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KendrickTan
2022-11-29
wow
KendrickTan
2022-09-19
[微笑]
@报告财经:【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。
KendrickTan
2021-07-17
?
Ten Questions about the Smartphone Landscape Transformation: The Deep Logic Behind Xiaomi's Rise to Second Place in the World
KendrickTan
2021-07-14
??
Overlooked "big move": the institution cut a quarter of its stock position
Go to Tiger App to see more news
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| Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","listText":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","text":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","images":[{"img":"https://static.tigerbbs.com/6a9a06cca41a720063a5b794f7babb6c","width":"601","height":"869"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/661045669","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179913532,"gmtCreate":1626481235926,"gmtModify":1703760804252,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089031783443690","idStr":"4089031783443690"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179913532","repostId":"1157198020","repostType":4,"repost":{"id":"1157198020","kind":"news","weMediaInfo":{"introduction":"中国智能硬件第一媒体","home_visible":1,"media_name":"雷峰网","id":"1035809132","head_image":"https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74"},"pubTimestamp":1626479741,"share":"https://ttm.financial/m/news/1157198020?lang=en_US&edition=fundamental","pubTime":"2021-07-17 07:55","market":"hk","language":"zh","title":"Ten Questions about the Smartphone Landscape Transformation: The Deep Logic Behind Xiaomi's Rise to Second Place in the World","url":"https://stock-news.laohu8.com/highlight/detail?id=1157198020","media":"雷峰网","summary":"看似大局已定,但实际上还是变量重重。\n\n看似已经成熟的智能手机市场,却总能在波谲云诡中,产生一些意外。\n7 月 15 日,市场调研机构 Canalys 发布了 2021 年第二季度全球智能手机市场出货","content":"<p>The overall situation may seem set, but in reality, there are still many variables. Seemingly mature<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile phone market, however, can always produce some unexpected events amidst unpredictable changes.</p><p>On July 15, market research firm Canalys released its Q2 2021 global smartphone market shipment report, which showed that Xiaomi ranked second in the world with a year-on-year growth rate of 83% and a market share of 17%, second only to the first place.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(19%) – thus surpassing third place.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(accounting for 14%).</p><p>This marks the first time Xiaomi has ever ranked second in the global smartphone market.</p><p>Meanwhile, the top three, Samsung, Xiaomi, and Apple, together with OPPO and vivo (each accounting for 10%), account for 70% of global smartphone shipments—and the top five all saw varying degrees of growth.</p><p>Of course, Xiaomi is undoubtedly the most eye-catching dark horse in this report. In response to this achievement, Xiaomi CEO Lei Jun issued a letter to all employees the following day, stating: \"This is a dream achievement and the biggest milestone in Xiaomi's development history.\"</p><p><img src=\"https://static.tigerbbs.com/ee04482bb7dc47186f46aae6c1c3ce8d\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>Of course, while Xiaomi is making great strides, several major players, including Apple and Samsung, are also painstakingly planning, strategizing, and competing in the fiercely competitive battlefield of smartphones. Of course, for well-known reasons, Huawei is severely absent from the global smartphone market, which also provides these players with some room for growth.</p><p>Therefore, the mobile phone market often seems to be a foregone conclusion, but in reality, it is still fraught with variables.</p><p>To gain a more thorough understanding of the underlying logic behind the global smartphone market performance in Q2, Leifeng.com conducted an in-depth conversation with Nicole Peng, Vice President of Mobile Business at Canalys. Here is the conversation:</p><p><b>I. Xiaomi's year-on-year growth rate in Q2 was 83%. What are the overall reasons?</b></p><p>First, Xiaomi's growth has largely come from emerging markets, such as Latin America and the Middle East and Africa, and has also seen some improvement in some mature markets.</p><p>Secondly, after the outbreak of the pandemic last year, most overseas markets began to be affected in Q2, while the Chinese market was affected in Q1. This is one of the reasons why Xiaomi achieved 83% year-on-year growth in Q2 of this year. Another factor is the significant increase in demand for smartphones and smart devices in emerging markets after the pandemic. Xiaomi's rapid advancement in these markets has capitalized on the strong demand for cost-effective phones.</p><p>Third, from a supply perspective, in many overseas regions, such as Latin America, the Middle East and Africa, and even South Asia, many brands are experiencing supply shortages, and not many manufacturers can carry out large-scale distribution. This presents an excellent growth opportunity for Xiaomi.</p><p><b>Second, some argue that Xiaomi's smartphone shipment growth is mainly reflected in its low-to-mid-range products. What is your opinion?</b></p><p>China is actually the world's largest high-end market, which is larger than that of the United States. Therefore, compared to the Chinese market, most overseas products are lower in retail price.</p><p>China is already a very mature market. The ASP (average selling price) disclosed last quarter reached more than $400, a figure that only Western Europe and the United States have achieved, and only the United States has a higher ASP than China. Therefore, compared to other markets, China is actually considered a high-end market, while most parts of the world are actually mass markets.</p><p>Of course, Xiaomi's phone pricing determines its ability to succeed in the mass market. Another company that can build scale in the mass market is Samsung.</p><p><b>III. What is Xiaomi's localization capability like in overseas markets?</b></p><p>I think Xiaomi still has room for improvement in this area. In fact, compared to Samsung, Chinese mobile phone manufacturers started going global relatively late; Samsung is a very mature player. In each region, whether it is through distribution channels or other products such as TVs and home appliances, Samsung has done a very deep job in localization.</p><p>In addition, Samsung has advantages such as local supply chain, logistics, and warehousing, and has established long-term cooperative relationships with local retailers. In these aspects, other manufacturers cannot compare with Samsung.</p><p>For Xiaomi, they need to do some refined operations. Once they have a certain amount of business revenue, they can gradually promote the business, increase its scale, and then make more in-depth strategic plans. Only in this way can they truly ensure long-term development.</p><p><b>IV. How did Xiaomi perform in China in Q2?</b></p><p>I think the Chinese market experienced a certain correction in the second quarter. The first quarter reached a record high due to factors such as the launch of a large number of new products; This growth is very rare in a mature market. Considering that channels need time to be consumed, there will be a period of correction.</p><p>The competition models in mature markets are quite different from those in overseas markets. Therefore, Xiaomi cannot achieve triple- or double-digit growth in the domestic market as it does overseas. If it can stabilize its domestic market share or even increase it, then it will already be progress.</p><p>Currently, one of Xiaomi's focuses in the domestic market is its offline presence. Because online channels have reached a certain saturation point for manufacturers, and online competition also puts significant pressure on product prices. Considering Xiaomi's online growth potential, and because it has already done very well online, the only way it can find growth is to deepen its offline presence.</p><p>However, offline cultivation requires a lot of time, energy, and investment in operational improvement.</p><p>We can see that Xiaomi has stabilized, which means that its offline operations are relatively stable. In the long run, this is a good trend, because after all, we all need to look at long-term results. Judging from its shipments and market share over the past three quarters, Xiaomi has been steadily increasing.</p><p><b>5. If Xiaomi wants to compete with Samsung for first place, what are the difficulties?</b></p><p>This is quite difficult. Judging from the current situation, the top three (Samsung, Xiaomi, and Apple) are very differentiated and each has its own advantages.</p><p>Samsung, firstly, is an old player. Whether in terms of product or supply chain vertical integration capabilities, it is much larger than Xiaomi. Even Huawei at its peak could not catch up in a short period of time. Especially in terms of supply chain integration capabilities, Samsung has its own chip, screen, storage, and assembly plants. Samsung is very little affected by external factors, even Sino-US trade.</p><p>Of course, Xiaomi also has certain advantages in some markets that Samsung cannot focus on; Xiaomi has made many innovations in its channels. For example, Xiaomi is leading the trend of channel transformation in some online channels such as Latin America and the Middle East and Africa. In certain regions and markets, I think Xiaomi is moving closer to Samsung, and may even surpass Samsung. However, globally, this will be a very difficult goal.</p><p><b>VI. If Xiaomi wants to penetrate the high-end market, what are its ways to break through this predicament?</b></p><p>First, given limited resources and supply, Xiaomi needs to serve its existing customers well, consolidate its presence, and then consider investing in the research and development of high-end products, expanding its high-end product line, capturing different user groups, and refining its high-end product operations to meet the needs of different users. Looking at Samsung, its product line is very extensive, covering every price range, which Xiaomi cannot do with its current resources.</p><p>Second, we need to differentiate ourselves from Apple and Samsung, rather than simply differentiating ourselves from OPPO and vivo. This requires Xiaomi to gradually improve its various capabilities in order to move towards the high-end market. From a strategic perspective, to develop high-end products, it is necessary to invest in research and development that can generate differentiation. Xiaomi and OPPO are actually making efforts in this regard.</p><p><b>VII. How should we evaluate the performance of OPPO and vivo this quarter?</b></p><p>Compared to Xiaomi, OPPO relies heavily on the Chinese market. For OPPO and vivo, at least 50% of shipments come from the Chinese market, while for Xiaomi, perhaps 70% are already overseas. It should be noted that the realme and OnePlus brands are listed separately and are not included in OPPO's total sales figures.</p><p>For OPPO, a major move in the second quarter was the return of OnePlus, which is easy to understand. For OPPO, the high-end market is a very important strategy. OnePlus has achieved excellent results in its long-term cultivation in the high-end market and has established a certain market foundation, brand foundation and operational capabilities.</p><p>Of course, integrating the supply chain, improving operational efficiency, and increasing profit margins should be the main themes this year, because everything is rising in price, including parts and labor costs. Therefore, hardware manufacturers are facing immense pressure to survive now. If some of the operations can be integrated, it would be good for both parties.</p><p><b>8. vivo did not update its NEX series flagship products in the first half of the year. What do you think?</b></p><p>Currently, for mobile phone manufacturers, the first thing they need to do is figure out how to gather their resources, and they will definitely make some adjustments to their products in order to integrate resources. This does not mean that they have failed in any particular series or price range.</p><p>In my opinion, the market should give Chinese mobile phone manufacturers more space and time to adjust their market strategies in the high-end market, so that they can achieve sustainable development in the long term. The launch schedule of individual products doesn't reveal much. I think the market needs to pay attention to their strategies in the overall price range or high-end market, or how brands position themselves. These are the more forward-looking points to focus on.</p><p><b>9. Will Huawei and Honor become major variables in the future smartphone market?</b></p><p>The smartphone market is changing very rapidly, with new changes occurring every quarter, both in terms of manufacturers and distribution channels.</p><p>If Huawei wants to make a comeback, I believe it will have to use another form, because it hasn't completely withdrawn from the market yet, and it still sells 4G phones, as well as IoT, HarmonyOS, and other systems. I think Huawei needs to establish its own differentiation and commercial value in the early stages of HarmonyOS; Once it has sufficient commercial value, I believe there is a possibility of cooperation with other manufacturers.</p><p>I need to treat Honor as a new manufacturer. It has many valuable resources brought from Huawei. A new company may not be able to learn in the short term, but Honor is moving faster because it already knows how to operate channels, how to cooperate with operators, and how to deeply understand the needs of consumers in each region.</p><p>For many Chinese companies, learning requires constant trial and error, but Honor has already learned that.</p><p><b>10. How should mobile phone manufacturers deal with the chip shortage problem?</b></p><p>The chip shortage will affect next year, because if you place an order now, you won't receive the product until next year.</p><p>Therefore, how to foresee market changes in the coming year places very high demands on mobile phone manufacturers. And in the past, one plan might have been enough, but now, according to the trend, three backup plans may be needed. Xiaomi's current success is largely due to its plans a year ago.</p><p>Therefore, Xiaomi's large supply in Q2 may be because it implemented a high-growth strategy for low-end products a year ago and planned an overseas emerging market strategy; otherwise, it would not have been able to ship stably in the supply chain.</p><p>Compared to Xiaomi, no other manufacturer has made such a big decision as Xiaomi, preparing its supply strategy a year in advance, so this shows the manufacturer's foresight.</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>Ten Questions about the Smartphone Landscape Transformation: The Deep Logic Behind Xiaomi's Rise to Second Place in the World</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\">\nTen Questions about the Smartphone Landscape Transformation: The Deep Logic Behind Xiaomi's Rise to Second Place in the World\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1035809132\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷峰网 </p>\n<p class=\"h-time smaller\">2021-07-17 07:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The overall situation may seem set, but in reality, there are still many variables. Seemingly mature<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile phone market, however, can always produce some unexpected events amidst unpredictable changes.</p><p>On July 15, market research firm Canalys released its Q2 2021 global smartphone market shipment report, which showed that Xiaomi ranked second in the world with a year-on-year growth rate of 83% and a market share of 17%, second only to the first place.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(19%) – thus surpassing third place.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(accounting for 14%).</p><p>This marks the first time Xiaomi has ever ranked second in the global smartphone market.</p><p>Meanwhile, the top three, Samsung, Xiaomi, and Apple, together with OPPO and vivo (each accounting for 10%), account for 70% of global smartphone shipments—and the top five all saw varying degrees of growth.</p><p>Of course, Xiaomi is undoubtedly the most eye-catching dark horse in this report. In response to this achievement, Xiaomi CEO Lei Jun issued a letter to all employees the following day, stating: \"This is a dream achievement and the biggest milestone in Xiaomi's development history.\"</p><p><img src=\"https://static.tigerbbs.com/ee04482bb7dc47186f46aae6c1c3ce8d\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>Of course, while Xiaomi is making great strides, several major players, including Apple and Samsung, are also painstakingly planning, strategizing, and competing in the fiercely competitive battlefield of smartphones. Of course, for well-known reasons, Huawei is severely absent from the global smartphone market, which also provides these players with some room for growth.</p><p>Therefore, the mobile phone market often seems to be a foregone conclusion, but in reality, it is still fraught with variables.</p><p>To gain a more thorough understanding of the underlying logic behind the global smartphone market performance in Q2, Leifeng.com conducted an in-depth conversation with Nicole Peng, Vice President of Mobile Business at Canalys. Here is the conversation:</p><p><b>I. Xiaomi's year-on-year growth rate in Q2 was 83%. What are the overall reasons?</b></p><p>First, Xiaomi's growth has largely come from emerging markets, such as Latin America and the Middle East and Africa, and has also seen some improvement in some mature markets.</p><p>Secondly, after the outbreak of the pandemic last year, most overseas markets began to be affected in Q2, while the Chinese market was affected in Q1. This is one of the reasons why Xiaomi achieved 83% year-on-year growth in Q2 of this year. Another factor is the significant increase in demand for smartphones and smart devices in emerging markets after the pandemic. Xiaomi's rapid advancement in these markets has capitalized on the strong demand for cost-effective phones.</p><p>Third, from a supply perspective, in many overseas regions, such as Latin America, the Middle East and Africa, and even South Asia, many brands are experiencing supply shortages, and not many manufacturers can carry out large-scale distribution. This presents an excellent growth opportunity for Xiaomi.</p><p><b>Second, some argue that Xiaomi's smartphone shipment growth is mainly reflected in its low-to-mid-range products. What is your opinion?</b></p><p>China is actually the world's largest high-end market, which is larger than that of the United States. Therefore, compared to the Chinese market, most overseas products are lower in retail price.</p><p>China is already a very mature market. The ASP (average selling price) disclosed last quarter reached more than $400, a figure that only Western Europe and the United States have achieved, and only the United States has a higher ASP than China. Therefore, compared to other markets, China is actually considered a high-end market, while most parts of the world are actually mass markets.</p><p>Of course, Xiaomi's phone pricing determines its ability to succeed in the mass market. Another company that can build scale in the mass market is Samsung.</p><p><b>III. What is Xiaomi's localization capability like in overseas markets?</b></p><p>I think Xiaomi still has room for improvement in this area. In fact, compared to Samsung, Chinese mobile phone manufacturers started going global relatively late; Samsung is a very mature player. In each region, whether it is through distribution channels or other products such as TVs and home appliances, Samsung has done a very deep job in localization.</p><p>In addition, Samsung has advantages such as local supply chain, logistics, and warehousing, and has established long-term cooperative relationships with local retailers. In these aspects, other manufacturers cannot compare with Samsung.</p><p>For Xiaomi, they need to do some refined operations. Once they have a certain amount of business revenue, they can gradually promote the business, increase its scale, and then make more in-depth strategic plans. Only in this way can they truly ensure long-term development.</p><p><b>IV. How did Xiaomi perform in China in Q2?</b></p><p>I think the Chinese market experienced a certain correction in the second quarter. The first quarter reached a record high due to factors such as the launch of a large number of new products; This growth is very rare in a mature market. Considering that channels need time to be consumed, there will be a period of correction.</p><p>The competition models in mature markets are quite different from those in overseas markets. Therefore, Xiaomi cannot achieve triple- or double-digit growth in the domestic market as it does overseas. If it can stabilize its domestic market share or even increase it, then it will already be progress.</p><p>Currently, one of Xiaomi's focuses in the domestic market is its offline presence. Because online channels have reached a certain saturation point for manufacturers, and online competition also puts significant pressure on product prices. Considering Xiaomi's online growth potential, and because it has already done very well online, the only way it can find growth is to deepen its offline presence.</p><p>However, offline cultivation requires a lot of time, energy, and investment in operational improvement.</p><p>We can see that Xiaomi has stabilized, which means that its offline operations are relatively stable. In the long run, this is a good trend, because after all, we all need to look at long-term results. Judging from its shipments and market share over the past three quarters, Xiaomi has been steadily increasing.</p><p><b>5. If Xiaomi wants to compete with Samsung for first place, what are the difficulties?</b></p><p>This is quite difficult. Judging from the current situation, the top three (Samsung, Xiaomi, and Apple) are very differentiated and each has its own advantages.</p><p>Samsung, firstly, is an old player. Whether in terms of product or supply chain vertical integration capabilities, it is much larger than Xiaomi. Even Huawei at its peak could not catch up in a short period of time. Especially in terms of supply chain integration capabilities, Samsung has its own chip, screen, storage, and assembly plants. Samsung is very little affected by external factors, even Sino-US trade.</p><p>Of course, Xiaomi also has certain advantages in some markets that Samsung cannot focus on; Xiaomi has made many innovations in its channels. For example, Xiaomi is leading the trend of channel transformation in some online channels such as Latin America and the Middle East and Africa. In certain regions and markets, I think Xiaomi is moving closer to Samsung, and may even surpass Samsung. However, globally, this will be a very difficult goal.</p><p><b>VI. If Xiaomi wants to penetrate the high-end market, what are its ways to break through this predicament?</b></p><p>First, given limited resources and supply, Xiaomi needs to serve its existing customers well, consolidate its presence, and then consider investing in the research and development of high-end products, expanding its high-end product line, capturing different user groups, and refining its high-end product operations to meet the needs of different users. Looking at Samsung, its product line is very extensive, covering every price range, which Xiaomi cannot do with its current resources.</p><p>Second, we need to differentiate ourselves from Apple and Samsung, rather than simply differentiating ourselves from OPPO and vivo. This requires Xiaomi to gradually improve its various capabilities in order to move towards the high-end market. From a strategic perspective, to develop high-end products, it is necessary to invest in research and development that can generate differentiation. Xiaomi and OPPO are actually making efforts in this regard.</p><p><b>VII. How should we evaluate the performance of OPPO and vivo this quarter?</b></p><p>Compared to Xiaomi, OPPO relies heavily on the Chinese market. For OPPO and vivo, at least 50% of shipments come from the Chinese market, while for Xiaomi, perhaps 70% are already overseas. It should be noted that the realme and OnePlus brands are listed separately and are not included in OPPO's total sales figures.</p><p>For OPPO, a major move in the second quarter was the return of OnePlus, which is easy to understand. For OPPO, the high-end market is a very important strategy. OnePlus has achieved excellent results in its long-term cultivation in the high-end market and has established a certain market foundation, brand foundation and operational capabilities.</p><p>Of course, integrating the supply chain, improving operational efficiency, and increasing profit margins should be the main themes this year, because everything is rising in price, including parts and labor costs. Therefore, hardware manufacturers are facing immense pressure to survive now. If some of the operations can be integrated, it would be good for both parties.</p><p><b>8. vivo did not update its NEX series flagship products in the first half of the year. What do you think?</b></p><p>Currently, for mobile phone manufacturers, the first thing they need to do is figure out how to gather their resources, and they will definitely make some adjustments to their products in order to integrate resources. This does not mean that they have failed in any particular series or price range.</p><p>In my opinion, the market should give Chinese mobile phone manufacturers more space and time to adjust their market strategies in the high-end market, so that they can achieve sustainable development in the long term. The launch schedule of individual products doesn't reveal much. I think the market needs to pay attention to their strategies in the overall price range or high-end market, or how brands position themselves. These are the more forward-looking points to focus on.</p><p><b>9. Will Huawei and Honor become major variables in the future smartphone market?</b></p><p>The smartphone market is changing very rapidly, with new changes occurring every quarter, both in terms of manufacturers and distribution channels.</p><p>If Huawei wants to make a comeback, I believe it will have to use another form, because it hasn't completely withdrawn from the market yet, and it still sells 4G phones, as well as IoT, HarmonyOS, and other systems. I think Huawei needs to establish its own differentiation and commercial value in the early stages of HarmonyOS; Once it has sufficient commercial value, I believe there is a possibility of cooperation with other manufacturers.</p><p>I need to treat Honor as a new manufacturer. It has many valuable resources brought from Huawei. A new company may not be able to learn in the short term, but Honor is moving faster because it already knows how to operate channels, how to cooperate with operators, and how to deeply understand the needs of consumers in each region.</p><p>For many Chinese companies, learning requires constant trial and error, but Honor has already learned that.</p><p><b>10. How should mobile phone manufacturers deal with the chip shortage problem?</b></p><p>The chip shortage will affect next year, because if you place an order now, you won't receive the product until next year.</p><p>Therefore, how to foresee market changes in the coming year places very high demands on mobile phone manufacturers. And in the past, one plan might have been enough, but now, according to the trend, three backup plans may be needed. Xiaomi's current success is largely due to its plans a year ago.</p><p>Therefore, Xiaomi's large supply in Q2 may be because it implemented a high-growth strategy for low-end products a year ago and planned an overseas emerging market strategy; otherwise, it would not have been able to ship stably in the supply chain.</p><p>Compared to Xiaomi, no other manufacturer has made such a big decision as Xiaomi, preparing its supply strategy a year in advance, so this shows the manufacturer's foresight.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/16ee38107b87f7fbb8156889c52f635b","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157198020","content_text":"看似大局已定,但实际上还是变量重重。\n\n看似已经成熟的智能手机市场,却总能在波谲云诡中,产生一些意外。\n7 月 15 日,市场调研机构 Canalys 发布了 2021 年第二季度全球智能手机市场出货量报告数据,其中显示:小米以 83% 的同比增长率和 17% 的市场份额,位居世界第二,仅次于第一名三星(占比 19%)——并由此超越了第三名苹果(占比 14%)。\n这是小米有史以来第一次在全球智能手机市场中位居第二。\n与此同时,三星、小米和苹果这三甲,与 OPPO 和 vivo(占比均为 10%)一起,占据了全球智能手机出货量的 70%——而且前五名都出现了不同幅度的增长。\n当然,在这份报告中,小米无疑是最亮眼的一匹黑马。面对这份成绩,小米 CEO 雷军也在次日发布全员信表示:这是梦幻般的成绩,也是小米发展史上的最大里程碑。\n\n当然,在小米一路高歌猛进的同时,包括苹果三星在内的几个大玩家也正在智能手机这个竞争激烈的战场苦心孤诣地布局、谋划、竞争;当然,因为众所周知的原因,华为在全球智能手机市场严重缺位,也给这些玩家提供了一定的增长空间。\n因此,手机市场往往是看似大局已定,但实际上还是变量重重。\n为了更加透彻地了解到 Q2 全球智能手机市场成绩单背后的深层逻辑,雷锋网与 Canalys 移动业务副总裁 Nicole Peng 进行了深入对话。以下是对话内容:\n一、小米 Q2 同比增长率为 83%,整体原因是什么?\n第一,小米本身的增长大部分是来自于一些新兴市场,比如拉美、中东非,对于一些成熟市场也有一定的提升。\n第二,去年疫情爆发后,很大部分海外市场是在 Q2 开始受到影响,中国市场则是 Q1 受到影响。这是小米今年 Q2 同比实现 83%增长的其中一个原因。另外一个就是新兴市场在疫情之后对智能手机智能设备的需求大幅度增加,小米在这些市场的高速推进,抓住了这些市场对于性价比手机的强劲需求。\n第三,从供应上来看,在海外的许多地区,比如拉美、中东非甚至南亚等市场,多个品牌都出现供应紧张的情况,没有很多厂商可以进行大规模铺货。这对小米来说,构成了绝佳的增长机会。\n二、有观点认为小米手机出货量增长主要体现在中低端产品,你怎么看?\n中国其实是全球最大的高端市场,中国的高端市场是比美国还要大的,所以相对于中国市场来说,境外的大部分产品从零售价上来说是更低端的。\n中国本身已经是一个非常成熟的市场了,上个季度披露的 ASP(平均销售价格)已经达到了 400 多美金,这个数值只有西欧和美国达到了,并且只有美国的 ASP 比中国要高。所以相对于其他市场来说,中国其实已经算是高端市场,全球大部分地区其实都是大众市场。\n当然,小米的手机定价决定了它有能力做好大众市场,另外一个能够在大众市场去把规模做起来的,就是三星了。\n三、在海外市场,小米本土化的能力如何呢?\n我觉得小米在这方面还有上升的空间。实际上,相对于三星来说,中国手机厂商出海的时间还是比较晚的;三星是一个非常成熟的玩家,在每个地区,无论是渠道,还是像电视、家电等其他产品,三星在本土化上都做得非常深入。\n除此之外,三星还有像当地供应链、物流、仓储等优势,还有跟当地零售有建立长期的合作关系,在这些方面,其他厂商是不可能和三星同日而语的。\n对于小米来说,他们需要做一些精细化运营,有了一定得业务收入才能进行慢慢推动,把规模做上去,接着做更深入的一些策略规划,这样才能真正保证后续较长期的发展。\n四、Q2 小米在国内的表现如何?\n我觉得国内第二季度中国市场是有一定回调的。由于有大量新产品上市等因素,第一季度是达到历史新高;对于一个成熟市场来说,这个增长是非常鲜有的,考虑到渠道需要时间消耗,所以会有一段时间的回调。\n成熟市场的竞争和海外的竞争的模式类型是不太一样的,所以在国内市场,小米并不能像在海外一样实现三位数或两位数的增长,如果它能够稳住国内市场份额、甚至有所提升,那么已经是一个进步了。\n目前小米在国内市场的一个重心是线下布局。因为线上对于厂商来说作为一个渠道已经达到了一定的饱和状态,然后再加上线上的竞争对于产品价格压力也是非常大。考虑到小米的线上增长空间,因为它本身在线上已经做得很好,所以唯一能找到增长的部分就是要往线下去深耕。\n但是线下深耕所需要的时间、精力和运营提升投入,都是非常多的。\n现在可以看到小米稳住了,就说明线下的运营是比较稳定的,长期来说这是一个好的趋势,因为毕竟我们都是要看长期的一个成绩。从最近三个季度出货量和市场份额来看,小米都是在稳步提升的。\n五、小米如果要与三星争第一,难度在哪里?\n这个有一定难度,从现在来看的话,前三名(三星、小米、苹果)各自的差异化是非常大的,各有各的优势。\n三星,首先它是老玩家,无论是从产品还是供应链垂直整合能力来说,它都比小米大得多,甚至巅峰时期的华为也没有办法在短时间内跟进。尤其是在供应链上下游的整合能力上,三星有自己的芯片,屏幕,存储和组装工厂。三星受到外围因素的影响非常少,哪怕是中美贸易。\n当然,在三星没有办法关注的一些市场,小米也是有一定优势的;小米有非常多的渠道方面的创新,比如说在拉美、中东非等一些线上渠道小米是带领这个渠道转型的潮流的。在某些区域某些市场的话,我觉得小米在往三星靠拢,甚至是有可能超过三星,不过全球范围来说,这将会是一个难度相当高的目标。\n六、小米要想冲击高端,有什么破局之道?\n第一,在资源有限和供应有限的情况下,小米要服务好现有的客户,稳固阵地,然后考虑对于高端产品的研发投入,拓展高端产品线,抓住不同的用户群体,精细化高端产品运营,满足不同用户的需求。我们看三星,它的产品线就非常丰富,它可以在每个价位段都做到覆盖,而以小米现在的资源的话,是没办法做到的。\n第二,要和苹果三星做出差异化,而不是单纯跟 OPPO 和 vivo 做差异化。这要求小米在各种能力上的逐渐提升,才可以往高端靠。从战略性来看,做高端,就必须要投入一些能产生差异化的研发,这个方面其实小米 OV 都在努力。\n七、如何评价本季度 OPPO 和 vivo 的成绩表现?\nOV 相对小米来说,对中国市场的依赖是非常大的。对于 OPPO 和 vivo 来说,至少 50% 的出货是来自于中国市场的,对于小米来说可能 70% 都已经在海外了。需要注意的是,realme 和一加品牌都是单列的,并没有加入到 OPPO 的总销量成绩当中。\n对于 OPPO 来说,第二季度的一个重要动作是一加回归,这很容易理解。因为对于 OPPO 来说,高端是一个非常重要的策略,一加在高端长期的耕耘有着非常好的成绩,已经建立起了一定的市场基础、品牌基础和运营能力。\n当然整合供应链,提高运营效益,提高利润率,应该是今年的主旋律,因为所有的东西都在涨价,包括零部件、人工成本等。所以对于硬件厂商来说,现在生存压力非常大,如果能把中间有一部分的运营打通的话,对于双方都好。\n八、vivo 上半年没有更新 NEX 系列旗舰新品,你怎么看?\n目前,对于手机厂商来说,它们首先要想怎么去聚集自己的资源,对于产品上面一定会有一定的调整,目的是整合资源。这并不意味着,它们在某个系列或者某个价位段上面是有任何失败的。\n在我看来,市场要给中国手机厂商多一点的空间和时间,让它们去调整好自己在高端上的市场策略,这样才能在长期可持续发展。单个产品的上市节奏并不能说明太多。我觉得市场需要留意它们在整个价位段或者高端上面的策略,或者品牌怎么去定位,这些才是更前瞻性的一些关注点。\n九、华为、荣耀是否会成为未来智能手机市场中的重大变量?\n智能手机市场变化非常快,每一个季度都有这种新的变化,无论是从厂商或者是从渠道上面。\n华为如果要回归的话,我相信必须得用另外一个形式 ,因为毕竟它现在还没有完全退出这个市场,还有 4G 手机在卖,以及 IoT、鸿蒙系统等。我觉得对于华为来说,鸿蒙早期阶段需要建立自己的差异度和商业价值;一旦它有足够的商业价值,我相信和其他厂商也是有合作的可能。\n我得要把荣耀作为一个新的厂商来看待。它有很多的宝贵资源是从华为带来的。一个新的公司未必能短期学会,但是荣耀跑得比较快,因为它已经知道怎么样去运作渠道,怎么样去和运营商合作,还有怎么样去深入理解每一个地区消费者的需求。\n对于很多中国公司来说,都是需要在不断的试错的过程中学习的,但是荣耀已经学到了。\n十、手机厂商该如何应对缺芯的难题?\n缺芯是会影响到下一年的,因为如果现在下单,要到下一年才能拿到这个产品。\n所以,如何前瞻性地考虑未来一年市场的变化,这对手机厂商的要求是非常高;并且以往可能有一个计划就够了,但现在按照趋势可能要做三个计划备胎。现在所看到的小米好成绩,很大程度是来自于它在一年前的计划。\n所以,小米在 Q2 能有那么大的供应量,可能是因为它在一年前就在低端产品上做了高增长策略,并且策划了海外新兴市场战略,要不然供应链上是不能稳定出货的。\n相对于小米,其他厂商还没有哪个像小米一样下这么大的决心,在一年前就把供应策略准备好,所以这个是可以看出来厂商的前瞻性的。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":5176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144396284,"gmtCreate":1626266428948,"gmtModify":1703756645742,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089031783443690","idStr":"4089031783443690"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144396284","repostId":"2151598978","repostType":4,"repost":{"id":"2151598978","kind":"highlight","pubTimestamp":1626229732,"share":"https://ttm.financial/m/news/2151598978?lang=en_US&edition=fundamental","pubTime":"2021-07-14 10:28","market":"us","language":"zh","title":"Overlooked \"big move\": the institution cut a quarter of its stock position","url":"https://stock-news.laohu8.com/highlight/detail?id=2151598978","media":"华尔街见闻","summary":"今年第二季度,高盛的营业收入和利润均创史上次高,最吸引外界注意力的是收入同比猛增36%的投行业务,以及包括固收和股票在内收入剧减32%的市场交易业务。\n相对而言较少关注的是,高盛的资产管理业务二季度净","content":"<p>In the second quarter of this year,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company's operating revenue and profit both hit the second highest levels in history. The most attention-grabbing aspects were its investment banking business, which saw a 36% year-on-year increase in revenue, and its market trading business, which included fixed income and stocks, saw a 32% decrease in revenue.</p><p>Relatively less noticeable is that Goldman Sachs' asset management business reported a record net income of $5.1 billion in the second quarter, more than double the same period last year.</p><p><img src=\"https://static.tigerbbs.com/dd8c0dbaa4394235b98c259a7a9afe30\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>In explaining the performance of this business, Goldman Sachs stated that equity investments generated record net income, with the significant year-on-year increase mainly driven by a surge in net income from private equity investments, specific corporate events including corporate fundraising and capital sales, and improved management performance compared to the second quarter of last year.</p><p>According to Goldman Sachs, the asset management business is \"reaping\" the progress made in the equity portfolio asset replication table. In other words, it's a sell-off.</p><p>Goldman Sachs showcased the changes in its asset management portfolio holdings since the beginning of this year, with a net sell-off of $4 billion in the quarter. After including the $1.5 billion in stock purchases, the total reduction in holdings in the quarter was $5.5 billion, equivalent to more than a quarter of the total size of its equity portfolio at the end of last year.</p><p><img src=\"https://static.tigerbbs.com/4318531c08f7736f09eaa15e7038191a\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p>Who will take over the shares sold by Goldman Sachs? Retail investors are definitely among the heroes who take over the market. As mentioned in a Wall Street Insights article last week, data from Research firm Vanda Research showed that U.S. retail investors net bought approximately $28 billion in stocks and equity funds in June, marking a new monthly inflow since 2014.</p><p>During the second-quarter earnings call, when asked about reducing its stock portfolio, Goldman Sachs responded that it had made progress in improving capital efficiency and was acting \"aggressively\" in managing its stock positions, especially given the supportive environment.</p><p>What does this answer mean? Simply put, Goldman Sachs sold off heavily when the environment supported it. In other words, retail investors are continuously supporting giants like Goldman Sachs in selling off their shares.</p><p>Regarding Goldman Sachs' sell-off, the financial blog Zerohedge noted that the last time Goldman Sachs sold off in such a \"large-scale\" manner in a supportive market environment was in 2007-2008. At that time, Goldman Sachs was busy developing collateralized debt obligations (CDOs) based on subprime mortgage bonds, and then Goldman Sachs actively shorted them through its own proprietary trading. Everyone knows the outcome of the subprime mortgage crisis.</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>Overlooked \"big move\": the institution cut a quarter of its stock position</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\">\nOverlooked \"big move\": the institution cut a quarter of its stock position\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 10:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the second quarter of this year,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company's operating revenue and profit both hit the second highest levels in history. The most attention-grabbing aspects were its investment banking business, which saw a 36% year-on-year increase in revenue, and its market trading business, which included fixed income and stocks, saw a 32% decrease in revenue.</p><p>Relatively less noticeable is that Goldman Sachs' asset management business reported a record net income of $5.1 billion in the second quarter, more than double the same period last year.</p><p><img src=\"https://static.tigerbbs.com/dd8c0dbaa4394235b98c259a7a9afe30\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>In explaining the performance of this business, Goldman Sachs stated that equity investments generated record net income, with the significant year-on-year increase mainly driven by a surge in net income from private equity investments, specific corporate events including corporate fundraising and capital sales, and improved management performance compared to the second quarter of last year.</p><p>According to Goldman Sachs, the asset management business is \"reaping\" the progress made in the equity portfolio asset replication table. In other words, it's a sell-off.</p><p>Goldman Sachs showcased the changes in its asset management portfolio holdings since the beginning of this year, with a net sell-off of $4 billion in the quarter. After including the $1.5 billion in stock purchases, the total reduction in holdings in the quarter was $5.5 billion, equivalent to more than a quarter of the total size of its equity portfolio at the end of last year.</p><p><img src=\"https://static.tigerbbs.com/4318531c08f7736f09eaa15e7038191a\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p>Who will take over the shares sold by Goldman Sachs? Retail investors are definitely among the heroes who take over the market. As mentioned in a Wall Street Insights article last week, data from Research firm Vanda Research showed that U.S. retail investors net bought approximately $28 billion in stocks and equity funds in June, marking a new monthly inflow since 2014.</p><p>During the second-quarter earnings call, when asked about reducing its stock portfolio, Goldman Sachs responded that it had made progress in improving capital efficiency and was acting \"aggressively\" in managing its stock positions, especially given the supportive environment.</p><p>What does this answer mean? Simply put, Goldman Sachs sold off heavily when the environment supported it. In other words, retail investors are continuously supporting giants like Goldman Sachs in selling off their shares.</p><p>Regarding Goldman Sachs' sell-off, the financial blog Zerohedge noted that the last time Goldman Sachs sold off in such a \"large-scale\" manner in a supportive market environment was in 2007-2008. At that time, Goldman Sachs was busy developing collateralized debt obligations (CDOs) based on subprime mortgage bonds, and then Goldman Sachs actively shorted them through its own proprietary trading. Everyone knows the outcome of the subprime mortgage crisis.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3635325\">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/c4a03a5ae5cfc1aad727ce9e6d2b27bb","relate_stocks":{"GS":"高盛"},"source_url":"https://wallstreetcn.com/articles/3635325","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151598978","content_text":"今年第二季度,高盛的营业收入和利润均创史上次高,最吸引外界注意力的是收入同比猛增36%的投行业务,以及包括固收和股票在内收入剧减32%的市场交易业务。\n相对而言较少关注的是,高盛的资产管理业务二季度净收入达到创纪录的51亿美元,是去年同期的两倍多。\n\n在解释这块业务的业绩时,高盛称,股票投资创造了创纪录的净收入,年同比大幅增长主要是私募股权投资的净收益大涨,包括企业募资和出售资本在内的具体企业事件驱动,以及相比去年二季度管理业绩改善。\n据高盛所说,资产管理业务正在“收获”股票投资组合资产复制表取得的进展。换句话说,就是在抛售。\n高盛展示了今年初以来资产管理业务的股票投资组合持仓变动,当季净抛售40亿美元,计入买入股票15亿美元后,当季共减持55亿美元,相当于去年末股票投资组合总规模的四分之一以上。\n\n高盛抛售这些股票谁来接盘?接盘侠中一定少不了散户。华尔街见闻上周文章就提到,研究机构Vanda Research数据显示,6月美国散户净买入约280亿美元股票和股票类基金,创下自2014以来月度流入新高。\n在二季报电话会议上,对于减持股票投资组合的问题,高盛回答,在提高资本效率方面取得进展,在管理股票仓位方面“大举”(aggressively)行动,尤其是处于环境给予支持的情况下。\n这回答什么意思?简单来解释就是,高盛在环境给予支持时大举抛售。换句话说,散户在不断支持高盛这样的大鳄抛售。\n对于高盛这样的抛售,金融博客Zerohedge提到,上一次高盛如此在给予支持的市场环境下“大举”抛售还是在2007到2008年,当时高盛在忙着炮制基于次贷抵押贷款债券的担保债权凭证(CDO),而后高盛自己的自营交易又积极地做空。次贷危机的结果怎样大家都知道了。","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":5395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":179913532,"gmtCreate":1626481235926,"gmtModify":1703760804252,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179913532","repostId":"1157198020","repostType":4,"repost":{"id":"1157198020","kind":"news","weMediaInfo":{"introduction":"中国智能硬件第一媒体","home_visible":1,"media_name":"雷峰网","id":"1035809132","head_image":"https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74"},"pubTimestamp":1626479741,"share":"https://ttm.financial/m/news/1157198020?lang=en_US&edition=fundamental","pubTime":"2021-07-17 07:55","market":"hk","language":"zh","title":"Ten Questions about the Smartphone Landscape Transformation: The Deep Logic Behind Xiaomi's Rise to Second Place in the World","url":"https://stock-news.laohu8.com/highlight/detail?id=1157198020","media":"雷峰网","summary":"看似大局已定,但实际上还是变量重重。\n\n看似已经成熟的智能手机市场,却总能在波谲云诡中,产生一些意外。\n7 月 15 日,市场调研机构 Canalys 发布了 2021 年第二季度全球智能手机市场出货","content":"<p>The overall situation may seem set, but in reality, there are still many variables. Seemingly mature<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile phone market, however, can always produce some unexpected events amidst unpredictable changes.</p><p>On July 15, market research firm Canalys released its Q2 2021 global smartphone market shipment report, which showed that Xiaomi ranked second in the world with a year-on-year growth rate of 83% and a market share of 17%, second only to the first place.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(19%) – thus surpassing third place.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(accounting for 14%).</p><p>This marks the first time Xiaomi has ever ranked second in the global smartphone market.</p><p>Meanwhile, the top three, Samsung, Xiaomi, and Apple, together with OPPO and vivo (each accounting for 10%), account for 70% of global smartphone shipments—and the top five all saw varying degrees of growth.</p><p>Of course, Xiaomi is undoubtedly the most eye-catching dark horse in this report. In response to this achievement, Xiaomi CEO Lei Jun issued a letter to all employees the following day, stating: \"This is a dream achievement and the biggest milestone in Xiaomi's development history.\"</p><p><img src=\"https://static.tigerbbs.com/ee04482bb7dc47186f46aae6c1c3ce8d\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>Of course, while Xiaomi is making great strides, several major players, including Apple and Samsung, are also painstakingly planning, strategizing, and competing in the fiercely competitive battlefield of smartphones. Of course, for well-known reasons, Huawei is severely absent from the global smartphone market, which also provides these players with some room for growth.</p><p>Therefore, the mobile phone market often seems to be a foregone conclusion, but in reality, it is still fraught with variables.</p><p>To gain a more thorough understanding of the underlying logic behind the global smartphone market performance in Q2, Leifeng.com conducted an in-depth conversation with Nicole Peng, Vice President of Mobile Business at Canalys. Here is the conversation:</p><p><b>I. Xiaomi's year-on-year growth rate in Q2 was 83%. What are the overall reasons?</b></p><p>First, Xiaomi's growth has largely come from emerging markets, such as Latin America and the Middle East and Africa, and has also seen some improvement in some mature markets.</p><p>Secondly, after the outbreak of the pandemic last year, most overseas markets began to be affected in Q2, while the Chinese market was affected in Q1. This is one of the reasons why Xiaomi achieved 83% year-on-year growth in Q2 of this year. Another factor is the significant increase in demand for smartphones and smart devices in emerging markets after the pandemic. Xiaomi's rapid advancement in these markets has capitalized on the strong demand for cost-effective phones.</p><p>Third, from a supply perspective, in many overseas regions, such as Latin America, the Middle East and Africa, and even South Asia, many brands are experiencing supply shortages, and not many manufacturers can carry out large-scale distribution. This presents an excellent growth opportunity for Xiaomi.</p><p><b>Second, some argue that Xiaomi's smartphone shipment growth is mainly reflected in its low-to-mid-range products. What is your opinion?</b></p><p>China is actually the world's largest high-end market, which is larger than that of the United States. Therefore, compared to the Chinese market, most overseas products are lower in retail price.</p><p>China is already a very mature market. The ASP (average selling price) disclosed last quarter reached more than $400, a figure that only Western Europe and the United States have achieved, and only the United States has a higher ASP than China. Therefore, compared to other markets, China is actually considered a high-end market, while most parts of the world are actually mass markets.</p><p>Of course, Xiaomi's phone pricing determines its ability to succeed in the mass market. Another company that can build scale in the mass market is Samsung.</p><p><b>III. What is Xiaomi's localization capability like in overseas markets?</b></p><p>I think Xiaomi still has room for improvement in this area. In fact, compared to Samsung, Chinese mobile phone manufacturers started going global relatively late; Samsung is a very mature player. In each region, whether it is through distribution channels or other products such as TVs and home appliances, Samsung has done a very deep job in localization.</p><p>In addition, Samsung has advantages such as local supply chain, logistics, and warehousing, and has established long-term cooperative relationships with local retailers. In these aspects, other manufacturers cannot compare with Samsung.</p><p>For Xiaomi, they need to do some refined operations. Once they have a certain amount of business revenue, they can gradually promote the business, increase its scale, and then make more in-depth strategic plans. Only in this way can they truly ensure long-term development.</p><p><b>IV. How did Xiaomi perform in China in Q2?</b></p><p>I think the Chinese market experienced a certain correction in the second quarter. The first quarter reached a record high due to factors such as the launch of a large number of new products; This growth is very rare in a mature market. Considering that channels need time to be consumed, there will be a period of correction.</p><p>The competition models in mature markets are quite different from those in overseas markets. Therefore, Xiaomi cannot achieve triple- or double-digit growth in the domestic market as it does overseas. If it can stabilize its domestic market share or even increase it, then it will already be progress.</p><p>Currently, one of Xiaomi's focuses in the domestic market is its offline presence. Because online channels have reached a certain saturation point for manufacturers, and online competition also puts significant pressure on product prices. Considering Xiaomi's online growth potential, and because it has already done very well online, the only way it can find growth is to deepen its offline presence.</p><p>However, offline cultivation requires a lot of time, energy, and investment in operational improvement.</p><p>We can see that Xiaomi has stabilized, which means that its offline operations are relatively stable. In the long run, this is a good trend, because after all, we all need to look at long-term results. Judging from its shipments and market share over the past three quarters, Xiaomi has been steadily increasing.</p><p><b>5. If Xiaomi wants to compete with Samsung for first place, what are the difficulties?</b></p><p>This is quite difficult. Judging from the current situation, the top three (Samsung, Xiaomi, and Apple) are very differentiated and each has its own advantages.</p><p>Samsung, firstly, is an old player. Whether in terms of product or supply chain vertical integration capabilities, it is much larger than Xiaomi. Even Huawei at its peak could not catch up in a short period of time. Especially in terms of supply chain integration capabilities, Samsung has its own chip, screen, storage, and assembly plants. Samsung is very little affected by external factors, even Sino-US trade.</p><p>Of course, Xiaomi also has certain advantages in some markets that Samsung cannot focus on; Xiaomi has made many innovations in its channels. For example, Xiaomi is leading the trend of channel transformation in some online channels such as Latin America and the Middle East and Africa. In certain regions and markets, I think Xiaomi is moving closer to Samsung, and may even surpass Samsung. However, globally, this will be a very difficult goal.</p><p><b>VI. If Xiaomi wants to penetrate the high-end market, what are its ways to break through this predicament?</b></p><p>First, given limited resources and supply, Xiaomi needs to serve its existing customers well, consolidate its presence, and then consider investing in the research and development of high-end products, expanding its high-end product line, capturing different user groups, and refining its high-end product operations to meet the needs of different users. Looking at Samsung, its product line is very extensive, covering every price range, which Xiaomi cannot do with its current resources.</p><p>Second, we need to differentiate ourselves from Apple and Samsung, rather than simply differentiating ourselves from OPPO and vivo. This requires Xiaomi to gradually improve its various capabilities in order to move towards the high-end market. From a strategic perspective, to develop high-end products, it is necessary to invest in research and development that can generate differentiation. Xiaomi and OPPO are actually making efforts in this regard.</p><p><b>VII. How should we evaluate the performance of OPPO and vivo this quarter?</b></p><p>Compared to Xiaomi, OPPO relies heavily on the Chinese market. For OPPO and vivo, at least 50% of shipments come from the Chinese market, while for Xiaomi, perhaps 70% are already overseas. It should be noted that the realme and OnePlus brands are listed separately and are not included in OPPO's total sales figures.</p><p>For OPPO, a major move in the second quarter was the return of OnePlus, which is easy to understand. For OPPO, the high-end market is a very important strategy. OnePlus has achieved excellent results in its long-term cultivation in the high-end market and has established a certain market foundation, brand foundation and operational capabilities.</p><p>Of course, integrating the supply chain, improving operational efficiency, and increasing profit margins should be the main themes this year, because everything is rising in price, including parts and labor costs. Therefore, hardware manufacturers are facing immense pressure to survive now. If some of the operations can be integrated, it would be good for both parties.</p><p><b>8. vivo did not update its NEX series flagship products in the first half of the year. What do you think?</b></p><p>Currently, for mobile phone manufacturers, the first thing they need to do is figure out how to gather their resources, and they will definitely make some adjustments to their products in order to integrate resources. This does not mean that they have failed in any particular series or price range.</p><p>In my opinion, the market should give Chinese mobile phone manufacturers more space and time to adjust their market strategies in the high-end market, so that they can achieve sustainable development in the long term. The launch schedule of individual products doesn't reveal much. I think the market needs to pay attention to their strategies in the overall price range or high-end market, or how brands position themselves. These are the more forward-looking points to focus on.</p><p><b>9. Will Huawei and Honor become major variables in the future smartphone market?</b></p><p>The smartphone market is changing very rapidly, with new changes occurring every quarter, both in terms of manufacturers and distribution channels.</p><p>If Huawei wants to make a comeback, I believe it will have to use another form, because it hasn't completely withdrawn from the market yet, and it still sells 4G phones, as well as IoT, HarmonyOS, and other systems. I think Huawei needs to establish its own differentiation and commercial value in the early stages of HarmonyOS; Once it has sufficient commercial value, I believe there is a possibility of cooperation with other manufacturers.</p><p>I need to treat Honor as a new manufacturer. It has many valuable resources brought from Huawei. A new company may not be able to learn in the short term, but Honor is moving faster because it already knows how to operate channels, how to cooperate with operators, and how to deeply understand the needs of consumers in each region.</p><p>For many Chinese companies, learning requires constant trial and error, but Honor has already learned that.</p><p><b>10. How should mobile phone manufacturers deal with the chip shortage problem?</b></p><p>The chip shortage will affect next year, because if you place an order now, you won't receive the product until next year.</p><p>Therefore, how to foresee market changes in the coming year places very high demands on mobile phone manufacturers. And in the past, one plan might have been enough, but now, according to the trend, three backup plans may be needed. Xiaomi's current success is largely due to its plans a year ago.</p><p>Therefore, Xiaomi's large supply in Q2 may be because it implemented a high-growth strategy for low-end products a year ago and planned an overseas emerging market strategy; otherwise, it would not have been able to ship stably in the supply chain.</p><p>Compared to Xiaomi, no other manufacturer has made such a big decision as Xiaomi, preparing its supply strategy a year in advance, so this shows the manufacturer's foresight.</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>Ten Questions about the Smartphone Landscape Transformation: The Deep Logic Behind Xiaomi's Rise to Second Place in the World</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\">\nTen Questions about the Smartphone Landscape Transformation: The Deep Logic Behind Xiaomi's Rise to Second Place in the World\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1035809132\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷峰网 </p>\n<p class=\"h-time smaller\">2021-07-17 07:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The overall situation may seem set, but in reality, there are still many variables. Seemingly mature<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile phone market, however, can always produce some unexpected events amidst unpredictable changes.</p><p>On July 15, market research firm Canalys released its Q2 2021 global smartphone market shipment report, which showed that Xiaomi ranked second in the world with a year-on-year growth rate of 83% and a market share of 17%, second only to the first place.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(19%) – thus surpassing third place.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(accounting for 14%).</p><p>This marks the first time Xiaomi has ever ranked second in the global smartphone market.</p><p>Meanwhile, the top three, Samsung, Xiaomi, and Apple, together with OPPO and vivo (each accounting for 10%), account for 70% of global smartphone shipments—and the top five all saw varying degrees of growth.</p><p>Of course, Xiaomi is undoubtedly the most eye-catching dark horse in this report. In response to this achievement, Xiaomi CEO Lei Jun issued a letter to all employees the following day, stating: \"This is a dream achievement and the biggest milestone in Xiaomi's development history.\"</p><p><img src=\"https://static.tigerbbs.com/ee04482bb7dc47186f46aae6c1c3ce8d\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>Of course, while Xiaomi is making great strides, several major players, including Apple and Samsung, are also painstakingly planning, strategizing, and competing in the fiercely competitive battlefield of smartphones. Of course, for well-known reasons, Huawei is severely absent from the global smartphone market, which also provides these players with some room for growth.</p><p>Therefore, the mobile phone market often seems to be a foregone conclusion, but in reality, it is still fraught with variables.</p><p>To gain a more thorough understanding of the underlying logic behind the global smartphone market performance in Q2, Leifeng.com conducted an in-depth conversation with Nicole Peng, Vice President of Mobile Business at Canalys. Here is the conversation:</p><p><b>I. Xiaomi's year-on-year growth rate in Q2 was 83%. What are the overall reasons?</b></p><p>First, Xiaomi's growth has largely come from emerging markets, such as Latin America and the Middle East and Africa, and has also seen some improvement in some mature markets.</p><p>Secondly, after the outbreak of the pandemic last year, most overseas markets began to be affected in Q2, while the Chinese market was affected in Q1. This is one of the reasons why Xiaomi achieved 83% year-on-year growth in Q2 of this year. Another factor is the significant increase in demand for smartphones and smart devices in emerging markets after the pandemic. Xiaomi's rapid advancement in these markets has capitalized on the strong demand for cost-effective phones.</p><p>Third, from a supply perspective, in many overseas regions, such as Latin America, the Middle East and Africa, and even South Asia, many brands are experiencing supply shortages, and not many manufacturers can carry out large-scale distribution. This presents an excellent growth opportunity for Xiaomi.</p><p><b>Second, some argue that Xiaomi's smartphone shipment growth is mainly reflected in its low-to-mid-range products. What is your opinion?</b></p><p>China is actually the world's largest high-end market, which is larger than that of the United States. Therefore, compared to the Chinese market, most overseas products are lower in retail price.</p><p>China is already a very mature market. The ASP (average selling price) disclosed last quarter reached more than $400, a figure that only Western Europe and the United States have achieved, and only the United States has a higher ASP than China. Therefore, compared to other markets, China is actually considered a high-end market, while most parts of the world are actually mass markets.</p><p>Of course, Xiaomi's phone pricing determines its ability to succeed in the mass market. Another company that can build scale in the mass market is Samsung.</p><p><b>III. What is Xiaomi's localization capability like in overseas markets?</b></p><p>I think Xiaomi still has room for improvement in this area. In fact, compared to Samsung, Chinese mobile phone manufacturers started going global relatively late; Samsung is a very mature player. In each region, whether it is through distribution channels or other products such as TVs and home appliances, Samsung has done a very deep job in localization.</p><p>In addition, Samsung has advantages such as local supply chain, logistics, and warehousing, and has established long-term cooperative relationships with local retailers. In these aspects, other manufacturers cannot compare with Samsung.</p><p>For Xiaomi, they need to do some refined operations. Once they have a certain amount of business revenue, they can gradually promote the business, increase its scale, and then make more in-depth strategic plans. Only in this way can they truly ensure long-term development.</p><p><b>IV. How did Xiaomi perform in China in Q2?</b></p><p>I think the Chinese market experienced a certain correction in the second quarter. The first quarter reached a record high due to factors such as the launch of a large number of new products; This growth is very rare in a mature market. Considering that channels need time to be consumed, there will be a period of correction.</p><p>The competition models in mature markets are quite different from those in overseas markets. Therefore, Xiaomi cannot achieve triple- or double-digit growth in the domestic market as it does overseas. If it can stabilize its domestic market share or even increase it, then it will already be progress.</p><p>Currently, one of Xiaomi's focuses in the domestic market is its offline presence. Because online channels have reached a certain saturation point for manufacturers, and online competition also puts significant pressure on product prices. Considering Xiaomi's online growth potential, and because it has already done very well online, the only way it can find growth is to deepen its offline presence.</p><p>However, offline cultivation requires a lot of time, energy, and investment in operational improvement.</p><p>We can see that Xiaomi has stabilized, which means that its offline operations are relatively stable. In the long run, this is a good trend, because after all, we all need to look at long-term results. Judging from its shipments and market share over the past three quarters, Xiaomi has been steadily increasing.</p><p><b>5. If Xiaomi wants to compete with Samsung for first place, what are the difficulties?</b></p><p>This is quite difficult. Judging from the current situation, the top three (Samsung, Xiaomi, and Apple) are very differentiated and each has its own advantages.</p><p>Samsung, firstly, is an old player. Whether in terms of product or supply chain vertical integration capabilities, it is much larger than Xiaomi. Even Huawei at its peak could not catch up in a short period of time. Especially in terms of supply chain integration capabilities, Samsung has its own chip, screen, storage, and assembly plants. Samsung is very little affected by external factors, even Sino-US trade.</p><p>Of course, Xiaomi also has certain advantages in some markets that Samsung cannot focus on; Xiaomi has made many innovations in its channels. For example, Xiaomi is leading the trend of channel transformation in some online channels such as Latin America and the Middle East and Africa. In certain regions and markets, I think Xiaomi is moving closer to Samsung, and may even surpass Samsung. However, globally, this will be a very difficult goal.</p><p><b>VI. If Xiaomi wants to penetrate the high-end market, what are its ways to break through this predicament?</b></p><p>First, given limited resources and supply, Xiaomi needs to serve its existing customers well, consolidate its presence, and then consider investing in the research and development of high-end products, expanding its high-end product line, capturing different user groups, and refining its high-end product operations to meet the needs of different users. Looking at Samsung, its product line is very extensive, covering every price range, which Xiaomi cannot do with its current resources.</p><p>Second, we need to differentiate ourselves from Apple and Samsung, rather than simply differentiating ourselves from OPPO and vivo. This requires Xiaomi to gradually improve its various capabilities in order to move towards the high-end market. From a strategic perspective, to develop high-end products, it is necessary to invest in research and development that can generate differentiation. Xiaomi and OPPO are actually making efforts in this regard.</p><p><b>VII. How should we evaluate the performance of OPPO and vivo this quarter?</b></p><p>Compared to Xiaomi, OPPO relies heavily on the Chinese market. For OPPO and vivo, at least 50% of shipments come from the Chinese market, while for Xiaomi, perhaps 70% are already overseas. It should be noted that the realme and OnePlus brands are listed separately and are not included in OPPO's total sales figures.</p><p>For OPPO, a major move in the second quarter was the return of OnePlus, which is easy to understand. For OPPO, the high-end market is a very important strategy. OnePlus has achieved excellent results in its long-term cultivation in the high-end market and has established a certain market foundation, brand foundation and operational capabilities.</p><p>Of course, integrating the supply chain, improving operational efficiency, and increasing profit margins should be the main themes this year, because everything is rising in price, including parts and labor costs. Therefore, hardware manufacturers are facing immense pressure to survive now. If some of the operations can be integrated, it would be good for both parties.</p><p><b>8. vivo did not update its NEX series flagship products in the first half of the year. What do you think?</b></p><p>Currently, for mobile phone manufacturers, the first thing they need to do is figure out how to gather their resources, and they will definitely make some adjustments to their products in order to integrate resources. This does not mean that they have failed in any particular series or price range.</p><p>In my opinion, the market should give Chinese mobile phone manufacturers more space and time to adjust their market strategies in the high-end market, so that they can achieve sustainable development in the long term. The launch schedule of individual products doesn't reveal much. I think the market needs to pay attention to their strategies in the overall price range or high-end market, or how brands position themselves. These are the more forward-looking points to focus on.</p><p><b>9. Will Huawei and Honor become major variables in the future smartphone market?</b></p><p>The smartphone market is changing very rapidly, with new changes occurring every quarter, both in terms of manufacturers and distribution channels.</p><p>If Huawei wants to make a comeback, I believe it will have to use another form, because it hasn't completely withdrawn from the market yet, and it still sells 4G phones, as well as IoT, HarmonyOS, and other systems. I think Huawei needs to establish its own differentiation and commercial value in the early stages of HarmonyOS; Once it has sufficient commercial value, I believe there is a possibility of cooperation with other manufacturers.</p><p>I need to treat Honor as a new manufacturer. It has many valuable resources brought from Huawei. A new company may not be able to learn in the short term, but Honor is moving faster because it already knows how to operate channels, how to cooperate with operators, and how to deeply understand the needs of consumers in each region.</p><p>For many Chinese companies, learning requires constant trial and error, but Honor has already learned that.</p><p><b>10. How should mobile phone manufacturers deal with the chip shortage problem?</b></p><p>The chip shortage will affect next year, because if you place an order now, you won't receive the product until next year.</p><p>Therefore, how to foresee market changes in the coming year places very high demands on mobile phone manufacturers. And in the past, one plan might have been enough, but now, according to the trend, three backup plans may be needed. Xiaomi's current success is largely due to its plans a year ago.</p><p>Therefore, Xiaomi's large supply in Q2 may be because it implemented a high-growth strategy for low-end products a year ago and planned an overseas emerging market strategy; otherwise, it would not have been able to ship stably in the supply chain.</p><p>Compared to Xiaomi, no other manufacturer has made such a big decision as Xiaomi, preparing its supply strategy a year in advance, so this shows the manufacturer's foresight.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/16ee38107b87f7fbb8156889c52f635b","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157198020","content_text":"看似大局已定,但实际上还是变量重重。\n\n看似已经成熟的智能手机市场,却总能在波谲云诡中,产生一些意外。\n7 月 15 日,市场调研机构 Canalys 发布了 2021 年第二季度全球智能手机市场出货量报告数据,其中显示:小米以 83% 的同比增长率和 17% 的市场份额,位居世界第二,仅次于第一名三星(占比 19%)——并由此超越了第三名苹果(占比 14%)。\n这是小米有史以来第一次在全球智能手机市场中位居第二。\n与此同时,三星、小米和苹果这三甲,与 OPPO 和 vivo(占比均为 10%)一起,占据了全球智能手机出货量的 70%——而且前五名都出现了不同幅度的增长。\n当然,在这份报告中,小米无疑是最亮眼的一匹黑马。面对这份成绩,小米 CEO 雷军也在次日发布全员信表示:这是梦幻般的成绩,也是小米发展史上的最大里程碑。\n\n当然,在小米一路高歌猛进的同时,包括苹果三星在内的几个大玩家也正在智能手机这个竞争激烈的战场苦心孤诣地布局、谋划、竞争;当然,因为众所周知的原因,华为在全球智能手机市场严重缺位,也给这些玩家提供了一定的增长空间。\n因此,手机市场往往是看似大局已定,但实际上还是变量重重。\n为了更加透彻地了解到 Q2 全球智能手机市场成绩单背后的深层逻辑,雷锋网与 Canalys 移动业务副总裁 Nicole Peng 进行了深入对话。以下是对话内容:\n一、小米 Q2 同比增长率为 83%,整体原因是什么?\n第一,小米本身的增长大部分是来自于一些新兴市场,比如拉美、中东非,对于一些成熟市场也有一定的提升。\n第二,去年疫情爆发后,很大部分海外市场是在 Q2 开始受到影响,中国市场则是 Q1 受到影响。这是小米今年 Q2 同比实现 83%增长的其中一个原因。另外一个就是新兴市场在疫情之后对智能手机智能设备的需求大幅度增加,小米在这些市场的高速推进,抓住了这些市场对于性价比手机的强劲需求。\n第三,从供应上来看,在海外的许多地区,比如拉美、中东非甚至南亚等市场,多个品牌都出现供应紧张的情况,没有很多厂商可以进行大规模铺货。这对小米来说,构成了绝佳的增长机会。\n二、有观点认为小米手机出货量增长主要体现在中低端产品,你怎么看?\n中国其实是全球最大的高端市场,中国的高端市场是比美国还要大的,所以相对于中国市场来说,境外的大部分产品从零售价上来说是更低端的。\n中国本身已经是一个非常成熟的市场了,上个季度披露的 ASP(平均销售价格)已经达到了 400 多美金,这个数值只有西欧和美国达到了,并且只有美国的 ASP 比中国要高。所以相对于其他市场来说,中国其实已经算是高端市场,全球大部分地区其实都是大众市场。\n当然,小米的手机定价决定了它有能力做好大众市场,另外一个能够在大众市场去把规模做起来的,就是三星了。\n三、在海外市场,小米本土化的能力如何呢?\n我觉得小米在这方面还有上升的空间。实际上,相对于三星来说,中国手机厂商出海的时间还是比较晚的;三星是一个非常成熟的玩家,在每个地区,无论是渠道,还是像电视、家电等其他产品,三星在本土化上都做得非常深入。\n除此之外,三星还有像当地供应链、物流、仓储等优势,还有跟当地零售有建立长期的合作关系,在这些方面,其他厂商是不可能和三星同日而语的。\n对于小米来说,他们需要做一些精细化运营,有了一定得业务收入才能进行慢慢推动,把规模做上去,接着做更深入的一些策略规划,这样才能真正保证后续较长期的发展。\n四、Q2 小米在国内的表现如何?\n我觉得国内第二季度中国市场是有一定回调的。由于有大量新产品上市等因素,第一季度是达到历史新高;对于一个成熟市场来说,这个增长是非常鲜有的,考虑到渠道需要时间消耗,所以会有一段时间的回调。\n成熟市场的竞争和海外的竞争的模式类型是不太一样的,所以在国内市场,小米并不能像在海外一样实现三位数或两位数的增长,如果它能够稳住国内市场份额、甚至有所提升,那么已经是一个进步了。\n目前小米在国内市场的一个重心是线下布局。因为线上对于厂商来说作为一个渠道已经达到了一定的饱和状态,然后再加上线上的竞争对于产品价格压力也是非常大。考虑到小米的线上增长空间,因为它本身在线上已经做得很好,所以唯一能找到增长的部分就是要往线下去深耕。\n但是线下深耕所需要的时间、精力和运营提升投入,都是非常多的。\n现在可以看到小米稳住了,就说明线下的运营是比较稳定的,长期来说这是一个好的趋势,因为毕竟我们都是要看长期的一个成绩。从最近三个季度出货量和市场份额来看,小米都是在稳步提升的。\n五、小米如果要与三星争第一,难度在哪里?\n这个有一定难度,从现在来看的话,前三名(三星、小米、苹果)各自的差异化是非常大的,各有各的优势。\n三星,首先它是老玩家,无论是从产品还是供应链垂直整合能力来说,它都比小米大得多,甚至巅峰时期的华为也没有办法在短时间内跟进。尤其是在供应链上下游的整合能力上,三星有自己的芯片,屏幕,存储和组装工厂。三星受到外围因素的影响非常少,哪怕是中美贸易。\n当然,在三星没有办法关注的一些市场,小米也是有一定优势的;小米有非常多的渠道方面的创新,比如说在拉美、中东非等一些线上渠道小米是带领这个渠道转型的潮流的。在某些区域某些市场的话,我觉得小米在往三星靠拢,甚至是有可能超过三星,不过全球范围来说,这将会是一个难度相当高的目标。\n六、小米要想冲击高端,有什么破局之道?\n第一,在资源有限和供应有限的情况下,小米要服务好现有的客户,稳固阵地,然后考虑对于高端产品的研发投入,拓展高端产品线,抓住不同的用户群体,精细化高端产品运营,满足不同用户的需求。我们看三星,它的产品线就非常丰富,它可以在每个价位段都做到覆盖,而以小米现在的资源的话,是没办法做到的。\n第二,要和苹果三星做出差异化,而不是单纯跟 OPPO 和 vivo 做差异化。这要求小米在各种能力上的逐渐提升,才可以往高端靠。从战略性来看,做高端,就必须要投入一些能产生差异化的研发,这个方面其实小米 OV 都在努力。\n七、如何评价本季度 OPPO 和 vivo 的成绩表现?\nOV 相对小米来说,对中国市场的依赖是非常大的。对于 OPPO 和 vivo 来说,至少 50% 的出货是来自于中国市场的,对于小米来说可能 70% 都已经在海外了。需要注意的是,realme 和一加品牌都是单列的,并没有加入到 OPPO 的总销量成绩当中。\n对于 OPPO 来说,第二季度的一个重要动作是一加回归,这很容易理解。因为对于 OPPO 来说,高端是一个非常重要的策略,一加在高端长期的耕耘有着非常好的成绩,已经建立起了一定的市场基础、品牌基础和运营能力。\n当然整合供应链,提高运营效益,提高利润率,应该是今年的主旋律,因为所有的东西都在涨价,包括零部件、人工成本等。所以对于硬件厂商来说,现在生存压力非常大,如果能把中间有一部分的运营打通的话,对于双方都好。\n八、vivo 上半年没有更新 NEX 系列旗舰新品,你怎么看?\n目前,对于手机厂商来说,它们首先要想怎么去聚集自己的资源,对于产品上面一定会有一定的调整,目的是整合资源。这并不意味着,它们在某个系列或者某个价位段上面是有任何失败的。\n在我看来,市场要给中国手机厂商多一点的空间和时间,让它们去调整好自己在高端上的市场策略,这样才能在长期可持续发展。单个产品的上市节奏并不能说明太多。我觉得市场需要留意它们在整个价位段或者高端上面的策略,或者品牌怎么去定位,这些才是更前瞻性的一些关注点。\n九、华为、荣耀是否会成为未来智能手机市场中的重大变量?\n智能手机市场变化非常快,每一个季度都有这种新的变化,无论是从厂商或者是从渠道上面。\n华为如果要回归的话,我相信必须得用另外一个形式 ,因为毕竟它现在还没有完全退出这个市场,还有 4G 手机在卖,以及 IoT、鸿蒙系统等。我觉得对于华为来说,鸿蒙早期阶段需要建立自己的差异度和商业价值;一旦它有足够的商业价值,我相信和其他厂商也是有合作的可能。\n我得要把荣耀作为一个新的厂商来看待。它有很多的宝贵资源是从华为带来的。一个新的公司未必能短期学会,但是荣耀跑得比较快,因为它已经知道怎么样去运作渠道,怎么样去和运营商合作,还有怎么样去深入理解每一个地区消费者的需求。\n对于很多中国公司来说,都是需要在不断的试错的过程中学习的,但是荣耀已经学到了。\n十、手机厂商该如何应对缺芯的难题?\n缺芯是会影响到下一年的,因为如果现在下单,要到下一年才能拿到这个产品。\n所以,如何前瞻性地考虑未来一年市场的变化,这对手机厂商的要求是非常高;并且以往可能有一个计划就够了,但现在按照趋势可能要做三个计划备胎。现在所看到的小米好成绩,很大程度是来自于它在一年前的计划。\n所以,小米在 Q2 能有那么大的供应量,可能是因为它在一年前就在低端产品上做了高增长策略,并且策划了海外新兴市场战略,要不然供应链上是不能稳定出货的。\n相对于小米,其他厂商还没有哪个像小米一样下这么大的决心,在一年前就把供应策略准备好,所以这个是可以看出来厂商的前瞻性的。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":5176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962362341,"gmtCreate":1669725367083,"gmtModify":1676538229814,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"title":"","htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962362341","isVote":1,"tweetType":1,"viewCount":4608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910848311,"gmtCreate":1663601219634,"gmtModify":1676537299405,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"title":"","htmlText":"[微笑]","listText":"[微笑]","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910848311","repostId":"661045669","repostType":1,"repost":{"id":661045669,"gmtCreate":1663599999753,"gmtModify":1676537299177,"author":{"id":"3467720335878530","authorId":"3467720335878530","name":"报告财经","avatar":"https://static.tigerbbs.com/203f2436005c0b2a84a49f934dc19921","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3467720335878530","authorIdStr":"3467720335878530"},"themes":[],"title":"","htmlText":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","listText":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","text":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","images":[{"img":"https://static.tigerbbs.com/6a9a06cca41a720063a5b794f7babb6c","width":"601","height":"869"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/661045669","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144396284,"gmtCreate":1626266428948,"gmtModify":1703756645742,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144396284","repostId":"2151598978","repostType":4,"repost":{"id":"2151598978","kind":"highlight","pubTimestamp":1626229732,"share":"https://ttm.financial/m/news/2151598978?lang=en_US&edition=fundamental","pubTime":"2021-07-14 10:28","market":"us","language":"zh","title":"Overlooked \"big move\": the institution cut a quarter of its stock position","url":"https://stock-news.laohu8.com/highlight/detail?id=2151598978","media":"华尔街见闻","summary":"今年第二季度,高盛的营业收入和利润均创史上次高,最吸引外界注意力的是收入同比猛增36%的投行业务,以及包括固收和股票在内收入剧减32%的市场交易业务。\n相对而言较少关注的是,高盛的资产管理业务二季度净","content":"<p>In the second quarter of this year,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company's operating revenue and profit both hit the second highest levels in history. The most attention-grabbing aspects were its investment banking business, which saw a 36% year-on-year increase in revenue, and its market trading business, which included fixed income and stocks, saw a 32% decrease in revenue.</p><p>Relatively less noticeable is that Goldman Sachs' asset management business reported a record net income of $5.1 billion in the second quarter, more than double the same period last year.</p><p><img src=\"https://static.tigerbbs.com/dd8c0dbaa4394235b98c259a7a9afe30\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>In explaining the performance of this business, Goldman Sachs stated that equity investments generated record net income, with the significant year-on-year increase mainly driven by a surge in net income from private equity investments, specific corporate events including corporate fundraising and capital sales, and improved management performance compared to the second quarter of last year.</p><p>According to Goldman Sachs, the asset management business is \"reaping\" the progress made in the equity portfolio asset replication table. In other words, it's a sell-off.</p><p>Goldman Sachs showcased the changes in its asset management portfolio holdings since the beginning of this year, with a net sell-off of $4 billion in the quarter. After including the $1.5 billion in stock purchases, the total reduction in holdings in the quarter was $5.5 billion, equivalent to more than a quarter of the total size of its equity portfolio at the end of last year.</p><p><img src=\"https://static.tigerbbs.com/4318531c08f7736f09eaa15e7038191a\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p>Who will take over the shares sold by Goldman Sachs? Retail investors are definitely among the heroes who take over the market. As mentioned in a Wall Street Insights article last week, data from Research firm Vanda Research showed that U.S. retail investors net bought approximately $28 billion in stocks and equity funds in June, marking a new monthly inflow since 2014.</p><p>During the second-quarter earnings call, when asked about reducing its stock portfolio, Goldman Sachs responded that it had made progress in improving capital efficiency and was acting \"aggressively\" in managing its stock positions, especially given the supportive environment.</p><p>What does this answer mean? Simply put, Goldman Sachs sold off heavily when the environment supported it. In other words, retail investors are continuously supporting giants like Goldman Sachs in selling off their shares.</p><p>Regarding Goldman Sachs' sell-off, the financial blog Zerohedge noted that the last time Goldman Sachs sold off in such a \"large-scale\" manner in a supportive market environment was in 2007-2008. At that time, Goldman Sachs was busy developing collateralized debt obligations (CDOs) based on subprime mortgage bonds, and then Goldman Sachs actively shorted them through its own proprietary trading. Everyone knows the outcome of the subprime mortgage crisis.</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>Overlooked \"big move\": the institution cut a quarter of its stock position</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\">\nOverlooked \"big move\": the institution cut a quarter of its stock position\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 10:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the second quarter of this year,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company's operating revenue and profit both hit the second highest levels in history. The most attention-grabbing aspects were its investment banking business, which saw a 36% year-on-year increase in revenue, and its market trading business, which included fixed income and stocks, saw a 32% decrease in revenue.</p><p>Relatively less noticeable is that Goldman Sachs' asset management business reported a record net income of $5.1 billion in the second quarter, more than double the same period last year.</p><p><img src=\"https://static.tigerbbs.com/dd8c0dbaa4394235b98c259a7a9afe30\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>In explaining the performance of this business, Goldman Sachs stated that equity investments generated record net income, with the significant year-on-year increase mainly driven by a surge in net income from private equity investments, specific corporate events including corporate fundraising and capital sales, and improved management performance compared to the second quarter of last year.</p><p>According to Goldman Sachs, the asset management business is \"reaping\" the progress made in the equity portfolio asset replication table. In other words, it's a sell-off.</p><p>Goldman Sachs showcased the changes in its asset management portfolio holdings since the beginning of this year, with a net sell-off of $4 billion in the quarter. After including the $1.5 billion in stock purchases, the total reduction in holdings in the quarter was $5.5 billion, equivalent to more than a quarter of the total size of its equity portfolio at the end of last year.</p><p><img src=\"https://static.tigerbbs.com/4318531c08f7736f09eaa15e7038191a\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p>Who will take over the shares sold by Goldman Sachs? Retail investors are definitely among the heroes who take over the market. As mentioned in a Wall Street Insights article last week, data from Research firm Vanda Research showed that U.S. retail investors net bought approximately $28 billion in stocks and equity funds in June, marking a new monthly inflow since 2014.</p><p>During the second-quarter earnings call, when asked about reducing its stock portfolio, Goldman Sachs responded that it had made progress in improving capital efficiency and was acting \"aggressively\" in managing its stock positions, especially given the supportive environment.</p><p>What does this answer mean? Simply put, Goldman Sachs sold off heavily when the environment supported it. In other words, retail investors are continuously supporting giants like Goldman Sachs in selling off their shares.</p><p>Regarding Goldman Sachs' sell-off, the financial blog Zerohedge noted that the last time Goldman Sachs sold off in such a \"large-scale\" manner in a supportive market environment was in 2007-2008. At that time, Goldman Sachs was busy developing collateralized debt obligations (CDOs) based on subprime mortgage bonds, and then Goldman Sachs actively shorted them through its own proprietary trading. Everyone knows the outcome of the subprime mortgage crisis.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3635325\">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/c4a03a5ae5cfc1aad727ce9e6d2b27bb","relate_stocks":{"GS":"高盛"},"source_url":"https://wallstreetcn.com/articles/3635325","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151598978","content_text":"今年第二季度,高盛的营业收入和利润均创史上次高,最吸引外界注意力的是收入同比猛增36%的投行业务,以及包括固收和股票在内收入剧减32%的市场交易业务。\n相对而言较少关注的是,高盛的资产管理业务二季度净收入达到创纪录的51亿美元,是去年同期的两倍多。\n\n在解释这块业务的业绩时,高盛称,股票投资创造了创纪录的净收入,年同比大幅增长主要是私募股权投资的净收益大涨,包括企业募资和出售资本在内的具体企业事件驱动,以及相比去年二季度管理业绩改善。\n据高盛所说,资产管理业务正在“收获”股票投资组合资产复制表取得的进展。换句话说,就是在抛售。\n高盛展示了今年初以来资产管理业务的股票投资组合持仓变动,当季净抛售40亿美元,计入买入股票15亿美元后,当季共减持55亿美元,相当于去年末股票投资组合总规模的四分之一以上。\n\n高盛抛售这些股票谁来接盘?接盘侠中一定少不了散户。华尔街见闻上周文章就提到,研究机构Vanda Research数据显示,6月美国散户净买入约280亿美元股票和股票类基金,创下自2014以来月度流入新高。\n在二季报电话会议上,对于减持股票投资组合的问题,高盛回答,在提高资本效率方面取得进展,在管理股票仓位方面“大举”(aggressively)行动,尤其是处于环境给予支持的情况下。\n这回答什么意思?简单来解释就是,高盛在环境给予支持时大举抛售。换句话说,散户在不断支持高盛这样的大鳄抛售。\n对于高盛这样的抛售,金融博客Zerohedge提到,上一次高盛如此在给予支持的市场环境下“大举”抛售还是在2007到2008年,当时高盛在忙着炮制基于次贷抵押贷款债券的担保债权凭证(CDO),而后高盛自己的自营交易又积极地做空。次贷危机的结果怎样大家都知道了。","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":5395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}