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股市幸运姥姥

2021-08-07

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股市幸运姥姥

2021-08-18

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

股市幸运姥姥

2021-08-08

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Online education tide retreats: education and training giants collectively lay off employees, and the era of capital rush ended

股市幸运姥姥

2021-08-18

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

股市幸运姥姥

2021-08-10

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Smore rose by more than 7%! Previously highly regarded by CICC as HK$74

股市幸运姥姥

2021-08-09

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@82号公路:趕在投資大佬前抄底騰訊

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href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","listText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","text":"666//@股市幸运姥姥:666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833775675","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17th, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of Red Weekly consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. Stock Price Performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th was US$280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share price fell by nearly 20%.</p><p><b>Large positions in Vipshop, Miniso and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese stocks as a whole. Among them, Masukura Vipshop, Miniso,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key Adjustment Stocks in the Second Quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock Price Performance of Minchuang Youpin</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-price retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, and it is covered for the first time to give a \"buy\" rating.</p><p>In his view, \"Since the strategy of 'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as repurchase.\"</p><p>The market habits value e-commerce enterprises according to their scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>According to the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>Figure 6 Cumulative sales volume of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17th, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of Red Weekly consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. Stock Price Performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th was US$280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share price fell by nearly 20%.</p><p><b>Large positions in Vipshop, Miniso and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese stocks as a whole. Among them, Masukura Vipshop, Miniso,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key Adjustment Stocks in the Second Quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock Price Performance of Minchuang Youpin</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-price retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, and it is covered for the first time to give a \"buy\" rating.</p><p>In his view, \"Since the strategy of 'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as repurchase.\"</p><p>The market habits value e-commerce enterprises according to their scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>According to the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>Figure 6 Cumulative sales volume of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"BABA":"阿里巴巴","09868":"小鹏汽车-W","XPEV":"小鹏汽车","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"XPEV":0.9,"NIO":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":2125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833772771,"gmtCreate":1629269052993,"gmtModify":1676529985313,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833772771","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17th, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of Red Weekly consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. Stock Price Performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th was US$280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share price fell by nearly 20%.</p><p><b>Large positions in Vipshop, Miniso and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese stocks as a whole. Among them, Masukura Vipshop, Miniso,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key Adjustment Stocks in the Second Quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock Price Performance of Minchuang Youpin</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-price retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, and it is covered for the first time to give a \"buy\" rating.</p><p>In his view, \"Since the strategy of 'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as repurchase.\"</p><p>The market habits value e-commerce enterprises according to their scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>According to the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>Figure 6 Cumulative sales volume of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17th, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of Red Weekly consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. Stock Price Performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th was US$280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share price fell by nearly 20%.</p><p><b>Large positions in Vipshop, Miniso and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese stocks as a whole. Among them, Masukura Vipshop, Miniso,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key Adjustment Stocks in the Second Quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock Price Performance of Minchuang Youpin</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-price retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, and it is covered for the first time to give a \"buy\" rating.</p><p>In his view, \"Since the strategy of 'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as repurchase.\"</p><p>The market habits value e-commerce enterprises according to their scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>According to the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>Figure 6 Cumulative sales volume of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"BABA":"阿里巴巴","09868":"小鹏汽车-W","XPEV":"小鹏汽车","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"XPEV":0.9,"NIO":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":2449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896885471,"gmtCreate":1628569355693,"gmtModify":1703508290987,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896885471","repostId":"1149059031","repostType":4,"repost":{"id":"1149059031","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628562386,"share":"https://ttm.financial/m/news/1149059031?lang=en_US&edition=fundamental","pubTime":"2021-08-10 10:26","market":"hk","language":"zh","title":"Smore rose by more than 7%! Previously highly regarded by CICC as HK$74","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>On August 10,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose by more than 7% to HK$ 42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"Overweight\" rating and a price target of HK$74.00.</p><p>According to the research report of CICC, Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as the global atomization technology leader, and short-term fluctuations may bring medium-and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global head customers, and it is difficult for other competitors to obtain large-scale orders from head customers in the short term. The company's business is mainly export, and it is expected to benefit from the increase of policy thresholds in many major countries for the world, and its share is concentrated in the head, reiterating the logic of the stronger the stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Smore rose by more than 7%! Previously highly regarded by CICC as HK$74</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSmore rose by more than 7%! Previously highly regarded by CICC as HK$74\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 10,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose by more than 7% to HK$ 42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"Overweight\" rating and a price target of HK$74.00.</p><p>According to the research report of CICC, Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as the global atomization technology leader, and short-term fluctuations may bring medium-and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global head customers, and it is difficult for other competitors to obtain large-scale orders from head customers in the short term. The company's business is mainly export, and it is expected to benefit from the increase of policy thresholds in many major countries for the world, and its share is concentrated in the head, reiterating the logic of the stronger the stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"06969":"思摩尔国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149059031","content_text":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客户优势等共筑深厚壁垒；深度绑定全球大客户，竞品替代难度较大，业绩持续快速成长；积极开拓新品类、新业务，全球雾化龙头成长空间广阔。该行坚定看好公司全球雾化科技龙头的领先地位，短期波动或带来中长期投资机遇。公司凭借强大核心优势已深度绑定全球头部客户，其他竞争者短期难以获得头部客户大体量订单，公司业务以出口为主且面向全球有望受益多个主要国家政策门槛提升，份额向头部集中，重申强者愈强逻辑。","news_type":1,"symbols_score_info":{"06969":0.9}},"isVote":1,"tweetType":1,"viewCount":2169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898088713,"gmtCreate":1628460206132,"gmtModify":1703506296152,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898088713","repostId":"893874998","repostType":1,"repost":{"id":893874998,"gmtCreate":1628257709714,"gmtModify":1703504106180,"author":{"id":"3441790470779572","authorId":"3441790470779572","name":"82号公路","avatar":"https://static.tigerbbs.com/3424f666d4b9bee705c100df6d4b1309","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3441790470779572","idStr":"3441790470779572"},"themes":[],"title":"趕在投資大佬前抄底騰訊","htmlText":"（1）前天，在《經濟參考報》一則消息致@<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","listText":"（1）前天，在《經濟參考報》一則消息致@<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","text":"（1）前天，在《經濟參考報》一則消息致@$騰訊控股(00700)$ 大跌的時候，順手買了點企鵝家的股票。說實話，買完之後，自己心裏有些忐忑，畢竟目前對互聯網公司的大環境並不友好。只不過騰訊的估值已經到了近十年的最低點，架不住股價便宜。除了股價便宜，我也一直挺看好這家公司。好多年前，曾經把張小龍的飯否看了個遍，深刻感受到騰訊的產品文化。這點和阿里不太一樣，我的整體感受阿里是一家更擅長於運營的公司。這種區別可能和創始人馬化騰是學計算機出身，而馬雲是文科生有關。這幾年，騰訊的政府關係處理總體保持了低調謹慎，求生欲非常強。這可能和總裁劉熾平不無關係。劉熾平早年在高盛，曾經參與過名噪一時的廣東粵海重組。當時的高盛總裁、後來的美國財長、中國人民的老朋友保爾森對這個年輕人印象深刻。而當年臨危受命，調任廣東處理“粵海”債務問題的，則是WQS，這也是他以“救火隊長”出名的第一戰。20多年前，劉熾平就跟政府、WQS這樣的官員深度打過交道。這種經驗，是很多互聯網公司的高管無法具備的。（2）沒想到當我買完$騰訊控股(00700)$ 後，昨天價值投資大佬、有“中國巴菲特”之稱的段永平也突然出手抄底騰訊。8月4日，段永平在其雪球賬號“大道無形我有型”中寫道，“$騰訊控股(00700)$ 今天買了點，再跌再多買些。”段永平早年創立“小霸王”和“步步高”，很多年輕人可能不知道了。像我這種上了年紀的人，還能清晰地回想起“望子成龍小霸王”、“哪","images":[{"img":"https://static.tigerbbs.com/df59e66f4576b4fe00441432c3831ea5"},{"img":"https://static.tigerbbs.com/a811ccd16d4c7db6d37cff725646d89f"},{"img":"https://static.tigerbbs.com/86f30d4c1628b90c53f977ec6f08b125"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/893874998","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2081,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891802308,"gmtCreate":1628372965004,"gmtModify":1703505401139,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091103709151600","idStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891802308","repostId":"1118636178","repostType":4,"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":"us","language":"zh","title":"Online education tide retreats: education and training giants collectively lay off employees, and the era of capital rush ended","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>How hot it was last year, how cold it is this year.</p><p>From the end of July to the beginning of August, more and more news of layoffs in online education companies emerged. July 30,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Sending an open letter, founder Chen Xiangdong said that he had to make a difficult choice when he was on the verge of survival again. On July 27,<a href=\"https://laohu8.com/S/TAL\">TAL</a>Founder Zhang Bangxin's slightly tragic words swiped the screen in the circle of friends: \"Our company is not worthy of our executives and cadres.\"</p><p>After Li Qian of Xueersi Online School was dismissed in July, she planned to take the civil service exam.<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 was doing individual education training, was trembling. Her worst plan was to teach her children at home.</p><p>On August 5th, ByteDance, a major Internet company, also began to lay off employees. People familiar with the matter told the Economic Observer that ByteDance's vigorous education is laying off employees, and the compensation method is N +2, which is not a whole shutdown. Some businesses have not been shut down and are making adjustments.</p><p>The reporter asked two investors who had previously focused on the education track, and they replied that they didn't want to talk about this topic. Wang Hai, a researcher in Jiuqian Zhongtai, has recently visited many institutions, and most secondary investors have given up, which will greatly reduce their investment in education.</p><p>According to the data provided by Lagou Recruitment Data Research Institute to the Economic Observer, since May 2021, the demand for online education talents has fallen from a cliff. At the same time, the proportion of online education employees who have \"resigned and can arrive quickly\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still an urgent need, but education and training may not be.\" Xiao Xia sighed with emotion. He worked in a one-on-one online education company for 3 years. He left 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>Leaving the job and turning around</b></p><p>On July 5th, a Monday as usual, Li Qian came to the office. She is a class teacher in Zhengzhou Xueersi Online School, and has been officially employed for seven months. However, just as she was about to start a new week's work, she was surprised to find that her mobile phone and computer work accounts had been frozen.</p><p>At noon, she was called to the office by the subject director for an interview, and became the group of people who were laid off in the second round of layoffs of Xueersi Online School. The reason for the layoffs was \"poor performance\". Without much argument, Li Qian accepted. She handed over the equipment, signed the labor contract termination agreement, left this job without nostalgia, and completely left the education and training industry.</p><p>Although there is no argument in his mouth, Li Qian believes in his heart that the reason for layoffs of \"poor performance\" is not true. Her assessment data is very good every time, and the most recent assessment data is \"very high\". In Xueersi Online School, such sudden layoffs are not an exception. Li Qian told reporters that as early as June this year, Xueersi Online School won the first round of a large number of layoffs. On July 5th, a number of content about the second wave of layoffs in Xueersi emerged on social platforms. The reporter asked Xueersi Company about this, and no response has been received as of press time.</p><p>An employee who was laid off by Gaotu looked at the thick stack of resignation certificates on the HR desk, and recalled the \"peak period\" when the enrollment was crazy and there were not enough stations to sit. He couldn't help but sigh in Xiaohongshu, \"A grain of sand in the times, a mountain in the individual\".</p><p>One<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>On July 1st, the programmer also released the internal information of online full-time teachers in Xiaohongshu, and on July 28th, it ushered in a \"catastrophe that the online education industry can't avoid\". On April 12th, someone posted in the Douban group of \"This is the legendary fairy company\", recommending their online education company, but on July 19th, the title of the post was changed to \"The policy has been changed to be no longer fairy\". An HR from a K12 educational institution lamented: \"In the past, the KPI was how many people to recruit every month, but now it is how many people to fire every month. Finally, in order to complete the KPI, I fired myself.\"</p><p>On July 27th, Zhang Bangxin, the founder of TAL, confirmed to employees on the company's internal live broadcast: \"Layoffs will definitely be laid off.\" On July 29th, Zhang Yi, the founder of Head, posted in his circle of friends: \"I have to say goodbye to some business partners.\" Chen Xiangdong, the founder of Gaotu, also said in an open letter that many small partners will have to leave. According to late reports, 1/3 of the people at Gaotu will leave.</p><p>In July 2021, on the recruitment platform Lagou, the monthly per capita landing frequency of talents in the online education industry was as high as 92.8 times, 1.85 times that of the Internet industry. Lagou even launched a rapid onboarding week in the education industry, providing 10,000 interview pass cards to help them find new jobs.</p><p>Large-scale layoffs have become the epitome of the industry that online education has gradually ebbed under the 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 at its peak, but he had already seen bad signs by then. \"The one-to-one model can't be profitable on a scale and the customer acquisition cost is too high, which is unsustainable for a long time. Gaotu, ape counseling and homework help are still too expensive to acquire customers. Although Gaotu financial report has been profitable, traffic acquisition and conversion are becoming increasingly difficult\".</p><p>The business situation of Zhengzhou Xueersi Online School, where Li Qian is located, is very unsatisfactory this year. \"There are fewer students, and it is very difficult to renew the report this summer. Even some classes led by teachers don't have a single renewal report\".</p><p>Last year, online educational institutions saw an unprecedented explosion of growth due to the pandemic. Ape counseling raised 4 rounds of financing in one year, with a maximum valuation of $14 billion this year. Homework news came out of the listing in April, and plans to raise at least $500 million. New Oriental, TAL shares doubled. Gaotu was shorted 16 times, but its share price rose from $22 to $149 in a year. Now, everything is a thing of the past.</p><p>On July 24th, the policy of \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" landed, and the off-campus training and online education industry completely changed.</p><p>\"Companies in the first and second echelons, which have attracted widespread attention from the market, have been hit hard. Placement restrictions have made it impossible for them to recruit enough students now, so they have to lay off employees,\" Wang Hai told the Economic Observer.</p><p>However, he believes that it is not entirely accidental that online education has reached today. As early as 2018, policies such as school licenses and burden reduction in and out of class were issued to supervise offline educational institutions. From 2019 to 2020, online education companies experienced several rounds of rapid financing, throwing all their money into information flow advertising, and investing billions of dollars every quarter. These deliveries instill a lot of anxiety, and also invisibly increase the cost of education for parents.</p><p>Before his resignation, the Gaotu employee also questioned online education. In December last year, in order to realize her ideal of \"letting students with backward educational resources enjoy the same educational resources as students in big cities at a low cost through the Internet\", she resigned from public schools and set foot in the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts and excessive attention to the order rate of various institutions have made her wonder whether the online education industry, which is addicted to short and fast classes such as \"big moves\" and \"cheats\", is really consistent with the essence and original intention of education. Now she admits that she paid the price for her \"idealism\".</p><p>A number of policies were introduced this year. After the implementation of the burden reduction policy, the restriction on online education advertising, and the gradual implementation and promotion of school holiday custody, the online education industry began to retreat.</p><p>Wang Hai also recently visited some senior people in the education industry. They generally believe that the determination of this regulation is very great, because the essence of the policy is to promote consumption and increase fertility, and those 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>Hard to say goodbye</b></p><p>After leaving Xiao Xia, he went to a big Internet company. After joining the company for a few months, he adapted well. \"The Internet industry is still easier to find jobs, such as operation, marketing, user growth, design, sales and product technology. Many jobs are universal. There is always a place to recruit people\".</p><p>There are also many dismissed education practitioners who have changed careers to game companies, take-out companies and short video companies. Many people have mentioned that they will no longer do education in the future.</p><p>Li Qian is also one of the members who won't come back. She gave herself two months off, and finally was able to relax from the stressful renewal of her performance, and then \"maybe go to the exam\".</p><p>In addition to teaching classes, the employees of online education institutions also have a strong sales nature and are under great performance pressure, which is one of the reasons why they have the idea of leaving the online education industry.</p><p>Compared with ordinary employees, it is the teaching research and training teachers who have a greater influence. Xiao Xia's previous company had trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong worked in New Oriental before,<a href=\"https://laohu8.com/S/NEW\">Pu Xin Education</a>He has served as a lecturer in off-campus training institutions for more than 10 years. Go it alone in 2019 and do individual training. Her views on this industry are not optimistic either. If she can't continue, she will produce materials and books, change careers, and teach children at home. Anyway, the one-on-one course fee for children is expensive. If she teaches, she will make money.</p><p>Even without the people who have been laid off, the pressure is increasing. Yang Tu, who serves as a teaching assistant in New Oriental, is affected in every detail. \"Now it is not allowed to publish homework and tasks that punch in every day in the class group, nor is it allowed to say words such as exams and tests, but only practice\".</p><p>According to the reporter's understanding, recently, New Oriental has conducted a new round of training for lecturers and teaching assistants, and set up an external red line, which includes five categories and 885 keywords, emphasizing the need to avoid mentioning words such as \"most\", \"one\", \"first\" and \"extreme\" that violate the advertising law and are suspected of false propaganda, words such as \"priority enrollment\" and \"guarantee\" that involve the policy of further education, words related to exams such as \"real questions\", \"mock exams\", \"final exams\" and \"overtaking in corners\", words related to events such as \"competition\", \"cup\", \"competition\" and \"strong foundation plan\", and words with emotional incitement such as \"score improvement\", \"anxiety\", \"pain point\", \"inertia\" and \"high score\". For a time, almost all the propaganda techniques frequently used by online educational institutions have become untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of this group of young people who have joined the education and training industry, pushing them to face drastic changes in their careers, either actively or passively. Wonderfully, they all hold a positive attitude towards 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 feels that industry rectification is not a bad thing, \"there must always 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 whether he would look at education investment again, an investor who had previously focused on education gave these four words. However, when the reporter asked whether vocational education could catch the plate of previous online education, the investor refused. \"There is nothing else to say.\" Another investor told the reporter that he had long stopped paying attention to this industry.</p><p>Others are in high spirits. An institution that does postgraduate entrance examination training and education sent out a recruitment message, saying that the prospects are bright. However, when the reporter asked further, the other party did not respond.</p><p>After the training of auxiliary teachers was restricted, quality education for primary and secondary schools and vocational education for adults became life-saving straws. On July 28th, Ape Counseling announced quality education and launched \"Pumpkin Science\". TAL's adult business segment \"Qingzhou\" has integrated a number of businesses such as postgraduate entrance examination, language training and study abroad. Gaotu focuses on adult education, according to Gaotu's official website. Guagualong, a subsidiary of ByteDance, has also launched quality education products, and its art AI system class has been launched, in addition to programming courses. Byte's Xuelang platform also launches vocational education courses for adults.</p><p>Xiao Xia told the Economic Observer that before the double reduction policy landed, the strategy departments of some education companies were thinking about what projects they could transform every day. However, \"this matter can't be solved by the strategy department\". At the moment when the Internet enters the stock market, \"they will start a business again\".</p><p>One of the most direct problems in transformation is the shrinking of market space. The previous industry perception is that K12 online education has a scale of trillion yuan, and vocational education and quality education have a scale of 100 billion yuan. For quality education that can't help improve children's grades, parents' willingness to pay is far less than K12. \"Our organizations are not worthy of our customers, and our company is not worthy of our executives and cadres.\" Zhang Bangxin said with a tragic expression.</p><p>However, even companies previously valued at tens of billions of dollars, such as ape counseling and homework help, are not easy to transform. The vast majority of their users are primary school students. However, \"after the fourth grade, primary school students are faced with the problem of promoting to junior high school, and they rarely work hard on quality education. Under such circumstances, students' demand for quality education will be weaker,\" said an industry insider, who did not want to be named.</p><p>Official website of Gaotu Company has been labeled as adult education, and now it lays out sub-tracks such as practical English, Japanese, accounting, civil servants, teachers, public institutions, finance, management, medical examination, finance and commerce, postgraduate entrance examination, CET-4 and CET-6 and IELTS. In 2016, Gao Tu almost \"died\". Chen Xiangdong said that if this reform and change can be really put in place, then the cash on the account will be enough to live for three to five years. But the new track is also highly competitive. In the past two months, vocational education, education technology companies, etc. have been getting financing.</p><p>\"In the future, the education market will gradually be provided by some state-led institutions or non-profit organizations or schools to provide supporting extracurricular services.\" Wang Hai judged that there would still be room for vocational education and quality education in the future.</p><p>At dusk, people are far away from wine, and the sky is full of wind and rain down the west building. In any case, the era of three rounds of financing in one year and five years of listing in the United States has passed.</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>Online education tide retreats: education and training giants collectively lay off employees, and the era of capital rush ended</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\">\nOnline education tide retreats: education and training giants collectively lay off employees, and the era of capital rush ended\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>How hot it was last year, how cold it is this year.</p><p>From the end of July to the beginning of August, more and more news of layoffs in online education companies emerged. July 30,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Sending an open letter, founder Chen Xiangdong said that he had to make a difficult choice when he was on the verge of survival again. On July 27,<a href=\"https://laohu8.com/S/TAL\">TAL</a>Founder Zhang Bangxin's slightly tragic words swiped the screen in the circle of friends: \"Our company is not worthy of our executives and cadres.\"</p><p>After Li Qian of Xueersi Online School was dismissed in July, she planned to take the civil service exam.<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 was doing individual education training, was trembling. Her worst plan was to teach her children at home.</p><p>On August 5th, ByteDance, a major Internet company, also began to lay off employees. People familiar with the matter told the Economic Observer that ByteDance's vigorous education is laying off employees, and the compensation method is N +2, which is not a whole shutdown. Some businesses have not been shut down and are making adjustments.</p><p>The reporter asked two investors who had previously focused on the education track, and they replied that they didn't want to talk about this topic. Wang Hai, a researcher in Jiuqian Zhongtai, has recently visited many institutions, and most secondary investors have given up, which will greatly reduce their investment in education.</p><p>According to the data provided by Lagou Recruitment Data Research Institute to the Economic Observer, since May 2021, the demand for online education talents has fallen from a cliff. At the same time, the proportion of online education employees who have \"resigned and can arrive quickly\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still an urgent need, but education and training may not be.\" Xiao Xia sighed with emotion. He worked in a one-on-one online education company for 3 years. He left 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>Leaving the job and turning around</b></p><p>On July 5th, a Monday as usual, Li Qian came to the office. She is a class teacher in Zhengzhou Xueersi Online School, and has been officially employed for seven months. However, just as she was about to start a new week's work, she was surprised to find that her mobile phone and computer work accounts had been frozen.</p><p>At noon, she was called to the office by the subject director for an interview, and became the group of people who were laid off in the second round of layoffs of Xueersi Online School. The reason for the layoffs was \"poor performance\". Without much argument, Li Qian accepted. She handed over the equipment, signed the labor contract termination agreement, left this job without nostalgia, and completely left the education and training industry.</p><p>Although there is no argument in his mouth, Li Qian believes in his heart that the reason for layoffs of \"poor performance\" is not true. Her assessment data is very good every time, and the most recent assessment data is \"very high\". In Xueersi Online School, such sudden layoffs are not an exception. Li Qian told reporters that as early as June this year, Xueersi Online School won the first round of a large number of layoffs. On July 5th, a number of content about the second wave of layoffs in Xueersi emerged on social platforms. The reporter asked Xueersi Company about this, and no response has been received as of press time.</p><p>An employee who was laid off by Gaotu looked at the thick stack of resignation certificates on the HR desk, and recalled the \"peak period\" when the enrollment was crazy and there were not enough stations to sit. He couldn't help but sigh in Xiaohongshu, \"A grain of sand in the times, a mountain in the individual\".</p><p>One<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>On July 1st, the programmer also released the internal information of online full-time teachers in Xiaohongshu, and on July 28th, it ushered in a \"catastrophe that the online education industry can't avoid\". On April 12th, someone posted in the Douban group of \"This is the legendary fairy company\", recommending their online education company, but on July 19th, the title of the post was changed to \"The policy has been changed to be no longer fairy\". An HR from a K12 educational institution lamented: \"In the past, the KPI was how many people to recruit every month, but now it is how many people to fire every month. Finally, in order to complete the KPI, I fired myself.\"</p><p>On July 27th, Zhang Bangxin, the founder of TAL, confirmed to employees on the company's internal live broadcast: \"Layoffs will definitely be laid off.\" On July 29th, Zhang Yi, the founder of Head, posted in his circle of friends: \"I have to say goodbye to some business partners.\" Chen Xiangdong, the founder of Gaotu, also said in an open letter that many small partners will have to leave. According to late reports, 1/3 of the people at Gaotu will leave.</p><p>In July 2021, on the recruitment platform Lagou, the monthly per capita landing frequency of talents in the online education industry was as high as 92.8 times, 1.85 times that of the Internet industry. Lagou even launched a rapid onboarding week in the education industry, providing 10,000 interview pass cards to help them find new jobs.</p><p>Large-scale layoffs have become the epitome of the industry that online education has gradually ebbed under the 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 at its peak, but he had already seen bad signs by then. \"The one-to-one model can't be profitable on a scale and the customer acquisition cost is too high, which is unsustainable for a long time. Gaotu, ape counseling and homework help are still too expensive to acquire customers. Although Gaotu financial report has been profitable, traffic acquisition and conversion are becoming increasingly difficult\".</p><p>The business situation of Zhengzhou Xueersi Online School, where Li Qian is located, is very unsatisfactory this year. \"There are fewer students, and it is very difficult to renew the report this summer. Even some classes led by teachers don't have a single renewal report\".</p><p>Last year, online educational institutions saw an unprecedented explosion of growth due to the pandemic. Ape counseling raised 4 rounds of financing in one year, with a maximum valuation of $14 billion this year. Homework news came out of the listing in April, and plans to raise at least $500 million. New Oriental, TAL shares doubled. Gaotu was shorted 16 times, but its share price rose from $22 to $149 in a year. Now, everything is a thing of the past.</p><p>On July 24th, the policy of \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" landed, and the off-campus training and online education industry completely changed.</p><p>\"Companies in the first and second echelons, which have attracted widespread attention from the market, have been hit hard. Placement restrictions have made it impossible for them to recruit enough students now, so they have to lay off employees,\" Wang Hai told the Economic Observer.</p><p>However, he believes that it is not entirely accidental that online education has reached today. As early as 2018, policies such as school licenses and burden reduction in and out of class were issued to supervise offline educational institutions. From 2019 to 2020, online education companies experienced several rounds of rapid financing, throwing all their money into information flow advertising, and investing billions of dollars every quarter. These deliveries instill a lot of anxiety, and also invisibly increase the cost of education for parents.</p><p>Before his resignation, the Gaotu employee also questioned online education. In December last year, in order to realize her ideal of \"letting students with backward educational resources enjoy the same educational resources as students in big cities at a low cost through the Internet\", she resigned from public schools and set foot in the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts and excessive attention to the order rate of various institutions have made her wonder whether the online education industry, which is addicted to short and fast classes such as \"big moves\" and \"cheats\", is really consistent with the essence and original intention of education. Now she admits that she paid the price for her \"idealism\".</p><p>A number of policies were introduced this year. After the implementation of the burden reduction policy, the restriction on online education advertising, and the gradual implementation and promotion of school holiday custody, the online education industry began to retreat.</p><p>Wang Hai also recently visited some senior people in the education industry. They generally believe that the determination of this regulation is very great, because the essence of the policy is to promote consumption and increase fertility, and those 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>Hard to say goodbye</b></p><p>After leaving Xiao Xia, he went to a big Internet company. After joining the company for a few months, he adapted well. \"The Internet industry is still easier to find jobs, such as operation, marketing, user growth, design, sales and product technology. Many jobs are universal. There is always a place to recruit people\".</p><p>There are also many dismissed education practitioners who have changed careers to game companies, take-out companies and short video companies. Many people have mentioned that they will no longer do education in the future.</p><p>Li Qian is also one of the members who won't come back. She gave herself two months off, and finally was able to relax from the stressful renewal of her performance, and then \"maybe go to the exam\".</p><p>In addition to teaching classes, the employees of online education institutions also have a strong sales nature and are under great performance pressure, which is one of the reasons why they have the idea of leaving the online education industry.</p><p>Compared with ordinary employees, it is the teaching research and training teachers who have a greater influence. Xiao Xia's previous company had trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong worked in New Oriental before,<a href=\"https://laohu8.com/S/NEW\">Pu Xin Education</a>He has served as a lecturer in off-campus training institutions for more than 10 years. Go it alone in 2019 and do individual training. Her views on this industry are not optimistic either. If she can't continue, she will produce materials and books, change careers, and teach children at home. Anyway, the one-on-one course fee for children is expensive. If she teaches, she will make money.</p><p>Even without the people who have been laid off, the pressure is increasing. Yang Tu, who serves as a teaching assistant in New Oriental, is affected in every detail. \"Now it is not allowed to publish homework and tasks that punch in every day in the class group, nor is it allowed to say words such as exams and tests, but only practice\".</p><p>According to the reporter's understanding, recently, New Oriental has conducted a new round of training for lecturers and teaching assistants, and set up an external red line, which includes five categories and 885 keywords, emphasizing the need to avoid mentioning words such as \"most\", \"one\", \"first\" and \"extreme\" that violate the advertising law and are suspected of false propaganda, words such as \"priority enrollment\" and \"guarantee\" that involve the policy of further education, words related to exams such as \"real questions\", \"mock exams\", \"final exams\" and \"overtaking in corners\", words related to events such as \"competition\", \"cup\", \"competition\" and \"strong foundation plan\", and words with emotional incitement such as \"score improvement\", \"anxiety\", \"pain point\", \"inertia\" and \"high score\". For a time, almost all the propaganda techniques frequently used by online educational institutions have become untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of this group of young people who have joined the education and training industry, pushing them to face drastic changes in their careers, either actively or passively. Wonderfully, they all hold a positive attitude towards 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 feels that industry rectification is not a bad thing, \"there must always 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 whether he would look at education investment again, an investor who had previously focused on education gave these four words. However, when the reporter asked whether vocational education could catch the plate of previous online education, the investor refused. \"There is nothing else to say.\" Another investor told the reporter that he had long stopped paying attention to this industry.</p><p>Others are in high spirits. An institution that does postgraduate entrance examination training and education sent out a recruitment message, saying that the prospects are bright. However, when the reporter asked further, the other party did not respond.</p><p>After the training of auxiliary teachers was restricted, quality education for primary and secondary schools and vocational education for adults became life-saving straws. On July 28th, Ape Counseling announced quality education and launched \"Pumpkin Science\". TAL's adult business segment \"Qingzhou\" has integrated a number of businesses such as postgraduate entrance examination, language training and study abroad. Gaotu focuses on adult education, according to Gaotu's official website. Guagualong, a subsidiary of ByteDance, has also launched quality education products, and its art AI system class has been launched, in addition to programming courses. Byte's Xuelang platform also launches vocational education courses for adults.</p><p>Xiao Xia told the Economic Observer that before the double reduction policy landed, the strategy departments of some education companies were thinking about what projects they could transform every day. However, \"this matter can't be solved by the strategy department\". At the moment when the Internet enters the stock market, \"they will start a business again\".</p><p>One of the most direct problems in transformation is the shrinking of market space. The previous industry perception is that K12 online education has a scale of trillion yuan, and vocational education and quality education have a scale of 100 billion yuan. For quality education that can't help improve children's grades, parents' willingness to pay is far less than K12. \"Our organizations are not worthy of our customers, and our company is not worthy of our executives and cadres.\" Zhang Bangxin said with a tragic expression.</p><p>However, even companies previously valued at tens of billions of dollars, such as ape counseling and homework help, are not easy to transform. The vast majority of their users are primary school students. However, \"after the fourth grade, primary school students are faced with the problem of promoting to junior high school, and they rarely work hard on quality education. Under such circumstances, students' demand for quality education will be weaker,\" said an industry insider, who did not want to be named.</p><p>Official website of Gaotu Company has been labeled as adult education, and now it lays out sub-tracks such as practical English, Japanese, accounting, civil servants, teachers, public institutions, finance, management, medical examination, finance and commerce, postgraduate entrance examination, CET-4 and CET-6 and IELTS. In 2016, Gao Tu almost \"died\". Chen Xiangdong said that if this reform and change can be really put in place, then the cash on the account will be enough to live for three to five years. But the new track is also highly competitive. In the past two months, vocational education, education technology companies, etc. have been getting financing.</p><p>\"In the future, the education market will gradually be provided by some state-led institutions or non-profit organizations or schools to provide supporting extracurricular services.\" Wang Hai judged that there would still be room for vocational education and quality education in the future.</p><p>At dusk, people are far away from wine, and the sky is full of wind and rain down the west building. In any case, the era of three rounds of financing in one year and five years of listing in the United States has passed.</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":{"TAL":"好未来","GOTU":"高途","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":{"TAL":0.9,"GOTU":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":2137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imag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08:35","market":"us","language":"zh","title":"Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17th, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of Red Weekly consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. Stock Price Performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th was US$280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share price fell by nearly 20%.</p><p><b>Large positions in Vipshop, Miniso and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese stocks as a whole. Among them, Masukura Vipshop, Miniso,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key Adjustment Stocks in the Second Quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock Price Performance of Minchuang Youpin</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-price retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, and it is covered for the first time to give a \"buy\" rating.</p><p>In his view, \"Since the strategy of 'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as repurchase.\"</p><p>The market habits value e-commerce enterprises according to their scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>According to the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>Figure 6 Cumulative sales volume of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17th, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of Red Weekly consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. Stock Price Performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th was US$280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share price fell by nearly 20%.</p><p><b>Large positions in Vipshop, Miniso and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese stocks as a whole. Among them, Masukura Vipshop, Miniso,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key Adjustment Stocks in the Second Quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock Price Performance of Minchuang Youpin</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-price retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, and it is covered for the first time to give a \"buy\" rating.</p><p>In his view, \"Since the strategy of 'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as repurchase.\"</p><p>The market habits value e-commerce enterprises according to their scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>According to the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>Figure 6 Cumulative sales volume of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"BABA":"阿里巴巴","09868":"小鹏汽车-W","XPEV":"小鹏汽车","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"XPEV":0.9,"NIO":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":2449,"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":[],"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":"us","language":"zh","title":"Online education tide retreats: education and training giants collectively lay off employees, and the era of capital rush ended","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>How hot it was last year, how cold it is this year.</p><p>From the end of July to the beginning of August, more and more news of layoffs in online education companies emerged. July 30,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Sending an open letter, founder Chen Xiangdong said that he had to make a difficult choice when he was on the verge of survival again. On July 27,<a href=\"https://laohu8.com/S/TAL\">TAL</a>Founder Zhang Bangxin's slightly tragic words swiped the screen in the circle of friends: \"Our company is not worthy of our executives and cadres.\"</p><p>After Li Qian of Xueersi Online School was dismissed in July, she planned to take the civil service exam.<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 was doing individual education training, was trembling. Her worst plan was to teach her children at home.</p><p>On August 5th, ByteDance, a major Internet company, also began to lay off employees. People familiar with the matter told the Economic Observer that ByteDance's vigorous education is laying off employees, and the compensation method is N +2, which is not a whole shutdown. Some businesses have not been shut down and are making adjustments.</p><p>The reporter asked two investors who had previously focused on the education track, and they replied that they didn't want to talk about this topic. Wang Hai, a researcher in Jiuqian Zhongtai, has recently visited many institutions, and most secondary investors have given up, which will greatly reduce their investment in education.</p><p>According to the data provided by Lagou Recruitment Data Research Institute to the Economic Observer, since May 2021, the demand for online education talents has fallen from a cliff. At the same time, the proportion of online education employees who have \"resigned and can arrive quickly\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still an urgent need, but education and training may not be.\" Xiao Xia sighed with emotion. He worked in a one-on-one online education company for 3 years. He left 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>Leaving the job and turning around</b></p><p>On July 5th, a Monday as usual, Li Qian came to the office. She is a class teacher in Zhengzhou Xueersi Online School, and has been officially employed for seven months. However, just as she was about to start a new week's work, she was surprised to find that her mobile phone and computer work accounts had been frozen.</p><p>At noon, she was called to the office by the subject director for an interview, and became the group of people who were laid off in the second round of layoffs of Xueersi Online School. The reason for the layoffs was \"poor performance\". Without much argument, Li Qian accepted. She handed over the equipment, signed the labor contract termination agreement, left this job without nostalgia, and completely left the education and training industry.</p><p>Although there is no argument in his mouth, Li Qian believes in his heart that the reason for layoffs of \"poor performance\" is not true. Her assessment data is very good every time, and the most recent assessment data is \"very high\". In Xueersi Online School, such sudden layoffs are not an exception. Li Qian told reporters that as early as June this year, Xueersi Online School won the first round of a large number of layoffs. On July 5th, a number of content about the second wave of layoffs in Xueersi emerged on social platforms. The reporter asked Xueersi Company about this, and no response has been received as of press time.</p><p>An employee who was laid off by Gaotu looked at the thick stack of resignation certificates on the HR desk, and recalled the \"peak period\" when the enrollment was crazy and there were not enough stations to sit. He couldn't help but sigh in Xiaohongshu, \"A grain of sand in the times, a mountain in the individual\".</p><p>One<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>On July 1st, the programmer also released the internal information of online full-time teachers in Xiaohongshu, and on July 28th, it ushered in a \"catastrophe that the online education industry can't avoid\". On April 12th, someone posted in the Douban group of \"This is the legendary fairy company\", recommending their online education company, but on July 19th, the title of the post was changed to \"The policy has been changed to be no longer fairy\". An HR from a K12 educational institution lamented: \"In the past, the KPI was how many people to recruit every month, but now it is how many people to fire every month. Finally, in order to complete the KPI, I fired myself.\"</p><p>On July 27th, Zhang Bangxin, the founder of TAL, confirmed to employees on the company's internal live broadcast: \"Layoffs will definitely be laid off.\" On July 29th, Zhang Yi, the founder of Head, posted in his circle of friends: \"I have to say goodbye to some business partners.\" Chen Xiangdong, the founder of Gaotu, also said in an open letter that many small partners will have to leave. According to late reports, 1/3 of the people at Gaotu will leave.</p><p>In July 2021, on the recruitment platform Lagou, the monthly per capita landing frequency of talents in the online education industry was as high as 92.8 times, 1.85 times that of the Internet industry. Lagou even launched a rapid onboarding week in the education industry, providing 10,000 interview pass cards to help them find new jobs.</p><p>Large-scale layoffs have become the epitome of the industry that online education has gradually ebbed under the 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 at its peak, but he had already seen bad signs by then. \"The one-to-one model can't be profitable on a scale and the customer acquisition cost is too high, which is unsustainable for a long time. Gaotu, ape counseling and homework help are still too expensive to acquire customers. Although Gaotu financial report has been profitable, traffic acquisition and conversion are becoming increasingly difficult\".</p><p>The business situation of Zhengzhou Xueersi Online School, where Li Qian is located, is very unsatisfactory this year. \"There are fewer students, and it is very difficult to renew the report this summer. Even some classes led by teachers don't have a single renewal report\".</p><p>Last year, online educational institutions saw an unprecedented explosion of growth due to the pandemic. Ape counseling raised 4 rounds of financing in one year, with a maximum valuation of $14 billion this year. Homework news came out of the listing in April, and plans to raise at least $500 million. New Oriental, TAL shares doubled. Gaotu was shorted 16 times, but its share price rose from $22 to $149 in a year. Now, everything is a thing of the past.</p><p>On July 24th, the policy of \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" landed, and the off-campus training and online education industry completely changed.</p><p>\"Companies in the first and second echelons, which have attracted widespread attention from the market, have been hit hard. Placement restrictions have made it impossible for them to recruit enough students now, so they have to lay off employees,\" Wang Hai told the Economic Observer.</p><p>However, he believes that it is not entirely accidental that online education has reached today. As early as 2018, policies such as school licenses and burden reduction in and out of class were issued to supervise offline educational institutions. From 2019 to 2020, online education companies experienced several rounds of rapid financing, throwing all their money into information flow advertising, and investing billions of dollars every quarter. These deliveries instill a lot of anxiety, and also invisibly increase the cost of education for parents.</p><p>Before his resignation, the Gaotu employee also questioned online education. In December last year, in order to realize her ideal of \"letting students with backward educational resources enjoy the same educational resources as students in big cities at a low cost through the Internet\", she resigned from public schools and set foot in the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts and excessive attention to the order rate of various institutions have made her wonder whether the online education industry, which is addicted to short and fast classes such as \"big moves\" and \"cheats\", is really consistent with the essence and original intention of education. Now she admits that she paid the price for her \"idealism\".</p><p>A number of policies were introduced this year. After the implementation of the burden reduction policy, the restriction on online education advertising, and the gradual implementation and promotion of school holiday custody, the online education industry began to retreat.</p><p>Wang Hai also recently visited some senior people in the education industry. They generally believe that the determination of this regulation is very great, because the essence of the policy is to promote consumption and increase fertility, and those 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>Hard to say goodbye</b></p><p>After leaving Xiao Xia, he went to a big Internet company. After joining the company for a few months, he adapted well. \"The Internet industry is still easier to find jobs, such as operation, marketing, user growth, design, sales and product technology. Many jobs are universal. There is always a place to recruit people\".</p><p>There are also many dismissed education practitioners who have changed careers to game companies, take-out companies and short video companies. Many people have mentioned that they will no longer do education in the future.</p><p>Li Qian is also one of the members who won't come back. She gave herself two months off, and finally was able to relax from the stressful renewal of her performance, and then \"maybe go to the exam\".</p><p>In addition to teaching classes, the employees of online education institutions also have a strong sales nature and are under great performance pressure, which is one of the reasons why they have the idea of leaving the online education industry.</p><p>Compared with ordinary employees, it is the teaching research and training teachers who have a greater influence. Xiao Xia's previous company had trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong worked in New Oriental before,<a href=\"https://laohu8.com/S/NEW\">Pu Xin Education</a>He has served as a lecturer in off-campus training institutions for more than 10 years. Go it alone in 2019 and do individual training. Her views on this industry are not optimistic either. If she can't continue, she will produce materials and books, change careers, and teach children at home. Anyway, the one-on-one course fee for children is expensive. If she teaches, she will make money.</p><p>Even without the people who have been laid off, the pressure is increasing. Yang Tu, who serves as a teaching assistant in New Oriental, is affected in every detail. \"Now it is not allowed to publish homework and tasks that punch in every day in the class group, nor is it allowed to say words such as exams and tests, but only practice\".</p><p>According to the reporter's understanding, recently, New Oriental has conducted a new round of training for lecturers and teaching assistants, and set up an external red line, which includes five categories and 885 keywords, emphasizing the need to avoid mentioning words such as \"most\", \"one\", \"first\" and \"extreme\" that violate the advertising law and are suspected of false propaganda, words such as \"priority enrollment\" and \"guarantee\" that involve the policy of further education, words related to exams such as \"real questions\", \"mock exams\", \"final exams\" and \"overtaking in corners\", words related to events such as \"competition\", \"cup\", \"competition\" and \"strong foundation plan\", and words with emotional incitement such as \"score improvement\", \"anxiety\", \"pain point\", \"inertia\" and \"high score\". For a time, almost all the propaganda techniques frequently used by online educational institutions have become untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of this group of young people who have joined the education and training industry, pushing them to face drastic changes in their careers, either actively or passively. Wonderfully, they all hold a positive attitude towards 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 feels that industry rectification is not a bad thing, \"there must always 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 whether he would look at education investment again, an investor who had previously focused on education gave these four words. However, when the reporter asked whether vocational education could catch the plate of previous online education, the investor refused. \"There is nothing else to say.\" Another investor told the reporter that he had long stopped paying attention to this industry.</p><p>Others are in high spirits. An institution that does postgraduate entrance examination training and education sent out a recruitment message, saying that the prospects are bright. However, when the reporter asked further, the other party did not respond.</p><p>After the training of auxiliary teachers was restricted, quality education for primary and secondary schools and vocational education for adults became life-saving straws. On July 28th, Ape Counseling announced quality education and launched \"Pumpkin Science\". TAL's adult business segment \"Qingzhou\" has integrated a number of businesses such as postgraduate entrance examination, language training and study abroad. Gaotu focuses on adult education, according to Gaotu's official website. Guagualong, a subsidiary of ByteDance, has also launched quality education products, and its art AI system class has been launched, in addition to programming courses. Byte's Xuelang platform also launches vocational education courses for adults.</p><p>Xiao Xia told the Economic Observer that before the double reduction policy landed, the strategy departments of some education companies were thinking about what projects they could transform every day. However, \"this matter can't be solved by the strategy department\". At the moment when the Internet enters the stock market, \"they will start a business again\".</p><p>One of the most direct problems in transformation is the shrinking of market space. The previous industry perception is that K12 online education has a scale of trillion yuan, and vocational education and quality education have a scale of 100 billion yuan. For quality education that can't help improve children's grades, parents' willingness to pay is far less than K12. \"Our organizations are not worthy of our customers, and our company is not worthy of our executives and cadres.\" Zhang Bangxin said with a tragic expression.</p><p>However, even companies previously valued at tens of billions of dollars, such as ape counseling and homework help, are not easy to transform. The vast majority of their users are primary school students. However, \"after the fourth grade, primary school students are faced with the problem of promoting to junior high school, and they rarely work hard on quality education. Under such circumstances, students' demand for quality education will be weaker,\" said an industry insider, who did not want to be named.</p><p>Official website of Gaotu Company has been labeled as adult education, and now it lays out sub-tracks such as practical English, Japanese, accounting, civil servants, teachers, public institutions, finance, management, medical examination, finance and commerce, postgraduate entrance examination, CET-4 and CET-6 and IELTS. In 2016, Gao Tu almost \"died\". Chen Xiangdong said that if this reform and change can be really put in place, then the cash on the account will be enough to live for three to five years. But the new track is also highly competitive. In the past two months, vocational education, education technology companies, etc. have been getting financing.</p><p>\"In the future, the education market will gradually be provided by some state-led institutions or non-profit organizations or schools to provide supporting extracurricular services.\" Wang Hai judged that there would still be room for vocational education and quality education in the future.</p><p>At dusk, people are far away from wine, and the sky is full of wind and rain down the west building. In any case, the era of three rounds of financing in one year and five years of listing in the United States has passed.</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>Online education tide retreats: education and training giants collectively lay off employees, and the era of capital rush ended</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\">\nOnline education tide retreats: education and training giants collectively lay off employees, and the era of capital rush ended\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>How hot it was last year, how cold it is this year.</p><p>From the end of July to the beginning of August, more and more news of layoffs in online education companies emerged. July 30,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Sending an open letter, founder Chen Xiangdong said that he had to make a difficult choice when he was on the verge of survival again. On July 27,<a href=\"https://laohu8.com/S/TAL\">TAL</a>Founder Zhang Bangxin's slightly tragic words swiped the screen in the circle of friends: \"Our company is not worthy of our executives and cadres.\"</p><p>After Li Qian of Xueersi Online School was dismissed in July, she planned to take the civil service exam.<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 was doing individual education training, was trembling. Her worst plan was to teach her children at home.</p><p>On August 5th, ByteDance, a major Internet company, also began to lay off employees. People familiar with the matter told the Economic Observer that ByteDance's vigorous education is laying off employees, and the compensation method is N +2, which is not a whole shutdown. Some businesses have not been shut down and are making adjustments.</p><p>The reporter asked two investors who had previously focused on the education track, and they replied that they didn't want to talk about this topic. Wang Hai, a researcher in Jiuqian Zhongtai, has recently visited many institutions, and most secondary investors have given up, which will greatly reduce their investment in education.</p><p>According to the data provided by Lagou Recruitment Data Research Institute to the Economic Observer, since May 2021, the demand for online education talents has fallen from a cliff. At the same time, the proportion of online education employees who have \"resigned and can arrive quickly\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still an urgent need, but education and training may not be.\" Xiao Xia sighed with emotion. He worked in a one-on-one online education company for 3 years. He left 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>Leaving the job and turning around</b></p><p>On July 5th, a Monday as usual, Li Qian came to the office. She is a class teacher in Zhengzhou Xueersi Online School, and has been officially employed for seven months. However, just as she was about to start a new week's work, she was surprised to find that her mobile phone and computer work accounts had been frozen.</p><p>At noon, she was called to the office by the subject director for an interview, and became the group of people who were laid off in the second round of layoffs of Xueersi Online School. The reason for the layoffs was \"poor performance\". Without much argument, Li Qian accepted. She handed over the equipment, signed the labor contract termination agreement, left this job without nostalgia, and completely left the education and training industry.</p><p>Although there is no argument in his mouth, Li Qian believes in his heart that the reason for layoffs of \"poor performance\" is not true. Her assessment data is very good every time, and the most recent assessment data is \"very high\". In Xueersi Online School, such sudden layoffs are not an exception. Li Qian told reporters that as early as June this year, Xueersi Online School won the first round of a large number of layoffs. On July 5th, a number of content about the second wave of layoffs in Xueersi emerged on social platforms. The reporter asked Xueersi Company about this, and no response has been received as of press time.</p><p>An employee who was laid off by Gaotu looked at the thick stack of resignation certificates on the HR desk, and recalled the \"peak period\" when the enrollment was crazy and there were not enough stations to sit. He couldn't help but sigh in Xiaohongshu, \"A grain of sand in the times, a mountain in the individual\".</p><p>One<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>On July 1st, the programmer also released the internal information of online full-time teachers in Xiaohongshu, and on July 28th, it ushered in a \"catastrophe that the online education industry can't avoid\". On April 12th, someone posted in the Douban group of \"This is the legendary fairy company\", recommending their online education company, but on July 19th, the title of the post was changed to \"The policy has been changed to be no longer fairy\". An HR from a K12 educational institution lamented: \"In the past, the KPI was how many people to recruit every month, but now it is how many people to fire every month. Finally, in order to complete the KPI, I fired myself.\"</p><p>On July 27th, Zhang Bangxin, the founder of TAL, confirmed to employees on the company's internal live broadcast: \"Layoffs will definitely be laid off.\" On July 29th, Zhang Yi, the founder of Head, posted in his circle of friends: \"I have to say goodbye to some business partners.\" Chen Xiangdong, the founder of Gaotu, also said in an open letter that many small partners will have to leave. According to late reports, 1/3 of the people at Gaotu will leave.</p><p>In July 2021, on the recruitment platform Lagou, the monthly per capita landing frequency of talents in the online education industry was as high as 92.8 times, 1.85 times that of the Internet industry. Lagou even launched a rapid onboarding week in the education industry, providing 10,000 interview pass cards to help them find new jobs.</p><p>Large-scale layoffs have become the epitome of the industry that online education has gradually ebbed under the 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 at its peak, but he had already seen bad signs by then. \"The one-to-one model can't be profitable on a scale and the customer acquisition cost is too high, which is unsustainable for a long time. Gaotu, ape counseling and homework help are still too expensive to acquire customers. Although Gaotu financial report has been profitable, traffic acquisition and conversion are becoming increasingly difficult\".</p><p>The business situation of Zhengzhou Xueersi Online School, where Li Qian is located, is very unsatisfactory this year. \"There are fewer students, and it is very difficult to renew the report this summer. Even some classes led by teachers don't have a single renewal report\".</p><p>Last year, online educational institutions saw an unprecedented explosion of growth due to the pandemic. Ape counseling raised 4 rounds of financing in one year, with a maximum valuation of $14 billion this year. Homework news came out of the listing in April, and plans to raise at least $500 million. New Oriental, TAL shares doubled. Gaotu was shorted 16 times, but its share price rose from $22 to $149 in a year. Now, everything is a thing of the past.</p><p>On July 24th, the policy of \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" landed, and the off-campus training and online education industry completely changed.</p><p>\"Companies in the first and second echelons, which have attracted widespread attention from the market, have been hit hard. Placement restrictions have made it impossible for them to recruit enough students now, so they have to lay off employees,\" Wang Hai told the Economic Observer.</p><p>However, he believes that it is not entirely accidental that online education has reached today. As early as 2018, policies such as school licenses and burden reduction in and out of class were issued to supervise offline educational institutions. From 2019 to 2020, online education companies experienced several rounds of rapid financing, throwing all their money into information flow advertising, and investing billions of dollars every quarter. These deliveries instill a lot of anxiety, and also invisibly increase the cost of education for parents.</p><p>Before his resignation, the Gaotu employee also questioned online education. In December last year, in order to realize her ideal of \"letting students with backward educational resources enjoy the same educational resources as students in big cities at a low cost through the Internet\", she resigned from public schools and set foot in the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts and excessive attention to the order rate of various institutions have made her wonder whether the online education industry, which is addicted to short and fast classes such as \"big moves\" and \"cheats\", is really consistent with the essence and original intention of education. Now she admits that she paid the price for her \"idealism\".</p><p>A number of policies were introduced this year. After the implementation of the burden reduction policy, the restriction on online education advertising, and the gradual implementation and promotion of school holiday custody, the online education industry began to retreat.</p><p>Wang Hai also recently visited some senior people in the education industry. They generally believe that the determination of this regulation is very great, because the essence of the policy is to promote consumption and increase fertility, and those 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>Hard to say goodbye</b></p><p>After leaving Xiao Xia, he went to a big Internet company. After joining the company for a few months, he adapted well. \"The Internet industry is still easier to find jobs, such as operation, marketing, user growth, design, sales and product technology. Many jobs are universal. There is always a place to recruit people\".</p><p>There are also many dismissed education practitioners who have changed careers to game companies, take-out companies and short video companies. Many people have mentioned that they will no longer do education in the future.</p><p>Li Qian is also one of the members who won't come back. She gave herself two months off, and finally was able to relax from the stressful renewal of her performance, and then \"maybe go to the exam\".</p><p>In addition to teaching classes, the employees of online education institutions also have a strong sales nature and are under great performance pressure, which is one of the reasons why they have the idea of leaving the online education industry.</p><p>Compared with ordinary employees, it is the teaching research and training teachers who have a greater influence. Xiao Xia's previous company had trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong worked in New Oriental before,<a href=\"https://laohu8.com/S/NEW\">Pu Xin Education</a>He has served as a lecturer in off-campus training institutions for more than 10 years. Go it alone in 2019 and do individual training. Her views on this industry are not optimistic either. If she can't continue, she will produce materials and books, change careers, and teach children at home. Anyway, the one-on-one course fee for children is expensive. If she teaches, she will make money.</p><p>Even without the people who have been laid off, the pressure is increasing. Yang Tu, who serves as a teaching assistant in New Oriental, is affected in every detail. \"Now it is not allowed to publish homework and tasks that punch in every day in the class group, nor is it allowed to say words such as exams and tests, but only practice\".</p><p>According to the reporter's understanding, recently, New Oriental has conducted a new round of training for lecturers and teaching assistants, and set up an external red line, which includes five categories and 885 keywords, emphasizing the need to avoid mentioning words such as \"most\", \"one\", \"first\" and \"extreme\" that violate the advertising law and are suspected of false propaganda, words such as \"priority enrollment\" and \"guarantee\" that involve the policy of further education, words related to exams such as \"real questions\", \"mock exams\", \"final exams\" and \"overtaking in corners\", words related to events such as \"competition\", \"cup\", \"competition\" and \"strong foundation plan\", and words with emotional incitement such as \"score improvement\", \"anxiety\", \"pain point\", \"inertia\" and \"high score\". For a time, almost all the propaganda techniques frequently used by online educational institutions have become untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of this group of young people who have joined the education and training industry, pushing them to face drastic changes in their careers, either actively or passively. Wonderfully, they all hold a positive attitude towards 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 feels that industry rectification is not a bad thing, \"there must always 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 whether he would look at education investment again, an investor who had previously focused on education gave these four words. However, when the reporter asked whether vocational education could catch the plate of previous online education, the investor refused. \"There is nothing else to say.\" Another investor told the reporter that he had long stopped paying attention to this industry.</p><p>Others are in high spirits. An institution that does postgraduate entrance examination training and education sent out a recruitment message, saying that the prospects are bright. However, when the reporter asked further, the other party did not respond.</p><p>After the training of auxiliary teachers was restricted, quality education for primary and secondary schools and vocational education for adults became life-saving straws. On July 28th, Ape Counseling announced quality education and launched \"Pumpkin Science\". TAL's adult business segment \"Qingzhou\" has integrated a number of businesses such as postgraduate entrance examination, language training and study abroad. Gaotu focuses on adult education, according to Gaotu's official website. Guagualong, a subsidiary of ByteDance, has also launched quality education products, and its art AI system class has been launched, in addition to programming courses. Byte's Xuelang platform also launches vocational education courses for adults.</p><p>Xiao Xia told the Economic Observer that before the double reduction policy landed, the strategy departments of some education companies were thinking about what projects they could transform every day. However, \"this matter can't be solved by the strategy department\". At the moment when the Internet enters the stock market, \"they will start a business again\".</p><p>One of the most direct problems in transformation is the shrinking of market space. The previous industry perception is that K12 online education has a scale of trillion yuan, and vocational education and quality education have a scale of 100 billion yuan. For quality education that can't help improve children's grades, parents' willingness to pay is far less than K12. \"Our organizations are not worthy of our customers, and our company is not worthy of our executives and cadres.\" Zhang Bangxin said with a tragic expression.</p><p>However, even companies previously valued at tens of billions of dollars, such as ape counseling and homework help, are not easy to transform. The vast majority of their users are primary school students. However, \"after the fourth grade, primary school students are faced with the problem of promoting to junior high school, and they rarely work hard on quality education. Under such circumstances, students' demand for quality education will be weaker,\" said an industry insider, who did not want to be named.</p><p>Official website of Gaotu Company has been labeled as adult education, and now it lays out sub-tracks such as practical English, Japanese, accounting, civil servants, teachers, public institutions, finance, management, medical examination, finance and commerce, postgraduate entrance examination, CET-4 and CET-6 and IELTS. In 2016, Gao Tu almost \"died\". Chen Xiangdong said that if this reform and change can be really put in place, then the cash on the account will be enough to live for three to five years. But the new track is also highly competitive. In the past two months, vocational education, education technology companies, etc. have been getting financing.</p><p>\"In the future, the education market will gradually be provided by some state-led institutions or non-profit organizations or schools to provide supporting extracurricular services.\" Wang Hai judged that there would still be room for vocational education and quality education in the future.</p><p>At dusk, people are far away from wine, and the sky is full of wind and rain down the west building. In any case, the era of three rounds of financing in one year and five years of listing in the United States has passed.</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":{"TAL":"好未来","GOTU":"高途","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":{"TAL":0.9,"GOTU":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":2137,"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 bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17th, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of Red Weekly consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. Stock Price Performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th was US$280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share price fell by nearly 20%.</p><p><b>Large positions in Vipshop, Miniso and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese stocks as a whole. Among them, Masukura Vipshop, Miniso,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key Adjustment Stocks in the Second Quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock Price Performance of Minchuang Youpin</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-price retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, and it is covered for the first time to give a \"buy\" rating.</p><p>In his view, \"Since the strategy of 'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as repurchase.\"</p><p>The market habits value e-commerce enterprises according to their scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>According to the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>Figure 6 Cumulative sales volume of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse bargain hunting Ali! Masukura Nio, XPeng, New Energy Vehicle Opportunity Coming\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17th, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment action in the second quarter was more active, which was consistent with the previous heavy positions in Chinese stocks and focused on life sciences, hard technology and other main lines, but the \"new goal\" changed greatly. For example, in the new warehouse targets in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it also further adverses the market and Masukura e-commerce, retail and other Chinese stock companies, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>Etc.</p><p><b>Adhere to the \"First Awkwardness Stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 profitable quarters</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the U.S. stock market, with a total market value of $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion according to the exchange rate on the afternoon of August 17th.</p><p>Judging from the top ten heavyweight stocks, Hillhouse's overall positions in the second quarter did not change much. The overall market value of the top ten heavy positions is about $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>1.87 billion US dollars, still the company's \"No. 1 Awkwardness\". (See Table 1)</p><p>Table 1 Hillhouse's top ten heavyweight stocks in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of Red Weekly consulted the historical position data and found that as a \"love stock\", Hillhouse has held BeiGene for 11 consecutive quarters. As early as the fourth quarter of 2018, Gaochun Jiancang BeiGene Shenzhou; In the third quarter of 2019, it added positions and has been holding positions since then.</p><p>From 2019 to the end of the second quarter of this year, the share price of BeiGene increased by 1.4 times. The market value of Hillhouse's position in BeiGene further increased from only $600 million to nearly $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene U.S. Stock Price Performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. In the second quarter of 2021, BeiGene recorded product revenue of approximately RMB900 million, representing an increase of 111% compared to the same period of last year, and the total product revenue in the first half of the year reached RMB1.58 billion, representing a year-on-year increase of 108%.</p><p>It is worth noting that from the latest brokerage rating, BeiGene is still \"optimistic\" by institutions. such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(HK) maintained its \"Buy\" rating on BeiGene. It believes that BeiGene's catalysts in the second half of 2021 include: 1. Tislelizumab submitted marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application for zanubrutinib second-line marginal lymphoma and second-line Fahrenheit macroglobulin blood indications was approved by the FDA; 3. Announce a number of interim clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment aggregate valuation method at US$417 (the closing price as of August 16th was US$280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (estimated to be US$3.3 billion at the end of FY21) and strong BD capability.\" The above research report analyzed.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new goal\" locks Airbnb, a homestay platform. As of the end of the second quarter, the position of Airbnb was US$320 million, making it the eighth largest holding stock. Airbnb went public in December last year, and its share price has continued to adjust. During the second quarter, the share price fell by nearly 20%.</p><p><b>Large positions in Vipshop, Miniso and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors of increasing positions</b></p><p>Among the 89 holdings, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese stocks as a whole. Among them, Masukura Vipshop, Miniso,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceed 400%, and Masukura Vipshop and Miniso have the highest rate, with the proportion of Masukura exceeding 1800%. By the end of the second quarter, the market value of Hillhouse's positions in Vipshop and Miniso was US$179 million and US$117 million respectively. Placed in the 17th and 19th largest position cohorts.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>And so on to reduce their holdings in a large proportion. According to insiders, behind the continued positional adjustment of China concept stocks by the secondary market team of Hillhouse, it reflects that the secondary listing of China concept stocks in the Hong Kong market has become a long-term trend, and the possibility of investment institutions adjusting their positions and moving their positions to the Hong Kong market is not ruled out.</p><p>The same situation also appeared on Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/HCM\">Hutchison Medicine</a>, Shell and other companies, among which Zai Lab and Chi-Med are also listed in Hong Kong stocks.</p><p>Table 2 Hillhouse's Key Adjustment Stocks in the Second Quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of Vipshop and Miniso, the two stocks with the largest increase in positions, continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and Miniso fell by 13%. (See Figure 2, Figure 3)</p><p>Figure 2 Vipshop share price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock Price Performance of Minchuang Youpin</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage or an important consideration for Hillhouse to give related companies positions. From the perspective of Vipshop, with the continuous adjustment of the stock price in the second quarter, the valuation also dropped significantly. During the second quarter, the valuation level of Vipshop was mostly 10~20 times, which was further down compared with 20~30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-price retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, and it is covered for the first time to give a \"buy\" rating.</p><p>In his view, \"Since the strategy of 'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as repurchase.\"</p><p>The market habits value e-commerce enterprises according to their scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to run on the right track of \"channel brand\".</p><p>Zhongtai Securities predicted that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In the past two to five years, there are four sub-tracks in the field of science and technology, such as semiconductor, cutting-edge technology, new energy and intelligent hardware, and hard technology is called \"historical structural investment window period\". From the analysis of position data, it has further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in Xiaopeng and Nio in the first quarter of this year, the secondary market team of Gaochun continued to add positions in Xiaopeng and Nio in the second quarter. As of the second quarter, the market value of their positions was US$39 million and US$45 million respectively.</p><p>Since the beginning of this year, the sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>The monthly sales volume of cars reached 250,000 and 270,000 respectively, setting another record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>According to the business data released by NIO, as of the end of July, the cumulative sales volume of the company's cars in that year was 125,528 units, a year-on-year increase of 153.00%; According to the business data released by Xiaopeng, as of the end of July, the cumulative sales volume of the company's Smart EV vehicles reached 38,778 units, which was significantly improved compared with the same period of last year. (See Figures 5 and 6)</p><p>Figure 5 Cumulative sales volume of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data Source: Wind</p><p>Figure 6 Cumulative sales volume of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies that have added positions, their share prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, while XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may be increased again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"BABA":"阿里巴巴","09868":"小鹏汽车-W","XPEV":"小鹏汽车","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"XPEV":0.9,"NIO":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":2125,"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":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896885471","repostId":"1149059031","repostType":4,"repost":{"id":"1149059031","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628562386,"share":"https://ttm.financial/m/news/1149059031?lang=en_US&edition=fundamental","pubTime":"2021-08-10 10:26","market":"hk","language":"zh","title":"Smore rose by more than 7%! Previously highly regarded by CICC as HK$74","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>On August 10,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose by more than 7% to HK$ 42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"Overweight\" rating and a price target of HK$74.00.</p><p>According to the research report of CICC, Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as the global atomization technology leader, and short-term fluctuations may bring medium-and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global head customers, and it is difficult for other competitors to obtain large-scale orders from head customers in the short term. The company's business is mainly export, and it is expected to benefit from the increase of policy thresholds in many major countries for the world, and its share is concentrated in the head, reiterating the logic of the stronger the stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Smore rose by more than 7%! Previously highly regarded by CICC as HK$74</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSmore rose by more than 7%! Previously highly regarded by CICC as HK$74\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 10,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose by more than 7% to HK$ 42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"Overweight\" rating and a price target of HK$74.00.</p><p>According to the research report of CICC, Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as the global atomization technology leader, and short-term fluctuations may bring medium-and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global head customers, and it is difficult for other competitors to obtain large-scale orders from head customers in the short term. The company's business is mainly export, and it is expected to benefit from the increase of policy thresholds in many major countries for the world, and its share is concentrated in the head, reiterating the logic of the stronger the stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"06969":"思摩尔国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149059031","content_text":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客户优势等共筑深厚壁垒；深度绑定全球大客户，竞品替代难度较大，业绩持续快速成长；积极开拓新品类、新业务，全球雾化龙头成长空间广阔。该行坚定看好公司全球雾化科技龙头的领先地位，短期波动或带来中长期投资机遇。公司凭借强大核心优势已深度绑定全球头部客户，其他竞争者短期难以获得头部客户大体量订单，公司业务以出口为主且面向全球有望受益多个主要国家政策门槛提升，份额向头部集中，重申强者愈强逻辑。","news_type":1,"symbols_score_info":{"06969":0.9}},"isVote":1,"tweetType":1,"viewCount":2169,"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":[],"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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