock.</p><p>SONO: International Trade Commission Ruling<a href=\"https://laohu8.com/S/GOOG\">Google</a>(GOOGL) infringed on some of its audio patents for Nest speakers. Google said it plans to appeal the ruling.</p><p>T-Mobile (TMUS): Net paying subscribers increased by 844,000 in the fourth quarter, below market expectations of 868,000. The total number of new users in 2021 was approximately 2.9 million.</p><p><a href=\"https://laohu8.com/S/NYT\">New York times</a>(NYT): Announced The acquisition of sports news website The Athletic for $550 million. The Athletic has over 1 million subscribers, and The transaction is expected to close in The first quarter. The website will remain a standalone project thereafter. The New York Times currently has more than 8 million subscribers.</p><p><a href=\"https://laohu8.com/S/CZR\">Caesar Entertainment</a>(CZR) & DraftKings (DKNG): The New York State Gaming Commission announced that four companies can operate mobile sports betting businesses in New York. Caesars, DraftKings, FanDuel, and Rush Street Interactive can begin operating mobile sportsbooks on Saturday mornings.</p><p><b>other</b></p><p>There were 300,451,850 (+1,966,759) confirmed cases and 5,474,348 (+6,143) deaths worldwide.</p><p>The United States confirmed 58,487,940 (+610,989) cases and 833,989 (+1,404) deaths.</p><p>New York State has 3,890,666 (+84,202) confirmed cases and 60,166 (+130) deaths.</p><p>U.S. non-farm payrolls increased by 199,000 in December, compared to an expected 447,000 and a previous reading of 210,000.</p><p>The head of the U.S. CDC will hold a press conference at 11 a.m. after six of Biden's public health advisors from the presidential transition period published articles calling on the Biden administration to adopt new protest strategies to adapt to coexisting with the virus rather than completely eliminating it.</p><p>Federal Reserve Vice Chair Clarida's stock trading behavior in the early stages of the COVID-19 pandemic has sparked new controversy.</p><p><img src=\"https://static.tigerbbs.com/568899c19bad5bedd5f1532327af0500\" tg-width=\"937\" tg-height=\"89\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c7221d934f1008e531bdf79c8cfe0ee","relate_stocks":{"518880":"黄金ETF华安","DJX":"1/100道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index","BK4534":"瑞士信贷持仓","QID":"两倍做空纳斯达克指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","DDM":"2倍做多道指ETF-ProShares",".DJI":"道琼斯","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","QQQ":"纳指100ETF","PSQ":"做空纳斯达克100指数ETF-ProShares",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147279991","content_text":"盘前观察美股盘前小跌，全球新冠确诊数超过3亿（美国贡献近20%，接近6,000万）。12月非农就业：新增就业不及预期，但失业率好于预期其实现在关注非农就业数据，多多少少有点鸡肋。对于市场参与者，关注宏观数据的逻辑是（1）关注宏观经济->（2）推断美联储货币政策->（3）判断市场走势。其实这个逻辑链条一直以来都不太有效，（1）宏观经济好坏是美联储货币政策的依据，但两者的关系变来变去；（2）美联储货币政策和市场走势的关系就更模糊了，加息周期市场可以涨，0利率期间市场也可以跌。这也就是为何当下华尔街以“宏观策略”作为投资策略的对冲基金越来越少，而仅存的“宏观策略”对冲基金收益都比较尴尬。原来（2）->（3）的关系就很模糊，现在（1）->（2）的关系就更缺乏了。不管非农就业数据怎么样，美联储加息收紧流动性的步伐绝对不会改变。这就是我为何说现在关注非农就业数据，对于市场参与者有点鸡肋的原因。12月非农就业数据，新增就业+199,000（预期+450,000），失业率+3.9%（预期+4.1%）。和上次非农就业数据分析一样，其实真正的看点是另外两个。第一个看点，失业人口中增长最缓慢的职业“Leisure and Hospitality”（酒店餐馆服务业）恢复得怎么样？第二个看点，就是持续低迷的劳动参与率有没有提高。“Leisure and Hospitality”12月仍在增长，但增速和11月一样，慢下来了。12月的数据包含了疫情的影响。总的来说，经过近两年新冠的折磨，美国有的餐馆/酒店/娱乐行业已经选择了永久关门，这一点几乎不可逆。举一个纽约华人知道的例子，在唐人街存在了28年的早茶店金丰大酒楼（拥有800个座位），在这一轮新冠中选择了永久关门。劳动参与率和上个月一样，依旧是61.9%。劳动参与率迟迟不能恢复，就预示了劳动力成本依然贵，也就说明12月的CPI不会很快回落。不过我还是坚持认为，今年1季度的CPI，会迅速回落，和疫情数据一样。总结一下，尽管失业率比预期的好，但其它数据都不尽如人意。不过数据好或者不好，都不能阻挡美联储3月加息。公司新闻Moderna(MRNA)：CEO Bancel警告称，加强针的功效可能会随着时间推移而下降。人们可能需要在今年秋季注射第四针以增强保护。目前CDC建议注射两剂Moderna新冠疫苗6个月后注射加强针。Quidel(QDEL)：预计4季度营收$6.33亿至$6.37亿，高于市场预期$4.66亿。营收预期上涨主要受益于新冠检测和其他疾病检测的需求增加。特斯拉(TSLA)：美国Model X Plaid起价从$119,990升至$126,490。原因是取消了该车型的其他座椅配置选择，均规定为价格$6,500的6座配置，预计10月开始交付。特斯拉(TSLA)：本月或将向百事(PEP)交付15辆Semi电动半挂车。百事去年3月宣布将接收特斯拉Semi电动半挂车，特斯拉去年12月开始在内华达超级工厂生产这款车。苹果(AAPL)：CEO库克2021年总薪酬$9,870万。基本工资$300万，股票报酬$8,234万，将按时间分期授予，包括基于时间的股票$3,750万和基于绩效的股票$4,480万。索诺声(SONO)：国际贸易委员会裁定谷歌(GOOGL)侵犯了其Nest扬声器的部分音频专利。谷歌表示计划对该裁决提起上诉。T-Mobile(TMUS)：4季度付费用户净增844,000个，低于市场预期868,000个。2021年新增用户总数约为290万。纽约时报(NYT)：宣布以$5.5亿收购体育新闻网站The Athletic。The Athletic拥有超过100万订阅用户，预计交易会在1季度完成，后续该网站将仍是独立项目。目前纽约时报拥有超过800万订阅用户。凯撒娱乐(CZR) & DraftKings(DKNG)：纽约州博彩委员会宣布4家公司可在纽约开展移动端的体育博彩业务。凯撒、DraftKings、FanDuel和Rush Street Interactive可在周六上午开始运营移动端体育博彩。其它全球确诊300,451,850(+1,966,759)例，死亡5,474,348(+6,143)例。美国确诊58,487,940(+610,989)例，死亡833,989(+1,404)例。纽约州确诊3,890,666(+84,202)例，死亡60,166(+130)例。美国12月非农就业人口增加19.9万，预期44.7万，前值21万。美CDC主管将于11点召开新闻发布会，此前拜登6位在总统交接时期公共卫生顾问发表文章，呼吁拜登政府采取新的抗议策略，适应与病毒共存而非彻底消除病毒。美联储副主席Clarida在新冠疫情爆发初期的股票交易行为引发新的争议。","news_type":1,"symbols_score_info":{"518880":0.9,"MNQmain":0.9,".DJI":0.9,"PSQ":0.9,"GCmain":0.9,"QLD":0.9,".IXIC":0.9,"SQQQ":0.9,"SGUmain":0.9,".SPX":0.9,"SImain":0.9,"DJX":0.9,"SGCmain":0.9,"SPY":0.9,"MGCmain":0.9,"TQQQ":0.9,"QID":0.9,"NQmain":0.9,"QQQ":0.9,"DDM":0.9}},"isVote":1,"tweetType":1,"viewCount":1501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014423797,"gmtCreate":1649712832480,"gmtModify":1676534553309,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014423797","repostId":"2226688741","repostType":4,"repost":{"id":"2226688741","kind":"highlight","pubTimestamp":1649691182,"share":"https://ttm.financial/m/news/2226688741?lang=en_US&edition=fundamental","pubTime":"2022-04-11 23:33","market":"us","language":"zh","title":"Four Differences in High Inflation Engines in Europe and America","url":"https://stock-news.laohu8.com/highlight/detail?id=2226688741","media":"格隆汇","summary":"主要观点自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，持续高通胀压力下，欧美央行均转鹰。但欧美通胀压力来源具有明显差异，美国","content":"<p><html><head></head><body><b>Main points</b></p><p><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and the CPI has risen rapidly year-on-year. In February of this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States hit a new historical high year-on-year. Under the continued high inflationary pressure, both European and American central banks have turned hawkish. However, the sources of inflationary pressures in Europe and the United States are significantly different. In the United States, inflation is \"blooming in multiple places,\" while in the Eurozone, it is \"energy inflation,\" meaning that the pressure on US inflation is a general increase in the prices of various goods and services. The vast majority of inflation in the Eurozone comes from energy. Given that energy price increases are mainly influenced by supply factors, it suggests that inflationary pressures in the Eurozone come more from external supply-side shocks than from strong demand caused by a rapid economic recovery. The widespread price increases in the United States indicate that its inflationary pressures are both limited by supply-side bottlenecks (such as rising energy prices) and driven by strong domestic demand for durable goods and services. Therefore, in comparison, domestic demand in the United States is more \"resistant\" to rate hike than in the Eurozone, which may face greater risks of economic recession.</b></p><p><b>1. What are the similarities and differences between HICP and CPI?</b></p><p><b>In terms of compilation methods,</b>The US CPI only considers urban consumers; Secondly, regarding weighting adjustments, the weighting of the Eurozone HICP basket of goods and services is adjusted annually, while the weighting of each good and service in the US CPI basket is adjusted every two years.</p><p><b>Regarding the weighting of the consumer basket,</b>In inflation indicators in Europe and the United States, the weight of services is higher than that of goods, indicating that the economic characteristics of Europe and the United States are dominated by service consumption. Moreover, the weight of services in the United States is significantly higher than that in the Eurozone, by about 18.3 percentage points. In terms of commodity weights, the difference in food weights between Europe and the United States is the largest. The Eurozone's HICP food weight is 8.8 percentage points higher than that of the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that of the United States, while Europe's energy weight is 3.9 percentage points higher than that of the United States.</p><p><b>2. How do we compare the sources of inflation in Europe and the United States?</b></p><p><b>Due to differences in the classification of inflation indicators in Europe and the United States, we have broken them down according to the approach of core and non-core inflation for ease of comparison.</b>Eurostat breaks down the Eurozone HICP into four major categories: \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\" These categories can be matched with the US CPI classification of \"food,\" \"energy,\" \"goods (excluding food and energy),\" and \"services (excluding energy).\" Therefore, we first conduct a preliminary comparison of the inflation structure in the US and Europe based on the four categories of \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\"</p><p><b>3. Four major differences in the \"engines\" of inflation in Europe and the United States</b></p><p><b>One difference: rising energy prices play an almost decisive role in high inflation in Europe, while the United States is experiencing \"multi-pronged growth\".</b>For the Eurozone, energy consumption rose 3.2% year-on-year in February, accounting for 53.5% of the HICP year-on-year. In the United States, in addition to energy, food, non-energy industrial products, and services \"worked together,\" contributing 14.1%, 31.5%, and 33% year-on-year respectively in February, totaling 78.6%.</p><p><b>The second difference: food prices are rising faster in the Eurozone.</b>Food prices in the Eurozone have risen faster since the end of 2021 because food accounts for a higher proportion of the inflation structure in the Eurozone.</p><p><b>The third difference: Durable goods prices rose across the board in the United States, while in the Eurozone, apart from car prices, price increases for other durable goods were not significant.</b></p><p><b>The fourth difference: services were the biggest driver of the US CPI year-on-year, with rent contributing the most, while services in the Eurozone saw a smaller increase.</b></p><p><b>In summary, the biggest difference in the sources of inflationary pressures in Europe and the United States lies in the fact that the Eurozone mainly experiences inflation driven by commodity price increases, while the United States experiences widespread price increases: ① This can be seen from differences one and two.</b>Eurozone inflation is more pronounced to be dominated by external supply shocks, with the upward pressure on energy and food prices mainly coming from the external supply side. Energy contributes more than 50% to the high inflation in the Eurozone, and food prices have also recently shown a higher rate of increase than in the United States.<b>②Differences three and four may indicate that,</b>Inflationary pressures in the Eurozone are not significant due to strong domestic demand. In the durable goods sector, US durable goods are experiencing widespread upward pressure, while the Eurozone is only driven by automobiles. In terms of services, service inflation in the United States is the strongest driver of overall inflation, while the Eurozone faces greater pressure to increase transportation service prices, which are also related to rising energy prices. This difference may indicate that compared to the United States, domestic demand in the Eurozone is weaker, and inflationary pressures driven by demand are not significant.</p><p><b>Risk warning: US inflation rises more than expected.</b></p><p><b>text</b></p><p><h3>one</h3><h3>Europe and America: Same high inflationary pressures, different sources of pressure</h3><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and the CPI has risen rapidly year-on-year.</b>In February of this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States hit a new historical high year-on-year, reaching high levels of 5.9% and 7.9% respectively; Both increased by 0.9% month-on-month, especially in the Eurozone, which was greatly affected by the Russia-Ukraine conflict, with February increasing by 0.5 percentage points month-on-month compared to January.</p><p><img src=\"https://static.tigerbbs.com/344210b70f6a8e7f8063ad61f98c749f\" tg-width=\"1077\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Faced with persistently high inflationary pressures, both European and American central banks have turned hawkish.</b>In the Eurozone, the ECB raised its inflation forecast across the board at its March policy meeting and announced that it would end its bond-buying program (APP) at a faster pace, turning hawkish again compared to its February meeting. On March 17, President Christine Lagarde also stated in her speech that \"Eurozone inflation is unlikely to return to pre-pandemic levels, and the ECB has begun to adjust its policy in order to further promote policy normalization when the necessary conditions are met,\" indicating that the ECB is being \"forced\" to change its attitude under high inflationary pressures. In the United States, the minutes of the Federal Reserve's March interest rate meeting also clearly indicated that one or more future interest rate meetings may have a rate hike of 50 basis points, and a shrinking balance sheet may be initiated as early as May.</p><p><b>However, the sources of inflationary pressures in Europe and the United States differ significantly. In the United States, inflation is \"multi-pronged,\" while in the Eurozone, it is \"energy inflation.\"</b>In other words, the inflationary pressure facing the United States is a general increase in the prices of various goods and services; The vast majority of inflation in the Eurozone comes from energy. Given that energy price increases are mainly influenced by supply factors, it suggests that inflationary pressures in the Eurozone come more from external supply-side shocks than from strong demand caused by a rapid economic recovery. The widespread price increases in the United States indicate that its inflationary pressures are both limited by supply-side bottlenecks (such as rising energy prices) and driven by strong domestic demand for durable goods and services. Therefore, in comparison,<b>Domestic demand in the United States is more resilient to rate hike than in the Eurozone, which may face a greater risk of economic recession.</b></p><p><img src=\"https://static.tigerbbs.com/56c39847928266470c03e9819fe7d45d\" tg-width=\"1062\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/b767cc36d9c22ec7a31d451cb1b6220b\" tg-width=\"1061\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(a) What are the similarities and differences between HICP and CPI?</b></p><p><b>Before comparing the sources of inflation in Europe and the United States, let's first compare the similarities and differences between inflation indicators in Europe and the United States.</b>This report selects the US CPI and the Eurozone HICP indicators to represent their respective inflation levels. For details on the basic information about the US CPI indicator, please refer to the report \"Deflation or Inflation: The Search and Outlook for a Long-Term and Short-Term Dual Framework for US Inflation & Number Theory Economics Series XI\". This report mainly introduces the Eurozone inflation indicator HICP.</p><p>HICP stands for The Harmonised Index of Consumer Prices. It is a Consumer price Index compiled by EU member states according to unified standards. Its purpose is to make the price indices of member states comparable and to be summed up to obtain the Consumer price Index of the Eurozone.</p><p>The comparison reveals the following main differences between the Eurozone HICP and the US CPI:</p><p><b>1. Regarding the compilation method,</b>First, in terms of sample selection, the Eurozone HICP attempts to include rural consumers in the sample, while the US CPI only considers urban consumers; Secondly, regarding weighting adjustments, the weighting of the Eurozone HICP basket of goods and services is adjusted annually, while the weighting of each good and service in the US CPI basket is adjusted every two years.</p><p><b>2. Regarding the weighting of the consumer basket</b>Based on the caliber of core and non-core inflation, the service weight in inflation indicators in Europe and the United States is higher than the goods weight, indicating that the economic characteristics of Europe and the United States are dominated by service consumption. Moreover, the service weight in the United States is significantly higher than that in the Eurozone, by about 18.3 percentage points. In terms of commodity weights, the difference in food weights between Europe and the United States is the largest. The Eurozone's HICP food weight is 8.8 percentage points higher than that of the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that of the United States, while Europe's energy weight is 3.9 percentage points higher than that of the United States.<b>Given the recent sharp rise in prices of commodities such as energy and food due to the Russia-Ukraine conflict, the relatively higher weighting of food and energy in the European HICP consumer basket means that the Eurozone will face higher inflationary pressures on food and energy.</b></p><p>Based on the categories of consumer baskets, the Eurozone HICP is divided into 12 major categories according to the types of goods and services consumed, while the US CPI encompasses 8 major categories (see Chart 6 for details). Among them, the weight of residential properties in the US CPI is significantly higher than that in the European HICP, by about 19.7 percentage points. This is also the main source of the huge gap in service weights between Europe and the US. The main reason may be that the Eurozone HICP does not include the estimated rent of Owner-occupied Housing, while the US CPI includes the Owner-occupied Housing component, which is recorded as \"Owners' equivalent rent of Residences\".<b>However, food and beverages in the European HICP are much higher than the US CPI.</b>This is approximately 11.3 percentage points higher, corresponding to a significantly higher weighting of the food category in the European HICP than in the US CPI.</p><p><img src=\"https://static.tigerbbs.com/10abae6b02802e2a49078b647aa7933c\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e1abf1b276517940750f8668383b952c\" tg-width=\"823\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(ii) How to compare the sources of inflation in Europe and the United States?</b></p><p><b>Due to differences in the classification of inflation indicators in Europe and the United States, we have broken them down according to the approach of core and non-core inflation for ease of comparison.</b>Eurostat breaks down the Eurozone HICP into four major categories: \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\" These categories can be matched with the US CPI classification of \"food,\" \"energy,\" \"goods (excluding food and energy),\" and \"services (excluding energy).\" Therefore, we first conduct a preliminary comparison of the inflation structure in the US and Europe based on the four categories of \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\"</p><p>To further refine the differences in the inflation structure between the US and Europe,<b>We further split non-energy industrial products into durable goods and non-durable goods.</b>The U.S. Bureau of Labor Statistics classification includes these two subcategories, so no adjustments are necessary; For the Eurozone, durable and semi-durable goods in the official classification are combined as \"durable goods\", and \"non-durable goods\" are not adjusted.<b>For durable goods, it is further broken down into automobiles and other durable goods.</b>The U.S. Bureau of Labor Statistics classification includes the automobile subcategory, so no adjustment is required; For the Eurozone, motor vehicles and motor vehicle parts in the official classification are aggregated as cars.</p><p><b>The services were further broken down into four categories: transportation services, leisure and entertainment services, rent, and others.</b>For the Eurozone, the first two items are in the official classification of Eurostat and do not need to be adjusted; The rent is equal to the actual rent + the catering and hotel accommodation services sub-items; The others are the top three service items, which include telecommunications services. In the United States, transportation services, leisure and entertainment services, and rent are all included in the official classification of the Bureau of Labor Statistics and do not need to be adjusted. Others can also be squeezed out. See the table below for specific classification details. After unifying the inflation standards in the US and Europe, we can compare the inflation structures in the US and Europe.</p><p><img src=\"https://static.tigerbbs.com/8cc47ade54035315be60678571cf2b38\" tg-width=\"834\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(III) Four Major Differences in the \"Engines\" of Inflation in Europe and the United</b></p><p><b>One difference: rising energy prices have played an almost decisive role in high inflation in Europe, while the United States has seen a \"multi-pronged approach\".</b>For the Eurozone, energy contributed 3.2% to the year-on-year growth rate of HICP in February, reaching 53.5%. For the United States, energy contributed 1.7% to the year-on-year CPI growth rate in February, with a contribution rate of 21.3%. Besides energy, food, non-energy industrial products, and services all worked together, contributing 14.1%, 31.5%, and 33% to the year-on-year CPI growth rate in February, respectively, totaling 78.6%, indicating that high inflation in the United States is \"blossoming from multiple points\".</p><p><img src=\"https://static.tigerbbs.com/2cdc2cbdff201692fddf827873b203c5\" tg-width=\"838\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The second difference: food prices are rising faster in the Eurozone.</b>Since the end of 2021, food prices in the Eurozone have risen faster. As of February this year, the year-on-year contribution of rising food prices to inflation in Europe and the United States was 1% and 1.1%, respectively. The difference in the year-on-year contribution of rising food prices to inflation in Europe and the United States is not significant. However, judging from the changing trend, due to the higher proportion of goods in inflation in the Eurozone, food prices have brought greater upward pressure on inflation in the Eurozone.</p><p><b>The third difference: Durable goods prices in the United States have generally increased, while in the Eurozone, apart from car price increases, price increases for other durable goods have not been significant.</b>In terms of absolute contribution rate, the increase in durable goods prices in the United States in February contributed 2.1% to the year-on-year increase in CPI, while the increase in the Eurozone was only 0.4%. Since the outbreak of the pandemic, the increase in durable goods prices in the Eurozone has been consistently much smaller than that in the United States. Structurally, automobiles are the main driver of durable goods price increases in Europe and the United States. In February, the year-on-year increases in automobiles in Europe and the United States were 1.7% and 0.42% respectively, contributing 80% and 103% to the price increases of durable goods in Europe and the United States. In addition to rising automobile prices, other durable goods in the United States are also facing upward pressure, which may indicate strong domestic demand in the United States, leading to general upward pressure on durable goods prices. In the Eurozone, apart from rising car prices due to supply-side constraints such as chip shortages, prices of other durable goods are actually declining, which may indicate weak demand within the Eurozone.</p><p><img src=\"https://static.tigerbbs.com/583f5b9b134cdafe34123c218690e477\" tg-width=\"1074\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/077db96d692e97d750ebdb8e494c25c5\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The fourth difference: services were the biggest driver of the US CPI year-on-year, with rent contributing the most, while services in the Eurozone saw a smaller increase, with leisure and entertainment services contributing the most.</b>In February, the services sub-category of the US CPI contributed 2.6% year-on-year to overall inflation and 33% year-on-year to the CPI, the highest among the four major sub-categories (food, energy, non-energy industrial products, and services), while the Eurozone contributed only 17% to service price increases. Structurally, in the United States, the increase in service prices is mainly due to rising rents. In addition, the increase in transportation service prices has also contributed to some extent. In February, rents and transportation services contributed 1.6% and 0.3% to overall inflation year-on-year, respectively, and contributed 60% and 13% to service price increases, respectively. In the Eurozone, leisure and entertainment services were the main driver of service price increases. In February, they contributed 0.4% to the CPI year-on-year and 42% to service price increases. Rents remained almost unchanged, and transportation services also made a certain contribution. In February, they contributed 19% to service price increases, which is larger than in the United States. The increase in transportation service prices is mainly limited by supply-side factors. On the one hand, rising energy prices are pushing up costs, and on the other hand, the pandemic has led to a shortage of transportation workers, which is pushing up wage costs.</p><p><img src=\"https://static.tigerbbs.com/b3f0d6068eff414c3598852b9b181e09\" tg-width=\"1069\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7479eede35f1ec5b02a41335d9ce8753\" tg-width=\"838\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>In summary, a comparison reveals that the biggest difference in the sources of inflationary pressures in Europe and the United States lies in the fact that the Eurozone primarily experiences inflation driven by commodity price increases, while the United States experiences widespread price increases. More specifically:</b></p><p><b>Firstly, differences one and two show that Eurozone inflation is more pronounced to be dominated by external supply shocks.</b>The upward pressure on energy and food prices mainly comes from the external supply side, while energy contributes more than 50% to the high inflation in the Eurozone, and food prices have recently shown a higher rate of increase than in the United States.</p><p><b>Secondly, differences three and four may indicate that inflationary pressures in the Eurozone due to stronger domestic demand are not significant.</b>In the durable goods sector, durable goods in the United States are experiencing general upward pressure, while the Eurozone is only driven by automobiles. In terms of services, service inflation in the United States is the strongest driver of overall inflation, while the Eurozone faces greater pressure to increase transportation service prices, which are also related to rising energy prices. This difference may indicate that compared to the United States, domestic demand in the Eurozone is weaker, and inflationary pressures driven by demand are not significant.</p><p><b>Considering that the accelerated tightening by the US and European central banks is both affected by inflation, but compared to the US, inflation in the Eurozone mainly comes from external supply shocks, and domestic demand is not overheated. Therefore, after monetary policy tightening, domestic demand in the US may still be able to withstand it for some time, while domestic demand in the Eurozone may be more affected by monetary tightening and more vulnerable to the risk of economic slowdown.</b></p><p></body></html></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>Four Differences in High Inflation Engines in Europe and America</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\">\nFour Differences in High Inflation Engines in Europe and America\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\">2022-04-11 23:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Main points</b></p><p><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and the CPI has risen rapidly year-on-year. In February of this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States hit a new historical high year-on-year. Under the continued high inflationary pressure, both European and American central banks have turned hawkish. However, the sources of inflationary pressures in Europe and the United States are significantly different. In the United States, inflation is \"blooming in multiple places,\" while in the Eurozone, it is \"energy inflation,\" meaning that the pressure on US inflation is a general increase in the prices of various goods and services. The vast majority of inflation in the Eurozone comes from energy. Given that energy price increases are mainly influenced by supply factors, it suggests that inflationary pressures in the Eurozone come more from external supply-side shocks than from strong demand caused by a rapid economic recovery. The widespread price increases in the United States indicate that its inflationary pressures are both limited by supply-side bottlenecks (such as rising energy prices) and driven by strong domestic demand for durable goods and services. Therefore, in comparison, domestic demand in the United States is more \"resistant\" to rate hike than in the Eurozone, which may face greater risks of economic recession.</b></p><p><b>1. What are the similarities and differences between HICP and CPI?</b></p><p><b>In terms of compilation methods,</b>The US CPI only considers urban consumers; Secondly, regarding weighting adjustments, the weighting of the Eurozone HICP basket of goods and services is adjusted annually, while the weighting of each good and service in the US CPI basket is adjusted every two years.</p><p><b>Regarding the weighting of the consumer basket,</b>In inflation indicators in Europe and the United States, the weight of services is higher than that of goods, indicating that the economic characteristics of Europe and the United States are dominated by service consumption. Moreover, the weight of services in the United States is significantly higher than that in the Eurozone, by about 18.3 percentage points. In terms of commodity weights, the difference in food weights between Europe and the United States is the largest. The Eurozone's HICP food weight is 8.8 percentage points higher than that of the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that of the United States, while Europe's energy weight is 3.9 percentage points higher than that of the United States.</p><p><b>2. How do we compare the sources of inflation in Europe and the United States?</b></p><p><b>Due to differences in the classification of inflation indicators in Europe and the United States, we have broken them down according to the approach of core and non-core inflation for ease of comparison.</b>Eurostat breaks down the Eurozone HICP into four major categories: \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\" These categories can be matched with the US CPI classification of \"food,\" \"energy,\" \"goods (excluding food and energy),\" and \"services (excluding energy).\" Therefore, we first conduct a preliminary comparison of the inflation structure in the US and Europe based on the four categories of \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\"</p><p><b>3. Four major differences in the \"engines\" of inflation in Europe and the United States</b></p><p><b>One difference: rising energy prices play an almost decisive role in high inflation in Europe, while the United States is experiencing \"multi-pronged growth\".</b>For the Eurozone, energy consumption rose 3.2% year-on-year in February, accounting for 53.5% of the HICP year-on-year. In the United States, in addition to energy, food, non-energy industrial products, and services \"worked together,\" contributing 14.1%, 31.5%, and 33% year-on-year respectively in February, totaling 78.6%.</p><p><b>The second difference: food prices are rising faster in the Eurozone.</b>Food prices in the Eurozone have risen faster since the end of 2021 because food accounts for a higher proportion of the inflation structure in the Eurozone.</p><p><b>The third difference: Durable goods prices rose across the board in the United States, while in the Eurozone, apart from car prices, price increases for other durable goods were not significant.</b></p><p><b>The fourth difference: services were the biggest driver of the US CPI year-on-year, with rent contributing the most, while services in the Eurozone saw a smaller increase.</b></p><p><b>In summary, the biggest difference in the sources of inflationary pressures in Europe and the United States lies in the fact that the Eurozone mainly experiences inflation driven by commodity price increases, while the United States experiences widespread price increases: ① This can be seen from differences one and two.</b>Eurozone inflation is more pronounced to be dominated by external supply shocks, with the upward pressure on energy and food prices mainly coming from the external supply side. Energy contributes more than 50% to the high inflation in the Eurozone, and food prices have also recently shown a higher rate of increase than in the United States.<b>②Differences three and four may indicate that,</b>Inflationary pressures in the Eurozone are not significant due to strong domestic demand. In the durable goods sector, US durable goods are experiencing widespread upward pressure, while the Eurozone is only driven by automobiles. In terms of services, service inflation in the United States is the strongest driver of overall inflation, while the Eurozone faces greater pressure to increase transportation service prices, which are also related to rising energy prices. This difference may indicate that compared to the United States, domestic demand in the Eurozone is weaker, and inflationary pressures driven by demand are not significant.</p><p><b>Risk warning: US inflation rises more than expected.</b></p><p><b>text</b></p><p><h3>one</h3><h3>Europe and America: Same high inflationary pressures, different sources of pressure</h3><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and the CPI has risen rapidly year-on-year.</b>In February of this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States hit a new historical high year-on-year, reaching high levels of 5.9% and 7.9% respectively; Both increased by 0.9% month-on-month, especially in the Eurozone, which was greatly affected by the Russia-Ukraine conflict, with February increasing by 0.5 percentage points month-on-month compared to January.</p><p><img src=\"https://static.tigerbbs.com/344210b70f6a8e7f8063ad61f98c749f\" tg-width=\"1077\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Faced with persistently high inflationary pressures, both European and American central banks have turned hawkish.</b>In the Eurozone, the ECB raised its inflation forecast across the board at its March policy meeting and announced that it would end its bond-buying program (APP) at a faster pace, turning hawkish again compared to its February meeting. On March 17, President Christine Lagarde also stated in her speech that \"Eurozone inflation is unlikely to return to pre-pandemic levels, and the ECB has begun to adjust its policy in order to further promote policy normalization when the necessary conditions are met,\" indicating that the ECB is being \"forced\" to change its attitude under high inflationary pressures. In the United States, the minutes of the Federal Reserve's March interest rate meeting also clearly indicated that one or more future interest rate meetings may have a rate hike of 50 basis points, and a shrinking balance sheet may be initiated as early as May.</p><p><b>However, the sources of inflationary pressures in Europe and the United States differ significantly. In the United States, inflation is \"multi-pronged,\" while in the Eurozone, it is \"energy inflation.\"</b>In other words, the inflationary pressure facing the United States is a general increase in the prices of various goods and services; The vast majority of inflation in the Eurozone comes from energy. Given that energy price increases are mainly influenced by supply factors, it suggests that inflationary pressures in the Eurozone come more from external supply-side shocks than from strong demand caused by a rapid economic recovery. The widespread price increases in the United States indicate that its inflationary pressures are both limited by supply-side bottlenecks (such as rising energy prices) and driven by strong domestic demand for durable goods and services. Therefore, in comparison,<b>Domestic demand in the United States is more resilient to rate hike than in the Eurozone, which may face a greater risk of economic recession.</b></p><p><img src=\"https://static.tigerbbs.com/56c39847928266470c03e9819fe7d45d\" tg-width=\"1062\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/b767cc36d9c22ec7a31d451cb1b6220b\" tg-width=\"1061\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(a) What are the similarities and differences between HICP and CPI?</b></p><p><b>Before comparing the sources of inflation in Europe and the United States, let's first compare the similarities and differences between inflation indicators in Europe and the United States.</b>This report selects the US CPI and the Eurozone HICP indicators to represent their respective inflation levels. For details on the basic information about the US CPI indicator, please refer to the report \"Deflation or Inflation: The Search and Outlook for a Long-Term and Short-Term Dual Framework for US Inflation & Number Theory Economics Series XI\". This report mainly introduces the Eurozone inflation indicator HICP.</p><p>HICP stands for The Harmonised Index of Consumer Prices. It is a Consumer price Index compiled by EU member states according to unified standards. Its purpose is to make the price indices of member states comparable and to be summed up to obtain the Consumer price Index of the Eurozone.</p><p>The comparison reveals the following main differences between the Eurozone HICP and the US CPI:</p><p><b>1. Regarding the compilation method,</b>First, in terms of sample selection, the Eurozone HICP attempts to include rural consumers in the sample, while the US CPI only considers urban consumers; Secondly, regarding weighting adjustments, the weighting of the Eurozone HICP basket of goods and services is adjusted annually, while the weighting of each good and service in the US CPI basket is adjusted every two years.</p><p><b>2. Regarding the weighting of the consumer basket</b>Based on the caliber of core and non-core inflation, the service weight in inflation indicators in Europe and the United States is higher than the goods weight, indicating that the economic characteristics of Europe and the United States are dominated by service consumption. Moreover, the service weight in the United States is significantly higher than that in the Eurozone, by about 18.3 percentage points. In terms of commodity weights, the difference in food weights between Europe and the United States is the largest. The Eurozone's HICP food weight is 8.8 percentage points higher than that of the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that of the United States, while Europe's energy weight is 3.9 percentage points higher than that of the United States.<b>Given the recent sharp rise in prices of commodities such as energy and food due to the Russia-Ukraine conflict, the relatively higher weighting of food and energy in the European HICP consumer basket means that the Eurozone will face higher inflationary pressures on food and energy.</b></p><p>Based on the categories of consumer baskets, the Eurozone HICP is divided into 12 major categories according to the types of goods and services consumed, while the US CPI encompasses 8 major categories (see Chart 6 for details). Among them, the weight of residential properties in the US CPI is significantly higher than that in the European HICP, by about 19.7 percentage points. This is also the main source of the huge gap in service weights between Europe and the US. The main reason may be that the Eurozone HICP does not include the estimated rent of Owner-occupied Housing, while the US CPI includes the Owner-occupied Housing component, which is recorded as \"Owners' equivalent rent of Residences\".<b>However, food and beverages in the European HICP are much higher than the US CPI.</b>This is approximately 11.3 percentage points higher, corresponding to a significantly higher weighting of the food category in the European HICP than in the US CPI.</p><p><img src=\"https://static.tigerbbs.com/10abae6b02802e2a49078b647aa7933c\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e1abf1b276517940750f8668383b952c\" tg-width=\"823\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(ii) How to compare the sources of inflation in Europe and the United States?</b></p><p><b>Due to differences in the classification of inflation indicators in Europe and the United States, we have broken them down according to the approach of core and non-core inflation for ease of comparison.</b>Eurostat breaks down the Eurozone HICP into four major categories: \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\" These categories can be matched with the US CPI classification of \"food,\" \"energy,\" \"goods (excluding food and energy),\" and \"services (excluding energy).\" Therefore, we first conduct a preliminary comparison of the inflation structure in the US and Europe based on the four categories of \"food,\" \"energy,\" \"non-energy industrial products,\" and \"services.\"</p><p>To further refine the differences in the inflation structure between the US and Europe,<b>We further split non-energy industrial products into durable goods and non-durable goods.</b>The U.S. Bureau of Labor Statistics classification includes these two subcategories, so no adjustments are necessary; For the Eurozone, durable and semi-durable goods in the official classification are combined as \"durable goods\", and \"non-durable goods\" are not adjusted.<b>For durable goods, it is further broken down into automobiles and other durable goods.</b>The U.S. Bureau of Labor Statistics classification includes the automobile subcategory, so no adjustment is required; For the Eurozone, motor vehicles and motor vehicle parts in the official classification are aggregated as cars.</p><p><b>The services were further broken down into four categories: transportation services, leisure and entertainment services, rent, and others.</b>For the Eurozone, the first two items are in the official classification of Eurostat and do not need to be adjusted; The rent is equal to the actual rent + the catering and hotel accommodation services sub-items; The others are the top three service items, which include telecommunications services. In the United States, transportation services, leisure and entertainment services, and rent are all included in the official classification of the Bureau of Labor Statistics and do not need to be adjusted. Others can also be squeezed out. See the table below for specific classification details. After unifying the inflation standards in the US and Europe, we can compare the inflation structures in the US and Europe.</p><p><img src=\"https://static.tigerbbs.com/8cc47ade54035315be60678571cf2b38\" tg-width=\"834\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(III) Four Major Differences in the \"Engines\" of Inflation in Europe and the United</b></p><p><b>One difference: rising energy prices have played an almost decisive role in high inflation in Europe, while the United States has seen a \"multi-pronged approach\".</b>For the Eurozone, energy contributed 3.2% to the year-on-year growth rate of HICP in February, reaching 53.5%. For the United States, energy contributed 1.7% to the year-on-year CPI growth rate in February, with a contribution rate of 21.3%. Besides energy, food, non-energy industrial products, and services all worked together, contributing 14.1%, 31.5%, and 33% to the year-on-year CPI growth rate in February, respectively, totaling 78.6%, indicating that high inflation in the United States is \"blossoming from multiple points\".</p><p><img src=\"https://static.tigerbbs.com/2cdc2cbdff201692fddf827873b203c5\" tg-width=\"838\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The second difference: food prices are rising faster in the Eurozone.</b>Since the end of 2021, food prices in the Eurozone have risen faster. As of February this year, the year-on-year contribution of rising food prices to inflation in Europe and the United States was 1% and 1.1%, respectively. The difference in the year-on-year contribution of rising food prices to inflation in Europe and the United States is not significant. However, judging from the changing trend, due to the higher proportion of goods in inflation in the Eurozone, food prices have brought greater upward pressure on inflation in the Eurozone.</p><p><b>The third difference: Durable goods prices in the United States have generally increased, while in the Eurozone, apart from car price increases, price increases for other durable goods have not been significant.</b>In terms of absolute contribution rate, the increase in durable goods prices in the United States in February contributed 2.1% to the year-on-year increase in CPI, while the increase in the Eurozone was only 0.4%. Since the outbreak of the pandemic, the increase in durable goods prices in the Eurozone has been consistently much smaller than that in the United States. Structurally, automobiles are the main driver of durable goods price increases in Europe and the United States. In February, the year-on-year increases in automobiles in Europe and the United States were 1.7% and 0.42% respectively, contributing 80% and 103% to the price increases of durable goods in Europe and the United States. In addition to rising automobile prices, other durable goods in the United States are also facing upward pressure, which may indicate strong domestic demand in the United States, leading to general upward pressure on durable goods prices. In the Eurozone, apart from rising car prices due to supply-side constraints such as chip shortages, prices of other durable goods are actually declining, which may indicate weak demand within the Eurozone.</p><p><img src=\"https://static.tigerbbs.com/583f5b9b134cdafe34123c218690e477\" tg-width=\"1074\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/077db96d692e97d750ebdb8e494c25c5\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The fourth difference: services were the biggest driver of the US CPI year-on-year, with rent contributing the most, while services in the Eurozone saw a smaller increase, with leisure and entertainment services contributing the most.</b>In February, the services sub-category of the US CPI contributed 2.6% year-on-year to overall inflation and 33% year-on-year to the CPI, the highest among the four major sub-categories (food, energy, non-energy industrial products, and services), while the Eurozone contributed only 17% to service price increases. Structurally, in the United States, the increase in service prices is mainly due to rising rents. In addition, the increase in transportation service prices has also contributed to some extent. In February, rents and transportation services contributed 1.6% and 0.3% to overall inflation year-on-year, respectively, and contributed 60% and 13% to service price increases, respectively. In the Eurozone, leisure and entertainment services were the main driver of service price increases. In February, they contributed 0.4% to the CPI year-on-year and 42% to service price increases. Rents remained almost unchanged, and transportation services also made a certain contribution. In February, they contributed 19% to service price increases, which is larger than in the United States. The increase in transportation service prices is mainly limited by supply-side factors. On the one hand, rising energy prices are pushing up costs, and on the other hand, the pandemic has led to a shortage of transportation workers, which is pushing up wage costs.</p><p><img src=\"https://static.tigerbbs.com/b3f0d6068eff414c3598852b9b181e09\" tg-width=\"1069\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7479eede35f1ec5b02a41335d9ce8753\" tg-width=\"838\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>In summary, a comparison reveals that the biggest difference in the sources of inflationary pressures in Europe and the United States lies in the fact that the Eurozone primarily experiences inflation driven by commodity price increases, while the United States experiences widespread price increases. More specifically:</b></p><p><b>Firstly, differences one and two show that Eurozone inflation is more pronounced to be dominated by external supply shocks.</b>The upward pressure on energy and food prices mainly comes from the external supply side, while energy contributes more than 50% to the high inflation in the Eurozone, and food prices have recently shown a higher rate of increase than in the United States.</p><p><b>Secondly, differences three and four may indicate that inflationary pressures in the Eurozone due to stronger domestic demand are not significant.</b>In the durable goods sector, durable goods in the United States are experiencing general upward pressure, while the Eurozone is only driven by automobiles. In terms of services, service inflation in the United States is the strongest driver of overall inflation, while the Eurozone faces greater pressure to increase transportation service prices, which are also related to rising energy prices. This difference may indicate that compared to the United States, domestic demand in the Eurozone is weaker, and inflationary pressures driven by demand are not significant.</p><p><b>Considering that the accelerated tightening by the US and European central banks is both affected by inflation, but compared to the US, inflation in the Eurozone mainly comes from external supply shocks, and domestic demand is not overheated. Therefore, after monetary policy tightening, domestic demand in the US may still be able to withstand it for some time, while domestic demand in the Eurozone may be more affected by monetary tightening and more vulnerable to the risk of economic slowdown.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/520872\">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/a8fca69a364eb1ccaf6e9078f1721480","relate_stocks":{".DJI":"道琼斯"},"source_url":"http://www.gelonghui.com/p/520872","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2226688741","content_text":"主要观点自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，持续高通胀压力下，欧美央行均转鹰。但欧美通胀压力来源具有明显差异，美国通胀“多点开花”，但欧元区则是“能源通胀”，即美国通胀面临的压力是各类商品和服务价格普涨；而欧元区通胀绝大部分来自于能源。考虑到能源涨价主要受供给因素影响，说明欧元区通胀压力更多来自外部供给端的冲击，而非因经济快速复苏导致需求强劲。而美国的价格普涨则表明其通胀压力既有供应端瓶颈的限制（如能源涨价），又有居民耐用品、服务等内部需求强劲的推动。因此，相较而言，美国内部需求对加息的“抵抗力”要强于欧元区，欧元区可能面临更大的经济衰退风险。1、HICP与CPI有什么异同？在编制方式上，美国CPI只考虑城市消费者；其次，在权重调整上，欧元区HICP一篮子商品与服务的权重每年调整一次，而美国CPI篮子中各商品和服务的权重两年调整一次。在消费篮子的权重方面，欧美通胀指标中服务权重均高于商品权重，显示欧美以服务消费为主的经济特征，而且美国的服务权重明显高于欧元区，高出约18.3个百分点。在商品权重中，欧美食品权重差距最大，欧元区HICP食品权重比美高8.8个百分点，其次是非能源工业品，欧较美高5.6个百分点，欧能源权重则高于美3.9个百分点。2、如何对比欧美通胀来源？由于欧美通胀指标分类上的差异，为了方便对比，我们按照核心与非核心通胀的思路进行拆分。欧盟统计局将欧元区HICP拆分为四大项目——“食品”、“能源”、“非能源工业品”、“服务”，与美国CPI分类中的“食品”、“能源”、“商品（不含食品和能源类）”、“服务（不含能源类）”可一一匹配，因此我们首先根据“食品”、“能源”、“非能源工业品”、“服务”四大类的口径，对美欧通胀结构进行初步对比。3、欧美通胀“引擎”的四大差异区别之一：能源涨价对欧高通胀几乎起决定性作用，美国“多点开花”。对于欧元区，2月份能源同比拉动3.2%，占HICP同比的53.5%；而美国除能源外，食品、非能源工业品、服务“共同发力”，2月对同比贡献分别为14.1%、31.5%、33%，合计达78.6%。区别之二：欧元区食品涨价更快。由于欧元区通胀结构中食品占比更高，因此自2021年底以来欧元区食品涨价更快。区别之三：美国耐用品普涨，欧元区除汽车涨价外，其他耐用品涨价不明显。区别之四：服务是美国CPI同比的最大拉动项，其中房租贡献“一枝独秀”，而欧元区服务涨幅较小。综上，欧美通胀压力来源最大差异在于：欧元区主要是大宗商品价格推升型通胀，而美国则是价格普涨：①从区别一和二可以看出，欧元区通胀受外部供给冲击主导特征更为明显，能源、食品涨价压力主要来自外部供给端，而欧元区高通胀中能源贡献超50%，近期食品也表现出高于美国的涨价速度。②区别三和四可能表明，欧元区由于内部需求走强带来的通胀压力并不大，耐用品方面，美国耐用品呈现普涨压力，而欧元区则仅由汽车推动。在服务方面，美国服务通胀对通胀整体拉动最强，而欧元区则更多面临更高的运输服务涨价压力，而运输服务的涨价也与能源价格上涨有关。这一区别可能表明相比于美国，欧元区内部需求偏弱，由需求推动的通胀压力并不大。风险提示：美国通胀超预期走高正文一欧美：一样的通胀高压，不一样的压力来源自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，分别达到5.9%、7.9%的高位；环比均+0.9%，尤其是欧元区受俄乌冲突影响较大，2月环比较1月增长了0.5个百分点。持续高通胀压力下，欧美央行均转鹰。欧元区方面，3月议息会议上欧央行全面上调通胀预期，并宣布将以更快速度结束购债计划（APP），相较2月会议再度超预期转鹰。3月17日，行长拉加德在讲话中也表示“欧元区通胀水平已经不太可能回到疫情之前的水平，欧央行已经开始调整政策，以便在满足必要条件时，进一步推进政策正常化”，表明在高通胀压力下，欧央行正“被迫”转变态度。美国方面，3月美联储议息会议纪要也明确未来1次或多次议息会议或将加息50bps，最早5月或将启动缩表。但欧美通胀压力来源具有明显差异，美国通胀“多点开花”，但欧元区则是“能源通胀”，即美国通胀面临的压力是各类商品和服务价格普涨；而欧元区通胀绝大部分来自于能源。考虑到能源涨价主要受供给因素影响，说明欧元区通胀压力更多来自外部供给端的冲击，而非因经济快速复苏导致需求强劲。而美国的价格普涨则表明其通胀压力既有供应端瓶颈的限制（如能源涨价），又有居民耐用品、服务等内部需求强劲的推动。因此，相较而言，美国内部需求对加息的“抵抗力”要强于欧元区，欧元区可能面临更大的经济衰退风险。（一）HICP与CPI有什么异同？在展开欧美通胀来源对比之前，首先对比欧美通胀指标的异同。本报告选取美国CPI和欧元区HICP指标表征各自通胀水平。关于美国CPI指标的基本情况详见报告《缩or胀——美国通胀长短期双框架的找寻与展望&数论经济系列十一》，本报告主要介绍欧元区通胀指标HICP。HICP全称为TheHarmonised Index of Consumer Prices，译为调和CPI，是欧盟各成员国按照统一标准编制的消费物价指数，目的是使各成员国的物价指数具备可比性，可以进行加总得到欧元区的消费物价指数。对比发现，欧元区HICP与美国CPI主要存在以下几点差别：1、编制方法方面，首先，在样本选取上，欧元区HICP试图将农村消费者纳入样本，而美国CPI只考虑城市消费者；其次，在权重调整上，欧元区HICP一篮子商品与服务的权重每年调整一次，而美国CPI篮子中各商品和服务的权重两年调整一次。2、消费篮子的权重方面，根据核心与非核心通胀的口径来看，欧美通胀指标中服务权重均高于商品权重，显示欧美以服务消费为主的经济特征，而且美国的服务权重明显高于欧元区，高出约18.3个百分点；在商品权重中，欧美食品权重差距最大，欧元区HICP食品权重比美高8.8个百分点，其次是非能源工业品，欧较美高5.6个百分点，欧能源权重则高于美3.9个百分点。考虑到近期受俄乌冲突影响，能源、粮食等大宗商品大幅涨价，欧HICP消费者篮子中相对更高的食品和能源权重则意味着欧元区会面临更高的食品和能源通胀压力。根据消费篮子的细分种类看，按照消费的商品和服务种类分，欧元区HICP分为12大类，美国CPI则囊括8大类（详见图表6）。其中：美国CPI中住宅权重明显高于欧HICP的住宅权重，约高19.7个百分点，这也是欧美服务权重巨大差距的主要来源，主要原因可能在于欧元区HICP不包括自有住房（Owner-occupied Housing）的估计租金，而美国CPI包含自有住房部分，记为“业主等价租金”（Owners’ EquivalentRent of Residences）。但欧HICP中的食品和饮料则远高于美CPI，约高11.3个百分点，对应着欧HICP中食品大类权重远高于美CPI。（二）如何对比欧美通胀来源？由于欧美通胀指标分类上的差异，为了方便对比，我们按照核心与非核心通胀的思路进行拆分。欧盟统计局将欧元区HICP拆分为四大项目——“食品”、“能源”、“非能源工业品”、“服务”，与美国CPI分类中的“食品”、“能源”、“商品（不含食品和能源类）”、“服务（不含能源类）”可一一匹配，因此我们首先根据“食品”、“能源”、“非能源工业品”、“服务”四大类的口径，对美欧通胀结构进行初步对比。为进一步细化美欧通胀结构上的差异，我们将非能源工业品进一步拆分为耐用品与非耐用品，美国劳工统计局分类中包括这两个分项，因此不需调整；对于欧元区，将官方分类中的耐用品与半耐用品合计为“耐用品”，“非耐用品”不作调整。对于耐用品，又进一步拆分出汽车和其他耐用品，美国劳工统计局分类中包括汽车分项，因此不需调整；对于欧元区，将官方分类中的机动车和机动车零部件合计为汽车。将服务进一步拆分为交通运输服务、休闲娱乐服务、房租与其他四项，对于欧元区，前两项为欧盟统计局官方分类中的内容，无需调整；房租等于实际房租+餐饮和酒店中的住宿服务分项；其他为服务项倒减前三项，内容上包括通信服务等。对于美国，交通运输服务、休闲娱乐服务、房租均为劳工统计局官方分类中的内容，无需调整；其他也依靠倒挤得出。具体分类细节详见下表，在对美欧通胀口径进行统一后，我们可对美欧通胀结构进行对比。（三）欧美通胀“引擎”的四大差异区别之一：能源涨价对欧高通胀几乎起决定性作用，而美国“多点开花”。对于欧元区，2月份能源对HICP同比增速的拉动率为3.2%，贡献率达到53.5%；对于美国，2月份能源对CPI同比增速的拉动率为1.7%，贡献率为21.3%；除能源外，食品、非能源工业品、服务“共同发力”，2月对CPI同比增速的贡献分别为14.1%、31.5%、33%，合计达78.6%，表明美国的高通胀是“多点开花”。区别之二：欧元区食品涨价更快。自2021年末以来欧元区食品涨价更快，截至今年2月，食品价格上涨对欧、美通胀同比的拉动率分别为1%、1.1%，食品涨价对欧美通胀同比拉动率差距不大，但从变化趋势来看，由于欧元区通胀中商品占比更高，食品价格带来欧元区的通胀上行压力更大。区别之三：美国耐用品普遍涨价，欧元区除汽车涨价拉动外，其他耐用品涨价不明显。从拉动率绝对水平上看，2月美国耐用品涨价对CPI同比拉动录得2.1%，而欧元区仅有0.4%，疫情发生以来欧元区耐用品涨价幅度持续远小于美国。结构来看，对欧美来说汽车均是耐用品涨价主要拉动项，2月欧美汽车同比拉动分别为1.7%、0.42%，对欧美耐用品涨价贡献分别为80%、103%。而美国除了汽车涨价外，其他耐用品亦有价格上涨压力，可能表明美国内部需求较强劲，导致耐用品价格产生普涨压力；而在欧元区，除了因“缺芯”等供给端因素限制导致的汽车涨价外，其他耐用品价格反而在回落，可能暗示欧元区内部需求不强。区别之四：服务是美国CPI同比的最大拉动项，其中房租贡献“一枝独秀”，而欧元区服务涨幅较小，休闲娱乐服务贡献最大。2月，美国CPI服务分项对整体通胀的同比拉动率为2.6%，对CPI同比贡献率为33%，为四大分项（食品、能源、非能源工业品、服务）中最高，而欧元区服务涨价贡献率仅为17%。结构来看，在美国，服务涨价主要是因为房租上涨，此外运输服务涨价亦有一定贡献，2月，房租、运输服务对整体通胀的同比拉动分别录得1.6%、0.3%，对服务涨价贡献率分别为60%、13%；而在欧元区，休闲娱乐服务才是服务涨价的主要推动力，2月对CPI同比拉动率为0.4%，对服务涨价贡献率42%，房租几乎没有变化，交通运输服务也有一定贡献，2月对服务涨价贡献率19%，比美国大。而运输服务涨价也主要受供给端因素限制，一方面能源涨价推升成本，另一方面疫情导致运输就业人员不足推升薪资成本。综上，通过对比可以发现，欧美通胀压力来源最大差异在于：欧元区主要是大宗商品价格推升型通胀，而美国则是价格普涨，更具体地说：其一，从区别一和二可以看出，欧元区通胀受外部供给冲击主导特征更为明显，能源、食品涨价压力主要来自外部供给端，而欧元区高通胀中能源贡献超50%，近期食品也表现出高于美国的涨价速度。其二，区别三和四可能表明，欧元区由于内部需求走强带来的通胀压力并不大，耐用品方面，美国耐用品呈现普涨压力，而欧元区则仅由汽车推动。在服务方面，美国服务通胀对通胀整体拉动最强，而欧元区则更多面临更高的运输服务涨价压力，而运输服务的涨价也与能源价格上涨有关。这一区别可能表明相比于美国，欧元区内部需求偏弱，由需求推动的通胀压力并不大。考虑到美欧央行此轮加速紧缩均是受到通胀影响，但相比于美国，欧元区的通胀主要来自外部供给冲击，内部需求并未过热，因此货币政策紧缩后，美国国内需求或仍能“扛”一段时间，而欧元区内部需求或受货币紧缩冲击更大，更易陷入经济增长放缓的风险。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096782019,"gmtCreate":1644461751143,"gmtModify":1676533929902,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096782019","repostId":"1120878270","repostType":4,"repost":{"id":"1120878270","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":1644459301,"share":"https://ttm.financial/m/news/1120878270?lang=en_US&edition=fundamental","pubTime":"2022-02-10 10:15","market":"hk","language":"zh","title":"Lepu Biotechnology begins its IPO today, with an entry fee of HK$7,454.38.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120878270","media":"老虎资讯综合","summary":"每股发售价介于6.87港元-7.38港元，每手1000股。","content":"<p><html><head></head><body>February 10th news,<a href=\"https://laohu8.com/S/02157\">Lepu Bio-B</a>Announcement: The company will conduct an IPO from February 10 to February 15, 2022. It plans to issue approximately 127 million shares, of which 10% will be offered in Hong Kong and 90% will be offered internationally, with an over-allotment option of 15%.<b>The offer price is HK$6.87-HK$7.38 per share, with 1,000 shares per lot, and an entry fee of HK$7,454.38.</b>Trading in the Shares on the Stock Exchange is expected to commence on February 23, 2022.</p><p><img src=\"https://static.tigerbbs.com/97e1a27c96f3078f3c0b6f92bab54cb8\" tg-width=\"869\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p><b>Subscription ladder</b></p><p>Each lot costs 1,000 shares, with an entry fee of HK$7,454.38.</p><p>The threshold for Group B is 70,000 shares, and the funds required for subscription are approximately HK$521,806.55.<img src=\"https://static.tigerbbs.com/64702a21d77baa3223cdcc943a37271a\" tg-width=\"800\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p><b>Company Profile</b></p><p>Founded in 2018, Lepu Bio has completed three rounds of financing in the past four years, attracting numerous professional pharmaceutical and medical industry investment funds, including Vivo Capital, Suzhou Danqing, Guotou Chuanghe, Ping An Capital, Sunshine Life Insurance, Ronghui Sunshine, Guoxin Central Enterprises, and Shanghai Biomedical Fund.</p><p><b>Differential layout PD-1 pan-cancer immunotherapy</b></p><p>Lepu Bio focuses on the combination drug mechanism in the field of tumor treatment, which is<b>The only innovative drug company in China that has both NDA production stage PD-1 monoclonal antibody and multiple clinical phase II ADC pipelines.</b>Its product pipeline includes eight clinical-stage drug candidates, mainly consisting of targeted therapies (ADC antibody-conjugated drugs) and immunotherapy drugs, the latter including two immune checkpoint drugs (PD-1/L1) and an oncolytic virus drug. Three drug candidates have entered registration trials, and two trials are underway in the United States. Monoclonal antibody cornerstone products can form advantages in combination with ADCs, oncolytic viruses, etc. The company will also expand the beneficiary patient group and improve the quality of life of patients.</p><p><img src=\"https://static.tigerbbs.com/893211e958a9d22abefebb7472519142\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Source: Prospectus</p><p>The competition for PD-1 (L1) in China has been extremely fierce, so many companies have begun to target the more cutting-edge therapeutic market. The marketing application for MSI-H/dMMR solid tumors, one of Lepu Bio's core products, PD-1 putelizumab injection (HX008), was included in the priority review by CDE in November 2021.</p><p>MSI-H/dMMR is the first \"pan-tumor type\" tumor marker. The discovery of MSI-H/dMMR tumor marker has promoted the progress of tumor treatment methods that \"treat by type regardless of cancer type\". As an emerging immunotherapy biomarker, MSI-H/dMMR has a high detection rate in gastric cancer, colorectal cancer and other digestive system cancers, so it has broad application prospects. However, the competition in the MSI-H/dMMR solid tumor treatment market has just begun. Currently, globally<b>Only three anti-PD-(L)1 monoclonal antibodies (approved by the NMPA) were approved for the treatment of MSI-H/dMMR solid tumors: K (pembrolizumab, approved by the FDA and NMPA), O (nivolumab, approved by the FDA), and envolumab.</b></p><p>Taking K drug as an example, in the large-scale global multi-center phase III clinical trial of pembrolizumab for the first-line treatment of colorectal cancer, the 3-year survival rate, PFS, ORR, CRR, TRAE and other performances of patients with advanced colorectal cancer using K drug were significantly better than those of patients with advanced colorectal cancer using conventional chemotherapy. Lepu Bio's NDA application for HX008 has been accepted. HX008 is expected to become Lepu Bio's first marketed product and enable patients to benefit from the new therapy earlier.</p><p><b>It is also worth mentioning that PD-1 is the closest to commercialization in Lepu Bio's overall strategic deployment and plays an important role. The company will leverage PD-1 products to open up sales channels, and plans to launch marketing efforts in medical institutions and pharmacy systems after HX008 is approved for the treatment of MSI-H/dMMR solid tumors and melanoma in China, laying the foundation for the smooth launch of ADC products and subsequent pipelines.</b>。</p><p><b>Several ADCs are expected to achieve global firsts.</b></p><p>ADC drugs are the core of Lepu Bio's targeted therapies. The company has multiple targeted ADC drug pipelines, among which the core pipeline, HER2 targeted ADC drug MRG002, is making the fastest progress in commercialization. Lepu Bio has a relatively complete layout in the field of breast cancer treatment, especially one of its core products, MRG002, which is a HER2-targeted ADC drug. The HER2 positivity rate for breast cancer is approximately 25.4%. The second-line progression rate of breast cancer in China is 94.3%.</p><p>Breast cancer has now become the most common cancer in the world, with 331,600 new breast cancer cases in China in 2020. According to Frost & Sullivan, the size of China's breast cancer market was RMB 50.7 billion in 2020 and is expected to reach RMB 81.8 billion and RMB 124.6 billion by 2025 and 2030, respectively.</p><p>MRG002 has achieved a breakthrough in Phase II clinical studies. This Phase II clinical trial was led by Professor Jiang Zefei of the General Hospital of the People's Liberation Army. Jiang Zefei gave a detailed report at the CSCO Annual Meeting on Clinical Research Data on Innovative Drugs in September 2021. Jiang Zefei said that the innovative efficacy of MRG002 comes from its innovative molecular design, because ADC drug design has unique difficulties in cytotoxicity and linkers.</p><p>The global breast cancer treatment market has never lacked blockbuster varieties. According to Nature Reviews Drug Discovery, global sales of currently marketed ADCs will exceed $16.4 billion in 2026.</p><p>Another core pipeline, MRG003, is an EGFR-targeted ADC drug candidate. According to Frost & Sullivan, MRG003 is currently<b>First in China and leading in international clinical progress</b>ADC drugs targeting EGFR, globally, except for Japan's Rakuten Medical's product Akalux (for unresectable locally recurrent head and neck cancer) approved by PMDA, no other ADC targeting EGFR has been approved. Lepu Bio is conducting multiple Phase II clinical trials for MRG003 in China.</p><p>Similarly, ADC's other pipelines also have the potential to be first-of-its-kind. For example, CMG901, jointly developed by Lepu Bio and Connoya (2162.HK), is the world's first CLDN18.2 targeted ADC to receive IND approval; The company's self-developed MRG001 targets hematological tumors. There are currently no approved CD20-targeted ADC products worldwide. The only CD20-targeted ADCs in China that have entered the clinical stage are the company's MRG001 and Teris's TRS005.</p><p><b>ADC drug technology is complex, and many pipelines will face the challenge of early R&D failure; In addition, the company's ADC commercial production capacity and production experience are also crucial for ADC drugs to be finally approved for marketing.</b>Dr. Hu Chaohong, co-general manager of Lepu Bio, has worked at Seagen (SGEN.US) for many years, and the team has extensive experience in ADC drug development. Lepu Bio also has an ADC platform with clinically proven coupling and CMC technology, as well as an advanced process development and analysis platform to support commercial production.</p><p><b>Globally leading clinical progress of oncolytic viruses</b></p><p>Lepu Bio introduced the innovative pipeline CG0070 from CG Oncology and obtained the rights to develop, manufacture and commercialize the product in China. The company has submitted an IND application to the National Medical Products Administration for the intravesical administration of CG0070 for the treatment of bladder cancer (NMIBC, i.e. non-muscle-invasive bladder cancer that does not respond to BCG) and other solid tumors.<b>The application for NMIBC has received clinical approval from CDE,</b>Conduct clinical trials for this indication.</p><p>According to Frost and Sullivan,<b>CG0070 is the first and only oncolytic adenovirus in clinical development to treat bladder cancer</b>。 Oncolytic viruses are a class of viruses that can selectively lyse cancer cells. On the one hand, they can infect tumor cells and cause cell lysis; On the other hand, the molecules they release during lysis can also induce innate and adaptive immune responses, attracting more immune cells to continue killing residual tumor cells. Therefore, oncolytic viruses have good clinical prospects as innovative therapies.</p><p>The main indication for oncolytic viruses is bladder cancer, which is the most common malignant tumor of the urinary system and has the highest incidence of urogenital tumors in China.<b>The five-year survival rate in China is 72.9%, and there is a significant market opportunity for bladder cancer treatment.</b>In addition, oncolytic viruses can be extended to other indications, especially in combination,<b>The combination of oncolytic viruses and anti-PD-1/anti-PD-L1 monoclonal antibodies has become an emerging treatment for advanced malignancies.</b></p><p>CG0070 has demonstrated good safety and efficacy in a Phase II clinical study conducted by CG Oncology in the United States for the treatment of NMIBC. On November 13, 2021, CG Oncology disclosed the very impressive Phase II clinical trial data of CG0070 combined with K drug.<b>The trial results showed that among the 9 NMIBC patients whose efficacy could be evaluated, all patients achieved complete response (CR) at 3 months. In addition, the CR rate of patients who reached the 6-month evaluation node and the 9-month evaluation node also remained 100%.</b></p><p>Many companies around the world have deployed a total of more than 180 oncolytic virus pipelines, but at present, CG Oncology and Candel Therapeutics (CADL.US)'s aglatimagene besadenovec (the treatment of prostate cancer has entered clinical phase III) is one of the fastest progressing pipelines.</p><p>In addition to CG0070, Lepu Biotechnology also holds shares in Wuhan Binhui Biotechnology, which has independently developed recombinant human GM-CSF oncolytic herpes simplex virus type II (OH2) injection. According to Lepu Bio's prospectus, the combination therapy of HX008 and OH2 for advanced hepatocellular carcinoma has been approved for IND and the corresponding Phase I clinical trial has begun.</p><p>Lepu Biotechnology has established multiple tumor treatment pipelines for various indications. As the commercialization of the product approaches, the company is also advancing research on the combination of monoclonal antibodies with other core pipelines, in order to provide patients with innovative and even disruptive treatment solutions. In addition to the aforementioned HX008 combined with OH2, Lepu Bio also plans to conduct research and development on ADC combined with HX008 for the treatment of advanced head and neck squamous cell carcinoma (HNSCC). MRG003 in combination with HX008 for the treatment of HNSCC, and MRG002 in combination with HX008 for the treatment of gastric cancer have all received IND approval from the National Medical Products Administration.</p><p>Globally, in clinical trials of monoclonal antibody products such as K drugs in combination with ADCs and oncolytic viruses, combination therapy generally shows a higher complete response rate than single drugs, and the survival rate of patients participating in combination chemotherapy trials is also improving.</p><p>While advancing the development of product candidates, the company has planned and is implementing its production and commercialization layout. In 2019, Lepu Bio built a 2,000L antibody production line with GMP standards in Beijing and put it into production. It is currently building a 200L oncolytic virus drug production line in Beijing. The company is also currently building a biopharmaceutical production center in Shanghai, including the construction of a production line with a preliminary design capacity of 12,000L and supporting laboratories and factories. Leveraging the company's team and technology platform, the development of production and commercialization capabilities will also provide significant support for the company's global expansion.</p><p></body></html></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>Lepu Biotechnology begins its IPO today, with an entry fee of HK$7,454.38.</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\">\nLepu Biotechnology begins its IPO today, with an entry fee of HK$7,454.38.\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\">2022-02-10 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>February 10th news,<a href=\"https://laohu8.com/S/02157\">Lepu Bio-B</a>Announcement: The company will conduct an IPO from February 10 to February 15, 2022. It plans to issue approximately 127 million shares, of which 10% will be offered in Hong Kong and 90% will be offered internationally, with an over-allotment option of 15%.<b>The offer price is HK$6.87-HK$7.38 per share, with 1,000 shares per lot, and an entry fee of HK$7,454.38.</b>Trading in the Shares on the Stock Exchange is expected to commence on February 23, 2022.</p><p><img src=\"https://static.tigerbbs.com/97e1a27c96f3078f3c0b6f92bab54cb8\" tg-width=\"869\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p><b>Subscription ladder</b></p><p>Each lot costs 1,000 shares, with an entry fee of HK$7,454.38.</p><p>The threshold for Group B is 70,000 shares, and the funds required for subscription are approximately HK$521,806.55.<img src=\"https://static.tigerbbs.com/64702a21d77baa3223cdcc943a37271a\" tg-width=\"800\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p><b>Company Profile</b></p><p>Founded in 2018, Lepu Bio has completed three rounds of financing in the past four years, attracting numerous professional pharmaceutical and medical industry investment funds, including Vivo Capital, Suzhou Danqing, Guotou Chuanghe, Ping An Capital, Sunshine Life Insurance, Ronghui Sunshine, Guoxin Central Enterprises, and Shanghai Biomedical Fund.</p><p><b>Differential layout PD-1 pan-cancer immunotherapy</b></p><p>Lepu Bio focuses on the combination drug mechanism in the field of tumor treatment, which is<b>The only innovative drug company in China that has both NDA production stage PD-1 monoclonal antibody and multiple clinical phase II ADC pipelines.</b>Its product pipeline includes eight clinical-stage drug candidates, mainly consisting of targeted therapies (ADC antibody-conjugated drugs) and immunotherapy drugs, the latter including two immune checkpoint drugs (PD-1/L1) and an oncolytic virus drug. Three drug candidates have entered registration trials, and two trials are underway in the United States. Monoclonal antibody cornerstone products can form advantages in combination with ADCs, oncolytic viruses, etc. The company will also expand the beneficiary patient group and improve the quality of life of patients.</p><p><img src=\"https://static.tigerbbs.com/893211e958a9d22abefebb7472519142\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Source: Prospectus</p><p>The competition for PD-1 (L1) in China has been extremely fierce, so many companies have begun to target the more cutting-edge therapeutic market. The marketing application for MSI-H/dMMR solid tumors, one of Lepu Bio's core products, PD-1 putelizumab injection (HX008), was included in the priority review by CDE in November 2021.</p><p>MSI-H/dMMR is the first \"pan-tumor type\" tumor marker. The discovery of MSI-H/dMMR tumor marker has promoted the progress of tumor treatment methods that \"treat by type regardless of cancer type\". As an emerging immunotherapy biomarker, MSI-H/dMMR has a high detection rate in gastric cancer, colorectal cancer and other digestive system cancers, so it has broad application prospects. However, the competition in the MSI-H/dMMR solid tumor treatment market has just begun. Currently, globally<b>Only three anti-PD-(L)1 monoclonal antibodies (approved by the NMPA) were approved for the treatment of MSI-H/dMMR solid tumors: K (pembrolizumab, approved by the FDA and NMPA), O (nivolumab, approved by the FDA), and envolumab.</b></p><p>Taking K drug as an example, in the large-scale global multi-center phase III clinical trial of pembrolizumab for the first-line treatment of colorectal cancer, the 3-year survival rate, PFS, ORR, CRR, TRAE and other performances of patients with advanced colorectal cancer using K drug were significantly better than those of patients with advanced colorectal cancer using conventional chemotherapy. Lepu Bio's NDA application for HX008 has been accepted. HX008 is expected to become Lepu Bio's first marketed product and enable patients to benefit from the new therapy earlier.</p><p><b>It is also worth mentioning that PD-1 is the closest to commercialization in Lepu Bio's overall strategic deployment and plays an important role. The company will leverage PD-1 products to open up sales channels, and plans to launch marketing efforts in medical institutions and pharmacy systems after HX008 is approved for the treatment of MSI-H/dMMR solid tumors and melanoma in China, laying the foundation for the smooth launch of ADC products and subsequent pipelines.</b>。</p><p><b>Several ADCs are expected to achieve global firsts.</b></p><p>ADC drugs are the core of Lepu Bio's targeted therapies. The company has multiple targeted ADC drug pipelines, among which the core pipeline, HER2 targeted ADC drug MRG002, is making the fastest progress in commercialization. Lepu Bio has a relatively complete layout in the field of breast cancer treatment, especially one of its core products, MRG002, which is a HER2-targeted ADC drug. The HER2 positivity rate for breast cancer is approximately 25.4%. The second-line progression rate of breast cancer in China is 94.3%.</p><p>Breast cancer has now become the most common cancer in the world, with 331,600 new breast cancer cases in China in 2020. According to Frost & Sullivan, the size of China's breast cancer market was RMB 50.7 billion in 2020 and is expected to reach RMB 81.8 billion and RMB 124.6 billion by 2025 and 2030, respectively.</p><p>MRG002 has achieved a breakthrough in Phase II clinical studies. This Phase II clinical trial was led by Professor Jiang Zefei of the General Hospital of the People's Liberation Army. Jiang Zefei gave a detailed report at the CSCO Annual Meeting on Clinical Research Data on Innovative Drugs in September 2021. Jiang Zefei said that the innovative efficacy of MRG002 comes from its innovative molecular design, because ADC drug design has unique difficulties in cytotoxicity and linkers.</p><p>The global breast cancer treatment market has never lacked blockbuster varieties. According to Nature Reviews Drug Discovery, global sales of currently marketed ADCs will exceed $16.4 billion in 2026.</p><p>Another core pipeline, MRG003, is an EGFR-targeted ADC drug candidate. According to Frost & Sullivan, MRG003 is currently<b>First in China and leading in international clinical progress</b>ADC drugs targeting EGFR, globally, except for Japan's Rakuten Medical's product Akalux (for unresectable locally recurrent head and neck cancer) approved by PMDA, no other ADC targeting EGFR has been approved. Lepu Bio is conducting multiple Phase II clinical trials for MRG003 in China.</p><p>Similarly, ADC's other pipelines also have the potential to be first-of-its-kind. For example, CMG901, jointly developed by Lepu Bio and Connoya (2162.HK), is the world's first CLDN18.2 targeted ADC to receive IND approval; The company's self-developed MRG001 targets hematological tumors. There are currently no approved CD20-targeted ADC products worldwide. The only CD20-targeted ADCs in China that have entered the clinical stage are the company's MRG001 and Teris's TRS005.</p><p><b>ADC drug technology is complex, and many pipelines will face the challenge of early R&D failure; In addition, the company's ADC commercial production capacity and production experience are also crucial for ADC drugs to be finally approved for marketing.</b>Dr. Hu Chaohong, co-general manager of Lepu Bio, has worked at Seagen (SGEN.US) for many years, and the team has extensive experience in ADC drug development. Lepu Bio also has an ADC platform with clinically proven coupling and CMC technology, as well as an advanced process development and analysis platform to support commercial production.</p><p><b>Globally leading clinical progress of oncolytic viruses</b></p><p>Lepu Bio introduced the innovative pipeline CG0070 from CG Oncology and obtained the rights to develop, manufacture and commercialize the product in China. The company has submitted an IND application to the National Medical Products Administration for the intravesical administration of CG0070 for the treatment of bladder cancer (NMIBC, i.e. non-muscle-invasive bladder cancer that does not respond to BCG) and other solid tumors.<b>The application for NMIBC has received clinical approval from CDE,</b>Conduct clinical trials for this indication.</p><p>According to Frost and Sullivan,<b>CG0070 is the first and only oncolytic adenovirus in clinical development to treat bladder cancer</b>。 Oncolytic viruses are a class of viruses that can selectively lyse cancer cells. On the one hand, they can infect tumor cells and cause cell lysis; On the other hand, the molecules they release during lysis can also induce innate and adaptive immune responses, attracting more immune cells to continue killing residual tumor cells. Therefore, oncolytic viruses have good clinical prospects as innovative therapies.</p><p>The main indication for oncolytic viruses is bladder cancer, which is the most common malignant tumor of the urinary system and has the highest incidence of urogenital tumors in China.<b>The five-year survival rate in China is 72.9%, and there is a significant market opportunity for bladder cancer treatment.</b>In addition, oncolytic viruses can be extended to other indications, especially in combination,<b>The combination of oncolytic viruses and anti-PD-1/anti-PD-L1 monoclonal antibodies has become an emerging treatment for advanced malignancies.</b></p><p>CG0070 has demonstrated good safety and efficacy in a Phase II clinical study conducted by CG Oncology in the United States for the treatment of NMIBC. On November 13, 2021, CG Oncology disclosed the very impressive Phase II clinical trial data of CG0070 combined with K drug.<b>The trial results showed that among the 9 NMIBC patients whose efficacy could be evaluated, all patients achieved complete response (CR) at 3 months. In addition, the CR rate of patients who reached the 6-month evaluation node and the 9-month evaluation node also remained 100%.</b></p><p>Many companies around the world have deployed a total of more than 180 oncolytic virus pipelines, but at present, CG Oncology and Candel Therapeutics (CADL.US)'s aglatimagene besadenovec (the treatment of prostate cancer has entered clinical phase III) is one of the fastest progressing pipelines.</p><p>In addition to CG0070, Lepu Biotechnology also holds shares in Wuhan Binhui Biotechnology, which has independently developed recombinant human GM-CSF oncolytic herpes simplex virus type II (OH2) injection. According to Lepu Bio's prospectus, the combination therapy of HX008 and OH2 for advanced hepatocellular carcinoma has been approved for IND and the corresponding Phase I clinical trial has begun.</p><p>Lepu Biotechnology has established multiple tumor treatment pipelines for various indications. As the commercialization of the product approaches, the company is also advancing research on the combination of monoclonal antibodies with other core pipelines, in order to provide patients with innovative and even disruptive treatment solutions. In addition to the aforementioned HX008 combined with OH2, Lepu Bio also plans to conduct research and development on ADC combined with HX008 for the treatment of advanced head and neck squamous cell carcinoma (HNSCC). MRG003 in combination with HX008 for the treatment of HNSCC, and MRG002 in combination with HX008 for the treatment of gastric cancer have all received IND approval from the National Medical Products Administration.</p><p>Globally, in clinical trials of monoclonal antibody products such as K drugs in combination with ADCs and oncolytic viruses, combination therapy generally shows a higher complete response rate than single drugs, and the survival rate of patients participating in combination chemotherapy trials is also improving.</p><p>While advancing the development of product candidates, the company has planned and is implementing its production and commercialization layout. In 2019, Lepu Bio built a 2,000L antibody production line with GMP standards in Beijing and put it into production. It is currently building a 200L oncolytic virus drug production line in Beijing. The company is also currently building a biopharmaceutical production center in Shanghai, including the construction of a production line with a preliminary design capacity of 12,000L and supporting laboratories and factories. Leveraging the company's team and technology platform, the development of production and commercialization capabilities will also provide significant support for the company's global expansion.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8d9586192423abb2922de7db5c64252","relate_stocks":{"02157":"乐普生物"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120878270","content_text":"2月10日消息，乐普生物-B公告：于2022年2月10日-2月15日进行招股，公司拟发行约1.27亿股，其中香港公开发售占10%，国际发售占90%，另附有15%的超额配股权。每股发售价为6.87港元-7.38港元，每手1000股，入场费7454.38港元，预期股份将于2022年2月23日在联交所开始买卖。申购阶梯每手1000股，入场费7454.38港元。乙组门槛为70000股，申购所需资金约521806.55港元。公司简介乐普生物成立于2018年，近4年一共完成了3轮融资，吸引了众多专业的医药医疗行业投资基金，包括维梧资本、苏州丹青、国投创合、平安资本、阳光人寿、融汇阳光、国新央企、上海生物医药基金等。差异化布局PD-1泛癌种免疫治疗乐普生物聚焦肿瘤治疗领域的联合用药机制，是国内唯一一家既有NDA报产阶段PD-1单抗，又拥有多个临床II期ADC管线的创新药企业。其产品管线中有8种临床阶段候选药物，主要由靶向疗法（ADC抗体偶联药物）和免疫治疗药物构成，后者包括两种免疫检查点药物（PD-1/L1）和一种溶瘤病毒药物。三项候选药物已进入注册性试验，两项试验正在美国进行。单抗类基石产品与ADC、溶瘤病毒等可形成联合用药优势，公司也将扩大受益患者群，提高患者的生存质量。来源：招股书PD-1（L1）在国内竞争已经异常激烈，因此不少企业都开始瞄准更前沿的治疗市场，乐普生物核心产品之一PD-1 普特利单抗注射液（HX008）第二个适应症MSI-H/dMMR 实体瘤的上市申请，2021年11月被CDE纳入优先评审。MSI-H/dMMR是第一个「泛瘤种」肿瘤标志物，MSI-H/dMMR肿瘤标志物的发现推动了「不分癌种，分型而治」的肿瘤治疗方式的进展。作为新兴的免疫治疗生物标志物，MSI-H/dMMR在胃癌、结直肠癌等消化系统癌症中的检出率较高，因此具有广泛的应用前景。但MSI-H/dMMR实体瘤治疗市场的竞争才刚开始。目前，全球仅获批了K药（帕博丽珠单抗，已于FDA、NMPA获批）、O药（纳武利尤单抗，已于FDA获批）及恩沃利单抗3款抗PD-(L)1单抗（已于NMPA获批）用于治疗MSI-H/dMMR实体瘤。以K药为例，在帕博利珠单抗针对肠癌一线治疗的全球多中心的大型III期临床试验中，使用K药的晚期肠癌患者的3年生存率、PFS、ORR、CRR、TRAE等表现都明显优于使用常规化疗的晚期肠癌患者。乐普生物提交的HX008的NDA申请已获受理，HX008有望成为乐普生物首个上市产品，并使患者较早从新疗法中获益。另外值得一提的是，PD-1在乐普生物整体战略部署中离商业化最近，具有重要地位。公司将借助PD-1产品来打通销售渠道，计划HX008国内获批用于治疗MSI-H/dMMR实体瘤及黑色素瘤后启动在医疗机构、药房体系的营销工作，为ADC产品及后续管线顺利上市奠定基础。多款ADC有望实现全球首创ADC药物是乐普生物靶向疗法的核心，公司拥有多种靶向ADC药物管线，其中核心管线HER2靶向ADC药物MRG002商业化进展最快。乐普生物在乳腺癌治疗领域有相对完善的布局，尤其是核心产品之一MRG002为HER2靶向ADC药物。乳腺癌的HER2阳性率约为25.4%。中国乳腺癌的二线进展率为94.3%。乳腺癌现成为全球最常见的癌种，中国2020年新增的乳腺癌病例数达到33.16万。据弗若斯特沙利文的资料，2020年中国乳腺癌市场的规模为人民币507亿元，预计至2025年及2030年将分别达到818亿元及1246亿元。MRG002在II期临床研究中已实现突破。此II期临床试验由解放军总医院江泽飞教授牵头，江泽飞在2021年9月的CSCO年会创新药物临床研究数据专场中作了详细汇报。江泽飞表示，MRG002的创新疗效来自于其创新的分子设计，因为ADC药物设计在细胞毒、连接子方面都有独特难点。全球的乳腺癌治疗市场从来不乏重磅品种。据Nature Reviews Drug Discovery预计，2026年，目前已上市ADC的全球销售额将超过164亿美元。另一项核心管线MRG003为一款EGFR靶向ADC候选药物。据弗若斯特沙利文，MRG003是目前国内首创和国际临床进度领先的靶向EGFR的ADC药物，全球范围内，除了日本Rakuten Medical的产品Akalux（适用于不能切除的局部复发性头颈癌）获PMDA批准外，还没有其他靶向EGFR的ADC获批。乐普生物正在就MRG003在中国进行多项II期临床试验。同样，ADC其他管线也具有同类首创的潜质。例如，乐普生物与康诺亚（2162.HK）合作开发的CMG901是全球首款获IND批准的CLDN18.2靶向ADC；公司自研的MRG001针对血液肿瘤，全球目前尚未有获批的CD20靶向ADC产品，国内进入临床阶段的CD20靶向ADC仅有公司的MRG001和特瑞思的TRS005。ADC药物技术复杂，很多管线会面临前期研发失败的挑战；此外，ADC药物能最终获批上市，企业的ADC商业化生产能力、生产经验也至关重要。乐普生物联席总经理胡朝红博士在Seagen（SGEN.US）工作多年，团队拥有丰富的ADC药物研发经验。乐普生物也具有经临床验证的偶联和CMC技术的ADC平台，以及先进工艺的开发分析平台作为商业化生产的支持。溶瘤病毒临床进展全球领先乐普生物从CG Oncology引进了创新型管线CG0070，获得了该产品在国内的开发、制造和商业化权利。公司已向国家药监局提交CG0070膀胱内给药治疗膀胱癌（NMIBC，即卡介苗（BCG）无应答的非肌层浸润性膀胱癌）及其他实体瘤的IND申请，针对NMIBC的申请已获CDE的临床批件，开展对该适应症的临床试验。据弗若斯特沙利文，CG0070是首个也是唯一一个处于临床开发阶段的治疗膀胱癌的溶瘤腺病毒。溶瘤病毒是一类能选择性裂解癌细胞的病毒，一方面，它们可以感染肿瘤细胞并引起细胞裂解；另一方面，它们在裂解过程中释放的分子还能诱导先天性和适应性免疫反应，吸引更多免疫细胞来继续杀死残余肿瘤细胞，因此溶瘤病毒作为创新疗法有很好的临床前景。溶瘤病毒的主要适应症为膀胱癌，膀胱癌是泌尿系统最常见的恶性肿瘤，在中国泌尿生殖道肿瘤的发病率最高，在中国的五年生存率为72.9%，膀胱癌治疗有重大的市场机会。此外，溶瘤病毒还可拓展至其他适应症，尤其能在联用中体现优势，溶瘤病毒及抗PD-1╱抗PD-L1单克隆抗体的联合已成为新兴的晚期恶性肿瘤治疗方法。CG0070在CG Oncology于美国进行的用于治疗NMIBC的临床II期研究中展现出良好的安全性及疗效， 2021年11月13日，CG Oncology披露了CG0070联合K药十分亮眼的Ⅱ期临床试验数据。试验结果显示，在可评估疗效的9名NMIBC患者中，所有患者在3个月时实现了完全缓解（CR），此外，达到6个月评估节点和9个月评估节点的患者CR率也保持了100%。全球很多家企业布局了共约180多款溶瘤病毒管线，但目前CG Oncology和美国Candel Therapeutics（CADL.US）的aglatimagene besadenovec（治疗前列腺癌进入了临床III期）属于其中进展较快的管线。除CG0070外，乐普生物还参股了武汉滨会生物，滨会生物自主开发了重组人GM-CSF溶瘤II型单纯疱疹病毒（OH2）注射液。乐普生物招股书显示，HX008联合OH2针对晚期肝细胞癌的联合疗法已经获批IND并开始相应的I期临床试验。乐普生物已建立起针对多种适应症的多个肿瘤治疗管线。随着产品商业化的临近，公司也在推进单抗与其他核心管线联用的研究，以期为患者提供创新甚至颠覆性的治疗方案。除上述HX008联合OH2外，乐普生物还计划就ADC联合HX008治疗晚期头颈部鳞状细胞癌（HNSCC）等进行研发。MRG003联合HX008治疗HNSCC，以及MRG002与HX008联合治疗胃癌均已从国家药监局获得了IND批准。而从全球来看，K药等单抗产品与ADC、溶瘤病毒联用的临床试验中，联合疗法普遍显示出较单药更高的完全缓解率，参与联合化疗试验的患者生存率也在提高。在推进候选产品开发的同时，公司已规划并正在落实生产和商业化布局。2019年，乐普生物在北京建设了GMP标准的2,000L抗体生产线并投产，目前还正在北京建设200L溶瘤病毒药物生产线。公司目前还在建上海的生物医药生产中心，包括初步设计产能12,000L的生产线及配套实验室和厂房的建设。依托公司的团队和技术平台，生产及商业化能力的建设也将为公司的全球化布局提供巨大支持。","news_type":1,"symbols_score_info":{"02157":0.9}},"isVote":1,"tweetType":1,"viewCount":2521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887756499,"gmtCreate":1632102009611,"gmtModify":1676530700701,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/887756499","repostId":"1100031374","repostType":4,"repost":{"id":"1100031374","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":1631587259,"share":"https://ttm.financial/m/news/1100031374?lang=en_US&edition=fundamental","pubTime":"2021-09-14 10:40","market":"sg","language":"zh","title":"Reminder: The Mid-Autumn Festival market closure schedule is here! Hong Kong stocks are closed on the 22nd.","url":"https://stock-news.laohu8.com/highlight/detail?id=1100031374","media":"老虎资讯综合","summary":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n\n\n9月22日（周三）休市。9月23日（周四）起照常开市。\n\n\nA股：\n\n\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n\n\n美股、英股、澳股、新加坡股市照常交易。\n\n\n沪股通和深股通：\n\n\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n\n\n港股通：\n\n\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","content":"<p>The 2021 Mid-Autumn Festival holiday is approaching! Market closure arrangements for each major market are as follows:<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>Hong Kong stocks:</b></p><p>The market will be closed on Wednesday, September 22. The market will reopen as usual on Thursday, September 23.</p><p><b>A-shares:</b></p><p>The market will be closed from September 20 (Monday) to September 21 (Tuesday). The market will reopen as usual on Wednesday, September 22.</p><p><b>Trading in the US, UK, Australian, and Singapore stock markets will continue as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Closed from Friday, September 17 to Wednesday, September 22. It will reopen as usual from Thursday, September 23.</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed from September 16 (Thursday) to September 22 (Wednesday). It will reopen as usual from Thursday, September 23.</p><p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The Mid-Autumn Festival market closure schedule is here! Hong Kong stocks are closed on the 22nd.</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\">\nReminder: The Mid-Autumn Festival market closure schedule is here! Hong Kong stocks are closed on the 22nd.\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\">2021-09-14 10:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The 2021 Mid-Autumn Festival holiday is approaching! Market closure arrangements for each major market are as follows:<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>Hong Kong stocks:</b></p><p>The market will be closed on Wednesday, September 22. The market will reopen as usual on Thursday, September 23.</p><p><b>A-shares:</b></p><p>The market will be closed from September 20 (Monday) to September 21 (Tuesday). The market will reopen as usual on Wednesday, September 22.</p><p><b>Trading in the US, UK, Australian, and Singapore stock markets will continue as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Closed from Friday, September 17 to Wednesday, September 22. It will reopen as usual from Thursday, September 23.</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed from September 16 (Thursday) to September 22 (Wednesday). It will reopen as usual from Thursday, September 23.</p><p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100031374","content_text":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n9月22日（周三）休市。9月23日（周四）起照常开市。\nA股：\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n美股、英股、澳股、新加坡股市照常交易。\n沪股通和深股通：\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n港股通：\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833624200,"gmtCreate":1629241610600,"gmtModify":1676529973638,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089010487435940","authorIdStr":"4089010487435940"},"themes":[],"title":"","htmlText":"Buy now","listText":"Buy now","text":"Buy now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833624200","repostId":"2160783852","repostType":2,"repost":{"id":"2160783852","kind":"news","pubTimestamp":1629232740,"share":"https://ttm.financial/m/news/2160783852?lang=en_US&edition=fundamental","pubTime":"2021-08-18 04:39","market":"hk","language":"zh","title":"Tencent's upcoming quarterly earnings report has plunged 43% share price may not wait for good","url":"https://stock-news.laohu8.com/highlight/detail?id=2160783852","media":"新浪财经","summary":"腾讯控股本周将发布财报，股价重挫43%后等待触底反弹的投资者可能不会得到多少安慰。这将是其2019年第三季度以来的首次盈利下滑。腾讯将于周三市场收盘后发布业绩报告。　　腾讯近期股价大跌，香港恒生指数过去六个月的跌幅有四分之一源于腾讯。腾讯目前的预期市盈率约为21倍，低于其30倍左右的历史平均水平。　　即将发布的财报将考验分析师对该股的看涨态度。","content":"<p><html><body><div><div><img src=\"http://n.sinaimg.cn/finance/transform/45/w550h295/20210818/3b36-f166e432ec72bfce5392b3e063c512d6.png\"/><span></span></div>　　<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>With earnings due this week, investors waiting for bottom out after shares plunged 43% may find little comfort.</p><p>The tech giant is expected to report a 7.1% drop in second-quarter net income, according to a media survey of 17 analysts. It will be its first earnings decline since the third quarter of 2019. Tencent will release its results after the market closes on Wednesday.</p><p><div><img src=\"http://n.sinaimg.cn/finance/transform/46/w550h296/20210818/8868-3e8c38fc9b557a701388da5a8ecccd67.png\"/><span></span></div>Tencent's share price has plunged recently, with a quarter of the decline in Hong Kong's Hang Seng index in the past six months stemming from Tencent.</p><p>The decline in the stock price, though, makes the stock's valuation more attractive. Tencent's current expected P/E is around 21 times, which is lower than its historical average of around 30 times. Hugh Young, a senior fund manager at Aberdeen Standard Investments, said his firm is buying Tencent on the dip.</p><p>The upcoming earnings release will test analysts' bullish attitude towards the stock. Of the 68 analysts who rated Tencent, 63 recommended a buy, according to the data. The gap between the current share price and analysts' price targets is 65%, which is close to an all-time high.</p><p>　　<span><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a></span><span></span>Given that the education industry is a major advertising revenue source, this will have a \"significant\" impact on Tencent in the second half of the year, according to analysts Gary Yu and others.</p><p>Morgan Stanley also said in its July report that Tencent's cloud computing and value-added services businesses may partially offset the weak advertising outlook. But its core gaming business is also facing a higher year-over-year base as the Covid-19 pandemic fueled an online entertainment boom a year ago.</p><p>Tencent's near-term outlook remains challenging, with analysts expecting the third-quarter profit decline to expand to more than 10%, which will be Tencent's first two consecutive quarters of profit declines. Some analysts believe that weak earnings won't cause the stock to fall much further, especially as there are long-term tailwinds like digital transformation.</p><p>\"We expect the negative seasonality of online gaming to have been priced in by stock prices,\" Jefferies analyst Thomas Chong and others wrote in a July 14 note. \"With the shift to the industrial Internet and changes in user behavior, we expect that investments in enterprise services, high-output games and short video content will pave the way for the company.\"</p><p><div><span>Shareholder benefits! Taurus, Maotai, mobile phone... task \"Hao\" gift, waiting for you to get it>></span><img src=\"\"/></div><div><div><img src=\"\"/></div><div>Massive information, accurate interpretation, all in<a href=\"https://laohu8.com/S/SINA\">SINA</a>Finance APP</div></div>Editor in charge: Zhang Yujie SF107</p><p></div></body></html></p>","source":"sina","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>Tencent's upcoming quarterly earnings report has plunged 43% share price may not wait for good</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\">\nTencent's upcoming quarterly earnings report has plunged 43% share price may not wait for good\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-18 04:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div><div><img src=\"http://n.sinaimg.cn/finance/transform/45/w550h295/20210818/3b36-f166e432ec72bfce5392b3e063c512d6.png\"/><span></span></div>　　<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>With earnings due this week, investors waiting for bottom out after shares plunged 43% may find little comfort.</p><p>The tech giant is expected to report a 7.1% drop in second-quarter net income, according to a media survey of 17 analysts. It will be its first earnings decline since the third quarter of 2019. Tencent will release its results after the market closes on Wednesday.</p><p><div><img src=\"http://n.sinaimg.cn/finance/transform/46/w550h296/20210818/8868-3e8c38fc9b557a701388da5a8ecccd67.png\"/><span></span></div>Tencent's share price has plunged recently, with a quarter of the decline in Hong Kong's Hang Seng index in the past six months stemming from Tencent.</p><p>The decline in the stock price, though, makes the stock's valuation more attractive. Tencent's current expected P/E is around 21 times, which is lower than its historical average of around 30 times. Hugh Young, a senior fund manager at Aberdeen Standard Investments, said his firm is buying Tencent on the dip.</p><p>The upcoming earnings release will test analysts' bullish attitude towards the stock. Of the 68 analysts who rated Tencent, 63 recommended a buy, according to the data. The gap between the current share price and analysts' price targets is 65%, which is close to an all-time high.</p><p>　　<span><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a></span><span></span>Given that the education industry is a major advertising revenue source, this will have a \"significant\" impact on Tencent in the second half of the year, according to analysts Gary Yu and others.</p><p>Morgan Stanley also said in its July report that Tencent's cloud computing and value-added services businesses may partially offset the weak advertising outlook. But its core gaming business is also facing a higher year-over-year base as the Covid-19 pandemic fueled an online entertainment boom a year ago.</p><p>Tencent's near-term outlook remains challenging, with analysts expecting the third-quarter profit decline to expand to more than 10%, which will be Tencent's first two consecutive quarters of profit declines. Some analysts believe that weak earnings won't cause the stock to fall much further, especially as there are long-term tailwinds like digital transformation.</p><p>\"We expect the negative seasonality of online gaming to have been priced in by stock prices,\" Jefferies analyst Thomas Chong and others wrote in a July 14 note. \"With the shift to the industrial Internet and changes in user behavior, we expect that investments in enterprise services, high-output games and short video content will pave the way for the company.\"</p><p><div><span>Shareholder benefits! Taurus, Maotai, mobile phone... task \"Hao\" gift, waiting for you to get it>></span><img src=\"\"/></div><div><div><img src=\"\"/></div><div>Massive information, accurate interpretation, all in<a href=\"https://laohu8.com/S/SINA\">SINA</a>Finance APP</div></div>Editor in charge: Zhang Yujie SF107</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-18/doc-ikqciyzm2073752.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5c9c675b63dc378956d10eda9f8450b5","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-18/doc-ikqciyzm2073752.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2160783852","content_text":"腾讯控股本周将发布财报，股价重挫43%后等待触底反弹的投资者可能不会得到多少安慰。\n　　根据媒体对17位分析师的调查，预计这家科技巨头将报告第二季度净利润下降7.1%。这将是其2019年第三季度以来的首次盈利下滑。腾讯将于周三市场收盘后发布业绩报告。\n\n　　腾讯近期股价大跌，香港恒生指数过去六个月的跌幅有四分之一源于腾讯。\n　　不过，股价的下跌使得该股的估值更具吸引力。腾讯目前的预期市盈率约为21倍，低于其30倍左右的历史平均水平。安本标准投资的资深基金经理Hugh Young表示，他的公司逢低买入腾讯。\n　　即将发布的财报将考验分析师对该股的看涨态度。数据显示，在给腾讯评级的68位分析师中，63人建议买入。当前股价与分析师目标价之间差距65%，接近历史最高水平。\n　　摩根士丹利分析师Gary Yu等人表示，鉴于教育行业是一个主要广告收入源，这将在下半年对腾讯产生“重大”影响。\n　　摩根士丹利在7月的报告中还说，腾讯的云计算和增值服务业务可能部分抵消了疲软的广告前景。但其核心的游戏业务也面临着较高的同比基数，因为一年前Covid-19大流行推动了在线娱乐热潮。\n　　腾讯的近期前景仍然充满挑战性，分析师预计第三季度利润降幅将扩大至10%以上，将是腾讯首次连续两个季度利润下降。一些分析师认为，盈利疲软不会导致该股进一步下跌太多，特别是还有数字化转型等长期利好因素。\n　　“我们预计网络游戏的负面季节性因素已经被股价消化，”Jefferies分析师Thomas Chong等人在7月14日的一份报告中写道。“随着向工业互联网的转移和用户行为的变化，我们预计对企业服务、高产值游戏及短视频内容领域的投资将为该公司铺平道路。”\n\n股民福利！金牛、茅台、手机……任务“豪”礼，等你来拿>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张玉洁 SF107","news_type":1,"symbols_score_info":{"00700":1,"TCEHY":1}},"isVote":1,"tweetType":1,"viewCount":1745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}