股市幸运姥姥 personal page - To The Moon

股市幸运姥姥

股市幸运姥姥

No personal profile

2Follow

7Followers

0Topic

0Badge

股市幸运姥姥

2021-08-18

666//@股市幸运姥姥:666

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

股市幸运姥姥

2021-08-18

666

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

股市幸运姥姥

2021-08-10

666

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

股市幸运姥姥

2021-08-09

???

@82号公路:趕在投資大佬前抄底騰訊

股市幸运姥姥

2021-08-08

666

The tide of online education is receding: education and training giants collectively lay off employees, and the era of capital surge ends

股市幸运姥姥

2021-08-07

66

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4091103709151600","uuid":"4091103709151600","gmtCreate":1628000931985,"gmtModify":1630641383553,"name":"股市幸运姥姥","pinyin":"gsxyllgushixingyunlaolao","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":7,"headSize":2,"tweetSize":19,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.09.12","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.05%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.02.04","exceedPercentage":"93.66%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.29","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":833775675,"gmtCreate":1629269117997,"gmtModify":1676529985332,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091103709151600","authorIdStr":"4091103709151600"},"themes":[],"htmlText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","listText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","text":"666//@股市幸运姥姥:666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833775675","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"NIO":"蔚来","BABA":"阿里巴巴","XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"XPEV":0.9,"09868":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1722,"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,"idStr":"4091103709151600","authorIdStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833772771","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"NIO":"蔚来","BABA":"阿里巴巴","XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"XPEV":0.9,"09868":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1782,"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":"other","language":"zh","title":"Smol soared more than 7%! Previously favored by CICC as high as HK $74","url":"https://stock-news.laohu8.com/highlight/detail?id=1149059031","media":"老虎资讯综合","summary":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客","content":"<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose more than 7% to HK $42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"overweight\" rating with a target price of HK $74.00.</p><p>CICC stated in the research report that Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality, and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global leading customers. It is difficult for other competitors to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increase in policy thresholds of many major countries facing the world. Concentration, reiterating the logic that the stronger is stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Smol soared more than 7%! Previously favored by CICC as high as HK $74</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSmol soared more than 7%! Previously favored by CICC as high as HK $74\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-10 10:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 10th,<a href=\"https://laohu8.com/S/06969\">Smol International</a>It rose more than 7% to HK $42.5. Previously,<a href=\"https://laohu8.com/S/601995\">CICC</a>Give Smore International an \"overweight\" rating with a target price of HK $74.00.</p><p>CICC stated in the research report that Smol International has strong core capabilities and outstanding leading advantages, and its patent system, production capacity, product quality, and customer advantages have built deep barriers; Deeply bound to major global customers, it is difficult to replace competing products, and the performance continues to grow rapidly; Actively explore new categories and new businesses, and the global atomization leader has broad room for growth. The bank is firmly optimistic about the company's leading position as a global leader in atomization technology, and short-term fluctuations may bring medium and long-term investment opportunities. With its strong core advantages, the company has been deeply bound to global leading customers. It is difficult for other competitors to obtain large-scale orders from leading customers in the short term. The company's business is mainly export-oriented and is expected to benefit from the increase in policy thresholds of many major countries facing the world. Concentration, reiterating the logic that the stronger is stronger.</p><p><img src=\"https://static.tigerbbs.com/aff61fece400ee58e8c19c52d5ea5c91\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"06969":"思摩尔国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149059031","content_text":"8月10日，思摩尔国际涨超7%，报42.5港元。此前，中金公司给予思摩尔国际“增持”评级，目标价74.00港元。\n中金在研报中称，思摩尔国际核心能力强大、领先优势突出，专利体系、生产能力、产品品质、客户优势等共筑深厚壁垒；深度绑定全球大客户，竞品替代难度较大，业绩持续快速成长；积极开拓新品类、新业务，全球雾化龙头成长空间广阔。该行坚定看好公司全球雾化科技龙头的领先地位，短期波动或带来中长期投资机遇。公司凭借强大核心优势已深度绑定全球头部客户，其他竞争者短期难以获得头部客户大体量订单，公司业务以出口为主且面向全球有望受益多个主要国家政策门槛提升，份额向头部集中，重申强者愈强逻辑。","news_type":1,"symbols_score_info":{"06969":0.9}},"isVote":1,"tweetType":1,"viewCount":1669,"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 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":1461,"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":"sh","language":"zh","title":"The tide of online education is receding: education and training giants collectively lay off employees, and the era of capital surge ends","url":"https://stock-news.laohu8.com/highlight/detail?id=1118636178","media":"TMT新观察","summary":"去年有多火热，今年就有多冰冷。\n7月底到8月初，越来越多在线教育公司裁员消息出现。7月30日，高途发出公开信，创始人陈向东说，再次走到存亡边缘，不得不作出艰难抉择。7月27日，好未来创始人张邦鑫那句略","content":"<p>As hot as it was last year, this year is as cold as it is.</p><p>From the end of July to the beginning of August, more and more online education companies laid off employees. July 30th,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>In an open letter, founder Chen Xiangdong said that he had to make a difficult choice when he was on the verge of survival again. July 27th,<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>Li Qian, a student of Xuesi Online School, planned to take the civil service exam after being dismissed in July.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Yang Tu, who is still at work, is learning to identify new \"minefields\" with as many as 885 keywords. Lin Dong, who is doing individual education training, is trembling. Her worst plan is to teach her children at home.</p><p>On August 5, 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. It is not an overall shutdown. Some businesses have not been shut down and are being adjusted.</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 anymore. Wang Hai, a researcher at Jiuqian Zhongtai, has recently visited many institutions, and most secondary investors have given up, which will greatly reduce their investment in education.</p><p>Data provided by the Lagou Recruitment Data Research Institute to the Economic Observer shows that since May 2021, the demand for online education talents has fallen off a cliff. At the same time, the proportion of online education employees who have \"left and can get to work quickly\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still just needed, but education and training are not necessarily.\" Xiao Xia sighed. He worked in a one-on-one online education company for 3 years, and 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>Resignation and turn 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 7 months. However, just as she was about to start a new week of work, she was surprised to find that the work accounts on her mobile phone and computer 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 layoffs was \"poor performance\". Without arguing too much, Li Qian accepted it. She handed in the equipment, signed the labor contract termination agreement, left the job without nostalgia, and completely left the education and training industry.</p><p>Although there is no argument, Li Qian believes in her heart that the reason for layoffs of \"poor performance\" is not true. Her assessment data is very good every time, and the latest assessment data is \"very high\". In Xueersi Online School, such sudden layoffs are not unique. Li Qian told reporters that as early as June this year, Xueersi Online School won the first round of massive layoffs. On July 5, a number of content about Xueersi's second wave of layoffs emerged on social platforms. The reporter asked Xueersi Company about this, but as of press time, no response has been received.</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 \"heyday\" when recruitment was crazy and there were not enough workstations. Sand, a mountain on an individual. \"</p><p>One<a href=\"https://laohu8.com/S/ZME\">Head Education</a>On July 1, the programmer also released online full-time teacher internal push information on Xiaohongshu, and on July 28, it ushered in \"an unavoidable disaster in the online education industry.\" Someone posted in the Douban group of \"This is the legendary fairy company\" on April 12th, recommending his online education company, but on July 19th, he changed the title of the post to \"The policy is no longer a fairy\". A HR of a K12 educational institution lamented: \"In the past, the KPI was how many people had to be recruited every month, but now it is how many people had to be fired every month. Finally, in order to complete the KPI, I fired myself.\"</p><p>On July 27, TAL founder Zhang Bangxin confirmed to employees on the company's internal live broadcast: \"Layoffs will definitely lead to layoffs.\" On July 29, Zhang Yi, the founder of TAL, posted in his circle of friends: \"I have to bid farewell to some business partners.\" Chen Xiangdong, founder of Gaotu, also said in an open letter that many small partners will have to leave. According to a late report, 1/3 of the people in Gaotu will leave.</p><p>In July 2021, on the recruitment platform Lagou, the monthly per capita login frequency of talents in the online education industry was as high as 92.8 times, which was 1.85 times that of the Internet industry. Lagou even launched a rapid employment week in the education industry, providing 10,000 direct interview cards to help them find new jobs.</p><p>Large-scale layoffs have become an industry epitome of the gradual ebb of online education 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 receding</b></p><p>When Xiao Xia left, the online education industry was still in full swing, but he had already seen bad signs at that time. \"The one-to-one model cannot be profitable on a scale and the cost of customer acquisition is too high, making it unsustainable for a long time. Gaotu, Yuanfudao, and Zuoyebang still have too high customer acquisition costs. Although Gaotu's financial report has been profitable, traffic acquisition and conversion are becoming increasingly difficult\".</p><p>Zhengzhou Xueersi Online School, where Li Qian is located, has a very unsatisfactory business situation this year. \"There are fewer students, and it is very difficult to renew the newspaper this summer. Even some teachers have no class to renew the newspaper\".</p><p>Last year, due to the pandemic, online educational institutions ushered in an unprecedented explosive growth. Yuanfudao has raised 4 rounds of financing in one year, with a maximum valuation of US $14 billion this year. Zuoyebang reported its listing news in April and plans to raise at least US $500 million. The stock prices of New Oriental and TAL doubled. Gaotu was shorted 16 times, but its stock price rose from $22 to $149 within one year. Now, it's all a thing of the past.</p><p>On July 24th, the policy of \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was implemented, and the off-campus training and online education industries completely changed.</p><p>\"Companies in the first and second echelons, which have received widespread attention from the market, have been hit hard. Restrictions on delivery make it impossible for them to recruit enough students now, so they can only lay off employees.\" Wang Hai told the Economic Observer.</p><p>However, he believes that it is not entirely accidental that online education has come to this day. As early as 2018, policies such as school licenses and burden reduction inside and outside classes were issued to supervise offline educational institutions. From 2019 to 2020, online education companies have experienced several rounds of rapid financing, throwing all their money into information flow advertising drainage, with billions of dollars invested every quarter. These deliveries have instilled a lot of anxiety and virtually increased the education cost of parents.</p><p>Before being resigned, the Gaotu employee also questioned online education. In December last year, in order to realize her ideal of \"allowing students with backward educational resources to enjoy the same educational resources as students in big cities at a low cost through the Internet\", she resigned from public schools and stepped into the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts and excessive attention to the order rate of various institutions have made her wonder whether the online education industry, which is addicted to short, flat and fast class modes 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>This year, a number of policies were introduced. After the implementation of burden reduction policies, restrictions on online education advertising, and the gradual implementation and promotion of school holiday trusteeship, the online education industry began to retreat.</p><p>Recently, Wang Hai also 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 the increased cost of education and training is 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 Xiao Xia left his job, he went to a major Internet company. A few months after joining the company, he adapted well. \"The Internet industry is still relatively easy to find jobs. Many jobs such as operation, market, user growth, design, sales, and product technology are universal. There is always a place to recruit people.\"</p><p>There are also many education practitioners who have been dismissed and have switched to game companies, food delivery companies, and short video companies. Many people mentioned that they will no longer do education in the future.</p><p>Li Qian is also one of those who won't come back. She gave herself a two-month vacation, and finally she was able to withdraw from the stressful renewal performance to relax, and then \"maybe she will take the exam\".</p><p>In addition to teaching, 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, the group of teaching, research and training teachers has a greater impact. Xiao Xia's previous company trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong was in New Oriental before,<a href=\"https://laohu8.com/S/NEW\">Park Xin Education</a>He has worked as a lecturer in off-campus training institutions for more than 10 years. In 2019, I went it alone and did individual training. Her view on this industry is not optimistic either. If she can't do it anymore, she will publish materials and books, change careers, or teach children at home. Anyway, the one-on-one course fee for children is also expensive. If she teaches, she will make money.</p><p>Even without people being redundant, the pressure is mounting. Yang Tu, who works as a teaching assistant in New Oriental, is affected in every detail. \"Now it is not allowed to publish daily homework and tasks in the class group, nor is it allowed to say words such as exams and tests, 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 contains five categories and 885 key words, emphasizing on avoiding mentioning words such as \"most\", \"one\", \"first\" and \"extreme\" that violate the advertising law and are suspected of false propaganda, words such as \"priority admission\" and \"guarantee\". For a time, almost all the propaganda rhetoric frequently used by online educational institutions became untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of these young people who have joined the education and training industry, pushing them to face active or passive career changes. The wonderful thing is that they are extremely agreeable with the double reduction policy. positive attitude. 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 the future</b></p><p>\"Vocational Education\". When asked if 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 previous online education plate, the investor refused, \"There is nothing else to say.\" Another investor told reporters that he had long stopped paying attention to this industry.</p><p>Others are in high spirits. An institution engaged in postgraduate entrance examination training and education sent out a recruitment information, saying that the prospect was bright. However, when the reporter asked further, the other party did not respond again.</p><p>After teaching auxiliary training is restricted, quality education for primary and secondary schools and vocational education for adults have become life-saving straws. On July 28th, Ape Counseling announced that it would do quality education and launch \"Pumpkin Science\". TAL's adult business segment \"Qingzhou\" has integrated many businesses such as postgraduate entrance examination, language training, and study abroad. Official website of Gaotu Company said that Gaotu focuses on adult education. Guagualong, a subsidiary of ByteDance, has also launched quality education products, and its art AI system course 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 implementation of the double reduction policy, the strategy departments of some education companies were thinking about what projects they could transform and do every day. However, \"this matter can't be solved by the strategy department.\" At the moment when the Internet enters the stock market, \"they should be starting a business again.\"</p><p>One of the most direct problems of transformation is the shrinking of market space. The previous industry cognition is that K12 online education has a scale of trillions, and the scale of vocational education and quality education is 100 billion. For quality education that can't help improve children's grades, parents' willingness to pay is far less than K12's. \"Our organizations are no longer worthy of our customers, and our company is no longer worthy of our executives and cadres,\" Zhang Bangxin said slightly tragically.</p><p>However, even companies such as Yuanfudao and Zuoyebang, which were previously valued at tens of billions of dollars, are not easy to transform. The vast majority of their accumulated users are primary school students, but \"after the fourth grade, primary school students face the problem of junior high school, and seldom work hard on quality education. In this case, students' demand for quality education will be weaker.\" An industry insider, who did not want to be named, said.</p><p>The official website of Gaotu Company has been labeled as adult education, and now it has subdivided tracks such as practical English, Japanese, accounting, civil servants, teachers, institutions, finance, management, medical examination, financial business, postgraduate entrance examination, CET-4 and CET-6 and IELTS. Gaotu almost \"died\" in 2016. Chen Xiangdong said that if this reform and change can really be put in place, then the cash on the account will be enough to live for 3 to 5 years. But the new track is also competitive. In the past two months, vocational education and educational technology companies have continuously received 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 after that, there is still room for vocational education and quality education.</p><p>At dusk, people are far away, and the sky is full of wind and rain. In any case, the era of sturm and drang, which involved 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>The tide of online education is receding: education and training giants collectively lay off employees, and the era of capital surge ends</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe tide of online education is receding: education and training giants collectively lay off employees, and the era of capital surge ends\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TMT新观察</strong><span class=\"h-time small\">2021-08-07 19:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As hot as it was last year, this year is as cold as it is.</p><p>From the end of July to the beginning of August, more and more online education companies laid off employees. July 30th,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>In an open letter, founder Chen Xiangdong said that he had to make a difficult choice when he was on the verge of survival again. July 27th,<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>Li Qian, a student of Xuesi Online School, planned to take the civil service exam after being dismissed in July.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Yang Tu, who is still at work, is learning to identify new \"minefields\" with as many as 885 keywords. Lin Dong, who is doing individual education training, is trembling. Her worst plan is to teach her children at home.</p><p>On August 5, 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. It is not an overall shutdown. Some businesses have not been shut down and are being adjusted.</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 anymore. Wang Hai, a researcher at Jiuqian Zhongtai, has recently visited many institutions, and most secondary investors have given up, which will greatly reduce their investment in education.</p><p>Data provided by the Lagou Recruitment Data Research Institute to the Economic Observer shows that since May 2021, the demand for online education talents has fallen off a cliff. At the same time, the proportion of online education employees who have \"left and can get to work quickly\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still just needed, but education and training are not necessarily.\" Xiao Xia sighed. He worked in a one-on-one online education company for 3 years, and 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>Resignation and turn 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 7 months. However, just as she was about to start a new week of work, she was surprised to find that the work accounts on her mobile phone and computer 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 layoffs was \"poor performance\". Without arguing too much, Li Qian accepted it. She handed in the equipment, signed the labor contract termination agreement, left the job without nostalgia, and completely left the education and training industry.</p><p>Although there is no argument, Li Qian believes in her heart that the reason for layoffs of \"poor performance\" is not true. Her assessment data is very good every time, and the latest assessment data is \"very high\". In Xueersi Online School, such sudden layoffs are not unique. Li Qian told reporters that as early as June this year, Xueersi Online School won the first round of massive layoffs. On July 5, a number of content about Xueersi's second wave of layoffs emerged on social platforms. The reporter asked Xueersi Company about this, but as of press time, no response has been received.</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 \"heyday\" when recruitment was crazy and there were not enough workstations. Sand, a mountain on an individual. \"</p><p>One<a href=\"https://laohu8.com/S/ZME\">Head Education</a>On July 1, the programmer also released online full-time teacher internal push information on Xiaohongshu, and on July 28, it ushered in \"an unavoidable disaster in the online education industry.\" Someone posted in the Douban group of \"This is the legendary fairy company\" on April 12th, recommending his online education company, but on July 19th, he changed the title of the post to \"The policy is no longer a fairy\". A HR of a K12 educational institution lamented: \"In the past, the KPI was how many people had to be recruited every month, but now it is how many people had to be fired every month. Finally, in order to complete the KPI, I fired myself.\"</p><p>On July 27, TAL founder Zhang Bangxin confirmed to employees on the company's internal live broadcast: \"Layoffs will definitely lead to layoffs.\" On July 29, Zhang Yi, the founder of TAL, posted in his circle of friends: \"I have to bid farewell to some business partners.\" Chen Xiangdong, founder of Gaotu, also said in an open letter that many small partners will have to leave. According to a late report, 1/3 of the people in Gaotu will leave.</p><p>In July 2021, on the recruitment platform Lagou, the monthly per capita login frequency of talents in the online education industry was as high as 92.8 times, which was 1.85 times that of the Internet industry. Lagou even launched a rapid employment week in the education industry, providing 10,000 direct interview cards to help them find new jobs.</p><p>Large-scale layoffs have become an industry epitome of the gradual ebb of online education 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 receding</b></p><p>When Xiao Xia left, the online education industry was still in full swing, but he had already seen bad signs at that time. \"The one-to-one model cannot be profitable on a scale and the cost of customer acquisition is too high, making it unsustainable for a long time. Gaotu, Yuanfudao, and Zuoyebang still have too high customer acquisition costs. Although Gaotu's financial report has been profitable, traffic acquisition and conversion are becoming increasingly difficult\".</p><p>Zhengzhou Xueersi Online School, where Li Qian is located, has a very unsatisfactory business situation this year. \"There are fewer students, and it is very difficult to renew the newspaper this summer. Even some teachers have no class to renew the newspaper\".</p><p>Last year, due to the pandemic, online educational institutions ushered in an unprecedented explosive growth. Yuanfudao has raised 4 rounds of financing in one year, with a maximum valuation of US $14 billion this year. Zuoyebang reported its listing news in April and plans to raise at least US $500 million. The stock prices of New Oriental and TAL doubled. Gaotu was shorted 16 times, but its stock price rose from $22 to $149 within one year. Now, it's all a thing of the past.</p><p>On July 24th, the policy of \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was implemented, and the off-campus training and online education industries completely changed.</p><p>\"Companies in the first and second echelons, which have received widespread attention from the market, have been hit hard. Restrictions on delivery make it impossible for them to recruit enough students now, so they can only lay off employees.\" Wang Hai told the Economic Observer.</p><p>However, he believes that it is not entirely accidental that online education has come to this day. As early as 2018, policies such as school licenses and burden reduction inside and outside classes were issued to supervise offline educational institutions. From 2019 to 2020, online education companies have experienced several rounds of rapid financing, throwing all their money into information flow advertising drainage, with billions of dollars invested every quarter. These deliveries have instilled a lot of anxiety and virtually increased the education cost of parents.</p><p>Before being resigned, the Gaotu employee also questioned online education. In December last year, in order to realize her ideal of \"allowing students with backward educational resources to enjoy the same educational resources as students in big cities at a low cost through the Internet\", she resigned from public schools and stepped into the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts and excessive attention to the order rate of various institutions have made her wonder whether the online education industry, which is addicted to short, flat and fast class modes 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>This year, a number of policies were introduced. After the implementation of burden reduction policies, restrictions on online education advertising, and the gradual implementation and promotion of school holiday trusteeship, the online education industry began to retreat.</p><p>Recently, Wang Hai also 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 the increased cost of education and training is 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 Xiao Xia left his job, he went to a major Internet company. A few months after joining the company, he adapted well. \"The Internet industry is still relatively easy to find jobs. Many jobs such as operation, market, user growth, design, sales, and product technology are universal. There is always a place to recruit people.\"</p><p>There are also many education practitioners who have been dismissed and have switched to game companies, food delivery companies, and short video companies. Many people mentioned that they will no longer do education in the future.</p><p>Li Qian is also one of those who won't come back. She gave herself a two-month vacation, and finally she was able to withdraw from the stressful renewal performance to relax, and then \"maybe she will take the exam\".</p><p>In addition to teaching, 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, the group of teaching, research and training teachers has a greater impact. Xiao Xia's previous company trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong was in New Oriental before,<a href=\"https://laohu8.com/S/NEW\">Park Xin Education</a>He has worked as a lecturer in off-campus training institutions for more than 10 years. In 2019, I went it alone and did individual training. Her view on this industry is not optimistic either. If she can't do it anymore, she will publish materials and books, change careers, or teach children at home. Anyway, the one-on-one course fee for children is also expensive. If she teaches, she will make money.</p><p>Even without people being redundant, the pressure is mounting. Yang Tu, who works as a teaching assistant in New Oriental, is affected in every detail. \"Now it is not allowed to publish daily homework and tasks in the class group, nor is it allowed to say words such as exams and tests, 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 contains five categories and 885 key words, emphasizing on avoiding mentioning words such as \"most\", \"one\", \"first\" and \"extreme\" that violate the advertising law and are suspected of false propaganda, words such as \"priority admission\" and \"guarantee\". For a time, almost all the propaganda rhetoric frequently used by online educational institutions became untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of these young people who have joined the education and training industry, pushing them to face active or passive career changes. The wonderful thing is that they are extremely agreeable with the double reduction policy. positive attitude. 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 the future</b></p><p>\"Vocational Education\". When asked if 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 previous online education plate, the investor refused, \"There is nothing else to say.\" Another investor told reporters that he had long stopped paying attention to this industry.</p><p>Others are in high spirits. An institution engaged in postgraduate entrance examination training and education sent out a recruitment information, saying that the prospect was bright. However, when the reporter asked further, the other party did not respond again.</p><p>After teaching auxiliary training is restricted, quality education for primary and secondary schools and vocational education for adults have become life-saving straws. On July 28th, Ape Counseling announced that it would do quality education and launch \"Pumpkin Science\". TAL's adult business segment \"Qingzhou\" has integrated many businesses such as postgraduate entrance examination, language training, and study abroad. Official website of Gaotu Company said that Gaotu focuses on adult education. Guagualong, a subsidiary of ByteDance, has also launched quality education products, and its art AI system course 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 implementation of the double reduction policy, the strategy departments of some education companies were thinking about what projects they could transform and do every day. However, \"this matter can't be solved by the strategy department.\" At the moment when the Internet enters the stock market, \"they should be starting a business again.\"</p><p>One of the most direct problems of transformation is the shrinking of market space. The previous industry cognition is that K12 online education has a scale of trillions, and the scale of vocational education and quality education is 100 billion. For quality education that can't help improve children's grades, parents' willingness to pay is far less than K12's. \"Our organizations are no longer worthy of our customers, and our company is no longer worthy of our executives and cadres,\" Zhang Bangxin said slightly tragically.</p><p>However, even companies such as Yuanfudao and Zuoyebang, which were previously valued at tens of billions of dollars, are not easy to transform. The vast majority of their accumulated users are primary school students, but \"after the fourth grade, primary school students face the problem of junior high school, and seldom work hard on quality education. In this case, students' demand for quality education will be weaker.\" An industry insider, who did not want to be named, said.</p><p>The official website of Gaotu Company has been labeled as adult education, and now it has subdivided tracks such as practical English, Japanese, accounting, civil servants, teachers, institutions, finance, management, medical examination, financial business, postgraduate entrance examination, CET-4 and CET-6 and IELTS. Gaotu almost \"died\" in 2016. Chen Xiangdong said that if this reform and change can really be put in place, then the cash on the account will be enough to live for 3 to 5 years. But the new track is also competitive. In the past two months, vocational education and educational technology companies have continuously received 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 after that, there is still room for vocational education and quality education.</p><p>At dusk, people are far away, and the sky is full of wind and rain. In any case, the era of sturm and drang, which involved 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":{"GOTU":"高途","TAL":"好未来","EDU":"新东方"},"source_url":"https://mp.weixin.qq.com/s/_OU27RtlNXtRiFiRGKu60g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118636178","content_text":"去年有多火热，今年就有多冰冷。\n7月底到8月初，越来越多在线教育公司裁员消息出现。7月30日，高途发出公开信，创始人陈向东说，再次走到存亡边缘，不得不作出艰难抉择。7月27日，好未来创始人张邦鑫那句略显悲壮的话在朋友圈刷屏：“我们的公司配不上我们的高管和干部了。”\n学而思网校的李倩7月份被辞退后，计划考公务员。新东方仍在上班的杨途正在学习识别新“雷区”，关键词多达885个。做教育个体培训的林冬战战兢兢，她最坏的打算是自己在家教自己孩子。\n8月5日，互联网大公司字节跳动也开始裁员。知情人士告诉经济观察报，字节跳动的大力教育在裁员，赔付方式为N+2，不是整体关停，有的业务没有关停，在做调整。\n记者询问两位此前专注教育赛道的投资人，他们回答说，不想聊这个话题了。久谦中台研究员王海最近走访了很多机构，多数二级投资人已经放弃，将大大减少在教育领域的投资。\n拉勾招聘数据研究院向经济观察报提供的数据显示，自2021年5月起，在线教育人才需求断崖式下跌。同时，处于“已离职，可快速到岗”的在线教育员工比例高达98.5%。\n这是一个行业的集体大撤退。“教育仍然是刚需，但教培不一定是了。”肖夏感慨。他在一家一对一在线教育公司从业3年，在这一波裁员潮前离开这个行业，现在回看，是幸运的选择。\n\n离职转身\n7月5日，一个与往常别无二致的星期一，李倩来到了办公室。她是郑州学而思网校的一名带班班主任，已经正式入职7个月。然而，正当她准备开始新一周的工作时，却惊讶地发现，自己手机与电脑上的工作账号都已被冻结。\n中午，她被学科主任叫到办公室约谈，成为了学而思网校的二轮裁员中，被裁掉的那一批人，裁员理由是“绩效不佳”。没有过多争辩，李倩接受了。她上交了设备、签署了劳动合同解除协议书，没有留恋地离开了这个工作岗位，也彻底离开了教培这个行业。\n虽然嘴上没有争辩，但李倩心中认为，“绩效不佳”的裁员理由并不属实。她的每次考核数据都很不错，最近一次的考核数据也“非常靠前”。而在学而思网校，这样突如其来的裁员并不是个例。李倩告诉记者，早在今年6月，学而思网校就赢来了第一轮大批裁员。7月5日，社交平台上涌现了多个关于学而思第二波大裁员的内容。记者就此向学而思公司询问，截至发稿尚未收到回应。\n被高途裁员的一位员工看着HR桌上厚厚一摞的离职证明，回忆起当初疯狂扩招、工位都不够坐的“鼎盛时期”，不禁在小红书上感叹，“时代的一粒沙，个人身上的一座山”。\n一名掌门教育的程序员7月1日还在小红书发布线上全职教师内推信息，7月28日就迎来了“在线教育行业躲不过的一劫”。有人4月12日在“这就是传说中的神仙公司”豆瓣小组发帖，推荐自己所在的在线教育公司，却在7月19日将帖子标题改为“政策改得已经不神仙了”。一名K12教育机构的HR感慨:“以前的KPI是每个月要招够多少人，现在是每个月要开除多少人，最后为了完成KPI，把自己开除了。”\n7月27日，好未来创始人张邦鑫在公司内部直播上向员工确认:“裁员是肯定会裁员的。”7月29日，掌门创始人张翼在其朋友圈发文称：“不得已送别一些业务的伙伴。”高途创始人陈向东也在公开信表示，不少小伙伴将不得不离开。据晚点报道称，高途1/3的人会离开。\n2021年7月，在招聘平台拉勾上，在线教育行业人才的月度人均登陆频次高达92.8次，是互联网行业的1.85倍。拉勾甚至为此推出了教育行业急速入职周活动，提供10000份面试直通卡，帮他们找新工作。\n大规模裁员，成为在今年连续的政策收紧之下，在线教育逐渐退潮的行业缩影。\n\n潮水退去\n肖夏离开的时候，在线教育行业仍算如日中天，不过，他那时已经看到了不好的迹象。“一对一模式无法规模盈利且获客成本过高，长期难以为继。高途、猿辅导、作业帮仍然是获客成本过高。虽然高途财报已经盈利了，流量获取及转化也日益艰难”。\n李倩所在的郑州学而思网校，今年的经营状况很不理想，“生源少了，今年暑期的续报做得也很艰难，甚至有一些老师带的班级一个续报的人都没有”。\n去年由于疫情，在线教育机构迎来了前所未有的爆发式增长。猿辅导1年内融资4轮，今年估值最高140亿美元。作业帮4月传出上市消息，计划募集至少5亿美元资金。新东方、好未来的股价翻倍。高途被16次做空，股价却在一年内由22美元涨到149美元。现在，一切皆成往事。\n7月24日，《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》政策落地，校外培训和在线教育行业彻底变天。\n“广受市场关注的第一二梯队的公司，受到的打击都很大。投放限制使得现在他们没办法招到足够的学生，只能裁员。”王海告诉经济观察报。\n不过他认为，在线教育走到今天，也不完全是偶然。早在2018年，就出过办学许可证、课内外减负等政策监管线下教育机构。2019年到2020年，在线教育公司经历几轮快速融资，把钱都砸到信息流广告引流，每个季度都有大几十亿的投入。这些投放，灌输了许多焦虑，也无形中增加了家长的教育成本。\n被辞职之前，那位高途员工也对在线教育有过质疑。去年12月，为了实现自己“通过互联网，让教育资源落后的学生，用低廉的成本，享受到和大城市学生一样的教育资源”的理想，她从公立学校辞职，一脚踏入在线教育行业。但从今年年初开始，各机构激烈的价格战、空前的营销力度、对下单率的过度关注却让她开始怀疑，沉迷于“大招”、“秘籍”等短平快上课模式的在线教育行业，是否真的与教育的本质与初衷相符。如今她承认，她为自己的“理想主义”付出了代价。\n今年多项政策出台，在减负政策的推行、对在线教育广告投放的限制、学校假期托管的逐步实行与推广后，在线教育行业开始大撤退。\n王海最近也走访了一些教育行业资深人士，他们普遍认为，这次调控的决心非常大，因为政策的本质是促进消费和增加生育，那些因为教育培训增加的成本其实是没有必要的。\n\n难说再见\n肖夏离职后去了一家互联网大厂，入职几个月后，他适应良好。“互联网行业还比较好找工作，运营、市场、用户增长、设计、销售、产品技术这些，很多工作都是通用的。总有招人的地方”。\n还有不少被辞退的教育从业者，转行去了游戏公司、外卖公司、短视频公司，很多人都提到，以后不再做教育了。\n李倩也是不回来的一员。她给自己放了两个月假，终于能从充满压力的续报业绩中抽离出来放松放松，之后“也许会去考编”。\n在线教育机构的员工们除了授课之外，还具有很强的销售性质，承受着较大的业绩压力，这也是他们产生离开在线教育行业念头的原因之一。\n与普通员工相比，影响更大的是教研和培训教师群体。肖夏之前所在的公司，培训教师数量多达几万名，远比其他员工多。\n林冬之前在新东方、朴新教育等校外培训机构担任讲师，从业10多年。2019年自己单干，做个体培训。对这个行业，她的看法也并不乐观，如果做不下去了，大不了出资料、出书，大不了转行，大不了在家教孩子，反正孩子的一对一课程费也贵，教的话，她就赚钱。\n即使没有被裁员的人，压力也在增加。在新东方担任带班助教的杨途，受到的影响体现在每个细节中，“现在不允许在班级群内发布每天打卡的作业和任务，也不允许说考试、测试一类词，只能说练习”。\n据记者了解，近日，新东方对讲师和助教进行了新一轮培训，设立了对外红线，其中包含5大类与885个关键词，重点强调要避免提到“最”、“一”、“首”、“极”等违反广告法、涉嫌虚假宣传的词汇，“优先入学”、“保过”等涉及升学政策的词汇，“真题”、“模考”、“期末考”、“弯道超车”等考试相关类词汇，“大赛”、“杯赛”、“比赛”、“强基计划”等赛事相关类词汇，以及“提分”、“焦虑”、“痛点”、“惰性”、“高分”等带有情绪煽动性质的词汇。一时间，在线教育机构曾频繁使用的宣传话术，几乎全部成为了无法触碰的雷区。\n双减政策给这群投身教培行业的年轻人的生活，带来了一场地震，推动他们面临或主动、或被动的事业剧变，而奇妙的是，他们对双减政策都抱着极其赞同的正面态度。李倩认为，经过这几次的政策变化，教培行业越来越趋于规范化，是好事。林冬也觉得，行业整顿并不是一件坏事，“总要有一个开头”。\n\n未来何处\n“职业教育”。被问到是否还会再看教育投资时，一位此前专注教育的投资人给出了这样四个字。不过，记者追问职业教育能否接住此前在线教育的盘子时，这位投资人拒绝了，“没啥好说的了。”另一位投资人则告诉记者，早就不关注这个行业了。\n也有人正兴高采烈。一家做考研培训教育的机构发出招聘信息，说前景一片大好。不过记者进一步询问时，对方没有再回应。\n教辅培训被限制后，面向中小学的素质教育和面向成年人的职业教育，成为救命稻草。7月28日，猿辅导宣布做素质教育，上线“南瓜科学”。好未来旗下成人业务板块“轻舟”，已经整合了考研、语培、留学等多项业务。高途公司官网称，高途专注于成人教育。字节跳动旗下的瓜瓜龙也上线了素质教育产品，其美术AI系统课已经上线，此外还有编程课程。字节旗下的学浪平台也推出面向成年人的职业教育课程。\n肖夏告诉经济观察报，双减政策落地之前，一些教育公司的战略部天天在思考能转型做哪些项目。但是，“这个事情也不是战略部能解决的”，在互联网进入存量市场的当下，“他们就当是再次创业了”。\n转型有一个最直接的问题，就是市场空间的缩小。之前的行业认知是，K12在线教育有万亿规模，职业教育和素质教育规模为千亿。对于不能帮助提升孩子成绩的素质教育，家长付费意愿远远没有K12高。“我们这些机构配不上我们的客户了，我们公司也配不上我们的高管和干部了。”张邦鑫略显悲壮的说道。\n不过，即使猿辅导、作业帮等之前估值上百亿美元的公司，也转型不易。他们积累的绝大多数用户都是小学生，但是，“小学生四年级之后，面临小升初问题，很少再在素质教育上下功夫。在这种情况下，学生们对素质教育的需求就会更弱一些。”一位不愿具名的业内人士说。\n高途公司官网已经挂上了成人教育的标签，现在布局实用英语、日语、会计、公务员、教师、事业单位、金融、管理、医疗考试、财商、考研、四六级和雅思等细分赛道。高途在2016年时，曾差点“死掉”，陈向东说，如果这一次的改革和变革能够真正到位，那么账上的现金足够活3年到5年。但新赛道也竞争激烈。过去2个月里，不断有职业教育、教育科技公司等，拿到融资。\n“以后，教育市场会逐步由国家主导的一些机构或非营利性组织或学校来提供配套的课外服务。”王海判断，之后，职业教育和素质教育也还有空间。\n日暮酒醒人已远，满天风雨下西楼。无论怎样，那个1年融资3轮，5年赴美上市的狂飙突进的时代，过去了。","news_type":1,"symbols_score_info":{"GOTU":0.9,"EDU":0.9,"TAL":0.9}},"isVote":1,"tweetType":1,"viewCount":1732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893468798,"gmtCreate":1628296063314,"gmtModify":1703504616535,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091103709151600","authorIdStr":"4091103709151600"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/893468798","repostId":"1136593672","repostType":4,"isVote":1,"tweetType":1,"viewCount":2218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":893468798,"gmtCreate":1628296063314,"gmtModify":1703504616535,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091103709151600","authorIdStr":"4091103709151600"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/893468798","repostId":"1136593672","repostType":4,"isVote":1,"tweetType":1,"viewCount":2218,"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,"idStr":"4091103709151600","authorIdStr":"4091103709151600"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833772771","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"NIO":"蔚来","BABA":"阿里巴巴","XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"XPEV":0.9,"09868":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1782,"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":"sh","language":"zh","title":"The tide of online education is receding: education and training giants collectively lay off employees, and the era of capital surge ends","url":"https://stock-news.laohu8.com/highlight/detail?id=1118636178","media":"TMT新观察","summary":"去年有多火热，今年就有多冰冷。\n7月底到8月初，越来越多在线教育公司裁员消息出现。7月30日，高途发出公开信，创始人陈向东说，再次走到存亡边缘，不得不作出艰难抉择。7月27日，好未来创始人张邦鑫那句略","content":"<p>As hot as it was last year, this year is as cold as it is.</p><p>From the end of July to the beginning of August, more and more online education companies laid off employees. July 30th,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>In an open letter, founder Chen Xiangdong said that he had to make a difficult choice when he was on the verge of survival again. July 27th,<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>Li Qian, a student of Xuesi Online School, planned to take the civil service exam after being dismissed in July.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Yang Tu, who is still at work, is learning to identify new \"minefields\" with as many as 885 keywords. Lin Dong, who is doing individual education training, is trembling. Her worst plan is to teach her children at home.</p><p>On August 5, 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. It is not an overall shutdown. Some businesses have not been shut down and are being adjusted.</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 anymore. Wang Hai, a researcher at Jiuqian Zhongtai, has recently visited many institutions, and most secondary investors have given up, which will greatly reduce their investment in education.</p><p>Data provided by the Lagou Recruitment Data Research Institute to the Economic Observer shows that since May 2021, the demand for online education talents has fallen off a cliff. At the same time, the proportion of online education employees who have \"left and can get to work quickly\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still just needed, but education and training are not necessarily.\" Xiao Xia sighed. He worked in a one-on-one online education company for 3 years, and 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>Resignation and turn 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 7 months. However, just as she was about to start a new week of work, she was surprised to find that the work accounts on her mobile phone and computer 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 layoffs was \"poor performance\". Without arguing too much, Li Qian accepted it. She handed in the equipment, signed the labor contract termination agreement, left the job without nostalgia, and completely left the education and training industry.</p><p>Although there is no argument, Li Qian believes in her heart that the reason for layoffs of \"poor performance\" is not true. Her assessment data is very good every time, and the latest assessment data is \"very high\". In Xueersi Online School, such sudden layoffs are not unique. Li Qian told reporters that as early as June this year, Xueersi Online School won the first round of massive layoffs. On July 5, a number of content about Xueersi's second wave of layoffs emerged on social platforms. The reporter asked Xueersi Company about this, but as of press time, no response has been received.</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 \"heyday\" when recruitment was crazy and there were not enough workstations. Sand, a mountain on an individual. \"</p><p>One<a href=\"https://laohu8.com/S/ZME\">Head Education</a>On July 1, the programmer also released online full-time teacher internal push information on Xiaohongshu, and on July 28, it ushered in \"an unavoidable disaster in the online education industry.\" Someone posted in the Douban group of \"This is the legendary fairy company\" on April 12th, recommending his online education company, but on July 19th, he changed the title of the post to \"The policy is no longer a fairy\". A HR of a K12 educational institution lamented: \"In the past, the KPI was how many people had to be recruited every month, but now it is how many people had to be fired every month. Finally, in order to complete the KPI, I fired myself.\"</p><p>On July 27, TAL founder Zhang Bangxin confirmed to employees on the company's internal live broadcast: \"Layoffs will definitely lead to layoffs.\" On July 29, Zhang Yi, the founder of TAL, posted in his circle of friends: \"I have to bid farewell to some business partners.\" Chen Xiangdong, founder of Gaotu, also said in an open letter that many small partners will have to leave. According to a late report, 1/3 of the people in Gaotu will leave.</p><p>In July 2021, on the recruitment platform Lagou, the monthly per capita login frequency of talents in the online education industry was as high as 92.8 times, which was 1.85 times that of the Internet industry. Lagou even launched a rapid employment week in the education industry, providing 10,000 direct interview cards to help them find new jobs.</p><p>Large-scale layoffs have become an industry epitome of the gradual ebb of online education 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 receding</b></p><p>When Xiao Xia left, the online education industry was still in full swing, but he had already seen bad signs at that time. \"The one-to-one model cannot be profitable on a scale and the cost of customer acquisition is too high, making it unsustainable for a long time. Gaotu, Yuanfudao, and Zuoyebang still have too high customer acquisition costs. Although Gaotu's financial report has been profitable, traffic acquisition and conversion are becoming increasingly difficult\".</p><p>Zhengzhou Xueersi Online School, where Li Qian is located, has a very unsatisfactory business situation this year. \"There are fewer students, and it is very difficult to renew the newspaper this summer. Even some teachers have no class to renew the newspaper\".</p><p>Last year, due to the pandemic, online educational institutions ushered in an unprecedented explosive growth. Yuanfudao has raised 4 rounds of financing in one year, with a maximum valuation of US $14 billion this year. Zuoyebang reported its listing news in April and plans to raise at least US $500 million. The stock prices of New Oriental and TAL doubled. Gaotu was shorted 16 times, but its stock price rose from $22 to $149 within one year. Now, it's all a thing of the past.</p><p>On July 24th, the policy of \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was implemented, and the off-campus training and online education industries completely changed.</p><p>\"Companies in the first and second echelons, which have received widespread attention from the market, have been hit hard. Restrictions on delivery make it impossible for them to recruit enough students now, so they can only lay off employees.\" Wang Hai told the Economic Observer.</p><p>However, he believes that it is not entirely accidental that online education has come to this day. As early as 2018, policies such as school licenses and burden reduction inside and outside classes were issued to supervise offline educational institutions. From 2019 to 2020, online education companies have experienced several rounds of rapid financing, throwing all their money into information flow advertising drainage, with billions of dollars invested every quarter. These deliveries have instilled a lot of anxiety and virtually increased the education cost of parents.</p><p>Before being resigned, the Gaotu employee also questioned online education. In December last year, in order to realize her ideal of \"allowing students with backward educational resources to enjoy the same educational resources as students in big cities at a low cost through the Internet\", she resigned from public schools and stepped into the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts and excessive attention to the order rate of various institutions have made her wonder whether the online education industry, which is addicted to short, flat and fast class modes 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>This year, a number of policies were introduced. After the implementation of burden reduction policies, restrictions on online education advertising, and the gradual implementation and promotion of school holiday trusteeship, the online education industry began to retreat.</p><p>Recently, Wang Hai also 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 the increased cost of education and training is 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 Xiao Xia left his job, he went to a major Internet company. A few months after joining the company, he adapted well. \"The Internet industry is still relatively easy to find jobs. Many jobs such as operation, market, user growth, design, sales, and product technology are universal. There is always a place to recruit people.\"</p><p>There are also many education practitioners who have been dismissed and have switched to game companies, food delivery companies, and short video companies. Many people mentioned that they will no longer do education in the future.</p><p>Li Qian is also one of those who won't come back. She gave herself a two-month vacation, and finally she was able to withdraw from the stressful renewal performance to relax, and then \"maybe she will take the exam\".</p><p>In addition to teaching, 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, the group of teaching, research and training teachers has a greater impact. Xiao Xia's previous company trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong was in New Oriental before,<a href=\"https://laohu8.com/S/NEW\">Park Xin Education</a>He has worked as a lecturer in off-campus training institutions for more than 10 years. In 2019, I went it alone and did individual training. Her view on this industry is not optimistic either. If she can't do it anymore, she will publish materials and books, change careers, or teach children at home. Anyway, the one-on-one course fee for children is also expensive. If she teaches, she will make money.</p><p>Even without people being redundant, the pressure is mounting. Yang Tu, who works as a teaching assistant in New Oriental, is affected in every detail. \"Now it is not allowed to publish daily homework and tasks in the class group, nor is it allowed to say words such as exams and tests, 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 contains five categories and 885 key words, emphasizing on avoiding mentioning words such as \"most\", \"one\", \"first\" and \"extreme\" that violate the advertising law and are suspected of false propaganda, words such as \"priority admission\" and \"guarantee\". For a time, almost all the propaganda rhetoric frequently used by online educational institutions became untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of these young people who have joined the education and training industry, pushing them to face active or passive career changes. The wonderful thing is that they are extremely agreeable with the double reduction policy. positive attitude. 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 the future</b></p><p>\"Vocational Education\". When asked if 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 previous online education plate, the investor refused, \"There is nothing else to say.\" Another investor told reporters that he had long stopped paying attention to this industry.</p><p>Others are in high spirits. An institution engaged in postgraduate entrance examination training and education sent out a recruitment information, saying that the prospect was bright. However, when the reporter asked further, the other party did not respond again.</p><p>After teaching auxiliary training is restricted, quality education for primary and secondary schools and vocational education for adults have become life-saving straws. On July 28th, Ape Counseling announced that it would do quality education and launch \"Pumpkin Science\". TAL's adult business segment \"Qingzhou\" has integrated many businesses such as postgraduate entrance examination, language training, and study abroad. Official website of Gaotu Company said that Gaotu focuses on adult education. Guagualong, a subsidiary of ByteDance, has also launched quality education products, and its art AI system course 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 implementation of the double reduction policy, the strategy departments of some education companies were thinking about what projects they could transform and do every day. However, \"this matter can't be solved by the strategy department.\" At the moment when the Internet enters the stock market, \"they should be starting a business again.\"</p><p>One of the most direct problems of transformation is the shrinking of market space. The previous industry cognition is that K12 online education has a scale of trillions, and the scale of vocational education and quality education is 100 billion. For quality education that can't help improve children's grades, parents' willingness to pay is far less than K12's. \"Our organizations are no longer worthy of our customers, and our company is no longer worthy of our executives and cadres,\" Zhang Bangxin said slightly tragically.</p><p>However, even companies such as Yuanfudao and Zuoyebang, which were previously valued at tens of billions of dollars, are not easy to transform. The vast majority of their accumulated users are primary school students, but \"after the fourth grade, primary school students face the problem of junior high school, and seldom work hard on quality education. In this case, students' demand for quality education will be weaker.\" An industry insider, who did not want to be named, said.</p><p>The official website of Gaotu Company has been labeled as adult education, and now it has subdivided tracks such as practical English, Japanese, accounting, civil servants, teachers, institutions, finance, management, medical examination, financial business, postgraduate entrance examination, CET-4 and CET-6 and IELTS. Gaotu almost \"died\" in 2016. Chen Xiangdong said that if this reform and change can really be put in place, then the cash on the account will be enough to live for 3 to 5 years. But the new track is also competitive. In the past two months, vocational education and educational technology companies have continuously received 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 after that, there is still room for vocational education and quality education.</p><p>At dusk, people are far away, and the sky is full of wind and rain. In any case, the era of sturm and drang, which involved 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>The tide of online education is receding: education and training giants collectively lay off employees, and the era of capital surge ends</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe tide of online education is receding: education and training giants collectively lay off employees, and the era of capital surge ends\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TMT新观察</strong><span class=\"h-time small\">2021-08-07 19:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As hot as it was last year, this year is as cold as it is.</p><p>From the end of July to the beginning of August, more and more online education companies laid off employees. July 30th,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>In an open letter, founder Chen Xiangdong said that he had to make a difficult choice when he was on the verge of survival again. July 27th,<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>Li Qian, a student of Xuesi Online School, planned to take the civil service exam after being dismissed in July.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Yang Tu, who is still at work, is learning to identify new \"minefields\" with as many as 885 keywords. Lin Dong, who is doing individual education training, is trembling. Her worst plan is to teach her children at home.</p><p>On August 5, 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. It is not an overall shutdown. Some businesses have not been shut down and are being adjusted.</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 anymore. Wang Hai, a researcher at Jiuqian Zhongtai, has recently visited many institutions, and most secondary investors have given up, which will greatly reduce their investment in education.</p><p>Data provided by the Lagou Recruitment Data Research Institute to the Economic Observer shows that since May 2021, the demand for online education talents has fallen off a cliff. At the same time, the proportion of online education employees who have \"left and can get to work quickly\" is as high as 98.5%.</p><p>This is a collective retreat of an industry. \"Education is still just needed, but education and training are not necessarily.\" Xiao Xia sighed. He worked in a one-on-one online education company for 3 years, and 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>Resignation and turn 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 7 months. However, just as she was about to start a new week of work, she was surprised to find that the work accounts on her mobile phone and computer 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 layoffs was \"poor performance\". Without arguing too much, Li Qian accepted it. She handed in the equipment, signed the labor contract termination agreement, left the job without nostalgia, and completely left the education and training industry.</p><p>Although there is no argument, Li Qian believes in her heart that the reason for layoffs of \"poor performance\" is not true. Her assessment data is very good every time, and the latest assessment data is \"very high\". In Xueersi Online School, such sudden layoffs are not unique. Li Qian told reporters that as early as June this year, Xueersi Online School won the first round of massive layoffs. On July 5, a number of content about Xueersi's second wave of layoffs emerged on social platforms. The reporter asked Xueersi Company about this, but as of press time, no response has been received.</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 \"heyday\" when recruitment was crazy and there were not enough workstations. Sand, a mountain on an individual. \"</p><p>One<a href=\"https://laohu8.com/S/ZME\">Head Education</a>On July 1, the programmer also released online full-time teacher internal push information on Xiaohongshu, and on July 28, it ushered in \"an unavoidable disaster in the online education industry.\" Someone posted in the Douban group of \"This is the legendary fairy company\" on April 12th, recommending his online education company, but on July 19th, he changed the title of the post to \"The policy is no longer a fairy\". A HR of a K12 educational institution lamented: \"In the past, the KPI was how many people had to be recruited every month, but now it is how many people had to be fired every month. Finally, in order to complete the KPI, I fired myself.\"</p><p>On July 27, TAL founder Zhang Bangxin confirmed to employees on the company's internal live broadcast: \"Layoffs will definitely lead to layoffs.\" On July 29, Zhang Yi, the founder of TAL, posted in his circle of friends: \"I have to bid farewell to some business partners.\" Chen Xiangdong, founder of Gaotu, also said in an open letter that many small partners will have to leave. According to a late report, 1/3 of the people in Gaotu will leave.</p><p>In July 2021, on the recruitment platform Lagou, the monthly per capita login frequency of talents in the online education industry was as high as 92.8 times, which was 1.85 times that of the Internet industry. Lagou even launched a rapid employment week in the education industry, providing 10,000 direct interview cards to help them find new jobs.</p><p>Large-scale layoffs have become an industry epitome of the gradual ebb of online education 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 receding</b></p><p>When Xiao Xia left, the online education industry was still in full swing, but he had already seen bad signs at that time. \"The one-to-one model cannot be profitable on a scale and the cost of customer acquisition is too high, making it unsustainable for a long time. Gaotu, Yuanfudao, and Zuoyebang still have too high customer acquisition costs. Although Gaotu's financial report has been profitable, traffic acquisition and conversion are becoming increasingly difficult\".</p><p>Zhengzhou Xueersi Online School, where Li Qian is located, has a very unsatisfactory business situation this year. \"There are fewer students, and it is very difficult to renew the newspaper this summer. Even some teachers have no class to renew the newspaper\".</p><p>Last year, due to the pandemic, online educational institutions ushered in an unprecedented explosive growth. Yuanfudao has raised 4 rounds of financing in one year, with a maximum valuation of US $14 billion this year. Zuoyebang reported its listing news in April and plans to raise at least US $500 million. The stock prices of New Oriental and TAL doubled. Gaotu was shorted 16 times, but its stock price rose from $22 to $149 within one year. Now, it's all a thing of the past.</p><p>On July 24th, the policy of \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was implemented, and the off-campus training and online education industries completely changed.</p><p>\"Companies in the first and second echelons, which have received widespread attention from the market, have been hit hard. Restrictions on delivery make it impossible for them to recruit enough students now, so they can only lay off employees.\" Wang Hai told the Economic Observer.</p><p>However, he believes that it is not entirely accidental that online education has come to this day. As early as 2018, policies such as school licenses and burden reduction inside and outside classes were issued to supervise offline educational institutions. From 2019 to 2020, online education companies have experienced several rounds of rapid financing, throwing all their money into information flow advertising drainage, with billions of dollars invested every quarter. These deliveries have instilled a lot of anxiety and virtually increased the education cost of parents.</p><p>Before being resigned, the Gaotu employee also questioned online education. In December last year, in order to realize her ideal of \"allowing students with backward educational resources to enjoy the same educational resources as students in big cities at a low cost through the Internet\", she resigned from public schools and stepped into the online education industry. However, since the beginning of this year, the fierce price war, unprecedented marketing efforts and excessive attention to the order rate of various institutions have made her wonder whether the online education industry, which is addicted to short, flat and fast class modes 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>This year, a number of policies were introduced. After the implementation of burden reduction policies, restrictions on online education advertising, and the gradual implementation and promotion of school holiday trusteeship, the online education industry began to retreat.</p><p>Recently, Wang Hai also 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 the increased cost of education and training is 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 Xiao Xia left his job, he went to a major Internet company. A few months after joining the company, he adapted well. \"The Internet industry is still relatively easy to find jobs. Many jobs such as operation, market, user growth, design, sales, and product technology are universal. There is always a place to recruit people.\"</p><p>There are also many education practitioners who have been dismissed and have switched to game companies, food delivery companies, and short video companies. Many people mentioned that they will no longer do education in the future.</p><p>Li Qian is also one of those who won't come back. She gave herself a two-month vacation, and finally she was able to withdraw from the stressful renewal performance to relax, and then \"maybe she will take the exam\".</p><p>In addition to teaching, 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, the group of teaching, research and training teachers has a greater impact. Xiao Xia's previous company trained tens of thousands of teachers, far more than other employees.</p><p>Lin Dong was in New Oriental before,<a href=\"https://laohu8.com/S/NEW\">Park Xin Education</a>He has worked as a lecturer in off-campus training institutions for more than 10 years. In 2019, I went it alone and did individual training. Her view on this industry is not optimistic either. If she can't do it anymore, she will publish materials and books, change careers, or teach children at home. Anyway, the one-on-one course fee for children is also expensive. If she teaches, she will make money.</p><p>Even without people being redundant, the pressure is mounting. Yang Tu, who works as a teaching assistant in New Oriental, is affected in every detail. \"Now it is not allowed to publish daily homework and tasks in the class group, nor is it allowed to say words such as exams and tests, 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 contains five categories and 885 key words, emphasizing on avoiding mentioning words such as \"most\", \"one\", \"first\" and \"extreme\" that violate the advertising law and are suspected of false propaganda, words such as \"priority admission\" and \"guarantee\". For a time, almost all the propaganda rhetoric frequently used by online educational institutions became untouchable minefields.</p><p>The double reduction policy has brought an earthquake to the lives of these young people who have joined the education and training industry, pushing them to face active or passive career changes. The wonderful thing is that they are extremely agreeable with the double reduction policy. positive attitude. 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 the future</b></p><p>\"Vocational Education\". When asked if 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 previous online education plate, the investor refused, \"There is nothing else to say.\" Another investor told reporters that he had long stopped paying attention to this industry.</p><p>Others are in high spirits. An institution engaged in postgraduate entrance examination training and education sent out a recruitment information, saying that the prospect was bright. However, when the reporter asked further, the other party did not respond again.</p><p>After teaching auxiliary training is restricted, quality education for primary and secondary schools and vocational education for adults have become life-saving straws. On July 28th, Ape Counseling announced that it would do quality education and launch \"Pumpkin Science\". TAL's adult business segment \"Qingzhou\" has integrated many businesses such as postgraduate entrance examination, language training, and study abroad. Official website of Gaotu Company said that Gaotu focuses on adult education. Guagualong, a subsidiary of ByteDance, has also launched quality education products, and its art AI system course 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 implementation of the double reduction policy, the strategy departments of some education companies were thinking about what projects they could transform and do every day. However, \"this matter can't be solved by the strategy department.\" At the moment when the Internet enters the stock market, \"they should be starting a business again.\"</p><p>One of the most direct problems of transformation is the shrinking of market space. The previous industry cognition is that K12 online education has a scale of trillions, and the scale of vocational education and quality education is 100 billion. For quality education that can't help improve children's grades, parents' willingness to pay is far less than K12's. \"Our organizations are no longer worthy of our customers, and our company is no longer worthy of our executives and cadres,\" Zhang Bangxin said slightly tragically.</p><p>However, even companies such as Yuanfudao and Zuoyebang, which were previously valued at tens of billions of dollars, are not easy to transform. The vast majority of their accumulated users are primary school students, but \"after the fourth grade, primary school students face the problem of junior high school, and seldom work hard on quality education. In this case, students' demand for quality education will be weaker.\" An industry insider, who did not want to be named, said.</p><p>The official website of Gaotu Company has been labeled as adult education, and now it has subdivided tracks such as practical English, Japanese, accounting, civil servants, teachers, institutions, finance, management, medical examination, financial business, postgraduate entrance examination, CET-4 and CET-6 and IELTS. Gaotu almost \"died\" in 2016. Chen Xiangdong said that if this reform and change can really be put in place, then the cash on the account will be enough to live for 3 to 5 years. But the new track is also competitive. In the past two months, vocational education and educational technology companies have continuously received 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 after that, there is still room for vocational education and quality education.</p><p>At dusk, people are far away, and the sky is full of wind and rain. In any case, the era of sturm and drang, which involved 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":{"GOTU":"高途","TAL":"好未来","EDU":"新东方"},"source_url":"https://mp.weixin.qq.com/s/_OU27RtlNXtRiFiRGKu60g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118636178","content_text":"去年有多火热，今年就有多冰冷。\n7月底到8月初，越来越多在线教育公司裁员消息出现。7月30日，高途发出公开信，创始人陈向东说，再次走到存亡边缘，不得不作出艰难抉择。7月27日，好未来创始人张邦鑫那句略显悲壮的话在朋友圈刷屏：“我们的公司配不上我们的高管和干部了。”\n学而思网校的李倩7月份被辞退后，计划考公务员。新东方仍在上班的杨途正在学习识别新“雷区”，关键词多达885个。做教育个体培训的林冬战战兢兢，她最坏的打算是自己在家教自己孩子。\n8月5日，互联网大公司字节跳动也开始裁员。知情人士告诉经济观察报，字节跳动的大力教育在裁员，赔付方式为N+2，不是整体关停，有的业务没有关停，在做调整。\n记者询问两位此前专注教育赛道的投资人，他们回答说，不想聊这个话题了。久谦中台研究员王海最近走访了很多机构，多数二级投资人已经放弃，将大大减少在教育领域的投资。\n拉勾招聘数据研究院向经济观察报提供的数据显示，自2021年5月起，在线教育人才需求断崖式下跌。同时，处于“已离职，可快速到岗”的在线教育员工比例高达98.5%。\n这是一个行业的集体大撤退。“教育仍然是刚需，但教培不一定是了。”肖夏感慨。他在一家一对一在线教育公司从业3年，在这一波裁员潮前离开这个行业，现在回看，是幸运的选择。\n\n离职转身\n7月5日，一个与往常别无二致的星期一，李倩来到了办公室。她是郑州学而思网校的一名带班班主任，已经正式入职7个月。然而，正当她准备开始新一周的工作时，却惊讶地发现，自己手机与电脑上的工作账号都已被冻结。\n中午，她被学科主任叫到办公室约谈，成为了学而思网校的二轮裁员中，被裁掉的那一批人，裁员理由是“绩效不佳”。没有过多争辩，李倩接受了。她上交了设备、签署了劳动合同解除协议书，没有留恋地离开了这个工作岗位，也彻底离开了教培这个行业。\n虽然嘴上没有争辩，但李倩心中认为，“绩效不佳”的裁员理由并不属实。她的每次考核数据都很不错，最近一次的考核数据也“非常靠前”。而在学而思网校，这样突如其来的裁员并不是个例。李倩告诉记者，早在今年6月，学而思网校就赢来了第一轮大批裁员。7月5日，社交平台上涌现了多个关于学而思第二波大裁员的内容。记者就此向学而思公司询问，截至发稿尚未收到回应。\n被高途裁员的一位员工看着HR桌上厚厚一摞的离职证明，回忆起当初疯狂扩招、工位都不够坐的“鼎盛时期”，不禁在小红书上感叹，“时代的一粒沙，个人身上的一座山”。\n一名掌门教育的程序员7月1日还在小红书发布线上全职教师内推信息，7月28日就迎来了“在线教育行业躲不过的一劫”。有人4月12日在“这就是传说中的神仙公司”豆瓣小组发帖，推荐自己所在的在线教育公司，却在7月19日将帖子标题改为“政策改得已经不神仙了”。一名K12教育机构的HR感慨:“以前的KPI是每个月要招够多少人，现在是每个月要开除多少人，最后为了完成KPI，把自己开除了。”\n7月27日，好未来创始人张邦鑫在公司内部直播上向员工确认:“裁员是肯定会裁员的。”7月29日，掌门创始人张翼在其朋友圈发文称：“不得已送别一些业务的伙伴。”高途创始人陈向东也在公开信表示，不少小伙伴将不得不离开。据晚点报道称，高途1/3的人会离开。\n2021年7月，在招聘平台拉勾上，在线教育行业人才的月度人均登陆频次高达92.8次，是互联网行业的1.85倍。拉勾甚至为此推出了教育行业急速入职周活动，提供10000份面试直通卡，帮他们找新工作。\n大规模裁员，成为在今年连续的政策收紧之下，在线教育逐渐退潮的行业缩影。\n\n潮水退去\n肖夏离开的时候，在线教育行业仍算如日中天，不过，他那时已经看到了不好的迹象。“一对一模式无法规模盈利且获客成本过高，长期难以为继。高途、猿辅导、作业帮仍然是获客成本过高。虽然高途财报已经盈利了，流量获取及转化也日益艰难”。\n李倩所在的郑州学而思网校，今年的经营状况很不理想，“生源少了，今年暑期的续报做得也很艰难，甚至有一些老师带的班级一个续报的人都没有”。\n去年由于疫情，在线教育机构迎来了前所未有的爆发式增长。猿辅导1年内融资4轮，今年估值最高140亿美元。作业帮4月传出上市消息，计划募集至少5亿美元资金。新东方、好未来的股价翻倍。高途被16次做空，股价却在一年内由22美元涨到149美元。现在，一切皆成往事。\n7月24日，《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》政策落地，校外培训和在线教育行业彻底变天。\n“广受市场关注的第一二梯队的公司，受到的打击都很大。投放限制使得现在他们没办法招到足够的学生，只能裁员。”王海告诉经济观察报。\n不过他认为，在线教育走到今天，也不完全是偶然。早在2018年，就出过办学许可证、课内外减负等政策监管线下教育机构。2019年到2020年，在线教育公司经历几轮快速融资，把钱都砸到信息流广告引流，每个季度都有大几十亿的投入。这些投放，灌输了许多焦虑，也无形中增加了家长的教育成本。\n被辞职之前，那位高途员工也对在线教育有过质疑。去年12月，为了实现自己“通过互联网，让教育资源落后的学生，用低廉的成本，享受到和大城市学生一样的教育资源”的理想，她从公立学校辞职，一脚踏入在线教育行业。但从今年年初开始，各机构激烈的价格战、空前的营销力度、对下单率的过度关注却让她开始怀疑，沉迷于“大招”、“秘籍”等短平快上课模式的在线教育行业，是否真的与教育的本质与初衷相符。如今她承认，她为自己的“理想主义”付出了代价。\n今年多项政策出台，在减负政策的推行、对在线教育广告投放的限制、学校假期托管的逐步实行与推广后，在线教育行业开始大撤退。\n王海最近也走访了一些教育行业资深人士，他们普遍认为，这次调控的决心非常大，因为政策的本质是促进消费和增加生育，那些因为教育培训增加的成本其实是没有必要的。\n\n难说再见\n肖夏离职后去了一家互联网大厂，入职几个月后，他适应良好。“互联网行业还比较好找工作，运营、市场、用户增长、设计、销售、产品技术这些，很多工作都是通用的。总有招人的地方”。\n还有不少被辞退的教育从业者，转行去了游戏公司、外卖公司、短视频公司，很多人都提到，以后不再做教育了。\n李倩也是不回来的一员。她给自己放了两个月假，终于能从充满压力的续报业绩中抽离出来放松放松，之后“也许会去考编”。\n在线教育机构的员工们除了授课之外，还具有很强的销售性质，承受着较大的业绩压力，这也是他们产生离开在线教育行业念头的原因之一。\n与普通员工相比，影响更大的是教研和培训教师群体。肖夏之前所在的公司，培训教师数量多达几万名，远比其他员工多。\n林冬之前在新东方、朴新教育等校外培训机构担任讲师，从业10多年。2019年自己单干，做个体培训。对这个行业，她的看法也并不乐观，如果做不下去了，大不了出资料、出书，大不了转行，大不了在家教孩子，反正孩子的一对一课程费也贵，教的话，她就赚钱。\n即使没有被裁员的人，压力也在增加。在新东方担任带班助教的杨途，受到的影响体现在每个细节中，“现在不允许在班级群内发布每天打卡的作业和任务，也不允许说考试、测试一类词，只能说练习”。\n据记者了解，近日，新东方对讲师和助教进行了新一轮培训，设立了对外红线，其中包含5大类与885个关键词，重点强调要避免提到“最”、“一”、“首”、“极”等违反广告法、涉嫌虚假宣传的词汇，“优先入学”、“保过”等涉及升学政策的词汇，“真题”、“模考”、“期末考”、“弯道超车”等考试相关类词汇，“大赛”、“杯赛”、“比赛”、“强基计划”等赛事相关类词汇，以及“提分”、“焦虑”、“痛点”、“惰性”、“高分”等带有情绪煽动性质的词汇。一时间，在线教育机构曾频繁使用的宣传话术，几乎全部成为了无法触碰的雷区。\n双减政策给这群投身教培行业的年轻人的生活，带来了一场地震，推动他们面临或主动、或被动的事业剧变，而奇妙的是，他们对双减政策都抱着极其赞同的正面态度。李倩认为，经过这几次的政策变化，教培行业越来越趋于规范化，是好事。林冬也觉得，行业整顿并不是一件坏事，“总要有一个开头”。\n\n未来何处\n“职业教育”。被问到是否还会再看教育投资时，一位此前专注教育的投资人给出了这样四个字。不过，记者追问职业教育能否接住此前在线教育的盘子时，这位投资人拒绝了，“没啥好说的了。”另一位投资人则告诉记者，早就不关注这个行业了。\n也有人正兴高采烈。一家做考研培训教育的机构发出招聘信息，说前景一片大好。不过记者进一步询问时，对方没有再回应。\n教辅培训被限制后，面向中小学的素质教育和面向成年人的职业教育，成为救命稻草。7月28日，猿辅导宣布做素质教育，上线“南瓜科学”。好未来旗下成人业务板块“轻舟”，已经整合了考研、语培、留学等多项业务。高途公司官网称，高途专注于成人教育。字节跳动旗下的瓜瓜龙也上线了素质教育产品，其美术AI系统课已经上线，此外还有编程课程。字节旗下的学浪平台也推出面向成年人的职业教育课程。\n肖夏告诉经济观察报，双减政策落地之前，一些教育公司的战略部天天在思考能转型做哪些项目。但是，“这个事情也不是战略部能解决的”，在互联网进入存量市场的当下，“他们就当是再次创业了”。\n转型有一个最直接的问题，就是市场空间的缩小。之前的行业认知是，K12在线教育有万亿规模，职业教育和素质教育规模为千亿。对于不能帮助提升孩子成绩的素质教育，家长付费意愿远远没有K12高。“我们这些机构配不上我们的客户了，我们公司也配不上我们的高管和干部了。”张邦鑫略显悲壮的说道。\n不过，即使猿辅导、作业帮等之前估值上百亿美元的公司，也转型不易。他们积累的绝大多数用户都是小学生，但是，“小学生四年级之后，面临小升初问题，很少再在素质教育上下功夫。在这种情况下，学生们对素质教育的需求就会更弱一些。”一位不愿具名的业内人士说。\n高途公司官网已经挂上了成人教育的标签，现在布局实用英语、日语、会计、公务员、教师、事业单位、金融、管理、医疗考试、财商、考研、四六级和雅思等细分赛道。高途在2016年时，曾差点“死掉”，陈向东说，如果这一次的改革和变革能够真正到位，那么账上的现金足够活3年到5年。但新赛道也竞争激烈。过去2个月里，不断有职业教育、教育科技公司等，拿到融资。\n“以后，教育市场会逐步由国家主导的一些机构或非营利性组织或学校来提供配套的课外服务。”王海判断，之后，职业教育和素质教育也还有空间。\n日暮酒醒人已远，满天风雨下西楼。无论怎样，那个1年融资3轮，5年赴美上市的狂飙突进的时代，过去了。","news_type":1,"symbols_score_info":{"GOTU":0.9,"EDU":0.9,"TAL":0.9}},"isVote":1,"tweetType":1,"viewCount":1732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833775675,"gmtCreate":1629269117997,"gmtModify":1676529985332,"author":{"id":"4091103709151600","authorId":"4091103709151600","name":"股市幸运姥姥","avatar":"https://static.tigerbbs.com/33e6bc691b122cb04f62e53128fa54e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091103709151600","authorIdStr":"4091103709151600"},"themes":[],"htmlText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","listText":"666//<a href=\"https://laohu8.com/U/4091103709151600\">@股市幸运姥姥</a>:666","text":"666//@股市幸运姥姥:666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833775675","repostId":"2160205227","repostType":2,"repost":{"id":"2160205227","kind":"news","pubTimestamp":1629246904,"share":"https://ttm.financial/m/news/2160205227?lang=en_US&edition=fundamental","pubTime":"2021-08-18 08:35","market":"us","language":"zh","title":"Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2160205227","media":"证券市场红周刊","summary":"从前十大重仓股来看，高瓴二季度持仓整体变动不大。而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。2021年8月5日，百济神州公布其第二季度及上半年财务业绩。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。今年以来，新能源汽车销量进一步提速。在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","content":"<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse buys Ali at the bottom! Masukura Nio and XPeng, are opportunities for new energy vehicles coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-18 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"capital giant\" that has attracted much attention in the secondary market, every move of Hillhouse Capital has attracted much attention. On August 17, Beijing time, the website of the U.S. Securities and Exchange Commission (SEC) showed that Hillhouse submitted the 13F position data of U.S. stocks in the second quarter of 2021. On the whole, Hillhouse's position adjustment in the second quarter was relatively active, which was consistent with its previous heavy position in Chinese concept stocks and focusing on life sciences, hard technology and other main lines, but the \"new goal\" has changed greatly. For example, among the new positions in the second quarter, Hillhouse increased its<a href=\"https://laohu8.com/S/ABNB\">Airbnb</a>, Didi Chuxing and other attention. At the same time, it has further bucked the market trend and increased positions in Chinese concept stock companies such as e-commerce and retail, such as<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Etc.</p><p><b>Stick to the \"first heavyweight stock\"<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a></b></p><p><b>11 quarters of full profits</b></p><p>According to the 13F document disclosed by Hillhouse in the second quarter, in the second quarter, Hillhouse held 89 companies in the US stock market with a total market value of US $9.7 billion. The total market value of its positions is equivalent to RMB 62.865 billion based on the exchange rate on the afternoon of August 17.</p><p>Judging from the top ten Awkwardness stocks, the overall position of Hillhouse in the second quarter did not change much. The overall market value of the top ten heavyweight positions is about US $6 billion, accounting for 60% of the total positions. Among them, positions in biotechnology companies<a href=\"https://laohu8.com/S/06160\">BeiGene</a>With US $1.87 billion, it is still the company's \"No. 1 holding\". (see Table 1)</p><p>Table 1 Hillhouse's top ten holdings in the second quarter<img src=\"https://static.tigerbbs.com/8cf18037c5127cc51008f5ed17aae679\" tg-width=\"705\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>The reporter of \"Red Weekly\" checked the historical position data and found that, as a \"favorite stock\", Hillhouse has held positions in BeiGene for 11 consecutive quarters. Hillhouse opened a position in BeiGene as early as the fourth quarter of 2018; The position was increased in the third quarter of 2019, and the position has been held ever since.</p><p>During the period of Hillhouse holding from 2019 to the end of the second quarter of this year, BeiGene's stock price rose by 1.4 times. The market value of Hillhouse's position in BeiGene has further increased from only US $600 million at the beginning to nearly US $2 billion. (See Figure 1)</p><p>Figure 1 BeiGene's US stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184404594v1974jjrjtigckn\" tg-width=\"713\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>From a fundamental point of view, the latest financial report data disclosed by BeiGene shows that the performance improvement momentum is \"strong\".</p><p>On August 5, 2021, BeiGene announced its second quarter and first half financial results. BeiGene's product revenue in the second quarter of 2021 was approximately 900 million yuan, an increase of 111% compared with the same period last year. The total product revenue in the first half of the year reached 1.58 billion yuan, a year-on-year increase of 108%.</p><p>It is worth noting that, judging from the latest brokerage ratings, BeiGene is still \"optimistic\" by institutions. Such as<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) maintained its \"buy\" rating on BeiGene. It believes that the catalysts for BeiGene in the second half of 2021 include: 1. Tislelizumab submits marketing applications for first-line non-small cell lung cancer and second-line esophageal squamous cell carcinoma to the US FDA; 2. The supplementary application of zanubrutinib for second-line marginal lymphoma and second-line Waldenstrom macroglobulin blood indications was approved by the FDA; 3. Announce a number of mid-term clinical results at future large-scale medical conferences.</p><p>\"Continue to maintain the target price of the segment sum valuation method at US $417 (the closing price as of August 16 was US $280), and give a 20% capital allocation premium on the basis of the company's equity valuation to reflect the company's abundant cash (expected to be US $3.3 billion at the end of fiscal year 21) and strong BD capabilities.\" The analysis in the above research report said.</p><p>It is worth noting that among the top ten Awkwardness stocks, Hillhouse's \"new target\" is targeting Airbnb, a homestay platform. As of the end of the second quarter, Airbnb held US $320 million, and Xinjin became the eighth largest holding. Since Airbnb went public in December last year, its stock price has continued to adjust. During the second quarter, the stock price fell by nearly 20%.</p><p><b>Large positions in Vipshop, MINISO and other targets</b></p><p><b>Competitiveness, valuation advantages or important factors for increasing positions</b></p><p>Among the 89 holding companies, Hillhouse increased its holdings of 7 companies in the second quarter, and focused on Chinese concept stocks as a whole. Among them, Masukura Vipshop, MINISO,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Both exceeded 400%, and Masukura Vipshop and Miniso had the highest margin, with Masukura ratios exceeding 1800%. As of the end of the second quarter, the market values of Hillhouse's positions in Vipshop and MINISO were US $179 million and US $117 million respectively. Ranked 17th and 19th largest position queues.</p><p>At the same time, Hillhouse also<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/UBER\">Uber</a>Etc. to reduce holdings in a larger proportion. According to industry insiders, behind the continued adjustment of positions of Chinese concept stocks by Hillhouse's secondary market team, it reflects that the secondary listing of Chinese concept stocks in the Hong Kong market has become a long-term trend. It is not ruled out that investment institutions will adjust their positions and shift their positions to the possibility of Hong Kong market.</p><p>The same situation also appeared in Jinglin's latest 13F data. According to public information, Jinglin cleared in the second quarter<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>、<a href=\"https://laohu8.com/S/VNET\">Century Internet</a>、<a href=\"https://laohu8.com/S/HCM\">Chi-Med</a>, Keike and other companies, among which Zai Lab and Chi-Med are also listed on the Hong Kong stock market.</p><p>Table 2 Hillhouse's key position adjustment stocks in the second quarter</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184409473v19748vxc25i8ze\" tg-width=\"747\" tg-height=\"1294\" referrerpolicy=\"no-referrer\"></p><p>Source: Official sources</p><p>Judging from the position data, during the second quarter, the stock prices of the two stocks with the largest increase in positions in Hillhouse-Vipshop and MINISO continued to fall in the second quarter. Among them, Vipshop fell by more than 32% and MINISO fell 13%. (see Figure 2 and Figure 3)</p><p>Figure 2 Vipshop's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184416538v197ati2rdgb4y6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Figure 3 Stock price performance of MINISO</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184422418v197v6lqhdk5629\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Valuation advantage may be an important consideration for Hillhouse to increase positions for related companies. From the perspective of Vipshop, as the stock price continued to adjust in the second quarter, the valuation also dropped significantly. During the second quarter, Vipshop's valuation level was mostly 10 to 20 times, which was a further decline compared with 20 to 30 times in the first quarter.</p><p><a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>According to the research report, compared with TJX (a low-priced retailer of clothing and family fashion in the United States and the world), Vipshop's competition barriers still need time to be confirmed by the market, but it has higher growth potential and more space. According to the TJX valuation discount of 0.8-0.9 times, it is believed that Vipshop's reasonable PE in 2021 is 17-20 times, while the current PE is only 11 times, giving a \"buy\" rating for the first time.</p><p>In his view, \"Since the strategy of'returning to special sales and focusing on good goods' was put forward at the end of 2018, profits and cash flow have grown steadily, and book cash is sufficient. The company can greatly increase its intrinsic value through reinvestment methods such as buybacks.\"</p><p>The market is accustomed to valuing e-commerce companies according to scale and growth rate. In the second half of e-commerce competition, the importance of the \"channel brand\" framework gradually increases, and Vipshop happens to be running on the right track of \"channel brand\".</p><p>Zhongtai Securities predicts that at present, its competitive advantage is significantly underestimated, and it is expected to grow from a \"small\" business with barriers to a \"big\" business with barriers. Vipshop's tail goods handling market share is relatively low, and its growth attribute is greater than its cycle attribute. With the increase of user retention and stickiness, the company's performance is expected to achieve steady growth.</p><p><b>Continue to increase positions in new energy tracks such as XPeng and Nio</b></p><p>Hillhouse has publicly stated that look<a href=\"https://laohu8.com/S/TAL\">TAL</a>In two to five years, the four major subdivisions in the field of science and technology, such as semiconductors, cutting-edge technology, new energy, and intelligent hardware, are called hard technology a \"historic structural investment window period\". From the analysis of position data, It has also further increased its investment in this area in the past three years.</p><p>For example, after starting a new round of positions in XPeng and Nio in the first quarter of this year, Hillhouse's secondary market team continued to increase positions in XPeng and Nio in the second quarter. As of the second quarter, the market value of the two positions was US $39 million and US $45 million respectively.</p><p>Since the beginning of this year, sales of new energy vehicles have further accelerated. According to Wind data, from June to July this year, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Monthly automobile sales reached 250,000 and 270,000 respectively, setting a record high. (See Figure 4)</p><p>Figure 4 Monthly sales of new energy vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184423149v197i4uswi3fyw0\" tg-width=\"976\" tg-height=\"528\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>According to business data released by Nio, as of the end of July, the company's cumulative car sales that year were 125,528 units, a year-on-year increase of 153.00%; According to business data released by XPeng, as of the end of July, the company's cumulative sales of Smart EV vehicles reached 38,778 units, a significant increase compared with the same period last year. (See Figures 5, 6)</p><p>Figure 5 Cumulative sales of Nio vehicles</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184428898v197ad7eptg36qm\" tg-width=\"986\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p><p>Data source: Wind</p><p>Figure 6 Cumulative sales of buses in XPeng</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817184444733v197lhm3d7wh8s8\" tg-width=\"974\" tg-height=\"449\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>It is worth mentioning that, unlike other Hillhouse companies whose stock prices continued to adjust in the second quarter, Nio rose by 36% in the second quarter, and XPeng rose by 21%.</p><p>Under the \"signal\" of Hillhouse Masukura, the \"opportunities\" of new energy vehicles such as Nio and XPeng may increase again.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"NIO":"蔚来","BABA":"阿里巴巴","XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108171845167c2f59f2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160205227","content_text":"作为二级市场上备受关注的“资本巨头”，高瓴资本的一举一动都备受关注。北京时间8月17日，美国证券交易委员会（SEC）网站显示，高瓴提交了2021年二季度美股13F持仓数据。整体来看，高瓴二季度调仓动作较为活跃，与之前重仓中概股，并聚焦生命科学、硬科技等主线保持一致，但“新目标”出现较大变动。如在二季度新建仓标的中，高瓴增加了对爱彼迎、滴滴出行等关注度。同时也进一步逆市增仓电商、零售等中概股公司，如唯品会、名创优品等。\n坚守“第一重仓股”百济神州\n11个季度获利满满\n据高瓴二季度披露的13F文件显示，二季度，高瓴在美股市场持有89家公司，总市值97亿美元。其持仓总市值以8月17日下午汇率来看，折合人民币628.65亿元。\n从前十大重仓股来看，高瓴二季度持仓整体变动不大。前十大重仓整体持仓市值约为60亿美元，占总持仓60%。其中，持仓生物科技公司百济神州18.7亿美元，仍是公司“第一重仓股”。（见表1）\n表1 高瓴二季度前十大重仓股\n数据来源：官方资料\n《红周刊》记者查阅历史持仓数据显示发现，作为“钟情股”，高瓴连续持仓百济神州已经达到11个季度。高瓴早在2018年四季度即建仓百济神州；2019年三季度进行加仓，此后一直持仓至今。\n而在高瓴持仓期间的2019年至今年二季度末，百济神州股价涨幅累计达到了1.4倍。高瓴持仓百济神州市值由最初的仅6亿美元进一步增至近20亿美元。（见图1）\n图1 百济神州美股股价表现\n\n来源：Wind\n从基本面角度来看，百济神州最新披露的财报数据显示，业绩改善势头“强劲”。\n2021年8月5日，百济神州公布其第二季度及上半年财务业绩。百济神州2021年第二季度产品收入约9亿元人民币，相较去年同期增长111%，上半年产品总收入达15.8亿元人民币，同比增长108%。\n值得注意的是，从最新券商评级来看，百济神州依然被机构继续“看好”。如招商证券（香港）维持对百济神州“买入”评级。其认为，2021年下半年百济神州的催化剂包括：1、替雷利珠单抗向美国FDA递交一线非小细胞肺癌和二线食管鳞癌的上市申请；2、泽布替尼二线边缘淋巴瘤与二线华氏巨球蛋白血适应症的补充申请获得FDA批准；3、在未来大型医学会议上公布多项中期临床结果。\n“继续维持分部加总估值法目标价为417美元（截至8月16日收盘价为280美元），并在公司权益估值基础上给予20%的资本配置溢价，以反映公司充裕的现金（21财年底预计为33亿美元）和较强的BD能力。”上述研报中分析说。\n值得注意的是，在前十大重仓股中，高瓴的“新目标”锁定民宿平台爱彼迎。截至二季度末，持仓爱彼迎3.2亿美元，新进成为第八大重仓股。爱彼迎于去年12月上市至今，股价持续调整。二季度其间，股价累计下跌近20%。\n大笔增仓唯品会、名创优品等标的\n竞争力、估值优势或是增仓重要因素\n在89家持仓公司中，高瓴二季度共增持7家公司，且整体聚焦中概股。其中，增仓唯品会、名创优品、华住、蔚来、阿里巴巴均超过400%，增仓唯品会、名创优品幅度最高，增仓比例均超过1800%。截至二季度末，高瓴持仓唯品会、名创优品市值分别为1.79亿美元、1.17亿美元。位居第17和第19大持仓队列。\n与此同时，高瓴也对拼多多、优步等进行较大比例减持。有业内人士表示，高瓴二级市场团队对中概股继续进行调仓的背后，反应的是中概股在香港市场二次上市已成为长期趋势，不排除投资机构调整头寸，将仓位移至香港市场的可能性。\n同样的情况也出现在景林最新的13F数据上，根据公开信息，景林在二季度出清了再鼎医药、世纪互联、和黄医药、贝壳等公司，其中再鼎医药以及和黄医药在港股亦有上市。\n表2 高瓴二季度重点调仓股\n\n数据来源：官方资料\n从持仓数据来看，二季度其间，高瓴增仓幅度最大的两只个股——唯品会、名创优品二季度股价持续下跌，其中，唯品会下跌超32%，名创优品下跌13%。（见图2、图3）\n图2 唯品会股价表现\n\n来源：Wind\n图3 名创优品股价表现\n\n来源：Wind\n估值优势或是高瓴给与相关公司增仓的重要考量因素。以唯品会来看，随着二季度股价持续调整，估值同样出现显著下降。二季度其间，唯品会估值水平多为10~20倍，与一季度的20~30倍相比，进一步下降。\n中泰证券在研报中表示，对标TJX（美国和全世界的服装和家庭时尚低价零售商），唯品会竞争壁垒仍需时间被市场确认，但成长性更高，空间更大。按照TJX估值折价0.8-0.9倍，认为唯品会2021年合理PE为17-20倍，而当前PE仅11倍，首次覆盖给予“买入”评级。\n在其看来，“自2018年底提出‘回归特卖、聚焦好货’战略以来，盈利和现金流稳健增长，账面现金充足，公司可通过回购等再投资方式大幅提升内在价值。”\n而市场习惯按照规模与增速为电商企业估值，在电商竞争的下半场，“渠道品牌”框架的重要性逐步提升，唯品会恰好跑在“渠道品牌”的正确赛道上。\n中泰证券预判称，当前，其竞争优势被显著低估，且有望从“小”而有壁垒的生意成长为“大”而有壁垒的生意。唯品会尾货处理市占率较低，成长属性大于周期属性。随着用户留存增加和黏性提高，公司业绩有望实现稳健增长。\n继续加仓小鹏、蔚来等新能源赛道\n高瓴曾公开表示，看好未来两到五年里科技领域的半导体、前沿科技、新能源、智能硬件等四大细分赛道，并将硬科技称为“历史性的结构性投资窗口期”，从持仓数据分析来看，其近三年也进一步加大了这方面的投资力度。\n如继今年一季度对小鹏、蔚来开始新一轮建仓后，高瓴二级市场团队于二季度继续对小鹏、蔚来加仓。截至二季度，对两者持仓市值分别为0.39亿美元，0.45亿美元。\n今年以来，新能源汽车销量进一步提速。据Wind数据显示，今年6~7月，中国新能源汽车月销量分别达到了25万辆、27万辆，再创历史新高。（见图4）\n图4 新能源汽车月销量\n\n数据来源：Wind\n据蔚来公布的业务数据显示，截至7月底，公司汽车当年累计销量为125,528辆，同比增长153.00%；据小鹏公布的业务数据显示，截至7月底，公司Smart EV 汽车累计值销量达38,778辆，相较于去年同期，均有显著提升。（见图5、6）\n图5蔚来汽车累计销量\n\n数据来源：Wind\n图6 小鹏公汽车累计销量\n数据来源：Wind\n值得一提的是，与高瓴其他加仓公司二季度股价持续调整不同，蔚来在二季度上涨了36%，小鹏则上涨了21%。\n在高瓴增仓的“信号”下，蔚来、小鹏等新能源汽车的“机会”或再度加码。","news_type":1,"symbols_score_info":{"48454":0.6,"48477":0.6,"48522":0.9,"48566":0.9,"48580":0.9,"48678":0.9,"BABA":0.9,"XPEV":0.9,"09868":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1722,"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,"isVote":1,"tweetType":1,"viewCount":1669,"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 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":1461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}