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股市幸运姥姥

2021-08-18

666//@股市幸运姥姥:666

Hillhouse Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?

股市幸运姥姥

2021-08-18

666

Hillhouse Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?

股市幸运姥姥

2021-08-10

666

Smoore surged over 7%! Previously, CICC had a high forecast of HK$74.

股市幸运姥姥

2021-08-09

???

@82号公路:趕在投資大佬前抄底騰訊

股市幸运姥姥

2021-08-08

666

The Online Education Wave Retreats: Education and Training Giants Collectively Lay Off Employees, Ending the Era of Capital Rush

股市幸运姥姥

2021-08-07

66

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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 Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?","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 highly anticipated \"capital giant\" in the secondary market, Hillhouse Capital's every move is closely watched. On August 17, Beijing time, the U.S. Securities and Exchange Commission (SEC) website showed that Hillhouse Capital submitted its U.S. stock 13F holdings data for the second quarter of 2021. Overall, Hillhouse Capital's portfolio adjustments were quite active in the second quarter, consistent with its previous heavy investment in Chinese concept stocks and focus on life sciences and hard technology. However, the \"new target\" has changed significantly. For example, among the newly established positions in the second quarter, Hillhouse Capital added...<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>Didi Chuxing, etc., received a lot of attention. At the same time, it further bucked the trend and increased its holdings in Chinese concept companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>etc.</p><p><b>Adhere to being the \"top holding\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>Profitable for 11 quarters</b></p><p>According to Hillhouse Capital's 13F filing disclosed in the second quarter, Hillhouse Capital held 89 companies in the US stock market with a total market capitalization of US$9.7 billion. The total market value of its holdings, based on the exchange rate on the afternoon of August 17, was equivalent to RMB 62.865 billion.</p><p>Looking at the top ten holdings, Hillhouse Capital's overall holdings remained largely unchanged in the second quarter. The top ten holdings have a total market value of approximately $6 billion, accounting for 60% of the total holdings. Among them, holdings in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>$1.87 billion remains the company's \"largest holding\". (See Table 1)</p><p>Table 1 Hillhouse Capital's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Data source: Official data</p><p>According to historical holdings data reviewed by a reporter from Red Weekly, Hillhouse Capital, a \"favorite stock,\" has held holdings in BeiGene for 11 consecutive quarters. Hillhouse Capital built a position in BeiGene as early as the fourth quarter of 2018; I increased my holdings in the third quarter of 2019 and have held them ever since.</p><p>During Hillhouse Capital's holding period from 2019 to the end of the second quarter of this year, BeiGene's stock price increased by a cumulative 1.4 times. Hillhouse Capital's holdings in BeiGene have increased from an initial $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1. BeiGene's US stock 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 perspective, BeiGene's latest financial report shows that its performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second-quarter and first-half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately RMB 900 million, an increase of 111% compared to the same period last year. Total product revenue in the first half of the year reached RMB 1.58 billion, an increase of 108% year-on-year.</p><p>It is worth noting that, according to the latest securities firm ratings, BeiGene continues to be \"favored\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintains its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications to the US FDA for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma; 2. The supplementary application for zanubrutinib for second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications has been approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"We will maintain our segment aggregate valuation target price of $417 (compared to the closing price of $280 as of August 16) and provide a 20% capital allocation premium over the company's equity valuation to reflect the company's ample cash (expected to be $3.3 billion by the end of fiscal year 2021) and strong business development capabilities,\" the research report analyzed.</p><p>It is worth noting that among its top ten holdings, Hillhouse Capital's \"new target\" is Airbnb, a homestay platform. As of the end of the second quarter, the company held $320 million in Airbnb, becoming its eighth largest holding. Airbnb's stock price has been adjusting continuously since its IPO last December. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Significant increases in holdings in stocks such as Vipshop and Miniso</b></p><p><b>Competitiveness and valuation advantages may be key factors in increasing holdings.</b></p><p>Among the 89 companies it holds, Hillhouse Capital increased its holdings in 7 companies in the second quarter, and its overall focus is on Chinese concept stocks. Among them, they increased their holdings in Vipshop and Miniso.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, with Vipshop and Miniso seeing the largest increases in holdings, both exceeding 1800%. As of the end of the second quarter, Hillhouse Capital's holdings in Vipshop and Miniso were worth US$179 million and US$117 million, respectively. They rank in the 17th and 19th largest holding queues.</p><p>At the same time, Hillhouse Capital also...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>They will reduce their holdings significantly. Industry insiders say that Hillhouse Capital's secondary market team's continued portfolio adjustments to Chinese concept stocks reflect that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and shifting their positions to the Hong Kong market cannot be ruled out.</p><p>The same situation appears in Jinglin's latest 13F data. According to publicly available information, Jinglin divested itself in the second quarter.<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21st Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison MediPharma</a>Companies such as Beike, Zai Lab, and Hutchison MediPharma are also listed on the Hong Kong Stock Exchange.</p><p>Table 2 Key Stocks Adjusted by Hillhouse Capital 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>Data source: Official data</p><p>Looking at the holdings data, the share prices of the two stocks with the largest increases in Hillhouse Capital's holdings in the second quarter—Vipshop and Miniso—continued to decline. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figures 2 and 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Miniso Stock Price Performance</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 advantages may be an important consideration for Hillhouse Capital in increasing its holdings in related companies. Taking Vipshop as an example, its valuation also declined significantly as its stock price continued to adjust in the second quarter. During the second quarter, Vipshop's valuation was mostly 10 to 20 times, a further decrease compared to 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>The research report stated that compared to TJX (a low-price clothing and home fashion retailer in the United States and around the world), Vipshop's competitive barriers still need time to be recognized by the market, but it has higher growth potential and greater room for growth. Based on TJX's valuation at a discount of 0.8-0.9 times, we believe that Vipshop's reasonable PE ratio in 2021 is 17-20 times, while its current PE ratio is only 11 times. We are giving it a \"buy\" rating for the first time.</p><p>In his view, \"since the strategy of 'returning to flash sales and focusing on high-quality products' was proposed at the end of 2018, profits and cash flow have grown steadily, and the company has sufficient cash on hand. The company can significantly enhance its intrinsic value through reinvestment methods such as share buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies based on scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework is gradually increasing, and Vipshop happens to be on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that its competitive advantages are currently significantly underestimated, and it is expected to grow from a \"small\" business with barriers to entry into a \"large\" business with barriers to entry. Vipshop has a low market share in clearance disposal, and its growth attributes outweigh its cyclical attributes. With increased user retention and engagement, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase holdings in new energy sectors such as XPeng and Nio.</b></p><p>Hillhouse Capital has publicly stated that...<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>In the next two to five years, the company will focus on four major sub-sectors of the technology field: semiconductors, cutting-edge technology, new energy, and smart hardware. It has also called hard technology a \"historic structural investment window of opportunity.\" Judging from the analysis of its portfolio 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 position building in XPeng and Nio in the first quarter of this year, Hillhouse Capital's secondary market team continued to increase its positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of holdings in the two companies was $39 million and $45 million, respectively.</p><p>Sales of new energy vehicles have accelerated further this year. According to Wind data, in June and July this year, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Monthly car sales reached 250,000 and 270,000 units respectively, setting new historical records. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by NIO, as of the end of July, the company's cumulative vehicle sales for the year reached 125,528 units, a year-on-year increase of 153.00%. According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared to the same period last year. (See Figures 5 and 6)</p><p>Figure 5. Cumulative sales of automobiles in Nio</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6. Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other companies that increased their holdings in Hillhouse Capital, whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>With the \"signal\" of Hillhouse Capital's increased holdings, the \"opportunities\" for new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?</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 Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?\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 highly anticipated \"capital giant\" in the secondary market, Hillhouse Capital's every move is closely watched. On August 17, Beijing time, the U.S. Securities and Exchange Commission (SEC) website showed that Hillhouse Capital submitted its U.S. stock 13F holdings data for the second quarter of 2021. Overall, Hillhouse Capital's portfolio adjustments were quite active in the second quarter, consistent with its previous heavy investment in Chinese concept stocks and focus on life sciences and hard technology. However, the \"new target\" has changed significantly. For example, among the newly established positions in the second quarter, Hillhouse Capital added...<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>Didi Chuxing, etc., received a lot of attention. At the same time, it further bucked the trend and increased its holdings in Chinese concept companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>etc.</p><p><b>Adhere to being the \"top holding\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>Profitable for 11 quarters</b></p><p>According to Hillhouse Capital's 13F filing disclosed in the second quarter, Hillhouse Capital held 89 companies in the US stock market with a total market capitalization of US$9.7 billion. The total market value of its holdings, based on the exchange rate on the afternoon of August 17, was equivalent to RMB 62.865 billion.</p><p>Looking at the top ten holdings, Hillhouse Capital's overall holdings remained largely unchanged in the second quarter. The top ten holdings have a total market value of approximately $6 billion, accounting for 60% of the total holdings. Among them, holdings in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>$1.87 billion remains the company's \"largest holding\". (See Table 1)</p><p>Table 1 Hillhouse Capital's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Data source: Official data</p><p>According to historical holdings data reviewed by a reporter from Red Weekly, Hillhouse Capital, a \"favorite stock,\" has held holdings in BeiGene for 11 consecutive quarters. Hillhouse Capital built a position in BeiGene as early as the fourth quarter of 2018; I increased my holdings in the third quarter of 2019 and have held them ever since.</p><p>During Hillhouse Capital's holding period from 2019 to the end of the second quarter of this year, BeiGene's stock price increased by a cumulative 1.4 times. Hillhouse Capital's holdings in BeiGene have increased from an initial $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1. BeiGene's US stock 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 perspective, BeiGene's latest financial report shows that its performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second-quarter and first-half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately RMB 900 million, an increase of 111% compared to the same period last year. Total product revenue in the first half of the year reached RMB 1.58 billion, an increase of 108% year-on-year.</p><p>It is worth noting that, according to the latest securities firm ratings, BeiGene continues to be \"favored\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintains its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications to the US FDA for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma; 2. The supplementary application for zanubrutinib for second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications has been approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"We will maintain our segment aggregate valuation target price of $417 (compared to the closing price of $280 as of August 16) and provide a 20% capital allocation premium over the company's equity valuation to reflect the company's ample cash (expected to be $3.3 billion by the end of fiscal year 2021) and strong business development capabilities,\" the research report analyzed.</p><p>It is worth noting that among its top ten holdings, Hillhouse Capital's \"new target\" is Airbnb, a homestay platform. As of the end of the second quarter, the company held $320 million in Airbnb, becoming its eighth largest holding. Airbnb's stock price has been adjusting continuously since its IPO last December. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Significant increases in holdings in stocks such as Vipshop and Miniso</b></p><p><b>Competitiveness and valuation advantages may be key factors in increasing holdings.</b></p><p>Among the 89 companies it holds, Hillhouse Capital increased its holdings in 7 companies in the second quarter, and its overall focus is on Chinese concept stocks. Among them, they increased their holdings in Vipshop and Miniso.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, with Vipshop and Miniso seeing the largest increases in holdings, both exceeding 1800%. As of the end of the second quarter, Hillhouse Capital's holdings in Vipshop and Miniso were worth US$179 million and US$117 million, respectively. They rank in the 17th and 19th largest holding queues.</p><p>At the same time, Hillhouse Capital also...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>They will reduce their holdings significantly. Industry insiders say that Hillhouse Capital's secondary market team's continued portfolio adjustments to Chinese concept stocks reflect that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and shifting their positions to the Hong Kong market cannot be ruled out.</p><p>The same situation appears in Jinglin's latest 13F data. According to publicly available information, Jinglin divested itself in the second quarter.<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21st Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison MediPharma</a>Companies such as Beike, Zai Lab, and Hutchison MediPharma are also listed on the Hong Kong Stock Exchange.</p><p>Table 2 Key Stocks Adjusted by Hillhouse Capital 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>Data source: Official data</p><p>Looking at the holdings data, the share prices of the two stocks with the largest increases in Hillhouse Capital's holdings in the second quarter—Vipshop and Miniso—continued to decline. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figures 2 and 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Miniso Stock Price Performance</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 advantages may be an important consideration for Hillhouse Capital in increasing its holdings in related companies. Taking Vipshop as an example, its valuation also declined significantly as its stock price continued to adjust in the second quarter. During the second quarter, Vipshop's valuation was mostly 10 to 20 times, a further decrease compared to 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>The research report stated that compared to TJX (a low-price clothing and home fashion retailer in the United States and around the world), Vipshop's competitive barriers still need time to be recognized by the market, but it has higher growth potential and greater room for growth. Based on TJX's valuation at a discount of 0.8-0.9 times, we believe that Vipshop's reasonable PE ratio in 2021 is 17-20 times, while its current PE ratio is only 11 times. We are giving it a \"buy\" rating for the first time.</p><p>In his view, \"since the strategy of 'returning to flash sales and focusing on high-quality products' was proposed at the end of 2018, profits and cash flow have grown steadily, and the company has sufficient cash on hand. The company can significantly enhance its intrinsic value through reinvestment methods such as share buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies based on scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework is gradually increasing, and Vipshop happens to be on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that its competitive advantages are currently significantly underestimated, and it is expected to grow from a \"small\" business with barriers to entry into a \"large\" business with barriers to entry. Vipshop has a low market share in clearance disposal, and its growth attributes outweigh its cyclical attributes. With increased user retention and engagement, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase holdings in new energy sectors such as XPeng and Nio.</b></p><p>Hillhouse Capital has publicly stated that...<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>In the next two to five years, the company will focus on four major sub-sectors of the technology field: semiconductors, cutting-edge technology, new energy, and smart hardware. It has also called hard technology a \"historic structural investment window of opportunity.\" Judging from the analysis of its portfolio 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 position building in XPeng and Nio in the first quarter of this year, Hillhouse Capital's secondary market team continued to increase its positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of holdings in the two companies was $39 million and $45 million, respectively.</p><p>Sales of new energy vehicles have accelerated further this year. According to Wind data, in June and July this year, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Monthly car sales reached 250,000 and 270,000 units respectively, setting new historical records. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by NIO, as of the end of July, the company's cumulative vehicle sales for the year reached 125,528 units, a year-on-year increase of 153.00%. According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared to the same period last year. (See Figures 5 and 6)</p><p>Figure 5. Cumulative sales of automobiles in Nio</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6. Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other companies that increased their holdings in Hillhouse Capital, whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>With the \"signal\" of Hillhouse Capital's increased holdings, the \"opportunities\" for new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W","BABA":"阿里巴巴","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"XPEV":0.9,"09868":0.9,"BABA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3624,"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 Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?","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 highly anticipated \"capital giant\" in the secondary market, Hillhouse Capital's every move is closely watched. On August 17, Beijing time, the U.S. Securities and Exchange Commission (SEC) website showed that Hillhouse Capital submitted its U.S. stock 13F holdings data for the second quarter of 2021. Overall, Hillhouse Capital's portfolio adjustments were quite active in the second quarter, consistent with its previous heavy investment in Chinese concept stocks and focus on life sciences and hard technology. However, the \"new target\" has changed significantly. For example, among the newly established positions in the second quarter, Hillhouse Capital added...<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>Didi Chuxing, etc., received a lot of attention. At the same time, it further bucked the trend and increased its holdings in Chinese concept companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>etc.</p><p><b>Adhere to being the \"top holding\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>Profitable for 11 quarters</b></p><p>According to Hillhouse Capital's 13F filing disclosed in the second quarter, Hillhouse Capital held 89 companies in the US stock market with a total market capitalization of US$9.7 billion. The total market value of its holdings, based on the exchange rate on the afternoon of August 17, was equivalent to RMB 62.865 billion.</p><p>Looking at the top ten holdings, Hillhouse Capital's overall holdings remained largely unchanged in the second quarter. The top ten holdings have a total market value of approximately $6 billion, accounting for 60% of the total holdings. Among them, holdings in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>$1.87 billion remains the company's \"largest holding\". (See Table 1)</p><p>Table 1 Hillhouse Capital's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Data source: Official data</p><p>According to historical holdings data reviewed by a reporter from Red Weekly, Hillhouse Capital, a \"favorite stock,\" has held holdings in BeiGene for 11 consecutive quarters. Hillhouse Capital built a position in BeiGene as early as the fourth quarter of 2018; I increased my holdings in the third quarter of 2019 and have held them ever since.</p><p>During Hillhouse Capital's holding period from 2019 to the end of the second quarter of this year, BeiGene's stock price increased by a cumulative 1.4 times. Hillhouse Capital's holdings in BeiGene have increased from an initial $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1. BeiGene's US stock 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 perspective, BeiGene's latest financial report shows that its performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second-quarter and first-half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately RMB 900 million, an increase of 111% compared to the same period last year. Total product revenue in the first half of the year reached RMB 1.58 billion, an increase of 108% year-on-year.</p><p>It is worth noting that, according to the latest securities firm ratings, BeiGene continues to be \"favored\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintains its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications to the US FDA for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma; 2. The supplementary application for zanubrutinib for second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications has been approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"We will maintain our segment aggregate valuation target price of $417 (compared to the closing price of $280 as of August 16) and provide a 20% capital allocation premium over the company's equity valuation to reflect the company's ample cash (expected to be $3.3 billion by the end of fiscal year 2021) and strong business development capabilities,\" the research report analyzed.</p><p>It is worth noting that among its top ten holdings, Hillhouse Capital's \"new target\" is Airbnb, a homestay platform. As of the end of the second quarter, the company held $320 million in Airbnb, becoming its eighth largest holding. Airbnb's stock price has been adjusting continuously since its IPO last December. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Significant increases in holdings in stocks such as Vipshop and Miniso</b></p><p><b>Competitiveness and valuation advantages may be key factors in increasing holdings.</b></p><p>Among the 89 companies it holds, Hillhouse Capital increased its holdings in 7 companies in the second quarter, and its overall focus is on Chinese concept stocks. Among them, they increased their holdings in Vipshop and Miniso.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, with Vipshop and Miniso seeing the largest increases in holdings, both exceeding 1800%. As of the end of the second quarter, Hillhouse Capital's holdings in Vipshop and Miniso were worth US$179 million and US$117 million, respectively. They rank in the 17th and 19th largest holding queues.</p><p>At the same time, Hillhouse Capital also...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>They will reduce their holdings significantly. Industry insiders say that Hillhouse Capital's secondary market team's continued portfolio adjustments to Chinese concept stocks reflect that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and shifting their positions to the Hong Kong market cannot be ruled out.</p><p>The same situation appears in Jinglin's latest 13F data. According to publicly available information, Jinglin divested itself in the second quarter.<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21st Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison MediPharma</a>Companies such as Beike, Zai Lab, and Hutchison MediPharma are also listed on the Hong Kong Stock Exchange.</p><p>Table 2 Key Stocks Adjusted by Hillhouse Capital 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>Data source: Official data</p><p>Looking at the holdings data, the share prices of the two stocks with the largest increases in Hillhouse Capital's holdings in the second quarter—Vipshop and Miniso—continued to decline. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figures 2 and 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Miniso Stock Price Performance</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 advantages may be an important consideration for Hillhouse Capital in increasing its holdings in related companies. Taking Vipshop as an example, its valuation also declined significantly as its stock price continued to adjust in the second quarter. During the second quarter, Vipshop's valuation was mostly 10 to 20 times, a further decrease compared to 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>The research report stated that compared to TJX (a low-price clothing and home fashion retailer in the United States and around the world), Vipshop's competitive barriers still need time to be recognized by the market, but it has higher growth potential and greater room for growth. Based on TJX's valuation at a discount of 0.8-0.9 times, we believe that Vipshop's reasonable PE ratio in 2021 is 17-20 times, while its current PE ratio is only 11 times. We are giving it a \"buy\" rating for the first time.</p><p>In his view, \"since the strategy of 'returning to flash sales and focusing on high-quality products' was proposed at the end of 2018, profits and cash flow have grown steadily, and the company has sufficient cash on hand. The company can significantly enhance its intrinsic value through reinvestment methods such as share buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies based on scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework is gradually increasing, and Vipshop happens to be on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that its competitive advantages are currently significantly underestimated, and it is expected to grow from a \"small\" business with barriers to entry into a \"large\" business with barriers to entry. Vipshop has a low market share in clearance disposal, and its growth attributes outweigh its cyclical attributes. With increased user retention and engagement, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase holdings in new energy sectors such as XPeng and Nio.</b></p><p>Hillhouse Capital has publicly stated that...<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>In the next two to five years, the company will focus on four major sub-sectors of the technology field: semiconductors, cutting-edge technology, new energy, and smart hardware. It has also called hard technology a \"historic structural investment window of opportunity.\" Judging from the analysis of its portfolio 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 position building in XPeng and Nio in the first quarter of this year, Hillhouse Capital's secondary market team continued to increase its positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of holdings in the two companies was $39 million and $45 million, respectively.</p><p>Sales of new energy vehicles have accelerated further this year. According to Wind data, in June and July this year, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Monthly car sales reached 250,000 and 270,000 units respectively, setting new historical records. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by NIO, as of the end of July, the company's cumulative vehicle sales for the year reached 125,528 units, a year-on-year increase of 153.00%. According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared to the same period last year. (See Figures 5 and 6)</p><p>Figure 5. Cumulative sales of automobiles in Nio</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6. Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other companies that increased their holdings in Hillhouse Capital, whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>With the \"signal\" of Hillhouse Capital's increased holdings, the \"opportunities\" for new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?</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 Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?\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 highly anticipated \"capital giant\" in the secondary market, Hillhouse Capital's every move is closely watched. On August 17, Beijing time, the U.S. Securities and Exchange Commission (SEC) website showed that Hillhouse Capital submitted its U.S. stock 13F holdings data for the second quarter of 2021. Overall, Hillhouse Capital's portfolio adjustments were quite active in the second quarter, consistent with its previous heavy investment in Chinese concept stocks and focus on life sciences and hard technology. However, the \"new target\" has changed significantly. For example, among the newly established positions in the second quarter, Hillhouse Capital added...<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>Didi Chuxing, etc., received a lot of attention. At the same time, it further bucked the trend and increased its holdings in Chinese concept companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>etc.</p><p><b>Adhere to being the \"top holding\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>Profitable for 11 quarters</b></p><p>According to Hillhouse Capital's 13F filing disclosed in the second quarter, Hillhouse Capital held 89 companies in the US stock market with a total market capitalization of US$9.7 billion. The total market value of its holdings, based on the exchange rate on the afternoon of August 17, was equivalent to RMB 62.865 billion.</p><p>Looking at the top ten holdings, Hillhouse Capital's overall holdings remained largely unchanged in the second quarter. The top ten holdings have a total market value of approximately $6 billion, accounting for 60% of the total holdings. Among them, holdings in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>$1.87 billion remains the company's \"largest holding\". (See Table 1)</p><p>Table 1 Hillhouse Capital's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Data source: Official data</p><p>According to historical holdings data reviewed by a reporter from Red Weekly, Hillhouse Capital, a \"favorite stock,\" has held holdings in BeiGene for 11 consecutive quarters. Hillhouse Capital built a position in BeiGene as early as the fourth quarter of 2018; I increased my holdings in the third quarter of 2019 and have held them ever since.</p><p>During Hillhouse Capital's holding period from 2019 to the end of the second quarter of this year, BeiGene's stock price increased by a cumulative 1.4 times. Hillhouse Capital's holdings in BeiGene have increased from an initial $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1. BeiGene's US stock 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 perspective, BeiGene's latest financial report shows that its performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second-quarter and first-half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately RMB 900 million, an increase of 111% compared to the same period last year. Total product revenue in the first half of the year reached RMB 1.58 billion, an increase of 108% year-on-year.</p><p>It is worth noting that, according to the latest securities firm ratings, BeiGene continues to be \"favored\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintains its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications to the US FDA for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma; 2. The supplementary application for zanubrutinib for second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications has been approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"We will maintain our segment aggregate valuation target price of $417 (compared to the closing price of $280 as of August 16) and provide a 20% capital allocation premium over the company's equity valuation to reflect the company's ample cash (expected to be $3.3 billion by the end of fiscal year 2021) and strong business development capabilities,\" the research report analyzed.</p><p>It is worth noting that among its top ten holdings, Hillhouse Capital's \"new target\" is Airbnb, a homestay platform. As of the end of the second quarter, the company held $320 million in Airbnb, becoming its eighth largest holding. Airbnb's stock price has been adjusting continuously since its IPO last December. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Significant increases in holdings in stocks such as Vipshop and Miniso</b></p><p><b>Competitiveness and valuation advantages may be key factors in increasing holdings.</b></p><p>Among the 89 companies it holds, Hillhouse Capital increased its holdings in 7 companies in the second quarter, and its overall focus is on Chinese concept stocks. Among them, they increased their holdings in Vipshop and Miniso.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, with Vipshop and Miniso seeing the largest increases in holdings, both exceeding 1800%. As of the end of the second quarter, Hillhouse Capital's holdings in Vipshop and Miniso were worth US$179 million and US$117 million, respectively. They rank in the 17th and 19th largest holding queues.</p><p>At the same time, Hillhouse Capital also...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>They will reduce their holdings significantly. Industry insiders say that Hillhouse Capital's secondary market team's continued portfolio adjustments to Chinese concept stocks reflect that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and shifting their positions to the Hong Kong market cannot be ruled out.</p><p>The same situation appears in Jinglin's latest 13F data. According to publicly available information, Jinglin divested itself in the second quarter.<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21st Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison MediPharma</a>Companies such as Beike, Zai Lab, and Hutchison MediPharma are also listed on the Hong Kong Stock Exchange.</p><p>Table 2 Key Stocks Adjusted by Hillhouse Capital 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>Data source: Official data</p><p>Looking at the holdings data, the share prices of the two stocks with the largest increases in Hillhouse Capital's holdings in the second quarter—Vipshop and Miniso—continued to decline. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figures 2 and 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Miniso Stock Price Performance</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 advantages may be an important consideration for Hillhouse Capital in increasing its holdings in related companies. Taking Vipshop as an example, its valuation also declined significantly as its stock price continued to adjust in the second quarter. During the second quarter, Vipshop's valuation was mostly 10 to 20 times, a further decrease compared to 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>The research report stated that compared to TJX (a low-price clothing and home fashion retailer in the United States and around the world), Vipshop's competitive barriers still need time to be recognized by the market, but it has higher growth potential and greater room for growth. Based on TJX's valuation at a discount of 0.8-0.9 times, we believe that Vipshop's reasonable PE ratio in 2021 is 17-20 times, while its current PE ratio is only 11 times. We are giving it a \"buy\" rating for the first time.</p><p>In his view, \"since the strategy of 'returning to flash sales and focusing on high-quality products' was proposed at the end of 2018, profits and cash flow have grown steadily, and the company has sufficient cash on hand. The company can significantly enhance its intrinsic value through reinvestment methods such as share buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies based on scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework is gradually increasing, and Vipshop happens to be on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that its competitive advantages are currently significantly underestimated, and it is expected to grow from a \"small\" business with barriers to entry into a \"large\" business with barriers to entry. Vipshop has a low market share in clearance disposal, and its growth attributes outweigh its cyclical attributes. With increased user retention and engagement, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase holdings in new energy sectors such as XPeng and Nio.</b></p><p>Hillhouse Capital has publicly stated that...<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>In the next two to five years, the company will focus on four major sub-sectors of the technology field: semiconductors, cutting-edge technology, new energy, and smart hardware. It has also called hard technology a \"historic structural investment window of opportunity.\" Judging from the analysis of its portfolio 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 position building in XPeng and Nio in the first quarter of this year, Hillhouse Capital's secondary market team continued to increase its positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of holdings in the two companies was $39 million and $45 million, respectively.</p><p>Sales of new energy vehicles have accelerated further this year. According to Wind data, in June and July this year, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Monthly car sales reached 250,000 and 270,000 units respectively, setting new historical records. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by NIO, as of the end of July, the company's cumulative vehicle sales for the year reached 125,528 units, a year-on-year increase of 153.00%. According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared to the same period last year. (See Figures 5 and 6)</p><p>Figure 5. Cumulative sales of automobiles in Nio</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6. Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other companies that increased their holdings in Hillhouse Capital, whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>With the \"signal\" of Hillhouse Capital's increased holdings, the \"opportunities\" for new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W","BABA":"阿里巴巴","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"XPEV":0.9,"09868":0.9,"BABA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":4461,"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":"other","language":"zh","title":"Smoore surged over 7%! Previously, CICC had a high forecast of HK$74.","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smoore International</a>It rose more than 7% to HK$42.5. Prior to this,<a href=\"https://laohu8.com/S/601995\">CICC</a>We give Smoore International an \"Overweight\" rating with a target price of HK$74.00.</p><p>According to CICC Research Journal, Smoore International has strong core capabilities and outstanding leading advantages, with its patent system, production capacity, product quality, and customer advantages jointly building solid barriers. Deeply integrated with major global clients, making it difficult to replace competitors, the company's performance continues to grow rapidly. By actively exploring new product categories and businesses, the global leader in atomization has broad growth potential. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium- to long-term investment opportunities. With its strong core advantages, the company has deeply integrated with leading global customers. Other competitors will find it difficult to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increased policy thresholds in many major countries, and its market share is concentrated in the leading companies, reiterating the logic that the strong get 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>Smoore surged over 7%! Previously, CICC had a high forecast of 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\">\nSmoore surged over 7%! Previously, CICC had a high forecast of HK$74.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smoore International</a>It rose more than 7% to HK$42.5. Prior to this,<a href=\"https://laohu8.com/S/601995\">CICC</a>We give Smoore International an \"Overweight\" rating with a target price of HK$74.00.</p><p>According to CICC Research Journal, Smoore International has strong core capabilities and outstanding leading advantages, with its patent system, production capacity, product quality, and customer advantages jointly building solid barriers. Deeply integrated with major global clients, making it difficult to replace competitors, the company's performance continues to grow rapidly. By actively exploring new product categories and businesses, the global leader in atomization has broad growth potential. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium- to long-term investment opportunities. With its strong core advantages, the company has deeply integrated with leading global customers. Other competitors will find it difficult to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increased policy thresholds in many major countries, and its market share is concentrated in the leading companies, reiterating the logic that the strong get 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":3576,"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":3581,"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,"repost":{"id":"1118636178","kind":"news","pubTimestamp":1628334353,"share":"https://ttm.financial/m/news/1118636178?lang=en_US&edition=fundamental","pubTime":"2021-08-07 19:05","market":"hk","language":"zh","title":"The Online Education Wave Retreats: Education and Training Giants Collectively Lay Off Employees, Ending the Era of Capital Rush","url":"https://stock-news.laohu8.com/highlight/detail?id=1118636178","media":"TMT新观察","summary":"去年有多火热，今年就有多冰冷。\n7月底到8月初，越来越多在线教育公司裁员消息出现。7月30日，高途发出公开信，创始人陈向东说，再次走到存亡边缘，不得不作出艰难抉择。7月27日，好未来创始人张邦鑫那句略","content":"<p>As hot as it was last year, it will be as cold this year.</p><p>From late July to early August, more and more news of layoffs emerged from online education companies. On July 30,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>In an open letter, founder Chen Xiangdong said that he was once again on the verge of survival and had to make a difficult choice. On July 27,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>Founder Zhang Bangxin's somewhat tragic words went viral on social media: \"Our company is no longer good enough for our senior executives and cadres.\"</p><p>Li Qian of Xueersi Online School plans to take the civil service exam after being dismissed in July.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Yang Tu, who is still at work, is learning to identify new \"minefields\" with as many as 885 keywords. Lin Dong, who runs an individual education training program, was trembling with fear. Her worst-case scenario was to teach her child at home.</p><p>On August 5, internet giant ByteDance also began laying off employees. Sources familiar with the matter told the Economic Observer that ByteDance's Dali Education is laying off employees, and the compensation method is N+2. It is not a complete shutdown; some businesses have not been shut down and are being adjusted.</p><p>When reporters asked two investors who had previously focused on the education sector, they replied that they no longer wanted to discuss the topic. Wang Hai, a researcher at Jiuqian Middle Platform, recently visited many institutions and found that most secondary investors have given up and will significantly reduce their investment in the education sector.</p><p>Data provided to the Economic Observer by Lagou Recruitment Data Research Institute shows that the demand for online education talent has plummeted since May 2021. Meanwhile, the proportion of online education employees who have \"left their jobs and can quickly return to work\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still a basic need, but education and training may not be,\" Xiao Xia lamented. He worked for a one-on-one online education company for three years before leaving the industry before this wave of layoffs. Looking back now, it was a lucky choice.</p><p><img src=\"https://static.tigerbbs.com/6a131284341ecacbaefba550ab9dbd7e\" tg-width=\"1023\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p><b>Resign and turn around</b></p><p>On July 5th, a Monday no different from any other, Li Qian arrived at the office. She is a homeroom teacher at Zhengzhou Xueersi Online School and has been officially employed for 7 months. However, just as she was preparing to start a new week of work, she was surprised to find that her work accounts on her phone and computer had been frozen.</p><p>At noon, she was called to the subject director's office for a meeting and became one of the people laid off in the second round of layoffs at Xueersi Online School, with the reason being \"poor performance\". Without much argument, Li Qian accepted. She handed over the equipment, signed the labor contract termination agreement, and left her job without hesitation, completely leaving the education and training industry.</p><p>Although she didn't argue verbally, Li Qian believed in her heart that the reason for the layoffs based on \"poor performance\" was not true. Her performance on each assessment has been very good, and her most recent assessment was also \"very high\". At Xueersi Online School, such sudden layoffs are not isolated cases. Li Qian told reporters that as early as June this year, Xueersi Online School won its first round of large-scale layoffs. On July 5, several pieces of content about Xueersi's second wave of mass layoffs emerged on social media platforms. When contacted by reporters, Xueersi had not received a response as of press time.</p><p>An employee laid off by Gaotu looked at the thick stack of resignation certificates on the HR desk and recalled the \"heyday\" when there was a frenzied expansion of recruitment and there were not enough workstations. He couldn't help but sigh on Xiaohongshu, \"A grain of sand in the times is a mountain on an individual.\"</p><p>One<a href=\"https://laohu8.com/S/ZME\">Zhangmen Education</a>On July 1, the programmer posted online full-time teacher referral information on Xiaohongshu, and on July 28, the online education industry ushered in an \"inevitable disaster\". On April 12, someone posted in the Douban group \"This is the Legendary Immortal Company\" recommending their online education company, but on July 19, they changed the title of the post to \"The policy has been changed so that it is no longer immortal\". An HR professional at a K-12 education institution lamented: \"In the past, the KPI was how many people to recruit each month. Now it's how many people to fire each month. In the end, in order to meet the KPI, I fired myself.\"</p><p>On July 27, Zhang Bangxin, founder of TAL Education Group, confirmed to employees during an internal company live stream: \"Layoffs will definitely happen.\" On July 29, Zhang Yi, founder of Zhangmen, posted on his WeChat Moments: \"I have no choice but to say goodbye to some business partners.\" Chen Xiangdong, founder of Gaotu, also stated in an open letter that many employees will have to leave. According to LatePost, one-third of Gaotu's employees will leave.</p><p>In July 2021, on the recruitment platform Lagou, the average monthly login frequency of online education talents reached 92.8 times, which is 1.85 times that of the internet industry. Lagou even launched a fast-track onboarding week event for the education industry, offering 10,000 interview passes to help them find new jobs.</p><p>Large-scale layoffs are a microcosm of the industry's gradual decline in online education amid continuous policy tightening this year.</p><p><img src=\"https://static.tigerbbs.com/0a5447c4d57f5c756b5681bde90bb39b\" tg-width=\"469\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><b>The tide recedes</b></p><p>When Xiao Xia left, the online education industry was still booming, but he had already seen bad signs. \"The one-on-one model cannot be profitable on a large scale and has too high customer acquisition costs, making it unsustainable in the long run. Gaotu, Yuanfudao, and Zuoyebang still have too high customer acquisition costs. Although Gaotu has reported that it is already profitable, traffic acquisition and conversion are becoming increasingly difficult.\"</p><p>Zhengzhou Xueersi Online School, where Li Qian works, has not been doing well this year. \"With fewer students, it has been very difficult to renew applications this summer. In fact, some teachers' classes have not had a single student renew their applications.\"</p><p>Last year, online education institutions experienced unprecedented explosive growth due to the pandemic. Yuanfudao has raised four rounds of financing within a year, with its highest valuation this year reaching $14 billion. In April, news broke that Zuoyebang was going public, with plans to raise at least $500 million. The stock prices of New Oriental and TAL Education Group have doubled. Gaotu was shorted 16 times, but its stock price rose from $22 to $149 within a year. Now, everything is in the past.</p><p>On July 24, the \"Opinions on Further Reducing the Homework Burden and Off-Campus Training Burden of Students in the Compulsory Education Stage\" was implemented, completely changing the off-campus training and online education industries.</p><p>“Companies in the first and second tiers, which have received widespread market attention, have been hit hard. Restrictions on employment have meant they cannot recruit enough students and have to lay off employees,” Wang Hai told the Economic Observer.</p><p>However, he believes that the rise of online education to where it is today is not entirely accidental. As early as 2018, policies such as school operating licenses and reducing academic burden both inside and outside the classroom were introduced to regulate offline educational institutions. From 2019 to 2020, online education companies went through several rounds of rapid financing, pouring all their money into information feed advertising to drive traffic, investing billions of yuan every quarter. These investments have instilled a lot of anxiety and inadvertently increased the education costs for parents.</p><p>Before being resigned, the Gaotu employee had also questioned online education. Last December, in order to realize her ideal of \"using the Internet to allow students with lagging educational resources to enjoy the same educational resources as students in big cities at a low cost,\" she resigned from public schools and stepped into the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts, and excessive focus on order placement rates among various institutions have made her begin to doubt whether the online education industry, which is obsessed with short, quick class models such as \"ultimate moves\" and \"secret manuals,\" is really in line with the essence and original intention of education. Now she admits that she paid the price for her \"idealism\".</p><p>This year, a number of policies were introduced, and after the implementation of policies to reduce academic burden, restrictions on online education advertising, and the gradual implementation and promotion of school holiday after-school care, the online education industry began to withdraw significantly.</p><p>Wang Hai recently interviewed some senior figures in the education industry, who generally believe that the determination of this regulation is very strong because the essence of the policy is to promote consumption and increase birth rates, and the increased costs due to education and training are actually unnecessary.</p><p><img src=\"https://static.tigerbbs.com/76f31e7188dedc41ccb1058c2e771773\" tg-width=\"500\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><b>It's hard to say goodbye</b></p><p>After leaving his job, Xiao Xia went to a large internet company. A few months after joining, he adapted well. \"It's relatively easy to find jobs in the internet industry. Many jobs are general, such as operations, marketing, user growth, design, sales, and product technology. There are always places to hire.\"</p><p>Many education professionals who were laid off have switched careers to game companies, food delivery companies, and short video companies, and many have mentioned that they will no longer work in education.</p><p>Li Qian is also one of those who won't be returning. She took a two-month break to finally relax and unwind from the stressful process of renewing her application, and then \"maybe she'll take the civil service exam.\"</p><p>In addition to teaching, employees of online education institutions also have a strong sales nature and bear significant performance pressure, which is one of the reasons why they have the idea of leaving the online education industry.</p><p>Compared to ordinary employees, the impact is greater on teaching, research, and training teachers. Xiao Xia's previous company trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong previously worked at New Oriental,<a href=\"https://laohu8.com/S/NEW\">Puxin Education</a>He has worked as a lecturer at after-school training institutions for over 10 years. In 2019, I started my own business, doing individual training. She is not optimistic about this industry either. If she can't continue in the business, she can at worst publish materials or books, change careers, or teach her children at home. Anyway, one-on-one tutoring for children is expensive, and she can make money by teaching.</p><p>Even without the layoffs, the pressure is mounting. Yang Tu, who works as a class teaching assistant at New Oriental, is affected in every detail. \"Now it is not allowed to post daily homework and tasks in the class group, nor is it allowed to say words like exams and tests, only practice.\"</p><p>According to reporters, New Oriental recently conducted a new round of training for lecturers and teaching assistants, establishing external red lines. These include five categories and 885 keywords, emphasizing avoiding words that violate advertising laws or are suspected of false advertising, such as \"most,\" \"one,\" \"first,\" and \"extreme,\" words related to college entrance examination policies such as \"priority admission\" and \"guaranteed pass,\" exam-related words such as \"past exam questions,\" \"mock exam,\" \"final exam,\" and \"overtaking on a curve,\" competition-related words such as \"competition,\" \"cup competition,\" \"competition,\" and \"strong foundation plan,\" as well as words with emotionally inflammatory properties such as \"score improvement,\" \"anxiety,\" \"pain point,\" \"inertia,\" and \"high score.\" For a time, almost all the promotional rhetoric that online education institutions had frequently used became untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of these young people who have devoted themselves to the education and training industry, pushing them to face dramatic changes in their careers, whether active or passive. Surprisingly, they all hold a positive attitude of extremely supportive of the double reduction policy. Li Qian believes that after these policy changes, the education and training industry is becoming more and more standardized, which is a good thing. Lin Dong also believes that industry rectification is not a bad thing; \"there always has to be a beginning.\"</p><p><img src=\"https://static.tigerbbs.com/bbfc675c870ef94a884f3cbb41f371b3\" tg-width=\"1070\" tg-height=\"952\" referrerpolicy=\"no-referrer\"></p><p><b>Where is the future?</b></p><p>\"Vocational education\". When asked if he would look at education investment again, an investor who previously focused on education gave these four words. However, when pressed by reporters about whether vocational education could catch up with the previous online education market, the investor declined, saying, \"There's not much more to say.\" Another investor told reporters that he had long since stopped paying attention to the industry.</p><p>Others were in high spirits. An institution that provides postgraduate entrance examination training and education has released a recruitment notice, saying the prospects are very bright. However, when the reporter inquired further, the other party did not respond.</p><p>After supplementary teaching training was restricted, holistic education for primary and secondary schools and vocational education for adults became a lifeline. On July 28, Yuanfudao announced the launch of \"Pumpkin Science\" for holistic education. TAL Education Group's adult business segment, \"Qingzhou,\" has integrated multiple businesses such as postgraduate entrance examinations, language training, and studying abroad. According to Gaotu's official website, Gaotu focuses on adult education. ByteDance's Guagualong has also launched a holistic education product, including its art AI system course, as well as programming courses. ByteDance's Xuelang platform has also launched vocational education courses for adults.</p><p>Xiao Xia told the Economic Observer that before the implementation of the double reduction policy, the strategy departments of some education companies were thinking every day about which projects they could transform into. However, \"this is not something the strategy department can solve.\" Now that the internet has entered the existing market, \"they are just starting another business.\"</p><p>One of the most direct problems with transformation is the shrinking market space. The previous industry perception was that K-12 online education had a scale of trillions of yuan, while vocational education and holistic education had a scale of hundreds of billions. Parents are far less willing to pay for holistic education that does not help improve their children's grades than K-12. “Our organizations are no longer good enough for our clients, and our company is no longer good enough for our senior executives and cadres,” Zhang Bangxin said with a hint of tragedy.</p><p>However, even companies like Yuanfudao and Zuoyebang, which were previously valued at tens of billions of dollars, have not had an easy time transforming. The vast majority of their users are elementary school students, but \"after fourth grade, elementary school students face the problem of transitioning from primary to junior high school and rarely put effort into holistic education. In this situation, students' need for holistic education will be weaker,\" said an industry insider who declined to be named.</p><p>Gaotu's official website has labeled it as adult education, and it is now focusing on sub-sectors such as practical English, Japanese, accounting, civil service, teaching, public institution, finance, management, medical exams, financial literacy, postgraduate entrance examinations, CET-4 and CET-6, and IELTS. Gaotu almost \"died\" in 2016. Chen Xiangdong said that if this reform and transformation can be truly implemented, the cash in the account will be enough to survive for 3 to 5 years. However, the new track is also highly competitive. Over the past two months, vocational education and educational technology companies have continuously secured funding.</p><p>\"In the future, the education market will gradually be led by state-led institutions, non-profit organizations, or schools to provide supporting extracurricular services,\" Wang Hai predicted. He added that there will still be room for vocational education and holistic education in the future.</p><p>As dusk falls, the drunkard has sobered up and the people are far away; a storm descends upon the west tower. In any case, the era of rapid growth, with three rounds of financing in one year and a US IPO in five years, is over.</p>","source":"lsy1605762032325","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Online Education Wave Retreats: Education and Training Giants Collectively Lay Off Employees, Ending the Era of Capital Rush</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Online Education Wave Retreats: Education and Training Giants Collectively Lay Off Employees, Ending the Era of Capital Rush\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TMT新观察</strong><span class=\"h-time small\">2021-08-07 19:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As hot as it was last year, it will be as cold this year.</p><p>From late July to early August, more and more news of layoffs emerged from online education companies. On July 30,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>In an open letter, founder Chen Xiangdong said that he was once again on the verge of survival and had to make a difficult choice. On July 27,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>Founder Zhang Bangxin's somewhat tragic words went viral on social media: \"Our company is no longer good enough for our senior executives and cadres.\"</p><p>Li Qian of Xueersi Online School plans to take the civil service exam after being dismissed in July.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Yang Tu, who is still at work, is learning to identify new \"minefields\" with as many as 885 keywords. Lin Dong, who runs an individual education training program, was trembling with fear. Her worst-case scenario was to teach her child at home.</p><p>On August 5, internet giant ByteDance also began laying off employees. Sources familiar with the matter told the Economic Observer that ByteDance's Dali Education is laying off employees, and the compensation method is N+2. It is not a complete shutdown; some businesses have not been shut down and are being adjusted.</p><p>When reporters asked two investors who had previously focused on the education sector, they replied that they no longer wanted to discuss the topic. Wang Hai, a researcher at Jiuqian Middle Platform, recently visited many institutions and found that most secondary investors have given up and will significantly reduce their investment in the education sector.</p><p>Data provided to the Economic Observer by Lagou Recruitment Data Research Institute shows that the demand for online education talent has plummeted since May 2021. Meanwhile, the proportion of online education employees who have \"left their jobs and can quickly return to work\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still a basic need, but education and training may not be,\" Xiao Xia lamented. He worked for a one-on-one online education company for three years before leaving the industry before this wave of layoffs. Looking back now, it was a lucky choice.</p><p><img src=\"https://static.tigerbbs.com/6a131284341ecacbaefba550ab9dbd7e\" tg-width=\"1023\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p><b>Resign and turn around</b></p><p>On July 5th, a Monday no different from any other, Li Qian arrived at the office. She is a homeroom teacher at Zhengzhou Xueersi Online School and has been officially employed for 7 months. However, just as she was preparing to start a new week of work, she was surprised to find that her work accounts on her phone and computer had been frozen.</p><p>At noon, she was called to the subject director's office for a meeting and became one of the people laid off in the second round of layoffs at Xueersi Online School, with the reason being \"poor performance\". Without much argument, Li Qian accepted. She handed over the equipment, signed the labor contract termination agreement, and left her job without hesitation, completely leaving the education and training industry.</p><p>Although she didn't argue verbally, Li Qian believed in her heart that the reason for the layoffs based on \"poor performance\" was not true. Her performance on each assessment has been very good, and her most recent assessment was also \"very high\". At Xueersi Online School, such sudden layoffs are not isolated cases. Li Qian told reporters that as early as June this year, Xueersi Online School won its first round of large-scale layoffs. On July 5, several pieces of content about Xueersi's second wave of mass layoffs emerged on social media platforms. When contacted by reporters, Xueersi had not received a response as of press time.</p><p>An employee laid off by Gaotu looked at the thick stack of resignation certificates on the HR desk and recalled the \"heyday\" when there was a frenzied expansion of recruitment and there were not enough workstations. He couldn't help but sigh on Xiaohongshu, \"A grain of sand in the times is a mountain on an individual.\"</p><p>One<a href=\"https://laohu8.com/S/ZME\">Zhangmen Education</a>On July 1, the programmer posted online full-time teacher referral information on Xiaohongshu, and on July 28, the online education industry ushered in an \"inevitable disaster\". On April 12, someone posted in the Douban group \"This is the Legendary Immortal Company\" recommending their online education company, but on July 19, they changed the title of the post to \"The policy has been changed so that it is no longer immortal\". An HR professional at a K-12 education institution lamented: \"In the past, the KPI was how many people to recruit each month. Now it's how many people to fire each month. In the end, in order to meet the KPI, I fired myself.\"</p><p>On July 27, Zhang Bangxin, founder of TAL Education Group, confirmed to employees during an internal company live stream: \"Layoffs will definitely happen.\" On July 29, Zhang Yi, founder of Zhangmen, posted on his WeChat Moments: \"I have no choice but to say goodbye to some business partners.\" Chen Xiangdong, founder of Gaotu, also stated in an open letter that many employees will have to leave. According to LatePost, one-third of Gaotu's employees will leave.</p><p>In July 2021, on the recruitment platform Lagou, the average monthly login frequency of online education talents reached 92.8 times, which is 1.85 times that of the internet industry. Lagou even launched a fast-track onboarding week event for the education industry, offering 10,000 interview passes to help them find new jobs.</p><p>Large-scale layoffs are a microcosm of the industry's gradual decline in online education amid continuous policy tightening this year.</p><p><img src=\"https://static.tigerbbs.com/0a5447c4d57f5c756b5681bde90bb39b\" tg-width=\"469\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><b>The tide recedes</b></p><p>When Xiao Xia left, the online education industry was still booming, but he had already seen bad signs. \"The one-on-one model cannot be profitable on a large scale and has too high customer acquisition costs, making it unsustainable in the long run. Gaotu, Yuanfudao, and Zuoyebang still have too high customer acquisition costs. Although Gaotu has reported that it is already profitable, traffic acquisition and conversion are becoming increasingly difficult.\"</p><p>Zhengzhou Xueersi Online School, where Li Qian works, has not been doing well this year. \"With fewer students, it has been very difficult to renew applications this summer. In fact, some teachers' classes have not had a single student renew their applications.\"</p><p>Last year, online education institutions experienced unprecedented explosive growth due to the pandemic. Yuanfudao has raised four rounds of financing within a year, with its highest valuation this year reaching $14 billion. In April, news broke that Zuoyebang was going public, with plans to raise at least $500 million. The stock prices of New Oriental and TAL Education Group have doubled. Gaotu was shorted 16 times, but its stock price rose from $22 to $149 within a year. Now, everything is in the past.</p><p>On July 24, the \"Opinions on Further Reducing the Homework Burden and Off-Campus Training Burden of Students in the Compulsory Education Stage\" was implemented, completely changing the off-campus training and online education industries.</p><p>“Companies in the first and second tiers, which have received widespread market attention, have been hit hard. Restrictions on employment have meant they cannot recruit enough students and have to lay off employees,” Wang Hai told the Economic Observer.</p><p>However, he believes that the rise of online education to where it is today is not entirely accidental. As early as 2018, policies such as school operating licenses and reducing academic burden both inside and outside the classroom were introduced to regulate offline educational institutions. From 2019 to 2020, online education companies went through several rounds of rapid financing, pouring all their money into information feed advertising to drive traffic, investing billions of yuan every quarter. These investments have instilled a lot of anxiety and inadvertently increased the education costs for parents.</p><p>Before being resigned, the Gaotu employee had also questioned online education. Last December, in order to realize her ideal of \"using the Internet to allow students with lagging educational resources to enjoy the same educational resources as students in big cities at a low cost,\" she resigned from public schools and stepped into the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts, and excessive focus on order placement rates among various institutions have made her begin to doubt whether the online education industry, which is obsessed with short, quick class models such as \"ultimate moves\" and \"secret manuals,\" is really in line with the essence and original intention of education. Now she admits that she paid the price for her \"idealism\".</p><p>This year, a number of policies were introduced, and after the implementation of policies to reduce academic burden, restrictions on online education advertising, and the gradual implementation and promotion of school holiday after-school care, the online education industry began to withdraw significantly.</p><p>Wang Hai recently interviewed some senior figures in the education industry, who generally believe that the determination of this regulation is very strong because the essence of the policy is to promote consumption and increase birth rates, and the increased costs due to education and training are actually unnecessary.</p><p><img src=\"https://static.tigerbbs.com/76f31e7188dedc41ccb1058c2e771773\" tg-width=\"500\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><b>It's hard to say goodbye</b></p><p>After leaving his job, Xiao Xia went to a large internet company. A few months after joining, he adapted well. \"It's relatively easy to find jobs in the internet industry. Many jobs are general, such as operations, marketing, user growth, design, sales, and product technology. There are always places to hire.\"</p><p>Many education professionals who were laid off have switched careers to game companies, food delivery companies, and short video companies, and many have mentioned that they will no longer work in education.</p><p>Li Qian is also one of those who won't be returning. She took a two-month break to finally relax and unwind from the stressful process of renewing her application, and then \"maybe she'll take the civil service exam.\"</p><p>In addition to teaching, employees of online education institutions also have a strong sales nature and bear significant performance pressure, which is one of the reasons why they have the idea of leaving the online education industry.</p><p>Compared to ordinary employees, the impact is greater on teaching, research, and training teachers. Xiao Xia's previous company trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong previously worked at New Oriental,<a href=\"https://laohu8.com/S/NEW\">Puxin Education</a>He has worked as a lecturer at after-school training institutions for over 10 years. In 2019, I started my own business, doing individual training. She is not optimistic about this industry either. If she can't continue in the business, she can at worst publish materials or books, change careers, or teach her children at home. Anyway, one-on-one tutoring for children is expensive, and she can make money by teaching.</p><p>Even without the layoffs, the pressure is mounting. Yang Tu, who works as a class teaching assistant at New Oriental, is affected in every detail. \"Now it is not allowed to post daily homework and tasks in the class group, nor is it allowed to say words like exams and tests, only practice.\"</p><p>According to reporters, New Oriental recently conducted a new round of training for lecturers and teaching assistants, establishing external red lines. These include five categories and 885 keywords, emphasizing avoiding words that violate advertising laws or are suspected of false advertising, such as \"most,\" \"one,\" \"first,\" and \"extreme,\" words related to college entrance examination policies such as \"priority admission\" and \"guaranteed pass,\" exam-related words such as \"past exam questions,\" \"mock exam,\" \"final exam,\" and \"overtaking on a curve,\" competition-related words such as \"competition,\" \"cup competition,\" \"competition,\" and \"strong foundation plan,\" as well as words with emotionally inflammatory properties such as \"score improvement,\" \"anxiety,\" \"pain point,\" \"inertia,\" and \"high score.\" For a time, almost all the promotional rhetoric that online education institutions had frequently used became untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of these young people who have devoted themselves to the education and training industry, pushing them to face dramatic changes in their careers, whether active or passive. Surprisingly, they all hold a positive attitude of extremely supportive of the double reduction policy. Li Qian believes that after these policy changes, the education and training industry is becoming more and more standardized, which is a good thing. Lin Dong also believes that industry rectification is not a bad thing; \"there always has to be a beginning.\"</p><p><img src=\"https://static.tigerbbs.com/bbfc675c870ef94a884f3cbb41f371b3\" tg-width=\"1070\" tg-height=\"952\" referrerpolicy=\"no-referrer\"></p><p><b>Where is the future?</b></p><p>\"Vocational education\". When asked if he would look at education investment again, an investor who previously focused on education gave these four words. However, when pressed by reporters about whether vocational education could catch up with the previous online education market, the investor declined, saying, \"There's not much more to say.\" Another investor told reporters that he had long since stopped paying attention to the industry.</p><p>Others were in high spirits. An institution that provides postgraduate entrance examination training and education has released a recruitment notice, saying the prospects are very bright. However, when the reporter inquired further, the other party did not respond.</p><p>After supplementary teaching training was restricted, holistic education for primary and secondary schools and vocational education for adults became a lifeline. On July 28, Yuanfudao announced the launch of \"Pumpkin Science\" for holistic education. TAL Education Group's adult business segment, \"Qingzhou,\" has integrated multiple businesses such as postgraduate entrance examinations, language training, and studying abroad. According to Gaotu's official website, Gaotu focuses on adult education. ByteDance's Guagualong has also launched a holistic education product, including its art AI system course, as well as programming courses. ByteDance's Xuelang platform has also launched vocational education courses for adults.</p><p>Xiao Xia told the Economic Observer that before the implementation of the double reduction policy, the strategy departments of some education companies were thinking every day about which projects they could transform into. However, \"this is not something the strategy department can solve.\" Now that the internet has entered the existing market, \"they are just starting another business.\"</p><p>One of the most direct problems with transformation is the shrinking market space. The previous industry perception was that K-12 online education had a scale of trillions of yuan, while vocational education and holistic education had a scale of hundreds of billions. Parents are far less willing to pay for holistic education that does not help improve their children's grades than K-12. “Our organizations are no longer good enough for our clients, and our company is no longer good enough for our senior executives and cadres,” Zhang Bangxin said with a hint of tragedy.</p><p>However, even companies like Yuanfudao and Zuoyebang, which were previously valued at tens of billions of dollars, have not had an easy time transforming. The vast majority of their users are elementary school students, but \"after fourth grade, elementary school students face the problem of transitioning from primary to junior high school and rarely put effort into holistic education. In this situation, students' need for holistic education will be weaker,\" said an industry insider who declined to be named.</p><p>Gaotu's official website has labeled it as adult education, and it is now focusing on sub-sectors such as practical English, Japanese, accounting, civil service, teaching, public institution, finance, management, medical exams, financial literacy, postgraduate entrance examinations, CET-4 and CET-6, and IELTS. Gaotu almost \"died\" in 2016. Chen Xiangdong said that if this reform and transformation can be truly implemented, the cash in the account will be enough to survive for 3 to 5 years. However, the new track is also highly competitive. Over the past two months, vocational education and educational technology companies have continuously secured funding.</p><p>\"In the future, the education market will gradually be led by state-led institutions, non-profit organizations, or schools to provide supporting extracurricular services,\" Wang Hai predicted. He added that there will still be room for vocational education and holistic education in the future.</p><p>As dusk falls, the drunkard has sobered up and the people are far away; a storm descends upon the west tower. In any case, the era of rapid growth, with three rounds of financing in one year and a US IPO in five years, is over.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/_OU27RtlNXtRiFiRGKu60g\">TMT新观察</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/163ed3adc55a09c9d94b2c6b648bdf57","relate_stocks":{"GOTU":"高途","TAL":"好未来","EDU":"新东方"},"source_url":"https://mp.weixin.qq.com/s/_OU27RtlNXtRiFiRGKu60g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118636178","content_text":"去年有多火热，今年就有多冰冷。\n7月底到8月初，越来越多在线教育公司裁员消息出现。7月30日，高途发出公开信，创始人陈向东说，再次走到存亡边缘，不得不作出艰难抉择。7月27日，好未来创始人张邦鑫那句略显悲壮的话在朋友圈刷屏：“我们的公司配不上我们的高管和干部了。”\n学而思网校的李倩7月份被辞退后，计划考公务员。新东方仍在上班的杨途正在学习识别新“雷区”，关键词多达885个。做教育个体培训的林冬战战兢兢，她最坏的打算是自己在家教自己孩子。\n8月5日，互联网大公司字节跳动也开始裁员。知情人士告诉经济观察报，字节跳动的大力教育在裁员，赔付方式为N+2，不是整体关停，有的业务没有关停，在做调整。\n记者询问两位此前专注教育赛道的投资人，他们回答说，不想聊这个话题了。久谦中台研究员王海最近走访了很多机构，多数二级投资人已经放弃，将大大减少在教育领域的投资。\n拉勾招聘数据研究院向经济观察报提供的数据显示，自2021年5月起，在线教育人才需求断崖式下跌。同时，处于“已离职，可快速到岗”的在线教育员工比例高达98.5%。\n这是一个行业的集体大撤退。“教育仍然是刚需，但教培不一定是了。”肖夏感慨。他在一家一对一在线教育公司从业3年，在这一波裁员潮前离开这个行业，现在回看，是幸运的选择。\n\n离职转身\n7月5日，一个与往常别无二致的星期一，李倩来到了办公室。她是郑州学而思网校的一名带班班主任，已经正式入职7个月。然而，正当她准备开始新一周的工作时，却惊讶地发现，自己手机与电脑上的工作账号都已被冻结。\n中午，她被学科主任叫到办公室约谈，成为了学而思网校的二轮裁员中，被裁掉的那一批人，裁员理由是“绩效不佳”。没有过多争辩，李倩接受了。她上交了设备、签署了劳动合同解除协议书，没有留恋地离开了这个工作岗位，也彻底离开了教培这个行业。\n虽然嘴上没有争辩，但李倩心中认为，“绩效不佳”的裁员理由并不属实。她的每次考核数据都很不错，最近一次的考核数据也“非常靠前”。而在学而思网校，这样突如其来的裁员并不是个例。李倩告诉记者，早在今年6月，学而思网校就赢来了第一轮大批裁员。7月5日，社交平台上涌现了多个关于学而思第二波大裁员的内容。记者就此向学而思公司询问，截至发稿尚未收到回应。\n被高途裁员的一位员工看着HR桌上厚厚一摞的离职证明，回忆起当初疯狂扩招、工位都不够坐的“鼎盛时期”，不禁在小红书上感叹，“时代的一粒沙，个人身上的一座山”。\n一名掌门教育的程序员7月1日还在小红书发布线上全职教师内推信息，7月28日就迎来了“在线教育行业躲不过的一劫”。有人4月12日在“这就是传说中的神仙公司”豆瓣小组发帖，推荐自己所在的在线教育公司，却在7月19日将帖子标题改为“政策改得已经不神仙了”。一名K12教育机构的HR感慨:“以前的KPI是每个月要招够多少人，现在是每个月要开除多少人，最后为了完成KPI，把自己开除了。”\n7月27日，好未来创始人张邦鑫在公司内部直播上向员工确认:“裁员是肯定会裁员的。”7月29日，掌门创始人张翼在其朋友圈发文称：“不得已送别一些业务的伙伴。”高途创始人陈向东也在公开信表示，不少小伙伴将不得不离开。据晚点报道称，高途1/3的人会离开。\n2021年7月，在招聘平台拉勾上，在线教育行业人才的月度人均登陆频次高达92.8次，是互联网行业的1.85倍。拉勾甚至为此推出了教育行业急速入职周活动，提供10000份面试直通卡，帮他们找新工作。\n大规模裁员，成为在今年连续的政策收紧之下，在线教育逐渐退潮的行业缩影。\n\n潮水退去\n肖夏离开的时候，在线教育行业仍算如日中天，不过，他那时已经看到了不好的迹象。“一对一模式无法规模盈利且获客成本过高，长期难以为继。高途、猿辅导、作业帮仍然是获客成本过高。虽然高途财报已经盈利了，流量获取及转化也日益艰难”。\n李倩所在的郑州学而思网校，今年的经营状况很不理想，“生源少了，今年暑期的续报做得也很艰难，甚至有一些老师带的班级一个续报的人都没有”。\n去年由于疫情，在线教育机构迎来了前所未有的爆发式增长。猿辅导1年内融资4轮，今年估值最高140亿美元。作业帮4月传出上市消息，计划募集至少5亿美元资金。新东方、好未来的股价翻倍。高途被16次做空，股价却在一年内由22美元涨到149美元。现在，一切皆成往事。\n7月24日，《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》政策落地，校外培训和在线教育行业彻底变天。\n“广受市场关注的第一二梯队的公司，受到的打击都很大。投放限制使得现在他们没办法招到足够的学生，只能裁员。”王海告诉经济观察报。\n不过他认为，在线教育走到今天，也不完全是偶然。早在2018年，就出过办学许可证、课内外减负等政策监管线下教育机构。2019年到2020年，在线教育公司经历几轮快速融资，把钱都砸到信息流广告引流，每个季度都有大几十亿的投入。这些投放，灌输了许多焦虑，也无形中增加了家长的教育成本。\n被辞职之前，那位高途员工也对在线教育有过质疑。去年12月，为了实现自己“通过互联网，让教育资源落后的学生，用低廉的成本，享受到和大城市学生一样的教育资源”的理想，她从公立学校辞职，一脚踏入在线教育行业。但从今年年初开始，各机构激烈的价格战、空前的营销力度、对下单率的过度关注却让她开始怀疑，沉迷于“大招”、“秘籍”等短平快上课模式的在线教育行业，是否真的与教育的本质与初衷相符。如今她承认，她为自己的“理想主义”付出了代价。\n今年多项政策出台，在减负政策的推行、对在线教育广告投放的限制、学校假期托管的逐步实行与推广后，在线教育行业开始大撤退。\n王海最近也走访了一些教育行业资深人士，他们普遍认为，这次调控的决心非常大，因为政策的本质是促进消费和增加生育，那些因为教育培训增加的成本其实是没有必要的。\n\n难说再见\n肖夏离职后去了一家互联网大厂，入职几个月后，他适应良好。“互联网行业还比较好找工作，运营、市场、用户增长、设计、销售、产品技术这些，很多工作都是通用的。总有招人的地方”。\n还有不少被辞退的教育从业者，转行去了游戏公司、外卖公司、短视频公司，很多人都提到，以后不再做教育了。\n李倩也是不回来的一员。她给自己放了两个月假，终于能从充满压力的续报业绩中抽离出来放松放松，之后“也许会去考编”。\n在线教育机构的员工们除了授课之外，还具有很强的销售性质，承受着较大的业绩压力，这也是他们产生离开在线教育行业念头的原因之一。\n与普通员工相比，影响更大的是教研和培训教师群体。肖夏之前所在的公司，培训教师数量多达几万名，远比其他员工多。\n林冬之前在新东方、朴新教育等校外培训机构担任讲师，从业10多年。2019年自己单干，做个体培训。对这个行业，她的看法也并不乐观，如果做不下去了，大不了出资料、出书，大不了转行，大不了在家教孩子，反正孩子的一对一课程费也贵，教的话，她就赚钱。\n即使没有被裁员的人，压力也在增加。在新东方担任带班助教的杨途，受到的影响体现在每个细节中，“现在不允许在班级群内发布每天打卡的作业和任务，也不允许说考试、测试一类词，只能说练习”。\n据记者了解，近日，新东方对讲师和助教进行了新一轮培训，设立了对外红线，其中包含5大类与885个关键词，重点强调要避免提到“最”、“一”、“首”、“极”等违反广告法、涉嫌虚假宣传的词汇，“优先入学”、“保过”等涉及升学政策的词汇，“真题”、“模考”、“期末考”、“弯道超车”等考试相关类词汇，“大赛”、“杯赛”、“比赛”、“强基计划”等赛事相关类词汇，以及“提分”、“焦虑”、“痛点”、“惰性”、“高分”等带有情绪煽动性质的词汇。一时间，在线教育机构曾频繁使用的宣传话术，几乎全部成为了无法触碰的雷区。\n双减政策给这群投身教培行业的年轻人的生活，带来了一场地震，推动他们面临或主动、或被动的事业剧变，而奇妙的是，他们对双减政策都抱着极其赞同的正面态度。李倩认为，经过这几次的政策变化，教培行业越来越趋于规范化，是好事。林冬也觉得，行业整顿并不是一件坏事，“总要有一个开头”。\n\n未来何处\n“职业教育”。被问到是否还会再看教育投资时，一位此前专注教育的投资人给出了这样四个字。不过，记者追问职业教育能否接住此前在线教育的盘子时，这位投资人拒绝了，“没啥好说的了。”另一位投资人则告诉记者，早就不关注这个行业了。\n也有人正兴高采烈。一家做考研培训教育的机构发出招聘信息，说前景一片大好。不过记者进一步询问时，对方没有再回应。\n教辅培训被限制后，面向中小学的素质教育和面向成年人的职业教育，成为救命稻草。7月28日，猿辅导宣布做素质教育，上线“南瓜科学”。好未来旗下成人业务板块“轻舟”，已经整合了考研、语培、留学等多项业务。高途公司官网称，高途专注于成人教育。字节跳动旗下的瓜瓜龙也上线了素质教育产品，其美术AI系统课已经上线，此外还有编程课程。字节旗下的学浪平台也推出面向成年人的职业教育课程。\n肖夏告诉经济观察报，双减政策落地之前，一些教育公司的战略部天天在思考能转型做哪些项目。但是，“这个事情也不是战略部能解决的”，在互联网进入存量市场的当下，“他们就当是再次创业了”。\n转型有一个最直接的问题，就是市场空间的缩小。之前的行业认知是，K12在线教育有万亿规模，职业教育和素质教育规模为千亿。对于不能帮助提升孩子成绩的素质教育，家长付费意愿远远没有K12高。“我们这些机构配不上我们的客户了，我们公司也配不上我们的高管和干部了。”张邦鑫略显悲壮的说道。\n不过，即使猿辅导、作业帮等之前估值上百亿美元的公司，也转型不易。他们积累的绝大多数用户都是小学生，但是，“小学生四年级之后，面临小升初问题，很少再在素质教育上下功夫。在这种情况下，学生们对素质教育的需求就会更弱一些。”一位不愿具名的业内人士说。\n高途公司官网已经挂上了成人教育的标签，现在布局实用英语、日语、会计、公务员、教师、事业单位、金融、管理、医疗考试、财商、考研、四六级和雅思等细分赛道。高途在2016年时，曾差点“死掉”，陈向东说，如果这一次的改革和变革能够真正到位，那么账上的现金足够活3年到5年。但新赛道也竞争激烈。过去2个月里，不断有职业教育、教育科技公司等，拿到融资。\n“以后，教育市场会逐步由国家主导的一些机构或非营利性组织或学校来提供配套的课外服务。”王海判断，之后，职业教育和素质教育也还有空间。\n日暮酒醒人已远，满天风雨下西楼。无论怎样，那个1年融资3轮，5年赴美上市的狂飙突进的时代，过去了。","news_type":1,"symbols_score_info":{"GOTU":0.9,"TAL":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":3811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imag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08:35","market":"us","language":"zh","title":"Hillhouse Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?","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 highly anticipated \"capital giant\" in the secondary market, Hillhouse Capital's every move is closely watched. On August 17, Beijing time, the U.S. Securities and Exchange Commission (SEC) website showed that Hillhouse Capital submitted its U.S. stock 13F holdings data for the second quarter of 2021. Overall, Hillhouse Capital's portfolio adjustments were quite active in the second quarter, consistent with its previous heavy investment in Chinese concept stocks and focus on life sciences and hard technology. However, the \"new target\" has changed significantly. For example, among the newly established positions in the second quarter, Hillhouse Capital added...<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>Didi Chuxing, etc., received a lot of attention. At the same time, it further bucked the trend and increased its holdings in Chinese concept companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>etc.</p><p><b>Adhere to being the \"top holding\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>Profitable for 11 quarters</b></p><p>According to Hillhouse Capital's 13F filing disclosed in the second quarter, Hillhouse Capital held 89 companies in the US stock market with a total market capitalization of US$9.7 billion. The total market value of its holdings, based on the exchange rate on the afternoon of August 17, was equivalent to RMB 62.865 billion.</p><p>Looking at the top ten holdings, Hillhouse Capital's overall holdings remained largely unchanged in the second quarter. The top ten holdings have a total market value of approximately $6 billion, accounting for 60% of the total holdings. Among them, holdings in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>$1.87 billion remains the company's \"largest holding\". (See Table 1)</p><p>Table 1 Hillhouse Capital's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Data source: Official data</p><p>According to historical holdings data reviewed by a reporter from Red Weekly, Hillhouse Capital, a \"favorite stock,\" has held holdings in BeiGene for 11 consecutive quarters. Hillhouse Capital built a position in BeiGene as early as the fourth quarter of 2018; I increased my holdings in the third quarter of 2019 and have held them ever since.</p><p>During Hillhouse Capital's holding period from 2019 to the end of the second quarter of this year, BeiGene's stock price increased by a cumulative 1.4 times. Hillhouse Capital's holdings in BeiGene have increased from an initial $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1. BeiGene's US stock 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 perspective, BeiGene's latest financial report shows that its performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second-quarter and first-half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately RMB 900 million, an increase of 111% compared to the same period last year. Total product revenue in the first half of the year reached RMB 1.58 billion, an increase of 108% year-on-year.</p><p>It is worth noting that, according to the latest securities firm ratings, BeiGene continues to be \"favored\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintains its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications to the US FDA for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma; 2. The supplementary application for zanubrutinib for second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications has been approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"We will maintain our segment aggregate valuation target price of $417 (compared to the closing price of $280 as of August 16) and provide a 20% capital allocation premium over the company's equity valuation to reflect the company's ample cash (expected to be $3.3 billion by the end of fiscal year 2021) and strong business development capabilities,\" the research report analyzed.</p><p>It is worth noting that among its top ten holdings, Hillhouse Capital's \"new target\" is Airbnb, a homestay platform. As of the end of the second quarter, the company held $320 million in Airbnb, becoming its eighth largest holding. Airbnb's stock price has been adjusting continuously since its IPO last December. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Significant increases in holdings in stocks such as Vipshop and Miniso</b></p><p><b>Competitiveness and valuation advantages may be key factors in increasing holdings.</b></p><p>Among the 89 companies it holds, Hillhouse Capital increased its holdings in 7 companies in the second quarter, and its overall focus is on Chinese concept stocks. Among them, they increased their holdings in Vipshop and Miniso.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, with Vipshop and Miniso seeing the largest increases in holdings, both exceeding 1800%. As of the end of the second quarter, Hillhouse Capital's holdings in Vipshop and Miniso were worth US$179 million and US$117 million, respectively. They rank in the 17th and 19th largest holding queues.</p><p>At the same time, Hillhouse Capital also...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>They will reduce their holdings significantly. Industry insiders say that Hillhouse Capital's secondary market team's continued portfolio adjustments to Chinese concept stocks reflect that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and shifting their positions to the Hong Kong market cannot be ruled out.</p><p>The same situation appears in Jinglin's latest 13F data. According to publicly available information, Jinglin divested itself in the second quarter.<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21st Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison MediPharma</a>Companies such as Beike, Zai Lab, and Hutchison MediPharma are also listed on the Hong Kong Stock Exchange.</p><p>Table 2 Key Stocks Adjusted by Hillhouse Capital 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>Data source: Official data</p><p>Looking at the holdings data, the share prices of the two stocks with the largest increases in Hillhouse Capital's holdings in the second quarter—Vipshop and Miniso—continued to decline. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figures 2 and 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Miniso Stock Price Performance</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 advantages may be an important consideration for Hillhouse Capital in increasing its holdings in related companies. Taking Vipshop as an example, its valuation also declined significantly as its stock price continued to adjust in the second quarter. During the second quarter, Vipshop's valuation was mostly 10 to 20 times, a further decrease compared to 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>The research report stated that compared to TJX (a low-price clothing and home fashion retailer in the United States and around the world), Vipshop's competitive barriers still need time to be recognized by the market, but it has higher growth potential and greater room for growth. Based on TJX's valuation at a discount of 0.8-0.9 times, we believe that Vipshop's reasonable PE ratio in 2021 is 17-20 times, while its current PE ratio is only 11 times. We are giving it a \"buy\" rating for the first time.</p><p>In his view, \"since the strategy of 'returning to flash sales and focusing on high-quality products' was proposed at the end of 2018, profits and cash flow have grown steadily, and the company has sufficient cash on hand. The company can significantly enhance its intrinsic value through reinvestment methods such as share buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies based on scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework is gradually increasing, and Vipshop happens to be on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that its competitive advantages are currently significantly underestimated, and it is expected to grow from a \"small\" business with barriers to entry into a \"large\" business with barriers to entry. Vipshop has a low market share in clearance disposal, and its growth attributes outweigh its cyclical attributes. With increased user retention and engagement, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase holdings in new energy sectors such as XPeng and Nio.</b></p><p>Hillhouse Capital has publicly stated that...<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>In the next two to five years, the company will focus on four major sub-sectors of the technology field: semiconductors, cutting-edge technology, new energy, and smart hardware. It has also called hard technology a \"historic structural investment window of opportunity.\" Judging from the analysis of its portfolio 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 position building in XPeng and Nio in the first quarter of this year, Hillhouse Capital's secondary market team continued to increase its positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of holdings in the two companies was $39 million and $45 million, respectively.</p><p>Sales of new energy vehicles have accelerated further this year. According to Wind data, in June and July this year, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Monthly car sales reached 250,000 and 270,000 units respectively, setting new historical records. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by NIO, as of the end of July, the company's cumulative vehicle sales for the year reached 125,528 units, a year-on-year increase of 153.00%. According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared to the same period last year. (See Figures 5 and 6)</p><p>Figure 5. Cumulative sales of automobiles in Nio</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6. Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other companies that increased their holdings in Hillhouse Capital, whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>With the \"signal\" of Hillhouse Capital's increased holdings, the \"opportunities\" for new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?</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 Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?\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 highly anticipated \"capital giant\" in the secondary market, Hillhouse Capital's every move is closely watched. On August 17, Beijing time, the U.S. Securities and Exchange Commission (SEC) website showed that Hillhouse Capital submitted its U.S. stock 13F holdings data for the second quarter of 2021. Overall, Hillhouse Capital's portfolio adjustments were quite active in the second quarter, consistent with its previous heavy investment in Chinese concept stocks and focus on life sciences and hard technology. However, the \"new target\" has changed significantly. For example, among the newly established positions in the second quarter, Hillhouse Capital added...<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>Didi Chuxing, etc., received a lot of attention. At the same time, it further bucked the trend and increased its holdings in Chinese concept companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>etc.</p><p><b>Adhere to being the \"top holding\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>Profitable for 11 quarters</b></p><p>According to Hillhouse Capital's 13F filing disclosed in the second quarter, Hillhouse Capital held 89 companies in the US stock market with a total market capitalization of US$9.7 billion. The total market value of its holdings, based on the exchange rate on the afternoon of August 17, was equivalent to RMB 62.865 billion.</p><p>Looking at the top ten holdings, Hillhouse Capital's overall holdings remained largely unchanged in the second quarter. The top ten holdings have a total market value of approximately $6 billion, accounting for 60% of the total holdings. Among them, holdings in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>$1.87 billion remains the company's \"largest holding\". (See Table 1)</p><p>Table 1 Hillhouse Capital's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Data source: Official data</p><p>According to historical holdings data reviewed by a reporter from Red Weekly, Hillhouse Capital, a \"favorite stock,\" has held holdings in BeiGene for 11 consecutive quarters. Hillhouse Capital built a position in BeiGene as early as the fourth quarter of 2018; I increased my holdings in the third quarter of 2019 and have held them ever since.</p><p>During Hillhouse Capital's holding period from 2019 to the end of the second quarter of this year, BeiGene's stock price increased by a cumulative 1.4 times. Hillhouse Capital's holdings in BeiGene have increased from an initial $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1. BeiGene's US stock 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 perspective, BeiGene's latest financial report shows that its performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second-quarter and first-half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately RMB 900 million, an increase of 111% compared to the same period last year. Total product revenue in the first half of the year reached RMB 1.58 billion, an increase of 108% year-on-year.</p><p>It is worth noting that, according to the latest securities firm ratings, BeiGene continues to be \"favored\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintains its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications to the US FDA for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma; 2. The supplementary application for zanubrutinib for second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications has been approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"We will maintain our segment aggregate valuation target price of $417 (compared to the closing price of $280 as of August 16) and provide a 20% capital allocation premium over the company's equity valuation to reflect the company's ample cash (expected to be $3.3 billion by the end of fiscal year 2021) and strong business development capabilities,\" the research report analyzed.</p><p>It is worth noting that among its top ten holdings, Hillhouse Capital's \"new target\" is Airbnb, a homestay platform. As of the end of the second quarter, the company held $320 million in Airbnb, becoming its eighth largest holding. Airbnb's stock price has been adjusting continuously since its IPO last December. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Significant increases in holdings in stocks such as Vipshop and Miniso</b></p><p><b>Competitiveness and valuation advantages may be key factors in increasing holdings.</b></p><p>Among the 89 companies it holds, Hillhouse Capital increased its holdings in 7 companies in the second quarter, and its overall focus is on Chinese concept stocks. Among them, they increased their holdings in Vipshop and Miniso.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, with Vipshop and Miniso seeing the largest increases in holdings, both exceeding 1800%. As of the end of the second quarter, Hillhouse Capital's holdings in Vipshop and Miniso were worth US$179 million and US$117 million, respectively. They rank in the 17th and 19th largest holding queues.</p><p>At the same time, Hillhouse Capital also...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>They will reduce their holdings significantly. Industry insiders say that Hillhouse Capital's secondary market team's continued portfolio adjustments to Chinese concept stocks reflect that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and shifting their positions to the Hong Kong market cannot be ruled out.</p><p>The same situation appears in Jinglin's latest 13F data. According to publicly available information, Jinglin divested itself in the second quarter.<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21st Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison MediPharma</a>Companies such as Beike, Zai Lab, and Hutchison MediPharma are also listed on the Hong Kong Stock Exchange.</p><p>Table 2 Key Stocks Adjusted by Hillhouse Capital 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>Data source: Official data</p><p>Looking at the holdings data, the share prices of the two stocks with the largest increases in Hillhouse Capital's holdings in the second quarter—Vipshop and Miniso—continued to decline. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figures 2 and 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Miniso Stock Price Performance</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 advantages may be an important consideration for Hillhouse Capital in increasing its holdings in related companies. Taking Vipshop as an example, its valuation also declined significantly as its stock price continued to adjust in the second quarter. During the second quarter, Vipshop's valuation was mostly 10 to 20 times, a further decrease compared to 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>The research report stated that compared to TJX (a low-price clothing and home fashion retailer in the United States and around the world), Vipshop's competitive barriers still need time to be recognized by the market, but it has higher growth potential and greater room for growth. Based on TJX's valuation at a discount of 0.8-0.9 times, we believe that Vipshop's reasonable PE ratio in 2021 is 17-20 times, while its current PE ratio is only 11 times. We are giving it a \"buy\" rating for the first time.</p><p>In his view, \"since the strategy of 'returning to flash sales and focusing on high-quality products' was proposed at the end of 2018, profits and cash flow have grown steadily, and the company has sufficient cash on hand. The company can significantly enhance its intrinsic value through reinvestment methods such as share buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies based on scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework is gradually increasing, and Vipshop happens to be on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that its competitive advantages are currently significantly underestimated, and it is expected to grow from a \"small\" business with barriers to entry into a \"large\" business with barriers to entry. Vipshop has a low market share in clearance disposal, and its growth attributes outweigh its cyclical attributes. With increased user retention and engagement, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase holdings in new energy sectors such as XPeng and Nio.</b></p><p>Hillhouse Capital has publicly stated that...<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>In the next two to five years, the company will focus on four major sub-sectors of the technology field: semiconductors, cutting-edge technology, new energy, and smart hardware. It has also called hard technology a \"historic structural investment window of opportunity.\" Judging from the analysis of its portfolio 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 position building in XPeng and Nio in the first quarter of this year, Hillhouse Capital's secondary market team continued to increase its positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of holdings in the two companies was $39 million and $45 million, respectively.</p><p>Sales of new energy vehicles have accelerated further this year. According to Wind data, in June and July this year, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Monthly car sales reached 250,000 and 270,000 units respectively, setting new historical records. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by NIO, as of the end of July, the company's cumulative vehicle sales for the year reached 125,528 units, a year-on-year increase of 153.00%. According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared to the same period last year. (See Figures 5 and 6)</p><p>Figure 5. Cumulative sales of automobiles in Nio</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6. Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other companies that increased their holdings in Hillhouse Capital, whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>With the \"signal\" of Hillhouse Capital's increased holdings, the \"opportunities\" for new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W","BABA":"阿里巴巴","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"XPEV":0.9,"09868":0.9,"BABA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":4461,"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,"idStr":"4091103709151600","authorIdStr":"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,"repost":{"id":"1118636178","kind":"news","pubTimestamp":1628334353,"share":"https://ttm.financial/m/news/1118636178?lang=en_US&edition=fundamental","pubTime":"2021-08-07 19:05","market":"hk","language":"zh","title":"The Online Education Wave Retreats: Education and Training Giants Collectively Lay Off Employees, Ending the Era of Capital Rush","url":"https://stock-news.laohu8.com/highlight/detail?id=1118636178","media":"TMT新观察","summary":"去年有多火热，今年就有多冰冷。\n7月底到8月初，越来越多在线教育公司裁员消息出现。7月30日，高途发出公开信，创始人陈向东说，再次走到存亡边缘，不得不作出艰难抉择。7月27日，好未来创始人张邦鑫那句略","content":"<p>As hot as it was last year, it will be as cold this year.</p><p>From late July to early August, more and more news of layoffs emerged from online education companies. On July 30,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>In an open letter, founder Chen Xiangdong said that he was once again on the verge of survival and had to make a difficult choice. On July 27,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>Founder Zhang Bangxin's somewhat tragic words went viral on social media: \"Our company is no longer good enough for our senior executives and cadres.\"</p><p>Li Qian of Xueersi Online School plans to take the civil service exam after being dismissed in July.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Yang Tu, who is still at work, is learning to identify new \"minefields\" with as many as 885 keywords. Lin Dong, who runs an individual education training program, was trembling with fear. Her worst-case scenario was to teach her child at home.</p><p>On August 5, internet giant ByteDance also began laying off employees. Sources familiar with the matter told the Economic Observer that ByteDance's Dali Education is laying off employees, and the compensation method is N+2. It is not a complete shutdown; some businesses have not been shut down and are being adjusted.</p><p>When reporters asked two investors who had previously focused on the education sector, they replied that they no longer wanted to discuss the topic. Wang Hai, a researcher at Jiuqian Middle Platform, recently visited many institutions and found that most secondary investors have given up and will significantly reduce their investment in the education sector.</p><p>Data provided to the Economic Observer by Lagou Recruitment Data Research Institute shows that the demand for online education talent has plummeted since May 2021. Meanwhile, the proportion of online education employees who have \"left their jobs and can quickly return to work\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still a basic need, but education and training may not be,\" Xiao Xia lamented. He worked for a one-on-one online education company for three years before leaving the industry before this wave of layoffs. Looking back now, it was a lucky choice.</p><p><img src=\"https://static.tigerbbs.com/6a131284341ecacbaefba550ab9dbd7e\" tg-width=\"1023\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p><b>Resign and turn around</b></p><p>On July 5th, a Monday no different from any other, Li Qian arrived at the office. She is a homeroom teacher at Zhengzhou Xueersi Online School and has been officially employed for 7 months. However, just as she was preparing to start a new week of work, she was surprised to find that her work accounts on her phone and computer had been frozen.</p><p>At noon, she was called to the subject director's office for a meeting and became one of the people laid off in the second round of layoffs at Xueersi Online School, with the reason being \"poor performance\". Without much argument, Li Qian accepted. She handed over the equipment, signed the labor contract termination agreement, and left her job without hesitation, completely leaving the education and training industry.</p><p>Although she didn't argue verbally, Li Qian believed in her heart that the reason for the layoffs based on \"poor performance\" was not true. Her performance on each assessment has been very good, and her most recent assessment was also \"very high\". At Xueersi Online School, such sudden layoffs are not isolated cases. Li Qian told reporters that as early as June this year, Xueersi Online School won its first round of large-scale layoffs. On July 5, several pieces of content about Xueersi's second wave of mass layoffs emerged on social media platforms. When contacted by reporters, Xueersi had not received a response as of press time.</p><p>An employee laid off by Gaotu looked at the thick stack of resignation certificates on the HR desk and recalled the \"heyday\" when there was a frenzied expansion of recruitment and there were not enough workstations. He couldn't help but sigh on Xiaohongshu, \"A grain of sand in the times is a mountain on an individual.\"</p><p>One<a href=\"https://laohu8.com/S/ZME\">Zhangmen Education</a>On July 1, the programmer posted online full-time teacher referral information on Xiaohongshu, and on July 28, the online education industry ushered in an \"inevitable disaster\". On April 12, someone posted in the Douban group \"This is the Legendary Immortal Company\" recommending their online education company, but on July 19, they changed the title of the post to \"The policy has been changed so that it is no longer immortal\". An HR professional at a K-12 education institution lamented: \"In the past, the KPI was how many people to recruit each month. Now it's how many people to fire each month. In the end, in order to meet the KPI, I fired myself.\"</p><p>On July 27, Zhang Bangxin, founder of TAL Education Group, confirmed to employees during an internal company live stream: \"Layoffs will definitely happen.\" On July 29, Zhang Yi, founder of Zhangmen, posted on his WeChat Moments: \"I have no choice but to say goodbye to some business partners.\" Chen Xiangdong, founder of Gaotu, also stated in an open letter that many employees will have to leave. According to LatePost, one-third of Gaotu's employees will leave.</p><p>In July 2021, on the recruitment platform Lagou, the average monthly login frequency of online education talents reached 92.8 times, which is 1.85 times that of the internet industry. Lagou even launched a fast-track onboarding week event for the education industry, offering 10,000 interview passes to help them find new jobs.</p><p>Large-scale layoffs are a microcosm of the industry's gradual decline in online education amid continuous policy tightening this year.</p><p><img src=\"https://static.tigerbbs.com/0a5447c4d57f5c756b5681bde90bb39b\" tg-width=\"469\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><b>The tide recedes</b></p><p>When Xiao Xia left, the online education industry was still booming, but he had already seen bad signs. \"The one-on-one model cannot be profitable on a large scale and has too high customer acquisition costs, making it unsustainable in the long run. Gaotu, Yuanfudao, and Zuoyebang still have too high customer acquisition costs. Although Gaotu has reported that it is already profitable, traffic acquisition and conversion are becoming increasingly difficult.\"</p><p>Zhengzhou Xueersi Online School, where Li Qian works, has not been doing well this year. \"With fewer students, it has been very difficult to renew applications this summer. In fact, some teachers' classes have not had a single student renew their applications.\"</p><p>Last year, online education institutions experienced unprecedented explosive growth due to the pandemic. Yuanfudao has raised four rounds of financing within a year, with its highest valuation this year reaching $14 billion. In April, news broke that Zuoyebang was going public, with plans to raise at least $500 million. The stock prices of New Oriental and TAL Education Group have doubled. Gaotu was shorted 16 times, but its stock price rose from $22 to $149 within a year. Now, everything is in the past.</p><p>On July 24, the \"Opinions on Further Reducing the Homework Burden and Off-Campus Training Burden of Students in the Compulsory Education Stage\" was implemented, completely changing the off-campus training and online education industries.</p><p>“Companies in the first and second tiers, which have received widespread market attention, have been hit hard. Restrictions on employment have meant they cannot recruit enough students and have to lay off employees,” Wang Hai told the Economic Observer.</p><p>However, he believes that the rise of online education to where it is today is not entirely accidental. As early as 2018, policies such as school operating licenses and reducing academic burden both inside and outside the classroom were introduced to regulate offline educational institutions. From 2019 to 2020, online education companies went through several rounds of rapid financing, pouring all their money into information feed advertising to drive traffic, investing billions of yuan every quarter. These investments have instilled a lot of anxiety and inadvertently increased the education costs for parents.</p><p>Before being resigned, the Gaotu employee had also questioned online education. Last December, in order to realize her ideal of \"using the Internet to allow students with lagging educational resources to enjoy the same educational resources as students in big cities at a low cost,\" she resigned from public schools and stepped into the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts, and excessive focus on order placement rates among various institutions have made her begin to doubt whether the online education industry, which is obsessed with short, quick class models such as \"ultimate moves\" and \"secret manuals,\" is really in line with the essence and original intention of education. Now she admits that she paid the price for her \"idealism\".</p><p>This year, a number of policies were introduced, and after the implementation of policies to reduce academic burden, restrictions on online education advertising, and the gradual implementation and promotion of school holiday after-school care, the online education industry began to withdraw significantly.</p><p>Wang Hai recently interviewed some senior figures in the education industry, who generally believe that the determination of this regulation is very strong because the essence of the policy is to promote consumption and increase birth rates, and the increased costs due to education and training are actually unnecessary.</p><p><img src=\"https://static.tigerbbs.com/76f31e7188dedc41ccb1058c2e771773\" tg-width=\"500\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><b>It's hard to say goodbye</b></p><p>After leaving his job, Xiao Xia went to a large internet company. A few months after joining, he adapted well. \"It's relatively easy to find jobs in the internet industry. Many jobs are general, such as operations, marketing, user growth, design, sales, and product technology. There are always places to hire.\"</p><p>Many education professionals who were laid off have switched careers to game companies, food delivery companies, and short video companies, and many have mentioned that they will no longer work in education.</p><p>Li Qian is also one of those who won't be returning. She took a two-month break to finally relax and unwind from the stressful process of renewing her application, and then \"maybe she'll take the civil service exam.\"</p><p>In addition to teaching, employees of online education institutions also have a strong sales nature and bear significant performance pressure, which is one of the reasons why they have the idea of leaving the online education industry.</p><p>Compared to ordinary employees, the impact is greater on teaching, research, and training teachers. Xiao Xia's previous company trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong previously worked at New Oriental,<a href=\"https://laohu8.com/S/NEW\">Puxin Education</a>He has worked as a lecturer at after-school training institutions for over 10 years. In 2019, I started my own business, doing individual training. She is not optimistic about this industry either. If she can't continue in the business, she can at worst publish materials or books, change careers, or teach her children at home. Anyway, one-on-one tutoring for children is expensive, and she can make money by teaching.</p><p>Even without the layoffs, the pressure is mounting. Yang Tu, who works as a class teaching assistant at New Oriental, is affected in every detail. \"Now it is not allowed to post daily homework and tasks in the class group, nor is it allowed to say words like exams and tests, only practice.\"</p><p>According to reporters, New Oriental recently conducted a new round of training for lecturers and teaching assistants, establishing external red lines. These include five categories and 885 keywords, emphasizing avoiding words that violate advertising laws or are suspected of false advertising, such as \"most,\" \"one,\" \"first,\" and \"extreme,\" words related to college entrance examination policies such as \"priority admission\" and \"guaranteed pass,\" exam-related words such as \"past exam questions,\" \"mock exam,\" \"final exam,\" and \"overtaking on a curve,\" competition-related words such as \"competition,\" \"cup competition,\" \"competition,\" and \"strong foundation plan,\" as well as words with emotionally inflammatory properties such as \"score improvement,\" \"anxiety,\" \"pain point,\" \"inertia,\" and \"high score.\" For a time, almost all the promotional rhetoric that online education institutions had frequently used became untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of these young people who have devoted themselves to the education and training industry, pushing them to face dramatic changes in their careers, whether active or passive. Surprisingly, they all hold a positive attitude of extremely supportive of the double reduction policy. Li Qian believes that after these policy changes, the education and training industry is becoming more and more standardized, which is a good thing. Lin Dong also believes that industry rectification is not a bad thing; \"there always has to be a beginning.\"</p><p><img src=\"https://static.tigerbbs.com/bbfc675c870ef94a884f3cbb41f371b3\" tg-width=\"1070\" tg-height=\"952\" referrerpolicy=\"no-referrer\"></p><p><b>Where is the future?</b></p><p>\"Vocational education\". When asked if he would look at education investment again, an investor who previously focused on education gave these four words. However, when pressed by reporters about whether vocational education could catch up with the previous online education market, the investor declined, saying, \"There's not much more to say.\" Another investor told reporters that he had long since stopped paying attention to the industry.</p><p>Others were in high spirits. An institution that provides postgraduate entrance examination training and education has released a recruitment notice, saying the prospects are very bright. However, when the reporter inquired further, the other party did not respond.</p><p>After supplementary teaching training was restricted, holistic education for primary and secondary schools and vocational education for adults became a lifeline. On July 28, Yuanfudao announced the launch of \"Pumpkin Science\" for holistic education. TAL Education Group's adult business segment, \"Qingzhou,\" has integrated multiple businesses such as postgraduate entrance examinations, language training, and studying abroad. According to Gaotu's official website, Gaotu focuses on adult education. ByteDance's Guagualong has also launched a holistic education product, including its art AI system course, as well as programming courses. ByteDance's Xuelang platform has also launched vocational education courses for adults.</p><p>Xiao Xia told the Economic Observer that before the implementation of the double reduction policy, the strategy departments of some education companies were thinking every day about which projects they could transform into. However, \"this is not something the strategy department can solve.\" Now that the internet has entered the existing market, \"they are just starting another business.\"</p><p>One of the most direct problems with transformation is the shrinking market space. The previous industry perception was that K-12 online education had a scale of trillions of yuan, while vocational education and holistic education had a scale of hundreds of billions. Parents are far less willing to pay for holistic education that does not help improve their children's grades than K-12. “Our organizations are no longer good enough for our clients, and our company is no longer good enough for our senior executives and cadres,” Zhang Bangxin said with a hint of tragedy.</p><p>However, even companies like Yuanfudao and Zuoyebang, which were previously valued at tens of billions of dollars, have not had an easy time transforming. The vast majority of their users are elementary school students, but \"after fourth grade, elementary school students face the problem of transitioning from primary to junior high school and rarely put effort into holistic education. In this situation, students' need for holistic education will be weaker,\" said an industry insider who declined to be named.</p><p>Gaotu's official website has labeled it as adult education, and it is now focusing on sub-sectors such as practical English, Japanese, accounting, civil service, teaching, public institution, finance, management, medical exams, financial literacy, postgraduate entrance examinations, CET-4 and CET-6, and IELTS. Gaotu almost \"died\" in 2016. Chen Xiangdong said that if this reform and transformation can be truly implemented, the cash in the account will be enough to survive for 3 to 5 years. However, the new track is also highly competitive. Over the past two months, vocational education and educational technology companies have continuously secured funding.</p><p>\"In the future, the education market will gradually be led by state-led institutions, non-profit organizations, or schools to provide supporting extracurricular services,\" Wang Hai predicted. He added that there will still be room for vocational education and holistic education in the future.</p><p>As dusk falls, the drunkard has sobered up and the people are far away; a storm descends upon the west tower. In any case, the era of rapid growth, with three rounds of financing in one year and a US IPO in five years, is over.</p>","source":"lsy1605762032325","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Online Education Wave Retreats: Education and Training Giants Collectively Lay Off Employees, Ending the Era of Capital Rush</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Online Education Wave Retreats: Education and Training Giants Collectively Lay Off Employees, Ending the Era of Capital Rush\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TMT新观察</strong><span class=\"h-time small\">2021-08-07 19:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As hot as it was last year, it will be as cold this year.</p><p>From late July to early August, more and more news of layoffs emerged from online education companies. On July 30,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>In an open letter, founder Chen Xiangdong said that he was once again on the verge of survival and had to make a difficult choice. On July 27,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>Founder Zhang Bangxin's somewhat tragic words went viral on social media: \"Our company is no longer good enough for our senior executives and cadres.\"</p><p>Li Qian of Xueersi Online School plans to take the civil service exam after being dismissed in July.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Yang Tu, who is still at work, is learning to identify new \"minefields\" with as many as 885 keywords. Lin Dong, who runs an individual education training program, was trembling with fear. Her worst-case scenario was to teach her child at home.</p><p>On August 5, internet giant ByteDance also began laying off employees. Sources familiar with the matter told the Economic Observer that ByteDance's Dali Education is laying off employees, and the compensation method is N+2. It is not a complete shutdown; some businesses have not been shut down and are being adjusted.</p><p>When reporters asked two investors who had previously focused on the education sector, they replied that they no longer wanted to discuss the topic. Wang Hai, a researcher at Jiuqian Middle Platform, recently visited many institutions and found that most secondary investors have given up and will significantly reduce their investment in the education sector.</p><p>Data provided to the Economic Observer by Lagou Recruitment Data Research Institute shows that the demand for online education talent has plummeted since May 2021. Meanwhile, the proportion of online education employees who have \"left their jobs and can quickly return to work\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still a basic need, but education and training may not be,\" Xiao Xia lamented. He worked for a one-on-one online education company for three years before leaving the industry before this wave of layoffs. Looking back now, it was a lucky choice.</p><p><img src=\"https://static.tigerbbs.com/6a131284341ecacbaefba550ab9dbd7e\" tg-width=\"1023\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p><b>Resign and turn around</b></p><p>On July 5th, a Monday no different from any other, Li Qian arrived at the office. She is a homeroom teacher at Zhengzhou Xueersi Online School and has been officially employed for 7 months. However, just as she was preparing to start a new week of work, she was surprised to find that her work accounts on her phone and computer had been frozen.</p><p>At noon, she was called to the subject director's office for a meeting and became one of the people laid off in the second round of layoffs at Xueersi Online School, with the reason being \"poor performance\". Without much argument, Li Qian accepted. She handed over the equipment, signed the labor contract termination agreement, and left her job without hesitation, completely leaving the education and training industry.</p><p>Although she didn't argue verbally, Li Qian believed in her heart that the reason for the layoffs based on \"poor performance\" was not true. Her performance on each assessment has been very good, and her most recent assessment was also \"very high\". At Xueersi Online School, such sudden layoffs are not isolated cases. Li Qian told reporters that as early as June this year, Xueersi Online School won its first round of large-scale layoffs. On July 5, several pieces of content about Xueersi's second wave of mass layoffs emerged on social media platforms. When contacted by reporters, Xueersi had not received a response as of press time.</p><p>An employee laid off by Gaotu looked at the thick stack of resignation certificates on the HR desk and recalled the \"heyday\" when there was a frenzied expansion of recruitment and there were not enough workstations. He couldn't help but sigh on Xiaohongshu, \"A grain of sand in the times is a mountain on an individual.\"</p><p>One<a href=\"https://laohu8.com/S/ZME\">Zhangmen Education</a>On July 1, the programmer posted online full-time teacher referral information on Xiaohongshu, and on July 28, the online education industry ushered in an \"inevitable disaster\". On April 12, someone posted in the Douban group \"This is the Legendary Immortal Company\" recommending their online education company, but on July 19, they changed the title of the post to \"The policy has been changed so that it is no longer immortal\". An HR professional at a K-12 education institution lamented: \"In the past, the KPI was how many people to recruit each month. Now it's how many people to fire each month. In the end, in order to meet the KPI, I fired myself.\"</p><p>On July 27, Zhang Bangxin, founder of TAL Education Group, confirmed to employees during an internal company live stream: \"Layoffs will definitely happen.\" On July 29, Zhang Yi, founder of Zhangmen, posted on his WeChat Moments: \"I have no choice but to say goodbye to some business partners.\" Chen Xiangdong, founder of Gaotu, also stated in an open letter that many employees will have to leave. According to LatePost, one-third of Gaotu's employees will leave.</p><p>In July 2021, on the recruitment platform Lagou, the average monthly login frequency of online education talents reached 92.8 times, which is 1.85 times that of the internet industry. Lagou even launched a fast-track onboarding week event for the education industry, offering 10,000 interview passes to help them find new jobs.</p><p>Large-scale layoffs are a microcosm of the industry's gradual decline in online education amid continuous policy tightening this year.</p><p><img src=\"https://static.tigerbbs.com/0a5447c4d57f5c756b5681bde90bb39b\" tg-width=\"469\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><b>The tide recedes</b></p><p>When Xiao Xia left, the online education industry was still booming, but he had already seen bad signs. \"The one-on-one model cannot be profitable on a large scale and has too high customer acquisition costs, making it unsustainable in the long run. Gaotu, Yuanfudao, and Zuoyebang still have too high customer acquisition costs. Although Gaotu has reported that it is already profitable, traffic acquisition and conversion are becoming increasingly difficult.\"</p><p>Zhengzhou Xueersi Online School, where Li Qian works, has not been doing well this year. \"With fewer students, it has been very difficult to renew applications this summer. In fact, some teachers' classes have not had a single student renew their applications.\"</p><p>Last year, online education institutions experienced unprecedented explosive growth due to the pandemic. Yuanfudao has raised four rounds of financing within a year, with its highest valuation this year reaching $14 billion. In April, news broke that Zuoyebang was going public, with plans to raise at least $500 million. The stock prices of New Oriental and TAL Education Group have doubled. Gaotu was shorted 16 times, but its stock price rose from $22 to $149 within a year. Now, everything is in the past.</p><p>On July 24, the \"Opinions on Further Reducing the Homework Burden and Off-Campus Training Burden of Students in the Compulsory Education Stage\" was implemented, completely changing the off-campus training and online education industries.</p><p>“Companies in the first and second tiers, which have received widespread market attention, have been hit hard. Restrictions on employment have meant they cannot recruit enough students and have to lay off employees,” Wang Hai told the Economic Observer.</p><p>However, he believes that the rise of online education to where it is today is not entirely accidental. As early as 2018, policies such as school operating licenses and reducing academic burden both inside and outside the classroom were introduced to regulate offline educational institutions. From 2019 to 2020, online education companies went through several rounds of rapid financing, pouring all their money into information feed advertising to drive traffic, investing billions of yuan every quarter. These investments have instilled a lot of anxiety and inadvertently increased the education costs for parents.</p><p>Before being resigned, the Gaotu employee had also questioned online education. Last December, in order to realize her ideal of \"using the Internet to allow students with lagging educational resources to enjoy the same educational resources as students in big cities at a low cost,\" she resigned from public schools and stepped into the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts, and excessive focus on order placement rates among various institutions have made her begin to doubt whether the online education industry, which is obsessed with short, quick class models such as \"ultimate moves\" and \"secret manuals,\" is really in line with the essence and original intention of education. Now she admits that she paid the price for her \"idealism\".</p><p>This year, a number of policies were introduced, and after the implementation of policies to reduce academic burden, restrictions on online education advertising, and the gradual implementation and promotion of school holiday after-school care, the online education industry began to withdraw significantly.</p><p>Wang Hai recently interviewed some senior figures in the education industry, who generally believe that the determination of this regulation is very strong because the essence of the policy is to promote consumption and increase birth rates, and the increased costs due to education and training are actually unnecessary.</p><p><img src=\"https://static.tigerbbs.com/76f31e7188dedc41ccb1058c2e771773\" tg-width=\"500\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><b>It's hard to say goodbye</b></p><p>After leaving his job, Xiao Xia went to a large internet company. A few months after joining, he adapted well. \"It's relatively easy to find jobs in the internet industry. Many jobs are general, such as operations, marketing, user growth, design, sales, and product technology. There are always places to hire.\"</p><p>Many education professionals who were laid off have switched careers to game companies, food delivery companies, and short video companies, and many have mentioned that they will no longer work in education.</p><p>Li Qian is also one of those who won't be returning. She took a two-month break to finally relax and unwind from the stressful process of renewing her application, and then \"maybe she'll take the civil service exam.\"</p><p>In addition to teaching, employees of online education institutions also have a strong sales nature and bear significant performance pressure, which is one of the reasons why they have the idea of leaving the online education industry.</p><p>Compared to ordinary employees, the impact is greater on teaching, research, and training teachers. Xiao Xia's previous company trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong previously worked at New Oriental,<a href=\"https://laohu8.com/S/NEW\">Puxin Education</a>He has worked as a lecturer at after-school training institutions for over 10 years. In 2019, I started my own business, doing individual training. She is not optimistic about this industry either. If she can't continue in the business, she can at worst publish materials or books, change careers, or teach her children at home. Anyway, one-on-one tutoring for children is expensive, and she can make money by teaching.</p><p>Even without the layoffs, the pressure is mounting. Yang Tu, who works as a class teaching assistant at New Oriental, is affected in every detail. \"Now it is not allowed to post daily homework and tasks in the class group, nor is it allowed to say words like exams and tests, only practice.\"</p><p>According to reporters, New Oriental recently conducted a new round of training for lecturers and teaching assistants, establishing external red lines. These include five categories and 885 keywords, emphasizing avoiding words that violate advertising laws or are suspected of false advertising, such as \"most,\" \"one,\" \"first,\" and \"extreme,\" words related to college entrance examination policies such as \"priority admission\" and \"guaranteed pass,\" exam-related words such as \"past exam questions,\" \"mock exam,\" \"final exam,\" and \"overtaking on a curve,\" competition-related words such as \"competition,\" \"cup competition,\" \"competition,\" and \"strong foundation plan,\" as well as words with emotionally inflammatory properties such as \"score improvement,\" \"anxiety,\" \"pain point,\" \"inertia,\" and \"high score.\" For a time, almost all the promotional rhetoric that online education institutions had frequently used became untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of these young people who have devoted themselves to the education and training industry, pushing them to face dramatic changes in their careers, whether active or passive. Surprisingly, they all hold a positive attitude of extremely supportive of the double reduction policy. Li Qian believes that after these policy changes, the education and training industry is becoming more and more standardized, which is a good thing. Lin Dong also believes that industry rectification is not a bad thing; \"there always has to be a beginning.\"</p><p><img src=\"https://static.tigerbbs.com/bbfc675c870ef94a884f3cbb41f371b3\" tg-width=\"1070\" tg-height=\"952\" referrerpolicy=\"no-referrer\"></p><p><b>Where is the future?</b></p><p>\"Vocational education\". When asked if he would look at education investment again, an investor who previously focused on education gave these four words. However, when pressed by reporters about whether vocational education could catch up with the previous online education market, the investor declined, saying, \"There's not much more to say.\" Another investor told reporters that he had long since stopped paying attention to the industry.</p><p>Others were in high spirits. An institution that provides postgraduate entrance examination training and education has released a recruitment notice, saying the prospects are very bright. However, when the reporter inquired further, the other party did not respond.</p><p>After supplementary teaching training was restricted, holistic education for primary and secondary schools and vocational education for adults became a lifeline. On July 28, Yuanfudao announced the launch of \"Pumpkin Science\" for holistic education. TAL Education Group's adult business segment, \"Qingzhou,\" has integrated multiple businesses such as postgraduate entrance examinations, language training, and studying abroad. According to Gaotu's official website, Gaotu focuses on adult education. ByteDance's Guagualong has also launched a holistic education product, including its art AI system course, as well as programming courses. ByteDance's Xuelang platform has also launched vocational education courses for adults.</p><p>Xiao Xia told the Economic Observer that before the implementation of the double reduction policy, the strategy departments of some education companies were thinking every day about which projects they could transform into. However, \"this is not something the strategy department can solve.\" Now that the internet has entered the existing market, \"they are just starting another business.\"</p><p>One of the most direct problems with transformation is the shrinking market space. The previous industry perception was that K-12 online education had a scale of trillions of yuan, while vocational education and holistic education had a scale of hundreds of billions. Parents are far less willing to pay for holistic education that does not help improve their children's grades than K-12. “Our organizations are no longer good enough for our clients, and our company is no longer good enough for our senior executives and cadres,” Zhang Bangxin said with a hint of tragedy.</p><p>However, even companies like Yuanfudao and Zuoyebang, which were previously valued at tens of billions of dollars, have not had an easy time transforming. The vast majority of their users are elementary school students, but \"after fourth grade, elementary school students face the problem of transitioning from primary to junior high school and rarely put effort into holistic education. In this situation, students' need for holistic education will be weaker,\" said an industry insider who declined to be named.</p><p>Gaotu's official website has labeled it as adult education, and it is now focusing on sub-sectors such as practical English, Japanese, accounting, civil service, teaching, public institution, finance, management, medical exams, financial literacy, postgraduate entrance examinations, CET-4 and CET-6, and IELTS. Gaotu almost \"died\" in 2016. Chen Xiangdong said that if this reform and transformation can be truly implemented, the cash in the account will be enough to survive for 3 to 5 years. However, the new track is also highly competitive. Over the past two months, vocational education and educational technology companies have continuously secured funding.</p><p>\"In the future, the education market will gradually be led by state-led institutions, non-profit organizations, or schools to provide supporting extracurricular services,\" Wang Hai predicted. He added that there will still be room for vocational education and holistic education in the future.</p><p>As dusk falls, the drunkard has sobered up and the people are far away; a storm descends upon the west tower. In any case, the era of rapid growth, with three rounds of financing in one year and a US IPO in five years, is over.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/_OU27RtlNXtRiFiRGKu60g\">TMT新观察</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/163ed3adc55a09c9d94b2c6b648bdf57","relate_stocks":{"GOTU":"高途","TAL":"好未来","EDU":"新东方"},"source_url":"https://mp.weixin.qq.com/s/_OU27RtlNXtRiFiRGKu60g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118636178","content_text":"去年有多火热，今年就有多冰冷。\n7月底到8月初，越来越多在线教育公司裁员消息出现。7月30日，高途发出公开信，创始人陈向东说，再次走到存亡边缘，不得不作出艰难抉择。7月27日，好未来创始人张邦鑫那句略显悲壮的话在朋友圈刷屏：“我们的公司配不上我们的高管和干部了。”\n学而思网校的李倩7月份被辞退后，计划考公务员。新东方仍在上班的杨途正在学习识别新“雷区”，关键词多达885个。做教育个体培训的林冬战战兢兢，她最坏的打算是自己在家教自己孩子。\n8月5日，互联网大公司字节跳动也开始裁员。知情人士告诉经济观察报，字节跳动的大力教育在裁员，赔付方式为N+2，不是整体关停，有的业务没有关停，在做调整。\n记者询问两位此前专注教育赛道的投资人，他们回答说，不想聊这个话题了。久谦中台研究员王海最近走访了很多机构，多数二级投资人已经放弃，将大大减少在教育领域的投资。\n拉勾招聘数据研究院向经济观察报提供的数据显示，自2021年5月起，在线教育人才需求断崖式下跌。同时，处于“已离职，可快速到岗”的在线教育员工比例高达98.5%。\n这是一个行业的集体大撤退。“教育仍然是刚需，但教培不一定是了。”肖夏感慨。他在一家一对一在线教育公司从业3年，在这一波裁员潮前离开这个行业，现在回看，是幸运的选择。\n\n离职转身\n7月5日，一个与往常别无二致的星期一，李倩来到了办公室。她是郑州学而思网校的一名带班班主任，已经正式入职7个月。然而，正当她准备开始新一周的工作时，却惊讶地发现，自己手机与电脑上的工作账号都已被冻结。\n中午，她被学科主任叫到办公室约谈，成为了学而思网校的二轮裁员中，被裁掉的那一批人，裁员理由是“绩效不佳”。没有过多争辩，李倩接受了。她上交了设备、签署了劳动合同解除协议书，没有留恋地离开了这个工作岗位，也彻底离开了教培这个行业。\n虽然嘴上没有争辩，但李倩心中认为，“绩效不佳”的裁员理由并不属实。她的每次考核数据都很不错，最近一次的考核数据也“非常靠前”。而在学而思网校，这样突如其来的裁员并不是个例。李倩告诉记者，早在今年6月，学而思网校就赢来了第一轮大批裁员。7月5日，社交平台上涌现了多个关于学而思第二波大裁员的内容。记者就此向学而思公司询问，截至发稿尚未收到回应。\n被高途裁员的一位员工看着HR桌上厚厚一摞的离职证明，回忆起当初疯狂扩招、工位都不够坐的“鼎盛时期”，不禁在小红书上感叹，“时代的一粒沙，个人身上的一座山”。\n一名掌门教育的程序员7月1日还在小红书发布线上全职教师内推信息，7月28日就迎来了“在线教育行业躲不过的一劫”。有人4月12日在“这就是传说中的神仙公司”豆瓣小组发帖，推荐自己所在的在线教育公司，却在7月19日将帖子标题改为“政策改得已经不神仙了”。一名K12教育机构的HR感慨:“以前的KPI是每个月要招够多少人，现在是每个月要开除多少人，最后为了完成KPI，把自己开除了。”\n7月27日，好未来创始人张邦鑫在公司内部直播上向员工确认:“裁员是肯定会裁员的。”7月29日，掌门创始人张翼在其朋友圈发文称：“不得已送别一些业务的伙伴。”高途创始人陈向东也在公开信表示，不少小伙伴将不得不离开。据晚点报道称，高途1/3的人会离开。\n2021年7月，在招聘平台拉勾上，在线教育行业人才的月度人均登陆频次高达92.8次，是互联网行业的1.85倍。拉勾甚至为此推出了教育行业急速入职周活动，提供10000份面试直通卡，帮他们找新工作。\n大规模裁员，成为在今年连续的政策收紧之下，在线教育逐渐退潮的行业缩影。\n\n潮水退去\n肖夏离开的时候，在线教育行业仍算如日中天，不过，他那时已经看到了不好的迹象。“一对一模式无法规模盈利且获客成本过高，长期难以为继。高途、猿辅导、作业帮仍然是获客成本过高。虽然高途财报已经盈利了，流量获取及转化也日益艰难”。\n李倩所在的郑州学而思网校，今年的经营状况很不理想，“生源少了，今年暑期的续报做得也很艰难，甚至有一些老师带的班级一个续报的人都没有”。\n去年由于疫情，在线教育机构迎来了前所未有的爆发式增长。猿辅导1年内融资4轮，今年估值最高140亿美元。作业帮4月传出上市消息，计划募集至少5亿美元资金。新东方、好未来的股价翻倍。高途被16次做空，股价却在一年内由22美元涨到149美元。现在，一切皆成往事。\n7月24日，《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》政策落地，校外培训和在线教育行业彻底变天。\n“广受市场关注的第一二梯队的公司，受到的打击都很大。投放限制使得现在他们没办法招到足够的学生，只能裁员。”王海告诉经济观察报。\n不过他认为，在线教育走到今天，也不完全是偶然。早在2018年，就出过办学许可证、课内外减负等政策监管线下教育机构。2019年到2020年，在线教育公司经历几轮快速融资，把钱都砸到信息流广告引流，每个季度都有大几十亿的投入。这些投放，灌输了许多焦虑，也无形中增加了家长的教育成本。\n被辞职之前，那位高途员工也对在线教育有过质疑。去年12月，为了实现自己“通过互联网，让教育资源落后的学生，用低廉的成本，享受到和大城市学生一样的教育资源”的理想，她从公立学校辞职，一脚踏入在线教育行业。但从今年年初开始，各机构激烈的价格战、空前的营销力度、对下单率的过度关注却让她开始怀疑，沉迷于“大招”、“秘籍”等短平快上课模式的在线教育行业，是否真的与教育的本质与初衷相符。如今她承认，她为自己的“理想主义”付出了代价。\n今年多项政策出台，在减负政策的推行、对在线教育广告投放的限制、学校假期托管的逐步实行与推广后，在线教育行业开始大撤退。\n王海最近也走访了一些教育行业资深人士，他们普遍认为，这次调控的决心非常大，因为政策的本质是促进消费和增加生育，那些因为教育培训增加的成本其实是没有必要的。\n\n难说再见\n肖夏离职后去了一家互联网大厂，入职几个月后，他适应良好。“互联网行业还比较好找工作，运营、市场、用户增长、设计、销售、产品技术这些，很多工作都是通用的。总有招人的地方”。\n还有不少被辞退的教育从业者，转行去了游戏公司、外卖公司、短视频公司，很多人都提到，以后不再做教育了。\n李倩也是不回来的一员。她给自己放了两个月假，终于能从充满压力的续报业绩中抽离出来放松放松，之后“也许会去考编”。\n在线教育机构的员工们除了授课之外，还具有很强的销售性质，承受着较大的业绩压力，这也是他们产生离开在线教育行业念头的原因之一。\n与普通员工相比，影响更大的是教研和培训教师群体。肖夏之前所在的公司，培训教师数量多达几万名，远比其他员工多。\n林冬之前在新东方、朴新教育等校外培训机构担任讲师，从业10多年。2019年自己单干，做个体培训。对这个行业，她的看法也并不乐观，如果做不下去了，大不了出资料、出书，大不了转行，大不了在家教孩子，反正孩子的一对一课程费也贵，教的话，她就赚钱。\n即使没有被裁员的人，压力也在增加。在新东方担任带班助教的杨途，受到的影响体现在每个细节中，“现在不允许在班级群内发布每天打卡的作业和任务，也不允许说考试、测试一类词，只能说练习”。\n据记者了解，近日，新东方对讲师和助教进行了新一轮培训，设立了对外红线，其中包含5大类与885个关键词，重点强调要避免提到“最”、“一”、“首”、“极”等违反广告法、涉嫌虚假宣传的词汇，“优先入学”、“保过”等涉及升学政策的词汇，“真题”、“模考”、“期末考”、“弯道超车”等考试相关类词汇，“大赛”、“杯赛”、“比赛”、“强基计划”等赛事相关类词汇，以及“提分”、“焦虑”、“痛点”、“惰性”、“高分”等带有情绪煽动性质的词汇。一时间，在线教育机构曾频繁使用的宣传话术，几乎全部成为了无法触碰的雷区。\n双减政策给这群投身教培行业的年轻人的生活，带来了一场地震，推动他们面临或主动、或被动的事业剧变，而奇妙的是，他们对双减政策都抱着极其赞同的正面态度。李倩认为，经过这几次的政策变化，教培行业越来越趋于规范化，是好事。林冬也觉得，行业整顿并不是一件坏事，“总要有一个开头”。\n\n未来何处\n“职业教育”。被问到是否还会再看教育投资时，一位此前专注教育的投资人给出了这样四个字。不过，记者追问职业教育能否接住此前在线教育的盘子时，这位投资人拒绝了，“没啥好说的了。”另一位投资人则告诉记者，早就不关注这个行业了。\n也有人正兴高采烈。一家做考研培训教育的机构发出招聘信息，说前景一片大好。不过记者进一步询问时，对方没有再回应。\n教辅培训被限制后，面向中小学的素质教育和面向成年人的职业教育，成为救命稻草。7月28日，猿辅导宣布做素质教育，上线“南瓜科学”。好未来旗下成人业务板块“轻舟”，已经整合了考研、语培、留学等多项业务。高途公司官网称，高途专注于成人教育。字节跳动旗下的瓜瓜龙也上线了素质教育产品，其美术AI系统课已经上线，此外还有编程课程。字节旗下的学浪平台也推出面向成年人的职业教育课程。\n肖夏告诉经济观察报，双减政策落地之前，一些教育公司的战略部天天在思考能转型做哪些项目。但是，“这个事情也不是战略部能解决的”，在互联网进入存量市场的当下，“他们就当是再次创业了”。\n转型有一个最直接的问题，就是市场空间的缩小。之前的行业认知是，K12在线教育有万亿规模，职业教育和素质教育规模为千亿。对于不能帮助提升孩子成绩的素质教育，家长付费意愿远远没有K12高。“我们这些机构配不上我们的客户了，我们公司也配不上我们的高管和干部了。”张邦鑫略显悲壮的说道。\n不过，即使猿辅导、作业帮等之前估值上百亿美元的公司，也转型不易。他们积累的绝大多数用户都是小学生，但是，“小学生四年级之后，面临小升初问题，很少再在素质教育上下功夫。在这种情况下，学生们对素质教育的需求就会更弱一些。”一位不愿具名的业内人士说。\n高途公司官网已经挂上了成人教育的标签，现在布局实用英语、日语、会计、公务员、教师、事业单位、金融、管理、医疗考试、财商、考研、四六级和雅思等细分赛道。高途在2016年时，曾差点“死掉”，陈向东说，如果这一次的改革和变革能够真正到位，那么账上的现金足够活3年到5年。但新赛道也竞争激烈。过去2个月里，不断有职业教育、教育科技公司等，拿到融资。\n“以后，教育市场会逐步由国家主导的一些机构或非营利性组织或学校来提供配套的课外服务。”王海判断，之后，职业教育和素质教育也还有空间。\n日暮酒醒人已远，满天风雨下西楼。无论怎样，那个1年融资3轮，5年赴美上市的狂飙突进的时代，过去了。","news_type":1,"symbols_score_info":{"GOTU":0.9,"TAL":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":3811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imag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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 Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?","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 highly anticipated \"capital giant\" in the secondary market, Hillhouse Capital's every move is closely watched. On August 17, Beijing time, the U.S. Securities and Exchange Commission (SEC) website showed that Hillhouse Capital submitted its U.S. stock 13F holdings data for the second quarter of 2021. Overall, Hillhouse Capital's portfolio adjustments were quite active in the second quarter, consistent with its previous heavy investment in Chinese concept stocks and focus on life sciences and hard technology. However, the \"new target\" has changed significantly. For example, among the newly established positions in the second quarter, Hillhouse Capital added...<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>Didi Chuxing, etc., received a lot of attention. At the same time, it further bucked the trend and increased its holdings in Chinese concept companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>etc.</p><p><b>Adhere to being the \"top holding\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>Profitable for 11 quarters</b></p><p>According to Hillhouse Capital's 13F filing disclosed in the second quarter, Hillhouse Capital held 89 companies in the US stock market with a total market capitalization of US$9.7 billion. The total market value of its holdings, based on the exchange rate on the afternoon of August 17, was equivalent to RMB 62.865 billion.</p><p>Looking at the top ten holdings, Hillhouse Capital's overall holdings remained largely unchanged in the second quarter. The top ten holdings have a total market value of approximately $6 billion, accounting for 60% of the total holdings. Among them, holdings in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>$1.87 billion remains the company's \"largest holding\". (See Table 1)</p><p>Table 1 Hillhouse Capital's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Data source: Official data</p><p>According to historical holdings data reviewed by a reporter from Red Weekly, Hillhouse Capital, a \"favorite stock,\" has held holdings in BeiGene for 11 consecutive quarters. Hillhouse Capital built a position in BeiGene as early as the fourth quarter of 2018; I increased my holdings in the third quarter of 2019 and have held them ever since.</p><p>During Hillhouse Capital's holding period from 2019 to the end of the second quarter of this year, BeiGene's stock price increased by a cumulative 1.4 times. Hillhouse Capital's holdings in BeiGene have increased from an initial $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1. BeiGene's US stock 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 perspective, BeiGene's latest financial report shows that its performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second-quarter and first-half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately RMB 900 million, an increase of 111% compared to the same period last year. Total product revenue in the first half of the year reached RMB 1.58 billion, an increase of 108% year-on-year.</p><p>It is worth noting that, according to the latest securities firm ratings, BeiGene continues to be \"favored\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintains its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications to the US FDA for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma; 2. The supplementary application for zanubrutinib for second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications has been approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"We will maintain our segment aggregate valuation target price of $417 (compared to the closing price of $280 as of August 16) and provide a 20% capital allocation premium over the company's equity valuation to reflect the company's ample cash (expected to be $3.3 billion by the end of fiscal year 2021) and strong business development capabilities,\" the research report analyzed.</p><p>It is worth noting that among its top ten holdings, Hillhouse Capital's \"new target\" is Airbnb, a homestay platform. As of the end of the second quarter, the company held $320 million in Airbnb, becoming its eighth largest holding. Airbnb's stock price has been adjusting continuously since its IPO last December. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Significant increases in holdings in stocks such as Vipshop and Miniso</b></p><p><b>Competitiveness and valuation advantages may be key factors in increasing holdings.</b></p><p>Among the 89 companies it holds, Hillhouse Capital increased its holdings in 7 companies in the second quarter, and its overall focus is on Chinese concept stocks. Among them, they increased their holdings in Vipshop and Miniso.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, with Vipshop and Miniso seeing the largest increases in holdings, both exceeding 1800%. As of the end of the second quarter, Hillhouse Capital's holdings in Vipshop and Miniso were worth US$179 million and US$117 million, respectively. They rank in the 17th and 19th largest holding queues.</p><p>At the same time, Hillhouse Capital also...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>They will reduce their holdings significantly. Industry insiders say that Hillhouse Capital's secondary market team's continued portfolio adjustments to Chinese concept stocks reflect that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and shifting their positions to the Hong Kong market cannot be ruled out.</p><p>The same situation appears in Jinglin's latest 13F data. According to publicly available information, Jinglin divested itself in the second quarter.<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21st Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison MediPharma</a>Companies such as Beike, Zai Lab, and Hutchison MediPharma are also listed on the Hong Kong Stock Exchange.</p><p>Table 2 Key Stocks Adjusted by Hillhouse Capital 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>Data source: Official data</p><p>Looking at the holdings data, the share prices of the two stocks with the largest increases in Hillhouse Capital's holdings in the second quarter—Vipshop and Miniso—continued to decline. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figures 2 and 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Miniso Stock Price Performance</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 advantages may be an important consideration for Hillhouse Capital in increasing its holdings in related companies. Taking Vipshop as an example, its valuation also declined significantly as its stock price continued to adjust in the second quarter. During the second quarter, Vipshop's valuation was mostly 10 to 20 times, a further decrease compared to 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>The research report stated that compared to TJX (a low-price clothing and home fashion retailer in the United States and around the world), Vipshop's competitive barriers still need time to be recognized by the market, but it has higher growth potential and greater room for growth. Based on TJX's valuation at a discount of 0.8-0.9 times, we believe that Vipshop's reasonable PE ratio in 2021 is 17-20 times, while its current PE ratio is only 11 times. We are giving it a \"buy\" rating for the first time.</p><p>In his view, \"since the strategy of 'returning to flash sales and focusing on high-quality products' was proposed at the end of 2018, profits and cash flow have grown steadily, and the company has sufficient cash on hand. The company can significantly enhance its intrinsic value through reinvestment methods such as share buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies based on scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework is gradually increasing, and Vipshop happens to be on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that its competitive advantages are currently significantly underestimated, and it is expected to grow from a \"small\" business with barriers to entry into a \"large\" business with barriers to entry. Vipshop has a low market share in clearance disposal, and its growth attributes outweigh its cyclical attributes. With increased user retention and engagement, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase holdings in new energy sectors such as XPeng and Nio.</b></p><p>Hillhouse Capital has publicly stated that...<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>In the next two to five years, the company will focus on four major sub-sectors of the technology field: semiconductors, cutting-edge technology, new energy, and smart hardware. It has also called hard technology a \"historic structural investment window of opportunity.\" Judging from the analysis of its portfolio 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 position building in XPeng and Nio in the first quarter of this year, Hillhouse Capital's secondary market team continued to increase its positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of holdings in the two companies was $39 million and $45 million, respectively.</p><p>Sales of new energy vehicles have accelerated further this year. According to Wind data, in June and July this year, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Monthly car sales reached 250,000 and 270,000 units respectively, setting new historical records. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by NIO, as of the end of July, the company's cumulative vehicle sales for the year reached 125,528 units, a year-on-year increase of 153.00%. According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared to the same period last year. (See Figures 5 and 6)</p><p>Figure 5. Cumulative sales of automobiles in Nio</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6. Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other companies that increased their holdings in Hillhouse Capital, whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>With the \"signal\" of Hillhouse Capital's increased holdings, the \"opportunities\" for new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?</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 Capital bought Alibaba at the bottom! Increasing holdings in Nio and XPeng: Has an opportunity arrived for new energy vehicles?\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 highly anticipated \"capital giant\" in the secondary market, Hillhouse Capital's every move is closely watched. On August 17, Beijing time, the U.S. Securities and Exchange Commission (SEC) website showed that Hillhouse Capital submitted its U.S. stock 13F holdings data for the second quarter of 2021. Overall, Hillhouse Capital's portfolio adjustments were quite active in the second quarter, consistent with its previous heavy investment in Chinese concept stocks and focus on life sciences and hard technology. However, the \"new target\" has changed significantly. For example, among the newly established positions in the second quarter, Hillhouse Capital added...<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>Didi Chuxing, etc., received a lot of attention. At the same time, it further bucked the trend and increased its holdings in Chinese concept companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>etc.</p><p><b>Adhere to being the \"top holding\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>Profitable for 11 quarters</b></p><p>According to Hillhouse Capital's 13F filing disclosed in the second quarter, Hillhouse Capital held 89 companies in the US stock market with a total market capitalization of US$9.7 billion. The total market value of its holdings, based on the exchange rate on the afternoon of August 17, was equivalent to RMB 62.865 billion.</p><p>Looking at the top ten holdings, Hillhouse Capital's overall holdings remained largely unchanged in the second quarter. The top ten holdings have a total market value of approximately $6 billion, accounting for 60% of the total holdings. Among them, holdings in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>$1.87 billion remains the company's \"largest holding\". (See Table 1)</p><p>Table 1 Hillhouse Capital's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Data source: Official data</p><p>According to historical holdings data reviewed by a reporter from Red Weekly, Hillhouse Capital, a \"favorite stock,\" has held holdings in BeiGene for 11 consecutive quarters. Hillhouse Capital built a position in BeiGene as early as the fourth quarter of 2018; I increased my holdings in the third quarter of 2019 and have held them ever since.</p><p>During Hillhouse Capital's holding period from 2019 to the end of the second quarter of this year, BeiGene's stock price increased by a cumulative 1.4 times. Hillhouse Capital's holdings in BeiGene have increased from an initial $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1. BeiGene's US stock 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 perspective, BeiGene's latest financial report shows that its performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second-quarter and first-half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately RMB 900 million, an increase of 111% compared to the same period last year. Total product revenue in the first half of the year reached RMB 1.58 billion, an increase of 108% year-on-year.</p><p>It is worth noting that, according to the latest securities firm ratings, BeiGene continues to be \"favored\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintains its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications to the US FDA for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma; 2. The supplementary application for zanubrutinib for second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications has been approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"We will maintain our segment aggregate valuation target price of $417 (compared to the closing price of $280 as of August 16) and provide a 20% capital allocation premium over the company's equity valuation to reflect the company's ample cash (expected to be $3.3 billion by the end of fiscal year 2021) and strong business development capabilities,\" the research report analyzed.</p><p>It is worth noting that among its top ten holdings, Hillhouse Capital's \"new target\" is Airbnb, a homestay platform. As of the end of the second quarter, the company held $320 million in Airbnb, becoming its eighth largest holding. Airbnb's stock price has been adjusting continuously since its IPO last December. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Significant increases in holdings in stocks such as Vipshop and Miniso</b></p><p><b>Competitiveness and valuation advantages may be key factors in increasing holdings.</b></p><p>Among the 89 companies it holds, Hillhouse Capital increased its holdings in 7 companies in the second quarter, and its overall focus is on Chinese concept stocks. Among them, they increased their holdings in Vipshop and Miniso.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, with Vipshop and Miniso seeing the largest increases in holdings, both exceeding 1800%. As of the end of the second quarter, Hillhouse Capital's holdings in Vipshop and Miniso were worth US$179 million and US$117 million, respectively. They rank in the 17th and 19th largest holding queues.</p><p>At the same time, Hillhouse Capital also...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>They will reduce their holdings significantly. Industry insiders say that Hillhouse Capital's secondary market team's continued portfolio adjustments to Chinese concept stocks reflect that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and shifting their positions to the Hong Kong market cannot be ruled out.</p><p>The same situation appears in Jinglin's latest 13F data. According to publicly available information, Jinglin divested itself in the second quarter.<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21st Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison MediPharma</a>Companies such as Beike, Zai Lab, and Hutchison MediPharma are also listed on the Hong Kong Stock Exchange.</p><p>Table 2 Key Stocks Adjusted by Hillhouse Capital 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>Data source: Official data</p><p>Looking at the holdings data, the share prices of the two stocks with the largest increases in Hillhouse Capital's holdings in the second quarter—Vipshop and Miniso—continued to decline. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figures 2 and 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Miniso Stock Price Performance</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 advantages may be an important consideration for Hillhouse Capital in increasing its holdings in related companies. Taking Vipshop as an example, its valuation also declined significantly as its stock price continued to adjust in the second quarter. During the second quarter, Vipshop's valuation was mostly 10 to 20 times, a further decrease compared to 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>The research report stated that compared to TJX (a low-price clothing and home fashion retailer in the United States and around the world), Vipshop's competitive barriers still need time to be recognized by the market, but it has higher growth potential and greater room for growth. Based on TJX's valuation at a discount of 0.8-0.9 times, we believe that Vipshop's reasonable PE ratio in 2021 is 17-20 times, while its current PE ratio is only 11 times. We are giving it a \"buy\" rating for the first time.</p><p>In his view, \"since the strategy of 'returning to flash sales and focusing on high-quality products' was proposed at the end of 2018, profits and cash flow have grown steadily, and the company has sufficient cash on hand. The company can significantly enhance its intrinsic value through reinvestment methods such as share buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies based on scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework is gradually increasing, and Vipshop happens to be on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that its competitive advantages are currently significantly underestimated, and it is expected to grow from a \"small\" business with barriers to entry into a \"large\" business with barriers to entry. Vipshop has a low market share in clearance disposal, and its growth attributes outweigh its cyclical attributes. With increased user retention and engagement, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase holdings in new energy sectors such as XPeng and Nio.</b></p><p>Hillhouse Capital has publicly stated that...<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>In the next two to five years, the company will focus on four major sub-sectors of the technology field: semiconductors, cutting-edge technology, new energy, and smart hardware. It has also called hard technology a \"historic structural investment window of opportunity.\" Judging from the analysis of its portfolio 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 position building in XPeng and Nio in the first quarter of this year, Hillhouse Capital's secondary market team continued to increase its positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of holdings in the two companies was $39 million and $45 million, respectively.</p><p>Sales of new energy vehicles have accelerated further this year. According to Wind data, in June and July this year, China...<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Monthly car sales reached 250,000 and 270,000 units respectively, setting new historical records. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by NIO, as of the end of July, the company's cumulative vehicle sales for the year reached 125,528 units, a year-on-year increase of 153.00%. According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared to the same period last year. (See Figures 5 and 6)</p><p>Figure 5. Cumulative sales of automobiles in Nio</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6. Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other companies that increased their holdings in Hillhouse Capital, whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>With the \"signal\" of Hillhouse Capital's increased holdings, the \"opportunities\" for new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W","BABA":"阿里巴巴","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"XPEV":0.9,"09868":0.9,"BABA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3624,"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,"idStr":"4091103709151600","authorIdStr":"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":"other","language":"zh","title":"Smoore surged over 7%! Previously, CICC had a high forecast of HK$74.","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smoore International</a>It rose more than 7% to HK$42.5. Prior to this,<a href=\"https://laohu8.com/S/601995\">CICC</a>We give Smoore International an \"Overweight\" rating with a target price of HK$74.00.</p><p>According to CICC Research Journal, Smoore International has strong core capabilities and outstanding leading advantages, with its patent system, production capacity, product quality, and customer advantages jointly building solid barriers. Deeply integrated with major global clients, making it difficult to replace competitors, the company's performance continues to grow rapidly. By actively exploring new product categories and businesses, the global leader in atomization has broad growth potential. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium- to long-term investment opportunities. With its strong core advantages, the company has deeply integrated with leading global customers. Other competitors will find it difficult to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increased policy thresholds in many major countries, and its market share is concentrated in the leading companies, reiterating the logic that the strong get 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>Smoore surged over 7%! Previously, CICC had a high forecast of 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\">\nSmoore surged over 7%! Previously, CICC had a high forecast of HK$74.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smoore International</a>It rose more than 7% to HK$42.5. Prior to this,<a href=\"https://laohu8.com/S/601995\">CICC</a>We give Smoore International an \"Overweight\" rating with a target price of HK$74.00.</p><p>According to CICC Research Journal, Smoore International has strong core capabilities and outstanding leading advantages, with its patent system, production capacity, product quality, and customer advantages jointly building solid barriers. Deeply integrated with major global clients, making it difficult to replace competitors, the company's performance continues to grow rapidly. By actively exploring new product categories and businesses, the global leader in atomization has broad growth potential. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium- to long-term investment opportunities. With its strong core advantages, the company has deeply integrated with leading global customers. Other competitors will find it difficult to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increased policy thresholds in many major countries, and its market share is concentrated in the leading companies, reiterating the logic that the strong get 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":3576,"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,"idStr":"4091103709151600","authorIdStr":"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,"idStr":"3441790470779572","authorIdStr":"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 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