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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 | Ali Launches Major Organizational Change! Shares Surge 10%

2023-03-26

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Dollar Demand Soars! Central banks cut U.S. debt holdings at 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 played itself to death

2023-03-21

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2023-03-21

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Disappointment backs down on Pinduoduo with overly high expectations

2023-03-15

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2023-03-15

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Whether or not to rate hike in March, Wall Street quarrels!

2023-03-15

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2023-03-11

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Reminder: U.S. stocks open 1 hour ahead of schedule when they enter daylight saving time from March 12th

2023-03-07

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What happened to the bank stocks that were reduced by Buffett?

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

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@中国基金报:任溶溶去世

2022-01-04

$阿里巴巴(BABA)$upupupup

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Shares Surge 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 28th, the US stock index futures fluctuated weakly. As of press time, the Dow futures rose by 0.06%, the Nasdaq futures rose by 0.04%, and the S&P 500 futures rose by 0.02%.</p><p><img src=\"https://static.tigerbbs.com/a3a7cf7961c462e3ece685ae528eff0e\" tg-width=\"401\" tg-height=\"198\" referrerpolicy=\"no-referrer\"/></p><p><b>Premarket Quotes</b></p><p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Before the market rose by 10%, Zhang Yong announced the establishment of six business groups or will be listed independently;</p><p>China's new car-making forces collectively rose before the market,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Up 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>rose by more than 2%;</p><p><a href=\"https://laohu8.com/S/LYFT\">Lyft</a>Before the market rose more than 5%, hiring<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Former head of retail David Risher as new CEO;</p><p><a href=\"https://laohu8.com/S/VORB\">Virgin Orbit</a>It fell by more than 10% before the market, extending the suspension of operation and payroll again;</p><p><a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>Before the market rose more than 2%, Buffett added positions again<a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>This month, the accumulated purchase has exceeded $1 billion.</p><p><b>European market</b></p><p>Most major European stock indexes rose. As of press time, Germany's DAX30 index rose 0.22%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>up 0.17%, and France's 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 rose 0.21% to $72.96/barrel; Brent crude oil rose 0.08% to $77.82/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% to $1,958.6/oz 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 | Ali Launches Major Organizational Change! Shares Surge 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 | Ali Launches Major Organizational Change! Shares Surge 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 28th, the US stock index futures fluctuated weakly. As of press time, the Dow futures rose by 0.06%, the Nasdaq futures rose by 0.04%, and the S&P 500 futures rose by 0.02%.</p><p><img src=\"https://static.tigerbbs.com/a3a7cf7961c462e3ece685ae528eff0e\" tg-width=\"401\" tg-height=\"198\" referrerpolicy=\"no-referrer\"/></p><p><b>Premarket Quotes</b></p><p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Before the market rose by 10%, Zhang Yong announced the establishment of six business groups or will be listed independently;</p><p>China's new car-making forces collectively rose before the market,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Up 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>rose by more than 2%;</p><p><a href=\"https://laohu8.com/S/LYFT\">Lyft</a>Before the market rose more than 5%, hiring<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Former head of retail David Risher as new CEO;</p><p><a href=\"https://laohu8.com/S/VORB\">Virgin Orbit</a>It fell by more than 10% before the market, extending the suspension of operation and payroll again;</p><p><a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>Before the market rose more than 2%, Buffett added positions again<a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>This month, the accumulated purchase has exceeded $1 billion.</p><p><b>European market</b></p><p>Most major European stock indexes rose. As of press time, Germany's DAX30 index rose 0.22%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>up 0.17%, and France's 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 rose 0.21% to $72.96/barrel; Brent crude oil rose 0.08% to $77.82/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% to $1,958.6/oz 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":{"LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4524":"宅经济概念","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4527":"明星科技股","BABA":"阿里巴巴","BK4526":"热门中概股","BK4534":"瑞士信贷持仓","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4503":"景林资产持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4558":"双十一","BK4575":"芯片概念","BK4535":"淡马锡持仓","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK4538":"云计算","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4579":"人工智能","BK4588":"碎股","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"},"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":3244,"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":[],"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":"us","language":"zh","title":"Dollar Demand Soars! Central banks cut U.S. debt holdings at 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>Summary: The use of the Federal Reserve's overseas liquidity vehicle has also surged, with the use of the FIMA repo agreement vehicle reaching a record $60 billion, far exceeding the peak of $1.4 billion reached during the peak of the pandemic. With the spread of the banking crisis, the global demand for US dollars surged, central banks quickly reduced their holdings of US debt to \"cash out\", and the use of the Federal Reserve's overseas liquidity tools also surged.</p><p>Fed data showed that for the week ending March 22,<b>Official foreign holdings of U.S. Treasury Bond fell $76 billion to $2.86 trillion, the biggest weekly decline since March 2014.</b></p><p>In the meantime,<b>The use of the Federal Reserve's Foreign and International Monetary Authority (FIMA) repo agreement tool reached a record $60 billion, far exceeding the $1.4 billion peak reached at the height of the pandemic.</b></p><p>The Federal Reserve's FIMA Repurchase Agreement Instrument was launched on March 31, 2020 to support liquidity in global financial markets and mitigate the impact of the pandemic on the global economy. The instrument allows foreign central banks and international organizations to use their holdings of U.S. Treasury Bond as collateral to apply for U.S. dollar liquidity from the Federal Reserve to ease the pressure on funding.</p><p>In response to the surge in FIMA repo agreement tool usage, media quotes<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the US dollar financing rate, we feel that borrowing is precautionary.\"</p><p>Significantly, only a fraction of the $136 billion raised by foreign official agencies from selling U.S. debt and FIMA buybacks flows directly back into the Fed's balance sheet or broader custody program.</p><p>As of March 22, the balance of the foreign reverse repo pool increased by just $3 billion, while agency securities (including mortgage-backed securities) in custody of the Federal Reserve increased by just $7 billion.</p><p><b>According to an analysis by Wrightson ICAP, the above phenomenon suggests that most of the cash raised by central banks may enter 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>Dollar Demand Soars! Central banks cut U.S. debt holdings at 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\">\nDollar Demand Soars! Central banks cut U.S. debt holdings at 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>Summary: The use of the Federal Reserve's overseas liquidity vehicle has also surged, with the use of the FIMA repo agreement vehicle reaching a record $60 billion, far exceeding the peak of $1.4 billion reached during the peak of the pandemic. With the spread of the banking crisis, the global demand for US dollars surged, central banks quickly reduced their holdings of US debt to \"cash out\", and the use of the Federal Reserve's overseas liquidity tools also surged.</p><p>Fed data showed that for the week ending March 22,<b>Official foreign holdings of U.S. Treasury Bond fell $76 billion to $2.86 trillion, the biggest weekly decline since March 2014.</b></p><p>In the meantime,<b>The use of the Federal Reserve's Foreign and International Monetary Authority (FIMA) repo agreement tool reached a record $60 billion, far exceeding the $1.4 billion peak reached at the height of the pandemic.</b></p><p>The Federal Reserve's FIMA Repurchase Agreement Instrument was launched on March 31, 2020 to support liquidity in global financial markets and mitigate the impact of the pandemic on the global economy. The instrument allows foreign central banks and international organizations to use their holdings of U.S. Treasury Bond as collateral to apply for U.S. dollar liquidity from the Federal Reserve to ease the pressure on funding.</p><p>In response to the surge in FIMA repo agreement tool usage, media quotes<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the US dollar financing rate, we feel that borrowing is precautionary.\"</p><p>Significantly, only a fraction of the $136 billion raised by foreign official agencies from selling U.S. debt and FIMA buybacks flows directly back into the Fed's balance sheet or broader custody program.</p><p>As of March 22, the balance of the foreign reverse repo pool increased by just $3 billion, while agency securities (including mortgage-backed securities) in custody of the Federal Reserve increased by just $7 billion.</p><p><b>According to an analysis by Wrightson ICAP, the above phenomenon suggests that most of the cash raised by central banks may enter 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":{"IEF":"债券指数ETF-iShares Barclays 7-10年","SHY":"债券指数ETF-iShares Barclays 1-3年国债","IEI":"iShares Barclays 3-7 Year Trea","TLT":"20+年以上美国国债ETF-iShares","BK4588":"碎股","BK4585":"ETF&股票定投概念","BND":"债券指数ETF-Vanguard美国","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":{"ZBmain":0.6,"IEF":0.6,"TNmain":0.6,"ZTmain":0.6,"TLT":0.6,"IEI":0.6,"UBmain":0.6,"SHY":0.6,"GOVT":0.6,"ZFmain":0.6,"BND":1}},"isVote":1,"tweetType":1,"viewCount":3269,"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":[],"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 played itself to death","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>Lead: After this Credit Suisse crisis, the credibility of Swiss banking industry has gone bankrupt.</p><p>The 167-year-old Swiss investment bank is facing an unprecedented challenge. In many news stories, we can see this bank in sight:</p><p>Helping drug lords launder money, smuggling fish, bribery, supply chain finance fraud, lending tens of billions to activist hedge fund managers, etc. all cast a huge shadow over the reputation of this century-old investment bank.</p><p>These incredible but hugely profitable events all sound like making a movie, but these are all important reasons why Credit Suisse has fallen to this day.</p><p>It should be said that Credit Suisse, unlike Lehman Brothers, may not have a huge financial derivatives problem, but it, like many Wall Street investment banking cancers, has a deadly culture of greed, a corporate culture that is too aggressive to make companies take risks and individuals get huge rewards and commissions.</p><p>Credit Suisse should manage its own people 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 about 530 billion Swiss francs ($573 billion). The volume far exceeds SVB Silicon Valley Bank and Signature Bank.</p><p>Credit Suisse has also become the most vulnerable link in the European financial system. With the continuous rate hike of the Federal Reserve, the bank's own problems have been completely exposed.</p><p>The reason why the capital market pays attention to Credit Suisse is that the assets and business of this established investment bank are all over the world, so if Credit Suisse fails, it will have unimaginably serious consequences for the global financial system.</p><p>However, the reason behind it lies in the rapid expansion of Credit Suisse's business in the past 10 years and the complete failure of risk control.</p><p>The chaotic and out-of-control internal controls caused UBS to be mired in the reason of constant restructuring and leadership changes, so that in the end the whole bank lost a clear direction and fell into chaos and debt.</p><p>In just 10 years, Credit Suisse has replaced three CEOs, namely Tidjane Thiam, Thomas Gottstein and the current CEO of Credit Suisse, Ulrich Korner. Gottstein's shortest tenure lasted only five months.</p><p>Here are the CEOs that Credit Suisse has changed in this 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 fall into such a field?</p><p><b>Bloodthirsty and greedy corporate culture</b></p><p>As the bank that suffered the least in the 2008 financial crisis, Credit Suisse deserves a greater advantage and a more sound style. However, the fact is that even the banks least affected by the financial crisis underwent several restructurings in 2002, 2004 and 2006 and 2022, respectively. Then it began to cut investment businesses, lay off employees and reduce operating costs.</p><p>However, Credit Suisse's DNA seems to be the best interpretation of Gordon Gekko, who said GREED IS GOOD in the movie Wall Street. Except for Deutsche Bank, Credit Suisse IS basically Gordon Gekko per banker. Under the helm of former CEO Tidjane Thiam, his cultural success of strict cost control enabled Credit Suisse to turn losses into a profit for some time. However, the good times did not last long, due to the impact of the spy door. UBS's profits and AUM peaked in 2021 and saw a rapid decline in performance in 2022. However, because he was involved in the surveillance scandal, he had to take the blame and resign, which also caused Credit Suisse's reputation to plummet.</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 battle at Credit Suisse, UBS executives have been accused of using spy tools and equipment to spy on their own employees. Such illegal investigations lasted from 2016 to 2019, and at least seven cases were followed up and investigated. Not only was the company's board of directors aware, but also the people involved committed suicide.</p><p>There was more than one dramatic incident in which the person involved committed suicide. Patrice Lescaudron was originally the top three super bankers in Credit Suisse, with an annual income that was 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 Codron was sentenced to five years in prison for crimes such as forging customer signatures, misappropriating customer assets, and causing at least $150 million in losses to customers.</p><p>Clients who vowed to hunt down him included former Georgian prime minister Bidzina Ivanishvili, Russian tycoon Vitaly Malkin and others.</p><p>Where did Ivanisvilli's and Malkin's enormous wealth come from, how did it enter the Credit Suisse account, and how was it improperly misappropriated by Lescodron? The truth was lost because of the suicide of Ray Codron.</p><p>There are many incredible things like the monitoring door. We see that Credit Suisse is active in the front line of various spy films and commercial blockbusters: the 1MDB fraud case that shook the country in Malaysia and the money laundering case of the underworld in Japan, and Credit Suisse is also involved; Bulgarian drug cartel launders money, Credit Suisse is the main suspect; The property of the prime minister of Georgia, a Central Asian country, was also embezzled by Credit Suisse bankers by forging signatures.</p><p>In short, Credit Suisse is everywhere in the dark corruption cases that broke out 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 to have been involved in a number of money laundering cases, and it paid a full $2.6 billion in fines between 2008 and 2012.</p><p>Beginning 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 had assets under management of as much as CHF 1,478.3 billion, with a net income of 5.3 billion. In early October 2022, Credit Suisse was exposed to a liquidity crisis.</p><p>Credit Suisse's style has become more and more aggressive. In 2022, the two major risk events Greensill and Archego completely dampened Credit Suisse's hope of becoming the world's top 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 the successive liquidations of Greensill Capital and Archegos Capital Management, which are invested by Credit Suisse. This not only dealt a fatal blow to Credit Suisse's credibility, it also cost the bank billions of Swiss francs.</p><p>Credit Suisse is starting to see a large asset \"escape\".</p><p><img src=\"https://static.tigerbbs.com/45db85294d214765682ed85a7beba95c\" tg-width=\"799\" tg-height=\"414\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Its $10 billion in customer funds invested in Greenhill will be difficult to recover in full. While Credit Suisse wasn't the only bank to lose money investing in Archegos, the $5.5 billion loss it suffered was far greater than other banks.</p><p>The Swiss Financial Markets Regulatory Authority (FINMA) has accused Credit Suisse of deliberately ignoring more than 100 warning signs and dancing on the edge of the abyss in pursuit of unrealistic profits.</p><p>Bill Hwang and his family wealth management office Archegos, which set off a large-scale ups and downs of Chinese stocks, exploded, and Credit Suisse Bank suffered huge losses. Credit Suisse's 2021 results showed net expenses related to Archegos amounting to CHF 4.8 billion, or about $4.886 billion.</p><p>On March 1, 2021, four Supply Chain Finance Funds (SCFFs), in which Credit Suisse acts as portfolio manager, decided to terminate redemptions and subscriptions to safeguard the interests of fund investors.</p><p>The reason is that the assets held by the Supply Chain Finance Fund are mainly existing and future receivable-backed notes originated and arranged by Greensill Capital, which filed for bankruptcy in the United Kingdom on 8 March 2021.</p><p>In fact, the biggest impact of Archegos and Greensill, besides incurring huge financial losses, is the impact on Credit Suisse's reputation.</p><p>As a multinational banking group, credit, financial foundation and reputation are the foundation of Credit Suisse. These events have devastated Credit Suisse's reputation and posed a very severe test for its professional ability.</p><p>Credit Suisse also apparently understood the far-reaching impact of these two events. After completing internal and external investigations, it made adjustments to its organizational structure, compensation, etc., and re-audited its investment banking division, especially Prime Services.</p><p>It was because of the vulnerabilities in this business that caused Archegos to blow Credit Suisse hard — and decided to exit the business.</p><p>The market believes part of the blame lies on Urs Rohner, who chaired the bank's board from 2011 to 2021, and the radical corporate culture he encouraged when he was in office.</p><p>Urus Rohner, Chairman of the Credit Suisse Board (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 picture below shows Credit Suisse's performance when Urus Rohner was in office:</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 revealed to have manipulated LIBOR and TIBOR interest rates for profit.</p><p>Details of the 2013 U.S. Department of Justice investigation into Credit Suisse's selling of MBS case.</p><p>In 2014, the U.S. Congress questioned Credit Suisse for helping its customers 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 zero risk control, deep involvement in financial fraud and crime</b></p><p>Credit Suisse helped Archego manipulate the stock market value and lend large sums of money to the former.</p><p>In GREENSILL's case, Credit Suisse provided $10 billion in funds to GREENSILL, but it was deceived by SoftBank. Most of the loan funds were not used for the refinancing of supply chain finance, but were misappropriated to SoftBank's own investment.</p><p>The Archegos incident refers to Archegos Capital Management's liquidation in 2021. This is an American hedge fund operating under the name of a family office, focusing on highly leveraged derivative US stock investment.</p><p>In March 2021, Japan's Nomura Holdings and Credit Suisse issued an early warning that they expected to face huge losses due to loans to Archegos for securities derivatives trading. This led to a sell-off of global banking 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-born founder, Bill Hwang, deliberately expanded Archegos' total market position from $10 billion to $160 billion by misleading him to borrow money from banks and placing huge bets on a handful of stocks through complex securities.</p><p>In late March 2021, Bill Hwang sold off several stocks due to his inability to sustain the manipulation. Almost all the stocks heavily owned by Archegos have seen price plummets. Bill Hwang, who caused this \"big explosion of the century\", was imprisoned.</p><p>The Archegos fund exploded, resulting in losses of more than $10 billion across Wall Street. Credit Suisse also lost $5.5 billion in the liquidation, while Nomura, Morgan Stanley and UBS lost $2.85 billion, $900 million and $861 million, respectively.</p><p>Before Archegos liquidated, it kept adding positions to a series of stocks it held. However, Credit Suisse's regulatory authorities have not handled these risks in a timely and effective manner.</p><p>This explosion storm also triggered the \"exchange of blood\" 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 sadly left at the end of April 2021.</p><p>At almost the same time, the collapse of supply chain finance company Greensill Capital also caused Credit Suisse, which financed it, to suffer about $3bn in losses.</p><p>A year later, in February 2022, Credit Suisse was revealed to have accepted funds from more than 18,000 criminal customers, including oligarchs and drug dealers, and provided them with money laundering and other services. Credit Suisse was prosecuted in court as a result, becoming the first major bank in Swiss history to be found guilty in a criminal case.</p><p>As shown 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 in all kinds of trouble.</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>Loss of customer support, international credibility plummets</b></p><p>Even if Credit Suisse issued reform and restructuring plans many times, these plans did not really reduce costs in the end. On the contrary, Credit Suisse still rewarded employees by acquiescing to employees and senior executives to \"break the rules\" and even create high growth and high returns despite committing crimes.</p><p>This also led to customers eventually losing trust in Credit Suisse, and Credit Suisse eventually lost the support of valuable employees.</p><p>Even though Credit Suisse's core capital adequacy ratio of UBS reached a stable level of 13.5% in the last quarter (the statutory requirement is 8%), Credit Suisse is still on the verge of collapse at this time, facing a large-scale outflow of customer funds (about 120 billion dollars in the fourth quarter) and a plunge in share price.</p><p>Credit Suisse's reform plan 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>Credit Suisse has proposed a strategic restructuring in 2022: from 1 January 2022, it has re-divided its business into four divisions – Wealth Management, Investment Banking, Swiss Bank and Asset Management, and four regional divisions – Switzerland, Europe, Middle East and Africa (EMEA), Asia Pacific and the Americas.</p><p>Three major focuses of the reform plan:</p><p>1) Strengthen its core business by injecting approximately CHF 3 billion in capital into the wealth management division by 2024, strengthening Credit Suisse's balance sheet and organizational structure;</p><p>2) Simplify the business model and establish an integrated global wealth management department, an integrated global investment bank and a centralized technical and operational function department to optimize structural costs and support strategic investment;</p><p>3) Increase investment in customers, business, talent and technology.</p><p>The reform plan for 2022 includes a complete restructuring of its investment bank, a reduction of 2,700 full-time employees in the fourth quarter, resulting in a cumulative reduction of 9,000 employees by the end of 2025, the transfer of a majority stake in the securitization products business, and the reduction of risk-weighted assets and leverage exposure.</p><p><b>Credit Suisse credit defaults CDS swaps soar</b></p><p>The CDS (Credit Default Swap) spread, the most accurate and responsive measure of Credit Default risk, has long warned:</p><p><img src=\"https://static.tigerbbs.com/f84d8eddb62ad489377e9ed733515033\" tg-width=\"720\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ulrich Koerner, the new CEO of Credit Suisse, has launched a sweeping plan to attract uneasy customers and cash back. These actions appeared to pay off in January, when the bank claimed a \"net inflow\" of deposits.</p><p>However, on March 9th, the U.S. Securities and Regulatory Commission (SEC) questioned the bank's annual report, which led Credit Suisse to delay the release of its annual financial report. At the same time, PWC accounting firm issued an adverse audit report (adverse opinion).</p><p>On March 15, Credit Suisse shares plunged again after the National Bank of Saudi Arabia (SNB), its largest shareholder, ruled out the possibility of increasing its stake in Credit Suisse. SNB holds a 9.9% stake in UBS. Among them, the Saudi sovereign fund holds a 37% stake in SNB.</p><p>At this time, the chairman of the board of directors of National Bank of Saudi Arabia, the largest shareholder of Credit Suisse, said in an interview with the media that due to regulatory considerations, he would not increase his stake in Credit Suisse or provide any financial assistance.</p><p>On the same day, Credit Suisse's share price closed down 24% to close at about 1.7 Swiss francs (about $1.83); At one point, it fell 30% to an all-time low during the session, and the price at the lowest point shrank 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>The one-year CDS price jumped from 836 basis points on the 14th (which represents a 10% chance of default) to more than 3,000 basis points as other banks sought to hedge counterparty risk in deals with Credit Suisse. However, few trades are executed due to the depletion of liquidity in the market.</p><p>Another area also showed signs of pressure, with Credit Suisse's Tier 1 Capital Supplement (AT1) bonds trading at less than 80% of par value (a level that typically indicates that companies are in trouble). Even bonds maturing in April are now trading well below face value.</p><p>A lifeline? Credit Suisse seeks help from SNB, the Swiss central bank. In the end, the Swiss National Bank provided Credit Suisse with a loan of 50 billion Swiss francs ($54 billion).</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 SNB's point of view, it had to be saved, and Credit Suisse would be much better off if compared to Lehman.</p><p>Unlike Lehman and SVB, Credit Suisse has a lot of liquid assets and access to central bank lending facilities, and it is less sensitive than many of its competitors to sharp changes in interest rates.</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 chief executive Kona said that the bank's liquidity coverage ratio shows that Credit Suisse can withstand a large outflow of funds that lasts for more than a month during periods of stress.</p><p>At the same time, Credit Suisse said in a statement that this additional liquidity will support Credit Suisse's core business and customers. Credit Suisse will take the steps necessary to create a bank that is simpler and more focused on customer needs.</p><p>Credit Suisse also made a cash offer for 10 USD-denominated senior debt securities for a total consideration of no more than $2.5 billion; Another cash offer was also announced for 4 euro-denominated senior debt securities for a total consideration of not more than 500 million euros.</p><p>The bad news is that Credit Suisse is already very expensive to finance at this point, either needing to raise more capital or facing a spin-off.</p><p>The bank may need to issue another rights issue, or the alternative is to \"split up\" to \"sell or list\" its various business units, including its Swiss division, asset management unit and wealth management unit, separately.</p><p>The Swiss government and regulators have also discussed options to stabilize Credit Suisse's situation, including publicly showing support, offering liquidity support, and more structural remedies — such as splitting the Swiss subsidiary and merging with larger Swiss rival UBS.</p><p>If the borrowing does not solve Credit Suisse's current problems, Credit Suisse may be merged by other larger banks.</p><p>UBS has stated that it will oppose a merger with Credit Suisse because UBS (UBS UBS prefers to do well in wealth management rather than become an investment bank like Credit Suisse and absorb more risk exposure).</p><p>The $54 billion in aid gave Credit Suisse a temporary respite, but if things worsened, the money could not last longer. Therefore, Credit Suisse's top priority is to rebuild customer confidence and new appointments, and use all means to retain customers. If it fails to do so, it will face an even 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 played itself to death</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 played itself to death\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>Lead: After this Credit Suisse crisis, the credibility of Swiss banking industry has gone bankrupt.</p><p>The 167-year-old Swiss investment bank is facing an unprecedented challenge. In many news stories, we can see this bank in sight:</p><p>Helping drug lords launder money, smuggling fish, bribery, supply chain finance fraud, lending tens of billions to activist hedge fund managers, etc. all cast a huge shadow over the reputation of this century-old investment bank.</p><p>These incredible but hugely profitable events all sound like making a movie, but these are all important reasons why Credit Suisse has fallen to this day.</p><p>It should be said that Credit Suisse, unlike Lehman Brothers, may not have a huge financial derivatives problem, but it, like many Wall Street investment banking cancers, has a deadly culture of greed, a corporate culture that is too aggressive to make companies take risks and individuals get huge rewards and commissions.</p><p>Credit Suisse should manage its own people 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 about 530 billion Swiss francs ($573 billion). The volume far exceeds SVB Silicon Valley Bank and Signature Bank.</p><p>Credit Suisse has also become the most vulnerable link in the European financial system. With the continuous rate hike of the Federal Reserve, the bank's own problems have been completely exposed.</p><p>The reason why the capital market pays attention to Credit Suisse is that the assets and business of this established investment bank are all over the world, so if Credit Suisse fails, it will have unimaginably serious consequences for the global financial system.</p><p>However, the reason behind it lies in the rapid expansion of Credit Suisse's business in the past 10 years and the complete failure of risk control.</p><p>The chaotic and out-of-control internal controls caused UBS to be mired in the reason of constant restructuring and leadership changes, so that in the end the whole bank lost a clear direction and fell into chaos and debt.</p><p>In just 10 years, Credit Suisse has replaced three CEOs, namely Tidjane Thiam, Thomas Gottstein and the current CEO of Credit Suisse, Ulrich Korner. Gottstein's shortest tenure lasted only five months.</p><p>Here are the CEOs that Credit Suisse has changed in this 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 fall into such a field?</p><p><b>Bloodthirsty and greedy corporate culture</b></p><p>As the bank that suffered the least in the 2008 financial crisis, Credit Suisse deserves a greater advantage and a more sound style. However, the fact is that even the banks least affected by the financial crisis underwent several restructurings in 2002, 2004 and 2006 and 2022, respectively. Then it began to cut investment businesses, lay off employees and reduce operating costs.</p><p>However, Credit Suisse's DNA seems to be the best interpretation of Gordon Gekko, who said GREED IS GOOD in the movie Wall Street. Except for Deutsche Bank, Credit Suisse IS basically Gordon Gekko per banker. Under the helm of former CEO Tidjane Thiam, his cultural success of strict cost control enabled Credit Suisse to turn losses into a profit for some time. However, the good times did not last long, due to the impact of the spy door. UBS's profits and AUM peaked in 2021 and saw a rapid decline in performance in 2022. However, because he was involved in the surveillance scandal, he had to take the blame and resign, which also caused Credit Suisse's reputation to plummet.</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 battle at Credit Suisse, UBS executives have been accused of using spy tools and equipment to spy on their own employees. Such illegal investigations lasted from 2016 to 2019, and at least seven cases were followed up and investigated. Not only was the company's board of directors aware, but also the people involved committed suicide.</p><p>There was more than one dramatic incident in which the person involved committed suicide. Patrice Lescaudron was originally the top three super bankers in Credit Suisse, with an annual income that was 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 Codron was sentenced to five years in prison for crimes such as forging customer signatures, misappropriating customer assets, and causing at least $150 million in losses to customers.</p><p>Clients who vowed to hunt down him included former Georgian prime minister Bidzina Ivanishvili, Russian tycoon Vitaly Malkin and others.</p><p>Where did Ivanisvilli's and Malkin's enormous wealth come from, how did it enter the Credit Suisse account, and how was it improperly misappropriated by Lescodron? The truth was lost because of the suicide of Ray Codron.</p><p>There are many incredible things like the monitoring door. We see that Credit Suisse is active in the front line of various spy films and commercial blockbusters: the 1MDB fraud case that shook the country in Malaysia and the money laundering case of the underworld in Japan, and Credit Suisse is also involved; Bulgarian drug cartel launders money, Credit Suisse is the main suspect; The property of the prime minister of Georgia, a Central Asian country, was also embezzled by Credit Suisse bankers by forging signatures.</p><p>In short, Credit Suisse is everywhere in the dark corruption cases that broke out 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 to have been involved in a number of money laundering cases, and it paid a full $2.6 billion in fines between 2008 and 2012.</p><p>Beginning 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 had assets under management of as much as CHF 1,478.3 billion, with a net income of 5.3 billion. In early October 2022, Credit Suisse was exposed to a liquidity crisis.</p><p>Credit Suisse's style has become more and more aggressive. In 2022, the two major risk events Greensill and Archego completely dampened Credit Suisse's hope of becoming the world's top 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 the successive liquidations of Greensill Capital and Archegos Capital Management, which are invested by Credit Suisse. This not only dealt a fatal blow to Credit Suisse's credibility, it also cost the bank billions of Swiss francs.</p><p>Credit Suisse is starting to see a large asset \"escape\".</p><p><img src=\"https://static.tigerbbs.com/45db85294d214765682ed85a7beba95c\" tg-width=\"799\" tg-height=\"414\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Its $10 billion in customer funds invested in Greenhill will be difficult to recover in full. While Credit Suisse wasn't the only bank to lose money investing in Archegos, the $5.5 billion loss it suffered was far greater than other banks.</p><p>The Swiss Financial Markets Regulatory Authority (FINMA) has accused Credit Suisse of deliberately ignoring more than 100 warning signs and dancing on the edge of the abyss in pursuit of unrealistic profits.</p><p>Bill Hwang and his family wealth management office Archegos, which set off a large-scale ups and downs of Chinese stocks, exploded, and Credit Suisse Bank suffered huge losses. Credit Suisse's 2021 results showed net expenses related to Archegos amounting to CHF 4.8 billion, or about $4.886 billion.</p><p>On March 1, 2021, four Supply Chain Finance Funds (SCFFs), in which Credit Suisse acts as portfolio manager, decided to terminate redemptions and subscriptions to safeguard the interests of fund investors.</p><p>The reason is that the assets held by the Supply Chain Finance Fund are mainly existing and future receivable-backed notes originated and arranged by Greensill Capital, which filed for bankruptcy in the United Kingdom on 8 March 2021.</p><p>In fact, the biggest impact of Archegos and Greensill, besides incurring huge financial losses, is the impact on Credit Suisse's reputation.</p><p>As a multinational banking group, credit, financial foundation and reputation are the foundation of Credit Suisse. These events have devastated Credit Suisse's reputation and posed a very severe test for its professional ability.</p><p>Credit Suisse also apparently understood the far-reaching impact of these two events. After completing internal and external investigations, it made adjustments to its organizational structure, compensation, etc., and re-audited its investment banking division, especially Prime Services.</p><p>It was because of the vulnerabilities in this business that caused Archegos to blow Credit Suisse hard — and decided to exit the business.</p><p>The market believes part of the blame lies on Urs Rohner, who chaired the bank's board from 2011 to 2021, and the radical corporate culture he encouraged when he was in office.</p><p>Urus Rohner, Chairman of the Credit Suisse Board (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 picture below shows Credit Suisse's performance when Urus Rohner was in office:</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 revealed to have manipulated LIBOR and TIBOR interest rates for profit.</p><p>Details of the 2013 U.S. Department of Justice investigation into Credit Suisse's selling of MBS case.</p><p>In 2014, the U.S. Congress questioned Credit Suisse for helping its customers 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 zero risk control, deep involvement in financial fraud and crime</b></p><p>Credit Suisse helped Archego manipulate the stock market value and lend large sums of money to the former.</p><p>In GREENSILL's case, Credit Suisse provided $10 billion in funds to GREENSILL, but it was deceived by SoftBank. Most of the loan funds were not used for the refinancing of supply chain finance, but were misappropriated to SoftBank's own investment.</p><p>The Archegos incident refers to Archegos Capital Management's liquidation in 2021. This is an American hedge fund operating under the name of a family office, focusing on highly leveraged derivative US stock investment.</p><p>In March 2021, Japan's Nomura Holdings and Credit Suisse issued an early warning that they expected to face huge losses due to loans to Archegos for securities derivatives trading. This led to a sell-off of global banking 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-born founder, Bill Hwang, deliberately expanded Archegos' total market position from $10 billion to $160 billion by misleading him to borrow money from banks and placing huge bets on a handful of stocks through complex securities.</p><p>In late March 2021, Bill Hwang sold off several stocks due to his inability to sustain the manipulation. Almost all the stocks heavily owned by Archegos have seen price plummets. Bill Hwang, who caused this \"big explosion of the century\", was imprisoned.</p><p>The Archegos fund exploded, resulting in losses of more than $10 billion across Wall Street. Credit Suisse also lost $5.5 billion in the liquidation, while Nomura, Morgan Stanley and UBS lost $2.85 billion, $900 million and $861 million, respectively.</p><p>Before Archegos liquidated, it kept adding positions to a series of stocks it held. However, Credit Suisse's regulatory authorities have not handled these risks in a timely and effective manner.</p><p>This explosion storm also triggered the \"exchange of blood\" 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 sadly left at the end of April 2021.</p><p>At almost the same time, the collapse of supply chain finance company Greensill Capital also caused Credit Suisse, which financed it, to suffer about $3bn in losses.</p><p>A year later, in February 2022, Credit Suisse was revealed to have accepted funds from more than 18,000 criminal customers, including oligarchs and drug dealers, and provided them with money laundering and other services. Credit Suisse was prosecuted in court as a result, becoming the first major bank in Swiss history to be found guilty in a criminal case.</p><p>As shown 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 in all kinds of trouble.</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>Loss of customer support, international credibility plummets</b></p><p>Even if Credit Suisse issued reform and restructuring plans many times, these plans did not really reduce costs in the end. On the contrary, Credit Suisse still rewarded employees by acquiescing to employees and senior executives to \"break the rules\" and even create high growth and high returns despite committing crimes.</p><p>This also led to customers eventually losing trust in Credit Suisse, and Credit Suisse eventually lost the support of valuable employees.</p><p>Even though Credit Suisse's core capital adequacy ratio of UBS reached a stable level of 13.5% in the last quarter (the statutory requirement is 8%), Credit Suisse is still on the verge of collapse at this time, facing a large-scale outflow of customer funds (about 120 billion dollars in the fourth quarter) and a plunge in share price.</p><p>Credit Suisse's reform plan 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>Credit Suisse has proposed a strategic restructuring in 2022: from 1 January 2022, it has re-divided its business into four divisions – Wealth Management, Investment Banking, Swiss Bank and Asset Management, and four regional divisions – Switzerland, Europe, Middle East and Africa (EMEA), Asia Pacific and the Americas.</p><p>Three major focuses of the reform plan:</p><p>1) Strengthen its core business by injecting approximately CHF 3 billion in capital into the wealth management division by 2024, strengthening Credit Suisse's balance sheet and organizational structure;</p><p>2) Simplify the business model and establish an integrated global wealth management department, an integrated global investment bank and a centralized technical and operational function department to optimize structural costs and support strategic investment;</p><p>3) Increase investment in customers, business, talent and technology.</p><p>The reform plan for 2022 includes a complete restructuring of its investment bank, a reduction of 2,700 full-time employees in the fourth quarter, resulting in a cumulative reduction of 9,000 employees by the end of 2025, the transfer of a majority stake in the securitization products business, and the reduction of risk-weighted assets and leverage exposure.</p><p><b>Credit Suisse credit defaults CDS swaps soar</b></p><p>The CDS (Credit Default Swap) spread, the most accurate and responsive measure of Credit Default risk, has long warned:</p><p><img src=\"https://static.tigerbbs.com/f84d8eddb62ad489377e9ed733515033\" tg-width=\"720\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ulrich Koerner, the new CEO of Credit Suisse, has launched a sweeping plan to attract uneasy customers and cash back. These actions appeared to pay off in January, when the bank claimed a \"net inflow\" of deposits.</p><p>However, on March 9th, the U.S. Securities and Regulatory Commission (SEC) questioned the bank's annual report, which led Credit Suisse to delay the release of its annual financial report. At the same time, PWC accounting firm issued an adverse audit report (adverse opinion).</p><p>On March 15, Credit Suisse shares plunged again after the National Bank of Saudi Arabia (SNB), its largest shareholder, ruled out the possibility of increasing its stake in Credit Suisse. SNB holds a 9.9% stake in UBS. Among them, the Saudi sovereign fund holds a 37% stake in SNB.</p><p>At this time, the chairman of the board of directors of National Bank of Saudi Arabia, the largest shareholder of Credit Suisse, said in an interview with the media that due to regulatory considerations, he would not increase his stake in Credit Suisse or provide any financial assistance.</p><p>On the same day, Credit Suisse's share price closed down 24% to close at about 1.7 Swiss francs (about $1.83); At one point, it fell 30% to an all-time low during the session, and the price at the lowest point shrank 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>The one-year CDS price jumped from 836 basis points on the 14th (which represents a 10% chance of default) to more than 3,000 basis points as other banks sought to hedge counterparty risk in deals with Credit Suisse. However, few trades are executed due to the depletion of liquidity in the market.</p><p>Another area also showed signs of pressure, with Credit Suisse's Tier 1 Capital Supplement (AT1) bonds trading at less than 80% of par value (a level that typically indicates that companies are in trouble). Even bonds maturing in April are now trading well below face value.</p><p>A lifeline? Credit Suisse seeks help from SNB, the Swiss central bank. In the end, the Swiss National Bank provided Credit Suisse with a loan of 50 billion Swiss francs ($54 billion).</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 SNB's point of view, it had to be saved, and Credit Suisse would be much better off if compared to Lehman.</p><p>Unlike Lehman and SVB, Credit Suisse has a lot of liquid assets and access to central bank lending facilities, and it is less sensitive than many of its competitors to sharp changes in interest rates.</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 chief executive Kona said that the bank's liquidity coverage ratio shows that Credit Suisse can withstand a large outflow of funds that lasts for more than a month during periods of stress.</p><p>At the same time, Credit Suisse said in a statement that this additional liquidity will support Credit Suisse's core business and customers. Credit Suisse will take the steps necessary to create a bank that is simpler and more focused on customer needs.</p><p>Credit Suisse also made a cash offer for 10 USD-denominated senior debt securities for a total consideration of no more than $2.5 billion; Another cash offer was also announced for 4 euro-denominated senior debt securities for a total consideration of not more than 500 million euros.</p><p>The bad news is that Credit Suisse is already very expensive to finance at this point, either needing to raise more capital or facing a spin-off.</p><p>The bank may need to issue another rights issue, or the alternative is to \"split up\" to \"sell or list\" its various business units, including its Swiss division, asset management unit and wealth management unit, separately.</p><p>The Swiss government and regulators have also discussed options to stabilize Credit Suisse's situation, including publicly showing support, offering liquidity support, and more structural remedies — such as splitting the Swiss subsidiary and merging with larger Swiss rival UBS.</p><p>If the borrowing does not solve Credit Suisse's current problems, Credit Suisse may be merged by other larger banks.</p><p>UBS has stated that it will oppose a merger with Credit Suisse because UBS (UBS UBS prefers to do well in wealth management rather than become an investment bank like Credit Suisse and absorb more risk exposure).</p><p>The $54 billion in aid gave Credit Suisse a temporary respite, but if things worsened, the money could not last longer. Therefore, Credit Suisse's top priority is to rebuild customer confidence and new appointments, and use all means to retain customers. If it fails to do so, it will face an even 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":2843,"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":[],"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":3161,"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":[],"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":"坚守初心，不随俗流。用一颗匠子心打造一个具有广度、深度、高度、温度的港股交流圈。","home_visible":1,"media_name":"丫丫港股圈","id":"34","head_image":"https://static.tigerbbs.com/114bba396d364a71a322b5748847d493"},"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":"Disappointment backs down on Pinduoduo with overly high expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=2321667647","media":"丫丫港股圈","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>The 2022 Q4 financial report was announced. Under the performance of Chinese concept stocks in the fourth quarter that exceeded market expectations, Pinduoduo became the only one that was lower than market expectations.</p><p>After last night's earnings report, Pinduoduo plunged 14.17%, falling to a nearly five-month low.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The impact of tens of billions of subsidies is not strong, and the trend of Pinduoduo is better than that of JD.COM. But why did the stock price plummet last night when the financial report was issued?</p><p>According to the financial report, the total revenue in 22Q4 was 39.82 billion yuan, a year-on-year increase of 46.2% and a month-on-month increase of 12.2%. Previously, Bloomberg's consensus estimate was 41.948 billion yuan, and the expected growth rate would reach 50%, but this time it was significantly lower than this data.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>22Q4 Non-GAAP net profit attributable to the parent was 12.11 billion yuan, a year-on-year increase of 43.4% and a quarter-on-quarter decrease of 2.7%. Previously, Bloomberg's consensus estimate was 11.17 billion yuan, which was actually 8.4% higher than the market expectation.</p><p>In Q2 and Q3 quarters last year, when the consumption situation was grim, Pinduoduo still performed greatly beyond market expectations, which increased the imagination of institutions about Pinduoduo' performance in Q4. Especially in the case of Ali's and JD.COM's market share decline last year, everyone has greater expectations for Pinduoduo, which has an increasing market share.</p><p>There are two most intuitive reasons why Pinduoduo failed to meet everyone's expectations.</p><p>First, in order to expand the overseas version of Pinduoduo Temu business at a high speed, Pinduoduo spent a lot of money on marketing to attract customers, and Pinduoduo's original excellent cost control link has been relaxed.</p><p>Marketing expenses in 22Q4 were 17.7 billion yuan, a year-on-year increase of 56%, which was higher than the revenue growth rate. Administrative expenses increased from 224 million yuan in the same period of Q4 2021 to 1.64 billion yuan, of which equity incentive expenses accounted for 1.28 billion yuan, which was caused by Pinduoduo to motivate Temu employees. Research and development expenses amounted to 2.4 billion, which was at the normal level in Pinduoduo and did not increase.</p><p>The second is that November and December of Q4 last year were deeply plagued by the epidemic, consumption was blocked, and everyone's demand for drugs surged. Ali and JD.COM, which have pharmacy distribution business, benefit from this, but Pinduoduo does not have this business.</p><p>If the high growth brought by drugs is not considered, in fact, the consumer goods revenue of Ali and JD.COM is not good. The two companies also mentioned in their Q4 financial reports that the high growth of drugs offset the decline in consumption in other categories. Because Pinduoduo does not have this business, it does not have a cushion to offset the decline in revenue of other categories.</p><p>From the perspective of business segmentation, the revenue of online marketing services in 22Q4 was 31 billion yuan, a year-on-year increase of 38%, which was slower than the growth rate of 58% in 22Q3, and lower than the higher expected value of the market of 45-50%. However, this revenue is 125% of JD.COM's revenue in the same period and 43.5% of Ali's revenue in the same period.</p><p>Although November to December of Q4 last year was home time, which was also good for the sales of daily necessities in Pinduoduo, online shopping always needed someone to deliver the goods to their homes. In the last two months, the logistics and distribution in many areas was not so smooth, and the deterioration of performance rate was also a factor affecting consumption.</p><p>The commission income in 22Q4 was 8.8 billion yuan, up 86% year-on-year, but the growth rate was lower than the 102% growth in 22Q3. The income of this business exceeded the market expectation of 8.2 billion yuan.</p><p>The gross profit margin in 22Q4 was 77.6%, slightly higher than the market expectation of 76.6%. In fact, the gross profit margin did not decline. The gross profit was 30.9 billion yuan, lower than the market expectation of 31.9 billion yuan, which was mainly due to the decrease in revenue and the increase in marketing expenses.</p><p>Overall, the market was too optimistic about Pinduoduo's exceeding expectations in Q2 and Q3 last year, resulting in excessive expectations for Q4 performance.</p><p>Ali and JD.COM performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Excluding pharmaceuticals, the revenue of other consumer products actually declined. Ali and JD.COM have offline distribution capabilities such as Hungry and JD.COM Home, and they have an advantage in the case of high home consumption demand. In contrast, Pinduoduo does not have the ability to distribute drugs offline.</p><p>It is worth noting that JD.COM has started the so-called tens of billions of subsidy wars for two weeks.</p><p>However, judging from consumer feedback, they didn't feel the price advantage mentioned in JD.COM's propaganda. For example, the promise of \"losing three times the price if it is not lower than Pinduoduo and Tmall\" has not been fulfilled. In individual categories, the price of JD.COM is slightly lower than that of Pinduoduo; However, from the overall category perspective, Pinduoduo gives consumers more efforts.</p><p>Chen Lei, CEO of Pinduoduo, said that the competition in the industry is very fierce. We believe that healthy competition is beneficial to consumers and the whole industry. However, with the fierce competition, this competition will also be alienated to varying degrees. Serving consumers well is the key to creating long-term value.</p><p><b>In the conference call, there is a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment of the company will be carefully considered, and if this investment can bring long-term high-quality development to the company, it will not hesitate to invest.</b></p><p><b>In the past, not only Ali and JD.COM, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the period of high-speed growth, sometimes we will make some inexplicable investments. However, the feedback generated by this investment to the company is not good, which leads the company to spend both money and energy to make some poor investments, which is a mistake often made by Internet companies.</b></p><p><b>This is also one of the reasons why Duan Yongping previously called it unable to buy Tencent heavily, and Tencent will also make some strange investments that are difficult for shareholders to understand.</b></p><p>Of course, the volume of Pinduoduo still can't be compared with that of Tencent, but in the period of rapid development of enterprises, making good investment is an important cornerstone for the company's better future development, such as the expansion of overseas Temu business in Pinduoduo.</p><p>Chen Lei said that at present, Temu's business is still in the early stage, and its impact on the financial report is relatively small at present. However, from the 22Q4 financial report, the marketing expenditure of Pinduoduo should increase one after another in the future, which will affect the performance of the financial report.</p><p><b>epilogue</b></p><p>This financial report is not a bad work, but disappointment backlash caused by excessive market expectations.</p><p>At present, the price war in JD.COM has not shaken Pinduoduo's low-price advantage. If it is the current price strength, I believe that Pinduoduo, which relies on the low-price strategy, can keep the ring.</p><p>The growth of pharmaceutical sales provides a buffer for the decline of other revenues in JD.COM, but pharmaceuticals are a \"one-time\" source of income and cannot bring sustainable development to JD.COM.</p><p>Therefore, the Q1 report of 23 is particularly important, which will reflect how consumer loyalty will be distributed in the first consumption recovery quarter 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>Disappointment backs down on Pinduoduo with overly high expectations</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\">\nDisappointment backs down on Pinduoduo with overly high expectations\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/114bba396d364a71a322b5748847d493);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">丫丫港股圈 </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>The 2022 Q4 financial report was announced. Under the performance of Chinese concept stocks in the fourth quarter that exceeded market expectations, Pinduoduo became the only one that was lower than market expectations.</p><p>After last night's earnings report, Pinduoduo plunged 14.17%, falling to a nearly five-month low.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The impact of tens of billions of subsidies is not strong, and the trend of Pinduoduo is better than that of JD.COM. But why did the stock price plummet last night when the financial report was issued?</p><p>According to the financial report, the total revenue in 22Q4 was 39.82 billion yuan, a year-on-year increase of 46.2% and a month-on-month increase of 12.2%. Previously, Bloomberg's consensus estimate was 41.948 billion yuan, and the expected growth rate would reach 50%, but this time it was significantly lower than this data.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>22Q4 Non-GAAP net profit attributable to the parent was 12.11 billion yuan, a year-on-year increase of 43.4% and a quarter-on-quarter decrease of 2.7%. Previously, Bloomberg's consensus estimate was 11.17 billion yuan, which was actually 8.4% higher than the market expectation.</p><p>In Q2 and Q3 quarters last year, when the consumption situation was grim, Pinduoduo still performed greatly beyond market expectations, which increased the imagination of institutions about Pinduoduo' performance in Q4. Especially in the case of Ali's and JD.COM's market share decline last year, everyone has greater expectations for Pinduoduo, which has an increasing market share.</p><p>There are two most intuitive reasons why Pinduoduo failed to meet everyone's expectations.</p><p>First, in order to expand the overseas version of Pinduoduo Temu business at a high speed, Pinduoduo spent a lot of money on marketing to attract customers, and Pinduoduo's original excellent cost control link has been relaxed.</p><p>Marketing expenses in 22Q4 were 17.7 billion yuan, a year-on-year increase of 56%, which was higher than the revenue growth rate. Administrative expenses increased from 224 million yuan in the same period of Q4 2021 to 1.64 billion yuan, of which equity incentive expenses accounted for 1.28 billion yuan, which was caused by Pinduoduo to motivate Temu employees. Research and development expenses amounted to 2.4 billion, which was at the normal level in Pinduoduo and did not increase.</p><p>The second is that November and December of Q4 last year were deeply plagued by the epidemic, consumption was blocked, and everyone's demand for drugs surged. Ali and JD.COM, which have pharmacy distribution business, benefit from this, but Pinduoduo does not have this business.</p><p>If the high growth brought by drugs is not considered, in fact, the consumer goods revenue of Ali and JD.COM is not good. The two companies also mentioned in their Q4 financial reports that the high growth of drugs offset the decline in consumption in other categories. Because Pinduoduo does not have this business, it does not have a cushion to offset the decline in revenue of other categories.</p><p>From the perspective of business segmentation, the revenue of online marketing services in 22Q4 was 31 billion yuan, a year-on-year increase of 38%, which was slower than the growth rate of 58% in 22Q3, and lower than the higher expected value of the market of 45-50%. However, this revenue is 125% of JD.COM's revenue in the same period and 43.5% of Ali's revenue in the same period.</p><p>Although November to December of Q4 last year was home time, which was also good for the sales of daily necessities in Pinduoduo, online shopping always needed someone to deliver the goods to their homes. In the last two months, the logistics and distribution in many areas was not so smooth, and the deterioration of performance rate was also a factor affecting consumption.</p><p>The commission income in 22Q4 was 8.8 billion yuan, up 86% year-on-year, but the growth rate was lower than the 102% growth in 22Q3. The income of this business exceeded the market expectation of 8.2 billion yuan.</p><p>The gross profit margin in 22Q4 was 77.6%, slightly higher than the market expectation of 76.6%. In fact, the gross profit margin did not decline. The gross profit was 30.9 billion yuan, lower than the market expectation of 31.9 billion yuan, which was mainly due to the decrease in revenue and the increase in marketing expenses.</p><p>Overall, the market was too optimistic about Pinduoduo's exceeding expectations in Q2 and Q3 last year, resulting in excessive expectations for Q4 performance.</p><p>Ali and JD.COM performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Excluding pharmaceuticals, the revenue of other consumer products actually declined. Ali and JD.COM have offline distribution capabilities such as Hungry and JD.COM Home, and they have an advantage in the case of high home consumption demand. In contrast, Pinduoduo does not have the ability to distribute drugs offline.</p><p>It is worth noting that JD.COM has started the so-called tens of billions of subsidy wars for two weeks.</p><p>However, judging from consumer feedback, they didn't feel the price advantage mentioned in JD.COM's propaganda. For example, the promise of \"losing three times the price if it is not lower than Pinduoduo and Tmall\" has not been fulfilled. In individual categories, the price of JD.COM is slightly lower than that of Pinduoduo; However, from the overall category perspective, Pinduoduo gives consumers more efforts.</p><p>Chen Lei, CEO of Pinduoduo, said that the competition in the industry is very fierce. We believe that healthy competition is beneficial to consumers and the whole industry. However, with the fierce competition, this competition will also be alienated to varying degrees. Serving consumers well is the key to creating long-term value.</p><p><b>In the conference call, there is a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment of the company will be carefully considered, and if this investment can bring long-term high-quality development to the company, it will not hesitate to invest.</b></p><p><b>In the past, not only Ali and JD.COM, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the period of high-speed growth, sometimes we will make some inexplicable investments. However, the feedback generated by this investment to the company is not good, which leads the company to spend both money and energy to make some poor investments, which is a mistake often made by Internet companies.</b></p><p><b>This is also one of the reasons why Duan Yongping previously called it unable to buy Tencent heavily, and Tencent will also make some strange investments that are difficult for shareholders to understand.</b></p><p>Of course, the volume of Pinduoduo still can't be compared with that of Tencent, but in the period of rapid development of enterprises, making good investment is an important cornerstone for the company's better future development, such as the expansion of overseas Temu business in Pinduoduo.</p><p>Chen Lei said that at present, Temu's business is still in the early stage, and its impact on the financial report is relatively small at present. However, from the 22Q4 financial report, the marketing expenditure of Pinduoduo should increase one after another in the future, which will affect the performance of the financial report.</p><p><b>epilogue</b></p><p>This financial report is not a bad work, but disappointment backlash caused by excessive market expectations.</p><p>At present, the price war in JD.COM has not shaken Pinduoduo's low-price advantage. If it is the current price strength, I believe that Pinduoduo, which relies on the low-price strategy, can keep the ring.</p><p>The growth of pharmaceutical sales provides a buffer for the decline of other revenues in JD.COM, but pharmaceuticals are a \"one-time\" source of income and cannot bring sustainable development to JD.COM.</p><p>Therefore, the Q1 report of 23 is particularly important, which will reflect how consumer loyalty will be distributed in the first consumption recovery quarter 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":3396,"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":[],"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":3254,"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":[],"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":"Whether or not to rate hike in March, Wall Street quarrels!","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>At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike 25 basis points at the FOMC meeting on March 22nd.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>The crisis continues to ferment, and the inflation rally in the United States is resurgent. What will the Federal Reserve do next?</p><p>The U.S. February inflation report, released overnight, showed that core CPI was higher than expected month-over-month, with Powell's preferred \"super-core inflation\" (excluding housing and rents) rising 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 increased, while the egg and meat index declined and energy services declined. Used car prices have unexpectedly declined despite the Manheim Index showing significant increases in used car prices, meaning that used car prices may be relatively lagging in the CPI.</p><p>After the CPI data, short-term interest rate STIR market expectations for the Fed's rate hike of 25 basis points rose slightly, now at 80%, having fallen below 50% at one point 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 can't ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>This is just the beginning of the industry crisis, and more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>downgraded the outlook for the U.S. banking sector to \"negative\", saying the operating environment has deteriorated sharply.</p><p><b>What does Wall Street think? At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike 25 basis points at the FOMC meeting on March 22nd,</b>Which means<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And Barclays' calls for a moratorium on rate hike and Nomura's calls for interest rate cuts may both be wrong.</p><p><b>Relatively dovish: inclined to suspend rate hike or cut interest rates</b></p><p><b>Here's what relatively dovish analysts have to say.</b></p><p>Dennis DeBusschere, founder of 22V Research, believes that CPI won't bring much change:</p><p>The CPI inflation data is a big hot spot, but it's not a game changer. The Fed is very concerned about labor data, and the market reacted pigeonish after the non-farm release, which is why the market did not change the rate hike probability after the CPI release. Andrew Hunter, economist at Capital Economics, highlighted the negative impact of rate hike on the economy:</p><p>On the surface, the continued increase in inflation has left the Fed focused on maintaining financial stability in trouble, but even if the current crisis is resolved quickly, we think<b>The tightening of credit conditions brought on by rate hike will still cause lasting damage to the economy.</b>According to Victoria Scholar, head of investment at Interactive Investor:</p><p>When financial conditions tighten and the risk of a U.S. recession increases, the impact of the banking crisis actually eases inflationary pressures.<b>Relatively hawkish: 25 basis points for rate hike</b></p><p>Here's what relatively hawkish analysts have to say.</p><p>Ian Lyngen, fixed income strategist at BMO, believes a rate hike of 25 basis points is a foregone conclusion next week.</p><p>Overall, this latest inflation update means 25 basis points for rate hike next week is a foregone conclusion. But at the same time, the pressure on regional banks remains unknown. Ira Jersey BBG Intel The chief U.S. interest rate strategist said:</p><p><b>The numbers are strong enough to suggest that the Fed will rate hike 25 basis points next week.</b>The Fed's challenge will be to send the message that it is prepared to help ease liquidity in the financial sector, but still needs to fight inflation. For the U.S. Treasury Bond market, we believe long-term yields will remain in the range of 3.32% to 3.9% until the Fed meeting. Peter Boockvar, author of the Boock Report, writes:</p><p>We are seeing services inflation accelerate again, offsetting a slowdown in goods inflation. Rent growth has been exaggerated, maintaining a 3-4% growth rate as housing demand will be stable. On the other hand, the continued downward trend in commodity prices means that slowing inflation is sustainable, but as for why I support the Fed to rate hike 25 basis points next week, after which it may suspend the rate hike.<b>It is pointless for the Fed to cut interest rates next week, which will not only make the Fed appear weak, it will make all the outspoken hawks look silly.</b>Neil Dutta, strategist at Renaissance Macro, notes succinctly:</p><p>Details of the inflation report are not positive for the Fed, and core services inflation (excluding housing) is accelerating. The CPI data reminds the Fed,<b>The fight against inflation is not over yet. It is expected to rate hike 25 basis points next week, and if it were not for the collapse of SVB, the Fed may rate hike 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the dilemma between maintaining financial stability and fighting inflation by the Fed:</p><p>So far this year, Powell has used the term \"anti-inflation\" a lot, and Tuesday's report was anything but \"anti-inflation.\" The Fed has had to face the fact that not only has rate hike failed to control inflation, but it has already begun to cause instability in the banking system. We are in a situation where inflation remains high and there is a risk of further weakness in the economy, especially with recent bank failures. The Fed is running out of good options.</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>Whether or not to rate hike in March, Wall Street quarrels!</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\">\nWhether or not to rate hike in March, Wall Street quarrels!\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>At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike 25 basis points at the FOMC meeting on March 22nd.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>The crisis continues to ferment, and the inflation rally in the United States is resurgent. What will the Federal Reserve do next?</p><p>The U.S. February inflation report, released overnight, showed that core CPI was higher than expected month-over-month, with Powell's preferred \"super-core inflation\" (excluding housing and rents) rising 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 increased, while the egg and meat index declined and energy services declined. Used car prices have unexpectedly declined despite the Manheim Index showing significant increases in used car prices, meaning that used car prices may be relatively lagging in the CPI.</p><p>After the CPI data, short-term interest rate STIR market expectations for the Fed's rate hike of 25 basis points rose slightly, now at 80%, having fallen below 50% at one point 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 can't ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>This is just the beginning of the industry crisis, and more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>downgraded the outlook for the U.S. banking sector to \"negative\", saying the operating environment has deteriorated sharply.</p><p><b>What does Wall Street think? At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike 25 basis points at the FOMC meeting on March 22nd,</b>Which means<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And Barclays' calls for a moratorium on rate hike and Nomura's calls for interest rate cuts may both be wrong.</p><p><b>Relatively dovish: inclined to suspend rate hike or cut interest rates</b></p><p><b>Here's what relatively dovish analysts have to say.</b></p><p>Dennis DeBusschere, founder of 22V Research, believes that CPI won't bring much change:</p><p>The CPI inflation data is a big hot spot, but it's not a game changer. The Fed is very concerned about labor data, and the market reacted pigeonish after the non-farm release, which is why the market did not change the rate hike probability after the CPI release. Andrew Hunter, economist at Capital Economics, highlighted the negative impact of rate hike on the economy:</p><p>On the surface, the continued increase in inflation has left the Fed focused on maintaining financial stability in trouble, but even if the current crisis is resolved quickly, we think<b>The tightening of credit conditions brought on by rate hike will still cause lasting damage to the economy.</b>According to Victoria Scholar, head of investment at Interactive Investor:</p><p>When financial conditions tighten and the risk of a U.S. recession increases, the impact of the banking crisis actually eases inflationary pressures.<b>Relatively hawkish: 25 basis points for rate hike</b></p><p>Here's what relatively hawkish analysts have to say.</p><p>Ian Lyngen, fixed income strategist at BMO, believes a rate hike of 25 basis points is a foregone conclusion next week.</p><p>Overall, this latest inflation update means 25 basis points for rate hike next week is a foregone conclusion. But at the same time, the pressure on regional banks remains unknown. Ira Jersey BBG Intel The chief U.S. interest rate strategist said:</p><p><b>The numbers are strong enough to suggest that the Fed will rate hike 25 basis points next week.</b>The Fed's challenge will be to send the message that it is prepared to help ease liquidity in the financial sector, but still needs to fight inflation. For the U.S. Treasury Bond market, we believe long-term yields will remain in the range of 3.32% to 3.9% until the Fed meeting. Peter Boockvar, author of the Boock Report, writes:</p><p>We are seeing services inflation accelerate again, offsetting a slowdown in goods inflation. Rent growth has been exaggerated, maintaining a 3-4% growth rate as housing demand will be stable. On the other hand, the continued downward trend in commodity prices means that slowing inflation is sustainable, but as for why I support the Fed to rate hike 25 basis points next week, after which it may suspend the rate hike.<b>It is pointless for the Fed to cut interest rates next week, which will not only make the Fed appear weak, it will make all the outspoken hawks look silly.</b>Neil Dutta, strategist at Renaissance Macro, notes succinctly:</p><p>Details of the inflation report are not positive for the Fed, and core services inflation (excluding housing) is accelerating. The CPI data reminds the Fed,<b>The fight against inflation is not over yet. It is expected to rate hike 25 basis points next week, and if it were not for the collapse of SVB, the Fed may rate hike 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the dilemma between maintaining financial stability and fighting inflation by the Fed:</p><p>So far this year, Powell has used the term \"anti-inflation\" a lot, and Tuesday's report was anything but \"anti-inflation.\" The Fed has had to face the fact that not only has rate hike failed to control inflation, but it has already begun to cause instability in the banking system. We are in a situation where inflation remains high and there is a risk of further weakness in the economy, especially with recent bank failures. The Fed is running out of good options.</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":2809,"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,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"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":2948,"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,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"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":"sh","language":"zh","title":"Reminder: U.S. stocks open 1 hour ahead of schedule when they enter daylight saving time from March 12th","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>U.S. Summer Time 2023 will begin at 02:00 EST on March 12, 2023 and end at 02:00 EST 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 from Monday to Friday to 04: 00 the next day; March 13th is the first trading day of U.S. stocks after entering daylight saving time.</p><p><b>Trading hours</b></p><p>US Eastern Time: 09:30~16:00 (not closed at noon); Beijing time: 21: 30~04: 00 the next day</p><p><b>Pre-market trading hours</b></p><p>EST: 04: 00~09: 30; Beijing Time: 16:00~21:30</p><p><b>After-hours trading hours</b></p><p>EST: 16:00~20:00; Beijing Time: 04: 00~08: 00</p><p>(Note: Daylight saving time is from the second Sunday in March to the first Sunday in November each year, and winter time is from the first Sunday in November to the second Sunday in March each 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: U.S. stocks open 1 hour ahead of schedule when they enter daylight saving time from March 12th</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: U.S. stocks open 1 hour ahead of schedule when they enter daylight saving time from March 12th\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>U.S. Summer Time 2023 will begin at 02:00 EST on March 12, 2023 and end at 02:00 EST 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 from Monday to Friday to 04: 00 the next day; March 13th is the first trading day of U.S. stocks after entering daylight saving time.</p><p><b>Trading hours</b></p><p>US Eastern Time: 09:30~16:00 (not closed at noon); Beijing time: 21: 30~04: 00 the next day</p><p><b>Pre-market trading hours</b></p><p>EST: 04: 00~09: 30; Beijing Time: 16:00~21:30</p><p><b>After-hours trading hours</b></p><p>EST: 16:00~20:00; Beijing Time: 04: 00~08: 00</p><p>(Note: Daylight saving time is from the second Sunday in March to the first Sunday in November each year, and winter time is from the first Sunday in November to the second Sunday in March each 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":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3865,"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,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"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 happened to the bank stocks that were reduced by Buffett?","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 announced its holdings for the fourth quarter ended December 31, 2022. Overall, Berkshire stock is valued at $299.008 billion, up nearly $3 billion from the previous quarter and its first rise after declining in the previous two quarters.</p><p><b>According to whale wisdom data, Berkshire did not open a new position in this quarter, and except TSMC, which is even more surprised by the market, U.S. Bank is the largest reduction among the stocks.</b></p><p><b>1. Bank stocks are no longer favored?</b></p><p>It is the time node when Buffett shoots four times a year. Because of his personal legend, any disturbance by Buffett will be extremely concerned by the market. The sharp reduction of TSMC in the fourth quarter of this year, like the original reduction of BYD, also aroused the infinite reverie of domestic and foreign investors.</p><p><b>TSMC is certainly worth discussing, but I want to know what happened to the bank stocks that were reduced by Lao Ba.</b></p><p>The bank stocks that have been significantly reduced in this round are U.S. Bank, the fifth largest commercial bank in the United States, and one of the bank stocks that Berkshire has \"favored\" since 2006. But in fact, in the previous third quarter, the bank was already the target of Berkshire's largest reduction, and in the fourth quarter, it reduced its holdings by 71.117 million shares, a quarter-on-quarter reduction of 91%.</p><p>Not long ago, Buffett, who agreed with Munger at the shareholders' meeting for investors all over the world in 2021: \"It is not that he has lost confidence in the banking industry\", seems not as loyal as his old buddy in sticking to his original intention.</p><p><b>According to whale wisdom data, at the end of the fourth quarter of 2022, Daily Journal's U.S. stock portfolio included No. 1 Bank of America, No. 2 Wells Fargo, and No. 4 U.S. Bancorp.</b></p><p><img src=\"https://static.tigerbbs.com/f05ab5516b72ffbda64fbff4b89b46a3\" tg-width=\"1080\" tg-height=\"807\" referrerpolicy=\"no-referrer\"/></p><p>It may be \"against the original intention\" to lighten the position of U.S. Bank, but in fact, Buffett's confidence in bank stocks still exists, but it is put in other bank stocks, such as Bank of America, which has been investing since 2011 and is still the second largest position in Berkshire, which is the embodiment of this heart. The grasp of this stock may be that even Buffett himself wants to point out the existence of his personal honor roll.</p><p><b>Because in 2011, when we bought Bank of America, there were 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 highest rating of the United States in an unprecedented way. But in addition to these external reasons, Bank of America at the time also faced huge losses from being forced to upgrade its acquisition of Countrywide. Since the price of $12.88/share at the beginning of the year, in August, when Buffett entered the market, the share price of Bank of America was already halved.</p><p><img src=\"https://static.tigerbbs.com/80d417583f069f6687d28b9d6a5b0244\" tg-width=\"1080\" tg-height=\"805\" referrerpolicy=\"no-referrer\"/></p><p>It stands to reason that when the global stock market plunged, investors' worries about the health of the banking industry and the economic prospects of the whole country seemed to have reached the extreme, and Bank of America still had an internal crisis at that time. However, at this time, Buffett still firmly used his most classic trick-\"Be greedy when others are fearful\".</p><p><b>According to International Finance Report: On August 25, 2011, Buffett will invest $5 billion in Bank of America. In this transaction, Berkshire purchased $5 billion of Bank of America's preferred shares and enjoyed warrants to subscribe for 700 million common shares of Bank of America at a price of $7.14 per share. These warrant increased Berkshire's book profit to more than $3 billion.</b></p><p>Although the subsequent share price of Bank of America fell far below $7.14/share, looking back at history, even in 2020, when the epidemic in the United States was the worst, the share price of Bank of America did not fall below the price at which Buffett entered the market that year, and bet on the low level that only appeared once in 11 years. Buffett's contrarian operation is obviously very weighty.</p><p>At that time, the only thing that supported Buffett's choice was his trust in Brian Moynihan, the new CEO of Bank of America. This seems to be similar to the logic of the surge in East Buy. Good managers play a decisive role in the development of an enterprise and even in the emotional regulation of investors. However, unlike selection, Bank of America has enough performance support and is not a long-term logic of petty bourgeoisie.</p><p><b>Fintech and Low Valuation</b></p><p>In recent years, the market can also clearly feel that Berkshire's position style is constantly changing, and it is necessary to move closer to the field of science and technology. At present, the first place in heavy positions is a pure technology manufacturer, but in the eyes of most investors, it still belongs to the old and traditional banking industry. Buffett also prefers to invest in stocks that actively develop financial technology.</p><p><b>And this is also a step ahead of Bank of America over U.S. Bank-retail banking.</b></p><p>This kind of comprehensive and integrated financial services to individuals, families and small and medium-sized enterprises, which rely on modern high-tech means and modern business concept, has become one of the important trends of future banking development. After the epidemic and inflation, for most Americans today, this more personal-oriented business to solve their embarrassing financial situation has undoubtedly become an \"urgent need\".</p><p><b>According to Bank of America's 2021 annual report, retail banking not only enabled the company to add nearly 1 million new checking accounts as well as millions of new credit card accounts, but it also helped consumer investment assets grow by 20% during the year. In addition, Bank of America provides services to about 67 million consumer and small business customers through about 3,900 retail financial centers. In that year, the company recorded retail business volume of US$1.4 trillion, ranking first among 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>Under the sluggish and turbulent macro environment, banks that actively embrace digital transformation will develop more outstanding. In addition to being heavily held by Berkshire, Bank of America itself is also an excellent investment institution. Consistent with Berkshire's investment philosophy, Bank of America also favors technology stocks. According to whale wisdom data, the total market value of Bank of America's positions in the fourth quarter was about $878.015 billion, an increase of about 5% over the previous quarter. Among the top five heavyweight stocks, Microsoft ranked first and Apple ranked second.</p><p>No matter the direction of business development or the target of heavy investment, Bank of America has made a younger technological transformation than traditional banks, and has achieved good results. However, today's market seems to have no time to react to all this.<b>As of the fourth quarter of 2022, the company's net interest income increased 29% year-over-year, net inflows to investment accounts were $115 billion, and digital sales increased 22% year-over-year. However, it is matched by a price-to-book ratio of 1.1 times, compared with the price-to-book ratio of U.S. Bank in the same period of 1.7 (both calculated based on the closing price on the 21st and 22q4 data).</b></p><p><b>Obviously, compared with U.S. Bank, Bank of America has higher technology-enabled growth and more reasonable (or even undervalued) prices. Because of these two points, after the fourth quarter, Berkshire greatly reduced its bank shares, concentrating only on the $36 billion stake in Bank of America. However, for the current \"soft landing\" of the US economic recession, it is more and more beneficial, and there is still long-term growth room for the development of Bank of America.</b></p><p>If you want to explore domestic bank stocks, of course, there are also enterprises that actively support financial technology. However, from the fact that it is only applied to brand copywriting, China Merchants Bank's approach to ChatGPT this time has obvious suspicion of rubbing heat.</p><p><img src=\"https://static.tigerbbs.com/90c6af1fd766db975b58a97c99efaef2\" tg-width=\"589\" tg-height=\"148\" referrerpolicy=\"no-referrer\"/></p><p>However, from the specific data, as of the third quarter of 2022, the retail loans of China Merchants Bank were 3,163.669 billion yuan, an increase of 5.89% over the end of the previous year; The balance of deposits from retail customers was RMB2,701,873 million, representing an increase of 18.08% as compared with the end of the previous year. The retail customer assets (AUM) under management of Ping An Bank amounted to RMB3,532,560 million, representing an increase of 11.0% as compared to the end of the previous year. Among them, the balance of personal loans exceeded 2 trillion yuan, an increase of 4.9% over the end of last year. Personal loans in the retail business of Postal Savings Bank amounted to RMB4,017,737 million, representing an increase of 6.96% as compared with the end of the previous year.</p><p><img src=\"https://static.tigerbbs.com/100a8a2d715701ae53595f30fccb4ff2\" tg-width=\"877\" tg-height=\"666\" referrerpolicy=\"no-referrer\"/></p><p>At the same time, according to the data of global retail banking, the retail business of Bank of China has the greatest potential due to its population base. Compared with the good performance of major domestic banks in retail business, the development of retail banking business has obviously become the new performance growth focus of traditional banking industry.</p><p><b>III. Conclusion</b></p><p>\"Rare new targets that have not opened positions\", \"short-term operations that are fast-in and fast-out\" and \"bank stocks are no longer favored\", all these behaviors that are different from market expectations may indicate the arrival of Berkshire's new investment style. After all, no matter how legendary the man of God is, he will eventually age one day, and Buffett's abdication has become an established matter. Therefore, it may be biased to analyze any investment behavior of Berkshire in the tone of \"Buffett\" in the future, because no one can tell now how much Buffett's color Berkshire still has today.</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 happened to the bank stocks that were reduced by Buffett?</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 happened to the bank stocks that were reduced by Buffett?\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 announced its holdings for the fourth quarter ended December 31, 2022. Overall, Berkshire stock is valued at $299.008 billion, up nearly $3 billion from the previous quarter and its first rise after declining in the previous two quarters.</p><p><b>According to whale wisdom data, Berkshire did not open a new position in this quarter, and except TSMC, which is even more surprised by the market, U.S. Bank is the largest reduction among the stocks.</b></p><p><b>1. Bank stocks are no longer favored?</b></p><p>It is the time node when Buffett shoots four times a year. Because of his personal legend, any disturbance by Buffett will be extremely concerned by the market. The sharp reduction of TSMC in the fourth quarter of this year, like the original reduction of BYD, also aroused the infinite reverie of domestic and foreign investors.</p><p><b>TSMC is certainly worth discussing, but I want to know what happened to the bank stocks that were reduced by Lao Ba.</b></p><p>The bank stocks that have been significantly reduced in this round are U.S. Bank, the fifth largest commercial bank in the United States, and one of the bank stocks that Berkshire has \"favored\" since 2006. But in fact, in the previous third quarter, the bank was already the target of Berkshire's largest reduction, and in the fourth quarter, it reduced its holdings by 71.117 million shares, a quarter-on-quarter reduction of 91%.</p><p>Not long ago, Buffett, who agreed with Munger at the shareholders' meeting for investors all over the world in 2021: \"It is not that he has lost confidence in the banking industry\", seems not as loyal as his old buddy in sticking to his original intention.</p><p><b>According to whale wisdom data, at the end of the fourth quarter of 2022, Daily Journal's U.S. stock portfolio included No. 1 Bank of America, No. 2 Wells Fargo, and No. 4 U.S. Bancorp.</b></p><p><img src=\"https://static.tigerbbs.com/f05ab5516b72ffbda64fbff4b89b46a3\" tg-width=\"1080\" tg-height=\"807\" referrerpolicy=\"no-referrer\"/></p><p>It may be \"against the original intention\" to lighten the position of U.S. Bank, but in fact, Buffett's confidence in bank stocks still exists, but it is put in other bank stocks, such as Bank of America, which has been investing since 2011 and is still the second largest position in Berkshire, which is the embodiment of this heart. The grasp of this stock may be that even Buffett himself wants to point out the existence of his personal honor roll.</p><p><b>Because in 2011, when we bought Bank of America, there were 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 highest rating of the United States in an unprecedented way. But in addition to these external reasons, Bank of America at the time also faced huge losses from being forced to upgrade its acquisition of Countrywide. Since the price of $12.88/share at the beginning of the year, in August, when Buffett entered the market, the share price of Bank of America was already halved.</p><p><img src=\"https://static.tigerbbs.com/80d417583f069f6687d28b9d6a5b0244\" tg-width=\"1080\" tg-height=\"805\" referrerpolicy=\"no-referrer\"/></p><p>It stands to reason that when the global stock market plunged, investors' worries about the health of the banking industry and the economic prospects of the whole country seemed to have reached the extreme, and Bank of America still had an internal crisis at that time. However, at this time, Buffett still firmly used his most classic trick-\"Be greedy when others are fearful\".</p><p><b>According to International Finance Report: On August 25, 2011, Buffett will invest $5 billion in Bank of America. In this transaction, Berkshire purchased $5 billion of Bank of America's preferred shares and enjoyed warrants to subscribe for 700 million common shares of Bank of America at a price of $7.14 per share. These warrant increased Berkshire's book profit to more than $3 billion.</b></p><p>Although the subsequent share price of Bank of America fell far below $7.14/share, looking back at history, even in 2020, when the epidemic in the United States was the worst, the share price of Bank of America did not fall below the price at which Buffett entered the market that year, and bet on the low level that only appeared once in 11 years. Buffett's contrarian operation is obviously very weighty.</p><p>At that time, the only thing that supported Buffett's choice was his trust in Brian Moynihan, the new CEO of Bank of America. This seems to be similar to the logic of the surge in East Buy. Good managers play a decisive role in the development of an enterprise and even in the emotional regulation of investors. However, unlike selection, Bank of America has enough performance support and is not a long-term logic of petty bourgeoisie.</p><p><b>Fintech and Low Valuation</b></p><p>In recent years, the market can also clearly feel that Berkshire's position style is constantly changing, and it is necessary to move closer to the field of science and technology. At present, the first place in heavy positions is a pure technology manufacturer, but in the eyes of most investors, it still belongs to the old and traditional banking industry. Buffett also prefers to invest in stocks that actively develop financial technology.</p><p><b>And this is also a step ahead of Bank of America over U.S. Bank-retail banking.</b></p><p>This kind of comprehensive and integrated financial services to individuals, families and small and medium-sized enterprises, which rely on modern high-tech means and modern business concept, has become one of the important trends of future banking development. After the epidemic and inflation, for most Americans today, this more personal-oriented business to solve their embarrassing financial situation has undoubtedly become an \"urgent need\".</p><p><b>According to Bank of America's 2021 annual report, retail banking not only enabled the company to add nearly 1 million new checking accounts as well as millions of new credit card accounts, but it also helped consumer investment assets grow by 20% during the year. In addition, Bank of America provides services to about 67 million consumer and small business customers through about 3,900 retail financial centers. In that year, the company recorded retail business volume of US$1.4 trillion, ranking first among 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>Under the sluggish and turbulent macro environment, banks that actively embrace digital transformation will develop more outstanding. In addition to being heavily held by Berkshire, Bank of America itself is also an excellent investment institution. Consistent with Berkshire's investment philosophy, Bank of America also favors technology stocks. According to whale wisdom data, the total market value of Bank of America's positions in the fourth quarter was about $878.015 billion, an increase of about 5% over the previous quarter. Among the top five heavyweight stocks, Microsoft ranked first and Apple ranked second.</p><p>No matter the direction of business development or the target of heavy investment, Bank of America has made a younger technological transformation than traditional banks, and has achieved good results. However, today's market seems to have no time to react to all this.<b>As of the fourth quarter of 2022, the company's net interest income increased 29% year-over-year, net inflows to investment accounts were $115 billion, and digital sales increased 22% year-over-year. However, it is matched by a price-to-book ratio of 1.1 times, compared with the price-to-book ratio of U.S. Bank in the same period of 1.7 (both calculated based on the closing price on the 21st and 22q4 data).</b></p><p><b>Obviously, compared with U.S. Bank, Bank of America has higher technology-enabled growth and more reasonable (or even undervalued) prices. Because of these two points, after the fourth quarter, Berkshire greatly reduced its bank shares, concentrating only on the $36 billion stake in Bank of America. However, for the current \"soft landing\" of the US economic recession, it is more and more beneficial, and there is still long-term growth room for the development of Bank of America.</b></p><p>If you want to explore domestic bank stocks, of course, there are also enterprises that actively support financial technology. However, from the fact that it is only applied to brand copywriting, China Merchants Bank's approach to ChatGPT this time has obvious suspicion of rubbing heat.</p><p><img src=\"https://static.tigerbbs.com/90c6af1fd766db975b58a97c99efaef2\" tg-width=\"589\" tg-height=\"148\" referrerpolicy=\"no-referrer\"/></p><p>However, from the specific data, as of the third quarter of 2022, the retail loans of China Merchants Bank were 3,163.669 billion yuan, an increase of 5.89% over the end of the previous year; The balance of deposits from retail customers was RMB2,701,873 million, representing an increase of 18.08% as compared with the end of the previous year. The retail customer assets (AUM) under management of Ping An Bank amounted to RMB3,532,560 million, representing an increase of 11.0% as compared to the end of the previous year. Among them, the balance of personal loans exceeded 2 trillion yuan, an increase of 4.9% over the end of last year. Personal loans in the retail business of Postal Savings Bank amounted to RMB4,017,737 million, representing an increase of 6.96% as compared with the end of the previous year.</p><p><img src=\"https://static.tigerbbs.com/100a8a2d715701ae53595f30fccb4ff2\" tg-width=\"877\" tg-height=\"666\" referrerpolicy=\"no-referrer\"/></p><p>At the same time, according to the data of global retail banking, the retail business of Bank of China has the greatest potential due to its population base. Compared with the good performance of major domestic banks in retail business, the development of retail banking business has obviously become the new performance growth focus of traditional banking industry.</p><p><b>III. Conclusion</b></p><p>\"Rare new targets that have not opened positions\", \"short-term operations that are fast-in and fast-out\" and \"bank stocks are no longer favored\", all these behaviors that are different from market expectations may indicate the arrival of Berkshire's new investment style. After all, no matter how legendary the man of God is, he will eventually age one day, and Buffett's abdication has become an established matter. Therefore, it may be biased to analyze any investment behavior of Berkshire in the tone of \"Buffett\" in the future, because no one can tell now how much Buffett's color Berkshire still has today.</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":3506,"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,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"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":"other","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":949,"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,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"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":"sh","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",".IXIC":"NASDAQ Composite","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","BK4504":"桥水持仓","BK4559":"巴菲特持仓","TQQQ":"纳指三倍做多ETF","BK4550":"红杉资本持仓","BK4588":"碎股","OEX":"标普100","SPY":"标普500ETF","QID":"两倍做空纳斯达克指数ETF-ProShares",".DJI":"道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares","SH":"做空标普500-Proshares","DJX":"1/100道琼斯","IVV":"标普500ETF-iShares","SDOW":"三倍做空道指30ETF-ProShares",".SPX":"S&P 500 Index","DOG":"道指ETF-ProShares做空","BK4581":"高盛持仓","QQQ":"纳指100ETF","SDS":"两倍做空标普500 ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","BK4585":"ETF&股票定投概念","SQQQ":"纳指三倍做空ETF","DDM":"2倍做多道指ETF-ProShares","OEF":"标普100指数ETF-iShares","UDOW":"三倍做多道指30ETF-ProShares","BK4534":"瑞士信贷持仓","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SPXU":"三倍做空标普500ETF-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,"DOG":0.6,".DJI":1,"SDS":0.6,"OEF":0.6,"SQQQ":0.6,"DJX":0.6,"SPXU":0.6,"QLD":0.6,"SDOW":0.6,"MNQmain":0.6,"UDOW":0.6,"ESmain":0.6,"SSO":0.6,".IXIC":1,"DDM":0.6,"OEX":0.6,"TQQQ":0.6,"QID":0.6,"SH":0.6,"IVV":0.6,"PSQ":0.6,"DXD":0.6,"UPRO":0.6,"QQQ":0.6,".SPX":0.6,"SPY":1,"NQmain":0.6}},"isVote":1,"tweetType":1,"viewCount":1065,"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,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"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":814,"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":[],"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 ecological chain,</b></b><b>But rather</b><b><b>Tell the story of the supply chain related to Xiaomi's business.</b></b>A few years ago, Xiaomi built an ecological chain map, laid out it in many smart device fields, and gradually let Mijia terminal intelligent products penetrate into various IoT markets.</p><p>After the smart phone market entered the second half, Lei Jun no longer focused on the story of the ecological chain, but on the story of the supply chain related to Xiaomi's business.</p><p>Recently, Lei Jun told the story of \"supply chain\" to the \"two sessions\". In 2023, Lei Jun, a deputy to the National People's Congress, prepared three proposals, including one on promoting the rapid development of bionic humanoid robots. Lei Jun suggested that we should encourage and support the science and technology innovation industry chain and promote the planning and layout of 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, \"Xiaomi Ten Billion Fund\" launched the second round of financing, and the fund-raising scale has increased from more than 6 billion yuan last year to more than 9 billion yuan. The investment objectives of this fund focus on integrated circuits and related upstream and downstream fields.</p><p>Xiaomi's story about the supply chain has made phased progress. According to the previous statistics of Guojin Securities, as early as the end of September 2021, Xiaomi invested in as many as 62 enterprises in the field of smart cars.</p><p>All along, \"cost performance\" is the deepest label on Xiaomi. This has also become the reason why Xiaomi has been criticized by the outside world for \"insufficient self-research technical ability\". The investment in upstream core supply chain enterprises or technology enterprises shows Xiaomi's determination to strengthen the right to speak in the supply chain.</p><p>The opening of 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>\"Voice\" for the humanoid robot industry chain</b></p><p>After its debut in August last year, there has been little news about Xiaomi's bionic humanoid robot CyberOne. However, judging from the recent dynamics of Xiaomi, Lei Jun hopes to make more breakthroughs in the track of bionic humanoid robots.</p><p>Among the suggestions on promoting the rapid development of bionic humanoid robots, Lei Jun believes that at present, China has made key breakthroughs in the core technology of bionic humanoid robots, but it still faces challenges such as improving the performance of core components, insufficient application demand traction, lack of large-scale mass production capacity, imperfect application ecology and supporting support system, etc.</p><p>To this end, he suggested: encourage and support the science and technology industry chain, and promote the planning and layout of bionic humanoid robot industry; Support whole machine enterprises to take the lead in establishing a national innovation consortium and strengthen joint research on core technologies; Build an open industrial ecology of bionic humanoid robots, and accelerate the cultivation of scenario applications.</p><p>In June last year, under the effect of Musk's \"humanoid robot will be launched\", the related concept of bionic humanoid robot became a hot concept in the domestic capital market, and this subdivision track also became the hottest track in the robot industry.</p><p>Two months later, Xiaomi released the prototype bionic robot CyberOne (internal stage name \"Tieda\") at Lei Jun's annual lecture before Tesla, and this enthusiasm reached its peak.</p><p>CyberOne launched by Xiaomi is not a PPT or a prop. It is a prototype that can be taken out and can interact with people. Unfortunately, the cost of CyberOne is as high as 600,000 to 700,000 yuan per unit, and it can't yet achieve mass production. At that time, Lei Jun admitted that the technical integration of bionic robots was the highest and the most difficult, and Xiaomi was still in the first stage of its infancy.</p><p>Turning its attention to foreign countries, the humanoid robot Optimus Prime Optimus released by Tesla at AI Day last year also failed to reach the previously claimed level. In Musk's words, \"It's not quite ready to walk, but I think it will in a couple of weeks.\"</p><p>Musk previously made a bold statement: The target price of Optimus Optimus may be less than $20,000, and more than one million units will be mass-produced. However, Musk revealed the recent progress of Optimus Optimus at Tesla Investor Day: \"Not working properly, though things are improving.\"</p><p>Tesla is still increasing its investment in humanoid robots. All-Weather Technology found that Tesla China recently released job recruitment information in the direction of robotics, including automation control engineer (robot), electrical design engineer-robot development and its application direction.</p><p>The outlook given by institutions is tempting. Marketsandmarkets, a global market research firm, forecasts that the global humanoid robot market will rise from US$1.5 billion in 2022 to US$17.3 billion in 2027. Minsheng Securities believes that humanoid robots are expected to become another entrance after mobile phones and cars, with huge commercial value.</p><p>But there is no denying that the bionic humanoid robot track is a track that requires long-term investment.</p><p>As far as China is concerned, there are still many realities that have to be solved in front of this track, such as core components, the underlying operating system and chip of robots, system design software, etc.</p><p><b>Ten Billion Fund Focuses on IC Industry Chain</b></p><p>After raising more than 6 billion yuan for the first time last year, \"Xiaomi Ten Billion Fund\" launched its second round of financing this month.</p><p>On March 2nd, Kingsoft Software announced that its subsidiaries Wuhan Jinshan, Xiaomi Beijing, Xiaomi Wuhan, etc. had entered into partnership agreements with other investors about the establishment of equity investment funds in integrated circuit-related fields, 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 Xiaomi and Jinshan of Lei Jun Department, the LP of the fund also includes Beijing Guiding Fund and Yizhuang Guotou with Beijing's state-owned assets background, Tianjin Haichuang of Tianjin state-owned assets Beijing, Hainan Huaying Kaitai, Guangzhou Huaduo, Xingzheng Investment, Zhaoyi Innovation, etc.</p><p>Compared with the first fund-raising in July last year, the fund has five new faces: Wuhan Jinshan, Beijing Guidance Fund, Nasing Venture Capital, Diao Micro and Xinyin Haohong. The fund scale also increased from 6.33 billion yuan in the initial financing to 9.03 billion yuan, close to the target scale of 10 billion yuan.</p><p>According to the industrial and commercial information, the full name of the fund is: Beijing Xiaomi Zhizao Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as \"Xiaomi Zhizao\"), which was incorporated on September 18, 2021 and filed on April 6, 2022.</p><p>Regarding the role of the fund, Kingsoft Software said that it is mainly engaged in equity investment or quasi-equity investment, or investment-related activities in unlisted companies.</p><p>The main target is integrated circuits and related upstream and downstream sectors, covering new 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 end consumer goods and intelligent devices.</p><p>It is not difficult to find that these are closely related to Xiaomi's current business mobile phones and cars. All along, most of Xiaomi's investment businesses have basically focused on its main business and future development direction, carrying out technological upgrading and industrial chain layout, such as artificial intelligence, Internet of Things, automobiles and semiconductors.</p><p>Since the announcement of car manufacturing, Xiaomi has laid out a number of enterprises related to the automobile industry chain through investment and shareholding. According to the previous statistics of Guojin Securities, as early as the end of September 2021, Xiaomi invested in as many as 62 enterprises in the field of smart cars, including 17 enterprises in intelligent driving, 13 enterprises in intelligent electric and 6 enterprises in intelligent cockpit, of which 22 enterprises were newly invested in 2021.</p><p>Previously, most of Xiaomi's semiconductor investment actions were completed through Xiaomi Yangtze River Industrial Investment Fund. After the establishment of Xiaomi Zhizao, it focused more on the collaborative investment direction of Xiaomi's automobile business.</p><p>According to public information, more than ten projects invested by Xiaomi Zhizao at present involve the automobile industry chain, including semiconductors, power batteries, core equipment parts and other links in the automobile industry chain.</p><p>Some industry analysts believe that Lei Jun's layout of the upstream and downstream fields of the integrated circuit industry is exactly the same as the previous layout of Xiaomi ecological chain. This is conducive to further enhancing the vertical integration capability of the vehicle business and ensuring 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 ecological chain,</b></b><b>But rather</b><b><b>Tell the story of the supply chain related to Xiaomi's business.</b></b>A few years ago, Xiaomi built an ecological chain map, laid out it in many smart device fields, and gradually let Mijia terminal intelligent products penetrate into various IoT markets.</p><p>After the smart phone market entered the second half, Lei Jun no longer focused on the story of the ecological chain, but on the story of the supply chain related to Xiaomi's business.</p><p>Recently, Lei Jun told the story of \"supply chain\" to the \"two sessions\". In 2023, Lei Jun, a deputy to the National People's Congress, prepared three proposals, including one on promoting the rapid development of bionic humanoid robots. Lei Jun suggested that we should encourage and support the science and technology innovation industry chain and promote the planning and layout of 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, \"Xiaomi Ten Billion Fund\" launched the second round of financing, and the fund-raising scale has increased from more than 6 billion yuan last year to more than 9 billion yuan. The investment objectives of this fund focus on integrated circuits and related upstream and downstream fields.</p><p>Xiaomi's story about the supply chain has made phased progress. According to the previous statistics of Guojin Securities, as early as the end of September 2021, Xiaomi invested in as many as 62 enterprises in the field of smart cars.</p><p>All along, \"cost performance\" is the deepest label on Xiaomi. This has also become the reason why Xiaomi has been criticized by the outside world for \"insufficient self-research technical ability\". The investment in upstream core supply chain enterprises or technology enterprises shows Xiaomi's determination to strengthen the right to speak in the supply chain.</p><p>The opening of 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>\"Voice\" for the humanoid robot industry chain</b></p><p>After its debut in August last year, there has been little news about Xiaomi's bionic humanoid robot CyberOne. However, judging from the recent dynamics of Xiaomi, Lei Jun hopes to make more breakthroughs in the track of bionic humanoid robots.</p><p>Among the suggestions on promoting the rapid development of bionic humanoid robots, Lei Jun believes that at present, China has made key breakthroughs in the core technology of bionic humanoid robots, but it still faces challenges such as improving the performance of core components, insufficient application demand traction, lack of large-scale mass production capacity, imperfect application ecology and supporting support system, etc.</p><p>To this end, he suggested: encourage and support the science and technology industry chain, and promote the planning and layout of bionic humanoid robot industry; Support whole machine enterprises to take the lead in establishing a national innovation consortium and strengthen joint research on core technologies; Build an open industrial ecology of bionic humanoid robots, and accelerate the cultivation of scenario applications.</p><p>In June last year, under the effect of Musk's \"humanoid robot will be launched\", the related concept of bionic humanoid robot became a hot concept in the domestic capital market, and this subdivision track also became the hottest track in the robot industry.</p><p>Two months later, Xiaomi released the prototype bionic robot CyberOne (internal stage name \"Tieda\") at Lei Jun's annual lecture before Tesla, and this enthusiasm reached its peak.</p><p>CyberOne launched by Xiaomi is not a PPT or a prop. It is a prototype that can be taken out and can interact with people. Unfortunately, the cost of CyberOne is as high as 600,000 to 700,000 yuan per unit, and it can't yet achieve mass production. At that time, Lei Jun admitted that the technical integration of bionic robots was the highest and the most difficult, and Xiaomi was still in the first stage of its infancy.</p><p>Turning its attention to foreign countries, the humanoid robot Optimus Prime Optimus released by Tesla at AI Day last year also failed to reach the previously claimed level. In Musk's words, \"It's not quite ready to walk, but I think it will in a couple of weeks.\"</p><p>Musk previously made a bold statement: The target price of Optimus Optimus may be less than $20,000, and more than one million units will be mass-produced. However, Musk revealed the recent progress of Optimus Optimus at Tesla Investor Day: \"Not working properly, though things are improving.\"</p><p>Tesla is still increasing its investment in humanoid robots. All-Weather Technology found that Tesla China recently released job recruitment information in the direction of robotics, including automation control engineer (robot), electrical design engineer-robot development and its application direction.</p><p>The outlook given by institutions is tempting. Marketsandmarkets, a global market research firm, forecasts that the global humanoid robot market will rise from US$1.5 billion in 2022 to US$17.3 billion in 2027. Minsheng Securities believes that humanoid robots are expected to become another entrance after mobile phones and cars, with huge commercial value.</p><p>But there is no denying that the bionic humanoid robot track is a track that requires long-term investment.</p><p>As far as China is concerned, there are still many realities that have to be solved in front of this track, such as core components, the underlying operating system and chip of robots, system design software, etc.</p><p><b>Ten Billion Fund Focuses on IC Industry Chain</b></p><p>After raising more than 6 billion yuan for the first time last year, \"Xiaomi Ten Billion Fund\" launched its second round of financing this month.</p><p>On March 2nd, Kingsoft Software announced that its subsidiaries Wuhan Jinshan, Xiaomi Beijing, Xiaomi Wuhan, etc. had entered into partnership agreements with other investors about the establishment of equity investment funds in integrated circuit-related fields, 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 Xiaomi and Jinshan of Lei Jun Department, the LP of the fund also includes Beijing Guiding Fund and Yizhuang Guotou with Beijing's state-owned assets background, Tianjin Haichuang of Tianjin state-owned assets Beijing, Hainan Huaying Kaitai, Guangzhou Huaduo, Xingzheng Investment, Zhaoyi Innovation, etc.</p><p>Compared with the first fund-raising in July last year, the fund has five new faces: Wuhan Jinshan, Beijing Guidance Fund, Nasing Venture Capital, Diao Micro and Xinyin Haohong. The fund scale also increased from 6.33 billion yuan in the initial financing to 9.03 billion yuan, close to the target scale of 10 billion yuan.</p><p>According to the industrial and commercial information, the full name of the fund is: Beijing Xiaomi Zhizao Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as \"Xiaomi Zhizao\"), which was incorporated on September 18, 2021 and filed on April 6, 2022.</p><p>Regarding the role of the fund, Kingsoft Software said that it is mainly engaged in equity investment or quasi-equity investment, or investment-related activities in unlisted companies.</p><p>The main target is integrated circuits and related upstream and downstream sectors, covering new 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 end consumer goods and intelligent devices.</p><p>It is not difficult to find that these are closely related to Xiaomi's current business mobile phones and cars. All along, most of Xiaomi's investment businesses have basically focused on its main business and future development direction, carrying out technological upgrading and industrial chain layout, such as artificial intelligence, Internet of Things, automobiles and semiconductors.</p><p>Since the announcement of car manufacturing, Xiaomi has laid out a number of enterprises related to the automobile industry chain through investment and shareholding. According to the previous statistics of Guojin Securities, as early as the end of September 2021, Xiaomi invested in as many as 62 enterprises in the field of smart cars, including 17 enterprises in intelligent driving, 13 enterprises in intelligent electric and 6 enterprises in intelligent cockpit, of which 22 enterprises were newly invested in 2021.</p><p>Previously, most of Xiaomi's semiconductor investment actions were completed through Xiaomi Yangtze River Industrial Investment Fund. After the establishment of Xiaomi Zhizao, it focused more on the collaborative investment direction of Xiaomi's automobile business.</p><p>According to public information, more than ten projects invested by Xiaomi Zhizao at present involve the automobile industry chain, including semiconductors, power batteries, core equipment parts and other links in the automobile industry chain.</p><p>Some industry analysts believe that Lei Jun's layout of the upstream and downstream fields of the integrated circuit industry is exactly the same as the previous layout of Xiaomi ecological chain. This is conducive to further enhancing the vertical integration capability of the vehicle business and ensuring 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":1433,"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":[],"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":863,"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":[],"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":1396,"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,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"<a 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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":1333,"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":[],"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":1396,"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":[],"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 ecological chain,</b></b><b>But rather</b><b><b>Tell the story of the supply chain related to Xiaomi's business.</b></b>A few years ago, Xiaomi built an ecological chain map, laid out it in many smart device fields, and gradually let Mijia terminal intelligent products penetrate into various IoT markets.</p><p>After the smart phone market entered the second half, Lei Jun no longer focused on the story of the ecological chain, but on the story of the supply chain related to Xiaomi's business.</p><p>Recently, Lei Jun told the story of \"supply chain\" to the \"two sessions\". In 2023, Lei Jun, a deputy to the National People's Congress, prepared three proposals, including one on promoting the rapid development of bionic humanoid robots. Lei Jun suggested that we should encourage and support the science and technology innovation industry chain and promote the planning and layout of 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, \"Xiaomi Ten Billion Fund\" launched the second round of financing, and the fund-raising scale has increased from more than 6 billion yuan last year to more than 9 billion yuan. The investment objectives of this fund focus on integrated circuits and related upstream and downstream fields.</p><p>Xiaomi's story about the supply chain has made phased progress. According to the previous statistics of Guojin Securities, as early as the end of September 2021, Xiaomi invested in as many as 62 enterprises in the field of smart cars.</p><p>All along, \"cost performance\" is the deepest label on Xiaomi. This has also become the reason why Xiaomi has been criticized by the outside world for \"insufficient self-research technical ability\". The investment in upstream core supply chain enterprises or technology enterprises shows Xiaomi's determination to strengthen the right to speak in the supply chain.</p><p>The opening of 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>\"Voice\" for the humanoid robot industry chain</b></p><p>After its debut in August last year, there has been little news about Xiaomi's bionic humanoid robot CyberOne. However, judging from the recent dynamics of Xiaomi, Lei Jun hopes to make more breakthroughs in the track of bionic humanoid robots.</p><p>Among the suggestions on promoting the rapid development of bionic humanoid robots, Lei Jun believes that at present, China has made key breakthroughs in the core technology of bionic humanoid robots, but it still faces challenges such as improving the performance of core components, insufficient application demand traction, lack of large-scale mass production capacity, imperfect application ecology and supporting support system, etc.</p><p>To this end, he suggested: encourage and support the science and technology industry chain, and promote the planning and layout of bionic humanoid robot industry; Support whole machine enterprises to take the lead in establishing a national innovation consortium and strengthen joint research on core technologies; Build an open industrial ecology of bionic humanoid robots, and accelerate the cultivation of scenario applications.</p><p>In June last year, under the effect of Musk's \"humanoid robot will be launched\", the related concept of bionic humanoid robot became a hot concept in the domestic capital market, and this subdivision track also became the hottest track in the robot industry.</p><p>Two months later, Xiaomi released the prototype bionic robot CyberOne (internal stage name \"Tieda\") at Lei Jun's annual lecture before Tesla, and this enthusiasm reached its peak.</p><p>CyberOne launched by Xiaomi is not a PPT or a prop. It is a prototype that can be taken out and can interact with people. Unfortunately, the cost of CyberOne is as high as 600,000 to 700,000 yuan per unit, and it can't yet achieve mass production. At that time, Lei Jun admitted that the technical integration of bionic robots was the highest and the most difficult, and Xiaomi was still in the first stage of its infancy.</p><p>Turning its attention to foreign countries, the humanoid robot Optimus Prime Optimus released by Tesla at AI Day last year also failed to reach the previously claimed level. In Musk's words, \"It's not quite ready to walk, but I think it will in a couple of weeks.\"</p><p>Musk previously made a bold statement: The target price of Optimus Optimus may be less than $20,000, and more than one million units will be mass-produced. However, Musk revealed the recent progress of Optimus Optimus at Tesla Investor Day: \"Not working properly, though things are improving.\"</p><p>Tesla is still increasing its investment in humanoid robots. All-Weather Technology found that Tesla China recently released job recruitment information in the direction of robotics, including automation control engineer (robot), electrical design engineer-robot development and its application direction.</p><p>The outlook given by institutions is tempting. Marketsandmarkets, a global market research firm, forecasts that the global humanoid robot market will rise from US$1.5 billion in 2022 to US$17.3 billion in 2027. Minsheng Securities believes that humanoid robots are expected to become another entrance after mobile phones and cars, with huge commercial value.</p><p>But there is no denying that the bionic humanoid robot track is a track that requires long-term investment.</p><p>As far as China is concerned, there are still many realities that have to be solved in front of this track, such as core components, the underlying operating system and chip of robots, system design software, etc.</p><p><b>Ten Billion Fund Focuses on IC Industry Chain</b></p><p>After raising more than 6 billion yuan for the first time last year, \"Xiaomi Ten Billion Fund\" launched its second round of financing this month.</p><p>On March 2nd, Kingsoft Software announced that its subsidiaries Wuhan Jinshan, Xiaomi Beijing, Xiaomi Wuhan, etc. had entered into partnership agreements with other investors about the establishment of equity investment funds in integrated circuit-related fields, 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 Xiaomi and Jinshan of Lei Jun Department, the LP of the fund also includes Beijing Guiding Fund and Yizhuang Guotou with Beijing's state-owned assets background, Tianjin Haichuang of Tianjin state-owned assets Beijing, Hainan Huaying Kaitai, Guangzhou Huaduo, Xingzheng Investment, Zhaoyi Innovation, etc.</p><p>Compared with the first fund-raising in July last year, the fund has five new faces: Wuhan Jinshan, Beijing Guidance Fund, Nasing Venture Capital, Diao Micro and Xinyin Haohong. The fund scale also increased from 6.33 billion yuan in the initial financing to 9.03 billion yuan, close to the target scale of 10 billion yuan.</p><p>According to the industrial and commercial information, the full name of the fund is: Beijing Xiaomi Zhizao Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as \"Xiaomi Zhizao\"), which was incorporated on September 18, 2021 and filed on April 6, 2022.</p><p>Regarding the role of the fund, Kingsoft Software said that it is mainly engaged in equity investment or quasi-equity investment, or investment-related activities in unlisted companies.</p><p>The main target is integrated circuits and related upstream and downstream sectors, covering new 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 end consumer goods and intelligent devices.</p><p>It is not difficult to find that these are closely related to Xiaomi's current business mobile phones and cars. All along, most of Xiaomi's investment businesses have basically focused on its main business and future development direction, carrying out technological upgrading and industrial chain layout, such as artificial intelligence, Internet of Things, automobiles and semiconductors.</p><p>Since the announcement of car manufacturing, Xiaomi has laid out a number of enterprises related to the automobile industry chain through investment and shareholding. According to the previous statistics of Guojin Securities, as early as the end of September 2021, Xiaomi invested in as many as 62 enterprises in the field of smart cars, including 17 enterprises in intelligent driving, 13 enterprises in intelligent electric and 6 enterprises in intelligent cockpit, of which 22 enterprises were newly invested in 2021.</p><p>Previously, most of Xiaomi's semiconductor investment actions were completed through Xiaomi Yangtze River Industrial Investment Fund. After the establishment of Xiaomi Zhizao, it focused more on the collaborative investment direction of Xiaomi's automobile business.</p><p>According to public information, more than ten projects invested by Xiaomi Zhizao at present involve the automobile industry chain, including semiconductors, power batteries, core equipment parts and other links in the automobile industry chain.</p><p>Some industry analysts believe that Lei Jun's layout of the upstream and downstream fields of the integrated circuit industry is exactly the same as the previous layout of Xiaomi ecological chain. This is conducive to further enhancing the vertical integration capability of the vehicle business and ensuring 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 ecological chain,</b></b><b>But rather</b><b><b>Tell the story of the supply chain related to Xiaomi's business.</b></b>A few years ago, Xiaomi built an ecological chain map, laid out it in many smart device fields, and gradually let Mijia terminal intelligent products penetrate into various IoT markets.</p><p>After the smart phone market entered the second half, Lei Jun no longer focused on the story of the ecological chain, but on the story of the supply chain related to Xiaomi's business.</p><p>Recently, Lei Jun told the story of \"supply chain\" to the \"two sessions\". In 2023, Lei Jun, a deputy to the National People's Congress, prepared three proposals, including one on promoting the rapid development of bionic humanoid robots. Lei Jun suggested that we should encourage and support the science and technology innovation industry chain and promote the planning and layout of 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, \"Xiaomi Ten Billion Fund\" launched the second round of financing, and the fund-raising scale has increased from more than 6 billion yuan last year to more than 9 billion yuan. The investment objectives of this fund focus on integrated circuits and related upstream and downstream fields.</p><p>Xiaomi's story about the supply chain has made phased progress. According to the previous statistics of Guojin Securities, as early as the end of September 2021, Xiaomi invested in as many as 62 enterprises in the field of smart cars.</p><p>All along, \"cost performance\" is the deepest label on Xiaomi. This has also become the reason why Xiaomi has been criticized by the outside world for \"insufficient self-research technical ability\". The investment in upstream core supply chain enterprises or technology enterprises shows Xiaomi's determination to strengthen the right to speak in the supply chain.</p><p>The opening of 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>\"Voice\" for the humanoid robot industry chain</b></p><p>After its debut in August last year, there has been little news about Xiaomi's bionic humanoid robot CyberOne. However, judging from the recent dynamics of Xiaomi, Lei Jun hopes to make more breakthroughs in the track of bionic humanoid robots.</p><p>Among the suggestions on promoting the rapid development of bionic humanoid robots, Lei Jun believes that at present, China has made key breakthroughs in the core technology of bionic humanoid robots, but it still faces challenges such as improving the performance of core components, insufficient application demand traction, lack of large-scale mass production capacity, imperfect application ecology and supporting support system, etc.</p><p>To this end, he suggested: encourage and support the science and technology industry chain, and promote the planning and layout of bionic humanoid robot industry; Support whole machine enterprises to take the lead in establishing a national innovation consortium and strengthen joint research on core technologies; Build an open industrial ecology of bionic humanoid robots, and accelerate the cultivation of scenario applications.</p><p>In June last year, under the effect of Musk's \"humanoid robot will be launched\", the related concept of bionic humanoid robot became a hot concept in the domestic capital market, and this subdivision track also became the hottest track in the robot industry.</p><p>Two months later, Xiaomi released the prototype bionic robot CyberOne (internal stage name \"Tieda\") at Lei Jun's annual lecture before Tesla, and this enthusiasm reached its peak.</p><p>CyberOne launched by Xiaomi is not a PPT or a prop. It is a prototype that can be taken out and can interact with people. Unfortunately, the cost of CyberOne is as high as 600,000 to 700,000 yuan per unit, and it can't yet achieve mass production. At that time, Lei Jun admitted that the technical integration of bionic robots was the highest and the most difficult, and Xiaomi was still in the first stage of its infancy.</p><p>Turning its attention to foreign countries, the humanoid robot Optimus Prime Optimus released by Tesla at AI Day last year also failed to reach the previously claimed level. In Musk's words, \"It's not quite ready to walk, but I think it will in a couple of weeks.\"</p><p>Musk previously made a bold statement: The target price of Optimus Optimus may be less than $20,000, and more than one million units will be mass-produced. However, Musk revealed the recent progress of Optimus Optimus at Tesla Investor Day: \"Not working properly, though things are improving.\"</p><p>Tesla is still increasing its investment in humanoid robots. All-Weather Technology found that Tesla China recently released job recruitment information in the direction of robotics, including automation control engineer (robot), electrical design engineer-robot development and its application direction.</p><p>The outlook given by institutions is tempting. Marketsandmarkets, a global market research firm, forecasts that the global humanoid robot market will rise from US$1.5 billion in 2022 to US$17.3 billion in 2027. Minsheng Securities believes that humanoid robots are expected to become another entrance after mobile phones and cars, with huge commercial value.</p><p>But there is no denying that the bionic humanoid robot track is a track that requires long-term investment.</p><p>As far as China is concerned, there are still many realities that have to be solved in front of this track, such as core components, the underlying operating system and chip of robots, system design software, etc.</p><p><b>Ten Billion Fund Focuses on IC Industry Chain</b></p><p>After raising more than 6 billion yuan for the first time last year, \"Xiaomi Ten Billion Fund\" launched its second round of financing this month.</p><p>On March 2nd, Kingsoft Software announced that its subsidiaries Wuhan Jinshan, Xiaomi Beijing, Xiaomi Wuhan, etc. had entered into partnership agreements with other investors about the establishment of equity investment funds in integrated circuit-related fields, 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 Xiaomi and Jinshan of Lei Jun Department, the LP of the fund also includes Beijing Guiding Fund and Yizhuang Guotou with Beijing's state-owned assets background, Tianjin Haichuang of Tianjin state-owned assets Beijing, Hainan Huaying Kaitai, Guangzhou Huaduo, Xingzheng Investment, Zhaoyi Innovation, etc.</p><p>Compared with the first fund-raising in July last year, the fund has five new faces: Wuhan Jinshan, Beijing Guidance Fund, Nasing Venture Capital, Diao Micro and Xinyin Haohong. The fund scale also increased from 6.33 billion yuan in the initial financing to 9.03 billion yuan, close to the target scale of 10 billion yuan.</p><p>According to the industrial and commercial information, the full name of the fund is: Beijing Xiaomi Zhizao Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as \"Xiaomi Zhizao\"), which was incorporated on September 18, 2021 and filed on April 6, 2022.</p><p>Regarding the role of the fund, Kingsoft Software said that it is mainly engaged in equity investment or quasi-equity investment, or investment-related activities in unlisted companies.</p><p>The main target is integrated circuits and related upstream and downstream sectors, covering new 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 end consumer goods and intelligent devices.</p><p>It is not difficult to find that these are closely related to Xiaomi's current business mobile phones and cars. All along, most of Xiaomi's investment businesses have basically focused on its main business and future development direction, carrying out technological upgrading and industrial chain layout, such as artificial intelligence, Internet of Things, automobiles and semiconductors.</p><p>Since the announcement of car manufacturing, Xiaomi has laid out a number of enterprises related to the automobile industry chain through investment and shareholding. According to the previous statistics of Guojin Securities, as early as the end of September 2021, Xiaomi invested in as many as 62 enterprises in the field of smart cars, including 17 enterprises in intelligent driving, 13 enterprises in intelligent electric and 6 enterprises in intelligent cockpit, of which 22 enterprises were newly invested in 2021.</p><p>Previously, most of Xiaomi's semiconductor investment actions were completed through Xiaomi Yangtze River Industrial Investment Fund. After the establishment of Xiaomi Zhizao, it focused more on the collaborative investment direction of Xiaomi's automobile business.</p><p>According to public information, more than ten projects invested by Xiaomi Zhizao at present involve the automobile industry chain, including semiconductors, power batteries, core equipment parts and other links in the automobile industry chain.</p><p>Some industry analysts believe that Lei Jun's layout of the upstream and downstream fields of the integrated circuit industry is exactly the same as the previous layout of Xiaomi ecological chain. This is conducive to further enhancing the vertical integration capability of the vehicle business and ensuring 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":1433,"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":[],"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":863,"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":[],"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":"us","language":"zh","title":"Dollar Demand Soars! Central banks cut U.S. debt holdings at 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>Summary: The use of the Federal Reserve's overseas liquidity vehicle has also surged, with the use of the FIMA repo agreement vehicle reaching a record $60 billion, far exceeding the peak of $1.4 billion reached during the peak of the pandemic. With the spread of the banking crisis, the global demand for US dollars surged, central banks quickly reduced their holdings of US debt to \"cash out\", and the use of the Federal Reserve's overseas liquidity tools also surged.</p><p>Fed data showed that for the week ending March 22,<b>Official foreign holdings of U.S. Treasury Bond fell $76 billion to $2.86 trillion, the biggest weekly decline since March 2014.</b></p><p>In the meantime,<b>The use of the Federal Reserve's Foreign and International Monetary Authority (FIMA) repo agreement tool reached a record $60 billion, far exceeding the $1.4 billion peak reached at the height of the pandemic.</b></p><p>The Federal Reserve's FIMA Repurchase Agreement Instrument was launched on March 31, 2020 to support liquidity in global financial markets and mitigate the impact of the pandemic on the global economy. The instrument allows foreign central banks and international organizations to use their holdings of U.S. Treasury Bond as collateral to apply for U.S. dollar liquidity from the Federal Reserve to ease the pressure on funding.</p><p>In response to the surge in FIMA repo agreement tool usage, media quotes<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the US dollar financing rate, we feel that borrowing is precautionary.\"</p><p>Significantly, only a fraction of the $136 billion raised by foreign official agencies from selling U.S. debt and FIMA buybacks flows directly back into the Fed's balance sheet or broader custody program.</p><p>As of March 22, the balance of the foreign reverse repo pool increased by just $3 billion, while agency securities (including mortgage-backed securities) in custody of the Federal Reserve increased by just $7 billion.</p><p><b>According to an analysis by Wrightson ICAP, the above phenomenon suggests that most of the cash raised by central banks may enter 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>Dollar Demand Soars! Central banks cut U.S. debt holdings at 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\">\nDollar Demand Soars! Central banks cut U.S. debt holdings at 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>Summary: The use of the Federal Reserve's overseas liquidity vehicle has also surged, with the use of the FIMA repo agreement vehicle reaching a record $60 billion, far exceeding the peak of $1.4 billion reached during the peak of the pandemic. With the spread of the banking crisis, the global demand for US dollars surged, central banks quickly reduced their holdings of US debt to \"cash out\", and the use of the Federal Reserve's overseas liquidity tools also surged.</p><p>Fed data showed that for the week ending March 22,<b>Official foreign holdings of U.S. Treasury Bond fell $76 billion to $2.86 trillion, the biggest weekly decline since March 2014.</b></p><p>In the meantime,<b>The use of the Federal Reserve's Foreign and International Monetary Authority (FIMA) repo agreement tool reached a record $60 billion, far exceeding the $1.4 billion peak reached at the height of the pandemic.</b></p><p>The Federal Reserve's FIMA Repurchase Agreement Instrument was launched on March 31, 2020 to support liquidity in global financial markets and mitigate the impact of the pandemic on the global economy. The instrument allows foreign central banks and international organizations to use their holdings of U.S. Treasury Bond as collateral to apply for U.S. dollar liquidity from the Federal Reserve to ease the pressure on funding.</p><p>In response to the surge in FIMA repo agreement tool usage, media quotes<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the US dollar financing rate, we feel that borrowing is precautionary.\"</p><p>Significantly, only a fraction of the $136 billion raised by foreign official agencies from selling U.S. debt and FIMA buybacks flows directly back into the Fed's balance sheet or broader custody program.</p><p>As of March 22, the balance of the foreign reverse repo pool increased by just $3 billion, while agency securities (including mortgage-backed securities) in custody of the Federal Reserve increased by just $7 billion.</p><p><b>According to an analysis by Wrightson ICAP, the above phenomenon suggests that most of the cash raised by central banks may enter 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":{"IEF":"债券指数ETF-iShares Barclays 7-10年","SHY":"债券指数ETF-iShares Barclays 1-3年国债","IEI":"iShares Barclays 3-7 Year Trea","TLT":"20+年以上美国国债ETF-iShares","BK4588":"碎股","BK4585":"ETF&股票定投概念","BND":"债券指数ETF-Vanguard美国","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":{"ZBmain":0.6,"IEF":0.6,"TNmain":0.6,"ZTmain":0.6,"TLT":0.6,"IEI":0.6,"UBmain":0.6,"SHY":0.6,"GOVT":0.6,"ZFmain":0.6,"BND":1}},"isVote":1,"tweetType":1,"viewCount":3269,"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":[],"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 played itself to death","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>Lead: After this Credit Suisse crisis, the credibility of Swiss banking industry has gone bankrupt.</p><p>The 167-year-old Swiss investment bank is facing an unprecedented challenge. In many news stories, we can see this bank in sight:</p><p>Helping drug lords launder money, smuggling fish, bribery, supply chain finance fraud, lending tens of billions to activist hedge fund managers, etc. all cast a huge shadow over the reputation of this century-old investment bank.</p><p>These incredible but hugely profitable events all sound like making a movie, but these are all important reasons why Credit Suisse has fallen to this day.</p><p>It should be said that Credit Suisse, unlike Lehman Brothers, may not have a huge financial derivatives problem, but it, like many Wall Street investment banking cancers, has a deadly culture of greed, a corporate culture that is too aggressive to make companies take risks and individuals get huge rewards and commissions.</p><p>Credit Suisse should manage its own people 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 about 530 billion Swiss francs ($573 billion). The volume far exceeds SVB Silicon Valley Bank and Signature Bank.</p><p>Credit Suisse has also become the most vulnerable link in the European financial system. With the continuous rate hike of the Federal Reserve, the bank's own problems have been completely exposed.</p><p>The reason why the capital market pays attention to Credit Suisse is that the assets and business of this established investment bank are all over the world, so if Credit Suisse fails, it will have unimaginably serious consequences for the global financial system.</p><p>However, the reason behind it lies in the rapid expansion of Credit Suisse's business in the past 10 years and the complete failure of risk control.</p><p>The chaotic and out-of-control internal controls caused UBS to be mired in the reason of constant restructuring and leadership changes, so that in the end the whole bank lost a clear direction and fell into chaos and debt.</p><p>In just 10 years, Credit Suisse has replaced three CEOs, namely Tidjane Thiam, Thomas Gottstein and the current CEO of Credit Suisse, Ulrich Korner. Gottstein's shortest tenure lasted only five months.</p><p>Here are the CEOs that Credit Suisse has changed in this 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 fall into such a field?</p><p><b>Bloodthirsty and greedy corporate culture</b></p><p>As the bank that suffered the least in the 2008 financial crisis, Credit Suisse deserves a greater advantage and a more sound style. However, the fact is that even the banks least affected by the financial crisis underwent several restructurings in 2002, 2004 and 2006 and 2022, respectively. Then it began to cut investment businesses, lay off employees and reduce operating costs.</p><p>However, Credit Suisse's DNA seems to be the best interpretation of Gordon Gekko, who said GREED IS GOOD in the movie Wall Street. Except for Deutsche Bank, Credit Suisse IS basically Gordon Gekko per banker. Under the helm of former CEO Tidjane Thiam, his cultural success of strict cost control enabled Credit Suisse to turn losses into a profit for some time. However, the good times did not last long, due to the impact of the spy door. UBS's profits and AUM peaked in 2021 and saw a rapid decline in performance in 2022. However, because he was involved in the surveillance scandal, he had to take the blame and resign, which also caused Credit Suisse's reputation to plummet.</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 battle at Credit Suisse, UBS executives have been accused of using spy tools and equipment to spy on their own employees. Such illegal investigations lasted from 2016 to 2019, and at least seven cases were followed up and investigated. Not only was the company's board of directors aware, but also the people involved committed suicide.</p><p>There was more than one dramatic incident in which the person involved committed suicide. Patrice Lescaudron was originally the top three super bankers in Credit Suisse, with an annual income that was 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 Codron was sentenced to five years in prison for crimes such as forging customer signatures, misappropriating customer assets, and causing at least $150 million in losses to customers.</p><p>Clients who vowed to hunt down him included former Georgian prime minister Bidzina Ivanishvili, Russian tycoon Vitaly Malkin and others.</p><p>Where did Ivanisvilli's and Malkin's enormous wealth come from, how did it enter the Credit Suisse account, and how was it improperly misappropriated by Lescodron? The truth was lost because of the suicide of Ray Codron.</p><p>There are many incredible things like the monitoring door. We see that Credit Suisse is active in the front line of various spy films and commercial blockbusters: the 1MDB fraud case that shook the country in Malaysia and the money laundering case of the underworld in Japan, and Credit Suisse is also involved; Bulgarian drug cartel launders money, Credit Suisse is the main suspect; The property of the prime minister of Georgia, a Central Asian country, was also embezzled by Credit Suisse bankers by forging signatures.</p><p>In short, Credit Suisse is everywhere in the dark corruption cases that broke out 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 to have been involved in a number of money laundering cases, and it paid a full $2.6 billion in fines between 2008 and 2012.</p><p>Beginning 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 had assets under management of as much as CHF 1,478.3 billion, with a net income of 5.3 billion. In early October 2022, Credit Suisse was exposed to a liquidity crisis.</p><p>Credit Suisse's style has become more and more aggressive. In 2022, the two major risk events Greensill and Archego completely dampened Credit Suisse's hope of becoming the world's top 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 the successive liquidations of Greensill Capital and Archegos Capital Management, which are invested by Credit Suisse. This not only dealt a fatal blow to Credit Suisse's credibility, it also cost the bank billions of Swiss francs.</p><p>Credit Suisse is starting to see a large asset \"escape\".</p><p><img src=\"https://static.tigerbbs.com/45db85294d214765682ed85a7beba95c\" tg-width=\"799\" tg-height=\"414\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Its $10 billion in customer funds invested in Greenhill will be difficult to recover in full. While Credit Suisse wasn't the only bank to lose money investing in Archegos, the $5.5 billion loss it suffered was far greater than other banks.</p><p>The Swiss Financial Markets Regulatory Authority (FINMA) has accused Credit Suisse of deliberately ignoring more than 100 warning signs and dancing on the edge of the abyss in pursuit of unrealistic profits.</p><p>Bill Hwang and his family wealth management office Archegos, which set off a large-scale ups and downs of Chinese stocks, exploded, and Credit Suisse Bank suffered huge losses. Credit Suisse's 2021 results showed net expenses related to Archegos amounting to CHF 4.8 billion, or about $4.886 billion.</p><p>On March 1, 2021, four Supply Chain Finance Funds (SCFFs), in which Credit Suisse acts as portfolio manager, decided to terminate redemptions and subscriptions to safeguard the interests of fund investors.</p><p>The reason is that the assets held by the Supply Chain Finance Fund are mainly existing and future receivable-backed notes originated and arranged by Greensill Capital, which filed for bankruptcy in the United Kingdom on 8 March 2021.</p><p>In fact, the biggest impact of Archegos and Greensill, besides incurring huge financial losses, is the impact on Credit Suisse's reputation.</p><p>As a multinational banking group, credit, financial foundation and reputation are the foundation of Credit Suisse. These events have devastated Credit Suisse's reputation and posed a very severe test for its professional ability.</p><p>Credit Suisse also apparently understood the far-reaching impact of these two events. After completing internal and external investigations, it made adjustments to its organizational structure, compensation, etc., and re-audited its investment banking division, especially Prime Services.</p><p>It was because of the vulnerabilities in this business that caused Archegos to blow Credit Suisse hard — and decided to exit the business.</p><p>The market believes part of the blame lies on Urs Rohner, who chaired the bank's board from 2011 to 2021, and the radical corporate culture he encouraged when he was in office.</p><p>Urus Rohner, Chairman of the Credit Suisse Board (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 picture below shows Credit Suisse's performance when Urus Rohner was in office:</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 revealed to have manipulated LIBOR and TIBOR interest rates for profit.</p><p>Details of the 2013 U.S. Department of Justice investigation into Credit Suisse's selling of MBS case.</p><p>In 2014, the U.S. Congress questioned Credit Suisse for helping its customers 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 zero risk control, deep involvement in financial fraud and crime</b></p><p>Credit Suisse helped Archego manipulate the stock market value and lend large sums of money to the former.</p><p>In GREENSILL's case, Credit Suisse provided $10 billion in funds to GREENSILL, but it was deceived by SoftBank. Most of the loan funds were not used for the refinancing of supply chain finance, but were misappropriated to SoftBank's own investment.</p><p>The Archegos incident refers to Archegos Capital Management's liquidation in 2021. This is an American hedge fund operating under the name of a family office, focusing on highly leveraged derivative US stock investment.</p><p>In March 2021, Japan's Nomura Holdings and Credit Suisse issued an early warning that they expected to face huge losses due to loans to Archegos for securities derivatives trading. This led to a sell-off of global banking 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-born founder, Bill Hwang, deliberately expanded Archegos' total market position from $10 billion to $160 billion by misleading him to borrow money from banks and placing huge bets on a handful of stocks through complex securities.</p><p>In late March 2021, Bill Hwang sold off several stocks due to his inability to sustain the manipulation. Almost all the stocks heavily owned by Archegos have seen price plummets. Bill Hwang, who caused this \"big explosion of the century\", was imprisoned.</p><p>The Archegos fund exploded, resulting in losses of more than $10 billion across Wall Street. Credit Suisse also lost $5.5 billion in the liquidation, while Nomura, Morgan Stanley and UBS lost $2.85 billion, $900 million and $861 million, respectively.</p><p>Before Archegos liquidated, it kept adding positions to a series of stocks it held. However, Credit Suisse's regulatory authorities have not handled these risks in a timely and effective manner.</p><p>This explosion storm also triggered the \"exchange of blood\" 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 sadly left at the end of April 2021.</p><p>At almost the same time, the collapse of supply chain finance company Greensill Capital also caused Credit Suisse, which financed it, to suffer about $3bn in losses.</p><p>A year later, in February 2022, Credit Suisse was revealed to have accepted funds from more than 18,000 criminal customers, including oligarchs and drug dealers, and provided them with money laundering and other services. Credit Suisse was prosecuted in court as a result, becoming the first major bank in Swiss history to be found guilty in a criminal case.</p><p>As shown 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 in all kinds of trouble.</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>Loss of customer support, international credibility plummets</b></p><p>Even if Credit Suisse issued reform and restructuring plans many times, these plans did not really reduce costs in the end. On the contrary, Credit Suisse still rewarded employees by acquiescing to employees and senior executives to \"break the rules\" and even create high growth and high returns despite committing crimes.</p><p>This also led to customers eventually losing trust in Credit Suisse, and Credit Suisse eventually lost the support of valuable employees.</p><p>Even though Credit Suisse's core capital adequacy ratio of UBS reached a stable level of 13.5% in the last quarter (the statutory requirement is 8%), Credit Suisse is still on the verge of collapse at this time, facing a large-scale outflow of customer funds (about 120 billion dollars in the fourth quarter) and a plunge in share price.</p><p>Credit Suisse's reform plan 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>Credit Suisse has proposed a strategic restructuring in 2022: from 1 January 2022, it has re-divided its business into four divisions – Wealth Management, Investment Banking, Swiss Bank and Asset Management, and four regional divisions – Switzerland, Europe, Middle East and Africa (EMEA), Asia Pacific and the Americas.</p><p>Three major focuses of the reform plan:</p><p>1) Strengthen its core business by injecting approximately CHF 3 billion in capital into the wealth management division by 2024, strengthening Credit Suisse's balance sheet and organizational structure;</p><p>2) Simplify the business model and establish an integrated global wealth management department, an integrated global investment bank and a centralized technical and operational function department to optimize structural costs and support strategic investment;</p><p>3) Increase investment in customers, business, talent and technology.</p><p>The reform plan for 2022 includes a complete restructuring of its investment bank, a reduction of 2,700 full-time employees in the fourth quarter, resulting in a cumulative reduction of 9,000 employees by the end of 2025, the transfer of a majority stake in the securitization products business, and the reduction of risk-weighted assets and leverage exposure.</p><p><b>Credit Suisse credit defaults CDS swaps soar</b></p><p>The CDS (Credit Default Swap) spread, the most accurate and responsive measure of Credit Default risk, has long warned:</p><p><img src=\"https://static.tigerbbs.com/f84d8eddb62ad489377e9ed733515033\" tg-width=\"720\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ulrich Koerner, the new CEO of Credit Suisse, has launched a sweeping plan to attract uneasy customers and cash back. These actions appeared to pay off in January, when the bank claimed a \"net inflow\" of deposits.</p><p>However, on March 9th, the U.S. Securities and Regulatory Commission (SEC) questioned the bank's annual report, which led Credit Suisse to delay the release of its annual financial report. At the same time, PWC accounting firm issued an adverse audit report (adverse opinion).</p><p>On March 15, Credit Suisse shares plunged again after the National Bank of Saudi Arabia (SNB), its largest shareholder, ruled out the possibility of increasing its stake in Credit Suisse. SNB holds a 9.9% stake in UBS. Among them, the Saudi sovereign fund holds a 37% stake in SNB.</p><p>At this time, the chairman of the board of directors of National Bank of Saudi Arabia, the largest shareholder of Credit Suisse, said in an interview with the media that due to regulatory considerations, he would not increase his stake in Credit Suisse or provide any financial assistance.</p><p>On the same day, Credit Suisse's share price closed down 24% to close at about 1.7 Swiss francs (about $1.83); At one point, it fell 30% to an all-time low during the session, and the price at the lowest point shrank 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>The one-year CDS price jumped from 836 basis points on the 14th (which represents a 10% chance of default) to more than 3,000 basis points as other banks sought to hedge counterparty risk in deals with Credit Suisse. However, few trades are executed due to the depletion of liquidity in the market.</p><p>Another area also showed signs of pressure, with Credit Suisse's Tier 1 Capital Supplement (AT1) bonds trading at less than 80% of par value (a level that typically indicates that companies are in trouble). Even bonds maturing in April are now trading well below face value.</p><p>A lifeline? Credit Suisse seeks help from SNB, the Swiss central bank. In the end, the Swiss National Bank provided Credit Suisse with a loan of 50 billion Swiss francs ($54 billion).</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 SNB's point of view, it had to be saved, and Credit Suisse would be much better off if compared to Lehman.</p><p>Unlike Lehman and SVB, Credit Suisse has a lot of liquid assets and access to central bank lending facilities, and it is less sensitive than many of its competitors to sharp changes in interest rates.</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 chief executive Kona said that the bank's liquidity coverage ratio shows that Credit Suisse can withstand a large outflow of funds that lasts for more than a month during periods of stress.</p><p>At the same time, Credit Suisse said in a statement that this additional liquidity will support Credit Suisse's core business and customers. Credit Suisse will take the steps necessary to create a bank that is simpler and more focused on customer needs.</p><p>Credit Suisse also made a cash offer for 10 USD-denominated senior debt securities for a total consideration of no more than $2.5 billion; Another cash offer was also announced for 4 euro-denominated senior debt securities for a total consideration of not more than 500 million euros.</p><p>The bad news is that Credit Suisse is already very expensive to finance at this point, either needing to raise more capital or facing a spin-off.</p><p>The bank may need to issue another rights issue, or the alternative is to \"split up\" to \"sell or list\" its various business units, including its Swiss division, asset management unit and wealth management unit, separately.</p><p>The Swiss government and regulators have also discussed options to stabilize Credit Suisse's situation, including publicly showing support, offering liquidity support, and more structural remedies — such as splitting the Swiss subsidiary and merging with larger Swiss rival UBS.</p><p>If the borrowing does not solve Credit Suisse's current problems, Credit Suisse may be merged by other larger banks.</p><p>UBS has stated that it will oppose a merger with Credit Suisse because UBS (UBS UBS prefers to do well in wealth management rather than become an investment bank like Credit Suisse and absorb more risk exposure).</p><p>The $54 billion in aid gave Credit Suisse a temporary respite, but if things worsened, the money could not last longer. Therefore, Credit Suisse's top priority is to rebuild customer confidence and new appointments, and use all means to retain customers. If it fails to do so, it will face an even 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 played itself to death</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 played itself to death\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>Lead: After this Credit Suisse crisis, the credibility of Swiss banking industry has gone bankrupt.</p><p>The 167-year-old Swiss investment bank is facing an unprecedented challenge. In many news stories, we can see this bank in sight:</p><p>Helping drug lords launder money, smuggling fish, bribery, supply chain finance fraud, lending tens of billions to activist hedge fund managers, etc. all cast a huge shadow over the reputation of this century-old investment bank.</p><p>These incredible but hugely profitable events all sound like making a movie, but these are all important reasons why Credit Suisse has fallen to this day.</p><p>It should be said that Credit Suisse, unlike Lehman Brothers, may not have a huge financial derivatives problem, but it, like many Wall Street investment banking cancers, has a deadly culture of greed, a corporate culture that is too aggressive to make companies take risks and individuals get huge rewards and commissions.</p><p>Credit Suisse should manage its own people 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 about 530 billion Swiss francs ($573 billion). The volume far exceeds SVB Silicon Valley Bank and Signature Bank.</p><p>Credit Suisse has also become the most vulnerable link in the European financial system. With the continuous rate hike of the Federal Reserve, the bank's own problems have been completely exposed.</p><p>The reason why the capital market pays attention to Credit Suisse is that the assets and business of this established investment bank are all over the world, so if Credit Suisse fails, it will have unimaginably serious consequences for the global financial system.</p><p>However, the reason behind it lies in the rapid expansion of Credit Suisse's business in the past 10 years and the complete failure of risk control.</p><p>The chaotic and out-of-control internal controls caused UBS to be mired in the reason of constant restructuring and leadership changes, so that in the end the whole bank lost a clear direction and fell into chaos and debt.</p><p>In just 10 years, Credit Suisse has replaced three CEOs, namely Tidjane Thiam, Thomas Gottstein and the current CEO of Credit Suisse, Ulrich Korner. Gottstein's shortest tenure lasted only five months.</p><p>Here are the CEOs that Credit Suisse has changed in this 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 fall into such a field?</p><p><b>Bloodthirsty and greedy corporate culture</b></p><p>As the bank that suffered the least in the 2008 financial crisis, Credit Suisse deserves a greater advantage and a more sound style. However, the fact is that even the banks least affected by the financial crisis underwent several restructurings in 2002, 2004 and 2006 and 2022, respectively. Then it began to cut investment businesses, lay off employees and reduce operating costs.</p><p>However, Credit Suisse's DNA seems to be the best interpretation of Gordon Gekko, who said GREED IS GOOD in the movie Wall Street. Except for Deutsche Bank, Credit Suisse IS basically Gordon Gekko per banker. Under the helm of former CEO Tidjane Thiam, his cultural success of strict cost control enabled Credit Suisse to turn losses into a profit for some time. However, the good times did not last long, due to the impact of the spy door. UBS's profits and AUM peaked in 2021 and saw a rapid decline in performance in 2022. However, because he was involved in the surveillance scandal, he had to take the blame and resign, which also caused Credit Suisse's reputation to plummet.</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 battle at Credit Suisse, UBS executives have been accused of using spy tools and equipment to spy on their own employees. Such illegal investigations lasted from 2016 to 2019, and at least seven cases were followed up and investigated. Not only was the company's board of directors aware, but also the people involved committed suicide.</p><p>There was more than one dramatic incident in which the person involved committed suicide. Patrice Lescaudron was originally the top three super bankers in Credit Suisse, with an annual income that was 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 Codron was sentenced to five years in prison for crimes such as forging customer signatures, misappropriating customer assets, and causing at least $150 million in losses to customers.</p><p>Clients who vowed to hunt down him included former Georgian prime minister Bidzina Ivanishvili, Russian tycoon Vitaly Malkin and others.</p><p>Where did Ivanisvilli's and Malkin's enormous wealth come from, how did it enter the Credit Suisse account, and how was it improperly misappropriated by Lescodron? The truth was lost because of the suicide of Ray Codron.</p><p>There are many incredible things like the monitoring door. We see that Credit Suisse is active in the front line of various spy films and commercial blockbusters: the 1MDB fraud case that shook the country in Malaysia and the money laundering case of the underworld in Japan, and Credit Suisse is also involved; Bulgarian drug cartel launders money, Credit Suisse is the main suspect; The property of the prime minister of Georgia, a Central Asian country, was also embezzled by Credit Suisse bankers by forging signatures.</p><p>In short, Credit Suisse is everywhere in the dark corruption cases that broke out 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 to have been involved in a number of money laundering cases, and it paid a full $2.6 billion in fines between 2008 and 2012.</p><p>Beginning 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 had assets under management of as much as CHF 1,478.3 billion, with a net income of 5.3 billion. In early October 2022, Credit Suisse was exposed to a liquidity crisis.</p><p>Credit Suisse's style has become more and more aggressive. In 2022, the two major risk events Greensill and Archego completely dampened Credit Suisse's hope of becoming the world's top 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 the successive liquidations of Greensill Capital and Archegos Capital Management, which are invested by Credit Suisse. This not only dealt a fatal blow to Credit Suisse's credibility, it also cost the bank billions of Swiss francs.</p><p>Credit Suisse is starting to see a large asset \"escape\".</p><p><img src=\"https://static.tigerbbs.com/45db85294d214765682ed85a7beba95c\" tg-width=\"799\" tg-height=\"414\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Its $10 billion in customer funds invested in Greenhill will be difficult to recover in full. While Credit Suisse wasn't the only bank to lose money investing in Archegos, the $5.5 billion loss it suffered was far greater than other banks.</p><p>The Swiss Financial Markets Regulatory Authority (FINMA) has accused Credit Suisse of deliberately ignoring more than 100 warning signs and dancing on the edge of the abyss in pursuit of unrealistic profits.</p><p>Bill Hwang and his family wealth management office Archegos, which set off a large-scale ups and downs of Chinese stocks, exploded, and Credit Suisse Bank suffered huge losses. Credit Suisse's 2021 results showed net expenses related to Archegos amounting to CHF 4.8 billion, or about $4.886 billion.</p><p>On March 1, 2021, four Supply Chain Finance Funds (SCFFs), in which Credit Suisse acts as portfolio manager, decided to terminate redemptions and subscriptions to safeguard the interests of fund investors.</p><p>The reason is that the assets held by the Supply Chain Finance Fund are mainly existing and future receivable-backed notes originated and arranged by Greensill Capital, which filed for bankruptcy in the United Kingdom on 8 March 2021.</p><p>In fact, the biggest impact of Archegos and Greensill, besides incurring huge financial losses, is the impact on Credit Suisse's reputation.</p><p>As a multinational banking group, credit, financial foundation and reputation are the foundation of Credit Suisse. These events have devastated Credit Suisse's reputation and posed a very severe test for its professional ability.</p><p>Credit Suisse also apparently understood the far-reaching impact of these two events. After completing internal and external investigations, it made adjustments to its organizational structure, compensation, etc., and re-audited its investment banking division, especially Prime Services.</p><p>It was because of the vulnerabilities in this business that caused Archegos to blow Credit Suisse hard — and decided to exit the business.</p><p>The market believes part of the blame lies on Urs Rohner, who chaired the bank's board from 2011 to 2021, and the radical corporate culture he encouraged when he was in office.</p><p>Urus Rohner, Chairman of the Credit Suisse Board (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 picture below shows Credit Suisse's performance when Urus Rohner was in office:</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 revealed to have manipulated LIBOR and TIBOR interest rates for profit.</p><p>Details of the 2013 U.S. Department of Justice investigation into Credit Suisse's selling of MBS case.</p><p>In 2014, the U.S. Congress questioned Credit Suisse for helping its customers 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 zero risk control, deep involvement in financial fraud and crime</b></p><p>Credit Suisse helped Archego manipulate the stock market value and lend large sums of money to the former.</p><p>In GREENSILL's case, Credit Suisse provided $10 billion in funds to GREENSILL, but it was deceived by SoftBank. Most of the loan funds were not used for the refinancing of supply chain finance, but were misappropriated to SoftBank's own investment.</p><p>The Archegos incident refers to Archegos Capital Management's liquidation in 2021. This is an American hedge fund operating under the name of a family office, focusing on highly leveraged derivative US stock investment.</p><p>In March 2021, Japan's Nomura Holdings and Credit Suisse issued an early warning that they expected to face huge losses due to loans to Archegos for securities derivatives trading. This led to a sell-off of global banking 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-born founder, Bill Hwang, deliberately expanded Archegos' total market position from $10 billion to $160 billion by misleading him to borrow money from banks and placing huge bets on a handful of stocks through complex securities.</p><p>In late March 2021, Bill Hwang sold off several stocks due to his inability to sustain the manipulation. Almost all the stocks heavily owned by Archegos have seen price plummets. Bill Hwang, who caused this \"big explosion of the century\", was imprisoned.</p><p>The Archegos fund exploded, resulting in losses of more than $10 billion across Wall Street. Credit Suisse also lost $5.5 billion in the liquidation, while Nomura, Morgan Stanley and UBS lost $2.85 billion, $900 million and $861 million, respectively.</p><p>Before Archegos liquidated, it kept adding positions to a series of stocks it held. However, Credit Suisse's regulatory authorities have not handled these risks in a timely and effective manner.</p><p>This explosion storm also triggered the \"exchange of blood\" 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 sadly left at the end of April 2021.</p><p>At almost the same time, the collapse of supply chain finance company Greensill Capital also caused Credit Suisse, which financed it, to suffer about $3bn in losses.</p><p>A year later, in February 2022, Credit Suisse was revealed to have accepted funds from more than 18,000 criminal customers, including oligarchs and drug dealers, and provided them with money laundering and other services. Credit Suisse was prosecuted in court as a result, becoming the first major bank in Swiss history to be found guilty in a criminal case.</p><p>As shown 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 in all kinds of trouble.</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>Loss of customer support, international credibility plummets</b></p><p>Even if Credit Suisse issued reform and restructuring plans many times, these plans did not really reduce costs in the end. On the contrary, Credit Suisse still rewarded employees by acquiescing to employees and senior executives to \"break the rules\" and even create high growth and high returns despite committing crimes.</p><p>This also led to customers eventually losing trust in Credit Suisse, and Credit Suisse eventually lost the support of valuable employees.</p><p>Even though Credit Suisse's core capital adequacy ratio of UBS reached a stable level of 13.5% in the last quarter (the statutory requirement is 8%), Credit Suisse is still on the verge of collapse at this time, facing a large-scale outflow of customer funds (about 120 billion dollars in the fourth quarter) and a plunge in share price.</p><p>Credit Suisse's reform plan 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>Credit Suisse has proposed a strategic restructuring in 2022: from 1 January 2022, it has re-divided its business into four divisions – Wealth Management, Investment Banking, Swiss Bank and Asset Management, and four regional divisions – Switzerland, Europe, Middle East and Africa (EMEA), Asia Pacific and the Americas.</p><p>Three major focuses of the reform plan:</p><p>1) Strengthen its core business by injecting approximately CHF 3 billion in capital into the wealth management division by 2024, strengthening Credit Suisse's balance sheet and organizational structure;</p><p>2) Simplify the business model and establish an integrated global wealth management department, an integrated global investment bank and a centralized technical and operational function department to optimize structural costs and support strategic investment;</p><p>3) Increase investment in customers, business, talent and technology.</p><p>The reform plan for 2022 includes a complete restructuring of its investment bank, a reduction of 2,700 full-time employees in the fourth quarter, resulting in a cumulative reduction of 9,000 employees by the end of 2025, the transfer of a majority stake in the securitization products business, and the reduction of risk-weighted assets and leverage exposure.</p><p><b>Credit Suisse credit defaults CDS swaps soar</b></p><p>The CDS (Credit Default Swap) spread, the most accurate and responsive measure of Credit Default risk, has long warned:</p><p><img src=\"https://static.tigerbbs.com/f84d8eddb62ad489377e9ed733515033\" tg-width=\"720\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ulrich Koerner, the new CEO of Credit Suisse, has launched a sweeping plan to attract uneasy customers and cash back. These actions appeared to pay off in January, when the bank claimed a \"net inflow\" of deposits.</p><p>However, on March 9th, the U.S. Securities and Regulatory Commission (SEC) questioned the bank's annual report, which led Credit Suisse to delay the release of its annual financial report. At the same time, PWC accounting firm issued an adverse audit report (adverse opinion).</p><p>On March 15, Credit Suisse shares plunged again after the National Bank of Saudi Arabia (SNB), its largest shareholder, ruled out the possibility of increasing its stake in Credit Suisse. SNB holds a 9.9% stake in UBS. Among them, the Saudi sovereign fund holds a 37% stake in SNB.</p><p>At this time, the chairman of the board of directors of National Bank of Saudi Arabia, the largest shareholder of Credit Suisse, said in an interview with the media that due to regulatory considerations, he would not increase his stake in Credit Suisse or provide any financial assistance.</p><p>On the same day, Credit Suisse's share price closed down 24% to close at about 1.7 Swiss francs (about $1.83); At one point, it fell 30% to an all-time low during the session, and the price at the lowest point shrank 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>The one-year CDS price jumped from 836 basis points on the 14th (which represents a 10% chance of default) to more than 3,000 basis points as other banks sought to hedge counterparty risk in deals with Credit Suisse. However, few trades are executed due to the depletion of liquidity in the market.</p><p>Another area also showed signs of pressure, with Credit Suisse's Tier 1 Capital Supplement (AT1) bonds trading at less than 80% of par value (a level that typically indicates that companies are in trouble). Even bonds maturing in April are now trading well below face value.</p><p>A lifeline? Credit Suisse seeks help from SNB, the Swiss central bank. In the end, the Swiss National Bank provided Credit Suisse with a loan of 50 billion Swiss francs ($54 billion).</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 SNB's point of view, it had to be saved, and Credit Suisse would be much better off if compared to Lehman.</p><p>Unlike Lehman and SVB, Credit Suisse has a lot of liquid assets and access to central bank lending facilities, and it is less sensitive than many of its competitors to sharp changes in interest rates.</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 chief executive Kona said that the bank's liquidity coverage ratio shows that Credit Suisse can withstand a large outflow of funds that lasts for more than a month during periods of stress.</p><p>At the same time, Credit Suisse said in a statement that this additional liquidity will support Credit Suisse's core business and customers. Credit Suisse will take the steps necessary to create a bank that is simpler and more focused on customer needs.</p><p>Credit Suisse also made a cash offer for 10 USD-denominated senior debt securities for a total consideration of no more than $2.5 billion; Another cash offer was also announced for 4 euro-denominated senior debt securities for a total consideration of not more than 500 million euros.</p><p>The bad news is that Credit Suisse is already very expensive to finance at this point, either needing to raise more capital or facing a spin-off.</p><p>The bank may need to issue another rights issue, or the alternative is to \"split up\" to \"sell or list\" its various business units, including its Swiss division, asset management unit and wealth management unit, separately.</p><p>The Swiss government and regulators have also discussed options to stabilize Credit Suisse's situation, including publicly showing support, offering liquidity support, and more structural remedies — such as splitting the Swiss subsidiary and merging with larger Swiss rival UBS.</p><p>If the borrowing does not solve Credit Suisse's current problems, Credit Suisse may be merged by other larger banks.</p><p>UBS has stated that it will oppose a merger with Credit Suisse because UBS (UBS UBS prefers to do well in wealth management rather than become an investment bank like Credit Suisse and absorb more risk exposure).</p><p>The $54 billion in aid gave Credit Suisse a temporary respite, but if things worsened, the money could not last longer. Therefore, Credit Suisse's top priority is to rebuild customer confidence and new appointments, and use all means to retain customers. If it fails to do so, it will face an even 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":2843,"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":[],"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":3161,"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":[],"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":"坚守初心，不随俗流。用一颗匠子心打造一个具有广度、深度、高度、温度的港股交流圈。","home_visible":1,"media_name":"丫丫港股圈","id":"34","head_image":"https://static.tigerbbs.com/114bba396d364a71a322b5748847d493"},"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":"Disappointment backs down on Pinduoduo with overly high expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=2321667647","media":"丫丫港股圈","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>The 2022 Q4 financial report was announced. Under the performance of Chinese concept stocks in the fourth quarter that exceeded market expectations, Pinduoduo became the only one that was lower than market expectations.</p><p>After last night's earnings report, Pinduoduo plunged 14.17%, falling to a nearly five-month low.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The impact of tens of billions of subsidies is not strong, and the trend of Pinduoduo is better than that of JD.COM. But why did the stock price plummet last night when the financial report was issued?</p><p>According to the financial report, the total revenue in 22Q4 was 39.82 billion yuan, a year-on-year increase of 46.2% and a month-on-month increase of 12.2%. Previously, Bloomberg's consensus estimate was 41.948 billion yuan, and the expected growth rate would reach 50%, but this time it was significantly lower than this data.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>22Q4 Non-GAAP net profit attributable to the parent was 12.11 billion yuan, a year-on-year increase of 43.4% and a quarter-on-quarter decrease of 2.7%. Previously, Bloomberg's consensus estimate was 11.17 billion yuan, which was actually 8.4% higher than the market expectation.</p><p>In Q2 and Q3 quarters last year, when the consumption situation was grim, Pinduoduo still performed greatly beyond market expectations, which increased the imagination of institutions about Pinduoduo' performance in Q4. Especially in the case of Ali's and JD.COM's market share decline last year, everyone has greater expectations for Pinduoduo, which has an increasing market share.</p><p>There are two most intuitive reasons why Pinduoduo failed to meet everyone's expectations.</p><p>First, in order to expand the overseas version of Pinduoduo Temu business at a high speed, Pinduoduo spent a lot of money on marketing to attract customers, and Pinduoduo's original excellent cost control link has been relaxed.</p><p>Marketing expenses in 22Q4 were 17.7 billion yuan, a year-on-year increase of 56%, which was higher than the revenue growth rate. Administrative expenses increased from 224 million yuan in the same period of Q4 2021 to 1.64 billion yuan, of which equity incentive expenses accounted for 1.28 billion yuan, which was caused by Pinduoduo to motivate Temu employees. Research and development expenses amounted to 2.4 billion, which was at the normal level in Pinduoduo and did not increase.</p><p>The second is that November and December of Q4 last year were deeply plagued by the epidemic, consumption was blocked, and everyone's demand for drugs surged. Ali and JD.COM, which have pharmacy distribution business, benefit from this, but Pinduoduo does not have this business.</p><p>If the high growth brought by drugs is not considered, in fact, the consumer goods revenue of Ali and JD.COM is not good. The two companies also mentioned in their Q4 financial reports that the high growth of drugs offset the decline in consumption in other categories. Because Pinduoduo does not have this business, it does not have a cushion to offset the decline in revenue of other categories.</p><p>From the perspective of business segmentation, the revenue of online marketing services in 22Q4 was 31 billion yuan, a year-on-year increase of 38%, which was slower than the growth rate of 58% in 22Q3, and lower than the higher expected value of the market of 45-50%. However, this revenue is 125% of JD.COM's revenue in the same period and 43.5% of Ali's revenue in the same period.</p><p>Although November to December of Q4 last year was home time, which was also good for the sales of daily necessities in Pinduoduo, online shopping always needed someone to deliver the goods to their homes. In the last two months, the logistics and distribution in many areas was not so smooth, and the deterioration of performance rate was also a factor affecting consumption.</p><p>The commission income in 22Q4 was 8.8 billion yuan, up 86% year-on-year, but the growth rate was lower than the 102% growth in 22Q3. The income of this business exceeded the market expectation of 8.2 billion yuan.</p><p>The gross profit margin in 22Q4 was 77.6%, slightly higher than the market expectation of 76.6%. In fact, the gross profit margin did not decline. The gross profit was 30.9 billion yuan, lower than the market expectation of 31.9 billion yuan, which was mainly due to the decrease in revenue and the increase in marketing expenses.</p><p>Overall, the market was too optimistic about Pinduoduo's exceeding expectations in Q2 and Q3 last year, resulting in excessive expectations for Q4 performance.</p><p>Ali and JD.COM performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Excluding pharmaceuticals, the revenue of other consumer products actually declined. Ali and JD.COM have offline distribution capabilities such as Hungry and JD.COM Home, and they have an advantage in the case of high home consumption demand. In contrast, Pinduoduo does not have the ability to distribute drugs offline.</p><p>It is worth noting that JD.COM has started the so-called tens of billions of subsidy wars for two weeks.</p><p>However, judging from consumer feedback, they didn't feel the price advantage mentioned in JD.COM's propaganda. For example, the promise of \"losing three times the price if it is not lower than Pinduoduo and Tmall\" has not been fulfilled. In individual categories, the price of JD.COM is slightly lower than that of Pinduoduo; However, from the overall category perspective, Pinduoduo gives consumers more efforts.</p><p>Chen Lei, CEO of Pinduoduo, said that the competition in the industry is very fierce. We believe that healthy competition is beneficial to consumers and the whole industry. However, with the fierce competition, this competition will also be alienated to varying degrees. Serving consumers well is the key to creating long-term value.</p><p><b>In the conference call, there is a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment of the company will be carefully considered, and if this investment can bring long-term high-quality development to the company, it will not hesitate to invest.</b></p><p><b>In the past, not only Ali and JD.COM, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the period of high-speed growth, sometimes we will make some inexplicable investments. However, the feedback generated by this investment to the company is not good, which leads the company to spend both money and energy to make some poor investments, which is a mistake often made by Internet companies.</b></p><p><b>This is also one of the reasons why Duan Yongping previously called it unable to buy Tencent heavily, and Tencent will also make some strange investments that are difficult for shareholders to understand.</b></p><p>Of course, the volume of Pinduoduo still can't be compared with that of Tencent, but in the period of rapid development of enterprises, making good investment is an important cornerstone for the company's better future development, such as the expansion of overseas Temu business in Pinduoduo.</p><p>Chen Lei said that at present, Temu's business is still in the early stage, and its impact on the financial report is relatively small at present. However, from the 22Q4 financial report, the marketing expenditure of Pinduoduo should increase one after another in the future, which will affect the performance of the financial report.</p><p><b>epilogue</b></p><p>This financial report is not a bad work, but disappointment backlash caused by excessive market expectations.</p><p>At present, the price war in JD.COM has not shaken Pinduoduo's low-price advantage. If it is the current price strength, I believe that Pinduoduo, which relies on the low-price strategy, can keep the ring.</p><p>The growth of pharmaceutical sales provides a buffer for the decline of other revenues in JD.COM, but pharmaceuticals are a \"one-time\" source of income and cannot bring sustainable development to JD.COM.</p><p>Therefore, the Q1 report of 23 is particularly important, which will reflect how consumer loyalty will be distributed in the first consumption recovery quarter 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>Disappointment backs down on Pinduoduo with overly high expectations</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\">\nDisappointment backs down on Pinduoduo with overly high expectations\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/114bba396d364a71a322b5748847d493);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">丫丫港股圈 </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>The 2022 Q4 financial report was announced. Under the performance of Chinese concept stocks in the fourth quarter that exceeded market expectations, Pinduoduo became the only one that was lower than market expectations.</p><p>After last night's earnings report, Pinduoduo plunged 14.17%, falling to a nearly five-month low.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The impact of tens of billions of subsidies is not strong, and the trend of Pinduoduo is better than that of JD.COM. But why did the stock price plummet last night when the financial report was issued?</p><p>According to the financial report, the total revenue in 22Q4 was 39.82 billion yuan, a year-on-year increase of 46.2% and a month-on-month increase of 12.2%. Previously, Bloomberg's consensus estimate was 41.948 billion yuan, and the expected growth rate would reach 50%, but this time it was significantly lower than this data.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>22Q4 Non-GAAP net profit attributable to the parent was 12.11 billion yuan, a year-on-year increase of 43.4% and a quarter-on-quarter decrease of 2.7%. Previously, Bloomberg's consensus estimate was 11.17 billion yuan, which was actually 8.4% higher than the market expectation.</p><p>In Q2 and Q3 quarters last year, when the consumption situation was grim, Pinduoduo still performed greatly beyond market expectations, which increased the imagination of institutions about Pinduoduo' performance in Q4. Especially in the case of Ali's and JD.COM's market share decline last year, everyone has greater expectations for Pinduoduo, which has an increasing market share.</p><p>There are two most intuitive reasons why Pinduoduo failed to meet everyone's expectations.</p><p>First, in order to expand the overseas version of Pinduoduo Temu business at a high speed, Pinduoduo spent a lot of money on marketing to attract customers, and Pinduoduo's original excellent cost control link has been relaxed.</p><p>Marketing expenses in 22Q4 were 17.7 billion yuan, a year-on-year increase of 56%, which was higher than the revenue growth rate. Administrative expenses increased from 224 million yuan in the same period of Q4 2021 to 1.64 billion yuan, of which equity incentive expenses accounted for 1.28 billion yuan, which was caused by Pinduoduo to motivate Temu employees. Research and development expenses amounted to 2.4 billion, which was at the normal level in Pinduoduo and did not increase.</p><p>The second is that November and December of Q4 last year were deeply plagued by the epidemic, consumption was blocked, and everyone's demand for drugs surged. Ali and JD.COM, which have pharmacy distribution business, benefit from this, but Pinduoduo does not have this business.</p><p>If the high growth brought by drugs is not considered, in fact, the consumer goods revenue of Ali and JD.COM is not good. The two companies also mentioned in their Q4 financial reports that the high growth of drugs offset the decline in consumption in other categories. Because Pinduoduo does not have this business, it does not have a cushion to offset the decline in revenue of other categories.</p><p>From the perspective of business segmentation, the revenue of online marketing services in 22Q4 was 31 billion yuan, a year-on-year increase of 38%, which was slower than the growth rate of 58% in 22Q3, and lower than the higher expected value of the market of 45-50%. However, this revenue is 125% of JD.COM's revenue in the same period and 43.5% of Ali's revenue in the same period.</p><p>Although November to December of Q4 last year was home time, which was also good for the sales of daily necessities in Pinduoduo, online shopping always needed someone to deliver the goods to their homes. In the last two months, the logistics and distribution in many areas was not so smooth, and the deterioration of performance rate was also a factor affecting consumption.</p><p>The commission income in 22Q4 was 8.8 billion yuan, up 86% year-on-year, but the growth rate was lower than the 102% growth in 22Q3. The income of this business exceeded the market expectation of 8.2 billion yuan.</p><p>The gross profit margin in 22Q4 was 77.6%, slightly higher than the market expectation of 76.6%. In fact, the gross profit margin did not decline. The gross profit was 30.9 billion yuan, lower than the market expectation of 31.9 billion yuan, which was mainly due to the decrease in revenue and the increase in marketing expenses.</p><p>Overall, the market was too optimistic about Pinduoduo's exceeding expectations in Q2 and Q3 last year, resulting in excessive expectations for Q4 performance.</p><p>Ali and JD.COM performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Excluding pharmaceuticals, the revenue of other consumer products actually declined. Ali and JD.COM have offline distribution capabilities such as Hungry and JD.COM Home, and they have an advantage in the case of high home consumption demand. In contrast, Pinduoduo does not have the ability to distribute drugs offline.</p><p>It is worth noting that JD.COM has started the so-called tens of billions of subsidy wars for two weeks.</p><p>However, judging from consumer feedback, they didn't feel the price advantage mentioned in JD.COM's propaganda. For example, the promise of \"losing three times the price if it is not lower than Pinduoduo and Tmall\" has not been fulfilled. In individual categories, the price of JD.COM is slightly lower than that of Pinduoduo; However, from the overall category perspective, Pinduoduo gives consumers more efforts.</p><p>Chen Lei, CEO of Pinduoduo, said that the competition in the industry is very fierce. We believe that healthy competition is beneficial to consumers and the whole industry. However, with the fierce competition, this competition will also be alienated to varying degrees. Serving consumers well is the key to creating long-term value.</p><p><b>In the conference call, there is a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment of the company will be carefully considered, and if this investment can bring long-term high-quality development to the company, it will not hesitate to invest.</b></p><p><b>In the past, not only Ali and JD.COM, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the period of high-speed growth, sometimes we will make some inexplicable investments. However, the feedback generated by this investment to the company is not good, which leads the company to spend both money and energy to make some poor investments, which is a mistake often made by Internet companies.</b></p><p><b>This is also one of the reasons why Duan Yongping previously called it unable to buy Tencent heavily, and Tencent will also make some strange investments that are difficult for shareholders to understand.</b></p><p>Of course, the volume of Pinduoduo still can't be compared with that of Tencent, but in the period of rapid development of enterprises, making good investment is an important cornerstone for the company's better future development, such as the expansion of overseas Temu business in Pinduoduo.</p><p>Chen Lei said that at present, Temu's business is still in the early stage, and its impact on the financial report is relatively small at present. However, from the 22Q4 financial report, the marketing expenditure of Pinduoduo should increase one after another in the future, which will affect the performance of the financial report.</p><p><b>epilogue</b></p><p>This financial report is not a bad work, but disappointment backlash caused by excessive market expectations.</p><p>At present, the price war in JD.COM has not shaken Pinduoduo's low-price advantage. If it is the current price strength, I believe that Pinduoduo, which relies on the low-price strategy, can keep the ring.</p><p>The growth of pharmaceutical sales provides a buffer for the decline of other revenues in JD.COM, but pharmaceuticals are a \"one-time\" source of income and cannot bring sustainable development to JD.COM.</p><p>Therefore, the Q1 report of 23 is particularly important, which will reflect how consumer loyalty will be distributed in the first consumption recovery quarter 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":3396,"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":[],"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":3254,"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":[],"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":"Whether or not to rate hike in March, Wall Street quarrels!","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>At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike 25 basis points at the FOMC meeting on March 22nd.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>The crisis continues to ferment, and the inflation rally in the United States is resurgent. What will the Federal Reserve do next?</p><p>The U.S. February inflation report, released overnight, showed that core CPI was higher than expected month-over-month, with Powell's preferred \"super-core inflation\" (excluding housing and rents) rising 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 increased, while the egg and meat index declined and energy services declined. Used car prices have unexpectedly declined despite the Manheim Index showing significant increases in used car prices, meaning that used car prices may be relatively lagging in the CPI.</p><p>After the CPI data, short-term interest rate STIR market expectations for the Fed's rate hike of 25 basis points rose slightly, now at 80%, having fallen below 50% at one point 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 can't ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>This is just the beginning of the industry crisis, and more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>downgraded the outlook for the U.S. banking sector to \"negative\", saying the operating environment has deteriorated sharply.</p><p><b>What does Wall Street think? At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike 25 basis points at the FOMC meeting on March 22nd,</b>Which means<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And Barclays' calls for a moratorium on rate hike and Nomura's calls for interest rate cuts may both be wrong.</p><p><b>Relatively dovish: inclined to suspend rate hike or cut interest rates</b></p><p><b>Here's what relatively dovish analysts have to say.</b></p><p>Dennis DeBusschere, founder of 22V Research, believes that CPI won't bring much change:</p><p>The CPI inflation data is a big hot spot, but it's not a game changer. The Fed is very concerned about labor data, and the market reacted pigeonish after the non-farm release, which is why the market did not change the rate hike probability after the CPI release. Andrew Hunter, economist at Capital Economics, highlighted the negative impact of rate hike on the economy:</p><p>On the surface, the continued increase in inflation has left the Fed focused on maintaining financial stability in trouble, but even if the current crisis is resolved quickly, we think<b>The tightening of credit conditions brought on by rate hike will still cause lasting damage to the economy.</b>According to Victoria Scholar, head of investment at Interactive Investor:</p><p>When financial conditions tighten and the risk of a U.S. recession increases, the impact of the banking crisis actually eases inflationary pressures.<b>Relatively hawkish: 25 basis points for rate hike</b></p><p>Here's what relatively hawkish analysts have to say.</p><p>Ian Lyngen, fixed income strategist at BMO, believes a rate hike of 25 basis points is a foregone conclusion next week.</p><p>Overall, this latest inflation update means 25 basis points for rate hike next week is a foregone conclusion. But at the same time, the pressure on regional banks remains unknown. Ira Jersey BBG Intel The chief U.S. interest rate strategist said:</p><p><b>The numbers are strong enough to suggest that the Fed will rate hike 25 basis points next week.</b>The Fed's challenge will be to send the message that it is prepared to help ease liquidity in the financial sector, but still needs to fight inflation. For the U.S. Treasury Bond market, we believe long-term yields will remain in the range of 3.32% to 3.9% until the Fed meeting. Peter Boockvar, author of the Boock Report, writes:</p><p>We are seeing services inflation accelerate again, offsetting a slowdown in goods inflation. Rent growth has been exaggerated, maintaining a 3-4% growth rate as housing demand will be stable. On the other hand, the continued downward trend in commodity prices means that slowing inflation is sustainable, but as for why I support the Fed to rate hike 25 basis points next week, after which it may suspend the rate hike.<b>It is pointless for the Fed to cut interest rates next week, which will not only make the Fed appear weak, it will make all the outspoken hawks look silly.</b>Neil Dutta, strategist at Renaissance Macro, notes succinctly:</p><p>Details of the inflation report are not positive for the Fed, and core services inflation (excluding housing) is accelerating. The CPI data reminds the Fed,<b>The fight against inflation is not over yet. It is expected to rate hike 25 basis points next week, and if it were not for the collapse of SVB, the Fed may rate hike 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the dilemma between maintaining financial stability and fighting inflation by the Fed:</p><p>So far this year, Powell has used the term \"anti-inflation\" a lot, and Tuesday's report was anything but \"anti-inflation.\" The Fed has had to face the fact that not only has rate hike failed to control inflation, but it has already begun to cause instability in the banking system. We are in a situation where inflation remains high and there is a risk of further weakness in the economy, especially with recent bank failures. The Fed is running out of good options.</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>Whether or not to rate hike in March, Wall Street quarrels!</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\">\nWhether or not to rate hike in March, Wall Street quarrels!\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>At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike 25 basis points at the FOMC meeting on March 22nd.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>The crisis continues to ferment, and the inflation rally in the United States is resurgent. What will the Federal Reserve do next?</p><p>The U.S. February inflation report, released overnight, showed that core CPI was higher than expected month-over-month, with Powell's preferred \"super-core inflation\" (excluding housing and rents) rising 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 increased, while the egg and meat index declined and energy services declined. Used car prices have unexpectedly declined despite the Manheim Index showing significant increases in used car prices, meaning that used car prices may be relatively lagging in the CPI.</p><p>After the CPI data, short-term interest rate STIR market expectations for the Fed's rate hike of 25 basis points rose slightly, now at 80%, having fallen below 50% at one point 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 can't ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>This is just the beginning of the industry crisis, and more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>downgraded the outlook for the U.S. banking sector to \"negative\", saying the operating environment has deteriorated sharply.</p><p><b>What does Wall Street think? At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike 25 basis points at the FOMC meeting on March 22nd,</b>Which means<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And Barclays' calls for a moratorium on rate hike and Nomura's calls for interest rate cuts may both be wrong.</p><p><b>Relatively dovish: inclined to suspend rate hike or cut interest rates</b></p><p><b>Here's what relatively dovish analysts have to say.</b></p><p>Dennis DeBusschere, founder of 22V Research, believes that CPI won't bring much change:</p><p>The CPI inflation data is a big hot spot, but it's not a game changer. The Fed is very concerned about labor data, and the market reacted pigeonish after the non-farm release, which is why the market did not change the rate hike probability after the CPI release. Andrew Hunter, economist at Capital Economics, highlighted the negative impact of rate hike on the economy:</p><p>On the surface, the continued increase in inflation has left the Fed focused on maintaining financial stability in trouble, but even if the current crisis is resolved quickly, we think<b>The tightening of credit conditions brought on by rate hike will still cause lasting damage to the economy.</b>According to Victoria Scholar, head of investment at Interactive Investor:</p><p>When financial conditions tighten and the risk of a U.S. recession increases, the impact of the banking crisis actually eases inflationary pressures.<b>Relatively hawkish: 25 basis points for rate hike</b></p><p>Here's what relatively hawkish analysts have to say.</p><p>Ian Lyngen, fixed income strategist at BMO, believes a rate hike of 25 basis points is a foregone conclusion next week.</p><p>Overall, this latest inflation update means 25 basis points for rate hike next week is a foregone conclusion. But at the same time, the pressure on regional banks remains unknown. Ira Jersey BBG Intel The chief U.S. interest rate strategist said:</p><p><b>The numbers are strong enough to suggest that the Fed will rate hike 25 basis points next week.</b>The Fed's challenge will be to send the message that it is prepared to help ease liquidity in the financial sector, but still needs to fight inflation. For the U.S. Treasury Bond market, we believe long-term yields will remain in the range of 3.32% to 3.9% until the Fed meeting. Peter Boockvar, author of the Boock Report, writes:</p><p>We are seeing services inflation accelerate again, offsetting a slowdown in goods inflation. Rent growth has been exaggerated, maintaining a 3-4% growth rate as housing demand will be stable. On the other hand, the continued downward trend in commodity prices means that slowing inflation is sustainable, but as for why I support the Fed to rate hike 25 basis points next week, after which it may suspend the rate hike.<b>It is pointless for the Fed to cut interest rates next week, which will not only make the Fed appear weak, it will make all the outspoken hawks look silly.</b>Neil Dutta, strategist at Renaissance Macro, notes succinctly:</p><p>Details of the inflation report are not positive for the Fed, and core services inflation (excluding housing) is accelerating. The CPI data reminds the Fed,<b>The fight against inflation is not over yet. It is expected to rate hike 25 basis points next week, and if it were not for the collapse of SVB, the Fed may rate hike 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the dilemma between maintaining financial stability and fighting inflation by the Fed:</p><p>So far this year, Powell has used the term \"anti-inflation\" a lot, and Tuesday's report was anything but \"anti-inflation.\" The Fed has had to face the fact that not only has rate hike failed to control inflation, but it has already begun to cause instability in the banking system. We are in a situation where inflation remains high and there is a risk of further weakness in the economy, especially with recent bank failures. The Fed is running out of good options.</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":2809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}