David Yu personal page - To The Moon

David Yu

David Yu

No personal profile

308Follow

16Followers

23Topic

0Badge

2022-12-05

👍

Sorry, the original content has been removed

2022-12-02

👍

Trillion-dollar Apple, "heavily indebted"

2022-12-02

👍

Musk's monkeys are driving a brain-computer revolution at the cost of "banana milkshakes"

2022-12-01

👍

Tesla's "price" smashes the market, electric vehicle players compete for competitive advantage.

2022-12-01

👍

Global debt costs are soaring! What does it mean?

2022-12-01

👍

With a 720-fold IPO return, Tiger Capital, Sequoia Capital, and SoftBank all went here.

2022-12-01

👍

They "survived"! Sun Hongbin received a 10 billion yuan bailout.

2022-11-30

👍

Sorry, the original content has been removed

2022-11-30

👍

China's sixth richest man suffered a minor setback.

2022-11-30

👍

Sorry, the original content has been removed

2022-11-30

👍

Real estate stocks experience an epic surge

2022-11-30

👍

The Mystery of Bank Undervaluation: From the Bank's Own Perspective

2022-11-30

👍

Dollar: Will 2023 be more like 1974 or 1981?

2022-11-29

👍

Unable to invest in Temu, VCs bought Pinduoduo stock instead.

2022-11-29

👍

Sorry, the original content has been removed

2022-11-29

👍👍

Musk's latest interview: Young people need to learn critical thinking.

2022-11-28

👍

Sorry, the original content has been removed

2022-11-28

👍

Sorry, the original content has been removed

2022-11-28

👍

Sorry, the original content has been removed

2022-11-28

👍

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4099786258906500","uuid":"4099786258906500","gmtCreate":1636685609784,"gmtModify":1777532878801,"name":"David Yu","pinyin":"davidyudavidyu","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":16,"headSize":308,"tweetSize":1706,"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":23,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":2,"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,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.12.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.10.01","exceedPercentage":"80.14%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"cbe1c45c584340f3bd9ae6c77e0e9981-1","templateUuid":"cbe1c45c584340f3bd9ae6c77e0e9981","name":"Academy Experiencer","description":"5 lessons learned","bigImgUrl":"https://community-static.tradeup.com/news/fb5ae275631fb96a92d475cdc85d2302","smallImgUrl":"https://community-static.tradeup.com/news/c2660a1935bd2105e97c9915619936c3","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"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,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.05.11","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"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,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":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":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":{"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,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.12.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":48,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":9967951930,"gmtCreate":1670252892321,"gmtModify":1676538330085,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967951930","repostId":"1144881783","repostType":4,"isVote":1,"tweetType":1,"viewCount":1154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965287046,"gmtCreate":1669960635686,"gmtModify":1676538278950,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965287046","repostId":"1125738659","repostType":4,"repost":{"id":"1125738659","kind":"news","weMediaInfo":{"introduction":"博闻雅识，非凡之客。","home_visible":1,"media_name":"市界","id":"1019100707","head_image":"https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3"},"pubTimestamp":1669950272,"share":"https://ttm.financial/m/news/1125738659?lang=en_US&edition=fundamental","pubTime":"2022-12-02 11:04","market":"us","language":"zh","title":"Trillion-dollar Apple, \"heavily indebted\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1125738659","media":"市界","summary":"除了iPhone，库克精准的“刀法”很大程度也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是在稳步推升市值的同时，也需要面对越来越高的负债率。于是一边对iPh","content":"<p><html><head></head><body>Besides the iPhone, Cook's precise \"knife technique\" is also largely reflected in...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>On its balance sheet, Apple, busy avoiding taxes, simultaneously adopted a relatively aggressive buyback and dividend strategy. As a result, while steadily increasing its market value, it also had to face an increasingly high debt ratio. Therefore, applying more precise \"knife tactics\" to the iPhone while simultaneously searching for the \"next generation of iPhones\" has become a problem that Cook needs to address both. Apple has been in a lot of trouble lately.</p><p>On November 29, after criticizing Apple, Musk posted a poll on his personal social media that \"Apple should publish all censorship measures affecting other customers.\" Of the nearly 2.23 million votes cast, 85% chose \"Yes.\"</p><p>Prior to this, Musk questioned Apple's 30% commission on the App Store and stated that Apple had threatened to remove its newly acquired social media App from the App Store.</p><p>The brief farce ultimately ended with Cook taking Musk on a tour of Apple headquarters and reaching a settlement. But Facebook founder Mark Zuckerberg and Spotify CEO Daniel Eck quickly took over Musk's attack on Apple, publicly stating that Apple's App Store deprived consumers of choice and unreasonably obtained the majority of the ecosystem's profits.</p><p>However, this is clearly not the first time Apple has faced similar accusations. Returning to the present, Apple's more genuine and immediate \"anxiety\" comes from the unfavorable iPhone 14 series, while its deeper \"anxiety\" is hidden among the hidden financial report data.</p><p><b>High debt ratio</b></p><p>As a global technology giant with a total market capitalization of over $2 trillion, total assets of $352.8 billion, annual revenue of $394.3 billion, and net profit of $99.8 billion, Apple's debt ratio is deviating from popular belief, and this is actually due to problems related to \"tax avoidance\" and business strategies.</p><p>As of the end of September 2022, Apple's debt-to-asset ratio reached 85.64%, the highest level in its history.</p><p><img src=\"https://static.tigerbbs.com/ee42adcc88f7ef5b59199bd59ec576ee\" tg-width=\"1080\" tg-height=\"754\" referrerpolicy=\"no-referrer\"/></p><p>In comparison, the average debt-to-asset ratio of the top ten listed companies by market capitalization on Nasdaq, where Apple is located, was 52.92% in fiscal year 2021. Apple ranked second with a debt ratio of 82.03%, second only to PepsiCo's 82.52%. the same period<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>The average debt-to-asset ratio of the top ten listed companies by market capitalization is 55.71%, with the debt ratio reaching 92.14%.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It belongs to the banking sector and is not comparable to Apple, followed by a debt ratio of 65.33%.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>。</p><p>Whether compared vertically or horizontally, Apple's debt ratio is not low. Looking at this indicator alone, it is even more aggressive than many highly leveraged real estate companies in China.</p><p>Behind its extremely high debt ratio, Apple had $120.069 billion in interest-bearing debt as of the end of September 2022, including $98.959 billion in long-term term debt and $11.128 billion in short-term term debt.</p><p>At the same time, Apple's pockets are also quite full – at the same time, its cash and equivalents and marketable securities totaled $169.109 billion, of which cash was $23.646 billion, and long-term and short-term marketable securities were $120.805 billion and $24.658 billion, respectively.</p><p>Specifically, Apple's securities holdings include $23.409 billion in U.S. Treasury Bond, $15.749 billion in non-U.S. government bonds, and $79.45 billion in corporate bonds.</p><p><img src=\"https://static.tigerbbs.com/06fca08b4a81d498dc914b55975c571e\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>(Source: Announcement)</p><p>So the question arises: why is Apple so popular globally?<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>It has the second largest mobile phone shipment volume and a lot of cash and bonds in its account, yet it still needs to borrow so much money.</p><p>In fact, Apple has always been troubled by the problem of \"tax avoidance\" because US tax law stipulates that if Apple wants to repatriate its overseas income to the United States, it must pay a 35% tax to the US government (before the tax reform). However, Apple has always resisted this, believing that an excessively high tax rate is unreasonable.</p><p>Doubts about Apple's \"tax avoidance\" have long existed. Apple CEO Tim Cook even engaged in a verbal battle with senators at a hearing, refuting what he believed to be the unreasonableness of US tax law.</p><p>But the problem has not been solved. Apple's overseas profits still cannot return smoothly to the United States. Instead, they are concentrated in Ireland through a series of tax avoidance operations, and then, through a series of special agreements between Apple and the Irish government, ultra-low tax rates are achieved.</p><p>Overseas money cannot be returned to American accounts, but after Cook took over, Apple had to spend huge sums of money to repurchase company stock every year in order to manage its market capitalization. At the same time, it changed from no dividends during the Jobs era to a high dividend payout ratio, all of which required a large amount of cash.</p><p>According to market statistics, Apple spent a total of $553.1 billion on stock buybacks from 2013 to 2022, and its cash flow statement shows that Dividend spent a total of $131.9 billion since 2011.</p><p>This resulted in Apple needing to continuously borrow money for share buybacks and dividends while maintaining a large amount of cash and securities on its books. Its interest-bearing debt increased significantly between 2013 and 2017, ultimately leading to the current situation of \"large deposits and large loans\".</p><p>However, this is not the fundamental reason for Apple's rising debt ratio. Logically speaking, the debt-to-asset ratio = total liabilities / total assets. The debt-to-asset ratio will only rise when the growth rate of total liabilities is greater than the growth rate of total assets. So when will this happen? Simply put, it's when you spend more than you earn.</p><p>Specifically, when debt remains at a relatively stable level, as long as Apple earns more money than it spends each year, its net assets will increase, and its overall debt ratio will be controlled or even reduced.</p><p>However, comparing Apple's dividend and buyback expenses with the sum of its annual net operating and investing activities reveals that in most years, Apple's spending on dividends and buybacks exceeds the net cash generated from operating and investing activities. This means that Apple often doesn't make enough money to spend.</p><p><img src=\"https://static.tigerbbs.com/4b304f2fe46f8c5e46b402b342684c74\" tg-width=\"1015\" tg-height=\"654\" referrerpolicy=\"no-referrer\"/></p><p>As this situation continued to accumulate, Apple's asset growth rate lagged far behind its liability growth rate, and its debt ratio eventually climbed to a high level of 85.5%.</p><p>In 2011, Tim Cook officially took over as CEO of Apple. From 2013 to 2022, Apple's total assets increased by $145.755 billion, an increase of 70.41%, but its liabilities increased by $218.632 billion, an increase of 261.99%.</p><p>From this perspective, in addition to fully exploring the commercial value that the iPhone brings to Apple, Cook's precise \"knife tactics\" are also largely reflected in Apple's balance sheet—Apple, busy avoiding taxes, has adopted a relatively aggressive buyback and dividend strategy, resulting in it steadily increasing its market value while also facing an increasingly high debt ratio.</p><p>The more pressing issue is that, in order to return to the safe boundary of \"earning more than it spends,\" Apple's current trump card remains the iPhone. Therefore, applying more precise \"knife tactics\" to the iPhone while simultaneously searching for \"the next generation of iPhones\" has become a problem that Cook needs to address both.</p><p><b>The last wave of iPhone dividends?</b></p><p>Since the launch of the first-generation iPhone in 2007, as of the end of September 2022, global iPhone shipments have exceeded 2.3 billion units, generating approximately 10.84 trillion yuan in revenue for Apple.</p><p>Data released by market research firm Strategy Analytics shows that although total smartphone sales fell by 35% year-on-year during the Double Eleven shopping festival, the iPhone took the top spot with 3.5 million units sold. The latest data shows that Apple's monthly market share in China reached a record high of 25% in October 2022, and it has been the largest mobile phone brand manufacturer in China for two consecutive months.</p><p>Prior to this, the iPhone 14 series was not well-received, and there was even a lot of criticism.</p><p>Since its release in October, reports related to the iPhone 14 have included articles such as \"iPhone 14 has ruined Huaqiangbei\", \"iPhone 14 'harvests' scalpers\", and \"Does squeezing toothpaste make the iPhone 14 suffer?\"... The fancy headlines almost overwhelmingly reveal pessimistic sentiment towards Apple's new phone, with everything from configuration to design considered to have obvious pain points.</p><p>Long-time Apple fan Luo Yonghao also joked after purchasing the new phone: \"Apple has always said that real phones look better than rendered images, but in recent years my 'American subsidiary' hasn't been very effective either. This is a good example. The so-called Dynamic Island design isn't as beautiful as it looks in the promotional videos. The Android camp has come up with a small black dot front camera in the center that doesn't affect the aesthetics, a pop-up front camera, and a visually perfect hidden front camera under the screen. Why do something like applying poop on your face first, and then adjusting the color of the poop to almost match foundation?\"</p><p>But whether it was Dynamic Island, who was not favored, or Cook's \"knife tactics,\" although he ruined the iPhone 14 standard version, Cook did successfully attract more demand to the Pro model with higher configurations and prices. In October, the iPhone 14 Pro Max and iPhone 14 Pro were the first and second best-selling models in China, respectively, but the iPhone 12 and iPhone 13 series standard versions had previously sold better.</p><p><img src=\"https://static.tigerbbs.com/a24eeada69a9d99a74544ffeee60fd8b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Image source:<a href=\"https://laohu8.com/S/000681\">Visual China</a>）</p><p>In addition, Apple is gradually expanding its revenue footprint in the ecosystem beyond hardware products such as iPhones and Macs. Its revenue from iTunes, software and services increased from 76 billion yuan in fiscal year 2012 to 546.3 billion yuan in fiscal year 2022, and its share of total revenue also increased from 7.66% to 19.81%. Considering the gross profit margin of Xiaomi's Internet services business of over 70%, Apple's business theoretically has a higher profit margin than hardware.</p><p>These are all ways Apple is \"open source\".</p><p>Under this line of thinking, whether it's the aversion of tech giants like Musk and Zuckerberg to Apple's tax or the fading aura of the original iPhone under Cook's business tactics, these are all prices that Apple has to bear.</p><p>In<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>In a recent mobile phone advertisement, Apple has once again become the target of ridicule. A man sits against a wall with a storefront that looks like an Apple retail store behind him. The store employee asks him what he is doing, and the man insinuates, \"Samsung has foldable phones and epic cameras.\" The store employee responds with \"We're waiting,\" subtly mocking Apple's delay in releasing a foldable phone.</p><p>This is not the first time the two sides have \"clashed sideways\" in an advertisement. In past advertisements, Samsung has also teased Apple's abrupt notch screen, criticized Apple's shortcomings such as lag, frequent bugs, and lack of waterproofing, and used plot comparisons to highlight the inability to charge and use headphones at the same time, basically listing all of Apple's historical shortcomings.</p><p>Fortunately, looking back, most of the bugs are history, and the subtle sarcasm in Samsung's advertisements has, to some extent, become a dramatic force urging Apple to improve.</p><p>In the coming years, how to ensure that the iPhone and its ecosystem reap the last wave of benefits in the gradually shrinking smartphone industry with more precise \"knife techniques\" and relatively limited micro-innovations may be one of the important issues Cook is considering right now. However, at the same time, finding the \"next generation of iPhones\" outside of the iPhone is also of paramount importance for Apple's business empire to continue.</p><p>The most anticipated presentations mainly include Apple's smart car and Apple's AR/VR glasses. The former, after eight years of \"difficult production,\" is still far from being released, while the latter has received increasingly frequent reports recently and is about to emerge amidst widespread attention.</p><p><img src=\"https://static.tigerbbs.com/06c0195994f3458221ed1282924f5284\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p><p>(Image source: Visual China)</p><p>In fact, Apple's layout in the AR field is more profound than most people imagine. At WWDC 2017, it launched the AR development platform ARKit, which allows developers to create augmented reality applications for iPhones and iPads. Once Apple's AR/VR is launched, most of ARKit's capabilities and corresponding applications can also be presented on new platforms.</p><p>For example, the LiDAR LiDAR used in iPads and iPhone Pros, because of its depth-of-field perception capabilities, not only improves the camera focusing capabilities of existing products, but also lays a solid foundation for the spatial ranging capabilities necessary for future AR/VR devices. For example, the iPhone's current camera-based text recognition and search function will greatly unleash its potential if applied to future AR/VR devices.</p><p>After WWDC 2022, Cook stated in an interview that the AR field is a key focus for Apple every day, with more than 1,400 ARKit apps in the App Store. He also said, \"Please continue to follow us, and you will see the products we bring.\"</p><p>Based on existing information, Apple's AR team likely has two solutions in hand: one is a headset aimed at VR, which corresponds to an immersive virtual experience, and the price may reach $2,000. Another option is likely to be AR glasses that look closer to regular glasses, corresponding to augmented reality virtual experiences, but their launch time should be after VR headsets.</p><p>With the smartphone market experiencing stagnant growth, whether Apple's AR/VR glasses, which are being developed, can take over the baton from the iPhone may be Apple's anxiety for the next few years.</p><p>The question worth considering is, with Apple's debt ratio approaching 90%, how much room for Cook to maneuver in the future?</p><p></body></html></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>Trillion-dollar Apple, \"heavily indebted\"</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\">\nTrillion-dollar Apple, \"heavily indebted\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1019100707\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">市界 </p>\n<p class=\"h-time smaller\">2022-12-02 11:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Besides the iPhone, Cook's precise \"knife technique\" is also largely reflected in...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>On its balance sheet, Apple, busy avoiding taxes, simultaneously adopted a relatively aggressive buyback and dividend strategy. As a result, while steadily increasing its market value, it also had to face an increasingly high debt ratio. Therefore, applying more precise \"knife tactics\" to the iPhone while simultaneously searching for the \"next generation of iPhones\" has become a problem that Cook needs to address both. Apple has been in a lot of trouble lately.</p><p>On November 29, after criticizing Apple, Musk posted a poll on his personal social media that \"Apple should publish all censorship measures affecting other customers.\" Of the nearly 2.23 million votes cast, 85% chose \"Yes.\"</p><p>Prior to this, Musk questioned Apple's 30% commission on the App Store and stated that Apple had threatened to remove its newly acquired social media App from the App Store.</p><p>The brief farce ultimately ended with Cook taking Musk on a tour of Apple headquarters and reaching a settlement. But Facebook founder Mark Zuckerberg and Spotify CEO Daniel Eck quickly took over Musk's attack on Apple, publicly stating that Apple's App Store deprived consumers of choice and unreasonably obtained the majority of the ecosystem's profits.</p><p>However, this is clearly not the first time Apple has faced similar accusations. Returning to the present, Apple's more genuine and immediate \"anxiety\" comes from the unfavorable iPhone 14 series, while its deeper \"anxiety\" is hidden among the hidden financial report data.</p><p><b>High debt ratio</b></p><p>As a global technology giant with a total market capitalization of over $2 trillion, total assets of $352.8 billion, annual revenue of $394.3 billion, and net profit of $99.8 billion, Apple's debt ratio is deviating from popular belief, and this is actually due to problems related to \"tax avoidance\" and business strategies.</p><p>As of the end of September 2022, Apple's debt-to-asset ratio reached 85.64%, the highest level in its history.</p><p><img src=\"https://static.tigerbbs.com/ee42adcc88f7ef5b59199bd59ec576ee\" tg-width=\"1080\" tg-height=\"754\" referrerpolicy=\"no-referrer\"/></p><p>In comparison, the average debt-to-asset ratio of the top ten listed companies by market capitalization on Nasdaq, where Apple is located, was 52.92% in fiscal year 2021. Apple ranked second with a debt ratio of 82.03%, second only to PepsiCo's 82.52%. the same period<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>The average debt-to-asset ratio of the top ten listed companies by market capitalization is 55.71%, with the debt ratio reaching 92.14%.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It belongs to the banking sector and is not comparable to Apple, followed by a debt ratio of 65.33%.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>。</p><p>Whether compared vertically or horizontally, Apple's debt ratio is not low. Looking at this indicator alone, it is even more aggressive than many highly leveraged real estate companies in China.</p><p>Behind its extremely high debt ratio, Apple had $120.069 billion in interest-bearing debt as of the end of September 2022, including $98.959 billion in long-term term debt and $11.128 billion in short-term term debt.</p><p>At the same time, Apple's pockets are also quite full – at the same time, its cash and equivalents and marketable securities totaled $169.109 billion, of which cash was $23.646 billion, and long-term and short-term marketable securities were $120.805 billion and $24.658 billion, respectively.</p><p>Specifically, Apple's securities holdings include $23.409 billion in U.S. Treasury Bond, $15.749 billion in non-U.S. government bonds, and $79.45 billion in corporate bonds.</p><p><img src=\"https://static.tigerbbs.com/06fca08b4a81d498dc914b55975c571e\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>(Source: Announcement)</p><p>So the question arises: why is Apple so popular globally?<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>It has the second largest mobile phone shipment volume and a lot of cash and bonds in its account, yet it still needs to borrow so much money.</p><p>In fact, Apple has always been troubled by the problem of \"tax avoidance\" because US tax law stipulates that if Apple wants to repatriate its overseas income to the United States, it must pay a 35% tax to the US government (before the tax reform). However, Apple has always resisted this, believing that an excessively high tax rate is unreasonable.</p><p>Doubts about Apple's \"tax avoidance\" have long existed. Apple CEO Tim Cook even engaged in a verbal battle with senators at a hearing, refuting what he believed to be the unreasonableness of US tax law.</p><p>But the problem has not been solved. Apple's overseas profits still cannot return smoothly to the United States. Instead, they are concentrated in Ireland through a series of tax avoidance operations, and then, through a series of special agreements between Apple and the Irish government, ultra-low tax rates are achieved.</p><p>Overseas money cannot be returned to American accounts, but after Cook took over, Apple had to spend huge sums of money to repurchase company stock every year in order to manage its market capitalization. At the same time, it changed from no dividends during the Jobs era to a high dividend payout ratio, all of which required a large amount of cash.</p><p>According to market statistics, Apple spent a total of $553.1 billion on stock buybacks from 2013 to 2022, and its cash flow statement shows that Dividend spent a total of $131.9 billion since 2011.</p><p>This resulted in Apple needing to continuously borrow money for share buybacks and dividends while maintaining a large amount of cash and securities on its books. Its interest-bearing debt increased significantly between 2013 and 2017, ultimately leading to the current situation of \"large deposits and large loans\".</p><p>However, this is not the fundamental reason for Apple's rising debt ratio. Logically speaking, the debt-to-asset ratio = total liabilities / total assets. The debt-to-asset ratio will only rise when the growth rate of total liabilities is greater than the growth rate of total assets. So when will this happen? Simply put, it's when you spend more than you earn.</p><p>Specifically, when debt remains at a relatively stable level, as long as Apple earns more money than it spends each year, its net assets will increase, and its overall debt ratio will be controlled or even reduced.</p><p>However, comparing Apple's dividend and buyback expenses with the sum of its annual net operating and investing activities reveals that in most years, Apple's spending on dividends and buybacks exceeds the net cash generated from operating and investing activities. This means that Apple often doesn't make enough money to spend.</p><p><img src=\"https://static.tigerbbs.com/4b304f2fe46f8c5e46b402b342684c74\" tg-width=\"1015\" tg-height=\"654\" referrerpolicy=\"no-referrer\"/></p><p>As this situation continued to accumulate, Apple's asset growth rate lagged far behind its liability growth rate, and its debt ratio eventually climbed to a high level of 85.5%.</p><p>In 2011, Tim Cook officially took over as CEO of Apple. From 2013 to 2022, Apple's total assets increased by $145.755 billion, an increase of 70.41%, but its liabilities increased by $218.632 billion, an increase of 261.99%.</p><p>From this perspective, in addition to fully exploring the commercial value that the iPhone brings to Apple, Cook's precise \"knife tactics\" are also largely reflected in Apple's balance sheet—Apple, busy avoiding taxes, has adopted a relatively aggressive buyback and dividend strategy, resulting in it steadily increasing its market value while also facing an increasingly high debt ratio.</p><p>The more pressing issue is that, in order to return to the safe boundary of \"earning more than it spends,\" Apple's current trump card remains the iPhone. Therefore, applying more precise \"knife tactics\" to the iPhone while simultaneously searching for \"the next generation of iPhones\" has become a problem that Cook needs to address both.</p><p><b>The last wave of iPhone dividends?</b></p><p>Since the launch of the first-generation iPhone in 2007, as of the end of September 2022, global iPhone shipments have exceeded 2.3 billion units, generating approximately 10.84 trillion yuan in revenue for Apple.</p><p>Data released by market research firm Strategy Analytics shows that although total smartphone sales fell by 35% year-on-year during the Double Eleven shopping festival, the iPhone took the top spot with 3.5 million units sold. The latest data shows that Apple's monthly market share in China reached a record high of 25% in October 2022, and it has been the largest mobile phone brand manufacturer in China for two consecutive months.</p><p>Prior to this, the iPhone 14 series was not well-received, and there was even a lot of criticism.</p><p>Since its release in October, reports related to the iPhone 14 have included articles such as \"iPhone 14 has ruined Huaqiangbei\", \"iPhone 14 'harvests' scalpers\", and \"Does squeezing toothpaste make the iPhone 14 suffer?\"... The fancy headlines almost overwhelmingly reveal pessimistic sentiment towards Apple's new phone, with everything from configuration to design considered to have obvious pain points.</p><p>Long-time Apple fan Luo Yonghao also joked after purchasing the new phone: \"Apple has always said that real phones look better than rendered images, but in recent years my 'American subsidiary' hasn't been very effective either. This is a good example. The so-called Dynamic Island design isn't as beautiful as it looks in the promotional videos. The Android camp has come up with a small black dot front camera in the center that doesn't affect the aesthetics, a pop-up front camera, and a visually perfect hidden front camera under the screen. Why do something like applying poop on your face first, and then adjusting the color of the poop to almost match foundation?\"</p><p>But whether it was Dynamic Island, who was not favored, or Cook's \"knife tactics,\" although he ruined the iPhone 14 standard version, Cook did successfully attract more demand to the Pro model with higher configurations and prices. In October, the iPhone 14 Pro Max and iPhone 14 Pro were the first and second best-selling models in China, respectively, but the iPhone 12 and iPhone 13 series standard versions had previously sold better.</p><p><img src=\"https://static.tigerbbs.com/a24eeada69a9d99a74544ffeee60fd8b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Image source:<a href=\"https://laohu8.com/S/000681\">Visual China</a>）</p><p>In addition, Apple is gradually expanding its revenue footprint in the ecosystem beyond hardware products such as iPhones and Macs. Its revenue from iTunes, software and services increased from 76 billion yuan in fiscal year 2012 to 546.3 billion yuan in fiscal year 2022, and its share of total revenue also increased from 7.66% to 19.81%. Considering the gross profit margin of Xiaomi's Internet services business of over 70%, Apple's business theoretically has a higher profit margin than hardware.</p><p>These are all ways Apple is \"open source\".</p><p>Under this line of thinking, whether it's the aversion of tech giants like Musk and Zuckerberg to Apple's tax or the fading aura of the original iPhone under Cook's business tactics, these are all prices that Apple has to bear.</p><p>In<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>In a recent mobile phone advertisement, Apple has once again become the target of ridicule. A man sits against a wall with a storefront that looks like an Apple retail store behind him. The store employee asks him what he is doing, and the man insinuates, \"Samsung has foldable phones and epic cameras.\" The store employee responds with \"We're waiting,\" subtly mocking Apple's delay in releasing a foldable phone.</p><p>This is not the first time the two sides have \"clashed sideways\" in an advertisement. In past advertisements, Samsung has also teased Apple's abrupt notch screen, criticized Apple's shortcomings such as lag, frequent bugs, and lack of waterproofing, and used plot comparisons to highlight the inability to charge and use headphones at the same time, basically listing all of Apple's historical shortcomings.</p><p>Fortunately, looking back, most of the bugs are history, and the subtle sarcasm in Samsung's advertisements has, to some extent, become a dramatic force urging Apple to improve.</p><p>In the coming years, how to ensure that the iPhone and its ecosystem reap the last wave of benefits in the gradually shrinking smartphone industry with more precise \"knife techniques\" and relatively limited micro-innovations may be one of the important issues Cook is considering right now. However, at the same time, finding the \"next generation of iPhones\" outside of the iPhone is also of paramount importance for Apple's business empire to continue.</p><p>The most anticipated presentations mainly include Apple's smart car and Apple's AR/VR glasses. The former, after eight years of \"difficult production,\" is still far from being released, while the latter has received increasingly frequent reports recently and is about to emerge amidst widespread attention.</p><p><img src=\"https://static.tigerbbs.com/06c0195994f3458221ed1282924f5284\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p><p>(Image source: Visual China)</p><p>In fact, Apple's layout in the AR field is more profound than most people imagine. At WWDC 2017, it launched the AR development platform ARKit, which allows developers to create augmented reality applications for iPhones and iPads. Once Apple's AR/VR is launched, most of ARKit's capabilities and corresponding applications can also be presented on new platforms.</p><p>For example, the LiDAR LiDAR used in iPads and iPhone Pros, because of its depth-of-field perception capabilities, not only improves the camera focusing capabilities of existing products, but also lays a solid foundation for the spatial ranging capabilities necessary for future AR/VR devices. For example, the iPhone's current camera-based text recognition and search function will greatly unleash its potential if applied to future AR/VR devices.</p><p>After WWDC 2022, Cook stated in an interview that the AR field is a key focus for Apple every day, with more than 1,400 ARKit apps in the App Store. He also said, \"Please continue to follow us, and you will see the products we bring.\"</p><p>Based on existing information, Apple's AR team likely has two solutions in hand: one is a headset aimed at VR, which corresponds to an immersive virtual experience, and the price may reach $2,000. Another option is likely to be AR glasses that look closer to regular glasses, corresponding to augmented reality virtual experiences, but their launch time should be after VR headsets.</p><p>With the smartphone market experiencing stagnant growth, whether Apple's AR/VR glasses, which are being developed, can take over the baton from the iPhone may be Apple's anxiety for the next few years.</p><p>The question worth considering is, with Apple's debt ratio approaching 90%, how much room for Cook to maneuver in the future?</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ecd73a3a7ee0028660eb13b44cbd5058","relate_stocks":{"BK4559":"巴菲特持仓","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","BK4579":"人工智能","BK4550":"红杉资本持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4574":"无人驾驶","BK4573":"虚拟现实","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4512":"苹果概念","AAPL":"苹果","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","BK4575":"芯片概念","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125738659","content_text":"除了iPhone，库克精准的“刀法”很大程度也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是在稳步推升市值的同时，也需要面对越来越高的负债率。于是一边对iPhone施以更精准的“刀法”，一边寻找“下一个时代的iPhone”，成为库克需要两手抓的问题。苹果最近可以说是麻烦不断。11月29日，马斯克在炮轰苹果后，于个人社交媒体上发出一项关于“苹果应该公布所有影响其他客户的审查措施”的投票，近223万人次投票中有85%选择了“Yes”。在此之前，马斯克对苹果App Store高达30%的抽成提出了质疑，并表示苹果曾发出威胁，称可能将自己刚刚收购的社交媒体应用从App Store下架。短暂的闹剧，最终以库克带着马斯克参观苹果总部且达成和解落下帷幕。但很快脸书创始人扎克伯克和流媒体音乐服务Spotify CEO丹尼尔·埃克就接过了马斯克炮轰苹果的接力棒，公开表示苹果App Store剥夺了消费者的选择，不合理地获得生态系统的大多数利润。但类似的指控显然不是苹果第一次面对，回到当下，苹果更为真切和近距离的“焦虑”来自不被看好的iPhone 14系列，而更为深远的“焦虑”，则藏于隐秘的财报数据之间。高企的负债率作为一家总市值超过2万亿美元，总资产规模3528亿美元，年收入3943亿美元，净利润998亿美元的全球科技巨头，苹果的负债率正在偏离大众的普遍认知，而这背后其实是与“避税”和经营策略相关的难题。截至2022年9月末，苹果资产负债率达到85.64%，是其历史上最高水平。相比较而言，苹果所在的纳斯达克，市值前十的上市公司2021财年资产负债率平均值为52.92%，其中苹果以82.03%的负债率位列第二，仅次于百事的82.52%；同期纽交所市值前十的上市公司资产负债率平均值为55.71%，其中负债率达到92.14%的摩根大通属于银行板块，与苹果并无可比性，其次就是负债率达到65.33%的沃尔玛。不论纵向比较还是横向比较，苹果的负债率都不算低，单看这一指标甚至比国内许多高杠杆发展的房地产企业更为激进。极高的负债率背后，苹果截至2022年9月末的带息债务为1200.69亿美元，其中长期定期债务989.59亿美元，短期定期债务111.28亿美元。与此同时，苹果的腰包也是相当鼓——同一时间点其账面现金及等价物、有价证券合计1691.09亿美元，其中现金236.46亿美元，长期和短期有价证券分别为1208.05亿美元和246.58亿美元。具体来看，苹果持有的有价证券中，包括234.09亿美元的美国国债，157.49亿美元的非美国政府债券，以及794.5亿美元的公司债券。（来源：公告）那么问题来了，为什么苹果在全球范围内智能手机出货量第二，且有大把现金和债券放在账上，却还要借那么多钱呢？事实上苹果一直受困于“避税”的难题，因为美国税法规定，苹果的境外所得如果要汇回美国，需要向美国政府缴纳35%的税（税改前），但苹果方面对此一直是抗拒的，认为过高的税率并不合理。外界对于苹果“避税”的质疑长久地存在着，苹果CEO库克还曾在听证会上“舌战参议员”，回击在其看来美国税法的不合理之处。但问题并未得到解决。苹果在海外的收益还是不能顺畅地回到美国，而是经过一系列避税操作被汇集到爱尔兰，再通过苹果和爱尔兰政府的一系列特殊协议，实现超低税率的纳税。海外的钱回不到美国账户，但库克接任后苹果为了进行市值管理，每年都需要斥巨资回购公司股票，同时也从乔布斯时代的不分红转变为高比例分红，这些都需要大笔的现金。市界统计，2013年到2022年，苹果在股票回购上共花费了5531亿美元，2011年以来现金流量表显示的股息支出合计达到1319亿美元。这就导致苹果在账面保有大量现金和证券的同时，需要不断借钱用于回购和分红，其带息债务在2013至2017年间大幅提升，最终形成如今“大存大贷”的局面。但这还不是苹果负债率升高的根本原因。从逻辑上看，资产负债率=总负债/总资产，只有当总负债增长幅度大于总资产增幅时，资产负债率才会上升，那么什么时候会出现这种情况？简单来说就是花的比赚的多的时候。具体来说，在负债保持在一个相对稳定水平时，只要苹果每年赚的钱比花的钱多，那么净资产就会增长，整体负债率也会得到控制甚至有所下降。但比较苹果分红和回购支出与每年经营活动和投资活动净额之和，会发现大多数年份苹果用于分红和回购的支出，都大于经营活动和投资活动产生的现金净额。这就意味着苹果赚的钱常常不够花。这种状态的不断积累下，苹果的资产增长速度远不及负债的增长速度，负债率也最终爬升至85.5%的高水平。2011年库克正式接过苹果CEO之位，2013年以来一直到2022年，苹果总资产增加了1457.55亿美元，增幅70.41%，但负债增加了2186.32亿美元，增幅达到261.99%。从这个角度看，除了充分挖掘iPhone给苹果带来的商业价值，库克的精准“刀法”很大程度上也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是其在稳步推升市值的同时，也需要面对越来越高的负债率。更为急迫的问题在于，想要回到“赚的比花的多”这样的安全界限内，苹果当前的杀手锏依然是iPhone，于是一边对iPhone施以更精准的“刀法”，一边寻找“下一个时代的iPhone”，成为库克需要两手抓的问题。iPhone的最后一波红利？自2007年第一代iPhone面市以来，截至2022年9月末iPhone在全球的出货量已累计超过23亿台，为苹果创收约10.84万亿元。市场调研机构Strategy Analytics 公布的数据显示，双十一期间智能手机总销量虽然同比下降35%，但iPhone却以350万台的销量摘下桂冠。最新数据显示，2022年10月苹果在国内的月度市场份额达到25%的历史最高水平，且连续两个月是国内第一大手机品牌厂商。在此之前，iPhone 14系列并不被看好，甚至吐槽颇多。自10月份发布以来，与iPhone 14相关的报道包括《iPhone 14 把华强北坑惨了》《iPhone 14“收割”黄牛》《挤牙膏让iPhone 14吃到苦头？》……花式标题几乎一边倒地透露唱衰苹果新机的情绪，从配置到设计都被认为有着明显的痛点。“老果粉”罗永浩也在入手新机后调侃道：“苹果过去一直是真机比渲染图好看，但这些年我那个‘美国子公司’也不太灵了，这次就是很好的一个例子，所谓灵动岛的设计并不像宣传视频里那么漂亮。安卓阵营把不影响美感的居中小黑点前摄，升降式前摄，以及视觉完美的屏下隐藏式前摄全都搞出来了，为什么要做这种先在脸上涂屎，再把屎的颜色调整得跟粉底差不多的事儿？”但不管是不被看好的灵动岛，还是库克的“刀法”，虽然玩坏了iPhone 14标准版，但库克确实成功将更多需求吸引至配置和售价更高的Pro机型上——10月份iPhone 14 Pro Max和iPhone 14 Pro分别是国内畅销机型中的第一和第二，但此前iPhone 12和iPhone 13系列标准版一直销量更高。（图片来源：视觉中国）除此之外，苹果也在iPhone、Mac等硬件产品外逐渐扩大自己在生态中的收入版图——其来自于iTunes、软件和服务的收入从2012财年的760亿元增至2022财年5463亿元，占总收入比重也从7.66%提高至19.81%，参照小米互联网服务业务70%以上的毛利率，苹果这部分业务理论上也有着相比硬件更高的利润空间。这些都是苹果“开源”的方式。在这一思路下，不管是马斯克、扎克伯格等科技巨头对苹果税的反感，还是在库克商业刀法下初代iPhone光环的消磨殆尽，事实上都是苹果需要承受的代价。在三星近日发布的一则手机广告里，苹果再次成为被嘲讽的对象——一个男人坐在一堵墙头，背后是一个长得像苹果零售店的铺面，店里员工问他在做什么，男人含沙射影地说道，“在三星那边，有可折叠的手机和史诗般的相机”，店员则回应以“我们等待”，暗嘲苹果迟迟未推出折叠屏手机。这并非双方第一次在广告里“侧面交锋”。过往的广告中，三星还调戏过苹果突兀的刘海屏，埋汰过苹果的卡顿、bug频发和不防水等缺陷，还用情节对比凸显无法同时充电和使用耳机的旧代苹果，基本上把苹果历来的缺陷都数落了一遍。好在如果回头看，其中大部分bug都成了历史，三星广告中的暗讽某种程度上也成为督促苹果改进的一种戏剧性力量。在接下来几年内，如何以更加精准的“刀法”和相对有限的微创新，让iPhone 及其生态在智能手机这个逐渐萎缩的行业里吃尽最后一波红利，或许是库克眼下考虑的重要问题之一，但与此同时在iPhone之外找到“下一个时代的iPhone”，也是苹果商业帝国得以延续的重中之重。外界最期待的呈现主要包括苹果智能汽车和苹果AR/VR眼镜，前者经历8年的“难产”目前依然距离落地遥遥无期，后者则在近期迎来越来越密集的报道，在万众瞩目中呼之欲出。（图片来源：视觉中国）事实上苹果在AR领域的布局比大多数人想象的都要深远——其于2017年WWDC推出了AR开发平台ARKit，开发人员可以使用这套工具为iPhone和iPad创建增强现实应用程序，而苹果的AR/VR一旦面市，ARKit具备的能力和对应的应用程序，大部分也都可以呈现在新的载体上。比如应用于iPad、iPhone Pro的LiDAR激光雷达，因为具备景深感知能力，所以除了为现有产品提高摄像对焦能力外，更像是在为未来AR/VR设备所必需的空间测距能力打好基础。也比如iPhone目前具备的摄像头识别文字并搜索的功能，如果应用于未来的AR/VR设备，能够施展的空间也会大大得到释放。2022年WWDC之后，库克曾在采访中表述，AR领域是苹果每天关注的重点，App Store中已经有超过1400个ARKit APP，还表示“请继续关注，你将会看到我们所带来的产品”。从已有消息来看，苹果的AR团队大概率手握两套方案，一个是瞄准VR的头盔，对应的是沉浸式的虚拟体验，售价可能达到2000美元；另一个则大概率是外观更贴近普通眼镜的AR眼镜，对应的是现实加强的虚拟体验，但推出的时间点应该会在VR头盔产品之后。在智能手机市场增长不再的背景下，苹果酝酿中的AR/VR眼镜能否接住iPhone即将交出的接力棒，或许就是苹果未来几年的焦虑所在。值得思考的问题是，在苹果的负债率逼近90%的当下，未来可供库克腾挪的空间还剩多少？","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965201228,"gmtCreate":1669952070464,"gmtModify":1676538277341,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965201228","repostId":"1137562033","repostType":4,"repost":{"id":"1137562033","kind":"news","pubTimestamp":1669950387,"share":"https://ttm.financial/m/news/1137562033?lang=en_US&edition=fundamental","pubTime":"2022-12-02 11:06","market":"us","language":"zh","title":"Musk's monkeys are driving a brain-computer revolution at the cost of \"banana milkshakes\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1137562033","media":"硅星人","summary":"脑机接口的革命，来得实在太快了。","content":"<p><html><head></head><body>The revolution in brain-computer interfaces has come far too quickly.</p><p>Musk revealed at the Neuralink communication conference in Silicon Valley:</p><p><b>The first brain-computer interface product, named N1, can start human testing within as little as 6 months.</b>“We are working very hard to accelerate preparations for our first clinical trial,” Musk said casually.</p><p>\"Most of our documents have been submitted to the FDA. We estimate that in about 6 months, everyone will be able to see Neuralink installed in people's heads.\"</p><p><img src=\"https://static.tigerbbs.com/881053692fafe079f3a3d49c36ec151c\" tg-width=\"640\" tg-height=\"385\" referrerpolicy=\"no-referrer\"/></p><p>Neuralink's proposed N1 brain-computer interface (internal structure) Image source: Neuralink</p><p>Banana milkshake, the primary productivity of cyberpunk</p><p>After watching the entire press conference, Silicon Planet has one core feeling:</p><p><b>Without the banana smoothie, this revolution in brain-computer interfaces probably wouldn't have happened so quickly...</b></p><p>Why do I say that?</p><p>As you may know, Neuralink has been conducting experiments with animals such as monkeys and pigs in the past. There are at least eight monkeys with names, and countless unnamed reserves.</p><p>However, according to regulations, Neuralink cannot force them to participate in cooperative experiments...</p><p>Moreover, Neuralink understood a principle as early as the beginning of the in vivo experiment: forced melons are never sweet. Even if these monkeys are forced or reluctant to conduct experiments, it will affect the results of the experiment.</p><p>Therefore, Neuralink developed an incentive program based on the principle of \"voluntary participation\":</p><p><b>As long as you come to do the experiment, there will be an unlimited supply of banana milkshakes!</b></p><p><img src=\"https://static.tigerbbs.com/3a4f3b1a85e86a5cb522b6217c4f1c88\" tg-width=\"611\" tg-height=\"345\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>Specifically, like a conditioned reflex, Neuralink's breeding staff participated in designing a reinforcement mechanism: whenever a monkey participated in the current experiment and completed an operation, it would receive a banana milkshake...</p><p>In this way, the more experiments you do, the more satisfying the drink becomes. Over time, a stimulus-reinforcing feedback mechanism was formed.</p><p>As you can see in the picture below, these monkeys are conducting an experiment while sipping drinks from the tube in front of them.</p><p><b>It's practically: happily conducting experiments, happily drinking milkshakes...</b></p><p>This feedback mechanism has played a very important role in Neuralink's research and development work over the past two years.</p><p><b>First, let's look at the following brain-controlled cursor experiment:</b></p><p><img src=\"https://static.tigerbbs.com/9a8bf4ff89ae652fc4e9081500a27cb7\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>(Although it looks like monkeys can type, that's not the case. How could monkeys possibly understand English?)</p><p>The experimental staff had already planned what key to press next, and it would be indicated in a conspicuous yellow color on the MacBook's virtual keyboard in front of the monkey.</p><p>Under the influence of the incentive mechanism, as long as the monkey uses its mind to control the cursor to \"move\" to the next button to be pressed and gives a \"press\" signal, a sweet and delicious banana milkshake will flow out of the tube...</p><p><b>Driven by a craving for dessert, the monkey typed out the following sentence: \"Let's have some late-night snacks!\" (can i please have snacks)...</b></p><p><img src=\"https://static.tigerbbs.com/abc8fe91e2df061111738ae2353e113d\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>But Neuralink isn't content with letting monkeys type with a cursor. After all, one of its phased goals is to enable (paralyzed) people to control commonly used electronic devices, including mobile phones, using brain-computer signals.</p><p><b>Therefore, the company's army of monkeys, driven by banana milkshakes, is doing all sorts of training work, including but not limited to:</b></p><p><ul><li>Click and drag</p><p></li><li>sliding input</p><p></li><li>write</p><p></li><li>gesture recognition</p><p></li></ul><b>Wait...</b></p><p><img src=\"https://static.tigerbbs.com/69e330ff9c4d8ee25e4043bf843f0492\" tg-width=\"640\" tg-height=\"298\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>Take handwriting as an example:</p><p>“Initially, it was a virtual keyboard. Now we can directly use the brain-computer interface to read signals, combining the graphics in the screen with the trained signal patterns to accurately judge what words the monkey is writing on the screen,” a Neuralink technology expert revealed.</p><p>If this continues, monkeys will probably really \"learn\" to write and spell words?</p><p><b>And banana milkshakes can even stimulate monkeys to charge their brain-computer interfaces themselves!</b></p><p>This saves Neuralink staff a lot of trouble...</p><p>The specific mechanism is designed as follows:</p><p>They turned a tree into a \"milk tea shop\" and then placed charging pads in decorative branches:</p><p><img src=\"https://static.tigerbbs.com/2ca9c13ceb6607c8aec8de3743b51912\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>In this way, whenever the monkey wants a banana milkshake, it will run over and suck on the tube.</p><p><b>As a result, its head will be directly aligned with the charging pad, charging while drinking a beverage.</b></p><p>The thought process behind this design is truly interesting!</p><p><img src=\"https://static.tigerbbs.com/ab466e4985357060e0ed96368e3f1d5a\" tg-width=\"500\" tg-height=\"267\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>The speeches from the guests at this press conference generally gave Silicon Star people the following impression:</p><p>We encountered a technical problem in our experiment → We tried many methods but couldn't solve it → Sigh, in the end we had to use the banana method → We couldn't help it, bananas really work!</p><p><b>Unexpectedly, to achieve cyberpunk, banana milkshakes have become the primary productive force...</b></p><p>(Looking forward to Neuralink diversifying its products and launching its own brand of banana milkshakes in the future...)</p><p><img src=\"https://static.tigerbbs.com/d6c2314f0dfb833bc4a3e56c6ae2c764\" tg-width=\"640\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>Image source : Concord Food</p><p>From banana milkshakes to the plasticity of monkey brains</p><p>Of course, besides bananas, Neuralink is also using more \"serious\" and \"high-tech\" stimulation methods to train more powerful monkeys, so that they can then better train the various signal decoders, algorithm models, testing tools, and so on that Neuralink needs to develop next-generation brain-computer interface products.</p><p>In the example below, Neuralink uses a more complex stimulation method.</p><p>The company has two phased goals, one of which I just mentioned, which is to help (paralyzed) people gain motor function.</p><p><b>Another phased goal is visual prosthetics: to help visually impaired people who have been living in darkness regain their sight through external devices and brain-computer interfaces.</b></p><p>For the vast majority of visually impaired people, the problem lies in their eyes; their optic nerve, the visual cortex in the brain, is very likely still intact. Therefore, Neuralink hopes to use a brain-computer interface to transmit signals directly to the visual cortex through external sensors (cameras), thereby restoring sight to the blind. To achieve this goal, Neuralink opened the skull in the visual cortex of the monkey's brain and installed a brain-computer interface inside.</p><p><img src=\"https://static.tigerbbs.com/0c064703b54276484f2f559b73283e55\" tg-width=\"535\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p><b>However, this time the work is more complicated:</b>Instead of the simple logic of reading brain signals to control peripherals, it is completely the other way around: visual content obtained from the outside is compiled into raw brain neural signals and transmitted back to the brain.</p><p>Monkeys are not humans and cannot tell experimenters whether they have seen or not, or what they have seen. Therefore, Neuralink designed a new stimulation mechanism (reverse correlation, a method commonly used in neuroscience):</p><p><img src=\"https://static.tigerbbs.com/ec6e64210fcf5baecf55f734a330f94b\" tg-width=\"640\" tg-height=\"305\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p><b>1) Artificial intervention signals input using the brain-computer interface stimulate the monkey's eyeballs to move (for example, it can be simply understood as);</b></p><p><b>2) Use an external eye tracking device to verify whether the actual eye movement vector matches the artificial signal;</b></p><p><b>3) When the results match, use a banana milkshake as an incentive.</b></p><p>As shown in the figure below: the green line represents the movement path of the eyeball, and the flashing white dot serves as a control. You will see that the monkey's eyeball suddenly moves towards a position where there are no white spots, precisely because it receives a signal of human intervention through the brain-computer interface.</p><p>Initially, the degree to which the eyeball's movement vectors match the artificial signals is not high.</p><p><b>Interestingly, however, as the test time increased and the number of times increased, the monkeys became more and more proficient and the level of compliance increased.</b></p><p><img src=\"https://static.tigerbbs.com/1748e97d5f1fac25d216b840062d0ecf\" tg-width=\"600\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>The brain refers to a plastic tissue. Simply put, the connections between synapses and neurons within the brain can establish new connections due to the influence of learning and experience, thereby influencing an individual's behavior.</p><p>The Neuralink team is pinning their hopes on this plasticity, using continuous training to enable monkeys to acquire a non-native low-dimensional vision with the assistance of external signals.</p><p><b>If the application scale of this technology is further expanded, the complexity of the signal will increase, from a single vector to lines, surfaces, shapes, and colors, further increasing the number of pixels...</b></p><p><b>Wouldn't that allow those who are blind to regain their sight?</b></p><p>The idea is great, and the prospect is optimistic. However, challenges remain numerous, and there are still many technical hurdles to overcome.</p><p>Neuralink provides a simulation diagram. It demonstrates the rough vision that can be obtained in the near future through the visual prosthetic technology of the Neuralink brain-computer interface (note that this is not a real image, but only a simulated effect).</p><p>In an ideal visual prosthetic kit, images are acquired through a camera mounted at eye level, transmitted to a mobile phone for signal processing, and then transmitted to the visual cortex in the brain through a brain-computer interface.</p><p><img src=\"https://static.tigerbbs.com/7de47bd60f04187618440d8d1efde85c\" tg-width=\"640\" tg-height=\"327\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>This reminds me of Cyberpunk 2077. In the game, one of the first two cyberware items the protagonist obtains is the visual prosthesis Kiroshi Optics. With it, in addition to normal vision, the protagonist also gains the ability to scan electronic devices and hack them...</p><p><img src=\"https://static.tigerbbs.com/4631fb6c72d79ff47fd8f5b1f1ba7c22\" tg-width=\"640\" tg-height=\"356\" referrerpolicy=\"no-referrer\"/></p><p>Image source ：TriggerStudio/CD PROJEKT RED/Netflix</p><p>Back to the real world<b>, visual</b>righteous<b>The body isn't as cool as it is in the game yet.</b></p><p>A biotechnology author at MIT Technology Review wrote that</p><p>\"Musk claims that prosthetics can 'restore' vision—perhaps not for a long time to come.\"<b>The vision that can be produced through a prosthetic body is not the vision that you and I have. It's more like dots of light, perhaps combined to form a simple display effect, like an old-fashioned light bulb scoreboard.</b></p><p><img src=\"https://static.tigerbbs.com/f9d801892a136783cdce2d5eea2ac508\" tg-width=\"596\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>Image source: @antonioregalado</p><p><img src=\"https://static.tigerbbs.com/de66eb36d8b3b341cbb2b254e5232531\" tg-width=\"640\" tg-height=\"304\" referrerpolicy=\"no-referrer\"/></p><p>Image source: MERIT</p><p>Even so, restoring sight to the blind remains a significant technological mission.</p><p>Of course, cyberpunk, as a culture, has many excellent literary and artistic works that sound the alarm for the future of humanity's over-reliance on technology. Despite the exciting revolution in brain-computer interface technology sparked by Neuralink, its many risks should not be underestimated.</p><p>Over the past year, Neuralink has also been accelerating its efforts to improve technological security, and more importantly, to ensure the safety of users' lives. The company's efforts include:</p><p><ul><li>Techniques have been developed to replace human brain tissue for testing work in a laboratory environment, such as electrode testing using cortical cells cultured in petri dishes (see figure below).</p><p><b>\"The ultimate goal is to reduce or even completely eliminate the need for live animals and clinical trial subjects in future product development and testing,\" said a Neuralink expert.</b></p><p><img src=\"https://static.tigerbbs.com/f3370eee74ef4d93e638d8c867ed841f\" tg-width=\"640\" tg-height=\"377\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p></li><li>A robotic surgical technology has been developed that does not require invasion on the meninges (dura) and directly implants electrodes outside the meninges (invasion on the meninges can lead to the generation of a large amount of tissue during the recovery process, covering and enveloping the interface device, which can easily pose a risk of infection and is very inconvenient for later device maintenance).</p><p><img src=\"https://static.tigerbbs.com/1fa8f5831619ad89656109e369f33b46\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p></li><li>upgradability is one of the core principles of technology research and development. As in the previous point, even if you try your best to control the wound by making a coin-sized incision in the skull, you will still face the problem of tissue resulting from later healing, which will make it very difficult to remove the device later. Upgrading hardware is difficult, so hardware must maximize its ability to upgrade software.</li></ul><b>“After all, nobody wants to change the brain-computer interface like they would change an iPhone every year. The best thing is to do it all in one step,” Musk said.</b></p><p>In the real world, the first fire of this cyberpunk revolution seems to have been lit.</p><p>Perhaps Neuralink will become a cyborg technology giant like Arasaka in the future...</p><p>\"I laughed because Elon Musk used NeuraLink.\" ™ Send an emoji directly to my precranial cortex. Oh my god, this is amazing. I blinked twice, using NeuraLike. ™ I liked it, then thought very seriously, \"Thank you, sir! Please send it to Bitcoin.\" I opened my eyes and suddenly realized it was already dark, and I was strangling someone.</p><p><img src=\"https://static.tigerbbs.com/701b651d1724bd55535b8380fff15248\" tg-width=\"592\" tg-height=\"372\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/ae7d49e809de085496b51cf7f2f836e4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Internet</p><p></body></html></p>","source":"gxr","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>Musk's monkeys are driving a brain-computer revolution at the cost of \"banana milkshakes\"</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\">\nMusk's monkeys are driving a brain-computer revolution at the cost of \"banana milkshakes\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">硅星人</strong><span class=\"h-time small\">2022-12-02 11:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The revolution in brain-computer interfaces has come far too quickly.</p><p>Musk revealed at the Neuralink communication conference in Silicon Valley:</p><p><b>The first brain-computer interface product, named N1, can start human testing within as little as 6 months.</b>“We are working very hard to accelerate preparations for our first clinical trial,” Musk said casually.</p><p>\"Most of our documents have been submitted to the FDA. We estimate that in about 6 months, everyone will be able to see Neuralink installed in people's heads.\"</p><p><img src=\"https://static.tigerbbs.com/881053692fafe079f3a3d49c36ec151c\" tg-width=\"640\" tg-height=\"385\" referrerpolicy=\"no-referrer\"/></p><p>Neuralink's proposed N1 brain-computer interface (internal structure) Image source: Neuralink</p><p>Banana milkshake, the primary productivity of cyberpunk</p><p>After watching the entire press conference, Silicon Planet has one core feeling:</p><p><b>Without the banana smoothie, this revolution in brain-computer interfaces probably wouldn't have happened so quickly...</b></p><p>Why do I say that?</p><p>As you may know, Neuralink has been conducting experiments with animals such as monkeys and pigs in the past. There are at least eight monkeys with names, and countless unnamed reserves.</p><p>However, according to regulations, Neuralink cannot force them to participate in cooperative experiments...</p><p>Moreover, Neuralink understood a principle as early as the beginning of the in vivo experiment: forced melons are never sweet. Even if these monkeys are forced or reluctant to conduct experiments, it will affect the results of the experiment.</p><p>Therefore, Neuralink developed an incentive program based on the principle of \"voluntary participation\":</p><p><b>As long as you come to do the experiment, there will be an unlimited supply of banana milkshakes!</b></p><p><img src=\"https://static.tigerbbs.com/3a4f3b1a85e86a5cb522b6217c4f1c88\" tg-width=\"611\" tg-height=\"345\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>Specifically, like a conditioned reflex, Neuralink's breeding staff participated in designing a reinforcement mechanism: whenever a monkey participated in the current experiment and completed an operation, it would receive a banana milkshake...</p><p>In this way, the more experiments you do, the more satisfying the drink becomes. Over time, a stimulus-reinforcing feedback mechanism was formed.</p><p>As you can see in the picture below, these monkeys are conducting an experiment while sipping drinks from the tube in front of them.</p><p><b>It's practically: happily conducting experiments, happily drinking milkshakes...</b></p><p>This feedback mechanism has played a very important role in Neuralink's research and development work over the past two years.</p><p><b>First, let's look at the following brain-controlled cursor experiment:</b></p><p><img src=\"https://static.tigerbbs.com/9a8bf4ff89ae652fc4e9081500a27cb7\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>(Although it looks like monkeys can type, that's not the case. How could monkeys possibly understand English?)</p><p>The experimental staff had already planned what key to press next, and it would be indicated in a conspicuous yellow color on the MacBook's virtual keyboard in front of the monkey.</p><p>Under the influence of the incentive mechanism, as long as the monkey uses its mind to control the cursor to \"move\" to the next button to be pressed and gives a \"press\" signal, a sweet and delicious banana milkshake will flow out of the tube...</p><p><b>Driven by a craving for dessert, the monkey typed out the following sentence: \"Let's have some late-night snacks!\" (can i please have snacks)...</b></p><p><img src=\"https://static.tigerbbs.com/abc8fe91e2df061111738ae2353e113d\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>But Neuralink isn't content with letting monkeys type with a cursor. After all, one of its phased goals is to enable (paralyzed) people to control commonly used electronic devices, including mobile phones, using brain-computer signals.</p><p><b>Therefore, the company's army of monkeys, driven by banana milkshakes, is doing all sorts of training work, including but not limited to:</b></p><p><ul><li>Click and drag</p><p></li><li>sliding input</p><p></li><li>write</p><p></li><li>gesture recognition</p><p></li></ul><b>Wait...</b></p><p><img src=\"https://static.tigerbbs.com/69e330ff9c4d8ee25e4043bf843f0492\" tg-width=\"640\" tg-height=\"298\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>Take handwriting as an example:</p><p>“Initially, it was a virtual keyboard. Now we can directly use the brain-computer interface to read signals, combining the graphics in the screen with the trained signal patterns to accurately judge what words the monkey is writing on the screen,” a Neuralink technology expert revealed.</p><p>If this continues, monkeys will probably really \"learn\" to write and spell words?</p><p><b>And banana milkshakes can even stimulate monkeys to charge their brain-computer interfaces themselves!</b></p><p>This saves Neuralink staff a lot of trouble...</p><p>The specific mechanism is designed as follows:</p><p>They turned a tree into a \"milk tea shop\" and then placed charging pads in decorative branches:</p><p><img src=\"https://static.tigerbbs.com/2ca9c13ceb6607c8aec8de3743b51912\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>In this way, whenever the monkey wants a banana milkshake, it will run over and suck on the tube.</p><p><b>As a result, its head will be directly aligned with the charging pad, charging while drinking a beverage.</b></p><p>The thought process behind this design is truly interesting!</p><p><img src=\"https://static.tigerbbs.com/ab466e4985357060e0ed96368e3f1d5a\" tg-width=\"500\" tg-height=\"267\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>The speeches from the guests at this press conference generally gave Silicon Star people the following impression:</p><p>We encountered a technical problem in our experiment → We tried many methods but couldn't solve it → Sigh, in the end we had to use the banana method → We couldn't help it, bananas really work!</p><p><b>Unexpectedly, to achieve cyberpunk, banana milkshakes have become the primary productive force...</b></p><p>(Looking forward to Neuralink diversifying its products and launching its own brand of banana milkshakes in the future...)</p><p><img src=\"https://static.tigerbbs.com/d6c2314f0dfb833bc4a3e56c6ae2c764\" tg-width=\"640\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>Image source : Concord Food</p><p>From banana milkshakes to the plasticity of monkey brains</p><p>Of course, besides bananas, Neuralink is also using more \"serious\" and \"high-tech\" stimulation methods to train more powerful monkeys, so that they can then better train the various signal decoders, algorithm models, testing tools, and so on that Neuralink needs to develop next-generation brain-computer interface products.</p><p>In the example below, Neuralink uses a more complex stimulation method.</p><p>The company has two phased goals, one of which I just mentioned, which is to help (paralyzed) people gain motor function.</p><p><b>Another phased goal is visual prosthetics: to help visually impaired people who have been living in darkness regain their sight through external devices and brain-computer interfaces.</b></p><p>For the vast majority of visually impaired people, the problem lies in their eyes; their optic nerve, the visual cortex in the brain, is very likely still intact. Therefore, Neuralink hopes to use a brain-computer interface to transmit signals directly to the visual cortex through external sensors (cameras), thereby restoring sight to the blind. To achieve this goal, Neuralink opened the skull in the visual cortex of the monkey's brain and installed a brain-computer interface inside.</p><p><img src=\"https://static.tigerbbs.com/0c064703b54276484f2f559b73283e55\" tg-width=\"535\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p><b>However, this time the work is more complicated:</b>Instead of the simple logic of reading brain signals to control peripherals, it is completely the other way around: visual content obtained from the outside is compiled into raw brain neural signals and transmitted back to the brain.</p><p>Monkeys are not humans and cannot tell experimenters whether they have seen or not, or what they have seen. Therefore, Neuralink designed a new stimulation mechanism (reverse correlation, a method commonly used in neuroscience):</p><p><img src=\"https://static.tigerbbs.com/ec6e64210fcf5baecf55f734a330f94b\" tg-width=\"640\" tg-height=\"305\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p><b>1) Artificial intervention signals input using the brain-computer interface stimulate the monkey's eyeballs to move (for example, it can be simply understood as);</b></p><p><b>2) Use an external eye tracking device to verify whether the actual eye movement vector matches the artificial signal;</b></p><p><b>3) When the results match, use a banana milkshake as an incentive.</b></p><p>As shown in the figure below: the green line represents the movement path of the eyeball, and the flashing white dot serves as a control. You will see that the monkey's eyeball suddenly moves towards a position where there are no white spots, precisely because it receives a signal of human intervention through the brain-computer interface.</p><p>Initially, the degree to which the eyeball's movement vectors match the artificial signals is not high.</p><p><b>Interestingly, however, as the test time increased and the number of times increased, the monkeys became more and more proficient and the level of compliance increased.</b></p><p><img src=\"https://static.tigerbbs.com/1748e97d5f1fac25d216b840062d0ecf\" tg-width=\"600\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>The brain refers to a plastic tissue. Simply put, the connections between synapses and neurons within the brain can establish new connections due to the influence of learning and experience, thereby influencing an individual's behavior.</p><p>The Neuralink team is pinning their hopes on this plasticity, using continuous training to enable monkeys to acquire a non-native low-dimensional vision with the assistance of external signals.</p><p><b>If the application scale of this technology is further expanded, the complexity of the signal will increase, from a single vector to lines, surfaces, shapes, and colors, further increasing the number of pixels...</b></p><p><b>Wouldn't that allow those who are blind to regain their sight?</b></p><p>The idea is great, and the prospect is optimistic. However, challenges remain numerous, and there are still many technical hurdles to overcome.</p><p>Neuralink provides a simulation diagram. It demonstrates the rough vision that can be obtained in the near future through the visual prosthetic technology of the Neuralink brain-computer interface (note that this is not a real image, but only a simulated effect).</p><p>In an ideal visual prosthetic kit, images are acquired through a camera mounted at eye level, transmitted to a mobile phone for signal processing, and then transmitted to the visual cortex in the brain through a brain-computer interface.</p><p><img src=\"https://static.tigerbbs.com/7de47bd60f04187618440d8d1efde85c\" tg-width=\"640\" tg-height=\"327\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>This reminds me of Cyberpunk 2077. In the game, one of the first two cyberware items the protagonist obtains is the visual prosthesis Kiroshi Optics. With it, in addition to normal vision, the protagonist also gains the ability to scan electronic devices and hack them...</p><p><img src=\"https://static.tigerbbs.com/4631fb6c72d79ff47fd8f5b1f1ba7c22\" tg-width=\"640\" tg-height=\"356\" referrerpolicy=\"no-referrer\"/></p><p>Image source ：TriggerStudio/CD PROJEKT RED/Netflix</p><p>Back to the real world<b>, visual</b>righteous<b>The body isn't as cool as it is in the game yet.</b></p><p>A biotechnology author at MIT Technology Review wrote that</p><p>\"Musk claims that prosthetics can 'restore' vision—perhaps not for a long time to come.\"<b>The vision that can be produced through a prosthetic body is not the vision that you and I have. It's more like dots of light, perhaps combined to form a simple display effect, like an old-fashioned light bulb scoreboard.</b></p><p><img src=\"https://static.tigerbbs.com/f9d801892a136783cdce2d5eea2ac508\" tg-width=\"596\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>Image source: @antonioregalado</p><p><img src=\"https://static.tigerbbs.com/de66eb36d8b3b341cbb2b254e5232531\" tg-width=\"640\" tg-height=\"304\" referrerpolicy=\"no-referrer\"/></p><p>Image source: MERIT</p><p>Even so, restoring sight to the blind remains a significant technological mission.</p><p>Of course, cyberpunk, as a culture, has many excellent literary and artistic works that sound the alarm for the future of humanity's over-reliance on technology. Despite the exciting revolution in brain-computer interface technology sparked by Neuralink, its many risks should not be underestimated.</p><p>Over the past year, Neuralink has also been accelerating its efforts to improve technological security, and more importantly, to ensure the safety of users' lives. The company's efforts include:</p><p><ul><li>Techniques have been developed to replace human brain tissue for testing work in a laboratory environment, such as electrode testing using cortical cells cultured in petri dishes (see figure below).</p><p><b>\"The ultimate goal is to reduce or even completely eliminate the need for live animals and clinical trial subjects in future product development and testing,\" said a Neuralink expert.</b></p><p><img src=\"https://static.tigerbbs.com/f3370eee74ef4d93e638d8c867ed841f\" tg-width=\"640\" tg-height=\"377\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p></li><li>A robotic surgical technology has been developed that does not require invasion on the meninges (dura) and directly implants electrodes outside the meninges (invasion on the meninges can lead to the generation of a large amount of tissue during the recovery process, covering and enveloping the interface device, which can easily pose a risk of infection and is very inconvenient for later device maintenance).</p><p><img src=\"https://static.tigerbbs.com/1fa8f5831619ad89656109e369f33b46\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p></li><li>upgradability is one of the core principles of technology research and development. As in the previous point, even if you try your best to control the wound by making a coin-sized incision in the skull, you will still face the problem of tissue resulting from later healing, which will make it very difficult to remove the device later. Upgrading hardware is difficult, so hardware must maximize its ability to upgrade software.</li></ul><b>“After all, nobody wants to change the brain-computer interface like they would change an iPhone every year. The best thing is to do it all in one step,” Musk said.</b></p><p>In the real world, the first fire of this cyberpunk revolution seems to have been lit.</p><p>Perhaps Neuralink will become a cyborg technology giant like Arasaka in the future...</p><p>\"I laughed because Elon Musk used NeuraLink.\" ™ Send an emoji directly to my precranial cortex. Oh my god, this is amazing. I blinked twice, using NeuraLike. ™ I liked it, then thought very seriously, \"Thank you, sir! Please send it to Bitcoin.\" I opened my eyes and suddenly realized it was already dark, and I was strangling someone.</p><p><img src=\"https://static.tigerbbs.com/701b651d1724bd55535b8380fff15248\" tg-width=\"592\" tg-height=\"372\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/ae7d49e809de085496b51cf7f2f836e4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Internet</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzI3ODg4ODEwMA==&mid=2247524347&idx=1&sn=b2e61824c0a62ec065c1888f72605f3a&chksm=eb52f430dc257d26bf55f50a24c7903f8062fd3d1ab9c75df499daa678473db6f1f6ee72c2f5&mpshare=1&scene=23&srcid=1202Ey6qC9jgexAb6zp58Y88&sharer_sharetime=1669941331728&sharer_shareid=00a55b671777cf0e253d4693000ead51#rd\">硅星人</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a370dedf78ec8709f7980cc3b5d33703","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzI3ODg4ODEwMA==&mid=2247524347&idx=1&sn=b2e61824c0a62ec065c1888f72605f3a&chksm=eb52f430dc257d26bf55f50a24c7903f8062fd3d1ab9c75df499daa678473db6f1f6ee72c2f5&mpshare=1&scene=23&srcid=1202Ey6qC9jgexAb6zp58Y88&sharer_sharetime=1669941331728&sharer_shareid=00a55b671777cf0e253d4693000ead51#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137562033","content_text":"脑机接口的革命，来得实在太快了。马斯克在硅谷举行的Neuralink沟通会上透露：首款脑机接口产品，名为N1，最快6个月内就可以启动人类测试。“为了我们的首次临床测试，我们正在非常努力地加紧各项工作准备，”马斯克轻描淡写地表示。“我们绝大部分的文书资料已经提交到了 FDA。我们估计大约再过6个月时间，大家就可以看到 Neuralink 装到人的脑袋上了。”Neuralink 拟推出的 N1 脑机接口（内部构造）   图片来源：Neuralink香蕉奶昔，赛博朋克的第一生产力整场发布会看下来，硅星人有一个最核心的感受：如果没有香蕉奶昔（banana smoothie），这场脑机接口的革命，恐怕不会来得这么快……为什么这么说呢？大家可能知道Neuralink这家公司过去以来一直是用猴子和猪等动物进行实验的。有名有姓的猴子，就有至少8只，没名字的预备役更是数不胜数。但是根据规定，Neuralink不能强迫它们参与配合实验……更何况，早在启动活体实验的初期Neuralink就已经明白一个道理：强扭的瓜不甜。让这些猴子做实验哪怕它们有一点被迫、不情愿，对实验效果都会有影响。于是Neuralink 开发出了一套“自愿参与”原则的激励方案：只要来做实验，就有无限量的香蕉奶昔供应！图片来源：Neuralink具体来说，就像条件反射那样，Neuralink 的饲养工作人员参与设计了一套强化机制：每当猴子参与了当前的实验，完成了一次操作，就会得到香蕉奶昔……这样，越做实验，喝的越爽。久而久之，就形成了刺激强化的反馈机制。下图你可以看到，这些猴子一边做着实验，一边从面前的管子里嘬着饮料。简直可以说是：高高兴兴做实验，开开心心喝奶昔……这样的反馈机制，在 Neuralink 最近两年的研发工作中，扮演了相当重要的角色。首先来看下面这个脑控光标的实验：图片来源：Neuralink（虽然看起来猴子都会打字了，然而并非如此，猴子怎么可能懂英语呢？）下一个键要按什么，实验工作人员早就设计好了，会在猴子面前 MacBook 的虚拟键盘上，会以黄色显眼的方式注明。而在激励机制的作用下，只要猴子通过意念脑控光标“移动”到下一个要按的键上，并发出“按下”的信号，管子里就会流出香甜可口的香蕉奶昔……在对于甜品的渴望驱使下，猴子打出了这么一句话：搞点夜点心切切吧 (can i please have snacks)……图片来源：Neuralink但 Neuralink 并不满足于让猴子用光标打字。毕竟它的阶段性目标之一，是让（瘫痪）的人们可以通过脑机信号来操控包括手机在内的常用电子设备。所以，这家公司的猴子大军，正在香蕉奶昔的驱动下，做着各种各样的训练工作，包括并不限于：点按和拖拽滑动输入手写手势识别等等……图片来源：Neuralink以手写为例：“一开始还是虚拟键盘。现在我们已经可以直接用脑机界面来读取信号，结合画面中的图形，和训练得到的信号模式，来精准地判断猴子在屏幕上写的是什么字”，一位 Neuralink 技术专家透露。这样下去，猴子恐怕真要“学会”写字、拼词了？以及，香蕉奶昔还能刺激猴子自己去给脑机接口充电！这样简直是给 Neuralink 的工作人员，省了大麻烦了……具体机制是这样设计的：他们将一棵树做成了“奶茶店”，然后把充电板放在了装饰的树杈里：图片来源：Neuralink这样，只要猴子想喝香蕉奶昔了，就会跑过去嘬管子。结果它的脑袋会正好对准充电板，一边喝饮料，一边充电。这设计，脑回路实在是很有意思！图片来源：Neuralink这场发布会的各嘉宾发言，总的来说给硅星人一个感觉，就是：我们在实验中遇到了一个技术问题 → 想了很多办法都解决不了 → 哎最后还得香蕉大法 → 没办法香蕉它真的管用啊！没想到实现赛博朋克，香蕉奶昔竟成了第一生产力……（期待回头 Neuralink 实现产品多元化，推出自主品牌的香蕉奶昔……）图片来源：Concord Food从香蕉奶昔，到猴脑的可塑性当然，除了香蕉之外，Neuralink也在用一些更加“正经”和更“高科技”的刺激方式，来训练出更厉害的猴子，好让它们转而更好地训练 Neuralink 开发下一代脑机接口产品需要的各种信号解码器、算法模型、测试工具等等。而在下面这个例子中，Neuralink 就是利用了更复杂的刺激方法。这家公司有两个阶段性目标，刚才提到了一个，也即帮助（瘫痪）人士获得运动功能。而另一个阶段性目标，则是视觉义体：通过外部设备+脑机接口的方式，帮助那些一直生活在黑暗中的视障人士，重获光明。绝大多数视障者，问题都出在眼球里，他们的视神经，大脑中的视觉皮层，很有可能仍然是完好的。于是 Neuralink 希望能够用脑机接口的方式，通过外置传感器（摄像头）来将信号直接传入视觉皮层，从而让失明者重获光明。为了实现这个目标，Neuralink 在猴子的猴脑视觉皮层部位开了颅，装了脑机接口进去。图片来源：Neuralink然而这次的工作更为复杂：不再是读取脑信号控制外设这种简单的逻辑，而是完全反过来，从外部获取的视觉内容，将它编译为原始的脑神经信号，传回到大脑里。猴子不是人，没有办法告诉实验人员自己看到了还是没看到、看到了什么东西。于是，Neuralink 又设计了一套新的刺激机制（逆相关reverse correlation，神经科学常用的方法）：图片来源：Neuralink1）用脑机接口输入的人工干预信号，刺激猴子的眼球进行移动（比如可以简单理解为）；2）用外置的眼球追踪设备，验证实际的眼球移动矢量，是否与人工信号相符；3）当结果相符的时候，使用香蕉奶昔进行激励。如下图所示：绿色线代表眼球的移动路径，闪现的白点作为对照。你会看到，猴子的眼球突然朝着没有出现白点的位置移动，正是因为通过脑机接口收到了人工干预的信号。最一开始，眼球的移动矢量和人工信号的相符的程度并不高。然而有趣的是，随着测试时间变长，次数增加，猴子越做越熟练，符合程度越来越高。图片来源：Neuralink大脑是指一种具有可塑性的组织，简单来说也即大脑内部的突触、神经元之间的连接可以由于学习和经验的影响建立新的连接，从而影响个体的行为。Neuralink 团队正是寄希望于这种可塑性，通过不断的训练来让猴子在外界信号的辅助下，获得一种非原生的低维视觉。而如果将这种技术的应用规模进一步扩容，让信号的复杂程度变高，从单一的矢量，升级为线、面、形状、颜色，让像素数量进一步增加……那样，不就能够让那些失明的人，重获视觉了吗？想法是伟大的，前景是乐观的。然而挑战仍然重重，还有很多技术门槛需要跨越。Neuralink 提供了一张模拟图。它展示了在不远的未来，通过Neuralink脑机接口的视觉义体技术，大致能够获得的视觉（注意这并不是真实图片，只是模拟的效果）。在一个理想的视觉义体套件中，通过一个安装在眼部高度的摄像机获取图像，传入手机进行信号处理，再通过脑机接口传输到大脑中的视觉皮层。图片来源：Neuralink这不禁令我想起了《赛博朋克2077》。在游戏中，主角拿到的头两件赛博义体（cyberware）之一，就是视觉义体 Kiroshi Optics。有了它，主角在正常视觉的基础上，还获得了扫描电子器件并对其进行黑客攻击的能力……图片来源：TriggerStudio/CD PROJEKT RED/Netflix回到现实世界，视觉义体暂时还没有在游戏里那么酷。麻省理工科技评论的一位生物科技作者写道指出，“马斯克宣称义体能够‘恢复’视觉——也许在很久以后的未来才能实现。能够通过义体产生的视觉并不是你和我所拥有的视觉。它更像是点状的光斑，也许能够通过组合的方式来形成一种简单的显示效果，就像老式的灯泡记分牌那样。”图片来源：@antonioregalado图片来源：MERIT即便如此，让失明者重获光明，仍然是一项有着重大意义的技术使命。当然，赛博朋克作为一种文化的诸多优秀文艺作品，也为人类过于依赖科技的未来敲响警钟。尽管Neuralink掀起的这场脑机接口技术革命令人兴奋神往，它的诸多风险仍然不可小觑。在过去一年时间里，Neuralink 也在加紧提高技术安全性，更重要的是确保使用者的生命安全。该公司的努力包括：开发了在实验室环境下，用于测试工作的，对人脑组织进行替代的技术，比如使用培养皿培植的皮质细胞进行电极测试（下图）。“最终目标是在未来产品研发和测试中，降低甚至完全消除对活体动物和临床试验者的需要，”一位 Neuralink 专家表示。图片来源：Neuralink开发了无需在脑膜 (dura) 上开创，直接在脑膜外进行电极植入的机器人手术技术（在脑膜上开创会导致恢复过程中生成大量组织，覆盖包裹住接口设备，容易带来感染隐患，并且非常不便于后期设备维护）图片来源：Neuralink将向上兼容能力（可升级性 upgradability）作为技术研发的核心原则之一。正如前一条，在颅骨上开一个硬币大小的口子，就算尽力控制创口，仍然会面临后期愈合而产生的组织的问题，对设备的后期移除带来巨大困难。升级硬件困难，所以硬件必须最大限度保证软件升级的能力。“毕竟没人想像每年换一台 iPhone 那样换脑机接口，最好的就是一步到位，”马斯克说到。现实世界中，这场赛博朋克的革命的第一把火，看来也已经点燃了。没准将来的 Neuralink，能够成为像“荒坂” (Arasaka) 那样的赛博格技术巨头……“我笑了，因为伊隆·马斯克通过NeuraLink.™直接将一个表情包发送到我的前颅皮层。哦，我的天啊，这太棒了。我眨了两次眼睛，用NeuraLike™赞了它，然后非常认真地想：“谢谢先生！请发送比特币。”我睁开眼睛，突然发现天已经黑了，而我正在掐着一个人的脖子。”图片来源：网络","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965312897,"gmtCreate":1669893633119,"gmtModify":1676538264756,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965312897","repostId":"1190139235","repostType":4,"repost":{"id":"1190139235","kind":"news","weMediaInfo":{"introduction":"直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。","home_visible":1,"media_name":"豹变","id":"1099700147","head_image":"https://static.tigerbbs.com/524ae85df6244d238314a4bd6c916bb7"},"pubTimestamp":1669889842,"share":"https://ttm.financial/m/news/1190139235?lang=en_US&edition=fundamental","pubTime":"2022-12-01 18:17","market":"hk","language":"zh","title":"Tesla's \"price\" smashes the market, electric vehicle players compete for competitive advantage.","url":"https://stock-news.laohu8.com/highlight/detail?id=1190139235","media":"豹变","summary":"随着10月底特斯拉降价，电动汽车厂之间的厮杀大幕拉起。未来什么样的企业能够胜出？我们借助巴菲特的护城河思想，对这轮竞争做出解读。商业竞争中如何逼退对手占住市场份额？有一种著名的产品定价方法提供了思路—","content":"<p><html><head></head><body>With the end of October<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts have sparked a fierce battle among electric vehicle manufacturers. What kind of companies will win in the future? We will use Buffett's moat concept to interpret this round of competition. How to force competitors to gain market share in business competition? There is a well-known product pricing method that provides ideas - penetration pricing.</p><p>The core of penetration pricing is low prices. If the quality is similar to that of its competitors, low-priced products are more likely to gain a higher market share, which in turn will dilute production costs and build momentum for further price reductions.</p><p><a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>This is exactly the method used when they entered China. This made latecomers<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>It was very difficult to set a high price, and the marketing and promotion of \"the drug cannot be stopped\" made Pepsi unable to make a profit for many years after entering China.</p><p>Recently, in the automotive sector, Tesla has also played a game of penetration pricing against other competitors. First, on October 24, the Model 3 saw a price reduction of 14,000 to 18,000 yuan, and the Model Y saw a price reduction of 20,000 to 37,000 yuan. On November 8th, Tesla China released another poster stating that from November 8th (inclusive) to November 30th (inclusive), customers who purchase a combination of existing vehicle insurance and car insurance from a partner insurance institution and complete the delivery of the vehicle on schedule can receive a reduction of 8,000 yuan in the final payment. From December 1st (inclusive) to December 31st (inclusive), the final payment can be reduced by 4,000 yuan.</p><p><b>Media reports indicate that after two rounds of promotions, Tesla's order increase has still fallen short of expectations, and it will launch new price reduction measures before the end of the year. Tesla responded that the \"price reduction\" was false news.</b></p><p>Many people believe that Tesla's price cuts marked the beginning of a significant intensification of competition among automakers, with some even arguing that \"any competition that does not focus on price cuts is hypocritical.\"</p><p>However, low prices are only a sub-strategy in competition. Whether a company can ultimately win the competition is the result of the combination of multiple factors.</p><p>In this article, we will use Buffett's moat concept to analyze Tesla,<a href=\"https://laohu8.com/S/002594\">BYD</a>In addition to emerging domestic car manufacturers, let's conduct a quantitative analysis of the competitive advantages of the automotive industry to see how competitive these companies are under intensified competition.</p><p><b>The moat in the electric vehicle market</b></p><p>Many people know that the concept of a competitive advantage comes from Warren Buffett. Warren Buffett said, \"High-quality products and excellent management are certainly good, but they're not called moats.\" He even added a harsh statement:<b>A competitive advantage is more crucial than a CEO; an economic moat is a structural advantage.</b>。”</p><p>Buffett's words were confusing and had confused many people. In fact, the so-called moat, in layman's terms, is a barrier where \"competitors can't get in and customers can't get out\". Without a competitive advantage, a company's business growth will enter a dilemma known as \"pirate ship business,\" where the business continues to develop but customers are constantly lost, making it impossible to form a stable positive superposition structure and making it difficult to accumulate sand into a tower.</p><p>Since the moat is so useful, what does it actually look like in reality?</p><p>Pat Dorsey, head of equity research at Morningstar Inc., proposed in the book \"Buffett's Moat,\" which almost every value investor owns, that there are four types of moats: intangible assets (including brands, patents, and legal licenses), conversion costs (the difficulty of migrating to other products), cost advantages, and network effects (the more participants, the greater the product value).</p><p>The above concepts of competitive advantage are merely qualitative discussions. When conducting specific analysis, it is necessary to add quantitative elements to avoid the ambiguity of so-called subjective judgments.</p><p>In \"Buffett's Moat,\" Pat Dorsey argues that the key to understanding whether a company has a moat is its past return on capital—a superior return on capital means the company may have a moat, while a poor return on capital means a lack of competitive advantage unless the company's business undergoes substantial changes.</p><p>What are the key indicators of return on capital? The author lists three similar metrics: ROA (return on total assets), ROE (return on equity), and ROIC (return on invested capital). In general, each indicator can provide us with the same information, just in a slightly different way.</p><p>Here, we will use ROE (Return on Equity), which Buffett advocates, as a representative indicator to examine the competitive performance of core electric vehicle companies.</p><p>Simply put, ROE is the net profit that a shareholder can obtain in a certain operating cycle for every one yuan of capital invested. For example, if a shareholder invests 1 million yuan and the company earns a net profit of 200,000 yuan that year, the ROE is 20%.</p><p>What is an appropriate ROE? Based on the author's overall experience and Buffett's arguments, we can use 15% as a threshold for measuring competitiveness—as long as a company's return on shareholders' equity reaches or exceeds 15% for a long time, it is more likely to have a moat than companies that fall below this threshold.</p><p>In the electric vehicle industry, just looking at ROE, Tesla had reached a terrifying 25% by the third quarter, and other companies still seem to need to work harder.</p><p>Among domestic automakers,<b>BYD's momentum is worth noting. As of the third quarter, its ROE had reached 5.74%. If it can reach this level every quarter in the future, then an overall ROE of more than 15% is not a problem.</b></p><p>In contrast, emerging forces such as \"Wei Xiaoli Zero\" have not built a competitive advantage in terms of ROE.</p><p><img src=\"https://static.tigerbbs.com/fa3e7bccd065c37aae64e5b1eeb354a4\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/></p><p>ROE Comparison of Core Electric Vehicle Companies/Leopard Changes</p><p>Of course, Dorsey has repeatedly emphasized that even if the ROE has exceeded 15%, the company may not have a moat, and if the competition is not fierce in the early stages, the company may still achieve a high ROE.</p><p>For example, some argue that Tesla's current high profitability and the possibility of price reductions after orders fall short of expectations are precisely because the competition was not fierce before.</p><p>This raises a question: do the electric vehicle companies that seem to have built a competitive advantage actually possess the elements of a competitive advantage? Can companies that haven't yet built a competitive moat see the shadow of a moat?</p><p><b>Who can laugh all the time?</b></p><p>For electric vehicles, we will observe the brand moat and cost advantage moat that are more in line with the industry, to see if it is because the competition is not fierce enough or if the relevant companies do have a competitive advantage factor.</p><p>Let's first look at the brand's competitive advantage.</p><p>There are two reasons why a brand can form a moat. On the one hand, some brands have deeply accumulated user understanding, trust, and preferences, making consumers willing to pay a high premium. For example, Pat Dorsey gives an example in his book.<a href=\"https://laohu8.com/S/TIF\">Tiffany</a>Diamonds are nearly 50% more expensive than other brands; Bayer's aspirin, although chemically identical to other aspirins, costs twice as much as regular aspirin. For example, Moutai in China,<a href=\"https://laohu8.com/S/000423\">Dong-E-E-Jiao</a>Brands like these always manage to sell at a high premium.</p><p>On the other hand, some companies' brands can reduce the cost for customers to search for unique value. For example, most consumers would consider a car manufactured by Daimler, the parent company of Mercedes-Benz, to be a durable luxury car.</p><p>Dorsey specifically emphasized that companies with well-known brands do not necessarily have a moat. The difference between well-known brands and competitive brands is whether competitive brands can truly attract consumers to spend money, that is, whether they truly influence consumers' purchasing decisions.</p><p>Therefore, for electric vehicle companies, we will observe whether the company's products have a higher average pricing (price per vehicle), sales volume, and a lower sales expense ratio per vehicle. The implication behind this is that companies with a brand moat can sell more and more expensive cars without spending too much on R&D.</p><p>Let's look at the cost advantage and competitive advantage.</p><p>If a company has consistently lower costs than its competitors, it will have a huge advantage. Either the pricing is the same as that of the competition, which can lead to a higher gross profit margin; Either you can drag all your competitors into a loss-making situation during a price war while still maintaining profitability.</p><p>Therefore, for electric vehicle companies, we will observe whether the company has a higher gross profit margin and a lower sales and administrative expense ratio, which indicates that the same price can enjoy a higher gross profit margin with a low cost advantage, and the company can still be profitable with a low price.</p><p>With the above groundwork in place, let's take a look at the benchmark leader Tesla:</p><p>In terms of price per vehicle, sales volume, gross profit margin, and sales and management expense ratio, Tesla has become the industry leader with a price of 371,600 yuan per vehicle, deliveries of 254,700 vehicles, sales and management expenses of only 5.6%, and a gross profit margin of 27.9%, amid the gradual entry of major models from various electric vehicle companies into the market.</p><p><b>Despite Tesla's negative performance in the Chinese market and its frequent traffic accidents causing polarized reputation, these figures alone demonstrate a clear moat of brand and low-cost economies of scale.</b></p><p><img src=\"https://static.tigerbbs.com/64277b8061d66b0e53a5e637f5b31f28\" tg-width=\"1080\" tg-height=\"237\" referrerpolicy=\"no-referrer\"/></p><p>In contrast, other companies each have their shortcomings.</p><p><b>BYD's delivery volume has surpassed Tesla's, and its sales and management expenses are on par with Tesla's, but its price per vehicle and gross profit margin are significantly lower than Tesla's.</b>This indicates that the company has a certain cost advantage and competitive advantage, but its brand competitive advantage is not yet strong. According to publicly available information, BYD will currently form a five-brand matrix, including Dynasty, Ocean, Denza, Yangwang, and a new professional and personalized brand. Among them, the Yangwang brand, positioned in the million-dollar high-end market, will be launched in the first quarter of next year. At that time, we can observe the sales volume of its products.</p><p><a href=\"https://laohu8.com/S/NIO\">Nio</a>The price per vehicle is on par with Tesla's, placing it in the mid-to-high-end segment. However, with only 25,000 units delivered in the second quarter, a gross profit margin of 16.7%, and a sales and administrative expense ratio as high as 20.9%, the gap between them and Tesla is significant, indicating...<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>A high-end brand image requires continuous marketing promotion, and the brand's competitive advantage is not wide at the moment.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similar to Nio, its price per vehicle is slightly lower than that of Nio and its delivery volume is slightly higher than that of Nio. What is slightly better than NIO is that its gross profit margin of 21.18% in the second quarter exceeded that of Nio, while its sales and administrative expense ratio of nearly 16% is lower than that of Nio, indicating that it has a certain low-cost economy of scale. However, this is easy to understand. As of the second quarter of this year, Li Auto only had ONE blockbuster model on sale, the Li ONE, which highlights the economies of scale.</p><p>As for XPeng and Leapmotor, apart from their sales volume being at the same level as Nio and Li Auto, they do not have a significant advantage over their competitors in terms of price per vehicle, gross profit margin, or sales and management expense ratio.</p><p><b>A major upheaval requires a new curve.</b></p><p>Understanding the above situation, we can't help but ask whether brands with obvious competitive advantages are a one-time solution, while companies without competitive advantages will never have a chance.</p><p>Theoretically, as long as it is not a significant technological change or business model change (e.g.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>With mobile phones replacing feature phones and online e-commerce impacting offline retail, companies with a competitive advantage can generally remain comfortable. Even with mediocre management, companies can still reap substantial profits. This is why Warren Buffett said, \"A competitive advantage is more crucial than a CEO.\" For ordinary companies, survival may not be a problem, but building the same competitive advantage is more difficult.</p><p>What can truly achieve a profound reshuffling must come from new disruptions.</p><p>What is this disruption? In the field of electric vehicles, this is likely to be a breakthrough in autonomous driving.</p><p>Unlike the so-called intelligent assisted driving that automakers are currently researching, autonomous driving can truly make cars run on their own, and the automaker will bear the responsibility in the event of an accident.</p><p><img src=\"https://static.tigerbbs.com/0d7d08b2e47e07162b14e39fc77364dd\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"/></p><p>Autonomous driving can bring about a new round of industrial disruption.</p><p><a href=\"https://laohu8.com/S/GOOG\">Google</a>Lawrence Burns, a consultant on the self-driving car project, made a calculation:</p><p>If autonomous driving technology matures, vehicles shared through autonomous driving can be made smaller because there are no drivers, improving travel efficiency. In particular, by utilizing electric vehicle technology, the cost per mile can be reduced to $0.20 without affecting the travel experience and efficiency, compared to the current cost of $1.50 per mile for private vehicles, a decrease of 86%.</p><p>Behind these calculations lies a dramatic industrial transformation: if autonomous driving becomes truly widespread, ordinary people may not need to buy a car, the overall size of the automotive market will shrink significantly, and in the future, mobility service platforms will dominate.</p><p>Looking further, for automakers, without autonomous driving capabilities, they are very likely to become mediocre companies providing low-margin vehicles for autonomous driving platforms in the future, subject to others at every turn.</p><p><b>Unfortunately, making self-driving cars a reality is extremely difficult.</b>。</p><p>Specifically, artificial intelligence cannot handle accidents.</p><p>Google once encountered the following scenario while training for autonomous driving: a disabled person in an electric wheelchair chased a duck in the middle of the road. The duck ran in circles, and she chased after him in circles. In this situation, it is difficult for machines to accurately predict the movement path of such people at once. As for the flaws in the algorithms and the problems caused by the insecurity of machinery and equipment, advanced autonomous driving has been slow to be implemented.</p><p>So we see that at the end of October, Tesla boss Elon Musk admitted that Tesla's Full Self-Driving System (FSD) was not yet ready and could not truly drive autonomously without human monitoring.</p><p>Abroad,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Its autonomous driving company, Mobileye, finally went public on Nasdaq, but its valuation shrank significantly. Argo AI, a star autonomous driving company once valued at $7 billion, has shut down operations. In China, Pony.ai, founded by genius programmers such as Lou Tiancheng, has also been exposed for optimization and adjustment.</p><p>Therefore, it is uncertain when a new round of major reshuffling will arrive.</p><p>Before the major reshuffle, what is the way out for those who are lagging behind?<b>For latecomers, on the one hand, it means continuing to exert efforts in products and technologies to accumulate greater brand momentum and narrow the gap with leading companies; On the other hand, it aims to differentiate itself from giants like Tesla and BYD, seeking a new ecosystem niche.</b>。 For example, regarding the battery swapping service provided by Nio, Li Auto initially positioned its products in the focus strategy of \"dad cars\".</p><p>However, it is important to understand that while small manufacturers are working hard, large manufacturers have not relaxed. For example, Tesla's R&D expenses in the second quarter of this year were almost the same as those of NIO and NIO, and Tesla's continued investment in autonomous driving is among the world's leading. When small factories differentiate themselves, they only give themselves time to explore their competitive advantage, because most differentiation can be imitated. For example, when the market discovered that Li Auto's range-extended dad cars were selling well, it immediately saw a host of brands such as Wenjie imitating them.</p><p>So,<b>If we look at the current competitive landscape from the perspective of competitive advantage, it is highly likely that Tesla and BYD will reap huge profits in the future, while other domestic specialty car companies will reap the benefits.</b></p><p>Compared to their competitors, companies with competitive advantages are more likely to rise from difficulties. Dorsey once gave an example<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>Its products once lagged behind consumers' taste needs, leading to an intolerable decline in consumer service levels. However, this enduring brand quickly emerged from its predicament.</p><p>For many brands in the electric vehicle market, Tesla's price cuts have intensified competition, leaving them with even more limited time and room for maneuver.</p><p></body></html></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>Tesla's \"price\" smashes the market, electric vehicle players compete for competitive advantage.</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\">\nTesla's \"price\" smashes the market, electric vehicle players compete for competitive advantage.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1099700147\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/524ae85df6244d238314a4bd6c916bb7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">豹变 </p>\n<p class=\"h-time smaller\">2022-12-01 18:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>With the end of October<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts have sparked a fierce battle among electric vehicle manufacturers. What kind of companies will win in the future? We will use Buffett's moat concept to interpret this round of competition. How to force competitors to gain market share in business competition? There is a well-known product pricing method that provides ideas - penetration pricing.</p><p>The core of penetration pricing is low prices. If the quality is similar to that of its competitors, low-priced products are more likely to gain a higher market share, which in turn will dilute production costs and build momentum for further price reductions.</p><p><a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>This is exactly the method used when they entered China. This made latecomers<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>It was very difficult to set a high price, and the marketing and promotion of \"the drug cannot be stopped\" made Pepsi unable to make a profit for many years after entering China.</p><p>Recently, in the automotive sector, Tesla has also played a game of penetration pricing against other competitors. First, on October 24, the Model 3 saw a price reduction of 14,000 to 18,000 yuan, and the Model Y saw a price reduction of 20,000 to 37,000 yuan. On November 8th, Tesla China released another poster stating that from November 8th (inclusive) to November 30th (inclusive), customers who purchase a combination of existing vehicle insurance and car insurance from a partner insurance institution and complete the delivery of the vehicle on schedule can receive a reduction of 8,000 yuan in the final payment. From December 1st (inclusive) to December 31st (inclusive), the final payment can be reduced by 4,000 yuan.</p><p><b>Media reports indicate that after two rounds of promotions, Tesla's order increase has still fallen short of expectations, and it will launch new price reduction measures before the end of the year. Tesla responded that the \"price reduction\" was false news.</b></p><p>Many people believe that Tesla's price cuts marked the beginning of a significant intensification of competition among automakers, with some even arguing that \"any competition that does not focus on price cuts is hypocritical.\"</p><p>However, low prices are only a sub-strategy in competition. Whether a company can ultimately win the competition is the result of the combination of multiple factors.</p><p>In this article, we will use Buffett's moat concept to analyze Tesla,<a href=\"https://laohu8.com/S/002594\">BYD</a>In addition to emerging domestic car manufacturers, let's conduct a quantitative analysis of the competitive advantages of the automotive industry to see how competitive these companies are under intensified competition.</p><p><b>The moat in the electric vehicle market</b></p><p>Many people know that the concept of a competitive advantage comes from Warren Buffett. Warren Buffett said, \"High-quality products and excellent management are certainly good, but they're not called moats.\" He even added a harsh statement:<b>A competitive advantage is more crucial than a CEO; an economic moat is a structural advantage.</b>。”</p><p>Buffett's words were confusing and had confused many people. In fact, the so-called moat, in layman's terms, is a barrier where \"competitors can't get in and customers can't get out\". Without a competitive advantage, a company's business growth will enter a dilemma known as \"pirate ship business,\" where the business continues to develop but customers are constantly lost, making it impossible to form a stable positive superposition structure and making it difficult to accumulate sand into a tower.</p><p>Since the moat is so useful, what does it actually look like in reality?</p><p>Pat Dorsey, head of equity research at Morningstar Inc., proposed in the book \"Buffett's Moat,\" which almost every value investor owns, that there are four types of moats: intangible assets (including brands, patents, and legal licenses), conversion costs (the difficulty of migrating to other products), cost advantages, and network effects (the more participants, the greater the product value).</p><p>The above concepts of competitive advantage are merely qualitative discussions. When conducting specific analysis, it is necessary to add quantitative elements to avoid the ambiguity of so-called subjective judgments.</p><p>In \"Buffett's Moat,\" Pat Dorsey argues that the key to understanding whether a company has a moat is its past return on capital—a superior return on capital means the company may have a moat, while a poor return on capital means a lack of competitive advantage unless the company's business undergoes substantial changes.</p><p>What are the key indicators of return on capital? The author lists three similar metrics: ROA (return on total assets), ROE (return on equity), and ROIC (return on invested capital). In general, each indicator can provide us with the same information, just in a slightly different way.</p><p>Here, we will use ROE (Return on Equity), which Buffett advocates, as a representative indicator to examine the competitive performance of core electric vehicle companies.</p><p>Simply put, ROE is the net profit that a shareholder can obtain in a certain operating cycle for every one yuan of capital invested. For example, if a shareholder invests 1 million yuan and the company earns a net profit of 200,000 yuan that year, the ROE is 20%.</p><p>What is an appropriate ROE? Based on the author's overall experience and Buffett's arguments, we can use 15% as a threshold for measuring competitiveness—as long as a company's return on shareholders' equity reaches or exceeds 15% for a long time, it is more likely to have a moat than companies that fall below this threshold.</p><p>In the electric vehicle industry, just looking at ROE, Tesla had reached a terrifying 25% by the third quarter, and other companies still seem to need to work harder.</p><p>Among domestic automakers,<b>BYD's momentum is worth noting. As of the third quarter, its ROE had reached 5.74%. If it can reach this level every quarter in the future, then an overall ROE of more than 15% is not a problem.</b></p><p>In contrast, emerging forces such as \"Wei Xiaoli Zero\" have not built a competitive advantage in terms of ROE.</p><p><img src=\"https://static.tigerbbs.com/fa3e7bccd065c37aae64e5b1eeb354a4\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/></p><p>ROE Comparison of Core Electric Vehicle Companies/Leopard Changes</p><p>Of course, Dorsey has repeatedly emphasized that even if the ROE has exceeded 15%, the company may not have a moat, and if the competition is not fierce in the early stages, the company may still achieve a high ROE.</p><p>For example, some argue that Tesla's current high profitability and the possibility of price reductions after orders fall short of expectations are precisely because the competition was not fierce before.</p><p>This raises a question: do the electric vehicle companies that seem to have built a competitive advantage actually possess the elements of a competitive advantage? Can companies that haven't yet built a competitive moat see the shadow of a moat?</p><p><b>Who can laugh all the time?</b></p><p>For electric vehicles, we will observe the brand moat and cost advantage moat that are more in line with the industry, to see if it is because the competition is not fierce enough or if the relevant companies do have a competitive advantage factor.</p><p>Let's first look at the brand's competitive advantage.</p><p>There are two reasons why a brand can form a moat. On the one hand, some brands have deeply accumulated user understanding, trust, and preferences, making consumers willing to pay a high premium. For example, Pat Dorsey gives an example in his book.<a href=\"https://laohu8.com/S/TIF\">Tiffany</a>Diamonds are nearly 50% more expensive than other brands; Bayer's aspirin, although chemically identical to other aspirins, costs twice as much as regular aspirin. For example, Moutai in China,<a href=\"https://laohu8.com/S/000423\">Dong-E-E-Jiao</a>Brands like these always manage to sell at a high premium.</p><p>On the other hand, some companies' brands can reduce the cost for customers to search for unique value. For example, most consumers would consider a car manufactured by Daimler, the parent company of Mercedes-Benz, to be a durable luxury car.</p><p>Dorsey specifically emphasized that companies with well-known brands do not necessarily have a moat. The difference between well-known brands and competitive brands is whether competitive brands can truly attract consumers to spend money, that is, whether they truly influence consumers' purchasing decisions.</p><p>Therefore, for electric vehicle companies, we will observe whether the company's products have a higher average pricing (price per vehicle), sales volume, and a lower sales expense ratio per vehicle. The implication behind this is that companies with a brand moat can sell more and more expensive cars without spending too much on R&D.</p><p>Let's look at the cost advantage and competitive advantage.</p><p>If a company has consistently lower costs than its competitors, it will have a huge advantage. Either the pricing is the same as that of the competition, which can lead to a higher gross profit margin; Either you can drag all your competitors into a loss-making situation during a price war while still maintaining profitability.</p><p>Therefore, for electric vehicle companies, we will observe whether the company has a higher gross profit margin and a lower sales and administrative expense ratio, which indicates that the same price can enjoy a higher gross profit margin with a low cost advantage, and the company can still be profitable with a low price.</p><p>With the above groundwork in place, let's take a look at the benchmark leader Tesla:</p><p>In terms of price per vehicle, sales volume, gross profit margin, and sales and management expense ratio, Tesla has become the industry leader with a price of 371,600 yuan per vehicle, deliveries of 254,700 vehicles, sales and management expenses of only 5.6%, and a gross profit margin of 27.9%, amid the gradual entry of major models from various electric vehicle companies into the market.</p><p><b>Despite Tesla's negative performance in the Chinese market and its frequent traffic accidents causing polarized reputation, these figures alone demonstrate a clear moat of brand and low-cost economies of scale.</b></p><p><img src=\"https://static.tigerbbs.com/64277b8061d66b0e53a5e637f5b31f28\" tg-width=\"1080\" tg-height=\"237\" referrerpolicy=\"no-referrer\"/></p><p>In contrast, other companies each have their shortcomings.</p><p><b>BYD's delivery volume has surpassed Tesla's, and its sales and management expenses are on par with Tesla's, but its price per vehicle and gross profit margin are significantly lower than Tesla's.</b>This indicates that the company has a certain cost advantage and competitive advantage, but its brand competitive advantage is not yet strong. According to publicly available information, BYD will currently form a five-brand matrix, including Dynasty, Ocean, Denza, Yangwang, and a new professional and personalized brand. Among them, the Yangwang brand, positioned in the million-dollar high-end market, will be launched in the first quarter of next year. At that time, we can observe the sales volume of its products.</p><p><a href=\"https://laohu8.com/S/NIO\">Nio</a>The price per vehicle is on par with Tesla's, placing it in the mid-to-high-end segment. However, with only 25,000 units delivered in the second quarter, a gross profit margin of 16.7%, and a sales and administrative expense ratio as high as 20.9%, the gap between them and Tesla is significant, indicating...<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>A high-end brand image requires continuous marketing promotion, and the brand's competitive advantage is not wide at the moment.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similar to Nio, its price per vehicle is slightly lower than that of Nio and its delivery volume is slightly higher than that of Nio. What is slightly better than NIO is that its gross profit margin of 21.18% in the second quarter exceeded that of Nio, while its sales and administrative expense ratio of nearly 16% is lower than that of Nio, indicating that it has a certain low-cost economy of scale. However, this is easy to understand. As of the second quarter of this year, Li Auto only had ONE blockbuster model on sale, the Li ONE, which highlights the economies of scale.</p><p>As for XPeng and Leapmotor, apart from their sales volume being at the same level as Nio and Li Auto, they do not have a significant advantage over their competitors in terms of price per vehicle, gross profit margin, or sales and management expense ratio.</p><p><b>A major upheaval requires a new curve.</b></p><p>Understanding the above situation, we can't help but ask whether brands with obvious competitive advantages are a one-time solution, while companies without competitive advantages will never have a chance.</p><p>Theoretically, as long as it is not a significant technological change or business model change (e.g.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>With mobile phones replacing feature phones and online e-commerce impacting offline retail, companies with a competitive advantage can generally remain comfortable. Even with mediocre management, companies can still reap substantial profits. This is why Warren Buffett said, \"A competitive advantage is more crucial than a CEO.\" For ordinary companies, survival may not be a problem, but building the same competitive advantage is more difficult.</p><p>What can truly achieve a profound reshuffling must come from new disruptions.</p><p>What is this disruption? In the field of electric vehicles, this is likely to be a breakthrough in autonomous driving.</p><p>Unlike the so-called intelligent assisted driving that automakers are currently researching, autonomous driving can truly make cars run on their own, and the automaker will bear the responsibility in the event of an accident.</p><p><img src=\"https://static.tigerbbs.com/0d7d08b2e47e07162b14e39fc77364dd\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"/></p><p>Autonomous driving can bring about a new round of industrial disruption.</p><p><a href=\"https://laohu8.com/S/GOOG\">Google</a>Lawrence Burns, a consultant on the self-driving car project, made a calculation:</p><p>If autonomous driving technology matures, vehicles shared through autonomous driving can be made smaller because there are no drivers, improving travel efficiency. In particular, by utilizing electric vehicle technology, the cost per mile can be reduced to $0.20 without affecting the travel experience and efficiency, compared to the current cost of $1.50 per mile for private vehicles, a decrease of 86%.</p><p>Behind these calculations lies a dramatic industrial transformation: if autonomous driving becomes truly widespread, ordinary people may not need to buy a car, the overall size of the automotive market will shrink significantly, and in the future, mobility service platforms will dominate.</p><p>Looking further, for automakers, without autonomous driving capabilities, they are very likely to become mediocre companies providing low-margin vehicles for autonomous driving platforms in the future, subject to others at every turn.</p><p><b>Unfortunately, making self-driving cars a reality is extremely difficult.</b>。</p><p>Specifically, artificial intelligence cannot handle accidents.</p><p>Google once encountered the following scenario while training for autonomous driving: a disabled person in an electric wheelchair chased a duck in the middle of the road. The duck ran in circles, and she chased after him in circles. In this situation, it is difficult for machines to accurately predict the movement path of such people at once. As for the flaws in the algorithms and the problems caused by the insecurity of machinery and equipment, advanced autonomous driving has been slow to be implemented.</p><p>So we see that at the end of October, Tesla boss Elon Musk admitted that Tesla's Full Self-Driving System (FSD) was not yet ready and could not truly drive autonomously without human monitoring.</p><p>Abroad,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Its autonomous driving company, Mobileye, finally went public on Nasdaq, but its valuation shrank significantly. Argo AI, a star autonomous driving company once valued at $7 billion, has shut down operations. In China, Pony.ai, founded by genius programmers such as Lou Tiancheng, has also been exposed for optimization and adjustment.</p><p>Therefore, it is uncertain when a new round of major reshuffling will arrive.</p><p>Before the major reshuffle, what is the way out for those who are lagging behind?<b>For latecomers, on the one hand, it means continuing to exert efforts in products and technologies to accumulate greater brand momentum and narrow the gap with leading companies; On the other hand, it aims to differentiate itself from giants like Tesla and BYD, seeking a new ecosystem niche.</b>。 For example, regarding the battery swapping service provided by Nio, Li Auto initially positioned its products in the focus strategy of \"dad cars\".</p><p>However, it is important to understand that while small manufacturers are working hard, large manufacturers have not relaxed. For example, Tesla's R&D expenses in the second quarter of this year were almost the same as those of NIO and NIO, and Tesla's continued investment in autonomous driving is among the world's leading. When small factories differentiate themselves, they only give themselves time to explore their competitive advantage, because most differentiation can be imitated. For example, when the market discovered that Li Auto's range-extended dad cars were selling well, it immediately saw a host of brands such as Wenjie imitating them.</p><p>So,<b>If we look at the current competitive landscape from the perspective of competitive advantage, it is highly likely that Tesla and BYD will reap huge profits in the future, while other domestic specialty car companies will reap the benefits.</b></p><p>Compared to their competitors, companies with competitive advantages are more likely to rise from difficulties. Dorsey once gave an example<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>Its products once lagged behind consumers' taste needs, leading to an intolerable decline in consumer service levels. However, this enduring brand quickly emerged from its predicament.</p><p>For many brands in the electric vehicle market, Tesla's price cuts have intensified competition, leaving them with even more limited time and room for maneuver.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0fb1e682def9ecda4654e742f531ebeb","relate_stocks":{"LU0082616367.USD":"摩根大通美国科技A（dist）","BK4574":"无人驾驶","BK4551":"寇图资本持仓","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4527":"明星科技股","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4099":"汽车制造商","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","TSLA":"特斯拉","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4550":"红杉资本持仓","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190139235","content_text":"随着10月底特斯拉降价，电动汽车厂之间的厮杀大幕拉起。未来什么样的企业能够胜出？我们借助巴菲特的护城河思想，对这轮竞争做出解读。商业竞争中如何逼退对手占住市场份额？有一种著名的产品定价方法提供了思路——渗透定价法。渗透定价法的核心，是低价。如果品质和对手差不多，低价产品更容易换得高市场份额，而高份额又将摊薄生产成本，为后续再次降价蓄势。可口可乐当年进入中国，正是用的此法。这让后来者百事可乐非常难受，不敢定高价，而营销推广“药不能停”，百事可乐进入中国后曾多年无法盈利。最近，在汽车领域，特斯拉也对其他对手玩了一把渗透定价。先是10月24日，Model 3直降1.4万元-1.8万元，Model Y直降2.0万元-3.7万元。到了11月8日，特斯拉中国又发布海报称，11月8日（含）至11月30日（含），购买现车及合作保险机构车险组合并按期完成提车，尾款可减8000元；12月1日（含）至12月31日（含），尾款可减4000元。有媒体报道，在经历过两次促销后，特斯拉的订单增量仍不及预期，年底前会推出新的降价手段。特斯拉回应称，“降价”属于不实消息。在不少人看来，特斯拉降价，是整车厂竞争显著加剧的起点，甚至有观点认为，“任何不以降价为主旋律的竞争，都是虚伪的”。不过，低价只是竞争的一个子策略，一家企业最终能否竞争胜利，是多因素因缘和合的结果。本文我们借助巴菲特的护城河思想，对特斯拉、比亚迪，以及国内造车新势力，做个汽车行业竞争优势的量化分析，看看在竞争加剧下，相关公司的竞争力到底如何？电动车江湖里的护城河很多人都知道，护城河的概念来自股神巴菲特。巴菲特说：“优质的产品、卓越的管理，这些固然不错，但是它们不叫护城河。”他甚至还放了一句狠话：“护城河比CEO还要关键，经济护城河，是一种结构性的优势。”巴菲特这段话云里雾里，曾把不少人绕晕。事实上，所谓护城河，翻译成大白话就是“对手进不来，客户出不去”的壁垒。如果没有护城河，企业的业务增长，会进入一种所谓“贼船型业务”的困境，即业务不断发展，但是客户不断流失，无法形成一个稳定的正向叠加结构，难以聚沙成塔。既然护城河这么有用，那在现实中，它到底是何种样貌？美国晨星公司的股票研究业务主管帕特·多尔西，在那本价值投资者几乎人手一本的《巴菲特的护城河》中提出，护城河有四种：无形资产（包括品牌、专利、法定许可）、转换成本（迁移到其他产品的难度）、成本优势、网络效应（参与者越多，产品价值越大）。以上几个护城河概念，仅仅是定性讨论。具体分析时，我们有必要再加入定量元素，以规避所谓主观判断的模糊。在《巴菲特的护城河》中，帕特·多尔西谈到，要了解一家公司是否拥有护城河，核心要检查的关键点是，公司以往的资本回报率——超群的资本回报率，意味着企业可能有护城河，而糟糕的资本回报率意味着竞争优势的匮乏，除非公司业务出现实质性的变化。资本回报率的关键指标是什么？作者列举了三个类似的指标，ROA（总资产回报率）、ROE（净资产收益率）、ROIC（投资资本回报率）。总的来说，每个指标都可以为我们提供相同的信息，只不过方式略有不同而已。这里，我们以巴菲特推崇的ROE（净资产收益率）做代表指标，看看核心电动车企的护城河表现。所谓ROE，简单理解就是股东每投入一元资本，在某个营业周期能获取的净利润。比如股东投入100万元，当年公司获得20万元净利润，ROE就是20%。ROE多少合适？根据作者总体经验判断，以及巴菲特的论述，我们可以把15%作为衡量竞争能力的临界值——只要企业的股东权益回报率长期达到或超过15%，那么，它就更有可能比那些低于该临界值的企业拥有护城河。对应到电动汽车行业，仅从ROE来看，特斯拉截止三季度已经达到了恐怖的25%，其他企业似乎仍需努力。国内车企中，比亚迪势头值得关注，其截至第三季度ROE已经达到了5.74%，如果未来每个季度都能达到这个水平，那么总体ROE超过15%不是问题。相比之下，“蔚小理零”等新势力，在ROE维度来看，则没有构建起护城河。核心电动车企ROE对比/豹变当然，多尔西曾反复强调，哪怕ROE已经超过15%，企业也可能并未有护城河，如果初期竞争不激烈，企业也有可能获得高ROE。比如有观点就认为，特斯拉目前的高盈利能力，以及当下订单不及预期后可能降价，原因正是此前竞争并不激烈。而这就涉及到一个问题，以上看似构建起护城河的电动车企业，是否真的具备了护城河要素？还没构建护城河的公司，能否看到护城河的影子？谁能一直笑？对于电动汽车，我们将以更契合产业的品牌护城河、成本优势护城河来做观察，看看到底是因为竞争不够激烈，还是相关企业确实有护城河因子。先来看品牌护城河。品牌之所以能形成护城河有两个原因。一方面，某些品牌深度积累了用户的了解、信任和偏好，使得消费者愿意付高溢价。比如帕特·多尔西就在书中举例，蒂芙尼钻石要比其他品牌价格贵近50%；而拜耳制药的阿司匹林，尽管在化学成分上与其他阿司匹林完全相同，价格是普通阿司匹林的2倍。再比如国内的茅台、东阿阿胶等品牌，总能卖出高溢价。另一方面，某些公司的品牌，能减少客户对独特价值的搜索成本。比如只要是奔驰母公司戴姆勒生产的汽车，大多消费者都会认为这是一部经久耐用的豪华型汽车。多尔西特别强调，有知名品牌的公司，未必有护城河。知名品牌和护城河品牌的区别是，护城河品牌能否真正吸引消费者花钱，即是否真正影响了消费者购买决策。因此，对于电动汽车公司，我们将观察这家企业的产品，是不是平均每台车有更高的定价（单车价格）、销量，和更低的销售费用率，其背后含义是，有品牌护城河的企业，不用太多研发费用，就能卖更多、更贵的车。再来看成本优势护城河。如果一家公司，成本长期低于竞争对手，会形成巨大优势。要么定价和对手相同，就能拥有更高的毛利率；要么开打价格战时，能把所有的竞争对手都拖到亏损的境地，自己依旧保持盈利。因此，对于电动汽车公司，我们将观察企业是否有更高的毛利率和更低的销售管理费用率，这表明低成本优势下，同样的价格可以享受更高的毛利率，以及低价格下，企业仍能盈利。有了上述铺垫，我们来看看标杆龙头特斯拉：从单车价格、销售量、毛利率、销售管理费用率来看，在各路电动车企主要车型逐步进场的背景下，特斯拉凭借37.16万元的单车价格、25.47万辆的汽车交付量、仅仅5.6%的销售管理费用、27.9%的毛利率，成为行业龙头。尽管特斯拉在中国市场负面缠身，频发的交通事故也引发口碑两极化，但是单纯从这些数据来看，特斯拉展现了明显的品牌和低成本规模效应护城河。相比之下，其他企业各有不足。比亚迪交付量已经超过特斯拉，销售管理费用和特斯拉持平，但是单车价格和汽车毛利率明显低于特斯拉。显示公司具有一定的成本优势护城河，但品牌护城河还不强。根据公开信息，目前比亚迪将形成五个品牌矩阵组合，包括王朝、海洋、腾势、仰望，以及专业个性化全新品牌。其中，仰望品牌，定位百万级高端市场，将在明年一季度发布。届时我们可以观察其产品销量。蔚来单车价格和特斯拉同一水平，位属中高端，但第二季度仅仅2.5万台的交付量、16.7%毛利率、高达20.9%的销售管理费用率，和特斯拉差距明显，显示蔚来的高端品牌形象，需要持续的营销推动，品牌护城河暂时并不宽。理想汽车和蔚来类似，单车价格略低于蔚来、交付量略高于蔚来，比蔚来稍好的是第二季度21.18%的毛利率超过蔚来、而接近16%的销售管理费用率低于蔚来，显示其具有一定的低成本规模效应。不过这也很好理解，截至今年二季度，理想在售车型只有一个爆款车型理想ONE，这使得规模效应得以体现。至于小鹏和零跑，除了销量和蔚来、理想处于同一水平，但无论是单车价格，还是毛利率、销售管理费用率，和对手相比都不具有明显优势。大颠覆，需要新弯道了解以上现状，我们不禁要问，是不是有明显护城河优势的品牌，就一劳永逸，没护城河的公司就一直没戏？理论上，只要不是明显的技术变革或者商业模式变革（比如智能手机替代功能手机、线上电商冲击线下零售），有护城河的企业，基本都能稳坐钓鱼台。哪怕是庸才管理，企业仍然能攫取大把利润。这也是为什么巴菲特会说：“护城河比CEO还要关键。”而普通公司，谋生存可能问题不大，但建立起同样的护城河则比较难。真正能实现深度洗牌的，必须来自新的颠覆。这个颠覆是什么？在电动汽车领域，很可能是无人驾驶的突破。不同于当下各车厂研究的所谓智能辅助驾驶，无人驾驶可以真正做到让汽车自己运行，出事故时责任车厂背负。无人驾驶能带来新一轮产业颠覆。谷歌无人驾驶汽车项目的顾问劳伦斯·伯恩斯做了一个测算：如果无人驾驶技术成熟，通过无人驾驶进行共享的车辆，因为没有司机，可以做得更小，提高出行效率。尤其是，利用电动车技术，在不影响出行体验和效率的情况下，可以将每英里的成本降到0.2美元，而现在私人车辆的每英里成本是1.5美元，下降了86%。这串计算背后，可以看到一场剧烈的产业变革：无人驾驶如果真正普及，普通人未必需要买一辆汽车，汽车市场整体规模会大比例削减，未来占据主导的，将是出行服务平台。更进一步看，对于整车厂而言，如果没有无人驾驶能力，未来很有可能沦为为自动驾驶平台提供低毛利车辆的平庸公司，处处受制于人。但很遗憾，要现实无人驾驶非常难。具体来说，人工智能处理不了意外。谷歌在训练自动驾驶时曾遇到过下面一个场景：一个残疾人坐着电动轮椅，在路中间追逐一只鸭子。鸭子绕圈跑，她也绕着圈追。而这种情况，机器很难一下子就准确预测这类人的行动路线。至于算法的缺陷，和机器设备不安全带来的问题，也让高阶自动驾驶，迟迟难以落地。所以我们会看到，在10月底，特斯拉老板埃隆·马斯克(Elon Musk)承认，特斯拉的全自动驾驶系统(FSD)尚未准备就绪，还无法在没有人监控的情况下真正的自动驾驶。在国外，英特尔旗下的自动驾驶公司Mobileye终于在纳斯达克上市，但估值大幅缩水；估值曾达70亿美元的明星自动驾驶企业Argo AI关闭运营。在国内，楼天城等天才程序员创办的小马智行也被曝优化、调整。所以，新一轮大洗牌的局面何时到来，暂不确定。大洗牌来临前，后进者的出路是什么？对于后来者而言，一方面是在产品和技术中持续发力，累起更高的品牌势能，缩小和龙头的差距；另一方面，则是和特斯拉、比亚迪等巨头做出差异化，寻求一个新生态位。比如蔚来提供的换电服务，理想在初期，把产品卡位在奶爸车的聚焦战略。但需要了解的是，小厂努力，大厂也并没松懈，比如特斯拉今年第二季度的研发费用，几乎是蔚小理之和，且特斯拉在无人驾驶的持续投入全球领先。而小厂做出差异化，也只是为挖掘护城河留出时间，因为差异化大多都能模仿。比如当市场发现理想的增程式奶爸车销售良好时，马上就能看到问界等一众品牌模仿。所以，如果从护城河的角度看当下的竞争格局，未来大概率仍将是特斯拉、比亚迪双强攫取丰厚利润，国内其他特色车企喝汤的局面。相较于竞争者，有护城河的企业更容易从困难中爬起。多尔西曾举例麦当劳，它的产品曾一度落后于消费者的品位需求，并导致消费服务水平滑落到不可容忍的地步，但是这个经久不衰的品牌依然很快摆脱困境。对于电动汽车江湖的诸多品牌而言，随着特斯拉降价迫使竞争加剧，留给大家的时间、可腾挪的空间也更加有限了。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965304064,"gmtCreate":1669889630458,"gmtModify":1676538263794,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965304064","repostId":"1131592336","repostType":4,"repost":{"id":"1131592336","kind":"news","pubTimestamp":1669888770,"share":"https://ttm.financial/m/news/1131592336?lang=en_US&edition=fundamental","pubTime":"2022-12-01 17:59","market":"hk","language":"zh","title":"Global debt costs are soaring! What does it mean?","url":"https://stock-news.laohu8.com/highlight/detail?id=1131592336","media":"华尔街见闻","summary":"狂风暴雨正在酝酿。自美联储等主要央行开启几十年来最激进的加息周期以来，廉价资金时代正快速成为过去式。眼下，多国债台高筑，借贷成本节节攀升，令人痛苦不堪。国际金融协会（IIF）日前发布的报告显示，全球债","content":"<p><html><head></head><body>A storm is brewing. Since major central banks such as the Federal Reserve launched their most aggressive rate hike cycle in decades, the era of cheap money is rapidly becoming a thing of the past. Currently, many countries are heavily indebted and borrowing costs are rising, causing excruciating pain.</p><p>A recent report released by the Institute of International Finance (IIF) shows that total global debt reached $290 trillion in the third quarter, although it is lower than the historical high at the beginning of the year.<b>But it is still more than a third higher than a decade ago.</b></p><p>As central banks continue their rate hike, borrowing costs for households, businesses, and governments continue to rise, piling up risks in the economy and financial markets.</p><p>From a government perspective, emerging markets face greater debt risks than developed countries, especially those that borrow heavily in dollar bonds. As for businesses, signs of a credit crunch have already emerged in the global financial sector. For consumers, mortgage payments are the heaviest burden for most families, making them the most dangerous area.</p><p>The worst case scenario is,<b>Some components of the global financial system may collapse.</b>From the large-scale bankruptcies of Japanese companies in the 1990s to the US subprime mortgage crisis and the European debt crisis in the following decades, there are countless examples of debt turning into bad debts.</p><p><b>Families \"crushed\" by mortgages</b></p><p>Some countries avoided the collapse of their real estate and banking sectors during the Great Recession, resulting in a continuous increase in domestic household debt, a large portion of which is floating-rate mortgages, which also means...<b>Higher interest rates from the central bank will quickly be passed on to already heavily indebted households.</b></p><p>American households no longer have such a \"time bomb\" after experiencing the subprime mortgage crisis, TS Lombard economist Dario Perkins recently stated, but this situation exists in other countries.</p><p>For example, Canada, Australia, and South Korea.</p><p>Canada has one of the highest household debt levels in the world, with a household debt-to-income ratio as high as 180%. Recently, Toronto-based real estate lender Romspen Investment Corp. suspended redemptions of its largest mortgage fund because some borrowers had begun defaulting on their payments.</p><p>Australia's household debt-to-income ratio now exceeds 200%. Recently, the country's financial regulator estimated that 22% of mortgage applicants in the second quarter of this year were financially vulnerable because their debt-to-income ratio was six times or higher.</p><p>In the UK, most mortgage rates will be readjusted after two to three years, and debt repayments are expected to exceed 10% of all household income (not just mortgage borrowings). In the Netherlands, Sweden, and Norway, debt repayments as a percentage of household income are already far higher than this figure, and this ratio could exceed 15% if central banks continue their rate hike as expected.</p><p>In Asia, Jonathan Cornish, head of banking ratings for Asia Pacific at Fitch Ratings, recently stated that mortgage borrowers in countries such as South Korea, Malaysia, and Thailand will also be squeezed.</p><p>In South Korea, household debt, with mortgages accounting for more than 40%, reached 1,870.6 trillion won (approximately 9.8989 trillion yuan) at the end of September, setting a new record for the second consecutive quarter and maintaining growth for 38 consecutive quarters since the second quarter of 2013. A recent IMF report also shows that in the second quarter of this year, South Korea's private debt-to-GDP ratio was 173.6%, far exceeding the IMF's dangerous benchmark (100%). Private debt is mainly household debt.</p><p><b>Defaults soar, more companies will become insolvent</b></p><p>According to IIF data, businesses (outside the financial sector) and governments are both the largest borrowers in the era of cheap money. However, unlike governments, businesses cannot solve the debt crisis by printing money.</p><p>This year's soaring debt costs have had the greatest impact on so-called \"zombie companies,\" which typically only make barely enough money to repay their debts. In some ways, about one-fifth of listed companies already met this definition when interest rates were low.<b>As debt costs soar, more companies will become \"zombie companies,\" and those already on the list may go bankrupt.</b></p><p>Moody's Analytics estimates,<b>The default rate of global junk bonds will almost double next year.</b>According to Barclays' analysis,<b>In the $6.7 trillion U.S. highly rated corporate bond market, there are signs that defaults could be the worst in the past 50 years.</b></p><p>Aneta Markowska, chief financial economist at Jefferies, said the worst is yet to come for U.S. small and medium-sized enterprises that tend to borrow from banks at floating interest rates. As the Fed's rate hike peaks early next year, they are likely to be forced to lay off employees. She said:</p><p>I expect more cracks to appear in the first quarter as these small businesses begin to feel the pain of rate hike. In the low-interest-rate environment of the past few years, the private credit market has undergone many large-scale leveraged financing operations in recent years. However, with the Federal Reserve's continued rate hike, stocks and bonds have both fallen, and the prices of high-risk assets have plummeted, making the once \"golden goose\" a hot potato. Markowska said:</p><p><b>When the debt was underwritten, no one could have imagined that Federal Funds rate would approach 5% in the lifetime of these deals.</b><b>The minutes of the Federal Reserve's November FOMC meeting released last week showed that some policymakers pointed out that \"implicit leverage\" in the non-bank sector could undermine the functioning of large global markets.</b></p><p>Investors are more concerned about Asia, as a stronger dollar makes dollar-denominated debt more expensive. Property bond prices in Vietnam and Indonesia fell sharply; The Legoland default in South Korea in October triggered a panic sell-off in the credit market and exacerbated concerns about defaults by real estate companies.</p><p><b>Emerging markets are on the verge of bankruptcy</b></p><p>For advanced economies, governments that issue bonds in their own currencies typically do not face the same direct challenges as those facing households and businesses when interest rates rise, but that does not mean they are invulnerable.</p><p>Take the UK, for example. Former Prime Minister Truss's massive tax cut plan almost crashed the domestic Treasury Bond market. Truss has now stepped down and UK financial markets have stabilized, but as the Bank of England's rate hike pace is unlikely to change in the short term, the new government still faces the challenge of doubling borrowing costs next year.</p><p><b>Italy's public debt problem is almost the most troublesome among advanced economies.</b>Data previously released by Eurostat showed that by the end of the first quarter of this year, Italy's government debt as a percentage of GDP was 152.6%, second only to Greece's 189.3%. According to Bloomberg Economics estimates,<b>By 2030, the government alone will have to pay more than 7% of GDP in interest.</b></p><p>The United States may also face political difficulties on the debt issue. Faced with the \"wildly growing\" debt, the Biden administration's only option at present is to raise the debt ceiling, which requires the support of Republicans. Some analysts predict<b>If the two parties in the United States cannot reach a compromise on raising the debt ceiling, the United States may fall into a debt default crisis in the third quarter of next year.</b>At that time, U.S. domestic bank interest rates will soar, the stock market will plummet, and retirement accounts will shrink significantly, dealing a fatal blow to the U.S. economy.</p><p>In contrast, many emerging markets have been struggling with sovereign debt crises for some time. Sri Lanka and Zambia have both defaulted, and countries such as Egypt and Pakistan are also at risk of default.</p><p>Data released by the IIF last Tuesday showed that the debt-to-GDP ratio of developing economies rose to 254% in the third quarter, matching the record high reached in the first quarter of 2021. IMF data also shows that more than 60% of low-income countries are in debt distress or at high risk of debt distress.</p><p></body></html></p>","source":"wallstreetcn_api","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>Global debt costs are soaring! What does it mean?</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\">\nGlobal debt costs are soaring! What does it mean?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-12-01 17:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>A storm is brewing. Since major central banks such as the Federal Reserve launched their most aggressive rate hike cycle in decades, the era of cheap money is rapidly becoming a thing of the past. Currently, many countries are heavily indebted and borrowing costs are rising, causing excruciating pain.</p><p>A recent report released by the Institute of International Finance (IIF) shows that total global debt reached $290 trillion in the third quarter, although it is lower than the historical high at the beginning of the year.<b>But it is still more than a third higher than a decade ago.</b></p><p>As central banks continue their rate hike, borrowing costs for households, businesses, and governments continue to rise, piling up risks in the economy and financial markets.</p><p>From a government perspective, emerging markets face greater debt risks than developed countries, especially those that borrow heavily in dollar bonds. As for businesses, signs of a credit crunch have already emerged in the global financial sector. For consumers, mortgage payments are the heaviest burden for most families, making them the most dangerous area.</p><p>The worst case scenario is,<b>Some components of the global financial system may collapse.</b>From the large-scale bankruptcies of Japanese companies in the 1990s to the US subprime mortgage crisis and the European debt crisis in the following decades, there are countless examples of debt turning into bad debts.</p><p><b>Families \"crushed\" by mortgages</b></p><p>Some countries avoided the collapse of their real estate and banking sectors during the Great Recession, resulting in a continuous increase in domestic household debt, a large portion of which is floating-rate mortgages, which also means...<b>Higher interest rates from the central bank will quickly be passed on to already heavily indebted households.</b></p><p>American households no longer have such a \"time bomb\" after experiencing the subprime mortgage crisis, TS Lombard economist Dario Perkins recently stated, but this situation exists in other countries.</p><p>For example, Canada, Australia, and South Korea.</p><p>Canada has one of the highest household debt levels in the world, with a household debt-to-income ratio as high as 180%. Recently, Toronto-based real estate lender Romspen Investment Corp. suspended redemptions of its largest mortgage fund because some borrowers had begun defaulting on their payments.</p><p>Australia's household debt-to-income ratio now exceeds 200%. Recently, the country's financial regulator estimated that 22% of mortgage applicants in the second quarter of this year were financially vulnerable because their debt-to-income ratio was six times or higher.</p><p>In the UK, most mortgage rates will be readjusted after two to three years, and debt repayments are expected to exceed 10% of all household income (not just mortgage borrowings). In the Netherlands, Sweden, and Norway, debt repayments as a percentage of household income are already far higher than this figure, and this ratio could exceed 15% if central banks continue their rate hike as expected.</p><p>In Asia, Jonathan Cornish, head of banking ratings for Asia Pacific at Fitch Ratings, recently stated that mortgage borrowers in countries such as South Korea, Malaysia, and Thailand will also be squeezed.</p><p>In South Korea, household debt, with mortgages accounting for more than 40%, reached 1,870.6 trillion won (approximately 9.8989 trillion yuan) at the end of September, setting a new record for the second consecutive quarter and maintaining growth for 38 consecutive quarters since the second quarter of 2013. A recent IMF report also shows that in the second quarter of this year, South Korea's private debt-to-GDP ratio was 173.6%, far exceeding the IMF's dangerous benchmark (100%). Private debt is mainly household debt.</p><p><b>Defaults soar, more companies will become insolvent</b></p><p>According to IIF data, businesses (outside the financial sector) and governments are both the largest borrowers in the era of cheap money. However, unlike governments, businesses cannot solve the debt crisis by printing money.</p><p>This year's soaring debt costs have had the greatest impact on so-called \"zombie companies,\" which typically only make barely enough money to repay their debts. In some ways, about one-fifth of listed companies already met this definition when interest rates were low.<b>As debt costs soar, more companies will become \"zombie companies,\" and those already on the list may go bankrupt.</b></p><p>Moody's Analytics estimates,<b>The default rate of global junk bonds will almost double next year.</b>According to Barclays' analysis,<b>In the $6.7 trillion U.S. highly rated corporate bond market, there are signs that defaults could be the worst in the past 50 years.</b></p><p>Aneta Markowska, chief financial economist at Jefferies, said the worst is yet to come for U.S. small and medium-sized enterprises that tend to borrow from banks at floating interest rates. As the Fed's rate hike peaks early next year, they are likely to be forced to lay off employees. She said:</p><p>I expect more cracks to appear in the first quarter as these small businesses begin to feel the pain of rate hike. In the low-interest-rate environment of the past few years, the private credit market has undergone many large-scale leveraged financing operations in recent years. However, with the Federal Reserve's continued rate hike, stocks and bonds have both fallen, and the prices of high-risk assets have plummeted, making the once \"golden goose\" a hot potato. Markowska said:</p><p><b>When the debt was underwritten, no one could have imagined that Federal Funds rate would approach 5% in the lifetime of these deals.</b><b>The minutes of the Federal Reserve's November FOMC meeting released last week showed that some policymakers pointed out that \"implicit leverage\" in the non-bank sector could undermine the functioning of large global markets.</b></p><p>Investors are more concerned about Asia, as a stronger dollar makes dollar-denominated debt more expensive. Property bond prices in Vietnam and Indonesia fell sharply; The Legoland default in South Korea in October triggered a panic sell-off in the credit market and exacerbated concerns about defaults by real estate companies.</p><p><b>Emerging markets are on the verge of bankruptcy</b></p><p>For advanced economies, governments that issue bonds in their own currencies typically do not face the same direct challenges as those facing households and businesses when interest rates rise, but that does not mean they are invulnerable.</p><p>Take the UK, for example. Former Prime Minister Truss's massive tax cut plan almost crashed the domestic Treasury Bond market. Truss has now stepped down and UK financial markets have stabilized, but as the Bank of England's rate hike pace is unlikely to change in the short term, the new government still faces the challenge of doubling borrowing costs next year.</p><p><b>Italy's public debt problem is almost the most troublesome among advanced economies.</b>Data previously released by Eurostat showed that by the end of the first quarter of this year, Italy's government debt as a percentage of GDP was 152.6%, second only to Greece's 189.3%. According to Bloomberg Economics estimates,<b>By 2030, the government alone will have to pay more than 7% of GDP in interest.</b></p><p>The United States may also face political difficulties on the debt issue. Faced with the \"wildly growing\" debt, the Biden administration's only option at present is to raise the debt ceiling, which requires the support of Republicans. Some analysts predict<b>If the two parties in the United States cannot reach a compromise on raising the debt ceiling, the United States may fall into a debt default crisis in the third quarter of next year.</b>At that time, U.S. domestic bank interest rates will soar, the stock market will plummet, and retirement accounts will shrink significantly, dealing a fatal blow to the U.S. economy.</p><p>In contrast, many emerging markets have been struggling with sovereign debt crises for some time. Sri Lanka and Zambia have both defaulted, and countries such as Egypt and Pakistan are also at risk of default.</p><p>Data released by the IIF last Tuesday showed that the debt-to-GDP ratio of developing economies rose to 254% in the third quarter, matching the record high reached in the first quarter of 2021. IMF data also shows that more than 60% of low-income countries are in debt distress or at high risk of debt distress.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676399\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3676399","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131592336","content_text":"狂风暴雨正在酝酿。自美联储等主要央行开启几十年来最激进的加息周期以来，廉价资金时代正快速成为过去式。眼下，多国债台高筑，借贷成本节节攀升，令人痛苦不堪。国际金融协会（IIF）日前发布的报告显示，全球债务总额三季度为290万亿美元，虽然较年初的历史高位有所下降，但仍比十年前增加了三分之一以上。随着各国央行继续加息，家庭、企业和政府的借贷成本继续上升，经济和金融市场风险堆积如山。从政府层面来看，相较于发达国家，新兴市场面临的债务风险更大，尤其是那些大量借入美元债的国家。至于企业，信贷紧缩的迹象已经在全球金融领域显现出来。而对消费者而言，房贷支出是多数家庭最沉重的负担，因此这也是最危险的地方。最坏的情况是，全球金融体系中的某些组成部分可能会崩溃。从上世纪90年代日本企业大规模破产，到之后几十年的美国次贷危机和欧债危机，债务变成坏账的例子比比皆是。被房贷“压垮”的家庭有些国家在大衰退中躲过了房地产和银行业的崩溃，因此国内家庭债务一直在增加，并且有很大一部分是浮动利率抵押贷款，这也意味着央行更高的利率会迅速传导到已经负债累累的家庭身上。美国家庭经历过次贷危机后已经不存在这样的“定时炸弹”了，TS Lombard经济学家Dario Perkins最近表示，但其他国家存在这种情况。比如加拿大、澳大利亚和韩国。加拿大是世界上家庭负债最高的国家之一，家庭债务与收入比高达180%。最近，总部位于多伦多的房地产贷款机构Romspen Investment Corp.暂停了对其最大抵押贷款基金的赎回，原因是一些借款人已经开始断供。澳大利亚家庭负债与收入之比目前超过了200%，近期，该国金融监管机构估计，今年二季度办理抵押贷款的客户有22%财政状况比较脆弱，因为他们的债务收入比达到6倍或更高。在英国，大多数抵押贷款的利率将在两到三年后重新调整，债务偿还额有望超过所有家庭收入的10% (不仅仅是抵押贷款借款)。在荷兰、瑞典和挪威，债务偿还额占家庭收入比例已经远远高于这一数字，如果各国央行按照预期继续加息，这一比例将超15%迈进。亚洲方面，惠誉评级亚太区银行评级主管乔Jonathan Cornish近期表示，韩国、马来西亚和泰国等国家的房贷者也将受到挤压。在韩国，房贷占比超过40%的家庭负债在9月底高达1870.6万亿韩元(约合人民币9.8989万亿元)，连续两个季度刷新历史最高纪录，自2013年第二季度以来连续38个季度保持增势。IMF近期报告也显示，今年二季度，韩国民间负债与GDP的比率为173.6%，远远超过IMF的危险基准线(100%)。民间负债以家庭负债为主。违约飙升，更多企业将资不抵债根据IIF的数据，企业(金融行业以外)与政府齐头并进，都是廉价资金时代的最大借款人，但与政府不同的是，企业不能通过印钞来解决债务危机。今年债务成本飙升，对于一些所谓“僵尸公司”的冲击最大，这类公司一般只能赚到刚刚够偿还债务的钱。从某些方面来看，大约五分之一的上市公司在利率较低时就已经符合这一定义。当债务成本飙升，将有更多公司沦为“僵尸公司”，而已经在列的公司则可能会破产。穆迪分析公司估计，全球垃圾债明年的违约率将几乎翻一番。根据巴克莱银行的分析，在价值6.7万亿美元的美国高评级企业债市场，有迹象表明，违约情况可能是过去50年中最严重的。杰富瑞首席金融经济学家Aneta Markowska表示，对于倾向于以浮动利率从银行借款的美国中小企业而言，最糟糕的时刻尚未到来。随着明年年初美联储加息达到峰值，他们很可能被迫裁员。她表示：我预计第一季度会出现更多裂缝，因为这些小企业开始感受到加息的痛苦。在过去数年的低利率环境中，私人信贷市场近年来进行了许多大型杠杆融资，但随着美联储持续加息，股债齐跌，高风险资产价格暴跌，曾经“生金蛋的鹅”成了烫手山芋。Markowska表示：债务在被承销时，没有人会想到，在这些交易的有生之年，联邦基金利率会接近5%。上周公布的11月份美联储FOMC会议纪要显示，一些政策制定者指出，非银行部门的“隐性杠杆”可能破坏大型全球市场的功能。投资者对亚洲的担忧更甚，美元走强使得以美元计价的债务更加昂贵。越南和印尼地产债价格大幅下跌；韩国10月乐高乐园违约事件引发信贷市场恐慌性抛售，同时也加剧了人们对房企违约的担忧。新兴市场站在破产边缘对于发达经济体而言，以本币发债的政府通常不会在利率上升时面临向家庭和企业那样的直接挑战，但这并不意味着他们是无懈可击的。拿英国来说，前首相特拉斯的大规模减税计划差点搞崩本国国债市场。目前，特拉斯已经下台，英国金融市场企稳，但由于英国央行的加息步伐短期内难以改变，新政府明年仍面临借贷成本翻倍的挑战。意大利公共债务问题是发达经济体中几乎是最令人头疼的。欧盟统计局此前公布的数据显示，到今年第一季度末，意大利政府债务占GDP比例为152.6%，仅次于希腊的189.3%。令据彭博经济估计，到2030年，光是政府需要支付的利息就将超过GDP的7%。美国在债务问题上也可能面临政治难题。面对“野蛮生长”的债务，拜登政府目前唯一的办法就是提高债务上限，而这需要共和党人的支持。有分析人士预测，若美国两党无法就提高债务上限达成妥协，明年第三季度美国或陷入债务违约危机。届时，美国国内银行利率飙升、股市暴跌、养老金账户大幅缩水，美国经济将遭到致命打击。相比之下，许多新兴市场已经在主权债务危机里挣扎多时了。斯里兰卡和赞比亚双双违约，埃及和巴基斯坦等国家也面临违约风险。IIF上周二公布的数据显示，三季度发展中经济体的债务与GDP之比上升到254%，与2021年第一季度创下的纪录高位相当。IMF数据也显示，超过60%的低收入国家处于债务困境，或者面临债务困境高风险。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965977077,"gmtCreate":1669887131999,"gmtModify":1676538263424,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965977077","repostId":"1132114091","repostType":4,"repost":{"id":"1132114091","kind":"news","pubTimestamp":1669865458,"share":"https://ttm.financial/m/news/1132114091?lang=en_US&edition=fundamental","pubTime":"2022-12-01 11:30","market":"sh","language":"zh","title":"With a 720-fold IPO return, Tiger Capital, Sequoia Capital, and SoftBank all went here.","url":"https://stock-news.laohu8.com/highlight/detail?id=1132114091","media":"投中网","summary":"高回报的驱动下，越来越多的投资人投来目光。","content":"<p><html><head></head><body><b>Driven by high returns, more and more investors are paying attention.</b>Several recent discoveries have drawn my attention to the Indian SaaS market.</p><p>1. As an emerging SaaS market, top global investment institutions such as Sequoia Capital, Tiger Bank, and SoftBank are flocking to invest and hunt for treasure. Unlike the domestic approach of focusing too much on early-stage projects, they have made bets and layouts in this market in the early, mid-to-late stages.</p><p>2. Not long ago, a leading SaaS player in India announced that it had achieved annual revenue of over one billion US dollars.</p><p>3. Last year, the first SaaS stock in the market to list in the United States brought early investors a return of up to 720 times.</p><p>Although there are only three information points, they piece together the most attractive features of the SaaS market: a new trendsetter, a huge market, and high returns.</p><p>There are even reports that India will become the world's second-largest SaaS market share country within a decade. Why has SaaS in India been able to achieve healthy growth and continue to attract the attention of top global capital? What lessons can be learned from this for current Chinese SaaS vendors?</p><p><b>overgrowth</b></p><p>No one can deny that the Indian SaaS market is growing at an extremely fast pace and competing with global players for funding in the industry.</p><p>Following this clue, I also discovered the booming and frenzied SaaS market in India. Not only are there dozens of unicorn companies here with annual recurring revenue (ARR) exceeding $100 million, which is seen as a major challenge by domestic SaaS vendors, but the acceptance and consumption power of Indian companies towards SaaS are also remarkable.</p><p>In terms of market potential, reports indicate that the Indian SaaS market is projected to reach $22-25 billion by 2025, accounting for 7-10% of the global SaaS market.</p><p>Let's look at a set of data first.</p><p>This year, the Indian SaaS market bucked the trend and grew, with overall revenue increasing by 20%. At the same time, the number of SaaS companies doubled from 1,000 in 2018 to 2,000 this year.</p><p>If the growth in the number of companies does not fully reflect the growth potential of an industry, then the number of unicorns can serve as an illustration.</p><p>Over the past three and a half years, the number of SaaS unicorns in India has grown from just two to 20. In the first four months of 2022 alone, four new names from India were added to the list.</p><p>Of course, the growth of unicorns cannot be separated from the support of capital. Previously, in my article \"VCs Don't Love SaaS Anymore?\", I mentioned that India, as an emerging destination for the rise of SaaS, has a very active investment and financing market. Latest data shows that SaaS funding in India will rise by 62.5% to $6.5 billion this year.</p><p>In fact, some reports say that the inaugural year of SaaS in India was 2010, a few years earlier than in China. However, it wasn't until 2019 that Indian SaaS startups received full funding from the capital market.</p><p>Besides domestic Indian investment institutions, giants like Tiger, Sequoia, and SoftBank have also joined the fray. It is worth mentioning that Tiger is particularly interested in India's SaaS market. In fact, when choosing new targets in India, they only focused on SaaS. This year, a fund that focuses solely on SaaS investment emerged.</p><p>Capital activity reached a mini-peak in 2021, when Indian SaaS companies raised nearly $4.8 billion, nearly three times that of 2020 and an astonishing six times that of 2018. Even this year, according to incomplete statistics from ChinaVenture, India's SaaS industry has seen dozens of financing rounds, making it one of the top three most active markets in the world.</p><p>Similarly, we mentioned earlier that Indian SaaS vendors bring high returns to investors. As we can see, driven by these high returns, more and more investors are turning their attention to the Indian market.</p><p><b>new favorite</b></p><p>So, which SaaS vendors are most attractive to investors in the Indian market? Based on the analysis, I believe there are three points: to enter the global market, target small and medium-sized enterprises as customers, have a wide range of products and a stable customer base.</p><p>Let's take Zoho as an example. The latest data shows that it has more than 70 million users, spanning more than 180 countries and regions. This also outlines Zoho's own target users, which are mainly small and medium-sized enterprises. This positioning has enabled Zoho to maintain an annual revenue growth rate of over 40% over the past few years.</p><p>Similarly, we recently noticed that Keka, an HR SaaS vendor headquartered in Hyderabad, completed a $57 million Series A financing round, which broke the record for the same round in the Indian SaaS sector. Before accepting external financing, Keka's achievements were quite remarkable. For example, in 2020, it achieved a sevenfold increase in sales, and by the end of 2021, it had more than 5,500 customers.</p><p>For example, Icertis, an Indian enterprise digital management service provider that just completed a new round of financing of $150 million, is a company that builds a contract intelligence platform. Data shows that Icertis manages more than 10 million contracts, covering more than 40 languages and more than 90 countries/regions, with a value of more than $1 trillion.</p><p>Analysts say Indian SaaS startups are catering to the huge market of small businesses and cloud-native startups. Today, small and medium-sized enterprises in India are exploring the cloud to improve business agility and build capabilities to perform tasks that are time-consuming and costly for traditional technologies.</p><p>Data estimates suggest that by 2025, the Indian SMB industry will provide an $8.7 billion market opportunity for horizontal SaaS solutions—a 52% increase over the estimated market in 2020. Retail, manufacturing and education are expected to account for nearly half of the total market opportunities. Finance, accounting, and payment systems are more popular SaaS solutions among small and medium-sized businesses, while CRM, ERP, and marketing-centric solutions are increasingly being adopted.</p><p>Of course, even though the Indian small and medium-sized enterprise market has huge potential, it will be quite difficult to support the rapid growth of many companies and even help Zoho's revenue exceed $1 billion.</p><p>Behind this high revenue, overseas markets are also an important component that cannot be ignored.</p><p>We have found that many SaaS companies in the Indian domestic market will regard globalization and overseas markets as an important strategic layout. This not only increases the diversification and stability of revenue, but also improves the richness and ease of use of products.</p><p>It is precisely because Indian SaaS vendors have captured the growing group of mature enterprises worldwide. Therefore, reports indicate that Indian SaaS companies are expected to achieve $30 billion in revenue by 2025, capturing 8% to 9% of the global SaaS market share.</p><p>Furthermore, the reason why SaaS in India can still secure funding today is that early-stage SaaS companies in India have a certain amount of revenue and customer base, such as pioneers like FusionCharts, Kayako, Zoho, and Wingify. This is completely different from SaaS startup teams of three or five people in the Chinese and American markets raising funds.</p><p>The support of stable income has also boosted the PS of Indian SaaS companies to some extent, with some Indian companies even outperforming their American counterparts.</p><p>Overall, since 2019, the surge in customer demand, the support of capital, and the expansion of overseas markets have enabled the Indian SaaS market to grow rapidly, and this trend will continue.</p><p><b>Answer</b></p><p>A gentle breeze doesn't last all morning, and a sudden rain doesn't last all day.</p><p>As a significant technological revolution in the global market, SaaS will continue its journey in China. Through my understanding of the Indian SaaS market, I discovered that the Chinese and Indian markets actually have some commonalities, or rather, from India's experience, we can find some general solutions to the SaaS industry.</p><p><b>First, some investors have pointed out that the increased interest in venture capital is a result of the success and global expansion of more and more Indian SaaS companies.</b></p><p>In his view, what is advantageous for SaaS companies is their ability to easily serve global markets, meaning they require minimal on-site delivery or infrastructure investment to expand in any other country.</p><p>Currently, most domestic SaaS companies are focusing their business on the domestic market. For example, when the vitality of the SaaS market for small and medium-sized enterprises declines, most of them choose to enter the government and enterprise major customer market.</p><p>Here, we are not judging the choices of target customers, but simply wishing to remind them that SaaS vendors may still have great potential in the domestic SME sector and overseas markets. Of course, more and more vendors are now exploring and expanding into the global market, which seems to be a difficult but correct thing to do at present.</p><p><b>Secondly, SaaS in China has also experienced a surge in demand from small and medium-sized enterprises, which is exactly the same as the current expansion of India's digital economy and the entry of more workspaces into a hybrid model.</b></p><p>However, the difference was that the beneficiaries at that time were not only SaaS startups, but more platform-based vendors such as DingTalk, Qiwei, and Lark. This is precisely why, even now, these platform manufacturers are still able to have relatively healthy cash flow and subscriber numbers.</p><p>If you can't go it alone, then making good use of platform manufacturers to enrich your products and attract more customers is also an option.</p><p>Sources familiar with the matter revealed that some SaaS companies have achieved growth of over 50% this year by joining some domestic platforms. They are distributed in low-code, HR and other sectors.</p><p><b>Third, ultimately, domestic SaaS vendors are one step ahead of Indian vendors.</b></p><p>This step does not mean that SaaS in China has better revenue or more stable cash flow, but rather that China has passed the hottest stage for capital. As early as 2019, domestic capital's pursuit of SaaS had already reached its peak.</p><p>Currently, in the domestic SaaS market, it's not that investors are no longer optimistic about the industry, but rather that they are no longer blindly investing in companies with poor cash flow and insufficient revenue. After all, the appeal of SaaS to investors lies in its strong fundamentals and predictable revenue.</p><p>Therefore, during a period of calm and cautious capital movement, domestic companies can, like those self-made SaaS vendors in India, develop products and achieve certain growth, acting within their capabilities.</p><p>At this crucial juncture of fierce competition, only those who can improve growth rates and profit margins, and increase revenue stickiness, will secure a ticket to the next round of the game.</p><p></body></html></p>","source":"tzw","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>With a 720-fold IPO return, Tiger Capital, Sequoia Capital, and SoftBank all went here.</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\">\nWith a 720-fold IPO return, Tiger Capital, Sequoia Capital, and SoftBank all went here.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投中网</strong><span class=\"h-time small\">2022-12-01 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Driven by high returns, more and more investors are paying attention.</b>Several recent discoveries have drawn my attention to the Indian SaaS market.</p><p>1. As an emerging SaaS market, top global investment institutions such as Sequoia Capital, Tiger Bank, and SoftBank are flocking to invest and hunt for treasure. Unlike the domestic approach of focusing too much on early-stage projects, they have made bets and layouts in this market in the early, mid-to-late stages.</p><p>2. Not long ago, a leading SaaS player in India announced that it had achieved annual revenue of over one billion US dollars.</p><p>3. Last year, the first SaaS stock in the market to list in the United States brought early investors a return of up to 720 times.</p><p>Although there are only three information points, they piece together the most attractive features of the SaaS market: a new trendsetter, a huge market, and high returns.</p><p>There are even reports that India will become the world's second-largest SaaS market share country within a decade. Why has SaaS in India been able to achieve healthy growth and continue to attract the attention of top global capital? What lessons can be learned from this for current Chinese SaaS vendors?</p><p><b>overgrowth</b></p><p>No one can deny that the Indian SaaS market is growing at an extremely fast pace and competing with global players for funding in the industry.</p><p>Following this clue, I also discovered the booming and frenzied SaaS market in India. Not only are there dozens of unicorn companies here with annual recurring revenue (ARR) exceeding $100 million, which is seen as a major challenge by domestic SaaS vendors, but the acceptance and consumption power of Indian companies towards SaaS are also remarkable.</p><p>In terms of market potential, reports indicate that the Indian SaaS market is projected to reach $22-25 billion by 2025, accounting for 7-10% of the global SaaS market.</p><p>Let's look at a set of data first.</p><p>This year, the Indian SaaS market bucked the trend and grew, with overall revenue increasing by 20%. At the same time, the number of SaaS companies doubled from 1,000 in 2018 to 2,000 this year.</p><p>If the growth in the number of companies does not fully reflect the growth potential of an industry, then the number of unicorns can serve as an illustration.</p><p>Over the past three and a half years, the number of SaaS unicorns in India has grown from just two to 20. In the first four months of 2022 alone, four new names from India were added to the list.</p><p>Of course, the growth of unicorns cannot be separated from the support of capital. Previously, in my article \"VCs Don't Love SaaS Anymore?\", I mentioned that India, as an emerging destination for the rise of SaaS, has a very active investment and financing market. Latest data shows that SaaS funding in India will rise by 62.5% to $6.5 billion this year.</p><p>In fact, some reports say that the inaugural year of SaaS in India was 2010, a few years earlier than in China. However, it wasn't until 2019 that Indian SaaS startups received full funding from the capital market.</p><p>Besides domestic Indian investment institutions, giants like Tiger, Sequoia, and SoftBank have also joined the fray. It is worth mentioning that Tiger is particularly interested in India's SaaS market. In fact, when choosing new targets in India, they only focused on SaaS. This year, a fund that focuses solely on SaaS investment emerged.</p><p>Capital activity reached a mini-peak in 2021, when Indian SaaS companies raised nearly $4.8 billion, nearly three times that of 2020 and an astonishing six times that of 2018. Even this year, according to incomplete statistics from ChinaVenture, India's SaaS industry has seen dozens of financing rounds, making it one of the top three most active markets in the world.</p><p>Similarly, we mentioned earlier that Indian SaaS vendors bring high returns to investors. As we can see, driven by these high returns, more and more investors are turning their attention to the Indian market.</p><p><b>new favorite</b></p><p>So, which SaaS vendors are most attractive to investors in the Indian market? Based on the analysis, I believe there are three points: to enter the global market, target small and medium-sized enterprises as customers, have a wide range of products and a stable customer base.</p><p>Let's take Zoho as an example. The latest data shows that it has more than 70 million users, spanning more than 180 countries and regions. This also outlines Zoho's own target users, which are mainly small and medium-sized enterprises. This positioning has enabled Zoho to maintain an annual revenue growth rate of over 40% over the past few years.</p><p>Similarly, we recently noticed that Keka, an HR SaaS vendor headquartered in Hyderabad, completed a $57 million Series A financing round, which broke the record for the same round in the Indian SaaS sector. Before accepting external financing, Keka's achievements were quite remarkable. For example, in 2020, it achieved a sevenfold increase in sales, and by the end of 2021, it had more than 5,500 customers.</p><p>For example, Icertis, an Indian enterprise digital management service provider that just completed a new round of financing of $150 million, is a company that builds a contract intelligence platform. Data shows that Icertis manages more than 10 million contracts, covering more than 40 languages and more than 90 countries/regions, with a value of more than $1 trillion.</p><p>Analysts say Indian SaaS startups are catering to the huge market of small businesses and cloud-native startups. Today, small and medium-sized enterprises in India are exploring the cloud to improve business agility and build capabilities to perform tasks that are time-consuming and costly for traditional technologies.</p><p>Data estimates suggest that by 2025, the Indian SMB industry will provide an $8.7 billion market opportunity for horizontal SaaS solutions—a 52% increase over the estimated market in 2020. Retail, manufacturing and education are expected to account for nearly half of the total market opportunities. Finance, accounting, and payment systems are more popular SaaS solutions among small and medium-sized businesses, while CRM, ERP, and marketing-centric solutions are increasingly being adopted.</p><p>Of course, even though the Indian small and medium-sized enterprise market has huge potential, it will be quite difficult to support the rapid growth of many companies and even help Zoho's revenue exceed $1 billion.</p><p>Behind this high revenue, overseas markets are also an important component that cannot be ignored.</p><p>We have found that many SaaS companies in the Indian domestic market will regard globalization and overseas markets as an important strategic layout. This not only increases the diversification and stability of revenue, but also improves the richness and ease of use of products.</p><p>It is precisely because Indian SaaS vendors have captured the growing group of mature enterprises worldwide. Therefore, reports indicate that Indian SaaS companies are expected to achieve $30 billion in revenue by 2025, capturing 8% to 9% of the global SaaS market share.</p><p>Furthermore, the reason why SaaS in India can still secure funding today is that early-stage SaaS companies in India have a certain amount of revenue and customer base, such as pioneers like FusionCharts, Kayako, Zoho, and Wingify. This is completely different from SaaS startup teams of three or five people in the Chinese and American markets raising funds.</p><p>The support of stable income has also boosted the PS of Indian SaaS companies to some extent, with some Indian companies even outperforming their American counterparts.</p><p>Overall, since 2019, the surge in customer demand, the support of capital, and the expansion of overseas markets have enabled the Indian SaaS market to grow rapidly, and this trend will continue.</p><p><b>Answer</b></p><p>A gentle breeze doesn't last all morning, and a sudden rain doesn't last all day.</p><p>As a significant technological revolution in the global market, SaaS will continue its journey in China. Through my understanding of the Indian SaaS market, I discovered that the Chinese and Indian markets actually have some commonalities, or rather, from India's experience, we can find some general solutions to the SaaS industry.</p><p><b>First, some investors have pointed out that the increased interest in venture capital is a result of the success and global expansion of more and more Indian SaaS companies.</b></p><p>In his view, what is advantageous for SaaS companies is their ability to easily serve global markets, meaning they require minimal on-site delivery or infrastructure investment to expand in any other country.</p><p>Currently, most domestic SaaS companies are focusing their business on the domestic market. For example, when the vitality of the SaaS market for small and medium-sized enterprises declines, most of them choose to enter the government and enterprise major customer market.</p><p>Here, we are not judging the choices of target customers, but simply wishing to remind them that SaaS vendors may still have great potential in the domestic SME sector and overseas markets. Of course, more and more vendors are now exploring and expanding into the global market, which seems to be a difficult but correct thing to do at present.</p><p><b>Secondly, SaaS in China has also experienced a surge in demand from small and medium-sized enterprises, which is exactly the same as the current expansion of India's digital economy and the entry of more workspaces into a hybrid model.</b></p><p>However, the difference was that the beneficiaries at that time were not only SaaS startups, but more platform-based vendors such as DingTalk, Qiwei, and Lark. This is precisely why, even now, these platform manufacturers are still able to have relatively healthy cash flow and subscriber numbers.</p><p>If you can't go it alone, then making good use of platform manufacturers to enrich your products and attract more customers is also an option.</p><p>Sources familiar with the matter revealed that some SaaS companies have achieved growth of over 50% this year by joining some domestic platforms. They are distributed in low-code, HR and other sectors.</p><p><b>Third, ultimately, domestic SaaS vendors are one step ahead of Indian vendors.</b></p><p>This step does not mean that SaaS in China has better revenue or more stable cash flow, but rather that China has passed the hottest stage for capital. As early as 2019, domestic capital's pursuit of SaaS had already reached its peak.</p><p>Currently, in the domestic SaaS market, it's not that investors are no longer optimistic about the industry, but rather that they are no longer blindly investing in companies with poor cash flow and insufficient revenue. After all, the appeal of SaaS to investors lies in its strong fundamentals and predictable revenue.</p><p>Therefore, during a period of calm and cautious capital movement, domestic companies can, like those self-made SaaS vendors in India, develop products and achieve certain growth, acting within their capabilities.</p><p>At this crucial juncture of fierce competition, only those who can improve growth rates and profit margins, and increase revenue stickiness, will secure a ticket to the next round of the game.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/-rbXQ6t4UmsDGrJI2j4mXw\">投中网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/433eb422d90e0dc75fe30f5a6ad16a3f","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/-rbXQ6t4UmsDGrJI2j4mXw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132114091","content_text":"高回报的驱动下，越来越多的投资人投来目光。最近接连发现的几个事情，引起了我对印度SaaS市场的关注。1、作为新兴的SaaS市场，红杉、老虎、软银等全球顶级投资机构扎堆去投资寻宝，而不同于在国内过于关注早期项目的打法，在该市场，早期、中后期，他们都有下注与布局。2、不久前，印度本土的一家SaaS头部玩家宣布完成了年度收入破十亿美元的消息。3、去年，该市场赴美上市的SaaS第一股，为早期投资人带来了高达720倍的回报。虽然只有短短的三个信息点，但却拼凑出了该SaaS市场最吸引人的特征：新风向标、市场巨大、回报率高。甚至有报告指出，不出十年，印度将成为全球第二大SaaS市场占有率的国家。印度的SaaS缘何能够获得健康生长，并持续得到全球顶级资本的关注？而这对于当前的中国SaaS厂商们又有何借鉴之处？疯长没人能否认，印度SaaS市场正在以极快的速度增长，并与全球参与者争夺这个行业的资金。顺着这条线索，也让我发现了印度SaaS市场的火热与疯狂。这里不仅有数十家ARR（年经常性收入）过1亿美元的独角兽公司，这在国内SaaS厂商眼中被看做是一大难题，同样，印度企业对SaaS的接受能力和消费能力也让人刮目相看。在市场潜力的维度上，有报告指出，印度SaaS市场预计到2025年将达到220-250亿美元规模，占全球SaaS的7-10%。先来看一组数据。今年，印度SaaS市场逆势增长，整体收入增加了20%，同时，SaaS企业数量也从2018年的1000家翻倍至今年的2000家。如果说企业数量的增长不能完全体现这个行业的成长性，那么独角兽数量则可以作为一个注解。在过去的三年半里，印度的SaaS独角兽数量从仅有的两家企业增长到20家。仅在2022年的前四个月，印度就有四个新名字被添加到这个名单中。当然，独角兽的长成离不开资本的助力。此前，我在《VC不爱SaaS了？》中曾提到印度作为SaaS崛起的新兴地，投融资市场也十分活跃。最新数据显示，今年印度SaaS的融资金额将上升62.5%达到65亿美元。其实，有报道称印度SaaS元年是2010年，比国内还早上几年。但直到2019年，印度SaaS初创企业获得资本市场的全面加注。除了印度本土的投资机构，像老虎、红杉、软银这样的大佬也加入战局，值得一提的是，老虎格外看中印度的SaaS市场，甚至他们在印度选择新标的时，只将目光投向SaaS，这一年还出现了只专注于SaaS投资的基金。资本的热度在2021年达到了一个小高潮，该年度印度SaaS公司融资金额打到了近48亿美元，比2020年增长了近3倍，比2018年增长了惊人的6倍。即使在今年，据投中网不完全统计，印度SaaS行业的融资也高达数十起，算是全球前三活跃的市场之一。同样，我们前文也提到了印度SaaS厂商为投资者带来的高额回报。可以看到，在这种高回报的驱动下，越来越多的投资人将目光投向了印度市场。新宠那么，什么样的SaaS厂商在印度市场最吸引投资人呢？分析来看，我认为有三点，做全球化市场，以中小企业为目标客户，产品丰富且客源稳定。我们仍以Zoho为例，最新数据显示，其用户量达到7000多万，遍及180多个国家和地区，这也勾勒Zoho自己的目标用户，即主要面向中小微企业。这样的定位也使得Zoho在过去的几年里，保持以每年超过40%的营收增长速度在发展。同样，近期我们也关注到，总部位于海得拉巴的HR SaaS厂商Keka完成了5700万美元的A轮融资，这刷新了印度SaaS领域同轮次的记录。在没有接受外部融资前，Keka的成绩也比较瞩目，比如在2020年其实现了7倍的销售额增长，到2021年底，客户超过5500家。再比如，刚刚完成1.5亿美元新一轮融资的印度企业数字化管理服务提供商Icertis，这是一家做合同智能平台的公司，数据显示， Icertis管理的合同数超过1000多万，覆盖40多种语言和90多个国家/地区，这些合同价值超过1万亿美元。分析人士称，印度SaaS初创企业迎合了小型企业和云原生初创企业的庞大市场。如今印度中小型企业正在探索云，以提高业务敏捷性并构建能力来执行那些对于传统技术而言耗时且成本高昂的任务。据数据估计，到2025年，印度SMB行业将为横向SaaS解决方案提供87亿美元的市场机会——比2020年的估计市场增长52%。零售、制造和教育预计将占总量的近一半市场机会。财务、会计和支付系统是中小型企业中更受欢迎的SaaS 解决方案，同时越来越多地采用CRM、ERP和以营销为中心的解决方案。当然，纵使印度中小企业市场潜力巨大，但支撑起多家公司的高速增长，甚至助力Zoho营收突破10亿美元也是有相当难度的。在这高额的营收背后，海外市场也是一个不可忽视的重要组成。我们发现很多印度本土市场SaaS公司会将全球化，将海外市场作为重要的战略布局。这样一来，不仅增加了营收的多元化和稳定性，也提高了产品的丰富度以及易用性。也正是因为印度SaaS厂商抓住了全球不断增长的成熟企业群体。故有报告称，印度SaaS公司有望在2025年实现300亿美元的收入，占据全球SaaS市场8%至9%的份额。此外，印度SaaS之所以能够在当下还能获得融资的原因还在于，印度SaaS的早期融资企业是有一定的收入和客源的，像是FusionCharts、Kayako、Zoho和Wingify等这些先锋，这与中美市场三五个人的SaaS创业团队就出来融资是完全不同的。稳定收入的支持，也从某种程度上拉高了印度SaaS公司的PS，一些印度公司的表现甚至超过了美国同行。总的来看，2019年以来，客户需求的爆发，资本的加持，海外市场的拓展，让印度SaaS市场得到了迅速成长，而这一趋势也将继续延续。答案飘风不终朝，骤雨不终日。作为全球市场上重要的技术革命，SaaS在中国的路还将继续走下去。而通过对印度SaaS市场的了解，我发现中印市场其实有些共同之处，或者说，从印度的经验，我们可以发现一些SaaS行业的通解。首先，有投资人指出，风投兴趣的增加在于越来越多的印度SaaS企业取得成功并在全球扩张的结果。在他看来，对SaaS公司有利的是它们能够轻松服务全球市场，即需要最少的现场交付或基础设施投资才能在任何其他国家/地区扩展。而现在，国内SaaS大部分企业将业务重点布局放在了国内市场，比如在中小企业SaaS市场活力下降时，多数选择了进入政企大客户市场。在这里，我们不评判目标客户的选择，只是想提个醒，或许在国内的中小企业领域和海外市场，SaaS厂商还大有可为，当然现在越来越多的厂商也开始探索和布局全球市场，目前来看，这是一件难而正确的事情。其次，国内SaaS也曾经历过中小企业需求的爆发，这跟当前印度数字经济的扩张、更多工作空间进入混合模式，如出一辙。但不同的是，当时的受益者并非只有SaaS创业厂商，而是更多的被钉钉、企微、飞书这样的平台型厂商获益。也正是如此，直到现在，这些平台型厂商依旧能够有比较健康的现金流和订阅量。如果无法依靠自己单打独斗，那么利用好平台厂商来丰富自己的产品，从而吸引更多的客户也不失为一个选择。知情人士透露，通过加入国内的一些平台上，有的SaaS企业在今年获得了超50%的增长，他们分布在低代码、HR等赛道中。第三，说到底，国内的SaaS厂商比印度厂商走的要快一步。这一步不是指国内SaaS的营收更好，现金流更稳定，而是说国内已经过了资本最热的阶段。早在2019年，国内资本对SaaS的追逐就已经到达了最高峰。当前，在国内SaaS市场，不是投资人不再看好这个行业，只是不再盲目地为那些现金流不佳，收入做不上去的企业投资。毕竟，SaaS对投资人的吸引力就在于在强大的基本面之上，具有可预测的收入。那么，在资本冷静谨慎的阶段，国内企业则可以像印度那些白手起家的SaaS厂商一样，做一些产品和确定性的增长，量力而行。在这个大浪淘沙的关键节点，谁能提高增长率和利润率，加大收入粘性，才能获得下轮游戏的入场券。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965072433,"gmtCreate":1669863195422,"gmtModify":1676538259271,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965072433","repostId":"1133786233","repostType":4,"repost":{"id":"1133786233","kind":"news","pubTimestamp":1669822029,"share":"https://ttm.financial/m/news/1133786233?lang=en_US&edition=fundamental","pubTime":"2022-11-30 23:27","market":"hk","language":"zh","title":"They \"survived\"! Sun Hongbin received a 10 billion yuan bailout.","url":"https://stock-news.laohu8.com/highlight/detail?id=1133786233","media":"华尔街见闻","summary":"身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅","content":"<p><html><head></head><body>Another real estate tycoon mired in financial difficulties can come back to life.</p><p>In 2019, Sun Hongbin, a thriving white knight, acquired two luxury residential projects from Lu Zhiqiang of Oceanwide, who was then mired in trouble, for a total price of 14.9 billion yuan: Shanghai Dongjiadu and Beijing Oceanwide International. Both projects were top-tier luxury residential projects in the city.</p><p>In the blink of an eye, the white-robed knight from back then also needed the white-robed knight to save him. These two luxury residential projects became the breakthrough point for Sunac's debt restructuring, which had been in trouble for six months.</p><p>On November 28, business registration information showed that Sunac China transferred its 89.7% stake in Oceanwide International Construction to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center, with shareholding ratios of 64.7% and 25% respectively, while Sunac's shareholding dropped to 10.3%.</p><p>Oceanwide International Construction is the main body of the two luxury residential projects mentioned above. With the involvement of CITIC and Huarong, these two projects, worth tens of billions of yuan, will be revitalized with the injection of external funds.</p><p>An executive from a state-owned AMC told Wall Street Journal that this is to revitalize Sunac's assets at the project level.</p><p>By acquiring a controlling stake in the project, it can isolate risks with the group and ensure the continuous development of the project. This also aligns with the spirit of the recently introduced \"Sixteen Measures for Finance,\" which encourages financial institutions to distinguish between project and group risks and encourages asset management products such as trusts to support reasonable financing needs for real estate.</p><p>However, the acquisition of controlling stake was not intended to control the company, but simply to provide financing, and the project was still managed by Sunac's team.</p><p>Sources say that CITIC Group will provide 8 billion yuan in liquidity support.</p><p>With the influx of incremental funds, the project will be able to roll out, which will also benefit Sunac's debt repayment. After the corresponding debts are repaid, the excess money will also flow back to the group.</p><p>CITIC Trust and Huarong took over Sunac Assets, similar to how CITIC Bank collaborated with CITIC Group to revitalize Kaisa Group's assets worth over 50 billion yuan. They acquired project equity and injected funds to gradually restore the project company's normal operations and its ability to generate revenue.</p><p>These two projects were chosen because of their high-quality assets. The aforementioned AMC representative said that Sunac's two projects were of good quality, and at the time, AMC institutions such as Cinda also wanted to cooperate with Sunac on a scale of tens of billions of yuan.</p><p>Since then, Sunac, which defaulted on the public market in May, has finally made significant progress in debt restructuring. After months of painstaking negotiations and mediation, Sun Hongbin finally reached an agreement. And the next step is to revitalize tens of billions of yuan in assets.</p><p>Sun Hongbin is a representative of real estate tycoons who are trying to save themselves. Since the second half of 2021, Sun Hongbin has raised nearly 40 billion yuan through the sale of Beike equity, rights issues, interest-free loans from major shareholders, and asset disposal. However, the unexpected market downturn this year still caused him to collapse in May.</p><p>Sources close to Sun Hongbin said that for the past six months, Mr. Sun has hardly been in the office, but has been traveling around in various places to find financial institutions and seek support.</p><p>Now, after more than half a year of hard work, Sun Hongbin has finally received the help of the white knight.</p><p>Financial institutions are also willing to support Sun Hongbin, and Sunac's products still enjoy a good reputation in the market.</p><p>Wall Street Insights has also learned that Sunac and its creditors are currently discussing a preliminary restructuring plan, and most creditors have expressed their support for Sunac to restructure its debt. The restructuring plan is expected to be announced later this year.</p><p>Just the night before (November 29), Sunac also released its 2021 earnings forecast. This is a fundamental element for Sunac's stock to resume trading, and it is also a signal that Sun Hongbin and Sunac are gradually emerging from their current predicament.</p><p>According to CRIC data, in the first 11 months of this year, Sunac ranked tenth in the country with sales of 153.05 billion yuan, making it one of the few private real estate companies in the top ten outside of Country Garden and Longfor. Meanwhile, Sunac ranked third in sales in Shanghai.</p><p>Of course, in order to resume trading, Sunac also needs to resolve the issue of overseas liquidation lawsuits. However, CIFI has recently reached a settlement with its creditors, who withdrew their winding-up petition. With CITIC Group's involvement in revitalizing Sunac's assets, it is believed that investors will be able to find a suitable solution with Sunac.</p><p>All indications suggest that Sun Hongbin, a real estate tycoon known for his generosity and outspokenness, is gradually regaining his vitality after months of silence. The next step is to revitalize projects such as the Dongjiadu project to help bring a number of projects back to life. At the same time, it is to further gain the support of creditors and reach a debt restructuring plan, buying time and space.</p><p>Many people in the real estate and financial sectors are closely following Sunac and Sun Hongbin. They hope that in the near future, Sun Hongbin, the tycoon who once fell and was reborn during the Sunac era, will stage a miracle of \"coming back from the dead\" at Sunac, and that he and the company will be able to regain their vitality after the industry adjustment.</p><p></body></html></p>","source":"wallstreetcn","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>They \"survived\"! Sun Hongbin received a 10 billion yuan bailout.</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\">\nThey \"survived\"! Sun Hongbin received a 10 billion yuan bailout.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-11-30 23:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Another real estate tycoon mired in financial difficulties can come back to life.</p><p>In 2019, Sun Hongbin, a thriving white knight, acquired two luxury residential projects from Lu Zhiqiang of Oceanwide, who was then mired in trouble, for a total price of 14.9 billion yuan: Shanghai Dongjiadu and Beijing Oceanwide International. Both projects were top-tier luxury residential projects in the city.</p><p>In the blink of an eye, the white-robed knight from back then also needed the white-robed knight to save him. These two luxury residential projects became the breakthrough point for Sunac's debt restructuring, which had been in trouble for six months.</p><p>On November 28, business registration information showed that Sunac China transferred its 89.7% stake in Oceanwide International Construction to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center, with shareholding ratios of 64.7% and 25% respectively, while Sunac's shareholding dropped to 10.3%.</p><p>Oceanwide International Construction is the main body of the two luxury residential projects mentioned above. With the involvement of CITIC and Huarong, these two projects, worth tens of billions of yuan, will be revitalized with the injection of external funds.</p><p>An executive from a state-owned AMC told Wall Street Journal that this is to revitalize Sunac's assets at the project level.</p><p>By acquiring a controlling stake in the project, it can isolate risks with the group and ensure the continuous development of the project. This also aligns with the spirit of the recently introduced \"Sixteen Measures for Finance,\" which encourages financial institutions to distinguish between project and group risks and encourages asset management products such as trusts to support reasonable financing needs for real estate.</p><p>However, the acquisition of controlling stake was not intended to control the company, but simply to provide financing, and the project was still managed by Sunac's team.</p><p>Sources say that CITIC Group will provide 8 billion yuan in liquidity support.</p><p>With the influx of incremental funds, the project will be able to roll out, which will also benefit Sunac's debt repayment. After the corresponding debts are repaid, the excess money will also flow back to the group.</p><p>CITIC Trust and Huarong took over Sunac Assets, similar to how CITIC Bank collaborated with CITIC Group to revitalize Kaisa Group's assets worth over 50 billion yuan. They acquired project equity and injected funds to gradually restore the project company's normal operations and its ability to generate revenue.</p><p>These two projects were chosen because of their high-quality assets. The aforementioned AMC representative said that Sunac's two projects were of good quality, and at the time, AMC institutions such as Cinda also wanted to cooperate with Sunac on a scale of tens of billions of yuan.</p><p>Since then, Sunac, which defaulted on the public market in May, has finally made significant progress in debt restructuring. After months of painstaking negotiations and mediation, Sun Hongbin finally reached an agreement. And the next step is to revitalize tens of billions of yuan in assets.</p><p>Sun Hongbin is a representative of real estate tycoons who are trying to save themselves. Since the second half of 2021, Sun Hongbin has raised nearly 40 billion yuan through the sale of Beike equity, rights issues, interest-free loans from major shareholders, and asset disposal. However, the unexpected market downturn this year still caused him to collapse in May.</p><p>Sources close to Sun Hongbin said that for the past six months, Mr. Sun has hardly been in the office, but has been traveling around in various places to find financial institutions and seek support.</p><p>Now, after more than half a year of hard work, Sun Hongbin has finally received the help of the white knight.</p><p>Financial institutions are also willing to support Sun Hongbin, and Sunac's products still enjoy a good reputation in the market.</p><p>Wall Street Insights has also learned that Sunac and its creditors are currently discussing a preliminary restructuring plan, and most creditors have expressed their support for Sunac to restructure its debt. The restructuring plan is expected to be announced later this year.</p><p>Just the night before (November 29), Sunac also released its 2021 earnings forecast. This is a fundamental element for Sunac's stock to resume trading, and it is also a signal that Sun Hongbin and Sunac are gradually emerging from their current predicament.</p><p>According to CRIC data, in the first 11 months of this year, Sunac ranked tenth in the country with sales of 153.05 billion yuan, making it one of the few private real estate companies in the top ten outside of Country Garden and Longfor. Meanwhile, Sunac ranked third in sales in Shanghai.</p><p>Of course, in order to resume trading, Sunac also needs to resolve the issue of overseas liquidation lawsuits. However, CIFI has recently reached a settlement with its creditors, who withdrew their winding-up petition. With CITIC Group's involvement in revitalizing Sunac's assets, it is believed that investors will be able to find a suitable solution with Sunac.</p><p>All indications suggest that Sun Hongbin, a real estate tycoon known for his generosity and outspokenness, is gradually regaining his vitality after months of silence. The next step is to revitalize projects such as the Dongjiadu project to help bring a number of projects back to life. At the same time, it is to further gain the support of creditors and reach a debt restructuring plan, buying time and space.</p><p>Many people in the real estate and financial sectors are closely following Sunac and Sun Hongbin. They hope that in the near future, Sun Hongbin, the tycoon who once fell and was reborn during the Sunac era, will stage a miracle of \"coming back from the dead\" at Sunac, and that he and the company will be able to regain their vitality after the industry adjustment.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676317\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1f161e88fa8de9ce4f4457224c02fa6","relate_stocks":{"01918":"融创中国"},"source_url":"https://wallstreetcn.com/articles/3676317","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133786233","content_text":"身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅的存在。转眼，当年的白衣骑士如今也需要白衣骑士来救了。而这两个豪宅项目，成了出险6个月的融创债务重组的突破口。11月28日，工商信息显示，融创中国将其持有的泛海国际建设89.7%股权，转让给了中信信托及芜湖华融资本创誉投资中心，持股比例分别为64.7%、25%，融创的持股则降到了10.3%。泛海国际建设便是前述两个豪宅项目的主体。随着中信和华融的介入，这两个货值数百亿的项目，也将在外部资金的注入下得以盘活。一名国有AMC人士向华尔街见闻分析称，这就是要在项目层面对融创的资产进行盘活。通过获取项目的控股权，能和集团做风险隔离，保障项目持续开发。这也符合近期出台的“金融十六条”里的相关精神，比如鼓励金融机构区分项目和集团风险、鼓励信托等资管产品支持房地产合理融资需求。不过，获取控股权，不是为了掌控这家公司，而只是提供融资，项目仍由融创的团队操盘。有消息人士称，此次中信系将会带来80亿元资金，给予流动性支持。随着增量资金进入，项目就能滚动起来，对于融创的债务偿还也有好处。在偿还完相应债务后，多余的钱也会回流到集团。中信信托和华融接手融创资产，和之前中信银行协同中信集团盘活佳兆业超500亿货值资产类似，收购项目股权，注入资金，让项目公司逐步恢复正常经营，恢复造血能力。而选择这两个项目，也是因为其资产优质。前述AMC人士说，融创的这两个项目质地不错，当时信达等AMC机构也想和融创进行百亿级规模的合作。自此，5月份在公开市场违约的融创，终于有了重大的债务重组进展。孙宏斌苦苦谈判、斡旋了几个月的事宜，也有了着落。并且一下就是数百亿资产的盘活。孙宏斌是地产大佬当中努力自救的一个代表。从2021年下半年至今，孙宏斌已经陆续通过出售贝壳股权、配股、大股东无息借款以及处置资产等形式，回笼了近400亿元资金。然而今年以来市场超预期的下行，还是让他倒在了5月。有接近孙宏斌的人士表示，最近半年多里老孙几乎不在办公室，都是在各地奔波，就是为了找金融机构，寻求支持。如今，奔波了大半年的孙宏斌，终是迎来了白衣骑士的驰援。金融机构也是愿意支持孙宏斌的，融创的产品在市场上依旧还是有着不错的口碑。华尔街见闻也了解到，目前融创和债权人小组在沟通初步重组方案，大部分债权人也对融创通过债务重组表示支持。预计会在今年年内对外公布重组方案。就在前一天（11月29日）晚上，融创还公布了2021年业绩预告。这是融创股票要复牌的一个基本要素，也是孙宏斌和融创逐渐走出眼下困境的信号。克而瑞数据显示，今年前11个月，融创以1530.5 亿元的销售额排在全国第十，是碧桂园、龙湖之外，前十里少有的民营房企。同时，融创在上海销售额排在第三位。当然，想要复牌，融创还需要解决境外的清盘诉讼的问题。不过近期旭辉已和债权人达成了和解，债权人撤回了清盘呈请。随着这次中信系介入融创资产盘活，相信投资者也能够和融创方面寻找到合适的解决方案。种种迹象表明，孙宏斌这位地产界里以豪爽、敢言著称的大佬，在沉寂数月后，逐渐恢复了活力。接下来，便是通过对董家渡项目等的盘活，推动一批项目“活过来”。同时则是进一步获取债权人的支持，达成债务重组方案，以时间换空间。很多地产界、金融界人士都密切关注着融创和孙宏斌。他们期望在不久后，孙宏斌这位曾经在顺驰阶段摔倒重生的大佬，在融创身上又能上演一出“死而复生”的奇迹，他和这家公司在行业调整结束后，还能重新焕发生机。","news_type":1,"symbols_score_info":{"01918":0.9}},"isVote":1,"tweetType":1,"viewCount":819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962564728,"gmtCreate":1669809938264,"gmtModify":1676538247754,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962564728","repostId":"1170836510","repostType":4,"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962564680,"gmtCreate":1669809884540,"gmtModify":1676538247740,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962564680","repostId":"1198215522","repostType":4,"repost":{"id":"1198215522","kind":"news","pubTimestamp":1669792409,"share":"https://ttm.financial/m/news/1198215522?lang=en_US&edition=fundamental","pubTime":"2022-11-30 15:13","market":"hk","language":"zh","title":"China's sixth richest man suffered a minor setback.","url":"https://stock-news.laohu8.com/highlight/detail?id=1198215522","media":"巨潮WAVE","summary":"网易虽不惧暴雪的转身离去，但当今的网易早已离不开游戏。","content":"<p><html><head></head><body>By Xie Zefeng</p><p>In 2003, 32-year-old Ding Lei became China's richest man, achieving a \"glory\" that other entrepreneurs could hardly match.</p><p>Besides Ding Lei, only Huang Guangyu and Chen Tianqiao have received such an honor around the age of 30.</p><p>It's worth noting that back then, Jack Ma and Lei Jun were just young people making their mark, Robin Li was still renting a place in the Peking University Resources Hotel to start his own business, and Tencent, founded by Ma Huateng, wouldn't go public until the following year.</p><p>After becoming famous, Ding Lei did not stop experimenting. He started raising pigs, playing music, and entering e-commerce. But what really made him make a fortune every day was the online games he started in 2001.</p><p>Even today, games still contribute over 70% of NetEase's revenue and nearly 90% of its gross profit. Although Ding Lei started with portal websites and email businesses, and these two types of businesses constitute the widest C-end recognition, games are the cornerstone of his business empire.</p><p>NetEase has made a fortune through games, thus becoming a unique presence in China's internet industry. Although Ding Lei claims that wealth can only bring him 5% of happiness, NetEase can only expand into other fields with the support of its gaming business.</p><p><img src=\"https://static.tigerbbs.com/2d49a3c45ff65a26df936728ee7739a7\" tg-width=\"550\" tg-height=\"345\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The recent breakup with Blizzard can only be described as a minor setback for Ding Lei, which was neither painful nor itchy. In terms of performance contribution, Blizzard Games' revenue to NetEase is not significant.</p><p>In the capital market, investors reacted strongly and overwhelmingly, causing NetEase's stock price to fall sharply. Clearly, overseas capital doesn't understand NetEase very well. The sell-off by many investors is more related to the overall predicament facing Chinese concept stocks.</p><p><b>You can break up</b></p><p>NetEase's revenue from distributing Blizzard games is approximately 4 billion yuan, accounting for only 8% of game revenue and less than 5% of total revenue. As a generation's youthful memory, the symbolic significance of games distributed by Blizzard today may outweigh their substantive meaning.</p><p>According to NetEase's financial report, revenue from games licensed by third-party developers accounted for only 7.5%, 9.1% and 9.5% of total net revenue in 2019, 2020 and 2021, respectively.</p><p>In addition to Blizzard, NetEase also distributes games from companies such as Marvel's Guardians of the Galaxy and Spider-Man, Microsoft's Minecraft, and Warner Bros. Entertainment.</p><p>For Blizzard, the Chinese market is not so indispensable. Blizzard has pointed out that agency revenue in China only accounts for 15% of their revenue, which is 3% of the entire Activision Blizzard. Based on Blizzard's total revenue of $1.83 billion in 2021, a 50% revenue share would correspond to around 4 billion yuan in revenue from NetEase's distribution of Blizzard games, accounting for only 8% of game revenue and less than 5% of total revenue.</p><p><img src=\"https://static.tigerbbs.com/ef572436c34cdd0634f5a4cde01ddc44\" tg-width=\"550\" tg-height=\"100\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Unit: thousands of RMB, Source: NetEase 2021 Financial Report</p><p>It has to be said that game distribution is indeed a \"hard job\". On the one hand, it needs to compete with powerful international giants like Blizzard; on the other hand, it also needs to do everything possible to provide high-quality game services to Chinese players.</p><p>In addition to Blizzard's annual licensing fee of over 300 million yuan, NetEase must also commit to investing heavily in servers, broadband services, and capital expenditures each year in the future. In 2022 alone, it reached 4.3 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/e387341a40e5ed74227d13ee26400c68\" tg-width=\"550\" tg-height=\"263\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Source: NetEase 2021 Financial Report</p><p>In this situation, NetEase's monthly passes (the fees charged to players) are generally lower than those in other parts of the world, while Blizzard still takes half of the revenue and profits. NetEase could only provide services for 14 years despite high operating costs.</p><p>In response to Blizzard's unilateral \"breakup\" announcement, Ding Lei stated at the Q3 investor conference that NetEase very much hopes to continue distributing Blizzard games and has made a lot of efforts in this regard. \"However, the difficulty of negotiations in the past period has far exceeded NetEase's expectations. The cooperation terms proposed by Activision Blizzard are unacceptable.\"</p><p>It is rumored that Blizzard has proposed a \"sky-high price\" condition—including more than 50% revenue and net profit sharing, game pricing synchronized with global pricing, and NetEase will only enjoy the revenue sharing rights in China for mobile games based on Blizzard IPs developed by NetEase in the future.</p><p>Some commentators have said that this is tantamount to asking NetEase to \"work for nothing,\" and that Blizzard is indeed bullying its customers and has an ugly business ethic.</p><p>Even if Ding Lei accepted such conditions, NetEase's investors would not agree.</p><p>Of course, when NetEase chose to become a distributor for Blizzard Games, it was definitely not because of the meager \"salary\". Ding Lei's long-term goal is to tap into the gold mine of Blizzard IP and help himself achieve 50% internationalization.</p><p>For example, the cooperation model for the mobile game Diablo Immortal is a separate agreement, which is not affected by this contract termination controversy. This game also contributed a significant amount of revenue to NetEase in Q3.</p><p>As a result, NetEase's stock price once plummeted, largely due to market concerns about uncertainty and emotional outbursts. The termination of this cooperation will have a far greater impact on players than on NetEase's performance.</p><p>Over the past 14 years, Blizzard has declined, while NetEase has become China's second-largest game company after Tencent.</p><p>More importantly, backed by hundreds of millions of \"gamers\" and twenty years of game development experience, NetEase already had the confidence to \"break up\" with Blizzard.</p><p><b>An indispensable game</b></p><p>A high-horsepower cash harvester.</p><p>Although NetEase is not afraid of Blizzard's departure, it is now inseparable from games.</p><p>In the third quarter, NetEase's net revenue was 24.4 billion yuan, of which game and related revenue was 18.7 billion yuan, accounting for as much as 77%. Considering that NetEase Youdao and NetEase Cloud Music are still operating at a loss, almost all of NetEase's profits come from games.</p><p>Games are not only the backbone of NetEase, but also provide it with a continuous stream of ammunition to expand into other businesses. Ding Lei once listed games, e-commerce, education, and music as NetEase's four major strategic deployments. In 2016, he even ambitiously stated that he would \"recreate NetEase\" within 3-5 years through businesses such as NetEase Koala and NetEase Yanxuan.</p><p><img src=\"https://static.tigerbbs.com/891f6e0f65c900c4f122f556e07583e1\" tg-width=\"550\" tg-height=\"288\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>NetEase e-commerce's \"small but beautiful\" business model is a beautiful dream, but the reality is cruel. Excessive investment, high costs, and low supply chain efficiency are all squeezing NetEase's profit margins.</p><p>In September 2019, NetEase sold Koala to Alibaba for $2 billion, but it is no longer heavily used by Alibaba. NetEase Yanxuan's voice has weakened against the backdrop of the rise of Kuaishou e-commerce and ByteDance e-commerce, and it has become a \"discarded pawn\" from a \"high-ranking official\" on whom Ding Lei had high hopes. Nowadays, the business lines divided in NetEase's financial reports are no longer categorized as \"e-commerce,\" but are instead grouped under other businesses.</p><p>After more than a decade of twists and turns, NetEase still relies heavily on games. In the third quarter, amid a shortage of game licenses and intensified game competition, Tencent's gaming revenue was approximately RMB 42.9 billion, a year-on-year decrease of 4%. NetEase Games' net revenue was 18.7 billion yuan, a year-on-year increase of 9.1%.</p><p><img src=\"https://static.tigerbbs.com/fbad035060f7680a34889a394b7c602c\" tg-width=\"550\" tg-height=\"394\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As for NetEase's other businesses, they are still operating at a loss. As a top-tier \"product manager\" recognized in the industry, Ding Lei's products are always imbued with idealism and simplicity, resulting in a unique and differentiated product experience. On the other hand, these products take too long to monetize.</p><p>NetEase Youdao and NetEase Cloud Music only earn reputation, not money. The former has suffered losses of 4.4 billion yuan since 2018, while the latter has lost 9.3 billion yuan. Moreover, the market size of both of them is far smaller than that of games.</p><p>Therefore, each of NetEase's financial reports can be summarized as the gaming business pulling together a bunch of idiots.</p><p>Ding Lei once said that his family's business was good enough and there was no need to take any more risks. NetEase only invests in areas it is familiar with and interested in. This could perhaps be understood as NetEase finding it difficult to find an industry better than its own business. The truth is, NetEase's gaming business itself is a powerful cash-harvesting machine.</p><p>Ding Lei is rational, focused, and restrained enough. Its composure, ease, and frankness towards the outside world actually reflect NetEase's mentality of \"winning easily\" through games for many years.</p><p>At the same time, in its long-term efforts to make money passively, NetEase has also lacked the drive unique to internet companies. This seems like a disadvantage when the industry is growing rapidly and expanding its market share. However, when the industry's growth rate slows down and goes downhill, NetEase appears healthier and more stable. A clear example is that amidst the crash of Chinese concept stocks, NetEase was one of the most resilient in terms of stock price decline.</p><p><b>Atypical Internet company</b></p><p>We missed the opportunity, but we also eliminated the risks.</p><p>Ding Lei and NetEase, which he founded, are both unconventional figures in the internet industry.</p><p>He doesn't compete, doesn't take sides, doesn't form alliances, doesn't join in the fun, and doesn't follow trends. In the internet world where speed is everything, he insists on winning slowly and being the first to catch up.</p><p>Houchang Village in Shangdi, Beijing, is known as the center of China's internet industry. It is home to internet companies such as Tencent, Sina, Baidu, and Kuaishou. However, unlike its brightly lit and bustling neighbors, NetEase always seems a little out of place.</p><p>In a conversation with Wu Xiaobo, Ding Lei bluntly stated, \"Those current trends are just a whirlwind.\" He also showed no interest in the so-called internet investment spectrum. As a result, NetEase missed out on so-called \"golden opportunities\" in the sharing economy, O2O, internet finance, short videos, and so on.</p><p><img src=\"https://static.tigerbbs.com/29acd7c2cc55f7bc2075dffb605036f0\" tg-width=\"550\" tg-height=\"352\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Dialogue between Ding Lei and Wu Xiaobo</p><p>Today, the growth in internet users has completely disappeared, the boom has faded, and a real winter has arrived. Under the influence of factors such as regulation, anti-monopoly investigations, the pandemic, and sluggish consumption, once benchmark companies have lost their high-growth magic.</p><p>The driving forces that once boosted stock prices have instantly become \"powerful weapons\" that devour profits and market capitalization.</p><p>Alibaba reported a net loss of 22.467 billion yuan in the third quarter due to a sharp decline in the value of its shares in listed companies. Tencent chose to pair its investments with JD.com and Meituan through dividends, but it still holds a large number of stocks that have plummeted.</p><p>We missed the opportunity, but we also eliminated the risks and preserved our ammunition. Today's NetEase is the envy of its neighbors.</p><p>In the third quarter, NetEase's total revenue was 24.4 billion yuan, an increase of 10% year-on-year; Net profit attributable to the parent company reached 6.7 billion yuan, an increase of more than 1.1 times year-on-year. Of course, this includes 1.3 billion yuan in equity disposal gains and the impact of US dollar cash appreciation. A more realistic profitability indicator is operating profit of 4.7 billion yuan, a year-on-year increase of 26%, exceeding most peers.</p><p>In the current fierce internet downturn, such performance is remarkable. Ding Lei's long-term steady and strong performance has kept him at the top of the rich list for more than 20 years. The Chinese internet has gone through nearly 30 years, with ups and downs, new people coming and going, and it remains the same.</p><p>In the 2022 Hurun Rich List, Ding Lei ranked as the sixth richest person in China with a fortune of 195 billion yuan, an increase of 24 billion yuan, moving up 8 places from last year, making him the entrepreneur with the highest increase among the top ten richest people.</p><p><b>At the end</b></p><p>Zhou Hongyi once said that Ding Lei is the only person in the internet industry who is not anxious; he has his own way of playing.</p><p>Wu Xiaobo said that almost none of the wealthy people he has met are truly happy. Under further questioning, he added, \"Oh, there is one, Ding Lei.\"</p><p>By winning slowly and avoiding large-scale investments, Ding Lei has become more composed in the current internet downturn. Compared to his peers, he gave up many things—mainly the temptation of opportunity and greater wealth. But it was precisely these sacrifices that brought him the kind of happiness that was recognized by Zhou Hongyi and Wu Xiaobo.</p><p>The other side of the coin is that while relying on games, NetEase's other businesses have struggled to gain traction. Ding Lei has been strategizing at his own pace, but industry opportunities are also slipping away from him at his own pace.</p><p>Under the \"new normal\" of low internet growth, Ding Lei's dream of \"recreating NetEase\" is actually a long way off. But the NetEase in front of us is enough to make countless entrepreneurs envious.</p><p></body></html></p>","source":"lsy1642045066006","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>China's sixth richest man suffered a minor setback.</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\">\nChina's sixth richest man suffered a minor setback.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">巨潮WAVE</strong><span class=\"h-time small\">2022-11-30 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>By Xie Zefeng</p><p>In 2003, 32-year-old Ding Lei became China's richest man, achieving a \"glory\" that other entrepreneurs could hardly match.</p><p>Besides Ding Lei, only Huang Guangyu and Chen Tianqiao have received such an honor around the age of 30.</p><p>It's worth noting that back then, Jack Ma and Lei Jun were just young people making their mark, Robin Li was still renting a place in the Peking University Resources Hotel to start his own business, and Tencent, founded by Ma Huateng, wouldn't go public until the following year.</p><p>After becoming famous, Ding Lei did not stop experimenting. He started raising pigs, playing music, and entering e-commerce. But what really made him make a fortune every day was the online games he started in 2001.</p><p>Even today, games still contribute over 70% of NetEase's revenue and nearly 90% of its gross profit. Although Ding Lei started with portal websites and email businesses, and these two types of businesses constitute the widest C-end recognition, games are the cornerstone of his business empire.</p><p>NetEase has made a fortune through games, thus becoming a unique presence in China's internet industry. Although Ding Lei claims that wealth can only bring him 5% of happiness, NetEase can only expand into other fields with the support of its gaming business.</p><p><img src=\"https://static.tigerbbs.com/2d49a3c45ff65a26df936728ee7739a7\" tg-width=\"550\" tg-height=\"345\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The recent breakup with Blizzard can only be described as a minor setback for Ding Lei, which was neither painful nor itchy. In terms of performance contribution, Blizzard Games' revenue to NetEase is not significant.</p><p>In the capital market, investors reacted strongly and overwhelmingly, causing NetEase's stock price to fall sharply. Clearly, overseas capital doesn't understand NetEase very well. The sell-off by many investors is more related to the overall predicament facing Chinese concept stocks.</p><p><b>You can break up</b></p><p>NetEase's revenue from distributing Blizzard games is approximately 4 billion yuan, accounting for only 8% of game revenue and less than 5% of total revenue. As a generation's youthful memory, the symbolic significance of games distributed by Blizzard today may outweigh their substantive meaning.</p><p>According to NetEase's financial report, revenue from games licensed by third-party developers accounted for only 7.5%, 9.1% and 9.5% of total net revenue in 2019, 2020 and 2021, respectively.</p><p>In addition to Blizzard, NetEase also distributes games from companies such as Marvel's Guardians of the Galaxy and Spider-Man, Microsoft's Minecraft, and Warner Bros. Entertainment.</p><p>For Blizzard, the Chinese market is not so indispensable. Blizzard has pointed out that agency revenue in China only accounts for 15% of their revenue, which is 3% of the entire Activision Blizzard. Based on Blizzard's total revenue of $1.83 billion in 2021, a 50% revenue share would correspond to around 4 billion yuan in revenue from NetEase's distribution of Blizzard games, accounting for only 8% of game revenue and less than 5% of total revenue.</p><p><img src=\"https://static.tigerbbs.com/ef572436c34cdd0634f5a4cde01ddc44\" tg-width=\"550\" tg-height=\"100\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Unit: thousands of RMB, Source: NetEase 2021 Financial Report</p><p>It has to be said that game distribution is indeed a \"hard job\". On the one hand, it needs to compete with powerful international giants like Blizzard; on the other hand, it also needs to do everything possible to provide high-quality game services to Chinese players.</p><p>In addition to Blizzard's annual licensing fee of over 300 million yuan, NetEase must also commit to investing heavily in servers, broadband services, and capital expenditures each year in the future. In 2022 alone, it reached 4.3 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/e387341a40e5ed74227d13ee26400c68\" tg-width=\"550\" tg-height=\"263\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Source: NetEase 2021 Financial Report</p><p>In this situation, NetEase's monthly passes (the fees charged to players) are generally lower than those in other parts of the world, while Blizzard still takes half of the revenue and profits. NetEase could only provide services for 14 years despite high operating costs.</p><p>In response to Blizzard's unilateral \"breakup\" announcement, Ding Lei stated at the Q3 investor conference that NetEase very much hopes to continue distributing Blizzard games and has made a lot of efforts in this regard. \"However, the difficulty of negotiations in the past period has far exceeded NetEase's expectations. The cooperation terms proposed by Activision Blizzard are unacceptable.\"</p><p>It is rumored that Blizzard has proposed a \"sky-high price\" condition—including more than 50% revenue and net profit sharing, game pricing synchronized with global pricing, and NetEase will only enjoy the revenue sharing rights in China for mobile games based on Blizzard IPs developed by NetEase in the future.</p><p>Some commentators have said that this is tantamount to asking NetEase to \"work for nothing,\" and that Blizzard is indeed bullying its customers and has an ugly business ethic.</p><p>Even if Ding Lei accepted such conditions, NetEase's investors would not agree.</p><p>Of course, when NetEase chose to become a distributor for Blizzard Games, it was definitely not because of the meager \"salary\". Ding Lei's long-term goal is to tap into the gold mine of Blizzard IP and help himself achieve 50% internationalization.</p><p>For example, the cooperation model for the mobile game Diablo Immortal is a separate agreement, which is not affected by this contract termination controversy. This game also contributed a significant amount of revenue to NetEase in Q3.</p><p>As a result, NetEase's stock price once plummeted, largely due to market concerns about uncertainty and emotional outbursts. The termination of this cooperation will have a far greater impact on players than on NetEase's performance.</p><p>Over the past 14 years, Blizzard has declined, while NetEase has become China's second-largest game company after Tencent.</p><p>More importantly, backed by hundreds of millions of \"gamers\" and twenty years of game development experience, NetEase already had the confidence to \"break up\" with Blizzard.</p><p><b>An indispensable game</b></p><p>A high-horsepower cash harvester.</p><p>Although NetEase is not afraid of Blizzard's departure, it is now inseparable from games.</p><p>In the third quarter, NetEase's net revenue was 24.4 billion yuan, of which game and related revenue was 18.7 billion yuan, accounting for as much as 77%. Considering that NetEase Youdao and NetEase Cloud Music are still operating at a loss, almost all of NetEase's profits come from games.</p><p>Games are not only the backbone of NetEase, but also provide it with a continuous stream of ammunition to expand into other businesses. Ding Lei once listed games, e-commerce, education, and music as NetEase's four major strategic deployments. In 2016, he even ambitiously stated that he would \"recreate NetEase\" within 3-5 years through businesses such as NetEase Koala and NetEase Yanxuan.</p><p><img src=\"https://static.tigerbbs.com/891f6e0f65c900c4f122f556e07583e1\" tg-width=\"550\" tg-height=\"288\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>NetEase e-commerce's \"small but beautiful\" business model is a beautiful dream, but the reality is cruel. Excessive investment, high costs, and low supply chain efficiency are all squeezing NetEase's profit margins.</p><p>In September 2019, NetEase sold Koala to Alibaba for $2 billion, but it is no longer heavily used by Alibaba. NetEase Yanxuan's voice has weakened against the backdrop of the rise of Kuaishou e-commerce and ByteDance e-commerce, and it has become a \"discarded pawn\" from a \"high-ranking official\" on whom Ding Lei had high hopes. Nowadays, the business lines divided in NetEase's financial reports are no longer categorized as \"e-commerce,\" but are instead grouped under other businesses.</p><p>After more than a decade of twists and turns, NetEase still relies heavily on games. In the third quarter, amid a shortage of game licenses and intensified game competition, Tencent's gaming revenue was approximately RMB 42.9 billion, a year-on-year decrease of 4%. NetEase Games' net revenue was 18.7 billion yuan, a year-on-year increase of 9.1%.</p><p><img src=\"https://static.tigerbbs.com/fbad035060f7680a34889a394b7c602c\" tg-width=\"550\" tg-height=\"394\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As for NetEase's other businesses, they are still operating at a loss. As a top-tier \"product manager\" recognized in the industry, Ding Lei's products are always imbued with idealism and simplicity, resulting in a unique and differentiated product experience. On the other hand, these products take too long to monetize.</p><p>NetEase Youdao and NetEase Cloud Music only earn reputation, not money. The former has suffered losses of 4.4 billion yuan since 2018, while the latter has lost 9.3 billion yuan. Moreover, the market size of both of them is far smaller than that of games.</p><p>Therefore, each of NetEase's financial reports can be summarized as the gaming business pulling together a bunch of idiots.</p><p>Ding Lei once said that his family's business was good enough and there was no need to take any more risks. NetEase only invests in areas it is familiar with and interested in. This could perhaps be understood as NetEase finding it difficult to find an industry better than its own business. The truth is, NetEase's gaming business itself is a powerful cash-harvesting machine.</p><p>Ding Lei is rational, focused, and restrained enough. Its composure, ease, and frankness towards the outside world actually reflect NetEase's mentality of \"winning easily\" through games for many years.</p><p>At the same time, in its long-term efforts to make money passively, NetEase has also lacked the drive unique to internet companies. This seems like a disadvantage when the industry is growing rapidly and expanding its market share. However, when the industry's growth rate slows down and goes downhill, NetEase appears healthier and more stable. A clear example is that amidst the crash of Chinese concept stocks, NetEase was one of the most resilient in terms of stock price decline.</p><p><b>Atypical Internet company</b></p><p>We missed the opportunity, but we also eliminated the risks.</p><p>Ding Lei and NetEase, which he founded, are both unconventional figures in the internet industry.</p><p>He doesn't compete, doesn't take sides, doesn't form alliances, doesn't join in the fun, and doesn't follow trends. In the internet world where speed is everything, he insists on winning slowly and being the first to catch up.</p><p>Houchang Village in Shangdi, Beijing, is known as the center of China's internet industry. It is home to internet companies such as Tencent, Sina, Baidu, and Kuaishou. However, unlike its brightly lit and bustling neighbors, NetEase always seems a little out of place.</p><p>In a conversation with Wu Xiaobo, Ding Lei bluntly stated, \"Those current trends are just a whirlwind.\" He also showed no interest in the so-called internet investment spectrum. As a result, NetEase missed out on so-called \"golden opportunities\" in the sharing economy, O2O, internet finance, short videos, and so on.</p><p><img src=\"https://static.tigerbbs.com/29acd7c2cc55f7bc2075dffb605036f0\" tg-width=\"550\" tg-height=\"352\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Dialogue between Ding Lei and Wu Xiaobo</p><p>Today, the growth in internet users has completely disappeared, the boom has faded, and a real winter has arrived. Under the influence of factors such as regulation, anti-monopoly investigations, the pandemic, and sluggish consumption, once benchmark companies have lost their high-growth magic.</p><p>The driving forces that once boosted stock prices have instantly become \"powerful weapons\" that devour profits and market capitalization.</p><p>Alibaba reported a net loss of 22.467 billion yuan in the third quarter due to a sharp decline in the value of its shares in listed companies. Tencent chose to pair its investments with JD.com and Meituan through dividends, but it still holds a large number of stocks that have plummeted.</p><p>We missed the opportunity, but we also eliminated the risks and preserved our ammunition. Today's NetEase is the envy of its neighbors.</p><p>In the third quarter, NetEase's total revenue was 24.4 billion yuan, an increase of 10% year-on-year; Net profit attributable to the parent company reached 6.7 billion yuan, an increase of more than 1.1 times year-on-year. Of course, this includes 1.3 billion yuan in equity disposal gains and the impact of US dollar cash appreciation. A more realistic profitability indicator is operating profit of 4.7 billion yuan, a year-on-year increase of 26%, exceeding most peers.</p><p>In the current fierce internet downturn, such performance is remarkable. Ding Lei's long-term steady and strong performance has kept him at the top of the rich list for more than 20 years. The Chinese internet has gone through nearly 30 years, with ups and downs, new people coming and going, and it remains the same.</p><p>In the 2022 Hurun Rich List, Ding Lei ranked as the sixth richest person in China with a fortune of 195 billion yuan, an increase of 24 billion yuan, moving up 8 places from last year, making him the entrepreneur with the highest increase among the top ten richest people.</p><p><b>At the end</b></p><p>Zhou Hongyi once said that Ding Lei is the only person in the internet industry who is not anxious; he has his own way of playing.</p><p>Wu Xiaobo said that almost none of the wealthy people he has met are truly happy. Under further questioning, he added, \"Oh, there is one, Ding Lei.\"</p><p>By winning slowly and avoiding large-scale investments, Ding Lei has become more composed in the current internet downturn. Compared to his peers, he gave up many things—mainly the temptation of opportunity and greater wealth. But it was precisely these sacrifices that brought him the kind of happiness that was recognized by Zhou Hongyi and Wu Xiaobo.</p><p>The other side of the coin is that while relying on games, NetEase's other businesses have struggled to gain traction. Ding Lei has been strategizing at his own pace, but industry opportunities are also slipping away from him at his own pace.</p><p>Under the \"new normal\" of low internet growth, Ding Lei's dream of \"recreating NetEase\" is actually a long way off. But the NetEase in front of us is enough to make countless entrepreneurs envious.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/csj/2022-11-30/doc-imqqsmrp8074683.shtml\">巨潮WAVE</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/24aab5ed8966e670e5723a823f6bd617","relate_stocks":{"09999":"网易","NTES":"网易"},"source_url":"https://finance.sina.com.cn/tech/csj/2022-11-30/doc-imqqsmrp8074683.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198215522","content_text":"文/谢泽锋2003年，32岁的丁磊登顶中国首富，他拥有了其他企业家难以企及的“荣耀”。30岁左右就能获得如此殊荣的，除了丁磊，只有黄光裕和陈天桥。要知道，那一年的马云、雷军还只是初露锋芒的年轻人，李彦宏还挤在北大资源宾馆里租房创业，马化腾创办的腾讯也要等到后一年才上市。成名之后，丁磊并没停止折腾，他搞养猪，玩音乐，入局电商，但真正让他日赚斗金的，仍然是2001年布局的网络游戏。时至当下，游戏仍然为网易贡献着超七成的收入，近九成的毛利润。虽然丁磊以门户网站、邮箱业务起家，也由这两类业务构成了最广泛的C端认知，但游戏才是其商业帝国的基石。靠着游戏，网易大赚特赚，也由此成为中国互联网界独特的存在。尽管丁磊声称财富只能为他带来5%的快乐，但网易只有在游戏业务的输血之下，才有向其他领域延伸的可能。近期与暴雪的分手，也只能说是丁磊栽的一个小跟头，不痛不痒。因为从业绩贡献度来看，暴雪游戏给网易带来的收益实在不算大。资本市场上，投资者对此的反应一度强烈巨大，网易股价因此大幅下跌。显然，海外资本并不是那么的了解网易。很多投资者的抛售，更多和中概股所面对的整体困境有系。可以分手网易代理暴雪游戏收入约40亿元左右，仅占游戏收入的8%，占总收入的5%不到。作为一代人的青春记忆，如今代理暴雪的游戏，其象征意义可能大于实质意义。根据网易财报，第三方开发商授权的游戏收入，在2019年、2020年及2021年仅占总净收入的7.5%、9.1%及9.5%。除了暴雪，网易代理的游戏还包括漫威的《银河护卫队》、《超能蜘蛛侠》，微软的《Minecraft》（我的世界）以及华纳兄弟娱乐等公司的作品。而对于暴雪来说，中国市场也没有那么不可或缺。暴雪方面曾指出，中国区的代理收入只占他们的15%，即整个动视暴雪的3%。按照2021年暴雪18.3亿美元的总收入来计算，50%的分成比例，对应网易代理暴雪游戏收入应该在40亿元左右，仅占游戏收入的8%，占总收入的5%不到。单位：千元人民币，来源：网易2021年财报不得不说，游戏代理属实是一件“苦力活”。一方面，要和暴雪等强势的国际巨头周旋，另一方面也要想尽办法，为中国玩家提供高品质的游戏服务。除了每年3亿多的暴雪代理费外，网易还要承诺未来每年投入不菲的服务器、宽带服务开支以及资本性支出。其中，2022年就高达43亿元。来源：网易2021年财报这种情况下，网易的月卡（向玩家收取的费用）价格普遍低于全球其他地区，而暴雪还要拿走一半的收入和利润。网易只能顶着高运营成本，提供了长达14年的服务。面对暴雪单方面的“分手”声明，在Q3投资者交流会上，丁磊回应称，网易非常希望继续代理暴雪游戏，并为此付出了非常多的努力，“但过去一段时间，谈判难度远超出网易方面的预期。动视暴雪提出的合作条款，是不可接受的。”据传，暴雪方面提出了“天价”条件——包括50%以上的收入和净利润分成，游戏定价与全球同步，而且未来网易研发的基于暴雪IP的手游，网易仅享有中国区的分成权。有评论称，这无异于要求网易“打白工”，暴雪着实有些店大欺客，吃相难看。这样的条件，即便是丁磊接受了，网易的投资者们也不会答应。当然，网易选择代理暴雪游戏，看上的肯定不是那点微薄的“工资”。丁磊的长远目标，是希望挖掘暴雪IP的金矿，并且帮助自己实现50%国际化的目标。比如，手游《暗黑破坏神：不朽》的合作方式，就是单独签订的协议，并不受此次解约风波影响。而这款游戏也在Q3为网易贡献了颇多流水。因此，网易股价一度因此大跌，更多的是市场对不确定的担忧，以及情绪的宣泄导致。本次合作中止，对玩家的影响要远大于对网易业绩的影响。14年间，暴雪江河日下，而网易已非吴下阿蒙，它已是仅次于腾讯的中国第二大游戏公司。更重要的是，背靠数亿“游戏人口”，和二十年的游戏开发经验，网易早就有了和暴雪“分手”的底气。离不开的游戏一台大马力的现金收割机。网易虽不惧暴雪的转身离去，但当今的网易早已离不开游戏。第三季度，网易净营收244亿元，游戏及相关收入为187亿元，占比高达77%；考虑到网易有道和网易云音乐还处于亏损阶段，网易的利润几乎全部由游戏贡献。游戏不仅是网易的顶梁柱，更是为其开拓其他业务输送源源不断的弹药。丁磊曾将游戏、电商、教育、音乐列为网易的四大战略部署，甚至在2016年雄心满满地表示，3-5年内通过网易考拉、网易严选等业务“再造一个网易”。网易电商“小而美”的商业模式，梦想很美好，但现实很残酷。过重的投入，过高的成本，以及较低的供应链效率，都在挤压着网易的利润空间。2019年9月，网易以20亿美金将考拉海购卖给阿里巴巴，但如今也不被阿里重用；网易严选则是在快手电商、字节电商崛起的背景下声量减弱，从丁磊寄予厚望的“重臣”沦为“弃子”。如今网易财报中划分的业务条线中，已经没有“电商”的分类，而是被归入其他业务。兜兜转转十几载，网易仰仗的还是游戏。第三季度，在版号“断供”及游戏竞争加剧的背景下，腾讯游戏业务收入约429亿元，同比下滑4%；而网易游戏净收入187亿元，同比上涨9.1%。至于网易的其他业务，仍在亏损。作为业内公认的顶级“产品经理”，丁磊经手的产品，总是裹挟着理想主义和朴素情怀，产品体验独树一帜，具有较强的差异化；但另一方面，这些产品的变现时间过长。网易有道和网易云音乐只赚口碑不赚钱。前者自2018年以来，亏损44亿元，后者则流血93亿元。而且两者所在的市场体量，还远不及游戏。所以网易的每次财报，都可以总结为游戏业务一把屎一把尿地拉扯“一群阿斗”。丁磊曾表示，自己家的业务足够好了，没有必要再去冒险。网易只投资自己熟悉和感兴趣的领域。这或许可以理解为，网易难以寻找到比自身业务更加优秀的行业。而事实就是，网易的游戏业务本身就是一台大马力的现金收割机。丁磊足够理智、专注和克制。其对外界表现出的怡然自得和从容率真，其实也是网易多年靠游戏“躺赢”的心态流露。与此同时，在长期的躺赚之中，网易也缺少了互联网企业特有的冲劲儿。这在行业野蛮成长跑马圈地时看似是个劣势。但当行业增速放缓、走向下坡路的时候，网易就显得更加健康平稳。一个明显的例证就是，在中概股溃败的狂潮中，网易是其中股价最抗跌者之一。非典型互联网公司错过了风口，但也剔除了风险。丁磊和他创办的网易，在互联网圈都是一股非主流的存在。不争不抢，不站队，不搞联盟，不凑热闹，不赶时髦，唯快不破的互联网江湖，他偏偏追求以慢制胜，后发先至。北京上地“后厂村”，被称为中国互联网的中心，这里聚集了腾讯、新浪、百度、快手等等互联网企业，但与这些灯火通明、人声鼎沸的邻居们不同，网易总是有一点格格不入的样子。在与吴晓波的一次对话中，丁磊很直白地表示“那些时下流行的风口，只不过是一阵妖风。”更对所谓的互联网投资谱系毫无兴趣。网易因此错过了共享经济、O2O、互联网金融、短视频等等所谓的“黄金机遇”。丁磊与吴晓波的对话时至今日，互联网用户的增量消失殆尽，风口褪去，实质意义上的寒冬已经到来。在监管、反垄断调查、疫情、消费低迷等因素的影响下，曾经的标杆企业们纷纷失去了高增长魔力。而那些曾经助推股价蹿升的推进器，也瞬间变为吞噬利润和市值的“大杀器”。由于所持上市公司股权价值大幅下挫，阿里巴巴第三季度净亏损高达224.67亿元；腾讯选择以分红方式几乎了结对京东和美团的投资，但手里还有大量惨跌的股票。错过了风口，但也剔除了风险，保留了弹药。如今的网易，足够邻居们羡慕。第三季度，网易总营收244亿元，同比增加10%；归母净利润达到67亿元，同比增长超1.1倍。当然，这其中包括13亿的股权处置收益及美元现金增值影响，更真实的盈利能力指标经营利润为47亿元，同比增长26%，超过了大多数同行。当下凌冽的互联网寒风中，这样的表现令人侧目。长期稳健强势的业绩表现，令丁磊20多年稳居富豪榜前列。中国互联网走过近30年，潮起潮落，新人来旧人去，他还是他。《2022胡润百富榜》中，丁磊以1950亿财富值位居中国第六大富豪，身价上涨了240亿元，比去年前进了8个名次，是前十大富豪中上升幅度最高的企业家。写在最后周鸿祎曾说，丁磊是互联网界唯一不焦虑的人，他有自己的玩法。吴晓波则是说，自己见过的大富豪中几乎没有一个是真快乐。在追问之下，他又补充了一句：“哦，是有一个，丁磊。”以慢制胜，不大规模撒钱投资，让丁磊在如今的互联网寒冬中更加从容。相比其他同行，他舍弃过很多东西——主要是机会和更多财富的诱惑。但正是这些舍弃，让他获得了被周鸿祎和吴晓波认可的那种快乐。而硬币的另一面则在于，对游戏依赖的同时，网易的其他业务一直难以形成气候。丁磊一直在以自己的节奏布局，但行业的机会也在按照自己的节奏，从丁磊面前溜走。互联网低增长的“新常态”下，丁磊心目中“再造网易”的梦想其实已经遥遥无期。但眼前的这个网易，已足够让无数企业家羡慕不已了。","news_type":1,"symbols_score_info":{"NTES":0.9,"09999":0.9}},"isVote":1,"tweetType":1,"viewCount":988,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962562272,"gmtCreate":1669809650797,"gmtModify":1676538247685,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962562272","repostId":"1178477450","repostType":4,"isVote":1,"tweetType":1,"viewCount":1090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962648710,"gmtCreate":1669773611130,"gmtModify":1676538240258,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962648710","repostId":"2287795435","repostType":4,"repost":{"id":"2287795435","kind":"highlight","pubTimestamp":1669734185,"share":"https://ttm.financial/m/news/2287795435?lang=en_US&edition=fundamental","pubTime":"2022-11-29 23:03","market":"hk","language":"zh","title":"Real estate stocks experience an epic surge","url":"https://stock-news.laohu8.com/highlight/detail?id=2287795435","media":"华尔街见闻","summary":"翻身了。","content":"<p><html><head></head><body>The real estate sector, which has been sluggish for a long time, has not seen such a scene in a long time.</p><p>On November 29th, first<a href=\"https://laohu8.com/S/000736\">China Communications Real Estate</a>、<a href=\"https://laohu8.com/S/600657\">Cinda Real Estate</a>Small and mid-cap real estate stocks hit their daily limit. Subsequently, before the midday close, leading real estate companies such as Vanke, Gemdale, and Greentown hit their daily limit.<a href=\"https://laohu8.com/S/600048\">Poly Developments</a>It also hit the daily limit at one point during the session, closing up 9.61%. The entire A-share real estate sector rose 7.07% intraday, leading the gains in A-shares, with 40 stocks in the sector hitting their daily limit.</p><p>Regarding Hong Kong stocks,<a href=\"https://laohu8.com/S/01109\">CR Land</a>Real estate companies such as Longfor and China Overseas also led the gains in the sector, with individual stocks rising by more than 6%. Including<a href=\"https://laohu8.com/S/02007\">Country Garden</a>Several real estate companies, including Shimao, CIFI, and Sino-Ocean, have had their domestic bonds temporarily suspended.</p><p>The last time Vanke hit the daily limit was two weeks ago, when rumors of the introduction of the \"Sixteen Financial Measures\" caused the entire real estate sector to surge by 5%. This time, however, the capital market was even more volatile. Apart from leading real estate companies such as Vanke hitting their daily limit, the overall increase was quite significant.</p><p>Looking at a longer timeline, in the past five years, the real estate sector has only seen a rise of more than 7% once, in 2020. However, the market was hot at the time, with the Shanghai Composite Index rising by more than 25% in just three months. The rise in the real estate sector was nothing more than a so-called undervaluation correction following the rise in the banking and securities sectors. This is completely different from the current market situation.</p><p>The direct reason for the unprecedented \"epic surge\" in the real estate sector is that a spokesperson for the China Securities Regulatory Commission (CSRC) announced on November 28 that it would adjust the real estate equity financing policy, allow real estate companies to restructure and list on the A-share market, and restore their refinancing channels in the A-share market.</p><p>The A-share listing, which had almost stalled after the introduction of the \"New Ten Measures\" in 2010, suddenly became easier. Real estate tycoons such as Xu Jiayin, chairman of Evergrande, and Wang Jianlin, chairman of Wanda Group, tried every means to break through but were unable to do so.</p><p>This has further facilitated financing channels for real estate companies. Following the trillions of yuan in credit support provided by multiple banks to real estate companies and the continuous expansion of bond financing support tools for real estate companies, the \"third arrow,\" namely equity financing, has also been fired.</p><p>Currently, on the financing side of real estate companies, the \"three arrows\" of loan financing, bond financing, and equity financing have all successively introduced policies.</p><p>Compared to loan financing and bond financing support, the China Securities Regulatory Commission's relaxation of restrictions on real estate companies' refinancing this time has a broader coverage, and the beneficiaries are no longer just some leading and high-quality real estate companies.</p><p>This is also reflected in the market. The first to hit the daily limit were small and medium-sized real estate companies such as China Communications Real Estate and Cinda Real Estate, which are the most direct beneficiaries of the liberalization of equity financing. By refinancing through private means, these real estate companies can raise a significant amount of funds to use in their policy-supported real estate businesses.</p><p>Like Cinda Real Estate, backed by<a href=\"https://laohu8.com/S/01359\">China Cinda</a>This big tree has simultaneously acquired a lot of project resources against the backdrop of Cinda Group disposing of non-performing assets and helping real estate companies overcome difficulties. In terms of project relief for troubled real estate companies, including Kaisa Group, Cinda Real Estate has already intervened through construction management and other means.</p><p>However, in addition to the rise of these small and medium-sized real estate companies, leading real estate companies will also benefit from the implementation of policies. Including<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>Institutions including those with high credit ratings pointed out that if real estate companies successfully obtain financing, they are likely to further consolidate their market position. Furthermore, as the balance sheets of high-quality real estate companies recover, industry chain expectations will be further stabilized, and asset prices will also stabilize, providing material conditions for future industry mergers and acquisitions.</p><p>In other words, mergers and acquisitions, which have been long-awaited in the market over the past year but have rarely occurred, will also be supported by this policy opening. Leading real estate companies such as China Overseas and China Resources Land will also take bigger steps in mergers and acquisitions.</p><p>This is similar to today's market reaction. The capital market votes with its feet and uses changes in stock prices to directly reflect the reshaping of the entire real estate industry landscape.</p><p>just as<a href=\"https://laohu8.com/S/601995\">CICC</a>It was pointed out that this policy adjustment is a milestone event for the real estate industry. This will help boost market confidence in the short term and stabilize fundamentals in the medium to long term.</p><p>Today, the expectations of the capital market have changed with this \"epic\" surge, and there are more policies to look forward to on the consumer side, such as lower interest rates.</p><p>As policies continue to be implemented, the credit of more real estate companies will be restored, consumers and institutions will regain their confidence in real estate companies, and the real estate market will eventually embark on a path of stable and healthy development.</p><p></body></html></p>","source":"wallstreetcn_api","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>Real estate stocks experience an epic surge</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\">\nReal estate stocks experience an epic surge\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-11-29 23:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The real estate sector, which has been sluggish for a long time, has not seen such a scene in a long time.</p><p>On November 29th, first<a href=\"https://laohu8.com/S/000736\">China Communications Real Estate</a>、<a href=\"https://laohu8.com/S/600657\">Cinda Real Estate</a>Small and mid-cap real estate stocks hit their daily limit. Subsequently, before the midday close, leading real estate companies such as Vanke, Gemdale, and Greentown hit their daily limit.<a href=\"https://laohu8.com/S/600048\">Poly Developments</a>It also hit the daily limit at one point during the session, closing up 9.61%. The entire A-share real estate sector rose 7.07% intraday, leading the gains in A-shares, with 40 stocks in the sector hitting their daily limit.</p><p>Regarding Hong Kong stocks,<a href=\"https://laohu8.com/S/01109\">CR Land</a>Real estate companies such as Longfor and China Overseas also led the gains in the sector, with individual stocks rising by more than 6%. Including<a href=\"https://laohu8.com/S/02007\">Country Garden</a>Several real estate companies, including Shimao, CIFI, and Sino-Ocean, have had their domestic bonds temporarily suspended.</p><p>The last time Vanke hit the daily limit was two weeks ago, when rumors of the introduction of the \"Sixteen Financial Measures\" caused the entire real estate sector to surge by 5%. This time, however, the capital market was even more volatile. Apart from leading real estate companies such as Vanke hitting their daily limit, the overall increase was quite significant.</p><p>Looking at a longer timeline, in the past five years, the real estate sector has only seen a rise of more than 7% once, in 2020. However, the market was hot at the time, with the Shanghai Composite Index rising by more than 25% in just three months. The rise in the real estate sector was nothing more than a so-called undervaluation correction following the rise in the banking and securities sectors. This is completely different from the current market situation.</p><p>The direct reason for the unprecedented \"epic surge\" in the real estate sector is that a spokesperson for the China Securities Regulatory Commission (CSRC) announced on November 28 that it would adjust the real estate equity financing policy, allow real estate companies to restructure and list on the A-share market, and restore their refinancing channels in the A-share market.</p><p>The A-share listing, which had almost stalled after the introduction of the \"New Ten Measures\" in 2010, suddenly became easier. Real estate tycoons such as Xu Jiayin, chairman of Evergrande, and Wang Jianlin, chairman of Wanda Group, tried every means to break through but were unable to do so.</p><p>This has further facilitated financing channels for real estate companies. Following the trillions of yuan in credit support provided by multiple banks to real estate companies and the continuous expansion of bond financing support tools for real estate companies, the \"third arrow,\" namely equity financing, has also been fired.</p><p>Currently, on the financing side of real estate companies, the \"three arrows\" of loan financing, bond financing, and equity financing have all successively introduced policies.</p><p>Compared to loan financing and bond financing support, the China Securities Regulatory Commission's relaxation of restrictions on real estate companies' refinancing this time has a broader coverage, and the beneficiaries are no longer just some leading and high-quality real estate companies.</p><p>This is also reflected in the market. The first to hit the daily limit were small and medium-sized real estate companies such as China Communications Real Estate and Cinda Real Estate, which are the most direct beneficiaries of the liberalization of equity financing. By refinancing through private means, these real estate companies can raise a significant amount of funds to use in their policy-supported real estate businesses.</p><p>Like Cinda Real Estate, backed by<a href=\"https://laohu8.com/S/01359\">China Cinda</a>This big tree has simultaneously acquired a lot of project resources against the backdrop of Cinda Group disposing of non-performing assets and helping real estate companies overcome difficulties. In terms of project relief for troubled real estate companies, including Kaisa Group, Cinda Real Estate has already intervened through construction management and other means.</p><p>However, in addition to the rise of these small and medium-sized real estate companies, leading real estate companies will also benefit from the implementation of policies. Including<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>Institutions including those with high credit ratings pointed out that if real estate companies successfully obtain financing, they are likely to further consolidate their market position. Furthermore, as the balance sheets of high-quality real estate companies recover, industry chain expectations will be further stabilized, and asset prices will also stabilize, providing material conditions for future industry mergers and acquisitions.</p><p>In other words, mergers and acquisitions, which have been long-awaited in the market over the past year but have rarely occurred, will also be supported by this policy opening. Leading real estate companies such as China Overseas and China Resources Land will also take bigger steps in mergers and acquisitions.</p><p>This is similar to today's market reaction. The capital market votes with its feet and uses changes in stock prices to directly reflect the reshaping of the entire real estate industry landscape.</p><p>just as<a href=\"https://laohu8.com/S/601995\">CICC</a>It was pointed out that this policy adjustment is a milestone event for the real estate industry. This will help boost market confidence in the short term and stabilize fundamentals in the medium to long term.</p><p>Today, the expectations of the capital market have changed with this \"epic\" surge, and there are more policies to look forward to on the consumer side, such as lower interest rates.</p><p>As policies continue to be implemented, the credit of more real estate companies will be restored, consumers and institutions will regain their confidence in real estate companies, and the real estate market will eventually embark on a path of stable and healthy development.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676184\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/58c69408b096e1ffddb79e1de5762142","relate_stocks":{"000736":"中交发展","02007":"碧桂园"},"source_url":"https://wallstreetcn.com/articles/3676184","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2287795435","content_text":"低迷许久的地产板块，已经很久没有看到过这样的场景了。11月29日，先是中交地产、信达地产等中小市值的地产股一字涨停。随后在午盘收盘前，万科、金地和绿城等龙头房企封住涨停。保利发展盘中也一度涨停，至收盘涨9.61%。整个A股房地产板块日内上涨了7.07%，领涨A股，板块内40只股票涨停。港股方面，华润置地、龙湖和中海等房企也领涨板块，个股涨幅超6%。包括碧桂园、世茂、旭辉和远洋等在内，多家房企境内债掀起了临停潮。上一次万科涨停还是在两周前，“金融十六条”出台的传闻让整个地产板块大涨5%。只不过这一次，资本市场更加躁动，除了万科等龙头房企涨停外，整体涨幅都不小。拉长时间轴来看，近5年里，地产板块仅在2020年时有一次涨幅超过7%。只不过彼时市场火热，沪指在短短三个月里上涨了超25%，房地产板块的上涨也不过是跟着银行、券商板块上涨，进行所谓的低估值修复罢了。这与如今的市场情况截然不同。让地产板块迎来多年未遇的“史诗级暴涨”的直接原因，是证监会新闻发言人在11月28日表示，将会对房地产股权融资政策进行调整，允许房企在A股重组上市，恢复房企在A股的再融资渠道。A股上市，这个在2010年“新国十条”出台后几乎停滞，包括恒大董事会主席许家印、万达集团董事长王健林等地产大佬，想方设法想要突破，却一直未能如愿的事情，就这样突然变得轻松了起来。这使得房企在融资渠道上进一步畅通。在多家银行为房企提供数万亿授信支持、房企债券融资支持工具持续扩容之后，“第三支箭”即股权融资也已射出。目前，在房企融资端，贷款融资、债券融资和股权融资的“三支箭”均陆续出台了政策。相比在贷款融资、债券融资支持，这次证监会对房企再融资的松绑，覆盖面更加广泛，从中获益的也不再只是一些龙头房企、优质房企。这也反映到市场上，率先一字涨停的都是中交地产、信达地产等中小型房企，它们是此次股权融资放开最直接的受益对象。通过以非公开方式再融资，这些房企可以募得不少资金用在政策支持的房地产业务上。像信达地产，背靠中国信达这棵大树，在信达系处置不良资产，对房企解危纾困的背景下，已同步获取了不少项目资源。包括佳兆业等出险房企的项目纾困上，信达地产已以代建等形式介入其中。不过除了这些中小房企的崛起，龙头房企也会随着政策落地而获益。包括中信证券在内的机构指出，高信用的房企如果顺利融资，很可能进一步巩固自身的市场地位，并且随着优质房企资产负债表的修复，产业链预期也会进一步稳定，资产价格也会稳定下来，为接下来的产业并购开展提供物质条件。也就是说，过去一年市场里期待已久，但鲜少发生的收并购，也会随着这次政策开阀得到支撑。像中海、华润置地等龙头房企，也会在收并购上步子迈得更大些。这也和今天市场的反应相似，资本市场用脚投票，用股价的变化，直观地体现出了整个地产行业的格局重塑。正如中金公司所指出，此次政策调整，对于房地产行业而言是里程碑式事件。对短期提振市场信心和中长期促进基本面企稳均有助益。如今，资本市场的预期已然随着这场“史诗级”暴涨而改变，接下来在消费端，比如说利率下降方面，也可以有更多政策期待了。随着政策不断落地，更多房企的信用会得以修复，消费者、机构对于房企的信心也会回来，房地产终会走上平稳健康发展的路。","news_type":1,"symbols_score_info":{"02007":0.9,"000736":0.9}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962657477,"gmtCreate":1669772899500,"gmtModify":1676538240049,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962657477","repostId":"1170581889","repostType":4,"repost":{"id":"1170581889","kind":"news","pubTimestamp":1669769401,"share":"https://ttm.financial/m/news/1170581889?lang=en_US&edition=fundamental","pubTime":"2022-11-30 08:50","market":"sh","language":"zh","title":"The Mystery of Bank Undervaluation: From the Bank's Own Perspective","url":"https://stock-news.laohu8.com/highlight/detail?id=1170581889","media":"华尔街见闻","summary":"国内银行管理层驾驭新风险的能力未得到市场确认。这里的风险不是单指某种业务风险，比如不良贷款，而是“新风险”，是指在整体经济模式转变的过程中，银行的发展能不能适应未来环境变化。A股银行股持续处于低估状态","content":"<p><html><head></head><body>The ability of domestic bank management to manage new risks has not been recognized by the market. The risk here does not refer solely to a specific business risk, such as non-performing loans, but rather to \"new risks,\" which refer to whether the bank's development can adapt to future changes in the overall economic model. The continued undervaluation of A-share bank stocks is even more unacceptable because many high-quality A-share banks are valued lower than many large overseas banks with worse profitability, which is completely inexplicable under the PB-ROE framework. Market participants have offered various explanations for this.</p><p><img src=\"https://static.tigerbbs.com/4f9b36ffa054e8f96837b636aa2cb40a\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>Bank valuation is not yet a hot topic in academia, and the few papers available are mostly by banking professionals, resulting in limited academic achievements.</p><p>This paper introduces a paper entitled<b>Discussion on the Importance of Bank Market Capitalization and the Undervaluation of China's Banking Industry</b>(hereinafter referred to as \"the article\"), authored by Dr. Huang Zhiling, then chief economist of China Construction Bank, was published in the journal \"Credit Reporting\" (sponsored by the Zhengzhou Training Institute of the People's Bank of China) in January 2021.</p><p><img src=\"https://static.tigerbbs.com/047c12359cd134c85be34f118de32f8e\" tg-width=\"640\" tg-height=\"928\" referrerpolicy=\"no-referrer\"/></p><p>Based on the fact that Chinese bank stocks have acceptable performance but extremely low valuations, this article discusses the reasons behind it and offers some thoughts on bank market capitalization.</p><p>This article is divided into three parts (this article is divided into four parts for introduction). The logic is concise and clear, presenting us with an interpretation of the undervaluation issue from the perspective of the bank's internal management.</p><p><b>How to view bank market capitalization</b></p><p>The article proposes that a bank's market capitalization or valuation represents the market's comprehensive understanding of a bank's development prospects. In the long run, it can serve as a good evaluation indicator, so it should be taken seriously by all parties.</p><p>Bank evaluation has always been a major problem in the industry. Because banks' indicators involve many aspects. The essence of commercial banks' operations is a balance of three aspects (profitability, liquidity, and security). Therefore, profitability cannot be simply used as a dimension; risk and other factors must also be considered. When we conduct bank analysis, we involve various aspects such as asset size, profitability, risk control, and social responsibility. Therefore, it is difficult to evaluate \"who is better than who\" using one or two indicators.</p><p>To address this issue, various so-called comprehensive evaluation systems have been developed in the industry, and their principles are roughly the same:<b>Select some representative indicators from various aspects of the bank, then give each indicator a certain weight, and then weight and sum them to obtain a comprehensive score (or rating). Then use this comprehensive score to evaluate \"who is better than whom\".</b>For example, the earliest \"CAMEL\" ratings, the regulatory ratings of the China Banking and Insurance Regulatory Commission, the financial institution ratings of the People's Bank of China, and the \"Gyro Evaluation System\" of the China Banking Association all follow this pattern. Our team has also developed a bank credit rating system, which involves finding a bunch of indicators that we think are important for bank credit risk, empowering them, and obtaining a rating. See June 2022 report<b>Bank Credit Risk Analysis: Framework and Model</b>。</p><p>These evaluation systems require a small number of experts to manually select indicators and set weights, so they cannot be completely accurate and sometimes produce results that do not match the intuitive feeling. Therefore, we can change our approach: instead of having a small group of experts evaluate the banks, we can bring them to the market for a \"walk around\" and let the market evaluate them. Banks themselves disclose various data and information, presenting them to the entire market for comprehensive evaluation by market professionals. Market capitalization or valuation is the result of a comprehensive evaluation by Mr. Market.</p><p>Of course, the market will make mistakes in the short term and may even be manipulated. But in the long run, it is reliable, at least more reliable than a small group of experts, right?</p><p><b>Therefore, market capitalization or valuation is also a comprehensive evaluation of banks.</b>Based on the arguments in this article, bank management cannot ignore market capitalization and think that if they manage the bank's performance well, they can report to their superiors. Instead, they must deeply realize that if the market capitalization is so low, it must reflect some problems and cannot be ignored. We are now encouraged to see that policy authorities have also included market capitalization as one of the assessment criteria for state-owned enterprises.</p><p><b>Cannot be attributed solely</b></p><p>The article goes on to point out that since valuation is also a comprehensive evaluation given by the market, low valuation cannot be attributed to one or two factors (that is, one or two indicators of banks cannot explain their low valuation). This single attribution method is exactly what we securities analysts used in the past.</p><p>The background at the time was that the bank's operations were okay in all aspects, and there were not many particularly negative indicators. The only negative indicator was that it had a large number of non-performing loans. Therefore, if a bank's price-to-book ratio is below 1, such as 0.8-0.9, it suggests that the market believes the bank's net assets are inflated and inflated. The portion that should be discounted is the hidden non-performing loans. If this \"hidden non-performing loan\" is exposed, the bank's non-performing loan ratio could reach 8%.</p><p><img src=\"https://static.tigerbbs.com/cf31544c23afd222183e0db6d9874999\" tg-width=\"640\" tg-height=\"394\" referrerpolicy=\"no-referrer\"/></p><p>This method becomes unusable when the PB falls below 0.7 times or even lower. Because using this method, when the price-to-book ratio is low, the calculated non-performing loan ratio is extremely high, with some individual stocks even reaching more than 20%... The non-performing loan ratios of these mainstream listed banks in China will definitely not reach this level (at least most of them will not). It is evident that the concealment of non-performing loans can no longer explain the extremely low valuation.</p><p>Therefore, this article needs to answer a core question: Why are bank valuations so low?</p><p><b>Reasons for undervaluation</b></p><p><b>This article directly presents the viewpoint that the ability of domestic bank management to manage new risks has not been recognized by the market.</b>The risk here does not refer solely to a specific business risk (such as non-performing loans), but rather...<b>\"New Risks\"</b>This refers to whether banks can adapt to future environmental changes during the overall economic model transformation.</p><p>Many of the environmental changes we learned about in school (interest rate liberalization, financial internationalization, financial disintermediation, direct financial development, etc.) are now actually happening. To be honest, these things happened later than expected, after all, we were already learning these things when we were in college 20 years ago (at that time, the United States and other developed Western countries had already experienced them). Disappointingly, we started calling for these things 20 years ago, requiring banks to cultivate various \"internal capabilities,\" and to this day, many of our banks are still not fully prepared. This is undoubtedly a regret, but also a very urgent task. The country is now promoting a higher level of opening up to the outside world. If one's own wings are not strong, one cannot find the north even if one flies out...</p><p>Of course, this does not negate the fact that my country's banking industry has made tremendous progress in its internal capabilities over the past decade or so. However, times are changing, and so are excellent overseas banks, so we cannot be complacent about our current performance.</p><p><b>In short, although our banks are currently performing quite well, their business models and management models (internal capabilities) are still not advanced enough and cannot fully adapt to the new economic development environment (at least the market cannot yet confirm the banks' capabilities).</b>As a senior executive at a large bank, the author, from an internal bank perspective, cites this as the main reason for the bank's low valuation. This is for us<b>\"External eyes\"</b>It was very inspiring.</p><p>This article lists some capabilities that banks do not yet fully possess, but are urgently needed in the new environment, including:</p><p>(1) To restrict and incentivize effective corporate governance capabilities, especially in terms of incentives, it is advisable to learn from overseas countries and change the existing rigid compensation; (2) The ability to transform internal structure, processes and mechanisms to truly achieve a customer-centric approach; (3) Many banks still lack the international operating capabilities to cope with globalization, including specific businesses such as RMB derivatives, market services, global financial services, wealth or asset management capabilities. From these perspectives, we do acknowledge that the capabilities of many banks in our country are indeed somewhat lacking. Although the performance is acceptable, if the ability does not keep up, it cannot guarantee that the performance will continue to be good in the future, and sooner or later it will become an extinct \"dinosaur\" in the new economic environment. Compared to overseas banks, not all of them are good (and their quality varies), but some cases made us sigh. For example, some very small banks, even small banks in towns, though small, have all the necessary functions, and their business philosophies and models are very standardized. For example, Western Bank, which we tracked last time, is a very small bank with a very mature wealth business model. Please refer to \"The Path of Small and Medium-sized Banks to Creating Distinctive Wealth Management\".</p><p>Therefore, there is indeed a gap in observing the underlying capabilities of domestic and foreign banks through \"superficial\" figures such as financial performance, which may explain our extremely low valuation. Of course, there's no need to underestimate ourselves; my country also has a number of excellent banks.</p><p><b>Attach importance to the theory and practice of market value management</b></p><p>This article also offers some thoughts on market capitalization management. A bank with a good market capitalization will have many benefits, which in turn will promote its own development. A good market capitalization is itself a reflection of the bank's overall evaluation. At the same time, it can increase the difficulty of being acquired, reduce the difficulty of other acquisitions, and also reduce the cost and difficulty of financing. There are even real cases in China where high-quality banks have increased their brand awareness in the business community due to their high market capitalization and significant price increases (shareholders know this), thereby helping them expand their businesses.</p><p>The article concludes with several points:</p><p>(1) Market capitalization is a comprehensive evaluation, not an evaluation of certain indicators. It is not very meaningful to deliberately optimize certain popular indicators (such as increasing the proportion of fee revenue or increasing the proportion of wealth business). Instead, to improve the overall quality of the bank, the whole bank should work hard for its overall strength. (2) Improve corporate governance and clarify the division of labor in market capitalization management; (3) Strengthen investment customs work and proactively communicate with investors (some banks have established a regular communication mechanism with investors and analysts, which is worth learning from). (4) Effectively utilize market capitalization resources and conduct capital operations; (5) Establish a good image of the capital market; (6) Eliminate pseudo-market capitalization management practices such as stock price manipulation. Indeed, more and more banks are beginning to pay attention to these tasks.</p><p>Because, as mentioned earlier, the viewpoint of the paper is the ability of domestic bank management to manage new risks.<b>\"Not confirmed by the market\"</b>。 In other words, our banks may not necessarily lack these capabilities; it could also be that they are gradually developing these capabilities, but the market is unaware of them and cannot see them...</p><p>This is because these capabilities are very intrinsic (hence the name \"internal strength\"), and it is difficult to simply demonstrate these capabilities to the market using one or two indicators.</p><p>For example: People often ask me which bank has the strongest fintech capabilities right now.</p><p>This question is almost impossible to answer. Fintech capabilities are a typical example of internal strength and are difficult to compare simply.</p><p>This is where market capitalization management skills are tested.</p><p></body></html></p>","source":"wallstreetcn_api","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 Mystery of Bank Undervaluation: From the Bank's Own Perspective</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 Mystery of Bank Undervaluation: From the Bank's Own Perspective\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-11-30 08:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The ability of domestic bank management to manage new risks has not been recognized by the market. The risk here does not refer solely to a specific business risk, such as non-performing loans, but rather to \"new risks,\" which refer to whether the bank's development can adapt to future changes in the overall economic model. The continued undervaluation of A-share bank stocks is even more unacceptable because many high-quality A-share banks are valued lower than many large overseas banks with worse profitability, which is completely inexplicable under the PB-ROE framework. Market participants have offered various explanations for this.</p><p><img src=\"https://static.tigerbbs.com/4f9b36ffa054e8f96837b636aa2cb40a\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>Bank valuation is not yet a hot topic in academia, and the few papers available are mostly by banking professionals, resulting in limited academic achievements.</p><p>This paper introduces a paper entitled<b>Discussion on the Importance of Bank Market Capitalization and the Undervaluation of China's Banking Industry</b>(hereinafter referred to as \"the article\"), authored by Dr. Huang Zhiling, then chief economist of China Construction Bank, was published in the journal \"Credit Reporting\" (sponsored by the Zhengzhou Training Institute of the People's Bank of China) in January 2021.</p><p><img src=\"https://static.tigerbbs.com/047c12359cd134c85be34f118de32f8e\" tg-width=\"640\" tg-height=\"928\" referrerpolicy=\"no-referrer\"/></p><p>Based on the fact that Chinese bank stocks have acceptable performance but extremely low valuations, this article discusses the reasons behind it and offers some thoughts on bank market capitalization.</p><p>This article is divided into three parts (this article is divided into four parts for introduction). The logic is concise and clear, presenting us with an interpretation of the undervaluation issue from the perspective of the bank's internal management.</p><p><b>How to view bank market capitalization</b></p><p>The article proposes that a bank's market capitalization or valuation represents the market's comprehensive understanding of a bank's development prospects. In the long run, it can serve as a good evaluation indicator, so it should be taken seriously by all parties.</p><p>Bank evaluation has always been a major problem in the industry. Because banks' indicators involve many aspects. The essence of commercial banks' operations is a balance of three aspects (profitability, liquidity, and security). Therefore, profitability cannot be simply used as a dimension; risk and other factors must also be considered. When we conduct bank analysis, we involve various aspects such as asset size, profitability, risk control, and social responsibility. Therefore, it is difficult to evaluate \"who is better than who\" using one or two indicators.</p><p>To address this issue, various so-called comprehensive evaluation systems have been developed in the industry, and their principles are roughly the same:<b>Select some representative indicators from various aspects of the bank, then give each indicator a certain weight, and then weight and sum them to obtain a comprehensive score (or rating). Then use this comprehensive score to evaluate \"who is better than whom\".</b>For example, the earliest \"CAMEL\" ratings, the regulatory ratings of the China Banking and Insurance Regulatory Commission, the financial institution ratings of the People's Bank of China, and the \"Gyro Evaluation System\" of the China Banking Association all follow this pattern. Our team has also developed a bank credit rating system, which involves finding a bunch of indicators that we think are important for bank credit risk, empowering them, and obtaining a rating. See June 2022 report<b>Bank Credit Risk Analysis: Framework and Model</b>。</p><p>These evaluation systems require a small number of experts to manually select indicators and set weights, so they cannot be completely accurate and sometimes produce results that do not match the intuitive feeling. Therefore, we can change our approach: instead of having a small group of experts evaluate the banks, we can bring them to the market for a \"walk around\" and let the market evaluate them. Banks themselves disclose various data and information, presenting them to the entire market for comprehensive evaluation by market professionals. Market capitalization or valuation is the result of a comprehensive evaluation by Mr. Market.</p><p>Of course, the market will make mistakes in the short term and may even be manipulated. But in the long run, it is reliable, at least more reliable than a small group of experts, right?</p><p><b>Therefore, market capitalization or valuation is also a comprehensive evaluation of banks.</b>Based on the arguments in this article, bank management cannot ignore market capitalization and think that if they manage the bank's performance well, they can report to their superiors. Instead, they must deeply realize that if the market capitalization is so low, it must reflect some problems and cannot be ignored. We are now encouraged to see that policy authorities have also included market capitalization as one of the assessment criteria for state-owned enterprises.</p><p><b>Cannot be attributed solely</b></p><p>The article goes on to point out that since valuation is also a comprehensive evaluation given by the market, low valuation cannot be attributed to one or two factors (that is, one or two indicators of banks cannot explain their low valuation). This single attribution method is exactly what we securities analysts used in the past.</p><p>The background at the time was that the bank's operations were okay in all aspects, and there were not many particularly negative indicators. The only negative indicator was that it had a large number of non-performing loans. Therefore, if a bank's price-to-book ratio is below 1, such as 0.8-0.9, it suggests that the market believes the bank's net assets are inflated and inflated. The portion that should be discounted is the hidden non-performing loans. If this \"hidden non-performing loan\" is exposed, the bank's non-performing loan ratio could reach 8%.</p><p><img src=\"https://static.tigerbbs.com/cf31544c23afd222183e0db6d9874999\" tg-width=\"640\" tg-height=\"394\" referrerpolicy=\"no-referrer\"/></p><p>This method becomes unusable when the PB falls below 0.7 times or even lower. Because using this method, when the price-to-book ratio is low, the calculated non-performing loan ratio is extremely high, with some individual stocks even reaching more than 20%... The non-performing loan ratios of these mainstream listed banks in China will definitely not reach this level (at least most of them will not). It is evident that the concealment of non-performing loans can no longer explain the extremely low valuation.</p><p>Therefore, this article needs to answer a core question: Why are bank valuations so low?</p><p><b>Reasons for undervaluation</b></p><p><b>This article directly presents the viewpoint that the ability of domestic bank management to manage new risks has not been recognized by the market.</b>The risk here does not refer solely to a specific business risk (such as non-performing loans), but rather...<b>\"New Risks\"</b>This refers to whether banks can adapt to future environmental changes during the overall economic model transformation.</p><p>Many of the environmental changes we learned about in school (interest rate liberalization, financial internationalization, financial disintermediation, direct financial development, etc.) are now actually happening. To be honest, these things happened later than expected, after all, we were already learning these things when we were in college 20 years ago (at that time, the United States and other developed Western countries had already experienced them). Disappointingly, we started calling for these things 20 years ago, requiring banks to cultivate various \"internal capabilities,\" and to this day, many of our banks are still not fully prepared. This is undoubtedly a regret, but also a very urgent task. The country is now promoting a higher level of opening up to the outside world. If one's own wings are not strong, one cannot find the north even if one flies out...</p><p>Of course, this does not negate the fact that my country's banking industry has made tremendous progress in its internal capabilities over the past decade or so. However, times are changing, and so are excellent overseas banks, so we cannot be complacent about our current performance.</p><p><b>In short, although our banks are currently performing quite well, their business models and management models (internal capabilities) are still not advanced enough and cannot fully adapt to the new economic development environment (at least the market cannot yet confirm the banks' capabilities).</b>As a senior executive at a large bank, the author, from an internal bank perspective, cites this as the main reason for the bank's low valuation. This is for us<b>\"External eyes\"</b>It was very inspiring.</p><p>This article lists some capabilities that banks do not yet fully possess, but are urgently needed in the new environment, including:</p><p>(1) To restrict and incentivize effective corporate governance capabilities, especially in terms of incentives, it is advisable to learn from overseas countries and change the existing rigid compensation; (2) The ability to transform internal structure, processes and mechanisms to truly achieve a customer-centric approach; (3) Many banks still lack the international operating capabilities to cope with globalization, including specific businesses such as RMB derivatives, market services, global financial services, wealth or asset management capabilities. From these perspectives, we do acknowledge that the capabilities of many banks in our country are indeed somewhat lacking. Although the performance is acceptable, if the ability does not keep up, it cannot guarantee that the performance will continue to be good in the future, and sooner or later it will become an extinct \"dinosaur\" in the new economic environment. Compared to overseas banks, not all of them are good (and their quality varies), but some cases made us sigh. For example, some very small banks, even small banks in towns, though small, have all the necessary functions, and their business philosophies and models are very standardized. For example, Western Bank, which we tracked last time, is a very small bank with a very mature wealth business model. Please refer to \"The Path of Small and Medium-sized Banks to Creating Distinctive Wealth Management\".</p><p>Therefore, there is indeed a gap in observing the underlying capabilities of domestic and foreign banks through \"superficial\" figures such as financial performance, which may explain our extremely low valuation. Of course, there's no need to underestimate ourselves; my country also has a number of excellent banks.</p><p><b>Attach importance to the theory and practice of market value management</b></p><p>This article also offers some thoughts on market capitalization management. A bank with a good market capitalization will have many benefits, which in turn will promote its own development. A good market capitalization is itself a reflection of the bank's overall evaluation. At the same time, it can increase the difficulty of being acquired, reduce the difficulty of other acquisitions, and also reduce the cost and difficulty of financing. There are even real cases in China where high-quality banks have increased their brand awareness in the business community due to their high market capitalization and significant price increases (shareholders know this), thereby helping them expand their businesses.</p><p>The article concludes with several points:</p><p>(1) Market capitalization is a comprehensive evaluation, not an evaluation of certain indicators. It is not very meaningful to deliberately optimize certain popular indicators (such as increasing the proportion of fee revenue or increasing the proportion of wealth business). Instead, to improve the overall quality of the bank, the whole bank should work hard for its overall strength. (2) Improve corporate governance and clarify the division of labor in market capitalization management; (3) Strengthen investment customs work and proactively communicate with investors (some banks have established a regular communication mechanism with investors and analysts, which is worth learning from). (4) Effectively utilize market capitalization resources and conduct capital operations; (5) Establish a good image of the capital market; (6) Eliminate pseudo-market capitalization management practices such as stock price manipulation. Indeed, more and more banks are beginning to pay attention to these tasks.</p><p>Because, as mentioned earlier, the viewpoint of the paper is the ability of domestic bank management to manage new risks.<b>\"Not confirmed by the market\"</b>。 In other words, our banks may not necessarily lack these capabilities; it could also be that they are gradually developing these capabilities, but the market is unaware of them and cannot see them...</p><p>This is because these capabilities are very intrinsic (hence the name \"internal strength\"), and it is difficult to simply demonstrate these capabilities to the market using one or two indicators.</p><p>For example: People often ask me which bank has the strongest fintech capabilities right now.</p><p>This question is almost impossible to answer. Fintech capabilities are a typical example of internal strength and are difficult to compare simply.</p><p>This is where market capitalization management skills are tested.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676240\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/52e95f8d8c314466bbcd01bdb562ed3f","relate_stocks":{"161121":"银行"},"source_url":"https://wallstreetcn.com/articles/3676240","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170581889","content_text":"国内银行管理层驾驭新风险的能力未得到市场确认。这里的风险不是单指某种业务风险，比如不良贷款，而是“新风险”，是指在整体经济模式转变的过程中，银行的发展能不能适应未来环境变化。A股银行股持续处于低估状态，更令人难以接受的是，A股很多优质银行，估值比很多盈利更差的海外大型银行估值还要低，在PB-ROE框架下完全无法解释。为此，市场各方人士给出各种解释。银行估值问题还不是学术上的热门话题，仅有的少数论文也多为银行从业人员，学术界的成果还不多。本文介绍一篇论文，题为《银行市值的重要性与中国银行业估值偏低的讨论》（以下简称“该文”），作者是时任建设银行首席经济学家的黄志凌博士，于2021年1月发表于《征信》杂志（人民银行郑州培训学院主办）。该文从我国银行股业绩尚可但估值极低这一事实出发，讨论其背后的原因，以及对银行市值工作的一些思考。该文分为三部分（本文拆为四部分介绍），逻辑简练清晰，给我们呈现一个银行内部管理层的视角对低估值问题的解读。如何看待银行市值该文提出，银行市值或估值，是代表着市场对一家银行发展前景的综合认知，长期看，可以作为一个很好的评价指标，所以应该引起各方重视。银行评价一直是业内的老大难问题。因为，银行的指标涉及方方面面。商业银行的经营本质是三性平衡（盈利性、流动性、安全性），因此不能简单用盈利一个维度，还得兼顾风险或其他。平时我们做银行分析时，资产规模、盈利能力、风险控制、社会责任等各方面都会涉及，于是就很难用一两个指标来评价“谁比谁好”。针对这一问题，业内开发各种所谓的综合评价体系，其原理大致都一样：在银行的各方面挑选一些代表性指标，然后对各个指标给予一定权重，然后加权求和，得到一个综合得分（或评级）。然后用这个综合得分来评价“谁比谁好”。比如，最早的“骆驼”（CAMEL）评级、银保监会的监管评级、人民银行的金融机构评级、银行业协会的“陀螺评价体系”等，大体都是这个套路。我们团队自己，也开发过一个银行信用评价体系，也就是找到一堆我们觉得对银行信用风险比较重要的指标，赋权求和，得到评级。可参见2022年6月的报告《银行信用风险分析：框架与模型》。这一套套的评价体系，需要小范围专家人为选择指标、设置权重，因此不可能完全准确，有时候会出来一些与直观感受不符的结果。为此，可以换一个思路：不由小范围的专家来评价，而是把银行拉到市场上“溜一圈”，让市场来评价。银行自己把各种数据、信息披露出来，摆到全市场面前，由市场先生综合评价。市值或估值，就是市场先生综合评价完之后的一个结果。当然，市场短期内是会犯错的，甚至会被操纵。但长期看，是可靠的，好歹比小范围专家更可靠吧？所以，市值或估值同样是大家对银行的一种综合评价。从该文观点推导出去，银行管理层不能无视市值，觉得自己把银行业绩经营好就可以向上级汇报，而要深刻意识到，如果市值如此之低，那么肯定是反映了一些问题的，不能无视之。我们现在可喜地看到，政策当局也已经将市值作为对国企的考核内容之一。不能单一归因该文接着指出，既然估值也是市场给出的一种综合评价，那么就不能把低估值归因于一两个因素（就是不能用银行的一两个指标来解释其低估值）。而这种单一归因方法，刚好是我们证券分析师过去用的。当时的背景是：银行各方面经营情况还可以，找不到太多特别负面的指标，惟独有一个指标比较负面，就是有较多不良贷款。因此，如果一家银行PB低于1倍，比如到了0.8-0.9倍，那么就暗示着，市场认为该行的净资产是虚高的，有水分的。而该折让的部分，就是藏匿的不良贷款。如果这部分“藏匿的不良”暴露出来，那么银行的不良率可能会达到8%。这一方法在PB跌至0.7倍以下甚至更低的时候，就不能用了。因为按这个方法，在PB级低时，倒算出来的不良率极其高，有些个股甚至会高至20%以上……国内上市的这些主流银行的不良率绝对不会到这个水平（至少大部分不会）。可见，藏匿不良这个已经不能解释极低估值了。于是，该文就需要回答一个最核心的问题：那么银行估值为何如此之低？低估值的原因该文直接给出了观点：国内银行管理层驾驭新风险的能力未得到市场确认。这里的风险不是单指某种业务风险（比如不良贷款），而是“新风险”，是指在整体经济模式转变的过程中，银行的发展能不能适应未来环境变化。很多我们上学时就已经学到过的一些环境变化（利率市场化、金融国际化、金融脱媒、直接金融发展等），现在正在真正地发生。说实话，这些事情的发生比预想的要晚，毕竟我们20年前上大学时就在学这些了（当时美国等西方发达国际已经经历过了）。但令人失望的是，20年前我们就已开始喊这些事，要让银行修炼各种“内功”，时至今日，我们的很多银行竟然依然没有完全准备好。这不得不说是一个遗憾，也是非常紧迫的任务。现在国家在推动更高水平对外开放，如果自身翅膀不硬，飞出去都找不到北……当然，这并不能抹杀我国银行业在过去十几年中，内功还是有巨大进步的。只是，时代也在进步，海外优秀银行也在进步，因此我们还不能在现有的成绩单上自满。简言之，我们的银行，虽然现在的业绩还很不错，但业务模式、管理模式（内功）依然是不够先进的，并不能完全适应新的经济发展环境（至少市场还不能确认银行能力）。作者作为大型银行高管，从银行内部的视角，将这一点作为解释银行低估值的主因。这一点对我们这些“外部的眼睛”有很大启发。该文列举了一些银行现在尚未完全具备的，但又是新环境中所急需的能力，包括：（1）制约和激励有效的公司治理能力，尤其是激励方面，宜借鉴海外，改变现有的刚性薪酬；（2）内部架构、流程和机制的变革能力，真正实现以客户为中心；（3）应对全球化的国际经营能力，包括人民币衍生品、市场服务、全球金融服务、财富或资管能力等具体业务，很多银行仍然能力欠缺。从这些角度，我们确实承认，我国很多银行的能力确实还有些欠缺。虽然业绩还可以，但如果能力不跟上，并不能保证未来业绩能继续好，早晚会成为在新经济环境中即将灭绝的“恐龙”。对比海外，他们的银行当然也不是家家都好（也是参差不齐的），但有些案例让我们看了后也心生感叹。比如一些特别小的银行，甚至是镇上的小银行，麻雀虽小、五脏具全，里面的经营理念、业务模式都非常规范。比如我们上次跟踪过的美西银行，一家很小的银行，财富业务模式却非常成熟。请参考《中小行打造特色化财富管理之路》。所以，透过财务业绩这些“表面”的数字，去观察国内外银行的底层能力，确实还有差距，这可能解释我们的极低估值。当然，也不用妄自菲薄，我国也有一批优秀的银行。重视市值管理的理论与实践该文也提了一些对市值管理的思考。一家银行如果市值好，会有很多好处，反过来促进自身发展。市值好，这本身就是对本行综合评价的一个体现。同时，能增加被收购的难度，降低收购别的难度，同时也能降低融资成本和难度。甚至，国内还有优质银行因为市值高、涨幅大，在企业界增加了知名度（股民都知道它），从而帮助其展业的真实案例。该文最后提了几点：（1）市值是综合评价，不是对某些指标的评价，刻意优化某些热门指标意义不大（比如提升中收占比、提升财富业务占比之类的），而要提升银行的整体素质，全行上下为整体实力而努力；（2）完善公司治理，明确市值管理工作的分工；（3）加强投关工作，多主动与投资者沟通（有些银行建立与投资者、分析师的常态化沟通机制，值得借鉴）；（4）有效利用市值资源，资本运作；（5）树立良好的资本市场形象；（6）杜绝操纵股价等伪市值管理行为。这些工作确实有越来越多的银行开始重视。因为，前文，论文观点是国内银行管理层驾驭新风险的能力“未得到市场确认”。也就是说，我们的银行并不一定没这些能力，也可能是：其实能力慢慢有了，但市场还不知道，看不出来……只因，这些能力又是很内在的能力（所以叫“内功”），很难简单用一两个指标向市场展示这种能力。举个例子：经常有人问我，现在哪家银行的金融科技比较强？这种问题就几乎没法回答。金融科技这种能力就是典型的内功，很难简单比较。这里就考验市值管理的能力了。","news_type":1,"symbols_score_info":{"161121":0.9}},"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962655338,"gmtCreate":1669772580824,"gmtModify":1676538239949,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962655338","repostId":"2287903687","repostType":4,"repost":{"id":"2287903687","kind":"highlight","pubTimestamp":1669769658,"share":"https://ttm.financial/m/news/2287903687?lang=en_US&edition=fundamental","pubTime":"2022-11-30 08:54","market":"hk","language":"zh","title":"Dollar: Will 2023 be more like 1974 or 1981?","url":"https://stock-news.laohu8.com/highlight/detail?id=2287903687","media":"格隆汇","summary":"美元见顶会是明年重要的交易主题","content":"<p><html><head></head><body>Dongwu Securities believes that the pattern and rhythm of the current US dollar will be between 1974 and 1981, presenting a double peak structure. The first high point appeared at the end of September 2022, while the second high may appear in the second quarter of 2023. The marginal improvement in the European and Chinese economies will be a major driver of the dollar's depreciation. in 2022,<a href=\"https://laohu8.com/S/USDindex.FOREX\">the US Dollar Index</a>Making another triumphant return, what about 2023? In 2022, among major asset classes,<b>Except for oil and gas, which fluctuated significantly due to severe supply shocks, the US Dollar Index performed strongly and steadily.</b>—2022 will once again be a big year for the US dollar (Figure 1).</p><p><img src=\"https://static.tigerbbs.com/5ea0f835d229fc591bae5944c9e77ce3\" tg-width=\"811\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p>Due to high inflation and the Federal Reserve's aggressive tightening pace,<b>The market often compares the 2020s to the 1970s and early 1980s, but the US Dollar Index performed very differently during the two periods.</b>(Figure 2) In the former, the US dollar fell more than it rose, while in the latter period, the US dollar witnessed its biggest bull market since the war. 2023 may see a shift in the Federal Reserve's monetary policy, and the same scenario occurred in 1974 and 1982. So who will 2023 be more like? What are the underlying implications of asset allocation?</p><p><img src=\"https://static.tigerbbs.com/7143e1745f4a843552b663861968155c\" tg-width=\"733\" tg-height=\"439\" referrerpolicy=\"no-referrer\"/></p><p>Combining historical and fundamental analysis,<b>We believe that the pattern and rhythm of the US dollar in this round will be between 1974 and 1981, presenting a double peak structure. The first peak appeared at the end of September 2022, while the second peak may appear in the second quarter of 2023.</b></p><p>This means that the US dollar peaking will be an important trading theme in 2023, looking at the allocation of major asset classes.<b>Government bonds and high-grade bonds have the highest success rates, while emerging market stocks, energy, and industrial metals have the greatest elasticity. Gold is also worth investing in early.</b>； Looking at the equity sector,<b>Information technology, raw materials, consumer discretionaries, banking and finance, and industrial stocks led the gains. However, given the low probability of a rapid shift in the Federal Reserve's monetary policy, it is doubtful whether information technology can still lead the way.</b></p><p>The fundamentals of the US dollar can be viewed from two perspectives: the US and non-US economies. On the US side, two unavoidable topics in 2023 are...<b>The US recession and the Federal Reserve's halt to rate hike</b>； In the non-US sector, the focus is on...<b>When will the recovery in Europe and China bottom out and recover?</b>。</p><p>How does the US dollar trade a recession? Judging from the recession experience since 1970, the US dollar has a relatively obvious recession hedging pattern.<b>Generally speaking, the the US Dollar Index bottoms out about 2.5 months before the start of a recession, and then enters an appreciation pattern due to rising risk aversion. It peaks and falls back 2 to 5 months after the recession begins.</b>This depends on the speed and strength of the Federal Reserve's shift, as well as the economic resilience of non-US economies (the faster the recovery of major non-US economies, the faster the dollar will fall) (as shown in Table 1).</p><p><img src=\"https://static.tigerbbs.com/fec03737986009e84ee123b84973b762\" tg-width=\"957\" tg-height=\"529\" referrerpolicy=\"no-referrer\"/></p><p>It is worth noting that,<b>The recession caused by the outbreak of a crisis in the US financial system itself will change the safe-haven model of the US dollar.</b>A typical example is the recession caused by the 1989 US savings and loan crisis and the 2007 subprime mortgage crisis. The turmoil in the US financial system directly affects the safety of the US dollar, which leads to the depreciation of the US Dollar Index before the recession. As the financial system recovers and the recession spreads to non-US economies, the US dollar becomes a global safe-haven asset.<b>However, the probability of this scenario occurring in 2023 is not high.</b></p><p>How does the US dollar trade the shift in Federal Reserve rate hike? There is still considerable uncertainty in the market regarding whether the Federal Reserve will cut interest rates in 2023, but a mid-year pause in rate hike is highly probable. Looking back at history since 1974, as shown in Figure 3,<b>On average, the US Dollar Index maintained an overall appreciation before the Fed's last rate hike, but entered a period of fluctuation after the rate hike ended (down about 1.2% over the past year).</b></p><p><img src=\"https://static.tigerbbs.com/8e9b5cd511fa12bf6d9dbf909afee057\" tg-width=\"934\" tg-height=\"543\" referrerpolicy=\"no-referrer\"/></p><p>The situation in 2023 may fall somewhere between 1974 and 1981. Faced with the same choice between high inflation and recession, the US government chose to protect the economy in 1974:<b>Significant interest rate cuts exceeding 800 basis points + more proactive fiscal spending.</b>The US dollar peaked before the last rate hike and then gradually depreciated. In the early 1980s, they chose to control inflation.<b>Federal Funds rate rose to 20% in 1981 + Reagan administration fiscal reforms (government spending cuts + tax cuts)</b>The US dollar reached a temporary peak after the last rate hike, but has since continued to rise under the shadow of the global economic recession and the emerging market crisis (the Latin American debt crisis).</p><p>The US dollar's trend from 2022 to 2023 will fall between the two scenarios mentioned above.<b>It is likely to exhibit a bimodal structure, with the first peak appearing at the end of September 2022.</b>(Before the last rate hike, this was similar to 1974.)<b>。</b>From a policy perspective, the Federal Reserve's monetary policy in 2023 will be more balanced than in 1974 and the 1980s. Faced with the risks of inflation and recession, it may choose to pause rate hike rather than significantly rate hike or cut interest rates. At the same time, the US fiscal policy will face greater constraints in expanding spending next year. From the perspective of recession-related risks, the main shocks are concentrated in the imminent and early stages of a recession, corresponding to the first half of 2023. The Federal Reserve's persistence (not easily turning to interest rate cuts) combined with declining commodity prices will cause the US Dollar Index to surge again in the short term, and the pressure on emerging market economies to increase sharply.<b>The second peak of the the US Dollar Index may occur in the second quarter of 2023 (at which time the Federal Reserve may also pause rate hike).</b></p><p>After the second peak, if the Federal Reserve does not further shift towards interest rate cuts, will the dollar have no room to fall? No, as we mentioned in a previous report, in addition to looking at the US economy and policies themselves, the dollar also needs to pay attention to the situation in major non-US economies, especially Europe and China.<b>The marginal improvement in the European and Chinese economies will be a major driver of the dollar's depreciation.</b>Based on historical averages, this depreciation rate can generally reach 6%.</p><p><img src=\"https://static.tigerbbs.com/9d86d259b4433592bf5a6f887ef82db9\" tg-width=\"732\" tg-height=\"618\" referrerpolicy=\"no-referrer\"/></p><p><b>The Eurozone economy is likely to see a significant improvement in the third quarter of next year.</b>After the triple shocks of the Russia-Ukraine conflict, high inflation, and rapid tightening of monetary policy in 2022, the Eurozone economy is likely to enter a recession at the end of 2022 and the beginning of 2023. The negative impact of these three factors will weaken marginally next year, while the latter two will improve further, which will create conditions for the recovery of the European economy in the second half of the year.</p><p><img src=\"https://static.tigerbbs.com/0d9891fb45c2cc91d51a55f3491981fd\" tg-width=\"733\" tg-height=\"424\" referrerpolicy=\"no-referrer\"/></p><p>The peak of the US dollar will be a major trading theme next year. What assets should we pay attention to? When we talk about the dollar peaking here, we mean...<b>the US Dollar Index surged for the second time before trending downwards.</b>This often leads to a complete change in market investment logic and style.</p><p>After the US dollar peaked, which asset class performed the best and had the greatest resilience? Historically, government bonds (including emerging market sovereign bonds) and investment-grade bonds have the highest success rates, but their flexibility is limited.<b>Emerging market stocks, crude oil, and industrial metals (such as copper) are more attractive. Furthermore, the upside potential for gold may be greater than indicated in Figure 6.</b>Because of the added risk of an economic recession, the gold market will start its rally earlier.</p><p><img src=\"https://static.tigerbbs.com/27051850346e235d3fdf9392f327c20b\" tg-width=\"951\" tg-height=\"569\" referrerpolicy=\"no-referrer\"/></p><p>Which sector will benefit the most after the US dollar peaks? Looking at global stock markets, the top-performing sectors after the US dollar peaked are...<b>Information technology, raw materials, consumer discretionaries, banking and finance, and industrial stocks.</b>However, there is some uncertainty as to whether the information technology sector can continue to lead. A large part of its excess returns comes from the fact that since the financial crisis, monetary policy has often quickly shifted to easing when facing economic headwinds. This scenario may be unlikely to occur in 2023. In addition to the policy shift, other sectors also have the important logic of marginal economic recovery.</p><p><img src=\"https://static.tigerbbs.com/0a4be050e56bce9915ae87445169015a\" tg-width=\"921\" tg-height=\"388\" referrerpolicy=\"no-referrer\"/></p><p>Risk warning: External demand will decline due to tightening overseas monetary policy, and the spread of the domestic epidemic will exceed market expectations. Overseas economies have entered a recession ahead of schedule, and a significant negative growth in my country's exports may arrive ahead of schedule. The recurring pandemic has made it difficult to lift strict prevention and control measures in the short term and will last for a long time, severely dragging down the Chinese economy and causing the US dollar to rise.</p><p></body></html></p>","source":"gelonghui_highlight","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>Dollar: Will 2023 be more like 1974 or 1981?</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\">\nDollar: Will 2023 be more like 1974 or 1981?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2022-11-30 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dongwu Securities believes that the pattern and rhythm of the current US dollar will be between 1974 and 1981, presenting a double peak structure. The first high point appeared at the end of September 2022, while the second high may appear in the second quarter of 2023. The marginal improvement in the European and Chinese economies will be a major driver of the dollar's depreciation. in 2022,<a href=\"https://laohu8.com/S/USDindex.FOREX\">the US Dollar Index</a>Making another triumphant return, what about 2023? In 2022, among major asset classes,<b>Except for oil and gas, which fluctuated significantly due to severe supply shocks, the US Dollar Index performed strongly and steadily.</b>—2022 will once again be a big year for the US dollar (Figure 1).</p><p><img src=\"https://static.tigerbbs.com/5ea0f835d229fc591bae5944c9e77ce3\" tg-width=\"811\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p>Due to high inflation and the Federal Reserve's aggressive tightening pace,<b>The market often compares the 2020s to the 1970s and early 1980s, but the US Dollar Index performed very differently during the two periods.</b>(Figure 2) In the former, the US dollar fell more than it rose, while in the latter period, the US dollar witnessed its biggest bull market since the war. 2023 may see a shift in the Federal Reserve's monetary policy, and the same scenario occurred in 1974 and 1982. So who will 2023 be more like? What are the underlying implications of asset allocation?</p><p><img src=\"https://static.tigerbbs.com/7143e1745f4a843552b663861968155c\" tg-width=\"733\" tg-height=\"439\" referrerpolicy=\"no-referrer\"/></p><p>Combining historical and fundamental analysis,<b>We believe that the pattern and rhythm of the US dollar in this round will be between 1974 and 1981, presenting a double peak structure. The first peak appeared at the end of September 2022, while the second peak may appear in the second quarter of 2023.</b></p><p>This means that the US dollar peaking will be an important trading theme in 2023, looking at the allocation of major asset classes.<b>Government bonds and high-grade bonds have the highest success rates, while emerging market stocks, energy, and industrial metals have the greatest elasticity. Gold is also worth investing in early.</b>； Looking at the equity sector,<b>Information technology, raw materials, consumer discretionaries, banking and finance, and industrial stocks led the gains. However, given the low probability of a rapid shift in the Federal Reserve's monetary policy, it is doubtful whether information technology can still lead the way.</b></p><p>The fundamentals of the US dollar can be viewed from two perspectives: the US and non-US economies. On the US side, two unavoidable topics in 2023 are...<b>The US recession and the Federal Reserve's halt to rate hike</b>； In the non-US sector, the focus is on...<b>When will the recovery in Europe and China bottom out and recover?</b>。</p><p>How does the US dollar trade a recession? Judging from the recession experience since 1970, the US dollar has a relatively obvious recession hedging pattern.<b>Generally speaking, the the US Dollar Index bottoms out about 2.5 months before the start of a recession, and then enters an appreciation pattern due to rising risk aversion. It peaks and falls back 2 to 5 months after the recession begins.</b>This depends on the speed and strength of the Federal Reserve's shift, as well as the economic resilience of non-US economies (the faster the recovery of major non-US economies, the faster the dollar will fall) (as shown in Table 1).</p><p><img src=\"https://static.tigerbbs.com/fec03737986009e84ee123b84973b762\" tg-width=\"957\" tg-height=\"529\" referrerpolicy=\"no-referrer\"/></p><p>It is worth noting that,<b>The recession caused by the outbreak of a crisis in the US financial system itself will change the safe-haven model of the US dollar.</b>A typical example is the recession caused by the 1989 US savings and loan crisis and the 2007 subprime mortgage crisis. The turmoil in the US financial system directly affects the safety of the US dollar, which leads to the depreciation of the US Dollar Index before the recession. As the financial system recovers and the recession spreads to non-US economies, the US dollar becomes a global safe-haven asset.<b>However, the probability of this scenario occurring in 2023 is not high.</b></p><p>How does the US dollar trade the shift in Federal Reserve rate hike? There is still considerable uncertainty in the market regarding whether the Federal Reserve will cut interest rates in 2023, but a mid-year pause in rate hike is highly probable. Looking back at history since 1974, as shown in Figure 3,<b>On average, the US Dollar Index maintained an overall appreciation before the Fed's last rate hike, but entered a period of fluctuation after the rate hike ended (down about 1.2% over the past year).</b></p><p><img src=\"https://static.tigerbbs.com/8e9b5cd511fa12bf6d9dbf909afee057\" tg-width=\"934\" tg-height=\"543\" referrerpolicy=\"no-referrer\"/></p><p>The situation in 2023 may fall somewhere between 1974 and 1981. Faced with the same choice between high inflation and recession, the US government chose to protect the economy in 1974:<b>Significant interest rate cuts exceeding 800 basis points + more proactive fiscal spending.</b>The US dollar peaked before the last rate hike and then gradually depreciated. In the early 1980s, they chose to control inflation.<b>Federal Funds rate rose to 20% in 1981 + Reagan administration fiscal reforms (government spending cuts + tax cuts)</b>The US dollar reached a temporary peak after the last rate hike, but has since continued to rise under the shadow of the global economic recession and the emerging market crisis (the Latin American debt crisis).</p><p>The US dollar's trend from 2022 to 2023 will fall between the two scenarios mentioned above.<b>It is likely to exhibit a bimodal structure, with the first peak appearing at the end of September 2022.</b>(Before the last rate hike, this was similar to 1974.)<b>。</b>From a policy perspective, the Federal Reserve's monetary policy in 2023 will be more balanced than in 1974 and the 1980s. Faced with the risks of inflation and recession, it may choose to pause rate hike rather than significantly rate hike or cut interest rates. At the same time, the US fiscal policy will face greater constraints in expanding spending next year. From the perspective of recession-related risks, the main shocks are concentrated in the imminent and early stages of a recession, corresponding to the first half of 2023. The Federal Reserve's persistence (not easily turning to interest rate cuts) combined with declining commodity prices will cause the US Dollar Index to surge again in the short term, and the pressure on emerging market economies to increase sharply.<b>The second peak of the the US Dollar Index may occur in the second quarter of 2023 (at which time the Federal Reserve may also pause rate hike).</b></p><p>After the second peak, if the Federal Reserve does not further shift towards interest rate cuts, will the dollar have no room to fall? No, as we mentioned in a previous report, in addition to looking at the US economy and policies themselves, the dollar also needs to pay attention to the situation in major non-US economies, especially Europe and China.<b>The marginal improvement in the European and Chinese economies will be a major driver of the dollar's depreciation.</b>Based on historical averages, this depreciation rate can generally reach 6%.</p><p><img src=\"https://static.tigerbbs.com/9d86d259b4433592bf5a6f887ef82db9\" tg-width=\"732\" tg-height=\"618\" referrerpolicy=\"no-referrer\"/></p><p><b>The Eurozone economy is likely to see a significant improvement in the third quarter of next year.</b>After the triple shocks of the Russia-Ukraine conflict, high inflation, and rapid tightening of monetary policy in 2022, the Eurozone economy is likely to enter a recession at the end of 2022 and the beginning of 2023. The negative impact of these three factors will weaken marginally next year, while the latter two will improve further, which will create conditions for the recovery of the European economy in the second half of the year.</p><p><img src=\"https://static.tigerbbs.com/0d9891fb45c2cc91d51a55f3491981fd\" tg-width=\"733\" tg-height=\"424\" referrerpolicy=\"no-referrer\"/></p><p>The peak of the US dollar will be a major trading theme next year. What assets should we pay attention to? When we talk about the dollar peaking here, we mean...<b>the US Dollar Index surged for the second time before trending downwards.</b>This often leads to a complete change in market investment logic and style.</p><p>After the US dollar peaked, which asset class performed the best and had the greatest resilience? Historically, government bonds (including emerging market sovereign bonds) and investment-grade bonds have the highest success rates, but their flexibility is limited.<b>Emerging market stocks, crude oil, and industrial metals (such as copper) are more attractive. Furthermore, the upside potential for gold may be greater than indicated in Figure 6.</b>Because of the added risk of an economic recession, the gold market will start its rally earlier.</p><p><img src=\"https://static.tigerbbs.com/27051850346e235d3fdf9392f327c20b\" tg-width=\"951\" tg-height=\"569\" referrerpolicy=\"no-referrer\"/></p><p>Which sector will benefit the most after the US dollar peaks? Looking at global stock markets, the top-performing sectors after the US dollar peaked are...<b>Information technology, raw materials, consumer discretionaries, banking and finance, and industrial stocks.</b>However, there is some uncertainty as to whether the information technology sector can continue to lead. A large part of its excess returns comes from the fact that since the financial crisis, monetary policy has often quickly shifted to easing when facing economic headwinds. This scenario may be unlikely to occur in 2023. In addition to the policy shift, other sectors also have the important logic of marginal economic recovery.</p><p><img src=\"https://static.tigerbbs.com/0a4be050e56bce9915ae87445169015a\" tg-width=\"921\" tg-height=\"388\" referrerpolicy=\"no-referrer\"/></p><p>Risk warning: External demand will decline due to tightening overseas monetary policy, and the spread of the domestic epidemic will exceed market expectations. Overseas economies have entered a recession ahead of schedule, and a significant negative growth in my country's exports may arrive ahead of schedule. The recurring pandemic has made it difficult to lift strict prevention and control measures in the short term and will last for a long time, severely dragging down the Chinese economy and causing the US dollar to rise.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/565763\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3a477963a13237335d75caf26836fbe2","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPXU":"三倍做空标普500ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares",".IXIC":"NASDAQ Composite","SDOW":"三倍做空道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","BK4534":"瑞士信贷持仓",".SPX":"S&P 500 Index","SPY":"标普500ETF","DOG":"道指ETF-ProShares做空","QLD":"2倍做多纳斯达克100指数ETF-ProShares","BK4504":"桥水持仓","SDS":"两倍做空标普500 ETF-ProShares","IVV":"标普500ETF-iShares","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","OEX":"标普100","SH":"做空标普500-Proshares","DJX":"1/100道琼斯","BK4550":"红杉资本持仓","OEF":"标普100指数ETF-iShares","BK4581":"高盛持仓","QQQ":"纳指100ETF","UPRO":"三倍做多标普500ETF-ProShares","BK4559":"巴菲特持仓","UDOW":"三倍做多道指30ETF-ProShares","SQQQ":"纳指三倍做空ETF","DDM":"2倍做多道指ETF-ProShares",".DJI":"道琼斯"},"source_url":"https://www.gelonghui.com/p/565763","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2287903687","content_text":"东吴证券认为本轮美元的形态和节奏会介于1974和1981年之间、呈现双峰结构，第一个高点在2022年9月底已经出现，而第二个高点可能会出现在2023年第二季度。欧洲和中国经济一起边际改善将会是美元贬值的重要推手。2022年，美元指数再次王者归来，2023年呢？2022年在大类资产中，除了受到严重供给冲击而大幅波动的油气外，美元指数的表现强而且稳——2022年再次成为美元大年（图1）。由于高通胀和美联储激进的紧缩步伐，市场往往会把2020s比作1970s和1980s初，但是两个时期美元指数的表现大相径庭（图2），前者美元跌多涨少，后一段时间则见证了战后美元最大的牛市。2023年可能迎来美联储货币政策的转向，而同样的场景也在1974年和1982年出现，那么2023年会更像谁？背后有怎样的大类资产配置含义？结合历史和基本面的分析，我们认为本轮美元的形态和节奏会介于1974和1981年之间、呈现双峰结构，第一个高点在2022年9月底已经出现，而第二个高点可能会出现在2023年第二季度。这意味着美元见顶会是2023年重要的交易主题，从大类资产配上看，政府债券和高等级债券的胜率最高，新兴市场股市、能源和工业金属的弹性最大，此外黄金也值得提前布局；从权益板块上看，信息技术、原材料、非必选消费、银行金融和工业股收益居前，不过由于美联储货币政策迅速转向的概率不大，信息技术是否还能领跑存疑。美元的基本面可以从美国和非美经济体两个维度来看：美国方面，2023年绕不过去的两个话题是美国衰退和美联储停止加息；非美方面，重点关注的则是欧洲和中国的复苏何时见底复苏。美元如何交易衰退？从1970年以来的衰退经历来看，美元具有较为明显的衰退避险模式，一般而言衰退开始前约2.5个月美元指数触底，而后由于避险情绪升温进入升值模式，衰退开启后2至5个月触顶回落，这取决于美联储转向的速度、力度以及非美经济体的经济韧性（如果主要非美经济体复苏越快，美元回落也越快）（如表1）。值得注意的是，美国自身金融体系爆发危机带来的衰退会使得美元的避险模式改变。典型的是1989年美国储贷危机和2007年次贷危机带来的衰退，美国金融体系的动荡会直接影响美元的安全性，这会导致在衰退爆发前美元指数贬值，而随着金融体系恢复以及衰退向非美经济体扩散，美元又会成为全球的避险资产。不过这一场景在2023年发生的概率不大。美元如何交易美联储加息的转向？市场对于2023年美联储是否会降息尚存在较大的不确定性，但是年中暂停加息是大概率事件。回顾1974年以来的历史，如图3所示，从平均水平来看，美联储最后一次加息前美元指数整体保持升值，加息结束后进入震荡（1年内约跌1.2%）。2023年的情况可能介于1974年和1981年两种情形之间。同样面对高通胀和衰退的抉择，1974年美国政府选择保经济：大幅降息超过800bp+财政支出更加积极，美元在最后一次加息前就已经见顶，随后逐步进入贬值；1980s初则选择了控通胀，联邦基金利率在1981年一度上涨至20%+里根政府财政改革（削减政府支出+减税），美元在最后一次加息后出现阶段性顶部，不过此后在全球经济衰退和新兴市场危机（拉美债务危机）的阴影下继续走高。2022年至2023年的美元走势会介于以上两种情形之间，很可能呈现双峰结构，第一峰在2022年9月底已经出现（在最后一次加息前，这个和1974年类似）。从政策上看，2023年美联储的货币政策较1974年和1980s会更加均衡，面对通胀和衰退的风险可能会选择暂停加息，而非大幅加息或者降息，同时明年美国财政政策扩大支出面临较大的约束；从衰退相关的风险来看，主要的冲击集中在临近衰退和衰退前期，对应的是2023年上半年，美联储的坚持（不轻易转向降息）+商品价格下滑，会使得短期内美元指数再次上冲、新兴市场经济体压力骤升——美元指数的第二峰可能出现在2023年第二季度（彼时美联储也可能暂停加息）。第二峰之后，如果美联储不进一步转向降息，美元是不是就没有下跌空间了？并不是，我们在之前的报告中曾经提及，美元除了要看美国自身的经济和政策外，还要注意主要非美经济体的情况，尤其是欧洲和中国——欧洲和中国经济一起边际改善将会是美元贬值的重要推手，从历史均值测算，这个贬值幅度一般能达6%。欧元区经济可能在明年第三季度出现比较明显的改善。在经过2022年俄乌冲突、高通胀和货币政策急速收紧的三重冲击后，欧元区经济大概率在2022年底和2023年初进入衰退状态，明年这三大因素的负面影响都会边际减弱、后两者则进一步改善，这会为下半年欧洲经济的复苏创造条件。美元见顶会是明年重要的交易主题，应该关注什么资产？我们在这说的美元见顶指的是美元指数第二次冲高后趋势性回落，这往往会导致市场投资逻辑和风格整体性改变。美元见顶后，哪个大类资产胜利最高、弹性最大？从历史经验看，政府债券（含新兴市场主权债）和投资级债券胜率最高，但是弹性上新兴市场股市、原油和工业金属（例如铜）更加具有吸引力。此外，黄金的空间可能比图6统计的更大，因为有经济衰退风险的加成，黄金的行情会启动得更早。美元见顶之后，哪个板块最受益？从全球股市来看，美元见顶之后收益居前的板块是信息技术、原材料、非必选消费、银行金融和工业股。不过信息技术板块能否继续领跑存在一定的不确定性，其超额收益背后有很大一部分来自于金融危机以来货币政策在面临经济逆风时往往会快速转向宽松，这一幕可能在2023年难以出现，而其他板块在政策转向之外，还有经济边际复苏的重要逻辑。风险提示：海外货币政策收紧下外需回落，国内疫情扩散超市场预期。海外经济提前进入衰退，我国出口大幅负增长可能提前到来。疫情反复，严格防控短期难以解除、持续时间拉长，严重拖累中国经济、导致美元冲高。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,"UPRO":0.6,".SPX":0.6,"NQmain":0.6,"QQQ":0.6,".IXIC":0.9,"SDS":0.6,"SPXU":0.6,"DOG":0.6,"SPY":0.9,"DDM":0.6,"DXD":0.6,"OEX":0.6,"SSO":0.6,"SH":0.6,"PSQ":0.6,"ESmain":0.6,".DJI":0.9,"DJX":0.6,"OEF":0.6,"SDOW":0.6,"QID":0.6,"TQQQ":0.6,"IVV":0.6,"MNQmain":0.6,"UDOW":0.6,"QLD":0.6,"SQQQ":0.6}},"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962379639,"gmtCreate":1669730039621,"gmtModify":1676538231155,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962379639","repostId":"2287576021","repostType":2,"repost":{"id":"2287576021","kind":"news","pubTimestamp":1669715606,"share":"https://ttm.financial/m/news/2287576021?lang=en_US&edition=fundamental","pubTime":"2022-11-29 17:53","market":"hk","language":"zh","title":"Unable to invest in Temu, VCs bought Pinduoduo stock instead.","url":"https://stock-news.laohu8.com/highlight/detail?id=2287576021","media":"投资界","summary":"“最近VC朋友聊得最多的话题，大概就是Temu了。”聊到Temu——一个拼多多刚上线的出海项目，孟岩的话匣子打开了。令人惊讶的是，拼多多把 Temu 摆在首要位置。他透露，其实不少同行都在打听进入Temu的机会，不过目前拼多多尚未开放融资机会。”Temu”，一个拼多多自创的新词，母公司给予了它拿下海外市场的愿景。今年9月1日，Temu正式面世，首站进军北美。于是，有趣的一幕发生了：投不进Temu，VC直接加仓了拼多多的股票。","content":"<p><html><body><figure><img h=\"234\" src=\"http://n.sinaimg.cn/finance/crawl/784/w550h234/20221129/e639-b0e59e9c237d54263e536d87b829f0e9.jpg\" w=\"550\"/><h2></h2></figure></p><p>\"Copy from China\".</p><p>Author I Yang Wenjing</p><p>\"The topic that VC friends have been talking about the most lately is probably Temu,\" Meng Yan said.</p><p>She previously worked at a very leading VC firm in China and currently heads a new fund focused on consumer technology. Going global is one of the key areas of focus for Meng Yan and his team. I spent a week in Shenzhen during this business trip, where I discussed a number of overseas projects.</p><p>Speaking of Temu—a<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Meng Yan started talking about his newly launched overseas project. In September of this year, Temu quietly launched in North America, and under the leadership of Huang Zheng's junior sister Abu, it swept the list and quickly topped the US App Store's free shopping app chart. Last night (November 28), Pinduoduo released its latest financial report, showing a net profit of over 12 billion yuan in a single quarter. Surprisingly, Pinduoduo prioritized Temu.</p><p>“This is exactly the kind of project we want to invest in.” Similar to Meng Yan, Li Li has been looking into the overseas sector recently and has been following Temu for some time. He revealed that many peers are actually inquiring about opportunities to enter Temu, but Pinduoduo has not yet opened up financing opportunities.</p><p>Li Li exclaimed, \"Temu's popularity has made us feel more deeply the broad prospects of going global.\"</p><p><strong>Projects that VCs can't invest in</strong></p><p>A few days ago, Meng Yan's team completed research on several major internet companies and reached a preliminary conclusion: Temu can definitely succeed.</p><p>This all starts with the team's research on Pinduoduo. Since the beginning of this year, valuations in the primary and secondary markets have inverted, and although the consumer sector has cooled down, the valuations of many brands are still inflated. Compared to startups whose valuations easily reach billions, Meng Yan began looking for cheaper opportunities in the secondary market, and Pinduoduo came into the team's view.</p><p>After analyzing several major internet companies, Meng Yan found that Alibaba's market value has been declining.<a href=\"https://laohu8.com/S/JD\">JD.com</a>As the market fluctuated, it remained relatively stable, with only Pinduoduo continuing to grow against the trend.</p><p>Just as last night (November 28), Pinduoduo released its financial report for the third quarter of 2022. During the reporting period, the company achieved revenue of 35.5 billion yuan, a year-on-year increase of 65.1%; Net profit attributable to ordinary shareholders was RMB 10.59 billion, a year-on-year increase of 546%, marking the sixth consecutive quarter that Pinduoduo has maintained positive profit growth.</p><p><figure><img h=\"262\" src=\"http://n.sinaimg.cn/finance/crawl/12/w550h262/20221129/0aa9-31ac2e467598b721578dcdc04c904caa.png\" w=\"550\"/><h2>(Pinduoduo's Q3 Financial Report)</h2></figure>As for the underlying logic, Meng Yan provided an analysis: during market downturns, platforms that focus on cost-effectiveness are actually more resilient. \"To put it simply, the less money people have, the more stable Pinduoduo is.\" At a time of economic downturn in Europe and the United States, Pinduoduo launched its overseas project Temu, which was essentially a \"copy\" of its parent company's operating model and came at the right time.</p><p>\"Temu\" is a new term coined by Pinduoduo, and its parent company gave it the vision of conquering overseas markets. The name is ingenious. On Temu's official download page, the new term comes with an explanation: \"Team Up, Price Down,\" which roughly translates to: \"Buy in groups, it's cheaper.\" A Pinduoduo style emerged spontaneously.</p><p><figure><img h=\"349\" src=\"http://n.sinaimg.cn/finance/crawl/99/w550h349/20221129/4343-a345ee4be43ad42a87d3b0f05ffcb334.png\" w=\"550\"/><h2></h2></figure>On September 1st of this year, Temu was officially launched, marking its first stop in North America. Although \"Cut a Cut\" couldn't go global together due to overseas legal risks, Temu still used its most familiar strategy: reward $20 for recruiting a user. It can be said that they have mastered the \"viral spread\" of their main business.</p><p>With product prices generally lower than competitors and product categories meeting the daily shopping needs of most North Americans, Temu has become popular. Many investors believe that Temu has enormous growth potential—the area that SHEIN,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>When the land divided by the wolves was divided, troublemakers arrived.</p><p>\"When its domestic business entered a relatively comfortable area, Pinduoduo was able to extricate itself and concentrate all its key resources to penetrate overseas markets.\" Meng Yan revealed that, to his knowledge, the fact that veteran Pinduoduo figures such as Huang Zheng and Abu personally oversaw the project demonstrates their emphasis on the entire new project.</p><p>\"Nowadays, VCs with US dollar backgrounds are paying special attention to Temu.\" Once upon a time, Pinduoduo brought substantial returns to many VC/PE institutions in China, directly enabling a group of young investors to achieve wealth creation. Now, the overseas version of \"Pinduoduo\" has arrived, and the story is even more enticing.</p><p>Meng Yan did not hide the fact that his team had previously established contact with Temu through various channels to communicate their financing needs. However, after some contact, it was learned that although Temu had been burning through cash in the early stages, Pinduoduo had sufficient cash flow and had no plans to spin off Temu. This business also did not currently intend to raise funds, and investors in the primary market could not get a share even if they wanted to invest. \"If financing were opened up, this would definitely be a fiercely competitive project.\"</p><p>The VC community is eyeing it covetously, and no one wants to miss out on this heavyweight project.</p><p>And so, an interesting scene unfolded: unable to invest in Temu, VCs directly increased their holdings in Pinduoduo stock.</p><p>Huang Zheng's junior sister takes the helm, and Temu dominates everywhere.</p><p><strong>Copy Pinduoduo in the United States</strong></p><p>Who exactly is in charge of the Temu project?</p><p>The name Abu surfaced. She is a heavyweight figure at Pinduoduo. This junior student of Huang Zheng's was originally named Gu Pingping, and she has been following Huang Zheng since the beginning of his business. Over the years, Abu has rarely appeared in the public eye, but she is at the helm of Duoduo Maicai, and she is also in charge of the \"game group buying\" model that made Pinduoduo an overnight sensation.</p><p>A former Pinduoduo employee revealed, \"Abu is like an internal CEO; she is in charge of administration, technology, and operations.\"</p><p><div sax-type=\"proxy\"></div>With Abramovich's move, Temu's importance is self-evident. In order to carve out a successful market in North America, Pinduoduo invested no less in Temu than Duoduo Maicai. Reports indicate that Pinduoduo planned to invest 1 billion yuan in Temu in the first month, attempting to build a brand image of \"Team up, Price down\" in the minds of users.</p><p>More directly, Pinduoduo's investor relations webpage adopted a new domain name, pddholdings.com (\"Pinduoduo Holdings\"), and changed the company description to \"a multinational business group that owns and operates a range of businesses, including Temu, the North American consumer e-commerce marketplace, and Pinduoduo, a leading social commerce platform.\" In this description, Temu even takes precedence over its main business, \"Pinduoduo,\" in word order.</p><p><figure><img h=\"268\" src=\"http://n.sinaimg.cn/finance/crawl/18/w550h268/20221129/1618-d2137ef68b19853b905bb022f413e5c0.png\" w=\"550\"/><h2>(Introduction to Pinduoduo Investor Relations Network)</h2></figure>On the other side of the ocean, Temu lived up to expectations. Thanks to its \"viral user acquisition\" strategy, Temu surpassed Amazon and SHEIN in daily downloads in less than a month after its launch, topping the US App Store's free shopping app chart.</p><p>The anxiety of competing for employees, suppliers, and market share has spread to competitors. Someone on social media revealed that Temu poached employees with a salary that was 60% higher than SHEIN's. Considering that it was inconvenient for employees to move, Temu moved its office directly to a subway station two stops away from SHEIN.</p><p>In addition to attracting talent with high salaries, Temu also uses huge order volume dividends to secure suppliers. One seller said, \"I've been working on Temu for three months, and I've been getting a stable 1,000 orders a day.\" Rumors circulate that SHEIN has begun requiring merchants to \"choose between two options,\" and it has even been reported that \"employees will never be hired once they switch jobs to Temu,\" but this information has not yet been confirmed.</p><p>On the consumer side, Temu is seizing market share by offering low prices. Summer women's clothing on the platform is mostly priced below $20, necklaces and rings are priced between $5 and $10, and some small items are even priced below $1. An export professional on the Amazon platform complained that Temu's retail price is cheaper than their purchase price.</p><p><figure><img h=\"491\" src=\"http://n.sinaimg.cn/finance/crawl/241/w550h491/20221129/2b5d-e32cc133d891259079fd9bfdcb0a6c41.png\" w=\"550\"/><h2></h2></figure>The secondary market is also studying Temu.<a href=\"https://laohu8.com/S/601198\">Dongxing Securities</a>Previous analysis suggested that Temu adopts a self-operated model, where sellers are responsible for supplying goods, the platform controls the pricing power of products, and requires sellers to submit the reserve price of their products. Leveraging the supply chain foundation built by its core business in China, Temu was able to drive prices to the lowest possible level, which once prompted netizens to exclaim, \"Directly regulate the US e-commerce industry!\"</p><p>Currently, some media outlets have released a set of data: Temu's average daily GMV has exceeded US$1.5 million (approximately RMB 10 million), with nearly 30,000 merchants and 300,000-400,000 SKUs, covering 24 first-tier categories. If the data is accurate, then Temu's monthly GMV has already exceeded 300 million RMB. In other words, in less than two months, Temu surpassed the scale of 90% of cross-border e-commerce players in a year.</p><p>A cross-border platform that has only been online for two months has grown so rapidly. According to previous plans, Temu's GMV target is $300-500 million by the end of the year, and it will achieve a target of $3 billion in the coming year, which is equivalent to 1/10 of SHEIN's current size.</p><p>“Temu proves this logic: even in developed countries, wealthy people still only make up a small portion, and there are also lower-tier markets abroad. Pinduoduo’s logic in China may still be applicable,” a Shanghai-based VC investor said frankly after reviewing Temu’s data.</p><p>\"Now is the best time to enter overseas markets.\" After analyzing Temu, Meng Yan frankly admitted, \"From the perspective of the overall environment, during economic downturns, people's demand for 'cost-effectiveness' is even greater. In addition, the inflation in the United States in the past two years has objectively given platforms like Temu more room to rise.\"</p><p><strong>When internet giants collectively sit in charge</strong></p><p><strong>The era of going global has arrived.</strong></p><p>\"Besides Huang Zheng, Alibaba's Jiang Fan, ByteDance's Zhang Yiming, and JD.com's Liu Qiangdong have all gone overseas to look for opportunities.\" A VC close to a major internet company lamented that almost everyone firmly believes that the time has come for China to rise to more global internet platforms.</p><p>As Meng Yan analyzed, the domestic business of several major internet companies is growing steadily. The previously fierce competition in community group buying has been decided, and domestic competition can no longer reach new heights. However, overseas is still a blue ocean full of various possibilities. The battle-hardened players embarked on their \"Copy from China\" journey.</p><p>Last year, Jiang Fan, former president of Taobao and Tmall, was sent to Southeast Asia to be in charge of overseas business, including Lazada. Prior to this, Lazada had changed CEOs multiple times, but no key figure had yet been in charge. In Alibaba's organizational restructuring and Zhang Yong's internal letter, the overseas business represented by Jiang Fan was elevated to a position comparable to retail for the first time. It is understood that Jiang Fan's next step may be to go to Europe.</p><p>At ByteDance, Meng Yan revealed, \"This year...\"<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>GMV should reach 2 trillion yuan; the ceiling is visible to the naked eye. Several core executives, including Zhang Yiming, are actively exploring overseas markets. Previously, ByteDance's overseas business, TikTok, had set a goal: to have more than 1.05 billion daily active users worldwide by the end of 2022. In addition, ByteDance recently launched lfYooou, a cross-border independent website specializing in selling women's clothing.</p><p>“But TikTok remains the focus at present,” the aforementioned investor revealed. “They feel that the Southeast Asian market is small, and the next focus will be on live-streaming e-commerce in Europe and the United States.”</p><p>Today, war has broken out overseas, and fierce competition is brewing. Wu Bin, who works at a major internet company in Shanghai, mentioned, \"Recently, I have a growing feeling that more and more Chinese companies will go global in the near future. Platforms such as TikTok, SHEIN, and Temu have begun to challenge the systems built by foreign giants.\"</p><p>In reality, this wave of going global did not happen overnight. After more than 20 years of development, China's new economy has formed a unique Internet model. “These models can be moved overseas, such as e-commerce, food delivery, and fresh food projects that have already succeeded in China,” Meng Yan explained.</p><p>Drawing on China's already well-developed internet entrepreneurship model and incorporating local innovation, this is \"Copy from China.\" When these models go overseas, they will become new growth drivers and create new industrial systems, which has attracted the attention of a number of domestic VCs.</p><p>“We’ve been tracking their developments recently and frequently talking to these giants, looking for new companies that will grow within their ecosystem,” Meng Yan said. He added that with the emergence of new platforms like TikTok and Temu, there is room for new brands to emerge, which is similar to the logic behind Douyin’s efforts to foster a number of new brands in China.</p><p>In addition, a leading domestic VC firm has also set up a dedicated investment team to focus on projects that are \"copied from China\". Most mainstream investment institutions, such as Sequoia China, Hillhouse Capital, Gaorong Capital, IDG Capital, and GGV Capital, have also made overseas expansion and globalization important directions for their development in recent years.</p><p>This is a golden field for Chinese VCs—after all, having personally experienced the era of Chinese business model innovation, domestic investors can discover projects earlier and anticipate the development space and potential risks of companies in advance. The myth of venture capital returns of the past two decades may be taking root in a foreign land.</p><p>(Meng Yan, Li Li, and Wu Bin are pseudonyms in this article.)</p><p><div></div><div><img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/></div></body></html></p>","source":"sina_tech","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>Unable to invest in Temu, VCs bought Pinduoduo stock instead.</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\">\nUnable to invest in Temu, VCs bought Pinduoduo stock instead.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资界</strong><span class=\"h-time small\">2022-11-29 17:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><figure><img h=\"234\" src=\"http://n.sinaimg.cn/finance/crawl/784/w550h234/20221129/e639-b0e59e9c237d54263e536d87b829f0e9.jpg\" w=\"550\"/><h2></h2></figure></p><p>\"Copy from China\".</p><p>Author I Yang Wenjing</p><p>\"The topic that VC friends have been talking about the most lately is probably Temu,\" Meng Yan said.</p><p>She previously worked at a very leading VC firm in China and currently heads a new fund focused on consumer technology. Going global is one of the key areas of focus for Meng Yan and his team. I spent a week in Shenzhen during this business trip, where I discussed a number of overseas projects.</p><p>Speaking of Temu—a<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Meng Yan started talking about his newly launched overseas project. In September of this year, Temu quietly launched in North America, and under the leadership of Huang Zheng's junior sister Abu, it swept the list and quickly topped the US App Store's free shopping app chart. Last night (November 28), Pinduoduo released its latest financial report, showing a net profit of over 12 billion yuan in a single quarter. Surprisingly, Pinduoduo prioritized Temu.</p><p>“This is exactly the kind of project we want to invest in.” Similar to Meng Yan, Li Li has been looking into the overseas sector recently and has been following Temu for some time. He revealed that many peers are actually inquiring about opportunities to enter Temu, but Pinduoduo has not yet opened up financing opportunities.</p><p>Li Li exclaimed, \"Temu's popularity has made us feel more deeply the broad prospects of going global.\"</p><p><strong>Projects that VCs can't invest in</strong></p><p>A few days ago, Meng Yan's team completed research on several major internet companies and reached a preliminary conclusion: Temu can definitely succeed.</p><p>This all starts with the team's research on Pinduoduo. Since the beginning of this year, valuations in the primary and secondary markets have inverted, and although the consumer sector has cooled down, the valuations of many brands are still inflated. Compared to startups whose valuations easily reach billions, Meng Yan began looking for cheaper opportunities in the secondary market, and Pinduoduo came into the team's view.</p><p>After analyzing several major internet companies, Meng Yan found that Alibaba's market value has been declining.<a href=\"https://laohu8.com/S/JD\">JD.com</a>As the market fluctuated, it remained relatively stable, with only Pinduoduo continuing to grow against the trend.</p><p>Just as last night (November 28), Pinduoduo released its financial report for the third quarter of 2022. During the reporting period, the company achieved revenue of 35.5 billion yuan, a year-on-year increase of 65.1%; Net profit attributable to ordinary shareholders was RMB 10.59 billion, a year-on-year increase of 546%, marking the sixth consecutive quarter that Pinduoduo has maintained positive profit growth.</p><p><figure><img h=\"262\" src=\"http://n.sinaimg.cn/finance/crawl/12/w550h262/20221129/0aa9-31ac2e467598b721578dcdc04c904caa.png\" w=\"550\"/><h2>(Pinduoduo's Q3 Financial Report)</h2></figure>As for the underlying logic, Meng Yan provided an analysis: during market downturns, platforms that focus on cost-effectiveness are actually more resilient. \"To put it simply, the less money people have, the more stable Pinduoduo is.\" At a time of economic downturn in Europe and the United States, Pinduoduo launched its overseas project Temu, which was essentially a \"copy\" of its parent company's operating model and came at the right time.</p><p>\"Temu\" is a new term coined by Pinduoduo, and its parent company gave it the vision of conquering overseas markets. The name is ingenious. On Temu's official download page, the new term comes with an explanation: \"Team Up, Price Down,\" which roughly translates to: \"Buy in groups, it's cheaper.\" A Pinduoduo style emerged spontaneously.</p><p><figure><img h=\"349\" src=\"http://n.sinaimg.cn/finance/crawl/99/w550h349/20221129/4343-a345ee4be43ad42a87d3b0f05ffcb334.png\" w=\"550\"/><h2></h2></figure>On September 1st of this year, Temu was officially launched, marking its first stop in North America. Although \"Cut a Cut\" couldn't go global together due to overseas legal risks, Temu still used its most familiar strategy: reward $20 for recruiting a user. It can be said that they have mastered the \"viral spread\" of their main business.</p><p>With product prices generally lower than competitors and product categories meeting the daily shopping needs of most North Americans, Temu has become popular. Many investors believe that Temu has enormous growth potential—the area that SHEIN,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>When the land divided by the wolves was divided, troublemakers arrived.</p><p>\"When its domestic business entered a relatively comfortable area, Pinduoduo was able to extricate itself and concentrate all its key resources to penetrate overseas markets.\" Meng Yan revealed that, to his knowledge, the fact that veteran Pinduoduo figures such as Huang Zheng and Abu personally oversaw the project demonstrates their emphasis on the entire new project.</p><p>\"Nowadays, VCs with US dollar backgrounds are paying special attention to Temu.\" Once upon a time, Pinduoduo brought substantial returns to many VC/PE institutions in China, directly enabling a group of young investors to achieve wealth creation. Now, the overseas version of \"Pinduoduo\" has arrived, and the story is even more enticing.</p><p>Meng Yan did not hide the fact that his team had previously established contact with Temu through various channels to communicate their financing needs. However, after some contact, it was learned that although Temu had been burning through cash in the early stages, Pinduoduo had sufficient cash flow and had no plans to spin off Temu. This business also did not currently intend to raise funds, and investors in the primary market could not get a share even if they wanted to invest. \"If financing were opened up, this would definitely be a fiercely competitive project.\"</p><p>The VC community is eyeing it covetously, and no one wants to miss out on this heavyweight project.</p><p>And so, an interesting scene unfolded: unable to invest in Temu, VCs directly increased their holdings in Pinduoduo stock.</p><p>Huang Zheng's junior sister takes the helm, and Temu dominates everywhere.</p><p><strong>Copy Pinduoduo in the United States</strong></p><p>Who exactly is in charge of the Temu project?</p><p>The name Abu surfaced. She is a heavyweight figure at Pinduoduo. This junior student of Huang Zheng's was originally named Gu Pingping, and she has been following Huang Zheng since the beginning of his business. Over the years, Abu has rarely appeared in the public eye, but she is at the helm of Duoduo Maicai, and she is also in charge of the \"game group buying\" model that made Pinduoduo an overnight sensation.</p><p>A former Pinduoduo employee revealed, \"Abu is like an internal CEO; she is in charge of administration, technology, and operations.\"</p><p><div sax-type=\"proxy\"></div>With Abramovich's move, Temu's importance is self-evident. In order to carve out a successful market in North America, Pinduoduo invested no less in Temu than Duoduo Maicai. Reports indicate that Pinduoduo planned to invest 1 billion yuan in Temu in the first month, attempting to build a brand image of \"Team up, Price down\" in the minds of users.</p><p>More directly, Pinduoduo's investor relations webpage adopted a new domain name, pddholdings.com (\"Pinduoduo Holdings\"), and changed the company description to \"a multinational business group that owns and operates a range of businesses, including Temu, the North American consumer e-commerce marketplace, and Pinduoduo, a leading social commerce platform.\" In this description, Temu even takes precedence over its main business, \"Pinduoduo,\" in word order.</p><p><figure><img h=\"268\" src=\"http://n.sinaimg.cn/finance/crawl/18/w550h268/20221129/1618-d2137ef68b19853b905bb022f413e5c0.png\" w=\"550\"/><h2>(Introduction to Pinduoduo Investor Relations Network)</h2></figure>On the other side of the ocean, Temu lived up to expectations. Thanks to its \"viral user acquisition\" strategy, Temu surpassed Amazon and SHEIN in daily downloads in less than a month after its launch, topping the US App Store's free shopping app chart.</p><p>The anxiety of competing for employees, suppliers, and market share has spread to competitors. Someone on social media revealed that Temu poached employees with a salary that was 60% higher than SHEIN's. Considering that it was inconvenient for employees to move, Temu moved its office directly to a subway station two stops away from SHEIN.</p><p>In addition to attracting talent with high salaries, Temu also uses huge order volume dividends to secure suppliers. One seller said, \"I've been working on Temu for three months, and I've been getting a stable 1,000 orders a day.\" Rumors circulate that SHEIN has begun requiring merchants to \"choose between two options,\" and it has even been reported that \"employees will never be hired once they switch jobs to Temu,\" but this information has not yet been confirmed.</p><p>On the consumer side, Temu is seizing market share by offering low prices. Summer women's clothing on the platform is mostly priced below $20, necklaces and rings are priced between $5 and $10, and some small items are even priced below $1. An export professional on the Amazon platform complained that Temu's retail price is cheaper than their purchase price.</p><p><figure><img h=\"491\" src=\"http://n.sinaimg.cn/finance/crawl/241/w550h491/20221129/2b5d-e32cc133d891259079fd9bfdcb0a6c41.png\" w=\"550\"/><h2></h2></figure>The secondary market is also studying Temu.<a href=\"https://laohu8.com/S/601198\">Dongxing Securities</a>Previous analysis suggested that Temu adopts a self-operated model, where sellers are responsible for supplying goods, the platform controls the pricing power of products, and requires sellers to submit the reserve price of their products. Leveraging the supply chain foundation built by its core business in China, Temu was able to drive prices to the lowest possible level, which once prompted netizens to exclaim, \"Directly regulate the US e-commerce industry!\"</p><p>Currently, some media outlets have released a set of data: Temu's average daily GMV has exceeded US$1.5 million (approximately RMB 10 million), with nearly 30,000 merchants and 300,000-400,000 SKUs, covering 24 first-tier categories. If the data is accurate, then Temu's monthly GMV has already exceeded 300 million RMB. In other words, in less than two months, Temu surpassed the scale of 90% of cross-border e-commerce players in a year.</p><p>A cross-border platform that has only been online for two months has grown so rapidly. According to previous plans, Temu's GMV target is $300-500 million by the end of the year, and it will achieve a target of $3 billion in the coming year, which is equivalent to 1/10 of SHEIN's current size.</p><p>“Temu proves this logic: even in developed countries, wealthy people still only make up a small portion, and there are also lower-tier markets abroad. Pinduoduo’s logic in China may still be applicable,” a Shanghai-based VC investor said frankly after reviewing Temu’s data.</p><p>\"Now is the best time to enter overseas markets.\" After analyzing Temu, Meng Yan frankly admitted, \"From the perspective of the overall environment, during economic downturns, people's demand for 'cost-effectiveness' is even greater. In addition, the inflation in the United States in the past two years has objectively given platforms like Temu more room to rise.\"</p><p><strong>When internet giants collectively sit in charge</strong></p><p><strong>The era of going global has arrived.</strong></p><p>\"Besides Huang Zheng, Alibaba's Jiang Fan, ByteDance's Zhang Yiming, and JD.com's Liu Qiangdong have all gone overseas to look for opportunities.\" A VC close to a major internet company lamented that almost everyone firmly believes that the time has come for China to rise to more global internet platforms.</p><p>As Meng Yan analyzed, the domestic business of several major internet companies is growing steadily. The previously fierce competition in community group buying has been decided, and domestic competition can no longer reach new heights. However, overseas is still a blue ocean full of various possibilities. The battle-hardened players embarked on their \"Copy from China\" journey.</p><p>Last year, Jiang Fan, former president of Taobao and Tmall, was sent to Southeast Asia to be in charge of overseas business, including Lazada. Prior to this, Lazada had changed CEOs multiple times, but no key figure had yet been in charge. In Alibaba's organizational restructuring and Zhang Yong's internal letter, the overseas business represented by Jiang Fan was elevated to a position comparable to retail for the first time. It is understood that Jiang Fan's next step may be to go to Europe.</p><p>At ByteDance, Meng Yan revealed, \"This year...\"<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>GMV should reach 2 trillion yuan; the ceiling is visible to the naked eye. Several core executives, including Zhang Yiming, are actively exploring overseas markets. Previously, ByteDance's overseas business, TikTok, had set a goal: to have more than 1.05 billion daily active users worldwide by the end of 2022. In addition, ByteDance recently launched lfYooou, a cross-border independent website specializing in selling women's clothing.</p><p>“But TikTok remains the focus at present,” the aforementioned investor revealed. “They feel that the Southeast Asian market is small, and the next focus will be on live-streaming e-commerce in Europe and the United States.”</p><p>Today, war has broken out overseas, and fierce competition is brewing. Wu Bin, who works at a major internet company in Shanghai, mentioned, \"Recently, I have a growing feeling that more and more Chinese companies will go global in the near future. Platforms such as TikTok, SHEIN, and Temu have begun to challenge the systems built by foreign giants.\"</p><p>In reality, this wave of going global did not happen overnight. After more than 20 years of development, China's new economy has formed a unique Internet model. “These models can be moved overseas, such as e-commerce, food delivery, and fresh food projects that have already succeeded in China,” Meng Yan explained.</p><p>Drawing on China's already well-developed internet entrepreneurship model and incorporating local innovation, this is \"Copy from China.\" When these models go overseas, they will become new growth drivers and create new industrial systems, which has attracted the attention of a number of domestic VCs.</p><p>“We’ve been tracking their developments recently and frequently talking to these giants, looking for new companies that will grow within their ecosystem,” Meng Yan said. He added that with the emergence of new platforms like TikTok and Temu, there is room for new brands to emerge, which is similar to the logic behind Douyin’s efforts to foster a number of new brands in China.</p><p>In addition, a leading domestic VC firm has also set up a dedicated investment team to focus on projects that are \"copied from China\". Most mainstream investment institutions, such as Sequoia China, Hillhouse Capital, Gaorong Capital, IDG Capital, and GGV Capital, have also made overseas expansion and globalization important directions for their development in recent years.</p><p>This is a golden field for Chinese VCs—after all, having personally experienced the era of Chinese business model innovation, domestic investors can discover projects earlier and anticipate the development space and potential risks of companies in advance. The myth of venture capital returns of the past two decades may be taking root in a foreign land.</p><p>(Meng Yan, Li Li, and Wu Bin are pseudonyms in this article.)</p><p><div></div><div><img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/it/2022-11-29/detail-imqmmthc6438488.d.html?vt=4\">投资界</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://k.sinaimg.cn/n/finance/transform/667/w400h267/20221129/0e0e-ecfa3dd00d44bed384baf5ae1ef60c51.jpg/w120h90l50t1d40.jpg","relate_stocks":{"LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK4548":"巴美列捷福持仓","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","BK4509":"腾讯概念","LU0051755006.USD":"摩根大通中国A (dist)","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","PDD":"拼多多","BK4501":"段永平概念","BK4531":"中概回港概念","BK4553":"喜马拉雅资本持仓","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","BK4124":"机动车零配件与设备","BK4526":"热门中概股","BK4503":"景林资产持仓","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4122":"互联网与直销零售","BK4558":"双十一","BK4505":"高瓴资本持仓","LU0757428866.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AE\" (USD) ACC","BK4535":"淡马锡持仓","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1815336091.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AUP\" (USD) INC","BK4504":"桥水持仓","VC":"伟世通"},"source_url":"https://tech.sina.cn/it/2022-11-29/detail-imqmmthc6438488.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2287576021","content_text":"“Copy from China”。\n作者 I 杨文静\n“最近VC朋友聊得最多的话题，大概就是Temu了。”孟岩说。\n她曾任职于国内一家非常头部VC机构，目前执掌一家专注消费科技方向的新基金。出海，便是孟岩和团队重点关注的方向之一。这次出差深圳待了一周，密集聊了一波出海项目。\n聊到Temu——一个拼多多刚上线的出海项目，孟岩的话匣子打开了。今年9月，Temu悄悄上线北美，在黄峥师妹阿布的带领下一路横扫，迅速登顶美国APPstore免费购物应用榜单第一。昨晚（11月28日），拼多多发布了最新财报，单季净利润超120亿元。令人惊讶的是，拼多多把 Temu 摆在首要位置。\n“这种项目正是我们想投的。”和孟岩类似，李笠最近一直在看出海赛道，已经跟踪了Temu一段时间。他透露，其实不少同行都在打听进入Temu的机会，不过目前拼多多尚未开放融资机会。\n李笠感叹，“Temu的火爆，让我们更深刻感受到出海广阔的前景。”\nVC投不进去的项目\n几天前，孟岩团队刚做完几个互联网大厂的研究，得出初步结论：Temu肯定能做起来。\n这要从团队对拼多多的研究说起。今年以来，一二级市场估值倒挂，消费赛道虽然冷却，但不少品牌估值仍然虚高。相比初创公司估值动辄就喊到数十亿，孟岩开始在二级市场寻找一些便宜的机会，于是拼多多进入了团队的视野。\n把几个互联网大厂分析一遍，孟岩发现，阿里的市值一直在跌，京东随着大盘涨跌，相对平稳，只有拼多多仍在逆势增长。\n正如昨晚（11月28日），拼多多发布了2022年第三季度财报。报告期内，公司实现营收高达355亿元，同比增长65.1%；归属于普通股股东的净利润为105.9亿元，同比上涨546%，这已经是拼多多连续第六个季度维持利润正增长了。\n\n\n（拼多多三季度财报）\n\n至于背后的逻辑，孟岩作了一番分析：市场下行时期，主打性价比的平台反而更加坚挺。“通俗地说，大家越没钱，拼多多越稳”。而在欧美经济下行的时候，拼多多推出了出海项目Temu，相当于“复制”了母公司的运营模式，更是来得及时。\n”Temu”，一个拼多多自创的新词，母公司给予了它拿下海外市场的愿景。这个名字取得巧妙，在Temu官方下载界面上，新词汇附带着解释：“Team Up，Price Down”，中文翻译过来大致是：“组团买，更便宜”。一股拼多多风格油然而生。\n\n\n\n\n今年9月1日，Temu正式面世，首站进军北美。虽然因国外法律风险，“砍一刀”没能一起出海，但Temu还是祭出了最熟悉的玩法：拉一个用户，奖励20美金。可谓把主业的“病毒式传播”玩得炉火纯青。\n加上商品价格普遍低于同行，品类也满足了大多数北美人民群体的日常购物需求，Temu火了。在不少投资人看来，Temu增长潜力巨大——那片被SHEIN、亚马逊等群狼分割的土地迎来了搅局者。\n“当国内业务进入一个较为舒适的区域，拼多多得以抽身出来，集中所有重点兵力冲击海外市场。” 孟岩透露，据他所知，黄峥、阿布等拼多多元老级人物亲自坐镇，足以见他们对整个新项目的重视。\n“现在美元背景的VC朋友特别关注Temu。”曾几何时，拼多多给国内不少VC/PE机构带来了丰厚的回报，直接使一批年轻投资人实现造富神话。现在，海外版“拼多多”来了，故事更加诱人。\n孟岩并不掩饰，此前团队通过各种渠道跟Temu建立联系，沟通融资需求。不过一番接触后了解到，虽然Temu前期一直需要烧钱，但拼多多现金流充足，并没有分拆Temu的计划，这一业务目前也不打算融资，一级市场的投资人想投也拿不到份额。“如果开放融资，这一定是个挤破头的项目”。\nVC圈虎视眈眈，所有人不愿眼睁睁错过这个重量级项目。\n于是，有趣的一幕发生了：投不进Temu，VC直接加仓了拼多多的股票。\n黄峥师妹掌舵，Temu大杀四方\n在美国复制一个拼多多\n到底谁在执掌Temu项目？\n阿布这个名字浮出水面。她是拼多多一个重量级存在，这位黄峥的同门师妹原名叫顾娉娉，从黄峥创业之初就一直追随左右。多年来，阿布鲜少出现在公众视野中，但多多买菜的掌舵者是她，让拼多多一炮而红的“游戏拼单”模式同样由她操刀。\n一位拼多多前员工透露，“阿布相当于内部CEO，行政、技术、运营都归她管。”\n阿布出手，Temu的重要程度不言而喻。为了在北美杀出一条血路，拼多多对Temu的投入不亚于多多买菜。有报道称，拼多多曾计划第一个月为Temu投入10亿，试图在用户心中建立“Team up，Price down”的品牌形象。\n更直接的是，拼多多的投资者关系网页启用了新域名pddholdings.com（“拼多多控股”），并将公司介绍改为，“一家拥有并经营一系列业务的跨国商业集团，包括北美消费者电子商务市场Temu和头部社交商务平台拼多多”，在这一则介绍中，Temu甚至在语序上优先于主业“拼多多”。\n\n\n（拼多多投资者关系网简介）\n\n在大洋彼岸的另一头，Temu也不负众望。凭借“裂变式拉新”，上线一个月不到，Temu的单日下载量就超越了亚马逊和SHEIN，登顶美国APPstore免费购物应用榜单第一。\n抢员工、抢供应商、抢市场，焦虑传到了竞争对手这一端。社交平台上有人透露，Temu以高出SHEIN百分之六十的薪水挖人，考虑到跳槽的员工不方便搬家，Temu直接把办公地点挪到SHEIN两站开外的地铁站边。\n除了高薪抢人，Temu还以巨额单量红利拿住供应商。有卖家称，“在Temu做了三个月，一天稳定1000单”。传闻中，SHEIN开始要求商家“二选一”，甚至被曝出“员工一旦跳槽Temu，永不录用”的言论，但这些信息目前尚未得到证实。\n而在消费者一端，Temu更是低价抢占市场。平台上的夏季女装价格多在20美元以下，项链、戒指的价格在5-10美元的区间内，一些小物件甚至低到1美元以下。一位在亚马逊平台上做出口的从业者吐槽，Temu的零售价比他们的进货价还便宜。\n\n\n\n\n二级市场也在研究Temu。东兴证券此前分析，Temu采取类自营模式，卖家负责供货，平台掌握商品定价权，并要求卖家报送产品底价。凭借主业在国内打下的供应链基础，Temu得以将价格压到了最低，一度引发网友惊呼：“直接整顿美国电商行业！”\n目前，有媒体公布了一组数据：Temu的日均GMV已经突破150万美元（约1000万人民币），入驻商家数量近3万个，SKU高达30-40万，涵盖24个一级类目。如果数据属实，那么Temu月度GMV就已超3亿人民币，也就是说，两个月不到，Temu就超越了跨境电商9成玩家一年的体量。\n一家才上线两月的跨境平台，发展势头如此迅猛。按照之前的设想，年底前Temu的GMV目标是3-5亿美元，并在未来一年达成30亿美元的目标，这相当于SHEIN目前体量的1/10。\n“Temu证明了这样一个逻辑：即便是在发达国家，有钱人依然只占很小的一部分，国外同样有下沉市场，拼多多在中国的那套逻辑或许依然适用。”看过Temu的数据后，上海一位VC投资人直言。\n“现在正是进入海外市场最好的时机。”分析完Temu，孟岩坦言，“从大环境来看，经济下行时期，人们对‘性价比’的需求更甚，加上这两年美国通胀，客观上给了Temu这类平台更宽松的崛起空间。”\n当互联网大佬集体坐镇\n出海大时代来了\n“除了黄峥，阿里蒋凡、字节跳动张一鸣、京东刘强东都去海外找机会。”一位接近互联网大厂的VC感叹，几乎所有人都坚信，中国崛起更多全球性互联网平台的时候到了。\n正如孟岩分析，几个互联网大厂的国内业务正在稳定增长，此前混战不休的社区团购胜负已定，国内竞争再也“卷”不出新高度了，国外却还是一片蓝海，充满着各种可能性。身经百战的玩家们，开始了“Copy from China”之旅。\n去年，原淘宝、天猫总裁蒋凡被派到了东南亚，负责包括Lazada在内的海外业务。在此之前，Lazada多次更换CEO，但还没有一员大将坐镇。而在阿里的组织架构调整和张勇的内部信中，蒋凡所代表的海外业务首次被提到了与零售比肩的位置。据了解，蒋凡下一步可能还要去欧洲。\n而在字节跳动这边，孟岩透露，“今年抖音GMV应该能到2万亿，天花板肉眼可见。包括张一鸣在内的几个核心高管，都在积极开拓海外市场。”此前，字节的海外业务TikTok已经定下目标：2022年底全球日活用户数超10.5亿。此外，字节还在不久前推出了专门卖女装的跨境独立站lfYooou。\n“但目前TikTok依然是重点”，上述投资人透露，“他们觉得东南亚市场小，下一部分重心也是欧美的直播电商。”\n如今，海外烽烟已起，群雄逐鹿。位于上海某互联网大厂的吴彬提到，“最近感受越来越强烈，中国公司在不远的未来，会越来越多的出海。TikTok、SHEIN、Temu等平台，已经开始挑战国外巨头构建的体系。”\n实际上，这波出海浪潮并非一朝一夕出现。中国新经济经历过去20多年的发展，形成了独特的互联网模式。“这些模式是可以搬到海外去的，比如在中国已经成功的电商、外卖、生鲜等项目。”孟岩介绍。\n借鉴中国已经发展完善的互联网创业模式，再加以当地本土化创新，这便是“Copy from China”，而这些模式去到海外又将成为新的增量，创造出新的产业体系，这也吸引了一批国内VC的关注。\n“最近我们一直在追踪他们的动态，也经常跟这些巨头聊，寻找还会在他们的生态下长出来的新公司。”孟岩说，现在TikTok、Temu等新平台往外涌，会有空间长出新品牌来，这与抖音在国内催生一批新品牌的逻辑一样。\n此外，国内某头部VC机构也已经设置了专门的投资团队，重点关注“Copy from China”的项目。红杉中国、高瓴、高榕资本、IDG资本、GGV纪源资本等大多数主流投资机构，同样在近年将出海和全球化作为了机构发展的重要方向。\n这是属于中国VC们的一个黄金领域——毕竟亲历了中国模式创新时代，国内投资人能够更早发掘项目，也能够提前预知企业的发展空间以及潜在风险。过去二十年的创投回报神话，也许正在异国他乡生根发芽。\n（文中孟岩、李笠、吴彬为化名）","news_type":1,"symbols_score_info":{"VC":1,"PDD":1}},"isVote":1,"tweetType":1,"viewCount":744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962348596,"gmtCreate":1669729171615,"gmtModify":1676538230878,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962348596","repostId":"2287719775","repostType":4,"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962920950,"gmtCreate":1669698831070,"gmtModify":1676538225430,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍👍","listText":"👍👍","text":"👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962920950","repostId":"2286561052","repostType":2,"repost":{"id":"2286561052","kind":"news","pubTimestamp":1669625645,"share":"https://ttm.financial/m/news/2286561052?lang=en_US&edition=fundamental","pubTime":"2022-11-28 16:54","market":"hk","language":"zh","title":"Musk's latest interview: Young people need to learn critical thinking.","url":"https://stock-news.laohu8.com/highlight/detail?id=2286561052","media":"市场资讯","summary":"如果在年轻的时候学习批判性思维，也可以避免人们的大脑建立错误的概念。","content":"<p><html><body>Source: Yabuli Entrepreneurs Forum CEF</p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/111/w550h361/20221128/b0fb-97720ea340482e21bb2d44c69f83050f.png/w720fin.jpg\"/></div>Recently, at the B20 G20 Business Summit in Bali, Indonesia, Elon Musk gave a remote interview to entrepreneur and Indonesian Minister of Education, Culture, Research and Technology Nadim Makarim.</p><p>Musk shared his views on education and learning, and explained the first principles of physics as a tool.</p><p><font>The following is the full text of the interview (with deletions):</font></p><p><font><font><font>Nadeem:</font><font>One thing that confuses many people is, how can you do so many things? What are your productivity tools?</font></font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>Yes, I did invest a lot of time. I'm not sure if I would recommend my approach to others.</font><font><font>Because I work almost all the time. I rarely rest, not even on a Sunday.</font></font></p><p>Regarding tools for understanding the world, I think the physics framework is very helpful. In physics, we should think from the perspective of first principles.</p><p>For a given situation, you try to understand the most basic truths and then reason based on them. Then, test your conclusions against what you believe to be basic truths.</p><p>In physics, this is like testing whether you are violating the conservation of energy, or the conservation of momentum, or some similar law. We should always assume that we are wrong to some extent, and at the same time try to reduce our mistakes. This is very important.</p><p>This is a little difficult to overcome self-esteem, but it is very helpful in understanding the truth of things.</p><p><font><font><font>Nadeem:</font></font></font><font><font>It's an iterative process, constantly maintaining a healthy attitude of skepticism, and of course, a significant amount of time you invest.</font></font><font><font>I've noticed that when you try to make changes, the resistance to change is enormous and very painful. There will be a whole group of people, I categorize them as opponents, who will constantly try to say that what you are trying to achieve is impossible.</font></font><font><font>How do you deal with these opponents?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>I want to go back to physics. The only thing that is really impossible is to break the laws of physics. As long as the laws of physics are not broken, anything is possible.</font></p><p><font><font><font>No one's opinion matters; physics is a law, and everything else is a suggestion.</font></font></font><font><font>I have seen many people break the law, but I have never seen anyone break the laws of physics.</font></font></p><p><font>Nadeem: Within the laws of physics, anything is possible?</font></p><p><font><font><font>Elon Musk:</font></font></font><font>Of course, you can challenge the laws of physics, but they have been challenged enough, and they are highly adaptable.</font></p><p><font><font><font>Nadeem:</font></font></font><font><font>Were there a few milestone events that occurred during your childhood or adolescence and had the most profound impact on you today?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>I read a lot of science fiction and fantasy books, and I like movies like Star Trek and Star Wars.</font><font>Star Wars was the first movie I ever saw in a cinema.</font><font>At that time I</font><font>Only six years old,</font><font>For me</font><font>It has a very significant impact.</font></p><p>The Lord of the Rings is my favorite book, along with Isaac Asimov's Foundation series, and<font>Robert Heinlein's \"The Strict Moon\" also</font>It had a huge impact on me.</p><p>In trying to find the truth of things, I explored many avenues, and finally found that physics is the best way to explore the truth of things.</p><p><font><font><font>Nadeem: You made it clear that practical changes should be made.<font><font>education</font></font>Some ways. Please explain.</font></font></font><font><font>What are your thoughts on education? What would education look like in your ideal world?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>I believe that when we try to learn something, establishing relevance is...<font>Extremely important. To be frequent</font>Ask yourself, why are you learning this?</font></p><p><font>Our brains have been trying to forget. On a subconscious level, our brains try to decide what is relevant and what is not.</font><font>The brain doesn't want to remember.<font>We</font><font>Most of what I saw,</font></font><font>Therefore, a correlation must be established.</font><font>Once a correlation is established, the brain naturally wants to remember it.</font></p><p><font>There are two different ways to conduct education. One approach is to teach using tools, and the other approach is to address a problem we want to solve.<font>Expand teaching</font>。</font><font>For example, when faced with a series of lessons about wrenches, screwdrivers, and winches, we would feel bored without establishing relevance.</font><font>However, if an engine is disassembled and reassembled, it will come into contact with</font><font>Tools such as screwdrivers, wrenches, and winches, we</font><font>They will understand their relevance well and remember them.</font></p><p><font>This is a very simple but important principle: explain these tools during the problem-solving process, and they will make sense.</font><font>Otherwise, they will seem irrelevant and people will not remember them.</font></p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/140/w550h390/20221128/48ad-447802e4a709aab3bb3dfa8248ea361d.jpg/w720fin.jpg\"/></div>The official homepage of Astra Nova (formerly Ad Astra), the experimental school that Musk promoted. The school's commitment to individualized instruction has promoted many of the educational philosophies Ma mentioned in this interview.</p><p><font><font><font>Nadeem: Is this practice happening in education systems around the world?</font></font></font><font><font>What changes need to be made from a teacher or curriculum perspective?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>Some things often turn out the other way around.</font><font>They will teach</font><font>You use tools instead of teaching you how to solve problems and then establishing the relevance of the tools.</font></p><p><font>For example, you might take a calculus course, but don't know why you want to learn calculus.</font><font>In fact, for many people, this may be a meaningless psychological barrier course, and learning calculus is pointless unless you expect to use it in the future.</font></p><p><font>Frankly, a lot of education is meaningless. People are taught a lot of things, but in reality, they will not use them in the future.</font><font>If I may make a strong suggestion, it is that critical thinking should be taught early in education.</font></p><p><font>Critical thinking is important because it creates a psychological firewall that enables children to reject unconvincing concepts.</font><font>just like</font><font>Have a defense system against mind viruses.</font><font>If you study when you are young<font>Critical thinking, also</font>It can prevent people's brains from establishing wrong concepts.</font></p><p><font>Moreover, you also need to know how to resist mental trickery.</font><font>People tend to trap you with fallacies,</font><font>Therefore, mastering the ability to resist fallacies will be a good course.</font></p><p><font><font><font>Nadeem:</font></font></font><font><font>If young people asked you for career advice, which industries would you recommend? And which industries may see their value decline in the future?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>Any industry related to sustainable energy and<font>artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>，</font>They will all be very important in the future. For example,</font><font>Autonomous cars, autonomous airplanes, autonomous boats...<font>In synthetic biology</font><font>There are many opportunities.</font><font>synthetic messenger RNA</font><font>It will become a revolution in the field of medicine.</font></font></p><p><font>Of course, these are all very technical topics, and there are many other things worth pursuing.</font><font>But as a technical expert,</font><font><font>Sustainable energy, artificial intelligence, synthetic biology</font><font>learn<font>Three major domains</font><font>domain</font></font></font><font>That's my suggestion.</font><font>。</font></p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/68/w448h420/20221128/77a5-a3ef102799f62a7263d2cdaae942752a.jpg/w720fin.jpg\"/></div>messenger RNA (abbreviation: mRNA) is transcribed from DNA, carrying corresponding genetic information, providing the necessary information for the next step of translation into protein (Source: Wikipedia)</p><p><font>Nadeem: In terms of risk, which technologies scare you the most?</font></p><p><font><font><font>Elon Musk:</font></font></font><font>We should be worried about artificial intelligence.</font><font>We do not want the emergence of digital superintelligence that goes astray to harm humanity.</font><font>We do need to be cautious about artificial intelligence.</font></p><p>In synthetic biology, it has the potential to become dangerous. Because it has the potential to create viruses that are more destructive than those that occur naturally.</p><p>These technological tools are definitely a double-edged sword. The more powerful the technology, the more careful we need to be when using it.</p><p><font><font><font>Nadeem:</font></font></font><font><font>What do you think Indonesia needs to do to become a global economic power by 2045?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>Extensive education is clearly meaningful. Having a high-speed internet connection throughout Indonesia will be very important.</font><font>even if</font><font>With only a cheap device and low-cost internet access, people...</font><font>You can learn anything.</font></p><p>For example, MIT courses are free on YouTube. You can learn almost anything you want on the Internet for free.<font>Therefore, I believe that extensive internet connectivity is crucial because it allows people to learn whatever they want to learn at their own pace.</font></p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/52/w550h302/20221128/cfb5-89f944befce0c49a415df548066b1dec.png/w720fin.jpg\"/></div><font>Nadeem: Next are some audience questions. He wants to know what was the biggest obstacle or mistake you ever faced? How was it overcome?</font></p><p><font><font><font>Elon Musk:</font></font></font><font>Frankly, I've made so many mistakes that it would take a long time to list them all.</font><font>As time goes by, we always yearn to reduce mistakes, but</font><font>It's also very difficult to make fewer mistakes every day.</font></p><p>I have said publicly that both mind and thinking are important, and we cannot just look at thinking. One of the biggest mistakes I've ever made when hiring people is placing too much emphasis on their thinking abilities and neglecting their mental maturity.</p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/81/w550h331/20221128/555c-80454a0cc0f70b8b4b07dc56ed800c19.jpg/w720fin.jpg\"/></div><font>I believe the higher principle is that we<font>We should always assume we are wrong, and indeed we are, at the same time.</font>Try to make fewer mistakes and try to reduce them every day.</font><font>In this process,</font><font>To</font><font>Take \"</font><font>The method of \"reducing mistakes\" instead of believing that you are right</font><font>, and</font><font>Let others</font><font>To prove you are right</font><font>。</font></p><p><font><font>Nadeem: One last question, which ones?</font></font><font><font>Have your daily habits made you who you are today?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>In terms of daily habits, I am curious about the world and how it works, curious about technology, curious about everything. I think curiosity is a very important thing.</font><font>meanwhile</font><font>, also</font><font>You need to have a certain degree of persistence in your curiosity. So,</font><font>Persistent curiosity is very important.</font></p><p><font>And I think the spirit of adventure is also very good. There is no need for people to be afraid of certain things.</font><font>Sometimes, our instinctive fear is not commensurate with the actual danger. The next time we face fear, we should...</font><font>Try to rethink, for example, is this fear justified?</font><font>Could something bad really happen?</font><font>We</font><font>We must examine this.</font><font>Instinctive fear and questioning it,</font><font>A simple examination of fear might make it disappear.</font></p><p>* Article source: Economics, One Gram Nanometer</p><p></body></html></p>","source":"sina_symbol","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>Musk's latest interview: Young people need to learn critical thinking.</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\">\nMusk's latest interview: Young people need to learn critical thinking.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">市场资讯</strong><span class=\"h-time small\">2022-11-28 16:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Source: Yabuli Entrepreneurs Forum CEF</p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/111/w550h361/20221128/b0fb-97720ea340482e21bb2d44c69f83050f.png/w720fin.jpg\"/></div>Recently, at the B20 G20 Business Summit in Bali, Indonesia, Elon Musk gave a remote interview to entrepreneur and Indonesian Minister of Education, Culture, Research and Technology Nadim Makarim.</p><p>Musk shared his views on education and learning, and explained the first principles of physics as a tool.</p><p><font>The following is the full text of the interview (with deletions):</font></p><p><font><font><font>Nadeem:</font><font>One thing that confuses many people is, how can you do so many things? What are your productivity tools?</font></font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>Yes, I did invest a lot of time. I'm not sure if I would recommend my approach to others.</font><font><font>Because I work almost all the time. I rarely rest, not even on a Sunday.</font></font></p><p>Regarding tools for understanding the world, I think the physics framework is very helpful. In physics, we should think from the perspective of first principles.</p><p>For a given situation, you try to understand the most basic truths and then reason based on them. Then, test your conclusions against what you believe to be basic truths.</p><p>In physics, this is like testing whether you are violating the conservation of energy, or the conservation of momentum, or some similar law. We should always assume that we are wrong to some extent, and at the same time try to reduce our mistakes. This is very important.</p><p>This is a little difficult to overcome self-esteem, but it is very helpful in understanding the truth of things.</p><p><font><font><font>Nadeem:</font></font></font><font><font>It's an iterative process, constantly maintaining a healthy attitude of skepticism, and of course, a significant amount of time you invest.</font></font><font><font>I've noticed that when you try to make changes, the resistance to change is enormous and very painful. There will be a whole group of people, I categorize them as opponents, who will constantly try to say that what you are trying to achieve is impossible.</font></font><font><font>How do you deal with these opponents?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>I want to go back to physics. The only thing that is really impossible is to break the laws of physics. As long as the laws of physics are not broken, anything is possible.</font></p><p><font><font><font>No one's opinion matters; physics is a law, and everything else is a suggestion.</font></font></font><font><font>I have seen many people break the law, but I have never seen anyone break the laws of physics.</font></font></p><p><font>Nadeem: Within the laws of physics, anything is possible?</font></p><p><font><font><font>Elon Musk:</font></font></font><font>Of course, you can challenge the laws of physics, but they have been challenged enough, and they are highly adaptable.</font></p><p><font><font><font>Nadeem:</font></font></font><font><font>Were there a few milestone events that occurred during your childhood or adolescence and had the most profound impact on you today?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>I read a lot of science fiction and fantasy books, and I like movies like Star Trek and Star Wars.</font><font>Star Wars was the first movie I ever saw in a cinema.</font><font>At that time I</font><font>Only six years old,</font><font>For me</font><font>It has a very significant impact.</font></p><p>The Lord of the Rings is my favorite book, along with Isaac Asimov's Foundation series, and<font>Robert Heinlein's \"The Strict Moon\" also</font>It had a huge impact on me.</p><p>In trying to find the truth of things, I explored many avenues, and finally found that physics is the best way to explore the truth of things.</p><p><font><font><font>Nadeem: You made it clear that practical changes should be made.<font><font>education</font></font>Some ways. Please explain.</font></font></font><font><font>What are your thoughts on education? What would education look like in your ideal world?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>I believe that when we try to learn something, establishing relevance is...<font>Extremely important. To be frequent</font>Ask yourself, why are you learning this?</font></p><p><font>Our brains have been trying to forget. On a subconscious level, our brains try to decide what is relevant and what is not.</font><font>The brain doesn't want to remember.<font>We</font><font>Most of what I saw,</font></font><font>Therefore, a correlation must be established.</font><font>Once a correlation is established, the brain naturally wants to remember it.</font></p><p><font>There are two different ways to conduct education. One approach is to teach using tools, and the other approach is to address a problem we want to solve.<font>Expand teaching</font>。</font><font>For example, when faced with a series of lessons about wrenches, screwdrivers, and winches, we would feel bored without establishing relevance.</font><font>However, if an engine is disassembled and reassembled, it will come into contact with</font><font>Tools such as screwdrivers, wrenches, and winches, we</font><font>They will understand their relevance well and remember them.</font></p><p><font>This is a very simple but important principle: explain these tools during the problem-solving process, and they will make sense.</font><font>Otherwise, they will seem irrelevant and people will not remember them.</font></p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/140/w550h390/20221128/48ad-447802e4a709aab3bb3dfa8248ea361d.jpg/w720fin.jpg\"/></div>The official homepage of Astra Nova (formerly Ad Astra), the experimental school that Musk promoted. The school's commitment to individualized instruction has promoted many of the educational philosophies Ma mentioned in this interview.</p><p><font><font><font>Nadeem: Is this practice happening in education systems around the world?</font></font></font><font><font>What changes need to be made from a teacher or curriculum perspective?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>Some things often turn out the other way around.</font><font>They will teach</font><font>You use tools instead of teaching you how to solve problems and then establishing the relevance of the tools.</font></p><p><font>For example, you might take a calculus course, but don't know why you want to learn calculus.</font><font>In fact, for many people, this may be a meaningless psychological barrier course, and learning calculus is pointless unless you expect to use it in the future.</font></p><p><font>Frankly, a lot of education is meaningless. People are taught a lot of things, but in reality, they will not use them in the future.</font><font>If I may make a strong suggestion, it is that critical thinking should be taught early in education.</font></p><p><font>Critical thinking is important because it creates a psychological firewall that enables children to reject unconvincing concepts.</font><font>just like</font><font>Have a defense system against mind viruses.</font><font>If you study when you are young<font>Critical thinking, also</font>It can prevent people's brains from establishing wrong concepts.</font></p><p><font>Moreover, you also need to know how to resist mental trickery.</font><font>People tend to trap you with fallacies,</font><font>Therefore, mastering the ability to resist fallacies will be a good course.</font></p><p><font><font><font>Nadeem:</font></font></font><font><font>If young people asked you for career advice, which industries would you recommend? And which industries may see their value decline in the future?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>Any industry related to sustainable energy and<font>artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>，</font>They will all be very important in the future. For example,</font><font>Autonomous cars, autonomous airplanes, autonomous boats...<font>In synthetic biology</font><font>There are many opportunities.</font><font>synthetic messenger RNA</font><font>It will become a revolution in the field of medicine.</font></font></p><p><font>Of course, these are all very technical topics, and there are many other things worth pursuing.</font><font>But as a technical expert,</font><font><font>Sustainable energy, artificial intelligence, synthetic biology</font><font>learn<font>Three major domains</font><font>domain</font></font></font><font>That's my suggestion.</font><font>。</font></p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/68/w448h420/20221128/77a5-a3ef102799f62a7263d2cdaae942752a.jpg/w720fin.jpg\"/></div>messenger RNA (abbreviation: mRNA) is transcribed from DNA, carrying corresponding genetic information, providing the necessary information for the next step of translation into protein (Source: Wikipedia)</p><p><font>Nadeem: In terms of risk, which technologies scare you the most?</font></p><p><font><font><font>Elon Musk:</font></font></font><font>We should be worried about artificial intelligence.</font><font>We do not want the emergence of digital superintelligence that goes astray to harm humanity.</font><font>We do need to be cautious about artificial intelligence.</font></p><p>In synthetic biology, it has the potential to become dangerous. Because it has the potential to create viruses that are more destructive than those that occur naturally.</p><p>These technological tools are definitely a double-edged sword. The more powerful the technology, the more careful we need to be when using it.</p><p><font><font><font>Nadeem:</font></font></font><font><font>What do you think Indonesia needs to do to become a global economic power by 2045?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>Extensive education is clearly meaningful. Having a high-speed internet connection throughout Indonesia will be very important.</font><font>even if</font><font>With only a cheap device and low-cost internet access, people...</font><font>You can learn anything.</font></p><p>For example, MIT courses are free on YouTube. You can learn almost anything you want on the Internet for free.<font>Therefore, I believe that extensive internet connectivity is crucial because it allows people to learn whatever they want to learn at their own pace.</font></p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/52/w550h302/20221128/cfb5-89f944befce0c49a415df548066b1dec.png/w720fin.jpg\"/></div><font>Nadeem: Next are some audience questions. He wants to know what was the biggest obstacle or mistake you ever faced? How was it overcome?</font></p><p><font><font><font>Elon Musk:</font></font></font><font>Frankly, I've made so many mistakes that it would take a long time to list them all.</font><font>As time goes by, we always yearn to reduce mistakes, but</font><font>It's also very difficult to make fewer mistakes every day.</font></p><p>I have said publicly that both mind and thinking are important, and we cannot just look at thinking. One of the biggest mistakes I've ever made when hiring people is placing too much emphasis on their thinking abilities and neglecting their mental maturity.</p><p><div><img src=\"http://k.sinaimg.cn/n/finance/crawl/81/w550h331/20221128/555c-80454a0cc0f70b8b4b07dc56ed800c19.jpg/w720fin.jpg\"/></div><font>I believe the higher principle is that we<font>We should always assume we are wrong, and indeed we are, at the same time.</font>Try to make fewer mistakes and try to reduce them every day.</font><font>In this process,</font><font>To</font><font>Take \"</font><font>The method of \"reducing mistakes\" instead of believing that you are right</font><font>, and</font><font>Let others</font><font>To prove you are right</font><font>。</font></p><p><font><font>Nadeem: One last question, which ones?</font></font><font><font>Have your daily habits made you who you are today?</font></font></p><p><font><font><font>Elon Musk:</font></font></font><font>In terms of daily habits, I am curious about the world and how it works, curious about technology, curious about everything. I think curiosity is a very important thing.</font><font>meanwhile</font><font>, also</font><font>You need to have a certain degree of persistence in your curiosity. So,</font><font>Persistent curiosity is very important.</font></p><p><font>And I think the spirit of adventure is also very good. There is no need for people to be afraid of certain things.</font><font>Sometimes, our instinctive fear is not commensurate with the actual danger. The next time we face fear, we should...</font><font>Try to rethink, for example, is this fear justified?</font><font>Could something bad really happen?</font><font>We</font><font>We must examine this.</font><font>Instinctive fear and questioning it,</font><font>A simple examination of fear might make it disappear.</font></p><p>* Article source: Economics, One Gram Nanometer</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/chanjing/gsnews/2022-11-28/doc-imqmmthc6299945.shtml\">市场资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4548":"巴美列捷福持仓","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","BK4574":"无人驾驶","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4551":"寇图资本持仓","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0823411888.USD":"法巴消费创新基金 Cap","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4581":"高盛持仓","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","BK4527":"明星科技股","LU0056508442.USD":"贝莱德世界科技基金A2","BK4099":"汽车制造商","BK4511":"特斯拉概念","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","TSLA":"特斯拉","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2063271972.USD":"富兰克林创新领域基金","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4550":"红杉资本持仓","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/chanjing/gsnews/2022-11-28/doc-imqmmthc6299945.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2286561052","content_text":"来源：亚布力企业家论坛CEF近日，在印尼巴厘岛举行的B20二十国集团工商界峰会上，埃隆·马斯克接受了企业家，印度尼西亚教育、文化、研究和技术部长纳迪姆·马卡里姆的远程采访。马斯克分享了关于教育，学习的看法，并解释了物理学第一性原理这个工具。以下为访谈全文（有删减）：纳迪姆：很多人感到困惑的一件事是，你怎么能做这么多事？你的生产力工具有哪些？埃隆·马斯克：嗯，我确实投入了大量的时间。我不确定，我是否会向其他人推荐我的做法，因为我几乎所有时间都在工作。我很少休息，哪怕是一个星期天。关于理解世界的工具，我认为，物理学框架是非常有帮助的。在物理学中，要从第一性原理的角度进行思考。对于一种特定的情况，你尝试理解最基本的真理，然后基于此进行推理。然后，根据你认为的基本真理来检验你的结论。在物理学中，这就像检验你是否违反了能量守恒，或动量守恒，或类似的定律。应该永远假设，我们在某种程度上是错误的，同时想减少错误。这一点非常重要。这有点难以跨越自尊心，但它对于了解事情的真相很有帮助。纳迪姆：这是个迭代的过程，不断持有健康的怀疑态度，当然，还有你投入的大量时间。我注意到，当你尝试做出改变时，改变带来的阻力是非常大的，也是非常痛苦的。会有一整群人，我把他们归类为反对者，他们不断地试图说，你所要实现的目标是不可能的。你如何应对这些反对者？埃隆·马斯克：我想回到物理学上，唯一真正不可能的事情，是打破物理学定律。只要没打破物理定律，一切皆有可能。任何人的意见都不重要，物理学是定律，其他一切都是建议。我见过很多人违反法律，但我从未见过有人违反物理学定律。纳迪姆：在物理学定律范围内，任何事情都有可能？埃隆·马斯克：当然，你也可以挑战物理学定律，但它们已经被挑战得够多的，它们有很强的适应性。纳迪姆：是否曾经有几个里程碑式的事件，发生在你的儿童或青少年时代，并给今天的你带来了最深远影响？埃隆·马斯克：我读了很多科幻和奇幻书籍，我喜欢《星际迷航》《星球大战》这类电影。《星球大战》是我在电影院看过的第一部电影。当时我只有六岁，对我产生非常大的影响。《指环王》是我最喜欢的书，艾萨克·阿西莫夫的《基地》系列，以及罗伯特·海因莱因的《严厉的月亮》也对我有巨大的影响。在尝试寻求事物的真相时，我探索了很多途径，最终发现，物理学是探索事物真相的最佳途径。纳迪姆：你明确指出过，应该实际改变教育的某些方式。请说一下你对教育的想法，在你的理想世界里，教育是什么样子的？埃隆·马斯克：我认为，当我们尝试学习一些东西时，建立相关性是极其重要的。要经常问问自己，为什么学这个？我们的大脑一直在试图忘却。在潜意识层面上，我们的大脑试图决定什么相关，什么不相关。大脑并不想记住我们看到的大多数东西，因此，必须建立相关性。一旦建立了相关性，大脑自然就会想要记住它。有两种开展教育的不同方法。一种是通过工具展开教学，另一种是通过我们想解决的一个问题来展开教学。例如，面对一系列关于扳手、螺丝刀和绞盘的课程，如果不建立相关性，我们会感到很无聊。但如果通过拆装一个发动机，接触到螺丝刀、扳手、绞盘等工具，我们会很好理解它们的相关性，并且记住它们。这是一个非常简单但重要的原则，即在解决问题的过程中解释这些工具，这些工具就会有意义。否则，它们就会显得毫不相关，人们也不会记住它们。马斯克推动创办的实验性学校Astra Nova（前称：Ad Astra）的官网首页。学校秉承因材施教，推动了很多马在这个访谈中提到的教育理念纳迪姆：这种做法是否正在世界各地的教育系统中发生？从教师或课程的角度来看，需要做出些什么改变？埃隆·马斯克：经常有一些事情是反着来的。他们会教你使用工具，而不是教你如何解决问题，然后再建立工具的相关性。例如，你可能会参加一门微积分课程，但不知道为什么要学习微积分。实际上，对很多人来说，这可能是一门没有意义的心理障碍课程，除非你期望在未来使用它，否则学习微积分是没有意义的。坦率地说，很多教育都是毫无意义的。人们被教了很多东西，但实际上，未来并不会使用到这些东西。如果我可以提出一个强烈的建议，那就是，在教育早期就应该教授批判性思维。批判性思维非常重要，因为它创建了心理防火墙，使儿童能够拒绝那些没有说服力的概念，就像拥有一个抗心灵病毒的防御系统。如果在年轻的时候学习批判性思维，也可以避免人们的大脑建立错误的概念。而且，还要知道如何抵御精神诡计。人们往往会用谬论来困住你，因此掌握抵御谬论的能力，将是一门很好的课程。纳迪姆：如果年轻人向你询问职业建议，你会推荐哪些行业？以及，未来哪些行业可能价值会降低？埃隆·马斯克：任何与可持续能源有关的行业以及人工智能，在未来都将是非常重要的。例如，自动驾驶的汽车、自动飞行的飞机、自动行驶的船只．．．．．．在合成生物学方面也有很多的机会，合成信使RNA将成为医药领域的一场革命。当然，这些都是非常技术性的课题，还有许多其他值得追求的东西，但作为技术专家，可持续能源，人工智能，合成生物学三大领域就是我的建议。信使核糖核酸（messenger RNA，缩写：mRNA），是由DNA经由转录而来，带着相应的遗传讯息，为下一步翻译成蛋白质提供所需的讯息（源：维基百科）纳迪姆：就风险而言，哪些技术最让你害怕？埃隆·马斯克：我们应该对人工智能心存担忧，不希望出现走向歧路的数字超级智能对人类造成损害。我们确实需要对人工智能持谨慎态度。在合成生物学方面，它也有可能变得危险。因为，它有可能创造出比自然出现的更具破坏性的病毒。这些技术工具，绝对是双刃剑。技术越强大，我们在使用时就越需要小心。纳迪姆：你认为印度尼西亚需要做些什么，才能在2045年成为全球经济强国？埃隆·马斯克：广泛的教育显然很有意义。在印度尼西亚全国拥有高速互联网连接将非常重要。哪怕只有一个廉价的设备和低成本的互联网接入，人们就可以学到任何东西。例如，麻省理工学院的课程在油管上是免费的。你几乎可以在互联网上免费学习任何你想要的内容。因此，我认为广泛的互联网连接是至关重要的，因为它允许人们以他们喜欢的速度，学习任何他们想学的内容。纳迪姆：接下来是一些观众问题。他想知道你曾面临的最大障碍或错误是什么？是如何克服的？埃隆·马斯克：坦率地说，我犯过很多错，把它们全部列出来要花很长的时间。随着时间的推移，我们总渴望能够减少错误，但要每天少犯错，也是很难的。我曾经公开说过，心智和思维都很重要，不能光看思维。我在雇用人员方面所犯过最大的错误之一，就是过于看重他们的思维能力，而忽视心智的成熟。我认为更高的原则是，我们应该永远假设自己是错的，事实上也的确如此，同时要争取少犯错，并且每天努力减少犯错。在这个过程中，要采取“减少犯错”的方法，而不是认为自己是对的，并且让别人来证明你是对的。纳迪姆：最后一个问题，哪些日常习惯，让你成为了现在的你？埃隆·马斯克：就日常习惯而言，我对世界及世界的运作方式充满好奇，对技术好奇，对一切事物好奇。我认为，好奇心是一个非常重要的东西，同时，还要对好奇心有一定的执着。所以，执着的好奇心是很重要的。并且，我认为冒险精神也很好。人们对某些事情感到害怕，其实大可不必。有时候，我们的本能恐惧与实际危险并不相称，下次再面临恐惧，我们应该尝试重新思考，比如，这种恐惧是合理的吗？会不会真的有不好的事发生？我们必须要审视一下本能恐惧，并质疑它，简单地审视一下恐惧，也许就会让它消失。* 文章来源Economics一克纳米","news_type":1,"symbols_score_info":{"TSLA":1}},"isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966704395,"gmtCreate":1669635574117,"gmtModify":1676538216528,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966704395","repostId":"1175449952","repostType":4,"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966704053,"gmtCreate":1669635494972,"gmtModify":1676538216516,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966704053","repostId":"1129795151","repostType":4,"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966705968,"gmtCreate":1669635133555,"gmtModify":1676538216474,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966705968","repostId":"1116810892","repostType":4,"isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966706451,"gmtCreate":1669634773174,"gmtModify":1676538216426,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099786258906500","idStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966706451","repostId":"2286569738","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9967951930,"gmtCreate":1670252892321,"gmtModify":1676538330085,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967951930","repostId":"1144881783","repostType":4,"isVote":1,"tweetType":1,"viewCount":1154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965287046,"gmtCreate":1669960635686,"gmtModify":1676538278950,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965287046","repostId":"1125738659","repostType":4,"repost":{"id":"1125738659","kind":"news","weMediaInfo":{"introduction":"博闻雅识，非凡之客。","home_visible":1,"media_name":"市界","id":"1019100707","head_image":"https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3"},"pubTimestamp":1669950272,"share":"https://ttm.financial/m/news/1125738659?lang=en_US&edition=fundamental","pubTime":"2022-12-02 11:04","market":"us","language":"zh","title":"Trillion-dollar Apple, \"heavily indebted\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1125738659","media":"市界","summary":"除了iPhone，库克精准的“刀法”很大程度也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是在稳步推升市值的同时，也需要面对越来越高的负债率。于是一边对iPh","content":"<p><html><head></head><body>Besides the iPhone, Cook's precise \"knife technique\" is also largely reflected in...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>On its balance sheet, Apple, busy avoiding taxes, simultaneously adopted a relatively aggressive buyback and dividend strategy. As a result, while steadily increasing its market value, it also had to face an increasingly high debt ratio. Therefore, applying more precise \"knife tactics\" to the iPhone while simultaneously searching for the \"next generation of iPhones\" has become a problem that Cook needs to address both. Apple has been in a lot of trouble lately.</p><p>On November 29, after criticizing Apple, Musk posted a poll on his personal social media that \"Apple should publish all censorship measures affecting other customers.\" Of the nearly 2.23 million votes cast, 85% chose \"Yes.\"</p><p>Prior to this, Musk questioned Apple's 30% commission on the App Store and stated that Apple had threatened to remove its newly acquired social media App from the App Store.</p><p>The brief farce ultimately ended with Cook taking Musk on a tour of Apple headquarters and reaching a settlement. But Facebook founder Mark Zuckerberg and Spotify CEO Daniel Eck quickly took over Musk's attack on Apple, publicly stating that Apple's App Store deprived consumers of choice and unreasonably obtained the majority of the ecosystem's profits.</p><p>However, this is clearly not the first time Apple has faced similar accusations. Returning to the present, Apple's more genuine and immediate \"anxiety\" comes from the unfavorable iPhone 14 series, while its deeper \"anxiety\" is hidden among the hidden financial report data.</p><p><b>High debt ratio</b></p><p>As a global technology giant with a total market capitalization of over $2 trillion, total assets of $352.8 billion, annual revenue of $394.3 billion, and net profit of $99.8 billion, Apple's debt ratio is deviating from popular belief, and this is actually due to problems related to \"tax avoidance\" and business strategies.</p><p>As of the end of September 2022, Apple's debt-to-asset ratio reached 85.64%, the highest level in its history.</p><p><img src=\"https://static.tigerbbs.com/ee42adcc88f7ef5b59199bd59ec576ee\" tg-width=\"1080\" tg-height=\"754\" referrerpolicy=\"no-referrer\"/></p><p>In comparison, the average debt-to-asset ratio of the top ten listed companies by market capitalization on Nasdaq, where Apple is located, was 52.92% in fiscal year 2021. Apple ranked second with a debt ratio of 82.03%, second only to PepsiCo's 82.52%. the same period<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>The average debt-to-asset ratio of the top ten listed companies by market capitalization is 55.71%, with the debt ratio reaching 92.14%.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It belongs to the banking sector and is not comparable to Apple, followed by a debt ratio of 65.33%.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>。</p><p>Whether compared vertically or horizontally, Apple's debt ratio is not low. Looking at this indicator alone, it is even more aggressive than many highly leveraged real estate companies in China.</p><p>Behind its extremely high debt ratio, Apple had $120.069 billion in interest-bearing debt as of the end of September 2022, including $98.959 billion in long-term term debt and $11.128 billion in short-term term debt.</p><p>At the same time, Apple's pockets are also quite full – at the same time, its cash and equivalents and marketable securities totaled $169.109 billion, of which cash was $23.646 billion, and long-term and short-term marketable securities were $120.805 billion and $24.658 billion, respectively.</p><p>Specifically, Apple's securities holdings include $23.409 billion in U.S. Treasury Bond, $15.749 billion in non-U.S. government bonds, and $79.45 billion in corporate bonds.</p><p><img src=\"https://static.tigerbbs.com/06fca08b4a81d498dc914b55975c571e\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>(Source: Announcement)</p><p>So the question arises: why is Apple so popular globally?<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>It has the second largest mobile phone shipment volume and a lot of cash and bonds in its account, yet it still needs to borrow so much money.</p><p>In fact, Apple has always been troubled by the problem of \"tax avoidance\" because US tax law stipulates that if Apple wants to repatriate its overseas income to the United States, it must pay a 35% tax to the US government (before the tax reform). However, Apple has always resisted this, believing that an excessively high tax rate is unreasonable.</p><p>Doubts about Apple's \"tax avoidance\" have long existed. Apple CEO Tim Cook even engaged in a verbal battle with senators at a hearing, refuting what he believed to be the unreasonableness of US tax law.</p><p>But the problem has not been solved. Apple's overseas profits still cannot return smoothly to the United States. Instead, they are concentrated in Ireland through a series of tax avoidance operations, and then, through a series of special agreements between Apple and the Irish government, ultra-low tax rates are achieved.</p><p>Overseas money cannot be returned to American accounts, but after Cook took over, Apple had to spend huge sums of money to repurchase company stock every year in order to manage its market capitalization. At the same time, it changed from no dividends during the Jobs era to a high dividend payout ratio, all of which required a large amount of cash.</p><p>According to market statistics, Apple spent a total of $553.1 billion on stock buybacks from 2013 to 2022, and its cash flow statement shows that Dividend spent a total of $131.9 billion since 2011.</p><p>This resulted in Apple needing to continuously borrow money for share buybacks and dividends while maintaining a large amount of cash and securities on its books. Its interest-bearing debt increased significantly between 2013 and 2017, ultimately leading to the current situation of \"large deposits and large loans\".</p><p>However, this is not the fundamental reason for Apple's rising debt ratio. Logically speaking, the debt-to-asset ratio = total liabilities / total assets. The debt-to-asset ratio will only rise when the growth rate of total liabilities is greater than the growth rate of total assets. So when will this happen? Simply put, it's when you spend more than you earn.</p><p>Specifically, when debt remains at a relatively stable level, as long as Apple earns more money than it spends each year, its net assets will increase, and its overall debt ratio will be controlled or even reduced.</p><p>However, comparing Apple's dividend and buyback expenses with the sum of its annual net operating and investing activities reveals that in most years, Apple's spending on dividends and buybacks exceeds the net cash generated from operating and investing activities. This means that Apple often doesn't make enough money to spend.</p><p><img src=\"https://static.tigerbbs.com/4b304f2fe46f8c5e46b402b342684c74\" tg-width=\"1015\" tg-height=\"654\" referrerpolicy=\"no-referrer\"/></p><p>As this situation continued to accumulate, Apple's asset growth rate lagged far behind its liability growth rate, and its debt ratio eventually climbed to a high level of 85.5%.</p><p>In 2011, Tim Cook officially took over as CEO of Apple. From 2013 to 2022, Apple's total assets increased by $145.755 billion, an increase of 70.41%, but its liabilities increased by $218.632 billion, an increase of 261.99%.</p><p>From this perspective, in addition to fully exploring the commercial value that the iPhone brings to Apple, Cook's precise \"knife tactics\" are also largely reflected in Apple's balance sheet—Apple, busy avoiding taxes, has adopted a relatively aggressive buyback and dividend strategy, resulting in it steadily increasing its market value while also facing an increasingly high debt ratio.</p><p>The more pressing issue is that, in order to return to the safe boundary of \"earning more than it spends,\" Apple's current trump card remains the iPhone. Therefore, applying more precise \"knife tactics\" to the iPhone while simultaneously searching for \"the next generation of iPhones\" has become a problem that Cook needs to address both.</p><p><b>The last wave of iPhone dividends?</b></p><p>Since the launch of the first-generation iPhone in 2007, as of the end of September 2022, global iPhone shipments have exceeded 2.3 billion units, generating approximately 10.84 trillion yuan in revenue for Apple.</p><p>Data released by market research firm Strategy Analytics shows that although total smartphone sales fell by 35% year-on-year during the Double Eleven shopping festival, the iPhone took the top spot with 3.5 million units sold. The latest data shows that Apple's monthly market share in China reached a record high of 25% in October 2022, and it has been the largest mobile phone brand manufacturer in China for two consecutive months.</p><p>Prior to this, the iPhone 14 series was not well-received, and there was even a lot of criticism.</p><p>Since its release in October, reports related to the iPhone 14 have included articles such as \"iPhone 14 has ruined Huaqiangbei\", \"iPhone 14 'harvests' scalpers\", and \"Does squeezing toothpaste make the iPhone 14 suffer?\"... The fancy headlines almost overwhelmingly reveal pessimistic sentiment towards Apple's new phone, with everything from configuration to design considered to have obvious pain points.</p><p>Long-time Apple fan Luo Yonghao also joked after purchasing the new phone: \"Apple has always said that real phones look better than rendered images, but in recent years my 'American subsidiary' hasn't been very effective either. This is a good example. The so-called Dynamic Island design isn't as beautiful as it looks in the promotional videos. The Android camp has come up with a small black dot front camera in the center that doesn't affect the aesthetics, a pop-up front camera, and a visually perfect hidden front camera under the screen. Why do something like applying poop on your face first, and then adjusting the color of the poop to almost match foundation?\"</p><p>But whether it was Dynamic Island, who was not favored, or Cook's \"knife tactics,\" although he ruined the iPhone 14 standard version, Cook did successfully attract more demand to the Pro model with higher configurations and prices. In October, the iPhone 14 Pro Max and iPhone 14 Pro were the first and second best-selling models in China, respectively, but the iPhone 12 and iPhone 13 series standard versions had previously sold better.</p><p><img src=\"https://static.tigerbbs.com/a24eeada69a9d99a74544ffeee60fd8b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Image source:<a href=\"https://laohu8.com/S/000681\">Visual China</a>）</p><p>In addition, Apple is gradually expanding its revenue footprint in the ecosystem beyond hardware products such as iPhones and Macs. Its revenue from iTunes, software and services increased from 76 billion yuan in fiscal year 2012 to 546.3 billion yuan in fiscal year 2022, and its share of total revenue also increased from 7.66% to 19.81%. Considering the gross profit margin of Xiaomi's Internet services business of over 70%, Apple's business theoretically has a higher profit margin than hardware.</p><p>These are all ways Apple is \"open source\".</p><p>Under this line of thinking, whether it's the aversion of tech giants like Musk and Zuckerberg to Apple's tax or the fading aura of the original iPhone under Cook's business tactics, these are all prices that Apple has to bear.</p><p>In<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>In a recent mobile phone advertisement, Apple has once again become the target of ridicule. A man sits against a wall with a storefront that looks like an Apple retail store behind him. The store employee asks him what he is doing, and the man insinuates, \"Samsung has foldable phones and epic cameras.\" The store employee responds with \"We're waiting,\" subtly mocking Apple's delay in releasing a foldable phone.</p><p>This is not the first time the two sides have \"clashed sideways\" in an advertisement. In past advertisements, Samsung has also teased Apple's abrupt notch screen, criticized Apple's shortcomings such as lag, frequent bugs, and lack of waterproofing, and used plot comparisons to highlight the inability to charge and use headphones at the same time, basically listing all of Apple's historical shortcomings.</p><p>Fortunately, looking back, most of the bugs are history, and the subtle sarcasm in Samsung's advertisements has, to some extent, become a dramatic force urging Apple to improve.</p><p>In the coming years, how to ensure that the iPhone and its ecosystem reap the last wave of benefits in the gradually shrinking smartphone industry with more precise \"knife techniques\" and relatively limited micro-innovations may be one of the important issues Cook is considering right now. However, at the same time, finding the \"next generation of iPhones\" outside of the iPhone is also of paramount importance for Apple's business empire to continue.</p><p>The most anticipated presentations mainly include Apple's smart car and Apple's AR/VR glasses. The former, after eight years of \"difficult production,\" is still far from being released, while the latter has received increasingly frequent reports recently and is about to emerge amidst widespread attention.</p><p><img src=\"https://static.tigerbbs.com/06c0195994f3458221ed1282924f5284\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p><p>(Image source: Visual China)</p><p>In fact, Apple's layout in the AR field is more profound than most people imagine. At WWDC 2017, it launched the AR development platform ARKit, which allows developers to create augmented reality applications for iPhones and iPads. Once Apple's AR/VR is launched, most of ARKit's capabilities and corresponding applications can also be presented on new platforms.</p><p>For example, the LiDAR LiDAR used in iPads and iPhone Pros, because of its depth-of-field perception capabilities, not only improves the camera focusing capabilities of existing products, but also lays a solid foundation for the spatial ranging capabilities necessary for future AR/VR devices. For example, the iPhone's current camera-based text recognition and search function will greatly unleash its potential if applied to future AR/VR devices.</p><p>After WWDC 2022, Cook stated in an interview that the AR field is a key focus for Apple every day, with more than 1,400 ARKit apps in the App Store. He also said, \"Please continue to follow us, and you will see the products we bring.\"</p><p>Based on existing information, Apple's AR team likely has two solutions in hand: one is a headset aimed at VR, which corresponds to an immersive virtual experience, and the price may reach $2,000. Another option is likely to be AR glasses that look closer to regular glasses, corresponding to augmented reality virtual experiences, but their launch time should be after VR headsets.</p><p>With the smartphone market experiencing stagnant growth, whether Apple's AR/VR glasses, which are being developed, can take over the baton from the iPhone may be Apple's anxiety for the next few years.</p><p>The question worth considering is, with Apple's debt ratio approaching 90%, how much room for Cook to maneuver in the future?</p><p></body></html></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>Trillion-dollar Apple, \"heavily indebted\"</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\">\nTrillion-dollar Apple, \"heavily indebted\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1019100707\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">市界 </p>\n<p class=\"h-time smaller\">2022-12-02 11:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Besides the iPhone, Cook's precise \"knife technique\" is also largely reflected in...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>On its balance sheet, Apple, busy avoiding taxes, simultaneously adopted a relatively aggressive buyback and dividend strategy. As a result, while steadily increasing its market value, it also had to face an increasingly high debt ratio. Therefore, applying more precise \"knife tactics\" to the iPhone while simultaneously searching for the \"next generation of iPhones\" has become a problem that Cook needs to address both. Apple has been in a lot of trouble lately.</p><p>On November 29, after criticizing Apple, Musk posted a poll on his personal social media that \"Apple should publish all censorship measures affecting other customers.\" Of the nearly 2.23 million votes cast, 85% chose \"Yes.\"</p><p>Prior to this, Musk questioned Apple's 30% commission on the App Store and stated that Apple had threatened to remove its newly acquired social media App from the App Store.</p><p>The brief farce ultimately ended with Cook taking Musk on a tour of Apple headquarters and reaching a settlement. But Facebook founder Mark Zuckerberg and Spotify CEO Daniel Eck quickly took over Musk's attack on Apple, publicly stating that Apple's App Store deprived consumers of choice and unreasonably obtained the majority of the ecosystem's profits.</p><p>However, this is clearly not the first time Apple has faced similar accusations. Returning to the present, Apple's more genuine and immediate \"anxiety\" comes from the unfavorable iPhone 14 series, while its deeper \"anxiety\" is hidden among the hidden financial report data.</p><p><b>High debt ratio</b></p><p>As a global technology giant with a total market capitalization of over $2 trillion, total assets of $352.8 billion, annual revenue of $394.3 billion, and net profit of $99.8 billion, Apple's debt ratio is deviating from popular belief, and this is actually due to problems related to \"tax avoidance\" and business strategies.</p><p>As of the end of September 2022, Apple's debt-to-asset ratio reached 85.64%, the highest level in its history.</p><p><img src=\"https://static.tigerbbs.com/ee42adcc88f7ef5b59199bd59ec576ee\" tg-width=\"1080\" tg-height=\"754\" referrerpolicy=\"no-referrer\"/></p><p>In comparison, the average debt-to-asset ratio of the top ten listed companies by market capitalization on Nasdaq, where Apple is located, was 52.92% in fiscal year 2021. Apple ranked second with a debt ratio of 82.03%, second only to PepsiCo's 82.52%. the same period<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>The average debt-to-asset ratio of the top ten listed companies by market capitalization is 55.71%, with the debt ratio reaching 92.14%.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It belongs to the banking sector and is not comparable to Apple, followed by a debt ratio of 65.33%.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>。</p><p>Whether compared vertically or horizontally, Apple's debt ratio is not low. Looking at this indicator alone, it is even more aggressive than many highly leveraged real estate companies in China.</p><p>Behind its extremely high debt ratio, Apple had $120.069 billion in interest-bearing debt as of the end of September 2022, including $98.959 billion in long-term term debt and $11.128 billion in short-term term debt.</p><p>At the same time, Apple's pockets are also quite full – at the same time, its cash and equivalents and marketable securities totaled $169.109 billion, of which cash was $23.646 billion, and long-term and short-term marketable securities were $120.805 billion and $24.658 billion, respectively.</p><p>Specifically, Apple's securities holdings include $23.409 billion in U.S. Treasury Bond, $15.749 billion in non-U.S. government bonds, and $79.45 billion in corporate bonds.</p><p><img src=\"https://static.tigerbbs.com/06fca08b4a81d498dc914b55975c571e\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>(Source: Announcement)</p><p>So the question arises: why is Apple so popular globally?<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>It has the second largest mobile phone shipment volume and a lot of cash and bonds in its account, yet it still needs to borrow so much money.</p><p>In fact, Apple has always been troubled by the problem of \"tax avoidance\" because US tax law stipulates that if Apple wants to repatriate its overseas income to the United States, it must pay a 35% tax to the US government (before the tax reform). However, Apple has always resisted this, believing that an excessively high tax rate is unreasonable.</p><p>Doubts about Apple's \"tax avoidance\" have long existed. Apple CEO Tim Cook even engaged in a verbal battle with senators at a hearing, refuting what he believed to be the unreasonableness of US tax law.</p><p>But the problem has not been solved. Apple's overseas profits still cannot return smoothly to the United States. Instead, they are concentrated in Ireland through a series of tax avoidance operations, and then, through a series of special agreements between Apple and the Irish government, ultra-low tax rates are achieved.</p><p>Overseas money cannot be returned to American accounts, but after Cook took over, Apple had to spend huge sums of money to repurchase company stock every year in order to manage its market capitalization. At the same time, it changed from no dividends during the Jobs era to a high dividend payout ratio, all of which required a large amount of cash.</p><p>According to market statistics, Apple spent a total of $553.1 billion on stock buybacks from 2013 to 2022, and its cash flow statement shows that Dividend spent a total of $131.9 billion since 2011.</p><p>This resulted in Apple needing to continuously borrow money for share buybacks and dividends while maintaining a large amount of cash and securities on its books. Its interest-bearing debt increased significantly between 2013 and 2017, ultimately leading to the current situation of \"large deposits and large loans\".</p><p>However, this is not the fundamental reason for Apple's rising debt ratio. Logically speaking, the debt-to-asset ratio = total liabilities / total assets. The debt-to-asset ratio will only rise when the growth rate of total liabilities is greater than the growth rate of total assets. So when will this happen? Simply put, it's when you spend more than you earn.</p><p>Specifically, when debt remains at a relatively stable level, as long as Apple earns more money than it spends each year, its net assets will increase, and its overall debt ratio will be controlled or even reduced.</p><p>However, comparing Apple's dividend and buyback expenses with the sum of its annual net operating and investing activities reveals that in most years, Apple's spending on dividends and buybacks exceeds the net cash generated from operating and investing activities. This means that Apple often doesn't make enough money to spend.</p><p><img src=\"https://static.tigerbbs.com/4b304f2fe46f8c5e46b402b342684c74\" tg-width=\"1015\" tg-height=\"654\" referrerpolicy=\"no-referrer\"/></p><p>As this situation continued to accumulate, Apple's asset growth rate lagged far behind its liability growth rate, and its debt ratio eventually climbed to a high level of 85.5%.</p><p>In 2011, Tim Cook officially took over as CEO of Apple. From 2013 to 2022, Apple's total assets increased by $145.755 billion, an increase of 70.41%, but its liabilities increased by $218.632 billion, an increase of 261.99%.</p><p>From this perspective, in addition to fully exploring the commercial value that the iPhone brings to Apple, Cook's precise \"knife tactics\" are also largely reflected in Apple's balance sheet—Apple, busy avoiding taxes, has adopted a relatively aggressive buyback and dividend strategy, resulting in it steadily increasing its market value while also facing an increasingly high debt ratio.</p><p>The more pressing issue is that, in order to return to the safe boundary of \"earning more than it spends,\" Apple's current trump card remains the iPhone. Therefore, applying more precise \"knife tactics\" to the iPhone while simultaneously searching for \"the next generation of iPhones\" has become a problem that Cook needs to address both.</p><p><b>The last wave of iPhone dividends?</b></p><p>Since the launch of the first-generation iPhone in 2007, as of the end of September 2022, global iPhone shipments have exceeded 2.3 billion units, generating approximately 10.84 trillion yuan in revenue for Apple.</p><p>Data released by market research firm Strategy Analytics shows that although total smartphone sales fell by 35% year-on-year during the Double Eleven shopping festival, the iPhone took the top spot with 3.5 million units sold. The latest data shows that Apple's monthly market share in China reached a record high of 25% in October 2022, and it has been the largest mobile phone brand manufacturer in China for two consecutive months.</p><p>Prior to this, the iPhone 14 series was not well-received, and there was even a lot of criticism.</p><p>Since its release in October, reports related to the iPhone 14 have included articles such as \"iPhone 14 has ruined Huaqiangbei\", \"iPhone 14 'harvests' scalpers\", and \"Does squeezing toothpaste make the iPhone 14 suffer?\"... The fancy headlines almost overwhelmingly reveal pessimistic sentiment towards Apple's new phone, with everything from configuration to design considered to have obvious pain points.</p><p>Long-time Apple fan Luo Yonghao also joked after purchasing the new phone: \"Apple has always said that real phones look better than rendered images, but in recent years my 'American subsidiary' hasn't been very effective either. This is a good example. The so-called Dynamic Island design isn't as beautiful as it looks in the promotional videos. The Android camp has come up with a small black dot front camera in the center that doesn't affect the aesthetics, a pop-up front camera, and a visually perfect hidden front camera under the screen. Why do something like applying poop on your face first, and then adjusting the color of the poop to almost match foundation?\"</p><p>But whether it was Dynamic Island, who was not favored, or Cook's \"knife tactics,\" although he ruined the iPhone 14 standard version, Cook did successfully attract more demand to the Pro model with higher configurations and prices. In October, the iPhone 14 Pro Max and iPhone 14 Pro were the first and second best-selling models in China, respectively, but the iPhone 12 and iPhone 13 series standard versions had previously sold better.</p><p><img src=\"https://static.tigerbbs.com/a24eeada69a9d99a74544ffeee60fd8b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Image source:<a href=\"https://laohu8.com/S/000681\">Visual China</a>）</p><p>In addition, Apple is gradually expanding its revenue footprint in the ecosystem beyond hardware products such as iPhones and Macs. Its revenue from iTunes, software and services increased from 76 billion yuan in fiscal year 2012 to 546.3 billion yuan in fiscal year 2022, and its share of total revenue also increased from 7.66% to 19.81%. Considering the gross profit margin of Xiaomi's Internet services business of over 70%, Apple's business theoretically has a higher profit margin than hardware.</p><p>These are all ways Apple is \"open source\".</p><p>Under this line of thinking, whether it's the aversion of tech giants like Musk and Zuckerberg to Apple's tax or the fading aura of the original iPhone under Cook's business tactics, these are all prices that Apple has to bear.</p><p>In<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>In a recent mobile phone advertisement, Apple has once again become the target of ridicule. A man sits against a wall with a storefront that looks like an Apple retail store behind him. The store employee asks him what he is doing, and the man insinuates, \"Samsung has foldable phones and epic cameras.\" The store employee responds with \"We're waiting,\" subtly mocking Apple's delay in releasing a foldable phone.</p><p>This is not the first time the two sides have \"clashed sideways\" in an advertisement. In past advertisements, Samsung has also teased Apple's abrupt notch screen, criticized Apple's shortcomings such as lag, frequent bugs, and lack of waterproofing, and used plot comparisons to highlight the inability to charge and use headphones at the same time, basically listing all of Apple's historical shortcomings.</p><p>Fortunately, looking back, most of the bugs are history, and the subtle sarcasm in Samsung's advertisements has, to some extent, become a dramatic force urging Apple to improve.</p><p>In the coming years, how to ensure that the iPhone and its ecosystem reap the last wave of benefits in the gradually shrinking smartphone industry with more precise \"knife techniques\" and relatively limited micro-innovations may be one of the important issues Cook is considering right now. However, at the same time, finding the \"next generation of iPhones\" outside of the iPhone is also of paramount importance for Apple's business empire to continue.</p><p>The most anticipated presentations mainly include Apple's smart car and Apple's AR/VR glasses. The former, after eight years of \"difficult production,\" is still far from being released, while the latter has received increasingly frequent reports recently and is about to emerge amidst widespread attention.</p><p><img src=\"https://static.tigerbbs.com/06c0195994f3458221ed1282924f5284\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p><p>(Image source: Visual China)</p><p>In fact, Apple's layout in the AR field is more profound than most people imagine. At WWDC 2017, it launched the AR development platform ARKit, which allows developers to create augmented reality applications for iPhones and iPads. Once Apple's AR/VR is launched, most of ARKit's capabilities and corresponding applications can also be presented on new platforms.</p><p>For example, the LiDAR LiDAR used in iPads and iPhone Pros, because of its depth-of-field perception capabilities, not only improves the camera focusing capabilities of existing products, but also lays a solid foundation for the spatial ranging capabilities necessary for future AR/VR devices. For example, the iPhone's current camera-based text recognition and search function will greatly unleash its potential if applied to future AR/VR devices.</p><p>After WWDC 2022, Cook stated in an interview that the AR field is a key focus for Apple every day, with more than 1,400 ARKit apps in the App Store. He also said, \"Please continue to follow us, and you will see the products we bring.\"</p><p>Based on existing information, Apple's AR team likely has two solutions in hand: one is a headset aimed at VR, which corresponds to an immersive virtual experience, and the price may reach $2,000. Another option is likely to be AR glasses that look closer to regular glasses, corresponding to augmented reality virtual experiences, but their launch time should be after VR headsets.</p><p>With the smartphone market experiencing stagnant growth, whether Apple's AR/VR glasses, which are being developed, can take over the baton from the iPhone may be Apple's anxiety for the next few years.</p><p>The question worth considering is, with Apple's debt ratio approaching 90%, how much room for Cook to maneuver in the future?</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ecd73a3a7ee0028660eb13b44cbd5058","relate_stocks":{"BK4559":"巴菲特持仓","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","BK4579":"人工智能","BK4550":"红杉资本持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4574":"无人驾驶","BK4573":"虚拟现实","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4512":"苹果概念","AAPL":"苹果","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","BK4575":"芯片概念","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125738659","content_text":"除了iPhone，库克精准的“刀法”很大程度也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是在稳步推升市值的同时，也需要面对越来越高的负债率。于是一边对iPhone施以更精准的“刀法”，一边寻找“下一个时代的iPhone”，成为库克需要两手抓的问题。苹果最近可以说是麻烦不断。11月29日，马斯克在炮轰苹果后，于个人社交媒体上发出一项关于“苹果应该公布所有影响其他客户的审查措施”的投票，近223万人次投票中有85%选择了“Yes”。在此之前，马斯克对苹果App Store高达30%的抽成提出了质疑，并表示苹果曾发出威胁，称可能将自己刚刚收购的社交媒体应用从App Store下架。短暂的闹剧，最终以库克带着马斯克参观苹果总部且达成和解落下帷幕。但很快脸书创始人扎克伯克和流媒体音乐服务Spotify CEO丹尼尔·埃克就接过了马斯克炮轰苹果的接力棒，公开表示苹果App Store剥夺了消费者的选择，不合理地获得生态系统的大多数利润。但类似的指控显然不是苹果第一次面对，回到当下，苹果更为真切和近距离的“焦虑”来自不被看好的iPhone 14系列，而更为深远的“焦虑”，则藏于隐秘的财报数据之间。高企的负债率作为一家总市值超过2万亿美元，总资产规模3528亿美元，年收入3943亿美元，净利润998亿美元的全球科技巨头，苹果的负债率正在偏离大众的普遍认知，而这背后其实是与“避税”和经营策略相关的难题。截至2022年9月末，苹果资产负债率达到85.64%，是其历史上最高水平。相比较而言，苹果所在的纳斯达克，市值前十的上市公司2021财年资产负债率平均值为52.92%，其中苹果以82.03%的负债率位列第二，仅次于百事的82.52%；同期纽交所市值前十的上市公司资产负债率平均值为55.71%，其中负债率达到92.14%的摩根大通属于银行板块，与苹果并无可比性，其次就是负债率达到65.33%的沃尔玛。不论纵向比较还是横向比较，苹果的负债率都不算低，单看这一指标甚至比国内许多高杠杆发展的房地产企业更为激进。极高的负债率背后，苹果截至2022年9月末的带息债务为1200.69亿美元，其中长期定期债务989.59亿美元，短期定期债务111.28亿美元。与此同时，苹果的腰包也是相当鼓——同一时间点其账面现金及等价物、有价证券合计1691.09亿美元，其中现金236.46亿美元，长期和短期有价证券分别为1208.05亿美元和246.58亿美元。具体来看，苹果持有的有价证券中，包括234.09亿美元的美国国债，157.49亿美元的非美国政府债券，以及794.5亿美元的公司债券。（来源：公告）那么问题来了，为什么苹果在全球范围内智能手机出货量第二，且有大把现金和债券放在账上，却还要借那么多钱呢？事实上苹果一直受困于“避税”的难题，因为美国税法规定，苹果的境外所得如果要汇回美国，需要向美国政府缴纳35%的税（税改前），但苹果方面对此一直是抗拒的，认为过高的税率并不合理。外界对于苹果“避税”的质疑长久地存在着，苹果CEO库克还曾在听证会上“舌战参议员”，回击在其看来美国税法的不合理之处。但问题并未得到解决。苹果在海外的收益还是不能顺畅地回到美国，而是经过一系列避税操作被汇集到爱尔兰，再通过苹果和爱尔兰政府的一系列特殊协议，实现超低税率的纳税。海外的钱回不到美国账户，但库克接任后苹果为了进行市值管理，每年都需要斥巨资回购公司股票，同时也从乔布斯时代的不分红转变为高比例分红，这些都需要大笔的现金。市界统计，2013年到2022年，苹果在股票回购上共花费了5531亿美元，2011年以来现金流量表显示的股息支出合计达到1319亿美元。这就导致苹果在账面保有大量现金和证券的同时，需要不断借钱用于回购和分红，其带息债务在2013至2017年间大幅提升，最终形成如今“大存大贷”的局面。但这还不是苹果负债率升高的根本原因。从逻辑上看，资产负债率=总负债/总资产，只有当总负债增长幅度大于总资产增幅时，资产负债率才会上升，那么什么时候会出现这种情况？简单来说就是花的比赚的多的时候。具体来说，在负债保持在一个相对稳定水平时，只要苹果每年赚的钱比花的钱多，那么净资产就会增长，整体负债率也会得到控制甚至有所下降。但比较苹果分红和回购支出与每年经营活动和投资活动净额之和，会发现大多数年份苹果用于分红和回购的支出，都大于经营活动和投资活动产生的现金净额。这就意味着苹果赚的钱常常不够花。这种状态的不断积累下，苹果的资产增长速度远不及负债的增长速度，负债率也最终爬升至85.5%的高水平。2011年库克正式接过苹果CEO之位，2013年以来一直到2022年，苹果总资产增加了1457.55亿美元，增幅70.41%，但负债增加了2186.32亿美元，增幅达到261.99%。从这个角度看，除了充分挖掘iPhone给苹果带来的商业价值，库克的精准“刀法”很大程度上也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是其在稳步推升市值的同时，也需要面对越来越高的负债率。更为急迫的问题在于，想要回到“赚的比花的多”这样的安全界限内，苹果当前的杀手锏依然是iPhone，于是一边对iPhone施以更精准的“刀法”，一边寻找“下一个时代的iPhone”，成为库克需要两手抓的问题。iPhone的最后一波红利？自2007年第一代iPhone面市以来，截至2022年9月末iPhone在全球的出货量已累计超过23亿台，为苹果创收约10.84万亿元。市场调研机构Strategy Analytics 公布的数据显示，双十一期间智能手机总销量虽然同比下降35%，但iPhone却以350万台的销量摘下桂冠。最新数据显示，2022年10月苹果在国内的月度市场份额达到25%的历史最高水平，且连续两个月是国内第一大手机品牌厂商。在此之前，iPhone 14系列并不被看好，甚至吐槽颇多。自10月份发布以来，与iPhone 14相关的报道包括《iPhone 14 把华强北坑惨了》《iPhone 14“收割”黄牛》《挤牙膏让iPhone 14吃到苦头？》……花式标题几乎一边倒地透露唱衰苹果新机的情绪，从配置到设计都被认为有着明显的痛点。“老果粉”罗永浩也在入手新机后调侃道：“苹果过去一直是真机比渲染图好看，但这些年我那个‘美国子公司’也不太灵了，这次就是很好的一个例子，所谓灵动岛的设计并不像宣传视频里那么漂亮。安卓阵营把不影响美感的居中小黑点前摄，升降式前摄，以及视觉完美的屏下隐藏式前摄全都搞出来了，为什么要做这种先在脸上涂屎，再把屎的颜色调整得跟粉底差不多的事儿？”但不管是不被看好的灵动岛，还是库克的“刀法”，虽然玩坏了iPhone 14标准版，但库克确实成功将更多需求吸引至配置和售价更高的Pro机型上——10月份iPhone 14 Pro Max和iPhone 14 Pro分别是国内畅销机型中的第一和第二，但此前iPhone 12和iPhone 13系列标准版一直销量更高。（图片来源：视觉中国）除此之外，苹果也在iPhone、Mac等硬件产品外逐渐扩大自己在生态中的收入版图——其来自于iTunes、软件和服务的收入从2012财年的760亿元增至2022财年5463亿元，占总收入比重也从7.66%提高至19.81%，参照小米互联网服务业务70%以上的毛利率，苹果这部分业务理论上也有着相比硬件更高的利润空间。这些都是苹果“开源”的方式。在这一思路下，不管是马斯克、扎克伯格等科技巨头对苹果税的反感，还是在库克商业刀法下初代iPhone光环的消磨殆尽，事实上都是苹果需要承受的代价。在三星近日发布的一则手机广告里，苹果再次成为被嘲讽的对象——一个男人坐在一堵墙头，背后是一个长得像苹果零售店的铺面，店里员工问他在做什么，男人含沙射影地说道，“在三星那边，有可折叠的手机和史诗般的相机”，店员则回应以“我们等待”，暗嘲苹果迟迟未推出折叠屏手机。这并非双方第一次在广告里“侧面交锋”。过往的广告中，三星还调戏过苹果突兀的刘海屏，埋汰过苹果的卡顿、bug频发和不防水等缺陷，还用情节对比凸显无法同时充电和使用耳机的旧代苹果，基本上把苹果历来的缺陷都数落了一遍。好在如果回头看，其中大部分bug都成了历史，三星广告中的暗讽某种程度上也成为督促苹果改进的一种戏剧性力量。在接下来几年内，如何以更加精准的“刀法”和相对有限的微创新，让iPhone 及其生态在智能手机这个逐渐萎缩的行业里吃尽最后一波红利，或许是库克眼下考虑的重要问题之一，但与此同时在iPhone之外找到“下一个时代的iPhone”，也是苹果商业帝国得以延续的重中之重。外界最期待的呈现主要包括苹果智能汽车和苹果AR/VR眼镜，前者经历8年的“难产”目前依然距离落地遥遥无期，后者则在近期迎来越来越密集的报道，在万众瞩目中呼之欲出。（图片来源：视觉中国）事实上苹果在AR领域的布局比大多数人想象的都要深远——其于2017年WWDC推出了AR开发平台ARKit，开发人员可以使用这套工具为iPhone和iPad创建增强现实应用程序，而苹果的AR/VR一旦面市，ARKit具备的能力和对应的应用程序，大部分也都可以呈现在新的载体上。比如应用于iPad、iPhone Pro的LiDAR激光雷达，因为具备景深感知能力，所以除了为现有产品提高摄像对焦能力外，更像是在为未来AR/VR设备所必需的空间测距能力打好基础。也比如iPhone目前具备的摄像头识别文字并搜索的功能，如果应用于未来的AR/VR设备，能够施展的空间也会大大得到释放。2022年WWDC之后，库克曾在采访中表述，AR领域是苹果每天关注的重点，App Store中已经有超过1400个ARKit APP，还表示“请继续关注，你将会看到我们所带来的产品”。从已有消息来看，苹果的AR团队大概率手握两套方案，一个是瞄准VR的头盔，对应的是沉浸式的虚拟体验，售价可能达到2000美元；另一个则大概率是外观更贴近普通眼镜的AR眼镜，对应的是现实加强的虚拟体验，但推出的时间点应该会在VR头盔产品之后。在智能手机市场增长不再的背景下，苹果酝酿中的AR/VR眼镜能否接住iPhone即将交出的接力棒，或许就是苹果未来几年的焦虑所在。值得思考的问题是，在苹果的负债率逼近90%的当下，未来可供库克腾挪的空间还剩多少？","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965201228,"gmtCreate":1669952070464,"gmtModify":1676538277341,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965201228","repostId":"1137562033","repostType":4,"repost":{"id":"1137562033","kind":"news","pubTimestamp":1669950387,"share":"https://ttm.financial/m/news/1137562033?lang=en_US&edition=fundamental","pubTime":"2022-12-02 11:06","market":"us","language":"zh","title":"Musk's monkeys are driving a brain-computer revolution at the cost of \"banana milkshakes\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1137562033","media":"硅星人","summary":"脑机接口的革命，来得实在太快了。","content":"<p><html><head></head><body>The revolution in brain-computer interfaces has come far too quickly.</p><p>Musk revealed at the Neuralink communication conference in Silicon Valley:</p><p><b>The first brain-computer interface product, named N1, can start human testing within as little as 6 months.</b>“We are working very hard to accelerate preparations for our first clinical trial,” Musk said casually.</p><p>\"Most of our documents have been submitted to the FDA. We estimate that in about 6 months, everyone will be able to see Neuralink installed in people's heads.\"</p><p><img src=\"https://static.tigerbbs.com/881053692fafe079f3a3d49c36ec151c\" tg-width=\"640\" tg-height=\"385\" referrerpolicy=\"no-referrer\"/></p><p>Neuralink's proposed N1 brain-computer interface (internal structure) Image source: Neuralink</p><p>Banana milkshake, the primary productivity of cyberpunk</p><p>After watching the entire press conference, Silicon Planet has one core feeling:</p><p><b>Without the banana smoothie, this revolution in brain-computer interfaces probably wouldn't have happened so quickly...</b></p><p>Why do I say that?</p><p>As you may know, Neuralink has been conducting experiments with animals such as monkeys and pigs in the past. There are at least eight monkeys with names, and countless unnamed reserves.</p><p>However, according to regulations, Neuralink cannot force them to participate in cooperative experiments...</p><p>Moreover, Neuralink understood a principle as early as the beginning of the in vivo experiment: forced melons are never sweet. Even if these monkeys are forced or reluctant to conduct experiments, it will affect the results of the experiment.</p><p>Therefore, Neuralink developed an incentive program based on the principle of \"voluntary participation\":</p><p><b>As long as you come to do the experiment, there will be an unlimited supply of banana milkshakes!</b></p><p><img src=\"https://static.tigerbbs.com/3a4f3b1a85e86a5cb522b6217c4f1c88\" tg-width=\"611\" tg-height=\"345\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>Specifically, like a conditioned reflex, Neuralink's breeding staff participated in designing a reinforcement mechanism: whenever a monkey participated in the current experiment and completed an operation, it would receive a banana milkshake...</p><p>In this way, the more experiments you do, the more satisfying the drink becomes. Over time, a stimulus-reinforcing feedback mechanism was formed.</p><p>As you can see in the picture below, these monkeys are conducting an experiment while sipping drinks from the tube in front of them.</p><p><b>It's practically: happily conducting experiments, happily drinking milkshakes...</b></p><p>This feedback mechanism has played a very important role in Neuralink's research and development work over the past two years.</p><p><b>First, let's look at the following brain-controlled cursor experiment:</b></p><p><img src=\"https://static.tigerbbs.com/9a8bf4ff89ae652fc4e9081500a27cb7\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>(Although it looks like monkeys can type, that's not the case. How could monkeys possibly understand English?)</p><p>The experimental staff had already planned what key to press next, and it would be indicated in a conspicuous yellow color on the MacBook's virtual keyboard in front of the monkey.</p><p>Under the influence of the incentive mechanism, as long as the monkey uses its mind to control the cursor to \"move\" to the next button to be pressed and gives a \"press\" signal, a sweet and delicious banana milkshake will flow out of the tube...</p><p><b>Driven by a craving for dessert, the monkey typed out the following sentence: \"Let's have some late-night snacks!\" (can i please have snacks)...</b></p><p><img src=\"https://static.tigerbbs.com/abc8fe91e2df061111738ae2353e113d\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>But Neuralink isn't content with letting monkeys type with a cursor. After all, one of its phased goals is to enable (paralyzed) people to control commonly used electronic devices, including mobile phones, using brain-computer signals.</p><p><b>Therefore, the company's army of monkeys, driven by banana milkshakes, is doing all sorts of training work, including but not limited to:</b></p><p><ul><li>Click and drag</p><p></li><li>sliding input</p><p></li><li>write</p><p></li><li>gesture recognition</p><p></li></ul><b>Wait...</b></p><p><img src=\"https://static.tigerbbs.com/69e330ff9c4d8ee25e4043bf843f0492\" tg-width=\"640\" tg-height=\"298\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>Take handwriting as an example:</p><p>“Initially, it was a virtual keyboard. Now we can directly use the brain-computer interface to read signals, combining the graphics in the screen with the trained signal patterns to accurately judge what words the monkey is writing on the screen,” a Neuralink technology expert revealed.</p><p>If this continues, monkeys will probably really \"learn\" to write and spell words?</p><p><b>And banana milkshakes can even stimulate monkeys to charge their brain-computer interfaces themselves!</b></p><p>This saves Neuralink staff a lot of trouble...</p><p>The specific mechanism is designed as follows:</p><p>They turned a tree into a \"milk tea shop\" and then placed charging pads in decorative branches:</p><p><img src=\"https://static.tigerbbs.com/2ca9c13ceb6607c8aec8de3743b51912\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>In this way, whenever the monkey wants a banana milkshake, it will run over and suck on the tube.</p><p><b>As a result, its head will be directly aligned with the charging pad, charging while drinking a beverage.</b></p><p>The thought process behind this design is truly interesting!</p><p><img src=\"https://static.tigerbbs.com/ab466e4985357060e0ed96368e3f1d5a\" tg-width=\"500\" tg-height=\"267\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>The speeches from the guests at this press conference generally gave Silicon Star people the following impression:</p><p>We encountered a technical problem in our experiment → We tried many methods but couldn't solve it → Sigh, in the end we had to use the banana method → We couldn't help it, bananas really work!</p><p><b>Unexpectedly, to achieve cyberpunk, banana milkshakes have become the primary productive force...</b></p><p>(Looking forward to Neuralink diversifying its products and launching its own brand of banana milkshakes in the future...)</p><p><img src=\"https://static.tigerbbs.com/d6c2314f0dfb833bc4a3e56c6ae2c764\" tg-width=\"640\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>Image source : Concord Food</p><p>From banana milkshakes to the plasticity of monkey brains</p><p>Of course, besides bananas, Neuralink is also using more \"serious\" and \"high-tech\" stimulation methods to train more powerful monkeys, so that they can then better train the various signal decoders, algorithm models, testing tools, and so on that Neuralink needs to develop next-generation brain-computer interface products.</p><p>In the example below, Neuralink uses a more complex stimulation method.</p><p>The company has two phased goals, one of which I just mentioned, which is to help (paralyzed) people gain motor function.</p><p><b>Another phased goal is visual prosthetics: to help visually impaired people who have been living in darkness regain their sight through external devices and brain-computer interfaces.</b></p><p>For the vast majority of visually impaired people, the problem lies in their eyes; their optic nerve, the visual cortex in the brain, is very likely still intact. Therefore, Neuralink hopes to use a brain-computer interface to transmit signals directly to the visual cortex through external sensors (cameras), thereby restoring sight to the blind. To achieve this goal, Neuralink opened the skull in the visual cortex of the monkey's brain and installed a brain-computer interface inside.</p><p><img src=\"https://static.tigerbbs.com/0c064703b54276484f2f559b73283e55\" tg-width=\"535\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p><b>However, this time the work is more complicated:</b>Instead of the simple logic of reading brain signals to control peripherals, it is completely the other way around: visual content obtained from the outside is compiled into raw brain neural signals and transmitted back to the brain.</p><p>Monkeys are not humans and cannot tell experimenters whether they have seen or not, or what they have seen. Therefore, Neuralink designed a new stimulation mechanism (reverse correlation, a method commonly used in neuroscience):</p><p><img src=\"https://static.tigerbbs.com/ec6e64210fcf5baecf55f734a330f94b\" tg-width=\"640\" tg-height=\"305\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p><b>1) Artificial intervention signals input using the brain-computer interface stimulate the monkey's eyeballs to move (for example, it can be simply understood as);</b></p><p><b>2) Use an external eye tracking device to verify whether the actual eye movement vector matches the artificial signal;</b></p><p><b>3) When the results match, use a banana milkshake as an incentive.</b></p><p>As shown in the figure below: the green line represents the movement path of the eyeball, and the flashing white dot serves as a control. You will see that the monkey's eyeball suddenly moves towards a position where there are no white spots, precisely because it receives a signal of human intervention through the brain-computer interface.</p><p>Initially, the degree to which the eyeball's movement vectors match the artificial signals is not high.</p><p><b>Interestingly, however, as the test time increased and the number of times increased, the monkeys became more and more proficient and the level of compliance increased.</b></p><p><img src=\"https://static.tigerbbs.com/1748e97d5f1fac25d216b840062d0ecf\" tg-width=\"600\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>The brain refers to a plastic tissue. Simply put, the connections between synapses and neurons within the brain can establish new connections due to the influence of learning and experience, thereby influencing an individual's behavior.</p><p>The Neuralink team is pinning their hopes on this plasticity, using continuous training to enable monkeys to acquire a non-native low-dimensional vision with the assistance of external signals.</p><p><b>If the application scale of this technology is further expanded, the complexity of the signal will increase, from a single vector to lines, surfaces, shapes, and colors, further increasing the number of pixels...</b></p><p><b>Wouldn't that allow those who are blind to regain their sight?</b></p><p>The idea is great, and the prospect is optimistic. However, challenges remain numerous, and there are still many technical hurdles to overcome.</p><p>Neuralink provides a simulation diagram. It demonstrates the rough vision that can be obtained in the near future through the visual prosthetic technology of the Neuralink brain-computer interface (note that this is not a real image, but only a simulated effect).</p><p>In an ideal visual prosthetic kit, images are acquired through a camera mounted at eye level, transmitted to a mobile phone for signal processing, and then transmitted to the visual cortex in the brain through a brain-computer interface.</p><p><img src=\"https://static.tigerbbs.com/7de47bd60f04187618440d8d1efde85c\" tg-width=\"640\" tg-height=\"327\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>This reminds me of Cyberpunk 2077. In the game, one of the first two cyberware items the protagonist obtains is the visual prosthesis Kiroshi Optics. With it, in addition to normal vision, the protagonist also gains the ability to scan electronic devices and hack them...</p><p><img src=\"https://static.tigerbbs.com/4631fb6c72d79ff47fd8f5b1f1ba7c22\" tg-width=\"640\" tg-height=\"356\" referrerpolicy=\"no-referrer\"/></p><p>Image source ：TriggerStudio/CD PROJEKT RED/Netflix</p><p>Back to the real world<b>, visual</b>righteous<b>The body isn't as cool as it is in the game yet.</b></p><p>A biotechnology author at MIT Technology Review wrote that</p><p>\"Musk claims that prosthetics can 'restore' vision—perhaps not for a long time to come.\"<b>The vision that can be produced through a prosthetic body is not the vision that you and I have. It's more like dots of light, perhaps combined to form a simple display effect, like an old-fashioned light bulb scoreboard.</b></p><p><img src=\"https://static.tigerbbs.com/f9d801892a136783cdce2d5eea2ac508\" tg-width=\"596\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>Image source: @antonioregalado</p><p><img src=\"https://static.tigerbbs.com/de66eb36d8b3b341cbb2b254e5232531\" tg-width=\"640\" tg-height=\"304\" referrerpolicy=\"no-referrer\"/></p><p>Image source: MERIT</p><p>Even so, restoring sight to the blind remains a significant technological mission.</p><p>Of course, cyberpunk, as a culture, has many excellent literary and artistic works that sound the alarm for the future of humanity's over-reliance on technology. Despite the exciting revolution in brain-computer interface technology sparked by Neuralink, its many risks should not be underestimated.</p><p>Over the past year, Neuralink has also been accelerating its efforts to improve technological security, and more importantly, to ensure the safety of users' lives. The company's efforts include:</p><p><ul><li>Techniques have been developed to replace human brain tissue for testing work in a laboratory environment, such as electrode testing using cortical cells cultured in petri dishes (see figure below).</p><p><b>\"The ultimate goal is to reduce or even completely eliminate the need for live animals and clinical trial subjects in future product development and testing,\" said a Neuralink expert.</b></p><p><img src=\"https://static.tigerbbs.com/f3370eee74ef4d93e638d8c867ed841f\" tg-width=\"640\" tg-height=\"377\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p></li><li>A robotic surgical technology has been developed that does not require invasion on the meninges (dura) and directly implants electrodes outside the meninges (invasion on the meninges can lead to the generation of a large amount of tissue during the recovery process, covering and enveloping the interface device, which can easily pose a risk of infection and is very inconvenient for later device maintenance).</p><p><img src=\"https://static.tigerbbs.com/1fa8f5831619ad89656109e369f33b46\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p></li><li>upgradability is one of the core principles of technology research and development. As in the previous point, even if you try your best to control the wound by making a coin-sized incision in the skull, you will still face the problem of tissue resulting from later healing, which will make it very difficult to remove the device later. Upgrading hardware is difficult, so hardware must maximize its ability to upgrade software.</li></ul><b>“After all, nobody wants to change the brain-computer interface like they would change an iPhone every year. The best thing is to do it all in one step,” Musk said.</b></p><p>In the real world, the first fire of this cyberpunk revolution seems to have been lit.</p><p>Perhaps Neuralink will become a cyborg technology giant like Arasaka in the future...</p><p>\"I laughed because Elon Musk used NeuraLink.\" ™ Send an emoji directly to my precranial cortex. Oh my god, this is amazing. I blinked twice, using NeuraLike. ™ I liked it, then thought very seriously, \"Thank you, sir! Please send it to Bitcoin.\" I opened my eyes and suddenly realized it was already dark, and I was strangling someone.</p><p><img src=\"https://static.tigerbbs.com/701b651d1724bd55535b8380fff15248\" tg-width=\"592\" tg-height=\"372\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/ae7d49e809de085496b51cf7f2f836e4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Internet</p><p></body></html></p>","source":"gxr","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>Musk's monkeys are driving a brain-computer revolution at the cost of \"banana milkshakes\"</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\">\nMusk's monkeys are driving a brain-computer revolution at the cost of \"banana milkshakes\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">硅星人</strong><span class=\"h-time small\">2022-12-02 11:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The revolution in brain-computer interfaces has come far too quickly.</p><p>Musk revealed at the Neuralink communication conference in Silicon Valley:</p><p><b>The first brain-computer interface product, named N1, can start human testing within as little as 6 months.</b>“We are working very hard to accelerate preparations for our first clinical trial,” Musk said casually.</p><p>\"Most of our documents have been submitted to the FDA. We estimate that in about 6 months, everyone will be able to see Neuralink installed in people's heads.\"</p><p><img src=\"https://static.tigerbbs.com/881053692fafe079f3a3d49c36ec151c\" tg-width=\"640\" tg-height=\"385\" referrerpolicy=\"no-referrer\"/></p><p>Neuralink's proposed N1 brain-computer interface (internal structure) Image source: Neuralink</p><p>Banana milkshake, the primary productivity of cyberpunk</p><p>After watching the entire press conference, Silicon Planet has one core feeling:</p><p><b>Without the banana smoothie, this revolution in brain-computer interfaces probably wouldn't have happened so quickly...</b></p><p>Why do I say that?</p><p>As you may know, Neuralink has been conducting experiments with animals such as monkeys and pigs in the past. There are at least eight monkeys with names, and countless unnamed reserves.</p><p>However, according to regulations, Neuralink cannot force them to participate in cooperative experiments...</p><p>Moreover, Neuralink understood a principle as early as the beginning of the in vivo experiment: forced melons are never sweet. Even if these monkeys are forced or reluctant to conduct experiments, it will affect the results of the experiment.</p><p>Therefore, Neuralink developed an incentive program based on the principle of \"voluntary participation\":</p><p><b>As long as you come to do the experiment, there will be an unlimited supply of banana milkshakes!</b></p><p><img src=\"https://static.tigerbbs.com/3a4f3b1a85e86a5cb522b6217c4f1c88\" tg-width=\"611\" tg-height=\"345\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>Specifically, like a conditioned reflex, Neuralink's breeding staff participated in designing a reinforcement mechanism: whenever a monkey participated in the current experiment and completed an operation, it would receive a banana milkshake...</p><p>In this way, the more experiments you do, the more satisfying the drink becomes. Over time, a stimulus-reinforcing feedback mechanism was formed.</p><p>As you can see in the picture below, these monkeys are conducting an experiment while sipping drinks from the tube in front of them.</p><p><b>It's practically: happily conducting experiments, happily drinking milkshakes...</b></p><p>This feedback mechanism has played a very important role in Neuralink's research and development work over the past two years.</p><p><b>First, let's look at the following brain-controlled cursor experiment:</b></p><p><img src=\"https://static.tigerbbs.com/9a8bf4ff89ae652fc4e9081500a27cb7\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>(Although it looks like monkeys can type, that's not the case. How could monkeys possibly understand English?)</p><p>The experimental staff had already planned what key to press next, and it would be indicated in a conspicuous yellow color on the MacBook's virtual keyboard in front of the monkey.</p><p>Under the influence of the incentive mechanism, as long as the monkey uses its mind to control the cursor to \"move\" to the next button to be pressed and gives a \"press\" signal, a sweet and delicious banana milkshake will flow out of the tube...</p><p><b>Driven by a craving for dessert, the monkey typed out the following sentence: \"Let's have some late-night snacks!\" (can i please have snacks)...</b></p><p><img src=\"https://static.tigerbbs.com/abc8fe91e2df061111738ae2353e113d\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>But Neuralink isn't content with letting monkeys type with a cursor. After all, one of its phased goals is to enable (paralyzed) people to control commonly used electronic devices, including mobile phones, using brain-computer signals.</p><p><b>Therefore, the company's army of monkeys, driven by banana milkshakes, is doing all sorts of training work, including but not limited to:</b></p><p><ul><li>Click and drag</p><p></li><li>sliding input</p><p></li><li>write</p><p></li><li>gesture recognition</p><p></li></ul><b>Wait...</b></p><p><img src=\"https://static.tigerbbs.com/69e330ff9c4d8ee25e4043bf843f0492\" tg-width=\"640\" tg-height=\"298\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>Take handwriting as an example:</p><p>“Initially, it was a virtual keyboard. Now we can directly use the brain-computer interface to read signals, combining the graphics in the screen with the trained signal patterns to accurately judge what words the monkey is writing on the screen,” a Neuralink technology expert revealed.</p><p>If this continues, monkeys will probably really \"learn\" to write and spell words?</p><p><b>And banana milkshakes can even stimulate monkeys to charge their brain-computer interfaces themselves!</b></p><p>This saves Neuralink staff a lot of trouble...</p><p>The specific mechanism is designed as follows:</p><p>They turned a tree into a \"milk tea shop\" and then placed charging pads in decorative branches:</p><p><img src=\"https://static.tigerbbs.com/2ca9c13ceb6607c8aec8de3743b51912\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>In this way, whenever the monkey wants a banana milkshake, it will run over and suck on the tube.</p><p><b>As a result, its head will be directly aligned with the charging pad, charging while drinking a beverage.</b></p><p>The thought process behind this design is truly interesting!</p><p><img src=\"https://static.tigerbbs.com/ab466e4985357060e0ed96368e3f1d5a\" tg-width=\"500\" tg-height=\"267\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>The speeches from the guests at this press conference generally gave Silicon Star people the following impression:</p><p>We encountered a technical problem in our experiment → We tried many methods but couldn't solve it → Sigh, in the end we had to use the banana method → We couldn't help it, bananas really work!</p><p><b>Unexpectedly, to achieve cyberpunk, banana milkshakes have become the primary productive force...</b></p><p>(Looking forward to Neuralink diversifying its products and launching its own brand of banana milkshakes in the future...)</p><p><img src=\"https://static.tigerbbs.com/d6c2314f0dfb833bc4a3e56c6ae2c764\" tg-width=\"640\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>Image source : Concord Food</p><p>From banana milkshakes to the plasticity of monkey brains</p><p>Of course, besides bananas, Neuralink is also using more \"serious\" and \"high-tech\" stimulation methods to train more powerful monkeys, so that they can then better train the various signal decoders, algorithm models, testing tools, and so on that Neuralink needs to develop next-generation brain-computer interface products.</p><p>In the example below, Neuralink uses a more complex stimulation method.</p><p>The company has two phased goals, one of which I just mentioned, which is to help (paralyzed) people gain motor function.</p><p><b>Another phased goal is visual prosthetics: to help visually impaired people who have been living in darkness regain their sight through external devices and brain-computer interfaces.</b></p><p>For the vast majority of visually impaired people, the problem lies in their eyes; their optic nerve, the visual cortex in the brain, is very likely still intact. Therefore, Neuralink hopes to use a brain-computer interface to transmit signals directly to the visual cortex through external sensors (cameras), thereby restoring sight to the blind. To achieve this goal, Neuralink opened the skull in the visual cortex of the monkey's brain and installed a brain-computer interface inside.</p><p><img src=\"https://static.tigerbbs.com/0c064703b54276484f2f559b73283e55\" tg-width=\"535\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p><b>However, this time the work is more complicated:</b>Instead of the simple logic of reading brain signals to control peripherals, it is completely the other way around: visual content obtained from the outside is compiled into raw brain neural signals and transmitted back to the brain.</p><p>Monkeys are not humans and cannot tell experimenters whether they have seen or not, or what they have seen. Therefore, Neuralink designed a new stimulation mechanism (reverse correlation, a method commonly used in neuroscience):</p><p><img src=\"https://static.tigerbbs.com/ec6e64210fcf5baecf55f734a330f94b\" tg-width=\"640\" tg-height=\"305\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p><b>1) Artificial intervention signals input using the brain-computer interface stimulate the monkey's eyeballs to move (for example, it can be simply understood as);</b></p><p><b>2) Use an external eye tracking device to verify whether the actual eye movement vector matches the artificial signal;</b></p><p><b>3) When the results match, use a banana milkshake as an incentive.</b></p><p>As shown in the figure below: the green line represents the movement path of the eyeball, and the flashing white dot serves as a control. You will see that the monkey's eyeball suddenly moves towards a position where there are no white spots, precisely because it receives a signal of human intervention through the brain-computer interface.</p><p>Initially, the degree to which the eyeball's movement vectors match the artificial signals is not high.</p><p><b>Interestingly, however, as the test time increased and the number of times increased, the monkeys became more and more proficient and the level of compliance increased.</b></p><p><img src=\"https://static.tigerbbs.com/1748e97d5f1fac25d216b840062d0ecf\" tg-width=\"600\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>The brain refers to a plastic tissue. Simply put, the connections between synapses and neurons within the brain can establish new connections due to the influence of learning and experience, thereby influencing an individual's behavior.</p><p>The Neuralink team is pinning their hopes on this plasticity, using continuous training to enable monkeys to acquire a non-native low-dimensional vision with the assistance of external signals.</p><p><b>If the application scale of this technology is further expanded, the complexity of the signal will increase, from a single vector to lines, surfaces, shapes, and colors, further increasing the number of pixels...</b></p><p><b>Wouldn't that allow those who are blind to regain their sight?</b></p><p>The idea is great, and the prospect is optimistic. However, challenges remain numerous, and there are still many technical hurdles to overcome.</p><p>Neuralink provides a simulation diagram. It demonstrates the rough vision that can be obtained in the near future through the visual prosthetic technology of the Neuralink brain-computer interface (note that this is not a real image, but only a simulated effect).</p><p>In an ideal visual prosthetic kit, images are acquired through a camera mounted at eye level, transmitted to a mobile phone for signal processing, and then transmitted to the visual cortex in the brain through a brain-computer interface.</p><p><img src=\"https://static.tigerbbs.com/7de47bd60f04187618440d8d1efde85c\" tg-width=\"640\" tg-height=\"327\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p>This reminds me of Cyberpunk 2077. In the game, one of the first two cyberware items the protagonist obtains is the visual prosthesis Kiroshi Optics. With it, in addition to normal vision, the protagonist also gains the ability to scan electronic devices and hack them...</p><p><img src=\"https://static.tigerbbs.com/4631fb6c72d79ff47fd8f5b1f1ba7c22\" tg-width=\"640\" tg-height=\"356\" referrerpolicy=\"no-referrer\"/></p><p>Image source ：TriggerStudio/CD PROJEKT RED/Netflix</p><p>Back to the real world<b>, visual</b>righteous<b>The body isn't as cool as it is in the game yet.</b></p><p>A biotechnology author at MIT Technology Review wrote that</p><p>\"Musk claims that prosthetics can 'restore' vision—perhaps not for a long time to come.\"<b>The vision that can be produced through a prosthetic body is not the vision that you and I have. It's more like dots of light, perhaps combined to form a simple display effect, like an old-fashioned light bulb scoreboard.</b></p><p><img src=\"https://static.tigerbbs.com/f9d801892a136783cdce2d5eea2ac508\" tg-width=\"596\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>Image source: @antonioregalado</p><p><img src=\"https://static.tigerbbs.com/de66eb36d8b3b341cbb2b254e5232531\" tg-width=\"640\" tg-height=\"304\" referrerpolicy=\"no-referrer\"/></p><p>Image source: MERIT</p><p>Even so, restoring sight to the blind remains a significant technological mission.</p><p>Of course, cyberpunk, as a culture, has many excellent literary and artistic works that sound the alarm for the future of humanity's over-reliance on technology. Despite the exciting revolution in brain-computer interface technology sparked by Neuralink, its many risks should not be underestimated.</p><p>Over the past year, Neuralink has also been accelerating its efforts to improve technological security, and more importantly, to ensure the safety of users' lives. The company's efforts include:</p><p><ul><li>Techniques have been developed to replace human brain tissue for testing work in a laboratory environment, such as electrode testing using cortical cells cultured in petri dishes (see figure below).</p><p><b>\"The ultimate goal is to reduce or even completely eliminate the need for live animals and clinical trial subjects in future product development and testing,\" said a Neuralink expert.</b></p><p><img src=\"https://static.tigerbbs.com/f3370eee74ef4d93e638d8c867ed841f\" tg-width=\"640\" tg-height=\"377\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p></li><li>A robotic surgical technology has been developed that does not require invasion on the meninges (dura) and directly implants electrodes outside the meninges (invasion on the meninges can lead to the generation of a large amount of tissue during the recovery process, covering and enveloping the interface device, which can easily pose a risk of infection and is very inconvenient for later device maintenance).</p><p><img src=\"https://static.tigerbbs.com/1fa8f5831619ad89656109e369f33b46\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Neuralink</p><p></li><li>upgradability is one of the core principles of technology research and development. As in the previous point, even if you try your best to control the wound by making a coin-sized incision in the skull, you will still face the problem of tissue resulting from later healing, which will make it very difficult to remove the device later. Upgrading hardware is difficult, so hardware must maximize its ability to upgrade software.</li></ul><b>“After all, nobody wants to change the brain-computer interface like they would change an iPhone every year. The best thing is to do it all in one step,” Musk said.</b></p><p>In the real world, the first fire of this cyberpunk revolution seems to have been lit.</p><p>Perhaps Neuralink will become a cyborg technology giant like Arasaka in the future...</p><p>\"I laughed because Elon Musk used NeuraLink.\" ™ Send an emoji directly to my precranial cortex. Oh my god, this is amazing. I blinked twice, using NeuraLike. ™ I liked it, then thought very seriously, \"Thank you, sir! Please send it to Bitcoin.\" I opened my eyes and suddenly realized it was already dark, and I was strangling someone.</p><p><img src=\"https://static.tigerbbs.com/701b651d1724bd55535b8380fff15248\" tg-width=\"592\" tg-height=\"372\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/ae7d49e809de085496b51cf7f2f836e4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Internet</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzI3ODg4ODEwMA==&mid=2247524347&idx=1&sn=b2e61824c0a62ec065c1888f72605f3a&chksm=eb52f430dc257d26bf55f50a24c7903f8062fd3d1ab9c75df499daa678473db6f1f6ee72c2f5&mpshare=1&scene=23&srcid=1202Ey6qC9jgexAb6zp58Y88&sharer_sharetime=1669941331728&sharer_shareid=00a55b671777cf0e253d4693000ead51#rd\">硅星人</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a370dedf78ec8709f7980cc3b5d33703","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzI3ODg4ODEwMA==&mid=2247524347&idx=1&sn=b2e61824c0a62ec065c1888f72605f3a&chksm=eb52f430dc257d26bf55f50a24c7903f8062fd3d1ab9c75df499daa678473db6f1f6ee72c2f5&mpshare=1&scene=23&srcid=1202Ey6qC9jgexAb6zp58Y88&sharer_sharetime=1669941331728&sharer_shareid=00a55b671777cf0e253d4693000ead51#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137562033","content_text":"脑机接口的革命，来得实在太快了。马斯克在硅谷举行的Neuralink沟通会上透露：首款脑机接口产品，名为N1，最快6个月内就可以启动人类测试。“为了我们的首次临床测试，我们正在非常努力地加紧各项工作准备，”马斯克轻描淡写地表示。“我们绝大部分的文书资料已经提交到了 FDA。我们估计大约再过6个月时间，大家就可以看到 Neuralink 装到人的脑袋上了。”Neuralink 拟推出的 N1 脑机接口（内部构造）   图片来源：Neuralink香蕉奶昔，赛博朋克的第一生产力整场发布会看下来，硅星人有一个最核心的感受：如果没有香蕉奶昔（banana smoothie），这场脑机接口的革命，恐怕不会来得这么快……为什么这么说呢？大家可能知道Neuralink这家公司过去以来一直是用猴子和猪等动物进行实验的。有名有姓的猴子，就有至少8只，没名字的预备役更是数不胜数。但是根据规定，Neuralink不能强迫它们参与配合实验……更何况，早在启动活体实验的初期Neuralink就已经明白一个道理：强扭的瓜不甜。让这些猴子做实验哪怕它们有一点被迫、不情愿，对实验效果都会有影响。于是Neuralink 开发出了一套“自愿参与”原则的激励方案：只要来做实验，就有无限量的香蕉奶昔供应！图片来源：Neuralink具体来说，就像条件反射那样，Neuralink 的饲养工作人员参与设计了一套强化机制：每当猴子参与了当前的实验，完成了一次操作，就会得到香蕉奶昔……这样，越做实验，喝的越爽。久而久之，就形成了刺激强化的反馈机制。下图你可以看到，这些猴子一边做着实验，一边从面前的管子里嘬着饮料。简直可以说是：高高兴兴做实验，开开心心喝奶昔……这样的反馈机制，在 Neuralink 最近两年的研发工作中，扮演了相当重要的角色。首先来看下面这个脑控光标的实验：图片来源：Neuralink（虽然看起来猴子都会打字了，然而并非如此，猴子怎么可能懂英语呢？）下一个键要按什么，实验工作人员早就设计好了，会在猴子面前 MacBook 的虚拟键盘上，会以黄色显眼的方式注明。而在激励机制的作用下，只要猴子通过意念脑控光标“移动”到下一个要按的键上，并发出“按下”的信号，管子里就会流出香甜可口的香蕉奶昔……在对于甜品的渴望驱使下，猴子打出了这么一句话：搞点夜点心切切吧 (can i please have snacks)……图片来源：Neuralink但 Neuralink 并不满足于让猴子用光标打字。毕竟它的阶段性目标之一，是让（瘫痪）的人们可以通过脑机信号来操控包括手机在内的常用电子设备。所以，这家公司的猴子大军，正在香蕉奶昔的驱动下，做着各种各样的训练工作，包括并不限于：点按和拖拽滑动输入手写手势识别等等……图片来源：Neuralink以手写为例：“一开始还是虚拟键盘。现在我们已经可以直接用脑机界面来读取信号，结合画面中的图形，和训练得到的信号模式，来精准地判断猴子在屏幕上写的是什么字”，一位 Neuralink 技术专家透露。这样下去，猴子恐怕真要“学会”写字、拼词了？以及，香蕉奶昔还能刺激猴子自己去给脑机接口充电！这样简直是给 Neuralink 的工作人员，省了大麻烦了……具体机制是这样设计的：他们将一棵树做成了“奶茶店”，然后把充电板放在了装饰的树杈里：图片来源：Neuralink这样，只要猴子想喝香蕉奶昔了，就会跑过去嘬管子。结果它的脑袋会正好对准充电板，一边喝饮料，一边充电。这设计，脑回路实在是很有意思！图片来源：Neuralink这场发布会的各嘉宾发言，总的来说给硅星人一个感觉，就是：我们在实验中遇到了一个技术问题 → 想了很多办法都解决不了 → 哎最后还得香蕉大法 → 没办法香蕉它真的管用啊！没想到实现赛博朋克，香蕉奶昔竟成了第一生产力……（期待回头 Neuralink 实现产品多元化，推出自主品牌的香蕉奶昔……）图片来源：Concord Food从香蕉奶昔，到猴脑的可塑性当然，除了香蕉之外，Neuralink也在用一些更加“正经”和更“高科技”的刺激方式，来训练出更厉害的猴子，好让它们转而更好地训练 Neuralink 开发下一代脑机接口产品需要的各种信号解码器、算法模型、测试工具等等。而在下面这个例子中，Neuralink 就是利用了更复杂的刺激方法。这家公司有两个阶段性目标，刚才提到了一个，也即帮助（瘫痪）人士获得运动功能。而另一个阶段性目标，则是视觉义体：通过外部设备+脑机接口的方式，帮助那些一直生活在黑暗中的视障人士，重获光明。绝大多数视障者，问题都出在眼球里，他们的视神经，大脑中的视觉皮层，很有可能仍然是完好的。于是 Neuralink 希望能够用脑机接口的方式，通过外置传感器（摄像头）来将信号直接传入视觉皮层，从而让失明者重获光明。为了实现这个目标，Neuralink 在猴子的猴脑视觉皮层部位开了颅，装了脑机接口进去。图片来源：Neuralink然而这次的工作更为复杂：不再是读取脑信号控制外设这种简单的逻辑，而是完全反过来，从外部获取的视觉内容，将它编译为原始的脑神经信号，传回到大脑里。猴子不是人，没有办法告诉实验人员自己看到了还是没看到、看到了什么东西。于是，Neuralink 又设计了一套新的刺激机制（逆相关reverse correlation，神经科学常用的方法）：图片来源：Neuralink1）用脑机接口输入的人工干预信号，刺激猴子的眼球进行移动（比如可以简单理解为）；2）用外置的眼球追踪设备，验证实际的眼球移动矢量，是否与人工信号相符；3）当结果相符的时候，使用香蕉奶昔进行激励。如下图所示：绿色线代表眼球的移动路径，闪现的白点作为对照。你会看到，猴子的眼球突然朝着没有出现白点的位置移动，正是因为通过脑机接口收到了人工干预的信号。最一开始，眼球的移动矢量和人工信号的相符的程度并不高。然而有趣的是，随着测试时间变长，次数增加，猴子越做越熟练，符合程度越来越高。图片来源：Neuralink大脑是指一种具有可塑性的组织，简单来说也即大脑内部的突触、神经元之间的连接可以由于学习和经验的影响建立新的连接，从而影响个体的行为。Neuralink 团队正是寄希望于这种可塑性，通过不断的训练来让猴子在外界信号的辅助下，获得一种非原生的低维视觉。而如果将这种技术的应用规模进一步扩容，让信号的复杂程度变高，从单一的矢量，升级为线、面、形状、颜色，让像素数量进一步增加……那样，不就能够让那些失明的人，重获视觉了吗？想法是伟大的，前景是乐观的。然而挑战仍然重重，还有很多技术门槛需要跨越。Neuralink 提供了一张模拟图。它展示了在不远的未来，通过Neuralink脑机接口的视觉义体技术，大致能够获得的视觉（注意这并不是真实图片，只是模拟的效果）。在一个理想的视觉义体套件中，通过一个安装在眼部高度的摄像机获取图像，传入手机进行信号处理，再通过脑机接口传输到大脑中的视觉皮层。图片来源：Neuralink这不禁令我想起了《赛博朋克2077》。在游戏中，主角拿到的头两件赛博义体（cyberware）之一，就是视觉义体 Kiroshi Optics。有了它，主角在正常视觉的基础上，还获得了扫描电子器件并对其进行黑客攻击的能力……图片来源：TriggerStudio/CD PROJEKT RED/Netflix回到现实世界，视觉义体暂时还没有在游戏里那么酷。麻省理工科技评论的一位生物科技作者写道指出，“马斯克宣称义体能够‘恢复’视觉——也许在很久以后的未来才能实现。能够通过义体产生的视觉并不是你和我所拥有的视觉。它更像是点状的光斑，也许能够通过组合的方式来形成一种简单的显示效果，就像老式的灯泡记分牌那样。”图片来源：@antonioregalado图片来源：MERIT即便如此，让失明者重获光明，仍然是一项有着重大意义的技术使命。当然，赛博朋克作为一种文化的诸多优秀文艺作品，也为人类过于依赖科技的未来敲响警钟。尽管Neuralink掀起的这场脑机接口技术革命令人兴奋神往，它的诸多风险仍然不可小觑。在过去一年时间里，Neuralink 也在加紧提高技术安全性，更重要的是确保使用者的生命安全。该公司的努力包括：开发了在实验室环境下，用于测试工作的，对人脑组织进行替代的技术，比如使用培养皿培植的皮质细胞进行电极测试（下图）。“最终目标是在未来产品研发和测试中，降低甚至完全消除对活体动物和临床试验者的需要，”一位 Neuralink 专家表示。图片来源：Neuralink开发了无需在脑膜 (dura) 上开创，直接在脑膜外进行电极植入的机器人手术技术（在脑膜上开创会导致恢复过程中生成大量组织，覆盖包裹住接口设备，容易带来感染隐患，并且非常不便于后期设备维护）图片来源：Neuralink将向上兼容能力（可升级性 upgradability）作为技术研发的核心原则之一。正如前一条，在颅骨上开一个硬币大小的口子，就算尽力控制创口，仍然会面临后期愈合而产生的组织的问题，对设备的后期移除带来巨大困难。升级硬件困难，所以硬件必须最大限度保证软件升级的能力。“毕竟没人想像每年换一台 iPhone 那样换脑机接口，最好的就是一步到位，”马斯克说到。现实世界中，这场赛博朋克的革命的第一把火，看来也已经点燃了。没准将来的 Neuralink，能够成为像“荒坂” (Arasaka) 那样的赛博格技术巨头……“我笑了，因为伊隆·马斯克通过NeuraLink.™直接将一个表情包发送到我的前颅皮层。哦，我的天啊，这太棒了。我眨了两次眼睛，用NeuraLike™赞了它，然后非常认真地想：“谢谢先生！请发送比特币。”我睁开眼睛，突然发现天已经黑了，而我正在掐着一个人的脖子。”图片来源：网络","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965312897,"gmtCreate":1669893633119,"gmtModify":1676538264756,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965312897","repostId":"1190139235","repostType":4,"repost":{"id":"1190139235","kind":"news","weMediaInfo":{"introduction":"直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。","home_visible":1,"media_name":"豹变","id":"1099700147","head_image":"https://static.tigerbbs.com/524ae85df6244d238314a4bd6c916bb7"},"pubTimestamp":1669889842,"share":"https://ttm.financial/m/news/1190139235?lang=en_US&edition=fundamental","pubTime":"2022-12-01 18:17","market":"hk","language":"zh","title":"Tesla's \"price\" smashes the market, electric vehicle players compete for competitive advantage.","url":"https://stock-news.laohu8.com/highlight/detail?id=1190139235","media":"豹变","summary":"随着10月底特斯拉降价，电动汽车厂之间的厮杀大幕拉起。未来什么样的企业能够胜出？我们借助巴菲特的护城河思想，对这轮竞争做出解读。商业竞争中如何逼退对手占住市场份额？有一种著名的产品定价方法提供了思路—","content":"<p><html><head></head><body>With the end of October<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts have sparked a fierce battle among electric vehicle manufacturers. What kind of companies will win in the future? We will use Buffett's moat concept to interpret this round of competition. How to force competitors to gain market share in business competition? There is a well-known product pricing method that provides ideas - penetration pricing.</p><p>The core of penetration pricing is low prices. If the quality is similar to that of its competitors, low-priced products are more likely to gain a higher market share, which in turn will dilute production costs and build momentum for further price reductions.</p><p><a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>This is exactly the method used when they entered China. This made latecomers<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>It was very difficult to set a high price, and the marketing and promotion of \"the drug cannot be stopped\" made Pepsi unable to make a profit for many years after entering China.</p><p>Recently, in the automotive sector, Tesla has also played a game of penetration pricing against other competitors. First, on October 24, the Model 3 saw a price reduction of 14,000 to 18,000 yuan, and the Model Y saw a price reduction of 20,000 to 37,000 yuan. On November 8th, Tesla China released another poster stating that from November 8th (inclusive) to November 30th (inclusive), customers who purchase a combination of existing vehicle insurance and car insurance from a partner insurance institution and complete the delivery of the vehicle on schedule can receive a reduction of 8,000 yuan in the final payment. From December 1st (inclusive) to December 31st (inclusive), the final payment can be reduced by 4,000 yuan.</p><p><b>Media reports indicate that after two rounds of promotions, Tesla's order increase has still fallen short of expectations, and it will launch new price reduction measures before the end of the year. Tesla responded that the \"price reduction\" was false news.</b></p><p>Many people believe that Tesla's price cuts marked the beginning of a significant intensification of competition among automakers, with some even arguing that \"any competition that does not focus on price cuts is hypocritical.\"</p><p>However, low prices are only a sub-strategy in competition. Whether a company can ultimately win the competition is the result of the combination of multiple factors.</p><p>In this article, we will use Buffett's moat concept to analyze Tesla,<a href=\"https://laohu8.com/S/002594\">BYD</a>In addition to emerging domestic car manufacturers, let's conduct a quantitative analysis of the competitive advantages of the automotive industry to see how competitive these companies are under intensified competition.</p><p><b>The moat in the electric vehicle market</b></p><p>Many people know that the concept of a competitive advantage comes from Warren Buffett. Warren Buffett said, \"High-quality products and excellent management are certainly good, but they're not called moats.\" He even added a harsh statement:<b>A competitive advantage is more crucial than a CEO; an economic moat is a structural advantage.</b>。”</p><p>Buffett's words were confusing and had confused many people. In fact, the so-called moat, in layman's terms, is a barrier where \"competitors can't get in and customers can't get out\". Without a competitive advantage, a company's business growth will enter a dilemma known as \"pirate ship business,\" where the business continues to develop but customers are constantly lost, making it impossible to form a stable positive superposition structure and making it difficult to accumulate sand into a tower.</p><p>Since the moat is so useful, what does it actually look like in reality?</p><p>Pat Dorsey, head of equity research at Morningstar Inc., proposed in the book \"Buffett's Moat,\" which almost every value investor owns, that there are four types of moats: intangible assets (including brands, patents, and legal licenses), conversion costs (the difficulty of migrating to other products), cost advantages, and network effects (the more participants, the greater the product value).</p><p>The above concepts of competitive advantage are merely qualitative discussions. When conducting specific analysis, it is necessary to add quantitative elements to avoid the ambiguity of so-called subjective judgments.</p><p>In \"Buffett's Moat,\" Pat Dorsey argues that the key to understanding whether a company has a moat is its past return on capital—a superior return on capital means the company may have a moat, while a poor return on capital means a lack of competitive advantage unless the company's business undergoes substantial changes.</p><p>What are the key indicators of return on capital? The author lists three similar metrics: ROA (return on total assets), ROE (return on equity), and ROIC (return on invested capital). In general, each indicator can provide us with the same information, just in a slightly different way.</p><p>Here, we will use ROE (Return on Equity), which Buffett advocates, as a representative indicator to examine the competitive performance of core electric vehicle companies.</p><p>Simply put, ROE is the net profit that a shareholder can obtain in a certain operating cycle for every one yuan of capital invested. For example, if a shareholder invests 1 million yuan and the company earns a net profit of 200,000 yuan that year, the ROE is 20%.</p><p>What is an appropriate ROE? Based on the author's overall experience and Buffett's arguments, we can use 15% as a threshold for measuring competitiveness—as long as a company's return on shareholders' equity reaches or exceeds 15% for a long time, it is more likely to have a moat than companies that fall below this threshold.</p><p>In the electric vehicle industry, just looking at ROE, Tesla had reached a terrifying 25% by the third quarter, and other companies still seem to need to work harder.</p><p>Among domestic automakers,<b>BYD's momentum is worth noting. As of the third quarter, its ROE had reached 5.74%. If it can reach this level every quarter in the future, then an overall ROE of more than 15% is not a problem.</b></p><p>In contrast, emerging forces such as \"Wei Xiaoli Zero\" have not built a competitive advantage in terms of ROE.</p><p><img src=\"https://static.tigerbbs.com/fa3e7bccd065c37aae64e5b1eeb354a4\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/></p><p>ROE Comparison of Core Electric Vehicle Companies/Leopard Changes</p><p>Of course, Dorsey has repeatedly emphasized that even if the ROE has exceeded 15%, the company may not have a moat, and if the competition is not fierce in the early stages, the company may still achieve a high ROE.</p><p>For example, some argue that Tesla's current high profitability and the possibility of price reductions after orders fall short of expectations are precisely because the competition was not fierce before.</p><p>This raises a question: do the electric vehicle companies that seem to have built a competitive advantage actually possess the elements of a competitive advantage? Can companies that haven't yet built a competitive moat see the shadow of a moat?</p><p><b>Who can laugh all the time?</b></p><p>For electric vehicles, we will observe the brand moat and cost advantage moat that are more in line with the industry, to see if it is because the competition is not fierce enough or if the relevant companies do have a competitive advantage factor.</p><p>Let's first look at the brand's competitive advantage.</p><p>There are two reasons why a brand can form a moat. On the one hand, some brands have deeply accumulated user understanding, trust, and preferences, making consumers willing to pay a high premium. For example, Pat Dorsey gives an example in his book.<a href=\"https://laohu8.com/S/TIF\">Tiffany</a>Diamonds are nearly 50% more expensive than other brands; Bayer's aspirin, although chemically identical to other aspirins, costs twice as much as regular aspirin. For example, Moutai in China,<a href=\"https://laohu8.com/S/000423\">Dong-E-E-Jiao</a>Brands like these always manage to sell at a high premium.</p><p>On the other hand, some companies' brands can reduce the cost for customers to search for unique value. For example, most consumers would consider a car manufactured by Daimler, the parent company of Mercedes-Benz, to be a durable luxury car.</p><p>Dorsey specifically emphasized that companies with well-known brands do not necessarily have a moat. The difference between well-known brands and competitive brands is whether competitive brands can truly attract consumers to spend money, that is, whether they truly influence consumers' purchasing decisions.</p><p>Therefore, for electric vehicle companies, we will observe whether the company's products have a higher average pricing (price per vehicle), sales volume, and a lower sales expense ratio per vehicle. The implication behind this is that companies with a brand moat can sell more and more expensive cars without spending too much on R&D.</p><p>Let's look at the cost advantage and competitive advantage.</p><p>If a company has consistently lower costs than its competitors, it will have a huge advantage. Either the pricing is the same as that of the competition, which can lead to a higher gross profit margin; Either you can drag all your competitors into a loss-making situation during a price war while still maintaining profitability.</p><p>Therefore, for electric vehicle companies, we will observe whether the company has a higher gross profit margin and a lower sales and administrative expense ratio, which indicates that the same price can enjoy a higher gross profit margin with a low cost advantage, and the company can still be profitable with a low price.</p><p>With the above groundwork in place, let's take a look at the benchmark leader Tesla:</p><p>In terms of price per vehicle, sales volume, gross profit margin, and sales and management expense ratio, Tesla has become the industry leader with a price of 371,600 yuan per vehicle, deliveries of 254,700 vehicles, sales and management expenses of only 5.6%, and a gross profit margin of 27.9%, amid the gradual entry of major models from various electric vehicle companies into the market.</p><p><b>Despite Tesla's negative performance in the Chinese market and its frequent traffic accidents causing polarized reputation, these figures alone demonstrate a clear moat of brand and low-cost economies of scale.</b></p><p><img src=\"https://static.tigerbbs.com/64277b8061d66b0e53a5e637f5b31f28\" tg-width=\"1080\" tg-height=\"237\" referrerpolicy=\"no-referrer\"/></p><p>In contrast, other companies each have their shortcomings.</p><p><b>BYD's delivery volume has surpassed Tesla's, and its sales and management expenses are on par with Tesla's, but its price per vehicle and gross profit margin are significantly lower than Tesla's.</b>This indicates that the company has a certain cost advantage and competitive advantage, but its brand competitive advantage is not yet strong. According to publicly available information, BYD will currently form a five-brand matrix, including Dynasty, Ocean, Denza, Yangwang, and a new professional and personalized brand. Among them, the Yangwang brand, positioned in the million-dollar high-end market, will be launched in the first quarter of next year. At that time, we can observe the sales volume of its products.</p><p><a href=\"https://laohu8.com/S/NIO\">Nio</a>The price per vehicle is on par with Tesla's, placing it in the mid-to-high-end segment. However, with only 25,000 units delivered in the second quarter, a gross profit margin of 16.7%, and a sales and administrative expense ratio as high as 20.9%, the gap between them and Tesla is significant, indicating...<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>A high-end brand image requires continuous marketing promotion, and the brand's competitive advantage is not wide at the moment.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similar to Nio, its price per vehicle is slightly lower than that of Nio and its delivery volume is slightly higher than that of Nio. What is slightly better than NIO is that its gross profit margin of 21.18% in the second quarter exceeded that of Nio, while its sales and administrative expense ratio of nearly 16% is lower than that of Nio, indicating that it has a certain low-cost economy of scale. However, this is easy to understand. As of the second quarter of this year, Li Auto only had ONE blockbuster model on sale, the Li ONE, which highlights the economies of scale.</p><p>As for XPeng and Leapmotor, apart from their sales volume being at the same level as Nio and Li Auto, they do not have a significant advantage over their competitors in terms of price per vehicle, gross profit margin, or sales and management expense ratio.</p><p><b>A major upheaval requires a new curve.</b></p><p>Understanding the above situation, we can't help but ask whether brands with obvious competitive advantages are a one-time solution, while companies without competitive advantages will never have a chance.</p><p>Theoretically, as long as it is not a significant technological change or business model change (e.g.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>With mobile phones replacing feature phones and online e-commerce impacting offline retail, companies with a competitive advantage can generally remain comfortable. Even with mediocre management, companies can still reap substantial profits. This is why Warren Buffett said, \"A competitive advantage is more crucial than a CEO.\" For ordinary companies, survival may not be a problem, but building the same competitive advantage is more difficult.</p><p>What can truly achieve a profound reshuffling must come from new disruptions.</p><p>What is this disruption? In the field of electric vehicles, this is likely to be a breakthrough in autonomous driving.</p><p>Unlike the so-called intelligent assisted driving that automakers are currently researching, autonomous driving can truly make cars run on their own, and the automaker will bear the responsibility in the event of an accident.</p><p><img src=\"https://static.tigerbbs.com/0d7d08b2e47e07162b14e39fc77364dd\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"/></p><p>Autonomous driving can bring about a new round of industrial disruption.</p><p><a href=\"https://laohu8.com/S/GOOG\">Google</a>Lawrence Burns, a consultant on the self-driving car project, made a calculation:</p><p>If autonomous driving technology matures, vehicles shared through autonomous driving can be made smaller because there are no drivers, improving travel efficiency. In particular, by utilizing electric vehicle technology, the cost per mile can be reduced to $0.20 without affecting the travel experience and efficiency, compared to the current cost of $1.50 per mile for private vehicles, a decrease of 86%.</p><p>Behind these calculations lies a dramatic industrial transformation: if autonomous driving becomes truly widespread, ordinary people may not need to buy a car, the overall size of the automotive market will shrink significantly, and in the future, mobility service platforms will dominate.</p><p>Looking further, for automakers, without autonomous driving capabilities, they are very likely to become mediocre companies providing low-margin vehicles for autonomous driving platforms in the future, subject to others at every turn.</p><p><b>Unfortunately, making self-driving cars a reality is extremely difficult.</b>。</p><p>Specifically, artificial intelligence cannot handle accidents.</p><p>Google once encountered the following scenario while training for autonomous driving: a disabled person in an electric wheelchair chased a duck in the middle of the road. The duck ran in circles, and she chased after him in circles. In this situation, it is difficult for machines to accurately predict the movement path of such people at once. As for the flaws in the algorithms and the problems caused by the insecurity of machinery and equipment, advanced autonomous driving has been slow to be implemented.</p><p>So we see that at the end of October, Tesla boss Elon Musk admitted that Tesla's Full Self-Driving System (FSD) was not yet ready and could not truly drive autonomously without human monitoring.</p><p>Abroad,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Its autonomous driving company, Mobileye, finally went public on Nasdaq, but its valuation shrank significantly. Argo AI, a star autonomous driving company once valued at $7 billion, has shut down operations. In China, Pony.ai, founded by genius programmers such as Lou Tiancheng, has also been exposed for optimization and adjustment.</p><p>Therefore, it is uncertain when a new round of major reshuffling will arrive.</p><p>Before the major reshuffle, what is the way out for those who are lagging behind?<b>For latecomers, on the one hand, it means continuing to exert efforts in products and technologies to accumulate greater brand momentum and narrow the gap with leading companies; On the other hand, it aims to differentiate itself from giants like Tesla and BYD, seeking a new ecosystem niche.</b>。 For example, regarding the battery swapping service provided by Nio, Li Auto initially positioned its products in the focus strategy of \"dad cars\".</p><p>However, it is important to understand that while small manufacturers are working hard, large manufacturers have not relaxed. For example, Tesla's R&D expenses in the second quarter of this year were almost the same as those of NIO and NIO, and Tesla's continued investment in autonomous driving is among the world's leading. When small factories differentiate themselves, they only give themselves time to explore their competitive advantage, because most differentiation can be imitated. For example, when the market discovered that Li Auto's range-extended dad cars were selling well, it immediately saw a host of brands such as Wenjie imitating them.</p><p>So,<b>If we look at the current competitive landscape from the perspective of competitive advantage, it is highly likely that Tesla and BYD will reap huge profits in the future, while other domestic specialty car companies will reap the benefits.</b></p><p>Compared to their competitors, companies with competitive advantages are more likely to rise from difficulties. Dorsey once gave an example<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>Its products once lagged behind consumers' taste needs, leading to an intolerable decline in consumer service levels. However, this enduring brand quickly emerged from its predicament.</p><p>For many brands in the electric vehicle market, Tesla's price cuts have intensified competition, leaving them with even more limited time and room for maneuver.</p><p></body></html></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>Tesla's \"price\" smashes the market, electric vehicle players compete for competitive advantage.</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\">\nTesla's \"price\" smashes the market, electric vehicle players compete for competitive advantage.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1099700147\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/524ae85df6244d238314a4bd6c916bb7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">豹变 </p>\n<p class=\"h-time smaller\">2022-12-01 18:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>With the end of October<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts have sparked a fierce battle among electric vehicle manufacturers. What kind of companies will win in the future? We will use Buffett's moat concept to interpret this round of competition. How to force competitors to gain market share in business competition? There is a well-known product pricing method that provides ideas - penetration pricing.</p><p>The core of penetration pricing is low prices. If the quality is similar to that of its competitors, low-priced products are more likely to gain a higher market share, which in turn will dilute production costs and build momentum for further price reductions.</p><p><a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>This is exactly the method used when they entered China. This made latecomers<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>It was very difficult to set a high price, and the marketing and promotion of \"the drug cannot be stopped\" made Pepsi unable to make a profit for many years after entering China.</p><p>Recently, in the automotive sector, Tesla has also played a game of penetration pricing against other competitors. First, on October 24, the Model 3 saw a price reduction of 14,000 to 18,000 yuan, and the Model Y saw a price reduction of 20,000 to 37,000 yuan. On November 8th, Tesla China released another poster stating that from November 8th (inclusive) to November 30th (inclusive), customers who purchase a combination of existing vehicle insurance and car insurance from a partner insurance institution and complete the delivery of the vehicle on schedule can receive a reduction of 8,000 yuan in the final payment. From December 1st (inclusive) to December 31st (inclusive), the final payment can be reduced by 4,000 yuan.</p><p><b>Media reports indicate that after two rounds of promotions, Tesla's order increase has still fallen short of expectations, and it will launch new price reduction measures before the end of the year. Tesla responded that the \"price reduction\" was false news.</b></p><p>Many people believe that Tesla's price cuts marked the beginning of a significant intensification of competition among automakers, with some even arguing that \"any competition that does not focus on price cuts is hypocritical.\"</p><p>However, low prices are only a sub-strategy in competition. Whether a company can ultimately win the competition is the result of the combination of multiple factors.</p><p>In this article, we will use Buffett's moat concept to analyze Tesla,<a href=\"https://laohu8.com/S/002594\">BYD</a>In addition to emerging domestic car manufacturers, let's conduct a quantitative analysis of the competitive advantages of the automotive industry to see how competitive these companies are under intensified competition.</p><p><b>The moat in the electric vehicle market</b></p><p>Many people know that the concept of a competitive advantage comes from Warren Buffett. Warren Buffett said, \"High-quality products and excellent management are certainly good, but they're not called moats.\" He even added a harsh statement:<b>A competitive advantage is more crucial than a CEO; an economic moat is a structural advantage.</b>。”</p><p>Buffett's words were confusing and had confused many people. In fact, the so-called moat, in layman's terms, is a barrier where \"competitors can't get in and customers can't get out\". Without a competitive advantage, a company's business growth will enter a dilemma known as \"pirate ship business,\" where the business continues to develop but customers are constantly lost, making it impossible to form a stable positive superposition structure and making it difficult to accumulate sand into a tower.</p><p>Since the moat is so useful, what does it actually look like in reality?</p><p>Pat Dorsey, head of equity research at Morningstar Inc., proposed in the book \"Buffett's Moat,\" which almost every value investor owns, that there are four types of moats: intangible assets (including brands, patents, and legal licenses), conversion costs (the difficulty of migrating to other products), cost advantages, and network effects (the more participants, the greater the product value).</p><p>The above concepts of competitive advantage are merely qualitative discussions. When conducting specific analysis, it is necessary to add quantitative elements to avoid the ambiguity of so-called subjective judgments.</p><p>In \"Buffett's Moat,\" Pat Dorsey argues that the key to understanding whether a company has a moat is its past return on capital—a superior return on capital means the company may have a moat, while a poor return on capital means a lack of competitive advantage unless the company's business undergoes substantial changes.</p><p>What are the key indicators of return on capital? The author lists three similar metrics: ROA (return on total assets), ROE (return on equity), and ROIC (return on invested capital). In general, each indicator can provide us with the same information, just in a slightly different way.</p><p>Here, we will use ROE (Return on Equity), which Buffett advocates, as a representative indicator to examine the competitive performance of core electric vehicle companies.</p><p>Simply put, ROE is the net profit that a shareholder can obtain in a certain operating cycle for every one yuan of capital invested. For example, if a shareholder invests 1 million yuan and the company earns a net profit of 200,000 yuan that year, the ROE is 20%.</p><p>What is an appropriate ROE? Based on the author's overall experience and Buffett's arguments, we can use 15% as a threshold for measuring competitiveness—as long as a company's return on shareholders' equity reaches or exceeds 15% for a long time, it is more likely to have a moat than companies that fall below this threshold.</p><p>In the electric vehicle industry, just looking at ROE, Tesla had reached a terrifying 25% by the third quarter, and other companies still seem to need to work harder.</p><p>Among domestic automakers,<b>BYD's momentum is worth noting. As of the third quarter, its ROE had reached 5.74%. If it can reach this level every quarter in the future, then an overall ROE of more than 15% is not a problem.</b></p><p>In contrast, emerging forces such as \"Wei Xiaoli Zero\" have not built a competitive advantage in terms of ROE.</p><p><img src=\"https://static.tigerbbs.com/fa3e7bccd065c37aae64e5b1eeb354a4\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/></p><p>ROE Comparison of Core Electric Vehicle Companies/Leopard Changes</p><p>Of course, Dorsey has repeatedly emphasized that even if the ROE has exceeded 15%, the company may not have a moat, and if the competition is not fierce in the early stages, the company may still achieve a high ROE.</p><p>For example, some argue that Tesla's current high profitability and the possibility of price reductions after orders fall short of expectations are precisely because the competition was not fierce before.</p><p>This raises a question: do the electric vehicle companies that seem to have built a competitive advantage actually possess the elements of a competitive advantage? Can companies that haven't yet built a competitive moat see the shadow of a moat?</p><p><b>Who can laugh all the time?</b></p><p>For electric vehicles, we will observe the brand moat and cost advantage moat that are more in line with the industry, to see if it is because the competition is not fierce enough or if the relevant companies do have a competitive advantage factor.</p><p>Let's first look at the brand's competitive advantage.</p><p>There are two reasons why a brand can form a moat. On the one hand, some brands have deeply accumulated user understanding, trust, and preferences, making consumers willing to pay a high premium. For example, Pat Dorsey gives an example in his book.<a href=\"https://laohu8.com/S/TIF\">Tiffany</a>Diamonds are nearly 50% more expensive than other brands; Bayer's aspirin, although chemically identical to other aspirins, costs twice as much as regular aspirin. For example, Moutai in China,<a href=\"https://laohu8.com/S/000423\">Dong-E-E-Jiao</a>Brands like these always manage to sell at a high premium.</p><p>On the other hand, some companies' brands can reduce the cost for customers to search for unique value. For example, most consumers would consider a car manufactured by Daimler, the parent company of Mercedes-Benz, to be a durable luxury car.</p><p>Dorsey specifically emphasized that companies with well-known brands do not necessarily have a moat. The difference between well-known brands and competitive brands is whether competitive brands can truly attract consumers to spend money, that is, whether they truly influence consumers' purchasing decisions.</p><p>Therefore, for electric vehicle companies, we will observe whether the company's products have a higher average pricing (price per vehicle), sales volume, and a lower sales expense ratio per vehicle. The implication behind this is that companies with a brand moat can sell more and more expensive cars without spending too much on R&D.</p><p>Let's look at the cost advantage and competitive advantage.</p><p>If a company has consistently lower costs than its competitors, it will have a huge advantage. Either the pricing is the same as that of the competition, which can lead to a higher gross profit margin; Either you can drag all your competitors into a loss-making situation during a price war while still maintaining profitability.</p><p>Therefore, for electric vehicle companies, we will observe whether the company has a higher gross profit margin and a lower sales and administrative expense ratio, which indicates that the same price can enjoy a higher gross profit margin with a low cost advantage, and the company can still be profitable with a low price.</p><p>With the above groundwork in place, let's take a look at the benchmark leader Tesla:</p><p>In terms of price per vehicle, sales volume, gross profit margin, and sales and management expense ratio, Tesla has become the industry leader with a price of 371,600 yuan per vehicle, deliveries of 254,700 vehicles, sales and management expenses of only 5.6%, and a gross profit margin of 27.9%, amid the gradual entry of major models from various electric vehicle companies into the market.</p><p><b>Despite Tesla's negative performance in the Chinese market and its frequent traffic accidents causing polarized reputation, these figures alone demonstrate a clear moat of brand and low-cost economies of scale.</b></p><p><img src=\"https://static.tigerbbs.com/64277b8061d66b0e53a5e637f5b31f28\" tg-width=\"1080\" tg-height=\"237\" referrerpolicy=\"no-referrer\"/></p><p>In contrast, other companies each have their shortcomings.</p><p><b>BYD's delivery volume has surpassed Tesla's, and its sales and management expenses are on par with Tesla's, but its price per vehicle and gross profit margin are significantly lower than Tesla's.</b>This indicates that the company has a certain cost advantage and competitive advantage, but its brand competitive advantage is not yet strong. According to publicly available information, BYD will currently form a five-brand matrix, including Dynasty, Ocean, Denza, Yangwang, and a new professional and personalized brand. Among them, the Yangwang brand, positioned in the million-dollar high-end market, will be launched in the first quarter of next year. At that time, we can observe the sales volume of its products.</p><p><a href=\"https://laohu8.com/S/NIO\">Nio</a>The price per vehicle is on par with Tesla's, placing it in the mid-to-high-end segment. However, with only 25,000 units delivered in the second quarter, a gross profit margin of 16.7%, and a sales and administrative expense ratio as high as 20.9%, the gap between them and Tesla is significant, indicating...<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>A high-end brand image requires continuous marketing promotion, and the brand's competitive advantage is not wide at the moment.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similar to Nio, its price per vehicle is slightly lower than that of Nio and its delivery volume is slightly higher than that of Nio. What is slightly better than NIO is that its gross profit margin of 21.18% in the second quarter exceeded that of Nio, while its sales and administrative expense ratio of nearly 16% is lower than that of Nio, indicating that it has a certain low-cost economy of scale. However, this is easy to understand. As of the second quarter of this year, Li Auto only had ONE blockbuster model on sale, the Li ONE, which highlights the economies of scale.</p><p>As for XPeng and Leapmotor, apart from their sales volume being at the same level as Nio and Li Auto, they do not have a significant advantage over their competitors in terms of price per vehicle, gross profit margin, or sales and management expense ratio.</p><p><b>A major upheaval requires a new curve.</b></p><p>Understanding the above situation, we can't help but ask whether brands with obvious competitive advantages are a one-time solution, while companies without competitive advantages will never have a chance.</p><p>Theoretically, as long as it is not a significant technological change or business model change (e.g.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>With mobile phones replacing feature phones and online e-commerce impacting offline retail, companies with a competitive advantage can generally remain comfortable. Even with mediocre management, companies can still reap substantial profits. This is why Warren Buffett said, \"A competitive advantage is more crucial than a CEO.\" For ordinary companies, survival may not be a problem, but building the same competitive advantage is more difficult.</p><p>What can truly achieve a profound reshuffling must come from new disruptions.</p><p>What is this disruption? In the field of electric vehicles, this is likely to be a breakthrough in autonomous driving.</p><p>Unlike the so-called intelligent assisted driving that automakers are currently researching, autonomous driving can truly make cars run on their own, and the automaker will bear the responsibility in the event of an accident.</p><p><img src=\"https://static.tigerbbs.com/0d7d08b2e47e07162b14e39fc77364dd\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"/></p><p>Autonomous driving can bring about a new round of industrial disruption.</p><p><a href=\"https://laohu8.com/S/GOOG\">Google</a>Lawrence Burns, a consultant on the self-driving car project, made a calculation:</p><p>If autonomous driving technology matures, vehicles shared through autonomous driving can be made smaller because there are no drivers, improving travel efficiency. In particular, by utilizing electric vehicle technology, the cost per mile can be reduced to $0.20 without affecting the travel experience and efficiency, compared to the current cost of $1.50 per mile for private vehicles, a decrease of 86%.</p><p>Behind these calculations lies a dramatic industrial transformation: if autonomous driving becomes truly widespread, ordinary people may not need to buy a car, the overall size of the automotive market will shrink significantly, and in the future, mobility service platforms will dominate.</p><p>Looking further, for automakers, without autonomous driving capabilities, they are very likely to become mediocre companies providing low-margin vehicles for autonomous driving platforms in the future, subject to others at every turn.</p><p><b>Unfortunately, making self-driving cars a reality is extremely difficult.</b>。</p><p>Specifically, artificial intelligence cannot handle accidents.</p><p>Google once encountered the following scenario while training for autonomous driving: a disabled person in an electric wheelchair chased a duck in the middle of the road. The duck ran in circles, and she chased after him in circles. In this situation, it is difficult for machines to accurately predict the movement path of such people at once. As for the flaws in the algorithms and the problems caused by the insecurity of machinery and equipment, advanced autonomous driving has been slow to be implemented.</p><p>So we see that at the end of October, Tesla boss Elon Musk admitted that Tesla's Full Self-Driving System (FSD) was not yet ready and could not truly drive autonomously without human monitoring.</p><p>Abroad,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Its autonomous driving company, Mobileye, finally went public on Nasdaq, but its valuation shrank significantly. Argo AI, a star autonomous driving company once valued at $7 billion, has shut down operations. In China, Pony.ai, founded by genius programmers such as Lou Tiancheng, has also been exposed for optimization and adjustment.</p><p>Therefore, it is uncertain when a new round of major reshuffling will arrive.</p><p>Before the major reshuffle, what is the way out for those who are lagging behind?<b>For latecomers, on the one hand, it means continuing to exert efforts in products and technologies to accumulate greater brand momentum and narrow the gap with leading companies; On the other hand, it aims to differentiate itself from giants like Tesla and BYD, seeking a new ecosystem niche.</b>。 For example, regarding the battery swapping service provided by Nio, Li Auto initially positioned its products in the focus strategy of \"dad cars\".</p><p>However, it is important to understand that while small manufacturers are working hard, large manufacturers have not relaxed. For example, Tesla's R&D expenses in the second quarter of this year were almost the same as those of NIO and NIO, and Tesla's continued investment in autonomous driving is among the world's leading. When small factories differentiate themselves, they only give themselves time to explore their competitive advantage, because most differentiation can be imitated. For example, when the market discovered that Li Auto's range-extended dad cars were selling well, it immediately saw a host of brands such as Wenjie imitating them.</p><p>So,<b>If we look at the current competitive landscape from the perspective of competitive advantage, it is highly likely that Tesla and BYD will reap huge profits in the future, while other domestic specialty car companies will reap the benefits.</b></p><p>Compared to their competitors, companies with competitive advantages are more likely to rise from difficulties. Dorsey once gave an example<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>Its products once lagged behind consumers' taste needs, leading to an intolerable decline in consumer service levels. However, this enduring brand quickly emerged from its predicament.</p><p>For many brands in the electric vehicle market, Tesla's price cuts have intensified competition, leaving them with even more limited time and room for maneuver.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0fb1e682def9ecda4654e742f531ebeb","relate_stocks":{"LU0082616367.USD":"摩根大通美国科技A（dist）","BK4574":"无人驾驶","BK4551":"寇图资本持仓","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4527":"明星科技股","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4099":"汽车制造商","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","TSLA":"特斯拉","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4550":"红杉资本持仓","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190139235","content_text":"随着10月底特斯拉降价，电动汽车厂之间的厮杀大幕拉起。未来什么样的企业能够胜出？我们借助巴菲特的护城河思想，对这轮竞争做出解读。商业竞争中如何逼退对手占住市场份额？有一种著名的产品定价方法提供了思路——渗透定价法。渗透定价法的核心，是低价。如果品质和对手差不多，低价产品更容易换得高市场份额，而高份额又将摊薄生产成本，为后续再次降价蓄势。可口可乐当年进入中国，正是用的此法。这让后来者百事可乐非常难受，不敢定高价，而营销推广“药不能停”，百事可乐进入中国后曾多年无法盈利。最近，在汽车领域，特斯拉也对其他对手玩了一把渗透定价。先是10月24日，Model 3直降1.4万元-1.8万元，Model Y直降2.0万元-3.7万元。到了11月8日，特斯拉中国又发布海报称，11月8日（含）至11月30日（含），购买现车及合作保险机构车险组合并按期完成提车，尾款可减8000元；12月1日（含）至12月31日（含），尾款可减4000元。有媒体报道，在经历过两次促销后，特斯拉的订单增量仍不及预期，年底前会推出新的降价手段。特斯拉回应称，“降价”属于不实消息。在不少人看来，特斯拉降价，是整车厂竞争显著加剧的起点，甚至有观点认为，“任何不以降价为主旋律的竞争，都是虚伪的”。不过，低价只是竞争的一个子策略，一家企业最终能否竞争胜利，是多因素因缘和合的结果。本文我们借助巴菲特的护城河思想，对特斯拉、比亚迪，以及国内造车新势力，做个汽车行业竞争优势的量化分析，看看在竞争加剧下，相关公司的竞争力到底如何？电动车江湖里的护城河很多人都知道，护城河的概念来自股神巴菲特。巴菲特说：“优质的产品、卓越的管理，这些固然不错，但是它们不叫护城河。”他甚至还放了一句狠话：“护城河比CEO还要关键，经济护城河，是一种结构性的优势。”巴菲特这段话云里雾里，曾把不少人绕晕。事实上，所谓护城河，翻译成大白话就是“对手进不来，客户出不去”的壁垒。如果没有护城河，企业的业务增长，会进入一种所谓“贼船型业务”的困境，即业务不断发展，但是客户不断流失，无法形成一个稳定的正向叠加结构，难以聚沙成塔。既然护城河这么有用，那在现实中，它到底是何种样貌？美国晨星公司的股票研究业务主管帕特·多尔西，在那本价值投资者几乎人手一本的《巴菲特的护城河》中提出，护城河有四种：无形资产（包括品牌、专利、法定许可）、转换成本（迁移到其他产品的难度）、成本优势、网络效应（参与者越多，产品价值越大）。以上几个护城河概念，仅仅是定性讨论。具体分析时，我们有必要再加入定量元素，以规避所谓主观判断的模糊。在《巴菲特的护城河》中，帕特·多尔西谈到，要了解一家公司是否拥有护城河，核心要检查的关键点是，公司以往的资本回报率——超群的资本回报率，意味着企业可能有护城河，而糟糕的资本回报率意味着竞争优势的匮乏，除非公司业务出现实质性的变化。资本回报率的关键指标是什么？作者列举了三个类似的指标，ROA（总资产回报率）、ROE（净资产收益率）、ROIC（投资资本回报率）。总的来说，每个指标都可以为我们提供相同的信息，只不过方式略有不同而已。这里，我们以巴菲特推崇的ROE（净资产收益率）做代表指标，看看核心电动车企的护城河表现。所谓ROE，简单理解就是股东每投入一元资本，在某个营业周期能获取的净利润。比如股东投入100万元，当年公司获得20万元净利润，ROE就是20%。ROE多少合适？根据作者总体经验判断，以及巴菲特的论述，我们可以把15%作为衡量竞争能力的临界值——只要企业的股东权益回报率长期达到或超过15%，那么，它就更有可能比那些低于该临界值的企业拥有护城河。对应到电动汽车行业，仅从ROE来看，特斯拉截止三季度已经达到了恐怖的25%，其他企业似乎仍需努力。国内车企中，比亚迪势头值得关注，其截至第三季度ROE已经达到了5.74%，如果未来每个季度都能达到这个水平，那么总体ROE超过15%不是问题。相比之下，“蔚小理零”等新势力，在ROE维度来看，则没有构建起护城河。核心电动车企ROE对比/豹变当然，多尔西曾反复强调，哪怕ROE已经超过15%，企业也可能并未有护城河，如果初期竞争不激烈，企业也有可能获得高ROE。比如有观点就认为，特斯拉目前的高盈利能力，以及当下订单不及预期后可能降价，原因正是此前竞争并不激烈。而这就涉及到一个问题，以上看似构建起护城河的电动车企业，是否真的具备了护城河要素？还没构建护城河的公司，能否看到护城河的影子？谁能一直笑？对于电动汽车，我们将以更契合产业的品牌护城河、成本优势护城河来做观察，看看到底是因为竞争不够激烈，还是相关企业确实有护城河因子。先来看品牌护城河。品牌之所以能形成护城河有两个原因。一方面，某些品牌深度积累了用户的了解、信任和偏好，使得消费者愿意付高溢价。比如帕特·多尔西就在书中举例，蒂芙尼钻石要比其他品牌价格贵近50%；而拜耳制药的阿司匹林，尽管在化学成分上与其他阿司匹林完全相同，价格是普通阿司匹林的2倍。再比如国内的茅台、东阿阿胶等品牌，总能卖出高溢价。另一方面，某些公司的品牌，能减少客户对独特价值的搜索成本。比如只要是奔驰母公司戴姆勒生产的汽车，大多消费者都会认为这是一部经久耐用的豪华型汽车。多尔西特别强调，有知名品牌的公司，未必有护城河。知名品牌和护城河品牌的区别是，护城河品牌能否真正吸引消费者花钱，即是否真正影响了消费者购买决策。因此，对于电动汽车公司，我们将观察这家企业的产品，是不是平均每台车有更高的定价（单车价格）、销量，和更低的销售费用率，其背后含义是，有品牌护城河的企业，不用太多研发费用，就能卖更多、更贵的车。再来看成本优势护城河。如果一家公司，成本长期低于竞争对手，会形成巨大优势。要么定价和对手相同，就能拥有更高的毛利率；要么开打价格战时，能把所有的竞争对手都拖到亏损的境地，自己依旧保持盈利。因此，对于电动汽车公司，我们将观察企业是否有更高的毛利率和更低的销售管理费用率，这表明低成本优势下，同样的价格可以享受更高的毛利率，以及低价格下，企业仍能盈利。有了上述铺垫，我们来看看标杆龙头特斯拉：从单车价格、销售量、毛利率、销售管理费用率来看，在各路电动车企主要车型逐步进场的背景下，特斯拉凭借37.16万元的单车价格、25.47万辆的汽车交付量、仅仅5.6%的销售管理费用、27.9%的毛利率，成为行业龙头。尽管特斯拉在中国市场负面缠身，频发的交通事故也引发口碑两极化，但是单纯从这些数据来看，特斯拉展现了明显的品牌和低成本规模效应护城河。相比之下，其他企业各有不足。比亚迪交付量已经超过特斯拉，销售管理费用和特斯拉持平，但是单车价格和汽车毛利率明显低于特斯拉。显示公司具有一定的成本优势护城河，但品牌护城河还不强。根据公开信息，目前比亚迪将形成五个品牌矩阵组合，包括王朝、海洋、腾势、仰望，以及专业个性化全新品牌。其中，仰望品牌，定位百万级高端市场，将在明年一季度发布。届时我们可以观察其产品销量。蔚来单车价格和特斯拉同一水平，位属中高端，但第二季度仅仅2.5万台的交付量、16.7%毛利率、高达20.9%的销售管理费用率，和特斯拉差距明显，显示蔚来的高端品牌形象，需要持续的营销推动，品牌护城河暂时并不宽。理想汽车和蔚来类似，单车价格略低于蔚来、交付量略高于蔚来，比蔚来稍好的是第二季度21.18%的毛利率超过蔚来、而接近16%的销售管理费用率低于蔚来，显示其具有一定的低成本规模效应。不过这也很好理解，截至今年二季度，理想在售车型只有一个爆款车型理想ONE，这使得规模效应得以体现。至于小鹏和零跑，除了销量和蔚来、理想处于同一水平，但无论是单车价格，还是毛利率、销售管理费用率，和对手相比都不具有明显优势。大颠覆，需要新弯道了解以上现状，我们不禁要问，是不是有明显护城河优势的品牌，就一劳永逸，没护城河的公司就一直没戏？理论上，只要不是明显的技术变革或者商业模式变革（比如智能手机替代功能手机、线上电商冲击线下零售），有护城河的企业，基本都能稳坐钓鱼台。哪怕是庸才管理，企业仍然能攫取大把利润。这也是为什么巴菲特会说：“护城河比CEO还要关键。”而普通公司，谋生存可能问题不大，但建立起同样的护城河则比较难。真正能实现深度洗牌的，必须来自新的颠覆。这个颠覆是什么？在电动汽车领域，很可能是无人驾驶的突破。不同于当下各车厂研究的所谓智能辅助驾驶，无人驾驶可以真正做到让汽车自己运行，出事故时责任车厂背负。无人驾驶能带来新一轮产业颠覆。谷歌无人驾驶汽车项目的顾问劳伦斯·伯恩斯做了一个测算：如果无人驾驶技术成熟，通过无人驾驶进行共享的车辆，因为没有司机，可以做得更小，提高出行效率。尤其是，利用电动车技术，在不影响出行体验和效率的情况下，可以将每英里的成本降到0.2美元，而现在私人车辆的每英里成本是1.5美元，下降了86%。这串计算背后，可以看到一场剧烈的产业变革：无人驾驶如果真正普及，普通人未必需要买一辆汽车，汽车市场整体规模会大比例削减，未来占据主导的，将是出行服务平台。更进一步看，对于整车厂而言，如果没有无人驾驶能力，未来很有可能沦为为自动驾驶平台提供低毛利车辆的平庸公司，处处受制于人。但很遗憾，要现实无人驾驶非常难。具体来说，人工智能处理不了意外。谷歌在训练自动驾驶时曾遇到过下面一个场景：一个残疾人坐着电动轮椅，在路中间追逐一只鸭子。鸭子绕圈跑，她也绕着圈追。而这种情况，机器很难一下子就准确预测这类人的行动路线。至于算法的缺陷，和机器设备不安全带来的问题，也让高阶自动驾驶，迟迟难以落地。所以我们会看到，在10月底，特斯拉老板埃隆·马斯克(Elon Musk)承认，特斯拉的全自动驾驶系统(FSD)尚未准备就绪，还无法在没有人监控的情况下真正的自动驾驶。在国外，英特尔旗下的自动驾驶公司Mobileye终于在纳斯达克上市，但估值大幅缩水；估值曾达70亿美元的明星自动驾驶企业Argo AI关闭运营。在国内，楼天城等天才程序员创办的小马智行也被曝优化、调整。所以，新一轮大洗牌的局面何时到来，暂不确定。大洗牌来临前，后进者的出路是什么？对于后来者而言，一方面是在产品和技术中持续发力，累起更高的品牌势能，缩小和龙头的差距；另一方面，则是和特斯拉、比亚迪等巨头做出差异化，寻求一个新生态位。比如蔚来提供的换电服务，理想在初期，把产品卡位在奶爸车的聚焦战略。但需要了解的是，小厂努力，大厂也并没松懈，比如特斯拉今年第二季度的研发费用，几乎是蔚小理之和，且特斯拉在无人驾驶的持续投入全球领先。而小厂做出差异化，也只是为挖掘护城河留出时间，因为差异化大多都能模仿。比如当市场发现理想的增程式奶爸车销售良好时，马上就能看到问界等一众品牌模仿。所以，如果从护城河的角度看当下的竞争格局，未来大概率仍将是特斯拉、比亚迪双强攫取丰厚利润，国内其他特色车企喝汤的局面。相较于竞争者，有护城河的企业更容易从困难中爬起。多尔西曾举例麦当劳，它的产品曾一度落后于消费者的品位需求，并导致消费服务水平滑落到不可容忍的地步，但是这个经久不衰的品牌依然很快摆脱困境。对于电动汽车江湖的诸多品牌而言，随着特斯拉降价迫使竞争加剧，留给大家的时间、可腾挪的空间也更加有限了。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965304064,"gmtCreate":1669889630458,"gmtModify":1676538263794,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965304064","repostId":"1131592336","repostType":4,"repost":{"id":"1131592336","kind":"news","pubTimestamp":1669888770,"share":"https://ttm.financial/m/news/1131592336?lang=en_US&edition=fundamental","pubTime":"2022-12-01 17:59","market":"hk","language":"zh","title":"Global debt costs are soaring! What does it mean?","url":"https://stock-news.laohu8.com/highlight/detail?id=1131592336","media":"华尔街见闻","summary":"狂风暴雨正在酝酿。自美联储等主要央行开启几十年来最激进的加息周期以来，廉价资金时代正快速成为过去式。眼下，多国债台高筑，借贷成本节节攀升，令人痛苦不堪。国际金融协会（IIF）日前发布的报告显示，全球债","content":"<p><html><head></head><body>A storm is brewing. Since major central banks such as the Federal Reserve launched their most aggressive rate hike cycle in decades, the era of cheap money is rapidly becoming a thing of the past. Currently, many countries are heavily indebted and borrowing costs are rising, causing excruciating pain.</p><p>A recent report released by the Institute of International Finance (IIF) shows that total global debt reached $290 trillion in the third quarter, although it is lower than the historical high at the beginning of the year.<b>But it is still more than a third higher than a decade ago.</b></p><p>As central banks continue their rate hike, borrowing costs for households, businesses, and governments continue to rise, piling up risks in the economy and financial markets.</p><p>From a government perspective, emerging markets face greater debt risks than developed countries, especially those that borrow heavily in dollar bonds. As for businesses, signs of a credit crunch have already emerged in the global financial sector. For consumers, mortgage payments are the heaviest burden for most families, making them the most dangerous area.</p><p>The worst case scenario is,<b>Some components of the global financial system may collapse.</b>From the large-scale bankruptcies of Japanese companies in the 1990s to the US subprime mortgage crisis and the European debt crisis in the following decades, there are countless examples of debt turning into bad debts.</p><p><b>Families \"crushed\" by mortgages</b></p><p>Some countries avoided the collapse of their real estate and banking sectors during the Great Recession, resulting in a continuous increase in domestic household debt, a large portion of which is floating-rate mortgages, which also means...<b>Higher interest rates from the central bank will quickly be passed on to already heavily indebted households.</b></p><p>American households no longer have such a \"time bomb\" after experiencing the subprime mortgage crisis, TS Lombard economist Dario Perkins recently stated, but this situation exists in other countries.</p><p>For example, Canada, Australia, and South Korea.</p><p>Canada has one of the highest household debt levels in the world, with a household debt-to-income ratio as high as 180%. Recently, Toronto-based real estate lender Romspen Investment Corp. suspended redemptions of its largest mortgage fund because some borrowers had begun defaulting on their payments.</p><p>Australia's household debt-to-income ratio now exceeds 200%. Recently, the country's financial regulator estimated that 22% of mortgage applicants in the second quarter of this year were financially vulnerable because their debt-to-income ratio was six times or higher.</p><p>In the UK, most mortgage rates will be readjusted after two to three years, and debt repayments are expected to exceed 10% of all household income (not just mortgage borrowings). In the Netherlands, Sweden, and Norway, debt repayments as a percentage of household income are already far higher than this figure, and this ratio could exceed 15% if central banks continue their rate hike as expected.</p><p>In Asia, Jonathan Cornish, head of banking ratings for Asia Pacific at Fitch Ratings, recently stated that mortgage borrowers in countries such as South Korea, Malaysia, and Thailand will also be squeezed.</p><p>In South Korea, household debt, with mortgages accounting for more than 40%, reached 1,870.6 trillion won (approximately 9.8989 trillion yuan) at the end of September, setting a new record for the second consecutive quarter and maintaining growth for 38 consecutive quarters since the second quarter of 2013. A recent IMF report also shows that in the second quarter of this year, South Korea's private debt-to-GDP ratio was 173.6%, far exceeding the IMF's dangerous benchmark (100%). Private debt is mainly household debt.</p><p><b>Defaults soar, more companies will become insolvent</b></p><p>According to IIF data, businesses (outside the financial sector) and governments are both the largest borrowers in the era of cheap money. However, unlike governments, businesses cannot solve the debt crisis by printing money.</p><p>This year's soaring debt costs have had the greatest impact on so-called \"zombie companies,\" which typically only make barely enough money to repay their debts. In some ways, about one-fifth of listed companies already met this definition when interest rates were low.<b>As debt costs soar, more companies will become \"zombie companies,\" and those already on the list may go bankrupt.</b></p><p>Moody's Analytics estimates,<b>The default rate of global junk bonds will almost double next year.</b>According to Barclays' analysis,<b>In the $6.7 trillion U.S. highly rated corporate bond market, there are signs that defaults could be the worst in the past 50 years.</b></p><p>Aneta Markowska, chief financial economist at Jefferies, said the worst is yet to come for U.S. small and medium-sized enterprises that tend to borrow from banks at floating interest rates. As the Fed's rate hike peaks early next year, they are likely to be forced to lay off employees. She said:</p><p>I expect more cracks to appear in the first quarter as these small businesses begin to feel the pain of rate hike. In the low-interest-rate environment of the past few years, the private credit market has undergone many large-scale leveraged financing operations in recent years. However, with the Federal Reserve's continued rate hike, stocks and bonds have both fallen, and the prices of high-risk assets have plummeted, making the once \"golden goose\" a hot potato. Markowska said:</p><p><b>When the debt was underwritten, no one could have imagined that Federal Funds rate would approach 5% in the lifetime of these deals.</b><b>The minutes of the Federal Reserve's November FOMC meeting released last week showed that some policymakers pointed out that \"implicit leverage\" in the non-bank sector could undermine the functioning of large global markets.</b></p><p>Investors are more concerned about Asia, as a stronger dollar makes dollar-denominated debt more expensive. Property bond prices in Vietnam and Indonesia fell sharply; The Legoland default in South Korea in October triggered a panic sell-off in the credit market and exacerbated concerns about defaults by real estate companies.</p><p><b>Emerging markets are on the verge of bankruptcy</b></p><p>For advanced economies, governments that issue bonds in their own currencies typically do not face the same direct challenges as those facing households and businesses when interest rates rise, but that does not mean they are invulnerable.</p><p>Take the UK, for example. Former Prime Minister Truss's massive tax cut plan almost crashed the domestic Treasury Bond market. Truss has now stepped down and UK financial markets have stabilized, but as the Bank of England's rate hike pace is unlikely to change in the short term, the new government still faces the challenge of doubling borrowing costs next year.</p><p><b>Italy's public debt problem is almost the most troublesome among advanced economies.</b>Data previously released by Eurostat showed that by the end of the first quarter of this year, Italy's government debt as a percentage of GDP was 152.6%, second only to Greece's 189.3%. According to Bloomberg Economics estimates,<b>By 2030, the government alone will have to pay more than 7% of GDP in interest.</b></p><p>The United States may also face political difficulties on the debt issue. Faced with the \"wildly growing\" debt, the Biden administration's only option at present is to raise the debt ceiling, which requires the support of Republicans. Some analysts predict<b>If the two parties in the United States cannot reach a compromise on raising the debt ceiling, the United States may fall into a debt default crisis in the third quarter of next year.</b>At that time, U.S. domestic bank interest rates will soar, the stock market will plummet, and retirement accounts will shrink significantly, dealing a fatal blow to the U.S. economy.</p><p>In contrast, many emerging markets have been struggling with sovereign debt crises for some time. Sri Lanka and Zambia have both defaulted, and countries such as Egypt and Pakistan are also at risk of default.</p><p>Data released by the IIF last Tuesday showed that the debt-to-GDP ratio of developing economies rose to 254% in the third quarter, matching the record high reached in the first quarter of 2021. IMF data also shows that more than 60% of low-income countries are in debt distress or at high risk of debt distress.</p><p></body></html></p>","source":"wallstreetcn_api","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>Global debt costs are soaring! What does it mean?</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\">\nGlobal debt costs are soaring! What does it mean?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-12-01 17:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>A storm is brewing. Since major central banks such as the Federal Reserve launched their most aggressive rate hike cycle in decades, the era of cheap money is rapidly becoming a thing of the past. Currently, many countries are heavily indebted and borrowing costs are rising, causing excruciating pain.</p><p>A recent report released by the Institute of International Finance (IIF) shows that total global debt reached $290 trillion in the third quarter, although it is lower than the historical high at the beginning of the year.<b>But it is still more than a third higher than a decade ago.</b></p><p>As central banks continue their rate hike, borrowing costs for households, businesses, and governments continue to rise, piling up risks in the economy and financial markets.</p><p>From a government perspective, emerging markets face greater debt risks than developed countries, especially those that borrow heavily in dollar bonds. As for businesses, signs of a credit crunch have already emerged in the global financial sector. For consumers, mortgage payments are the heaviest burden for most families, making them the most dangerous area.</p><p>The worst case scenario is,<b>Some components of the global financial system may collapse.</b>From the large-scale bankruptcies of Japanese companies in the 1990s to the US subprime mortgage crisis and the European debt crisis in the following decades, there are countless examples of debt turning into bad debts.</p><p><b>Families \"crushed\" by mortgages</b></p><p>Some countries avoided the collapse of their real estate and banking sectors during the Great Recession, resulting in a continuous increase in domestic household debt, a large portion of which is floating-rate mortgages, which also means...<b>Higher interest rates from the central bank will quickly be passed on to already heavily indebted households.</b></p><p>American households no longer have such a \"time bomb\" after experiencing the subprime mortgage crisis, TS Lombard economist Dario Perkins recently stated, but this situation exists in other countries.</p><p>For example, Canada, Australia, and South Korea.</p><p>Canada has one of the highest household debt levels in the world, with a household debt-to-income ratio as high as 180%. Recently, Toronto-based real estate lender Romspen Investment Corp. suspended redemptions of its largest mortgage fund because some borrowers had begun defaulting on their payments.</p><p>Australia's household debt-to-income ratio now exceeds 200%. Recently, the country's financial regulator estimated that 22% of mortgage applicants in the second quarter of this year were financially vulnerable because their debt-to-income ratio was six times or higher.</p><p>In the UK, most mortgage rates will be readjusted after two to three years, and debt repayments are expected to exceed 10% of all household income (not just mortgage borrowings). In the Netherlands, Sweden, and Norway, debt repayments as a percentage of household income are already far higher than this figure, and this ratio could exceed 15% if central banks continue their rate hike as expected.</p><p>In Asia, Jonathan Cornish, head of banking ratings for Asia Pacific at Fitch Ratings, recently stated that mortgage borrowers in countries such as South Korea, Malaysia, and Thailand will also be squeezed.</p><p>In South Korea, household debt, with mortgages accounting for more than 40%, reached 1,870.6 trillion won (approximately 9.8989 trillion yuan) at the end of September, setting a new record for the second consecutive quarter and maintaining growth for 38 consecutive quarters since the second quarter of 2013. A recent IMF report also shows that in the second quarter of this year, South Korea's private debt-to-GDP ratio was 173.6%, far exceeding the IMF's dangerous benchmark (100%). Private debt is mainly household debt.</p><p><b>Defaults soar, more companies will become insolvent</b></p><p>According to IIF data, businesses (outside the financial sector) and governments are both the largest borrowers in the era of cheap money. However, unlike governments, businesses cannot solve the debt crisis by printing money.</p><p>This year's soaring debt costs have had the greatest impact on so-called \"zombie companies,\" which typically only make barely enough money to repay their debts. In some ways, about one-fifth of listed companies already met this definition when interest rates were low.<b>As debt costs soar, more companies will become \"zombie companies,\" and those already on the list may go bankrupt.</b></p><p>Moody's Analytics estimates,<b>The default rate of global junk bonds will almost double next year.</b>According to Barclays' analysis,<b>In the $6.7 trillion U.S. highly rated corporate bond market, there are signs that defaults could be the worst in the past 50 years.</b></p><p>Aneta Markowska, chief financial economist at Jefferies, said the worst is yet to come for U.S. small and medium-sized enterprises that tend to borrow from banks at floating interest rates. As the Fed's rate hike peaks early next year, they are likely to be forced to lay off employees. She said:</p><p>I expect more cracks to appear in the first quarter as these small businesses begin to feel the pain of rate hike. In the low-interest-rate environment of the past few years, the private credit market has undergone many large-scale leveraged financing operations in recent years. However, with the Federal Reserve's continued rate hike, stocks and bonds have both fallen, and the prices of high-risk assets have plummeted, making the once \"golden goose\" a hot potato. Markowska said:</p><p><b>When the debt was underwritten, no one could have imagined that Federal Funds rate would approach 5% in the lifetime of these deals.</b><b>The minutes of the Federal Reserve's November FOMC meeting released last week showed that some policymakers pointed out that \"implicit leverage\" in the non-bank sector could undermine the functioning of large global markets.</b></p><p>Investors are more concerned about Asia, as a stronger dollar makes dollar-denominated debt more expensive. Property bond prices in Vietnam and Indonesia fell sharply; The Legoland default in South Korea in October triggered a panic sell-off in the credit market and exacerbated concerns about defaults by real estate companies.</p><p><b>Emerging markets are on the verge of bankruptcy</b></p><p>For advanced economies, governments that issue bonds in their own currencies typically do not face the same direct challenges as those facing households and businesses when interest rates rise, but that does not mean they are invulnerable.</p><p>Take the UK, for example. Former Prime Minister Truss's massive tax cut plan almost crashed the domestic Treasury Bond market. Truss has now stepped down and UK financial markets have stabilized, but as the Bank of England's rate hike pace is unlikely to change in the short term, the new government still faces the challenge of doubling borrowing costs next year.</p><p><b>Italy's public debt problem is almost the most troublesome among advanced economies.</b>Data previously released by Eurostat showed that by the end of the first quarter of this year, Italy's government debt as a percentage of GDP was 152.6%, second only to Greece's 189.3%. According to Bloomberg Economics estimates,<b>By 2030, the government alone will have to pay more than 7% of GDP in interest.</b></p><p>The United States may also face political difficulties on the debt issue. Faced with the \"wildly growing\" debt, the Biden administration's only option at present is to raise the debt ceiling, which requires the support of Republicans. Some analysts predict<b>If the two parties in the United States cannot reach a compromise on raising the debt ceiling, the United States may fall into a debt default crisis in the third quarter of next year.</b>At that time, U.S. domestic bank interest rates will soar, the stock market will plummet, and retirement accounts will shrink significantly, dealing a fatal blow to the U.S. economy.</p><p>In contrast, many emerging markets have been struggling with sovereign debt crises for some time. Sri Lanka and Zambia have both defaulted, and countries such as Egypt and Pakistan are also at risk of default.</p><p>Data released by the IIF last Tuesday showed that the debt-to-GDP ratio of developing economies rose to 254% in the third quarter, matching the record high reached in the first quarter of 2021. IMF data also shows that more than 60% of low-income countries are in debt distress or at high risk of debt distress.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676399\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3676399","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131592336","content_text":"狂风暴雨正在酝酿。自美联储等主要央行开启几十年来最激进的加息周期以来，廉价资金时代正快速成为过去式。眼下，多国债台高筑，借贷成本节节攀升，令人痛苦不堪。国际金融协会（IIF）日前发布的报告显示，全球债务总额三季度为290万亿美元，虽然较年初的历史高位有所下降，但仍比十年前增加了三分之一以上。随着各国央行继续加息，家庭、企业和政府的借贷成本继续上升，经济和金融市场风险堆积如山。从政府层面来看，相较于发达国家，新兴市场面临的债务风险更大，尤其是那些大量借入美元债的国家。至于企业，信贷紧缩的迹象已经在全球金融领域显现出来。而对消费者而言，房贷支出是多数家庭最沉重的负担，因此这也是最危险的地方。最坏的情况是，全球金融体系中的某些组成部分可能会崩溃。从上世纪90年代日本企业大规模破产，到之后几十年的美国次贷危机和欧债危机，债务变成坏账的例子比比皆是。被房贷“压垮”的家庭有些国家在大衰退中躲过了房地产和银行业的崩溃，因此国内家庭债务一直在增加，并且有很大一部分是浮动利率抵押贷款，这也意味着央行更高的利率会迅速传导到已经负债累累的家庭身上。美国家庭经历过次贷危机后已经不存在这样的“定时炸弹”了，TS Lombard经济学家Dario Perkins最近表示，但其他国家存在这种情况。比如加拿大、澳大利亚和韩国。加拿大是世界上家庭负债最高的国家之一，家庭债务与收入比高达180%。最近，总部位于多伦多的房地产贷款机构Romspen Investment Corp.暂停了对其最大抵押贷款基金的赎回，原因是一些借款人已经开始断供。澳大利亚家庭负债与收入之比目前超过了200%，近期，该国金融监管机构估计，今年二季度办理抵押贷款的客户有22%财政状况比较脆弱，因为他们的债务收入比达到6倍或更高。在英国，大多数抵押贷款的利率将在两到三年后重新调整，债务偿还额有望超过所有家庭收入的10% (不仅仅是抵押贷款借款)。在荷兰、瑞典和挪威，债务偿还额占家庭收入比例已经远远高于这一数字，如果各国央行按照预期继续加息，这一比例将超15%迈进。亚洲方面，惠誉评级亚太区银行评级主管乔Jonathan Cornish近期表示，韩国、马来西亚和泰国等国家的房贷者也将受到挤压。在韩国，房贷占比超过40%的家庭负债在9月底高达1870.6万亿韩元(约合人民币9.8989万亿元)，连续两个季度刷新历史最高纪录，自2013年第二季度以来连续38个季度保持增势。IMF近期报告也显示，今年二季度，韩国民间负债与GDP的比率为173.6%，远远超过IMF的危险基准线(100%)。民间负债以家庭负债为主。违约飙升，更多企业将资不抵债根据IIF的数据，企业(金融行业以外)与政府齐头并进，都是廉价资金时代的最大借款人，但与政府不同的是，企业不能通过印钞来解决债务危机。今年债务成本飙升，对于一些所谓“僵尸公司”的冲击最大，这类公司一般只能赚到刚刚够偿还债务的钱。从某些方面来看，大约五分之一的上市公司在利率较低时就已经符合这一定义。当债务成本飙升，将有更多公司沦为“僵尸公司”，而已经在列的公司则可能会破产。穆迪分析公司估计，全球垃圾债明年的违约率将几乎翻一番。根据巴克莱银行的分析，在价值6.7万亿美元的美国高评级企业债市场，有迹象表明，违约情况可能是过去50年中最严重的。杰富瑞首席金融经济学家Aneta Markowska表示，对于倾向于以浮动利率从银行借款的美国中小企业而言，最糟糕的时刻尚未到来。随着明年年初美联储加息达到峰值，他们很可能被迫裁员。她表示：我预计第一季度会出现更多裂缝，因为这些小企业开始感受到加息的痛苦。在过去数年的低利率环境中，私人信贷市场近年来进行了许多大型杠杆融资，但随着美联储持续加息，股债齐跌，高风险资产价格暴跌，曾经“生金蛋的鹅”成了烫手山芋。Markowska表示：债务在被承销时，没有人会想到，在这些交易的有生之年，联邦基金利率会接近5%。上周公布的11月份美联储FOMC会议纪要显示，一些政策制定者指出，非银行部门的“隐性杠杆”可能破坏大型全球市场的功能。投资者对亚洲的担忧更甚，美元走强使得以美元计价的债务更加昂贵。越南和印尼地产债价格大幅下跌；韩国10月乐高乐园违约事件引发信贷市场恐慌性抛售，同时也加剧了人们对房企违约的担忧。新兴市场站在破产边缘对于发达经济体而言，以本币发债的政府通常不会在利率上升时面临向家庭和企业那样的直接挑战，但这并不意味着他们是无懈可击的。拿英国来说，前首相特拉斯的大规模减税计划差点搞崩本国国债市场。目前，特拉斯已经下台，英国金融市场企稳，但由于英国央行的加息步伐短期内难以改变，新政府明年仍面临借贷成本翻倍的挑战。意大利公共债务问题是发达经济体中几乎是最令人头疼的。欧盟统计局此前公布的数据显示，到今年第一季度末，意大利政府债务占GDP比例为152.6%，仅次于希腊的189.3%。令据彭博经济估计，到2030年，光是政府需要支付的利息就将超过GDP的7%。美国在债务问题上也可能面临政治难题。面对“野蛮生长”的债务，拜登政府目前唯一的办法就是提高债务上限，而这需要共和党人的支持。有分析人士预测，若美国两党无法就提高债务上限达成妥协，明年第三季度美国或陷入债务违约危机。届时，美国国内银行利率飙升、股市暴跌、养老金账户大幅缩水，美国经济将遭到致命打击。相比之下，许多新兴市场已经在主权债务危机里挣扎多时了。斯里兰卡和赞比亚双双违约，埃及和巴基斯坦等国家也面临违约风险。IIF上周二公布的数据显示，三季度发展中经济体的债务与GDP之比上升到254%，与2021年第一季度创下的纪录高位相当。IMF数据也显示，超过60%的低收入国家处于债务困境，或者面临债务困境高风险。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965977077,"gmtCreate":1669887131999,"gmtModify":1676538263424,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965977077","repostId":"1132114091","repostType":4,"repost":{"id":"1132114091","kind":"news","pubTimestamp":1669865458,"share":"https://ttm.financial/m/news/1132114091?lang=en_US&edition=fundamental","pubTime":"2022-12-01 11:30","market":"sh","language":"zh","title":"With a 720-fold IPO return, Tiger Capital, Sequoia Capital, and SoftBank all went here.","url":"https://stock-news.laohu8.com/highlight/detail?id=1132114091","media":"投中网","summary":"高回报的驱动下，越来越多的投资人投来目光。","content":"<p><html><head></head><body><b>Driven by high returns, more and more investors are paying attention.</b>Several recent discoveries have drawn my attention to the Indian SaaS market.</p><p>1. As an emerging SaaS market, top global investment institutions such as Sequoia Capital, Tiger Bank, and SoftBank are flocking to invest and hunt for treasure. Unlike the domestic approach of focusing too much on early-stage projects, they have made bets and layouts in this market in the early, mid-to-late stages.</p><p>2. Not long ago, a leading SaaS player in India announced that it had achieved annual revenue of over one billion US dollars.</p><p>3. Last year, the first SaaS stock in the market to list in the United States brought early investors a return of up to 720 times.</p><p>Although there are only three information points, they piece together the most attractive features of the SaaS market: a new trendsetter, a huge market, and high returns.</p><p>There are even reports that India will become the world's second-largest SaaS market share country within a decade. Why has SaaS in India been able to achieve healthy growth and continue to attract the attention of top global capital? What lessons can be learned from this for current Chinese SaaS vendors?</p><p><b>overgrowth</b></p><p>No one can deny that the Indian SaaS market is growing at an extremely fast pace and competing with global players for funding in the industry.</p><p>Following this clue, I also discovered the booming and frenzied SaaS market in India. Not only are there dozens of unicorn companies here with annual recurring revenue (ARR) exceeding $100 million, which is seen as a major challenge by domestic SaaS vendors, but the acceptance and consumption power of Indian companies towards SaaS are also remarkable.</p><p>In terms of market potential, reports indicate that the Indian SaaS market is projected to reach $22-25 billion by 2025, accounting for 7-10% of the global SaaS market.</p><p>Let's look at a set of data first.</p><p>This year, the Indian SaaS market bucked the trend and grew, with overall revenue increasing by 20%. At the same time, the number of SaaS companies doubled from 1,000 in 2018 to 2,000 this year.</p><p>If the growth in the number of companies does not fully reflect the growth potential of an industry, then the number of unicorns can serve as an illustration.</p><p>Over the past three and a half years, the number of SaaS unicorns in India has grown from just two to 20. In the first four months of 2022 alone, four new names from India were added to the list.</p><p>Of course, the growth of unicorns cannot be separated from the support of capital. Previously, in my article \"VCs Don't Love SaaS Anymore?\", I mentioned that India, as an emerging destination for the rise of SaaS, has a very active investment and financing market. Latest data shows that SaaS funding in India will rise by 62.5% to $6.5 billion this year.</p><p>In fact, some reports say that the inaugural year of SaaS in India was 2010, a few years earlier than in China. However, it wasn't until 2019 that Indian SaaS startups received full funding from the capital market.</p><p>Besides domestic Indian investment institutions, giants like Tiger, Sequoia, and SoftBank have also joined the fray. It is worth mentioning that Tiger is particularly interested in India's SaaS market. In fact, when choosing new targets in India, they only focused on SaaS. This year, a fund that focuses solely on SaaS investment emerged.</p><p>Capital activity reached a mini-peak in 2021, when Indian SaaS companies raised nearly $4.8 billion, nearly three times that of 2020 and an astonishing six times that of 2018. Even this year, according to incomplete statistics from ChinaVenture, India's SaaS industry has seen dozens of financing rounds, making it one of the top three most active markets in the world.</p><p>Similarly, we mentioned earlier that Indian SaaS vendors bring high returns to investors. As we can see, driven by these high returns, more and more investors are turning their attention to the Indian market.</p><p><b>new favorite</b></p><p>So, which SaaS vendors are most attractive to investors in the Indian market? Based on the analysis, I believe there are three points: to enter the global market, target small and medium-sized enterprises as customers, have a wide range of products and a stable customer base.</p><p>Let's take Zoho as an example. The latest data shows that it has more than 70 million users, spanning more than 180 countries and regions. This also outlines Zoho's own target users, which are mainly small and medium-sized enterprises. This positioning has enabled Zoho to maintain an annual revenue growth rate of over 40% over the past few years.</p><p>Similarly, we recently noticed that Keka, an HR SaaS vendor headquartered in Hyderabad, completed a $57 million Series A financing round, which broke the record for the same round in the Indian SaaS sector. Before accepting external financing, Keka's achievements were quite remarkable. For example, in 2020, it achieved a sevenfold increase in sales, and by the end of 2021, it had more than 5,500 customers.</p><p>For example, Icertis, an Indian enterprise digital management service provider that just completed a new round of financing of $150 million, is a company that builds a contract intelligence platform. Data shows that Icertis manages more than 10 million contracts, covering more than 40 languages and more than 90 countries/regions, with a value of more than $1 trillion.</p><p>Analysts say Indian SaaS startups are catering to the huge market of small businesses and cloud-native startups. Today, small and medium-sized enterprises in India are exploring the cloud to improve business agility and build capabilities to perform tasks that are time-consuming and costly for traditional technologies.</p><p>Data estimates suggest that by 2025, the Indian SMB industry will provide an $8.7 billion market opportunity for horizontal SaaS solutions—a 52% increase over the estimated market in 2020. Retail, manufacturing and education are expected to account for nearly half of the total market opportunities. Finance, accounting, and payment systems are more popular SaaS solutions among small and medium-sized businesses, while CRM, ERP, and marketing-centric solutions are increasingly being adopted.</p><p>Of course, even though the Indian small and medium-sized enterprise market has huge potential, it will be quite difficult to support the rapid growth of many companies and even help Zoho's revenue exceed $1 billion.</p><p>Behind this high revenue, overseas markets are also an important component that cannot be ignored.</p><p>We have found that many SaaS companies in the Indian domestic market will regard globalization and overseas markets as an important strategic layout. This not only increases the diversification and stability of revenue, but also improves the richness and ease of use of products.</p><p>It is precisely because Indian SaaS vendors have captured the growing group of mature enterprises worldwide. Therefore, reports indicate that Indian SaaS companies are expected to achieve $30 billion in revenue by 2025, capturing 8% to 9% of the global SaaS market share.</p><p>Furthermore, the reason why SaaS in India can still secure funding today is that early-stage SaaS companies in India have a certain amount of revenue and customer base, such as pioneers like FusionCharts, Kayako, Zoho, and Wingify. This is completely different from SaaS startup teams of three or five people in the Chinese and American markets raising funds.</p><p>The support of stable income has also boosted the PS of Indian SaaS companies to some extent, with some Indian companies even outperforming their American counterparts.</p><p>Overall, since 2019, the surge in customer demand, the support of capital, and the expansion of overseas markets have enabled the Indian SaaS market to grow rapidly, and this trend will continue.</p><p><b>Answer</b></p><p>A gentle breeze doesn't last all morning, and a sudden rain doesn't last all day.</p><p>As a significant technological revolution in the global market, SaaS will continue its journey in China. Through my understanding of the Indian SaaS market, I discovered that the Chinese and Indian markets actually have some commonalities, or rather, from India's experience, we can find some general solutions to the SaaS industry.</p><p><b>First, some investors have pointed out that the increased interest in venture capital is a result of the success and global expansion of more and more Indian SaaS companies.</b></p><p>In his view, what is advantageous for SaaS companies is their ability to easily serve global markets, meaning they require minimal on-site delivery or infrastructure investment to expand in any other country.</p><p>Currently, most domestic SaaS companies are focusing their business on the domestic market. For example, when the vitality of the SaaS market for small and medium-sized enterprises declines, most of them choose to enter the government and enterprise major customer market.</p><p>Here, we are not judging the choices of target customers, but simply wishing to remind them that SaaS vendors may still have great potential in the domestic SME sector and overseas markets. Of course, more and more vendors are now exploring and expanding into the global market, which seems to be a difficult but correct thing to do at present.</p><p><b>Secondly, SaaS in China has also experienced a surge in demand from small and medium-sized enterprises, which is exactly the same as the current expansion of India's digital economy and the entry of more workspaces into a hybrid model.</b></p><p>However, the difference was that the beneficiaries at that time were not only SaaS startups, but more platform-based vendors such as DingTalk, Qiwei, and Lark. This is precisely why, even now, these platform manufacturers are still able to have relatively healthy cash flow and subscriber numbers.</p><p>If you can't go it alone, then making good use of platform manufacturers to enrich your products and attract more customers is also an option.</p><p>Sources familiar with the matter revealed that some SaaS companies have achieved growth of over 50% this year by joining some domestic platforms. They are distributed in low-code, HR and other sectors.</p><p><b>Third, ultimately, domestic SaaS vendors are one step ahead of Indian vendors.</b></p><p>This step does not mean that SaaS in China has better revenue or more stable cash flow, but rather that China has passed the hottest stage for capital. As early as 2019, domestic capital's pursuit of SaaS had already reached its peak.</p><p>Currently, in the domestic SaaS market, it's not that investors are no longer optimistic about the industry, but rather that they are no longer blindly investing in companies with poor cash flow and insufficient revenue. After all, the appeal of SaaS to investors lies in its strong fundamentals and predictable revenue.</p><p>Therefore, during a period of calm and cautious capital movement, domestic companies can, like those self-made SaaS vendors in India, develop products and achieve certain growth, acting within their capabilities.</p><p>At this crucial juncture of fierce competition, only those who can improve growth rates and profit margins, and increase revenue stickiness, will secure a ticket to the next round of the game.</p><p></body></html></p>","source":"tzw","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>With a 720-fold IPO return, Tiger Capital, Sequoia Capital, and SoftBank all went here.</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\">\nWith a 720-fold IPO return, Tiger Capital, Sequoia Capital, and SoftBank all went here.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投中网</strong><span class=\"h-time small\">2022-12-01 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Driven by high returns, more and more investors are paying attention.</b>Several recent discoveries have drawn my attention to the Indian SaaS market.</p><p>1. As an emerging SaaS market, top global investment institutions such as Sequoia Capital, Tiger Bank, and SoftBank are flocking to invest and hunt for treasure. Unlike the domestic approach of focusing too much on early-stage projects, they have made bets and layouts in this market in the early, mid-to-late stages.</p><p>2. Not long ago, a leading SaaS player in India announced that it had achieved annual revenue of over one billion US dollars.</p><p>3. Last year, the first SaaS stock in the market to list in the United States brought early investors a return of up to 720 times.</p><p>Although there are only three information points, they piece together the most attractive features of the SaaS market: a new trendsetter, a huge market, and high returns.</p><p>There are even reports that India will become the world's second-largest SaaS market share country within a decade. Why has SaaS in India been able to achieve healthy growth and continue to attract the attention of top global capital? What lessons can be learned from this for current Chinese SaaS vendors?</p><p><b>overgrowth</b></p><p>No one can deny that the Indian SaaS market is growing at an extremely fast pace and competing with global players for funding in the industry.</p><p>Following this clue, I also discovered the booming and frenzied SaaS market in India. Not only are there dozens of unicorn companies here with annual recurring revenue (ARR) exceeding $100 million, which is seen as a major challenge by domestic SaaS vendors, but the acceptance and consumption power of Indian companies towards SaaS are also remarkable.</p><p>In terms of market potential, reports indicate that the Indian SaaS market is projected to reach $22-25 billion by 2025, accounting for 7-10% of the global SaaS market.</p><p>Let's look at a set of data first.</p><p>This year, the Indian SaaS market bucked the trend and grew, with overall revenue increasing by 20%. At the same time, the number of SaaS companies doubled from 1,000 in 2018 to 2,000 this year.</p><p>If the growth in the number of companies does not fully reflect the growth potential of an industry, then the number of unicorns can serve as an illustration.</p><p>Over the past three and a half years, the number of SaaS unicorns in India has grown from just two to 20. In the first four months of 2022 alone, four new names from India were added to the list.</p><p>Of course, the growth of unicorns cannot be separated from the support of capital. Previously, in my article \"VCs Don't Love SaaS Anymore?\", I mentioned that India, as an emerging destination for the rise of SaaS, has a very active investment and financing market. Latest data shows that SaaS funding in India will rise by 62.5% to $6.5 billion this year.</p><p>In fact, some reports say that the inaugural year of SaaS in India was 2010, a few years earlier than in China. However, it wasn't until 2019 that Indian SaaS startups received full funding from the capital market.</p><p>Besides domestic Indian investment institutions, giants like Tiger, Sequoia, and SoftBank have also joined the fray. It is worth mentioning that Tiger is particularly interested in India's SaaS market. In fact, when choosing new targets in India, they only focused on SaaS. This year, a fund that focuses solely on SaaS investment emerged.</p><p>Capital activity reached a mini-peak in 2021, when Indian SaaS companies raised nearly $4.8 billion, nearly three times that of 2020 and an astonishing six times that of 2018. Even this year, according to incomplete statistics from ChinaVenture, India's SaaS industry has seen dozens of financing rounds, making it one of the top three most active markets in the world.</p><p>Similarly, we mentioned earlier that Indian SaaS vendors bring high returns to investors. As we can see, driven by these high returns, more and more investors are turning their attention to the Indian market.</p><p><b>new favorite</b></p><p>So, which SaaS vendors are most attractive to investors in the Indian market? Based on the analysis, I believe there are three points: to enter the global market, target small and medium-sized enterprises as customers, have a wide range of products and a stable customer base.</p><p>Let's take Zoho as an example. The latest data shows that it has more than 70 million users, spanning more than 180 countries and regions. This also outlines Zoho's own target users, which are mainly small and medium-sized enterprises. This positioning has enabled Zoho to maintain an annual revenue growth rate of over 40% over the past few years.</p><p>Similarly, we recently noticed that Keka, an HR SaaS vendor headquartered in Hyderabad, completed a $57 million Series A financing round, which broke the record for the same round in the Indian SaaS sector. Before accepting external financing, Keka's achievements were quite remarkable. For example, in 2020, it achieved a sevenfold increase in sales, and by the end of 2021, it had more than 5,500 customers.</p><p>For example, Icertis, an Indian enterprise digital management service provider that just completed a new round of financing of $150 million, is a company that builds a contract intelligence platform. Data shows that Icertis manages more than 10 million contracts, covering more than 40 languages and more than 90 countries/regions, with a value of more than $1 trillion.</p><p>Analysts say Indian SaaS startups are catering to the huge market of small businesses and cloud-native startups. Today, small and medium-sized enterprises in India are exploring the cloud to improve business agility and build capabilities to perform tasks that are time-consuming and costly for traditional technologies.</p><p>Data estimates suggest that by 2025, the Indian SMB industry will provide an $8.7 billion market opportunity for horizontal SaaS solutions—a 52% increase over the estimated market in 2020. Retail, manufacturing and education are expected to account for nearly half of the total market opportunities. Finance, accounting, and payment systems are more popular SaaS solutions among small and medium-sized businesses, while CRM, ERP, and marketing-centric solutions are increasingly being adopted.</p><p>Of course, even though the Indian small and medium-sized enterprise market has huge potential, it will be quite difficult to support the rapid growth of many companies and even help Zoho's revenue exceed $1 billion.</p><p>Behind this high revenue, overseas markets are also an important component that cannot be ignored.</p><p>We have found that many SaaS companies in the Indian domestic market will regard globalization and overseas markets as an important strategic layout. This not only increases the diversification and stability of revenue, but also improves the richness and ease of use of products.</p><p>It is precisely because Indian SaaS vendors have captured the growing group of mature enterprises worldwide. Therefore, reports indicate that Indian SaaS companies are expected to achieve $30 billion in revenue by 2025, capturing 8% to 9% of the global SaaS market share.</p><p>Furthermore, the reason why SaaS in India can still secure funding today is that early-stage SaaS companies in India have a certain amount of revenue and customer base, such as pioneers like FusionCharts, Kayako, Zoho, and Wingify. This is completely different from SaaS startup teams of three or five people in the Chinese and American markets raising funds.</p><p>The support of stable income has also boosted the PS of Indian SaaS companies to some extent, with some Indian companies even outperforming their American counterparts.</p><p>Overall, since 2019, the surge in customer demand, the support of capital, and the expansion of overseas markets have enabled the Indian SaaS market to grow rapidly, and this trend will continue.</p><p><b>Answer</b></p><p>A gentle breeze doesn't last all morning, and a sudden rain doesn't last all day.</p><p>As a significant technological revolution in the global market, SaaS will continue its journey in China. Through my understanding of the Indian SaaS market, I discovered that the Chinese and Indian markets actually have some commonalities, or rather, from India's experience, we can find some general solutions to the SaaS industry.</p><p><b>First, some investors have pointed out that the increased interest in venture capital is a result of the success and global expansion of more and more Indian SaaS companies.</b></p><p>In his view, what is advantageous for SaaS companies is their ability to easily serve global markets, meaning they require minimal on-site delivery or infrastructure investment to expand in any other country.</p><p>Currently, most domestic SaaS companies are focusing their business on the domestic market. For example, when the vitality of the SaaS market for small and medium-sized enterprises declines, most of them choose to enter the government and enterprise major customer market.</p><p>Here, we are not judging the choices of target customers, but simply wishing to remind them that SaaS vendors may still have great potential in the domestic SME sector and overseas markets. Of course, more and more vendors are now exploring and expanding into the global market, which seems to be a difficult but correct thing to do at present.</p><p><b>Secondly, SaaS in China has also experienced a surge in demand from small and medium-sized enterprises, which is exactly the same as the current expansion of India's digital economy and the entry of more workspaces into a hybrid model.</b></p><p>However, the difference was that the beneficiaries at that time were not only SaaS startups, but more platform-based vendors such as DingTalk, Qiwei, and Lark. This is precisely why, even now, these platform manufacturers are still able to have relatively healthy cash flow and subscriber numbers.</p><p>If you can't go it alone, then making good use of platform manufacturers to enrich your products and attract more customers is also an option.</p><p>Sources familiar with the matter revealed that some SaaS companies have achieved growth of over 50% this year by joining some domestic platforms. They are distributed in low-code, HR and other sectors.</p><p><b>Third, ultimately, domestic SaaS vendors are one step ahead of Indian vendors.</b></p><p>This step does not mean that SaaS in China has better revenue or more stable cash flow, but rather that China has passed the hottest stage for capital. As early as 2019, domestic capital's pursuit of SaaS had already reached its peak.</p><p>Currently, in the domestic SaaS market, it's not that investors are no longer optimistic about the industry, but rather that they are no longer blindly investing in companies with poor cash flow and insufficient revenue. After all, the appeal of SaaS to investors lies in its strong fundamentals and predictable revenue.</p><p>Therefore, during a period of calm and cautious capital movement, domestic companies can, like those self-made SaaS vendors in India, develop products and achieve certain growth, acting within their capabilities.</p><p>At this crucial juncture of fierce competition, only those who can improve growth rates and profit margins, and increase revenue stickiness, will secure a ticket to the next round of the game.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/-rbXQ6t4UmsDGrJI2j4mXw\">投中网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/433eb422d90e0dc75fe30f5a6ad16a3f","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/-rbXQ6t4UmsDGrJI2j4mXw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132114091","content_text":"高回报的驱动下，越来越多的投资人投来目光。最近接连发现的几个事情，引起了我对印度SaaS市场的关注。1、作为新兴的SaaS市场，红杉、老虎、软银等全球顶级投资机构扎堆去投资寻宝，而不同于在国内过于关注早期项目的打法，在该市场，早期、中后期，他们都有下注与布局。2、不久前，印度本土的一家SaaS头部玩家宣布完成了年度收入破十亿美元的消息。3、去年，该市场赴美上市的SaaS第一股，为早期投资人带来了高达720倍的回报。虽然只有短短的三个信息点，但却拼凑出了该SaaS市场最吸引人的特征：新风向标、市场巨大、回报率高。甚至有报告指出，不出十年，印度将成为全球第二大SaaS市场占有率的国家。印度的SaaS缘何能够获得健康生长，并持续得到全球顶级资本的关注？而这对于当前的中国SaaS厂商们又有何借鉴之处？疯长没人能否认，印度SaaS市场正在以极快的速度增长，并与全球参与者争夺这个行业的资金。顺着这条线索，也让我发现了印度SaaS市场的火热与疯狂。这里不仅有数十家ARR（年经常性收入）过1亿美元的独角兽公司，这在国内SaaS厂商眼中被看做是一大难题，同样，印度企业对SaaS的接受能力和消费能力也让人刮目相看。在市场潜力的维度上，有报告指出，印度SaaS市场预计到2025年将达到220-250亿美元规模，占全球SaaS的7-10%。先来看一组数据。今年，印度SaaS市场逆势增长，整体收入增加了20%，同时，SaaS企业数量也从2018年的1000家翻倍至今年的2000家。如果说企业数量的增长不能完全体现这个行业的成长性，那么独角兽数量则可以作为一个注解。在过去的三年半里，印度的SaaS独角兽数量从仅有的两家企业增长到20家。仅在2022年的前四个月，印度就有四个新名字被添加到这个名单中。当然，独角兽的长成离不开资本的助力。此前，我在《VC不爱SaaS了？》中曾提到印度作为SaaS崛起的新兴地，投融资市场也十分活跃。最新数据显示，今年印度SaaS的融资金额将上升62.5%达到65亿美元。其实，有报道称印度SaaS元年是2010年，比国内还早上几年。但直到2019年，印度SaaS初创企业获得资本市场的全面加注。除了印度本土的投资机构，像老虎、红杉、软银这样的大佬也加入战局，值得一提的是，老虎格外看中印度的SaaS市场，甚至他们在印度选择新标的时，只将目光投向SaaS，这一年还出现了只专注于SaaS投资的基金。资本的热度在2021年达到了一个小高潮，该年度印度SaaS公司融资金额打到了近48亿美元，比2020年增长了近3倍，比2018年增长了惊人的6倍。即使在今年，据投中网不完全统计，印度SaaS行业的融资也高达数十起，算是全球前三活跃的市场之一。同样，我们前文也提到了印度SaaS厂商为投资者带来的高额回报。可以看到，在这种高回报的驱动下，越来越多的投资人将目光投向了印度市场。新宠那么，什么样的SaaS厂商在印度市场最吸引投资人呢？分析来看，我认为有三点，做全球化市场，以中小企业为目标客户，产品丰富且客源稳定。我们仍以Zoho为例，最新数据显示，其用户量达到7000多万，遍及180多个国家和地区，这也勾勒Zoho自己的目标用户，即主要面向中小微企业。这样的定位也使得Zoho在过去的几年里，保持以每年超过40%的营收增长速度在发展。同样，近期我们也关注到，总部位于海得拉巴的HR SaaS厂商Keka完成了5700万美元的A轮融资，这刷新了印度SaaS领域同轮次的记录。在没有接受外部融资前，Keka的成绩也比较瞩目，比如在2020年其实现了7倍的销售额增长，到2021年底，客户超过5500家。再比如，刚刚完成1.5亿美元新一轮融资的印度企业数字化管理服务提供商Icertis，这是一家做合同智能平台的公司，数据显示， Icertis管理的合同数超过1000多万，覆盖40多种语言和90多个国家/地区，这些合同价值超过1万亿美元。分析人士称，印度SaaS初创企业迎合了小型企业和云原生初创企业的庞大市场。如今印度中小型企业正在探索云，以提高业务敏捷性并构建能力来执行那些对于传统技术而言耗时且成本高昂的任务。据数据估计，到2025年，印度SMB行业将为横向SaaS解决方案提供87亿美元的市场机会——比2020年的估计市场增长52%。零售、制造和教育预计将占总量的近一半市场机会。财务、会计和支付系统是中小型企业中更受欢迎的SaaS 解决方案，同时越来越多地采用CRM、ERP和以营销为中心的解决方案。当然，纵使印度中小企业市场潜力巨大，但支撑起多家公司的高速增长，甚至助力Zoho营收突破10亿美元也是有相当难度的。在这高额的营收背后，海外市场也是一个不可忽视的重要组成。我们发现很多印度本土市场SaaS公司会将全球化，将海外市场作为重要的战略布局。这样一来，不仅增加了营收的多元化和稳定性，也提高了产品的丰富度以及易用性。也正是因为印度SaaS厂商抓住了全球不断增长的成熟企业群体。故有报告称，印度SaaS公司有望在2025年实现300亿美元的收入，占据全球SaaS市场8%至9%的份额。此外，印度SaaS之所以能够在当下还能获得融资的原因还在于，印度SaaS的早期融资企业是有一定的收入和客源的，像是FusionCharts、Kayako、Zoho和Wingify等这些先锋，这与中美市场三五个人的SaaS创业团队就出来融资是完全不同的。稳定收入的支持，也从某种程度上拉高了印度SaaS公司的PS，一些印度公司的表现甚至超过了美国同行。总的来看，2019年以来，客户需求的爆发，资本的加持，海外市场的拓展，让印度SaaS市场得到了迅速成长，而这一趋势也将继续延续。答案飘风不终朝，骤雨不终日。作为全球市场上重要的技术革命，SaaS在中国的路还将继续走下去。而通过对印度SaaS市场的了解，我发现中印市场其实有些共同之处，或者说，从印度的经验，我们可以发现一些SaaS行业的通解。首先，有投资人指出，风投兴趣的增加在于越来越多的印度SaaS企业取得成功并在全球扩张的结果。在他看来，对SaaS公司有利的是它们能够轻松服务全球市场，即需要最少的现场交付或基础设施投资才能在任何其他国家/地区扩展。而现在，国内SaaS大部分企业将业务重点布局放在了国内市场，比如在中小企业SaaS市场活力下降时，多数选择了进入政企大客户市场。在这里，我们不评判目标客户的选择，只是想提个醒，或许在国内的中小企业领域和海外市场，SaaS厂商还大有可为，当然现在越来越多的厂商也开始探索和布局全球市场，目前来看，这是一件难而正确的事情。其次，国内SaaS也曾经历过中小企业需求的爆发，这跟当前印度数字经济的扩张、更多工作空间进入混合模式，如出一辙。但不同的是，当时的受益者并非只有SaaS创业厂商，而是更多的被钉钉、企微、飞书这样的平台型厂商获益。也正是如此，直到现在，这些平台型厂商依旧能够有比较健康的现金流和订阅量。如果无法依靠自己单打独斗，那么利用好平台厂商来丰富自己的产品，从而吸引更多的客户也不失为一个选择。知情人士透露，通过加入国内的一些平台上，有的SaaS企业在今年获得了超50%的增长，他们分布在低代码、HR等赛道中。第三，说到底，国内的SaaS厂商比印度厂商走的要快一步。这一步不是指国内SaaS的营收更好，现金流更稳定，而是说国内已经过了资本最热的阶段。早在2019年，国内资本对SaaS的追逐就已经到达了最高峰。当前，在国内SaaS市场，不是投资人不再看好这个行业，只是不再盲目地为那些现金流不佳，收入做不上去的企业投资。毕竟，SaaS对投资人的吸引力就在于在强大的基本面之上，具有可预测的收入。那么，在资本冷静谨慎的阶段，国内企业则可以像印度那些白手起家的SaaS厂商一样，做一些产品和确定性的增长，量力而行。在这个大浪淘沙的关键节点，谁能提高增长率和利润率，加大收入粘性，才能获得下轮游戏的入场券。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965072433,"gmtCreate":1669863195422,"gmtModify":1676538259271,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965072433","repostId":"1133786233","repostType":4,"repost":{"id":"1133786233","kind":"news","pubTimestamp":1669822029,"share":"https://ttm.financial/m/news/1133786233?lang=en_US&edition=fundamental","pubTime":"2022-11-30 23:27","market":"hk","language":"zh","title":"They \"survived\"! Sun Hongbin received a 10 billion yuan bailout.","url":"https://stock-news.laohu8.com/highlight/detail?id=1133786233","media":"华尔街见闻","summary":"身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅","content":"<p><html><head></head><body>Another real estate tycoon mired in financial difficulties can come back to life.</p><p>In 2019, Sun Hongbin, a thriving white knight, acquired two luxury residential projects from Lu Zhiqiang of Oceanwide, who was then mired in trouble, for a total price of 14.9 billion yuan: Shanghai Dongjiadu and Beijing Oceanwide International. Both projects were top-tier luxury residential projects in the city.</p><p>In the blink of an eye, the white-robed knight from back then also needed the white-robed knight to save him. These two luxury residential projects became the breakthrough point for Sunac's debt restructuring, which had been in trouble for six months.</p><p>On November 28, business registration information showed that Sunac China transferred its 89.7% stake in Oceanwide International Construction to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center, with shareholding ratios of 64.7% and 25% respectively, while Sunac's shareholding dropped to 10.3%.</p><p>Oceanwide International Construction is the main body of the two luxury residential projects mentioned above. With the involvement of CITIC and Huarong, these two projects, worth tens of billions of yuan, will be revitalized with the injection of external funds.</p><p>An executive from a state-owned AMC told Wall Street Journal that this is to revitalize Sunac's assets at the project level.</p><p>By acquiring a controlling stake in the project, it can isolate risks with the group and ensure the continuous development of the project. This also aligns with the spirit of the recently introduced \"Sixteen Measures for Finance,\" which encourages financial institutions to distinguish between project and group risks and encourages asset management products such as trusts to support reasonable financing needs for real estate.</p><p>However, the acquisition of controlling stake was not intended to control the company, but simply to provide financing, and the project was still managed by Sunac's team.</p><p>Sources say that CITIC Group will provide 8 billion yuan in liquidity support.</p><p>With the influx of incremental funds, the project will be able to roll out, which will also benefit Sunac's debt repayment. After the corresponding debts are repaid, the excess money will also flow back to the group.</p><p>CITIC Trust and Huarong took over Sunac Assets, similar to how CITIC Bank collaborated with CITIC Group to revitalize Kaisa Group's assets worth over 50 billion yuan. They acquired project equity and injected funds to gradually restore the project company's normal operations and its ability to generate revenue.</p><p>These two projects were chosen because of their high-quality assets. The aforementioned AMC representative said that Sunac's two projects were of good quality, and at the time, AMC institutions such as Cinda also wanted to cooperate with Sunac on a scale of tens of billions of yuan.</p><p>Since then, Sunac, which defaulted on the public market in May, has finally made significant progress in debt restructuring. After months of painstaking negotiations and mediation, Sun Hongbin finally reached an agreement. And the next step is to revitalize tens of billions of yuan in assets.</p><p>Sun Hongbin is a representative of real estate tycoons who are trying to save themselves. Since the second half of 2021, Sun Hongbin has raised nearly 40 billion yuan through the sale of Beike equity, rights issues, interest-free loans from major shareholders, and asset disposal. However, the unexpected market downturn this year still caused him to collapse in May.</p><p>Sources close to Sun Hongbin said that for the past six months, Mr. Sun has hardly been in the office, but has been traveling around in various places to find financial institutions and seek support.</p><p>Now, after more than half a year of hard work, Sun Hongbin has finally received the help of the white knight.</p><p>Financial institutions are also willing to support Sun Hongbin, and Sunac's products still enjoy a good reputation in the market.</p><p>Wall Street Insights has also learned that Sunac and its creditors are currently discussing a preliminary restructuring plan, and most creditors have expressed their support for Sunac to restructure its debt. The restructuring plan is expected to be announced later this year.</p><p>Just the night before (November 29), Sunac also released its 2021 earnings forecast. This is a fundamental element for Sunac's stock to resume trading, and it is also a signal that Sun Hongbin and Sunac are gradually emerging from their current predicament.</p><p>According to CRIC data, in the first 11 months of this year, Sunac ranked tenth in the country with sales of 153.05 billion yuan, making it one of the few private real estate companies in the top ten outside of Country Garden and Longfor. Meanwhile, Sunac ranked third in sales in Shanghai.</p><p>Of course, in order to resume trading, Sunac also needs to resolve the issue of overseas liquidation lawsuits. However, CIFI has recently reached a settlement with its creditors, who withdrew their winding-up petition. With CITIC Group's involvement in revitalizing Sunac's assets, it is believed that investors will be able to find a suitable solution with Sunac.</p><p>All indications suggest that Sun Hongbin, a real estate tycoon known for his generosity and outspokenness, is gradually regaining his vitality after months of silence. The next step is to revitalize projects such as the Dongjiadu project to help bring a number of projects back to life. At the same time, it is to further gain the support of creditors and reach a debt restructuring plan, buying time and space.</p><p>Many people in the real estate and financial sectors are closely following Sunac and Sun Hongbin. They hope that in the near future, Sun Hongbin, the tycoon who once fell and was reborn during the Sunac era, will stage a miracle of \"coming back from the dead\" at Sunac, and that he and the company will be able to regain their vitality after the industry adjustment.</p><p></body></html></p>","source":"wallstreetcn","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>They \"survived\"! Sun Hongbin received a 10 billion yuan bailout.</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\">\nThey \"survived\"! Sun Hongbin received a 10 billion yuan bailout.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-11-30 23:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Another real estate tycoon mired in financial difficulties can come back to life.</p><p>In 2019, Sun Hongbin, a thriving white knight, acquired two luxury residential projects from Lu Zhiqiang of Oceanwide, who was then mired in trouble, for a total price of 14.9 billion yuan: Shanghai Dongjiadu and Beijing Oceanwide International. Both projects were top-tier luxury residential projects in the city.</p><p>In the blink of an eye, the white-robed knight from back then also needed the white-robed knight to save him. These two luxury residential projects became the breakthrough point for Sunac's debt restructuring, which had been in trouble for six months.</p><p>On November 28, business registration information showed that Sunac China transferred its 89.7% stake in Oceanwide International Construction to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center, with shareholding ratios of 64.7% and 25% respectively, while Sunac's shareholding dropped to 10.3%.</p><p>Oceanwide International Construction is the main body of the two luxury residential projects mentioned above. With the involvement of CITIC and Huarong, these two projects, worth tens of billions of yuan, will be revitalized with the injection of external funds.</p><p>An executive from a state-owned AMC told Wall Street Journal that this is to revitalize Sunac's assets at the project level.</p><p>By acquiring a controlling stake in the project, it can isolate risks with the group and ensure the continuous development of the project. This also aligns with the spirit of the recently introduced \"Sixteen Measures for Finance,\" which encourages financial institutions to distinguish between project and group risks and encourages asset management products such as trusts to support reasonable financing needs for real estate.</p><p>However, the acquisition of controlling stake was not intended to control the company, but simply to provide financing, and the project was still managed by Sunac's team.</p><p>Sources say that CITIC Group will provide 8 billion yuan in liquidity support.</p><p>With the influx of incremental funds, the project will be able to roll out, which will also benefit Sunac's debt repayment. After the corresponding debts are repaid, the excess money will also flow back to the group.</p><p>CITIC Trust and Huarong took over Sunac Assets, similar to how CITIC Bank collaborated with CITIC Group to revitalize Kaisa Group's assets worth over 50 billion yuan. They acquired project equity and injected funds to gradually restore the project company's normal operations and its ability to generate revenue.</p><p>These two projects were chosen because of their high-quality assets. The aforementioned AMC representative said that Sunac's two projects were of good quality, and at the time, AMC institutions such as Cinda also wanted to cooperate with Sunac on a scale of tens of billions of yuan.</p><p>Since then, Sunac, which defaulted on the public market in May, has finally made significant progress in debt restructuring. After months of painstaking negotiations and mediation, Sun Hongbin finally reached an agreement. And the next step is to revitalize tens of billions of yuan in assets.</p><p>Sun Hongbin is a representative of real estate tycoons who are trying to save themselves. Since the second half of 2021, Sun Hongbin has raised nearly 40 billion yuan through the sale of Beike equity, rights issues, interest-free loans from major shareholders, and asset disposal. However, the unexpected market downturn this year still caused him to collapse in May.</p><p>Sources close to Sun Hongbin said that for the past six months, Mr. Sun has hardly been in the office, but has been traveling around in various places to find financial institutions and seek support.</p><p>Now, after more than half a year of hard work, Sun Hongbin has finally received the help of the white knight.</p><p>Financial institutions are also willing to support Sun Hongbin, and Sunac's products still enjoy a good reputation in the market.</p><p>Wall Street Insights has also learned that Sunac and its creditors are currently discussing a preliminary restructuring plan, and most creditors have expressed their support for Sunac to restructure its debt. The restructuring plan is expected to be announced later this year.</p><p>Just the night before (November 29), Sunac also released its 2021 earnings forecast. This is a fundamental element for Sunac's stock to resume trading, and it is also a signal that Sun Hongbin and Sunac are gradually emerging from their current predicament.</p><p>According to CRIC data, in the first 11 months of this year, Sunac ranked tenth in the country with sales of 153.05 billion yuan, making it one of the few private real estate companies in the top ten outside of Country Garden and Longfor. Meanwhile, Sunac ranked third in sales in Shanghai.</p><p>Of course, in order to resume trading, Sunac also needs to resolve the issue of overseas liquidation lawsuits. However, CIFI has recently reached a settlement with its creditors, who withdrew their winding-up petition. With CITIC Group's involvement in revitalizing Sunac's assets, it is believed that investors will be able to find a suitable solution with Sunac.</p><p>All indications suggest that Sun Hongbin, a real estate tycoon known for his generosity and outspokenness, is gradually regaining his vitality after months of silence. The next step is to revitalize projects such as the Dongjiadu project to help bring a number of projects back to life. At the same time, it is to further gain the support of creditors and reach a debt restructuring plan, buying time and space.</p><p>Many people in the real estate and financial sectors are closely following Sunac and Sun Hongbin. They hope that in the near future, Sun Hongbin, the tycoon who once fell and was reborn during the Sunac era, will stage a miracle of \"coming back from the dead\" at Sunac, and that he and the company will be able to regain their vitality after the industry adjustment.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676317\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1f161e88fa8de9ce4f4457224c02fa6","relate_stocks":{"01918":"融创中国"},"source_url":"https://wallstreetcn.com/articles/3676317","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133786233","content_text":"身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅的存在。转眼，当年的白衣骑士如今也需要白衣骑士来救了。而这两个豪宅项目，成了出险6个月的融创债务重组的突破口。11月28日，工商信息显示，融创中国将其持有的泛海国际建设89.7%股权，转让给了中信信托及芜湖华融资本创誉投资中心，持股比例分别为64.7%、25%，融创的持股则降到了10.3%。泛海国际建设便是前述两个豪宅项目的主体。随着中信和华融的介入，这两个货值数百亿的项目，也将在外部资金的注入下得以盘活。一名国有AMC人士向华尔街见闻分析称，这就是要在项目层面对融创的资产进行盘活。通过获取项目的控股权，能和集团做风险隔离，保障项目持续开发。这也符合近期出台的“金融十六条”里的相关精神，比如鼓励金融机构区分项目和集团风险、鼓励信托等资管产品支持房地产合理融资需求。不过，获取控股权，不是为了掌控这家公司，而只是提供融资，项目仍由融创的团队操盘。有消息人士称，此次中信系将会带来80亿元资金，给予流动性支持。随着增量资金进入，项目就能滚动起来，对于融创的债务偿还也有好处。在偿还完相应债务后，多余的钱也会回流到集团。中信信托和华融接手融创资产，和之前中信银行协同中信集团盘活佳兆业超500亿货值资产类似，收购项目股权，注入资金，让项目公司逐步恢复正常经营，恢复造血能力。而选择这两个项目，也是因为其资产优质。前述AMC人士说，融创的这两个项目质地不错，当时信达等AMC机构也想和融创进行百亿级规模的合作。自此，5月份在公开市场违约的融创，终于有了重大的债务重组进展。孙宏斌苦苦谈判、斡旋了几个月的事宜，也有了着落。并且一下就是数百亿资产的盘活。孙宏斌是地产大佬当中努力自救的一个代表。从2021年下半年至今，孙宏斌已经陆续通过出售贝壳股权、配股、大股东无息借款以及处置资产等形式，回笼了近400亿元资金。然而今年以来市场超预期的下行，还是让他倒在了5月。有接近孙宏斌的人士表示，最近半年多里老孙几乎不在办公室，都是在各地奔波，就是为了找金融机构，寻求支持。如今，奔波了大半年的孙宏斌，终是迎来了白衣骑士的驰援。金融机构也是愿意支持孙宏斌的，融创的产品在市场上依旧还是有着不错的口碑。华尔街见闻也了解到，目前融创和债权人小组在沟通初步重组方案，大部分债权人也对融创通过债务重组表示支持。预计会在今年年内对外公布重组方案。就在前一天（11月29日）晚上，融创还公布了2021年业绩预告。这是融创股票要复牌的一个基本要素，也是孙宏斌和融创逐渐走出眼下困境的信号。克而瑞数据显示，今年前11个月，融创以1530.5 亿元的销售额排在全国第十，是碧桂园、龙湖之外，前十里少有的民营房企。同时，融创在上海销售额排在第三位。当然，想要复牌，融创还需要解决境外的清盘诉讼的问题。不过近期旭辉已和债权人达成了和解，债权人撤回了清盘呈请。随着这次中信系介入融创资产盘活，相信投资者也能够和融创方面寻找到合适的解决方案。种种迹象表明，孙宏斌这位地产界里以豪爽、敢言著称的大佬，在沉寂数月后，逐渐恢复了活力。接下来，便是通过对董家渡项目等的盘活，推动一批项目“活过来”。同时则是进一步获取债权人的支持，达成债务重组方案，以时间换空间。很多地产界、金融界人士都密切关注着融创和孙宏斌。他们期望在不久后，孙宏斌这位曾经在顺驰阶段摔倒重生的大佬，在融创身上又能上演一出“死而复生”的奇迹，他和这家公司在行业调整结束后，还能重新焕发生机。","news_type":1,"symbols_score_info":{"01918":0.9}},"isVote":1,"tweetType":1,"viewCount":819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962564728,"gmtCreate":1669809938264,"gmtModify":1676538247754,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962564728","repostId":"1170836510","repostType":4,"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962564680,"gmtCreate":1669809884540,"gmtModify":1676538247740,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962564680","repostId":"1198215522","repostType":4,"repost":{"id":"1198215522","kind":"news","pubTimestamp":1669792409,"share":"https://ttm.financial/m/news/1198215522?lang=en_US&edition=fundamental","pubTime":"2022-11-30 15:13","market":"hk","language":"zh","title":"China's sixth richest man suffered a minor setback.","url":"https://stock-news.laohu8.com/highlight/detail?id=1198215522","media":"巨潮WAVE","summary":"网易虽不惧暴雪的转身离去，但当今的网易早已离不开游戏。","content":"<p><html><head></head><body>By Xie Zefeng</p><p>In 2003, 32-year-old Ding Lei became China's richest man, achieving a \"glory\" that other entrepreneurs could hardly match.</p><p>Besides Ding Lei, only Huang Guangyu and Chen Tianqiao have received such an honor around the age of 30.</p><p>It's worth noting that back then, Jack Ma and Lei Jun were just young people making their mark, Robin Li was still renting a place in the Peking University Resources Hotel to start his own business, and Tencent, founded by Ma Huateng, wouldn't go public until the following year.</p><p>After becoming famous, Ding Lei did not stop experimenting. He started raising pigs, playing music, and entering e-commerce. But what really made him make a fortune every day was the online games he started in 2001.</p><p>Even today, games still contribute over 70% of NetEase's revenue and nearly 90% of its gross profit. Although Ding Lei started with portal websites and email businesses, and these two types of businesses constitute the widest C-end recognition, games are the cornerstone of his business empire.</p><p>NetEase has made a fortune through games, thus becoming a unique presence in China's internet industry. Although Ding Lei claims that wealth can only bring him 5% of happiness, NetEase can only expand into other fields with the support of its gaming business.</p><p><img src=\"https://static.tigerbbs.com/2d49a3c45ff65a26df936728ee7739a7\" tg-width=\"550\" tg-height=\"345\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The recent breakup with Blizzard can only be described as a minor setback for Ding Lei, which was neither painful nor itchy. In terms of performance contribution, Blizzard Games' revenue to NetEase is not significant.</p><p>In the capital market, investors reacted strongly and overwhelmingly, causing NetEase's stock price to fall sharply. Clearly, overseas capital doesn't understand NetEase very well. The sell-off by many investors is more related to the overall predicament facing Chinese concept stocks.</p><p><b>You can break up</b></p><p>NetEase's revenue from distributing Blizzard games is approximately 4 billion yuan, accounting for only 8% of game revenue and less than 5% of total revenue. As a generation's youthful memory, the symbolic significance of games distributed by Blizzard today may outweigh their substantive meaning.</p><p>According to NetEase's financial report, revenue from games licensed by third-party developers accounted for only 7.5%, 9.1% and 9.5% of total net revenue in 2019, 2020 and 2021, respectively.</p><p>In addition to Blizzard, NetEase also distributes games from companies such as Marvel's Guardians of the Galaxy and Spider-Man, Microsoft's Minecraft, and Warner Bros. Entertainment.</p><p>For Blizzard, the Chinese market is not so indispensable. Blizzard has pointed out that agency revenue in China only accounts for 15% of their revenue, which is 3% of the entire Activision Blizzard. Based on Blizzard's total revenue of $1.83 billion in 2021, a 50% revenue share would correspond to around 4 billion yuan in revenue from NetEase's distribution of Blizzard games, accounting for only 8% of game revenue and less than 5% of total revenue.</p><p><img src=\"https://static.tigerbbs.com/ef572436c34cdd0634f5a4cde01ddc44\" tg-width=\"550\" tg-height=\"100\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Unit: thousands of RMB, Source: NetEase 2021 Financial Report</p><p>It has to be said that game distribution is indeed a \"hard job\". On the one hand, it needs to compete with powerful international giants like Blizzard; on the other hand, it also needs to do everything possible to provide high-quality game services to Chinese players.</p><p>In addition to Blizzard's annual licensing fee of over 300 million yuan, NetEase must also commit to investing heavily in servers, broadband services, and capital expenditures each year in the future. In 2022 alone, it reached 4.3 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/e387341a40e5ed74227d13ee26400c68\" tg-width=\"550\" tg-height=\"263\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Source: NetEase 2021 Financial Report</p><p>In this situation, NetEase's monthly passes (the fees charged to players) are generally lower than those in other parts of the world, while Blizzard still takes half of the revenue and profits. NetEase could only provide services for 14 years despite high operating costs.</p><p>In response to Blizzard's unilateral \"breakup\" announcement, Ding Lei stated at the Q3 investor conference that NetEase very much hopes to continue distributing Blizzard games and has made a lot of efforts in this regard. \"However, the difficulty of negotiations in the past period has far exceeded NetEase's expectations. The cooperation terms proposed by Activision Blizzard are unacceptable.\"</p><p>It is rumored that Blizzard has proposed a \"sky-high price\" condition—including more than 50% revenue and net profit sharing, game pricing synchronized with global pricing, and NetEase will only enjoy the revenue sharing rights in China for mobile games based on Blizzard IPs developed by NetEase in the future.</p><p>Some commentators have said that this is tantamount to asking NetEase to \"work for nothing,\" and that Blizzard is indeed bullying its customers and has an ugly business ethic.</p><p>Even if Ding Lei accepted such conditions, NetEase's investors would not agree.</p><p>Of course, when NetEase chose to become a distributor for Blizzard Games, it was definitely not because of the meager \"salary\". Ding Lei's long-term goal is to tap into the gold mine of Blizzard IP and help himself achieve 50% internationalization.</p><p>For example, the cooperation model for the mobile game Diablo Immortal is a separate agreement, which is not affected by this contract termination controversy. This game also contributed a significant amount of revenue to NetEase in Q3.</p><p>As a result, NetEase's stock price once plummeted, largely due to market concerns about uncertainty and emotional outbursts. The termination of this cooperation will have a far greater impact on players than on NetEase's performance.</p><p>Over the past 14 years, Blizzard has declined, while NetEase has become China's second-largest game company after Tencent.</p><p>More importantly, backed by hundreds of millions of \"gamers\" and twenty years of game development experience, NetEase already had the confidence to \"break up\" with Blizzard.</p><p><b>An indispensable game</b></p><p>A high-horsepower cash harvester.</p><p>Although NetEase is not afraid of Blizzard's departure, it is now inseparable from games.</p><p>In the third quarter, NetEase's net revenue was 24.4 billion yuan, of which game and related revenue was 18.7 billion yuan, accounting for as much as 77%. Considering that NetEase Youdao and NetEase Cloud Music are still operating at a loss, almost all of NetEase's profits come from games.</p><p>Games are not only the backbone of NetEase, but also provide it with a continuous stream of ammunition to expand into other businesses. Ding Lei once listed games, e-commerce, education, and music as NetEase's four major strategic deployments. In 2016, he even ambitiously stated that he would \"recreate NetEase\" within 3-5 years through businesses such as NetEase Koala and NetEase Yanxuan.</p><p><img src=\"https://static.tigerbbs.com/891f6e0f65c900c4f122f556e07583e1\" tg-width=\"550\" tg-height=\"288\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>NetEase e-commerce's \"small but beautiful\" business model is a beautiful dream, but the reality is cruel. Excessive investment, high costs, and low supply chain efficiency are all squeezing NetEase's profit margins.</p><p>In September 2019, NetEase sold Koala to Alibaba for $2 billion, but it is no longer heavily used by Alibaba. NetEase Yanxuan's voice has weakened against the backdrop of the rise of Kuaishou e-commerce and ByteDance e-commerce, and it has become a \"discarded pawn\" from a \"high-ranking official\" on whom Ding Lei had high hopes. Nowadays, the business lines divided in NetEase's financial reports are no longer categorized as \"e-commerce,\" but are instead grouped under other businesses.</p><p>After more than a decade of twists and turns, NetEase still relies heavily on games. In the third quarter, amid a shortage of game licenses and intensified game competition, Tencent's gaming revenue was approximately RMB 42.9 billion, a year-on-year decrease of 4%. NetEase Games' net revenue was 18.7 billion yuan, a year-on-year increase of 9.1%.</p><p><img src=\"https://static.tigerbbs.com/fbad035060f7680a34889a394b7c602c\" tg-width=\"550\" tg-height=\"394\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As for NetEase's other businesses, they are still operating at a loss. As a top-tier \"product manager\" recognized in the industry, Ding Lei's products are always imbued with idealism and simplicity, resulting in a unique and differentiated product experience. On the other hand, these products take too long to monetize.</p><p>NetEase Youdao and NetEase Cloud Music only earn reputation, not money. The former has suffered losses of 4.4 billion yuan since 2018, while the latter has lost 9.3 billion yuan. Moreover, the market size of both of them is far smaller than that of games.</p><p>Therefore, each of NetEase's financial reports can be summarized as the gaming business pulling together a bunch of idiots.</p><p>Ding Lei once said that his family's business was good enough and there was no need to take any more risks. NetEase only invests in areas it is familiar with and interested in. This could perhaps be understood as NetEase finding it difficult to find an industry better than its own business. The truth is, NetEase's gaming business itself is a powerful cash-harvesting machine.</p><p>Ding Lei is rational, focused, and restrained enough. Its composure, ease, and frankness towards the outside world actually reflect NetEase's mentality of \"winning easily\" through games for many years.</p><p>At the same time, in its long-term efforts to make money passively, NetEase has also lacked the drive unique to internet companies. This seems like a disadvantage when the industry is growing rapidly and expanding its market share. However, when the industry's growth rate slows down and goes downhill, NetEase appears healthier and more stable. A clear example is that amidst the crash of Chinese concept stocks, NetEase was one of the most resilient in terms of stock price decline.</p><p><b>Atypical Internet company</b></p><p>We missed the opportunity, but we also eliminated the risks.</p><p>Ding Lei and NetEase, which he founded, are both unconventional figures in the internet industry.</p><p>He doesn't compete, doesn't take sides, doesn't form alliances, doesn't join in the fun, and doesn't follow trends. In the internet world where speed is everything, he insists on winning slowly and being the first to catch up.</p><p>Houchang Village in Shangdi, Beijing, is known as the center of China's internet industry. It is home to internet companies such as Tencent, Sina, Baidu, and Kuaishou. However, unlike its brightly lit and bustling neighbors, NetEase always seems a little out of place.</p><p>In a conversation with Wu Xiaobo, Ding Lei bluntly stated, \"Those current trends are just a whirlwind.\" He also showed no interest in the so-called internet investment spectrum. As a result, NetEase missed out on so-called \"golden opportunities\" in the sharing economy, O2O, internet finance, short videos, and so on.</p><p><img src=\"https://static.tigerbbs.com/29acd7c2cc55f7bc2075dffb605036f0\" tg-width=\"550\" tg-height=\"352\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Dialogue between Ding Lei and Wu Xiaobo</p><p>Today, the growth in internet users has completely disappeared, the boom has faded, and a real winter has arrived. Under the influence of factors such as regulation, anti-monopoly investigations, the pandemic, and sluggish consumption, once benchmark companies have lost their high-growth magic.</p><p>The driving forces that once boosted stock prices have instantly become \"powerful weapons\" that devour profits and market capitalization.</p><p>Alibaba reported a net loss of 22.467 billion yuan in the third quarter due to a sharp decline in the value of its shares in listed companies. Tencent chose to pair its investments with JD.com and Meituan through dividends, but it still holds a large number of stocks that have plummeted.</p><p>We missed the opportunity, but we also eliminated the risks and preserved our ammunition. Today's NetEase is the envy of its neighbors.</p><p>In the third quarter, NetEase's total revenue was 24.4 billion yuan, an increase of 10% year-on-year; Net profit attributable to the parent company reached 6.7 billion yuan, an increase of more than 1.1 times year-on-year. Of course, this includes 1.3 billion yuan in equity disposal gains and the impact of US dollar cash appreciation. A more realistic profitability indicator is operating profit of 4.7 billion yuan, a year-on-year increase of 26%, exceeding most peers.</p><p>In the current fierce internet downturn, such performance is remarkable. Ding Lei's long-term steady and strong performance has kept him at the top of the rich list for more than 20 years. The Chinese internet has gone through nearly 30 years, with ups and downs, new people coming and going, and it remains the same.</p><p>In the 2022 Hurun Rich List, Ding Lei ranked as the sixth richest person in China with a fortune of 195 billion yuan, an increase of 24 billion yuan, moving up 8 places from last year, making him the entrepreneur with the highest increase among the top ten richest people.</p><p><b>At the end</b></p><p>Zhou Hongyi once said that Ding Lei is the only person in the internet industry who is not anxious; he has his own way of playing.</p><p>Wu Xiaobo said that almost none of the wealthy people he has met are truly happy. Under further questioning, he added, \"Oh, there is one, Ding Lei.\"</p><p>By winning slowly and avoiding large-scale investments, Ding Lei has become more composed in the current internet downturn. Compared to his peers, he gave up many things—mainly the temptation of opportunity and greater wealth. But it was precisely these sacrifices that brought him the kind of happiness that was recognized by Zhou Hongyi and Wu Xiaobo.</p><p>The other side of the coin is that while relying on games, NetEase's other businesses have struggled to gain traction. Ding Lei has been strategizing at his own pace, but industry opportunities are also slipping away from him at his own pace.</p><p>Under the \"new normal\" of low internet growth, Ding Lei's dream of \"recreating NetEase\" is actually a long way off. But the NetEase in front of us is enough to make countless entrepreneurs envious.</p><p></body></html></p>","source":"lsy1642045066006","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>China's sixth richest man suffered a minor setback.</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\">\nChina's sixth richest man suffered a minor setback.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">巨潮WAVE</strong><span class=\"h-time small\">2022-11-30 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>By Xie Zefeng</p><p>In 2003, 32-year-old Ding Lei became China's richest man, achieving a \"glory\" that other entrepreneurs could hardly match.</p><p>Besides Ding Lei, only Huang Guangyu and Chen Tianqiao have received such an honor around the age of 30.</p><p>It's worth noting that back then, Jack Ma and Lei Jun were just young people making their mark, Robin Li was still renting a place in the Peking University Resources Hotel to start his own business, and Tencent, founded by Ma Huateng, wouldn't go public until the following year.</p><p>After becoming famous, Ding Lei did not stop experimenting. He started raising pigs, playing music, and entering e-commerce. But what really made him make a fortune every day was the online games he started in 2001.</p><p>Even today, games still contribute over 70% of NetEase's revenue and nearly 90% of its gross profit. Although Ding Lei started with portal websites and email businesses, and these two types of businesses constitute the widest C-end recognition, games are the cornerstone of his business empire.</p><p>NetEase has made a fortune through games, thus becoming a unique presence in China's internet industry. Although Ding Lei claims that wealth can only bring him 5% of happiness, NetEase can only expand into other fields with the support of its gaming business.</p><p><img src=\"https://static.tigerbbs.com/2d49a3c45ff65a26df936728ee7739a7\" tg-width=\"550\" tg-height=\"345\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The recent breakup with Blizzard can only be described as a minor setback for Ding Lei, which was neither painful nor itchy. In terms of performance contribution, Blizzard Games' revenue to NetEase is not significant.</p><p>In the capital market, investors reacted strongly and overwhelmingly, causing NetEase's stock price to fall sharply. Clearly, overseas capital doesn't understand NetEase very well. The sell-off by many investors is more related to the overall predicament facing Chinese concept stocks.</p><p><b>You can break up</b></p><p>NetEase's revenue from distributing Blizzard games is approximately 4 billion yuan, accounting for only 8% of game revenue and less than 5% of total revenue. As a generation's youthful memory, the symbolic significance of games distributed by Blizzard today may outweigh their substantive meaning.</p><p>According to NetEase's financial report, revenue from games licensed by third-party developers accounted for only 7.5%, 9.1% and 9.5% of total net revenue in 2019, 2020 and 2021, respectively.</p><p>In addition to Blizzard, NetEase also distributes games from companies such as Marvel's Guardians of the Galaxy and Spider-Man, Microsoft's Minecraft, and Warner Bros. Entertainment.</p><p>For Blizzard, the Chinese market is not so indispensable. Blizzard has pointed out that agency revenue in China only accounts for 15% of their revenue, which is 3% of the entire Activision Blizzard. Based on Blizzard's total revenue of $1.83 billion in 2021, a 50% revenue share would correspond to around 4 billion yuan in revenue from NetEase's distribution of Blizzard games, accounting for only 8% of game revenue and less than 5% of total revenue.</p><p><img src=\"https://static.tigerbbs.com/ef572436c34cdd0634f5a4cde01ddc44\" tg-width=\"550\" tg-height=\"100\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Unit: thousands of RMB, Source: NetEase 2021 Financial Report</p><p>It has to be said that game distribution is indeed a \"hard job\". On the one hand, it needs to compete with powerful international giants like Blizzard; on the other hand, it also needs to do everything possible to provide high-quality game services to Chinese players.</p><p>In addition to Blizzard's annual licensing fee of over 300 million yuan, NetEase must also commit to investing heavily in servers, broadband services, and capital expenditures each year in the future. In 2022 alone, it reached 4.3 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/e387341a40e5ed74227d13ee26400c68\" tg-width=\"550\" tg-height=\"263\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Source: NetEase 2021 Financial Report</p><p>In this situation, NetEase's monthly passes (the fees charged to players) are generally lower than those in other parts of the world, while Blizzard still takes half of the revenue and profits. NetEase could only provide services for 14 years despite high operating costs.</p><p>In response to Blizzard's unilateral \"breakup\" announcement, Ding Lei stated at the Q3 investor conference that NetEase very much hopes to continue distributing Blizzard games and has made a lot of efforts in this regard. \"However, the difficulty of negotiations in the past period has far exceeded NetEase's expectations. The cooperation terms proposed by Activision Blizzard are unacceptable.\"</p><p>It is rumored that Blizzard has proposed a \"sky-high price\" condition—including more than 50% revenue and net profit sharing, game pricing synchronized with global pricing, and NetEase will only enjoy the revenue sharing rights in China for mobile games based on Blizzard IPs developed by NetEase in the future.</p><p>Some commentators have said that this is tantamount to asking NetEase to \"work for nothing,\" and that Blizzard is indeed bullying its customers and has an ugly business ethic.</p><p>Even if Ding Lei accepted such conditions, NetEase's investors would not agree.</p><p>Of course, when NetEase chose to become a distributor for Blizzard Games, it was definitely not because of the meager \"salary\". Ding Lei's long-term goal is to tap into the gold mine of Blizzard IP and help himself achieve 50% internationalization.</p><p>For example, the cooperation model for the mobile game Diablo Immortal is a separate agreement, which is not affected by this contract termination controversy. This game also contributed a significant amount of revenue to NetEase in Q3.</p><p>As a result, NetEase's stock price once plummeted, largely due to market concerns about uncertainty and emotional outbursts. The termination of this cooperation will have a far greater impact on players than on NetEase's performance.</p><p>Over the past 14 years, Blizzard has declined, while NetEase has become China's second-largest game company after Tencent.</p><p>More importantly, backed by hundreds of millions of \"gamers\" and twenty years of game development experience, NetEase already had the confidence to \"break up\" with Blizzard.</p><p><b>An indispensable game</b></p><p>A high-horsepower cash harvester.</p><p>Although NetEase is not afraid of Blizzard's departure, it is now inseparable from games.</p><p>In the third quarter, NetEase's net revenue was 24.4 billion yuan, of which game and related revenue was 18.7 billion yuan, accounting for as much as 77%. Considering that NetEase Youdao and NetEase Cloud Music are still operating at a loss, almost all of NetEase's profits come from games.</p><p>Games are not only the backbone of NetEase, but also provide it with a continuous stream of ammunition to expand into other businesses. Ding Lei once listed games, e-commerce, education, and music as NetEase's four major strategic deployments. In 2016, he even ambitiously stated that he would \"recreate NetEase\" within 3-5 years through businesses such as NetEase Koala and NetEase Yanxuan.</p><p><img src=\"https://static.tigerbbs.com/891f6e0f65c900c4f122f556e07583e1\" tg-width=\"550\" tg-height=\"288\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>NetEase e-commerce's \"small but beautiful\" business model is a beautiful dream, but the reality is cruel. Excessive investment, high costs, and low supply chain efficiency are all squeezing NetEase's profit margins.</p><p>In September 2019, NetEase sold Koala to Alibaba for $2 billion, but it is no longer heavily used by Alibaba. NetEase Yanxuan's voice has weakened against the backdrop of the rise of Kuaishou e-commerce and ByteDance e-commerce, and it has become a \"discarded pawn\" from a \"high-ranking official\" on whom Ding Lei had high hopes. Nowadays, the business lines divided in NetEase's financial reports are no longer categorized as \"e-commerce,\" but are instead grouped under other businesses.</p><p>After more than a decade of twists and turns, NetEase still relies heavily on games. In the third quarter, amid a shortage of game licenses and intensified game competition, Tencent's gaming revenue was approximately RMB 42.9 billion, a year-on-year decrease of 4%. NetEase Games' net revenue was 18.7 billion yuan, a year-on-year increase of 9.1%.</p><p><img src=\"https://static.tigerbbs.com/fbad035060f7680a34889a394b7c602c\" tg-width=\"550\" tg-height=\"394\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As for NetEase's other businesses, they are still operating at a loss. As a top-tier \"product manager\" recognized in the industry, Ding Lei's products are always imbued with idealism and simplicity, resulting in a unique and differentiated product experience. On the other hand, these products take too long to monetize.</p><p>NetEase Youdao and NetEase Cloud Music only earn reputation, not money. The former has suffered losses of 4.4 billion yuan since 2018, while the latter has lost 9.3 billion yuan. Moreover, the market size of both of them is far smaller than that of games.</p><p>Therefore, each of NetEase's financial reports can be summarized as the gaming business pulling together a bunch of idiots.</p><p>Ding Lei once said that his family's business was good enough and there was no need to take any more risks. NetEase only invests in areas it is familiar with and interested in. This could perhaps be understood as NetEase finding it difficult to find an industry better than its own business. The truth is, NetEase's gaming business itself is a powerful cash-harvesting machine.</p><p>Ding Lei is rational, focused, and restrained enough. Its composure, ease, and frankness towards the outside world actually reflect NetEase's mentality of \"winning easily\" through games for many years.</p><p>At the same time, in its long-term efforts to make money passively, NetEase has also lacked the drive unique to internet companies. This seems like a disadvantage when the industry is growing rapidly and expanding its market share. However, when the industry's growth rate slows down and goes downhill, NetEase appears healthier and more stable. A clear example is that amidst the crash of Chinese concept stocks, NetEase was one of the most resilient in terms of stock price decline.</p><p><b>Atypical Internet company</b></p><p>We missed the opportunity, but we also eliminated the risks.</p><p>Ding Lei and NetEase, which he founded, are both unconventional figures in the internet industry.</p><p>He doesn't compete, doesn't take sides, doesn't form alliances, doesn't join in the fun, and doesn't follow trends. In the internet world where speed is everything, he insists on winning slowly and being the first to catch up.</p><p>Houchang Village in Shangdi, Beijing, is known as the center of China's internet industry. It is home to internet companies such as Tencent, Sina, Baidu, and Kuaishou. However, unlike its brightly lit and bustling neighbors, NetEase always seems a little out of place.</p><p>In a conversation with Wu Xiaobo, Ding Lei bluntly stated, \"Those current trends are just a whirlwind.\" He also showed no interest in the so-called internet investment spectrum. As a result, NetEase missed out on so-called \"golden opportunities\" in the sharing economy, O2O, internet finance, short videos, and so on.</p><p><img src=\"https://static.tigerbbs.com/29acd7c2cc55f7bc2075dffb605036f0\" tg-width=\"550\" tg-height=\"352\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Dialogue between Ding Lei and Wu Xiaobo</p><p>Today, the growth in internet users has completely disappeared, the boom has faded, and a real winter has arrived. Under the influence of factors such as regulation, anti-monopoly investigations, the pandemic, and sluggish consumption, once benchmark companies have lost their high-growth magic.</p><p>The driving forces that once boosted stock prices have instantly become \"powerful weapons\" that devour profits and market capitalization.</p><p>Alibaba reported a net loss of 22.467 billion yuan in the third quarter due to a sharp decline in the value of its shares in listed companies. Tencent chose to pair its investments with JD.com and Meituan through dividends, but it still holds a large number of stocks that have plummeted.</p><p>We missed the opportunity, but we also eliminated the risks and preserved our ammunition. Today's NetEase is the envy of its neighbors.</p><p>In the third quarter, NetEase's total revenue was 24.4 billion yuan, an increase of 10% year-on-year; Net profit attributable to the parent company reached 6.7 billion yuan, an increase of more than 1.1 times year-on-year. Of course, this includes 1.3 billion yuan in equity disposal gains and the impact of US dollar cash appreciation. A more realistic profitability indicator is operating profit of 4.7 billion yuan, a year-on-year increase of 26%, exceeding most peers.</p><p>In the current fierce internet downturn, such performance is remarkable. Ding Lei's long-term steady and strong performance has kept him at the top of the rich list for more than 20 years. The Chinese internet has gone through nearly 30 years, with ups and downs, new people coming and going, and it remains the same.</p><p>In the 2022 Hurun Rich List, Ding Lei ranked as the sixth richest person in China with a fortune of 195 billion yuan, an increase of 24 billion yuan, moving up 8 places from last year, making him the entrepreneur with the highest increase among the top ten richest people.</p><p><b>At the end</b></p><p>Zhou Hongyi once said that Ding Lei is the only person in the internet industry who is not anxious; he has his own way of playing.</p><p>Wu Xiaobo said that almost none of the wealthy people he has met are truly happy. Under further questioning, he added, \"Oh, there is one, Ding Lei.\"</p><p>By winning slowly and avoiding large-scale investments, Ding Lei has become more composed in the current internet downturn. Compared to his peers, he gave up many things—mainly the temptation of opportunity and greater wealth. But it was precisely these sacrifices that brought him the kind of happiness that was recognized by Zhou Hongyi and Wu Xiaobo.</p><p>The other side of the coin is that while relying on games, NetEase's other businesses have struggled to gain traction. Ding Lei has been strategizing at his own pace, but industry opportunities are also slipping away from him at his own pace.</p><p>Under the \"new normal\" of low internet growth, Ding Lei's dream of \"recreating NetEase\" is actually a long way off. But the NetEase in front of us is enough to make countless entrepreneurs envious.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/csj/2022-11-30/doc-imqqsmrp8074683.shtml\">巨潮WAVE</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/24aab5ed8966e670e5723a823f6bd617","relate_stocks":{"09999":"网易","NTES":"网易"},"source_url":"https://finance.sina.com.cn/tech/csj/2022-11-30/doc-imqqsmrp8074683.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198215522","content_text":"文/谢泽锋2003年，32岁的丁磊登顶中国首富，他拥有了其他企业家难以企及的“荣耀”。30岁左右就能获得如此殊荣的，除了丁磊，只有黄光裕和陈天桥。要知道，那一年的马云、雷军还只是初露锋芒的年轻人，李彦宏还挤在北大资源宾馆里租房创业，马化腾创办的腾讯也要等到后一年才上市。成名之后，丁磊并没停止折腾，他搞养猪，玩音乐，入局电商，但真正让他日赚斗金的，仍然是2001年布局的网络游戏。时至当下，游戏仍然为网易贡献着超七成的收入，近九成的毛利润。虽然丁磊以门户网站、邮箱业务起家，也由这两类业务构成了最广泛的C端认知，但游戏才是其商业帝国的基石。靠着游戏，网易大赚特赚，也由此成为中国互联网界独特的存在。尽管丁磊声称财富只能为他带来5%的快乐，但网易只有在游戏业务的输血之下，才有向其他领域延伸的可能。近期与暴雪的分手，也只能说是丁磊栽的一个小跟头，不痛不痒。因为从业绩贡献度来看，暴雪游戏给网易带来的收益实在不算大。资本市场上，投资者对此的反应一度强烈巨大，网易股价因此大幅下跌。显然，海外资本并不是那么的了解网易。很多投资者的抛售，更多和中概股所面对的整体困境有系。可以分手网易代理暴雪游戏收入约40亿元左右，仅占游戏收入的8%，占总收入的5%不到。作为一代人的青春记忆，如今代理暴雪的游戏，其象征意义可能大于实质意义。根据网易财报，第三方开发商授权的游戏收入，在2019年、2020年及2021年仅占总净收入的7.5%、9.1%及9.5%。除了暴雪，网易代理的游戏还包括漫威的《银河护卫队》、《超能蜘蛛侠》，微软的《Minecraft》（我的世界）以及华纳兄弟娱乐等公司的作品。而对于暴雪来说，中国市场也没有那么不可或缺。暴雪方面曾指出，中国区的代理收入只占他们的15%，即整个动视暴雪的3%。按照2021年暴雪18.3亿美元的总收入来计算，50%的分成比例，对应网易代理暴雪游戏收入应该在40亿元左右，仅占游戏收入的8%，占总收入的5%不到。单位：千元人民币，来源：网易2021年财报不得不说，游戏代理属实是一件“苦力活”。一方面，要和暴雪等强势的国际巨头周旋，另一方面也要想尽办法，为中国玩家提供高品质的游戏服务。除了每年3亿多的暴雪代理费外，网易还要承诺未来每年投入不菲的服务器、宽带服务开支以及资本性支出。其中，2022年就高达43亿元。来源：网易2021年财报这种情况下，网易的月卡（向玩家收取的费用）价格普遍低于全球其他地区，而暴雪还要拿走一半的收入和利润。网易只能顶着高运营成本，提供了长达14年的服务。面对暴雪单方面的“分手”声明，在Q3投资者交流会上，丁磊回应称，网易非常希望继续代理暴雪游戏，并为此付出了非常多的努力，“但过去一段时间，谈判难度远超出网易方面的预期。动视暴雪提出的合作条款，是不可接受的。”据传，暴雪方面提出了“天价”条件——包括50%以上的收入和净利润分成，游戏定价与全球同步，而且未来网易研发的基于暴雪IP的手游，网易仅享有中国区的分成权。有评论称，这无异于要求网易“打白工”，暴雪着实有些店大欺客，吃相难看。这样的条件，即便是丁磊接受了，网易的投资者们也不会答应。当然，网易选择代理暴雪游戏，看上的肯定不是那点微薄的“工资”。丁磊的长远目标，是希望挖掘暴雪IP的金矿，并且帮助自己实现50%国际化的目标。比如，手游《暗黑破坏神：不朽》的合作方式，就是单独签订的协议，并不受此次解约风波影响。而这款游戏也在Q3为网易贡献了颇多流水。因此，网易股价一度因此大跌，更多的是市场对不确定的担忧，以及情绪的宣泄导致。本次合作中止，对玩家的影响要远大于对网易业绩的影响。14年间，暴雪江河日下，而网易已非吴下阿蒙，它已是仅次于腾讯的中国第二大游戏公司。更重要的是，背靠数亿“游戏人口”，和二十年的游戏开发经验，网易早就有了和暴雪“分手”的底气。离不开的游戏一台大马力的现金收割机。网易虽不惧暴雪的转身离去，但当今的网易早已离不开游戏。第三季度，网易净营收244亿元，游戏及相关收入为187亿元，占比高达77%；考虑到网易有道和网易云音乐还处于亏损阶段，网易的利润几乎全部由游戏贡献。游戏不仅是网易的顶梁柱，更是为其开拓其他业务输送源源不断的弹药。丁磊曾将游戏、电商、教育、音乐列为网易的四大战略部署，甚至在2016年雄心满满地表示，3-5年内通过网易考拉、网易严选等业务“再造一个网易”。网易电商“小而美”的商业模式，梦想很美好，但现实很残酷。过重的投入，过高的成本，以及较低的供应链效率，都在挤压着网易的利润空间。2019年9月，网易以20亿美金将考拉海购卖给阿里巴巴，但如今也不被阿里重用；网易严选则是在快手电商、字节电商崛起的背景下声量减弱，从丁磊寄予厚望的“重臣”沦为“弃子”。如今网易财报中划分的业务条线中，已经没有“电商”的分类，而是被归入其他业务。兜兜转转十几载，网易仰仗的还是游戏。第三季度，在版号“断供”及游戏竞争加剧的背景下，腾讯游戏业务收入约429亿元，同比下滑4%；而网易游戏净收入187亿元，同比上涨9.1%。至于网易的其他业务，仍在亏损。作为业内公认的顶级“产品经理”，丁磊经手的产品，总是裹挟着理想主义和朴素情怀，产品体验独树一帜，具有较强的差异化；但另一方面，这些产品的变现时间过长。网易有道和网易云音乐只赚口碑不赚钱。前者自2018年以来，亏损44亿元，后者则流血93亿元。而且两者所在的市场体量，还远不及游戏。所以网易的每次财报，都可以总结为游戏业务一把屎一把尿地拉扯“一群阿斗”。丁磊曾表示，自己家的业务足够好了，没有必要再去冒险。网易只投资自己熟悉和感兴趣的领域。这或许可以理解为，网易难以寻找到比自身业务更加优秀的行业。而事实就是，网易的游戏业务本身就是一台大马力的现金收割机。丁磊足够理智、专注和克制。其对外界表现出的怡然自得和从容率真，其实也是网易多年靠游戏“躺赢”的心态流露。与此同时，在长期的躺赚之中，网易也缺少了互联网企业特有的冲劲儿。这在行业野蛮成长跑马圈地时看似是个劣势。但当行业增速放缓、走向下坡路的时候，网易就显得更加健康平稳。一个明显的例证就是，在中概股溃败的狂潮中，网易是其中股价最抗跌者之一。非典型互联网公司错过了风口，但也剔除了风险。丁磊和他创办的网易，在互联网圈都是一股非主流的存在。不争不抢，不站队，不搞联盟，不凑热闹，不赶时髦，唯快不破的互联网江湖，他偏偏追求以慢制胜，后发先至。北京上地“后厂村”，被称为中国互联网的中心，这里聚集了腾讯、新浪、百度、快手等等互联网企业，但与这些灯火通明、人声鼎沸的邻居们不同，网易总是有一点格格不入的样子。在与吴晓波的一次对话中，丁磊很直白地表示“那些时下流行的风口，只不过是一阵妖风。”更对所谓的互联网投资谱系毫无兴趣。网易因此错过了共享经济、O2O、互联网金融、短视频等等所谓的“黄金机遇”。丁磊与吴晓波的对话时至今日，互联网用户的增量消失殆尽，风口褪去，实质意义上的寒冬已经到来。在监管、反垄断调查、疫情、消费低迷等因素的影响下，曾经的标杆企业们纷纷失去了高增长魔力。而那些曾经助推股价蹿升的推进器，也瞬间变为吞噬利润和市值的“大杀器”。由于所持上市公司股权价值大幅下挫，阿里巴巴第三季度净亏损高达224.67亿元；腾讯选择以分红方式几乎了结对京东和美团的投资，但手里还有大量惨跌的股票。错过了风口，但也剔除了风险，保留了弹药。如今的网易，足够邻居们羡慕。第三季度，网易总营收244亿元，同比增加10%；归母净利润达到67亿元，同比增长超1.1倍。当然，这其中包括13亿的股权处置收益及美元现金增值影响，更真实的盈利能力指标经营利润为47亿元，同比增长26%，超过了大多数同行。当下凌冽的互联网寒风中，这样的表现令人侧目。长期稳健强势的业绩表现，令丁磊20多年稳居富豪榜前列。中国互联网走过近30年，潮起潮落，新人来旧人去，他还是他。《2022胡润百富榜》中，丁磊以1950亿财富值位居中国第六大富豪，身价上涨了240亿元，比去年前进了8个名次，是前十大富豪中上升幅度最高的企业家。写在最后周鸿祎曾说，丁磊是互联网界唯一不焦虑的人，他有自己的玩法。吴晓波则是说，自己见过的大富豪中几乎没有一个是真快乐。在追问之下，他又补充了一句：“哦，是有一个，丁磊。”以慢制胜，不大规模撒钱投资，让丁磊在如今的互联网寒冬中更加从容。相比其他同行，他舍弃过很多东西——主要是机会和更多财富的诱惑。但正是这些舍弃，让他获得了被周鸿祎和吴晓波认可的那种快乐。而硬币的另一面则在于，对游戏依赖的同时，网易的其他业务一直难以形成气候。丁磊一直在以自己的节奏布局，但行业的机会也在按照自己的节奏，从丁磊面前溜走。互联网低增长的“新常态”下，丁磊心目中“再造网易”的梦想其实已经遥遥无期。但眼前的这个网易，已足够让无数企业家羡慕不已了。","news_type":1,"symbols_score_info":{"NTES":0.9,"09999":0.9}},"isVote":1,"tweetType":1,"viewCount":988,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962562272,"gmtCreate":1669809650797,"gmtModify":1676538247685,"author":{"id":"4099786258906500","authorId":"4099786258906500","name":"David Yu","avatar":"https://static.tigerbbs.com/0cd1774e8c097af4fb7fc8cb40394a6f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099786258906500","authorIdStr":"4099786258906500"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962562272","repostId":"1178477450","repostType":4,"isVote":1,"tweetType":1,"viewCount":1090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}