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東海吉龍
坚持自己的选择与目标！希望定能实现梦想！
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東海吉龍
東海吉龍
·
2021-05-30
666
Xiaomi's growth and breakthrough: technology-driven breakthrough to high-end
近日，小米好消息接连不断。 5月26日，小米集团创始人、董事长兼首席执行官雷军发微博称，“美东时间5月25日下午4时09分，美国哥伦比亚特区地方法院颁发了最终判决，解除了美国国防部门对于本公司‘中国军
Xiaomi's growth and breakthrough: technology-driven breakthrough to high-end
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東海吉龍
東海吉龍
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2021-05-27
666
The United States buys time with money, and the whole world enters a "new era of mediocrity"
全球化配置的时代已经开始了。
The United States buys time with money, and the whole world enters a "new era of mediocrity"
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東海吉龍
東海吉龍
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2021-05-24
666
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東海吉龍
東海吉龍
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2021-05-22
666
Bill Gates under investigation for "intimate relationship", property division may be affected
盖茨确实在20年前有过一段婚外情。
Bill Gates under investigation for "intimate relationship", property division may be affected
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東海吉龍
東海吉龍
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2021-05-12
666
Tiger Securities was included in the MSCI China All-Stock Index!
此次被纳入MSCI意味着国际资本市场对老虎证券的认可和信心！
Tiger Securities was included in the MSCI China All-Stock Index!
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東海吉龍
東海吉龍
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2021-05-10
666
Sino-Thai International: Biden's proposal on vaccine patents has limited short-term impact
拜登转向支持WTO对放弃新冠疫苗知识产权保护的倡议，我们认为短期影响有限 美国总统拜登日前提出将支持世界贸易组织(WTO)的要求疫苗企业放弃新冠疫苗专利的提案，导致全球疫苗企业股价波动。根据多家权威媒
Sino-Thai International: Biden's proposal on vaccine patents has limited short-term impact
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東海吉龍
東海吉龍
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2021-05-07
666
Dropbox Q1 Revenue $510 Million, Net Income Up 21% YoY
5月7日，云存储服务提供商Dropbox美股盘后公布了该公司的2021财年第一季度财报。报告显示，Dropbox第一季度总营收为5.116亿美元，与上年同期的4.550亿美元相比增长12%，不计入汇率
Dropbox Q1 Revenue $510 Million, Net Income Up 21% YoY
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東海吉龍
東海吉龍
·
2021-05-07
666
Dropbox Q1 Revenue $510 Million, Net Income Up 21% YoY
5月7日，云存储服务提供商Dropbox美股盘后公布了该公司的2021财年第一季度财报。报告显示，Dropbox第一季度总营收为5.116亿美元，与上年同期的4.550亿美元相比增长12%，不计入汇率
Dropbox Q1 Revenue $510 Million, Net Income Up 21% YoY
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東海吉龍
東海吉龍
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2021-05-06
666
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東海吉龍
東海吉龍
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2021-05-02
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After the news was announced, Xiaomi gapped and opened higher at HK $28.25 per share in early trading on the 26th, reaching a maximum of HK $28.50 per share.</p><p>It is worth mentioning that on May 26, Xiaomi also announced its performance report for the first quarter of 2021. At the same time, the Redmi Note 10 series mobile phones were released.</p><p><b>Xiaomi wins the case</b></p><p>The author learned that on January 14th, the U.S. government department listed nine Chinese companies, including Xiaomi, on the so-called blacklist \"related to the Chinese military\" to prevent American investors from investing in these companies. On January 29, Eastern Time, Xiaomi Group sued the U.S. Defense Department and the U.S. Treasury Department in the U.S. District Court for the District of Columbia.</p><p>At that time, Xiaomi issued an announcement saying that the company had noticed that the United States had included the company in the relevant list. Xiaomi stated in the announcement that the company has always adhered to legal and compliant operations and abided by the relevant laws and regulations of the place where it operates. Its services and products are all used for civil or commercial use. The Company will take appropriate measures to protect the interests of the Company and shareholders. Xiaomi emphasized in the announcement at the time: \"Everything is running normally at present.\"</p><p>In March this year, Xiaomi issued a statement saying that the U.S. court had issued a temporary injunction, suspending the administrative order identifying Xiaomi as a Chinese military-related enterprise.</p><p>On the 26th, Lei Jun said on Weibo, \"We won.\" On the same day, the topic of \"Xiaomi was removed from the US sanctions list\" became the second hot search topic on Weibo, triggering heated discussions among netizens.</p><p>Xiaomi's victory marks a \"rare victory\" for Chinese technology companies in the confrontation with US government departments. After all, there are many differences between China and the United States on trade and other issues. This bodes well for Chinese enterprises to defend their rights and interests internationally.</p><p><b>\"Breakthrough\" high-end</b></p><p>Xiaomi's financial report for the first quarter of 2021 shows that in the first quarter of 2021, Xiaomi Group's total revenue was 76.9 billion yuan, an increase of 54.7%, and its revenue and profit hit a record high. Among them, the high-end effect of mobile phones has been further highlighted, which has become an important driving force for Xiaomi's performance improvement.</p><p>At the same time, the explosion of high-end product performance and the gradual enrichment of high-end product matrix show that Xiaomi mobile phones have successfully established themselves in the high-end market. In the future, Xiaomi's high-end series products will continue to inject greater growth momentum and space into Xiaomi Group.</p><p>Wang Xiang, partner and president of Xiaomi Group, said in the conference call, \"Our total revenue and adjusted net profit have created a record high in a single quarter in Xiaomi's history. In the first quarter, smartphone shipments ranked third in the world, with a market share of 14.1% and a year-on-year increase of 62%, which still maintained a rapid growth rate among major manufacturers. This quarter, the achievement of the mobile phone business was mainly due to our continuously consolidated position in the high-end market.\"</p><p>For a long time, \"cost performance\" has been Xiaomi's golden signboard, and Xiaomi has attracted a large number of young users. But the capital market pays more attention to profits, and because Xiaomi mobile phones are cost-effective and have low profits, the initial stock price has not performed for a long time, and it will not change rapidly until 2020.</p><p>From this year's first quarter report, we can see that Xiaomi's high-end mobile phones have grown significantly and have an advantage in market share. The financial report shows that in the first quarter, the global shipments of Xiaomi mobile phones priced at RMB 3,000 or more in mainland China and smartphones priced at 300 euros or more overseas exceeded 4 million units. In addition, according to third-party data, Xiaomi's smartphone market share in mainland China priced in the range of RMB 4,000 to RMB 6,000 increased from 5.5% in the same period last year to 16.1% this quarter.</p><p>It is understood that in March, Xiaomi released three high-end mobile phones, Xiaomi 11Pro, Xiaomi 11ULtra and MIXFOLD. From January to April, the cumulative number of global orders for several mobile phones, including Mi 11, Mi 11Pro and Ultra, exceeded 3 million units. At the same time, the Xiaomi Mi 11 series ranks first in sales among Android phone series priced at 4,000 to 6,000 yuan in the mainland Chinese market.</p><p>Low-end mobile phones compete for share, while high-end mobile phones earn profits. Xiaomi's net profit in the first quarter broke a record, and the outstanding performance of Xiaomi's high-end mobile phones contributed a lot, which also means that Xiaomi has gained a firm foothold in the field of high-end mobile phones.</p><p>It is worth mentioning that, in addition to maintaining advantages in online sales channels, the shortcomings of Xiaomi's offline channels are being rapidly made up for. As of the end of April, the number of offline stores of Xiaomi Home exceeded 5,500.</p><p><b>Innovation Drives Growth</b></p><p>Wang Xiang said in the conference call that the reason why Xiaomi can achieve good results in the high-end market is mainly due to technological innovation. \"To give a few examples, I have been talking about our continuous R&D investment in several quarters. First of all, in the field of cameras, Ultra scored 143 points in the DXOMARK score, ranking first in the ranking of professional mobile phone cameras in the world. At the same time, We also launched the GN2 image sensor, which is currently the largest image sensor in the industry. In terms of charging, Xiaomi 11Ultra launched a silicon-oxygen negative electrode battery, which makes the phone get an electric shock faster, makes the body thinner and lighter, and also supports 67-watt wireless flash charging, setting a series of examples in the wireless charging industry. \"</p><p>Unlike the past, which relied on \"cost-effectiveness\" to drive growth, the cost-effectiveness of Xiaomi products still exists, but the role of technology and innovation in helping Xiaomi's performance growth has become increasingly prominent. The financial report shows that Xiaomi's R&D investment reached 3 billion yuan in the first quarter, a year-on-year increase of 61.0%.</p><p>The improvement of core technical capabilities has brought about the overall improvement of Xiaomi's overall high-end production capacity and the substantial improvement of product capabilities. Specifically embodied in products, Xiaomi 11 series high-end products have more than ten world premieres. At present, Xiaomi has internationally leading test capabilities in more than a dozen disciplines such as camera, audio, radio frequency, antenna, electromagnetic compatibility, baseband, structure, optics, touch, thermal design, power consumption, battery, reliability, and software stability.</p><p>For example, Xiaomi has achieved global leadership in unlimited charging technology. At the end of March, at the Xiaomi 11 series product launch conference, Xiaomi launched the world's first silicon-oxygen anode battery. Silicon-oxygen negative electrode batteries with high energy density, long life and high performance have once again raised the threshold of new industries. For another example, Xiaomi's third-generation under-screen front camera solution has reached mass production and commercial standards and is in a leading position in the industry.</p><p>With huge R&D investment, Xiaomi's R&D results are constantly being implemented. Xiaomi's ultra-high-end flagship model MIX FOLD, which was launched in March this year, adopts a number of black technologies such as 2K + full folding screen and liquid lens. The price starts from 9,999 yuan, achieving perfect technological innovation and cost performance.</p><p>It can be seen that the high-end of Xiaomi mobile phones is high-end supported by technology. Breakthroughs in technological capabilities have brought about improvements in Xiaomi's production capacity efficiency, product experience and quality, and will continue to lay a solid foundation for Xiaomi to open up new high-end growth space. Xiaomi's high-end definition by technology will also bring the competition of high-end mobile phones into a new stage.</p><p>At the same time, Xiaomi's \"mobile phone × AIoT\" strategy has entered a rapid harvest period. There are more and more consumers because Xiaomi has chosen Xiaomi Smart Home; More and more consumers are choosing Xiaomi mobile phones because of the potential of Xiaomi smart homes. In March 2021, the number of monthly active users of the artificial intelligence assistant \"Xiao Ai Classmate\" reached 93 million; The number of monthly active users of Mijia APP increased by 22.8% year-on-year to 49.2 million. At the end of March, Xiaomi officially announced that it would build a car, mobile phone × AIoT + car. What kind of sparks can collide with, giving people infinite reverie.</p><p>For a long time, online has been Xiaomi's home, and its online market share of mobile phones doubled in the first quarter. In the first quarter, Xiaomi accelerated the expansion of Xiaomi Home's offline stores, exceeding 5,500 by the end of April.</p><p>At first, Xiaomi focused on online, which was conducive to saving costs and saving more cost performance. Nowadays, a large number of popular Xiaomi AIoT products have been launched, and consumer demand for Xiaomi AIoT home devices in sinking markets below the third tier continues to rise. A Xiaomi home sells mobile phones and home equipment at the same time, which can not only meet the actual needs of consumers, but also effectively reduce marketing costs compared with only selling mobile phones. This has become the unique advantage of Xiaomi mobile phone brand.</p>","source":"lsy1571439018386","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>Xiaomi's growth and breakthrough: technology-driven breakthrough to high-end</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\">\nXiaomi's growth and breakthrough: technology-driven breakthrough to high-end\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国经营报</strong><span class=\"h-time small\">2021-05-29 14:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recently, good news from Xiaomi has continued one after another.</p><p>On May 26, Lei Jun, founder, chairman and CEO of Xiaomi Group, posted on Weibo, saying, \"At 4:09 pm Eastern Time on May 25, the U.S. District Court for the District of Columbia issued a final judgment, lifting the U.S. defense department's identification of the company as a 'Chinese Military Company' officially lifted all restrictions on American investors purchasing or holding the company's securities.\"</p><p>This means that the lawsuit that lasted for nearly 4 months has finally been settled. After the news was announced, Xiaomi gapped and opened higher at HK $28.25 per share in early trading on the 26th, reaching a maximum of HK $28.50 per share.</p><p>It is worth mentioning that on May 26, Xiaomi also announced its performance report for the first quarter of 2021. At the same time, the Redmi Note 10 series mobile phones were released.</p><p><b>Xiaomi wins the case</b></p><p>The author learned that on January 14th, the U.S. government department listed nine Chinese companies, including Xiaomi, on the so-called blacklist \"related to the Chinese military\" to prevent American investors from investing in these companies. On January 29, Eastern Time, Xiaomi Group sued the U.S. Defense Department and the U.S. Treasury Department in the U.S. District Court for the District of Columbia.</p><p>At that time, Xiaomi issued an announcement saying that the company had noticed that the United States had included the company in the relevant list. Xiaomi stated in the announcement that the company has always adhered to legal and compliant operations and abided by the relevant laws and regulations of the place where it operates. Its services and products are all used for civil or commercial use. The Company will take appropriate measures to protect the interests of the Company and shareholders. Xiaomi emphasized in the announcement at the time: \"Everything is running normally at present.\"</p><p>In March this year, Xiaomi issued a statement saying that the U.S. court had issued a temporary injunction, suspending the administrative order identifying Xiaomi as a Chinese military-related enterprise.</p><p>On the 26th, Lei Jun said on Weibo, \"We won.\" On the same day, the topic of \"Xiaomi was removed from the US sanctions list\" became the second hot search topic on Weibo, triggering heated discussions among netizens.</p><p>Xiaomi's victory marks a \"rare victory\" for Chinese technology companies in the confrontation with US government departments. After all, there are many differences between China and the United States on trade and other issues. This bodes well for Chinese enterprises to defend their rights and interests internationally.</p><p><b>\"Breakthrough\" high-end</b></p><p>Xiaomi's financial report for the first quarter of 2021 shows that in the first quarter of 2021, Xiaomi Group's total revenue was 76.9 billion yuan, an increase of 54.7%, and its revenue and profit hit a record high. Among them, the high-end effect of mobile phones has been further highlighted, which has become an important driving force for Xiaomi's performance improvement.</p><p>At the same time, the explosion of high-end product performance and the gradual enrichment of high-end product matrix show that Xiaomi mobile phones have successfully established themselves in the high-end market. In the future, Xiaomi's high-end series products will continue to inject greater growth momentum and space into Xiaomi Group.</p><p>Wang Xiang, partner and president of Xiaomi Group, said in the conference call, \"Our total revenue and adjusted net profit have created a record high in a single quarter in Xiaomi's history. In the first quarter, smartphone shipments ranked third in the world, with a market share of 14.1% and a year-on-year increase of 62%, which still maintained a rapid growth rate among major manufacturers. This quarter, the achievement of the mobile phone business was mainly due to our continuously consolidated position in the high-end market.\"</p><p>For a long time, \"cost performance\" has been Xiaomi's golden signboard, and Xiaomi has attracted a large number of young users. But the capital market pays more attention to profits, and because Xiaomi mobile phones are cost-effective and have low profits, the initial stock price has not performed for a long time, and it will not change rapidly until 2020.</p><p>From this year's first quarter report, we can see that Xiaomi's high-end mobile phones have grown significantly and have an advantage in market share. The financial report shows that in the first quarter, the global shipments of Xiaomi mobile phones priced at RMB 3,000 or more in mainland China and smartphones priced at 300 euros or more overseas exceeded 4 million units. In addition, according to third-party data, Xiaomi's smartphone market share in mainland China priced in the range of RMB 4,000 to RMB 6,000 increased from 5.5% in the same period last year to 16.1% this quarter.</p><p>It is understood that in March, Xiaomi released three high-end mobile phones, Xiaomi 11Pro, Xiaomi 11ULtra and MIXFOLD. From January to April, the cumulative number of global orders for several mobile phones, including Mi 11, Mi 11Pro and Ultra, exceeded 3 million units. At the same time, the Xiaomi Mi 11 series ranks first in sales among Android phone series priced at 4,000 to 6,000 yuan in the mainland Chinese market.</p><p>Low-end mobile phones compete for share, while high-end mobile phones earn profits. Xiaomi's net profit in the first quarter broke a record, and the outstanding performance of Xiaomi's high-end mobile phones contributed a lot, which also means that Xiaomi has gained a firm foothold in the field of high-end mobile phones.</p><p>It is worth mentioning that, in addition to maintaining advantages in online sales channels, the shortcomings of Xiaomi's offline channels are being rapidly made up for. As of the end of April, the number of offline stores of Xiaomi Home exceeded 5,500.</p><p><b>Innovation Drives Growth</b></p><p>Wang Xiang said in the conference call that the reason why Xiaomi can achieve good results in the high-end market is mainly due to technological innovation. \"To give a few examples, I have been talking about our continuous R&D investment in several quarters. First of all, in the field of cameras, Ultra scored 143 points in the DXOMARK score, ranking first in the ranking of professional mobile phone cameras in the world. At the same time, We also launched the GN2 image sensor, which is currently the largest image sensor in the industry. In terms of charging, Xiaomi 11Ultra launched a silicon-oxygen negative electrode battery, which makes the phone get an electric shock faster, makes the body thinner and lighter, and also supports 67-watt wireless flash charging, setting a series of examples in the wireless charging industry. \"</p><p>Unlike the past, which relied on \"cost-effectiveness\" to drive growth, the cost-effectiveness of Xiaomi products still exists, but the role of technology and innovation in helping Xiaomi's performance growth has become increasingly prominent. The financial report shows that Xiaomi's R&D investment reached 3 billion yuan in the first quarter, a year-on-year increase of 61.0%.</p><p>The improvement of core technical capabilities has brought about the overall improvement of Xiaomi's overall high-end production capacity and the substantial improvement of product capabilities. Specifically embodied in products, Xiaomi 11 series high-end products have more than ten world premieres. At present, Xiaomi has internationally leading test capabilities in more than a dozen disciplines such as camera, audio, radio frequency, antenna, electromagnetic compatibility, baseband, structure, optics, touch, thermal design, power consumption, battery, reliability, and software stability.</p><p>For example, Xiaomi has achieved global leadership in unlimited charging technology. At the end of March, at the Xiaomi 11 series product launch conference, Xiaomi launched the world's first silicon-oxygen anode battery. Silicon-oxygen negative electrode batteries with high energy density, long life and high performance have once again raised the threshold of new industries. For another example, Xiaomi's third-generation under-screen front camera solution has reached mass production and commercial standards and is in a leading position in the industry.</p><p>With huge R&D investment, Xiaomi's R&D results are constantly being implemented. Xiaomi's ultra-high-end flagship model MIX FOLD, which was launched in March this year, adopts a number of black technologies such as 2K + full folding screen and liquid lens. The price starts from 9,999 yuan, achieving perfect technological innovation and cost performance.</p><p>It can be seen that the high-end of Xiaomi mobile phones is high-end supported by technology. Breakthroughs in technological capabilities have brought about improvements in Xiaomi's production capacity efficiency, product experience and quality, and will continue to lay a solid foundation for Xiaomi to open up new high-end growth space. Xiaomi's high-end definition by technology will also bring the competition of high-end mobile phones into a new stage.</p><p>At the same time, Xiaomi's \"mobile phone × AIoT\" strategy has entered a rapid harvest period. There are more and more consumers because Xiaomi has chosen Xiaomi Smart Home; More and more consumers are choosing Xiaomi mobile phones because of the potential of Xiaomi smart homes. In March 2021, the number of monthly active users of the artificial intelligence assistant \"Xiao Ai Classmate\" reached 93 million; The number of monthly active users of Mijia APP increased by 22.8% year-on-year to 49.2 million. At the end of March, Xiaomi officially announced that it would build a car, mobile phone × AIoT + car. What kind of sparks can collide with, giving people infinite reverie.</p><p>For a long time, online has been Xiaomi's home, and its online market share of mobile phones doubled in the first quarter. In the first quarter, Xiaomi accelerated the expansion of Xiaomi Home's offline stores, exceeding 5,500 by the end of April.</p><p>At first, Xiaomi focused on online, which was conducive to saving costs and saving more cost performance. Nowadays, a large number of popular Xiaomi AIoT products have been launched, and consumer demand for Xiaomi AIoT home devices in sinking markets below the third tier continues to rise. A Xiaomi home sells mobile phones and home equipment at the same time, which can not only meet the actual needs of consumers, but also effectively reduce marketing costs compared with only selling mobile phones. This has become the unique advantage of Xiaomi mobile phone brand.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/w6a0xe3q02DwKBofdkhDJA\">中国经营报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3df686d3a6ca977e8c6841905eb7e18c","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://mp.weixin.qq.com/s/w6a0xe3q02DwKBofdkhDJA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125469611","content_text":"近日，小米好消息接连不断。\n5月26日，小米集团创始人、董事长兼首席执行官雷军发微博称，“美东时间5月25日下午4时09分，美国哥伦比亚特区地方法院颁发了最终判决，解除了美国国防部门对于本公司‘中国军方公司’的认定，正式撤销了美国投资者购买或持有该公司证券的全部限制。”\n这意味着持续近4个月的诉讼终于得到了解决。消息公布后，小米26日早盘跳空高开于28.25港元/股，最高上探至28.50港元/股。\n值得一提的是，5月26日，小米还公布了2021年第一季度业绩报告。同时，发布了Redmi Note 10系列手机。\n小米胜诉\n笔者了解到，1 月 14 日，美国政府部门将小米等 9 家中国企业列入所谓“与中国军方相关”的黑名单中，阻止美国投资者对这些企业进行投资。美国东部时间 1 月 29 日，小米集团在美国哥伦比亚特区地方法院起诉美国国防部门和美国财政部门。\n当时，小米发布公告称，公司注意到，美国将本公司列入相关清单。小米在公告中称，公司一直坚持合法合规经营，并遵守经营地的相关法律法规，其服务和产品皆用于民用或商用。公司将采取合适的措施保护公司和股东的利益。小米在当时的公告中强调：“目前运转一切正常。”\n今年3月，小米公司发布声明称，美国法院已颁布临时禁令，暂停了把小米认定为中国涉军企业的行政命令。\n26日，雷军在微博称“我们赢了。”同日，“小米被移出美国制裁清单”话题已登上微博热搜第二位，引发网友热议。\n小米的胜诉，标志着中国科技企业在与美国政府部门的交锋中获得了“罕见的胜利”，毕竟中美两国在贸易等问题上存在不少分歧。这对于中国企业而言，是在国际上捍卫自身权益的好兆头。\n“突围”高端\n小米2021年第一季度财报显示，2021第一季度，小米集团总收入769亿元，增长54.7%，营收和利润再创历史新高。其中，手机高端效应进一步凸显，成为推动小米业绩提升的重要推动力。\n同时，高端产品业绩爆发及高端产品矩阵的逐渐丰富表明，小米手机已经成功站稳高端市场。未来，小米高端系列产品将持续为小米集团注入更大的增长动能和空间。\n小米集团合伙人、总裁王翔在电话会议上称，“我们的总收入和调整后净利都是创造了小米历史上单季的历史新高。第一季度，智能手机出货量排名稳居全球第三名，市场占有率达到了14.1%，出货同比增长62%，在主要厂商中依然维持了较快的增速。这个季度，手机业务的成绩最主要得益于我们在高端市场不断巩固的地位。”\n长久以来，“性价比”一直是小米的金字招牌，小米也因此吸引了大量年轻用户。可资本市场更看重利润，并因为小米手机性价比高，利润低，最初股价也迟迟没有表现，直到2020年才快速改观。\n透过今年一季报可以看到，小米高端手机显著增长，并在市场份额上占据优势。财报显示，一季度小米手机在中国内地定价在人民币3000元或以上及境外定价在300欧元及以上的智能手机全球出货量超过了400万台。此外，根据第三方数据，小米手机中国内地定价在人民币4000元至6000元区间的智能手机市场份额，由去年同期的5.5%提升至本季度的16.1%。\n据了解，3月份，小米发布了3款高端手机，小米11Pro，小米11ULtra和MIXFOLD。从1月份到4月份，包括Mi 11、Mi 11Pro和Ultra在内的几款手机全球累计的订单数突破了300万台。同时，小米11系列在中国内地市场4000~6000元的安卓手机系列里面销量排名第一名。\n中低端手机争夺份额，高端手机赚取利润。小米一季度净利润破纪录，小米高端手机的出色表现功不可没，这也意味着小米在高端手机领域已站稳脚跟。\n值得一提的是，除了线上销售渠道保持优势外，小米线下渠道短板正在被快速弥补。截至4月底，小米之家线下门店数突破5500家。\n创新驱动成长\n王翔在电话会议上称，小米之所以能够在高端市场取得还不错的成绩，最主要得益于技术创新。“举几个例子，我一直在讲我们在几个季度里面持续的研发投入，首先在相机领域里面，Ultra在DXOMARK评分里面143分，整个全球专业手机相机的排行榜排第一名。同时，我们还首发了GN2的影像传感器，这也是目前业内最大比的图像传感器。在充电方面，小米11Ultra首发了硅氧负极电池，手机触电更加快，机身更轻薄，也支持67瓦的无线闪充，在无线充电行业里面也树立一系列的典范。”\n和以往靠“性价比”驱动成长不同，小米产品性价比依然存在，但技术和创新在助力小米业绩成长上的作用愈发凸显。财报显示，一季度小米研发投入达到了30亿元，同比增长61.0%。\n核心技术能力的提升，带来的是小米整体高端产能的全面提升及产品能力的大幅进步。具体体现到产品上，小米11系列高端产品就有十多项全球首发。目前，小米在相机、音频、射频、天线、电磁兼容、基带、结构、光学、触控、热设计、功耗、电池、可靠性、软件稳定性等十几个学科领域均拥有国际领先的试验能力。\n比如，小米在无限充电技术上，已经实现全球领跑。3月底，在小米11系列产品发布会上，小米全球首发了硅氧负极电池。高能量密度、高寿命、高性能的硅氧负极电池，再次提升了新的行业门槛。再比如，小米的第三代屏下前摄方案已经达到了量产商用标准，在行业处于领先优势。\n巨额的研发投入下，小米研发成果正在不断落地。今年3月上市的小米超高端旗舰机型MIX FOLD，采用2K+全面折叠屏、液态镜头等多项黑科技，售价9999元起，将科技创新与性价比做到了完美。\n可见，小米手机的高端化是以技术作为支撑的高端。技术能力的突破，带来小米产能效率的提升以及产品体验、品质的提升，将持续为小米打开新的高端增长空间打下坚实的基础。而小米以技术定义的高端化，也将使高端手机的竞争进入新的阶段。\n与此同时，小米“手机×AIoT”战略进入了快速收获期。正在有越来越多的消费者，因为小米选择了小米智能家居；越来越多的消费者，因为小米智能家居的潜力，选择小米手机。2021年3月，人工智能助理“小爱同学”月活跃用户数达到9300万；米家APP的月活跃用户数同比增长22.8%，达到4920万。3月底，小米官宣造车，手机×AIoT+造车，能碰撞出怎样的火花，给人以无限遐想。\n长期以来，线上一直是小米的主场，并实现了一季度手机线上市场份额翻倍增长。一季度，小米加快了小米之家线下门店扩张步伐，截至4月底突破5500家。\n最初小米主攻线上，有利于节约成本，节省出更多的性价比。如今，小米AIoT大量爆款商品落地，三线以下下沉市场对小米AIoT家居设备的消费需求不断上涨。一家小米之家同时卖手机和家居设备，既可以满足消费者切实需求，同时相较只卖手机也可以有效降低营销成本。这成为小米手机品牌的独特优势。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":3573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132724324,"gmtCreate":1622117672068,"gmtModify":1704179755218,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/132724324","repostId":"1171660212","repostType":4,"repost":{"id":"1171660212","kind":"news","pubTimestamp":1622115884,"share":"https://ttm.financial/m/news/1171660212?lang=en_US&edition=fundamental","pubTime":"2021-05-27 19:44","market":"hk","language":"zh","title":"The United States buys time with money, and the whole world enters a \"new era of mediocrity\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1171660212","media":"投资作业本","summary":"全球化配置的时代已经开始了。","content":"<p>The U.S. stock market is not a bear market this year, and the emergence of a bear market is definitely a global systemic risk. \"The Fed's monetary policy framework has been very different from before since 2019, and it has completely changed. Now many investors, especially those in mainland China, always think that the U.S. stock market is about to collapse, the United States is about to be finished, and the U.S. stock market inflation is so high, and the economy is so good, the United States is simply overheated. No matter how you think about it, you think that the Fed will speed up the pace of tightening, but in fact this kind of thinking uses an\" old map \".</p><p>\"In the second half of the year, the U.S. economy will have a resilience. It is not that it will jump down from the eighteenth floor at once, but that it will maintain a range shock, and the kinetic energy of the entire marginal growth will weaken. There is no need for stimulus policies at this time. This is The first point is that the dimension of U.S. economic growth will slow down, and the month-on-month kinetic energy will weaken.\"</p><p>\"In the second half of the year, the (U.S.) unemployment rate will ease..... This round of decline in the unemployment rate in the United States is relatively smooth, rather than rapid and steep..... (The Federal Reserve) their focus is also on employment. The United States has achieved full Before employment and the pressure of social contradictions eases, it is difficult for the United States to get rid of the flooding at once.\"</p><p>\"Inflation in the United States will not go down all at once in the second half of the year. The peak of inflation is in the second quarter, but inflation may still hover at a high level in the second half of the year, and the Federal Reserve needs to control the real interest rate in the United States.\"</p><p>\"In the context of the current game between big powers, we believe that the United States is buying time with money, which is a re-writing of an American dream, which means that both the US dollar, the US dollar exchange rate and the US long-term bond interest rate will ultimately be subject to the so-called new American dream, using money to buy time, the time for the recovery of the US economy and the expansion of domestic demand in the United States. Recently, whether it is with South Korea or some regions, the United States hopes that the advanced manufacturing industries in these regions can go to the United States, buy the time for manufacturing to return to the United States, and buy the time for American technological innovation and upgrading.\"</p><p>\"Before the policy shift, it is actually expected that the Fed will guide market expectations. And before the Fed's policy, there may be other policies, including taxation.\"</p><p>\"The Fed's policy is equivalent to the master valve of global liquidity. It is still difficult for us to see tightening of this master valve at least this year and even in the first quarter of next year.\"</p><p>\"These companies that can drive the backbone of the U.S. stock index up are not expensive, they are not expensive globally, and they are not expensive compared with A-shares. On the contrary, the ones that are relatively weak and more thematic are more expensive.\"</p><p>\"U.S. stocks are definitely not a bear market. At this time, there is a bear market in U.S. stocks, which must be a global systemic risk... As long as U.S. stocks are not a big bear, it is a bull or structural market, which will bring other markets around the world. There will be opportunities.\"</p><p>\"Don't think that the U.S. stock index is very good, ignoring the professional and institutionalized characteristics of the U.S. stock market. I have always said that we should try our best to buy funds and invest funds, so that professional investors can participate in U.S. stocks, and don't use the idea of speculating in A shares. The idea of retail investors considers the U.S. stock market.\"</p><p>\"The world has entered an era of low growth and low interest rates, which is a new era of mediocrity. At this stage, we must find the best companies in the world... The era of global allocation has begun.\"</p><p>On May 25, at the \"Cloud Conference | Global Capital Market Linkage, What is the Value of U.S. Stock Allocation?\" During the live broadcast, Zhang Yidong, global chief strategist of Industrial Securities, shared the above views.</p><p><img src=\"https://static.tigerbbs.com/f539f1c96458b7ed999579cf5647d0ff\" tg-width=\"677\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p>The following is the essence of the investment exercise book to share with you:</p><p><b>The Fed's monetary policy framework is so different that it cannot be thought with old-fashioned thinking</b></p><p>Q: For the first time since the outbreak of the epidemic, Fed officials have discussed the possibility of tightening monetary policy. What does this mean for global markets?</p><p>Zhang Yidong: If you use the old map to try to find the way forward, you think that the Fed is contracting and buying bonds this time, and it may tighten further in the distant future. The method is wrong. On the other hand, if you have been more in-depth about the U.S. stock market Research will find that the Fed's monetary policy framework has been very different from before since 2019, and it has completely changed.</p><p>Nowadays, many investors, especially those in mainland China, always think that the U.S. stock market is about to collapse and the United States is going to be finished. The inflation of the U.S. stock market is so high and the economy is so good. The pace of tightening, but in fact, this kind of thinking uses an \"old map\". I feel that the Fed used to focus on inflation and pay more attention to inflation than others.</p><p><b>The U.S. economy is still resilient in the second half of the year, and there is no need for stimulus policies at this time</b></p><p>In the second half of the year, the U.S. economy will have a resilience. It's not that it jumps down from the eighteenth floor at once, but it will maintain a range shock, and the kinetic energy of the entire marginal growth will weaken. At this time, there is no need to carry out stimulus policies. This is the first point. The dimension of U.S. economic growth will slow down, and the month-on-month kinetic energy will weaken.</p><p>Second, from the perspective of unemployment rate, the economic data in April was very good. The unemployment rate is 6.1%, which is a little higher than that in March. That is, it is easy to change from simplicity to luxury, and it is difficult to change from luxury to simplicity. In the past year, the United States has experienced three rounds of large-scale water releases and bail-outs. The low-and middle-income groups in the United States will take the bail-out money to be Happy first and spend it first. The savings rate in the United States is still as high as 13.6%. The average value is 6-8%, which is its normal savings rate level, so there is no rush to work or find a job. In this case, the unemployment rate is relatively high.</p><p><b>The Fed's focus is still on employment</b></p><p>In the second half of the year, the unemployment rate will ease, because he is looking for a job and the savings rate will drop. But the economy of the United States in the second half of the year will not be so bad. He may be OK by doing odd jobs, which makes this round of unemployment rate decline in the United States relatively smooth, rather than rapid and steep.</p><p>The Federal Reserve paid more attention to the unemployment rate, so that when the inflation data in April appeared, on May 12th, U.S. time, U.S. inflation greatly exceeded expectations, and the market was in an uproar. At that time, many risky assets plummeted, triggering a global crisis that day. A small turmoil.</p><p>However, immediately, several big figures with voting rights in the Federal Reserve, the vice chairman of the Federal Reserve, including another important official, pointed out that when they saw the data, the employment factor was more worrying than the short-term transitional inflation caused by supply factors, so their focus was on employment. Before the United States achieves full employment and the pressure of social contradictions eases, it is difficult to put away the flooding in the United States at once.</p><p>U.S. inflation peaked in the second quarter, and inflation hovered at high levels in the second half of the year</p><p>Third, inflation in the United States will not go down all at once in the second half of the year. The peak of inflation is in the second quarter, but inflation may still hover at a high level in the second half of the year, and the Federal Reserve needs to control the real interest rate in the United States.</p><p><b>America buys time with money</b></p><p>Real interest rates are very important to the recovery of the U.S. economy, and in turn they also play a guiding role in nominal interest rates. As you can see, it is obvious that everyone was worried in mid-March, but in mid-March, we clearly stated that the yield of long-term bonds in the United States would not pose a systemic risk. Under the background of the current game between big powers, we think that the United States is using money to buy time, which means that both the US dollar, the exchange rate of the US dollar and the interest rate of long-term bonds in the United States will eventually be subject to the so-called new American dream.</p><p>Generally speaking, in the current state, whether it is employment, inflation, or the United States' need to enhance its competitiveness and maintain the sustainability of economic growth, it is far from the stage of contraction.</p><p>There is no systemic risk this year, and the tightening of market concerns has given the world the opportunity to deploy high-quality assets</p><p>To make a summary, my opinion is that everyone should see clearly the trump cards of the American elite and Powell's trump cards. Powell will decide the second round of term next year. In this case, his focus is more on the sustainability of economic growth and employment. So we say it's hard to collect water, and there is no systemic risk this year.</p><p>When the market is worried about the tightening of U.S. policy, which will cause global concerns, the resulting shock is a short-term disturbance, but it gives us the opportunity to deploy better assets and assets with better cost performance on a global scale. This is my thinking.</p><p>If the Fed's monetary policy shifts to contraction, what impact will it have?</p><p>First, contraction will definitely bring about the adjustment of highly valued assets, even in a more drastic way.</p><p>Second, if it shrinks, it will also bring differentiation, especially for emerging markets. At that time, we should pay attention to the rebound of the US dollar, which will form a trend of suppression of commodities, and then those emerging markets with raw materials and minerals in the middle and upper reaches as their main pillars will form a huge pressure, which may even lead to debt risks and debt crises in emerging markets.</p><p>For U.S. stocks, its high valuation, especially some theme-based junk stocks, will also undergo an obvious adjustment, and history will repeat itself. What are we going to focus on now? When will it actually turn.</p><p>It is difficult to see Fed policy tightening this year or even in the first quarter of next year</p><p>Before the policy shift, it is actually expected that the Federal Reserve will guide market expectations. And before the Fed's policy, there may be other policies, including taxation.</p><p>In the second half of today, there will also be whether tax increases will be approved by the national tax, changes in tax revenue, bond issuance and fiscal stimulus plans. Overall, we think that this year and even the beginning of next year, we basically think that everyone can still see clearly the Fed's trump cards.</p><p>Frankly speaking, the current global monetary system is still an international monetary system dominated by the US dollar, so the Federal Reserve's policy is equivalent to the master valve of global liquidity. This master valve is still difficult for us to see the master valve at least this year or even in the first quarter of next year. tightening of the valve.</p><p>It is not even ruled out that the other way around, if the U.S. economy may be weaker than everyone thinks in the second half of the year, it is also possible that the general valve of the Federal Reserve will be slightly enlarged, which will have the opposite effect and bring more cost-effective assets all over the world. Including individual high-quality companies in U.S. stocks, European, Chinese A-shares, Chinese Hong Kong stocks, including emerging markets.</p><p>It's OK to have a vague concept of the Fed's judgment. It's difficult to make a judgment on the general trend, which is accurate to months and weeks. We also take it step by step. At least we can judge that the general trend is that we will not see the Fed's contraction this year. action.</p><p><b>The slow bulls and long bulls of US stocks are driven by the best companies</b></p><p>Q: Can U.S. stocks continue to improve? How long is the good time?</p><p>Zhang Yidong: Look at this matter from three aspects: First, look at this matter from the structural point of view. The structure of the U.S. stock market itself has three major indexes. We often talk about Dow Jones, Nasdaq, and S&P. Among these three major indexes, the best American companies represented by Apple and Microsoft take the index. Similarly, we screen out the best companies in China to make an index. In fact, we are also super long bulls.</p><p>Don't have an idea that everything in America is fine. A large number of companies in the U.S. market have been launched, cleared, and delisted directly. A considerable number of companies have no trading volume, like they are dead, and their liquidity is discounted. Therefore, mature markets are really winner-take-all. The best company has reliable performance, and everyone gives it a valuation that matches profit growth, so we think its sustainability is relatively long.</p><p>The U.S. stock market itself is an index compilation, and its mechanism that can effectively screen out the best companies is actually worth learning. Moreover, its trading mechanism, whether it is T+0 or a securities lending mechanism, ensures its slow bull and long bull, so that the best companies will not rise several times in a year or a year and a half. After the rise, they will Game over and not be able to get up for several years.</p><p>From a structural point of view, U.S. stocks are driven by the best group of companies, and the best companies benefit from its good market mechanism, trading mechanism and a series of market-oriented mechanisms in the market, which makes the best group of companies Instead, the bubble is very small.</p><p><b>The backbone companies of U.S. stocks are not expensive</b></p><p>We often say that U.S. stock companies are expensive, and they are expensive from two angles:</p><p>First, these companies that take the backbone of the U.S. stock market alone and can push the U.S. stock index up are not expensive, they are not expensive globally, and they are not expensive compared with A shares. On the contrary, the ones that are relatively weak and more thematic are more expensive.</p><p>Second, because its interest rate is low and has risen for so long, the ten-year Treasury Bond yield of U.S. stocks is only 1.6 or 1.7. This is the first point. From the perspective of the structure of the U.S. stock market, before the United States substantially tightens the faucet (substantial contraction), the path of the best companies in the U.S. stock market leading the index is still in sight.</p><p><b>The U.S. stock market is not a bear market this year, and the emergence of a bear market must be a global systemic risk</b></p><p>Second, the differences between countries. We believe that the U.S. stock market is not a bear market this year. At the end of last year, many people said that they were not optimistic about the U.S. stock market this year. I said that the U.S. stock market is definitely not a bear market. At this time, a bear market in the U.S. stock market must be a global systemic risk. If there is a bear market in the U.S. stock market this year, it must be that the main valve of the Federal Reserve has tightened. That is a global systemic risk, and neither A-shares, emerging markets, or European stock markets can withstand it.</p><p>The second level, from a global perspective, if the United States leads the global monetary system, it is not a systematic tightening, and it is not necessarily the best U.S. stocks. Since the beginning of the year, U.S. stocks have underperformed European stock markets, and even some of its indexes have performed a little weaker than relatively excellent stock markets in emerging markets. As long as the U.S. stock market is not a big bear, it is a bullish or structured market, which will bring opportunities to other markets around the world. This is a comparison between national markets and regional stock markets.</p><p>Third, style. Obviously, the style of U.S. stocks this year is that small and medium-sized stocks perform better than large stocks, and the cycle and value performance are better than the growth style. This has been from the beginning of the year to the present. However, there may be changes, and it is not ruled out that the growth style will improve in the second half of the year.</p><p>From a long-term perspective, the United States is still an economy driven by technology and domestic demand. From a style perspective, its backbone is still these giants with technological innovation capabilities dragging U.S. stocks away. This year's Dow Jones, Russell 3000, Russell 2000, has performed much better than Nasdaq since the beginning of the year.</p><p>But it is precisely what we see that U.S. stocks are not rising and falling at the same time, it is rising in a style, for example, the value is rising and the growth is adjusting. Whether it is Chinese concept stocks or pure U.S. stocks in U.S. equity places, in fact, many of the stocks that have grown since the beginning of this year have been adjusted by more than 30%-50%. Don't think that the U.S. stock index is very good, ignoring the specialization and institutionalization of the U.S. stock market. characteristics. I have always said that we should try our best to use buying funds and fixed investment funds, so that professional investors can participate in the U.S. stock market. Don't use the idea of speculating in A shares, and consider the U.S. stock market with the idea of retail investors.</p><p><b>Pay attention to three points when investing in QDII: self-recognition, use long to fight short, and use slow to fight fast</b></p><p>Q: What should you pay attention to when investing in QDII?</p><p>Zhang Yidong: QDII itself is a tool, a product, and a product that helps to enrich asset allocation. There are several concerns:</p><p>First, recognize yourself. Before recognizing the product, take a look at what you look like. Because not everyone can make money on certain products. For example, the products of some famous fund managers may have doubled dozens of times in more than ten years, but they are useless. The holders sell them after taking them for a while.</p><p>Some people say that buying QDII is the same as buying various products of A shares. When I make a band, I often fall into my hands. Self-cognition is very important. Your risk tolerance, whether you choose the timing to make a band or just make a long-term allocation, is different.</p><p>Second, focus on playing short with long. After buying, try to know that the QDII you buy is in a relatively unfamiliar market outside your own circle of competence. You must have a relatively familiar process for fund managers, know the horsepower from a long way, be truly professional, and have a real understanding of the market. Recognizing that making money in the U.S. stock market does not depend on timing, but on good companies, high-quality companies, and laying out when its price/performance ratio is appropriate is actually a measure of value.</p><p>Third, fight fast with slow. Because people are interested in overseas markets, they often feel that A-shares are useless and like to invest their money, which has a better yield than A-shares. But once the style of A-shares goes crazy, it goes very fast. Many people cut their meat once A-shares rise, and directly toss their money out of QDII.</p><p>These three points, self-recognition, long-term fighting short-term, slow-term fighting fast, are my suggestions to everyone. Even if the U.S. stock market index is doing well, if we can't have a clear understanding of ourselves, I suggest that everyone would rather do what they are good at than follow the crowd.</p><p>In 2007 and 2008, when QDII was very popular, taking advantage of the popularity to subscribe for QDII, many people lost a lot of money and cut their meat and went out.</p><p>Therefore, to subscribe for QDII, you need to look at the investor's asset allocation concept and the assessment period. After you know yourself well, it is always a good choice. Just like financial management, you take out money that you don't need to be urgently needed in the short term, and constantly invest regularly. Your purpose is very clear, that is, buy some assets that are not available in A-shares, or even through Hong Kong Stock Connect, assets that are not even available in Hong Kong stocks, and buy the best global core assets, not just the core assets of A-shares and Hong Kong stocks in China. This is my sharing.</p><p><b>The era of global allocation has begun, and we must find the best companies in the world</b></p><p>Q: If you want to invest in QDII, is QDII the target that we must choose in our basket? Is it an important starting point for our basket to allocate assets?</p><p>Zhang Yidong: Definitely, because the whole world has entered an era of low growth and low interest rates, which is a new era of mediocrity. At this stage, it is necessary to find the best companies in the world. I put forward the concept of China's core assets in 2016. In fact, this concept can be expanded to the whole world, whether it is Europe, Japan or the United States, looking for the best companies all over the world, and continuously providing assets with core competitiveness and good cost performance.</p><p>When Chinese people's social wealth has accumulated to a certain stage, now our per capita GDP has reached 10,000 US dollars. According to the experience of Europe and America, it is precisely the beginning of the global allocation of wealth in the United States. According to such an experience, we should start to consider investing in QDII regularly, and slowly get familiar with this excellent manager. Don't put all our energy into it at once. If we put all our energy into it, it is likely that we will be frustrated and heartbroken because of a fluctuation.</p>","source":"lsy1597111094582","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 United States buys time with money, and the whole world enters a \"new era of mediocrity\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe United States buys time with money, and the whole world enters a \"new era of mediocrity\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资作业本</strong><span class=\"h-time small\">2021-05-27 19:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The U.S. stock market is not a bear market this year, and the emergence of a bear market is definitely a global systemic risk. \"The Fed's monetary policy framework has been very different from before since 2019, and it has completely changed. Now many investors, especially those in mainland China, always think that the U.S. stock market is about to collapse, the United States is about to be finished, and the U.S. stock market inflation is so high, and the economy is so good, the United States is simply overheated. No matter how you think about it, you think that the Fed will speed up the pace of tightening, but in fact this kind of thinking uses an\" old map \".</p><p>\"In the second half of the year, the U.S. economy will have a resilience. It is not that it will jump down from the eighteenth floor at once, but that it will maintain a range shock, and the kinetic energy of the entire marginal growth will weaken. There is no need for stimulus policies at this time. This is The first point is that the dimension of U.S. economic growth will slow down, and the month-on-month kinetic energy will weaken.\"</p><p>\"In the second half of the year, the (U.S.) unemployment rate will ease..... This round of decline in the unemployment rate in the United States is relatively smooth, rather than rapid and steep..... (The Federal Reserve) their focus is also on employment. The United States has achieved full Before employment and the pressure of social contradictions eases, it is difficult for the United States to get rid of the flooding at once.\"</p><p>\"Inflation in the United States will not go down all at once in the second half of the year. The peak of inflation is in the second quarter, but inflation may still hover at a high level in the second half of the year, and the Federal Reserve needs to control the real interest rate in the United States.\"</p><p>\"In the context of the current game between big powers, we believe that the United States is buying time with money, which is a re-writing of an American dream, which means that both the US dollar, the US dollar exchange rate and the US long-term bond interest rate will ultimately be subject to the so-called new American dream, using money to buy time, the time for the recovery of the US economy and the expansion of domestic demand in the United States. Recently, whether it is with South Korea or some regions, the United States hopes that the advanced manufacturing industries in these regions can go to the United States, buy the time for manufacturing to return to the United States, and buy the time for American technological innovation and upgrading.\"</p><p>\"Before the policy shift, it is actually expected that the Fed will guide market expectations. And before the Fed's policy, there may be other policies, including taxation.\"</p><p>\"The Fed's policy is equivalent to the master valve of global liquidity. It is still difficult for us to see tightening of this master valve at least this year and even in the first quarter of next year.\"</p><p>\"These companies that can drive the backbone of the U.S. stock index up are not expensive, they are not expensive globally, and they are not expensive compared with A-shares. On the contrary, the ones that are relatively weak and more thematic are more expensive.\"</p><p>\"U.S. stocks are definitely not a bear market. At this time, there is a bear market in U.S. stocks, which must be a global systemic risk... As long as U.S. stocks are not a big bear, it is a bull or structural market, which will bring other markets around the world. There will be opportunities.\"</p><p>\"Don't think that the U.S. stock index is very good, ignoring the professional and institutionalized characteristics of the U.S. stock market. I have always said that we should try our best to buy funds and invest funds, so that professional investors can participate in U.S. stocks, and don't use the idea of speculating in A shares. The idea of retail investors considers the U.S. stock market.\"</p><p>\"The world has entered an era of low growth and low interest rates, which is a new era of mediocrity. At this stage, we must find the best companies in the world... The era of global allocation has begun.\"</p><p>On May 25, at the \"Cloud Conference | Global Capital Market Linkage, What is the Value of U.S. Stock Allocation?\" During the live broadcast, Zhang Yidong, global chief strategist of Industrial Securities, shared the above views.</p><p><img src=\"https://static.tigerbbs.com/f539f1c96458b7ed999579cf5647d0ff\" tg-width=\"677\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p>The following is the essence of the investment exercise book to share with you:</p><p><b>The Fed's monetary policy framework is so different that it cannot be thought with old-fashioned thinking</b></p><p>Q: For the first time since the outbreak of the epidemic, Fed officials have discussed the possibility of tightening monetary policy. What does this mean for global markets?</p><p>Zhang Yidong: If you use the old map to try to find the way forward, you think that the Fed is contracting and buying bonds this time, and it may tighten further in the distant future. The method is wrong. On the other hand, if you have been more in-depth about the U.S. stock market Research will find that the Fed's monetary policy framework has been very different from before since 2019, and it has completely changed.</p><p>Nowadays, many investors, especially those in mainland China, always think that the U.S. stock market is about to collapse and the United States is going to be finished. The inflation of the U.S. stock market is so high and the economy is so good. The pace of tightening, but in fact, this kind of thinking uses an \"old map\". I feel that the Fed used to focus on inflation and pay more attention to inflation than others.</p><p><b>The U.S. economy is still resilient in the second half of the year, and there is no need for stimulus policies at this time</b></p><p>In the second half of the year, the U.S. economy will have a resilience. It's not that it jumps down from the eighteenth floor at once, but it will maintain a range shock, and the kinetic energy of the entire marginal growth will weaken. At this time, there is no need to carry out stimulus policies. This is the first point. The dimension of U.S. economic growth will slow down, and the month-on-month kinetic energy will weaken.</p><p>Second, from the perspective of unemployment rate, the economic data in April was very good. The unemployment rate is 6.1%, which is a little higher than that in March. That is, it is easy to change from simplicity to luxury, and it is difficult to change from luxury to simplicity. In the past year, the United States has experienced three rounds of large-scale water releases and bail-outs. The low-and middle-income groups in the United States will take the bail-out money to be Happy first and spend it first. The savings rate in the United States is still as high as 13.6%. The average value is 6-8%, which is its normal savings rate level, so there is no rush to work or find a job. In this case, the unemployment rate is relatively high.</p><p><b>The Fed's focus is still on employment</b></p><p>In the second half of the year, the unemployment rate will ease, because he is looking for a job and the savings rate will drop. But the economy of the United States in the second half of the year will not be so bad. He may be OK by doing odd jobs, which makes this round of unemployment rate decline in the United States relatively smooth, rather than rapid and steep.</p><p>The Federal Reserve paid more attention to the unemployment rate, so that when the inflation data in April appeared, on May 12th, U.S. time, U.S. inflation greatly exceeded expectations, and the market was in an uproar. At that time, many risky assets plummeted, triggering a global crisis that day. A small turmoil.</p><p>However, immediately, several big figures with voting rights in the Federal Reserve, the vice chairman of the Federal Reserve, including another important official, pointed out that when they saw the data, the employment factor was more worrying than the short-term transitional inflation caused by supply factors, so their focus was on employment. Before the United States achieves full employment and the pressure of social contradictions eases, it is difficult to put away the flooding in the United States at once.</p><p>U.S. inflation peaked in the second quarter, and inflation hovered at high levels in the second half of the year</p><p>Third, inflation in the United States will not go down all at once in the second half of the year. The peak of inflation is in the second quarter, but inflation may still hover at a high level in the second half of the year, and the Federal Reserve needs to control the real interest rate in the United States.</p><p><b>America buys time with money</b></p><p>Real interest rates are very important to the recovery of the U.S. economy, and in turn they also play a guiding role in nominal interest rates. As you can see, it is obvious that everyone was worried in mid-March, but in mid-March, we clearly stated that the yield of long-term bonds in the United States would not pose a systemic risk. Under the background of the current game between big powers, we think that the United States is using money to buy time, which means that both the US dollar, the exchange rate of the US dollar and the interest rate of long-term bonds in the United States will eventually be subject to the so-called new American dream.</p><p>Generally speaking, in the current state, whether it is employment, inflation, or the United States' need to enhance its competitiveness and maintain the sustainability of economic growth, it is far from the stage of contraction.</p><p>There is no systemic risk this year, and the tightening of market concerns has given the world the opportunity to deploy high-quality assets</p><p>To make a summary, my opinion is that everyone should see clearly the trump cards of the American elite and Powell's trump cards. Powell will decide the second round of term next year. In this case, his focus is more on the sustainability of economic growth and employment. So we say it's hard to collect water, and there is no systemic risk this year.</p><p>When the market is worried about the tightening of U.S. policy, which will cause global concerns, the resulting shock is a short-term disturbance, but it gives us the opportunity to deploy better assets and assets with better cost performance on a global scale. This is my thinking.</p><p>If the Fed's monetary policy shifts to contraction, what impact will it have?</p><p>First, contraction will definitely bring about the adjustment of highly valued assets, even in a more drastic way.</p><p>Second, if it shrinks, it will also bring differentiation, especially for emerging markets. At that time, we should pay attention to the rebound of the US dollar, which will form a trend of suppression of commodities, and then those emerging markets with raw materials and minerals in the middle and upper reaches as their main pillars will form a huge pressure, which may even lead to debt risks and debt crises in emerging markets.</p><p>For U.S. stocks, its high valuation, especially some theme-based junk stocks, will also undergo an obvious adjustment, and history will repeat itself. What are we going to focus on now? When will it actually turn.</p><p>It is difficult to see Fed policy tightening this year or even in the first quarter of next year</p><p>Before the policy shift, it is actually expected that the Federal Reserve will guide market expectations. And before the Fed's policy, there may be other policies, including taxation.</p><p>In the second half of today, there will also be whether tax increases will be approved by the national tax, changes in tax revenue, bond issuance and fiscal stimulus plans. Overall, we think that this year and even the beginning of next year, we basically think that everyone can still see clearly the Fed's trump cards.</p><p>Frankly speaking, the current global monetary system is still an international monetary system dominated by the US dollar, so the Federal Reserve's policy is equivalent to the master valve of global liquidity. This master valve is still difficult for us to see the master valve at least this year or even in the first quarter of next year. tightening of the valve.</p><p>It is not even ruled out that the other way around, if the U.S. economy may be weaker than everyone thinks in the second half of the year, it is also possible that the general valve of the Federal Reserve will be slightly enlarged, which will have the opposite effect and bring more cost-effective assets all over the world. Including individual high-quality companies in U.S. stocks, European, Chinese A-shares, Chinese Hong Kong stocks, including emerging markets.</p><p>It's OK to have a vague concept of the Fed's judgment. It's difficult to make a judgment on the general trend, which is accurate to months and weeks. We also take it step by step. At least we can judge that the general trend is that we will not see the Fed's contraction this year. action.</p><p><b>The slow bulls and long bulls of US stocks are driven by the best companies</b></p><p>Q: Can U.S. stocks continue to improve? How long is the good time?</p><p>Zhang Yidong: Look at this matter from three aspects: First, look at this matter from the structural point of view. The structure of the U.S. stock market itself has three major indexes. We often talk about Dow Jones, Nasdaq, and S&P. Among these three major indexes, the best American companies represented by Apple and Microsoft take the index. Similarly, we screen out the best companies in China to make an index. In fact, we are also super long bulls.</p><p>Don't have an idea that everything in America is fine. A large number of companies in the U.S. market have been launched, cleared, and delisted directly. A considerable number of companies have no trading volume, like they are dead, and their liquidity is discounted. Therefore, mature markets are really winner-take-all. The best company has reliable performance, and everyone gives it a valuation that matches profit growth, so we think its sustainability is relatively long.</p><p>The U.S. stock market itself is an index compilation, and its mechanism that can effectively screen out the best companies is actually worth learning. Moreover, its trading mechanism, whether it is T+0 or a securities lending mechanism, ensures its slow bull and long bull, so that the best companies will not rise several times in a year or a year and a half. After the rise, they will Game over and not be able to get up for several years.</p><p>From a structural point of view, U.S. stocks are driven by the best group of companies, and the best companies benefit from its good market mechanism, trading mechanism and a series of market-oriented mechanisms in the market, which makes the best group of companies Instead, the bubble is very small.</p><p><b>The backbone companies of U.S. stocks are not expensive</b></p><p>We often say that U.S. stock companies are expensive, and they are expensive from two angles:</p><p>First, these companies that take the backbone of the U.S. stock market alone and can push the U.S. stock index up are not expensive, they are not expensive globally, and they are not expensive compared with A shares. On the contrary, the ones that are relatively weak and more thematic are more expensive.</p><p>Second, because its interest rate is low and has risen for so long, the ten-year Treasury Bond yield of U.S. stocks is only 1.6 or 1.7. This is the first point. From the perspective of the structure of the U.S. stock market, before the United States substantially tightens the faucet (substantial contraction), the path of the best companies in the U.S. stock market leading the index is still in sight.</p><p><b>The U.S. stock market is not a bear market this year, and the emergence of a bear market must be a global systemic risk</b></p><p>Second, the differences between countries. We believe that the U.S. stock market is not a bear market this year. At the end of last year, many people said that they were not optimistic about the U.S. stock market this year. I said that the U.S. stock market is definitely not a bear market. At this time, a bear market in the U.S. stock market must be a global systemic risk. If there is a bear market in the U.S. stock market this year, it must be that the main valve of the Federal Reserve has tightened. That is a global systemic risk, and neither A-shares, emerging markets, or European stock markets can withstand it.</p><p>The second level, from a global perspective, if the United States leads the global monetary system, it is not a systematic tightening, and it is not necessarily the best U.S. stocks. Since the beginning of the year, U.S. stocks have underperformed European stock markets, and even some of its indexes have performed a little weaker than relatively excellent stock markets in emerging markets. As long as the U.S. stock market is not a big bear, it is a bullish or structured market, which will bring opportunities to other markets around the world. This is a comparison between national markets and regional stock markets.</p><p>Third, style. Obviously, the style of U.S. stocks this year is that small and medium-sized stocks perform better than large stocks, and the cycle and value performance are better than the growth style. This has been from the beginning of the year to the present. However, there may be changes, and it is not ruled out that the growth style will improve in the second half of the year.</p><p>From a long-term perspective, the United States is still an economy driven by technology and domestic demand. From a style perspective, its backbone is still these giants with technological innovation capabilities dragging U.S. stocks away. This year's Dow Jones, Russell 3000, Russell 2000, has performed much better than Nasdaq since the beginning of the year.</p><p>But it is precisely what we see that U.S. stocks are not rising and falling at the same time, it is rising in a style, for example, the value is rising and the growth is adjusting. Whether it is Chinese concept stocks or pure U.S. stocks in U.S. equity places, in fact, many of the stocks that have grown since the beginning of this year have been adjusted by more than 30%-50%. Don't think that the U.S. stock index is very good, ignoring the specialization and institutionalization of the U.S. stock market. characteristics. I have always said that we should try our best to use buying funds and fixed investment funds, so that professional investors can participate in the U.S. stock market. Don't use the idea of speculating in A shares, and consider the U.S. stock market with the idea of retail investors.</p><p><b>Pay attention to three points when investing in QDII: self-recognition, use long to fight short, and use slow to fight fast</b></p><p>Q: What should you pay attention to when investing in QDII?</p><p>Zhang Yidong: QDII itself is a tool, a product, and a product that helps to enrich asset allocation. There are several concerns:</p><p>First, recognize yourself. Before recognizing the product, take a look at what you look like. Because not everyone can make money on certain products. For example, the products of some famous fund managers may have doubled dozens of times in more than ten years, but they are useless. The holders sell them after taking them for a while.</p><p>Some people say that buying QDII is the same as buying various products of A shares. When I make a band, I often fall into my hands. Self-cognition is very important. Your risk tolerance, whether you choose the timing to make a band or just make a long-term allocation, is different.</p><p>Second, focus on playing short with long. After buying, try to know that the QDII you buy is in a relatively unfamiliar market outside your own circle of competence. You must have a relatively familiar process for fund managers, know the horsepower from a long way, be truly professional, and have a real understanding of the market. Recognizing that making money in the U.S. stock market does not depend on timing, but on good companies, high-quality companies, and laying out when its price/performance ratio is appropriate is actually a measure of value.</p><p>Third, fight fast with slow. Because people are interested in overseas markets, they often feel that A-shares are useless and like to invest their money, which has a better yield than A-shares. But once the style of A-shares goes crazy, it goes very fast. Many people cut their meat once A-shares rise, and directly toss their money out of QDII.</p><p>These three points, self-recognition, long-term fighting short-term, slow-term fighting fast, are my suggestions to everyone. Even if the U.S. stock market index is doing well, if we can't have a clear understanding of ourselves, I suggest that everyone would rather do what they are good at than follow the crowd.</p><p>In 2007 and 2008, when QDII was very popular, taking advantage of the popularity to subscribe for QDII, many people lost a lot of money and cut their meat and went out.</p><p>Therefore, to subscribe for QDII, you need to look at the investor's asset allocation concept and the assessment period. After you know yourself well, it is always a good choice. Just like financial management, you take out money that you don't need to be urgently needed in the short term, and constantly invest regularly. Your purpose is very clear, that is, buy some assets that are not available in A-shares, or even through Hong Kong Stock Connect, assets that are not even available in Hong Kong stocks, and buy the best global core assets, not just the core assets of A-shares and Hong Kong stocks in China. This is my sharing.</p><p><b>The era of global allocation has begun, and we must find the best companies in the world</b></p><p>Q: If you want to invest in QDII, is QDII the target that we must choose in our basket? Is it an important starting point for our basket to allocate assets?</p><p>Zhang Yidong: Definitely, because the whole world has entered an era of low growth and low interest rates, which is a new era of mediocrity. At this stage, it is necessary to find the best companies in the world. I put forward the concept of China's core assets in 2016. In fact, this concept can be expanded to the whole world, whether it is Europe, Japan or the United States, looking for the best companies all over the world, and continuously providing assets with core competitiveness and good cost performance.</p><p>When Chinese people's social wealth has accumulated to a certain stage, now our per capita GDP has reached 10,000 US dollars. According to the experience of Europe and America, it is precisely the beginning of the global allocation of wealth in the United States. According to such an experience, we should start to consider investing in QDII regularly, and slowly get familiar with this excellent manager. Don't put all our energy into it at once. If we put all our energy into it, it is likely that we will be frustrated and heartbroken because of a fluctuation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzI0OTU4MTM3NQ==&mid=2247489839&idx=1&sn=bfa4c7de9db93cf496b1571b54d2223f&chksm=e98e037fdef98a691f1f72fec74fa81d0495e5508953175e31a96ce3ad949fe19ad0150a5e74&mpshare=1&scene=23&srcid=0527nkCwOi69oB7tUYWCJjNe&sharer_sharetime=1622111756938&sharer_shareid=ad9b2b8e01e45d9350b7cd98d4e88279#rd\">投资作业本</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzI0OTU4MTM3NQ==&mid=2247489839&idx=1&sn=bfa4c7de9db93cf496b1571b54d2223f&chksm=e98e037fdef98a691f1f72fec74fa81d0495e5508953175e31a96ce3ad949fe19ad0150a5e74&mpshare=1&scene=23&srcid=0527nkCwOi69oB7tUYWCJjNe&sharer_sharetime=1622111756938&sharer_shareid=ad9b2b8e01e45d9350b7cd98d4e88279#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171660212","content_text":"今年美股不是熊市，出现熊市肯定是全球性系统风险。“美联储的货币政策框架已经从2019年以后和以前大不一样，它已经完全的改变。现在很多投资者，特别是中国内地的投资者老是认为美股要崩了，美国要完蛋了，美股通胀这么高，经济又这么好，美国简直就是过热了，怎么想都觉得美联储要加快收紧的步伐，但事实上这种思考用的是一种“旧地图”，觉得美联储以前就盯住通胀，关注通胀胜于其他。”“下半年，美国经济会有一个韧性。不是说一下子从十八层楼向下跳，而是它会维持一个区间震荡，整个边际增长的动能会减弱，这个时候没有必要进行刺激政策，这是第一点，美国经济增长的维度会放缓，环比的动能会减弱。”“到了下半年，（美国）失业率的情况会缓解….. 美国这一轮失业率下行相对比较平滑，而不是快速的陡峭…..(美联储)他们的着重点还在于就业。美国实现充分就业之前，社会矛盾的压力缓解之前，美国覆水很难一下子收起来。”“美国下半年的通胀不会一下子下去，通胀的峰值在二季度，但是下半年通胀可能还在高位徘徊，需要美联储控制住美国的实际利率。”“在当前大国博弈的背景下，我们认为美国是用钱买时间，这是重新编了一个美国梦，意味着无论是美元、美元汇率还是美国长债利率最终都要服从于所谓新的美国梦，用钱来买时间，买美国经济复苏的时间，买美国内需扩张的时间，近期无论跟韩国还是一些区域，美国都希望这些区域的先进制造业能够到美国，买制造业回流美国的时间，买美国科技创新升级的时间。”“在政策转向之前，其实是可以预期的，美联储会引导市场的预期。而且在美联储的政策之前，可能还会有其他的政策，包括税收。”“美联储的政策相当于全球流动性的总阀门，这个总阀门至少今年乃至明年的一季度，我们还是很难看到收紧。”“能够推动美股指数向上涨的主心骨的这些公司并不贵，放在全球都不贵，跟A股相比也不算贵。反而相对弱的，比较偏题材性的比较贵。”“美股肯定不是熊市，这个时候美股出现熊市，一定是全球性的系统风险……只要美股不是一个大熊，它是一个偏牛或者偏结构型的市场，带来全球其他市场就有机会。”“不要以为美股指数很牛，忽略了美股市场的专业化、机构化的特征。我一直讲尽量用买基金、定投基金为主，让专业的投资者参与到美股，不要用炒A股的思路，散户化的思路考虑美股的市场。”“全球都进入到低增长、低利率的时代，是一个新平庸时代。这个阶段就要找全世界最优秀的公司……全球化配置的时代已经开始了。”5月25日，在第一财经举办的《云上会丨全球资本市场联动，美股配置价值几何？》的直播中，兴业证券全球首席策略分析师张忆东分享了上述观点。以下是投资作业本整理的精华内容，分享给大家：美联储货币政策框架已大大不同，不能用老式思维思考Q: 疫情爆发以来，美联储官员首次讨论收紧货币政策的可能性，这对全球市场意味着什么？张忆东：大家如果用老的地图试图找到未来的路，认为美联储这一次进行收缩、购债，遥远的未来有可能进一步收紧，方法是错的，反过来说，如果对于美股市场一直比较多的深入研究就会发现美联储的货币政策框架已经从2019年以后和以前大不一样，它已经完全的改变。现在很多投资者，特别是中国内地的投资者老是认为美股要崩了，美国要完蛋了，美股通胀这么高，经济又这么好，美国简直就是过热了，怎么想都觉得美联储要加快收紧的步伐，但事实上这种思考用的是一种“旧地图”，觉得美联储以前就盯住通胀，关注通胀胜于其他。下半年美国经济仍有韧性，此时无需进行刺激政策下半年，美国经济会有一个韧性。不是说一下子从十八层楼向下跳，而是它会维持一个区间震荡，整个边际增长的动能会减弱，这个时候没有必要进行刺激政策，这是第一点，美国经济增长的维度会放缓，环比的动能会减弱。第二，从失业率的维度来说，4月份经济数据非常好。失业率是6.1%，比3月份提高了一点，这就是由简入奢易，由奢入简难。过去一年的时间里，美国经历了3轮大放水，纾困，美国中低收入阶层会拿着纾困的钱先Happy，先花掉，美国的储蓄率依然高达13.6%，美国历史上的平均值是6—8%，这是它正常的储蓄率水平，所以不急于干活、找工作，这种情况下，失业率比较高。美联储重点还是关注就业到了下半年，失业率的情况会缓解，因为他要找工作，储蓄率下降。但是美国下半年的经济不会那么糟，他可能打打零工就OK了，从而使得美国这一轮失业率下行相对比较平滑，而不是快速的陡峭。美联储对于失业率的关注度更高，以至于当4月份的通胀数据出现之后，美国时间5月12号，美国通胀大超预期，市场一片哗然，当时很多风险资产暴跌，引发了那一天全球性的小小动荡。但是，立刻美联储有投票权的几个大人物，美联储的副主席包括另外一个重要的官员提出，他们看到数据，提出相比较短期过渡性的供给因素引发的通胀，就业的因素更令人担心，所以他们的着重点还在于就业。美国实现充分就业之前，社会矛盾的压力缓解之前，美国覆水很难一下子收起来。美国通胀峰值在二季度，下半年通胀高位徘徊第三，美国下半年的通胀不会一下子下去，通胀的峰值在二季度，但是下半年通胀可能还在高位徘徊，需要美联储控制住美国的实际利率。美国用钱买时间实际利率对美国经济的复苏非常重要，进而对于名义利率也有一个引导作用。你可以看到很明显，3月中旬的时候大家都很担心，但是3月中旬我们旗帜鲜明的提出美国长债收益率不会构成系统性风险，在当前大国博弈的背景下，我们认为美国是用钱买时间，这是重新编了一个美国梦，意味着无论是美元、美元汇率还是美国长债利率最终都要服从于所谓新的美国梦，用钱来买时间，买美国经济复苏的时间，买美国内需扩张的时间，近期无论跟韩国还是一些区域，美国都希望这些区域的先进制造业能够到美国，买制造业回流美国的时间，买美国科技创新升级的时间。总体来说，现在的状态下，无论是就业、通胀还是美国要增强它的竞争力，维持经济增长的持续性，都远不到收缩的阶段。今年没有系统性风险，市场担忧收紧反而给了全球布局优质资产的机会做一个总结，我的看法是大家要看清楚美国精英阶层的底牌，要看清楚鲍威尔的底牌，鲍威尔明年就要决定第二轮任期，在这种情况下，他的关注点更多在经济增长的持续性，就业的层面。所以我们说叫做覆水难收，今年没有系统性风险。当市场担心美国政策收紧，进而引发全球性担忧，这种导致的震荡是一个短期的扰动，反而给了我们在全球范围内布局更优质资产，性价比更好的资产的机会，这是我的思考。假如美联储货币政策转向收缩，会带来哪些影响？第一，收缩一定会带来高估值资产的调整，甚至是以一个比较激烈的方式调整。第二，如果收缩，也会带来分化，特别是对于新兴市场，那个时候要关注美元的反弹对于大宗商品形成一个趋势性的压制，进而那些以中上游原材料和矿产为主要支柱的新兴市场就形成了一个巨大的压力，甚至会导致新兴市场的债务风险、债务危机。对于美股而言，它里边的高估值，特别是有一些题材型的垃圾股也会有一个明显的调整，历史都会重演。我们现在要关注的是什么？它什么时候会真正的转。今年乃至明年一季度很难看到美联储政策收紧在政策转向之前，其实是可以预期的，美联储会引导市场的预期。而且在美联储的政策之前，可能还会有其他的政策，包括税收。今天下半年，也会有加税会不会被国税批准，税收的变化，以及发债，财政刺激方案。总体来说，我们认为今年乃至于明年的年初，我们基本上认为大家还可以看清楚美联储的底牌。坦率说，现在全球的货币体系依然是以美元为主导的国际货币体系，所以美联储的政策相当于全球流动性的总阀门，这个总阀门至少今年乃至明年的一季度，我们还是很难看到总阀门的收紧。甚至不排除反过来，如果下半年美国经济可能比大家想象中的弱，也有可能美联储的总阀门略微的放大一点，这会带来反过来的作用，带来全世界性价比更好的资产，包括美国股个别优质的公司，欧洲的，中国A股、中国港股，包括新兴市场的。对于美联储的判断有一个模糊的概念就OK，对大体趋势做一个判断，具体精确到月、周那很难，我们也是走一步看一步，至少我们能够判断大的趋势是今年看不到美联储收缩的动作。美股的慢牛、长牛是由最优秀的一批公司驱动的Q：美股还能继续向好吗？向好的时间有多长？张忆东：分三个方面来看这个事情：第一，从结构的角度来看这件事情。美股市场本身的结构，它有三大指数，我们动辄讲道琼斯、纳斯达克、标普，这三大指数里面主要就是苹果、微软为代表的美国最优秀的公司带着指数走。同样，我们把中国最优秀的公司筛出来做一个指数，其实我们也是超级长牛。你不要有一个想法，美国所有的都好。美国市场大量的公司推出了，清零了，直接退市了，有相当一批公司没有成交量，像死了一样，流动性折价。所以成熟市场真的是赢家通吃，最优秀的公司它的业绩靠谱，大家给他符合盈利增长相匹配的估值，所以我们认为它的持续性比较长。美股本身是指数编制，以及它能够有效的把最优秀的公司筛选出来的机制其实值得我们学习，而且它的交易机制，无论是T+0还是融券的机制，反而保证了它的慢牛，长牛，使得最优秀的公司不会是一年或者一年半涨了几倍，涨完了就Game over，好几年起不来了。从结构的角度来说，美股是最优秀的一批公司驱动的，而最优秀的公司又受益于它良好的市场机制、交易机制和市场一系列的市场化机制，使得最优秀的一批公司反而泡沫很小。美股主心骨公司并不贵我们动辄讲美股公司贵，贵从两个角度说：第一，单独拿出来美股的主心骨，能够推动美股指数向上涨的主心骨的这些公司并不贵，放在全球都不贵，跟A股相比也不算贵。反而相对弱的，比较偏题材性的比较贵。第二，因为它的利率低，涨了这么久，美股的十年期国债收益率只有1.6、1.7。这是第一点，从美股市场的结构来看在美国实质性地收紧水龙头（实质性收缩）之前，美股最牛的一批公司引领着指数走的路径还是看不到终止的。今年美股不是熊市，出现熊市肯定是全球性系统风险第二，国别之间的差异。我们认为今年美股不是熊市，去年年底，很多人说今年不看好美股，我说美股肯定不是熊市，这个时候美股出现熊市，一定是全球性的系统风险。如果今年美股出现熊市，肯定是美联储总阀门收紧了，那是全球性的系统性风险，无论是A股、新兴市场、欧洲的股市，都顶不住。第二个层面，从全球的角度来说，如果美国引领了全球货币体系不是一个系统性的收紧，不一定是美股最优秀，年初以来，美股跑输了欧洲股市，甚至它的有些指数比新兴市场相对优秀的股市表现得弱一点。只要美股不是一个大熊，它是一个偏牛或者偏结构型的市场，带来全球其他市场就有机会，这是国别市场和区域股市之间的比较。第三，风格。很明显，今年美股的风格是中小型的表现得比大型得好，周期和价值表现的比成长的风格好，这是从年初一直到现在。但是有可能会有所变化，下半年不排除成长的风格有所改善。从长期的角度来说，美国还是一个依靠科技驱动、内需驱动的经济体，从风格的角度来说，它的主心骨还是具有科技创新能力的这些巨头拖着美股走，今年的道琼斯，罗素3000、罗素2000，表现的比纳斯达克从年初到现在好很多。但是恰恰我们看到美股不是同涨同跌，它是一个风格涨，比如说价值涨，成长在调整。无论是中概股还是美股本地的纯美股，其实在今年从年初以来偏成长的很多都调了30%—50%以上，不要以为美股指数很牛，忽略了美股市场的专业化、机构化的特征。我一直讲尽量用买基金、定投基金为主，让专业的投资者参与到美股，不要用炒A股的思路，散户化的思路考虑美股的市场。投资QDII注意三点：认知自我、以长打短、以慢打快Q：投资QDII的时候需要注意什么？张忆东：QDII本身就是一种工具，是一种产品，有助于丰富资产配置的产品。有几个关注点：第一，认知自我。在认知产品之前，先看一看自己是什么样子的。因为并不是所有的人都能够在某些产品上赚钱，比如某些著名基金经理的产品可能十几年翻了几十倍，但没用，持有人拿了一会儿就卖掉了。有些人说买QDII就和买A股的各种产品一样，我做一个波段，往往就砸在手里面了。认知自我很重要，你的风险承受能力，究竟是择时做一个波段还是只是做一个长远的配置，这是不一样的。第二，关注以长打短。买了以后，尽量要知道你买的QDII是在自己能力圈以外，相对陌生的市场，对于基金管理人要有一个相对熟悉的过程，路遥知马力，真正要专业，真正对市场有认知。认知到在美股赚钱不是靠择时，而是靠好的公司，优质的公司，在它性价比合适的时候进行布局，其实还是对价值的衡量。第三，以慢打快。因为大家对海外市场感兴趣，往往是因为觉得A股没戏，喜欢把钱投出去，相比A股那边的收益率好一点。但是A股的风格一旦疯起来特别快。很多人在A股一旦起来的时候就割肉，直接把钱从QDII折腾出来。这三点，认知自我，以长打短，以慢打快是我对大家的建议。就算是美股市场指数走得很好，如果我们不能够对自我有清醒的认识，我建议大家宁可做自己擅长的事，不一定随大流。2007年、2008年，QDII非常火的时候，趁着热度认购QDII，很多人都亏了大钱，割肉出局。所以认购QDII，需要看投资者资产配置的理念和考核的期限，你要认知好自我之后，什么时候都是一个好的选择。就像理财一样，你拿出短期不需要急用的钱，不断的定期定投，你的目的很清晰，就是买一些A股没有的资产，甚至通过港股通，连港股都没有的资产，买最优秀的全球型的核心资产，不止是A股、港股中国的核心资产，这是我的分享。全球化配置时代已开启，要寻找全世界最优秀的公司Q：如果要投资QDII，QDII是不是我们这个篮子里面必须要选择的标的？是不是我们这个篮子配置资产很重要的一个抓手？张忆东：肯定是的，因为全球都进入到低增长、低利率的时代，是一个新平庸时代。这个阶段就要找全世界最优秀的公司，我在2016年提出中国核心资产这个理念，其实这个理念可以扩增到全世界，无论是欧洲、日本、美国，全球范围内寻找最优秀的公司，持续提供有核心竞争力，性价比不错的资产。当中国人的社会财富积累到了一定的阶段，现在我们的人均GDP到了1万美金，按照欧美的经验来看，恰恰是美国财富全球化配置的开端，按照这样一个经验来看，我们应该开始考虑定期定投QDII，慢慢熟悉这种优秀的管理人，不要一下子把全部的精力放上去，如果全部放上去，很可能因为一个波动灰了心，伤了心，最好慢慢来，以长打短，以慢打快，但是全球化配置的时代已经开始了。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131283763,"gmtCreate":1621863226252,"gmtModify":1704363464048,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/131283763","repostId":"1120894920","repostType":4,"isVote":1,"tweetType":1,"viewCount":3213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133957781,"gmtCreate":1621689414443,"gmtModify":1704361490545,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133957781","repostId":"1118299916","repostType":4,"repost":{"id":"1118299916","kind":"news","pubTimestamp":1621678031,"share":"https://ttm.financial/m/news/1118299916?lang=en_US&edition=fundamental","pubTime":"2021-05-22 18:07","market":"us","language":"zh","title":"Bill Gates under investigation for \"intimate relationship\", property division may be affected","url":"https://stock-news.laohu8.com/highlight/detail?id=1118299916","media":"央视财经","summary":"盖茨确实在20年前有过一段婚外情。","content":"<p>After announcing the divorce, about Bill Gates' relationship with<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Reports of improper relationships among female employees emerge in endlessly. According to the Wall Street Journal, after investigating the close relationship between Gates and a female Microsoft employee, Microsoft's board of directors made a decision last year that Gates was no longer suitable to continue serving on the board of directors.</p><p>A spokesman for Gates admitted that Gates did have an extramarital affair 20 years ago, but denied that Gates's departure from Microsoft's board of directors was directly related to this incident.</p><p><img src=\"https://static.tigerbbs.com/d3c235491c4dd6fdf7ee7547fb3f4ae5\" tg-width=\"649\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p>In the United States, many large companies prohibit executives from falling in love with subordinates. In 2019,<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>The former CEO of the company was dismissed by the board of directors because he had a close relationship with a female employee.</p><p><img src=\"https://static.tigerbbs.com/48e7630ab78f177b4beef70b1b57a49e\" tg-width=\"635\" tg-height=\"328\" referrerpolicy=\"no-referrer\"></p><p>Recent reports may not only damage Gates' personal reputation, but also put him at a disadvantage in the property division of divorce lawsuits. It is reported that after announcing the divorce, Gates has transferred at least $3 billion to Melinda.</p><p><img src=\"https://static.tigerbbs.com/9582961d249d905e99b9f1d934c13167\" tg-width=\"656\" tg-height=\"330\" referrerpolicy=\"no-referrer\"></p><p>According to another report, current Microsoft CEO Satya Nadella (Satya Nadella) said on Friday that corporate executives should not abuse the power they are given. This is the first comment from Microsoft executives following media reports that Microsoft co-founder Bill Gates had an affair with an employee in 2000.</p><p>Microsoft hasn't faced much controversy since Nadella became CEO in 2014. Nadella is considered a thoughtful leader who has helped Microsoft revive in the competitive tech industry. During this period, Nadella did not encounter too many complicated problems.</p><p>Now, however, Nadella faces a thorny problem. His predecessor (Gates) created it 20 years ago, when Nadella was only one of many vice presidents of Microsoft.</p><p>In this regard, Nadella said in an interview a few days ago: \"Generally speaking, power in the workplace cannot be abused in any form. For us, the most important thing is to ensure that everyone can feel comfortable asking what they see. Any questions and allow us to conduct a comprehensive investigation into them.\"</p><p>In the second half of 2019, Microsoft received a report that Gates had tried to build an intimate relationship with an employee in 2000, according to a Microsoft spokesperson. With the help of a law firm, Microsoft investigated this. Last weekend, some media reported this survey. Not long ago, Gates had just announced his divorce.</p><p>Della also said in the interview that Microsoft has had policies banning executive misconduct since 2006. Before that, Nadella didn't deal with too many thorny problems, although he also encountered some troubles.</p><p>In 2014, Nadra faced some criticism because he advised female employees not to ask for a salary increase. Nadella said at the time that if women didn't ask their employers for more salary, they would also get long-term rewards when their excellent work was recognized. Later, Nadella apologized for this.</p><p>In 2019, Nadella defended the move after some employees protested Microsoft's contract to provide augmented reality (AR) helmets to the U.S. military. \"We made a principled decision that we will not refuse to provide technology to our *-elected institutions to protect the freedoms we enjoy,\" he said.</p>","source":"YSCJ","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>Bill Gates under investigation for \"intimate relationship\", property division may be affected</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\">\nBill Gates under investigation for \"intimate relationship\", property division may be affected\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">央视财经</strong><span class=\"h-time small\">2021-05-22 18:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After announcing the divorce, about Bill Gates' relationship with<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Reports of improper relationships among female employees emerge in endlessly. According to the Wall Street Journal, after investigating the close relationship between Gates and a female Microsoft employee, Microsoft's board of directors made a decision last year that Gates was no longer suitable to continue serving on the board of directors.</p><p>A spokesman for Gates admitted that Gates did have an extramarital affair 20 years ago, but denied that Gates's departure from Microsoft's board of directors was directly related to this incident.</p><p><img src=\"https://static.tigerbbs.com/d3c235491c4dd6fdf7ee7547fb3f4ae5\" tg-width=\"649\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p>In the United States, many large companies prohibit executives from falling in love with subordinates. In 2019,<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>The former CEO of the company was dismissed by the board of directors because he had a close relationship with a female employee.</p><p><img src=\"https://static.tigerbbs.com/48e7630ab78f177b4beef70b1b57a49e\" tg-width=\"635\" tg-height=\"328\" referrerpolicy=\"no-referrer\"></p><p>Recent reports may not only damage Gates' personal reputation, but also put him at a disadvantage in the property division of divorce lawsuits. It is reported that after announcing the divorce, Gates has transferred at least $3 billion to Melinda.</p><p><img src=\"https://static.tigerbbs.com/9582961d249d905e99b9f1d934c13167\" tg-width=\"656\" tg-height=\"330\" referrerpolicy=\"no-referrer\"></p><p>According to another report, current Microsoft CEO Satya Nadella (Satya Nadella) said on Friday that corporate executives should not abuse the power they are given. This is the first comment from Microsoft executives following media reports that Microsoft co-founder Bill Gates had an affair with an employee in 2000.</p><p>Microsoft hasn't faced much controversy since Nadella became CEO in 2014. Nadella is considered a thoughtful leader who has helped Microsoft revive in the competitive tech industry. During this period, Nadella did not encounter too many complicated problems.</p><p>Now, however, Nadella faces a thorny problem. His predecessor (Gates) created it 20 years ago, when Nadella was only one of many vice presidents of Microsoft.</p><p>In this regard, Nadella said in an interview a few days ago: \"Generally speaking, power in the workplace cannot be abused in any form. For us, the most important thing is to ensure that everyone can feel comfortable asking what they see. Any questions and allow us to conduct a comprehensive investigation into them.\"</p><p>In the second half of 2019, Microsoft received a report that Gates had tried to build an intimate relationship with an employee in 2000, according to a Microsoft spokesperson. With the help of a law firm, Microsoft investigated this. Last weekend, some media reported this survey. Not long ago, Gates had just announced his divorce.</p><p>Della also said in the interview that Microsoft has had policies banning executive misconduct since 2006. Before that, Nadella didn't deal with too many thorny problems, although he also encountered some troubles.</p><p>In 2014, Nadra faced some criticism because he advised female employees not to ask for a salary increase. Nadella said at the time that if women didn't ask their employers for more salary, they would also get long-term rewards when their excellent work was recognized. Later, Nadella apologized for this.</p><p>In 2019, Nadella defended the move after some employees protested Microsoft's contract to provide augmented reality (AR) helmets to the U.S. military. \"We made a principled decision that we will not refuse to provide technology to our *-elected institutions to protect the freedoms we enjoy,\" he said.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-05-22/doc-ikmyaawc6885660.shtml\">央视财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5f084842fb3799c40f34178d55cdc2f","relate_stocks":{"MSFT":"微软"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-05-22/doc-ikmyaawc6885660.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118299916","content_text":"宣布离婚后，关于比尔·盖茨与微软女员工存在不当关系的报道就层出不穷。据《华尔街日报》报道称，微软董事会对盖茨和一名微软女员工曾经的亲密关系进行调查后，在去年做出决定，认为盖茨不再适合继续在董事会任职。一名盖茨的发言人承认，盖茨确实在20年前有过一段婚外情，不过否认了盖茨离开微软董事会与这一事件的直接关系。在美国，不少大型公司都禁止高管与下属恋爱，2019年，麦当劳公司前CEO就因为与一名女员工存在亲密关系而被董事会解聘。近期的报道不仅可能有损盖茨的个人名誉，也可能使其在离婚官司的财产分割中陷于不利。据悉，在宣布离婚后，盖茨已经向梅琳达转账至少30亿美元。另据报道，微软现任CEO萨蒂亚·纳德拉（Satya Nadella）周五表示，企业高管不应滥用其被赋予的权力。这是在媒体报道微软联合创始人比尔·盖茨（Bill Gates）在2000年与一名员工有染后，微软高管首次发表评论。自纳德拉2014年出任CEO以来，微软并未面临太多争议。纳德拉被认为是一位深思熟虑的领导者，在竞争激烈的科技行业，他帮助微软重振旗鼓。期间，纳德拉并未遭遇太多复杂的问题。但如今，纳德拉却面临一个棘手的问题，他的前任（盖茨）在20年前一手酿成的，当时纳德拉只是微软公司众多副总裁之中的一位。对此，纳德拉日前在接受采访时表示：“总的来说，职场的权力不能以任何形式被滥用。对我们来说，最重要的是确保每个人都能放心地提出他们看到的任何问题，并让我们能够对此进行全面调查。”据微软发言人称，2019年下半年，微软收到一份报告，称盖茨在2000年曾试图与一名员工建立亲密关系。在一家律师事务所的帮助下，微软对此进行了调查。上周末，有媒体报道了这项调查。而此之前不久，盖茨刚刚宣布离婚。德拉在采访中还表示，自2006年以来，微软一直有禁止高管不当行为的政策。在此之前，纳德拉并未处理过太多棘手的问题，尽管他也遭遇过一些麻烦。2014年，纳德拉曾面临一些批评，因为他建议女性员工别要求加薪。纳德拉当时称，如果女性不向雇主索要更多薪水，那么当她们的优异工作得到认可时，也会得到长期的奖励。后来，纳德拉对此进行了道歉。2019年，在一些员工抗议微软向美国军队提供增强现实（AR）头盔的合同后，纳德拉为这一举动进行了辩护。他说：“我们做出了一个原则性的决定，我们不会拒绝向我们民主选举的机构提供技术，以保护我们享有的自由。”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":3879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191045748,"gmtCreate":1620830207184,"gmtModify":1704349069331,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/191045748","repostId":"1123721888","repostType":4,"repost":{"id":"1123721888","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620812439,"share":"https://ttm.financial/m/news/1123721888?lang=en_US&edition=fundamental","pubTime":"2021-05-12 17:40","market":"us","language":"zh","title":"Tiger Securities was included in the MSCI China All-Stock Index!","url":"https://stock-news.laohu8.com/highlight/detail?id=1123721888","media":"老虎资讯综合","summary":"此次被纳入MSCI意味着国际资本市场对老虎证券的认可和信心！","content":"<p>According to news on May 11, the international index compilation company MSCI announced the quarterly adjustment results of the index in May. Among them,<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>Included in the MSCI China All Shares Index (MSCI China All Shares Index) will take effect after the market closes on May 27.</p><p>Wu Tianhua, founder and CEO of Tiger Securities, said: \"Tiger Securities' inclusion in the MSCI China All-Stock Index represents the recognition and confidence of the international market in our long-term investment value and development prospects. Tiger Securities' mission is to make investment better with technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient and smooth one-stop global investment experience. As Tiger enters Singapore, the United States and other countries and regions, we look forward to serving more global users. \"<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI (morgan stanley capital international) is currently the most important index company in the world. It compiles hundreds of indexes in various markets around the world, and is used as an investment benchmark and tracked by a large number of international institutions and investors. Since the release of the first index in 1969, MSCI has mainly provided products and services such as indexes, risk portfolios and performance analysis tools, and corporate governance tools according to different countries and regions, market sizes, industries and investment methods. Approximately US $10 trillion in the world's assets are benchmarked against the MSCI index, and 97 of the world's top 100 largest asset managers are MSCI clients. The pension of 95% of the investment equity in the United States is benchmarked on MSCI.</p><p>The MSCI China All Shares Index, compiled by MSCI, is the most important component of the MSCI Emerging Markets Index. According to the adjustment method of MSCI index, companies that can be included in its index system generally have to meet a series of requirements such as total market value, free circulation market value, liquidity and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official site</span></p><p>Historical performance of MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to the quarterly adjustment results released by MSCI, the MSCI China All-Stock Index added 60 new stocks this time and excluded 26 stocks. So, what does being on the list mean for tigers?</p><p>It means that the recognition and confidence of Tiger Securities in the international capital market will help further expand the company's influence in the international capital market and enhance the internationalization level of the company's shareholders.</p><p>According to MSCI estimates, trillions of dollars of funds around the world track emerging market indexes, including both active funds and passive funds. Passive funds use morgan stanley capital international China All-Stock Index as their investment target. When stocks are included in the index, passive investors will allocate these new constituent stocks in proportion.</p><p>View for details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">MSCI China Index Constituent Stock Adjustment Description</a></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>Tiger Securities was included in the MSCI China All-Stock Index!</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\">\nTiger Securities was included in the MSCI China All-Stock Index!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-12 17:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to news on May 11, the international index compilation company MSCI announced the quarterly adjustment results of the index in May. Among them,<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>Included in the MSCI China All Shares Index (MSCI China All Shares Index) will take effect after the market closes on May 27.</p><p>Wu Tianhua, founder and CEO of Tiger Securities, said: \"Tiger Securities' inclusion in the MSCI China All-Stock Index represents the recognition and confidence of the international market in our long-term investment value and development prospects. Tiger Securities' mission is to make investment better with technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient and smooth one-stop global investment experience. As Tiger enters Singapore, the United States and other countries and regions, we look forward to serving more global users. \"<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI (morgan stanley capital international) is currently the most important index company in the world. It compiles hundreds of indexes in various markets around the world, and is used as an investment benchmark and tracked by a large number of international institutions and investors. Since the release of the first index in 1969, MSCI has mainly provided products and services such as indexes, risk portfolios and performance analysis tools, and corporate governance tools according to different countries and regions, market sizes, industries and investment methods. Approximately US $10 trillion in the world's assets are benchmarked against the MSCI index, and 97 of the world's top 100 largest asset managers are MSCI clients. The pension of 95% of the investment equity in the United States is benchmarked on MSCI.</p><p>The MSCI China All Shares Index, compiled by MSCI, is the most important component of the MSCI Emerging Markets Index. According to the adjustment method of MSCI index, companies that can be included in its index system generally have to meet a series of requirements such as total market value, free circulation market value, liquidity and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official site</span></p><p>Historical performance of MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to the quarterly adjustment results released by MSCI, the MSCI China All-Stock Index added 60 new stocks this time and excluded 26 stocks. So, what does being on the list mean for tigers?</p><p>It means that the recognition and confidence of Tiger Securities in the international capital market will help further expand the company's influence in the international capital market and enhance the internationalization level of the company's shareholders.</p><p>According to MSCI estimates, trillions of dollars of funds around the world track emerging market indexes, including both active funds and passive funds. Passive funds use morgan stanley capital international China All-Stock Index as their investment target. When stocks are included in the index, passive investors will allocate these new constituent stocks in proportion.</p><p>View for details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">MSCI China Index Constituent Stock Adjustment Description</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e4b807dafecc161ebbd0d3c42055f20","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123721888","content_text":"5月11日消息，国际指数编制公司MSCI公布5月指数季度调整结果，其中，老虎证券获纳入MSCI中国全股票指数（MSCI China All Shares Index），将于5月27日收盘后生效。老虎证券创始人及CEO巫天华表示：“老虎证券获纳入MSCI中国全股票指数代表国际市场对我们长期投资价值和发展前景的认可和信心。老虎证券的使命是科技让投资更美好。通过不断技术迭代，我们致力于为投资者提供更高效、便捷、流畅的一站式全球投资体验。随着老虎进入新加坡，美国等国家和地区，我们期待服务更多全球用户。”MSCI（明晟）是目前全球最重要的指数公司，编制数百种全球各个市场的指数，被大量国际机构，投资者作为投资基准并跟踪。从 1969年发布第一只指数至今，MSCI按照国家和区域、市场规模大小、行业及投资方式的不同，主要提供指数、风险组合和业绩分析工具以及公司治理工具等产品和服务。全球约10万亿美元的资产以MSCI指数为基准，全球前100个最大资产管理者中，97个都是MSCI的客户。美国95%的投资权益的养老金以MSCI为基准。MSCI中国全股票指数(MSCI China All Shares Index)由摩根士丹利资本国际(MSCI)编制，是 MSCI新兴市场指数中最重要的组成部分。根据 MSCI指数的调整方法，能被纳入到其指数体系的公司一般要满足总市值、自由流通市值、流动性和交易时间等一系列要求。MSCI官网明晟中国全股票指数(MSCI China All Shares Index)历史表现：根据MSCI发布的季度调整结果， MSCI中国全股票指数本次新增60只个股，剔除26只股票。那么，上榜对于老虎意味着什么呢？意味着国际资本市场对老虎证券的认可和信心，有助于进一步扩大公司国际资本市场影响力、提升公司股东国际化水平。据 MSCI估算，全球数以万亿美元的资金跟踪新兴市场指数，其中既包含了主动型资金，又包含了被动型基金，被动型资金以明晟中国全股票指数作为投资标的。当股票被纳入指数后，被动型投资者会按比例配置新增这些成份股。详情查看：MSCI中国指数成分股调整说明","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":4231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190552224,"gmtCreate":1620637306668,"gmtModify":1704345913235,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190552224","repostId":"2134638173","repostType":4,"repost":{"id":"2134638173","kind":"highlight","pubTimestamp":1620634320,"share":"https://ttm.financial/m/news/2134638173?lang=en_US&edition=fundamental","pubTime":"2021-05-10 16:12","market":"hk","language":"zh","title":"Sino-Thai International: Biden's proposal on vaccine patents has limited short-term impact","url":"https://stock-news.laohu8.com/highlight/detail?id=2134638173","media":"中泰金融国际","summary":"拜登转向支持WTO对放弃新冠疫苗知识产权保护的倡议，我们认为短期影响有限\n美国总统拜登日前提出将支持世界贸易组织(WTO)的要求疫苗企业放弃新冠疫苗专利的提案，导致全球疫苗企业股价波动。根据多家权威媒","content":"<p>Biden turns to support WTO initiative to waive COVID-19 vaccine's intellectual property protection, and we see limited short-term impact</p><p>US President Joe Biden recently proposed to support the World Trade Organization's (WTO) proposal to require vaccine companies to give up COVID-19 vaccine patents, causing the stock prices of global vaccine companies to fluctuate. According to a number of authoritative media reports, at present, 100 WTO member countries have supported the proposal. U.S. Trade Representative Dai Qi said that the U.S. will actively support the text negotiations held by the WTO to achieve the above goals, but the negotiations will take time.</p><p>At present, Germany and Switzerland have expressed their opposition. Considering that if approved, it will affect the revenue of the leading pharmaceutical group and affect the enthusiasm for vaccine research and development, we expect that the negotiation will take time. We believe that if the proposal is finally approved, it will affect the performance of some original vaccine research companies in the long run. However, due to the high technical barriers in COVID-19 vaccine, and the need for long clinical trials before drugs and vaccines go on the market, and the limited number of manufacturers that meet the requirements, it is not possible to copy them immediately after obtaining a patent. Therefore, we believe that even if the proposal is passed, the impact on vaccine companies will be limited in the short term.</p><p>In terms of domestic vaccines, WHO is currently evaluating the inactivated vaccines produced by Sinopharm Beijing Biotech and Kexing Zhongwei. According to the current public data, the clinical data of these two vaccines are not sufficient due to the lack of cases in the elderly over 60 years old and patients with basic diseases (such as hypertension, diabetes, obesity, etc.), but they show good effectiveness for young and middle-aged people aged 18-59. We will pay attention to the evaluation results of WHO in the near future.</p><p>In addition, regarding<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>The management stated that it is currently at the end of the Phase II clinical trial, and the marketing application can be submitted after the completion of the Phase II clinical trial. As the product has been approved by the WHO and is widely used in Hong Kong, we do not expect the approval in China to take much time.</p><p>According to the earlier agreement,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>In 2021, at least 100 million doses of Fubitai vaccine will be purchased from Biontech. Fosun Pharma will have the right to jointly develop and commercialize Fubitai vaccine in mainland China, Hong Kong and Macau. We have not yet obtained information from the Chinese government on the purchase price and purchase model of Fubitai vaccine, but if we refer to the purchase price of US $19.5/dose (about 126 yuan) from the US government, based on the purchase volume of 100 million doses, Fosun Pharma will earn more than 10 billion yuan in revenue. According to the earlier agreement, according to different procurement models, Fosun Pharma will receive 60% or 65% of Fubitai's gross sales profit in China, Hong Kong and Macau. Therefore, if calculated according to the gross profit margin of more than 80% of the usual vaccine listed companies, If the vaccine approval and sales are smooth, Fosun Pharma will earn considerable income.</p><p>According to the data of the National Centers for Disease Control and Prevention (CDC), Fubitai is as effective as 95% in preventing COVID-19, and 94% in the elderly over 65 years old. Based on good clinical data, we are optimistic about the demand prospects of Fubitai vaccine in mainland China. In the future, we will pay attention to specific information such as the approval status, purchase price and purchase model of this product in mainland China to calculate the specific profit contribution to the company.</p><p>Continue to recommend high-quality innovative drugs and leading companies in the biotechnology sector</p><p>We expect that if the Fubitai vaccine is approved in China,<b>Fosun Pharma (02196)</b>The benefits of this vaccine will gradually become clear. We estimate that since many details are not yet clear, the current market forecast for Fosun Pharma may not fully reflect the contribution of vaccines. We recommend paying attention to the progress of Fubitai's approval in the Mainland. In addition, judging from the pharmaceutical companies that have published their quarterly reports so far, most companies operated well in the first quarter. We still recommend innovative drugs and CXO sector leaders. In addition, we believe that if the epidemic situation in India, a major API producer, continues to worsen, it will continue to push up the price of APIs, and the domestic API industry leader<a href=\"https://laohu8.com/S/03933\">Federal Laboratories</a>(03933) will benefit.</p><p><b><a href=\"https://laohu8.com/S/01093\">CSPC Pharmaceutical</a></b>: Judging from the list of drugs involved in the fifth batch of mass purchases recently circulated on the Internet, the company's products are less affected. We expect the company to operate well in the first quarter, and the company's innovative anti-infective drug amphotericin B was just approved in early April. In the future, we will also submit the marketing application of lung cancer drug three EGFR-TKI inhibitor as soon as possible, and the demand prospect is expected to be good. The company will actively promote the listing on the Science and Technology Innovation Board. If approved, it will consolidate the company's financial strength and maintain a \"buy\" rating and a target price of HK $11.52.</p><p><b><a href=\"https://laohu8.com/S/WX\">WuXi AppTec</a></b>: The company's revenue in the first quarter increased by 55.3% year-on-year to 4.95 billion yuan, shareholders' net profit increased by 394.9% year-on-year to approximately 1.5 billion yuan, and the adjusted Non-IFRS net profit, which reflects the company's core net profit, increased by 63.6% year-on-year to approximately 940 million yuan. Yuan, the Chinese business led the continued rapid growth of performance. As the company's \"long tail strategy\" is very successful, the number of customers continues to grow, and the number of small molecule drug R&D and outsourcing services (CDMO) projects is increasing rapidly. With the resumption of the epidemic, clinical trials and other CRO businesses are also recovering. The relief of the epidemic will also gradually recover. We expect 2020-23E revenue CAGR of 31.0% and adjusted Non-IFRS net income CAGR of 30.1%, with an \"overweight\" rating and a target price of HK $206.2.</p><p><b><a href=\"https://laohu8.com/S/01801\">Innovent Bio</a></b>: The company's main product, Daboshu, performed well in sales in the first quarter. Since the product was approved for the treatment of first-line non-squamous non-small cell lung cancer in February, the current marketing application for the treatment of first-line hepatocellular carcinoma and EGFR-positive lung cancer resistant to TKI formulations has also been accepted by the State Food and Drug Administration. We expect sales will maintain rapid growth, with a CAGR of 24.0% from 2020 to 23E. In addition to Daboshu, the company's oncology drugs Dabotong (bevacizumab), Dabohua (rituximab) and Sulixin are all new products that have just been approved for marketing in 2020 and are in a period of heavy sales volume. We expect the revenue of the pharmaceutical sales business to increase to RMB 6.12 billion from approximately RMB 2.37 billion in 2020, at a CAGR of 37.2% in 2020-23E. We reiterate our \"buy\" rating at HK $102.1 target price.</p><p><b>Federal Laboratories</b>: The company is the leader in the domestic intermediate and API industry. In recent years, insulin has led the company to transform into a specialty drug manufacturer. According to our understanding, the sales revenue of insulin glargine, the company's main third-generation insulin product, will maintain rapid growth in the first quarter of 2021, and it is expected that the blockbuster new drug insulin aspart may be approved within the year. It is expected that if approved, it will become a stock price catalyst. If the epidemic in India continues, it will also push up the price of APIs. We reiterate our \"buy\" rating and target price of HK $8.</p><p><b>Risk warning</b>：</p><p>1) The Chinese government's approval progress of Fubitai vaccine is slower than expected or the purchase price is lower than expected;</p><p>2) The impact of policy regulations such as volume procurement in the pharmaceutical industry is greater than expected;</p><p>3) The R&D and sales progress of innovative drug companies is slower than expected.</p>","source":"lsy1597304098211","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>Sino-Thai International: Biden's proposal on vaccine patents has limited short-term impact</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\">\nSino-Thai International: Biden's proposal on vaccine patents has limited short-term impact\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中泰金融国际</strong><span class=\"h-time small\">2021-05-10 16:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Biden turns to support WTO initiative to waive COVID-19 vaccine's intellectual property protection, and we see limited short-term impact</p><p>US President Joe Biden recently proposed to support the World Trade Organization's (WTO) proposal to require vaccine companies to give up COVID-19 vaccine patents, causing the stock prices of global vaccine companies to fluctuate. According to a number of authoritative media reports, at present, 100 WTO member countries have supported the proposal. U.S. Trade Representative Dai Qi said that the U.S. will actively support the text negotiations held by the WTO to achieve the above goals, but the negotiations will take time.</p><p>At present, Germany and Switzerland have expressed their opposition. Considering that if approved, it will affect the revenue of the leading pharmaceutical group and affect the enthusiasm for vaccine research and development, we expect that the negotiation will take time. We believe that if the proposal is finally approved, it will affect the performance of some original vaccine research companies in the long run. However, due to the high technical barriers in COVID-19 vaccine, and the need for long clinical trials before drugs and vaccines go on the market, and the limited number of manufacturers that meet the requirements, it is not possible to copy them immediately after obtaining a patent. Therefore, we believe that even if the proposal is passed, the impact on vaccine companies will be limited in the short term.</p><p>In terms of domestic vaccines, WHO is currently evaluating the inactivated vaccines produced by Sinopharm Beijing Biotech and Kexing Zhongwei. According to the current public data, the clinical data of these two vaccines are not sufficient due to the lack of cases in the elderly over 60 years old and patients with basic diseases (such as hypertension, diabetes, obesity, etc.), but they show good effectiveness for young and middle-aged people aged 18-59. We will pay attention to the evaluation results of WHO in the near future.</p><p>In addition, regarding<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>The management stated that it is currently at the end of the Phase II clinical trial, and the marketing application can be submitted after the completion of the Phase II clinical trial. As the product has been approved by the WHO and is widely used in Hong Kong, we do not expect the approval in China to take much time.</p><p>According to the earlier agreement,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>In 2021, at least 100 million doses of Fubitai vaccine will be purchased from Biontech. Fosun Pharma will have the right to jointly develop and commercialize Fubitai vaccine in mainland China, Hong Kong and Macau. We have not yet obtained information from the Chinese government on the purchase price and purchase model of Fubitai vaccine, but if we refer to the purchase price of US $19.5/dose (about 126 yuan) from the US government, based on the purchase volume of 100 million doses, Fosun Pharma will earn more than 10 billion yuan in revenue. According to the earlier agreement, according to different procurement models, Fosun Pharma will receive 60% or 65% of Fubitai's gross sales profit in China, Hong Kong and Macau. Therefore, if calculated according to the gross profit margin of more than 80% of the usual vaccine listed companies, If the vaccine approval and sales are smooth, Fosun Pharma will earn considerable income.</p><p>According to the data of the National Centers for Disease Control and Prevention (CDC), Fubitai is as effective as 95% in preventing COVID-19, and 94% in the elderly over 65 years old. Based on good clinical data, we are optimistic about the demand prospects of Fubitai vaccine in mainland China. In the future, we will pay attention to specific information such as the approval status, purchase price and purchase model of this product in mainland China to calculate the specific profit contribution to the company.</p><p>Continue to recommend high-quality innovative drugs and leading companies in the biotechnology sector</p><p>We expect that if the Fubitai vaccine is approved in China,<b>Fosun Pharma (02196)</b>The benefits of this vaccine will gradually become clear. We estimate that since many details are not yet clear, the current market forecast for Fosun Pharma may not fully reflect the contribution of vaccines. We recommend paying attention to the progress of Fubitai's approval in the Mainland. In addition, judging from the pharmaceutical companies that have published their quarterly reports so far, most companies operated well in the first quarter. We still recommend innovative drugs and CXO sector leaders. In addition, we believe that if the epidemic situation in India, a major API producer, continues to worsen, it will continue to push up the price of APIs, and the domestic API industry leader<a href=\"https://laohu8.com/S/03933\">Federal Laboratories</a>(03933) will benefit.</p><p><b><a href=\"https://laohu8.com/S/01093\">CSPC Pharmaceutical</a></b>: Judging from the list of drugs involved in the fifth batch of mass purchases recently circulated on the Internet, the company's products are less affected. We expect the company to operate well in the first quarter, and the company's innovative anti-infective drug amphotericin B was just approved in early April. In the future, we will also submit the marketing application of lung cancer drug three EGFR-TKI inhibitor as soon as possible, and the demand prospect is expected to be good. The company will actively promote the listing on the Science and Technology Innovation Board. If approved, it will consolidate the company's financial strength and maintain a \"buy\" rating and a target price of HK $11.52.</p><p><b><a href=\"https://laohu8.com/S/WX\">WuXi AppTec</a></b>: The company's revenue in the first quarter increased by 55.3% year-on-year to 4.95 billion yuan, shareholders' net profit increased by 394.9% year-on-year to approximately 1.5 billion yuan, and the adjusted Non-IFRS net profit, which reflects the company's core net profit, increased by 63.6% year-on-year to approximately 940 million yuan. Yuan, the Chinese business led the continued rapid growth of performance. As the company's \"long tail strategy\" is very successful, the number of customers continues to grow, and the number of small molecule drug R&D and outsourcing services (CDMO) projects is increasing rapidly. With the resumption of the epidemic, clinical trials and other CRO businesses are also recovering. The relief of the epidemic will also gradually recover. We expect 2020-23E revenue CAGR of 31.0% and adjusted Non-IFRS net income CAGR of 30.1%, with an \"overweight\" rating and a target price of HK $206.2.</p><p><b><a href=\"https://laohu8.com/S/01801\">Innovent Bio</a></b>: The company's main product, Daboshu, performed well in sales in the first quarter. Since the product was approved for the treatment of first-line non-squamous non-small cell lung cancer in February, the current marketing application for the treatment of first-line hepatocellular carcinoma and EGFR-positive lung cancer resistant to TKI formulations has also been accepted by the State Food and Drug Administration. We expect sales will maintain rapid growth, with a CAGR of 24.0% from 2020 to 23E. In addition to Daboshu, the company's oncology drugs Dabotong (bevacizumab), Dabohua (rituximab) and Sulixin are all new products that have just been approved for marketing in 2020 and are in a period of heavy sales volume. We expect the revenue of the pharmaceutical sales business to increase to RMB 6.12 billion from approximately RMB 2.37 billion in 2020, at a CAGR of 37.2% in 2020-23E. We reiterate our \"buy\" rating at HK $102.1 target price.</p><p><b>Federal Laboratories</b>: The company is the leader in the domestic intermediate and API industry. In recent years, insulin has led the company to transform into a specialty drug manufacturer. According to our understanding, the sales revenue of insulin glargine, the company's main third-generation insulin product, will maintain rapid growth in the first quarter of 2021, and it is expected that the blockbuster new drug insulin aspart may be approved within the year. It is expected that if approved, it will become a stock price catalyst. If the epidemic in India continues, it will also push up the price of APIs. We reiterate our \"buy\" rating and target price of HK $8.</p><p><b>Risk warning</b>：</p><p>1) The Chinese government's approval progress of Fubitai vaccine is slower than expected or the purchase price is lower than expected;</p><p>2) The impact of policy regulations such as volume procurement in the pharmaceutical industry is greater than expected;</p><p>3) The R&D and sales progress of innovative drug companies is slower than expected.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/470973.html\">中泰金融国际</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e559c5a8390713a5a8d4b07a2667368d","relate_stocks":{"02196":"复星医药","BNTX":"BioNTech SE"},"source_url":"http://www.zhitongcaijing.com/content/detail/470973.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2134638173","content_text":"拜登转向支持WTO对放弃新冠疫苗知识产权保护的倡议，我们认为短期影响有限\n美国总统拜登日前提出将支持世界贸易组织(WTO)的要求疫苗企业放弃新冠疫苗专利的提案，导致全球疫苗企业股价波动。根据多家权威媒体报道，目前已有100个WTO成员国支持该提案，美国贸易代表戴琪表示，美方将积极支持世贸组织举行的文本谈判以促成上述目标，但是谈判需 要时间。\n目前来看，德国与瑞士已表示反对。考虑到如果获批将影响龙头制药集团收入并影响 疫苗研发热情等原因，我们预计谈判需要时间。我们认为如果提议最终获批，长远将影响部分 疫苗原研企业的业绩，但是由于新冠疫苗技术壁垒很高，而且药品与疫苗上市前都需进行长时 间临床试验，符合要求的生产厂商也有限，因此并非获得专利就能马上仿制，因此我们认为就 算提案通过，短期内对疫苗企业的影响也有限。\n国产疫苗方面，世卫组织目前正在评估国药集团北京生物与科兴中维生产的灭活疫苗，从目前公开的数据看，这两种疫苗在60 岁以上老年人以及基础疾病患者(如高血压、糖尿病、肥胖等)方面由于缺少病例，临床数据还不充分，但是对于18-59 岁的中青年则表现出良好效力，我们近期将关注世卫组织的评估结果。\n另外，关于复星医药参与的复必泰疫苗在中国大陆的审批情况，管理层表示目前处于二期临床的尾声，二期临床完成后即可提交上市申请，由于产品已经在世卫组织获批而且于香港广为 使用，我们预计中国审批不会需要太多时间。\n按照早前协议,复星医药2021 年向Biontech采购至少1亿剂复必泰疫苗，复星医药将拥有复必泰疫苗在中国大陆、香港与澳门的共同开发及商业化权利。我们尚未获取中国政府关于复必泰疫苗的采购价及采购模式方面 的信息，但是如果参考美国政府19.5 美元/剂(约126 元人民币)的采购价，按照1亿剂采购量计算，复星医药将获得超100亿人民币的收入。按照早前的协议，按照不同的采购模式，复星医药将获得复必泰在中国、香港及澳门销售毛利的60%或65%，因此如果按照通常疫苗上市 企业80%以上的毛利率推算，如疫苗审批与销售情况顺利，复星医药将获得可观收入。\n根据美国国家疾控中心(CDC)资料，复必泰在防止新 冠方面的有效率高达95%，对于65 岁以上老人的有效率为94%。基于良好的临床数据，我们看好复必泰疫苗在中国大陆的需求前景，未来将关注这个产品在中国大陆的审批情况、采购价 及采购模式等具体信息以推算对公司具体的利润贡献。\n继续推荐优质创新药及生物科技板块龙头企业\n我们预计如复必泰疫苗在中国获批，复星医药(02196)在这个疫苗上的收益将逐步明朗化。我们估计由于许多细节尚未明朗，目前市场对于复星医药的预测未必完全反应疫苗的贡献，我们 建议关注复必泰在内地审批的进度。除此以外，从目前已公布一季报的医药企业看，大部分企业一季度经营情况良好，我们仍然推荐创新药与CXO 板块龙头。另外，我们认为如原料药生产大国印度疫情持续恶化，将继续推升原料药价格，国内原料药行业龙头联邦制药(03933)将受益。\n石药集团：从近期网络流传的第五批带量采购涉及药物名单看，公司产品受影响较 小。我们预计公司一季度经营情况良好，而且公司创新药抗感染药物两性霉素B于4月初刚刚获 批，未来也将尽快提交肺癌药物肺癌药物三EGFR-TKI 抑制剂的上市申请，预计需求前景良好。公司将积极推进科创板上市，如获批将夯实公司资金实力，维持“买入”评级与11.52 港元目标价。\n药明康德：公司一季度收入同比增长55.3%至49.5亿元人民币，股东净利润同比增 长394.9%至约15亿元，而反映公司核心净利润的经调整Non-IFRS 净利润则同比增长63.6% 至约9.4亿元，中国业务引领业绩持续快速增长。由于公司“长尾战略”非常成功客户数量不断 增长，小分子药品研发与外包服务(CDMO)项目数量快速增加，而随着疫情的恢复临床试验与其 他CRO 业务也在恢复，预计美国业务随着疫情舒缓也将逐步恢复。我们预计2020-23E收入CAGR 为31.0%,经调整Non-IFRS 净利润CAGR 为30.1%，给予“增持”评级和206.2 港元目标价。\n信达生物:公司主要产品达伯舒一季度销售表现良好。由于产品于2 月获批用于一线 非鳞状非小细胞肺癌治疗，目前用于一线肝细胞癌与TKI 制剂耐药的EGFR 阳性肺癌治疗的上市申 请也已经获得国家药监局受理，我们预计销售将维持快速增长，2020-23E CAGR 为24.0%。除达伯舒 以外，公司的肿瘤药达莜同(贝伐珠单抗)、达伯华(利妥昔单抗)与苏立信均为2020 年刚刚获批 上市的新产品，处于销售放量期。我们预计医药销售业务的收入将从2020年的约23.7亿人民币增加到61.2亿人民币，2020-23E CAGR为37.2%。我们重申“买入”评级102.1 港元目标价。\n联邦制药:公司是国内中间体与原料药行业龙头，近年来胰岛素引领公司转型成为专科 药生产商。根据我们的了解，公司三代胰岛素主力产品甘精胰岛素销售收入2021 年一季度维持快速 增长，而预计重磅新药门冬胰岛素可能于年内获批，预计如获批将成为股价催化剂，印度疫情如持续也将推升原料药价格，我们重申“买入”评级与8港元目标价。\n风险提示：\n1)中国政府对复必泰疫苗的审批进度慢于预期或采购价低于预期;\n2)药品行业带量采购等政策调控影响大于预期;\n3)创新药企业研发与销售进度慢于预期。","news_type":1,"symbols_score_info":{"BNTX":0.9,"02196":0.9}},"isVote":1,"tweetType":1,"viewCount":2800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104068993,"gmtCreate":1620345931912,"gmtModify":1704342217749,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/104068993","repostId":"2133691576","repostType":4,"repost":{"id":"2133691576","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620333000,"share":"https://ttm.financial/m/news/2133691576?lang=en_US&edition=fundamental","pubTime":"2021-05-07 04:30","market":"us","language":"zh","title":"Dropbox Q1 Revenue $510 Million, Net Income Up 21% YoY","url":"https://stock-news.laohu8.com/highlight/detail?id=2133691576","media":"老虎资讯综合","summary":"5月7日，云存储服务提供商Dropbox美股盘后公布了该公司的2021财年第一季度财报。报告显示，Dropbox第一季度总营收为5.116亿美元，与上年同期的4.550亿美元相比增长12%，不计入汇率","content":"<p>On May 7, cloud storage service providers<a href=\"https://laohu8.com/S/AMC\">Dropbox</a>The company's first quarter financial report for fiscal year 2021 was announced after the U.S. stock market closed. The report shows that Dropbox's total revenue in the first quarter was US $511.6 million, an increase of 12% compared with US $455.0 million in the same period last year, and a year-on-year increase of 11% excluding the impact of exchange rate changes; Net profit was US $47.6 million, an increase of 21% compared with the net profit of US $39.3 million in the same period last year; Non-GAAP adjusted net income was $141.8 million, compared with $69.8 million in the same period last year.</p><p>Dropbox's first-quarter revenue and adjusted earnings per share both beat Wall Street analysts' expectations, sending its shares up nearly 2% after-hours.</p><p><img src=\"https://static.tigerbbs.com/7cdec3e6dcc56ee4828167017836a71e\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>First Quarter Results Summary:</b></p><p>Dropbox's total revenue in the first quarter was US $511.6 million, an increase of 12% compared with US $455.0 million in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 11%. This performance exceeded Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo!</a>According to the data provided by the financial channel, nine analysts had previously expected Dropbox's total revenue in the first quarter to reach US $505.18 million on average.</p><p>According to US GAAP, Dropbox's net profit in the first quarter was US $47.6 million, an increase of 21% compared with the net profit of US $39.3 million in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's adjusted net income in the first quarter was $141.8 million, compared with $69.8 million in the same period last year.</p><p>According to U.S. GAAP, Dropbox's diluted earnings per share attributable to common shareholders in the first quarter was $0.12, compared with $0.09 in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's diluted earnings per share attributable to common shareholders in the first quarter was $0.35, compared with $0.17 in the same period last year, which also exceeded Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo!</a>According to the data provided by the financial channel, 10 analysts had previously expected Dropbox's adjusted earnings per share to reach $0.3 in the first quarter on average.</p><p>Dropbox's gross profit in the first quarter was $402.3 million, compared with $351.9 million in the same period last year. Dropbox's operating profit in the first quarter was $42.5 million, compared with $26.8 million in the same period last year.</p><p>Dropbox's total operating expenses in the first quarter were $359.8 million, compared with $325.1 million in the same period last year. Among them, research and development expenditures were US $181.2 million, compared with US $181.8 million in the same period last year; Sales and marketing expenses were $102.7 million, compared to $104.3 million in the same period last year; General and administrative expenses were $58.6 million, compared to $39 million in the same period last year; Impairment charges related to real estate assets were $17.3 million, compared with no such charges in the same period last year.</p><p>At the end of the first quarter, Dropbox's total ARR (accounting rate of return method, a measure of profitability) was $2.112 billion, an increase of 13% compared to the same period last year. Excluding the impact of exchange rate changes, Dropbox's total ARR as of the end of the first quarter increased by US $60.5 million compared with the previous quarter and 12% compared with the same period last year.</p><p>Dropbox had 15.83 million paying subscribers at the end of the first quarter, compared to 14.59 million at the end of the first quarter of fiscal 2020; Average revenue per paying user was $132.55, compared to $126.30 in the same period last year.</p><p>According to U.S. GAAP, Dropbox's gross profit margin in the first quarter was 78.6%, compared with 77.3% in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's gross profit margin in the first quarter was 80.2%, compared with 78.3% in the same period last year.</p><p>According to U.S. GAAP, Dropbox's operating profit margin in the first quarter was 8.3%, compared with 5.9% in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's operating profit margin in the first quarter was 29.1%, compared with 16.1% in the same period last year.</p><p>Dropbox's net cash from operating activities in the first quarter was $115.7 million, compared with $53.3 million in the same period last year. Dropbox's operating cash flow in the first quarter was $108.8 million, compared with $25.5 million in the same period last year.</p><p>Dropbox held cash and cash equivalents and short-term investments totaling $1.916 billion at the end of the first quarter.</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>Dropbox Q1 Revenue $510 Million, Net Income Up 21% YoY</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\">\nDropbox Q1 Revenue $510 Million, Net Income Up 21% YoY\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-07 04:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 7, cloud storage service providers<a href=\"https://laohu8.com/S/AMC\">Dropbox</a>The company's first quarter financial report for fiscal year 2021 was announced after the U.S. stock market closed. The report shows that Dropbox's total revenue in the first quarter was US $511.6 million, an increase of 12% compared with US $455.0 million in the same period last year, and a year-on-year increase of 11% excluding the impact of exchange rate changes; Net profit was US $47.6 million, an increase of 21% compared with the net profit of US $39.3 million in the same period last year; Non-GAAP adjusted net income was $141.8 million, compared with $69.8 million in the same period last year.</p><p>Dropbox's first-quarter revenue and adjusted earnings per share both beat Wall Street analysts' expectations, sending its shares up nearly 2% after-hours.</p><p><img src=\"https://static.tigerbbs.com/7cdec3e6dcc56ee4828167017836a71e\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>First Quarter Results Summary:</b></p><p>Dropbox's total revenue in the first quarter was US $511.6 million, an increase of 12% compared with US $455.0 million in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 11%. This performance exceeded Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo!</a>According to the data provided by the financial channel, nine analysts had previously expected Dropbox's total revenue in the first quarter to reach US $505.18 million on average.</p><p>According to US GAAP, Dropbox's net profit in the first quarter was US $47.6 million, an increase of 21% compared with the net profit of US $39.3 million in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's adjusted net income in the first quarter was $141.8 million, compared with $69.8 million in the same period last year.</p><p>According to U.S. GAAP, Dropbox's diluted earnings per share attributable to common shareholders in the first quarter was $0.12, compared with $0.09 in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's diluted earnings per share attributable to common shareholders in the first quarter was $0.35, compared with $0.17 in the same period last year, which also exceeded Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo!</a>According to the data provided by the financial channel, 10 analysts had previously expected Dropbox's adjusted earnings per share to reach $0.3 in the first quarter on average.</p><p>Dropbox's gross profit in the first quarter was $402.3 million, compared with $351.9 million in the same period last year. Dropbox's operating profit in the first quarter was $42.5 million, compared with $26.8 million in the same period last year.</p><p>Dropbox's total operating expenses in the first quarter were $359.8 million, compared with $325.1 million in the same period last year. Among them, research and development expenditures were US $181.2 million, compared with US $181.8 million in the same period last year; Sales and marketing expenses were $102.7 million, compared to $104.3 million in the same period last year; General and administrative expenses were $58.6 million, compared to $39 million in the same period last year; Impairment charges related to real estate assets were $17.3 million, compared with no such charges in the same period last year.</p><p>At the end of the first quarter, Dropbox's total ARR (accounting rate of return method, a measure of profitability) was $2.112 billion, an increase of 13% compared to the same period last year. Excluding the impact of exchange rate changes, Dropbox's total ARR as of the end of the first quarter increased by US $60.5 million compared with the previous quarter and 12% compared with the same period last year.</p><p>Dropbox had 15.83 million paying subscribers at the end of the first quarter, compared to 14.59 million at the end of the first quarter of fiscal 2020; Average revenue per paying user was $132.55, compared to $126.30 in the same period last year.</p><p>According to U.S. GAAP, Dropbox's gross profit margin in the first quarter was 78.6%, compared with 77.3% in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's gross profit margin in the first quarter was 80.2%, compared with 78.3% in the same period last year.</p><p>According to U.S. GAAP, Dropbox's operating profit margin in the first quarter was 8.3%, compared with 5.9% in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's operating profit margin in the first quarter was 29.1%, compared with 16.1% in the same period last year.</p><p>Dropbox's net cash from operating activities in the first quarter was $115.7 million, compared with $53.3 million in the same period last year. Dropbox's operating cash flow in the first quarter was $108.8 million, compared with $25.5 million in the same period last year.</p><p>Dropbox held cash and cash equivalents and short-term investments totaling $1.916 billion at the end of the first quarter.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3a51a02ea9a24f4d4f0b9e4e8e4c6bc7","relate_stocks":{"DBX":"Dropbox Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133691576","content_text":"5月7日，云存储服务提供商Dropbox美股盘后公布了该公司的2021财年第一季度财报。报告显示，Dropbox第一季度总营收为5.116亿美元，与上年同期的4.550亿美元相比增长12%，不计入汇率变动的影响为同比增长11%；净利润为4760万美元，与上年同期的净利润3930万美元相比增长21%；不按照美国通用会计准则的调整后净利润为1.418亿美元，相比之下上年同期为6980万美元。\nDropbox第一季度营收和调整后每股收益均超出华尔街分析师预期，从而推动其盘后股价上涨近2%。\n\n第一季度业绩概要：\nDropbox第一季度总营收为5.116亿美元，与上年同期的4.550亿美元相比增长12%，不计入汇率变动的影响为同比增长11%，这一业绩超出华尔街分析师预期。据雅虎财经频道提供的数据显示，9名分析师此前平均预期Dropbox第一季度总营收将达5.0518亿美元。\n按照美国通用会计准则，Dropbox第一季度净利润为4760万美元，与上年同期的净利润3930万美元相比增长21%。不计入某些一次性项目（不按照美国通用会计准则），Dropbox第一季度的调整后净利润为1.418亿美元，相比之下上年同期为6980万美元。\n按照美国通用会计准则，Dropbox第一季度归属于普通股股东的每股摊薄收益为0.12美元，相比之下去年同期为0.09美元。不计入某些一次性项目（不按照美国通用会计准则），Dropbox第一季度归属于普通股股东的每股摊薄收益为0.35美元，相比之下去年同期为0.17美元，这一业绩也超出华尔街分析师预期。据雅虎财经频道提供的数据显示，10名分析师此前平均预期Dropbox第一季度调整后每股收益将达0.3美元。\nDropbox第一季度毛利润为4.023亿美元，相比之下上年同期的毛利润为3.519亿美元。Dropbox第一季度运营利润为4250万美元，相比之下上年同期为2680万美元。\nDropbox第一季度总运营支出为3.598亿美元，相比之下上年同期为3.251亿美元。其中，研发支出为1.812亿美元，相比之下上年同期为1.818亿美元；销售和营销支出为1.027亿美元，相比之下上年同期为1.043亿美元；总务和行政支出为5860万美元，相比之下上年同期为3900万美元；与不动产资产相关的减值支出为1730万美元，而上年同期并无这项支出。\n截至第一季度末，Dropbox的总ARR（会计收益率法，一种衡量盈利性的方法）为21.12亿美元，与上年同期相比增长13%。不计入汇率变动影响，Dropbox截至第一季度末的总ARR与上一季度相比增长6050万美元，与上年同期相比增长12%。\n截至第一季度末，Dropbox的付费用户人数为1583万人，相比之下截至2020财年第一季度末为1459万人；平均每付费用户收入为132.55美元，相比之下上年同期为126.30美元。\n按照美国通用会计准则，Dropbox第一季度毛利率为78.6%，相比之下上年同期为77.3%。不计入某些一次性项目（不按照美国通用会计准则），Dropbox第一季度毛利率为80.2%，相比之下上年同期为78.3%。\n按照美国通用会计准则，Dropbox第一季度运营利润率为8.3%，相比之下上年同期为5.9%。不计入某些一次性项目（不按照美国通用会计准则），Dropbox第一季度运营利润率为29.1%，相比之下上年同期为16.1%。\nDropbox第一季度来自于业务运营活动的净现金为1.157亿美元，相比之下上年同期为5330万美元。Dropbox第一季度运营现金流为1.088亿美元，相比之下上年同期为2550万美元。\n截至第一季度末，Dropbox所持现金和现金等价物以及短期投资总额为19.16亿美元。","news_type":1,"symbols_score_info":{"DBX":0.9}},"isVote":1,"tweetType":1,"viewCount":3460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104061675,"gmtCreate":1620345903697,"gmtModify":1704342216448,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/104061675","repostId":"2133691576","repostType":4,"repost":{"id":"2133691576","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620333000,"share":"https://ttm.financial/m/news/2133691576?lang=en_US&edition=fundamental","pubTime":"2021-05-07 04:30","market":"us","language":"zh","title":"Dropbox Q1 Revenue $510 Million, Net Income Up 21% YoY","url":"https://stock-news.laohu8.com/highlight/detail?id=2133691576","media":"老虎资讯综合","summary":"5月7日，云存储服务提供商Dropbox美股盘后公布了该公司的2021财年第一季度财报。报告显示，Dropbox第一季度总营收为5.116亿美元，与上年同期的4.550亿美元相比增长12%，不计入汇率","content":"<p>On May 7, cloud storage service providers<a href=\"https://laohu8.com/S/AMC\">Dropbox</a>The company's first quarter financial report for fiscal year 2021 was announced after the U.S. stock market closed. The report shows that Dropbox's total revenue in the first quarter was US $511.6 million, an increase of 12% compared with US $455.0 million in the same period last year, and a year-on-year increase of 11% excluding the impact of exchange rate changes; Net profit was US $47.6 million, an increase of 21% compared with the net profit of US $39.3 million in the same period last year; Non-GAAP adjusted net income was $141.8 million, compared with $69.8 million in the same period last year.</p><p>Dropbox's first-quarter revenue and adjusted earnings per share both beat Wall Street analysts' expectations, sending its shares up nearly 2% after-hours.</p><p><img src=\"https://static.tigerbbs.com/7cdec3e6dcc56ee4828167017836a71e\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>First Quarter Results Summary:</b></p><p>Dropbox's total revenue in the first quarter was US $511.6 million, an increase of 12% compared with US $455.0 million in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 11%. This performance exceeded Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo!</a>According to the data provided by the financial channel, nine analysts had previously expected Dropbox's total revenue in the first quarter to reach US $505.18 million on average.</p><p>According to US GAAP, Dropbox's net profit in the first quarter was US $47.6 million, an increase of 21% compared with the net profit of US $39.3 million in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's adjusted net income in the first quarter was $141.8 million, compared with $69.8 million in the same period last year.</p><p>According to U.S. GAAP, Dropbox's diluted earnings per share attributable to common shareholders in the first quarter was $0.12, compared with $0.09 in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's diluted earnings per share attributable to common shareholders in the first quarter was $0.35, compared with $0.17 in the same period last year, which also exceeded Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo!</a>According to the data provided by the financial channel, 10 analysts had previously expected Dropbox's adjusted earnings per share to reach $0.3 in the first quarter on average.</p><p>Dropbox's gross profit in the first quarter was $402.3 million, compared with $351.9 million in the same period last year. Dropbox's operating profit in the first quarter was $42.5 million, compared with $26.8 million in the same period last year.</p><p>Dropbox's total operating expenses in the first quarter were $359.8 million, compared with $325.1 million in the same period last year. Among them, research and development expenditures were US $181.2 million, compared with US $181.8 million in the same period last year; Sales and marketing expenses were $102.7 million, compared to $104.3 million in the same period last year; General and administrative expenses were $58.6 million, compared to $39 million in the same period last year; Impairment charges related to real estate assets were $17.3 million, compared with no such charges in the same period last year.</p><p>At the end of the first quarter, Dropbox's total ARR (accounting rate of return method, a measure of profitability) was $2.112 billion, an increase of 13% compared to the same period last year. Excluding the impact of exchange rate changes, Dropbox's total ARR as of the end of the first quarter increased by US $60.5 million compared with the previous quarter and 12% compared with the same period last year.</p><p>Dropbox had 15.83 million paying subscribers at the end of the first quarter, compared to 14.59 million at the end of the first quarter of fiscal 2020; Average revenue per paying user was $132.55, compared to $126.30 in the same period last year.</p><p>According to U.S. GAAP, Dropbox's gross profit margin in the first quarter was 78.6%, compared with 77.3% in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's gross profit margin in the first quarter was 80.2%, compared with 78.3% in the same period last year.</p><p>According to U.S. GAAP, Dropbox's operating profit margin in the first quarter was 8.3%, compared with 5.9% in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's operating profit margin in the first quarter was 29.1%, compared with 16.1% in the same period last year.</p><p>Dropbox's net cash from operating activities in the first quarter was $115.7 million, compared with $53.3 million in the same period last year. Dropbox's operating cash flow in the first quarter was $108.8 million, compared with $25.5 million in the same period last year.</p><p>Dropbox held cash and cash equivalents and short-term investments totaling $1.916 billion at the end of the first quarter.</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>Dropbox Q1 Revenue $510 Million, Net Income Up 21% YoY</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\">\nDropbox Q1 Revenue $510 Million, Net Income Up 21% YoY\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-07 04:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 7, cloud storage service providers<a href=\"https://laohu8.com/S/AMC\">Dropbox</a>The company's first quarter financial report for fiscal year 2021 was announced after the U.S. stock market closed. The report shows that Dropbox's total revenue in the first quarter was US $511.6 million, an increase of 12% compared with US $455.0 million in the same period last year, and a year-on-year increase of 11% excluding the impact of exchange rate changes; Net profit was US $47.6 million, an increase of 21% compared with the net profit of US $39.3 million in the same period last year; Non-GAAP adjusted net income was $141.8 million, compared with $69.8 million in the same period last year.</p><p>Dropbox's first-quarter revenue and adjusted earnings per share both beat Wall Street analysts' expectations, sending its shares up nearly 2% after-hours.</p><p><img src=\"https://static.tigerbbs.com/7cdec3e6dcc56ee4828167017836a71e\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>First Quarter Results Summary:</b></p><p>Dropbox's total revenue in the first quarter was US $511.6 million, an increase of 12% compared with US $455.0 million in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 11%. This performance exceeded Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo!</a>According to the data provided by the financial channel, nine analysts had previously expected Dropbox's total revenue in the first quarter to reach US $505.18 million on average.</p><p>According to US GAAP, Dropbox's net profit in the first quarter was US $47.6 million, an increase of 21% compared with the net profit of US $39.3 million in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's adjusted net income in the first quarter was $141.8 million, compared with $69.8 million in the same period last year.</p><p>According to U.S. GAAP, Dropbox's diluted earnings per share attributable to common shareholders in the first quarter was $0.12, compared with $0.09 in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's diluted earnings per share attributable to common shareholders in the first quarter was $0.35, compared with $0.17 in the same period last year, which also exceeded Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo!</a>According to the data provided by the financial channel, 10 analysts had previously expected Dropbox's adjusted earnings per share to reach $0.3 in the first quarter on average.</p><p>Dropbox's gross profit in the first quarter was $402.3 million, compared with $351.9 million in the same period last year. Dropbox's operating profit in the first quarter was $42.5 million, compared with $26.8 million in the same period last year.</p><p>Dropbox's total operating expenses in the first quarter were $359.8 million, compared with $325.1 million in the same period last year. Among them, research and development expenditures were US $181.2 million, compared with US $181.8 million in the same period last year; Sales and marketing expenses were $102.7 million, compared to $104.3 million in the same period last year; General and administrative expenses were $58.6 million, compared to $39 million in the same period last year; Impairment charges related to real estate assets were $17.3 million, compared with no such charges in the same period last year.</p><p>At the end of the first quarter, Dropbox's total ARR (accounting rate of return method, a measure of profitability) was $2.112 billion, an increase of 13% compared to the same period last year. Excluding the impact of exchange rate changes, Dropbox's total ARR as of the end of the first quarter increased by US $60.5 million compared with the previous quarter and 12% compared with the same period last year.</p><p>Dropbox had 15.83 million paying subscribers at the end of the first quarter, compared to 14.59 million at the end of the first quarter of fiscal 2020; Average revenue per paying user was $132.55, compared to $126.30 in the same period last year.</p><p>According to U.S. GAAP, Dropbox's gross profit margin in the first quarter was 78.6%, compared with 77.3% in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's gross profit margin in the first quarter was 80.2%, compared with 78.3% in the same period last year.</p><p>According to U.S. GAAP, Dropbox's operating profit margin in the first quarter was 8.3%, compared with 5.9% in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's operating profit margin in the first quarter was 29.1%, compared with 16.1% in the same period last year.</p><p>Dropbox's net cash from operating activities in the first quarter was $115.7 million, compared with $53.3 million in the same period last year. Dropbox's operating cash flow in the first quarter was $108.8 million, compared with $25.5 million in the same period last year.</p><p>Dropbox held cash and cash equivalents and short-term investments totaling $1.916 billion at the end of the first quarter.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3a51a02ea9a24f4d4f0b9e4e8e4c6bc7","relate_stocks":{"DBX":"Dropbox Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133691576","content_text":"5月7日，云存储服务提供商Dropbox美股盘后公布了该公司的2021财年第一季度财报。报告显示，Dropbox第一季度总营收为5.116亿美元，与上年同期的4.550亿美元相比增长12%，不计入汇率变动的影响为同比增长11%；净利润为4760万美元，与上年同期的净利润3930万美元相比增长21%；不按照美国通用会计准则的调整后净利润为1.418亿美元，相比之下上年同期为6980万美元。\nDropbox第一季度营收和调整后每股收益均超出华尔街分析师预期，从而推动其盘后股价上涨近2%。\n\n第一季度业绩概要：\nDropbox第一季度总营收为5.116亿美元，与上年同期的4.550亿美元相比增长12%，不计入汇率变动的影响为同比增长11%，这一业绩超出华尔街分析师预期。据雅虎财经频道提供的数据显示，9名分析师此前平均预期Dropbox第一季度总营收将达5.0518亿美元。\n按照美国通用会计准则，Dropbox第一季度净利润为4760万美元，与上年同期的净利润3930万美元相比增长21%。不计入某些一次性项目（不按照美国通用会计准则），Dropbox第一季度的调整后净利润为1.418亿美元，相比之下上年同期为6980万美元。\n按照美国通用会计准则，Dropbox第一季度归属于普通股股东的每股摊薄收益为0.12美元，相比之下去年同期为0.09美元。不计入某些一次性项目（不按照美国通用会计准则），Dropbox第一季度归属于普通股股东的每股摊薄收益为0.35美元，相比之下去年同期为0.17美元，这一业绩也超出华尔街分析师预期。据雅虎财经频道提供的数据显示，10名分析师此前平均预期Dropbox第一季度调整后每股收益将达0.3美元。\nDropbox第一季度毛利润为4.023亿美元，相比之下上年同期的毛利润为3.519亿美元。Dropbox第一季度运营利润为4250万美元，相比之下上年同期为2680万美元。\nDropbox第一季度总运营支出为3.598亿美元，相比之下上年同期为3.251亿美元。其中，研发支出为1.812亿美元，相比之下上年同期为1.818亿美元；销售和营销支出为1.027亿美元，相比之下上年同期为1.043亿美元；总务和行政支出为5860万美元，相比之下上年同期为3900万美元；与不动产资产相关的减值支出为1730万美元，而上年同期并无这项支出。\n截至第一季度末，Dropbox的总ARR（会计收益率法，一种衡量盈利性的方法）为21.12亿美元，与上年同期相比增长13%。不计入汇率变动影响，Dropbox截至第一季度末的总ARR与上一季度相比增长6050万美元，与上年同期相比增长12%。\n截至第一季度末，Dropbox的付费用户人数为1583万人，相比之下截至2020财年第一季度末为1459万人；平均每付费用户收入为132.55美元，相比之下上年同期为126.30美元。\n按照美国通用会计准则，Dropbox第一季度毛利率为78.6%，相比之下上年同期为77.3%。不计入某些一次性项目（不按照美国通用会计准则），Dropbox第一季度毛利率为80.2%，相比之下上年同期为78.3%。\n按照美国通用会计准则，Dropbox第一季度运营利润率为8.3%，相比之下上年同期为5.9%。不计入某些一次性项目（不按照美国通用会计准则），Dropbox第一季度运营利润率为29.1%，相比之下上年同期为16.1%。\nDropbox第一季度来自于业务运营活动的净现金为1.157亿美元，相比之下上年同期为5330万美元。Dropbox第一季度运营现金流为1.088亿美元，相比之下上年同期为2550万美元。\n截至第一季度末，Dropbox所持现金和现金等价物以及短期投资总额为19.16亿美元。","news_type":1,"symbols_score_info":{"DBX":0.9}},"isVote":1,"tweetType":1,"viewCount":2223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105814116,"gmtCreate":1620288877035,"gmtModify":1704341380288,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/105814116","repostId":"1180972135","repostType":4,"isVote":1,"tweetType":1,"viewCount":2548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108049131,"gmtCreate":1619966745623,"gmtModify":1704336845529,"author":{"id":"3536928846214760","authorId":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536928846214760","idStr":"3536928846214760"},"themes":[],"htmlText":"66666","listText":"66666","text":"66666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108049131","repostId":"2132182593","repostType":4,"isVote":1,"tweetType":1,"viewCount":5005,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}