股市幸运姥姥 personal page - To The Moon

股市幸运姥姥

股市幸运姥姥

No personal profile

2Follow

7Followers

0Topic

0Badge

股市幸运姥姥

2021-08-18

666//@股市幸运姥姥:666

Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?

股市幸运姥姥

2021-08-18

666

Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?

股市幸运姥姥

2021-08-10

666

Smol soared more than 7%! Previously favored by CICC as high as HK $74

股市幸运姥姥

2021-08-09

???

@82号公路:趕在投資大佬前抄底騰訊

股市幸运姥姥

2021-08-08

666

Sorry, the original content has been removed

股市幸运姥姥

2021-08-07

66

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4091103709151600","uuid":"4091103709151600","gmtCreate":1628000931985,"gmtModify":1630641383553,"name":"股市幸运姥姥","pinyin":"gsxyllgushixingyunlaolao","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":7,"headSize":2,"tweetSize":19,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.09.12","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.82%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.02.04","exceedPercentage":"93.98%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.29","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":833775675,"gmtCreate":1629269117997,"gmtModify":1676529985332,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","listText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","text":"666//@股市幸运姥姥:666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833775675","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车","BABA":"阿里巴巴","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"NIO":0.9,"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833772771,"gmtCreate":1629269052993,"gmtModify":1676529985313,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833772771","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车","BABA":"阿里巴巴","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"NIO":0.9,"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":2082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896885471,"gmtCreate":1628569355693,"gmtModify":1703508290987,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896885471","repostId":"1149059031","repostType":4,"repost":{"id":"1149059031","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628562386,"share":"https://ttm.financial/m/news/1149059031?lang=en_US&edition=fundamental","pubTime":"2021-08-10 10:26","market":"other","language":"zh","title":"Smol soared more than 7%! Previously favored by CICC as high as HK $74","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose more than 7% to HK $42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"overweight\" rating with a target price of HK $74.00.</p><p>CICC stated in the research report that Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality, and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global leading customers. It is difficult for other competitors to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increase in policy thresholds of many major countries facing the world. Concentration, reiterating the logic that the stronger is stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Smol soared more than 7%! Previously favored by CICC as high as HK $74</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\">\nSmol soared more than 7%! Previously favored by CICC as high as HK $74\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose more than 7% to HK $42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"overweight\" rating with a target price of HK $74.00.</p><p>CICC stated in the research report that Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality, and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global leading customers. It is difficult for other competitors to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increase in policy thresholds of many major countries facing the world. Concentration, reiterating the logic that the stronger is stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"06969":"思摩尔国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149059031","content_text":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客户优势等共筑深厚壁垒；深度绑定全球大客户，竞品替代难度较大，业绩持续快速成长；积极开拓新品类、新业务，全球雾化龙头成长空间广阔。该行坚定看好公司全球雾化科技龙头的领先地位，短期波动或带来中长期投资机遇。公司凭借强大核心优势已深度绑定全球头部客户，其他竞争者短期难以获得头部客户大体量订单，公司业务以出口为主且面向全球有望受益多个主要国家政策门槛提升，份额向头部集中，重申强者愈强逻辑。","news_type":1,"symbols_score_info":{"06969":0.9}},"isVote":1,"tweetType":1,"viewCount":1847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898088713,"gmtCreate":1628460206132,"gmtModify":1703506296152,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898088713","repostId":"893874998","repostType":1,"repost":{"id":893874998,"gmtCreate":1628257709714,"gmtModify":1703504106180,"author":{"id":"3441790470779572","authorId":"3441790470779572","name":"82号公路","avatar":"https://static.tigerbbs.com/3424f666d4b9bee705c100df6d4b1309","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3441790470779572","idStr":"3441790470779572"},"themes":[],"title":"趕在投資大佬前抄底騰訊","htmlText":"（1）前天，在《經濟參考報》一則消息致@<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","listText":"（1）前天，在《經濟參考報》一則消息致@<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","text":"（1）前天，在《經濟參考報》一則消息致@$騰訊控股(00700)$ 大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完$騰訊控股(00700)$ 後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“$騰訊控股(00700)$ 今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","images":[{"img":"https://static.tigerbbs.com/df59e66f4576b4fe00441432c3831ea5"},{"img":"https://static.tigerbbs.com/a811ccd16d4c7db6d37cff725646d89f"},{"img":"https://static.tigerbbs.com/86f30d4c1628b90c53f977ec6f08b125"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/893874998","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891802308,"gmtCreate":1628372965004,"gmtModify":1703505401139,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891802308","repostId":"1118636178","repostType":4,"isVote":1,"tweetType":1,"viewCount":1794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893468798,"gmtCreate":1628296063314,"gmtModify":1703504616535,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/893468798","repostId":"1136593672","repostType":4,"isVote":1,"tweetType":1,"viewCount":2295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":893468798,"gmtCreate":1628296063314,"gmtModify":1703504616535,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/893468798","repostId":"1136593672","repostType":4,"isVote":1,"tweetType":1,"viewCount":2295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833772771,"gmtCreate":1629269052993,"gmtModify":1676529985313,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833772771","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车","BABA":"阿里巴巴","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"NIO":0.9,"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":2082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891802308,"gmtCreate":1628372965004,"gmtModify":1703505401139,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891802308","repostId":"1118636178","repostType":4,"isVote":1,"tweetType":1,"viewCount":1794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833775675,"gmtCreate":1629269117997,"gmtModify":1676529985332,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","listText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","text":"666//@股市幸运姥姥:666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833775675","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车","BABA":"阿里巴巴","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"NIO":0.9,"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896885471,"gmtCreate":1628569355693,"gmtModify":1703508290987,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896885471","repostId":"1149059031","repostType":4,"repost":{"id":"1149059031","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628562386,"share":"https://ttm.financial/m/news/1149059031?lang=en_US&edition=fundamental","pubTime":"2021-08-10 10:26","market":"other","language":"zh","title":"Smol soared more than 7%! Previously favored by CICC as high as HK $74","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose more than 7% to HK $42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"overweight\" rating with a target price of HK $74.00.</p><p>CICC stated in the research report that Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality, and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global leading customers. It is difficult for other competitors to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increase in policy thresholds of many major countries facing the world. Concentration, reiterating the logic that the stronger is stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Smol soared more than 7%! Previously favored by CICC as high as HK $74</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\">\nSmol soared more than 7%! Previously favored by CICC as high as HK $74\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose more than 7% to HK $42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"overweight\" rating with a target price of HK $74.00.</p><p>CICC stated in the research report that Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality, and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global leading customers. It is difficult for other competitors to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increase in policy thresholds of many major countries facing the world. Concentration, reiterating the logic that the stronger is stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"06969":"思摩尔国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149059031","content_text":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客户优势等共筑深厚壁垒；深度绑定全球大客户，竞品替代难度较大，业绩持续快速成长；积极开拓新品类、新业务，全球雾化龙头成长空间广阔。该行坚定看好公司全球雾化科技龙头的领先地位，短期波动或带来中长期投资机遇。公司凭借强大核心优势已深度绑定全球头部客户，其他竞争者短期难以获得头部客户大体量订单，公司业务以出口为主且面向全球有望受益多个主要国家政策门槛提升，份额向头部集中，重申强者愈强逻辑。","news_type":1,"symbols_score_info":{"06969":0.9}},"isVote":1,"tweetType":1,"viewCount":1847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898088713,"gmtCreate":1628460206132,"gmtModify":1703506296152,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898088713","repostId":"893874998","repostType":1,"repost":{"id":893874998,"gmtCreate":1628257709714,"gmtModify":1703504106180,"author":{"id":"3441790470779572","authorId":"3441790470779572","name":"82号公路","avatar":"https://static.tigerbbs.com/3424f666d4b9bee705c100df6d4b1309","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3441790470779572","idStr":"3441790470779572"},"themes":[],"title":"趕在投資大佬前抄底騰訊","htmlText":"（1）前天，在《經濟參考報》一則消息致@<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","listText":"（1）前天，在《經濟參考報》一則消息致@<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","text":"（1）前天，在《經濟參考報》一則消息致@$騰訊控股(00700)$ 大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完$騰訊控股(00700)$ 後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“$騰訊控股(00700)$ 今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","images":[{"img":"https://static.tigerbbs.com/df59e66f4576b4fe00441432c3831ea5"},{"img":"https://static.tigerbbs.com/a811ccd16d4c7db6d37cff725646d89f"},{"img":"https://static.tigerbbs.com/86f30d4c1628b90c53f977ec6f08b125"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/893874998","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}