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极痛黑魂

极痛黑魂

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2023-03-28

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Pre-market | Alibaba launches major organizational reform! Stock price surges 10%

2023-03-26

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Demand for US dollars surges! Central banks around the world reduced their holdings of US Treasury bonds at the fastest pace in nine years

2023-03-21

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Money laundering, tax evasion, espionage cases: How a century-old Swiss investment bank killed itself

2023-03-21

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2023-03-21

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Pinduoduo's overly high expectations suffered a backlash of disappointment.

2023-03-15

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2023-03-15

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Wall Street is in a heated debate over whether or not to include rate hike in March!

2023-03-15

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2023-03-11

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Reminder: Starting March 12, the United States will enter daylight saving time, and US stocks will open one hour earlier.

2023-03-07

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What exactly happened to the bank stocks that Buffett reduced his holdings in?

2023-03-07

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Sea Q4 revenue of $3.5 billion, up 7.1%

2023-03-07

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Fed rate hike panic intensifies, most Asian stock markets saw outflows in February

2023-03-07

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2023-03-05

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Lei Jun's New Story

2023-03-05

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2022-09-22

w

@中国基金报:任溶溶去世

2022-01-04

$阿里巴巴(BABA)$upupupup

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Stock price surges 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1146837828","media":"老虎资讯综合","summary":"3月28日，美股指期货弱势震荡，截止发稿，道指期货涨0.06%，纳指期货涨0.04%，标普500指数期货涨0.02%。盘前行情阿里巴巴盘前大涨10%，张勇宣布设立六大业务集团或将独立上市；中概造车新势","content":"<p><html><head></head><body>On March 28, U.S. stock index futures fluctuated weakly. As of press time, Dow Jones Industrial Average futures were up 0.06%, Nasdaq Composite futures were up 0.04%, and S&P 500 futures were up 0.02%.</p><p><img src=\"https://static.tigerbbs.com/a3a7cf7961c462e3ece685ae528eff0e\" tg-width=\"401\" tg-height=\"198\" referrerpolicy=\"no-referrer\"/></p><p><b>Pre-market price</b></p><p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The stock surged 10% in pre-market trading after Zhang Yong announced the establishment of six major business groups that may be listed independently.</p><p>Chinese concept car manufacturers collectively rose in pre-market trading.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It rose more than 5%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up nearly 4%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>It rose more than 2%;</p><p><a href=\"https://laohu8.com/S/LYFT\">Lyft</a>The stock rose more than 5% in pre-market trading after hiring..<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Former retail executive David Risher is the new CEO;</p><p><a href=\"https://laohu8.com/S/VORB\">Virgin Orbit</a>The stock fell more than 10% in pre-market trading after the suspension of operations and salary payments was extended again.</p><p><a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>The stock rose more than 2% in pre-market trading as Buffett increased his holdings again.<a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>This month, more than $1 billion has been purchased.</p><p><b>European Market</b></p><p>Most major European stock indices rose, with Germany's DAX 30 up 0.22% as of press time.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It rose 0.17%, while the French CAC40 rose 0.23%.</p><p><img src=\"https://static.tigerbbs.com/a9b1671b1191c9540e3dcf660faece22\" tg-width=\"819\" tg-height=\"284\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures rose slightly. As of press time, WTI crude oil was up 0.21% at $72.96 per barrel. Brent crude rose 0.08% to $77.82 a barrel.</p><p><img src=\"https://static.tigerbbs.com/625c07b6b8a42024748dec81b4206dba\" tg-width=\"870\" tg-height=\"832\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/0827feb34a6c4134b2637f72b7e7cef0\" tg-width=\"870\" tg-height=\"830\" referrerpolicy=\"no-referrer\"/></p><p><b>gold</b></p><p>Gold futures rose slightly, up 0.25% at $1,958.6 per ounce as of press time.</p><p><img src=\"https://static.tigerbbs.com/75acdb252662f925c4999a364a114283\" tg-width=\"870\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/></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>Pre-market | Alibaba launches major organizational reform! Stock price surges 10%</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\">\nPre-market | Alibaba launches major organizational reform! Stock price surges 10%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2023-03-28 19:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 28, U.S. stock index futures fluctuated weakly. As of press time, Dow Jones Industrial Average futures were up 0.06%, Nasdaq Composite futures were up 0.04%, and S&P 500 futures were up 0.02%.</p><p><img src=\"https://static.tigerbbs.com/a3a7cf7961c462e3ece685ae528eff0e\" tg-width=\"401\" tg-height=\"198\" referrerpolicy=\"no-referrer\"/></p><p><b>Pre-market price</b></p><p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The stock surged 10% in pre-market trading after Zhang Yong announced the establishment of six major business groups that may be listed independently.</p><p>Chinese concept car manufacturers collectively rose in pre-market trading.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It rose more than 5%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up nearly 4%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>It rose more than 2%;</p><p><a href=\"https://laohu8.com/S/LYFT\">Lyft</a>The stock rose more than 5% in pre-market trading after hiring..<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Former retail executive David Risher is the new CEO;</p><p><a href=\"https://laohu8.com/S/VORB\">Virgin Orbit</a>The stock fell more than 10% in pre-market trading after the suspension of operations and salary payments was extended again.</p><p><a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>The stock rose more than 2% in pre-market trading as Buffett increased his holdings again.<a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>This month, more than $1 billion has been purchased.</p><p><b>European Market</b></p><p>Most major European stock indices rose, with Germany's DAX 30 up 0.22% as of press time.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It rose 0.17%, while the French CAC40 rose 0.23%.</p><p><img src=\"https://static.tigerbbs.com/a9b1671b1191c9540e3dcf660faece22\" tg-width=\"819\" tg-height=\"284\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures rose slightly. As of press time, WTI crude oil was up 0.21% at $72.96 per barrel. Brent crude rose 0.08% to $77.82 a barrel.</p><p><img src=\"https://static.tigerbbs.com/625c07b6b8a42024748dec81b4206dba\" tg-width=\"870\" tg-height=\"832\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/0827feb34a6c4134b2637f72b7e7cef0\" tg-width=\"870\" tg-height=\"830\" referrerpolicy=\"no-referrer\"/></p><p><b>gold</b></p><p>Gold futures rose slightly, up 0.25% at $1,958.6 per ounce as of press time.</p><p><img src=\"https://static.tigerbbs.com/75acdb252662f925c4999a364a114283\" tg-width=\"870\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed4ee39e6b0f45214393093d70ba81a8","relate_stocks":{"BK4579":"人工智能","BK4588":"碎股","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","QNETCN":"纳斯达克中美互联网老虎指数","BK4524":"宅经济概念","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4527":"明星科技股","BK4526":"热门中概股","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BABA":"阿里巴巴","BK4534":"瑞士信贷持仓","BK4503":"景林资产持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4575":"芯片概念","BK4558":"双十一","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4535":"淡马锡持仓","BK4538":"云计算"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146837828","content_text":"3月28日，美股指期货弱势震荡，截止发稿，道指期货涨0.06%，纳指期货涨0.04%，标普500指数期货涨0.02%。盘前行情阿里巴巴盘前大涨10%，张勇宣布设立六大业务集团或将独立上市；中概造车新势力盘前集体走高，小鹏汽车涨超5%，理想汽车涨近4%，蔚来涨超2%；Lyft盘前涨超5%，聘请亚马逊前零售主管David Risher为新任CEO；维珍轨道盘前跌超10%，再次延长暂停运营和暂停发薪的时间；西方石油盘前涨超2%，巴菲特再度加仓西方石油，本月已经累计买入超10亿美元。欧洲市场欧洲主要股指多数上涨，截至发稿，德国DAX30指数涨0.22%，英国富时100涨0.17%，法国CAC40涨0.23%。原油原油期货小幅走高，截止发稿，WTI原油涨0.21%，报72.96美元/桶；布伦特原油涨0.08%，报77.82美元/桶。黄金黄金期货小幅走高，截止发稿，涨0.25%，报1958.6美元/盎司。","news_type":1,"symbols_score_info":{"BABA":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":4858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941013437,"gmtCreate":1679834494930,"gmtModify":1679834499518,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941013437","repostId":"2322108213","repostType":4,"repost":{"id":"2322108213","kind":"highlight","pubTimestamp":1679802924,"share":"https://ttm.financial/m/news/2322108213?lang=en_US&edition=fundamental","pubTime":"2023-03-26 11:55","market":"hk","language":"zh","title":"Demand for US dollars surges! Central banks around the world reduced their holdings of US Treasury bonds at the fastest pace in nine years","url":"https://stock-news.laohu8.com/highlight/detail?id=2322108213","media":"华尔街见闻","summary":"美联储海外流动性工具的使用量也激增，FIMA回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。","content":"<p><html><head></head><body>Abstract: The use of the Federal Reserve's overseas liquidity tools has also surged, with the use of the FIMA repurchase agreement tool reaching a record $60 billion, far exceeding the peak of $1.4 billion reached at the height of the pandemic. As the banking crisis spread and global demand for dollars surged, central banks around the world quickly reduced their holdings of US Treasury bonds to \"cash out,\" and their use of the Federal Reserve's overseas liquidity tools also surged.</p><p>Federal Reserve data shows that in the week ending March 22,<b>Foreign official holdings of U.S. Treasury Bond fell by $76 billion to $2.86 trillion, the largest weekly decline since March 2014.</b></p><p>At the same time,<b>The use of the Federal Reserve's Foreign and International Monetary Administration (FIMA) repurchase agreement tools reached a record $60 billion, far exceeding the peak of $1.4 billion reached at the height of the pandemic.</b></p><p>The Federal Reserve's FIMA repurchase agreement tool was launched on March 31, 2020, to support liquidity in global financial markets and mitigate the impact of the pandemic on the global economy. This tool allows foreign central banks and international organizations to use their holdings of U.S. Treasury Bond as collateral to apply for dollar liquidity from the Federal Reserve to alleviate funding pressures.</p><p>In response to the surge in the use of FIMA repurchase agreement tools, media reports cited...<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the dollar financing rate, we feel that borrowing is precautionary.\"</p><p>It is worth noting that only a small portion of the $136 billion raised by foreign official institutions from the sale of U.S. Treasury bonds and FIMA repurchase agreements flows directly back into the Federal Reserve's balance sheet or broader custody program.</p><p>As of March 22, the balance of the foreign reverse repurchase pool increased by just $3 billion, while institutional securities, including mortgage-backed securities, in the custody of the Federal Reserve increased by just $7 billion.</p><p><b>Analysis by Wrightson ICAP indicates that the above phenomenon suggests that most of the cash raised by central banks may have entered the private market.</b></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>Demand for US dollars surges! Central banks around the world reduced their holdings of US Treasury bonds at the fastest pace in nine years</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\">\nDemand for US dollars surges! Central banks around the world reduced their holdings of US Treasury bonds at the fastest pace in nine years\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\">2023-03-26 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: The use of the Federal Reserve's overseas liquidity tools has also surged, with the use of the FIMA repurchase agreement tool reaching a record $60 billion, far exceeding the peak of $1.4 billion reached at the height of the pandemic. As the banking crisis spread and global demand for dollars surged, central banks around the world quickly reduced their holdings of US Treasury bonds to \"cash out,\" and their use of the Federal Reserve's overseas liquidity tools also surged.</p><p>Federal Reserve data shows that in the week ending March 22,<b>Foreign official holdings of U.S. Treasury Bond fell by $76 billion to $2.86 trillion, the largest weekly decline since March 2014.</b></p><p>At the same time,<b>The use of the Federal Reserve's Foreign and International Monetary Administration (FIMA) repurchase agreement tools reached a record $60 billion, far exceeding the peak of $1.4 billion reached at the height of the pandemic.</b></p><p>The Federal Reserve's FIMA repurchase agreement tool was launched on March 31, 2020, to support liquidity in global financial markets and mitigate the impact of the pandemic on the global economy. This tool allows foreign central banks and international organizations to use their holdings of U.S. Treasury Bond as collateral to apply for dollar liquidity from the Federal Reserve to alleviate funding pressures.</p><p>In response to the surge in the use of FIMA repurchase agreement tools, media reports cited...<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the dollar financing rate, we feel that borrowing is precautionary.\"</p><p>It is worth noting that only a small portion of the $136 billion raised by foreign official institutions from the sale of U.S. Treasury bonds and FIMA repurchase agreements flows directly back into the Federal Reserve's balance sheet or broader custody program.</p><p>As of March 22, the balance of the foreign reverse repurchase pool increased by just $3 billion, while institutional securities, including mortgage-backed securities, in the custody of the Federal Reserve increased by just $7 billion.</p><p><b>Analysis by Wrightson ICAP indicates that the above phenomenon suggests that most of the cash raised by central banks may have entered the private market.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3684881\">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/8535ed7b87b7ffdd85eab3e02f1fb1e0","relate_stocks":{"IEI":"iShares Barclays 3-7 Year Trea","BND":"债券指数ETF-Vanguard美国","IEF":"债券指数ETF-iShares Barclays 7-10年","BK4588":"碎股","SHY":"债券指数ETF-iShares Barclays 1-3年国债","BK4585":"ETF&股票定投概念","TLT":"20+年以上美国国债ETF-iShares","GOVT":"iShares安硕核心美国国债ETF"},"source_url":"https://wallstreetcn.com/articles/3684881","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2322108213","content_text":"摘要：美联储海外流动性工具的使用量也激增，FIMA回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。随着银行业危机蔓延，全球美元需求激增，各国央行快速减持美债“套现”，对美联储海外流动性工具的使用量也激增。美联储数据显示，截至 3 月 22 日的一周，外国官方持有的美国国债减少了 760 亿美元，至 2.86 万亿美元，这是自 2014 年 3 月以来的最大单周降幅。与此同时，美联储外国和国际货币管理局 (FIMA) 回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。美联储FIMA回购协议工具于2020年3月31日推出，旨在支持全球金融市场的流动性，缓解疫情对全球经济的冲击。该工具允许外国中央银行和国际组织将其持有的美国国债作为抵押品向美联储申请美元流动性，以缓解资金压力。针对FIMA回购协议工具使用量激增，媒体援引巴克莱银行策略师Joseph Abate称，“鉴于美元融资利率，我们感觉借贷是预防性的。”值得注意的是，外国官方机构从抛售美债和FIMA回购中筹集的1360亿美元，只有很少一部分直接回流到美联储的资产负债表或更广泛的托管计划中。截至 3 月 22 日，外国逆回购池的余额仅增加了 30 亿美元，而美联储托管的机构证券（包括抵押贷款支持证券）仅增加了 70 亿美元。莱特森债券市场研究公司(Wrightson ICAP)分析指出，上述现象说明中央银行筹集的大部分现金可能进入了私人市场。","news_type":1,"symbols_score_info":{"TLT":0.6,"IEI":0.6,"TNmain":0.6,"ZTmain":0.6,"ZFmain":0.6,"GOVT":0.6,"UBmain":0.6,"BND":1,"SHY":0.6,"ZBmain":0.6,"IEF":0.6}},"isVote":1,"tweetType":1,"viewCount":4840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943635322,"gmtCreate":1679400767466,"gmtModify":1679400771244,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943635322","repostId":"1111560583","repostType":4,"repost":{"id":"1111560583","kind":"news","pubTimestamp":1679397611,"share":"https://ttm.financial/m/news/1111560583?lang=en_US&edition=fundamental","pubTime":"2023-03-21 19:20","market":"us","language":"zh","title":"Money laundering, tax evasion, espionage cases: How a century-old Swiss investment bank killed itself","url":"https://stock-news.laohu8.com/highlight/detail?id=1111560583","media":"阿尔法工场研究院","summary":"导语：经过这次瑞信危机，瑞士银行业的信誉已经破产。这家历史为167年的老牌瑞士投行正在面临前所未有的巨大挑战。在许多新闻中，我们都能看到这家银行的身影：帮助毒枭洗钱，走私鱼产，贿赂，供应链金融舞弊，贷","content":"<p><html><head></head><body>Introduction: Following the Credit Suisse crisis, the credibility of the Swiss banking industry has been ruined.</p><p>This 167-year-old Swiss investment bank is facing unprecedented challenges. We can see this bank in many news reports:</p><p>Helping drug lords launder money, smuggling fish, bribery, supply chain finance fraud, and lending billions to radical hedge fund managers have all cast a huge shadow over the reputation of this century-old investment bank.</p><p>These unbelievable but highly profitable events sound like a movie, yet they are all major reasons why Credit Suisse has fallen to its current state.</p><p>It should be said that Credit Suisse, unlike Lehman Brothers, may not have a huge financial derivatives problem, but like many Wall Street investment banking cancers, it has a deadly culture of greed and an overly aggressive corporate culture that allows companies to take risks and individuals to receive huge rewards and commissions.</p><p>Credit Suisse should manage its people better, in addition to its own balance sheet. This is the same for all investment banks.</p><p>In terms of asset size, Credit Suisse has assets of approximately 530 billion Swiss francs ($573 billion). Its size far exceeds that of SVB Silicon Valley Bank and Signature Bank.</p><p>Credit Suisse has become the most vulnerable link in the European financial system, and with the Federal Reserve's continued rate hike, the bank's own problems have been fully exposed.</p><p>The reason the capital market is paying attention to Credit Suisse is that this long-established investment bank's assets and operations are located all over the world. Therefore, if Credit Suisse were to collapse, it would have unimaginably serious consequences for the global financial system.</p><p>However, the underlying reason lies in Credit Suisse Bank's rapid business expansion over the past decade or so, as well as its complete failure in risk control.</p><p>The chaotic and out-of-control internal controls led to UBS being mired in constant restructuring and leadership changes, to the point that the entire bank eventually lost its clear direction and fell into chaos and a debt quagmire.</p><p>In just 10 years, Credit Suisse has had three CEOs: Tidjane Thiam, Thomas Gottstein, and the current CEO, Ulrich Korner. Gottstein, who had the shortest term, only served a mere five months.</p><p>The following are the CEOs that Credit Suisse has changed over the past decade:</p><p>Tidjane Thiam(2015.3~2020.2) Tan Tianzhong:</p><p><img src=\"https://static.tigerbbs.com/f9e3fc678fad281726665b998a337626\" tg-width=\"440\" tg-height=\"661\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Thomas Gottstein (2022.2~2022.7):</p><p><img src=\"https://static.tigerbbs.com/ded8257801b73a5f46dabaea75900763\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ulrich Körner (2022.7~):</p><p><img src=\"https://static.tigerbbs.com/afe66e3985bb9778e27bbcc98d5a576f\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>So why did Credit Suisse Bank end up in such a state?</p><p><b>Bloodthirsty and greedy corporate culture</b></p><p>As the bank least affected by the 2008 financial crisis, Credit Suisse should have greater advantages and a more stable approach. However, the reality is that even the banks least affected by the financial crisis underwent multiple restructurings in 2002, 2004, 2006, and 2022. Subsequently, they began to cut back on investment operations, lay off employees, and reduce operating costs.</p><p>However, Credit Suisse's DNA seems to be the best interpretation of Gordon Gekko, who uttered the famous line \"GREED IS GOOD\" in the movie Wall Street. Apart from Deutsche Bank, Credit Suisse can basically be considered the average Gordon Gekko of bankers. Under the leadership of former CEO Tidjane Thiam, his successful culture of strict cost control enabled Credit Suisse to turn a profit for a period of time. However, the good times didn't last long, due to the impact of the spy gate. UBS's profits and assets under management peaked in 2021, but its performance declined rapidly in 2022. However, due to his involvement in the wiretapping scandal, he had to resign, which also caused Credit Suisse's reputation to decline significantly.</p><p><img src=\"https://static.tigerbbs.com/cad12ec2457d36cf0eb4cafd18a847b3\" tg-width=\"660\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the internal political struggle at Credit Suisse, UBS executives were accused of using espionage tools and equipment to monitor their own employees. Such illegal investigations continued from 2016 to 2019, with at least seven cases being investigated. Not only were the company's board of directors aware of this, but some of the individuals involved also committed suicide.</p><p>There has been more than one dramatic suicide incident involving the person involved. Patrice Lescaudron was originally one of Credit Suisse's top three super bankers with an annual income 12 times the average of other managing directors and other first-level executives, but he committed suicide in 2020.</p><p>Before his death, Ray Corderon was sentenced to five years in prison for crimes including forging client signatures, embezzling client assets, and causing at least $150 million in losses to clients.</p><p>He vowed to hunt down his clients, including former Georgian Prime Minister Bidzina Ivanishvili and Russian tycoon Vitaly Malkin.</p><p>Where did Ivanishvili and Malkin's enormous wealth come from? How did it get into the Credit Suisse account? And how was it misappropriated by Ray Corderon? The truth was buried because of Ray Corderon's suicide.</p><p>There are many other bizarre things like the wiretapping scandal. We see Credit Suisse Bank active on the front lines of various spy films and commercial blockbusters: the 1MDB scandal in Malaysia, which shook the country's foundation, and the money laundering scandal in Japan, in which Credit Suisse was also involved. Credit Suisse is the main suspect in money laundering by a Bulgarian drug cartel; The assets of the prime minister of the Central Asian country of Georgia were also embezzled by Credit Suisse bankers who forged signatures.</p><p>In short, Credit Suisse has been present everywhere in the dark corruption scandals that have erupted in the past few years.</p><p>From these cases, it is not difficult to conclude that Credit Suisse has a very radical and highly corrupt corporate culture. UBS was found guilty of multiple money laundering cases, with UBS paying a total of $2.6 billion in fines between 2008 and 2012.</p><p>Starting in 2022, Credit Suisse began to accelerate its path to self-destruction.</p><p><img src=\"https://static.tigerbbs.com/02d37e69f89f324b63066ad9c8c8e463\" tg-width=\"796\" tg-height=\"393\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the third quarter of 2020, Credit Suisse managed assets of CHF 1,478.3 billion and net income of CHF 5.3 billion. In early October 2022, Credit Suisse was exposed to be facing a liquidity crisis.</p><p>Credit Suisse's approach has become increasingly aggressive, with two major risk events in 2022, Greensill and Archego, completely extinguishing Credit Suisse's hopes of becoming a top global investment bank.</p><p><img src=\"https://static.tigerbbs.com/5a99f4882e8530f186ba4701324c650d\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/8e6b0afe1aa182406e8ee480cbf565db\" tg-width=\"1024\" tg-height=\"637\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>With Credit Suisse investing in Greensill Capital and Archegos Capital Management successively experiencing margin calls. This not only dealt a fatal blow to Credit Suisse's credibility, but also caused the bank to lose billions of Swiss francs.</p><p>Credit Suisse Bank has begun to see a large number of assets \"flee\".</p><p><img src=\"https://static.tigerbbs.com/45db85294d214765682ed85a7beba95c\" tg-width=\"799\" tg-height=\"414\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It is difficult to recover all of the $10 billion in customer funds it invested in Greenhill. Although Credit Suisse was not the only bank to lose money investing in Archegos, its $5.5 billion loss was far greater than that of other banks.</p><p>The Swiss Financial Markets Authority (FINMA) accused Credit Suisse of deliberately ignoring more than 100 warning signs and dancing on the edge of an abyss in pursuit of unrealistic profits.</p><p>Credit Suisse Bank suffered huge losses after Bill Hwang and his family's wealth management firm Archegos, which caused a major ups and downs in Chinese concept stocks, suffered a margin call. Credit Suisse's 2021 results showed that net expenses related to Archegos amounted to 4.8 billion Swiss francs, or approximately US$4.886 billion.</p><p>On March 1, 2021, Credit Suisse, as the portfolio manager, decided to terminate redemptions and subscriptions for four Supply Chain Finance Funds (SCFFs) in order to protect the rights and interests of fund investors.</p><p>The reason is that the assets held by the supply chain finance fund are mainly existing and future receivables-backed notes originated and arranged by Greensill Capital, which filed for bankruptcy in the UK on March 8, 2021.</p><p>In fact, besides the huge financial losses incurred by Archegos and Greensill, the biggest impact was on Credit Suisse's reputation.</p><p>As a multinational banking group, credit, financial foundation and reputation are the foundation of Credit Suisse. These incidents have severely damaged Credit Suisse's reputation and posed a very severe test to its professional capabilities.</p><p>Credit Suisse clearly understands the far-reaching impact of these two incidents. After completing internal and external investigations, it adjusted its organizational structure, compensation, etc., and re-audited its investment banking division, especially its institutional financing Services (Prime Services).</p><p>It was precisely because of the vulnerabilities in this business that Archegos' margin call dealt a heavy blow to Credit Suisse—and it decided to exit the business.</p><p>The market believes that part of the blame lies with Urs Rohner, who served as chairman of the bank's board of directors from 2011 to 2021, and the aggressive corporate culture he encouraged during his tenure.</p><p>Urus Rohner, Chairman of the Board of Credit Suisse (2011-2021):</p><p><img src=\"https://static.tigerbbs.com/704415f87e69de1c5cfe6e354aa4d056\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The following chart shows Credit Suisse's performance during Urus Rohner's tenure:</p><p><img src=\"https://static.tigerbbs.com/451b0280dd599df2ecbc5f539b3401b8\" tg-width=\"660\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2012, Credit Suisse was exposed for manipulating LIBOR and TIBOR interest rates for profit.</p><p>In 2013, the U.S. Department of Justice investigated details of Credit Suisse's sale of MBS.</p><p>In 2014, the U.S. Congress questioned Credit Suisse for helping its clients illegally evade taxes.</p><p>In 2015, Credit Suisse was accused of trying to monopolize the IRS interest rate swap market with other banks.</p><p><b>Credit Suisse has zero risk control and is deeply involved in financial fraud and crime.</b></p><p>Credit Suisse assisted Archego in manipulating its stock market capitalization and lent it a large amount of money.</p><p>In the GREENSILL case, Credit Suisse provided $10 billion to GREENSILL, but was tricked by SoftBank. Most of the loan funds were not used for supply chain finance refinancing, but were misappropriated for SoftBank's own investments.</p><p>The Archegos incident refers to the margin call at Archegos Capital Management in 2021. This is an American hedge fund operating under the name of a family office, focusing on highly leveraged derivatives investments in US stocks.</p><p>In March 2021, Nomura Holdings and Credit Suisse issued a warning that they expected to face huge losses due to lending to Archegos for securities derivatives trading. This led to a sell-off in global bank stocks on March 29, 2021.</p><p>Archegos was subsequently accused of illegally manipulating the securities market.</p><p>Between March 2020 and March 2021, the company’s Korean-American founder, Bill Hwang, deliberately misled banks by borrowing money and made huge bets on a small number of stocks through complex securities, expanding Archegos’ total market position from $10 billion to $160 billion.</p><p>At the end of March 2021, Bill Hwang sold several stocks because he was unable to maintain his manipulation. Almost all of the stocks heavily invested in by Archegos experienced a sharp drop in price. Bill Hwang, who caused this \"massive margin call of the century,\" was imprisoned as a result.</p><p>The Archegos fund collapsed, resulting in losses of over $10 billion across Wall Street. Credit Suisse also lost $5.5 billion in margin calls, while Nomura Securities, Morgan Stanley, and UBS lost $2.85 billion, $900 million, and $861 million, respectively.</p><p>Before Archegos was liquidated, he had been continuously increasing his holdings in a series of stocks. However, Credit Suisse's regulatory authorities did not address these risks in a timely and effective manner.</p><p>This margin call scandal also triggered a \"reshuffle\" of Credit Suisse's management. Credit Suisse Investment Bank CEO Brian Chin and Chief Risk Officer (CRO) Lara Warner both resigned, and Credit Suisse Chairman Urs Rohner also stepped down at the end of April 2021.</p><p>Almost simultaneously, the collapse of supply chain finance firm Greensill Capital also caused Credit Suisse, which provided its financial backing, to suffer losses of approximately $3 billion.</p><p>A year later, in February 2022, Credit Suisse was exposed for accepting funds from more than 18,000 criminal clients, including oligarchs and drug dealers, to provide them with money laundering and other services. Credit Suisse was subsequently sued by the court, becoming the first major bank in Swiss history to be convicted in a criminal case.</p><p>As shown in the chart below, Credit Suisse CAT bond prices plummeted:</p><p><img src=\"https://static.tigerbbs.com/f0a464ffc12c424b3c176b969a79c38e\" tg-width=\"1024\" tg-height=\"572\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Since 2018, Credit Suisse has been embroiled in various troubles.</p><p><img src=\"https://static.tigerbbs.com/654ffe8a7f1cf7403e09770b0dec0f82\" tg-width=\"692\" tg-height=\"370\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Without customer support, international reputation plummeted.</b></p><p>Even though Credit Suisse Bank has repeatedly announced reform and restructuring plans, these plans have not actually reduced costs. On the contrary, Credit Suisse still rewards employees by tacitly allowing employees and senior executives to \"break the rules\" and even committing crimes to create high growth and high returns.</p><p>This ultimately led to customers losing trust in Credit Suisse, and Credit Suisse also lost the support of its valuable employees.</p><p>Even though Credit Suisse's core capital adequacy ratio reached a stable level of 13.5% in the previous quarter (the legal requirement of 8%), Credit Suisse is still on the verge of collapse due to a large outflow of customer funds (approximately US$120 billion in the fourth quarter) and a sharp drop in its stock price.</p><p>Credit Suisse's reform plan proposed in 2022:</p><p><img src=\"https://static.tigerbbs.com/7335a3c0ddcdbe099a89de7b0ca32eed\" tg-width=\"743\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Credit Suisse proposed a strategic restructuring: starting January 1, 2022, it redivided its business into four divisions – Wealth Management, Investment Banking, Swiss Bank and Asset Management – and four regional divisions – Switzerland, Europe, the Middle East and Africa (EMEA), Asia Pacific and the Americas.</p><p>The three main focuses of the reform plan:</p><p>1) Strengthen its core business by injecting approximately 3 billion Swiss francs into the wealth management department by 2024 to enhance Credit Suisse's balance sheet and organizational structure;</p><p>2) Simplify the business model by establishing an integrated global wealth management department, an integrated global investment bank, and a centralized technology and operations department to optimize structural costs and support strategic investments;</p><p>3) Increase investment in customers, business, talent and technology.</p><p>The 2022 reform plan includes a complete restructuring of its investment bank, cutting 2,700 full-time employees in the fourth quarter, resulting in a cumulative layoff of 9,000 by the end of 2025, transferring a majority stake in its securitization products business, and reducing risk-weighted assets and leveraged exposure.</p><p><b>Credit Suisse Credit Default CDS Swap Soars</b></p><p>The CDS (Credit Default Swap) spread, the most accurate and fastest-responding indicator for measuring Credit Default risk, has already issued a warning:</p><p><img src=\"https://static.tigerbbs.com/f84d8eddb62ad489377e9ed733515033\" tg-width=\"720\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>New Credit Suisse CEO Ulrich Koerner has implemented a sweeping plan to attract uneasy customers and cash back. These actions appear to have paid off in January this year, with the bank claiming a \"net inflow\" of deposits.</p><p>However, on March 9, the U.S. Securities and Exchange Commission (SEC) raised questions about the bank's annual report, forcing Credit Suisse to postpone the release of its financial report. At the same time, PWC issued an adverse opinion.</p><p>On March 15, Credit Suisse's stock price plummeted again after the Saudi National Bank (SNB), Credit Suisse's largest shareholder, ruled out the possibility of increasing its stake in Credit Suisse. SNB holds a 9.9% stake in UBS. Saudi Arabia's sovereign wealth fund also holds a 37% stake in the SNB.</p><p>At this time, the chairman of the board of directors of Saudi Arabian National Bank, Credit Suisse's largest shareholder, said in a media interview that due to regulatory considerations, it would not increase its stake in Credit Suisse or provide any financial assistance.</p><p>On that day, Credit Suisse's stock price closed down 24% at about 1.7 Swiss francs (about US$1.83). The price fell as much as 30% to a historical low during the session, with the lowest price shrinking by 85% compared to February 2021.</p><p><img src=\"https://static.tigerbbs.com/470cd61580e99b2af8ac831cafae18cc\" tg-width=\"750\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As other banks sought to hedge counterparty risk in their transactions with Credit Suisse, the price of one-year CDS jumped above 3,000 basis points from 836 basis points on the 14th (representing a 10% probability of default). However, due to the depletion of market liquidity, few trades were executed.</p><p>Another area also showed signs of pressure, with Credit Suisse's Tier 1 capital replenishment (AT1) bonds trading at less than 80% of face value (a level that usually indicates a company is in trouble). Even bonds maturing in April are currently trading far below face value.</p><p>A sliver of hope? Credit Suisse sought help from the Swiss National Bank (SNB). Ultimately, the Swiss National Bank provided Credit Suisse with a 50 billion Swiss franc (US$54 billion) loan.</p><p><img src=\"https://static.tigerbbs.com/fa80ac68ead31e71cdaa6d758e70eaa8\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>From the perspective of the Swiss National Bank, it had to be bailed out; compared to Lehman Brothers, Credit Suisse would be in a much better position.</p><p>Unlike Lehman and SVB, Credit Suisse has a large amount of liquid assets and access to lending facilities provided by central banks. It is also less sensitive to large changes in interest rates than many of its competitors.</p><p>Credit Suisse has enough liquid assets, similar to money market instruments, to repay half of the total amount of customer deposits and borrowings from other banks.</p><p>Credit Suisse CEO Kerner stated that the bank's liquidity coverage ratio shows that Credit Suisse can withstand large capital outflows lasting more than a month during periods of stress.</p><p>Credit Suisse also stated in a press release that this additional liquidity will support Credit Suisse's core business and customers. Credit Suisse will take the necessary steps to create a simpler, more customer-focused bank.</p><p>Credit Suisse also made cash takeover offers for 10 US dollar-denominated senior debt securities, with a total consideration not exceeding US$2.5 billion; Another cash offer was also announced involving four euro-denominated senior debt securities with a total consideration not exceeding 500 million euros.</p><p>The bad news was that Credit Suisse's financing costs were already very high at this point, and it either needed to raise more funds or faced a breakup.</p><p>The bank may need to issue rights again, or alternatively, it could be \"spun off,\" selling or listing its various business units, including its Swiss branch, asset management division, and wealth management division, separately.</p><p>The Swiss government and regulators also discussed options to stabilize Credit Suisse's situation, including publicly expressing support, providing liquidity support, and more structural remedies—such as breaking up its Swiss subsidiary and merging with its larger Swiss rival, UBS Group.</p><p>If this loan does not solve Credit Suisse's current problems, then Credit Suisse may be merged with other larger banks.</p><p>UBS has stated that it will oppose a merger with Credit Suisse because UBS (UBS prefers to focus on wealth management rather than becoming an investment bank and absorbing more risk exposure like Credit Suisse).</p><p>The $54 billion aid gave Credit Suisse a temporary respite, but if the situation worsens, the money will not last much longer. Therefore, Credit Suisse's top priority is to rebuild customer confidence and new responsibilities, and to retain them by all means possible. If it fails to do so, it will face a greater crisis.</p><p></body></html></p>","source":"lsy1591845786539","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>Money laundering, tax evasion, espionage cases: How a century-old Swiss investment bank killed itself</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\">\nMoney laundering, tax evasion, espionage cases: How a century-old Swiss investment bank killed itself\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">阿尔法工场研究院</strong><span class=\"h-time small\">2023-03-21 19:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Introduction: Following the Credit Suisse crisis, the credibility of the Swiss banking industry has been ruined.</p><p>This 167-year-old Swiss investment bank is facing unprecedented challenges. We can see this bank in many news reports:</p><p>Helping drug lords launder money, smuggling fish, bribery, supply chain finance fraud, and lending billions to radical hedge fund managers have all cast a huge shadow over the reputation of this century-old investment bank.</p><p>These unbelievable but highly profitable events sound like a movie, yet they are all major reasons why Credit Suisse has fallen to its current state.</p><p>It should be said that Credit Suisse, unlike Lehman Brothers, may not have a huge financial derivatives problem, but like many Wall Street investment banking cancers, it has a deadly culture of greed and an overly aggressive corporate culture that allows companies to take risks and individuals to receive huge rewards and commissions.</p><p>Credit Suisse should manage its people better, in addition to its own balance sheet. This is the same for all investment banks.</p><p>In terms of asset size, Credit Suisse has assets of approximately 530 billion Swiss francs ($573 billion). Its size far exceeds that of SVB Silicon Valley Bank and Signature Bank.</p><p>Credit Suisse has become the most vulnerable link in the European financial system, and with the Federal Reserve's continued rate hike, the bank's own problems have been fully exposed.</p><p>The reason the capital market is paying attention to Credit Suisse is that this long-established investment bank's assets and operations are located all over the world. Therefore, if Credit Suisse were to collapse, it would have unimaginably serious consequences for the global financial system.</p><p>However, the underlying reason lies in Credit Suisse Bank's rapid business expansion over the past decade or so, as well as its complete failure in risk control.</p><p>The chaotic and out-of-control internal controls led to UBS being mired in constant restructuring and leadership changes, to the point that the entire bank eventually lost its clear direction and fell into chaos and a debt quagmire.</p><p>In just 10 years, Credit Suisse has had three CEOs: Tidjane Thiam, Thomas Gottstein, and the current CEO, Ulrich Korner. Gottstein, who had the shortest term, only served a mere five months.</p><p>The following are the CEOs that Credit Suisse has changed over the past decade:</p><p>Tidjane Thiam(2015.3~2020.2) Tan Tianzhong:</p><p><img src=\"https://static.tigerbbs.com/f9e3fc678fad281726665b998a337626\" tg-width=\"440\" tg-height=\"661\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Thomas Gottstein (2022.2~2022.7):</p><p><img src=\"https://static.tigerbbs.com/ded8257801b73a5f46dabaea75900763\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ulrich Körner (2022.7~):</p><p><img src=\"https://static.tigerbbs.com/afe66e3985bb9778e27bbcc98d5a576f\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>So why did Credit Suisse Bank end up in such a state?</p><p><b>Bloodthirsty and greedy corporate culture</b></p><p>As the bank least affected by the 2008 financial crisis, Credit Suisse should have greater advantages and a more stable approach. However, the reality is that even the banks least affected by the financial crisis underwent multiple restructurings in 2002, 2004, 2006, and 2022. Subsequently, they began to cut back on investment operations, lay off employees, and reduce operating costs.</p><p>However, Credit Suisse's DNA seems to be the best interpretation of Gordon Gekko, who uttered the famous line \"GREED IS GOOD\" in the movie Wall Street. Apart from Deutsche Bank, Credit Suisse can basically be considered the average Gordon Gekko of bankers. Under the leadership of former CEO Tidjane Thiam, his successful culture of strict cost control enabled Credit Suisse to turn a profit for a period of time. However, the good times didn't last long, due to the impact of the spy gate. UBS's profits and assets under management peaked in 2021, but its performance declined rapidly in 2022. However, due to his involvement in the wiretapping scandal, he had to resign, which also caused Credit Suisse's reputation to decline significantly.</p><p><img src=\"https://static.tigerbbs.com/cad12ec2457d36cf0eb4cafd18a847b3\" tg-width=\"660\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the internal political struggle at Credit Suisse, UBS executives were accused of using espionage tools and equipment to monitor their own employees. Such illegal investigations continued from 2016 to 2019, with at least seven cases being investigated. Not only were the company's board of directors aware of this, but some of the individuals involved also committed suicide.</p><p>There has been more than one dramatic suicide incident involving the person involved. Patrice Lescaudron was originally one of Credit Suisse's top three super bankers with an annual income 12 times the average of other managing directors and other first-level executives, but he committed suicide in 2020.</p><p>Before his death, Ray Corderon was sentenced to five years in prison for crimes including forging client signatures, embezzling client assets, and causing at least $150 million in losses to clients.</p><p>He vowed to hunt down his clients, including former Georgian Prime Minister Bidzina Ivanishvili and Russian tycoon Vitaly Malkin.</p><p>Where did Ivanishvili and Malkin's enormous wealth come from? How did it get into the Credit Suisse account? And how was it misappropriated by Ray Corderon? The truth was buried because of Ray Corderon's suicide.</p><p>There are many other bizarre things like the wiretapping scandal. We see Credit Suisse Bank active on the front lines of various spy films and commercial blockbusters: the 1MDB scandal in Malaysia, which shook the country's foundation, and the money laundering scandal in Japan, in which Credit Suisse was also involved. Credit Suisse is the main suspect in money laundering by a Bulgarian drug cartel; The assets of the prime minister of the Central Asian country of Georgia were also embezzled by Credit Suisse bankers who forged signatures.</p><p>In short, Credit Suisse has been present everywhere in the dark corruption scandals that have erupted in the past few years.</p><p>From these cases, it is not difficult to conclude that Credit Suisse has a very radical and highly corrupt corporate culture. UBS was found guilty of multiple money laundering cases, with UBS paying a total of $2.6 billion in fines between 2008 and 2012.</p><p>Starting in 2022, Credit Suisse began to accelerate its path to self-destruction.</p><p><img src=\"https://static.tigerbbs.com/02d37e69f89f324b63066ad9c8c8e463\" tg-width=\"796\" tg-height=\"393\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the third quarter of 2020, Credit Suisse managed assets of CHF 1,478.3 billion and net income of CHF 5.3 billion. In early October 2022, Credit Suisse was exposed to be facing a liquidity crisis.</p><p>Credit Suisse's approach has become increasingly aggressive, with two major risk events in 2022, Greensill and Archego, completely extinguishing Credit Suisse's hopes of becoming a top global investment bank.</p><p><img src=\"https://static.tigerbbs.com/5a99f4882e8530f186ba4701324c650d\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/8e6b0afe1aa182406e8ee480cbf565db\" tg-width=\"1024\" tg-height=\"637\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>With Credit Suisse investing in Greensill Capital and Archegos Capital Management successively experiencing margin calls. This not only dealt a fatal blow to Credit Suisse's credibility, but also caused the bank to lose billions of Swiss francs.</p><p>Credit Suisse Bank has begun to see a large number of assets \"flee\".</p><p><img src=\"https://static.tigerbbs.com/45db85294d214765682ed85a7beba95c\" tg-width=\"799\" tg-height=\"414\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It is difficult to recover all of the $10 billion in customer funds it invested in Greenhill. Although Credit Suisse was not the only bank to lose money investing in Archegos, its $5.5 billion loss was far greater than that of other banks.</p><p>The Swiss Financial Markets Authority (FINMA) accused Credit Suisse of deliberately ignoring more than 100 warning signs and dancing on the edge of an abyss in pursuit of unrealistic profits.</p><p>Credit Suisse Bank suffered huge losses after Bill Hwang and his family's wealth management firm Archegos, which caused a major ups and downs in Chinese concept stocks, suffered a margin call. Credit Suisse's 2021 results showed that net expenses related to Archegos amounted to 4.8 billion Swiss francs, or approximately US$4.886 billion.</p><p>On March 1, 2021, Credit Suisse, as the portfolio manager, decided to terminate redemptions and subscriptions for four Supply Chain Finance Funds (SCFFs) in order to protect the rights and interests of fund investors.</p><p>The reason is that the assets held by the supply chain finance fund are mainly existing and future receivables-backed notes originated and arranged by Greensill Capital, which filed for bankruptcy in the UK on March 8, 2021.</p><p>In fact, besides the huge financial losses incurred by Archegos and Greensill, the biggest impact was on Credit Suisse's reputation.</p><p>As a multinational banking group, credit, financial foundation and reputation are the foundation of Credit Suisse. These incidents have severely damaged Credit Suisse's reputation and posed a very severe test to its professional capabilities.</p><p>Credit Suisse clearly understands the far-reaching impact of these two incidents. After completing internal and external investigations, it adjusted its organizational structure, compensation, etc., and re-audited its investment banking division, especially its institutional financing Services (Prime Services).</p><p>It was precisely because of the vulnerabilities in this business that Archegos' margin call dealt a heavy blow to Credit Suisse—and it decided to exit the business.</p><p>The market believes that part of the blame lies with Urs Rohner, who served as chairman of the bank's board of directors from 2011 to 2021, and the aggressive corporate culture he encouraged during his tenure.</p><p>Urus Rohner, Chairman of the Board of Credit Suisse (2011-2021):</p><p><img src=\"https://static.tigerbbs.com/704415f87e69de1c5cfe6e354aa4d056\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The following chart shows Credit Suisse's performance during Urus Rohner's tenure:</p><p><img src=\"https://static.tigerbbs.com/451b0280dd599df2ecbc5f539b3401b8\" tg-width=\"660\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2012, Credit Suisse was exposed for manipulating LIBOR and TIBOR interest rates for profit.</p><p>In 2013, the U.S. Department of Justice investigated details of Credit Suisse's sale of MBS.</p><p>In 2014, the U.S. Congress questioned Credit Suisse for helping its clients illegally evade taxes.</p><p>In 2015, Credit Suisse was accused of trying to monopolize the IRS interest rate swap market with other banks.</p><p><b>Credit Suisse has zero risk control and is deeply involved in financial fraud and crime.</b></p><p>Credit Suisse assisted Archego in manipulating its stock market capitalization and lent it a large amount of money.</p><p>In the GREENSILL case, Credit Suisse provided $10 billion to GREENSILL, but was tricked by SoftBank. Most of the loan funds were not used for supply chain finance refinancing, but were misappropriated for SoftBank's own investments.</p><p>The Archegos incident refers to the margin call at Archegos Capital Management in 2021. This is an American hedge fund operating under the name of a family office, focusing on highly leveraged derivatives investments in US stocks.</p><p>In March 2021, Nomura Holdings and Credit Suisse issued a warning that they expected to face huge losses due to lending to Archegos for securities derivatives trading. This led to a sell-off in global bank stocks on March 29, 2021.</p><p>Archegos was subsequently accused of illegally manipulating the securities market.</p><p>Between March 2020 and March 2021, the company’s Korean-American founder, Bill Hwang, deliberately misled banks by borrowing money and made huge bets on a small number of stocks through complex securities, expanding Archegos’ total market position from $10 billion to $160 billion.</p><p>At the end of March 2021, Bill Hwang sold several stocks because he was unable to maintain his manipulation. Almost all of the stocks heavily invested in by Archegos experienced a sharp drop in price. Bill Hwang, who caused this \"massive margin call of the century,\" was imprisoned as a result.</p><p>The Archegos fund collapsed, resulting in losses of over $10 billion across Wall Street. Credit Suisse also lost $5.5 billion in margin calls, while Nomura Securities, Morgan Stanley, and UBS lost $2.85 billion, $900 million, and $861 million, respectively.</p><p>Before Archegos was liquidated, he had been continuously increasing his holdings in a series of stocks. However, Credit Suisse's regulatory authorities did not address these risks in a timely and effective manner.</p><p>This margin call scandal also triggered a \"reshuffle\" of Credit Suisse's management. Credit Suisse Investment Bank CEO Brian Chin and Chief Risk Officer (CRO) Lara Warner both resigned, and Credit Suisse Chairman Urs Rohner also stepped down at the end of April 2021.</p><p>Almost simultaneously, the collapse of supply chain finance firm Greensill Capital also caused Credit Suisse, which provided its financial backing, to suffer losses of approximately $3 billion.</p><p>A year later, in February 2022, Credit Suisse was exposed for accepting funds from more than 18,000 criminal clients, including oligarchs and drug dealers, to provide them with money laundering and other services. Credit Suisse was subsequently sued by the court, becoming the first major bank in Swiss history to be convicted in a criminal case.</p><p>As shown in the chart below, Credit Suisse CAT bond prices plummeted:</p><p><img src=\"https://static.tigerbbs.com/f0a464ffc12c424b3c176b969a79c38e\" tg-width=\"1024\" tg-height=\"572\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Since 2018, Credit Suisse has been embroiled in various troubles.</p><p><img src=\"https://static.tigerbbs.com/654ffe8a7f1cf7403e09770b0dec0f82\" tg-width=\"692\" tg-height=\"370\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Without customer support, international reputation plummeted.</b></p><p>Even though Credit Suisse Bank has repeatedly announced reform and restructuring plans, these plans have not actually reduced costs. On the contrary, Credit Suisse still rewards employees by tacitly allowing employees and senior executives to \"break the rules\" and even committing crimes to create high growth and high returns.</p><p>This ultimately led to customers losing trust in Credit Suisse, and Credit Suisse also lost the support of its valuable employees.</p><p>Even though Credit Suisse's core capital adequacy ratio reached a stable level of 13.5% in the previous quarter (the legal requirement of 8%), Credit Suisse is still on the verge of collapse due to a large outflow of customer funds (approximately US$120 billion in the fourth quarter) and a sharp drop in its stock price.</p><p>Credit Suisse's reform plan proposed in 2022:</p><p><img src=\"https://static.tigerbbs.com/7335a3c0ddcdbe099a89de7b0ca32eed\" tg-width=\"743\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Credit Suisse proposed a strategic restructuring: starting January 1, 2022, it redivided its business into four divisions – Wealth Management, Investment Banking, Swiss Bank and Asset Management – and four regional divisions – Switzerland, Europe, the Middle East and Africa (EMEA), Asia Pacific and the Americas.</p><p>The three main focuses of the reform plan:</p><p>1) Strengthen its core business by injecting approximately 3 billion Swiss francs into the wealth management department by 2024 to enhance Credit Suisse's balance sheet and organizational structure;</p><p>2) Simplify the business model by establishing an integrated global wealth management department, an integrated global investment bank, and a centralized technology and operations department to optimize structural costs and support strategic investments;</p><p>3) Increase investment in customers, business, talent and technology.</p><p>The 2022 reform plan includes a complete restructuring of its investment bank, cutting 2,700 full-time employees in the fourth quarter, resulting in a cumulative layoff of 9,000 by the end of 2025, transferring a majority stake in its securitization products business, and reducing risk-weighted assets and leveraged exposure.</p><p><b>Credit Suisse Credit Default CDS Swap Soars</b></p><p>The CDS (Credit Default Swap) spread, the most accurate and fastest-responding indicator for measuring Credit Default risk, has already issued a warning:</p><p><img src=\"https://static.tigerbbs.com/f84d8eddb62ad489377e9ed733515033\" tg-width=\"720\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>New Credit Suisse CEO Ulrich Koerner has implemented a sweeping plan to attract uneasy customers and cash back. These actions appear to have paid off in January this year, with the bank claiming a \"net inflow\" of deposits.</p><p>However, on March 9, the U.S. Securities and Exchange Commission (SEC) raised questions about the bank's annual report, forcing Credit Suisse to postpone the release of its financial report. At the same time, PWC issued an adverse opinion.</p><p>On March 15, Credit Suisse's stock price plummeted again after the Saudi National Bank (SNB), Credit Suisse's largest shareholder, ruled out the possibility of increasing its stake in Credit Suisse. SNB holds a 9.9% stake in UBS. Saudi Arabia's sovereign wealth fund also holds a 37% stake in the SNB.</p><p>At this time, the chairman of the board of directors of Saudi Arabian National Bank, Credit Suisse's largest shareholder, said in a media interview that due to regulatory considerations, it would not increase its stake in Credit Suisse or provide any financial assistance.</p><p>On that day, Credit Suisse's stock price closed down 24% at about 1.7 Swiss francs (about US$1.83). The price fell as much as 30% to a historical low during the session, with the lowest price shrinking by 85% compared to February 2021.</p><p><img src=\"https://static.tigerbbs.com/470cd61580e99b2af8ac831cafae18cc\" tg-width=\"750\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As other banks sought to hedge counterparty risk in their transactions with Credit Suisse, the price of one-year CDS jumped above 3,000 basis points from 836 basis points on the 14th (representing a 10% probability of default). However, due to the depletion of market liquidity, few trades were executed.</p><p>Another area also showed signs of pressure, with Credit Suisse's Tier 1 capital replenishment (AT1) bonds trading at less than 80% of face value (a level that usually indicates a company is in trouble). Even bonds maturing in April are currently trading far below face value.</p><p>A sliver of hope? Credit Suisse sought help from the Swiss National Bank (SNB). Ultimately, the Swiss National Bank provided Credit Suisse with a 50 billion Swiss franc (US$54 billion) loan.</p><p><img src=\"https://static.tigerbbs.com/fa80ac68ead31e71cdaa6d758e70eaa8\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>From the perspective of the Swiss National Bank, it had to be bailed out; compared to Lehman Brothers, Credit Suisse would be in a much better position.</p><p>Unlike Lehman and SVB, Credit Suisse has a large amount of liquid assets and access to lending facilities provided by central banks. It is also less sensitive to large changes in interest rates than many of its competitors.</p><p>Credit Suisse has enough liquid assets, similar to money market instruments, to repay half of the total amount of customer deposits and borrowings from other banks.</p><p>Credit Suisse CEO Kerner stated that the bank's liquidity coverage ratio shows that Credit Suisse can withstand large capital outflows lasting more than a month during periods of stress.</p><p>Credit Suisse also stated in a press release that this additional liquidity will support Credit Suisse's core business and customers. Credit Suisse will take the necessary steps to create a simpler, more customer-focused bank.</p><p>Credit Suisse also made cash takeover offers for 10 US dollar-denominated senior debt securities, with a total consideration not exceeding US$2.5 billion; Another cash offer was also announced involving four euro-denominated senior debt securities with a total consideration not exceeding 500 million euros.</p><p>The bad news was that Credit Suisse's financing costs were already very high at this point, and it either needed to raise more funds or faced a breakup.</p><p>The bank may need to issue rights again, or alternatively, it could be \"spun off,\" selling or listing its various business units, including its Swiss branch, asset management division, and wealth management division, separately.</p><p>The Swiss government and regulators also discussed options to stabilize Credit Suisse's situation, including publicly expressing support, providing liquidity support, and more structural remedies—such as breaking up its Swiss subsidiary and merging with its larger Swiss rival, UBS Group.</p><p>If this loan does not solve Credit Suisse's current problems, then Credit Suisse may be merged with other larger banks.</p><p>UBS has stated that it will oppose a merger with Credit Suisse because UBS (UBS prefers to focus on wealth management rather than becoming an investment bank and absorbing more risk exposure like Credit Suisse).</p><p>The $54 billion aid gave Credit Suisse a temporary respite, but if the situation worsens, the money will not last much longer. Therefore, Credit Suisse's top priority is to rebuild customer confidence and new responsibilities, and to retain them by all means possible. If it fails to do so, it will face a greater crisis.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/8nBfSnG6iMSzNvvB_vkiRQ\">阿尔法工场研究院</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8020b92aaccfe8e250fc7099ff9f08ce","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/8nBfSnG6iMSzNvvB_vkiRQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111560583","content_text":"导语：经过这次瑞信危机，瑞士银行业的信誉已经破产。这家历史为167年的老牌瑞士投行正在面临前所未有的巨大挑战。在许多新闻中，我们都能看到这家银行的身影：帮助毒枭洗钱，走私鱼产，贿赂，供应链金融舞弊，贷款百亿给激进的对冲基金经理等等，这些都给这家百年投行的声誉蒙上了巨大的阴影。这些匪夷所思但获利巨大的事件，听上去都像在拍电影，然而这些都是导致瑞信银行沦落至今的重要原因。应该说，瑞信银行和雷曼兄弟不同，它或许没有巨大的金融衍生品问题，但是它和众多华尔街的投行毒瘤一样，都有致命的贪欲文化，都有过于激进去让公司承担风险，个人获得巨大报酬和佣金的企业文化。瑞信银行更应该管理好的，除了自己的负债表之外，更应该管好的是自己的人。这点对于所有的投行都一样。从资产规模来说，瑞信资产约为5300亿瑞士法郎（5730亿美元）。体量远超SVB硅谷银行和Signature银行。瑞信银行也成为了欧洲金融体系中最脆弱的一环，随着美联储不断加息，这家银行本身的问题也彻底暴露出来。‍‍‍‍‍‍‍之所以资本市场关注瑞信银行的原因在于，这家老牌投行的资产和业务遍布全球，因此如果瑞信银行倒闭，那么将对全球的金融系统产生难以想象的严重后果。然而背后的原因，在于这10几年来瑞信银行在业务上面的极速扩张，以及完全失败的风险控制。而混乱失控的内部控制导致了瑞银深陷在不断重组，不断更换领导层，以至于最后整家银行失去明确的方向，陷入混乱和债务泥沼的原因。‍‍‍‍‍‍‍‍‍‍‍‍短短10年内，瑞信更换了3任CEO，这三位CEO分别为Tidjane Thiam, Thomas Gottstein以及现任瑞信CEO，Ulrich Korner。最短任期的Gottstein的任期居然只有寥寥五个月。以下为瑞信在这十年里更换的CEO：Tidjane Thiam(2015.3~2020.2) 谭天忠：Thomas Gottstein (2022.2~2022.7)：Ulrich Körner(2022.7~)：那么，为何瑞信银行会沦落到如此田地？嗜血贪婪的企业文化作为08年金融危机中受创最小的银行，瑞信理应拥有更大的优势以及更稳健的作风。然而事实是，即便是受到金融危机影响最小的银行，其分别于2002年、2004年和2006年和2022年进行了多次重组。随后便开始削减投资业务、裁员并压缩运营成本。然而瑞信的DNA仿佛是自带了电影华尔街中说出名句GREED IS GOOD的Gordon Gekko的最佳演绎，除了德意志银行之外，瑞信基本上也算是banker人均Gordon Gekko了。在前任CEO 谭天忠Tidjane Thiam的执掌下，他严控成本的文化成功使得瑞信在一段时间内扭亏为盈。然而好景不长，由于受到间谍门的冲击。瑞银的利润和资产管理规模在2021年达到顶峰，并在2022年业绩迅速下滑。然而由于他卷入监听门事件中，他不得不引咎辞职，也使得瑞信银行的声誉大幅下滑。瑞信银行的内部政治斗争中，瑞银高层被指控运用间谍工具和设备监视自己的员工。这样的违法侦查行径，从2016年持续到2019年，被跟踪调查的案件至少有7件，不仅公司董事会知情，还有涉案人员自杀死亡。涉案人自杀身亡的戏剧化事件不只一宗，雷史考德隆（Patrice Lescaudron）原是瑞信业绩排名前三大的超级银行家，年收入是其他董事总经理等一级主管平均值的12倍，但他在2020年自杀身亡。在死亡前，雷史考德隆被判决五年监禁，犯罪行为有伪造客户签名，挪用客户资产，至少造成客户一亿五千万美元的损失等。誓言追杀他的客户，包括乔治亚前总理伊万尼史维力（Bidzina Ivanishvili）、俄罗斯富豪马尔金（Vitaly Malkin）等人。伊万尼史维力与马尔金的巨额财富，到底从何而来，如何进到瑞信帐户，又如何被雷史考德隆不当挪用？真相因为雷史考德隆的自杀，而石沉大海。类似监听门这样匪夷所思的事情还有很多，我们看到瑞信银行活跃在各种谍战片和商业大片的前线：马来西亚动摇国本的一马基金（1MDB）弊案、日本黑道洗钱弊案，瑞信也都涉入；保加利亚毒品集团洗钱，瑞信是主嫌；中亚国家乔治亚总理的财产，也被瑞信银行家伪造签名挪用。总之，过去几年爆发的暗黑贪腐弊案，到处都有瑞信身影。通过这些案例，我们不难得出一个结论，那就是瑞信银行有着非常激进而且高度腐败的企业文化。瑞银被裁定涉及多起洗钱案件，2008年到2012年期间瑞银缴纳了足足有26亿美元的罚款。2022年开始，瑞信开始加速它的自我灭亡之路。2020年第3季，瑞信管理的资产规模多达14,783亿瑞士法郎，净所得53亿。2022年10月初，瑞士信贷被曝出现流动性危机。瑞士信贷的作风越发激进，在2022年出现的两大风险事件Greensill 和Archego,将瑞士信贷进军全球顶级投行的希望彻底浇灭。随着瑞信投资的格林希尔资本(Greensill Capital)和Archegos资本管理(Archegos Capital Management)接连爆仓。这不仅给瑞信的信誉造成致命打击，还导致该行数十亿瑞郎的损失。瑞信银行开始出现大量资产“逃离”。其投资在格林希尔的100亿美元客户资金很难全部收回。虽然瑞信不是唯一一家投资Archegos而亏损的银行，但瑞信遭受的55亿美元损失远大于其他银行。瑞士金融市场监管局(FINMA)指责瑞信故意忽视了100多个警告信号，在深渊的边缘跳舞，以追寻不切实际的利润。掀起中概股大型起伏风云录的比尔黄（Bill Hwang）及其家族理财室Archegos爆仓，瑞信银行因此而蒙受巨额损失。瑞信的2021年业绩显示，与Archegos相关的净支出高达48亿瑞郎，约合48.86亿美元。2021年3月1日，瑞信作为投资组合管理人的四个供应链金融基金（SCFF）决定终止赎回和认购，以保障基金投资者的权益。原因是供应链金融基金所持有的资产，主要为Greensill Capital发起和安排的现有及未来应收款支持票据，而Greensill Capital已于2021年3月8日在英国申请破产。事实上，Archegos和Greensill除了产生巨额财务损失外，最大的影响是对瑞信声誉的影响。作为一家跨国银行集团，信用、财务基础和名誉是瑞信的立身之本，这些事件重创瑞信的声誉，对其专业能力提出了非常严峻的考验。瑞信显然也明白到这两次事件的深远影响，在完成内部和外部调查后，对组织结构、薪酬等进行了调整，重新审核了其投资银行部门，尤其机构融资服务（Prime Services）。正是因为这项业务的漏洞导致了Archegos爆仓对瑞信造成沉重打击——并决定退出该业务。市场认为部分责任应归咎于2011年至2021年期间担任该银行董事会主席的Urs Rohner以及他在任时鼓励的激进企业文化。瑞信董事会主席Urus Rohner（2011~2021）：下图为Urus Rohner在任时，瑞信的表现：2012年瑞信被爆出操纵LIBOR和TIBOR利率牟利。2013年美国司法部调查瑞信抛售MBS案件细节。2014年美国国会质询瑞信帮助其客户非法逃税。2015年瑞信被指控尝试和其他银行垄断IRS利率互换市场。瑞信零风险控制，深度参与金融舞弊以及犯罪瑞信协助Archego操纵股票市值并且将大量资金借予前者。在GREENSILL的案子里，瑞信将100亿美金的资金提供给GREENSILL，然而被软银所套路，其中大部分的贷款资金并非用于供应链金融的再融资，而是被挪用给了软银旗下自己的投资。Archegos事件是指Archegos资本管理公司（Archegos Capital Management）在2021年爆仓。这是一家以家族办公室名义运作的美国对冲基金，主打高杠杆衍生品美股投资。2021年3月，日本野村控股和瑞信发布预警说，由于贷款给Archegos进行证券衍生品交易，预计将面临巨额亏损。这导致2021年3月29日全球银行股遭到抛售。随后，Archegos被指非法操纵证券市场。2020年3月至2021年3月，该公司的韩裔创始人比尔‧黄（Bill Hwang）故意通过误导向银行借钱，并通过复杂的证券对少数股票进行巨额押注，将Archegos的市场仓位总规模从100亿美元扩大至1,600亿美元。2021年3月底，因无力维持操纵，Bill Hwang抛售多只股票。几乎所有Archegos重仓的股票都出现了价格暴跌。而造成这一“世纪大爆仓”的Bill Hwang也因此锒铛入狱。Archegos基金爆仓，导致整个华尔街的损失超过100亿美元。瑞信也在爆仓中损失55亿美元，野村证券、摩根士丹利和瑞银分别损失28.5亿美元、9亿美元和8.61亿美元。在Archegos爆仓前曾对其持有的一系列股票不断加仓。但瑞信的监管部门并没有对这些风险进行及时有效的处理。这场爆仓风波还引发了瑞信管理层“换血”。瑞信投资银行CEO Brian Chin和首席风险官（CRO）Lara Warner双双辞职，瑞信董事长Urs Rohner也于2021年4月底黯然离任。而几乎就在同一时间，供应链金融公司格林希尔资本（Greensill Capital）的倒闭亦使得为其提供资金支持的瑞信遭受了大约30亿美元的损失。一年后的2022年2月，瑞信又被爆出接受包括寡头、毒贩等超过1.8万名罪犯客户的资金，为他们提供洗钱等服务。瑞信因此被法院起诉，成为瑞士历史上第一家在刑事案件中被判有罪的大型银行。如下图，瑞信CAT债券价格暴跌：从2018开始，瑞信就开始各种麻烦缠身。失去客户支持，国际信誉一落千丈即便瑞信银行多次发布改革重组的计划，最后这些计划并没有真正减少成本，相反，瑞信仍然通过默许员工以及高管“打破规则”，甚至不惜犯罪也要创造高成长高收益的方式来奖励员工。这也导致客户最终对于瑞信失去信任，瑞信也最终失去了宝贵员工的支持。即便瑞信在上一季度的瑞银核心资本充足率仍达到了13.5%的稳定水平（法定要求8%），但此时面临大规模客户资金的流出（第四季度约1200亿美金的资金流出）以及股价的暴跌，瑞信仍然处于崩溃边缘。瑞信在2022年提出的改革计划：瑞信在2022年提出了战略性重组：2022年1月1日起重新将业务划分为四个部门——财富管理、投资银行、瑞士银行（Swiss Bank）和资产管理，以及四个地区部门——瑞士，欧洲、中东和非洲（EMEA），亚太区和美洲。改革计划的三大重心：1）增强其核心业务，在2024年之前，向财富管理部门注入大约30亿瑞郎的资本，增强瑞信的资产负债表和组织结构；2）简化经营模式，设立一体化的全球财富管理部门，一体化的全球投资银行和一个中心化的技术及运营职能部门，以优化结构成本，支持战略投资；3）增加对客户、业务、人才和技术的投资。2022年的改革计划包括彻底重组其投资银第四季度裁减2700名全职雇员从而至2025年底累计裁员9000人、转让证券化产品业务的大部分股权，以及减少风险加权资产和杠杆敞口等。瑞信银行信用违约CDS互换飙升‍‍‍‍‍‍衡量信用违约风险最准确、反应最快的指标-CDS（Credit Default Swap，信用违约交换）价差早已发出警告：新任瑞信CEO柯纳（Ulrich Koerner）实施大刀阔斧的计画，希望吸引不安的客户及现金回流。这些作为似乎在今年1月间有了回报，该行声称存款实现\"净流入\"。然而， 3月9日美国证管会（SEC）对该行年报提出质疑，导致瑞信不得不延后财报年报发布时间。同时PWC会计事务所出具负面的审计报告(adverse opinion)。在3月15日，瑞信最大股东沙乌地国家银行（SNB）排除增持瑞信股份的可能性后，瑞信股价再次暴跌。SNB持有瑞银9.9%的股份。其中沙特主权基金又握有SNB37%的股份。此时连瑞信最大股东沙特阿拉伯国民银行董事会主席接受媒体采访时说，出于监管规定方面考虑，不会增持在瑞信的股份或是提供任何金援。当天，瑞信股价收盘下跌24%，报收于约1.7瑞士法郎（约合1.83美元）；盘中一度下跌30%至历史低位，最低点价格相比2021年2月缩水85%。由于其他银行寻求规避与瑞信交易的对手方风险，一年期CDS价格从14日的836个基点（这代表违约机率为10%）一举跳升至3,000基点以上。然而，由于市场流动性枯竭，很少有交易被执行。另一个领域也显示出了承压迹象，瑞信的一级资本补充（AT1）债券交易价格跌至不到面值的80％（此水准通常表示企业处于困境）。即便是4月到期的债券，目前交易价也远低于面额。一线生机？瑞信寻求瑞士央行SNB的帮助。最终瑞士央行为瑞信提供了一笔500亿瑞郎（540亿美金的贷款）。从瑞士央行的角度来看，它不得不救，如果和雷曼对比，瑞信银行的情况会好得多。瑞信与雷曼和SVB不同的是，瑞信拥有大量流动性资产，而且可获得央行提供的贷款工具，它对利率大幅变动的敏感性也低于许多竞争对手。瑞信有足够的类似货币市场工具的流动性资产，可以偿还客户存款和向其他银行借款总额的一半。瑞信执行长柯纳表示，该行的流动性覆盖率显示瑞信可以承受在压力时期内，持续一个多月的大量资金外流。同时瑞信在声明中表示，这笔额外的流动性将支持瑞信的核心业务和客户。瑞信将采取必要措施来创建一个更简单、更专注于客户需求的银行。瑞信还就10种美元计价高级债务证券提出现金收购要约，总代价不超过25亿美元；还宣布另外一项现金要约，涉及4种欧元计价高级债务证券，总代价不超过5亿欧元。‍‍‍‍‍‍‍‍‍‍坏消息是，此时瑞士信贷的融资成本已经非常高，要么需要筹集更多资金，要么面临分拆。该银行可能需要再次配股，或者另一种选择是“拆分”，将其瑞士分部、资产管理部门和财富管理部门等各个业务部门“单独出售或上市”。瑞士政府和监管机构也讨论了稳定瑞信局势的选项，包括公开表示支持、提供流动性支持，以及更结构性的补救措施——例如拆分瑞士子公司以及与更大的瑞士竞争对手瑞银集团合并。倘若这笔借款无法解决当前瑞信的问题，那么瑞信将可能被其他更大的银行合并。UBS已经表态将反对和瑞信银行进行合并，原因是UBS(瑞银UBS更倾向于做好财富管理，而非像瑞信银行一样成为一个投资银行并消化更多的风险暴露）。这540亿美金的援助让瑞信得以暂时喘息，然而如果情况恶化，这笔钱无法持续更久时间。因此瑞信的当务之急是，重建客户的信心和新任，用尽一切手段留住客户。倘若它无法做到，它将面临更大的危机。","news_type":1,"symbols_score_info":{"CS":0.9}},"isVote":1,"tweetType":1,"viewCount":5200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943635919,"gmtCreate":1679400742032,"gmtModify":1679400745788,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943635919","repostId":"1147797183","repostType":4,"isVote":1,"tweetType":1,"viewCount":4578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943632733,"gmtCreate":1679400716023,"gmtModify":1679400722134,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943632733","repostId":"2321667647","repostType":4,"repost":{"id":"2321667647","kind":"highlight","weMediaInfo":{"introduction":"关注港股圈，这将是一笔最好的投资！","home_visible":1,"media_name":"真是港股圈","id":"34","head_image":"https://static.tigerbbs.com/d530dcbc66604c01adb7b29512a93984"},"pubTimestamp":1679399588,"share":"https://ttm.financial/m/news/2321667647?lang=en_US&edition=fundamental","pubTime":"2023-03-21 19:53","market":"us","language":"zh","title":"Pinduoduo's overly high expectations suffered a backlash of disappointment.","url":"https://stock-news.laohu8.com/highlight/detail?id=2321667647","media":"真是港股圈","summary":"3月20日，拼多多公布了2022年Q4财报，在中概股四季度均超市场预期的表现下，拼多多反倒成唯一一个低于市场预期的。在昨夜财报公布后，拼多多大跌14.17%，跌近5个月以来的低位，此前由于京东百亿补贴","content":"<p><html><head></head><body>On March 20,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>After releasing its Q4 2022 financial report, while all Chinese concept stocks exceeded market expectations in the fourth quarter, Pinduoduo became the only one to fall short of market expectations.</p><p>Following the release of its financial report last night, Pinduoduo's stock price plummeted 14.17%, falling to a near five-month low. This was due to...<a href=\"https://laohu8.com/S/JD\">JD.com</a>The impact of the 10 billion yuan subsidy was not strong, and Pinduoduo's performance outperformed JD.com. So why did its stock price plummet as soon as its financial report was released last night?</p><p>The financial report shows that total revenue in Q4 2022 was RMB 39.82 billion, a year-on-year increase of 46.2% and a quarter-on-quarter increase of 12.2%. Bloomberg's previous consensus forecast was 41.948 billion yuan, with an expected growth rate of 50%, but this time it is significantly lower than that figure.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Non-GAAP net profit attributable to the parent company in Q4 2022 was RMB 12.11 billion, a year-on-year increase of 43.4% and a quarter-on-quarter decrease of 2.7%. Bloomberg's previous consensus forecast was 11.17 billion yuan, which was 8.4% higher than the market expectation.</p><p>Despite the severe consumer situation in Q2 and Q3 last year, Pinduoduo still far exceeded market expectations, which gave institutions more room to imagine Pinduoduo's performance in Q4. Especially given the decline in market share of Alibaba and JD.com last year, people have greater expectations for Pinduoduo, which has increased its market share.</p><p>There are two most obvious reasons why Pinduoduo's financial report failed to meet everyone's expectations.</p><p>First, in order to rapidly expand its overseas version of Pinduoduo's Temu business, Pinduoduo spent a lot of money on marketing to attract customers, which led to a relaxation of Pinduoduo's originally excellent cost control measures.</p><p>Marketing expenses in Q4 2022 were RMB 17.7 billion, a year-on-year increase of 56%, which was higher than the revenue growth rate. Administrative expenses increased from RMB 224 million in the same period of Q4 2021 to RMB 1.64 billion, of which equity incentive expenses accounted for RMB 1.28 billion. This was due to Pinduoduo's efforts to incentivize Temu employees. R&D expenses amounted to 2.4 billion yuan, which is within Pinduoduo's normal level and has not increased.</p><p>The second is that November and December in Q4 last year were deeply troubled by the epidemic, consumption was hampered, and people's demand for medicines surged. Alibaba and JD.com, which have pharmacy delivery businesses, benefit from this, but Pinduoduo does not have this business.</p><p>If we don't consider the high growth brought about by pharmaceuticals, the consumer goods revenue of Alibaba and JD.com is actually not good. The two companies also mentioned in their Q4 financial reports that the high growth of pharmaceuticals offset the decline in consumption in other categories. Because Pinduoduo does not have this business, it does not provide a buffer to offset the decline in revenue from other product categories.</p><p>Looking at business segments, online marketing service revenue in Q4 2022 was RMB 31 billion, a year-on-year increase of 38%, which was slower than the 58% growth rate in Q3 2022 and lower than the higher market expectation of 45-50%. However, this revenue was 125% of JD.com's revenue in the same period and 43.5% of Alibaba's revenue in the same period.</p><p>Although November and December in Q4 last year were stay-at-home periods, which was beneficial to Pinduoduo's daily necessities sales, online shopping still requires someone to deliver goods to your home. In the first two months of last year, logistics and delivery in many regions were not so smooth, and the deterioration in fulfillment rates was also a factor affecting consumption.</p><p>Commission revenue in Q4 2022 was RMB 8.8 billion, a year-on-year increase of 86%, but the growth rate was lower than the 102% growth in Q3 2022. This business revenue exceeded the market expectation of RMB 8.2 billion.</p><p>The gross profit margin in Q4 2022 was 77.6%, slightly higher than the market expectation of 76.6%, and in fact, the gross profit margin did not decline. Gross profit was 30.9 billion yuan, lower than the market expectation of 31.9 billion yuan. This was mainly due to lower revenue and increased marketing expenses.</p><p>Overall, the market was overly optimistic about Pinduoduo's better-than-expected performance in Q2 and Q3 last year, leading to overly high expectations for Q4 performance.</p><p>Alibaba and JD.com performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Excluding pharmaceuticals, revenue from other consumer goods categories actually declined. Alibaba and JD.com have offline delivery capabilities similar to those of Ele.me and JD Daojia, giving them an advantage amid soaring demand for home-based consumption. In contrast, Pinduoduo does not have the capability to deliver medicines offline.</p><p>It is worth noting that JD.com has been launching its so-called 10 billion yuan subsidy campaign for two weeks.</p><p>However, judging from consumer feedback, they did not feel the price advantage mentioned in JD.com's promotion. For example, the promise to \"compensate three times if the price is not lower than that of Duoduo and Tmall\" has not been fulfilled. In some product categories, JD.com's prices are slightly lower than Pinduoduo's; However, in terms of overall product categories, Pinduoduo offers consumers more opportunities.</p><p>Pinduoduo CEO Chen Lei stated that competition within the industry is extremely fierce, and we believe that healthy competition is beneficial to consumers and the entire industry. However, as competition intensifies, it can also become distorted to varying degrees. Serving consumers well is key to creating long-term value.</p><p><b>During the conference call, there was a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment made by the company is carefully considered, and if this investment can bring long-term high-quality development to the company, they will make the investment without hesitation.</b></p><p><b>In the past, not only Alibaba and JD.com, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During periods of rapid growth, people sometimes make some inexplicable investments. This investment did not generate positive feedback for the company, resulting in the company spending both money and effort making some poor investments, a common mistake made by internet companies.</b></p><p><b>This is also one of the reasons why Duan Yongping previously said that it was impossible to buy Tencent heavily, as Tencent would also make some strange investments that shareholders could hardly understand.</b></p><p>Of course, Pinduoduo's scale still cannot be compared to Tencent's, but during the period of rapid corporate development, making good investments is an important cornerstone for the company's better future development, such as Pinduoduo's expansion of its overseas Temu business.</p><p>Chen Lei stated that Temu's business is still in its early stages, and its impact on financial reports is relatively small. However, judging from the Q4 2022 financial report, Pinduoduo's marketing expenditures are likely to increase gradually in the future, which will affect its financial performance.</p><p><b>epilogue</b></p><p>This financial report was not a bad one, but rather a result of overly high market expectations leading to a backlash of disappointment.</p><p>JD.com has launched a price war, but Pinduoduo's low-price advantage has not been shaken. If prices remain at their current levels, Pinduoduo, which started with a low-price strategy, is believed to be able to maintain its competitive edge.</p><p>The growth in pharmaceutical sales provides a buffer for the decline in JD.com's other revenues, but pharmaceuticals are a \"one-time\" source of income and cannot bring sustainable development to JD.com.</p><p>Therefore, the Q1 2023 report is particularly important, as it will reflect how consumer loyalty was distributed in the first quarter of consumption recovery after the pandemic.</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>Pinduoduo's overly high expectations suffered a backlash of disappointment.</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\">\nPinduoduo's overly high expectations suffered a backlash of disappointment.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/34\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d530dcbc66604c01adb7b29512a93984);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">真是港股圈 </p>\n<p class=\"h-time smaller\">2023-03-21 19:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 20,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>After releasing its Q4 2022 financial report, while all Chinese concept stocks exceeded market expectations in the fourth quarter, Pinduoduo became the only one to fall short of market expectations.</p><p>Following the release of its financial report last night, Pinduoduo's stock price plummeted 14.17%, falling to a near five-month low. This was due to...<a href=\"https://laohu8.com/S/JD\">JD.com</a>The impact of the 10 billion yuan subsidy was not strong, and Pinduoduo's performance outperformed JD.com. So why did its stock price plummet as soon as its financial report was released last night?</p><p>The financial report shows that total revenue in Q4 2022 was RMB 39.82 billion, a year-on-year increase of 46.2% and a quarter-on-quarter increase of 12.2%. Bloomberg's previous consensus forecast was 41.948 billion yuan, with an expected growth rate of 50%, but this time it is significantly lower than that figure.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Non-GAAP net profit attributable to the parent company in Q4 2022 was RMB 12.11 billion, a year-on-year increase of 43.4% and a quarter-on-quarter decrease of 2.7%. Bloomberg's previous consensus forecast was 11.17 billion yuan, which was 8.4% higher than the market expectation.</p><p>Despite the severe consumer situation in Q2 and Q3 last year, Pinduoduo still far exceeded market expectations, which gave institutions more room to imagine Pinduoduo's performance in Q4. Especially given the decline in market share of Alibaba and JD.com last year, people have greater expectations for Pinduoduo, which has increased its market share.</p><p>There are two most obvious reasons why Pinduoduo's financial report failed to meet everyone's expectations.</p><p>First, in order to rapidly expand its overseas version of Pinduoduo's Temu business, Pinduoduo spent a lot of money on marketing to attract customers, which led to a relaxation of Pinduoduo's originally excellent cost control measures.</p><p>Marketing expenses in Q4 2022 were RMB 17.7 billion, a year-on-year increase of 56%, which was higher than the revenue growth rate. Administrative expenses increased from RMB 224 million in the same period of Q4 2021 to RMB 1.64 billion, of which equity incentive expenses accounted for RMB 1.28 billion. This was due to Pinduoduo's efforts to incentivize Temu employees. R&D expenses amounted to 2.4 billion yuan, which is within Pinduoduo's normal level and has not increased.</p><p>The second is that November and December in Q4 last year were deeply troubled by the epidemic, consumption was hampered, and people's demand for medicines surged. Alibaba and JD.com, which have pharmacy delivery businesses, benefit from this, but Pinduoduo does not have this business.</p><p>If we don't consider the high growth brought about by pharmaceuticals, the consumer goods revenue of Alibaba and JD.com is actually not good. The two companies also mentioned in their Q4 financial reports that the high growth of pharmaceuticals offset the decline in consumption in other categories. Because Pinduoduo does not have this business, it does not provide a buffer to offset the decline in revenue from other product categories.</p><p>Looking at business segments, online marketing service revenue in Q4 2022 was RMB 31 billion, a year-on-year increase of 38%, which was slower than the 58% growth rate in Q3 2022 and lower than the higher market expectation of 45-50%. However, this revenue was 125% of JD.com's revenue in the same period and 43.5% of Alibaba's revenue in the same period.</p><p>Although November and December in Q4 last year were stay-at-home periods, which was beneficial to Pinduoduo's daily necessities sales, online shopping still requires someone to deliver goods to your home. In the first two months of last year, logistics and delivery in many regions were not so smooth, and the deterioration in fulfillment rates was also a factor affecting consumption.</p><p>Commission revenue in Q4 2022 was RMB 8.8 billion, a year-on-year increase of 86%, but the growth rate was lower than the 102% growth in Q3 2022. This business revenue exceeded the market expectation of RMB 8.2 billion.</p><p>The gross profit margin in Q4 2022 was 77.6%, slightly higher than the market expectation of 76.6%, and in fact, the gross profit margin did not decline. Gross profit was 30.9 billion yuan, lower than the market expectation of 31.9 billion yuan. This was mainly due to lower revenue and increased marketing expenses.</p><p>Overall, the market was overly optimistic about Pinduoduo's better-than-expected performance in Q2 and Q3 last year, leading to overly high expectations for Q4 performance.</p><p>Alibaba and JD.com performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Excluding pharmaceuticals, revenue from other consumer goods categories actually declined. Alibaba and JD.com have offline delivery capabilities similar to those of Ele.me and JD Daojia, giving them an advantage amid soaring demand for home-based consumption. In contrast, Pinduoduo does not have the capability to deliver medicines offline.</p><p>It is worth noting that JD.com has been launching its so-called 10 billion yuan subsidy campaign for two weeks.</p><p>However, judging from consumer feedback, they did not feel the price advantage mentioned in JD.com's promotion. For example, the promise to \"compensate three times if the price is not lower than that of Duoduo and Tmall\" has not been fulfilled. In some product categories, JD.com's prices are slightly lower than Pinduoduo's; However, in terms of overall product categories, Pinduoduo offers consumers more opportunities.</p><p>Pinduoduo CEO Chen Lei stated that competition within the industry is extremely fierce, and we believe that healthy competition is beneficial to consumers and the entire industry. However, as competition intensifies, it can also become distorted to varying degrees. Serving consumers well is key to creating long-term value.</p><p><b>During the conference call, there was a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment made by the company is carefully considered, and if this investment can bring long-term high-quality development to the company, they will make the investment without hesitation.</b></p><p><b>In the past, not only Alibaba and JD.com, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During periods of rapid growth, people sometimes make some inexplicable investments. This investment did not generate positive feedback for the company, resulting in the company spending both money and effort making some poor investments, a common mistake made by internet companies.</b></p><p><b>This is also one of the reasons why Duan Yongping previously said that it was impossible to buy Tencent heavily, as Tencent would also make some strange investments that shareholders could hardly understand.</b></p><p>Of course, Pinduoduo's scale still cannot be compared to Tencent's, but during the period of rapid corporate development, making good investments is an important cornerstone for the company's better future development, such as Pinduoduo's expansion of its overseas Temu business.</p><p>Chen Lei stated that Temu's business is still in its early stages, and its impact on financial reports is relatively small. However, judging from the Q4 2022 financial report, Pinduoduo's marketing expenditures are likely to increase gradually in the future, which will affect its financial performance.</p><p><b>epilogue</b></p><p>This financial report was not a bad one, but rather a result of overly high market expectations leading to a backlash of disappointment.</p><p>JD.com has launched a price war, but Pinduoduo's low-price advantage has not been shaken. If prices remain at their current levels, Pinduoduo, which started with a low-price strategy, is believed to be able to maintain its competitive edge.</p><p>The growth in pharmaceutical sales provides a buffer for the decline in JD.com's other revenues, but pharmaceuticals are a \"one-time\" source of income and cannot bring sustainable development to JD.com.</p><p>Therefore, the Q1 2023 report is particularly important, as it will reflect how consumer loyalty was distributed in the first quarter of consumption recovery after the pandemic.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e42c16a083ab273c19aaae21cdb697a0","relate_stocks":{"PDD":"拼多多"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2321667647","content_text":"3月20日，拼多多公布了2022年Q4财报，在中概股四季度均超市场预期的表现下，拼多多反倒成唯一一个低于市场预期的。在昨夜财报公布后，拼多多大跌14.17%，跌近5个月以来的低位，此前由于京东百亿补贴带来的冲击并不强，拼多多的走势优于京东，但为什么昨夜财报一发，就引起了股价大跌？ 财报显示，22Q4总营收为398.2亿元，同比增长46.2%，环比增长12.2%。此前彭博一致预期为419.48亿元，预期增速将达50%，但这次明显低于该数据。22Q4 Non-GAAP归母净利润为121.1亿元，同比增长43.4%，环比下滑2.7%。此前彭博一致预期为111.7亿元，实际高于市场预期的8.4%。在去年消费形势严峻的Q2和Q3季度下，拼多多仍有大超市场预期的表现，这让机构对拼多多在Q4的表现增多了想象空间。尤其是在去年阿里和京东市场份额下滑的情况下，大家对市场份额增多的拼多多抱有更大期待。拼多多这次财报未能达到大家的预期，有个最直观的原因有两个。一是拼多多为了高速扩展海外版拼多多Temu业务，在营销上花了不少钱揽客，拼多多原本优秀的成本控制环节有所放松。22Q4营销费用支出为177亿元，同比大增56%，比营收增速还高。管理费用从21年Q4同期的2.24亿元增长至16.4亿，其中股权激励费用占12.8亿，这是拼多多为激励Temu员工所致的。研发费用为24亿，处于拼多多的正常水平，并无增多。第二个是去年Q4的11月和12月深受疫情困扰，消费受阻，大家对药品类的需求激增。而有药房配送业务的阿里和京东受益于此，但拼多多却没有这项业务。若不考虑药品带来的高增长，实际上阿里和京东的消费品营收也并不好看。这两家也在Q4财报中提到，药品高增长抵消了其他品类消费的下滑。拼多多由于没这项业务，即没有抵消其他品类营收下滑的缓冲垫。从业务细分来看，22Q4在线营销服务收入为310亿元，同比增长38%，增速慢于22Q3的58%，且低于市场45-50%的较高预期值。但该项收入是京东同期该项收入的125%，为阿里同期该项收入的43.5%。虽然去年Q4的11至12月是居家时间，对拼多多的日用品销售也有好处，但网购始终需要有人把货品送到家，而去年两个月中，很多地区的物流配送并不是那么顺畅，履约率恶化也是影响消费的因素。22Q4佣金收入为88亿元，同比增长86%，但增速低于22Q3增长的102%，该项业务收入超市场预期的82亿元。22Q4毛利率为77.6%，略高于市场预期的76.6%，其实毛利率并未有下滑。毛利润为309亿元，低于市场预期的319亿，这主要还是由于营收少了，及营销费用增多所致。整体而言，市场对拼多多去年Q2和Q3超预期表现过于乐观，导致对Q4业绩期待过高。而阿里和京东在Q4表现不错，与我们上述所说的一样，但主要得益于药品类销售增长。除去药品类外，其他消费品类营收实际下滑。阿里和京东有饿了么和京东到家等线下配送能力，在居家消费需求高涨的情况下占据优势。相比之下，拼多多没有线下配送药品能力。值得注意的是，京东已经打响了所谓的百亿补贴战两周时间。但从消费者反馈来看，并没有感受到京东宣传中所说的价格优势。例如，“价格不比拼多多和天猫低就赔三倍”的承诺并未兑现。在个别品类上，京东价格略低于拼多多；但从整体品类来看，拼多多给消费者更大力度。拼多多CEO陈磊表示，行业内的竞争非常激烈，我们相信良性的竞争对于消费者以及整个行业而言，都是有利的，但有事随着竞争的激烈，这种竞争也会出现不同程度的异化。服务好消费者是创造长期价值的关键所在。在电话会中，有一段话应是投资者关心的：拼多多高管提及到，公司的每一笔投资都会经过审慎考量，如果这笔投资能够为公司带来长期的高质量发展，将毫不犹豫地进行投资。在过去，不仅是阿里和京东，或是腾讯的高速增长期时，都会有时候做一些莫名其妙的投资。而这项投资对公司产生的反馈并不好，这导致公司即花费了钱也花费了精力做一些比较差的投资，这是互联网公司经常会犯的错。这也是段永平之前称为什么无法重手买腾讯的原因之一，腾讯也会做一些奇奇怪怪令股东难以理解的投资。当然，拼多多的体量仍不能跟腾讯相提并论，但在企业高速发展期中，做好投资是公司未来发展更好的重要基石，例如拼多多扩展海外Temu业务。陈磊表示，目前Temu业务仍处于早期的阶段，目前对财报的影响还相对较小。但我们从22Q4这次财报上看，未来拼多多的营销支出应该是会陆续增加，会影响至财报的表现。结语这次财报并非差劲之作，而是市场预期过高导致失望反噬。目前京东打响价格战，并未动摇拼多多低价优势。若就是现在的价格力度，相信靠低价策略出身的拼多多能守好擂台。药品类销售增长为京东其他营收下滑提供缓冲作用，但药品类属于“一次性”收入来源，并不能为京东带来持续发展。因此23年Q1报尤为重要，它将反映出在疫情结束后首个消费复苏季度中消费者忠诚度如何分布。","news_type":1,"symbols_score_info":{"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":5216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949702755,"gmtCreate":1678870747078,"gmtModify":1678870750482,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949702755","repostId":"2319863087","repostType":4,"isVote":1,"tweetType":1,"viewCount":4913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949702517,"gmtCreate":1678870716140,"gmtModify":1678870718637,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949702517","repostId":"1137602481","repostType":4,"repost":{"id":"1137602481","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1678861510,"share":"https://ttm.financial/m/news/1137602481?lang=en_US&edition=fundamental","pubTime":"2023-03-15 14:25","market":"us","language":"zh","title":"Wall Street is in a heated debate over whether or not to include rate hike in March!","url":"https://stock-news.laohu8.com/highlight/detail?id=1137602481","media":"华尔街见闻","summary":"目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点。硅谷银行危机持续发酵，美国通胀涨势再起，美联储下一步会作何打算？隔夜发布的美国2月通胀","content":"<p><html><head></head><body>Most Wall Street analysts currently believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>With the crisis continuing to escalate and US inflation rising again, what will the Federal Reserve do next?</p><p>The U.S. February inflation report released overnight showed that the core CPI was higher than expected month-on-month, and Powell's preferred \"super core inflation\" (excluding housing and rents) rose from 0.36% to 0.5%, the highest level since September last year.</p><p><img src=\"https://static.tigerbbs.com/81828931ab9d7bfab19ac81de792bde9\" tg-width=\"500\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>In addition to housing, entertainment and airfare prices also rose, while egg and meat indices fell, and energy services declined. Although the Manheim index showed a significant increase in used car prices, they unexpectedly declined, which means that used car prices may be relatively lagging behind in the CPI.</p><p>Following the release of the CPI data, the short-term interest rate STIR market's expectations for the Federal Reserve's rate hike of 25 basis points rose slightly, currently at 80%, after falling below 50% earlier.</p><p><img src=\"https://static.tigerbbs.com/17524ed0b30c9240810c5047991fa9c9\" tg-width=\"500\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>Of course, at the same time, we cannot ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry crisis is just the beginning; more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>The outlook for the U.S. banking sector has been downgraded to \"negative,\" citing a sharp deterioration in the operating environment.</p><p><b>What does Wall Street think? Most Wall Street analysts currently believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.</b>This means<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Barclays' call to pause rate hike and Nomura's call for interest rate cuts may be wrong.</p><p><b>Relatively dovish: tending to suspend rate hike or cut interest rates</b></p><p><b>Here are the views of relatively dovish analysts.</b></p><p>Dennis DeBusschere, founder of 22V Research, believes that the CPI will not bring about significant changes:</p><p>CPI inflation data is a hot topic, but it is not a game-changer. The Federal Reserve pays close attention to labor force data, and the market reacted dovish after the release of the non-farm payroll data, which is why the market did not change the probability of rate hike after the CPI was released. Capital Economics economist Andrew Hunter emphasized the negative impact of rate hike on the economy:</p><p>On the surface, the continued rise in inflation has put the Federal Reserve's focus on maintaining financial stability in a difficult position, but even if the current crisis is resolved quickly, we believe...<b>The tightening of credit conditions brought about by rate hike will still cause lasting damage to the economy.</b>Victoria Scholar, head of investment at Interactive Investor, believes:</p><p>When financial conditions tighten and the risk of a U.S. economic recession increases, the impact of the banking crisis can actually ease inflationary pressures.<b>Relative hawks: rate hike 25 basis points</b></p><p>Here are the views of relatively hawkish analysts.</p><p>BMO fixed income strategist Ian Lyngen believes that a rate hike of 25 basis points next week is a foregone conclusion.</p><p>Overall, the latest inflation situation means that a 25 basis point increase in rate hike next week is a foregone conclusion. However, the pressure facing regional banks remains unknown. Ira Jersey BBG Intel The chief U.S. interest rate strategist said:</p><p><b>These data are strong enough to suggest that the Federal Reserve will rate hike by 25 basis points next week.</b>The challenge for the Federal Reserve will be to send a message that it is ready to help ease liquidity in the financial sector, but still needs to fight inflation. Regarding the US Treasury Bond market, we believe that long-term yields will remain in the range of 3.32% to 3.9% ahead of the Federal Reserve meeting. Peter Boockvar, author of the Boock Report, writes:</p><p>We have seen services inflation accelerate again, offsetting the slowdown in goods inflation. Rent growth has been exaggerated, and as housing demand will remain stable, it will still maintain a growth rate of 3-4%. On the other hand, the continued decline in commodity prices means that the slowdown in inflation is sustainable, but as for why I support the Fed's 25 basis point rate hike next week, after which it may pause rate hike.<b>A Fed rate cut next week is pointless; it will not only make the Fed look weak, but it will also make all outspoken hawks look foolish.</b>Renaissance Macro strategist Neil Dutta succinctly points out:</p><p>The details of the inflation report are not positive for the Federal Reserve, with core services inflation (excluding housing) accelerating. CPI data serves as a reminder to the Federal Reserve.<b>The fight against inflation is not over yet. The rate hike is expected to rise by 25 basis points next week, and if SVB hadn't collapsed, the Federal Reserve might have rate hike by 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the Federal Reserve's dilemma of maintaining financial stability and combating inflation:</p><p>So far this year, Powell has frequently used the term \"anti-inflation,\" but Tuesday's report was by no means \"anti-inflationary.\" The Federal Reserve has had to face the fact that rate hike has not only failed to control inflation, but has also begun to destabilize the banking system. Our current situation is that inflation remains high and there is a risk of further economic weakness, especially given the recent bank failures. The Federal Reserve has no good options left.</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>Wall Street is in a heated debate over whether or not to include rate hike in March!</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\">\nWall Street is in a heated debate over whether or not to include rate hike in March!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2023-03-15 14:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Most Wall Street analysts currently believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>With the crisis continuing to escalate and US inflation rising again, what will the Federal Reserve do next?</p><p>The U.S. February inflation report released overnight showed that the core CPI was higher than expected month-on-month, and Powell's preferred \"super core inflation\" (excluding housing and rents) rose from 0.36% to 0.5%, the highest level since September last year.</p><p><img src=\"https://static.tigerbbs.com/81828931ab9d7bfab19ac81de792bde9\" tg-width=\"500\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>In addition to housing, entertainment and airfare prices also rose, while egg and meat indices fell, and energy services declined. Although the Manheim index showed a significant increase in used car prices, they unexpectedly declined, which means that used car prices may be relatively lagging behind in the CPI.</p><p>Following the release of the CPI data, the short-term interest rate STIR market's expectations for the Federal Reserve's rate hike of 25 basis points rose slightly, currently at 80%, after falling below 50% earlier.</p><p><img src=\"https://static.tigerbbs.com/17524ed0b30c9240810c5047991fa9c9\" tg-width=\"500\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>Of course, at the same time, we cannot ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry crisis is just the beginning; more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>The outlook for the U.S. banking sector has been downgraded to \"negative,\" citing a sharp deterioration in the operating environment.</p><p><b>What does Wall Street think? Most Wall Street analysts currently believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.</b>This means<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Barclays' call to pause rate hike and Nomura's call for interest rate cuts may be wrong.</p><p><b>Relatively dovish: tending to suspend rate hike or cut interest rates</b></p><p><b>Here are the views of relatively dovish analysts.</b></p><p>Dennis DeBusschere, founder of 22V Research, believes that the CPI will not bring about significant changes:</p><p>CPI inflation data is a hot topic, but it is not a game-changer. The Federal Reserve pays close attention to labor force data, and the market reacted dovish after the release of the non-farm payroll data, which is why the market did not change the probability of rate hike after the CPI was released. Capital Economics economist Andrew Hunter emphasized the negative impact of rate hike on the economy:</p><p>On the surface, the continued rise in inflation has put the Federal Reserve's focus on maintaining financial stability in a difficult position, but even if the current crisis is resolved quickly, we believe...<b>The tightening of credit conditions brought about by rate hike will still cause lasting damage to the economy.</b>Victoria Scholar, head of investment at Interactive Investor, believes:</p><p>When financial conditions tighten and the risk of a U.S. economic recession increases, the impact of the banking crisis can actually ease inflationary pressures.<b>Relative hawks: rate hike 25 basis points</b></p><p>Here are the views of relatively hawkish analysts.</p><p>BMO fixed income strategist Ian Lyngen believes that a rate hike of 25 basis points next week is a foregone conclusion.</p><p>Overall, the latest inflation situation means that a 25 basis point increase in rate hike next week is a foregone conclusion. However, the pressure facing regional banks remains unknown. Ira Jersey BBG Intel The chief U.S. interest rate strategist said:</p><p><b>These data are strong enough to suggest that the Federal Reserve will rate hike by 25 basis points next week.</b>The challenge for the Federal Reserve will be to send a message that it is ready to help ease liquidity in the financial sector, but still needs to fight inflation. Regarding the US Treasury Bond market, we believe that long-term yields will remain in the range of 3.32% to 3.9% ahead of the Federal Reserve meeting. Peter Boockvar, author of the Boock Report, writes:</p><p>We have seen services inflation accelerate again, offsetting the slowdown in goods inflation. Rent growth has been exaggerated, and as housing demand will remain stable, it will still maintain a growth rate of 3-4%. On the other hand, the continued decline in commodity prices means that the slowdown in inflation is sustainable, but as for why I support the Fed's 25 basis point rate hike next week, after which it may pause rate hike.<b>A Fed rate cut next week is pointless; it will not only make the Fed look weak, but it will also make all outspoken hawks look foolish.</b>Renaissance Macro strategist Neil Dutta succinctly points out:</p><p>The details of the inflation report are not positive for the Federal Reserve, with core services inflation (excluding housing) accelerating. CPI data serves as a reminder to the Federal Reserve.<b>The fight against inflation is not over yet. The rate hike is expected to rise by 25 basis points next week, and if SVB hadn't collapsed, the Federal Reserve might have rate hike by 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the Federal Reserve's dilemma of maintaining financial stability and combating inflation:</p><p>So far this year, Powell has frequently used the term \"anti-inflation,\" but Tuesday's report was by no means \"anti-inflationary.\" The Federal Reserve has had to face the fact that rate hike has not only failed to control inflation, but has also begun to destabilize the banking system. Our current situation is that inflation remains high and there is a risk of further economic weakness, especially given the recent bank failures. The Federal Reserve has no good options left.</body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137602481","content_text":"目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点。硅谷银行危机持续发酵，美国通胀涨势再起，美联储下一步会作何打算？隔夜发布的美国2月通胀报告显示，核心CPI环比高于预期，鲍威尔首选的“超级核心通胀”（不包括住房和租金）从0.36%上升到0.5%，为去年9月以来的最高水平。除住房外，娱乐和机票价格也有所上涨，而鸡蛋和肉类指数下降，能源服务有所下降。尽管Manheim指数显示二手车价格大幅上涨，但二手车价格却意外下行，这意味着CPI中二手车价格可能相对滞后。CPI数据公布后，短期利率STIR市场对美联储加息25个基点的预期小幅上升，目前为80%，在早些时候曾一度跌破50%。当然，同时也不能忽视美国银行业危机，这仅仅是刚开始，可能更多的银行接连倒闭。穆迪下调美国银行业展望至“负面”，称运营环境急剧恶化。华尔街怎么看呢？目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点，这意味着高盛和巴克莱呼吁暂停加息以及野村的降息呼吁可能都是错误的。相对鸽派：倾向暂停加息或降息以下是相对鸽派分析师的看法。22V Research创始人Dennis DeBusschere认为，CPI不会带来很大变动：CPI通胀数据是一大热点，但并不是游戏规则的改变者。美联储非常关注劳动力数据，而且非农发布后市场反应偏鸽，这就是为什么市场在CPI公布后没有改变加息概率。Capital Economics经济学家Andrew Hunter强调加息给经济带来的负面影响：从表面上看，通胀的持续加剧令专注于维持金融稳定美联储陷入困境，但即使当前危机迅速得到解决，我们认为加息带来的信贷条件收紧仍将对经济造成持久损害。Interactive Investor的投资主管Victoria Scholar认为：当金融条件收紧，美国经济衰退风险增加时，银行危机带来的影响实际上会缓解通胀压力。相对鹰派：加息25个基点以下是相对鹰派分析师的看法。BMO固定收益策略师Ian Lyngen认为，下周加息25基点已成定局。总的来说，这次最新通胀情况意味着下周加息25个基点已成定局。但同时，地区性银行业面临的压力仍是个未知数。Ira Jersey BBG Intel首席美国利率策略师表示：这些数据足够强劲，暗示美联储将在下周加息25个基点。美联储面临的挑战将是传达这样一种信息：它准备帮助缓解金融业的流动性，但仍需要抗击通胀。对于美国国债市场，我们认为在美联储会议之前，长期收益率将保持在3.32%至3.9%的区间。Boock Report的作者Peter Boockvar写道：我们看到服务通胀再次加速，抵消了商品通胀的放缓。租金增长被夸大了，由于房屋需求将为稳定，因此仍保持的3—4%的增速。另一方面，商品价格持续下行中意味着通胀放缓是可持续的，但至于为什么我支持美联储下周加息25个基点，之后可能会暂停加息。下周美联储降息是毫无意义，这不仅会显得美联储很软弱，还会让所有直言不讳的鹰派人士看起来很傻。Renaissance Macro策略师Neil Dutta简明扼要地指出：通胀报告的细节对美联储来说并不积极，核心服务通胀（不包括住房）正在加速。CPI数据提醒着美联储，抗通胀斗争还没有结束。预计下周将加息25个基点，如果不是SVB倒闭了，美联储可能加息50个基点。Quadratic Capital Management的创始人Nancy Davis则指出了美联储维护金融稳定和抗击通胀的两难境地：今年到目前为止，鲍威尔经常使用“反通胀”这个词，而周二的报告绝不是“反通胀”。美联储不得不面对这样一个事实，加息不仅未能控制通胀，而且已经开始导致银行体系的不稳定。我们目前的情况是，通货膨胀率仍然很高，经济有进一步疲软的风险，特别是在最近银行倒闭的情况下。美联储已经没有什么好的选择了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949702162,"gmtCreate":1678870682057,"gmtModify":1678870685051,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949702162","repostId":"1100406408","repostType":4,"isVote":1,"tweetType":1,"viewCount":4321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949607851,"gmtCreate":1678548886373,"gmtModify":1678548890090,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949607851","repostId":"1120362149","repostType":4,"repost":{"id":"1120362149","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1678079397,"share":"https://ttm.financial/m/news/1120362149?lang=en_US&edition=fundamental","pubTime":"2023-03-06 13:09","market":"us","language":"zh","title":"Reminder: Starting March 12, the United States will enter daylight saving time, and US stocks will open one hour earlier.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120362149","media":"老虎资讯综合","summary":"美国2023年夏令时将于2023年3月12日美东时间02：00开始，至2023年11月5日美东时间02：00终止。届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日","content":"<p><html><head></head><body>Daylight Saving Time in the United States in 2023 will begin at 02:00 Eastern Time on March 12, 2023, and end at 02:00 Eastern Time on November 5, 2023. At that time, the Beijing time corresponding to the regular trading hours of the US stock market will be advanced by one hour, that is, from 21:30 to 04:00 the next day, Monday to Friday; March 13 was the first trading day for US stocks after the start of daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 9:30 AM - 4:00 PM (No lunch break); Beijing time: 21:30-04:00 the next day</p><p><b>Pre-market trading hours</b></p><p>Eastern Time: 04:00-09:30; Beijing time: 16:00-21:30</p><p><b>After-hours trading</b></p><p>Eastern Time: 16:00-20:00; Beijing time: 04:00-08:00</p><p>(Note: Daylight saving time is from the second Sunday of March to the first Sunday of November each year, and winter time is from the first Sunday of November to the second Sunday of March of the following year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></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>Reminder: Starting March 12, the United States will enter daylight saving time, and US stocks will open one hour earlier.</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\">\nReminder: Starting March 12, the United States will enter daylight saving time, and US stocks will open one hour earlier.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2023-03-06 13:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Daylight Saving Time in the United States in 2023 will begin at 02:00 Eastern Time on March 12, 2023, and end at 02:00 Eastern Time on November 5, 2023. At that time, the Beijing time corresponding to the regular trading hours of the US stock market will be advanced by one hour, that is, from 21:30 to 04:00 the next day, Monday to Friday; March 13 was the first trading day for US stocks after the start of daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 9:30 AM - 4:00 PM (No lunch break); Beijing time: 21:30-04:00 the next day</p><p><b>Pre-market trading hours</b></p><p>Eastern Time: 04:00-09:30; Beijing time: 16:00-21:30</p><p><b>After-hours trading</b></p><p>Eastern Time: 16:00-20:00; Beijing time: 04:00-08:00</p><p>(Note: Daylight saving time is from the second Sunday of March to the first Sunday of November each year, and winter time is from the first Sunday of November to the second Sunday of March of the following year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120362149","content_text":"美国2023年夏令时将于2023年3月12日美东时间02：00开始，至2023年11月5日美东时间02：00终止。届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日04：00；3月13日为进入夏令时后美股首个交易日。交易时间美国东部时间：09：30~16：00 (午间不休市)；北京时间：21：30~次日04：00盘前交易时间美国东部时间：04：00~09：30；北京时间：16：00~21:30盘后交易时间美国东部时间：16：00~20：00；北京时间：04：00~08：00（注：夏令时为每年3月的第二个星期日至11月的第一个星期日，冬令时为每年11月的第一个星期日至次年3月的第二个星期日。）","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":5408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940720328,"gmtCreate":1678190114965,"gmtModify":1678190118473,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940720328","repostId":"1138910794","repostType":4,"repost":{"id":"1138910794","kind":"news","pubTimestamp":1678188302,"share":"https://ttm.financial/m/news/1138910794?lang=en_US&edition=fundamental","pubTime":"2023-03-07 19:25","market":"us","language":"zh","title":"What exactly happened to the bank stocks that Buffett reduced his holdings in?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138910794","media":"丫丫港股圈","summary":"当地时间2月14日，伯克希尔公布了截至2022年12月31日的第四季度持仓情况。总体来看，伯克希尔股票市值2990.08亿美元，环比上升近30亿美元，也是继前两季度下滑后的首次上升。据whale wi","content":"<p><html><head></head><body>On February 14 local time, Berkshire Hathaway released its holdings for the fourth quarter ending December 31, 2022. Overall, Berkshire Hathaway's stock market capitalization was $299.008 billion, up nearly $3 billion quarter-over-quarter, marking the first increase after a decline in the first two quarters.</p><p><b>According to whale wisdom data, Berkshire Hathaway did not build any new stock positions this quarter. Apart from TSMC, which surprised the market more, United Bank of America was the stock that saw the largest reduction in holdings.</b></p><p><b>1. Are bank stocks no longer favored?</b></p><p>It's that time of year again when Buffett makes four moves. Due to his legendary personal status, any move Buffett makes will attract extreme attention from the market. The significant reduction in TSMC's holdings in the fourth quarter of this year, similar to the initial reduction in its holdings in BYD, has also sparked endless speculation among domestic and foreign investors.</p><p><b>While TSMC is certainly worth discussing, I'm more interested in knowing what happened to the bank stocks that Barack Obama reduced his holdings in.</b></p><p>The bank stock that saw a significant reduction in holdings in this round is United Bank, the fifth largest commercial bank in the United States and one of the bank stocks that Berkshire Hathaway has been \"favoring\" since 2006. However, in the third quarter, the bank was already the target of Berkshire Hathaway's largest reduction in holdings, and in the fourth quarter, it reduced its holdings by 71.117 million shares, a quarter-on-quarter reduction of 91%.</p><p>Buffett, who recently stated at the 2021 shareholders' meeting with investors worldwide that he \"has not lost faith in the banking industry,\" seems to be less loyal than his old friend Munger in sticking to his original aspirations.</p><p><b>According to data from whale wisdom, as of the end of the fourth quarter of 2022, the Daily Journal's U.S. stock portfolio included its largest holding, Bank of America, its second largest holding, Wells Fargo, and its fourth largest holding, United Bank of America.</b></p><p><img src=\"https://static.tigerbbs.com/f05ab5516b72ffbda64fbff4b89b46a3\" tg-width=\"1080\" tg-height=\"807\" referrerpolicy=\"no-referrer\"/></p><p>Reducing his holdings in United Bank of America may have \"gone against his original intention,\" but in reality, Buffett's confidence in bank stocks still exists, only in other bank stocks. For example, Bank of America, which he has been investing in since 2011 and is still Berkshire's second-largest holding, is a manifestation of this confidence. And his grasp of this stock may be such that even Buffett himself wants to point out its existence on his personal honor list.</p><p><b>Because 2011, when we bought Bank of America, was a year of real internal and external troubles.</b></p><p>The crises of that year included, but were not limited to: the US debt ceiling crisis, the real estate crisis, the European debt crisis, and even S&P downgraded the United States' highest rating in an unprecedented manner. However, in addition to these external reasons, Bank of America at the time also faced huge losses from being forced to raise its price to acquire Countrywide. By August, when Buffett entered the market, Bank of America's stock price had already halved from $12.88 per share at the beginning of the year.</p><p><img src=\"https://static.tigerbbs.com/80d417583f069f6687d28b9d6a5b0244\" tg-width=\"1080\" tg-height=\"805\" referrerpolicy=\"no-referrer\"/></p><p>Logically speaking, in a scenario where global stock markets plummeted, investors' concerns about the health of the banking industry and the overall economic prospects of the country should have reached their peak, and Bank of America was also facing an internal crisis at the time. However, Buffett still firmly used his most classic tactic at this time - \"Be greedy when others are fearful\".</p><p><b>According to international financial reports: On August 25, 2011, Buffett will invest $5 billion in Bank of America. In the transaction, Berkshire Hathaway acquired $5 billion in Bank of America's preferred shares and warrants to subscribe for 700 million Bank of America common shares at a price of $7.14 per share. These warrant increased Berkshire's book profit to more than $3 billion.</b></p><p>Although Bank of America's stock price subsequently fell far below $7.14 per share, looking back at history, even in 2020, when the US pandemic was at its worst, Bank of America's stock price did not fall below the price at which Buffett entered the market, hitting a low that had only occurred once in 11 years. Buffett's move against the trend was clearly very significant.</p><p>At the time, the only thing supporting Buffett's choice was his trust in Bank of America's new CEO, Brian Moynihan. This seems similar to the logic behind the surge in East Buy: good managers play a crucial role in a company's development and even in regulating investor sentiment. However, unlike Zhenxuan, Bank of America has sufficient performance support and does not have a long-term logic of petty bourgeoisie.</p><p><b>II. Fintech and Undervaluation</b></p><p>In recent years, the market has clearly felt that Berkshire Hathaway's holding style is constantly changing, moving more closely towards the technology sector. Currently, the top holding is a genuine technology giant, which most investors still believe belongs to the old and traditional banking industry. Buffett also prefers to invest in stocks that actively develop fintech.</p><p><b>This is also a step ahead for Bank of America compared to United Bank in its retail banking business.</b></p><p>This comprehensive and integrated financial service, which relies on modern high-tech means and modern business concepts to provide individuals, families and small and medium-sized enterprises, has become one of the important trends in the future development of the banking industry. In the aftermath of the pandemic and amid inflation, for most Americans today, this business, which caters more to individuals and solves their financial difficulties, has undoubtedly become an \"urgent need.\"</p><p><b>According to Bank of America’s 2021 annual report, its retail banking business not only added nearly 1 million new checking accounts and millions of new credit card accounts to the company, but also helped consumers’ investment assets grow by 20% during the year. In addition, Bank of America serves approximately 67 million consumers and small business clients through approximately 3,900 retail financial centers. That year, the company recorded $1.4 trillion in retail business, ranking first in retail deposits in the United States.</b></p><p><img src=\"https://static.tigerbbs.com/02202513699631fa1833b487505dc1d8\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/></p><p>In a sluggish and turbulent macroeconomic environment, banks that actively embrace digital transformation will thrive. In addition to being heavily invested in by Berkshire Hathaway, Bank of America itself is also an excellent investment institution. Consistent with Berkshire Hathaway's investment philosophy, Bank of America also favors technology stocks. According to data from whale wisdom, Bank of America's total holdings in the fourth quarter were approximately $878.015 billion, an increase of about 5% compared to the previous quarter. Among the top five holdings, Microsoft ranked first and Apple ranked second.</p><p>Whether in terms of business development direction or investment targets, Bank of America has made technological transformations that are more youthful than traditional banks and has achieved remarkable results. However, the market does not seem to have had time to react to all of this.<b>As of the fourth quarter of 2022, the company's net interest income increased by 29% year-over-year, investment accounts saw a net inflow of $115 billion, and digital sales increased by 22% year-over-year. However, the corresponding market-to-book ratio is only 1.1 times, while Hozon Bank's market-to-book ratio during the same period was 1.7 (both calculated based on the closing price on the 21st and Q4 2022 data).</b></p><p><b>Clearly, compared to United Bank of America, Bank of America has higher technology-enabled growth potential and a more reasonable (or even undervalued) price. Because of these two points, Berkshire Hathaway significantly reduced its bank holdings after the fourth quarter, focusing only on investing $36 billion in Bank of America shares. With the current \"soft landing\" of the US economic recession becoming increasingly positive, US banks still have long-term growth potential.</b></p><p>If we were to explore domestic bank stocks, there would certainly be companies actively embracing fintech, but judging from the fact that it is only applied to brand copywriting, China Merchants Bank's approach to ChatGPT this time is clearly suspected of riding the wave of popularity.</p><p><img src=\"https://static.tigerbbs.com/90c6af1fd766db975b58a97c99efaef2\" tg-width=\"589\" tg-height=\"148\" referrerpolicy=\"no-referrer\"/></p><p>However, looking at specific data, as of the third quarter of 2022, China Merchants Bank's retail loans amounted to RMB 3,163.669 billion, an increase of 5.89% compared to the end of last year; The balance of retail customer deposits amounted to RMB2,701,873 million, representing an increase of 18.08% as compared with the end of the previous year. Ping An Bank's retail customer assets under management (AUM) amounted to RMB3,532,560 million, representing an increase of 11.0% as compared to the end of last year; Among them, the outstanding balance of personal loans exceeded 2 trillion yuan, an increase of 4.9% from the end of last year. Personal loans in Postal Savings Bank's retail business amounted to RMB4,017,737 million, representing an increase of 6.96% as compared to the end of last year.</p><p><img src=\"https://static.tigerbbs.com/100a8a2d715701ae53595f30fccb4ff2\" tg-width=\"877\" tg-height=\"666\" referrerpolicy=\"no-referrer\"/></p><p>Meanwhile, according to global retail banking data, Bank of China's retail business has the greatest potential due to its large population base. Compared with the good performance of major domestic banks in retail business, the development of retail banking business has clearly become a new focus for performance growth in the traditional banking industry.</p><p><b>III. Conclusion</b></p><p>\"Rare new targets without building positions,\" \"short-term operations of quick in and out,\" and \"bank stocks are no longer favored\"—these behaviors that differ from market expectations may all foreshadow the arrival of Berkshire Hathaway's new investment style. After all, even the most legendary genius will eventually grow old, and Buffett's resignation is a foregone conclusion. Therefore, analyzing any of Berkshire Hathaway's investment behavior from the perspective of \"Buffett\" in the future may be biased, because no one can say for sure how much of Berkshire Hathaway still has Buffett's character.</p><p></body></html></p>","source":"lsy1568959956107","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>What exactly happened to the bank stocks that Buffett reduced his holdings in?</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\">\nWhat exactly happened to the bank stocks that Buffett reduced his holdings in?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">丫丫港股圈</strong><span class=\"h-time small\">2023-03-07 19:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On February 14 local time, Berkshire Hathaway released its holdings for the fourth quarter ending December 31, 2022. Overall, Berkshire Hathaway's stock market capitalization was $299.008 billion, up nearly $3 billion quarter-over-quarter, marking the first increase after a decline in the first two quarters.</p><p><b>According to whale wisdom data, Berkshire Hathaway did not build any new stock positions this quarter. Apart from TSMC, which surprised the market more, United Bank of America was the stock that saw the largest reduction in holdings.</b></p><p><b>1. Are bank stocks no longer favored?</b></p><p>It's that time of year again when Buffett makes four moves. Due to his legendary personal status, any move Buffett makes will attract extreme attention from the market. The significant reduction in TSMC's holdings in the fourth quarter of this year, similar to the initial reduction in its holdings in BYD, has also sparked endless speculation among domestic and foreign investors.</p><p><b>While TSMC is certainly worth discussing, I'm more interested in knowing what happened to the bank stocks that Barack Obama reduced his holdings in.</b></p><p>The bank stock that saw a significant reduction in holdings in this round is United Bank, the fifth largest commercial bank in the United States and one of the bank stocks that Berkshire Hathaway has been \"favoring\" since 2006. However, in the third quarter, the bank was already the target of Berkshire Hathaway's largest reduction in holdings, and in the fourth quarter, it reduced its holdings by 71.117 million shares, a quarter-on-quarter reduction of 91%.</p><p>Buffett, who recently stated at the 2021 shareholders' meeting with investors worldwide that he \"has not lost faith in the banking industry,\" seems to be less loyal than his old friend Munger in sticking to his original aspirations.</p><p><b>According to data from whale wisdom, as of the end of the fourth quarter of 2022, the Daily Journal's U.S. stock portfolio included its largest holding, Bank of America, its second largest holding, Wells Fargo, and its fourth largest holding, United Bank of America.</b></p><p><img src=\"https://static.tigerbbs.com/f05ab5516b72ffbda64fbff4b89b46a3\" tg-width=\"1080\" tg-height=\"807\" referrerpolicy=\"no-referrer\"/></p><p>Reducing his holdings in United Bank of America may have \"gone against his original intention,\" but in reality, Buffett's confidence in bank stocks still exists, only in other bank stocks. For example, Bank of America, which he has been investing in since 2011 and is still Berkshire's second-largest holding, is a manifestation of this confidence. And his grasp of this stock may be such that even Buffett himself wants to point out its existence on his personal honor list.</p><p><b>Because 2011, when we bought Bank of America, was a year of real internal and external troubles.</b></p><p>The crises of that year included, but were not limited to: the US debt ceiling crisis, the real estate crisis, the European debt crisis, and even S&P downgraded the United States' highest rating in an unprecedented manner. However, in addition to these external reasons, Bank of America at the time also faced huge losses from being forced to raise its price to acquire Countrywide. By August, when Buffett entered the market, Bank of America's stock price had already halved from $12.88 per share at the beginning of the year.</p><p><img src=\"https://static.tigerbbs.com/80d417583f069f6687d28b9d6a5b0244\" tg-width=\"1080\" tg-height=\"805\" referrerpolicy=\"no-referrer\"/></p><p>Logically speaking, in a scenario where global stock markets plummeted, investors' concerns about the health of the banking industry and the overall economic prospects of the country should have reached their peak, and Bank of America was also facing an internal crisis at the time. However, Buffett still firmly used his most classic tactic at this time - \"Be greedy when others are fearful\".</p><p><b>According to international financial reports: On August 25, 2011, Buffett will invest $5 billion in Bank of America. In the transaction, Berkshire Hathaway acquired $5 billion in Bank of America's preferred shares and warrants to subscribe for 700 million Bank of America common shares at a price of $7.14 per share. These warrant increased Berkshire's book profit to more than $3 billion.</b></p><p>Although Bank of America's stock price subsequently fell far below $7.14 per share, looking back at history, even in 2020, when the US pandemic was at its worst, Bank of America's stock price did not fall below the price at which Buffett entered the market, hitting a low that had only occurred once in 11 years. Buffett's move against the trend was clearly very significant.</p><p>At the time, the only thing supporting Buffett's choice was his trust in Bank of America's new CEO, Brian Moynihan. This seems similar to the logic behind the surge in East Buy: good managers play a crucial role in a company's development and even in regulating investor sentiment. However, unlike Zhenxuan, Bank of America has sufficient performance support and does not have a long-term logic of petty bourgeoisie.</p><p><b>II. Fintech and Undervaluation</b></p><p>In recent years, the market has clearly felt that Berkshire Hathaway's holding style is constantly changing, moving more closely towards the technology sector. Currently, the top holding is a genuine technology giant, which most investors still believe belongs to the old and traditional banking industry. Buffett also prefers to invest in stocks that actively develop fintech.</p><p><b>This is also a step ahead for Bank of America compared to United Bank in its retail banking business.</b></p><p>This comprehensive and integrated financial service, which relies on modern high-tech means and modern business concepts to provide individuals, families and small and medium-sized enterprises, has become one of the important trends in the future development of the banking industry. In the aftermath of the pandemic and amid inflation, for most Americans today, this business, which caters more to individuals and solves their financial difficulties, has undoubtedly become an \"urgent need.\"</p><p><b>According to Bank of America’s 2021 annual report, its retail banking business not only added nearly 1 million new checking accounts and millions of new credit card accounts to the company, but also helped consumers’ investment assets grow by 20% during the year. In addition, Bank of America serves approximately 67 million consumers and small business clients through approximately 3,900 retail financial centers. That year, the company recorded $1.4 trillion in retail business, ranking first in retail deposits in the United States.</b></p><p><img src=\"https://static.tigerbbs.com/02202513699631fa1833b487505dc1d8\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/></p><p>In a sluggish and turbulent macroeconomic environment, banks that actively embrace digital transformation will thrive. In addition to being heavily invested in by Berkshire Hathaway, Bank of America itself is also an excellent investment institution. Consistent with Berkshire Hathaway's investment philosophy, Bank of America also favors technology stocks. According to data from whale wisdom, Bank of America's total holdings in the fourth quarter were approximately $878.015 billion, an increase of about 5% compared to the previous quarter. Among the top five holdings, Microsoft ranked first and Apple ranked second.</p><p>Whether in terms of business development direction or investment targets, Bank of America has made technological transformations that are more youthful than traditional banks and has achieved remarkable results. However, the market does not seem to have had time to react to all of this.<b>As of the fourth quarter of 2022, the company's net interest income increased by 29% year-over-year, investment accounts saw a net inflow of $115 billion, and digital sales increased by 22% year-over-year. However, the corresponding market-to-book ratio is only 1.1 times, while Hozon Bank's market-to-book ratio during the same period was 1.7 (both calculated based on the closing price on the 21st and Q4 2022 data).</b></p><p><b>Clearly, compared to United Bank of America, Bank of America has higher technology-enabled growth potential and a more reasonable (or even undervalued) price. Because of these two points, Berkshire Hathaway significantly reduced its bank holdings after the fourth quarter, focusing only on investing $36 billion in Bank of America shares. With the current \"soft landing\" of the US economic recession becoming increasingly positive, US banks still have long-term growth potential.</b></p><p>If we were to explore domestic bank stocks, there would certainly be companies actively embracing fintech, but judging from the fact that it is only applied to brand copywriting, China Merchants Bank's approach to ChatGPT this time is clearly suspected of riding the wave of popularity.</p><p><img src=\"https://static.tigerbbs.com/90c6af1fd766db975b58a97c99efaef2\" tg-width=\"589\" tg-height=\"148\" referrerpolicy=\"no-referrer\"/></p><p>However, looking at specific data, as of the third quarter of 2022, China Merchants Bank's retail loans amounted to RMB 3,163.669 billion, an increase of 5.89% compared to the end of last year; The balance of retail customer deposits amounted to RMB2,701,873 million, representing an increase of 18.08% as compared with the end of the previous year. Ping An Bank's retail customer assets under management (AUM) amounted to RMB3,532,560 million, representing an increase of 11.0% as compared to the end of last year; Among them, the outstanding balance of personal loans exceeded 2 trillion yuan, an increase of 4.9% from the end of last year. Personal loans in Postal Savings Bank's retail business amounted to RMB4,017,737 million, representing an increase of 6.96% as compared to the end of last year.</p><p><img src=\"https://static.tigerbbs.com/100a8a2d715701ae53595f30fccb4ff2\" tg-width=\"877\" tg-height=\"666\" referrerpolicy=\"no-referrer\"/></p><p>Meanwhile, according to global retail banking data, Bank of China's retail business has the greatest potential due to its large population base. Compared with the good performance of major domestic banks in retail business, the development of retail banking business has clearly become a new focus for performance growth in the traditional banking industry.</p><p><b>III. Conclusion</b></p><p>\"Rare new targets without building positions,\" \"short-term operations of quick in and out,\" and \"bank stocks are no longer favored\"—these behaviors that differ from market expectations may all foreshadow the arrival of Berkshire Hathaway's new investment style. After all, even the most legendary genius will eventually grow old, and Buffett's resignation is a foregone conclusion. Therefore, analyzing any of Berkshire Hathaway's investment behavior from the perspective of \"Buffett\" in the future may be biased, because no one can say for sure how much of Berkshire Hathaway still has Buffett's character.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/AALidZg6WDF7KHrZI8I66g\">丫丫港股圈</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f05ab5516b72ffbda64fbff4b89b46a3","relate_stocks":{"USB":"美国合众银行"},"source_url":"https://mp.weixin.qq.com/s/AALidZg6WDF7KHrZI8I66g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138910794","content_text":"当地时间2月14日，伯克希尔公布了截至2022年12月31日的第四季度持仓情况。总体来看，伯克希尔股票市值2990.08亿美元，环比上升近30亿美元，也是继前两季度下滑后的首次上升。据whale wisdom数据，伯克希尔在本季度并未新建仓股票，而除了市场更为诧异的台积电外，美国合众银行才是其中被最大幅度减持的个股。一、银行股不再受宠？又是一年四次巴菲特出手的时间节点，由于个人的传奇色彩，巴菲特的任何风吹草动都会受到市场的极致关注。今年四季度的大幅减持台积电和当初减持比亚迪一样，也引起了国内外投资者的无限遐想。台积电固然值得讨论，但我更想知道被老巴减持的银行股到底怎么了？本轮被大幅减持的银行个股是美国合众银行，这家美国第五大的商业银行，是伯克希尔从2006年起就开始“宠幸”的银行股之一。但实际上，在此前的三季度该银行就已经是伯克希尔最大幅度减持的标的，到了四季度又减持了7111.7万股，环比减持幅度高达91%。而前不久还在2021年面向全世界投资者的股东大会上和芒格一致表示：“并非对银行业失去信心”的巴菲特，在坚持初心这一点上似乎并不及老伙计要来的忠贞。据whale wisdom数据显示，截至2022年4季度末，Daily Journal的美股组合包括第一大重仓股美国银行、第二大重仓股富国银行、第四大重仓股美国合众银行。在减仓美国合众银行这件事上或许是“违背初心”，但实际上巴菲特对银行股的信心仍然存在，只不过是放在了其他银行股上，比如从2011年就开始投资，且目前仍处于伯克希尔排名第二大重仓的美国银行，就是这份心心的体现。而对这只股票的把握，可能是连巴菲特本人都想指明写进个人光荣榜的存在。因为在买进美国银行的2011年，是真正意义上的内忧外患。当年的危机包括但不限于：美国债务上限危机、房地产危机、欧洲债务危机，甚至当年连标普都史无前例地调降了美国的最高评级。但除了这些外部原因，当时的美国银行还面临着被迫上调并购Countrywide带来的巨额损失。而距年初12.88美元/股的价格，巴菲特进场的8月，美国银行的股价已经是腰斩的处境。按理说，全球股市暴跌一片的场景，投资者对银行业健康和整个国家经济前景的担忧俨然已经达到了极点，且当时的美银还有内部危机，但这个时候的巴菲特仍然坚定的使出了他最经典的招数——“Be greedy when others are fearful”。据国际财经报道：2011年8月25日，巴菲特将向美国银行投资50亿美元。在该交易中，伯克希尔购入美银50亿美元的优先股，以及享有可按7.14美元/股的价格认购美银7亿普通股的认股权证，而这些权证令伯克希尔账面获利增至逾30亿美元。虽然美银后续的股价远远跌穿了7.14美元/股，但回首历史，即使是美国疫情最严重的2020年，美银的股价也没有跌穿巴菲特当年进场的价格，押中了长达11年只出现一次的低位，巴菲特的这波逆势操作显然很有份量。而在当时，唯一支撑巴菲特做出选择的是对美银新任CEO Brian Moynihan的信任。这似乎跟东方甄选大涨的逻辑有异曲同工之妙，好的管理者对一家企业的发展，甚至是对投资者的情绪调节都有着举足轻重的作用。但和甄选不同的是，美银有足够的业绩支撑、且不属小资的长线逻辑。二、金融科技和低估值这几年来，市场也能明显感觉到伯克希尔的持仓风格在不断变化，要更明显的往科技领域靠拢，目前重仓的第一位就是一个纯正的科技大厂，而在大部分投资者看来仍属于老旧传统的银行业，巴菲特也更青睐于投资积极发展金融科技的个股。而这也是美国银行对比合众银行领先的一步——零售银行业务。这种依托现代高科技手段以及现代经营理念，向个人、家庭和中小企业提供的综合性、一体化的金融服务，已经成为未来银行业发展的重要趋势之一。而在疫情后、通胀下，对于如今大部分的美国民众而言，这种更多的面向个人，解决其窘迫财务状况的业务无疑成为了“急需品”。据美银2021年年报，零售银行业务不仅使公司增加了近100万新支票账户以及数以百万计的新信用卡账户，同时还帮助消费者投资资产在该年期间增长了 20%。此外，美银通过约3900个零售金融中心向约6700万消费者和小型企业客户提供服务，在当年，公司录得零售业务金额1.4万亿美元，在全美零售存款中排名第一。在低迷动荡的宏观环境下，积极拥抱数字化转型的银行，才会发展的更为出众。而除了被伯克希尔重仓持有外，美银本身也是一个优秀的投资机构。和伯克希尔投资理念一致的是，美银也对科技股青睐有加，据whale wisdom数据显示，美银第四季度的持仓总市值约8780.15亿美元，较上一季度环比增长约5%，在前五大重仓股中，微软位列第一，苹果位列第二。不管是业务发展方向还是投资重仓的标的，美银都做出了比传统银行更为年轻化的科技改造，也取得了不俗的成绩，但如今的市场似乎对这一切并没来得及反应。截至2022年四季度，公司净利息收入同比增长 29%，投资账户净流入 1150 亿美元，数字销售额同比增长 22%。但与之匹对的也就是1.1倍的市帐率，而同期的合众银行市帐率为1.7（皆以21日收盘价和22q4数据计算）。显然，与美国合众银行对比来看，美银有更高的科技赋能成长性以及更为合理（甚至是低估）的价格。也正因为这两点，四季度后，伯克希尔大幅减少了所持有的银行股，仅集中投资美国银行的360亿美元股份。而对于目前美国经济衰退“软着陆”越来越真的利好，美国银行的发展仍然存在长期的增长空间。而如果要探究国内银行股，当然也有积极簇拥金融科技的企业，但从仅应用在品牌文案编写上，招行这次接近ChatGPT有明显的的蹭热度嫌疑。不过从具体数据来看，截止2022年三季度数据，招商银行的零售贷款为31,636.69亿元，较上年末增长5.89%；零售客户存款余额为27,018.73 亿元，较上年末增长18.08%。平安银行管理的零售客户资产（AUM）为35,325.60 亿元，较上年末增长 11.0%；其中，个人贷款余额突破 2 万亿元，较上年末增长 4.9%。邮储银行零售业务中的个人贷款为 40,177.37 亿元，较上年末增长 6.96%。同时从全球零售银行数据来看，中国银行的零售业务因人口基数具有最大潜力，对标国内主要银行在零售业务上的良好表现，零售银行业务的开展显然已经成为传统银行业新的业绩增长重点。三、结语“罕见的未建仓新标的”、“快进快出的短线操作”、“银行股不再受宠”，这些种种有别于市场预期的行为可能都在预示着伯克希尔新投资风格的到来，毕竟再传奇的神人也终有老去的一天，巴菲特的让位已经成为既定的事情。所以，日后总以“巴菲特”的口吻去分析伯克希尔的任何投资行为，可能都会有失偏颇，因为现在谁也说不准，如今的伯克希尔还有多少分巴菲特的色彩。","news_type":1,"symbols_score_info":{"USB":0.9}},"isVote":1,"tweetType":1,"viewCount":5449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940720915,"gmtCreate":1678190106038,"gmtModify":1678190109713,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940720915","repostId":"1134960256","repostType":4,"repost":{"id":"1134960256","kind":"news","pubTimestamp":1678188884,"share":"https://ttm.financial/m/news/1134960256?lang=en_US&edition=fundamental","pubTime":"2023-03-07 19:34","market":"us","language":"zh","title":"Sea Q4 revenue of $3.5 billion, up 7.1%","url":"https://stock-news.laohu8.com/highlight/detail?id=1134960256","media":"智通财经APP","summary":"3月7日，Sea公布2022年第四季度及全年业绩。财报显示，Sea第四季度总营收为35亿美元，同比增长7.1%，市场预期为30.64亿美元。受到与数字娱乐业务的某些历史投资相关的1.777亿美元商誉减","content":"<p><html><head></head><body>On March 7, Sea announced its fourth quarter and full year 2022 results. According to the financial report, Sea's total revenue in the fourth quarter was US$3.5 billion, up 7.1% year-on-year, and the market expectation was US$3.064 billion.</p><p>Affected by the negative impact of goodwill impairment of $177.7 million related to certain historical investments in the digital entertainment business, as well as the positive impact of net gain on debt settlement of $199.7 million, and the reversal of previous accruals on certain expenses of approximately $130 million, the net profit reached $423 million, compared with a loss of $616 million in the same period last year and a market expected loss of $384 million; Earnings per share were $0.72, compared to a loss of $1.12 in the prior-year quarter and the market estimate for a loss of $0.833.</p><p>Gross profit was $1.7 billion, up 29.5% year over year. Adjusted EBITDA was $496 million, compared to a loss of $492 million in the year-ago quarter and the market expectation for a loss of $249.8 million.</p><p>By business, e-commerce revenue was $2.1 billion, up 31.8% year over year. Total orders stood at 1.7 billion, compared to $2 billion a year earlier, and total merchandise transactions (GMV) stood at $18 billion, compared to $18.2 billion a year earlier.</p><p>Digital entertainment revenue was $949 million, compared to $893 million in the previous quarter, with 486 million quarterly active users, compared to 568 million in the previous quarter, and 43.6 million paying subscribers, representing a 9.0% percentage of paying subscribers compared to 9.1% in the previous quarter.</p><p>Digital financial services revenue was $380 million, up 92.5% year-over-year.</p><p>In the fourth quarter, the Company repurchased 0.25% convertible senior notes due 2026 with an aggregate principal amount of $817.2 million for a cash consideration of $611.3 million, which resulted in debt settlement gains of $199.7 million, including accelerated deferred issuance costs of $6.2 million, and future interest expense savings of $7.7 million.</p><p>In terms of full-year results, the company's revenue was $12.4 billion, up 25.1% year-on-year; Gross profit was US$5.2 billion, up 33.1% year-on-year; Net loss of US$1.7 billion, narrowing by 18.9% year-on-year; Adjusted EBITDA was a loss of $878 million, compared to a loss of $594 million a year earlier.</p><p>Forrest Li, chairman and group CEO of Sea, said: \"Since the end of last year, our decisive focus on efficiency and profitability has driven meaningful profit improvements. As we continue to transform and maintain our focus on sustainable growth, our approach is to do less but do better when it comes to serving users across the digital ecosystem.\"</p><p>Separately, Li added: \"Given the macro uncertainty and our recent decisive change of focus, we are closely monitoring the market environment and we will continue to adjust the pace and fine-tune our business accordingly. While our performance may be volatile in the short term, we remain confident in the long-term growth potential of the market and will fully capture this opportunity.\"</p><p>Sea Ltd rose more than 8% premarket after the earnings release.</p><p><img src=\"https://static.tigerbbs.com/3c6d0ceaaf2ffdc308e8055b0413c2c1\" tg-width=\"527\" tg-height=\"540\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","source":"highlight_zhitongcaijin","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>Sea Q4 revenue of $3.5 billion, up 7.1%</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\">\nSea Q4 revenue of $3.5 billion, up 7.1%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经APP</strong><span class=\"h-time small\">2023-03-07 19:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 7, Sea announced its fourth quarter and full year 2022 results. According to the financial report, Sea's total revenue in the fourth quarter was US$3.5 billion, up 7.1% year-on-year, and the market expectation was US$3.064 billion.</p><p>Affected by the negative impact of goodwill impairment of $177.7 million related to certain historical investments in the digital entertainment business, as well as the positive impact of net gain on debt settlement of $199.7 million, and the reversal of previous accruals on certain expenses of approximately $130 million, the net profit reached $423 million, compared with a loss of $616 million in the same period last year and a market expected loss of $384 million; Earnings per share were $0.72, compared to a loss of $1.12 in the prior-year quarter and the market estimate for a loss of $0.833.</p><p>Gross profit was $1.7 billion, up 29.5% year over year. Adjusted EBITDA was $496 million, compared to a loss of $492 million in the year-ago quarter and the market expectation for a loss of $249.8 million.</p><p>By business, e-commerce revenue was $2.1 billion, up 31.8% year over year. Total orders stood at 1.7 billion, compared to $2 billion a year earlier, and total merchandise transactions (GMV) stood at $18 billion, compared to $18.2 billion a year earlier.</p><p>Digital entertainment revenue was $949 million, compared to $893 million in the previous quarter, with 486 million quarterly active users, compared to 568 million in the previous quarter, and 43.6 million paying subscribers, representing a 9.0% percentage of paying subscribers compared to 9.1% in the previous quarter.</p><p>Digital financial services revenue was $380 million, up 92.5% year-over-year.</p><p>In the fourth quarter, the Company repurchased 0.25% convertible senior notes due 2026 with an aggregate principal amount of $817.2 million for a cash consideration of $611.3 million, which resulted in debt settlement gains of $199.7 million, including accelerated deferred issuance costs of $6.2 million, and future interest expense savings of $7.7 million.</p><p>In terms of full-year results, the company's revenue was $12.4 billion, up 25.1% year-on-year; Gross profit was US$5.2 billion, up 33.1% year-on-year; Net loss of US$1.7 billion, narrowing by 18.9% year-on-year; Adjusted EBITDA was a loss of $878 million, compared to a loss of $594 million a year earlier.</p><p>Forrest Li, chairman and group CEO of Sea, said: \"Since the end of last year, our decisive focus on efficiency and profitability has driven meaningful profit improvements. As we continue to transform and maintain our focus on sustainable growth, our approach is to do less but do better when it comes to serving users across the digital ecosystem.\"</p><p>Separately, Li added: \"Given the macro uncertainty and our recent decisive change of focus, we are closely monitoring the market environment and we will continue to adjust the pace and fine-tune our business accordingly. While our performance may be volatile in the short term, we remain confident in the long-term growth potential of the market and will fully capture this opportunity.\"</p><p>Sea Ltd rose more than 8% premarket after the earnings release.</p><p><img src=\"https://static.tigerbbs.com/3c6d0ceaaf2ffdc308e8055b0413c2c1\" tg-width=\"527\" tg-height=\"540\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/888126.html\">智通财经APP</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/41bbb447b77f48f3eaf5c5a8c43fa372","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://www.zhitongcaijing.com/content/detail/888126.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1134960256","content_text":"3月7日，Sea公布2022年第四季度及全年业绩。财报显示，Sea第四季度总营收为35亿美元，同比增长7.1%，市场预期为30.64亿美元。受到与数字娱乐业务的某些历史投资相关的1.777亿美元商誉减值的负面影响，以及债务清偿净收益1.997亿美元，和先前对某些费用的应计项目转回约1.3亿美元的积极影响，净利润达到4.23亿美元，上年同期亏损6.16亿美元，市场预期亏损3.84亿美元;每股收益为0.72美元，上年同期亏损1.12美元，市场预期为亏损0.833美元。毛利润为17亿美元，同比增长29.5%。调整后EBITDA为4.96亿美元，上年同期为亏损4.92亿美元，市场预期亏损2.498亿美元。按业务划分，电子商务营收为21亿美元，同比增长31.8%。总订单为17亿，上年同期为20亿美元，商品交易总额(GMV)为180亿美元，上年同期为182亿美元。数字娱乐营收为9.49亿美元，上一季度为8.93亿美元，季度活跃用户为4.86亿，上一季度为5.68亿，付费用户为4360万，付费用户比例为9.0%，上一季度为9.1%。数字金融服务营收为3.80亿美元，同比增长92.5%。第四季度，公司以6.113亿美元的现金对价回购了2026年到期、本金总额为8.172亿美元的0.25%可转换优先票据，这导致了1.997亿美元的债务清偿收益，包括620万美元的加速延期发行成本，以及770万美元的未来利息支出节省。全年业绩方面，该公司营收为124亿美元，同比增长25.1%;毛利润为52亿美元，同比增长33.1%;净亏损17亿美元，同比缩窄18.9%;调整后EBITDA亏损8.78亿美元，上年同期亏损5.94亿美元。Sea董事长兼集团首席执行官Forrest Li表示：“自去年年底以来，我们果断将重点放在效率和盈利能力上，这已经推动了有意义的利润改善。随着我们继续转型，并保持对可持续增长的关注，我们的方法是在为整个数字生态系统的用户提供服务时，做得更少，但做得更好。”另外，Li补充道：“鉴于宏观不确定性和我们最近果断改变重心，我们正在密切监测市场环境，我们将继续调整步伐，并相应地微调我们的业务。虽然短期内我们的业绩可能会出现波动，但我们仍然对市场的长期增长潜力充满信心，并将全力抓住这一机遇。”财报发布后，Sea Ltd盘前涨超8%。","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":1602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940720022,"gmtCreate":1678190096167,"gmtModify":1678190099544,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940720022","repostId":"2317452427","repostType":4,"repost":{"id":"2317452427","kind":"highlight","pubTimestamp":1678188979,"share":"https://ttm.financial/m/news/2317452427?lang=en_US&edition=fundamental","pubTime":"2023-03-07 19:36","market":"us","language":"zh","title":"Fed rate hike panic intensifies, most Asian stock markets saw outflows in February","url":"https://stock-news.laohu8.com/highlight/detail?id=2317452427","media":"智通财经网","summary":"由于强劲的美国经济数据引发市场担忧美联储维持利率的时间将超过预期，2月份亚洲除中国以外的多数新兴市场股市都出现了外资外流。据证券交易所的数据显示，外国人在泰国、印度、菲律宾和越南市场净抛售了价值21亿","content":"<p><html><head></head><body>Most Asian emerging market equity markets except China saw foreign capital outflows in February as strong U.S. economic data raised fears that the Federal Reserve would hold interest rates longer than expected. Foreigners sold a net $2.1 billion worth of shares in the markets of Thailand, India, the Philippines and Vietnam, according to stock exchange data.</p><p>It is understood that consumer inflation in the United States was higher than expected in January, and employment growth accelerated, prompting a change in the market's view on the Fed's policy. Moreover, the trend of money flowing from South Asia into North Asian stock markets continued in February as China plans to reopen its borders.</p><p>Among them, the Thai stock market suffered $1.28 billion in foreign capital outflows, the largest monthly net sales by foreign investors since April 2020.</p><p>Meanwhile, the Indian and Philippine stock markets also recorded foreign capital outflows of $647 million and $155 million respectively. However, foreigners bought South Korea and Taiwan for the second month in a row, with inflows of $918 million and $877 million, respectively.</p><p>Indonesian stocks, on the other hand, received $378 million in February after seeing outflows worth $1.55 billion in the first two months.</p><p>Analyst Opinion</p><p><a href=\"https://laohu8.com/S/0HB5.UK\">BNP Paribas</a>Manishi Raychaudhuri, head of equity research in Asia Pacific, said: \"We believe that the main reason for the weak FII flow in February is a profound shift in the market's expectations for the trajectory of the Fed's rate hike. At the end of January, the market's expectation for the peak Federal Funds rate was 4.9%. By the end of February, this figure jumped to 5.5%.\"</p><p>\"In the case of India, the Adani Group scandal has raised some fears of widespread financial crisis in February, which has prompted foreign investors to do some risk-off on Indian equities,\" said Yeap Jun Rong, strategist at IG.</p><p>Finally, Jerry Goh, Asia equity investment manager at fund firm abrdn, said: \"Going forward, a key factor will be whether Indonesia can continue to show economic growth, such as continued growth in lending from large banks and positive consumption data.\"</p><p></body></html></p>","source":"highlight_zhitongcaijin","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>Fed rate hike panic intensifies, most Asian stock markets saw outflows in February</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\">\nFed rate hike panic intensifies, most Asian stock markets saw outflows in February\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2023-03-07 19:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Most Asian emerging market equity markets except China saw foreign capital outflows in February as strong U.S. economic data raised fears that the Federal Reserve would hold interest rates longer than expected. Foreigners sold a net $2.1 billion worth of shares in the markets of Thailand, India, the Philippines and Vietnam, according to stock exchange data.</p><p>It is understood that consumer inflation in the United States was higher than expected in January, and employment growth accelerated, prompting a change in the market's view on the Fed's policy. Moreover, the trend of money flowing from South Asia into North Asian stock markets continued in February as China plans to reopen its borders.</p><p>Among them, the Thai stock market suffered $1.28 billion in foreign capital outflows, the largest monthly net sales by foreign investors since April 2020.</p><p>Meanwhile, the Indian and Philippine stock markets also recorded foreign capital outflows of $647 million and $155 million respectively. However, foreigners bought South Korea and Taiwan for the second month in a row, with inflows of $918 million and $877 million, respectively.</p><p>Indonesian stocks, on the other hand, received $378 million in February after seeing outflows worth $1.55 billion in the first two months.</p><p>Analyst Opinion</p><p><a href=\"https://laohu8.com/S/0HB5.UK\">BNP Paribas</a>Manishi Raychaudhuri, head of equity research in Asia Pacific, said: \"We believe that the main reason for the weak FII flow in February is a profound shift in the market's expectations for the trajectory of the Fed's rate hike. At the end of January, the market's expectation for the peak Federal Funds rate was 4.9%. By the end of February, this figure jumped to 5.5%.\"</p><p>\"In the case of India, the Adani Group scandal has raised some fears of widespread financial crisis in February, which has prompted foreign investors to do some risk-off on Indian equities,\" said Yeap Jun Rong, strategist at IG.</p><p>Finally, Jerry Goh, Asia equity investment manager at fund firm abrdn, said: \"Going forward, a key factor will be whether Indonesia can continue to show economic growth, such as continued growth in lending from large banks and positive consumption data.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/887892.html\">智通财经网</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":{"161125":"标普500","513500":"标普500ETF博时","SDS":"两倍做空标普500 ETF-ProShares","BK4585":"ETF&股票定投概念","QID":"两倍做空纳斯达克指数ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares",".DJI":"道琼斯","BK4534":"瑞士信贷持仓","DDM":"2倍做多道指ETF-ProShares",".IXIC":"NASDAQ Composite","SH":"做空标普500-Proshares","UPRO":"三倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","UDOW":"三倍做多道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空","QQQ":"纳指100ETF","BK4504":"桥水持仓","BK4559":"巴菲特持仓","BK4588":"碎股","BK4550":"红杉资本持仓","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","OEX":"标普100","IVV":"标普500ETF-iShares","PSQ":"做空纳斯达克100指数ETF-ProShares","DJX":"1/100道琼斯","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","BK4581":"高盛持仓","QLD":"2倍做多纳斯达克100指数ETF-ProShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/887892.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2317452427","content_text":"由于强劲的美国经济数据引发市场担忧美联储维持利率的时间将超过预期，2月份亚洲除中国以外的多数新兴市场股市都出现了外资外流。据证券交易所的数据显示，外国人在泰国、印度、菲律宾和越南市场净抛售了价值21亿美元的股票。据了解，美国1月消费者通胀高于预期，就业增长加速，促使市场对美联储政策的看法发生变化。此外，由于中国计划重新开放边境，资金从南亚流入北亚股市的趋势在2月份继续。其中，泰国股市遭遇了12.8亿美元的外国资金流出，这是自2020年4月以来外国投资者最大的单月净卖出额。同时，印度和菲律宾股市也分别录得6.47亿美元和1.55亿美元的外资流出。然而，外国人却连续第二个月买入韩国和中国台湾股票，分别流入9.18亿美元和8.77亿美元。另一方面，印尼股市在前两个月出现价值15.5亿美元的资金流出后，2月份获得3.78亿美元。分析师观点法国巴黎银行亚太区股票研究主管Manishi Raychaudhuri表示:“我们认为，2月份FII流动疲弱的主要原因，是市场对美联储加息轨迹的预期发生了深刻转变。1月底，市场对联邦基金利率峰值的预期为4.9%。到2月底，这一数字跃升至5.5%。”IG策略师Yeap Jun Rong表示:“就印度而言，阿达尼集团(Adani Group)的丑闻引发了一些对2月份金融危机会广泛蔓延的担忧，这促使外国投资者对印度股市进行了一些避险操作。”最后，基金公司abrdn亚洲股票投资经理Jerry Goh表示:“展望未来，一个关键因素将是印尼能否继续展现经济增长，比如大型银行的贷款持续增长，以及积极的消费数据。”","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,".SPX":0.6,"SPY":1,"OEF":0.6,"SPXU":0.6,".DJI":1,"IVV":0.6,"MNQmain":0.6,"DOG":0.6,"PSQ":0.6,"SDOW":0.6,"TQQQ":0.6,"NQmain":0.6,"DJX":0.6,"DDM":0.6,".IXIC":1,"SH":0.6,"ESmain":0.6,"UDOW":0.6,"QID":0.6,"SDS":0.6,"DXD":0.6,"QLD":0.6,"QQQ":0.6,"SQQQ":0.6,"SSO":0.6,"OEX":0.6,"UPRO":0.6}},"isVote":1,"tweetType":1,"viewCount":1867,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940767750,"gmtCreate":1678190079371,"gmtModify":1678190083235,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940767750","repostId":"1158238422","repostType":4,"isVote":1,"tweetType":1,"viewCount":1343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940532948,"gmtCreate":1678025998284,"gmtModify":1678026001674,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9940532948","repostId":"1154440961","repostType":4,"repost":{"id":"1154440961","kind":"news","pubTimestamp":1677989017,"share":"https://ttm.financial/m/news/1154440961?lang=en_US&edition=fundamental","pubTime":"2023-03-05 12:03","market":"hk","language":"zh","title":"Lei Jun's New Story","url":"https://stock-news.laohu8.com/highlight/detail?id=1154440961","media":"全天候科技","summary":"雷军不再侧重讲生态链的故事，而是讲起与小米业务相关的供应链的故事。前几年，小米打造生态链版图，在众多智能设备领域进行布局，逐步让米家终端智能产品渗透到IoT的各个市场中。智能手机市场进入下半场后，雷军","content":"<p><html><head></head><body><b><b>Lei Jun no longer focuses on telling the story of the ecosystem.</b></b><b>Instead</b><b><b>Telling the story of the supply chain related to Xiaomi's business.</b></b>In recent years, Xiaomi has been building its ecosystem and expanding into numerous smart device fields, gradually allowing Mi Home terminal smart products to penetrate various IoT markets.</p><p>As the smartphone market entered its second phase, Lei Jun no longer focused on telling the story of the ecosystem, but instead on the story of the supply chain related to Xiaomi's business.</p><p>Recently, Lei Jun brought up the story of \"supply chain\" at the \"Two Sessions\". In 2023, Lei Jun, as a deputy to the National People's Congress, prepared three proposals, one of which was about promoting the rapid development of bionic humanoid robots. Lei Jun suggested encouraging and supporting the science and technology innovation industry chain and promoting the planning and layout of the bionic humanoid robot industry.</p><p><img src=\"https://static.tigerbbs.com/af0a5d3fa4c549d087facade077bcded\" tg-width=\"1024\" tg-height=\"1324\" referrerpolicy=\"no-referrer\"/></p><p>Also this month, the \"Xiaomi 10 Billion Yuan Fund\" launched its second round of financing, with the fundraising scale increasing from more than 6 billion yuan last year to more than 9 billion yuan. This fund's investment objectives focus on integrated circuits and related upstream and downstream sectors.</p><p>Xiaomi's story about its supply chain has made phased progress. According to previous statistics from Guojin Securities, as early as the end of September 2021, Xiaomi had invested in as many as 62 companies in the field of intelligent vehicles.</p><p>\"Cost-effectiveness\" has always been Xiaomi's deepest label. This has also become the reason why Xiaomi has been criticized by the outside world for its \"insufficient self-developed technology capabilities\". Investments in upstream core supply chain companies or technology companies demonstrate Xiaomi's determination to strengthen its voice in the supply chain.</p><p>The launch of the supply chain layout is an attempt by Lei Jun and Xiaomi to seize market opportunities.</p><p>Can Lei Jun's new story be told?</p><p><b>Speaking out for the humanoid robot industry chain</b></p><p>Since its debut last August, there has been little news about Xiaomi's bionic humanoid robot CyberOne. However, judging from recent updates from Xiaomi, Lei Jun hopes to make more breakthroughs in the field of bionic humanoid robots.</p><p>In his suggestions on promoting the rapid development of bionic humanoid robots, Lei Jun believes that my country has made key breakthroughs in the core technologies of bionic humanoid robots, but still faces challenges such as the need to improve the performance of core components, insufficient application demand, lack of large-scale mass production capabilities, and an unsound application ecosystem and supporting system.</p><p>Therefore, he suggested: encouraging and supporting the science and technology innovation industry chain and promoting the planning and layout of the bionic humanoid robot industry; Support machine manufacturers to take the lead in creating national innovation consortia and strengthen joint research on core technologies; Build an open industrial ecosystem for bionic humanoid robots and accelerate the cultivation of application scenarios.</p><p>Last June, driven by Musk's announcement that he would launch a humanoid robot, the concept of bionic humanoid robots became a hot topic in the domestic capital market, and this sub-sector also became the hottest track in the robotics industry.</p><p>Two months later, Xiaomi unveiled its prototype bionic robot CyberOne (internal stage name \"CyberOne\") at Lei Jun's annual keynote speech before Tesla, and this enthusiasm reached its peak.</p><p>Xiaomi's CyberOne is not a PowerPoint presentation or a prop; it's a handheld prototype that can interact with people. Unfortunately, the cost of each CyberOne is as high as 600,000 to 700,000 yuan, making it impossible to achieve mass production. At that time, Lei Jun admitted that shaped bionic robots had the highest degree of technological integration and the greatest difficulty, and Xiaomi was still in its early stages.</p><p>Turning its attention overseas, Tesla's humanoid robot Optimus, unveiled at last year's AI Day, also failed to meet its previously claimed standards. In Musk's words, \"It's not quite ready to walk yet, but I think it will in a few weeks.\"</p><p>Musk previously made a bold statement: the target price of Optimus Prime Optimus may be less than $20,000, and more than a million units will be mass-produced. However, Musk revealed recent progress on Optimus Prime at Tesla's investor day: \"It's not working properly, but things are getting better.\"</p><p>Tesla continues to increase its investment in humanoid robots. All-Weather Technology discovered that Tesla China recently released job postings for robotics positions, including Automation Control Engineer (Robotics) and Electrical Design Engineer - Robotics Development and Applications.</p><p>The prospects offered by the institution are very attractive. Global market research firm Marketsandmarkets predicts that the global humanoid robot market will grow from $1.5 billion in 2022 to $17.3 billion in 2027. Minsheng Securities believes that humanoid robots have the potential to become another entry point after mobile phones and cars, with huge commercial value.</p><p>However, it is undeniable that the bionic humanoid robot industry is one that requires long-term investment.</p><p>In China, there are still many realities facing this track that must be addressed, such as core components, robot underlying operating systems and chips, and system design software.</p><p><b>Billions of yuan fund focuses on the integrated circuit industry chain</b></p><p>After raising over 6 billion yuan for the first time last year, the \"Xiaomi 10 Billion Yuan Fund\" launched its second round of financing this month.</p><p>On March 2, Kingsoft announced that its subsidiaries, including Wuhan Kingsoft, Xiaomi Beijing, and Xiaomi Wuhan, have entered into partnership agreements with other investors to establish an equity investment fund in the integrated circuit-related field, with an expected total scale of 10 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/2eaf1f7c5e348d7da105e2c9435c44cb\" tg-width=\"1024\" tg-height=\"1085\" referrerpolicy=\"no-referrer\"/></p><p>In addition to Lei Jun's Xiaomi and Kingsoft, the fund's LPs also include Beijing Municipal Guidance Fund and Yizhuang State-owned Investment, which are backed by Beijing state-owned assets, Tianjin Haichuang, which is owned by Tianjin state-owned assets Beijing, as well as Hainan Huaying Kaitai, Guangzhou Huaduo, Xingzheng Investment, and GigaDevice.</p><p>Compared to its initial fundraising in July last year, the fund has five new faces: Wuhan Kingsoft, Beijing Guidance Fund, Naxing Venture Capital, Di'ao Microelectronics, and CITIC Haohong. The fund's size has also increased from 6.33 billion yuan in its initial financing to 9.03 billion yuan, approaching the target size of 10 billion yuan.</p><p>According to business registration information, the full name of the fund is: Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as \"Xiaomi Intelligent Manufacturing\"). It was registered and established on September 18, 2021, and the filing was completed on April 6, 2022.</p><p>Regarding the fund's purpose, Kingsoft stated that it primarily engages in equity investment or quasi-equity investment, or investment-related activities in non-listed companies.</p><p>The main targets are integrated circuits and related upstream and downstream sectors, covering next-generation information technology, intelligent manufacturing, new materials, artificial intelligence, displays and display devices, automotive electronics, and upstream and downstream applications and supply chains related to mobile terminal consumer goods and smart devices.</p><p>It is not difficult to see from this that these are closely related to Xiaomi's current businesses of mobile phones and automobiles. For a long time, most of Xiaomi's investments have revolved around its main business and future development direction, focusing on technological upgrades and industrial chain layout, such as artificial intelligence, the Internet of Things, automobiles, and semiconductors.</p><p>Since announcing its car manufacturing strategy, Xiaomi has been expanding into several companies related to the automotive industry chain through investment and equity investment. According to previous statistics from Guojin Securities, as early as the end of September 2021, Xiaomi had invested in as many as 62 companies in the field of intelligent vehicles, including 17 companies in intelligent driving, 13 companies in intelligent electric vehicles, and 6 companies in intelligent cockpits. Among them, 22 companies were newly invested in in 2021.</p><p>Previously, most of Xiaomi's semiconductor investments were completed through the Xiaomi Yangtze River Industry Investment Fund. After its establishment, Xiaomi Intelligent Manufacturing focused more on collaborative investment in Xiaomi's automotive business.</p><p>Public information shows that Xiaomi Smart Manufacturing currently has more than ten external investment projects, all of which involve the automotive industry chain, including multiple links such as semiconductors, power batteries, and core equipment parts.</p><p>Some industry analysts believe that Lei Jun's investment in the upstream and downstream sectors of the integrated circuit industry is exactly the same as his previous investment in Xiaomi's ecosystem. This will help it further enhance its vertical integration capabilities in the vehicle business and ensure the supply of key automotive components and software systems.</p><p></body></html></p>","source":"qthkj","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>Lei Jun's New Story</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\">\nLei Jun's New Story\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2023-03-05 12:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b><b>Lei Jun no longer focuses on telling the story of the ecosystem.</b></b><b>Instead</b><b><b>Telling the story of the supply chain related to Xiaomi's business.</b></b>In recent years, Xiaomi has been building its ecosystem and expanding into numerous smart device fields, gradually allowing Mi Home terminal smart products to penetrate various IoT markets.</p><p>As the smartphone market entered its second phase, Lei Jun no longer focused on telling the story of the ecosystem, but instead on the story of the supply chain related to Xiaomi's business.</p><p>Recently, Lei Jun brought up the story of \"supply chain\" at the \"Two Sessions\". In 2023, Lei Jun, as a deputy to the National People's Congress, prepared three proposals, one of which was about promoting the rapid development of bionic humanoid robots. Lei Jun suggested encouraging and supporting the science and technology innovation industry chain and promoting the planning and layout of the bionic humanoid robot industry.</p><p><img src=\"https://static.tigerbbs.com/af0a5d3fa4c549d087facade077bcded\" tg-width=\"1024\" tg-height=\"1324\" referrerpolicy=\"no-referrer\"/></p><p>Also this month, the \"Xiaomi 10 Billion Yuan Fund\" launched its second round of financing, with the fundraising scale increasing from more than 6 billion yuan last year to more than 9 billion yuan. This fund's investment objectives focus on integrated circuits and related upstream and downstream sectors.</p><p>Xiaomi's story about its supply chain has made phased progress. According to previous statistics from Guojin Securities, as early as the end of September 2021, Xiaomi had invested in as many as 62 companies in the field of intelligent vehicles.</p><p>\"Cost-effectiveness\" has always been Xiaomi's deepest label. This has also become the reason why Xiaomi has been criticized by the outside world for its \"insufficient self-developed technology capabilities\". Investments in upstream core supply chain companies or technology companies demonstrate Xiaomi's determination to strengthen its voice in the supply chain.</p><p>The launch of the supply chain layout is an attempt by Lei Jun and Xiaomi to seize market opportunities.</p><p>Can Lei Jun's new story be told?</p><p><b>Speaking out for the humanoid robot industry chain</b></p><p>Since its debut last August, there has been little news about Xiaomi's bionic humanoid robot CyberOne. However, judging from recent updates from Xiaomi, Lei Jun hopes to make more breakthroughs in the field of bionic humanoid robots.</p><p>In his suggestions on promoting the rapid development of bionic humanoid robots, Lei Jun believes that my country has made key breakthroughs in the core technologies of bionic humanoid robots, but still faces challenges such as the need to improve the performance of core components, insufficient application demand, lack of large-scale mass production capabilities, and an unsound application ecosystem and supporting system.</p><p>Therefore, he suggested: encouraging and supporting the science and technology innovation industry chain and promoting the planning and layout of the bionic humanoid robot industry; Support machine manufacturers to take the lead in creating national innovation consortia and strengthen joint research on core technologies; Build an open industrial ecosystem for bionic humanoid robots and accelerate the cultivation of application scenarios.</p><p>Last June, driven by Musk's announcement that he would launch a humanoid robot, the concept of bionic humanoid robots became a hot topic in the domestic capital market, and this sub-sector also became the hottest track in the robotics industry.</p><p>Two months later, Xiaomi unveiled its prototype bionic robot CyberOne (internal stage name \"CyberOne\") at Lei Jun's annual keynote speech before Tesla, and this enthusiasm reached its peak.</p><p>Xiaomi's CyberOne is not a PowerPoint presentation or a prop; it's a handheld prototype that can interact with people. Unfortunately, the cost of each CyberOne is as high as 600,000 to 700,000 yuan, making it impossible to achieve mass production. At that time, Lei Jun admitted that shaped bionic robots had the highest degree of technological integration and the greatest difficulty, and Xiaomi was still in its early stages.</p><p>Turning its attention overseas, Tesla's humanoid robot Optimus, unveiled at last year's AI Day, also failed to meet its previously claimed standards. In Musk's words, \"It's not quite ready to walk yet, but I think it will in a few weeks.\"</p><p>Musk previously made a bold statement: the target price of Optimus Prime Optimus may be less than $20,000, and more than a million units will be mass-produced. However, Musk revealed recent progress on Optimus Prime at Tesla's investor day: \"It's not working properly, but things are getting better.\"</p><p>Tesla continues to increase its investment in humanoid robots. All-Weather Technology discovered that Tesla China recently released job postings for robotics positions, including Automation Control Engineer (Robotics) and Electrical Design Engineer - Robotics Development and Applications.</p><p>The prospects offered by the institution are very attractive. Global market research firm Marketsandmarkets predicts that the global humanoid robot market will grow from $1.5 billion in 2022 to $17.3 billion in 2027. Minsheng Securities believes that humanoid robots have the potential to become another entry point after mobile phones and cars, with huge commercial value.</p><p>However, it is undeniable that the bionic humanoid robot industry is one that requires long-term investment.</p><p>In China, there are still many realities facing this track that must be addressed, such as core components, robot underlying operating systems and chips, and system design software.</p><p><b>Billions of yuan fund focuses on the integrated circuit industry chain</b></p><p>After raising over 6 billion yuan for the first time last year, the \"Xiaomi 10 Billion Yuan Fund\" launched its second round of financing this month.</p><p>On March 2, Kingsoft announced that its subsidiaries, including Wuhan Kingsoft, Xiaomi Beijing, and Xiaomi Wuhan, have entered into partnership agreements with other investors to establish an equity investment fund in the integrated circuit-related field, with an expected total scale of 10 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/2eaf1f7c5e348d7da105e2c9435c44cb\" tg-width=\"1024\" tg-height=\"1085\" referrerpolicy=\"no-referrer\"/></p><p>In addition to Lei Jun's Xiaomi and Kingsoft, the fund's LPs also include Beijing Municipal Guidance Fund and Yizhuang State-owned Investment, which are backed by Beijing state-owned assets, Tianjin Haichuang, which is owned by Tianjin state-owned assets Beijing, as well as Hainan Huaying Kaitai, Guangzhou Huaduo, Xingzheng Investment, and GigaDevice.</p><p>Compared to its initial fundraising in July last year, the fund has five new faces: Wuhan Kingsoft, Beijing Guidance Fund, Naxing Venture Capital, Di'ao Microelectronics, and CITIC Haohong. The fund's size has also increased from 6.33 billion yuan in its initial financing to 9.03 billion yuan, approaching the target size of 10 billion yuan.</p><p>According to business registration information, the full name of the fund is: Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as \"Xiaomi Intelligent Manufacturing\"). It was registered and established on September 18, 2021, and the filing was completed on April 6, 2022.</p><p>Regarding the fund's purpose, Kingsoft stated that it primarily engages in equity investment or quasi-equity investment, or investment-related activities in non-listed companies.</p><p>The main targets are integrated circuits and related upstream and downstream sectors, covering next-generation information technology, intelligent manufacturing, new materials, artificial intelligence, displays and display devices, automotive electronics, and upstream and downstream applications and supply chains related to mobile terminal consumer goods and smart devices.</p><p>It is not difficult to see from this that these are closely related to Xiaomi's current businesses of mobile phones and automobiles. For a long time, most of Xiaomi's investments have revolved around its main business and future development direction, focusing on technological upgrades and industrial chain layout, such as artificial intelligence, the Internet of Things, automobiles, and semiconductors.</p><p>Since announcing its car manufacturing strategy, Xiaomi has been expanding into several companies related to the automotive industry chain through investment and equity investment. According to previous statistics from Guojin Securities, as early as the end of September 2021, Xiaomi had invested in as many as 62 companies in the field of intelligent vehicles, including 17 companies in intelligent driving, 13 companies in intelligent electric vehicles, and 6 companies in intelligent cockpits. Among them, 22 companies were newly invested in in 2021.</p><p>Previously, most of Xiaomi's semiconductor investments were completed through the Xiaomi Yangtze River Industry Investment Fund. After its establishment, Xiaomi Intelligent Manufacturing focused more on collaborative investment in Xiaomi's automotive business.</p><p>Public information shows that Xiaomi Smart Manufacturing currently has more than ten external investment projects, all of which involve the automotive industry chain, including multiple links such as semiconductors, power batteries, and core equipment parts.</p><p>Some industry analysts believe that Lei Jun's investment in the upstream and downstream sectors of the integrated circuit industry is exactly the same as his previous investment in Xiaomi's ecosystem. This will help it further enhance its vertical integration capabilities in the vehicle business and ensure the supply of key automotive components and software systems.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://awtmt.com/articles/3683320\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb44f0df3fb7312ee913474e800cc495","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://awtmt.com/articles/3683320","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154440961","content_text":"雷军不再侧重讲生态链的故事，而是讲起与小米业务相关的供应链的故事。前几年，小米打造生态链版图，在众多智能设备领域进行布局，逐步让米家终端智能产品渗透到IoT的各个市场中。智能手机市场进入下半场后，雷军不再侧重讲生态链的故事，而是讲起与小米业务相关的供应链的故事。近日，雷军将“供应链”的故事讲上了“两会”。2023年，作为全国人大代表的雷军准备了3份建议案，其中一份关于推动仿生人形机器人快速发展。雷军建议，鼓励扶持科创产业链，推进仿生人形机器人产业规划布局。同样在这个月，“小米百亿基金”开展了第二轮融资，募资规模已从去年60多亿增至90多亿元。而这支基金的投资目标着重于集成电路以及相关上游及下游领域。小米关于供应链的故事已取得阶段性进展。国金证券此前统计数据显示，早在2021年9月底，小米投资布局有关智能汽车领域的企业多达62家。一直以来，“性价比”是小米身上最深的标签。这也成为小米被外界诟病“自研技术能力不足”的原因。而对上游核心供应链企业或技术企业的投资，表明小米希望强供应链话语权的决心。供应链布局的开启，是雷军和小米试图抓住市场机遇的一次蓄力与尝试。雷军的新故事能否讲成？为人形机器人产业链“发声”去年8月亮相之后，有关小米仿生人形机器人CyberOne的消息一直不多。不过最近从小米传出的动态来看，雷军希望能在仿生人形机器人这个赛道上有更多的突破。在关于推动仿生人形机器人快速发展的建议中，雷军认为，目前我国在仿生人形机器人核心技术方面已取得关键突破，但仍然面临核心部组件性能有待提升、应用需求牵引不足、不具备规模化量产能力、应用生态和配套支撑体系不健全等挑战。为此，他建议：鼓励扶持科创产业链，推进仿生人形机器人产业规划布局；支持整机企业牵头创建国家创新联合体，加强核心技术联合攻关；构建仿生人形机器人开放产业生态，加速场景应用培育。去年6月，在马斯克“将推出人形机器人”效应下，仿生人形机器人相关概念成为国内资本市场上的热门概念，这个细分赛道也成为机器人行业最热的赛道。两个月后，小米先于特斯拉在雷军年度演讲会上发布原型仿生机器人CyberOne（内部艺名“铁大”），这股热情也随之达到峰值。小米推出的CyberOne不是PPT，也不是道具，是可以拿出手的原型机，能与人进行互动。遗憾的是，CyberOne的成本每台高达六、七十万元，尚无法实现量产。彼时，雷军坦承，形仿生机器人的技术集成度最高、难度也最大，小米还处于刚刚起步的第一阶段。将视线转向国外，特斯拉在去年AI Day上发布的人形机器人擎天柱Optimus，同样没有达到此前宣称的水平。用马斯克的话来说，“它还没有完全准备好走路，但我认为它会在几周内走路。”马斯克此前放出豪言：擎天柱Optimus的目标价格可能低于2万美元，还要量产百万台之上。然而，马斯克在特斯拉投资者日上透露了擎天柱Optimus的最近进展：“无法正常工作，不过情况正在好转。”特斯拉仍在不断加大关于人形机器人的投入。全天候科技发现，特斯拉中国近期发布了机器人方向的岗位招聘信息，包括自动化控制工程师（机器人）、电气设计工程师-机器人开发及其应用方向。机构给出的前景很诱人。全球市场研究机构Marketsandmarkets预测，全球人形机器人市场规模将从2022年的15亿美元提升至2027年的173亿美元。民生证券认为，人形机器人有望成为继手机、汽车后的又一入口，商业价值巨大。但不可否认，仿生人形机器人赛道是一个需要长期投入的赛道。就国内而言，摆在这条赛道面前且不得不解决的现实还不少，如核心零部件、机器人底层操作系统与芯片、系统设计软件等。百亿基金聚焦集成电路产业链在去年首次募资超60亿元后，“小米百亿基金”在这个月又展开了第二轮融资。3月2日，金山软件公告称，公司附属公司武汉金山、小米北京、小米武汉等，与其他投资者订立合伙协议，内容有关成立集成电路相关领域股权投资基金，预期总规模100亿元。除雷军系的小米、金山外，该基金LP还包含北京国资背景的北京市引导基金、亦庄国投，天津国资北京的天津海创，以及海南华盈开泰、广州华多、兴证投资、兆易创新等。相较去年7月首次募资，该基金多5位新面孔：武汉金山、北京市引导基金、纳星创投、帝奥微、信银浩鸿。基金规模也从首次融资的63.3亿元增至90.3亿元，接近百亿目标规模。工商信息显示，该基金全名为：北京小米智造股权投资基金合伙企业（有限合伙）（以下简称“小米智造”），2021年9月18日注册成立，2022年4月6日完成备案。对于该基金的作用，金山软件称：主要从事股权投资或准股权投资，或对非上市公司进行投资相关活动。主要对象便是集成电路，以及相关上游及下游领域，涵盖新一代信息科技、 智能制造、新材料、人工智能、显示器及显示装置、汽车电子，以及有关移动终端消费品、智能装置的上游及下游应用及供应链。从中不难发现，这些与小米当前业务手机、汽车密切相关。一直以来，小米的大部分投资业务基本围绕其主营业务和未来发展方向，进行技术提升和产业链布局，例如人工智能、物联网、汽车和半导体等。自宣布造车以来，小米就通过投资及入股等方式，布局多家汽车产业链相关企业。据国金证券此前统计，早在2021年9月底，小米投资布局有关智能汽车领域的企业多达62家，其中智能驾驶布局17家企业，智能电动布局13家企业，智能座舱布局6家企业，当中有22家企业是2021年新增投资。此前，小米多数半导体投资动作是通过小米长江产业投资基金完成的。小米智造成立后，其更聚焦小米汽车业务协同投资方向。公开信息显示，小米智造目前对外投资的十余个项目，均涉及汽车产业链，包括汽车产业链半导体、动力电池、核心设备零件等多个环节。有行业人士分析认为，雷军布局集成电路产业上下游领域，与此前布局小米生态链如出一辙。这有利于其进一步提升整车业务的垂直整合能力，保障汽车关键零部件和软件系统供应。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940532096,"gmtCreate":1678025986415,"gmtModify":1678025990072,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940532096","repostId":"2317152105","repostType":4,"isVote":1,"tweetType":1,"viewCount":1618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9919467926,"gmtCreate":1663847603065,"gmtModify":1676537348793,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"w","listText":"w","text":"w","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9919467926","repostId":"661857372","repostType":1,"repost":{"id":661857372,"gmtCreate":1663842060000,"gmtModify":1676537348270,"author":{"id":"4107925732032840","authorId":"4107925732032840","name":"中国基金报","avatar":"https://static.tigerbbs.com/498a5e5426489a3835f596f93ba03b51","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4107925732032840","authorIdStr":"4107925732032840"},"themes":[],"title":"任溶溶去世","htmlText":"來源：北京日報客戶端著名兒童文學家、翻譯家任溶溶於2022年9月22日凌晨在滬逝世，享年100歲。任溶溶 資料圖任溶溶，本名任以奇，原名任根鎏。廣東鶴山人。1923年5月生於上海。1927年後住在廣州。1938年回到上海。1945年畢業於上海大夏大學中國文學系。1947年從事翻譯工作。1949年任新文字研究會祕書長和兒童文學組組長。1950年任上海翻譯工作者協會副祕書長。1952至1966年，任上海少年兒童出版社的譯文科科長、編輯部副主任、編審等職。工作之餘，從事兒童文學的翻譯和創作。1978年至退休，在上海譯文出版社，出任副總編輯。《沒頭腦和不高興》動畫片在任溶溶創作作品中，童話代表作有《沒頭腦和不高興》《一個天才的雜技演員》，兒童詩代表作有《爸爸的老師》《我是一個可大可小的人》《我成了個隱身人》，還有故事集《土土的故事》《丁丁探案記》，散文集《浮生五記》等。梳理其翻譯作品，可以看到早期有《古麗雅的道路》《一年級小學生》《洋蔥頭歷險記》《馬雅可夫斯基兒童詩》等。後期有《安徒生童話全集》《木偶奇遇記》《假話國曆險記》《長襪子皮皮》《夏洛的網》《女巫》《魔法師的帽子》等。任溶溶的創作和翻譯成果令他獲過多個獎項。他曾先後獲宋慶齡兒童文學獎特殊貢獻獎、陳伯吹兒童文學獎傑出貢獻獎、國際兒童讀物聯盟(IBBY)翻譯獎、宋慶齡樟樹獎、中國翻譯協會翻譯文化終身成就獎等獎項。","listText":"來源：北京日報客戶端著名兒童文學家、翻譯家任溶溶於2022年9月22日凌晨在滬逝世，享年100歲。任溶溶 資料圖任溶溶，本名任以奇，原名任根鎏。廣東鶴山人。1923年5月生於上海。1927年後住在廣州。1938年回到上海。1945年畢業於上海大夏大學中國文學系。1947年從事翻譯工作。1949年任新文字研究會祕書長和兒童文學組組長。1950年任上海翻譯工作者協會副祕書長。1952至1966年，任上海少年兒童出版社的譯文科科長、編輯部副主任、編審等職。工作之餘，從事兒童文學的翻譯和創作。1978年至退休，在上海譯文出版社，出任副總編輯。《沒頭腦和不高興》動畫片在任溶溶創作作品中，童話代表作有《沒頭腦和不高興》《一個天才的雜技演員》，兒童詩代表作有《爸爸的老師》《我是一個可大可小的人》《我成了個隱身人》，還有故事集《土土的故事》《丁丁探案記》，散文集《浮生五記》等。梳理其翻譯作品，可以看到早期有《古麗雅的道路》《一年級小學生》《洋蔥頭歷險記》《馬雅可夫斯基兒童詩》等。後期有《安徒生童話全集》《木偶奇遇記》《假話國曆險記》《長襪子皮皮》《夏洛的網》《女巫》《魔法師的帽子》等。任溶溶的創作和翻譯成果令他獲過多個獎項。他曾先後獲宋慶齡兒童文學獎特殊貢獻獎、陳伯吹兒童文學獎傑出貢獻獎、國際兒童讀物聯盟(IBBY)翻譯獎、宋慶齡樟樹獎、中國翻譯協會翻譯文化終身成就獎等獎項。","text":"來源：北京日報客戶端著名兒童文學家、翻譯家任溶溶於2022年9月22日凌晨在滬逝世，享年100歲。任溶溶 資料圖任溶溶，本名任以奇，原名任根鎏。廣東鶴山人。1923年5月生於上海。1927年後住在廣州。1938年回到上海。1945年畢業於上海大夏大學中國文學系。1947年從事翻譯工作。1949年任新文字研究會祕書長和兒童文學組組長。1950年任上海翻譯工作者協會副祕書長。1952至1966年，任上海少年兒童出版社的譯文科科長、編輯部副主任、編審等職。工作之餘，從事兒童文學的翻譯和創作。1978年至退休，在上海譯文出版社，出任副總編輯。《沒頭腦和不高興》動畫片在任溶溶創作作品中，童話代表作有《沒頭腦和不高興》《一個天才的雜技演員》，兒童詩代表作有《爸爸的老師》《我是一個可大可小的人》《我成了個隱身人》，還有故事集《土土的故事》《丁丁探案記》，散文集《浮生五記》等。梳理其翻譯作品，可以看到早期有《古麗雅的道路》《一年級小學生》《洋蔥頭歷險記》《馬雅可夫斯基兒童詩》等。後期有《安徒生童話全集》《木偶奇遇記》《假話國曆險記》《長襪子皮皮》《夏洛的網》《女巫》《魔法師的帽子》等。任溶溶的創作和翻譯成果令他獲過多個獎項。他曾先後獲宋慶齡兒童文學獎特殊貢獻獎、陳伯吹兒童文學獎傑出貢獻獎、國際兒童讀物聯盟(IBBY)翻譯獎、宋慶齡樟樹獎、中國翻譯協會翻譯文化終身成就獎等獎項。","images":[{"img":"https://static.tigerbbs.com/dd7d3370b6d04f099f4cc26f4faca309","width":"-1","height":"-1"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/661857372","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001439471,"gmtCreate":1641297306864,"gmtModify":1676533594102,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100077768974590","authorIdStr":"4100077768974590"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$</a>upupupup&nbsp;","listText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$</a>upupupup&nbsp;","text":"$阿里巴巴(BABA)$upupupup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":17,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001439471","isVote":1,"tweetType":1,"viewCount":2031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9001439471,"gmtCreate":1641297306864,"gmtModify":1676533594102,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$</a>upupupup&nbsp;","listText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$</a>upupupup&nbsp;","text":"$阿里巴巴(BABA)$upupupup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":17,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001439471","isVote":1,"tweetType":1,"viewCount":2031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9919467926,"gmtCreate":1663847603065,"gmtModify":1676537348793,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"w","listText":"w","text":"w","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9919467926","repostId":"661857372","repostType":1,"repost":{"id":661857372,"gmtCreate":1663842060000,"gmtModify":1676537348270,"author":{"id":"4107925732032840","authorId":"4107925732032840","name":"中国基金报","avatar":"https://static.tigerbbs.com/498a5e5426489a3835f596f93ba03b51","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4107925732032840","idStr":"4107925732032840"},"themes":[],"title":"任溶溶去世","htmlText":"來源：北京日報客戶端著名兒童文學家、翻譯家任溶溶於2022年9月22日凌晨在滬逝世，享年100歲。任溶溶 資料圖任溶溶，本名任以奇，原名任根鎏。廣東鶴山人。1923年5月生於上海。1927年後住在廣州。1938年回到上海。1945年畢業於上海大夏大學中國文學系。1947年從事翻譯工作。1949年任新文字研究會祕書長和兒童文學組組長。1950年任上海翻譯工作者協會副祕書長。1952至1966年，任上海少年兒童出版社的譯文科科長、編輯部副主任、編審等職。工作之餘，從事兒童文學的翻譯和創作。1978年至退休，在上海譯文出版社，出任副總編輯。《沒頭腦和不高興》動畫片在任溶溶創作作品中，童話代表作有《沒頭腦和不高興》《一個天才的雜技演員》，兒童詩代表作有《爸爸的老師》《我是一個可大可小的人》《我成了個隱身人》，還有故事集《土土的故事》《丁丁探案記》，散文集《浮生五記》等。梳理其翻譯作品，可以看到早期有《古麗雅的道路》《一年級小學生》《洋蔥頭歷險記》《馬雅可夫斯基兒童詩》等。後期有《安徒生童話全集》《木偶奇遇記》《假話國曆險記》《長襪子皮皮》《夏洛的網》《女巫》《魔法師的帽子》等。任溶溶的創作和翻譯成果令他獲過多個獎項。他曾先後獲宋慶齡兒童文學獎特殊貢獻獎、陳伯吹兒童文學獎傑出貢獻獎、國際兒童讀物聯盟(IBBY)翻譯獎、宋慶齡樟樹獎、中國翻譯協會翻譯文化終身成就獎等獎項。","listText":"來源：北京日報客戶端著名兒童文學家、翻譯家任溶溶於2022年9月22日凌晨在滬逝世，享年100歲。任溶溶 資料圖任溶溶，本名任以奇，原名任根鎏。廣東鶴山人。1923年5月生於上海。1927年後住在廣州。1938年回到上海。1945年畢業於上海大夏大學中國文學系。1947年從事翻譯工作。1949年任新文字研究會祕書長和兒童文學組組長。1950年任上海翻譯工作者協會副祕書長。1952至1966年，任上海少年兒童出版社的譯文科科長、編輯部副主任、編審等職。工作之餘，從事兒童文學的翻譯和創作。1978年至退休，在上海譯文出版社，出任副總編輯。《沒頭腦和不高興》動畫片在任溶溶創作作品中，童話代表作有《沒頭腦和不高興》《一個天才的雜技演員》，兒童詩代表作有《爸爸的老師》《我是一個可大可小的人》《我成了個隱身人》，還有故事集《土土的故事》《丁丁探案記》，散文集《浮生五記》等。梳理其翻譯作品，可以看到早期有《古麗雅的道路》《一年級小學生》《洋蔥頭歷險記》《馬雅可夫斯基兒童詩》等。後期有《安徒生童話全集》《木偶奇遇記》《假話國曆險記》《長襪子皮皮》《夏洛的網》《女巫》《魔法師的帽子》等。任溶溶的創作和翻譯成果令他獲過多個獎項。他曾先後獲宋慶齡兒童文學獎特殊貢獻獎、陳伯吹兒童文學獎傑出貢獻獎、國際兒童讀物聯盟(IBBY)翻譯獎、宋慶齡樟樹獎、中國翻譯協會翻譯文化終身成就獎等獎項。","text":"來源：北京日報客戶端著名兒童文學家、翻譯家任溶溶於2022年9月22日凌晨在滬逝世，享年100歲。任溶溶 資料圖任溶溶，本名任以奇，原名任根鎏。廣東鶴山人。1923年5月生於上海。1927年後住在廣州。1938年回到上海。1945年畢業於上海大夏大學中國文學系。1947年從事翻譯工作。1949年任新文字研究會祕書長和兒童文學組組長。1950年任上海翻譯工作者協會副祕書長。1952至1966年，任上海少年兒童出版社的譯文科科長、編輯部副主任、編審等職。工作之餘，從事兒童文學的翻譯和創作。1978年至退休，在上海譯文出版社，出任副總編輯。《沒頭腦和不高興》動畫片在任溶溶創作作品中，童話代表作有《沒頭腦和不高興》《一個天才的雜技演員》，兒童詩代表作有《爸爸的老師》《我是一個可大可小的人》《我成了個隱身人》，還有故事集《土土的故事》《丁丁探案記》，散文集《浮生五記》等。梳理其翻譯作品，可以看到早期有《古麗雅的道路》《一年級小學生》《洋蔥頭歷險記》《馬雅可夫斯基兒童詩》等。後期有《安徒生童話全集》《木偶奇遇記》《假話國曆險記》《長襪子皮皮》《夏洛的網》《女巫》《魔法師的帽子》等。任溶溶的創作和翻譯成果令他獲過多個獎項。他曾先後獲宋慶齡兒童文學獎特殊貢獻獎、陳伯吹兒童文學獎傑出貢獻獎、國際兒童讀物聯盟(IBBY)翻譯獎、宋慶齡樟樹獎、中國翻譯協會翻譯文化終身成就獎等獎項。","images":[{"img":"https://static.tigerbbs.com/dd7d3370b6d04f099f4cc26f4faca309","width":"-1","height":"-1"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/661857372","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940532948,"gmtCreate":1678025998284,"gmtModify":1678026001674,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9940532948","repostId":"1154440961","repostType":4,"repost":{"id":"1154440961","kind":"news","pubTimestamp":1677989017,"share":"https://ttm.financial/m/news/1154440961?lang=en_US&edition=fundamental","pubTime":"2023-03-05 12:03","market":"hk","language":"zh","title":"Lei Jun's New Story","url":"https://stock-news.laohu8.com/highlight/detail?id=1154440961","media":"全天候科技","summary":"雷军不再侧重讲生态链的故事，而是讲起与小米业务相关的供应链的故事。前几年，小米打造生态链版图，在众多智能设备领域进行布局，逐步让米家终端智能产品渗透到IoT的各个市场中。智能手机市场进入下半场后，雷军","content":"<p><html><head></head><body><b><b>Lei Jun no longer focuses on telling the story of the ecosystem.</b></b><b>Instead</b><b><b>Telling the story of the supply chain related to Xiaomi's business.</b></b>In recent years, Xiaomi has been building its ecosystem and expanding into numerous smart device fields, gradually allowing Mi Home terminal smart products to penetrate various IoT markets.</p><p>As the smartphone market entered its second phase, Lei Jun no longer focused on telling the story of the ecosystem, but instead on the story of the supply chain related to Xiaomi's business.</p><p>Recently, Lei Jun brought up the story of \"supply chain\" at the \"Two Sessions\". In 2023, Lei Jun, as a deputy to the National People's Congress, prepared three proposals, one of which was about promoting the rapid development of bionic humanoid robots. Lei Jun suggested encouraging and supporting the science and technology innovation industry chain and promoting the planning and layout of the bionic humanoid robot industry.</p><p><img src=\"https://static.tigerbbs.com/af0a5d3fa4c549d087facade077bcded\" tg-width=\"1024\" tg-height=\"1324\" referrerpolicy=\"no-referrer\"/></p><p>Also this month, the \"Xiaomi 10 Billion Yuan Fund\" launched its second round of financing, with the fundraising scale increasing from more than 6 billion yuan last year to more than 9 billion yuan. This fund's investment objectives focus on integrated circuits and related upstream and downstream sectors.</p><p>Xiaomi's story about its supply chain has made phased progress. According to previous statistics from Guojin Securities, as early as the end of September 2021, Xiaomi had invested in as many as 62 companies in the field of intelligent vehicles.</p><p>\"Cost-effectiveness\" has always been Xiaomi's deepest label. This has also become the reason why Xiaomi has been criticized by the outside world for its \"insufficient self-developed technology capabilities\". Investments in upstream core supply chain companies or technology companies demonstrate Xiaomi's determination to strengthen its voice in the supply chain.</p><p>The launch of the supply chain layout is an attempt by Lei Jun and Xiaomi to seize market opportunities.</p><p>Can Lei Jun's new story be told?</p><p><b>Speaking out for the humanoid robot industry chain</b></p><p>Since its debut last August, there has been little news about Xiaomi's bionic humanoid robot CyberOne. However, judging from recent updates from Xiaomi, Lei Jun hopes to make more breakthroughs in the field of bionic humanoid robots.</p><p>In his suggestions on promoting the rapid development of bionic humanoid robots, Lei Jun believes that my country has made key breakthroughs in the core technologies of bionic humanoid robots, but still faces challenges such as the need to improve the performance of core components, insufficient application demand, lack of large-scale mass production capabilities, and an unsound application ecosystem and supporting system.</p><p>Therefore, he suggested: encouraging and supporting the science and technology innovation industry chain and promoting the planning and layout of the bionic humanoid robot industry; Support machine manufacturers to take the lead in creating national innovation consortia and strengthen joint research on core technologies; Build an open industrial ecosystem for bionic humanoid robots and accelerate the cultivation of application scenarios.</p><p>Last June, driven by Musk's announcement that he would launch a humanoid robot, the concept of bionic humanoid robots became a hot topic in the domestic capital market, and this sub-sector also became the hottest track in the robotics industry.</p><p>Two months later, Xiaomi unveiled its prototype bionic robot CyberOne (internal stage name \"CyberOne\") at Lei Jun's annual keynote speech before Tesla, and this enthusiasm reached its peak.</p><p>Xiaomi's CyberOne is not a PowerPoint presentation or a prop; it's a handheld prototype that can interact with people. Unfortunately, the cost of each CyberOne is as high as 600,000 to 700,000 yuan, making it impossible to achieve mass production. At that time, Lei Jun admitted that shaped bionic robots had the highest degree of technological integration and the greatest difficulty, and Xiaomi was still in its early stages.</p><p>Turning its attention overseas, Tesla's humanoid robot Optimus, unveiled at last year's AI Day, also failed to meet its previously claimed standards. In Musk's words, \"It's not quite ready to walk yet, but I think it will in a few weeks.\"</p><p>Musk previously made a bold statement: the target price of Optimus Prime Optimus may be less than $20,000, and more than a million units will be mass-produced. However, Musk revealed recent progress on Optimus Prime at Tesla's investor day: \"It's not working properly, but things are getting better.\"</p><p>Tesla continues to increase its investment in humanoid robots. All-Weather Technology discovered that Tesla China recently released job postings for robotics positions, including Automation Control Engineer (Robotics) and Electrical Design Engineer - Robotics Development and Applications.</p><p>The prospects offered by the institution are very attractive. Global market research firm Marketsandmarkets predicts that the global humanoid robot market will grow from $1.5 billion in 2022 to $17.3 billion in 2027. Minsheng Securities believes that humanoid robots have the potential to become another entry point after mobile phones and cars, with huge commercial value.</p><p>However, it is undeniable that the bionic humanoid robot industry is one that requires long-term investment.</p><p>In China, there are still many realities facing this track that must be addressed, such as core components, robot underlying operating systems and chips, and system design software.</p><p><b>Billions of yuan fund focuses on the integrated circuit industry chain</b></p><p>After raising over 6 billion yuan for the first time last year, the \"Xiaomi 10 Billion Yuan Fund\" launched its second round of financing this month.</p><p>On March 2, Kingsoft announced that its subsidiaries, including Wuhan Kingsoft, Xiaomi Beijing, and Xiaomi Wuhan, have entered into partnership agreements with other investors to establish an equity investment fund in the integrated circuit-related field, with an expected total scale of 10 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/2eaf1f7c5e348d7da105e2c9435c44cb\" tg-width=\"1024\" tg-height=\"1085\" referrerpolicy=\"no-referrer\"/></p><p>In addition to Lei Jun's Xiaomi and Kingsoft, the fund's LPs also include Beijing Municipal Guidance Fund and Yizhuang State-owned Investment, which are backed by Beijing state-owned assets, Tianjin Haichuang, which is owned by Tianjin state-owned assets Beijing, as well as Hainan Huaying Kaitai, Guangzhou Huaduo, Xingzheng Investment, and GigaDevice.</p><p>Compared to its initial fundraising in July last year, the fund has five new faces: Wuhan Kingsoft, Beijing Guidance Fund, Naxing Venture Capital, Di'ao Microelectronics, and CITIC Haohong. The fund's size has also increased from 6.33 billion yuan in its initial financing to 9.03 billion yuan, approaching the target size of 10 billion yuan.</p><p>According to business registration information, the full name of the fund is: Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as \"Xiaomi Intelligent Manufacturing\"). It was registered and established on September 18, 2021, and the filing was completed on April 6, 2022.</p><p>Regarding the fund's purpose, Kingsoft stated that it primarily engages in equity investment or quasi-equity investment, or investment-related activities in non-listed companies.</p><p>The main targets are integrated circuits and related upstream and downstream sectors, covering next-generation information technology, intelligent manufacturing, new materials, artificial intelligence, displays and display devices, automotive electronics, and upstream and downstream applications and supply chains related to mobile terminal consumer goods and smart devices.</p><p>It is not difficult to see from this that these are closely related to Xiaomi's current businesses of mobile phones and automobiles. For a long time, most of Xiaomi's investments have revolved around its main business and future development direction, focusing on technological upgrades and industrial chain layout, such as artificial intelligence, the Internet of Things, automobiles, and semiconductors.</p><p>Since announcing its car manufacturing strategy, Xiaomi has been expanding into several companies related to the automotive industry chain through investment and equity investment. According to previous statistics from Guojin Securities, as early as the end of September 2021, Xiaomi had invested in as many as 62 companies in the field of intelligent vehicles, including 17 companies in intelligent driving, 13 companies in intelligent electric vehicles, and 6 companies in intelligent cockpits. Among them, 22 companies were newly invested in in 2021.</p><p>Previously, most of Xiaomi's semiconductor investments were completed through the Xiaomi Yangtze River Industry Investment Fund. After its establishment, Xiaomi Intelligent Manufacturing focused more on collaborative investment in Xiaomi's automotive business.</p><p>Public information shows that Xiaomi Smart Manufacturing currently has more than ten external investment projects, all of which involve the automotive industry chain, including multiple links such as semiconductors, power batteries, and core equipment parts.</p><p>Some industry analysts believe that Lei Jun's investment in the upstream and downstream sectors of the integrated circuit industry is exactly the same as his previous investment in Xiaomi's ecosystem. This will help it further enhance its vertical integration capabilities in the vehicle business and ensure the supply of key automotive components and software systems.</p><p></body></html></p>","source":"qthkj","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>Lei Jun's New Story</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\">\nLei Jun's New Story\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2023-03-05 12:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b><b>Lei Jun no longer focuses on telling the story of the ecosystem.</b></b><b>Instead</b><b><b>Telling the story of the supply chain related to Xiaomi's business.</b></b>In recent years, Xiaomi has been building its ecosystem and expanding into numerous smart device fields, gradually allowing Mi Home terminal smart products to penetrate various IoT markets.</p><p>As the smartphone market entered its second phase, Lei Jun no longer focused on telling the story of the ecosystem, but instead on the story of the supply chain related to Xiaomi's business.</p><p>Recently, Lei Jun brought up the story of \"supply chain\" at the \"Two Sessions\". In 2023, Lei Jun, as a deputy to the National People's Congress, prepared three proposals, one of which was about promoting the rapid development of bionic humanoid robots. Lei Jun suggested encouraging and supporting the science and technology innovation industry chain and promoting the planning and layout of the bionic humanoid robot industry.</p><p><img src=\"https://static.tigerbbs.com/af0a5d3fa4c549d087facade077bcded\" tg-width=\"1024\" tg-height=\"1324\" referrerpolicy=\"no-referrer\"/></p><p>Also this month, the \"Xiaomi 10 Billion Yuan Fund\" launched its second round of financing, with the fundraising scale increasing from more than 6 billion yuan last year to more than 9 billion yuan. This fund's investment objectives focus on integrated circuits and related upstream and downstream sectors.</p><p>Xiaomi's story about its supply chain has made phased progress. According to previous statistics from Guojin Securities, as early as the end of September 2021, Xiaomi had invested in as many as 62 companies in the field of intelligent vehicles.</p><p>\"Cost-effectiveness\" has always been Xiaomi's deepest label. This has also become the reason why Xiaomi has been criticized by the outside world for its \"insufficient self-developed technology capabilities\". Investments in upstream core supply chain companies or technology companies demonstrate Xiaomi's determination to strengthen its voice in the supply chain.</p><p>The launch of the supply chain layout is an attempt by Lei Jun and Xiaomi to seize market opportunities.</p><p>Can Lei Jun's new story be told?</p><p><b>Speaking out for the humanoid robot industry chain</b></p><p>Since its debut last August, there has been little news about Xiaomi's bionic humanoid robot CyberOne. However, judging from recent updates from Xiaomi, Lei Jun hopes to make more breakthroughs in the field of bionic humanoid robots.</p><p>In his suggestions on promoting the rapid development of bionic humanoid robots, Lei Jun believes that my country has made key breakthroughs in the core technologies of bionic humanoid robots, but still faces challenges such as the need to improve the performance of core components, insufficient application demand, lack of large-scale mass production capabilities, and an unsound application ecosystem and supporting system.</p><p>Therefore, he suggested: encouraging and supporting the science and technology innovation industry chain and promoting the planning and layout of the bionic humanoid robot industry; Support machine manufacturers to take the lead in creating national innovation consortia and strengthen joint research on core technologies; Build an open industrial ecosystem for bionic humanoid robots and accelerate the cultivation of application scenarios.</p><p>Last June, driven by Musk's announcement that he would launch a humanoid robot, the concept of bionic humanoid robots became a hot topic in the domestic capital market, and this sub-sector also became the hottest track in the robotics industry.</p><p>Two months later, Xiaomi unveiled its prototype bionic robot CyberOne (internal stage name \"CyberOne\") at Lei Jun's annual keynote speech before Tesla, and this enthusiasm reached its peak.</p><p>Xiaomi's CyberOne is not a PowerPoint presentation or a prop; it's a handheld prototype that can interact with people. Unfortunately, the cost of each CyberOne is as high as 600,000 to 700,000 yuan, making it impossible to achieve mass production. At that time, Lei Jun admitted that shaped bionic robots had the highest degree of technological integration and the greatest difficulty, and Xiaomi was still in its early stages.</p><p>Turning its attention overseas, Tesla's humanoid robot Optimus, unveiled at last year's AI Day, also failed to meet its previously claimed standards. In Musk's words, \"It's not quite ready to walk yet, but I think it will in a few weeks.\"</p><p>Musk previously made a bold statement: the target price of Optimus Prime Optimus may be less than $20,000, and more than a million units will be mass-produced. However, Musk revealed recent progress on Optimus Prime at Tesla's investor day: \"It's not working properly, but things are getting better.\"</p><p>Tesla continues to increase its investment in humanoid robots. All-Weather Technology discovered that Tesla China recently released job postings for robotics positions, including Automation Control Engineer (Robotics) and Electrical Design Engineer - Robotics Development and Applications.</p><p>The prospects offered by the institution are very attractive. Global market research firm Marketsandmarkets predicts that the global humanoid robot market will grow from $1.5 billion in 2022 to $17.3 billion in 2027. Minsheng Securities believes that humanoid robots have the potential to become another entry point after mobile phones and cars, with huge commercial value.</p><p>However, it is undeniable that the bionic humanoid robot industry is one that requires long-term investment.</p><p>In China, there are still many realities facing this track that must be addressed, such as core components, robot underlying operating systems and chips, and system design software.</p><p><b>Billions of yuan fund focuses on the integrated circuit industry chain</b></p><p>After raising over 6 billion yuan for the first time last year, the \"Xiaomi 10 Billion Yuan Fund\" launched its second round of financing this month.</p><p>On March 2, Kingsoft announced that its subsidiaries, including Wuhan Kingsoft, Xiaomi Beijing, and Xiaomi Wuhan, have entered into partnership agreements with other investors to establish an equity investment fund in the integrated circuit-related field, with an expected total scale of 10 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/2eaf1f7c5e348d7da105e2c9435c44cb\" tg-width=\"1024\" tg-height=\"1085\" referrerpolicy=\"no-referrer\"/></p><p>In addition to Lei Jun's Xiaomi and Kingsoft, the fund's LPs also include Beijing Municipal Guidance Fund and Yizhuang State-owned Investment, which are backed by Beijing state-owned assets, Tianjin Haichuang, which is owned by Tianjin state-owned assets Beijing, as well as Hainan Huaying Kaitai, Guangzhou Huaduo, Xingzheng Investment, and GigaDevice.</p><p>Compared to its initial fundraising in July last year, the fund has five new faces: Wuhan Kingsoft, Beijing Guidance Fund, Naxing Venture Capital, Di'ao Microelectronics, and CITIC Haohong. The fund's size has also increased from 6.33 billion yuan in its initial financing to 9.03 billion yuan, approaching the target size of 10 billion yuan.</p><p>According to business registration information, the full name of the fund is: Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as \"Xiaomi Intelligent Manufacturing\"). It was registered and established on September 18, 2021, and the filing was completed on April 6, 2022.</p><p>Regarding the fund's purpose, Kingsoft stated that it primarily engages in equity investment or quasi-equity investment, or investment-related activities in non-listed companies.</p><p>The main targets are integrated circuits and related upstream and downstream sectors, covering next-generation information technology, intelligent manufacturing, new materials, artificial intelligence, displays and display devices, automotive electronics, and upstream and downstream applications and supply chains related to mobile terminal consumer goods and smart devices.</p><p>It is not difficult to see from this that these are closely related to Xiaomi's current businesses of mobile phones and automobiles. For a long time, most of Xiaomi's investments have revolved around its main business and future development direction, focusing on technological upgrades and industrial chain layout, such as artificial intelligence, the Internet of Things, automobiles, and semiconductors.</p><p>Since announcing its car manufacturing strategy, Xiaomi has been expanding into several companies related to the automotive industry chain through investment and equity investment. According to previous statistics from Guojin Securities, as early as the end of September 2021, Xiaomi had invested in as many as 62 companies in the field of intelligent vehicles, including 17 companies in intelligent driving, 13 companies in intelligent electric vehicles, and 6 companies in intelligent cockpits. Among them, 22 companies were newly invested in in 2021.</p><p>Previously, most of Xiaomi's semiconductor investments were completed through the Xiaomi Yangtze River Industry Investment Fund. After its establishment, Xiaomi Intelligent Manufacturing focused more on collaborative investment in Xiaomi's automotive business.</p><p>Public information shows that Xiaomi Smart Manufacturing currently has more than ten external investment projects, all of which involve the automotive industry chain, including multiple links such as semiconductors, power batteries, and core equipment parts.</p><p>Some industry analysts believe that Lei Jun's investment in the upstream and downstream sectors of the integrated circuit industry is exactly the same as his previous investment in Xiaomi's ecosystem. This will help it further enhance its vertical integration capabilities in the vehicle business and ensure the supply of key automotive components and software systems.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://awtmt.com/articles/3683320\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb44f0df3fb7312ee913474e800cc495","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://awtmt.com/articles/3683320","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154440961","content_text":"雷军不再侧重讲生态链的故事，而是讲起与小米业务相关的供应链的故事。前几年，小米打造生态链版图，在众多智能设备领域进行布局，逐步让米家终端智能产品渗透到IoT的各个市场中。智能手机市场进入下半场后，雷军不再侧重讲生态链的故事，而是讲起与小米业务相关的供应链的故事。近日，雷军将“供应链”的故事讲上了“两会”。2023年，作为全国人大代表的雷军准备了3份建议案，其中一份关于推动仿生人形机器人快速发展。雷军建议，鼓励扶持科创产业链，推进仿生人形机器人产业规划布局。同样在这个月，“小米百亿基金”开展了第二轮融资，募资规模已从去年60多亿增至90多亿元。而这支基金的投资目标着重于集成电路以及相关上游及下游领域。小米关于供应链的故事已取得阶段性进展。国金证券此前统计数据显示，早在2021年9月底，小米投资布局有关智能汽车领域的企业多达62家。一直以来，“性价比”是小米身上最深的标签。这也成为小米被外界诟病“自研技术能力不足”的原因。而对上游核心供应链企业或技术企业的投资，表明小米希望强供应链话语权的决心。供应链布局的开启，是雷军和小米试图抓住市场机遇的一次蓄力与尝试。雷军的新故事能否讲成？为人形机器人产业链“发声”去年8月亮相之后，有关小米仿生人形机器人CyberOne的消息一直不多。不过最近从小米传出的动态来看，雷军希望能在仿生人形机器人这个赛道上有更多的突破。在关于推动仿生人形机器人快速发展的建议中，雷军认为，目前我国在仿生人形机器人核心技术方面已取得关键突破，但仍然面临核心部组件性能有待提升、应用需求牵引不足、不具备规模化量产能力、应用生态和配套支撑体系不健全等挑战。为此，他建议：鼓励扶持科创产业链，推进仿生人形机器人产业规划布局；支持整机企业牵头创建国家创新联合体，加强核心技术联合攻关；构建仿生人形机器人开放产业生态，加速场景应用培育。去年6月，在马斯克“将推出人形机器人”效应下，仿生人形机器人相关概念成为国内资本市场上的热门概念，这个细分赛道也成为机器人行业最热的赛道。两个月后，小米先于特斯拉在雷军年度演讲会上发布原型仿生机器人CyberOne（内部艺名“铁大”），这股热情也随之达到峰值。小米推出的CyberOne不是PPT，也不是道具，是可以拿出手的原型机，能与人进行互动。遗憾的是，CyberOne的成本每台高达六、七十万元，尚无法实现量产。彼时，雷军坦承，形仿生机器人的技术集成度最高、难度也最大，小米还处于刚刚起步的第一阶段。将视线转向国外，特斯拉在去年AI Day上发布的人形机器人擎天柱Optimus，同样没有达到此前宣称的水平。用马斯克的话来说，“它还没有完全准备好走路，但我认为它会在几周内走路。”马斯克此前放出豪言：擎天柱Optimus的目标价格可能低于2万美元，还要量产百万台之上。然而，马斯克在特斯拉投资者日上透露了擎天柱Optimus的最近进展：“无法正常工作，不过情况正在好转。”特斯拉仍在不断加大关于人形机器人的投入。全天候科技发现，特斯拉中国近期发布了机器人方向的岗位招聘信息，包括自动化控制工程师（机器人）、电气设计工程师-机器人开发及其应用方向。机构给出的前景很诱人。全球市场研究机构Marketsandmarkets预测，全球人形机器人市场规模将从2022年的15亿美元提升至2027年的173亿美元。民生证券认为，人形机器人有望成为继手机、汽车后的又一入口，商业价值巨大。但不可否认，仿生人形机器人赛道是一个需要长期投入的赛道。就国内而言，摆在这条赛道面前且不得不解决的现实还不少，如核心零部件、机器人底层操作系统与芯片、系统设计软件等。百亿基金聚焦集成电路产业链在去年首次募资超60亿元后，“小米百亿基金”在这个月又展开了第二轮融资。3月2日，金山软件公告称，公司附属公司武汉金山、小米北京、小米武汉等，与其他投资者订立合伙协议，内容有关成立集成电路相关领域股权投资基金，预期总规模100亿元。除雷军系的小米、金山外，该基金LP还包含北京国资背景的北京市引导基金、亦庄国投，天津国资北京的天津海创，以及海南华盈开泰、广州华多、兴证投资、兆易创新等。相较去年7月首次募资，该基金多5位新面孔：武汉金山、北京市引导基金、纳星创投、帝奥微、信银浩鸿。基金规模也从首次融资的63.3亿元增至90.3亿元，接近百亿目标规模。工商信息显示，该基金全名为：北京小米智造股权投资基金合伙企业（有限合伙）（以下简称“小米智造”），2021年9月18日注册成立，2022年4月6日完成备案。对于该基金的作用，金山软件称：主要从事股权投资或准股权投资，或对非上市公司进行投资相关活动。主要对象便是集成电路，以及相关上游及下游领域，涵盖新一代信息科技、 智能制造、新材料、人工智能、显示器及显示装置、汽车电子，以及有关移动终端消费品、智能装置的上游及下游应用及供应链。从中不难发现，这些与小米当前业务手机、汽车密切相关。一直以来，小米的大部分投资业务基本围绕其主营业务和未来发展方向，进行技术提升和产业链布局，例如人工智能、物联网、汽车和半导体等。自宣布造车以来，小米就通过投资及入股等方式，布局多家汽车产业链相关企业。据国金证券此前统计，早在2021年9月底，小米投资布局有关智能汽车领域的企业多达62家，其中智能驾驶布局17家企业，智能电动布局13家企业，智能座舱布局6家企业，当中有22家企业是2021年新增投资。此前，小米多数半导体投资动作是通过小米长江产业投资基金完成的。小米智造成立后，其更聚焦小米汽车业务协同投资方向。公开信息显示，小米智造目前对外投资的十余个项目，均涉及汽车产业链，包括汽车产业链半导体、动力电池、核心设备零件等多个环节。有行业人士分析认为，雷军布局集成电路产业上下游领域，与此前布局小米生态链如出一辙。这有利于其进一步提升整车业务的垂直整合能力，保障汽车关键零部件和软件系统供应。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940532096,"gmtCreate":1678025986415,"gmtModify":1678025990072,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940532096","repostId":"2317152105","repostType":4,"isVote":1,"tweetType":1,"viewCount":1618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941013437,"gmtCreate":1679834494930,"gmtModify":1679834499518,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941013437","repostId":"2322108213","repostType":4,"repost":{"id":"2322108213","kind":"highlight","pubTimestamp":1679802924,"share":"https://ttm.financial/m/news/2322108213?lang=en_US&edition=fundamental","pubTime":"2023-03-26 11:55","market":"hk","language":"zh","title":"Demand for US dollars surges! Central banks around the world reduced their holdings of US Treasury bonds at the fastest pace in nine years","url":"https://stock-news.laohu8.com/highlight/detail?id=2322108213","media":"华尔街见闻","summary":"美联储海外流动性工具的使用量也激增，FIMA回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。","content":"<p><html><head></head><body>Abstract: The use of the Federal Reserve's overseas liquidity tools has also surged, with the use of the FIMA repurchase agreement tool reaching a record $60 billion, far exceeding the peak of $1.4 billion reached at the height of the pandemic. As the banking crisis spread and global demand for dollars surged, central banks around the world quickly reduced their holdings of US Treasury bonds to \"cash out,\" and their use of the Federal Reserve's overseas liquidity tools also surged.</p><p>Federal Reserve data shows that in the week ending March 22,<b>Foreign official holdings of U.S. Treasury Bond fell by $76 billion to $2.86 trillion, the largest weekly decline since March 2014.</b></p><p>At the same time,<b>The use of the Federal Reserve's Foreign and International Monetary Administration (FIMA) repurchase agreement tools reached a record $60 billion, far exceeding the peak of $1.4 billion reached at the height of the pandemic.</b></p><p>The Federal Reserve's FIMA repurchase agreement tool was launched on March 31, 2020, to support liquidity in global financial markets and mitigate the impact of the pandemic on the global economy. This tool allows foreign central banks and international organizations to use their holdings of U.S. Treasury Bond as collateral to apply for dollar liquidity from the Federal Reserve to alleviate funding pressures.</p><p>In response to the surge in the use of FIMA repurchase agreement tools, media reports cited...<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the dollar financing rate, we feel that borrowing is precautionary.\"</p><p>It is worth noting that only a small portion of the $136 billion raised by foreign official institutions from the sale of U.S. Treasury bonds and FIMA repurchase agreements flows directly back into the Federal Reserve's balance sheet or broader custody program.</p><p>As of March 22, the balance of the foreign reverse repurchase pool increased by just $3 billion, while institutional securities, including mortgage-backed securities, in the custody of the Federal Reserve increased by just $7 billion.</p><p><b>Analysis by Wrightson ICAP indicates that the above phenomenon suggests that most of the cash raised by central banks may have entered the private market.</b></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>Demand for US dollars surges! Central banks around the world reduced their holdings of US Treasury bonds at the fastest pace in nine years</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\">\nDemand for US dollars surges! Central banks around the world reduced their holdings of US Treasury bonds at the fastest pace in nine years\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\">2023-03-26 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: The use of the Federal Reserve's overseas liquidity tools has also surged, with the use of the FIMA repurchase agreement tool reaching a record $60 billion, far exceeding the peak of $1.4 billion reached at the height of the pandemic. As the banking crisis spread and global demand for dollars surged, central banks around the world quickly reduced their holdings of US Treasury bonds to \"cash out,\" and their use of the Federal Reserve's overseas liquidity tools also surged.</p><p>Federal Reserve data shows that in the week ending March 22,<b>Foreign official holdings of U.S. Treasury Bond fell by $76 billion to $2.86 trillion, the largest weekly decline since March 2014.</b></p><p>At the same time,<b>The use of the Federal Reserve's Foreign and International Monetary Administration (FIMA) repurchase agreement tools reached a record $60 billion, far exceeding the peak of $1.4 billion reached at the height of the pandemic.</b></p><p>The Federal Reserve's FIMA repurchase agreement tool was launched on March 31, 2020, to support liquidity in global financial markets and mitigate the impact of the pandemic on the global economy. This tool allows foreign central banks and international organizations to use their holdings of U.S. Treasury Bond as collateral to apply for dollar liquidity from the Federal Reserve to alleviate funding pressures.</p><p>In response to the surge in the use of FIMA repurchase agreement tools, media reports cited...<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the dollar financing rate, we feel that borrowing is precautionary.\"</p><p>It is worth noting that only a small portion of the $136 billion raised by foreign official institutions from the sale of U.S. Treasury bonds and FIMA repurchase agreements flows directly back into the Federal Reserve's balance sheet or broader custody program.</p><p>As of March 22, the balance of the foreign reverse repurchase pool increased by just $3 billion, while institutional securities, including mortgage-backed securities, in the custody of the Federal Reserve increased by just $7 billion.</p><p><b>Analysis by Wrightson ICAP indicates that the above phenomenon suggests that most of the cash raised by central banks may have entered the private market.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3684881\">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/8535ed7b87b7ffdd85eab3e02f1fb1e0","relate_stocks":{"IEI":"iShares Barclays 3-7 Year Trea","BND":"债券指数ETF-Vanguard美国","IEF":"债券指数ETF-iShares Barclays 7-10年","BK4588":"碎股","SHY":"债券指数ETF-iShares Barclays 1-3年国债","BK4585":"ETF&股票定投概念","TLT":"20+年以上美国国债ETF-iShares","GOVT":"iShares安硕核心美国国债ETF"},"source_url":"https://wallstreetcn.com/articles/3684881","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2322108213","content_text":"摘要：美联储海外流动性工具的使用量也激增，FIMA回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。随着银行业危机蔓延，全球美元需求激增，各国央行快速减持美债“套现”，对美联储海外流动性工具的使用量也激增。美联储数据显示，截至 3 月 22 日的一周，外国官方持有的美国国债减少了 760 亿美元，至 2.86 万亿美元，这是自 2014 年 3 月以来的最大单周降幅。与此同时，美联储外国和国际货币管理局 (FIMA) 回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。美联储FIMA回购协议工具于2020年3月31日推出，旨在支持全球金融市场的流动性，缓解疫情对全球经济的冲击。该工具允许外国中央银行和国际组织将其持有的美国国债作为抵押品向美联储申请美元流动性，以缓解资金压力。针对FIMA回购协议工具使用量激增，媒体援引巴克莱银行策略师Joseph Abate称，“鉴于美元融资利率，我们感觉借贷是预防性的。”值得注意的是，外国官方机构从抛售美债和FIMA回购中筹集的1360亿美元，只有很少一部分直接回流到美联储的资产负债表或更广泛的托管计划中。截至 3 月 22 日，外国逆回购池的余额仅增加了 30 亿美元，而美联储托管的机构证券（包括抵押贷款支持证券）仅增加了 70 亿美元。莱特森债券市场研究公司(Wrightson ICAP)分析指出，上述现象说明中央银行筹集的大部分现金可能进入了私人市场。","news_type":1,"symbols_score_info":{"TLT":0.6,"IEI":0.6,"TNmain":0.6,"ZTmain":0.6,"ZFmain":0.6,"GOVT":0.6,"UBmain":0.6,"BND":1,"SHY":0.6,"ZBmain":0.6,"IEF":0.6}},"isVote":1,"tweetType":1,"viewCount":4840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943635322,"gmtCreate":1679400767466,"gmtModify":1679400771244,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943635322","repostId":"1111560583","repostType":4,"repost":{"id":"1111560583","kind":"news","pubTimestamp":1679397611,"share":"https://ttm.financial/m/news/1111560583?lang=en_US&edition=fundamental","pubTime":"2023-03-21 19:20","market":"us","language":"zh","title":"Money laundering, tax evasion, espionage cases: How a century-old Swiss investment bank killed itself","url":"https://stock-news.laohu8.com/highlight/detail?id=1111560583","media":"阿尔法工场研究院","summary":"导语：经过这次瑞信危机，瑞士银行业的信誉已经破产。这家历史为167年的老牌瑞士投行正在面临前所未有的巨大挑战。在许多新闻中，我们都能看到这家银行的身影：帮助毒枭洗钱，走私鱼产，贿赂，供应链金融舞弊，贷","content":"<p><html><head></head><body>Introduction: Following the Credit Suisse crisis, the credibility of the Swiss banking industry has been ruined.</p><p>This 167-year-old Swiss investment bank is facing unprecedented challenges. We can see this bank in many news reports:</p><p>Helping drug lords launder money, smuggling fish, bribery, supply chain finance fraud, and lending billions to radical hedge fund managers have all cast a huge shadow over the reputation of this century-old investment bank.</p><p>These unbelievable but highly profitable events sound like a movie, yet they are all major reasons why Credit Suisse has fallen to its current state.</p><p>It should be said that Credit Suisse, unlike Lehman Brothers, may not have a huge financial derivatives problem, but like many Wall Street investment banking cancers, it has a deadly culture of greed and an overly aggressive corporate culture that allows companies to take risks and individuals to receive huge rewards and commissions.</p><p>Credit Suisse should manage its people better, in addition to its own balance sheet. This is the same for all investment banks.</p><p>In terms of asset size, Credit Suisse has assets of approximately 530 billion Swiss francs ($573 billion). Its size far exceeds that of SVB Silicon Valley Bank and Signature Bank.</p><p>Credit Suisse has become the most vulnerable link in the European financial system, and with the Federal Reserve's continued rate hike, the bank's own problems have been fully exposed.</p><p>The reason the capital market is paying attention to Credit Suisse is that this long-established investment bank's assets and operations are located all over the world. Therefore, if Credit Suisse were to collapse, it would have unimaginably serious consequences for the global financial system.</p><p>However, the underlying reason lies in Credit Suisse Bank's rapid business expansion over the past decade or so, as well as its complete failure in risk control.</p><p>The chaotic and out-of-control internal controls led to UBS being mired in constant restructuring and leadership changes, to the point that the entire bank eventually lost its clear direction and fell into chaos and a debt quagmire.</p><p>In just 10 years, Credit Suisse has had three CEOs: Tidjane Thiam, Thomas Gottstein, and the current CEO, Ulrich Korner. Gottstein, who had the shortest term, only served a mere five months.</p><p>The following are the CEOs that Credit Suisse has changed over the past decade:</p><p>Tidjane Thiam(2015.3~2020.2) Tan Tianzhong:</p><p><img src=\"https://static.tigerbbs.com/f9e3fc678fad281726665b998a337626\" tg-width=\"440\" tg-height=\"661\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Thomas Gottstein (2022.2~2022.7):</p><p><img src=\"https://static.tigerbbs.com/ded8257801b73a5f46dabaea75900763\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ulrich Körner (2022.7~):</p><p><img src=\"https://static.tigerbbs.com/afe66e3985bb9778e27bbcc98d5a576f\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>So why did Credit Suisse Bank end up in such a state?</p><p><b>Bloodthirsty and greedy corporate culture</b></p><p>As the bank least affected by the 2008 financial crisis, Credit Suisse should have greater advantages and a more stable approach. However, the reality is that even the banks least affected by the financial crisis underwent multiple restructurings in 2002, 2004, 2006, and 2022. Subsequently, they began to cut back on investment operations, lay off employees, and reduce operating costs.</p><p>However, Credit Suisse's DNA seems to be the best interpretation of Gordon Gekko, who uttered the famous line \"GREED IS GOOD\" in the movie Wall Street. Apart from Deutsche Bank, Credit Suisse can basically be considered the average Gordon Gekko of bankers. Under the leadership of former CEO Tidjane Thiam, his successful culture of strict cost control enabled Credit Suisse to turn a profit for a period of time. However, the good times didn't last long, due to the impact of the spy gate. UBS's profits and assets under management peaked in 2021, but its performance declined rapidly in 2022. However, due to his involvement in the wiretapping scandal, he had to resign, which also caused Credit Suisse's reputation to decline significantly.</p><p><img src=\"https://static.tigerbbs.com/cad12ec2457d36cf0eb4cafd18a847b3\" tg-width=\"660\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the internal political struggle at Credit Suisse, UBS executives were accused of using espionage tools and equipment to monitor their own employees. Such illegal investigations continued from 2016 to 2019, with at least seven cases being investigated. Not only were the company's board of directors aware of this, but some of the individuals involved also committed suicide.</p><p>There has been more than one dramatic suicide incident involving the person involved. Patrice Lescaudron was originally one of Credit Suisse's top three super bankers with an annual income 12 times the average of other managing directors and other first-level executives, but he committed suicide in 2020.</p><p>Before his death, Ray Corderon was sentenced to five years in prison for crimes including forging client signatures, embezzling client assets, and causing at least $150 million in losses to clients.</p><p>He vowed to hunt down his clients, including former Georgian Prime Minister Bidzina Ivanishvili and Russian tycoon Vitaly Malkin.</p><p>Where did Ivanishvili and Malkin's enormous wealth come from? How did it get into the Credit Suisse account? And how was it misappropriated by Ray Corderon? The truth was buried because of Ray Corderon's suicide.</p><p>There are many other bizarre things like the wiretapping scandal. We see Credit Suisse Bank active on the front lines of various spy films and commercial blockbusters: the 1MDB scandal in Malaysia, which shook the country's foundation, and the money laundering scandal in Japan, in which Credit Suisse was also involved. Credit Suisse is the main suspect in money laundering by a Bulgarian drug cartel; The assets of the prime minister of the Central Asian country of Georgia were also embezzled by Credit Suisse bankers who forged signatures.</p><p>In short, Credit Suisse has been present everywhere in the dark corruption scandals that have erupted in the past few years.</p><p>From these cases, it is not difficult to conclude that Credit Suisse has a very radical and highly corrupt corporate culture. UBS was found guilty of multiple money laundering cases, with UBS paying a total of $2.6 billion in fines between 2008 and 2012.</p><p>Starting in 2022, Credit Suisse began to accelerate its path to self-destruction.</p><p><img src=\"https://static.tigerbbs.com/02d37e69f89f324b63066ad9c8c8e463\" tg-width=\"796\" tg-height=\"393\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the third quarter of 2020, Credit Suisse managed assets of CHF 1,478.3 billion and net income of CHF 5.3 billion. In early October 2022, Credit Suisse was exposed to be facing a liquidity crisis.</p><p>Credit Suisse's approach has become increasingly aggressive, with two major risk events in 2022, Greensill and Archego, completely extinguishing Credit Suisse's hopes of becoming a top global investment bank.</p><p><img src=\"https://static.tigerbbs.com/5a99f4882e8530f186ba4701324c650d\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/8e6b0afe1aa182406e8ee480cbf565db\" tg-width=\"1024\" tg-height=\"637\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>With Credit Suisse investing in Greensill Capital and Archegos Capital Management successively experiencing margin calls. This not only dealt a fatal blow to Credit Suisse's credibility, but also caused the bank to lose billions of Swiss francs.</p><p>Credit Suisse Bank has begun to see a large number of assets \"flee\".</p><p><img src=\"https://static.tigerbbs.com/45db85294d214765682ed85a7beba95c\" tg-width=\"799\" tg-height=\"414\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It is difficult to recover all of the $10 billion in customer funds it invested in Greenhill. Although Credit Suisse was not the only bank to lose money investing in Archegos, its $5.5 billion loss was far greater than that of other banks.</p><p>The Swiss Financial Markets Authority (FINMA) accused Credit Suisse of deliberately ignoring more than 100 warning signs and dancing on the edge of an abyss in pursuit of unrealistic profits.</p><p>Credit Suisse Bank suffered huge losses after Bill Hwang and his family's wealth management firm Archegos, which caused a major ups and downs in Chinese concept stocks, suffered a margin call. Credit Suisse's 2021 results showed that net expenses related to Archegos amounted to 4.8 billion Swiss francs, or approximately US$4.886 billion.</p><p>On March 1, 2021, Credit Suisse, as the portfolio manager, decided to terminate redemptions and subscriptions for four Supply Chain Finance Funds (SCFFs) in order to protect the rights and interests of fund investors.</p><p>The reason is that the assets held by the supply chain finance fund are mainly existing and future receivables-backed notes originated and arranged by Greensill Capital, which filed for bankruptcy in the UK on March 8, 2021.</p><p>In fact, besides the huge financial losses incurred by Archegos and Greensill, the biggest impact was on Credit Suisse's reputation.</p><p>As a multinational banking group, credit, financial foundation and reputation are the foundation of Credit Suisse. These incidents have severely damaged Credit Suisse's reputation and posed a very severe test to its professional capabilities.</p><p>Credit Suisse clearly understands the far-reaching impact of these two incidents. After completing internal and external investigations, it adjusted its organizational structure, compensation, etc., and re-audited its investment banking division, especially its institutional financing Services (Prime Services).</p><p>It was precisely because of the vulnerabilities in this business that Archegos' margin call dealt a heavy blow to Credit Suisse—and it decided to exit the business.</p><p>The market believes that part of the blame lies with Urs Rohner, who served as chairman of the bank's board of directors from 2011 to 2021, and the aggressive corporate culture he encouraged during his tenure.</p><p>Urus Rohner, Chairman of the Board of Credit Suisse (2011-2021):</p><p><img src=\"https://static.tigerbbs.com/704415f87e69de1c5cfe6e354aa4d056\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The following chart shows Credit Suisse's performance during Urus Rohner's tenure:</p><p><img src=\"https://static.tigerbbs.com/451b0280dd599df2ecbc5f539b3401b8\" tg-width=\"660\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2012, Credit Suisse was exposed for manipulating LIBOR and TIBOR interest rates for profit.</p><p>In 2013, the U.S. Department of Justice investigated details of Credit Suisse's sale of MBS.</p><p>In 2014, the U.S. Congress questioned Credit Suisse for helping its clients illegally evade taxes.</p><p>In 2015, Credit Suisse was accused of trying to monopolize the IRS interest rate swap market with other banks.</p><p><b>Credit Suisse has zero risk control and is deeply involved in financial fraud and crime.</b></p><p>Credit Suisse assisted Archego in manipulating its stock market capitalization and lent it a large amount of money.</p><p>In the GREENSILL case, Credit Suisse provided $10 billion to GREENSILL, but was tricked by SoftBank. Most of the loan funds were not used for supply chain finance refinancing, but were misappropriated for SoftBank's own investments.</p><p>The Archegos incident refers to the margin call at Archegos Capital Management in 2021. This is an American hedge fund operating under the name of a family office, focusing on highly leveraged derivatives investments in US stocks.</p><p>In March 2021, Nomura Holdings and Credit Suisse issued a warning that they expected to face huge losses due to lending to Archegos for securities derivatives trading. This led to a sell-off in global bank stocks on March 29, 2021.</p><p>Archegos was subsequently accused of illegally manipulating the securities market.</p><p>Between March 2020 and March 2021, the company’s Korean-American founder, Bill Hwang, deliberately misled banks by borrowing money and made huge bets on a small number of stocks through complex securities, expanding Archegos’ total market position from $10 billion to $160 billion.</p><p>At the end of March 2021, Bill Hwang sold several stocks because he was unable to maintain his manipulation. Almost all of the stocks heavily invested in by Archegos experienced a sharp drop in price. Bill Hwang, who caused this \"massive margin call of the century,\" was imprisoned as a result.</p><p>The Archegos fund collapsed, resulting in losses of over $10 billion across Wall Street. Credit Suisse also lost $5.5 billion in margin calls, while Nomura Securities, Morgan Stanley, and UBS lost $2.85 billion, $900 million, and $861 million, respectively.</p><p>Before Archegos was liquidated, he had been continuously increasing his holdings in a series of stocks. However, Credit Suisse's regulatory authorities did not address these risks in a timely and effective manner.</p><p>This margin call scandal also triggered a \"reshuffle\" of Credit Suisse's management. Credit Suisse Investment Bank CEO Brian Chin and Chief Risk Officer (CRO) Lara Warner both resigned, and Credit Suisse Chairman Urs Rohner also stepped down at the end of April 2021.</p><p>Almost simultaneously, the collapse of supply chain finance firm Greensill Capital also caused Credit Suisse, which provided its financial backing, to suffer losses of approximately $3 billion.</p><p>A year later, in February 2022, Credit Suisse was exposed for accepting funds from more than 18,000 criminal clients, including oligarchs and drug dealers, to provide them with money laundering and other services. Credit Suisse was subsequently sued by the court, becoming the first major bank in Swiss history to be convicted in a criminal case.</p><p>As shown in the chart below, Credit Suisse CAT bond prices plummeted:</p><p><img src=\"https://static.tigerbbs.com/f0a464ffc12c424b3c176b969a79c38e\" tg-width=\"1024\" tg-height=\"572\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Since 2018, Credit Suisse has been embroiled in various troubles.</p><p><img src=\"https://static.tigerbbs.com/654ffe8a7f1cf7403e09770b0dec0f82\" tg-width=\"692\" tg-height=\"370\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Without customer support, international reputation plummeted.</b></p><p>Even though Credit Suisse Bank has repeatedly announced reform and restructuring plans, these plans have not actually reduced costs. On the contrary, Credit Suisse still rewards employees by tacitly allowing employees and senior executives to \"break the rules\" and even committing crimes to create high growth and high returns.</p><p>This ultimately led to customers losing trust in Credit Suisse, and Credit Suisse also lost the support of its valuable employees.</p><p>Even though Credit Suisse's core capital adequacy ratio reached a stable level of 13.5% in the previous quarter (the legal requirement of 8%), Credit Suisse is still on the verge of collapse due to a large outflow of customer funds (approximately US$120 billion in the fourth quarter) and a sharp drop in its stock price.</p><p>Credit Suisse's reform plan proposed in 2022:</p><p><img src=\"https://static.tigerbbs.com/7335a3c0ddcdbe099a89de7b0ca32eed\" tg-width=\"743\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Credit Suisse proposed a strategic restructuring: starting January 1, 2022, it redivided its business into four divisions – Wealth Management, Investment Banking, Swiss Bank and Asset Management – and four regional divisions – Switzerland, Europe, the Middle East and Africa (EMEA), Asia Pacific and the Americas.</p><p>The three main focuses of the reform plan:</p><p>1) Strengthen its core business by injecting approximately 3 billion Swiss francs into the wealth management department by 2024 to enhance Credit Suisse's balance sheet and organizational structure;</p><p>2) Simplify the business model by establishing an integrated global wealth management department, an integrated global investment bank, and a centralized technology and operations department to optimize structural costs and support strategic investments;</p><p>3) Increase investment in customers, business, talent and technology.</p><p>The 2022 reform plan includes a complete restructuring of its investment bank, cutting 2,700 full-time employees in the fourth quarter, resulting in a cumulative layoff of 9,000 by the end of 2025, transferring a majority stake in its securitization products business, and reducing risk-weighted assets and leveraged exposure.</p><p><b>Credit Suisse Credit Default CDS Swap Soars</b></p><p>The CDS (Credit Default Swap) spread, the most accurate and fastest-responding indicator for measuring Credit Default risk, has already issued a warning:</p><p><img src=\"https://static.tigerbbs.com/f84d8eddb62ad489377e9ed733515033\" tg-width=\"720\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>New Credit Suisse CEO Ulrich Koerner has implemented a sweeping plan to attract uneasy customers and cash back. These actions appear to have paid off in January this year, with the bank claiming a \"net inflow\" of deposits.</p><p>However, on March 9, the U.S. Securities and Exchange Commission (SEC) raised questions about the bank's annual report, forcing Credit Suisse to postpone the release of its financial report. At the same time, PWC issued an adverse opinion.</p><p>On March 15, Credit Suisse's stock price plummeted again after the Saudi National Bank (SNB), Credit Suisse's largest shareholder, ruled out the possibility of increasing its stake in Credit Suisse. SNB holds a 9.9% stake in UBS. Saudi Arabia's sovereign wealth fund also holds a 37% stake in the SNB.</p><p>At this time, the chairman of the board of directors of Saudi Arabian National Bank, Credit Suisse's largest shareholder, said in a media interview that due to regulatory considerations, it would not increase its stake in Credit Suisse or provide any financial assistance.</p><p>On that day, Credit Suisse's stock price closed down 24% at about 1.7 Swiss francs (about US$1.83). The price fell as much as 30% to a historical low during the session, with the lowest price shrinking by 85% compared to February 2021.</p><p><img src=\"https://static.tigerbbs.com/470cd61580e99b2af8ac831cafae18cc\" tg-width=\"750\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As other banks sought to hedge counterparty risk in their transactions with Credit Suisse, the price of one-year CDS jumped above 3,000 basis points from 836 basis points on the 14th (representing a 10% probability of default). However, due to the depletion of market liquidity, few trades were executed.</p><p>Another area also showed signs of pressure, with Credit Suisse's Tier 1 capital replenishment (AT1) bonds trading at less than 80% of face value (a level that usually indicates a company is in trouble). Even bonds maturing in April are currently trading far below face value.</p><p>A sliver of hope? Credit Suisse sought help from the Swiss National Bank (SNB). Ultimately, the Swiss National Bank provided Credit Suisse with a 50 billion Swiss franc (US$54 billion) loan.</p><p><img src=\"https://static.tigerbbs.com/fa80ac68ead31e71cdaa6d758e70eaa8\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>From the perspective of the Swiss National Bank, it had to be bailed out; compared to Lehman Brothers, Credit Suisse would be in a much better position.</p><p>Unlike Lehman and SVB, Credit Suisse has a large amount of liquid assets and access to lending facilities provided by central banks. It is also less sensitive to large changes in interest rates than many of its competitors.</p><p>Credit Suisse has enough liquid assets, similar to money market instruments, to repay half of the total amount of customer deposits and borrowings from other banks.</p><p>Credit Suisse CEO Kerner stated that the bank's liquidity coverage ratio shows that Credit Suisse can withstand large capital outflows lasting more than a month during periods of stress.</p><p>Credit Suisse also stated in a press release that this additional liquidity will support Credit Suisse's core business and customers. Credit Suisse will take the necessary steps to create a simpler, more customer-focused bank.</p><p>Credit Suisse also made cash takeover offers for 10 US dollar-denominated senior debt securities, with a total consideration not exceeding US$2.5 billion; Another cash offer was also announced involving four euro-denominated senior debt securities with a total consideration not exceeding 500 million euros.</p><p>The bad news was that Credit Suisse's financing costs were already very high at this point, and it either needed to raise more funds or faced a breakup.</p><p>The bank may need to issue rights again, or alternatively, it could be \"spun off,\" selling or listing its various business units, including its Swiss branch, asset management division, and wealth management division, separately.</p><p>The Swiss government and regulators also discussed options to stabilize Credit Suisse's situation, including publicly expressing support, providing liquidity support, and more structural remedies—such as breaking up its Swiss subsidiary and merging with its larger Swiss rival, UBS Group.</p><p>If this loan does not solve Credit Suisse's current problems, then Credit Suisse may be merged with other larger banks.</p><p>UBS has stated that it will oppose a merger with Credit Suisse because UBS (UBS prefers to focus on wealth management rather than becoming an investment bank and absorbing more risk exposure like Credit Suisse).</p><p>The $54 billion aid gave Credit Suisse a temporary respite, but if the situation worsens, the money will not last much longer. Therefore, Credit Suisse's top priority is to rebuild customer confidence and new responsibilities, and to retain them by all means possible. If it fails to do so, it will face a greater crisis.</p><p></body></html></p>","source":"lsy1591845786539","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>Money laundering, tax evasion, espionage cases: How a century-old Swiss investment bank killed itself</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\">\nMoney laundering, tax evasion, espionage cases: How a century-old Swiss investment bank killed itself\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">阿尔法工场研究院</strong><span class=\"h-time small\">2023-03-21 19:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Introduction: Following the Credit Suisse crisis, the credibility of the Swiss banking industry has been ruined.</p><p>This 167-year-old Swiss investment bank is facing unprecedented challenges. We can see this bank in many news reports:</p><p>Helping drug lords launder money, smuggling fish, bribery, supply chain finance fraud, and lending billions to radical hedge fund managers have all cast a huge shadow over the reputation of this century-old investment bank.</p><p>These unbelievable but highly profitable events sound like a movie, yet they are all major reasons why Credit Suisse has fallen to its current state.</p><p>It should be said that Credit Suisse, unlike Lehman Brothers, may not have a huge financial derivatives problem, but like many Wall Street investment banking cancers, it has a deadly culture of greed and an overly aggressive corporate culture that allows companies to take risks and individuals to receive huge rewards and commissions.</p><p>Credit Suisse should manage its people better, in addition to its own balance sheet. This is the same for all investment banks.</p><p>In terms of asset size, Credit Suisse has assets of approximately 530 billion Swiss francs ($573 billion). Its size far exceeds that of SVB Silicon Valley Bank and Signature Bank.</p><p>Credit Suisse has become the most vulnerable link in the European financial system, and with the Federal Reserve's continued rate hike, the bank's own problems have been fully exposed.</p><p>The reason the capital market is paying attention to Credit Suisse is that this long-established investment bank's assets and operations are located all over the world. Therefore, if Credit Suisse were to collapse, it would have unimaginably serious consequences for the global financial system.</p><p>However, the underlying reason lies in Credit Suisse Bank's rapid business expansion over the past decade or so, as well as its complete failure in risk control.</p><p>The chaotic and out-of-control internal controls led to UBS being mired in constant restructuring and leadership changes, to the point that the entire bank eventually lost its clear direction and fell into chaos and a debt quagmire.</p><p>In just 10 years, Credit Suisse has had three CEOs: Tidjane Thiam, Thomas Gottstein, and the current CEO, Ulrich Korner. Gottstein, who had the shortest term, only served a mere five months.</p><p>The following are the CEOs that Credit Suisse has changed over the past decade:</p><p>Tidjane Thiam(2015.3~2020.2) Tan Tianzhong:</p><p><img src=\"https://static.tigerbbs.com/f9e3fc678fad281726665b998a337626\" tg-width=\"440\" tg-height=\"661\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Thomas Gottstein (2022.2~2022.7):</p><p><img src=\"https://static.tigerbbs.com/ded8257801b73a5f46dabaea75900763\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ulrich Körner (2022.7~):</p><p><img src=\"https://static.tigerbbs.com/afe66e3985bb9778e27bbcc98d5a576f\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>So why did Credit Suisse Bank end up in such a state?</p><p><b>Bloodthirsty and greedy corporate culture</b></p><p>As the bank least affected by the 2008 financial crisis, Credit Suisse should have greater advantages and a more stable approach. However, the reality is that even the banks least affected by the financial crisis underwent multiple restructurings in 2002, 2004, 2006, and 2022. Subsequently, they began to cut back on investment operations, lay off employees, and reduce operating costs.</p><p>However, Credit Suisse's DNA seems to be the best interpretation of Gordon Gekko, who uttered the famous line \"GREED IS GOOD\" in the movie Wall Street. Apart from Deutsche Bank, Credit Suisse can basically be considered the average Gordon Gekko of bankers. Under the leadership of former CEO Tidjane Thiam, his successful culture of strict cost control enabled Credit Suisse to turn a profit for a period of time. However, the good times didn't last long, due to the impact of the spy gate. UBS's profits and assets under management peaked in 2021, but its performance declined rapidly in 2022. However, due to his involvement in the wiretapping scandal, he had to resign, which also caused Credit Suisse's reputation to decline significantly.</p><p><img src=\"https://static.tigerbbs.com/cad12ec2457d36cf0eb4cafd18a847b3\" tg-width=\"660\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the internal political struggle at Credit Suisse, UBS executives were accused of using espionage tools and equipment to monitor their own employees. Such illegal investigations continued from 2016 to 2019, with at least seven cases being investigated. Not only were the company's board of directors aware of this, but some of the individuals involved also committed suicide.</p><p>There has been more than one dramatic suicide incident involving the person involved. Patrice Lescaudron was originally one of Credit Suisse's top three super bankers with an annual income 12 times the average of other managing directors and other first-level executives, but he committed suicide in 2020.</p><p>Before his death, Ray Corderon was sentenced to five years in prison for crimes including forging client signatures, embezzling client assets, and causing at least $150 million in losses to clients.</p><p>He vowed to hunt down his clients, including former Georgian Prime Minister Bidzina Ivanishvili and Russian tycoon Vitaly Malkin.</p><p>Where did Ivanishvili and Malkin's enormous wealth come from? How did it get into the Credit Suisse account? And how was it misappropriated by Ray Corderon? The truth was buried because of Ray Corderon's suicide.</p><p>There are many other bizarre things like the wiretapping scandal. We see Credit Suisse Bank active on the front lines of various spy films and commercial blockbusters: the 1MDB scandal in Malaysia, which shook the country's foundation, and the money laundering scandal in Japan, in which Credit Suisse was also involved. Credit Suisse is the main suspect in money laundering by a Bulgarian drug cartel; The assets of the prime minister of the Central Asian country of Georgia were also embezzled by Credit Suisse bankers who forged signatures.</p><p>In short, Credit Suisse has been present everywhere in the dark corruption scandals that have erupted in the past few years.</p><p>From these cases, it is not difficult to conclude that Credit Suisse has a very radical and highly corrupt corporate culture. UBS was found guilty of multiple money laundering cases, with UBS paying a total of $2.6 billion in fines between 2008 and 2012.</p><p>Starting in 2022, Credit Suisse began to accelerate its path to self-destruction.</p><p><img src=\"https://static.tigerbbs.com/02d37e69f89f324b63066ad9c8c8e463\" tg-width=\"796\" tg-height=\"393\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In the third quarter of 2020, Credit Suisse managed assets of CHF 1,478.3 billion and net income of CHF 5.3 billion. In early October 2022, Credit Suisse was exposed to be facing a liquidity crisis.</p><p>Credit Suisse's approach has become increasingly aggressive, with two major risk events in 2022, Greensill and Archego, completely extinguishing Credit Suisse's hopes of becoming a top global investment bank.</p><p><img src=\"https://static.tigerbbs.com/5a99f4882e8530f186ba4701324c650d\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/8e6b0afe1aa182406e8ee480cbf565db\" tg-width=\"1024\" tg-height=\"637\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>With Credit Suisse investing in Greensill Capital and Archegos Capital Management successively experiencing margin calls. This not only dealt a fatal blow to Credit Suisse's credibility, but also caused the bank to lose billions of Swiss francs.</p><p>Credit Suisse Bank has begun to see a large number of assets \"flee\".</p><p><img src=\"https://static.tigerbbs.com/45db85294d214765682ed85a7beba95c\" tg-width=\"799\" tg-height=\"414\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It is difficult to recover all of the $10 billion in customer funds it invested in Greenhill. Although Credit Suisse was not the only bank to lose money investing in Archegos, its $5.5 billion loss was far greater than that of other banks.</p><p>The Swiss Financial Markets Authority (FINMA) accused Credit Suisse of deliberately ignoring more than 100 warning signs and dancing on the edge of an abyss in pursuit of unrealistic profits.</p><p>Credit Suisse Bank suffered huge losses after Bill Hwang and his family's wealth management firm Archegos, which caused a major ups and downs in Chinese concept stocks, suffered a margin call. Credit Suisse's 2021 results showed that net expenses related to Archegos amounted to 4.8 billion Swiss francs, or approximately US$4.886 billion.</p><p>On March 1, 2021, Credit Suisse, as the portfolio manager, decided to terminate redemptions and subscriptions for four Supply Chain Finance Funds (SCFFs) in order to protect the rights and interests of fund investors.</p><p>The reason is that the assets held by the supply chain finance fund are mainly existing and future receivables-backed notes originated and arranged by Greensill Capital, which filed for bankruptcy in the UK on March 8, 2021.</p><p>In fact, besides the huge financial losses incurred by Archegos and Greensill, the biggest impact was on Credit Suisse's reputation.</p><p>As a multinational banking group, credit, financial foundation and reputation are the foundation of Credit Suisse. These incidents have severely damaged Credit Suisse's reputation and posed a very severe test to its professional capabilities.</p><p>Credit Suisse clearly understands the far-reaching impact of these two incidents. After completing internal and external investigations, it adjusted its organizational structure, compensation, etc., and re-audited its investment banking division, especially its institutional financing Services (Prime Services).</p><p>It was precisely because of the vulnerabilities in this business that Archegos' margin call dealt a heavy blow to Credit Suisse—and it decided to exit the business.</p><p>The market believes that part of the blame lies with Urs Rohner, who served as chairman of the bank's board of directors from 2011 to 2021, and the aggressive corporate culture he encouraged during his tenure.</p><p>Urus Rohner, Chairman of the Board of Credit Suisse (2011-2021):</p><p><img src=\"https://static.tigerbbs.com/704415f87e69de1c5cfe6e354aa4d056\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The following chart shows Credit Suisse's performance during Urus Rohner's tenure:</p><p><img src=\"https://static.tigerbbs.com/451b0280dd599df2ecbc5f539b3401b8\" tg-width=\"660\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2012, Credit Suisse was exposed for manipulating LIBOR and TIBOR interest rates for profit.</p><p>In 2013, the U.S. Department of Justice investigated details of Credit Suisse's sale of MBS.</p><p>In 2014, the U.S. Congress questioned Credit Suisse for helping its clients illegally evade taxes.</p><p>In 2015, Credit Suisse was accused of trying to monopolize the IRS interest rate swap market with other banks.</p><p><b>Credit Suisse has zero risk control and is deeply involved in financial fraud and crime.</b></p><p>Credit Suisse assisted Archego in manipulating its stock market capitalization and lent it a large amount of money.</p><p>In the GREENSILL case, Credit Suisse provided $10 billion to GREENSILL, but was tricked by SoftBank. Most of the loan funds were not used for supply chain finance refinancing, but were misappropriated for SoftBank's own investments.</p><p>The Archegos incident refers to the margin call at Archegos Capital Management in 2021. This is an American hedge fund operating under the name of a family office, focusing on highly leveraged derivatives investments in US stocks.</p><p>In March 2021, Nomura Holdings and Credit Suisse issued a warning that they expected to face huge losses due to lending to Archegos for securities derivatives trading. This led to a sell-off in global bank stocks on March 29, 2021.</p><p>Archegos was subsequently accused of illegally manipulating the securities market.</p><p>Between March 2020 and March 2021, the company’s Korean-American founder, Bill Hwang, deliberately misled banks by borrowing money and made huge bets on a small number of stocks through complex securities, expanding Archegos’ total market position from $10 billion to $160 billion.</p><p>At the end of March 2021, Bill Hwang sold several stocks because he was unable to maintain his manipulation. Almost all of the stocks heavily invested in by Archegos experienced a sharp drop in price. Bill Hwang, who caused this \"massive margin call of the century,\" was imprisoned as a result.</p><p>The Archegos fund collapsed, resulting in losses of over $10 billion across Wall Street. Credit Suisse also lost $5.5 billion in margin calls, while Nomura Securities, Morgan Stanley, and UBS lost $2.85 billion, $900 million, and $861 million, respectively.</p><p>Before Archegos was liquidated, he had been continuously increasing his holdings in a series of stocks. However, Credit Suisse's regulatory authorities did not address these risks in a timely and effective manner.</p><p>This margin call scandal also triggered a \"reshuffle\" of Credit Suisse's management. Credit Suisse Investment Bank CEO Brian Chin and Chief Risk Officer (CRO) Lara Warner both resigned, and Credit Suisse Chairman Urs Rohner also stepped down at the end of April 2021.</p><p>Almost simultaneously, the collapse of supply chain finance firm Greensill Capital also caused Credit Suisse, which provided its financial backing, to suffer losses of approximately $3 billion.</p><p>A year later, in February 2022, Credit Suisse was exposed for accepting funds from more than 18,000 criminal clients, including oligarchs and drug dealers, to provide them with money laundering and other services. Credit Suisse was subsequently sued by the court, becoming the first major bank in Swiss history to be convicted in a criminal case.</p><p>As shown in the chart below, Credit Suisse CAT bond prices plummeted:</p><p><img src=\"https://static.tigerbbs.com/f0a464ffc12c424b3c176b969a79c38e\" tg-width=\"1024\" tg-height=\"572\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Since 2018, Credit Suisse has been embroiled in various troubles.</p><p><img src=\"https://static.tigerbbs.com/654ffe8a7f1cf7403e09770b0dec0f82\" tg-width=\"692\" tg-height=\"370\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Without customer support, international reputation plummeted.</b></p><p>Even though Credit Suisse Bank has repeatedly announced reform and restructuring plans, these plans have not actually reduced costs. On the contrary, Credit Suisse still rewards employees by tacitly allowing employees and senior executives to \"break the rules\" and even committing crimes to create high growth and high returns.</p><p>This ultimately led to customers losing trust in Credit Suisse, and Credit Suisse also lost the support of its valuable employees.</p><p>Even though Credit Suisse's core capital adequacy ratio reached a stable level of 13.5% in the previous quarter (the legal requirement of 8%), Credit Suisse is still on the verge of collapse due to a large outflow of customer funds (approximately US$120 billion in the fourth quarter) and a sharp drop in its stock price.</p><p>Credit Suisse's reform plan proposed in 2022:</p><p><img src=\"https://static.tigerbbs.com/7335a3c0ddcdbe099a89de7b0ca32eed\" tg-width=\"743\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Credit Suisse proposed a strategic restructuring: starting January 1, 2022, it redivided its business into four divisions – Wealth Management, Investment Banking, Swiss Bank and Asset Management – and four regional divisions – Switzerland, Europe, the Middle East and Africa (EMEA), Asia Pacific and the Americas.</p><p>The three main focuses of the reform plan:</p><p>1) Strengthen its core business by injecting approximately 3 billion Swiss francs into the wealth management department by 2024 to enhance Credit Suisse's balance sheet and organizational structure;</p><p>2) Simplify the business model by establishing an integrated global wealth management department, an integrated global investment bank, and a centralized technology and operations department to optimize structural costs and support strategic investments;</p><p>3) Increase investment in customers, business, talent and technology.</p><p>The 2022 reform plan includes a complete restructuring of its investment bank, cutting 2,700 full-time employees in the fourth quarter, resulting in a cumulative layoff of 9,000 by the end of 2025, transferring a majority stake in its securitization products business, and reducing risk-weighted assets and leveraged exposure.</p><p><b>Credit Suisse Credit Default CDS Swap Soars</b></p><p>The CDS (Credit Default Swap) spread, the most accurate and fastest-responding indicator for measuring Credit Default risk, has already issued a warning:</p><p><img src=\"https://static.tigerbbs.com/f84d8eddb62ad489377e9ed733515033\" tg-width=\"720\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>New Credit Suisse CEO Ulrich Koerner has implemented a sweeping plan to attract uneasy customers and cash back. These actions appear to have paid off in January this year, with the bank claiming a \"net inflow\" of deposits.</p><p>However, on March 9, the U.S. Securities and Exchange Commission (SEC) raised questions about the bank's annual report, forcing Credit Suisse to postpone the release of its financial report. At the same time, PWC issued an adverse opinion.</p><p>On March 15, Credit Suisse's stock price plummeted again after the Saudi National Bank (SNB), Credit Suisse's largest shareholder, ruled out the possibility of increasing its stake in Credit Suisse. SNB holds a 9.9% stake in UBS. Saudi Arabia's sovereign wealth fund also holds a 37% stake in the SNB.</p><p>At this time, the chairman of the board of directors of Saudi Arabian National Bank, Credit Suisse's largest shareholder, said in a media interview that due to regulatory considerations, it would not increase its stake in Credit Suisse or provide any financial assistance.</p><p>On that day, Credit Suisse's stock price closed down 24% at about 1.7 Swiss francs (about US$1.83). The price fell as much as 30% to a historical low during the session, with the lowest price shrinking by 85% compared to February 2021.</p><p><img src=\"https://static.tigerbbs.com/470cd61580e99b2af8ac831cafae18cc\" tg-width=\"750\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As other banks sought to hedge counterparty risk in their transactions with Credit Suisse, the price of one-year CDS jumped above 3,000 basis points from 836 basis points on the 14th (representing a 10% probability of default). However, due to the depletion of market liquidity, few trades were executed.</p><p>Another area also showed signs of pressure, with Credit Suisse's Tier 1 capital replenishment (AT1) bonds trading at less than 80% of face value (a level that usually indicates a company is in trouble). Even bonds maturing in April are currently trading far below face value.</p><p>A sliver of hope? Credit Suisse sought help from the Swiss National Bank (SNB). Ultimately, the Swiss National Bank provided Credit Suisse with a 50 billion Swiss franc (US$54 billion) loan.</p><p><img src=\"https://static.tigerbbs.com/fa80ac68ead31e71cdaa6d758e70eaa8\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>From the perspective of the Swiss National Bank, it had to be bailed out; compared to Lehman Brothers, Credit Suisse would be in a much better position.</p><p>Unlike Lehman and SVB, Credit Suisse has a large amount of liquid assets and access to lending facilities provided by central banks. It is also less sensitive to large changes in interest rates than many of its competitors.</p><p>Credit Suisse has enough liquid assets, similar to money market instruments, to repay half of the total amount of customer deposits and borrowings from other banks.</p><p>Credit Suisse CEO Kerner stated that the bank's liquidity coverage ratio shows that Credit Suisse can withstand large capital outflows lasting more than a month during periods of stress.</p><p>Credit Suisse also stated in a press release that this additional liquidity will support Credit Suisse's core business and customers. Credit Suisse will take the necessary steps to create a simpler, more customer-focused bank.</p><p>Credit Suisse also made cash takeover offers for 10 US dollar-denominated senior debt securities, with a total consideration not exceeding US$2.5 billion; Another cash offer was also announced involving four euro-denominated senior debt securities with a total consideration not exceeding 500 million euros.</p><p>The bad news was that Credit Suisse's financing costs were already very high at this point, and it either needed to raise more funds or faced a breakup.</p><p>The bank may need to issue rights again, or alternatively, it could be \"spun off,\" selling or listing its various business units, including its Swiss branch, asset management division, and wealth management division, separately.</p><p>The Swiss government and regulators also discussed options to stabilize Credit Suisse's situation, including publicly expressing support, providing liquidity support, and more structural remedies—such as breaking up its Swiss subsidiary and merging with its larger Swiss rival, UBS Group.</p><p>If this loan does not solve Credit Suisse's current problems, then Credit Suisse may be merged with other larger banks.</p><p>UBS has stated that it will oppose a merger with Credit Suisse because UBS (UBS prefers to focus on wealth management rather than becoming an investment bank and absorbing more risk exposure like Credit Suisse).</p><p>The $54 billion aid gave Credit Suisse a temporary respite, but if the situation worsens, the money will not last much longer. Therefore, Credit Suisse's top priority is to rebuild customer confidence and new responsibilities, and to retain them by all means possible. If it fails to do so, it will face a greater crisis.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/8nBfSnG6iMSzNvvB_vkiRQ\">阿尔法工场研究院</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8020b92aaccfe8e250fc7099ff9f08ce","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/8nBfSnG6iMSzNvvB_vkiRQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111560583","content_text":"导语：经过这次瑞信危机，瑞士银行业的信誉已经破产。这家历史为167年的老牌瑞士投行正在面临前所未有的巨大挑战。在许多新闻中，我们都能看到这家银行的身影：帮助毒枭洗钱，走私鱼产，贿赂，供应链金融舞弊，贷款百亿给激进的对冲基金经理等等，这些都给这家百年投行的声誉蒙上了巨大的阴影。这些匪夷所思但获利巨大的事件，听上去都像在拍电影，然而这些都是导致瑞信银行沦落至今的重要原因。应该说，瑞信银行和雷曼兄弟不同，它或许没有巨大的金融衍生品问题，但是它和众多华尔街的投行毒瘤一样，都有致命的贪欲文化，都有过于激进去让公司承担风险，个人获得巨大报酬和佣金的企业文化。瑞信银行更应该管理好的，除了自己的负债表之外，更应该管好的是自己的人。这点对于所有的投行都一样。从资产规模来说，瑞信资产约为5300亿瑞士法郎（5730亿美元）。体量远超SVB硅谷银行和Signature银行。瑞信银行也成为了欧洲金融体系中最脆弱的一环，随着美联储不断加息，这家银行本身的问题也彻底暴露出来。‍‍‍‍‍‍‍之所以资本市场关注瑞信银行的原因在于，这家老牌投行的资产和业务遍布全球，因此如果瑞信银行倒闭，那么将对全球的金融系统产生难以想象的严重后果。然而背后的原因，在于这10几年来瑞信银行在业务上面的极速扩张，以及完全失败的风险控制。而混乱失控的内部控制导致了瑞银深陷在不断重组，不断更换领导层，以至于最后整家银行失去明确的方向，陷入混乱和债务泥沼的原因。‍‍‍‍‍‍‍‍‍‍‍‍短短10年内，瑞信更换了3任CEO，这三位CEO分别为Tidjane Thiam, Thomas Gottstein以及现任瑞信CEO，Ulrich Korner。最短任期的Gottstein的任期居然只有寥寥五个月。以下为瑞信在这十年里更换的CEO：Tidjane Thiam(2015.3~2020.2) 谭天忠：Thomas Gottstein (2022.2~2022.7)：Ulrich Körner(2022.7~)：那么，为何瑞信银行会沦落到如此田地？嗜血贪婪的企业文化作为08年金融危机中受创最小的银行，瑞信理应拥有更大的优势以及更稳健的作风。然而事实是，即便是受到金融危机影响最小的银行，其分别于2002年、2004年和2006年和2022年进行了多次重组。随后便开始削减投资业务、裁员并压缩运营成本。然而瑞信的DNA仿佛是自带了电影华尔街中说出名句GREED IS GOOD的Gordon Gekko的最佳演绎，除了德意志银行之外，瑞信基本上也算是banker人均Gordon Gekko了。在前任CEO 谭天忠Tidjane Thiam的执掌下，他严控成本的文化成功使得瑞信在一段时间内扭亏为盈。然而好景不长，由于受到间谍门的冲击。瑞银的利润和资产管理规模在2021年达到顶峰，并在2022年业绩迅速下滑。然而由于他卷入监听门事件中，他不得不引咎辞职，也使得瑞信银行的声誉大幅下滑。瑞信银行的内部政治斗争中，瑞银高层被指控运用间谍工具和设备监视自己的员工。这样的违法侦查行径，从2016年持续到2019年，被跟踪调查的案件至少有7件，不仅公司董事会知情，还有涉案人员自杀死亡。涉案人自杀身亡的戏剧化事件不只一宗，雷史考德隆（Patrice Lescaudron）原是瑞信业绩排名前三大的超级银行家，年收入是其他董事总经理等一级主管平均值的12倍，但他在2020年自杀身亡。在死亡前，雷史考德隆被判决五年监禁，犯罪行为有伪造客户签名，挪用客户资产，至少造成客户一亿五千万美元的损失等。誓言追杀他的客户，包括乔治亚前总理伊万尼史维力（Bidzina Ivanishvili）、俄罗斯富豪马尔金（Vitaly Malkin）等人。伊万尼史维力与马尔金的巨额财富，到底从何而来，如何进到瑞信帐户，又如何被雷史考德隆不当挪用？真相因为雷史考德隆的自杀，而石沉大海。类似监听门这样匪夷所思的事情还有很多，我们看到瑞信银行活跃在各种谍战片和商业大片的前线：马来西亚动摇国本的一马基金（1MDB）弊案、日本黑道洗钱弊案，瑞信也都涉入；保加利亚毒品集团洗钱，瑞信是主嫌；中亚国家乔治亚总理的财产，也被瑞信银行家伪造签名挪用。总之，过去几年爆发的暗黑贪腐弊案，到处都有瑞信身影。通过这些案例，我们不难得出一个结论，那就是瑞信银行有着非常激进而且高度腐败的企业文化。瑞银被裁定涉及多起洗钱案件，2008年到2012年期间瑞银缴纳了足足有26亿美元的罚款。2022年开始，瑞信开始加速它的自我灭亡之路。2020年第3季，瑞信管理的资产规模多达14,783亿瑞士法郎，净所得53亿。2022年10月初，瑞士信贷被曝出现流动性危机。瑞士信贷的作风越发激进，在2022年出现的两大风险事件Greensill 和Archego,将瑞士信贷进军全球顶级投行的希望彻底浇灭。随着瑞信投资的格林希尔资本(Greensill Capital)和Archegos资本管理(Archegos Capital Management)接连爆仓。这不仅给瑞信的信誉造成致命打击，还导致该行数十亿瑞郎的损失。瑞信银行开始出现大量资产“逃离”。其投资在格林希尔的100亿美元客户资金很难全部收回。虽然瑞信不是唯一一家投资Archegos而亏损的银行，但瑞信遭受的55亿美元损失远大于其他银行。瑞士金融市场监管局(FINMA)指责瑞信故意忽视了100多个警告信号，在深渊的边缘跳舞，以追寻不切实际的利润。掀起中概股大型起伏风云录的比尔黄（Bill Hwang）及其家族理财室Archegos爆仓，瑞信银行因此而蒙受巨额损失。瑞信的2021年业绩显示，与Archegos相关的净支出高达48亿瑞郎，约合48.86亿美元。2021年3月1日，瑞信作为投资组合管理人的四个供应链金融基金（SCFF）决定终止赎回和认购，以保障基金投资者的权益。原因是供应链金融基金所持有的资产，主要为Greensill Capital发起和安排的现有及未来应收款支持票据，而Greensill Capital已于2021年3月8日在英国申请破产。事实上，Archegos和Greensill除了产生巨额财务损失外，最大的影响是对瑞信声誉的影响。作为一家跨国银行集团，信用、财务基础和名誉是瑞信的立身之本，这些事件重创瑞信的声誉，对其专业能力提出了非常严峻的考验。瑞信显然也明白到这两次事件的深远影响，在完成内部和外部调查后，对组织结构、薪酬等进行了调整，重新审核了其投资银行部门，尤其机构融资服务（Prime Services）。正是因为这项业务的漏洞导致了Archegos爆仓对瑞信造成沉重打击——并决定退出该业务。市场认为部分责任应归咎于2011年至2021年期间担任该银行董事会主席的Urs Rohner以及他在任时鼓励的激进企业文化。瑞信董事会主席Urus Rohner（2011~2021）：下图为Urus Rohner在任时，瑞信的表现：2012年瑞信被爆出操纵LIBOR和TIBOR利率牟利。2013年美国司法部调查瑞信抛售MBS案件细节。2014年美国国会质询瑞信帮助其客户非法逃税。2015年瑞信被指控尝试和其他银行垄断IRS利率互换市场。瑞信零风险控制，深度参与金融舞弊以及犯罪瑞信协助Archego操纵股票市值并且将大量资金借予前者。在GREENSILL的案子里，瑞信将100亿美金的资金提供给GREENSILL，然而被软银所套路，其中大部分的贷款资金并非用于供应链金融的再融资，而是被挪用给了软银旗下自己的投资。Archegos事件是指Archegos资本管理公司（Archegos Capital Management）在2021年爆仓。这是一家以家族办公室名义运作的美国对冲基金，主打高杠杆衍生品美股投资。2021年3月，日本野村控股和瑞信发布预警说，由于贷款给Archegos进行证券衍生品交易，预计将面临巨额亏损。这导致2021年3月29日全球银行股遭到抛售。随后，Archegos被指非法操纵证券市场。2020年3月至2021年3月，该公司的韩裔创始人比尔‧黄（Bill Hwang）故意通过误导向银行借钱，并通过复杂的证券对少数股票进行巨额押注，将Archegos的市场仓位总规模从100亿美元扩大至1,600亿美元。2021年3月底，因无力维持操纵，Bill Hwang抛售多只股票。几乎所有Archegos重仓的股票都出现了价格暴跌。而造成这一“世纪大爆仓”的Bill Hwang也因此锒铛入狱。Archegos基金爆仓，导致整个华尔街的损失超过100亿美元。瑞信也在爆仓中损失55亿美元，野村证券、摩根士丹利和瑞银分别损失28.5亿美元、9亿美元和8.61亿美元。在Archegos爆仓前曾对其持有的一系列股票不断加仓。但瑞信的监管部门并没有对这些风险进行及时有效的处理。这场爆仓风波还引发了瑞信管理层“换血”。瑞信投资银行CEO Brian Chin和首席风险官（CRO）Lara Warner双双辞职，瑞信董事长Urs Rohner也于2021年4月底黯然离任。而几乎就在同一时间，供应链金融公司格林希尔资本（Greensill Capital）的倒闭亦使得为其提供资金支持的瑞信遭受了大约30亿美元的损失。一年后的2022年2月，瑞信又被爆出接受包括寡头、毒贩等超过1.8万名罪犯客户的资金，为他们提供洗钱等服务。瑞信因此被法院起诉，成为瑞士历史上第一家在刑事案件中被判有罪的大型银行。如下图，瑞信CAT债券价格暴跌：从2018开始，瑞信就开始各种麻烦缠身。失去客户支持，国际信誉一落千丈即便瑞信银行多次发布改革重组的计划，最后这些计划并没有真正减少成本，相反，瑞信仍然通过默许员工以及高管“打破规则”，甚至不惜犯罪也要创造高成长高收益的方式来奖励员工。这也导致客户最终对于瑞信失去信任，瑞信也最终失去了宝贵员工的支持。即便瑞信在上一季度的瑞银核心资本充足率仍达到了13.5%的稳定水平（法定要求8%），但此时面临大规模客户资金的流出（第四季度约1200亿美金的资金流出）以及股价的暴跌，瑞信仍然处于崩溃边缘。瑞信在2022年提出的改革计划：瑞信在2022年提出了战略性重组：2022年1月1日起重新将业务划分为四个部门——财富管理、投资银行、瑞士银行（Swiss Bank）和资产管理，以及四个地区部门——瑞士，欧洲、中东和非洲（EMEA），亚太区和美洲。改革计划的三大重心：1）增强其核心业务，在2024年之前，向财富管理部门注入大约30亿瑞郎的资本，增强瑞信的资产负债表和组织结构；2）简化经营模式，设立一体化的全球财富管理部门，一体化的全球投资银行和一个中心化的技术及运营职能部门，以优化结构成本，支持战略投资；3）增加对客户、业务、人才和技术的投资。2022年的改革计划包括彻底重组其投资银第四季度裁减2700名全职雇员从而至2025年底累计裁员9000人、转让证券化产品业务的大部分股权，以及减少风险加权资产和杠杆敞口等。瑞信银行信用违约CDS互换飙升‍‍‍‍‍‍衡量信用违约风险最准确、反应最快的指标-CDS（Credit Default Swap，信用违约交换）价差早已发出警告：新任瑞信CEO柯纳（Ulrich Koerner）实施大刀阔斧的计画，希望吸引不安的客户及现金回流。这些作为似乎在今年1月间有了回报，该行声称存款实现\"净流入\"。然而， 3月9日美国证管会（SEC）对该行年报提出质疑，导致瑞信不得不延后财报年报发布时间。同时PWC会计事务所出具负面的审计报告(adverse opinion)。在3月15日，瑞信最大股东沙乌地国家银行（SNB）排除增持瑞信股份的可能性后，瑞信股价再次暴跌。SNB持有瑞银9.9%的股份。其中沙特主权基金又握有SNB37%的股份。此时连瑞信最大股东沙特阿拉伯国民银行董事会主席接受媒体采访时说，出于监管规定方面考虑，不会增持在瑞信的股份或是提供任何金援。当天，瑞信股价收盘下跌24%，报收于约1.7瑞士法郎（约合1.83美元）；盘中一度下跌30%至历史低位，最低点价格相比2021年2月缩水85%。由于其他银行寻求规避与瑞信交易的对手方风险，一年期CDS价格从14日的836个基点（这代表违约机率为10%）一举跳升至3,000基点以上。然而，由于市场流动性枯竭，很少有交易被执行。另一个领域也显示出了承压迹象，瑞信的一级资本补充（AT1）债券交易价格跌至不到面值的80％（此水准通常表示企业处于困境）。即便是4月到期的债券，目前交易价也远低于面额。一线生机？瑞信寻求瑞士央行SNB的帮助。最终瑞士央行为瑞信提供了一笔500亿瑞郎（540亿美金的贷款）。从瑞士央行的角度来看，它不得不救，如果和雷曼对比，瑞信银行的情况会好得多。瑞信与雷曼和SVB不同的是，瑞信拥有大量流动性资产，而且可获得央行提供的贷款工具，它对利率大幅变动的敏感性也低于许多竞争对手。瑞信有足够的类似货币市场工具的流动性资产，可以偿还客户存款和向其他银行借款总额的一半。瑞信执行长柯纳表示，该行的流动性覆盖率显示瑞信可以承受在压力时期内，持续一个多月的大量资金外流。同时瑞信在声明中表示，这笔额外的流动性将支持瑞信的核心业务和客户。瑞信将采取必要措施来创建一个更简单、更专注于客户需求的银行。瑞信还就10种美元计价高级债务证券提出现金收购要约，总代价不超过25亿美元；还宣布另外一项现金要约，涉及4种欧元计价高级债务证券，总代价不超过5亿欧元。‍‍‍‍‍‍‍‍‍‍坏消息是，此时瑞士信贷的融资成本已经非常高，要么需要筹集更多资金，要么面临分拆。该银行可能需要再次配股，或者另一种选择是“拆分”，将其瑞士分部、资产管理部门和财富管理部门等各个业务部门“单独出售或上市”。瑞士政府和监管机构也讨论了稳定瑞信局势的选项，包括公开表示支持、提供流动性支持，以及更结构性的补救措施——例如拆分瑞士子公司以及与更大的瑞士竞争对手瑞银集团合并。倘若这笔借款无法解决当前瑞信的问题，那么瑞信将可能被其他更大的银行合并。UBS已经表态将反对和瑞信银行进行合并，原因是UBS(瑞银UBS更倾向于做好财富管理，而非像瑞信银行一样成为一个投资银行并消化更多的风险暴露）。这540亿美金的援助让瑞信得以暂时喘息，然而如果情况恶化，这笔钱无法持续更久时间。因此瑞信的当务之急是，重建客户的信心和新任，用尽一切手段留住客户。倘若它无法做到，它将面临更大的危机。","news_type":1,"symbols_score_info":{"CS":0.9}},"isVote":1,"tweetType":1,"viewCount":5200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943635919,"gmtCreate":1679400742032,"gmtModify":1679400745788,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943635919","repostId":"1147797183","repostType":4,"isVote":1,"tweetType":1,"viewCount":4578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943632733,"gmtCreate":1679400716023,"gmtModify":1679400722134,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943632733","repostId":"2321667647","repostType":4,"repost":{"id":"2321667647","kind":"highlight","weMediaInfo":{"introduction":"关注港股圈，这将是一笔最好的投资！","home_visible":1,"media_name":"真是港股圈","id":"34","head_image":"https://static.tigerbbs.com/d530dcbc66604c01adb7b29512a93984"},"pubTimestamp":1679399588,"share":"https://ttm.financial/m/news/2321667647?lang=en_US&edition=fundamental","pubTime":"2023-03-21 19:53","market":"us","language":"zh","title":"Pinduoduo's overly high expectations suffered a backlash of disappointment.","url":"https://stock-news.laohu8.com/highlight/detail?id=2321667647","media":"真是港股圈","summary":"3月20日，拼多多公布了2022年Q4财报，在中概股四季度均超市场预期的表现下，拼多多反倒成唯一一个低于市场预期的。在昨夜财报公布后，拼多多大跌14.17%，跌近5个月以来的低位，此前由于京东百亿补贴","content":"<p><html><head></head><body>On March 20,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>After releasing its Q4 2022 financial report, while all Chinese concept stocks exceeded market expectations in the fourth quarter, Pinduoduo became the only one to fall short of market expectations.</p><p>Following the release of its financial report last night, Pinduoduo's stock price plummeted 14.17%, falling to a near five-month low. This was due to...<a href=\"https://laohu8.com/S/JD\">JD.com</a>The impact of the 10 billion yuan subsidy was not strong, and Pinduoduo's performance outperformed JD.com. So why did its stock price plummet as soon as its financial report was released last night?</p><p>The financial report shows that total revenue in Q4 2022 was RMB 39.82 billion, a year-on-year increase of 46.2% and a quarter-on-quarter increase of 12.2%. Bloomberg's previous consensus forecast was 41.948 billion yuan, with an expected growth rate of 50%, but this time it is significantly lower than that figure.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Non-GAAP net profit attributable to the parent company in Q4 2022 was RMB 12.11 billion, a year-on-year increase of 43.4% and a quarter-on-quarter decrease of 2.7%. Bloomberg's previous consensus forecast was 11.17 billion yuan, which was 8.4% higher than the market expectation.</p><p>Despite the severe consumer situation in Q2 and Q3 last year, Pinduoduo still far exceeded market expectations, which gave institutions more room to imagine Pinduoduo's performance in Q4. Especially given the decline in market share of Alibaba and JD.com last year, people have greater expectations for Pinduoduo, which has increased its market share.</p><p>There are two most obvious reasons why Pinduoduo's financial report failed to meet everyone's expectations.</p><p>First, in order to rapidly expand its overseas version of Pinduoduo's Temu business, Pinduoduo spent a lot of money on marketing to attract customers, which led to a relaxation of Pinduoduo's originally excellent cost control measures.</p><p>Marketing expenses in Q4 2022 were RMB 17.7 billion, a year-on-year increase of 56%, which was higher than the revenue growth rate. Administrative expenses increased from RMB 224 million in the same period of Q4 2021 to RMB 1.64 billion, of which equity incentive expenses accounted for RMB 1.28 billion. This was due to Pinduoduo's efforts to incentivize Temu employees. R&D expenses amounted to 2.4 billion yuan, which is within Pinduoduo's normal level and has not increased.</p><p>The second is that November and December in Q4 last year were deeply troubled by the epidemic, consumption was hampered, and people's demand for medicines surged. Alibaba and JD.com, which have pharmacy delivery businesses, benefit from this, but Pinduoduo does not have this business.</p><p>If we don't consider the high growth brought about by pharmaceuticals, the consumer goods revenue of Alibaba and JD.com is actually not good. The two companies also mentioned in their Q4 financial reports that the high growth of pharmaceuticals offset the decline in consumption in other categories. Because Pinduoduo does not have this business, it does not provide a buffer to offset the decline in revenue from other product categories.</p><p>Looking at business segments, online marketing service revenue in Q4 2022 was RMB 31 billion, a year-on-year increase of 38%, which was slower than the 58% growth rate in Q3 2022 and lower than the higher market expectation of 45-50%. However, this revenue was 125% of JD.com's revenue in the same period and 43.5% of Alibaba's revenue in the same period.</p><p>Although November and December in Q4 last year were stay-at-home periods, which was beneficial to Pinduoduo's daily necessities sales, online shopping still requires someone to deliver goods to your home. In the first two months of last year, logistics and delivery in many regions were not so smooth, and the deterioration in fulfillment rates was also a factor affecting consumption.</p><p>Commission revenue in Q4 2022 was RMB 8.8 billion, a year-on-year increase of 86%, but the growth rate was lower than the 102% growth in Q3 2022. This business revenue exceeded the market expectation of RMB 8.2 billion.</p><p>The gross profit margin in Q4 2022 was 77.6%, slightly higher than the market expectation of 76.6%, and in fact, the gross profit margin did not decline. Gross profit was 30.9 billion yuan, lower than the market expectation of 31.9 billion yuan. This was mainly due to lower revenue and increased marketing expenses.</p><p>Overall, the market was overly optimistic about Pinduoduo's better-than-expected performance in Q2 and Q3 last year, leading to overly high expectations for Q4 performance.</p><p>Alibaba and JD.com performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Excluding pharmaceuticals, revenue from other consumer goods categories actually declined. Alibaba and JD.com have offline delivery capabilities similar to those of Ele.me and JD Daojia, giving them an advantage amid soaring demand for home-based consumption. In contrast, Pinduoduo does not have the capability to deliver medicines offline.</p><p>It is worth noting that JD.com has been launching its so-called 10 billion yuan subsidy campaign for two weeks.</p><p>However, judging from consumer feedback, they did not feel the price advantage mentioned in JD.com's promotion. For example, the promise to \"compensate three times if the price is not lower than that of Duoduo and Tmall\" has not been fulfilled. In some product categories, JD.com's prices are slightly lower than Pinduoduo's; However, in terms of overall product categories, Pinduoduo offers consumers more opportunities.</p><p>Pinduoduo CEO Chen Lei stated that competition within the industry is extremely fierce, and we believe that healthy competition is beneficial to consumers and the entire industry. However, as competition intensifies, it can also become distorted to varying degrees. Serving consumers well is key to creating long-term value.</p><p><b>During the conference call, there was a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment made by the company is carefully considered, and if this investment can bring long-term high-quality development to the company, they will make the investment without hesitation.</b></p><p><b>In the past, not only Alibaba and JD.com, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During periods of rapid growth, people sometimes make some inexplicable investments. This investment did not generate positive feedback for the company, resulting in the company spending both money and effort making some poor investments, a common mistake made by internet companies.</b></p><p><b>This is also one of the reasons why Duan Yongping previously said that it was impossible to buy Tencent heavily, as Tencent would also make some strange investments that shareholders could hardly understand.</b></p><p>Of course, Pinduoduo's scale still cannot be compared to Tencent's, but during the period of rapid corporate development, making good investments is an important cornerstone for the company's better future development, such as Pinduoduo's expansion of its overseas Temu business.</p><p>Chen Lei stated that Temu's business is still in its early stages, and its impact on financial reports is relatively small. However, judging from the Q4 2022 financial report, Pinduoduo's marketing expenditures are likely to increase gradually in the future, which will affect its financial performance.</p><p><b>epilogue</b></p><p>This financial report was not a bad one, but rather a result of overly high market expectations leading to a backlash of disappointment.</p><p>JD.com has launched a price war, but Pinduoduo's low-price advantage has not been shaken. If prices remain at their current levels, Pinduoduo, which started with a low-price strategy, is believed to be able to maintain its competitive edge.</p><p>The growth in pharmaceutical sales provides a buffer for the decline in JD.com's other revenues, but pharmaceuticals are a \"one-time\" source of income and cannot bring sustainable development to JD.com.</p><p>Therefore, the Q1 2023 report is particularly important, as it will reflect how consumer loyalty was distributed in the first quarter of consumption recovery after the pandemic.</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>Pinduoduo's overly high expectations suffered a backlash of disappointment.</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\">\nPinduoduo's overly high expectations suffered a backlash of disappointment.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/34\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d530dcbc66604c01adb7b29512a93984);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">真是港股圈 </p>\n<p class=\"h-time smaller\">2023-03-21 19:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 20,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>After releasing its Q4 2022 financial report, while all Chinese concept stocks exceeded market expectations in the fourth quarter, Pinduoduo became the only one to fall short of market expectations.</p><p>Following the release of its financial report last night, Pinduoduo's stock price plummeted 14.17%, falling to a near five-month low. This was due to...<a href=\"https://laohu8.com/S/JD\">JD.com</a>The impact of the 10 billion yuan subsidy was not strong, and Pinduoduo's performance outperformed JD.com. So why did its stock price plummet as soon as its financial report was released last night?</p><p>The financial report shows that total revenue in Q4 2022 was RMB 39.82 billion, a year-on-year increase of 46.2% and a quarter-on-quarter increase of 12.2%. Bloomberg's previous consensus forecast was 41.948 billion yuan, with an expected growth rate of 50%, but this time it is significantly lower than that figure.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Non-GAAP net profit attributable to the parent company in Q4 2022 was RMB 12.11 billion, a year-on-year increase of 43.4% and a quarter-on-quarter decrease of 2.7%. Bloomberg's previous consensus forecast was 11.17 billion yuan, which was 8.4% higher than the market expectation.</p><p>Despite the severe consumer situation in Q2 and Q3 last year, Pinduoduo still far exceeded market expectations, which gave institutions more room to imagine Pinduoduo's performance in Q4. Especially given the decline in market share of Alibaba and JD.com last year, people have greater expectations for Pinduoduo, which has increased its market share.</p><p>There are two most obvious reasons why Pinduoduo's financial report failed to meet everyone's expectations.</p><p>First, in order to rapidly expand its overseas version of Pinduoduo's Temu business, Pinduoduo spent a lot of money on marketing to attract customers, which led to a relaxation of Pinduoduo's originally excellent cost control measures.</p><p>Marketing expenses in Q4 2022 were RMB 17.7 billion, a year-on-year increase of 56%, which was higher than the revenue growth rate. Administrative expenses increased from RMB 224 million in the same period of Q4 2021 to RMB 1.64 billion, of which equity incentive expenses accounted for RMB 1.28 billion. This was due to Pinduoduo's efforts to incentivize Temu employees. R&D expenses amounted to 2.4 billion yuan, which is within Pinduoduo's normal level and has not increased.</p><p>The second is that November and December in Q4 last year were deeply troubled by the epidemic, consumption was hampered, and people's demand for medicines surged. Alibaba and JD.com, which have pharmacy delivery businesses, benefit from this, but Pinduoduo does not have this business.</p><p>If we don't consider the high growth brought about by pharmaceuticals, the consumer goods revenue of Alibaba and JD.com is actually not good. The two companies also mentioned in their Q4 financial reports that the high growth of pharmaceuticals offset the decline in consumption in other categories. Because Pinduoduo does not have this business, it does not provide a buffer to offset the decline in revenue from other product categories.</p><p>Looking at business segments, online marketing service revenue in Q4 2022 was RMB 31 billion, a year-on-year increase of 38%, which was slower than the 58% growth rate in Q3 2022 and lower than the higher market expectation of 45-50%. However, this revenue was 125% of JD.com's revenue in the same period and 43.5% of Alibaba's revenue in the same period.</p><p>Although November and December in Q4 last year were stay-at-home periods, which was beneficial to Pinduoduo's daily necessities sales, online shopping still requires someone to deliver goods to your home. In the first two months of last year, logistics and delivery in many regions were not so smooth, and the deterioration in fulfillment rates was also a factor affecting consumption.</p><p>Commission revenue in Q4 2022 was RMB 8.8 billion, a year-on-year increase of 86%, but the growth rate was lower than the 102% growth in Q3 2022. This business revenue exceeded the market expectation of RMB 8.2 billion.</p><p>The gross profit margin in Q4 2022 was 77.6%, slightly higher than the market expectation of 76.6%, and in fact, the gross profit margin did not decline. Gross profit was 30.9 billion yuan, lower than the market expectation of 31.9 billion yuan. This was mainly due to lower revenue and increased marketing expenses.</p><p>Overall, the market was overly optimistic about Pinduoduo's better-than-expected performance in Q2 and Q3 last year, leading to overly high expectations for Q4 performance.</p><p>Alibaba and JD.com performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Excluding pharmaceuticals, revenue from other consumer goods categories actually declined. Alibaba and JD.com have offline delivery capabilities similar to those of Ele.me and JD Daojia, giving them an advantage amid soaring demand for home-based consumption. In contrast, Pinduoduo does not have the capability to deliver medicines offline.</p><p>It is worth noting that JD.com has been launching its so-called 10 billion yuan subsidy campaign for two weeks.</p><p>However, judging from consumer feedback, they did not feel the price advantage mentioned in JD.com's promotion. For example, the promise to \"compensate three times if the price is not lower than that of Duoduo and Tmall\" has not been fulfilled. In some product categories, JD.com's prices are slightly lower than Pinduoduo's; However, in terms of overall product categories, Pinduoduo offers consumers more opportunities.</p><p>Pinduoduo CEO Chen Lei stated that competition within the industry is extremely fierce, and we believe that healthy competition is beneficial to consumers and the entire industry. However, as competition intensifies, it can also become distorted to varying degrees. Serving consumers well is key to creating long-term value.</p><p><b>During the conference call, there was a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment made by the company is carefully considered, and if this investment can bring long-term high-quality development to the company, they will make the investment without hesitation.</b></p><p><b>In the past, not only Alibaba and JD.com, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During periods of rapid growth, people sometimes make some inexplicable investments. This investment did not generate positive feedback for the company, resulting in the company spending both money and effort making some poor investments, a common mistake made by internet companies.</b></p><p><b>This is also one of the reasons why Duan Yongping previously said that it was impossible to buy Tencent heavily, as Tencent would also make some strange investments that shareholders could hardly understand.</b></p><p>Of course, Pinduoduo's scale still cannot be compared to Tencent's, but during the period of rapid corporate development, making good investments is an important cornerstone for the company's better future development, such as Pinduoduo's expansion of its overseas Temu business.</p><p>Chen Lei stated that Temu's business is still in its early stages, and its impact on financial reports is relatively small. However, judging from the Q4 2022 financial report, Pinduoduo's marketing expenditures are likely to increase gradually in the future, which will affect its financial performance.</p><p><b>epilogue</b></p><p>This financial report was not a bad one, but rather a result of overly high market expectations leading to a backlash of disappointment.</p><p>JD.com has launched a price war, but Pinduoduo's low-price advantage has not been shaken. If prices remain at their current levels, Pinduoduo, which started with a low-price strategy, is believed to be able to maintain its competitive edge.</p><p>The growth in pharmaceutical sales provides a buffer for the decline in JD.com's other revenues, but pharmaceuticals are a \"one-time\" source of income and cannot bring sustainable development to JD.com.</p><p>Therefore, the Q1 2023 report is particularly important, as it will reflect how consumer loyalty was distributed in the first quarter of consumption recovery after the pandemic.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e42c16a083ab273c19aaae21cdb697a0","relate_stocks":{"PDD":"拼多多"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2321667647","content_text":"3月20日，拼多多公布了2022年Q4财报，在中概股四季度均超市场预期的表现下，拼多多反倒成唯一一个低于市场预期的。在昨夜财报公布后，拼多多大跌14.17%，跌近5个月以来的低位，此前由于京东百亿补贴带来的冲击并不强，拼多多的走势优于京东，但为什么昨夜财报一发，就引起了股价大跌？ 财报显示，22Q4总营收为398.2亿元，同比增长46.2%，环比增长12.2%。此前彭博一致预期为419.48亿元，预期增速将达50%，但这次明显低于该数据。22Q4 Non-GAAP归母净利润为121.1亿元，同比增长43.4%，环比下滑2.7%。此前彭博一致预期为111.7亿元，实际高于市场预期的8.4%。在去年消费形势严峻的Q2和Q3季度下，拼多多仍有大超市场预期的表现，这让机构对拼多多在Q4的表现增多了想象空间。尤其是在去年阿里和京东市场份额下滑的情况下，大家对市场份额增多的拼多多抱有更大期待。拼多多这次财报未能达到大家的预期，有个最直观的原因有两个。一是拼多多为了高速扩展海外版拼多多Temu业务，在营销上花了不少钱揽客，拼多多原本优秀的成本控制环节有所放松。22Q4营销费用支出为177亿元，同比大增56%，比营收增速还高。管理费用从21年Q4同期的2.24亿元增长至16.4亿，其中股权激励费用占12.8亿，这是拼多多为激励Temu员工所致的。研发费用为24亿，处于拼多多的正常水平，并无增多。第二个是去年Q4的11月和12月深受疫情困扰，消费受阻，大家对药品类的需求激增。而有药房配送业务的阿里和京东受益于此，但拼多多却没有这项业务。若不考虑药品带来的高增长，实际上阿里和京东的消费品营收也并不好看。这两家也在Q4财报中提到，药品高增长抵消了其他品类消费的下滑。拼多多由于没这项业务，即没有抵消其他品类营收下滑的缓冲垫。从业务细分来看，22Q4在线营销服务收入为310亿元，同比增长38%，增速慢于22Q3的58%，且低于市场45-50%的较高预期值。但该项收入是京东同期该项收入的125%，为阿里同期该项收入的43.5%。虽然去年Q4的11至12月是居家时间，对拼多多的日用品销售也有好处，但网购始终需要有人把货品送到家，而去年两个月中，很多地区的物流配送并不是那么顺畅，履约率恶化也是影响消费的因素。22Q4佣金收入为88亿元，同比增长86%，但增速低于22Q3增长的102%，该项业务收入超市场预期的82亿元。22Q4毛利率为77.6%，略高于市场预期的76.6%，其实毛利率并未有下滑。毛利润为309亿元，低于市场预期的319亿，这主要还是由于营收少了，及营销费用增多所致。整体而言，市场对拼多多去年Q2和Q3超预期表现过于乐观，导致对Q4业绩期待过高。而阿里和京东在Q4表现不错，与我们上述所说的一样，但主要得益于药品类销售增长。除去药品类外，其他消费品类营收实际下滑。阿里和京东有饿了么和京东到家等线下配送能力，在居家消费需求高涨的情况下占据优势。相比之下，拼多多没有线下配送药品能力。值得注意的是，京东已经打响了所谓的百亿补贴战两周时间。但从消费者反馈来看，并没有感受到京东宣传中所说的价格优势。例如，“价格不比拼多多和天猫低就赔三倍”的承诺并未兑现。在个别品类上，京东价格略低于拼多多；但从整体品类来看，拼多多给消费者更大力度。拼多多CEO陈磊表示，行业内的竞争非常激烈，我们相信良性的竞争对于消费者以及整个行业而言，都是有利的，但有事随着竞争的激烈，这种竞争也会出现不同程度的异化。服务好消费者是创造长期价值的关键所在。在电话会中，有一段话应是投资者关心的：拼多多高管提及到，公司的每一笔投资都会经过审慎考量，如果这笔投资能够为公司带来长期的高质量发展，将毫不犹豫地进行投资。在过去，不仅是阿里和京东，或是腾讯的高速增长期时，都会有时候做一些莫名其妙的投资。而这项投资对公司产生的反馈并不好，这导致公司即花费了钱也花费了精力做一些比较差的投资，这是互联网公司经常会犯的错。这也是段永平之前称为什么无法重手买腾讯的原因之一，腾讯也会做一些奇奇怪怪令股东难以理解的投资。当然，拼多多的体量仍不能跟腾讯相提并论，但在企业高速发展期中，做好投资是公司未来发展更好的重要基石，例如拼多多扩展海外Temu业务。陈磊表示，目前Temu业务仍处于早期的阶段，目前对财报的影响还相对较小。但我们从22Q4这次财报上看，未来拼多多的营销支出应该是会陆续增加，会影响至财报的表现。结语这次财报并非差劲之作，而是市场预期过高导致失望反噬。目前京东打响价格战，并未动摇拼多多低价优势。若就是现在的价格力度，相信靠低价策略出身的拼多多能守好擂台。药品类销售增长为京东其他营收下滑提供缓冲作用，但药品类属于“一次性”收入来源，并不能为京东带来持续发展。因此23年Q1报尤为重要，它将反映出在疫情结束后首个消费复苏季度中消费者忠诚度如何分布。","news_type":1,"symbols_score_info":{"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":5216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949702755,"gmtCreate":1678870747078,"gmtModify":1678870750482,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949702755","repostId":"2319863087","repostType":4,"isVote":1,"tweetType":1,"viewCount":4913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949702517,"gmtCreate":1678870716140,"gmtModify":1678870718637,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949702517","repostId":"1137602481","repostType":4,"repost":{"id":"1137602481","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1678861510,"share":"https://ttm.financial/m/news/1137602481?lang=en_US&edition=fundamental","pubTime":"2023-03-15 14:25","market":"us","language":"zh","title":"Wall Street is in a heated debate over whether or not to include rate hike in March!","url":"https://stock-news.laohu8.com/highlight/detail?id=1137602481","media":"华尔街见闻","summary":"目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点。硅谷银行危机持续发酵，美国通胀涨势再起，美联储下一步会作何打算？隔夜发布的美国2月通胀","content":"<p><html><head></head><body>Most Wall Street analysts currently believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>With the crisis continuing to escalate and US inflation rising again, what will the Federal Reserve do next?</p><p>The U.S. February inflation report released overnight showed that the core CPI was higher than expected month-on-month, and Powell's preferred \"super core inflation\" (excluding housing and rents) rose from 0.36% to 0.5%, the highest level since September last year.</p><p><img src=\"https://static.tigerbbs.com/81828931ab9d7bfab19ac81de792bde9\" tg-width=\"500\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>In addition to housing, entertainment and airfare prices also rose, while egg and meat indices fell, and energy services declined. Although the Manheim index showed a significant increase in used car prices, they unexpectedly declined, which means that used car prices may be relatively lagging behind in the CPI.</p><p>Following the release of the CPI data, the short-term interest rate STIR market's expectations for the Federal Reserve's rate hike of 25 basis points rose slightly, currently at 80%, after falling below 50% earlier.</p><p><img src=\"https://static.tigerbbs.com/17524ed0b30c9240810c5047991fa9c9\" tg-width=\"500\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>Of course, at the same time, we cannot ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry crisis is just the beginning; more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>The outlook for the U.S. banking sector has been downgraded to \"negative,\" citing a sharp deterioration in the operating environment.</p><p><b>What does Wall Street think? Most Wall Street analysts currently believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.</b>This means<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Barclays' call to pause rate hike and Nomura's call for interest rate cuts may be wrong.</p><p><b>Relatively dovish: tending to suspend rate hike or cut interest rates</b></p><p><b>Here are the views of relatively dovish analysts.</b></p><p>Dennis DeBusschere, founder of 22V Research, believes that the CPI will not bring about significant changes:</p><p>CPI inflation data is a hot topic, but it is not a game-changer. The Federal Reserve pays close attention to labor force data, and the market reacted dovish after the release of the non-farm payroll data, which is why the market did not change the probability of rate hike after the CPI was released. Capital Economics economist Andrew Hunter emphasized the negative impact of rate hike on the economy:</p><p>On the surface, the continued rise in inflation has put the Federal Reserve's focus on maintaining financial stability in a difficult position, but even if the current crisis is resolved quickly, we believe...<b>The tightening of credit conditions brought about by rate hike will still cause lasting damage to the economy.</b>Victoria Scholar, head of investment at Interactive Investor, believes:</p><p>When financial conditions tighten and the risk of a U.S. economic recession increases, the impact of the banking crisis can actually ease inflationary pressures.<b>Relative hawks: rate hike 25 basis points</b></p><p>Here are the views of relatively hawkish analysts.</p><p>BMO fixed income strategist Ian Lyngen believes that a rate hike of 25 basis points next week is a foregone conclusion.</p><p>Overall, the latest inflation situation means that a 25 basis point increase in rate hike next week is a foregone conclusion. However, the pressure facing regional banks remains unknown. Ira Jersey BBG Intel The chief U.S. interest rate strategist said:</p><p><b>These data are strong enough to suggest that the Federal Reserve will rate hike by 25 basis points next week.</b>The challenge for the Federal Reserve will be to send a message that it is ready to help ease liquidity in the financial sector, but still needs to fight inflation. Regarding the US Treasury Bond market, we believe that long-term yields will remain in the range of 3.32% to 3.9% ahead of the Federal Reserve meeting. Peter Boockvar, author of the Boock Report, writes:</p><p>We have seen services inflation accelerate again, offsetting the slowdown in goods inflation. Rent growth has been exaggerated, and as housing demand will remain stable, it will still maintain a growth rate of 3-4%. On the other hand, the continued decline in commodity prices means that the slowdown in inflation is sustainable, but as for why I support the Fed's 25 basis point rate hike next week, after which it may pause rate hike.<b>A Fed rate cut next week is pointless; it will not only make the Fed look weak, but it will also make all outspoken hawks look foolish.</b>Renaissance Macro strategist Neil Dutta succinctly points out:</p><p>The details of the inflation report are not positive for the Federal Reserve, with core services inflation (excluding housing) accelerating. CPI data serves as a reminder to the Federal Reserve.<b>The fight against inflation is not over yet. The rate hike is expected to rise by 25 basis points next week, and if SVB hadn't collapsed, the Federal Reserve might have rate hike by 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the Federal Reserve's dilemma of maintaining financial stability and combating inflation:</p><p>So far this year, Powell has frequently used the term \"anti-inflation,\" but Tuesday's report was by no means \"anti-inflationary.\" The Federal Reserve has had to face the fact that rate hike has not only failed to control inflation, but has also begun to destabilize the banking system. Our current situation is that inflation remains high and there is a risk of further economic weakness, especially given the recent bank failures. The Federal Reserve has no good options left.</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>Wall Street is in a heated debate over whether or not to include rate hike in March!</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\">\nWall Street is in a heated debate over whether or not to include rate hike in March!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2023-03-15 14:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Most Wall Street analysts currently believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>With the crisis continuing to escalate and US inflation rising again, what will the Federal Reserve do next?</p><p>The U.S. February inflation report released overnight showed that the core CPI was higher than expected month-on-month, and Powell's preferred \"super core inflation\" (excluding housing and rents) rose from 0.36% to 0.5%, the highest level since September last year.</p><p><img src=\"https://static.tigerbbs.com/81828931ab9d7bfab19ac81de792bde9\" tg-width=\"500\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>In addition to housing, entertainment and airfare prices also rose, while egg and meat indices fell, and energy services declined. Although the Manheim index showed a significant increase in used car prices, they unexpectedly declined, which means that used car prices may be relatively lagging behind in the CPI.</p><p>Following the release of the CPI data, the short-term interest rate STIR market's expectations for the Federal Reserve's rate hike of 25 basis points rose slightly, currently at 80%, after falling below 50% earlier.</p><p><img src=\"https://static.tigerbbs.com/17524ed0b30c9240810c5047991fa9c9\" tg-width=\"500\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>Of course, at the same time, we cannot ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry crisis is just the beginning; more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>The outlook for the U.S. banking sector has been downgraded to \"negative,\" citing a sharp deterioration in the operating environment.</p><p><b>What does Wall Street think? Most Wall Street analysts currently believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.</b>This means<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Barclays' call to pause rate hike and Nomura's call for interest rate cuts may be wrong.</p><p><b>Relatively dovish: tending to suspend rate hike or cut interest rates</b></p><p><b>Here are the views of relatively dovish analysts.</b></p><p>Dennis DeBusschere, founder of 22V Research, believes that the CPI will not bring about significant changes:</p><p>CPI inflation data is a hot topic, but it is not a game-changer. The Federal Reserve pays close attention to labor force data, and the market reacted dovish after the release of the non-farm payroll data, which is why the market did not change the probability of rate hike after the CPI was released. Capital Economics economist Andrew Hunter emphasized the negative impact of rate hike on the economy:</p><p>On the surface, the continued rise in inflation has put the Federal Reserve's focus on maintaining financial stability in a difficult position, but even if the current crisis is resolved quickly, we believe...<b>The tightening of credit conditions brought about by rate hike will still cause lasting damage to the economy.</b>Victoria Scholar, head of investment at Interactive Investor, believes:</p><p>When financial conditions tighten and the risk of a U.S. economic recession increases, the impact of the banking crisis can actually ease inflationary pressures.<b>Relative hawks: rate hike 25 basis points</b></p><p>Here are the views of relatively hawkish analysts.</p><p>BMO fixed income strategist Ian Lyngen believes that a rate hike of 25 basis points next week is a foregone conclusion.</p><p>Overall, the latest inflation situation means that a 25 basis point increase in rate hike next week is a foregone conclusion. However, the pressure facing regional banks remains unknown. Ira Jersey BBG Intel The chief U.S. interest rate strategist said:</p><p><b>These data are strong enough to suggest that the Federal Reserve will rate hike by 25 basis points next week.</b>The challenge for the Federal Reserve will be to send a message that it is ready to help ease liquidity in the financial sector, but still needs to fight inflation. Regarding the US Treasury Bond market, we believe that long-term yields will remain in the range of 3.32% to 3.9% ahead of the Federal Reserve meeting. Peter Boockvar, author of the Boock Report, writes:</p><p>We have seen services inflation accelerate again, offsetting the slowdown in goods inflation. Rent growth has been exaggerated, and as housing demand will remain stable, it will still maintain a growth rate of 3-4%. On the other hand, the continued decline in commodity prices means that the slowdown in inflation is sustainable, but as for why I support the Fed's 25 basis point rate hike next week, after which it may pause rate hike.<b>A Fed rate cut next week is pointless; it will not only make the Fed look weak, but it will also make all outspoken hawks look foolish.</b>Renaissance Macro strategist Neil Dutta succinctly points out:</p><p>The details of the inflation report are not positive for the Federal Reserve, with core services inflation (excluding housing) accelerating. CPI data serves as a reminder to the Federal Reserve.<b>The fight against inflation is not over yet. The rate hike is expected to rise by 25 basis points next week, and if SVB hadn't collapsed, the Federal Reserve might have rate hike by 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the Federal Reserve's dilemma of maintaining financial stability and combating inflation:</p><p>So far this year, Powell has frequently used the term \"anti-inflation,\" but Tuesday's report was by no means \"anti-inflationary.\" The Federal Reserve has had to face the fact that rate hike has not only failed to control inflation, but has also begun to destabilize the banking system. Our current situation is that inflation remains high and there is a risk of further economic weakness, especially given the recent bank failures. The Federal Reserve has no good options left.</body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137602481","content_text":"目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点。硅谷银行危机持续发酵，美国通胀涨势再起，美联储下一步会作何打算？隔夜发布的美国2月通胀报告显示，核心CPI环比高于预期，鲍威尔首选的“超级核心通胀”（不包括住房和租金）从0.36%上升到0.5%，为去年9月以来的最高水平。除住房外，娱乐和机票价格也有所上涨，而鸡蛋和肉类指数下降，能源服务有所下降。尽管Manheim指数显示二手车价格大幅上涨，但二手车价格却意外下行，这意味着CPI中二手车价格可能相对滞后。CPI数据公布后，短期利率STIR市场对美联储加息25个基点的预期小幅上升，目前为80%，在早些时候曾一度跌破50%。当然，同时也不能忽视美国银行业危机，这仅仅是刚开始，可能更多的银行接连倒闭。穆迪下调美国银行业展望至“负面”，称运营环境急剧恶化。华尔街怎么看呢？目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点，这意味着高盛和巴克莱呼吁暂停加息以及野村的降息呼吁可能都是错误的。相对鸽派：倾向暂停加息或降息以下是相对鸽派分析师的看法。22V Research创始人Dennis DeBusschere认为，CPI不会带来很大变动：CPI通胀数据是一大热点，但并不是游戏规则的改变者。美联储非常关注劳动力数据，而且非农发布后市场反应偏鸽，这就是为什么市场在CPI公布后没有改变加息概率。Capital Economics经济学家Andrew Hunter强调加息给经济带来的负面影响：从表面上看，通胀的持续加剧令专注于维持金融稳定美联储陷入困境，但即使当前危机迅速得到解决，我们认为加息带来的信贷条件收紧仍将对经济造成持久损害。Interactive Investor的投资主管Victoria Scholar认为：当金融条件收紧，美国经济衰退风险增加时，银行危机带来的影响实际上会缓解通胀压力。相对鹰派：加息25个基点以下是相对鹰派分析师的看法。BMO固定收益策略师Ian Lyngen认为，下周加息25基点已成定局。总的来说，这次最新通胀情况意味着下周加息25个基点已成定局。但同时，地区性银行业面临的压力仍是个未知数。Ira Jersey BBG Intel首席美国利率策略师表示：这些数据足够强劲，暗示美联储将在下周加息25个基点。美联储面临的挑战将是传达这样一种信息：它准备帮助缓解金融业的流动性，但仍需要抗击通胀。对于美国国债市场，我们认为在美联储会议之前，长期收益率将保持在3.32%至3.9%的区间。Boock Report的作者Peter Boockvar写道：我们看到服务通胀再次加速，抵消了商品通胀的放缓。租金增长被夸大了，由于房屋需求将为稳定，因此仍保持的3—4%的增速。另一方面，商品价格持续下行中意味着通胀放缓是可持续的，但至于为什么我支持美联储下周加息25个基点，之后可能会暂停加息。下周美联储降息是毫无意义，这不仅会显得美联储很软弱，还会让所有直言不讳的鹰派人士看起来很傻。Renaissance Macro策略师Neil Dutta简明扼要地指出：通胀报告的细节对美联储来说并不积极，核心服务通胀（不包括住房）正在加速。CPI数据提醒着美联储，抗通胀斗争还没有结束。预计下周将加息25个基点，如果不是SVB倒闭了，美联储可能加息50个基点。Quadratic Capital Management的创始人Nancy Davis则指出了美联储维护金融稳定和抗击通胀的两难境地：今年到目前为止，鲍威尔经常使用“反通胀”这个词，而周二的报告绝不是“反通胀”。美联储不得不面对这样一个事实，加息不仅未能控制通胀，而且已经开始导致银行体系的不稳定。我们目前的情况是，通货膨胀率仍然很高，经济有进一步疲软的风险，特别是在最近银行倒闭的情况下。美联储已经没有什么好的选择了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}