singsongone 1n personal page - To The Moon

singsongone 1n

singsongone 1n

关注科技股分享选择逻辑，关注美港股

549Follow

176Followers

19Topic

0Badge

16:50

q

Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing

16:43

[开心]

Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing

16:39

xuexi

BUZZ-Brokerage Opinion: Tesla Spending Surges, Earnings Cashout Period Pushed Back, Analysts Says

16:00

$Global X PureCap MSCI Information Technology ETF(GXPT)$

@singsongone 1n:古古怪怪

04-22 19:30

@SS0079 @容易涨彤

04-22 19:29

@SS0079 @容易涨彤

04-22 17:28

$Global MSCI(GXPT)$

Analyst: Apple's announcement of coaching change at this time indicates that next week's earnings may be good

04-14

Great article, would you like to share it?

The Bond Market Is "Moving On" From the Iran War

04-13

666

@Crypto加密虎:🎋摩根士丹利比特幣ETF上市首日吸金3400萬美元！BTC壓力週期接近尾聲？

04-09

Great article, would you like to share it?

Meta Jumps 6.5% After Announcing New AI Model in Major Test of Company's Ambitions

04-03

Why did HIMS move recently?

Find out more here: Why did HIMS move recently? Hims & Hers Health (HIMS) stock has experienced significant volatility recently, primarily driven by a major strategic partnership announcement, subsequent analyst reactions, and a newly disclosed cybersecurity incident. The stock surged over 40% on March 9th following news of a deal with Novo Nordisk but has since given back some gains amid mixed analyst views and negative news flow.2429

Why did HIMS move recently?

02-09

must win

01-23

【Voting Post】$Novo-Nordisk A/S(NVO)$

01-23

$ENPH 20260130 35.5 PUT$

01-23

$比特币ETF-iShares(IBIT)$

$3倍做多20年期以上国债ETF-Direxion(TMF)$

：

01-23

$UOB MB eCW260730(HIQW.SI)$ [得意] [得意] [得意]

01-23

$UOB MB eCW260730(HIQW.SI)$ $MSCI台指主连(TWmain)$ $VinFast Auto(VFS)$ [开心] [开心] [开心] [开心] [开心]

01-14

$WEBULL 10/04/2030(TO(BULLW)$

01-08

$拼多多(PDD)$ $拼多多(PDD)$

01-04

$XIC.HK 20260226 7.00 CALL$

Guojin Securities: After the highest single-year increase in nearly 46 years, how do you think of the trend of gold?

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4100931252200150","uuid":"4100931252200150","gmtCreate":1637835048957,"gmtModify":1770367709650,"name":"singsongone 1n","pinyin":"singsongone1nsingsongone1n","introduction":"","introductionEn":"","signature":"关注科技股分享选择逻辑，关注美港股","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","hatId":"ca_profile_frame_Mpy1eK","hatName":"","vip":1,"status":2,"fanSize":176,"headSize":549,"tweetSize":363,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":19,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":160,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"ab9f2a66a95942a38ebf4a8f8e47a915-1","templateUuid":"ab9f2a66a95942a38ebf4a8f8e47a915","name":"Super Discloser","description":"Enable Super Disclosure in TradeFeed","bigImgUrl":"https://community-static.tradeup.com/news/802f4014829adb4e63332fc230b97e42","smallImgUrl":"https://community-static.tradeup.com/news/70e97d213ed3e4f4820224f1366d402f","grayImgUrl":null,"redirectLinkEnabled":1,"redirectLinkType":1,"redirectLink":"https://www.itigerup.com/activity/forapp/star-investor","redirectLinkValidityFrom":1776816000000,"redirectLinkValidityTo":2156198400000,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.23","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1104,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0},{"badgeId":"01b3845ecc2144cfa651fa1378bf8b0f-1","templateUuid":"01b3845ecc2144cfa651fa1378bf8b0f","name":"Thai Tiger","description":"Joined related football topics in the Tiger Community","bigImgUrl":"https://community-static.tradeup.com/news/cef0ddd0d1ca6d8fc82b727490fb7ef0","smallImgUrl":"https://community-static.tradeup.com/news/cef0ddd0d1ca6d8fc82b727490fb7ef0","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":2,"allocatedDate":"2026.01.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":4001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":1},{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.01.04","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0},{"badgeId":"cbe1c45c584340f3bd9ae6c77e0e9981-2","templateUuid":"cbe1c45c584340f3bd9ae6c77e0e9981","name":"Academy Explorer","description":"20 lessons learned","bigImgUrl":"https://community-static.tradeup.com/news/63cc10a4789c3eaa019b225a55136cf9","smallImgUrl":"https://community-static.tradeup.com/news/b1f0cbf3ae1b0a4593ddb3434df74ce0","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.10.17","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.10.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0},{"badgeId":"23f878ed27704312ae41c7f17e73b319-1","templateUuid":"23f878ed27704312ae41c7f17e73b319","name":"Annualised return","description":"Top 50%","bigImgUrl":"https://community-static.tradeup.com/news/ffa0ed2850aef35663a435f4fb24f40c","smallImgUrl":"https://community-static.tradeup.com/news/4f67f095c241bed7b45d41ed5b78dd58","grayImgUrl":"https://community-static.tradeup.com/news/01339d2a5c822a77e0c581ef8f959d81","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":1691578800000,"redirectLinkValidityTo":1725015600000,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.06.05","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":5300,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.05.10","exceedPercentage":"60.68%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":2},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.01.31","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":3}],"userBadgeCount":8,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.01.31","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":1},"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":1,"location":null,"starInvestorFollowerNum":69,"starInvestorFlag":true,"starInvestorOrderShareNum":64,"subscribeStarInvestorNum":303,"ror":17.23,"winRationPercentage":25,"showRor":true,"investmentPhilosophy":"长线策略，专注投资美港股，少数持仓，低频交易","starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":556676259717776,"gmtCreate":1776934206495,"gmtModify":1776934209531,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556676259717776","repostId":"2629886124","repostType":2,"repost":{"id":"2629886124","kind":"news","pubTimestamp":1776932700,"share":"https://ttm.financial/m/news/2629886124?lang=en_US&edition=fundamental","pubTime":"2026-04-23 16:25","market":"us","language":"zh","title":"Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing","url":"https://stock-news.laohu8.com/highlight/detail?id=2629886124","media":"新浪证券","summary":"　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。","content":"<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>","source":"sina","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>Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing</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\">\nTriple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪证券</strong><span class=\"h-time small\">2026-04-23 16:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml\">新浪证券</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"603392":"万泰生物","BK1589":"北水核心资产","09633":"农夫山泉","IPOS":"Renaissance International IPO ETF","BK1200":"软饮料","BK0239":"医药制造","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC"},"source_url":"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2629886124","content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。\n　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。一季度公司亏损5277.69万元，二季度亏损规模扩大至9143.54万元，三季度短暂收窄至2879.09万元，四季度单季亏损却飙升至2.25亿元，单季度亏损额超过前三季度亏损总和。与此同时，库存积压、资金使用率降低、产能闲置、资产减值等风险集中显现，不仅大幅拖累当期利润，更成为后续经营的潜在包袱。\n　　产品、政策、市场三重挤压 两大主营业务双双失守\n　　万泰生物业绩巨亏的核心原因，是两大主营业务同时陷入衰退，昔日利润奶牛的疫苗业务彻底失势，而作为稳定器的体外诊断业务亦无力托底，双重压力下公司失去业绩基本盘。\n　　具体而言，疫苗业务曾是万泰生物绝对的业绩核心，2022年凭借二价HPV疫苗馨可宁贡献超85亿元营收，占总营收比重超70%，毛利率长期维持在85%以上，成为公司高速增长的核心动力。\n　　但从2023年开始，疫苗业务急转直下，2024年营收已暴跌至6亿元左右，2025年颓势进一步加剧，报告期内疫苗业务营收4.57亿元，同比下滑24.63%，毛利率更是暴跌超43个百分点。\n　　疫苗业务的溃败，是政策、市场、产品三重因素叠加的结果。政策层面，2023年起全国多地启动HPV疫苗集中带量采购，二价HPV疫苗成为集采重点对象，万泰生物馨可宁中标价格从单支329元暴跌至30元左右，降价幅度超90%。价格的断崖式下跌导致二价疫苗毛利率从巅峰时期的90%以上，暴跌至2025年的不足30%，单支利润几乎归零。\n　　市场层面，双重竞争压力让二价疫苗需求显著萎缩。一方面，沃森生物等国产二价HPV疫苗陆续上市，以更低价格参与市场竞争，进一步瓜分存量市场，万泰生物失去价格优势；另一方面，2023年进口九价HPV疫苗获批适用年龄从16-26岁扩至9-45岁，覆盖二价疫苗核心目标人群，消费者优先选择防护范围更广的九价疫苗，导致二价疫苗市场需求出现断崖式下滑。\n　　而被公司视为翻盘希望的国产首款九价HPV疫苗馨可宁9，2025年6月获批上市后商业化表现远不及预期。为快速抢占市场，馨可宁9定价仅499元/支，为进口默沙东九价疫苗的约38%，但低价策略并未带来销量爆发，公司全年疫苗业务收入不足5亿元，创历史新低，二价疫苗的业绩缺口仍难以弥补。\n\n　　与此同时，国产九价疫苗赛道已变得极度拥挤，康乐卫士、博唯生物等国产九价疫苗已进入临床三期，预计2026年陆续上市，未来馨可宁9将面临国产竞品与进口产品的双重围剿，市场突围难度较大。\n　　除HPV疫苗外，公司水痘、带状疱疹等传统疫苗营收规模不足亿元，20价肺炎、十一价HPV等在研产品尚处临床早期，预计2030年后才能上市贡献营收，疫苗业务短期内无新的业绩增长点，转暖无望。\n　　作为曾经的业绩稳定器，体外诊断业务在2025年同样表现低迷，未能对冲疫苗业务的亏损。2025年，万泰生物体外诊断业务实现营收13.08亿元，同比下降18.65%，毛利率较2024年下滑7.98个百分点至56.99%，营收与盈利双降。\n　　减值、应收、折旧三座大山 未来经营包袱沉重\n　　在核心业务溃败的同时，万泰生物在资产运营与财务管理层面同样暴露出多重严重问题，现金流承压、库存积压、应收账款高企、资产闲置减值等风险持续发酵，不仅加剧了2025年的亏损，更成为2026年及未来经营的潜在包袱。\n　　其中，存货减值成为吞噬公司利润的重要因素，疫苗产品的库存压力尚未完全释放。2025年末公司存货余额同比下降30.97%至2165.84万支，但主要是二价HPV疫苗被动清理与大额计提减值的结果。\n　　2025年公司资产减值损失达2.15亿元，几乎全部来自存货与合同资产减值，其中绝大部分为二价HPV疫苗的减值计提，该部分减值损失占公司当期亏损额的54%，是导致公司由盈转亏的重要推手。\n　　截至2025年末，公司计提后库存商品账面价值为2.69亿元，若后续九价HPV疫苗市场推广不及预期，或二价HPV疫苗库存清理进度放缓，公司未来仍存在持续计提资产减值的风险，进一步挤压利润空间。\n　　应收账款方面，2025年末公司应收账款及票据为16.25亿元。2021年-2025年，公司应收账款周转天数分别为92.26天、99.7天、226.37天、403.36天、361.92天，2025年虽有所缩短但仍处于历史高位，资金周转效率欠佳。\n　　固定资产折旧方面，2025年公司为九价HPV疫苗扩产、诊断设备更新，新增固定资产投资3.5亿元，固定资产余额达28.7亿元，但当前疫苗、诊断业务产能利用率不足，大量固定资产闲置，固定资产折旧费用同比增长14.7%至2.63亿元。\n　　整体来看，万泰生物2025年的巨亏是核心业务失势、市场应对失误、资产管控失当等多重问题集中爆发的结果，曾经依靠单一疫苗产品缔造的辉煌已然落幕。眼下，九价疫苗商业化、化解库存等问题仍待解决，公司能否摆脱经营困境仍有待观察。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","news_type":1,"symbols_score_info":{"603392":1.5,"IPOS":1.5,"09633":1.5}},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556674572906904,"gmtCreate":1776933780176,"gmtModify":1776933783005,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"[开心]&nbsp;&nbsp;","listText":"[开心]&nbsp;&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556674572906904","repostId":"2629886124","repostType":2,"repost":{"id":"2629886124","kind":"news","pubTimestamp":1776932700,"share":"https://ttm.financial/m/news/2629886124?lang=en_US&edition=fundamental","pubTime":"2026-04-23 16:25","market":"us","language":"zh","title":"Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing","url":"https://stock-news.laohu8.com/highlight/detail?id=2629886124","media":"新浪证券","summary":"　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。","content":"<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>","source":"sina","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>Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing</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\">\nTriple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪证券</strong><span class=\"h-time small\">2026-04-23 16:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml\">新浪证券</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"603392":"万泰生物","BK1589":"北水核心资产","09633":"农夫山泉","IPOS":"Renaissance International IPO ETF","BK1200":"软饮料","BK0239":"医药制造","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC"},"source_url":"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2629886124","content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。\n　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。一季度公司亏损5277.69万元，二季度亏损规模扩大至9143.54万元，三季度短暂收窄至2879.09万元，四季度单季亏损却飙升至2.25亿元，单季度亏损额超过前三季度亏损总和。与此同时，库存积压、资金使用率降低、产能闲置、资产减值等风险集中显现，不仅大幅拖累当期利润，更成为后续经营的潜在包袱。\n　　产品、政策、市场三重挤压 两大主营业务双双失守\n　　万泰生物业绩巨亏的核心原因，是两大主营业务同时陷入衰退，昔日利润奶牛的疫苗业务彻底失势，而作为稳定器的体外诊断业务亦无力托底，双重压力下公司失去业绩基本盘。\n　　具体而言，疫苗业务曾是万泰生物绝对的业绩核心，2022年凭借二价HPV疫苗馨可宁贡献超85亿元营收，占总营收比重超70%，毛利率长期维持在85%以上，成为公司高速增长的核心动力。\n　　但从2023年开始，疫苗业务急转直下，2024年营收已暴跌至6亿元左右，2025年颓势进一步加剧，报告期内疫苗业务营收4.57亿元，同比下滑24.63%，毛利率更是暴跌超43个百分点。\n　　疫苗业务的溃败，是政策、市场、产品三重因素叠加的结果。政策层面，2023年起全国多地启动HPV疫苗集中带量采购，二价HPV疫苗成为集采重点对象，万泰生物馨可宁中标价格从单支329元暴跌至30元左右，降价幅度超90%。价格的断崖式下跌导致二价疫苗毛利率从巅峰时期的90%以上，暴跌至2025年的不足30%，单支利润几乎归零。\n　　市场层面，双重竞争压力让二价疫苗需求显著萎缩。一方面，沃森生物等国产二价HPV疫苗陆续上市，以更低价格参与市场竞争，进一步瓜分存量市场，万泰生物失去价格优势；另一方面，2023年进口九价HPV疫苗获批适用年龄从16-26岁扩至9-45岁，覆盖二价疫苗核心目标人群，消费者优先选择防护范围更广的九价疫苗，导致二价疫苗市场需求出现断崖式下滑。\n　　而被公司视为翻盘希望的国产首款九价HPV疫苗馨可宁9，2025年6月获批上市后商业化表现远不及预期。为快速抢占市场，馨可宁9定价仅499元/支，为进口默沙东九价疫苗的约38%，但低价策略并未带来销量爆发，公司全年疫苗业务收入不足5亿元，创历史新低，二价疫苗的业绩缺口仍难以弥补。\n\n　　与此同时，国产九价疫苗赛道已变得极度拥挤，康乐卫士、博唯生物等国产九价疫苗已进入临床三期，预计2026年陆续上市，未来馨可宁9将面临国产竞品与进口产品的双重围剿，市场突围难度较大。\n　　除HPV疫苗外，公司水痘、带状疱疹等传统疫苗营收规模不足亿元，20价肺炎、十一价HPV等在研产品尚处临床早期，预计2030年后才能上市贡献营收，疫苗业务短期内无新的业绩增长点，转暖无望。\n　　作为曾经的业绩稳定器，体外诊断业务在2025年同样表现低迷，未能对冲疫苗业务的亏损。2025年，万泰生物体外诊断业务实现营收13.08亿元，同比下降18.65%，毛利率较2024年下滑7.98个百分点至56.99%，营收与盈利双降。\n　　减值、应收、折旧三座大山 未来经营包袱沉重\n　　在核心业务溃败的同时，万泰生物在资产运营与财务管理层面同样暴露出多重严重问题，现金流承压、库存积压、应收账款高企、资产闲置减值等风险持续发酵，不仅加剧了2025年的亏损，更成为2026年及未来经营的潜在包袱。\n　　其中，存货减值成为吞噬公司利润的重要因素，疫苗产品的库存压力尚未完全释放。2025年末公司存货余额同比下降30.97%至2165.84万支，但主要是二价HPV疫苗被动清理与大额计提减值的结果。\n　　2025年公司资产减值损失达2.15亿元，几乎全部来自存货与合同资产减值，其中绝大部分为二价HPV疫苗的减值计提，该部分减值损失占公司当期亏损额的54%，是导致公司由盈转亏的重要推手。\n　　截至2025年末，公司计提后库存商品账面价值为2.69亿元，若后续九价HPV疫苗市场推广不及预期，或二价HPV疫苗库存清理进度放缓，公司未来仍存在持续计提资产减值的风险，进一步挤压利润空间。\n　　应收账款方面，2025年末公司应收账款及票据为16.25亿元。2021年-2025年，公司应收账款周转天数分别为92.26天、99.7天、226.37天、403.36天、361.92天，2025年虽有所缩短但仍处于历史高位，资金周转效率欠佳。\n　　固定资产折旧方面，2025年公司为九价HPV疫苗扩产、诊断设备更新，新增固定资产投资3.5亿元，固定资产余额达28.7亿元，但当前疫苗、诊断业务产能利用率不足，大量固定资产闲置，固定资产折旧费用同比增长14.7%至2.63亿元。\n　　整体来看，万泰生物2025年的巨亏是核心业务失势、市场应对失误、资产管控失当等多重问题集中爆发的结果，曾经依靠单一疫苗产品缔造的辉煌已然落幕。眼下，九价疫苗商业化、化解库存等问题仍待解决，公司能否摆脱经营困境仍有待观察。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","news_type":1,"symbols_score_info":{"603392":1.5,"IPOS":1.5,"09633":1.5}},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556673328955512,"gmtCreate":1776933569013,"gmtModify":1776933572452,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"xuexi","listText":"xuexi","text":"xuexi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556673328955512","repostId":"2629885438","repostType":2,"repost":{"id":"2629885438","kind":"highlight","weMediaInfo":{"introduction":"路透中文","home_visible":1,"media_name":"路透中文","id":"1098195322","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1776931980,"share":"https://ttm.financial/m/news/2629885438?lang=en_US&edition=fundamental","pubTime":"2026-04-23 16:13","market":"hk","language":"zh","title":"BUZZ-Brokerage Opinion: Tesla Spending Surges, Earnings Cashout Period Pushed Back, Analysts Says","url":"https://stock-news.laohu8.com/highlight/detail?id=2629885438","media":"路透中文","summary":"** 摩根士丹利 表示，虽然特斯拉的巨额投资对确保其在自动驾驶领域的长期领先地位至关重要，但关键物理人工智能项目的支出增加和验证驱动的推出可能会减缓进展，并限制近期的上行空间。由于自动化翻译可能有误，或未能包含所需语境，路透不保证自动化翻译文本的准确性，仅是为了便利读者而提供自动化翻译。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。","content":"<p><html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>Buzz-Brokerage Opinion: Analysts Says,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Earnings Cashout Period Pushed Back as Expenses Surge</title></head><body><span>April 23</span><span>-</span>** Tesla<span>TSLA.O</span>Significantly increased the full-year spending plan (<span>link</span>), reaching more than $25 billion, and CEO Elon Musk has invested money in artificial intelligence,<a href=\"https://laohu8.com/S/300024\">Robot</a>And chips-he said these moves are \"very reasonable\" and help build a huge future revenue stream.</p><p>** Shares fell 1.8% to $380.52 premarket</p><p>Work Progress</p><p>** Katherine, Research Director, XTB-<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Kathleen Brooks said that while robotaxis are expected to drive Tesla's future revenue growth, Tesla still relies heavily on its electric vehicle business, and \"this is where Tesla's weakness lies\".</p><p>**<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>(\"equal weight,\" price target: $415) said that while Tesla's hefty investment is critical to securing its long-term leadership in autonomous driving, increased spending on key physical AI projects and validation-driven rollouts could slow progress and limit near-term upside.</p><p>** TD Cowen (\"Buy\", price target: $490) said the company's results set the stage for a gradual improvement in sentiment throughout the year as the company entered a period of major catalysts for robots and autonomous vehicles.</p><p>** Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: \"While progress is being made, last night's comments are another example of a further deviation from the target\".</p><p>(For the convenience of non-native English speakers, Reuters automatically translates its reports into several other languages. Reuters does not guarantee the accuracy of the automated translated text because the automated translation may be incorrect or fail to include the required context, and provides automated translation only for the convenience of readers. Reuters accepts no responsibility for any damage or loss caused by the use of the automated translation function.)</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>BUZZ-Brokerage Opinion: Tesla Spending Surges, Earnings Cashout Period Pushed Back, Analysts Says</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\">\nBUZZ-Brokerage Opinion: Tesla Spending Surges, Earnings Cashout Period Pushed Back, Analysts Says\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1098195322\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">路透中文 </p>\n<p class=\"h-time smaller\">2026-04-23 16:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>Buzz-Brokerage Opinion: Analysts Says,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Earnings Cashout Period Pushed Back as Expenses Surge</title></head><body><span>April 23</span><span>-</span>** Tesla<span>TSLA.O</span>Significantly increased the full-year spending plan (<span>link</span>), reaching more than $25 billion, and CEO Elon Musk has invested money in artificial intelligence,<a href=\"https://laohu8.com/S/300024\">Robot</a>And chips-he said these moves are \"very reasonable\" and help build a huge future revenue stream.</p><p>** Shares fell 1.8% to $380.52 premarket</p><p>Work Progress</p><p>** Katherine, Research Director, XTB-<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Kathleen Brooks said that while robotaxis are expected to drive Tesla's future revenue growth, Tesla still relies heavily on its electric vehicle business, and \"this is where Tesla's weakness lies\".</p><p>**<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>(\"equal weight,\" price target: $415) said that while Tesla's hefty investment is critical to securing its long-term leadership in autonomous driving, increased spending on key physical AI projects and validation-driven rollouts could slow progress and limit near-term upside.</p><p>** TD Cowen (\"Buy\", price target: $490) said the company's results set the stage for a gradual improvement in sentiment throughout the year as the company entered a period of major catalysts for robots and autonomous vehicles.</p><p>** Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: \"While progress is being made, last night's comments are another example of a further deviation from the target\".</p><p>(For the convenience of non-native English speakers, Reuters automatically translates its reports into several other languages. Reuters does not guarantee the accuracy of the automated translated text because the automated translation may be incorrect or fail to include the required context, and provides automated translation only for the convenience of readers. Reuters accepts no responsibility for any damage or loss caused by the use of the automated translation function.)</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20260423:nL4S4160PO:1","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2629885438","content_text":"BUZZ-券商观点：分析师称，特斯拉支出激增，盈利兑现期推后\n4月23日 - ** 特斯拉TSLA.O大幅提高了全年支出计划 (link)，达到250多亿美元，首席执行官埃隆-马斯克（Elon Musk）将资金投入到人工智能、机器人和芯片领域--他表示，这些举措 \"非常合理\"，有助于建立巨大的未来收入流。** 盘前股价下跌 1.8%，报 380.52 美元工作进展** XTB 研究总监凯瑟琳-布鲁克斯（Kathleen Brooks）表示，虽然机器人出租车有望推动特斯拉未来的收入增长，但特斯拉仍严重依赖其电动汽车业务，而 \"这正是特斯拉的软肋所在\"。** 摩根士丹利(\"等权重\"，目标价：415美元) 表示，虽然特斯拉的巨额投资对确保其在自动驾驶领域的长期领先地位至关重要，但关键物理人工智能项目的支出增加和验证驱动的推出可能会减缓进展，并限制近期的上行空间。 ** TD Cowen(\"买入\"，目标价：490美元) 表示，随着公司进入机器人和自动驾驶汽车主要催化剂频现的时期，公司的业绩为全年情绪的逐步改善奠定了基础。** Hargreaves Lansdown 高级股票分析师马特-布里兹曼（Matt Britzman）说：\"虽然正在取得进展，但昨晚的评论是目标进一步偏离的又一例证\"。 (为便利非英文母语者，路透将其报导自动化翻译为数种其他语言。由于自动化翻译可能有误，或未能包含所需语境，路透不保证自动化翻译文本的准确性，仅是为了便利读者而提供自动化翻译。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。)","news_type":1,"symbols_score_info":{"TSLR":0.6,"TSLY":0.6,"TEST":0.6,"TSLP":0.6,"TSLL":0.6,"TSLI":0.6,"TSLT":0.6,"TSII":0.6,"TSLA":1.97,"07766":0.6,"TSYY":0.6,"TSDD":0.6,"CRSH":0.6,"TSLZ":0.6,"TSLS":0.6,"TSLW":0.6,"TSLQ":0.6,"TESL":0.6,"TSLG":0.6,"TLA":0.6,"TSL":0.6,"TSLO":0.6}},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556663735955744,"gmtCreate":1776931240754,"gmtModify":1776931242829,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/GXPT\">$Global X PureCap MSCI Information Technology ETF(GXPT)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/GXPT\">$Global X PureCap MSCI Information Technology ETF(GXPT)$ </a>&nbsp;","text":"$Global X PureCap MSCI Information Technology ETF(GXPT)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556663735955744","repostId":"556656517792616","repostType":1,"repost":{"id":556656517792616,"gmtCreate":1776929388149,"gmtModify":1776929391844,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"古古怪怪","listText":"古古怪怪","text":"古古怪怪","images":[{"img":"https://community-static.tradeup.com/news/a0c18ac897ac3e735273db6278b5a1d3","width":"828","height":"1021"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556656517792616","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556361528447608,"gmtCreate":1776857453588,"gmtModify":1776857454948,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/U/3561879552623501\">@SS0079 </a>&nbsp;<a href=\"https://ttm.financial/U/4238121974521522\">@容易涨彤 </a>&nbsp;","listText":"<a href=\"https://ttm.financial/U/3561879552623501\">@SS0079 </a>&nbsp;<a href=\"https://ttm.financial/U/4238121974521522\">@容易涨彤 </a>&nbsp;","text":"@SS0079 @容易涨彤","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556361528447608","isVote":1,"tweetType":1,"viewCount":58,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556361667649960,"gmtCreate":1776857396066,"gmtModify":1776857398370,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/U/3561879552623501\">@SS0079 </a>&nbsp;<a href=\"https://ttm.financial/U/4238121974521522\">@容易涨彤 </a>&nbsp;","listText":"<a href=\"https://ttm.financial/U/3561879552623501\">@SS0079 </a>&nbsp;<a href=\"https://ttm.financial/U/4238121974521522\">@容易涨彤 </a>&nbsp;","text":"@SS0079 @容易涨彤","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556361667649960","isVote":1,"tweetType":1,"viewCount":65,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556331840471320,"gmtCreate":1776850103990,"gmtModify":1776850106756,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/GXPT\">$Global MSCI(GXPT)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/GXPT\">$Global MSCI(GXPT)$</a>&nbsp;","text":"$Global MSCI(GXPT)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556331840471320","repostId":"2629096334","repostType":2,"repost":{"id":"2629096334","kind":"highlight","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":1776840866,"share":"https://ttm.financial/m/news/2629096334?lang=en_US&edition=fundamental","pubTime":"2026-04-22 14:54","market":"sh","language":"zh","title":"Analyst: Apple's announcement of coaching change at this time indicates that next week's earnings may be good","url":"https://stock-news.laohu8.com/highlight/detail?id=2629096334","media":"华尔街见闻","summary":"苹果在财报发布前一周宣布CEO换帅，库克功成身退、Ternus接棒，时间节点本身即被华尔街视为强劲业绩的\"无声预告\"。分析师普遍认为，库克在任时间较长，选择以高光时刻收尾，符合其一贯的行事风格。","content":"<p><html><head></head><body>Apple announced the CEO change a week before the financial report was released. Cook retired and Ternus took over. The time node itself was regarded as a \"silent notice\" of strong performance by Wall Street. Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company chose to announce the CEO change a week before the quarterly financial report was released. This time node has aroused widespread concern from Wall Street analysts. Many parties believe that this move implies that the company is about to hand over a bright report card.</p><p>Apple announced Monday that current CEO Tim Cook will be transferred to executive chairman, and John Ternus, senior vice president and head of hardware engineering, will officially take over as CEO on September 1st. The company will release its fiscal second-quarter results on April 30.</p><p>\"My gut tells me,\" Ben Reitzes, head of technology research at Melius Research, wrote in a note to investors on Monday,<strong>The announcement was chosen before the earnings report to allow the market to focus on an excellent quarter with strong fundamentals when Apple releases its earnings next week.</strong>\"</p><p><strong>Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</strong></p><p>This time window of personnel arrangement has significantly heated up the market's expectation of Apple's recent performance. According to FactSet data, the consensus estimate for Apple's fiscal second-quarter earnings per share is $1.94, with revenue estimates of $109.35 billion; Combining ratings from 54 analysts, Apple stock has an average rating of \"overweight\" and a price target of $301.62. Apple shares edged lower on Tuesday, with gains and losses nearly flat for the year.</p><p><h2 id=\"id_79031703\">The timing of coaching change releases positive signals</h2>Many analysts believe that the leadership handover on the eve of the earnings report is a positive signal in itself.</p><p>Gil Luria, head of technology research at DA Davidson, said: \"Cook will not choose to retire in a time of crisis. He has the opportunity to retire at a time when iPhone sales are record, the company is growing significantly, the upgrade cycle is good and the outlook is clear.\"</p><p>Bank of America analyst Wamsi Mohan and his team reported on Monday<a href=\"https://laohu8.com/S/603903\">Zhongzhi</a>Same judgment: Given that Apple is likely planning the change against the backdrop of strong business momentum, the recent performance is extremely resilient.</p><p>Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</p><p><h2 id=\"id_3871245641\">Hardware Background Succession Initiates Strategy<a href=\"https://laohu8.com/S/00992\">Lenovo</a></h2>While paying attention to short-term financial reports, Wall Street has also begun to evaluate the potential impact of Ternus's CEO appointment on Apple's long-term strategic direction.</p><p><strong>Ternus has long dominated Apple's hardware engineering, and its appointment has been interpreted by some analysts as Apple may re-tilt its strategic focus on hardware and products, instead of continuing its focus on service business in recent years.</strong></p><p>\"A product-oriented leader with years of experience in Apple's hardware design means we may be entering a device,\" wrote Mohan of Bank of America<a href=\"https://laohu8.com/S/00166\">New Age</a>— — Covering AI-enabled devices, wearable forms (including AR glasses) and smart home devices. \"He also pointed out that\" 2027 may be an important product year \", which coincides with the 20th anniversary of the iPhone.</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>Analyst: Apple's announcement of coaching change at this time indicates that next week's earnings may be good</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\">\nAnalyst: Apple's announcement of coaching change at this time indicates that next week's earnings may be good\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\">2026-04-22 14:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Apple announced the CEO change a week before the financial report was released. Cook retired and Ternus took over. The time node itself was regarded as a \"silent notice\" of strong performance by Wall Street. Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company chose to announce the CEO change a week before the quarterly financial report was released. This time node has aroused widespread concern from Wall Street analysts. Many parties believe that this move implies that the company is about to hand over a bright report card.</p><p>Apple announced Monday that current CEO Tim Cook will be transferred to executive chairman, and John Ternus, senior vice president and head of hardware engineering, will officially take over as CEO on September 1st. The company will release its fiscal second-quarter results on April 30.</p><p>\"My gut tells me,\" Ben Reitzes, head of technology research at Melius Research, wrote in a note to investors on Monday,<strong>The announcement was chosen before the earnings report to allow the market to focus on an excellent quarter with strong fundamentals when Apple releases its earnings next week.</strong>\"</p><p><strong>Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</strong></p><p>This time window of personnel arrangement has significantly heated up the market's expectation of Apple's recent performance. According to FactSet data, the consensus estimate for Apple's fiscal second-quarter earnings per share is $1.94, with revenue estimates of $109.35 billion; Combining ratings from 54 analysts, Apple stock has an average rating of \"overweight\" and a price target of $301.62. Apple shares edged lower on Tuesday, with gains and losses nearly flat for the year.</p><p><h2 id=\"id_79031703\">The timing of coaching change releases positive signals</h2>Many analysts believe that the leadership handover on the eve of the earnings report is a positive signal in itself.</p><p>Gil Luria, head of technology research at DA Davidson, said: \"Cook will not choose to retire in a time of crisis. He has the opportunity to retire at a time when iPhone sales are record, the company is growing significantly, the upgrade cycle is good and the outlook is clear.\"</p><p>Bank of America analyst Wamsi Mohan and his team reported on Monday<a href=\"https://laohu8.com/S/603903\">Zhongzhi</a>Same judgment: Given that Apple is likely planning the change against the backdrop of strong business momentum, the recent performance is extremely resilient.</p><p>Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</p><p><h2 id=\"id_3871245641\">Hardware Background Succession Initiates Strategy<a href=\"https://laohu8.com/S/00992\">Lenovo</a></h2>While paying attention to short-term financial reports, Wall Street has also begun to evaluate the potential impact of Ternus's CEO appointment on Apple's long-term strategic direction.</p><p><strong>Ternus has long dominated Apple's hardware engineering, and its appointment has been interpreted by some analysts as Apple may re-tilt its strategic focus on hardware and products, instead of continuing its focus on service business in recent years.</strong></p><p>\"A product-oriented leader with years of experience in Apple's hardware design means we may be entering a device,\" wrote Mohan of Bank of America<a href=\"https://laohu8.com/S/00166\">New Age</a>— — Covering AI-enabled devices, wearable forms (including AR glasses) and smart home devices. \"He also pointed out that\" 2027 may be an important product year \", which coincides with the 20th anniversary of the iPhone.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/052d0d3a6389985cf72883e9c3047ae4","relate_stocks":{"LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","BK4512":"苹果概念","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","BK4592":"伊斯兰概念","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","BK4515":"5G概念","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1582986359.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","BK4554":"元宇宙及AR概念","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","BK4553":"喜马拉雅资本持仓","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","BK4559":"巴菲特持仓","SG9999014559.SGD":"United Income Focus Trust Dis SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4550":"红杉资本持仓","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","BK4170":"电脑硬件、储存设备及电脑周边","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","BK4598":"佩洛西持仓","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0080751232.USD":"富达环球多元动力基金A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","BK4527":"明星科技股","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","BK4532":"文艺复兴科技持仓","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU0079474960.USD":"联博美国增长基金A","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","AAPL":"苹果","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","BK4507":"流媒体概念","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","BK4501":"段永平概念","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","BK4505":"高瓴资本持仓","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU2063271972.USD":"富兰克林创新领域基金","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","SG9999001424.SGD":"United E-Commerce Fund SGD","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","BK4588":"碎股","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU1206712785.SGD":"Aviva Investors - Multi-Strategy Target Return Ah SGD","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU1206713676.USD":"Aviva Investors - Multi-Strategy Target Return Ah USD","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","IE000F7OJYX1.SGD":"RQI GLOBAL \"I\" (SGDHDG) INC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","IE0000B7K699.USD":"RQI GLOBAL \"I\" (USD) INC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","IE000BZT7R73.USD":"RQI GLOBAL \"I\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","BK4571":"数字音乐概念","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","IE000MB6IJN5.SGD":"RQI GLOBAL \"I\" (SGD) ACC","BK4576":"AR","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","BK4575":"芯片概念","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1582986433.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","BK4579":"人工智能","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","BK4574":"无人驾驶","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","SG9999002232.USD":"Allianz Global High Payout USD","BK4573":"虚拟现实","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","IE000WAW04H5.SGD":"RQI GLOBAL \"I\" (SGD) INC A","SG9999002224.SGD":"Allianz Global High Payout SGD","IE000SO60NU8.SGD":"RQI GLOBAL \"I\" (SGDHDG) ACC A","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","BK4581":"高盛持仓","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU1046421795.USD":"富达环球科技A-ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","AAPB":"2倍做多AAPL ETF-GraniteShares","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0238689110.USD":"贝莱德环球动力股票基金","AAPD":"1倍做空AAPL ETF-Direxion","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1582987324.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) ACC","LU0072462426.USD":"贝莱德全球配置 A2","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","AAPU":"2倍做多AAPL ETF-Direxion","LU1582987597.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) INC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","AAPW":"AAPL周配息ETF-Roundhill","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","AAPX":"2倍做多Apple ETF-T-Rex","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","AAPY":"AAPL收益溢价策略ETF-Kurv","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","APLY":"AAPL期权收益策略ETF-YieldMax","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","BK4566":"资本集团","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0109392836.USD":"富兰克林科技股A","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","LU0444971666.USD":"天利全球科技基金","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC"},"source_url":"https://wallstreetcn.com/articles/3770572","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2629096334","content_text":"苹果在财报发布前一周宣布CEO换帅，库克功成身退、Ternus接棒，时间节点本身即被华尔街视为强劲业绩的\"无声预告\"。分析师普遍认为，库克在任时间较长，选择以高光时刻收尾，符合其一贯的行事风格。苹果公司选择在季度财报发布前一周宣布CEO更迭，这一时间节点引发华尔街分析师广泛关注，多方认为此举暗示公司即将交出一份亮眼成绩单。苹果周一宣布，现任CEO蒂姆·库克将转任执行董事长，高级副总裁、硬件工程负责人John Ternus将于9月1日正式接任CEO一职。公司将于4月30日发布第二财季业绩。Melius研究机构技术研究主管Ben Reitzes在周一致投资者的报告中写道：\"我的直觉告诉我，此次公告选在财报前发布，是为了让市场在下周苹果发布财报时聚焦于一个基本面强劲的出色季度。\"分析师普遍认为，库克在任时间较长，选择以高光时刻收尾，符合其一贯的行事风格。这一人事安排的时间窗口，令市场对苹果近期业绩表现的预期明显升温。根据FactSet数据，市场对苹果第二财季每股收益的一致预期为1.94美元，营收预期为1093.5亿美元；综合54位分析师的评级，苹果股票平均评级为\"增持\"，目标价为301.62美元。苹果股价周二小幅走低，年内涨跌幅接近持平。换帅时机释放积极信号多位分析师认为，领导层交接选在财报前夕，本身即是一种积极信号。DA Davidson技术研究主管Gil Luria表示：“库克不会在危机时刻选择退休。他有机会在iPhone销售创纪录、公司实现显著增长、升级周期良好且前景清晰的时候功成身退。”美国银行分析师Wamsi Mohan及其团队在周一报告中持相同判断：鉴于苹果很可能是在业务强劲势头的背景下筹划此次变动，近期业绩极具韧性。分析师普遍认为，库克在任时间较长，选择以高光时刻收尾，符合其一贯的行事风格。硬件背景接班人引发战略联想在关注短期财报的同时，华尔街也开始评估Ternus出任CEO对苹果长期战略方向的潜在影响。Ternus长期主导苹果硬件工程，其任命被部分分析师解读为苹果可能重新将战略重心向硬件与产品倾斜，而非延续近年来对服务业务的侧重。美国银行的Mohan写道：\"一位在苹果硬件设计领域拥有多年深厚经验、以产品为导向的领导者，意味着我们或许正在进入一个设备新时代——涵盖AI赋能设备、可穿戴形态（包括AR眼镜）以及智能家居设备。\"他同时指出，\"2027年可能是重要的产品大年\"，届时恰逢iPhone问世20周年。","news_type":1,"symbols_score_info":{"AAPY":0.6,"AAPW":0.6,"AAPL":2,"AAPX":0.6,"AAPB":0.6,"AAPU":0.6,"AAPD":0.6,"APLY":0.6}},"isVote":1,"tweetType":1,"viewCount":17,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":553469855723712,"gmtCreate":1776135338275,"gmtModify":1776135341979,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/553469855723712","repostId":"2627466031","repostType":4,"repost":{"id":"2627466031","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1776133353,"share":"https://ttm.financial/m/news/2627466031?lang=en_US&edition=fundamental","pubTime":"2026-04-14 10:22","market":"sg","language":"en","title":"The Bond Market Is \"Moving On\" From the Iran War","url":"https://stock-news.laohu8.com/highlight/detail?id=2627466031","media":"Dow Jones","summary":"Wall Street traders have become preoccupied by one particular market indicator.Some refer to it as the Treasury breakeven inflation curve and, while that's a bit of a mouthful, it's simply the market's expectation of average inflation over two periods.The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.The breakeven curve \"highlights the markets moving on from the [Iran] conflict,\" wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.Similarly, the curve got \"deeply inverted\" following the Iran war but \"then quickly reversed on expectations any price impact would not impact the longer-run trend inflation rate,\" Knapp wrote on Friday.This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published ","content":"<html><head></head><body><p>Wall Street traders have become preoccupied by one particular market indicator.</p><p>Some refer to it as the Treasury breakeven inflation curve and, while that&#39;s a bit of a mouthful, it&#39;s simply the market&#39;s expectation of average inflation over two periods.</p><p>The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.</p><p>The breakeven curve &#34;highlights the markets moving on from the [Iran] conflict,&#34; wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.</p><p>How? Consider what happened after Russia invaded Ukraine and after President Donald Trump unveiled punitive tariffs. In those cases, the difference between the 10- and 2-year breakeven rate reached a low point of negative 1.95 percentage points and negative 1.13 percentage points, respectively, before moving back up again.</p><p>Similarly, the curve got &#34;deeply inverted&#34; following the Iran war but &#34;then quickly reversed on expectations any price impact would not impact the longer-run trend inflation rate,&#34; Knapp wrote on Friday.</p><p>Currently, the gap between the 10- and 2-year breakeven rate is at negative 0.5408 percentage points, higher than the negative 0.997 percentage points on March 20.</p><p>The gap has reduced as the market now assumes lower annual average inflation over the short term. Specifically, the 2-year breakeven inflation rate is now at 2.9369% versus 3.3831% on March 20.</p><p>Meanwhile, the market&#39;s long-term expectations, or 10-year breakeven inflation rate, has stayed around 2.34% this entire time. An unchanged rate over the long-term means that despite the attacks on the Federal Reserve&#39;s independence, the Iran war and inflation remaining above the Fed&#39;s target over the past five years, investors believe the central bank will ultimately keep inflation restrained.</p><p>&#34;Arguably if the bond market was truly concerned that a captured Fed would cut rates too much and stoke pernicious and persistent inflation, it is unlikely we would see market-based long-run inflation expectations remain so contained,&#34; Cameron Dawson, CIO of NewEdge Wealth, wrote on April 3.</p><p>&#34;We have been joking, &#39;find someone to believe in you like the bond market believes in the Fed&#39;s ability to achieve its inflation target,&#39;&#34; she added. Earlier this year, it would have been hard to find discussion around the cryptic 2s10s breakeven inflation curve. This unique measure is getting attention as it delivers a signal on where the bond market stands on the Iran war: It&#39;s now less bothered.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Bond Market Is \"Moving On\" From the Iran War</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Bond Market Is \"Moving On\" From the Iran War\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-14 10:22</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Wall Street traders have become preoccupied by one particular market indicator.</p><p>Some refer to it as the Treasury breakeven inflation curve and, while that&#39;s a bit of a mouthful, it&#39;s simply the market&#39;s expectation of average inflation over two periods.</p><p>The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.</p><p>The breakeven curve &#34;highlights the markets moving on from the [Iran] conflict,&#34; wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.</p><p>How? Consider what happened after Russia invaded Ukraine and after President Donald Trump unveiled punitive tariffs. In those cases, the difference between the 10- and 2-year breakeven rate reached a low point of negative 1.95 percentage points and negative 1.13 percentage points, respectively, before moving back up again.</p><p>Similarly, the curve got &#34;deeply inverted&#34; following the Iran war but &#34;then quickly reversed on expectations any price impact would not impact the longer-run trend inflation rate,&#34; Knapp wrote on Friday.</p><p>Currently, the gap between the 10- and 2-year breakeven rate is at negative 0.5408 percentage points, higher than the negative 0.997 percentage points on March 20.</p><p>The gap has reduced as the market now assumes lower annual average inflation over the short term. Specifically, the 2-year breakeven inflation rate is now at 2.9369% versus 3.3831% on March 20.</p><p>Meanwhile, the market&#39;s long-term expectations, or 10-year breakeven inflation rate, has stayed around 2.34% this entire time. An unchanged rate over the long-term means that despite the attacks on the Federal Reserve&#39;s independence, the Iran war and inflation remaining above the Fed&#39;s target over the past five years, investors believe the central bank will ultimately keep inflation restrained.</p><p>&#34;Arguably if the bond market was truly concerned that a captured Fed would cut rates too much and stoke pernicious and persistent inflation, it is unlikely we would see market-based long-run inflation expectations remain so contained,&#34; Cameron Dawson, CIO of NewEdge Wealth, wrote on April 3.</p><p>&#34;We have been joking, &#39;find someone to believe in you like the bond market believes in the Fed&#39;s ability to achieve its inflation target,&#39;&#34; she added. Earlier this year, it would have been hard to find discussion around the cryptic 2s10s breakeven inflation curve. This unique measure is getting attention as it delivers a signal on where the bond market stands on the Iran war: It&#39;s now less bothered.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VIX":"标普500波动率指数","TLT":"20+年以上美国国债ETF-iShares"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2627466031","content_text":"Wall Street traders have become preoccupied by one particular market indicator.Some refer to it as the Treasury breakeven inflation curve and, while that's a bit of a mouthful, it's simply the market's expectation of average inflation over two periods.The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.The breakeven curve \"highlights the markets moving on from the [Iran] conflict,\" wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.How? Consider what happened after Russia invaded Ukraine and after President Donald Trump unveiled punitive tariffs. In those cases, the difference between the 10- and 2-year breakeven rate reached a low point of negative 1.95 percentage points and negative 1.13 percentage points, respectively, before moving back up again.Similarly, the curve got \"deeply inverted\" following the Iran war but \"then quickly reversed on expectations any price impact would not impact the longer-run trend inflation rate,\" Knapp wrote on Friday.Currently, the gap between the 10- and 2-year breakeven rate is at negative 0.5408 percentage points, higher than the negative 0.997 percentage points on March 20.The gap has reduced as the market now assumes lower annual average inflation over the short term. Specifically, the 2-year breakeven inflation rate is now at 2.9369% versus 3.3831% on March 20.Meanwhile, the market's long-term expectations, or 10-year breakeven inflation rate, has stayed around 2.34% this entire time. An unchanged rate over the long-term means that despite the attacks on the Federal Reserve's independence, the Iran war and inflation remaining above the Fed's target over the past five years, investors believe the central bank will ultimately keep inflation restrained.\"Arguably if the bond market was truly concerned that a captured Fed would cut rates too much and stoke pernicious and persistent inflation, it is unlikely we would see market-based long-run inflation expectations remain so contained,\" Cameron Dawson, CIO of NewEdge Wealth, wrote on April 3.\"We have been joking, 'find someone to believe in you like the bond market believes in the Fed's ability to achieve its inflation target,'\" she added. Earlier this year, it would have been hard to find discussion around the cryptic 2s10s breakeven inflation curve. This unique measure is getting attention as it delivers a signal on where the bond market stands on the Iran war: It's now less bothered.","news_type":1,"symbols_score_info":{"US6M.BOND":1.5,"US7Y.BOND":1.5,"TLT":0.6,"US5Y.BOND":1.5,"US30Y.BOND":1.5,"US2Y.BOND":2,"US10Y.BOND":2,"US12M.BOND":1.5,"VIX":2,"US3Y.BOND":1.5}},"isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":553118271018480,"gmtCreate":1776049573352,"gmtModify":1776049576274,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/553118271018480","repostId":"552006453654048","repostType":1,"repost":{"id":552006453654048,"gmtCreate":1775804054750,"gmtModify":1776138748149,"author":{"id":"4182991226837512","authorId":"4182991226837512","name":"Crypto加密虎","avatar":"https://community-static.tradeup.com/news/7064a3864f92862baa8d524e4144fab4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4182991226837512","authorIdStr":"4182991226837512"},"themes":[],"title":"🎋摩根士丹利比特幣ETF上市首日吸金3400萬美元！BTC壓力週期接近尾聲？","htmlText":"Hi各位小虎們，自從加密貨幣ETF上市以來，創下了傳統金融和加密貨幣市場的新紀元，不少華爾街大行隨後也紛紛提交SOL、BNB、DOGE等不同幣種的ETF，小虎們是否有關注或者持有呢？ 而傳統大行摩根士丹利近期也發布了旗下首檔比特幣ETF，上市首日表現穩健，而比特幣壓力週期是否會隨着中東戰事緩和而接近尾聲呢？一起來看看~~ 憑藉市場最低費率挑戰貝萊德！ 4月8日，摩根士丹利（Morgan Stanley）正式在紐約證券交易所Arca平臺推出旗下比特幣現貨ETF「Morgan Stanley Bitcoin Trust」（代碼：MSBT），成為美國首家發行該ETF的大型銀行，這也是傳統金融機構逐步擁抱加密領域的新動向。[Cool] 上市首日，雖然MSBT最後收跌1.59%至20.47美元，但吸引了約3400萬美元的淨流入，有分析師將其歸類為ETF史上1%的首日表現，該行數字資產策略部門負責人Amy Oldenburg表示，他們的比特幣ETF發行首日交易表現「創下所有ETF產品之最」！ 值得一提的是，該基金的管理費為0.14%，明顯低於市場龍頭BlackRock iShares Bitcoin Trust（IBIT）的 0.25%，甚至比此前最便宜的Grayscale「比特幣迷你信託 ETF（BTC）」還要低（費率為0.15%），這讓其他發行商感到一些壓力。[Miser] 除此之外，強大的分銷網絡也是MSBT的優勢之一。根據公開文件顯示，該ETF由Coinbase Custody負責比特幣託管，BNY Mellon擔任現金管理與基金行政管理角色，延續了市場上主流比特幣ETF的託管模式。而摩根士丹利擁有華爾街規模最大的理財顧問網絡之一，約1.6萬名理財顧問，管理客戶資產規模超6萬億美元，這樣的分銷能力也決定了該產品未來廠長的關鍵。[Lovely] 簡單來說，MSBT不僅代表了新ET","listText":"Hi各位小虎們，自從加密貨幣ETF上市以來，創下了傳統金融和加密貨幣市場的新紀元，不少華爾街大行隨後也紛紛提交SOL、BNB、DOGE等不同幣種的ETF，小虎們是否有關注或者持有呢？ 而傳統大行摩根士丹利近期也發布了旗下首檔比特幣ETF，上市首日表現穩健，而比特幣壓力週期是否會隨着中東戰事緩和而接近尾聲呢？一起來看看~~ 憑藉市場最低費率挑戰貝萊德！ 4月8日，摩根士丹利（Morgan Stanley）正式在紐約證券交易所Arca平臺推出旗下比特幣現貨ETF「Morgan Stanley Bitcoin Trust」（代碼：MSBT），成為美國首家發行該ETF的大型銀行，這也是傳統金融機構逐步擁抱加密領域的新動向。[Cool] 上市首日，雖然MSBT最後收跌1.59%至20.47美元，但吸引了約3400萬美元的淨流入，有分析師將其歸類為ETF史上1%的首日表現，該行數字資產策略部門負責人Amy Oldenburg表示，他們的比特幣ETF發行首日交易表現「創下所有ETF產品之最」！ 值得一提的是，該基金的管理費為0.14%，明顯低於市場龍頭BlackRock iShares Bitcoin Trust（IBIT）的 0.25%，甚至比此前最便宜的Grayscale「比特幣迷你信託 ETF（BTC）」還要低（費率為0.15%），這讓其他發行商感到一些壓力。[Miser] 除此之外，強大的分銷網絡也是MSBT的優勢之一。根據公開文件顯示，該ETF由Coinbase Custody負責比特幣託管，BNY Mellon擔任現金管理與基金行政管理角色，延續了市場上主流比特幣ETF的託管模式。而摩根士丹利擁有華爾街規模最大的理財顧問網絡之一，約1.6萬名理財顧問，管理客戶資產規模超6萬億美元，這樣的分銷能力也決定了該產品未來廠長的關鍵。[Lovely] 簡單來說，MSBT不僅代表了新ET","text":"Hi各位小虎們，自從加密貨幣ETF上市以來，創下了傳統金融和加密貨幣市場的新紀元，不少華爾街大行隨後也紛紛提交SOL、BNB、DOGE等不同幣種的ETF，小虎們是否有關注或者持有呢？ 而傳統大行摩根士丹利近期也發布了旗下首檔比特幣ETF，上市首日表現穩健，而比特幣壓力週期是否會隨着中東戰事緩和而接近尾聲呢？一起來看看~~ 憑藉市場最低費率挑戰貝萊德！ 4月8日，摩根士丹利（Morgan Stanley）正式在紐約證券交易所Arca平臺推出旗下比特幣現貨ETF「Morgan Stanley Bitcoin Trust」（代碼：MSBT），成為美國首家發行該ETF的大型銀行，這也是傳統金融機構逐步擁抱加密領域的新動向。[Cool] 上市首日，雖然MSBT最後收跌1.59%至20.47美元，但吸引了約3400萬美元的淨流入，有分析師將其歸類為ETF史上1%的首日表現，該行數字資產策略部門負責人Amy Oldenburg表示，他們的比特幣ETF發行首日交易表現「創下所有ETF產品之最」！ 值得一提的是，該基金的管理費為0.14%，明顯低於市場龍頭BlackRock iShares Bitcoin Trust（IBIT）的 0.25%，甚至比此前最便宜的Grayscale「比特幣迷你信託 ETF（BTC）」還要低（費率為0.15%），這讓其他發行商感到一些壓力。[Miser] 除此之外，強大的分銷網絡也是MSBT的優勢之一。根據公開文件顯示，該ETF由Coinbase Custody負責比特幣託管，BNY Mellon擔任現金管理與基金行政管理角色，延續了市場上主流比特幣ETF的託管模式。而摩根士丹利擁有華爾街規模最大的理財顧問網絡之一，約1.6萬名理財顧問，管理客戶資產規模超6萬億美元，這樣的分銷能力也決定了該產品未來廠長的關鍵。[Lovely] 簡單來說，MSBT不僅代表了新ET","images":[{"img":"https://community-static.tradeup.com/news/378f36dbc61f4af3ba9a2b33623ad1c2"},{"img":"https://community-static.tradeup.com/news/10a3ffd157e731a9a61a140047182621"},{"img":"https://community-static.tradeup.com/news/d712d03bb9241bb8c166a55cec73a87f"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/552006453654048","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":551754210567640,"gmtCreate":1775716546437,"gmtModify":1775716548914,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/551754210567640","repostId":"2626927780","repostType":4,"repost":{"id":"2626927780","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1775687731,"share":"https://ttm.financial/m/news/2626927780?lang=en_US&edition=fundamental","pubTime":"2026-04-09 06:35","market":"us","language":"en","title":"Meta Jumps 6.5% After Announcing New AI Model in Major Test of Company's Ambitions","url":"https://stock-news.laohu8.com/highlight/detail?id=2626927780","media":"Dow Jones","summary":"$Meta Platforms(META)$ announced a new large language model Wednesday, its first major new artificial-intelligence model in more than a year.The rollout of the model, called Muse Spark, is a critical...","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/META\">Meta Platforms</a> announced a new large language model Wednesday, its first major new artificial-intelligence model in more than a year.</p><p>The rollout of the model, called Muse Spark, is a critical moment for Meta, which has spent billions of dollars hiring AI talent in a bid to catch up to OpenAI, Anthropic and Google DeepMind. The leading labs have been putting out models at an accelerating pace.</p><p>In a departure from its previous models, which were open-source, Muse Spark is a closed model that will power Meta&#39;s AI chatbot and AI features within it. Meta&#39;s longer-term goal is to build what it calls superintelligence, smarter-than-humans technology that would power personal agents able to handle tasks for all of the company&#39;s more than one billion users.</p><p>The company said it planned to release a private preview of the model to a few partners via an application programming interface, or API, which allows developers to build on top of existing software, and at some later point might open-source some versions of the model. Open-sourcing a model gives the public access to some parts of the code and other architecture behind it.</p><p>According to Meta&#39;s internal benchmark tests, Muse Spark outscored Google&#39;s Gemini on some tests and was competitive with models from OpenAI and Anthropic on others. It significantly outscored xAI&#39;s Grok on most tests. The company said the addition of Muse Spark has made Meta AI more effective at answering health-related questions, one of the top consumer uses of AI.</p><p>&#34;Meta just did a step change from Llama 4 to this,&#34; said Rayan Krishnan, chief executive of Vals AI, an independent startup that does testing of new frontier models and tested Muse Spark ahead of its public announcement; Llama 4 was Meta&#39;s previous model. &#34;They&#39;re now a competitive lab. If the rate of progress stays, it&#39;s not hard to imagine them producing a state-of-the-art model in a short period of time.&#34;</p><p>However, Krishnan said, &#34;the model is still underperforming on coding, so I would expect that to be a domain where they double down in the future.&#34;</p><p>Meta Chief Executive Mark Zuckerberg sough to manage expectations for the model on an earnings call in January.</p><p>&#34;I expect our first models will be good but more importantly will show the rapid trajectory that we&#39;re on, and then I expect us to steadily push the frontier over the course of the year as we continue to release new models,&#34; he said.</p><p>He echoed that sentiment Wednesday, saying &#34;we plan to release increasingly advanced models that push the frontier of intelligence and capabilities, including new open source models.&#34;</p><p>Meta&#39;s stock rose roughly 4% after the model was announced and ended trading up 6.5%.</p><p>Colin Sebastian, a senior research analyst at Baird, called the model announcement an important milestone on a longer road to &#34;better monetization and more user engagement.&#34;</p><p>&#34;The next steps are certainly also important,&#34; he said. &#34;Do we see improvement in the core apps? Are they able to convince users to use Meta AI for things that they&#39;re using ChatGPT and Gemini for today?&#34;</p><p>The announcement Wednesday represents an achievement for Alexandr Wang, the former Scale AI CEO whom Zuckerberg hired as part of a $14 billion deal and put to work overseeing Meta&#39;s new AI efforts last summer.</p><p>Wang&#39;s hiring followed the disappointing release of Llama 4. The company was accused of -- and later admitted to -- gaming a third-party benchmark that is used to rank various models against each other on performance. It also delayed the rollout of its biggest model, called Behemoth, which it never ultimately released.</p><p>In his bid to catch up to rivals, Zuckerberg doled out $100 million offers to AI researchers and wooed them at his homes in <a href=\"https://laohu8.com/S/PANW\">Palo Alto</a>, Calif., and Lake Tahoe. He eventually assembled a team of 50-plus researchers, engineers and other AI employees to be part of the new effort he dubbed Meta Superintelligence Labs.</p><p>The influx of new hires -- including the appointment of a new chief scientist -- created friction with some earlier AI employees. Many left the company, either voluntarily for rivals or via layoffs that came in October as part of the restructuring.</p><p>In December, Wang disclosed during an internal company Q&amp;A that his team was working on two new models, a text-based LLM code-named Avocado and an image-and-video-focused model code-named Mango.</p></body></html>","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>Meta Jumps 6.5% After Announcing New AI Model in Major Test of Company's Ambitions</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMeta Jumps 6.5% After Announcing New AI Model in Major Test of Company's Ambitions\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-09 06:35</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/META\">Meta Platforms</a> announced a new large language model Wednesday, its first major new artificial-intelligence model in more than a year.</p><p>The rollout of the model, called Muse Spark, is a critical moment for Meta, which has spent billions of dollars hiring AI talent in a bid to catch up to OpenAI, Anthropic and Google DeepMind. The leading labs have been putting out models at an accelerating pace.</p><p>In a departure from its previous models, which were open-source, Muse Spark is a closed model that will power Meta&#39;s AI chatbot and AI features within it. Meta&#39;s longer-term goal is to build what it calls superintelligence, smarter-than-humans technology that would power personal agents able to handle tasks for all of the company&#39;s more than one billion users.</p><p>The company said it planned to release a private preview of the model to a few partners via an application programming interface, or API, which allows developers to build on top of existing software, and at some later point might open-source some versions of the model. Open-sourcing a model gives the public access to some parts of the code and other architecture behind it.</p><p>According to Meta&#39;s internal benchmark tests, Muse Spark outscored Google&#39;s Gemini on some tests and was competitive with models from OpenAI and Anthropic on others. It significantly outscored xAI&#39;s Grok on most tests. The company said the addition of Muse Spark has made Meta AI more effective at answering health-related questions, one of the top consumer uses of AI.</p><p>&#34;Meta just did a step change from Llama 4 to this,&#34; said Rayan Krishnan, chief executive of Vals AI, an independent startup that does testing of new frontier models and tested Muse Spark ahead of its public announcement; Llama 4 was Meta&#39;s previous model. &#34;They&#39;re now a competitive lab. If the rate of progress stays, it&#39;s not hard to imagine them producing a state-of-the-art model in a short period of time.&#34;</p><p>However, Krishnan said, &#34;the model is still underperforming on coding, so I would expect that to be a domain where they double down in the future.&#34;</p><p>Meta Chief Executive Mark Zuckerberg sough to manage expectations for the model on an earnings call in January.</p><p>&#34;I expect our first models will be good but more importantly will show the rapid trajectory that we&#39;re on, and then I expect us to steadily push the frontier over the course of the year as we continue to release new models,&#34; he said.</p><p>He echoed that sentiment Wednesday, saying &#34;we plan to release increasingly advanced models that push the frontier of intelligence and capabilities, including new open source models.&#34;</p><p>Meta&#39;s stock rose roughly 4% after the model was announced and ended trading up 6.5%.</p><p>Colin Sebastian, a senior research analyst at Baird, called the model announcement an important milestone on a longer road to &#34;better monetization and more user engagement.&#34;</p><p>&#34;The next steps are certainly also important,&#34; he said. &#34;Do we see improvement in the core apps? Are they able to convince users to use Meta AI for things that they&#39;re using ChatGPT and Gemini for today?&#34;</p><p>The announcement Wednesday represents an achievement for Alexandr Wang, the former Scale AI CEO whom Zuckerberg hired as part of a $14 billion deal and put to work overseeing Meta&#39;s new AI efforts last summer.</p><p>Wang&#39;s hiring followed the disappointing release of Llama 4. The company was accused of -- and later admitted to -- gaming a third-party benchmark that is used to rank various models against each other on performance. It also delayed the rollout of its biggest model, called Behemoth, which it never ultimately released.</p><p>In his bid to catch up to rivals, Zuckerberg doled out $100 million offers to AI researchers and wooed them at his homes in <a href=\"https://laohu8.com/S/PANW\">Palo Alto</a>, Calif., and Lake Tahoe. He eventually assembled a team of 50-plus researchers, engineers and other AI employees to be part of the new effort he dubbed Meta Superintelligence Labs.</p><p>The influx of new hires -- including the appointment of a new chief scientist -- created friction with some earlier AI employees. Many left the company, either voluntarily for rivals or via layoffs that came in October as part of the restructuring.</p><p>In December, Wang disclosed during an internal company Q&amp;A that his team was working on two new models, a text-based LLM code-named Avocado and an image-and-video-focused model code-named Mango.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4077":"互动媒体与服务","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","META":"Meta Platforms, Inc.","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU2063271972.USD":"富兰克林创新领域基金","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","BK4023":"应用软件","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","BK4592":"伊斯兰概念","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4543":"AI","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU1046421795.USD":"富达环球科技A-ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0072462426.USD":"贝莱德全球配置 A2","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","BK4585":"ETF&股票定投概念","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","BK4587":"ChatGPT概念","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","BK4588":"碎股","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","BK4551":"寇图资本持仓","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4528":"SaaS概念","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1732800096.USD":"摩根大通环球收益基金A (irc)","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0444971666.USD":"天利全球科技基金","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BK4524":"宅经济概念","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","BK4507":"流媒体概念","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU0080751232.USD":"富达环球多元动力基金A","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","SG9999001077.SGD":"United International Growth Fund SGD","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","SG9999014906.USD":"大华全球优质成长基金Acc USD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","SG9999002232.USD":"Allianz Global High Payout USD","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0079474960.USD":"联博美国增长基金A","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2626927780","content_text":"Meta Platforms announced a new large language model Wednesday, its first major new artificial-intelligence model in more than a year.The rollout of the model, called Muse Spark, is a critical moment for Meta, which has spent billions of dollars hiring AI talent in a bid to catch up to OpenAI, Anthropic and Google DeepMind. The leading labs have been putting out models at an accelerating pace.In a departure from its previous models, which were open-source, Muse Spark is a closed model that will power Meta's AI chatbot and AI features within it. Meta's longer-term goal is to build what it calls superintelligence, smarter-than-humans technology that would power personal agents able to handle tasks for all of the company's more than one billion users.The company said it planned to release a private preview of the model to a few partners via an application programming interface, or API, which allows developers to build on top of existing software, and at some later point might open-source some versions of the model. Open-sourcing a model gives the public access to some parts of the code and other architecture behind it.According to Meta's internal benchmark tests, Muse Spark outscored Google's Gemini on some tests and was competitive with models from OpenAI and Anthropic on others. It significantly outscored xAI's Grok on most tests. The company said the addition of Muse Spark has made Meta AI more effective at answering health-related questions, one of the top consumer uses of AI.\"Meta just did a step change from Llama 4 to this,\" said Rayan Krishnan, chief executive of Vals AI, an independent startup that does testing of new frontier models and tested Muse Spark ahead of its public announcement; Llama 4 was Meta's previous model. \"They're now a competitive lab. If the rate of progress stays, it's not hard to imagine them producing a state-of-the-art model in a short period of time.\"However, Krishnan said, \"the model is still underperforming on coding, so I would expect that to be a domain where they double down in the future.\"Meta Chief Executive Mark Zuckerberg sough to manage expectations for the model on an earnings call in January.\"I expect our first models will be good but more importantly will show the rapid trajectory that we're on, and then I expect us to steadily push the frontier over the course of the year as we continue to release new models,\" he said.He echoed that sentiment Wednesday, saying \"we plan to release increasingly advanced models that push the frontier of intelligence and capabilities, including new open source models.\"Meta's stock rose roughly 4% after the model was announced and ended trading up 6.5%.Colin Sebastian, a senior research analyst at Baird, called the model announcement an important milestone on a longer road to \"better monetization and more user engagement.\"\"The next steps are certainly also important,\" he said. \"Do we see improvement in the core apps? Are they able to convince users to use Meta AI for things that they're using ChatGPT and Gemini for today?\"The announcement Wednesday represents an achievement for Alexandr Wang, the former Scale AI CEO whom Zuckerberg hired as part of a $14 billion deal and put to work overseeing Meta's new AI efforts last summer.Wang's hiring followed the disappointing release of Llama 4. The company was accused of -- and later admitted to -- gaming a third-party benchmark that is used to rank various models against each other on performance. It also delayed the rollout of its biggest model, called Behemoth, which it never ultimately released.In his bid to catch up to rivals, Zuckerberg doled out $100 million offers to AI researchers and wooed them at his homes in Palo Alto, Calif., and Lake Tahoe. He eventually assembled a team of 50-plus researchers, engineers and other AI employees to be part of the new effort he dubbed Meta Superintelligence Labs.The influx of new hires -- including the appointment of a new chief scientist -- created friction with some earlier AI employees. Many left the company, either voluntarily for rivals or via layoffs that came in October as part of the restructuring.In December, Wang disclosed during an internal company Q&A that his team was working on two new models, a text-based LLM code-named Avocado and an image-and-video-focused model code-named Mango.","news_type":1,"symbols_score_info":{"META":2}},"isVote":1,"tweetType":1,"viewCount":239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":549678338008112,"gmtCreate":1775219877208,"gmtModify":1775219883475,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"Why did HIMS move recently?","htmlText":"Find out more here: <a href=\"https://ttm.financial/gpt/share/46573d1b7df0494e999477e0a3605660?utm_medium=tiger_community&amp;platform=iOS&amp;shareID=114e4994c175f778ded75892c7c541b1&amp;invite=S8N122&amp;lang=en_US\">Why did HIMS move recently?</a> Hims &amp; Hers Health (HIMS) stock has experienced significant volatility recently, primarily driven by a major strategic partnership announcement, subsequent analyst reactions, and a newly disclosed cybersecurity incident. The stock surged over 40% on March 9th following news of a deal with Novo Nordisk but has since given back some gains amid mixed analyst views and negative news flow.2429","listText":"Find out more here: <a href=\"https://ttm.financial/gpt/share/46573d1b7df0494e999477e0a3605660?utm_medium=tiger_community&amp;platform=iOS&amp;shareID=114e4994c175f778ded75892c7c541b1&amp;invite=S8N122&amp;lang=en_US\">Why did HIMS move recently?</a> Hims &amp; Hers Health (HIMS) stock has experienced significant volatility recently, primarily driven by a major strategic partnership announcement, subsequent analyst reactions, and a newly disclosed cybersecurity incident. The stock surged over 40% on March 9th following news of a deal with Novo Nordisk but has since given back some gains amid mixed analyst views and negative news flow.2429","text":"Find out more here: Why did HIMS move recently? Hims & Hers Health (HIMS) stock has experienced significant volatility recently, primarily driven by a major strategic partnership announcement, subsequent analyst reactions, and a newly disclosed cybersecurity incident. The stock surged over 40% on March 9th following news of a deal with Novo Nordisk but has since given back some gains amid mixed analyst views and negative news flow.2429","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/549678338008112","isVote":1,"tweetType":1,"viewCount":570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":530909999523312,"gmtCreate":1770638287652,"gmtModify":1770638291501,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"must win","listText":"must win","text":"must win","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/530909999523312","isVote":1,"tweetType":1,"viewCount":1756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":524841671762048,"gmtCreate":1769161084916,"gmtModify":1769161868846,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/NVO\">$Novo-Nordisk A/S(NVO)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVO\">$Novo-Nordisk A/S(NVO)$&nbsp;</a>&nbsp;","text":"$Novo-Nordisk A/S(NVO)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524841671762048","isVote":2,"tweetType":1,"viewCount":1380,"authorTweetTopStatus":1,"verified":2,"vote":{"id":5234,"gmtBegin":1769161084914,"gmtEnd":1769765863780,"type":1,"upper":1,"title":"这个股票值得买吗","choices":[{"id":18065,"sort":1,"name":"值得","userSize":5,"voted":false},{"id":18066,"sort":2,"name":"不值得","userSize":1,"voted":false},{"id":18067,"sort":3,"name":"路过","userSize":0,"voted":false}]},"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":524832443319160,"gmtCreate":1769158854118,"gmtModify":1769158856324,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/ENPH 20260130 35.5 PUT\">$ENPH 20260130 35.5 PUT$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/ENPH 20260130 35.5 PUT\">$ENPH 20260130 35.5 PUT$</a>&nbsp;","text":"$ENPH 20260130 35.5 PUT$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524832443319160","isVote":1,"tweetType":1,"viewCount":1468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":524821549196216,"gmtCreate":1769156278268,"gmtModify":1769157159642,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/IBIT\">$比特币ETF-iShares(IBIT)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp; <a href=\"https://ttm.financial/S/TMF\">$3倍做多20年期以上国债ETF-Direxion(TMF)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/IBIT\">$比特币ETF-iShares(IBIT)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp; <a href=\"https://ttm.financial/S/TMF\">$3倍做多20年期以上国债ETF-Direxion(TMF)$&nbsp;</a>&nbsp;","text":"$比特币ETF-iShares(IBIT)$ $3倍做多20年期以上国债ETF-Direxion(TMF)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524821549196216","repostId":"20240425044837524","repostType":13,"repost":{"supObjectId":"C20240425052209016","supType":16,"sup_object_id":"C20240425052209016","sup_type":"C20240425052209016"},"isVote":1,"tweetType":1,"viewCount":1084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":524801425019968,"gmtCreate":1769151372173,"gmtModify":1769151375572,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/HIQW.SI\">$UOB MB eCW260730(HIQW.SI)$</a>&nbsp; [得意]&nbsp; [得意]&nbsp; [得意]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/HIQW.SI\">$UOB MB eCW260730(HIQW.SI)$</a>&nbsp; [得意]&nbsp; [得意]&nbsp; [得意]&nbsp;&nbsp;","text":"$UOB MB eCW260730(HIQW.SI)$ [得意] [得意] [得意]","images":[{"img":"https://community-static.tradeup.com/news/55f32ad19144ae47cf522f474580a11e","width":"1170","height":"2049"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524801425019968","isVote":1,"tweetType":1,"viewCount":1090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":524801779118592,"gmtCreate":1769151356189,"gmtModify":1769151359488,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/HIQW.SI\">$UOB MB eCW260730(HIQW.SI)$</a>&nbsp;<a href=\"https://ttm.financial/FUT/TWmain\">$MSCI台指主连(TWmain)$&nbsp;</a>&nbsp;<a href=\"https://ttm.financial/S/VFS\">$VinFast Auto(VFS)$&nbsp;</a> [开心]&nbsp; [开心]&nbsp; [开心]&nbsp; [开心]&nbsp; [开心]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/HIQW.SI\">$UOB MB eCW260730(HIQW.SI)$</a>&nbsp;<a href=\"https://ttm.financial/FUT/TWmain\">$MSCI台指主连(TWmain)$&nbsp;</a>&nbsp;<a href=\"https://ttm.financial/S/VFS\">$VinFast Auto(VFS)$&nbsp;</a> [开心]&nbsp; [开心]&nbsp; [开心]&nbsp; [开心]&nbsp; [开心]&nbsp;&nbsp;","text":"$UOB MB eCW260730(HIQW.SI)$ $MSCI台指主连(TWmain)$ $VinFast Auto(VFS)$ [开心] [开心] [开心] [开心] [开心]","images":[{"img":"https://community-static.tradeup.com/news/a761e4181f7d521fbe18bcec2ec67b5f","width":"324","height":"543"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524801779118592","isVote":1,"tweetType":1,"viewCount":1336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":521661225984072,"gmtCreate":1768393803476,"gmtModify":1768393806143,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/BULLW\">$WEBULL 10/04/2030(TO(BULLW)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/BULLW\">$WEBULL 10/04/2030(TO(BULLW)$&nbsp;</a>&nbsp;","text":"$WEBULL 10/04/2030(TO(BULLW)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/521661225984072","isVote":1,"tweetType":1,"viewCount":1413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":519552460374488,"gmtCreate":1767864844806,"gmtModify":1767864847358,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/PDD\">$拼多多(PDD)$&nbsp;</a>&nbsp; <a href=\"https://ttm.financial/S/PDD\">$拼多多(PDD)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/PDD\">$拼多多(PDD)$&nbsp;</a>&nbsp; <a href=\"https://ttm.financial/S/PDD\">$拼多多(PDD)$&nbsp;</a>&nbsp;","text":"$拼多多(PDD)$ $拼多多(PDD)$","images":[{"img":"https://community-static.tradeup.com/news/25dfd000a709aeb9686881d5ba1fbbb2","width":"336","height":"552"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/519552460374488","isVote":1,"tweetType":1,"viewCount":1430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},{"id":518067100934800,"gmtCreate":1767504240409,"gmtModify":1767504678546,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/XIC.HK 20260226 7.00 CALL\">$XIC.HK 20260226 7.00 CALL$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/XIC.HK 20260226 7.00 CALL\">$XIC.HK 20260226 7.00 CALL$</a>&nbsp;","text":"$XIC.HK 20260226 7.00 CALL$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/518067100934800","repostId":"2600017238","repostType":2,"repost":{"id":"2600017238","kind":"news","pubTimestamp":1767482210,"share":"https://ttm.financial/m/news/2600017238?lang=en_US&edition=fundamental","pubTime":"2026-01-04 07:16","market":"fut","language":"zh","title":"Guojin Securities: After the highest single-year increase in nearly 46 years, how do you think of the trend of gold?","url":"https://stock-news.laohu8.com/highlight/detail?id=2600017238","media":"智通财经","summary":"国金证券主要观点如下：以史为鉴，当前黄金“超涨”了吗?即便已经连续三年显著增持，目前全球央行对黄金仍然偏低配。国金证券认为，美元信用褪色的贬值交易下，黄金作为稀缺的无主权信用背书的货币资产，价值重估难言结束，金价已经“失锚”。当金价技术性回调时，央行和主权基金的购金预期将对回调空间和持续性产生约束。","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>According to a research report released, although the pace of gold purchase by the central bank slows down in 2025, the influx of speculative funds pushes the price of gold higher. The short-term correction is mainly driven by emotional and technical factors, while the core supporting logic of global stagflation, chaotic order and monetization of US deficit remains unchanged. Looking ahead to 2026, when the market's pricing logic of \"AI unknown\" has not changed, the lack of order remains a favorable environment for gold. When AI bubble and gold form a \"dumbbell\", gold, as the insurance of AI positions, has realized the value of highlight moments. As a narrative asset with both \"gold-like\" attributes and AI power, silver has higher staged flexibility. But once the AI narrative becomes clear, the highlight moment of gold may end, and the silver narrative of \"benefiting from both ends\" may also return to rationality.</p><p>The main views of Guojin Securities are as follows:</p><p><strong>Taking history as a mirror, is the current gold \"over-rising\"?</strong></p><p><strong>I. Looking back at the history of gold price, the stages with strong reference are World War II and 1970s</strong></p><p>After the stock market crash in 1929, the United States fell into the Great Depression, and a popular run on gold brought the banking system to the brink of collapse. Dollar issuance under the gold standard must be linked to gold reserves, which limited the government's ability to solve problems by issuing currency, banks failed in large numbers,<a href=\"https://laohu8.com/S/603883\">Ordinary people</a>Massive unemployment. Therefore, after Roosevelt's New Deal in 1933, it was announced that all banks in the country must stop gold trading and nationalize gold.</p><p>After the outbreak of World War II, the U.S. fiscal deficit rate once rose to 27%, and the Federal Reserve stabilized the market interest rate of the latter through unlimited treasury bill purchases. As a result of this measure, the total amount of base money in the United States increased by 149 percent from August 1939 to August 1948. Meanwhile, dollar-denominated gold rose 123% over the same period.</p><p>During the Bretton Woods system, the price of gold was fixed at $35/oz. However, after World War II, the economy of the United States took off, and international trade was settled in US dollars. Due to the continuous economic expansion, there were more and more US dollars, which led to the rapid increase of inflation in the United States, and the continuous deficit of the balance of payments, which had to be made up by issuing currency, which led to the further aggravation of inflation and the collapse of US dollar credit.</p><p>Since the 1970s, the world began to run on gold, and the gold reserves of the United States have decreased. The United States is worried that it cannot continue to support the exchange commitment between the US dollar and gold. With the collapse of the Brinton Woods system, the price of gold changed from a fixed price to a floating price again. From 1973 to 1980, gold soared from $35 to $850, a 24-fold increase. It wasn't until the violent rate hike of the Volcker era in 1980 that gold really peaked.</p><p><strong>Second, in the first decade of the 21st century, gold ushered in a new round of bull market</strong></p><p>Behind it is the catalysis of a series of events such as the \"911\" incident, inflation after the rapid development of the US economy, the global financial crisis and the European debt crisis. With the suppression of the European debt crisis and the gradual recovery of the US economy, gold fell into a five-year bear market after 2011.</p><p>In the 17 years since the financial crisis broke out, the average annual federal fiscal deficit rate in the United States has reached 6.3%. Even excluding 2020 and 2021 under the epidemic environment, the average deficit rate is as high as 5.4%, much higher than the average level of 1.7% from 1950s to before the financial crisis. The economic growth model with fiscal overdraft as the core driving force is the core reason for the continuous depreciation of the US dollar relative to gold. After the Russia-Ukraine crisis in 2022, the technical default of the United States on Russia's $300 billion foreign reserves marked a new stage of decline in the credit and influence of the US dollar. Represented by the People's Bank of China, it hoarded gold while reducing its holdings of US debt.</p><p><strong>Third, this round of gold bull market has no significant signs of overinflation</strong></p><p>If the United States started deficit monetization in 2008 as the starting point, the price of gold has doubled by 5.7 times so far; If the United States technically defaults on Russia's foreign exchange reserves in 2022 as a starting point, the price of gold has doubled 2.4 times so far. Compared with the 24-fold increase in gold price in 1970s, this round of gold bull market shows no significant signs of overinflation.</p><p>The opposite of gold is dollar credit. In the long run, the upward trend of gold price is positively correlated with the size of U.S. debt. The Congressional Budget Office (CBO) forecasts that the ratio of total U.S. federal debt held by the public to U.S. GDP will rise to 118.5% by 2035 from 97.8% in 2025, surpassing the high at the end of World War II. There is still room for imagination in a gold bull market. Unless in this process, AI technology can bring an overall improvement in productivity of various industries from the organizational and architectural level, and lead the United States to get out of stagflation and improve economic and fiscal efficiency, then it is a signal that the gold bull market will end.</p><p><strong>From the financial level, is the process of the central bank and the market buying more gold coming to an end?</strong></p><p><strong>First, the central bank's gold purchase: the pace slows down rather than ends</strong></p><p>Against the background of global political multipolarity, the declining geopolitical influence of the United States and the increasing debt vigilance of developed economies such as the United States and Europe, geopolitical powers (China, Russia, India, etc.), traditional neutral countries (Singapore, Saudi Arabia, Qatar, etc.) and Russia-Ukraine frontier countries (Poland, Hungary, etc.) have gradually increased their gold reserves in the past three years. The proportion of \"gold purchased by the central bank\" in gold investment demand once rose from 15% in the first quarter of 2022 to a high of 54% in the fourth quarter of 2024.</p><p>Even though it has significantly increased its holdings for three consecutive years, the global central banks are still underallocated to gold. According to the World Bank data, gold reserves will account for about 22% of the global central bank reserves in 2024, an increase of 7 percentage points from three years ago, but there is still a gap compared with the important turning points of geopolitical landscape in history. It was 29 percent at the end of the Cold War in 1990 and 58 percent at the end of Great Stagflation in 1980. If the proportion of gold reserves held by the central bank returns to the level of 1990, there will still be 7% room for improvement, corresponding to about 3,400 tons of gold purchase demand.</p><p>According to the results of the World Gold Council's survey of central bank gold reserves in 2025, 76% of the central banks surveyed said that the proportion of gold reserves would continue to \"Moderately higher\" in the next five years (46% in 2022, 62% in 2023 and 69% in 2024). The performance of gold during the crisis, the diversification of portfolio and the demand to hedge against inflation are the core reasons for their increase in gold holdings.</p><p>Guojin Securities believes that under the depreciation transaction of the fading credit of the US dollar, the revaluation of gold, as a scarce monetary asset without sovereign credit endorsement, is hard to say, and the price of gold has \"lost its anchor\". In this process, the central bank's demand for gold purchase has not weakened. In the short term, although the amount of gold purchase is not as fanatic as the market funds, it will become an important chassis force of gold price. When the gold price is technically corrected, the gold purchase expectations of the central bank and sovereign funds will constrain the space and persistence of the correction.</p><p><strong>2. Market funds: the demand for portfolio optimization and the demand for hedging AI narrative are still there</strong></p><p>For investment institutions, the long-term value of gold lies in its low pullback/retracement and low correlation with traditional stock and bond assets, which is an indispensable hedging tool in the allocation portfolio of large assets.</p><p>Although large asset allocation portfolios such as risk parity strategy portfolio and Markowitz-mean variance strategy portfolio have certain exposure to gold, there are still some non-institutional investors and traditional stock-bond strategy portfolios that have not set foot in gold, because stock-bond hedging has been effective for a long time in the past, and bonds are enough to disperse the volatility risk of US stocks. In the 40 years before 2022, the world as a whole has experienced a dividend era with falling interest rates and cooperation among superpowers. Especially after 2008, major central banks such as the United States, Europe and Japan have maintained extremely loose monetary policies for many years. However, since 2022, factors such as the global pandemic, populist politics in the West, interest rate and inflation environment have made great changes in the global financial market.</p><p>A persistently high inflationary environment can largely undermine the value of government bonds as a portfolio diversifier. Nearly 50 years of historical experience shows that when the core inflation level in the United States is lower than 2.5%, the correlation between U.S. stocks and U.S. bonds is generally negative (that is, allocating stocks and bonds at the same time can effectively spread risks), but when the core inflation is higher than 2.5%, this stock-bond hedging is on the verge of failure. The positive correlation between U.S. equities and bonds remains near its nearly 27-year high this year, highlighting the need for alternative assets as a tool for diversified allocation. Given that gold has historically had a low correlation with many traditional asset classes, allocating gold strategically can help improve the return-risk-value ratio of various portfolios across a variety of market cycles. Global gold ETF holdings have increased by 20% over the past year, and strong investment demand may not only be pricing in Fed rate cut expectations, but also a signal that traditional portfolio strategies are changing.</p><p>For trading funds, the demand for overweight of gold still exists. On the one hand, the Fed's interest rate cut cycle has not yet finished, and the market pricing will still land for 2-3 interest rate cuts next year. The downward expectation of the real interest rate may drive the purchase of market funds represented by gold ETFs. On the other hand, the dumbbell strategy of \"doing more AI + doing more gold\" is a betting on both ends of the next stage of American national fortunes. When the AI bubble reaches the second half, the \"hedging\" attribute of gold is expected to increase.</p><p><strong>Gold: Pricing Perspective of Current Money and Credit VS. Price Comparison Perspective with US Financial Assets</strong></p><p>Under the monetary credit system, if the global dollar currency/global gold central bank reserve is used as the representative of global dollar gold, then the dollar credit implied by the current gold pricing of about 4,000 dollars per ounce is already lower than that when the Bretton Woods system collapsed in 1971. However, if you look at it from another perspective, compared with the financial assets in the United States, the current market value of gold/the market value of stocks and bonds in the United States is just at the historical low near 1971.</p><p><strong>Risk warning:</strong>The availability of data is limited, and there is lag in public data; The pace of AI commercialization has accelerated, recharging US dollar credit; There is a bias in the understanding of the reconstruction of the international order.</p><p></body></html></p>","source":"stock_zhitongcaijing","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>Guojin Securities: After the highest single-year increase in nearly 46 years, how do you think of the trend of gold?</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\">\nGuojin Securities: After the highest single-year increase in nearly 46 years, how do you think of the trend of gold?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2026-01-04 07:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>According to a research report released, although the pace of gold purchase by the central bank slows down in 2025, the influx of speculative funds pushes the price of gold higher. The short-term correction is mainly driven by emotional and technical factors, while the core supporting logic of global stagflation, chaotic order and monetization of US deficit remains unchanged. Looking ahead to 2026, when the market's pricing logic of \"AI unknown\" has not changed, the lack of order remains a favorable environment for gold. When AI bubble and gold form a \"dumbbell\", gold, as the insurance of AI positions, has realized the value of highlight moments. As a narrative asset with both \"gold-like\" attributes and AI power, silver has higher staged flexibility. But once the AI narrative becomes clear, the highlight moment of gold may end, and the silver narrative of \"benefiting from both ends\" may also return to rationality.</p><p>The main views of Guojin Securities are as follows:</p><p><strong>Taking history as a mirror, is the current gold \"over-rising\"?</strong></p><p><strong>I. Looking back at the history of gold price, the stages with strong reference are World War II and 1970s</strong></p><p>After the stock market crash in 1929, the United States fell into the Great Depression, and a popular run on gold brought the banking system to the brink of collapse. Dollar issuance under the gold standard must be linked to gold reserves, which limited the government's ability to solve problems by issuing currency, banks failed in large numbers,<a href=\"https://laohu8.com/S/603883\">Ordinary people</a>Massive unemployment. Therefore, after Roosevelt's New Deal in 1933, it was announced that all banks in the country must stop gold trading and nationalize gold.</p><p>After the outbreak of World War II, the U.S. fiscal deficit rate once rose to 27%, and the Federal Reserve stabilized the market interest rate of the latter through unlimited treasury bill purchases. As a result of this measure, the total amount of base money in the United States increased by 149 percent from August 1939 to August 1948. Meanwhile, dollar-denominated gold rose 123% over the same period.</p><p>During the Bretton Woods system, the price of gold was fixed at $35/oz. However, after World War II, the economy of the United States took off, and international trade was settled in US dollars. Due to the continuous economic expansion, there were more and more US dollars, which led to the rapid increase of inflation in the United States, and the continuous deficit of the balance of payments, which had to be made up by issuing currency, which led to the further aggravation of inflation and the collapse of US dollar credit.</p><p>Since the 1970s, the world began to run on gold, and the gold reserves of the United States have decreased. The United States is worried that it cannot continue to support the exchange commitment between the US dollar and gold. With the collapse of the Brinton Woods system, the price of gold changed from a fixed price to a floating price again. From 1973 to 1980, gold soared from $35 to $850, a 24-fold increase. It wasn't until the violent rate hike of the Volcker era in 1980 that gold really peaked.</p><p><strong>Second, in the first decade of the 21st century, gold ushered in a new round of bull market</strong></p><p>Behind it is the catalysis of a series of events such as the \"911\" incident, inflation after the rapid development of the US economy, the global financial crisis and the European debt crisis. With the suppression of the European debt crisis and the gradual recovery of the US economy, gold fell into a five-year bear market after 2011.</p><p>In the 17 years since the financial crisis broke out, the average annual federal fiscal deficit rate in the United States has reached 6.3%. Even excluding 2020 and 2021 under the epidemic environment, the average deficit rate is as high as 5.4%, much higher than the average level of 1.7% from 1950s to before the financial crisis. The economic growth model with fiscal overdraft as the core driving force is the core reason for the continuous depreciation of the US dollar relative to gold. After the Russia-Ukraine crisis in 2022, the technical default of the United States on Russia's $300 billion foreign reserves marked a new stage of decline in the credit and influence of the US dollar. Represented by the People's Bank of China, it hoarded gold while reducing its holdings of US debt.</p><p><strong>Third, this round of gold bull market has no significant signs of overinflation</strong></p><p>If the United States started deficit monetization in 2008 as the starting point, the price of gold has doubled by 5.7 times so far; If the United States technically defaults on Russia's foreign exchange reserves in 2022 as a starting point, the price of gold has doubled 2.4 times so far. Compared with the 24-fold increase in gold price in 1970s, this round of gold bull market shows no significant signs of overinflation.</p><p>The opposite of gold is dollar credit. In the long run, the upward trend of gold price is positively correlated with the size of U.S. debt. The Congressional Budget Office (CBO) forecasts that the ratio of total U.S. federal debt held by the public to U.S. GDP will rise to 118.5% by 2035 from 97.8% in 2025, surpassing the high at the end of World War II. There is still room for imagination in a gold bull market. Unless in this process, AI technology can bring an overall improvement in productivity of various industries from the organizational and architectural level, and lead the United States to get out of stagflation and improve economic and fiscal efficiency, then it is a signal that the gold bull market will end.</p><p><strong>From the financial level, is the process of the central bank and the market buying more gold coming to an end?</strong></p><p><strong>First, the central bank's gold purchase: the pace slows down rather than ends</strong></p><p>Against the background of global political multipolarity, the declining geopolitical influence of the United States and the increasing debt vigilance of developed economies such as the United States and Europe, geopolitical powers (China, Russia, India, etc.), traditional neutral countries (Singapore, Saudi Arabia, Qatar, etc.) and Russia-Ukraine frontier countries (Poland, Hungary, etc.) have gradually increased their gold reserves in the past three years. The proportion of \"gold purchased by the central bank\" in gold investment demand once rose from 15% in the first quarter of 2022 to a high of 54% in the fourth quarter of 2024.</p><p>Even though it has significantly increased its holdings for three consecutive years, the global central banks are still underallocated to gold. According to the World Bank data, gold reserves will account for about 22% of the global central bank reserves in 2024, an increase of 7 percentage points from three years ago, but there is still a gap compared with the important turning points of geopolitical landscape in history. It was 29 percent at the end of the Cold War in 1990 and 58 percent at the end of Great Stagflation in 1980. If the proportion of gold reserves held by the central bank returns to the level of 1990, there will still be 7% room for improvement, corresponding to about 3,400 tons of gold purchase demand.</p><p>According to the results of the World Gold Council's survey of central bank gold reserves in 2025, 76% of the central banks surveyed said that the proportion of gold reserves would continue to \"Moderately higher\" in the next five years (46% in 2022, 62% in 2023 and 69% in 2024). The performance of gold during the crisis, the diversification of portfolio and the demand to hedge against inflation are the core reasons for their increase in gold holdings.</p><p>Guojin Securities believes that under the depreciation transaction of the fading credit of the US dollar, the revaluation of gold, as a scarce monetary asset without sovereign credit endorsement, is hard to say, and the price of gold has \"lost its anchor\". In this process, the central bank's demand for gold purchase has not weakened. In the short term, although the amount of gold purchase is not as fanatic as the market funds, it will become an important chassis force of gold price. When the gold price is technically corrected, the gold purchase expectations of the central bank and sovereign funds will constrain the space and persistence of the correction.</p><p><strong>2. Market funds: the demand for portfolio optimization and the demand for hedging AI narrative are still there</strong></p><p>For investment institutions, the long-term value of gold lies in its low pullback/retracement and low correlation with traditional stock and bond assets, which is an indispensable hedging tool in the allocation portfolio of large assets.</p><p>Although large asset allocation portfolios such as risk parity strategy portfolio and Markowitz-mean variance strategy portfolio have certain exposure to gold, there are still some non-institutional investors and traditional stock-bond strategy portfolios that have not set foot in gold, because stock-bond hedging has been effective for a long time in the past, and bonds are enough to disperse the volatility risk of US stocks. In the 40 years before 2022, the world as a whole has experienced a dividend era with falling interest rates and cooperation among superpowers. Especially after 2008, major central banks such as the United States, Europe and Japan have maintained extremely loose monetary policies for many years. However, since 2022, factors such as the global pandemic, populist politics in the West, interest rate and inflation environment have made great changes in the global financial market.</p><p>A persistently high inflationary environment can largely undermine the value of government bonds as a portfolio diversifier. Nearly 50 years of historical experience shows that when the core inflation level in the United States is lower than 2.5%, the correlation between U.S. stocks and U.S. bonds is generally negative (that is, allocating stocks and bonds at the same time can effectively spread risks), but when the core inflation is higher than 2.5%, this stock-bond hedging is on the verge of failure. The positive correlation between U.S. equities and bonds remains near its nearly 27-year high this year, highlighting the need for alternative assets as a tool for diversified allocation. Given that gold has historically had a low correlation with many traditional asset classes, allocating gold strategically can help improve the return-risk-value ratio of various portfolios across a variety of market cycles. Global gold ETF holdings have increased by 20% over the past year, and strong investment demand may not only be pricing in Fed rate cut expectations, but also a signal that traditional portfolio strategies are changing.</p><p>For trading funds, the demand for overweight of gold still exists. On the one hand, the Fed's interest rate cut cycle has not yet finished, and the market pricing will still land for 2-3 interest rate cuts next year. The downward expectation of the real interest rate may drive the purchase of market funds represented by gold ETFs. On the other hand, the dumbbell strategy of \"doing more AI + doing more gold\" is a betting on both ends of the next stage of American national fortunes. When the AI bubble reaches the second half, the \"hedging\" attribute of gold is expected to increase.</p><p><strong>Gold: Pricing Perspective of Current Money and Credit VS. Price Comparison Perspective with US Financial Assets</strong></p><p>Under the monetary credit system, if the global dollar currency/global gold central bank reserve is used as the representative of global dollar gold, then the dollar credit implied by the current gold pricing of about 4,000 dollars per ounce is already lower than that when the Bretton Woods system collapsed in 1971. However, if you look at it from another perspective, compared with the financial assets in the United States, the current market value of gold/the market value of stocks and bonds in the United States is just at the historical low near 1971.</p><p><strong>Risk warning:</strong>The availability of data is limited, and there is lag in public data; The pace of AI commercialization has accelerated, recharging US dollar credit; There is a bias in the understanding of the reconstruction of the international order.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/1388299.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4be30a3c11bd91e9d1f864c6a098fab1","relate_stocks":{"BK0028":"国家队","BK0201":"可转债","BK0276":"资本市场","BK0183":"MSCI概念","BK0188":"融资融券","BK0012":"证金概念"},"source_url":"http://www.zhitongcaijing.com/content/detail/1388299.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2600017238","content_text":"国金证券发布研究报告称，尽管2025年内央行购金节奏放缓，但投机资金涌入推动金价走高，短期回调主要受情绪和技术性因素驱动，而全球滞胀、秩序混沌、美国赤字货币化的核心支撑逻辑未变。展望2026，当市场对“AI未知”这一定价逻辑尚未改变时，缺乏秩序仍是黄金的有利环境。当AI泡沫与黄金构成“哑铃”，黄金作为AI持仓的保险已实现了高光时刻的价值。白银作为既有“类黄金”属性又与AI电力相关的叙事资产，具备阶段性更高的弹性。但一旦AI叙事变得清晰，黄金的高光时刻或落幕，届时“两头受益”的白银叙事可能也会回归理性。国金证券主要观点如下：以史为鉴，当前黄金“超涨”了吗?一、回顾黄金价格的历史，具备较强参考性的阶段分别是二战时期和上世纪70年代1929年股市崩盘后，美国陷入经济大萧条，民众挤兑黄金导致银行体系濒临崩溃。金本位制下美元发行必须与黄金储备挂钩，这限制了政府通过发行货币来解决问题的能力，银行大批倒闭，老百姓大量失业。因此1933年美国罗斯福新政后，宣布全国所有银行必须停止黄金交易，将黄金收归国有。二战爆发美国正式参战后，美国财政赤字率一度升至27%，美联储通过无上限的国库券购买，稳定后者的市场利率。这一措施的结果是，从1939年8月至1948年8月，美国基础货币总量增长了149%。与此同时，以美元计价的黄金在同期上涨了123%。布雷顿森林体系时期，黄金价格被固定为35美元/盎司。但二战后美国经济腾飞，国际贸易又以美元结算，受到经济的不断扩张，美元是越来越多，导致美国的通货膨胀急速加剧，国际收支持续逆差，又不得不依靠发行货币来弥补，导致通货膨胀进一步加剧，美元信用一度面临崩塌。70年代起全球开始挤兑黄金，美国黄金储备减少，美国担忧无法继续支撑美元与黄金的兑换承诺。布林顿森林体系崩溃，金价再度由固定价格变成浮动价格。1973年-1980年，黄金从35美元一路飙升到850美元，翻了24倍。直到1980年沃尔克时代暴力加息，黄金才真正见顶。二、21世纪的第一个十年，黄金迎来新一轮牛市背后是“911”事件、美国经济高速发展后陷入通货膨胀、全球金融危机、欧债危机等一系列事件的催化。随着欧债危机得到抑制、美国经济逐渐复苏，黄金在2011年后陷入5年熊市。金融危机爆发至今的17年里，美国平均年度联邦财政赤字率达到6.3%，即使剔除疫情环境下的2020和2021年，平均赤字率也高达5.4%，远高于上世纪50年代至金融危机前的平均水平1.7%，以财政透支为核心驱动力的经济增长模式是美元相对于黄金持续贬值的核心原因。2022年俄乌危机后美国对于俄罗斯3000亿美元外储的技术性违约则标志着美元信用和影响力下降的新阶段，以中国央行为代表，一边减持美债一边大幅囤金。三、本轮黄金牛市并未有显著超涨的迹象若以2008年美国启动赤字货币化作为起点，迄今为止金价翻了5.7倍;若以2022年美国对俄罗斯外汇储备技术性违约作为起点，迄今为止金价翻了2.4倍。相较于上世纪70年代金价翻24倍的涨幅，本轮黄金牛市并未有显著超涨的迹象。黄金的对立面是美元信用，长期来看金价的上涨趋势与美国债务规模存在正相关性。据美国国会预算办公室(CBO)预测，到2035年，公众持有的美国联邦债务总量与美国GDP的比值将从2025年的97.8%上升至118.5%，超过二战结束时的高点，这一背景下黄金牛市仍有想象空间。除非这一过程中，出现了AI技术能够从组织和架构层面带来各行业生产率的全面提升，并带领美国重新走出滞胀、改善经济和财政效率，那么即是黄金牛市终止的信号。从资金层面，央行和市场增购黄金的进程是否快要走完?一、央行购金：节奏放缓而非结束在全球政治多极化、美国地缘影响力下降以及美欧等发达经济体债务警惕日益上升的背景下，地缘大国(中国、俄罗斯、印度等)、传统中立国(新加坡、沙特、卡塔尔等)及俄乌前沿地带国家(波兰、匈牙利等)在过去三年内逐步增加黄金储备。黄金投资需求中“央行购金”的占比从2022年一季度的15%，一度上升至2024年四季度的高点54%。即便已经连续三年显著增持，目前全球央行对黄金仍然偏低配。根据世界银行数据，2024年全球央行储备中黄金储备占比约为22%，较三年前上升了7个百分点，但相较于历史上重要的地缘政治格局转折点均仍有差距。1990年冷战末期时这一数值为29%，1980年大滞胀末期时为58%。央行持有黄金储备占比若回到1990年的水平，还有7%的提升空间，对应约3400吨的购金需求。2025年世界黄金协会对央行黄金储备的调查结果显示，76%的受访央行表示未来5年黄金储备占比将继续“温和上升(Moderately higher)”(2022年为46%，2023年为62%，2024年为69%)，黄金在危机时期的表现、组合多元化、以及对冲通胀的诉求是他们增持黄金最核心的理由。国金证券认为，美元信用褪色的贬值交易下，黄金作为稀缺的无主权信用背书的货币资产，价值重估难言结束，金价已经“失锚”。这一过程中，央行购金需求并未减弱，短期内购金量虽不及市场资金狂热，但会成为一股重要的金价底盘力量。当金价技术性回调时，央行和主权基金的购金预期将对回调空间和持续性产生约束。二、市场资金：组合优化需求与对冲AI叙事需求仍在对于投资机构而言，黄金的长期价值在于其回撤低、和传统股债资产间相关性低，是大类资产配置组合中不可或缺的对冲工具。虽然风险平价策略组合、马科维茨—均值方差策略组合等大类资产配置组合已具备一定的黄金敞口，但仍有一部分非机构类投资者和传统股债策略组合并未涉足黄金，因为过去相当长的时期内，股债对冲是有效的，债券足以分散美股的波动风险。2022年以前的40年里，全球整体都在经历了一个利率下降、超级大国之间以合作为主的红利时代，尤其是2008年之后美、欧、日等主要央行均维持极度宽松货币政策多年。但是自2022年以来，全球大流行、西方民粹主义政治、利率与通胀环境等因素使全球金融市场发生了极大的变化。持续的高通胀环境在很大程度上会削弱政府债券作为组合多元化工具的价值。近50年历史经验显示，当美国核心通胀水平低于2.5%时，美股美债之间的相关性大体上为负(即同时配置股+债便能有效分散风险)，但当核心通胀高于2.5%时，这种股债对冲濒临失效。今年美国股债的正相关性仍然处于近27年来的高位附近，凸显了另类资产作为多元化配置工具的必要性。鉴于黄金与许多传统资产类别的相关性历来较低，对黄金进行战略性配置有助于改善各种投资组合在各种市场周期中的收益风险性价比。过去一年里，全球黄金ETF持有量增长了20%，强劲的投资需求可能不仅在定价美联储降息预期，也是传统资产组合策略正在发生变革的信号。对于交易性资金而言，黄金的增持需求也仍然存在。一方面，美联储降息周期尚未走完，市场定价明年仍会落地2-3次降息，实际利率下行预期或驱动以黄金ETF为代表的市场资金买入。另一方面，“做多AI+做多黄金”的哑铃策略是对下一阶段美国国运的两头押注，当AI泡沫行至后半段，黄金的“对冲”属性有望增强。黄金：当前货币信用的定价视角 VS 与美国金融资产的比价视角在货币信用体系下，如果用全球美元货币/全球黄金央行储备量作为全球美元黄金的代表，那么当前4000美元左右一盎司的黄金定价所隐含的美元信用已经低于1971年布雷顿森林体系破灭之时。但如果换一个视角来看，与美国的金融资产比价，当前黄金市值/美国的股票和债券市值也刚好处于与1971年附近的历史低位。风险提示：数据可得性有限，公开数据存在滞后性;AI商业化节奏加快，为美元信用充值;对国际秩序重构的理解有偏差。","news_type":1,"symbols_score_info":{"GCmain":2,"XAUUSD.FOREX":2}},"isVote":1,"tweetType":1,"viewCount":1115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":487723648590008,"gmtCreate":1760096432543,"gmtModify":1760096437363,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/03690\">$MEITUAN-W(03690)$&nbsp;</a>Take a look at the latest order I posted！<a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","listText":"<a href=\"https://ttm.financial/S/03690\">$MEITUAN-W(03690)$&nbsp;</a>Take a look at the latest order I posted！<a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","text":"$MEITUAN-W(03690)$ Take a look at the latest order I posted！@Trade Feed Decoder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":37,"commentSize":1,"repostSize":38,"link":"https://ttm.financial/post/487723648590008","isVote":1,"tweetType":1,"viewCount":3594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373361746632768,"gmtCreate":1732183023418,"gmtModify":1774431969669,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/PDD\">$PDD Holdings Inc(PDD)$&nbsp;</a>[财迷]&nbsp; [财迷]&nbsp; show time 🚌🚒🚜","listText":"<a href=\"https://ttm.financial/S/PDD\">$PDD Holdings Inc(PDD)$&nbsp;</a>[财迷]&nbsp; [财迷]&nbsp; show time 🚌🚒🚜","text":"$PDD Holdings Inc(PDD)$ [财迷] [财迷] show time 🚌🚒🚜","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":40,"commentSize":2,"repostSize":27,"link":"https://ttm.financial/post/373361746632768","isVote":1,"tweetType":1,"viewCount":5164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":509599008170680,"gmtCreate":1765445244475,"gmtModify":1765445247849,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/03690\">$MEITUAN-W(03690)$&nbsp;</a><a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","listText":"<a href=\"https://ttm.financial/S/03690\">$MEITUAN-W(03690)$&nbsp;</a><a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","text":"$MEITUAN-W(03690)$ @Trade Feed Decoder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":30,"commentSize":2,"repostSize":13,"link":"https://ttm.financial/post/509599008170680","isVote":1,"tweetType":1,"viewCount":2787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":499396981908096,"gmtCreate":1762948073089,"gmtModify":1774431969735,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/XPEV\">$XPeng Inc.(XPEV)$&nbsp;</a><a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","listText":"<a href=\"https://ttm.financial/S/XPEV\">$XPeng Inc.(XPEV)$&nbsp;</a><a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","text":"$XPeng Inc.(XPEV)$ @Trade Feed Decoder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":41,"commentSize":2,"repostSize":17,"link":"https://ttm.financial/post/499396981908096","isVote":1,"tweetType":1,"viewCount":2650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":516336489374488,"gmtCreate":1767081634287,"gmtModify":1767081637625,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/PDD\">$PDD Holdings Inc(PDD)$&nbsp;</a><a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","listText":"<a href=\"https://ttm.financial/S/PDD\">$PDD Holdings Inc(PDD)$&nbsp;</a><a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","text":"$PDD Holdings Inc(PDD)$ @Trade Feed Decoder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":26,"commentSize":1,"repostSize":9,"link":"https://ttm.financial/post/516336489374488","isVote":1,"tweetType":1,"viewCount":2352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360957043073296,"gmtCreate":1729150099335,"gmtModify":1729150219670,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"only sgp visible","listText":"only sgp visible","text":"only sgp visible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/360957043073296","isVote":1,"tweetType":1,"viewCount":2413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941435114,"gmtCreate":1680521560539,"gmtModify":1680521901329,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"😘😘😒😒😭😭😁😉😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭🙈","listText":"😘😘😒😒😭😭😁😉😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭🙈","text":"😘😘😒😒😭😭😁😉😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭🙈","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":16,"commentSize":17,"repostSize":3,"link":"https://ttm.financial/post/9941435114","isVote":1,"tweetType":1,"viewCount":1575,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581734227956830","authorId":"3581734227956830","name":"SirBahamut","avatar":"https://community-static.tradeup.com/news/bfb00d5085e2ed1685d99f51539c6bb1","crmLevel":12,"crmLevelSwitch":0,"idStr":"3581734227956830","authorIdStr":"3581734227956830"},"content":"Why so many smily face? Haha","text":"Why so many smily face? Haha","html":"Why so many smily face? Haha"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":509598537679328,"gmtCreate":1765445218974,"gmtModify":1765445223234,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100931252200150","authorIdStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/NIO.SI\">$NIO Inc. USD OV(NIO.SI)$&nbsp;</a><a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","listText":"<a href=\"https://ttm.financial/S/NIO.SI\">$NIO Inc. USD OV(NIO.SI)$&nbsp;</a><a href=\"https://ttm.financial/U/10000000000011061\">@Trade Feed Decoder</a>","text":"$NIO Inc. USD OV(NIO.SI)$ @Trade Feed Decoder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":23,"commentSize":0,"repostSize":7,"link":"https://ttm.financial/post/509598537679328","isVote":1,"tweetType":1,"viewCount":1711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}