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股市幸运姥姥

2021-08-18

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Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming

股市幸运姥姥

2021-08-18

666

Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming

股市幸运姥姥

2021-08-10

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Smol surged by more than 7%! Previously highly regarded by CICC as HK$74

股市幸运姥姥

2021-08-09

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股市幸运姥姥

2021-08-08

666

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股市幸运姥姥

2021-08-07

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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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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, Hillhouse Capital's every move has attracted much attention. On August 17th, 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 action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets 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 also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</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 U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks 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 consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. 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. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted 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 for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th 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 (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share 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 of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese 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 exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</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>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on 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\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key 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 Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share 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 Minchuang Youpin</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 or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 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-price 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, and it is covered for the first time to give a \"buy\" rating.</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 repurchase.\"</p><p>The market habits value e-commerce enterprises according to their 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 run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted 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 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 the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the 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\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another 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 the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume 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 volume 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 that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased 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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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, Hillhouse Capital's every move has attracted much attention. On August 17th, 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 action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets 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 also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</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 U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks 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 consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. 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. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted 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 for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th 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 (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share 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 of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese 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 exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</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>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on 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\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key 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 Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share 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 Minchuang Youpin</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 or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 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-price 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, and it is covered for the first time to give a \"buy\" rating.</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 repurchase.\"</p><p>The market habits value e-commerce enterprises according to their 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 run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted 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 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 the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the 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\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another 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 the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume 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 volume 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 that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased 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":{"BABA":"阿里巴巴","NIO":"蔚来","XPEV":"小鹏集团","09868":"小鹏集团-W"},"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,"XPEV":0.9,"09868":0.9,"BABA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3153,"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":[],"title":"","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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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, Hillhouse Capital's every move has attracted much attention. On August 17th, 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 action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets 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 also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</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 U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks 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 consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. 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. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted 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 for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th 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 (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share 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 of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese 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 exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</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>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on 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\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key 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 Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share 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 Minchuang Youpin</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 or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 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-price 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, and it is covered for the first time to give a \"buy\" rating.</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 repurchase.\"</p><p>The market habits value e-commerce enterprises according to their 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 run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted 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 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 the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the 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\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another 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 the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume 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 volume 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 that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased 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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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, Hillhouse Capital's every move has attracted much attention. On August 17th, 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 action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets 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 also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</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 U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks 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 consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. 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. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted 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 for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th 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 (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share 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 of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese 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 exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</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>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on 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\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key 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 Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share 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 Minchuang Youpin</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 or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 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-price 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, and it is covered for the first time to give a \"buy\" rating.</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 repurchase.\"</p><p>The market habits value e-commerce enterprises according to their 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 run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted 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 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 the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the 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\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another 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 the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume 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 volume 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 that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased 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":{"BABA":"阿里巴巴","NIO":"蔚来","XPEV":"小鹏集团","09868":"小鹏集团-W"},"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,"XPEV":0.9,"09868":0.9,"BABA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":4074,"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":[],"title":"","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":"hk","language":"zh","title":"Smol surged by more than 7%! Previously highly regarded by CICC as HK$74","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>On August 10,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose by more than 7% to HK$ 42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"Overweight\" rating and a price target of HK$74.00.</p><p>According to the research report of CICC, 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 the global atomization technology leader, 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 head customers, and it is difficult for other competitors to obtain large-scale orders from head customers in the short term. The company's business is mainly export, and it is expected to benefit from the increase of policy thresholds in many major countries for the world, and its share is concentrated in the head, reiterating the logic of the stronger the 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 surged by more than 7%! Previously highly regarded by CICC 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 surged by more than 7%! Previously highly regarded by CICC as HK$74\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 10,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose by more than 7% to HK$ 42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"Overweight\" rating and a price target of HK$74.00.</p><p>According to the research report of CICC, 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 the global atomization technology leader, 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 head customers, and it is difficult for other competitors to obtain large-scale orders from head customers in the short term. The company's business is mainly export, and it is expected to benefit from the increase of policy thresholds in many major countries for the world, and its share is concentrated in the head, reiterating the logic of the stronger the 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":3265,"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":[],"title":"","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":3149,"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":[],"title":"","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":3436,"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":[],"title":"","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":4078,"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":[],"title":"","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":4078,"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":[],"title":"","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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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, Hillhouse Capital's every move has attracted much attention. On August 17th, 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 action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets 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 also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</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 U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks 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 consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. 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. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted 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 for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th 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 (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share 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 of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese 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 exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</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>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on 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\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key 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 Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share 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 Minchuang Youpin</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 or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 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-price 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, and it is covered for the first time to give a \"buy\" rating.</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 repurchase.\"</p><p>The market habits value e-commerce enterprises according to their 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 run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted 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 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 the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the 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\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another 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 the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume 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 volume 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 that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased 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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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, Hillhouse Capital's every move has attracted much attention. On August 17th, 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 action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets 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 also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</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 U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks 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 consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. 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. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted 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 for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th 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 (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share 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 of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese 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 exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</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>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on 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\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key 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 Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share 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 Minchuang Youpin</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 or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 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-price 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, and it is covered for the first time to give a \"buy\" rating.</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 repurchase.\"</p><p>The market habits value e-commerce enterprises according to their 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 run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted 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 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 the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the 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\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another 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 the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume 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 volume 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 that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased 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":{"BABA":"阿里巴巴","NIO":"蔚来","XPEV":"小鹏集团","09868":"小鹏集团-W"},"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,"XPEV":0.9,"09868":0.9,"BABA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":4074,"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":[],"title":"","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":3436,"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":[],"title":"","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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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, Hillhouse Capital's every move has attracted much attention. On August 17th, 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 action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets 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 also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</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 U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks 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 consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. 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. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted 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 for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th 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 (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share 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 of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese 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 exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</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>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on 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\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key 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 Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share 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 Minchuang Youpin</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 or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 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-price 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, and it is covered for the first time to give a \"buy\" rating.</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 repurchase.\"</p><p>The market habits value e-commerce enterprises according to their 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 run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted 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 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 the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the 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\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another 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 the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume 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 volume 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 that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased 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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity 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, Hillhouse Capital's every move has attracted much attention. On August 17th, 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 action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets 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 also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</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 U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks 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 consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. 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. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted 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 for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th 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 (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share 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 of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese 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 exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</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>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on 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\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key 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 Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share 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 Minchuang Youpin</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 or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 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-price 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, and it is covered for the first time to give a \"buy\" rating.</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 repurchase.\"</p><p>The market habits value e-commerce enterprises according to their 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 run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted 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 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 the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the 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\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another 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 the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume 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 volume 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 that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased 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":{"BABA":"阿里巴巴","NIO":"蔚来","XPEV":"小鹏集团","09868":"小鹏集团-W"},"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,"XPEV":0.9,"09868":0.9,"BABA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3153,"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":[],"title":"","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":"hk","language":"zh","title":"Smol surged by more than 7%! Previously highly regarded by CICC as HK$74","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>On August 10,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose by more than 7% to HK$ 42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"Overweight\" rating and a price target of HK$74.00.</p><p>According to the research report of CICC, 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 the global atomization technology leader, 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 head customers, and it is difficult for other competitors to obtain large-scale orders from head customers in the short term. The company's business is mainly export, and it is expected to benefit from the increase of policy thresholds in many major countries for the world, and its share is concentrated in the head, reiterating the logic of the stronger the 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 surged by more than 7%! Previously highly regarded by CICC 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 surged by more than 7%! Previously highly regarded by CICC as HK$74\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 10,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose by more than 7% to HK$ 42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"Overweight\" rating and a price target of HK$74.00.</p><p>According to the research report of CICC, 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 the global atomization technology leader, 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 head customers, and it is difficult for other competitors to obtain large-scale orders from head customers in the short term. The company's business is mainly export, and it is expected to benefit from the increase of policy thresholds in many major countries for the world, and its share is concentrated in the head, reiterating the logic of the stronger the 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":3265,"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":[],"title":"","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\" 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