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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
Millet's Growth and Breakthrough: Technology Drives Breakthrough to the 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
Millet's Growth and Breakthrough: Technology Drives Breakthrough to the 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 the "new mediocre era"
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 the "new mediocre era"
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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 is investigated by "intimate relationship" and property division is feared to be affected
盖茨确实在20年前有过一段婚外情。
Bill Gates is investigated by "intimate relationship" and property division is feared to be affected
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東海吉龍
東海吉龍
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2021-05-12
666
Tiger Brokers 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 Brokers 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
Zhongtai 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
Zhongtai 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 of $510 million, net income up 21% year over year
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 of $510 million, net income up 21% year over year
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東海吉龍
東海吉龍
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2021-05-07
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東海吉龍
東海吉龍
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2021-05-06
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東海吉龍
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2021-05-02
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After the news was announced, Xiaomi opened higher at HK$ 28.25/share in early trading on the 26th, and the highest reached HK$ 28.50/share.</p><p>It is worth mentioning that on May 26th, Xiaomi also announced its first quarter 2021 performance report. At the same time, the Redmi Note 10 series of phones was released.</p><p><b>Xiaomi wins the case</b></p><p>The author learned that on January 14th, the US government departments included nine Chinese enterprises including Xiaomi in the so-called blacklist \"related to the Chinese military\", preventing American investors from investing in these enterprises. On January 29th, 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 announced that the company noticed that the United States included the company in the relevant list. Xiaomi said in the announcement that the company has always adhered to legal and compliant operation, and abided by the relevant laws and regulations of the place of business. 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 its shareholders. Xiaomi emphasized in the announcement at that time: \"Everything is running normally at present.\"</p><p>In March, Xiaomi issued a statement saying that the U.S. court had issued a temporary injunction suspending the executive order identifying Xiaomi as a Chinese military-related enterprise.</p><p>On the 26th, Lei Jun said in Weibo, \"We won.\" On the same day, the topic of \"Xiaomi was removed from the US sanctions list\" has been ranked second in Weibo hot search, causing heated discussion among netizens.</p><p>Xiaomi's victory marks a \"rare victory\" for Chinese technology companies in their confrontation with U.S. government departments. After all, there are many differences between China and the United States on trade and other issues. This is a good sign 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 reached another record high. Among them, the high-end effect of mobile phones is 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 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 on the conference call, \"Our total revenue and adjusted net profit have both 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 shipments increased by 62% year-on-year, still maintaining a rapid growth rate among major manufacturers. This quarter, the performance of mobile phone business was mainly due to our consolidated position in the high-end market.\"</p><p>For a long time, \"cost performance\" has been Xiaomi's golden signature, and Xiaomi has attracted a large number of young users. However, the capital market pays more attention to profits, and because Xiaomi's mobile phone has high cost performance and low profit, the initial stock price has been delayed, and it didn't change rapidly until 2020.</p><p>Through the first quarterly report of this year, it can be seen that Xiaomi's high-end mobile phones have grown significantly and have an advantage in market share. According to the financial report, in the first quarter, the global shipment of smartphones with Xiaomi mobile phones priced at RMB 3,000 or more in mainland China and 300 euros or more overseas exceeded 4 million units. In addition, according to third-party data, the market share of smartphones priced in the range of RMB4,000 to RMB6,000 in Mainland China increased from 5.5% in the same period last year to 16.1% in the current quarter.</p><p>It is understood that in March, Xiaomi released 3 high-end mobile phones, Xiaomi 11Pro, Xiaomi 11ULtra and MIXFOLD. From January to April, cumulative orders for several phones, including Mi 11, Mi 11Pro and Ultra, exceeded 3 million units worldwide. At the same time, Xiaomi 11 series ranks first in the sales volume of Android mobile phones with a price of 4,000~6,000 yuan in the Chinese mainland market.</p><p>Low-end mobile phones compete for share, and high-end mobile phones make 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 the advantages of online sales channels, the shortcomings of Xiaomi's offline channels are being quickly made up for. By the end of April, the number of offline stores of Xiaomi Home exceeded 5,500.</p><p><b>Innovation-driven growth</b></p><p>Wang Xiang said on 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 has 143 points in the DXOMARK score, ranking first in the list of professional mobile phone cameras in the whole world. At the same time, we also launched the GN2 image sensor, which is also the largest image sensor in the industry at present. In terms of charging, Xiaomi 11Ultra debuted the silicon-oxygen anode battery, which accelerated the electric shock of the mobile phone, made the body thinner and lighter, and also supported 67-watt wireless flash charging, which also set a series of models in the wireless charging industry. \"</p><p>Unlike the previous growth driven by \"cost performance\", the cost performance of Xiaomi products still exists, but the role of technology and innovation in helping Xiaomi's performance growth has become more and more prominent. According to the financial report, in the first quarter, Xiaomi's R&D investment reached 3 billion yuan, a year-on-year increase of 61.0%.</p><p>The improvement of core technical capabilities has brought about an overall improvement of Xiaomi's overall high-end production capacity and a substantial improvement in product capabilities. Specifically reflected in products, Xiaomi 11 series high-end products have more than ten world premieres. At present, Xiaomi has international leading experimental 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 the global lead in unlimited charging technology. At the end of March, at the launch of Xiaomi 11 series products, Xiaomi launched the silicon-oxygen anode battery in the world. Silicon-oxide anode batteries with high energy density, long life and high performance have once again raised a new industry threshold. For another example, Xiaomi's third-generation under-screen proactive scheme has reached the commercial standard of mass production and is in a leading position in the industry.</p><p>With huge R&D investment, Xiaomi's R&D achievements are constantly landing. MIX FOLD, Xiaomi's ultra-high-end flagship model, which was launched in March this year, adopts a number of black technologies such as 2K + comprehensive folding screen and liquid lens. The price starts from 9,999 yuan, which makes scientific and technological innovation and cost performance perfect.</p><p>It can be seen that the high-end of Xiaomi mobile phone is the high-end supported by technology. The breakthrough of technological capabilities will bring about the improvement of 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 make the competition of high-end mobile phones enter 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, because of the potential of Xiaomi smart home, choose Xiaomi mobile phones. In March 2021, the number of monthly active users of AI 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 he would build a car, and his mobile phone × AIoT + would build a car. What kind of spark could it collide with, giving people infinite reverie.</p><p>Online has been Xiaomi's home for a long time, and the online market share of mobile phones doubled in the first quarter. In the first quarter, Xiaomi accelerated the expansion of offline stores of Xiaomi Home, exceeding 5,500 by the end of April.</p><p>At first, Xiaomi focused on the line, which was conducive to saving costs and saving more cost performance. Nowadays, a large number of Xiaomi AIoT explosive products have landed, and the consumer demand for Xiaomi AIoT home devices in the sinking market below the third tier is rising. A Xiaomi home sells mobile phones and home devices at the same time, which can not only meet the actual needs of consumers, but also effectively reduce marketing costs compared with selling only 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>Millet's Growth and Breakthrough: Technology Drives Breakthrough to the 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\">\nMillet's Growth and Breakthrough: Technology Drives Breakthrough to the 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 continues one after another.</p><p>On May 26th, Lei Junfa, founder, chairman and CEO of Xiaomi Group, said in Weibo, \"At 4: 09 pm EST on May 25th, the District Court of the District of Columbia issued a final judgment, lifting the identification of the company's 'Chinese military company' by the U.S. defense department and officially revoking all restrictions on American investors' purchase or holding of the company's securities.\"</p><p>That means the lawsuit, which lasted nearly 4 months, has finally been settled. After the news was announced, Xiaomi opened higher at HK$ 28.25/share in early trading on the 26th, and the highest reached HK$ 28.50/share.</p><p>It is worth mentioning that on May 26th, Xiaomi also announced its first quarter 2021 performance report. At the same time, the Redmi Note 10 series of phones was released.</p><p><b>Xiaomi wins the case</b></p><p>The author learned that on January 14th, the US government departments included nine Chinese enterprises including Xiaomi in the so-called blacklist \"related to the Chinese military\", preventing American investors from investing in these enterprises. On January 29th, 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 announced that the company noticed that the United States included the company in the relevant list. Xiaomi said in the announcement that the company has always adhered to legal and compliant operation, and abided by the relevant laws and regulations of the place of business. 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 its shareholders. Xiaomi emphasized in the announcement at that time: \"Everything is running normally at present.\"</p><p>In March, Xiaomi issued a statement saying that the U.S. court had issued a temporary injunction suspending the executive order identifying Xiaomi as a Chinese military-related enterprise.</p><p>On the 26th, Lei Jun said in Weibo, \"We won.\" On the same day, the topic of \"Xiaomi was removed from the US sanctions list\" has been ranked second in Weibo hot search, causing heated discussion among netizens.</p><p>Xiaomi's victory marks a \"rare victory\" for Chinese technology companies in their confrontation with U.S. government departments. After all, there are many differences between China and the United States on trade and other issues. This is a good sign 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 reached another record high. Among them, the high-end effect of mobile phones is 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 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 on the conference call, \"Our total revenue and adjusted net profit have both 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 shipments increased by 62% year-on-year, still maintaining a rapid growth rate among major manufacturers. This quarter, the performance of mobile phone business was mainly due to our consolidated position in the high-end market.\"</p><p>For a long time, \"cost performance\" has been Xiaomi's golden signature, and Xiaomi has attracted a large number of young users. However, the capital market pays more attention to profits, and because Xiaomi's mobile phone has high cost performance and low profit, the initial stock price has been delayed, and it didn't change rapidly until 2020.</p><p>Through the first quarterly report of this year, it can be seen that Xiaomi's high-end mobile phones have grown significantly and have an advantage in market share. According to the financial report, in the first quarter, the global shipment of smartphones with Xiaomi mobile phones priced at RMB 3,000 or more in mainland China and 300 euros or more overseas exceeded 4 million units. In addition, according to third-party data, the market share of smartphones priced in the range of RMB4,000 to RMB6,000 in Mainland China increased from 5.5% in the same period last year to 16.1% in the current quarter.</p><p>It is understood that in March, Xiaomi released 3 high-end mobile phones, Xiaomi 11Pro, Xiaomi 11ULtra and MIXFOLD. From January to April, cumulative orders for several phones, including Mi 11, Mi 11Pro and Ultra, exceeded 3 million units worldwide. At the same time, Xiaomi 11 series ranks first in the sales volume of Android mobile phones with a price of 4,000~6,000 yuan in the Chinese mainland market.</p><p>Low-end mobile phones compete for share, and high-end mobile phones make 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 the advantages of online sales channels, the shortcomings of Xiaomi's offline channels are being quickly made up for. By the end of April, the number of offline stores of Xiaomi Home exceeded 5,500.</p><p><b>Innovation-driven growth</b></p><p>Wang Xiang said on 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 has 143 points in the DXOMARK score, ranking first in the list of professional mobile phone cameras in the whole world. At the same time, we also launched the GN2 image sensor, which is also the largest image sensor in the industry at present. In terms of charging, Xiaomi 11Ultra debuted the silicon-oxygen anode battery, which accelerated the electric shock of the mobile phone, made the body thinner and lighter, and also supported 67-watt wireless flash charging, which also set a series of models in the wireless charging industry. \"</p><p>Unlike the previous growth driven by \"cost performance\", the cost performance of Xiaomi products still exists, but the role of technology and innovation in helping Xiaomi's performance growth has become more and more prominent. According to the financial report, in the first quarter, Xiaomi's R&D investment reached 3 billion yuan, a year-on-year increase of 61.0%.</p><p>The improvement of core technical capabilities has brought about an overall improvement of Xiaomi's overall high-end production capacity and a substantial improvement in product capabilities. Specifically reflected in products, Xiaomi 11 series high-end products have more than ten world premieres. At present, Xiaomi has international leading experimental 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 the global lead in unlimited charging technology. At the end of March, at the launch of Xiaomi 11 series products, Xiaomi launched the silicon-oxygen anode battery in the world. Silicon-oxide anode batteries with high energy density, long life and high performance have once again raised a new industry threshold. For another example, Xiaomi's third-generation under-screen proactive scheme has reached the commercial standard of mass production and is in a leading position in the industry.</p><p>With huge R&D investment, Xiaomi's R&D achievements are constantly landing. MIX FOLD, Xiaomi's ultra-high-end flagship model, which was launched in March this year, adopts a number of black technologies such as 2K + comprehensive folding screen and liquid lens. The price starts from 9,999 yuan, which makes scientific and technological innovation and cost performance perfect.</p><p>It can be seen that the high-end of Xiaomi mobile phone is the high-end supported by technology. The breakthrough of technological capabilities will bring about the improvement of 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 make the competition of high-end mobile phones enter 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, because of the potential of Xiaomi smart home, choose Xiaomi mobile phones. In March 2021, the number of monthly active users of AI 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 he would build a car, and his mobile phone × AIoT + would build a car. What kind of spark could it collide with, giving people infinite reverie.</p><p>Online has been Xiaomi's home for a long time, and the online market share of mobile phones doubled in the first quarter. In the first quarter, Xiaomi accelerated the expansion of offline stores of Xiaomi Home, exceeding 5,500 by the end of April.</p><p>At first, Xiaomi focused on the line, which was conducive to saving costs and saving more cost performance. Nowadays, a large number of Xiaomi AIoT explosive products have landed, and the consumer demand for Xiaomi AIoT home devices in the sinking market below the third tier is rising. A Xiaomi home sells mobile phones and home devices at the same time, which can not only meet the actual needs of consumers, but also effectively reduce marketing costs compared with selling only 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":4230,"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,"idStr":"3536928846214760","authorIdStr":"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 the \"new mediocre era\"","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>This year, the U.S. stock market is not a bear market, and the appearance 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 going to collapse and the United States is going to end. The inflation of U.S. stocks 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 Federal Reserve should speed up the pace of tightening. But in fact, this kind of thinking uses an\" old map \", and you think that the Federal Reserve used to focus on inflation and pay more attention to inflation than others.\"</p><p>\"In the second half of the year, the U.S. economy will have a resilience. It's not that it will jump down from 18 floors at once, but that it will maintain a range shock, and the kinetic energy of the whole marginal growth will weaken. There is no need to carry out stimulus policies at this time. This is the first point. The dimension of U.S. economic growth will slow down, and the kinetic energy of the ring-on-ring will weaken.\"</p><p>\"In the second half of the year, the unemployment rate (in the United States) will ease….. This round of unemployment rate in the United States will decline relatively smoothly, rather than rapidly and steeply….. (Federal Reserve) Their focus is also on employment. Before the United States achieves full employment and the pressure of social conflicts eases, it is difficult for the United States to put away the water at once.\"</p><p>\"The inflation in the second half of the year in the United States will not go down at once. The peak of inflation is in the second quarter, but the 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>\"Under the background of the current game between great powers, we think that the United States buys time with money. This is a re-creation of the American dream, which means that both the US dollar, the US dollar exchange rate and the US long-term bond interest rate will eventually obey the so-called new American dream, and use money to buy time, the time for the US economic recovery and the time for the expansion of domestic demand in the United States. In the near future, whether with South Korea or some regions, the United States hopes that the advanced manufacturing industries in these regions can come to the United States, buy the time for manufacturing to return to the United States, and buy the time for American scientific and technological innovation and upgrading.\"</p><p>\"Before the policy shift, it can actually be expected that the Fed will guide the market's expectations. And before the Fed's policy, there may be other policies, including taxation.\"</p><p>\"The Fed's policy is equivalent to the main valve of global liquidity. At least this year and even the first quarter of next year, it is still difficult for us to see the tightening of this main valve.\"</p><p>\"These companies that can push the backbone of the US stock index to rise are not expensive, not expensive in the world, and not expensive compared with A shares. On the contrary, they are relatively weak, and the more thematic ones are more expensive.\"</p><p>\"U.S. stocks are definitely not a bear market. At this time, a bear market in U.S. stocks 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 brings opportunities to other markets around the world.\"</p><p>\"Don't think that the US stock index is very cattle, ignoring the specialized and institutionalized characteristics of the US stock market. I have always said that we should try to buy funds and fix investment funds as much as possible, so that professional investors can participate in US stocks. Don't consider the US stock market with the idea of speculating in A shares and retail investors.\"</p><p>\"The world has entered an era of low growth and low interest rate, which is a new era of mediocrity. At this stage, we have to find the best companies in the world... The era of global allocation has begun.\"</p><p>On May 25th, Zhang Yidong, global chief strategist of Industrial Securities, shared the above views in the live broadcast of \"Cloud Conference-Global Capital Market Linkage, What is the Value of US Stock Allocation?\" held by China Business News.</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 workbook, which is shared with you:</p><p><b>The Fed's monetary policy framework is so different that we can't think old-fashioned</b></p><p>Q: For the first time since the outbreak, Fed officials discussed the possibility of tightening monetary policy. What does this mean for global markets?</p><p>Zhang Yidong: If you try to find the way to the future with the old map, you think that the Fed's contraction and bond purchase this time may be further tightened in the distant future. The method is wrong. On the other hand, if you have done more in-depth research on the US stock market, you 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 U.S. stocks are going to collapse and the United States is going to end. The inflation of U.S. stocks 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 Federal Reserve should speed up the pace of tightening. However, in fact, this kind of thinking uses an \"old map\", and you think that the Federal Reserve used to focus on inflation and pay more attention to it than anything else.</p><p><b>The US economy remains resilient in the second half of the year, and no stimulus is needed at this time</b></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 18 floors at once, but it will maintain a range shock, and the kinetic energy of the whole marginal growth will weaken. There is no need to carry out stimulus policies at this time. This is the first point. The dimension of U.S. economic growth will slow down, and the kinetic energy of the month-on-month will weaken.</p><p>Second, from the perspective of unemployment rate, the economic data in April is very good. The unemployment rate is 6.1%, a little higher than in March, which is from simple to luxurious easy, from luxurious to simple difficult. In the past year, the United States has experienced three rounds of water release and bail-out. The low-and middle-income people 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%, and the average in American history is 6-8%, which is its normal savings rate level, so it is not in a hurry to work and find a job. In this case, the unemployment rate is relatively high.</p><p><b>The Fed is still focused on jobs</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 fall. However, the economy of the United States will not be so bad in the second half of the year. He may just work odd jobs, which will make the unemployment rate in the United States decline relatively smoothly, rather than rapidly and steeply.</p><p>The Federal Reserve pays more attention to the unemployment rate, so that when the inflation data appeared in April, on May 12th, US time, the inflation in the United States greatly exceeded expectations, and the market was in an uproar. At that time, many risky assets plummeted, triggering a small global turmoil that day.</p><p>However, immediately, several big figures with voting rights in the Fed, the vice chairman of the Fed, including another important official, suggested that they saw the data and suggested that the employment factor was more worrying than the inflation caused by the short-term transitional supply factor, so their focus was still on employment. Before the United States achieves full employment and the pressure of social conflicts eases, it is difficult to put away the water in the United States at once.</p><p>U.S. inflation peaked in the second quarter, and inflation high hovered in the second half of the year</p><p>Third, the inflation in the second half of the year in the United States will not go down at once. The peak of inflation is in the second quarter, but the 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>The United States buys time with money</b></p><p>Real interest rates are very important to the recovery of the US economy, and in turn play a guiding role in nominal interest rates. As you can see, obviously, everyone was worried in mid-March, but in mid-March, we clearly stated that the yield of U.S. long-term bonds would not pose a systemic risk. Under the current background of the big-power game, we think that the United States is buying time with money, which is a re-creation of the American dream, which means that both the U.S. dollar, the exchange rate of the U.S. dollar and the interest rate of the U.S. long-term bonds will eventually obey the so-called new American dream, and use money to buy time, the recovery of the U.S. economy and the expansion of domestic demand in the United States. Recently, whether with South Korea or some regions, the United States hopes that the advanced manufacturing industries in these regions can come to the United States, buy time for manufacturing to return to the United States, and buy time for American scientific and technological innovation and upgrading.</p><p>Generally speaking, in the current state, whether it is employment, inflation or the United States to enhance its competitiveness and maintain the sustainability of economic growth, it is far from the stage of contraction.</p><p>There are no systemic risks this year, and the tightening of market concerns has instead given the global opportunity to lay out high-quality assets</p><p>To sum up, my view is that everyone should see clearly the trump cards of the American elite and Powell's trump cards. Powell will decide on his second term next year. In this case, his focus is more on the sustainability of economic growth and employment. Therefore, we say that it is called overwhelming water, and there is no systemic risk this year.</p><p>When the market is worried about the tightening of U.S. policies, which in turn causes global worries, the shock caused by this is a short-term disturbance, but it gives us the opportunity to lay out better 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 will be the impact?</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 contracts, it will also bring differentiation, especially for emerging markets. At that time, we should pay attention to the rebound of the US dollar to form a trend of suppression on commodities, and then those emerging markets with middle and upstream raw materials and minerals as the main pillars will form a huge pressure, which will even lead to debt risks and debt crises in emerging markets.</p><p>As far as US stocks are concerned, the high valuation in it, especially some theme-based junk stocks, will also have an obvious adjustment, and history will repeat itself. What are we going to focus on now? When will it actually turn.</p><p>It's hard to see Fed policy tightening this year and even in the first quarter of next year</p><p>Before the policy shift, it is actually expected that the Fed will guide the market's expectations. And before the Fed's policy, there may be other policies, including taxes.</p><p>In the second half of today, there will also be tax increases that will be approved by the national tax, tax changes, bond issuance and fiscal stimulus packages. Generally speaking, we think that this year and even at the beginning of next year, we basically think that you can still see the Fed's trump card clearly.</p><p>Frankly speaking, the current global monetary system is still the international monetary system dominated by the US dollar, so the Fed's policy is equivalent to the main valve of global liquidity. At least this year and even the first quarter of next year, it is still difficult for us to see the tightening of this main valve.</p><p>It is not even excluded that, on the other hand, if the U.S. economy may be weaker than everyone thought 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 bring the opposite effect and bring better cost-effective assets all over the world, including individual high-quality companies in U.S. stocks, European stocks, Chinese A shares, Chinese Hong Kong stocks, including emerging markets.</p><p>It is OK to have a vague concept of the judgment of the Federal Reserve. It is difficult to make a judgment on the general trend, which is accurate to the month and week. We are also taking one step at a time. At least we can judge that the general trend is that we can't see the contraction of the Federal Reserve this year.</p><p><b>The slow bull and long bull of U.S. stocks are driven by the best group of companies</b></p><p>Q: Can U.S. stocks continue to improve? How long does it take to get better?</p><p>Zhang Yidong: Look at this matter in three aspects: First, look at this matter from a structural perspective. The structure of the US stock market itself has three indexes. We often talk about Dow Jones, Nasdaq and S&P. Among these three indexes, the best companies in the United States represented by Apple and Microsoft take the indexes. Similarly, we screen out the best companies in China to make an index. In fact, we are also super long bulls.</p><p>You don't have an idea that all of America is fine. A large number of companies in the U.S. market have launched, cleared, and delisted directly. There are quite a number of companies with no trading volume, like dead, and liquidity discounts. Therefore, the mature market is really a winner-take-all, and the best company has reliable performance. Everyone gives him a valuation that matches the profit growth, so we think its persistence is relatively long.</p><p>The US stock market itself is an index compilation, and its mechanism to effectively screen out the best companies is actually worth learning. Moreover, its trading mechanism, whether it is T +0 or securities lending mechanism, ensures its slow bull and long bull, so that the best companies will not rise several times in one year or a year and a half. After the rise, they will be Game over, and they will 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 companies, and the best companies benefit from its good market mechanism, trading mechanism and a series of market-oriented mechanisms, which makes the best companies have a small bubble.</p><p><b>Backbone companies in 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 out the backbone of US stocks alone and can push the US stock index to rise are not expensive, not expensive in the world, and not expensive compared with A shares. On the contrary, the relatively weak ones, the more subject matter ones are more expensive.</p><p>Second, because its interest rate is low, it has risen for so long, and the ten-year Treasury Bond yield of U.S. stocks is only 1.6 and 1.7. This is the first point. From the perspective of the structure of the US stock market, before the United States substantially tightens the faucet (substantial contraction), the path taken by the best companies in the US stock market leading the index is still invisible.</p><p><b>U.S. stocks are not a bear market this year, and the emergence of a bear market is definitely a global systemic risk</b></p><p>Second, the differences between countries. We think that this year's US stock market is not a bear market. At the end of last year, many people said that they were not optimistic about US stocks this year. I said that US stocks are definitely not a bear market. At this time, a bear market in US stocks must be a global systemic risk. If there is a bear market in U.S. stocks this year, it must be that the general valve of the Federal Reserve has tightened. It is a global systemic risk, and neither A-shares, emerging markets nor European stock markets can withstand it.</p><p>Second, 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 US stock market. Since the beginning of the year, US stock market has underperformed European stock market, and even some of its indexes have performed weaker than the relatively excellent stock markets in emerging markets. As long as the US stock market is not a big bear, it is a bull or structural market, which brings opportunities to other markets around the world. This is a comparison between national markets and regional stock markets.</p><p>Third, style. Obviously, this year's style of U.S. stocks is that small and medium-sized stocks perform better than large stocks, and the cycle and value performance are better than the growth style, which has been from the beginning of the year until now. However, it is possible that there will be changes, and the style of growth will not be ruled out 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 that these giants with scientific and technological innovation capabilities drag US stocks. This year's Dow Jones, Russell 3000 and Russell 2000 have performed much better than Nasdaq since the beginning of the year.</p><p>But it is precisely as we see that U.S. stocks are not rising and falling at the same time. It is a style rise, for example, the value rises and the growth is adjusting. Whether it is a Chinese stock or a local pure US stock, in fact, many of the partial growth since the beginning of this year have been adjusted by more than 30%-50%. Don't think that the US stock index is very cattle, ignoring the specialized and institutionalized characteristics of the US stock market. I have always said that I should try to buy funds and fix investment funds as much as possible, so that professional investors can participate in US stocks. Don't consider the US stock market with the idea of speculating in A shares and retail investors.</p><p><b>Pay attention to three points when investing in QDII: Know yourself, fight short with long, and fight fast with slow</b></p><p>Q: What should I pay attention to when investing in QDII?</p><p>Zhang Yidong: QDII itself is a tool, a product, a product that helps to enrich asset allocation. There are several concerns:</p><p>First, cognitive self. Before cognizing the product, take a look at what you look like. Because not all people can make money on certain products, for example, the products of some famous fund managers may have doubled dozens of times in more than a decade, but it is useless. The holders take them for a while and then sell them.</p><p>Some people say that buying QDII is the same as buying various products of A shares. When I make a band, it often falls in my hands. It is very important to know yourself. Your risk tolerance, whether you choose a time 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 bought is in a relatively unfamiliar market outside your own circle of competence. You should have a relatively familiar process for fund managers, know horsepower from a distance, be really professional and have a real awareness of the market. It is recognized that making money in U.S. stocks does not depend on timing, but on good companies and high-quality companies. In fact, it is still a measure of value to make layout when its cost performance is right.</p><p>Third, play slow and fast. Because everyone is interested in overseas markets, it is often because they think that A shares have no chance and like to invest their money, which is a little better than the yield of A shares. But the style of A shares is very fast once it goes crazy. 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 against short, slow against fast is my advice to everyone. Even if the US stock market index is doing well, if we can't have a clear understanding of ourselves, I suggest that you would rather do what you are good at, rather than follow the crowd.</p><p>In 2007 and 2008, when QDII was very hot, taking advantage of the heat to subscribe for QDII, many people lost a lot of money and cut their meat out.</p><p>Therefore, to subscribe for QDII, you need to look at the concept of investors' asset allocation 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 urgently in the short term, and constantly make regular fixed investments. Your purpose is very clear, that is, to buy some assets that A shares don't have, or even through Hong Kong Stock Connect, the assets that even Hong Kong shares don't have, and buy the best global core assets, not only the core assets of A shares and Hong Kong shares in China. This is my share.</p><p><b>The era of global allocation has begun, and it is necessary to 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 this basket? Is it an important starting point for our basket to allocate assets?</p><p>Zhang Yidong: Definitely, because the world has entered an era of low growth and low interest rate, which is a new era of mediocrity. At this stage, we have 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, we should find the best companies all over the world and continue to provide assets with core competitiveness and good cost performance.</p><p>When the social wealth of Chinese people has accumulated to a certain stage, now our per capita GDP has reached 10,000 US dollars. According to the experience of Europe and the United States, it is just the beginning of the global allocation of wealth in the United States. According to such an experience, we should start to consider regular fixed investment in QDII, and gradually become familiar with this excellent manager. Don't put all your energy on it at once. If you put it all on it, it is likely that you will lose your heart and hurt your heart because of a fluctuation. It is best to take your time, fight short with long, and fight fast with slow, but the era of global allocation has begun.</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 the \"new mediocre era\"</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 the \"new mediocre era\"\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>This year, the U.S. stock market is not a bear market, and the appearance 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 going to collapse and the United States is going to end. The inflation of U.S. stocks 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 Federal Reserve should speed up the pace of tightening. But in fact, this kind of thinking uses an\" old map \", and you think that the Federal Reserve used to focus on inflation and pay more attention to inflation than others.\"</p><p>\"In the second half of the year, the U.S. economy will have a resilience. It's not that it will jump down from 18 floors at once, but that it will maintain a range shock, and the kinetic energy of the whole marginal growth will weaken. There is no need to carry out stimulus policies at this time. This is the first point. The dimension of U.S. economic growth will slow down, and the kinetic energy of the ring-on-ring will weaken.\"</p><p>\"In the second half of the year, the unemployment rate (in the United States) will ease….. This round of unemployment rate in the United States will decline relatively smoothly, rather than rapidly and steeply….. (Federal Reserve) Their focus is also on employment. Before the United States achieves full employment and the pressure of social conflicts eases, it is difficult for the United States to put away the water at once.\"</p><p>\"The inflation in the second half of the year in the United States will not go down at once. The peak of inflation is in the second quarter, but the 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>\"Under the background of the current game between great powers, we think that the United States buys time with money. This is a re-creation of the American dream, which means that both the US dollar, the US dollar exchange rate and the US long-term bond interest rate will eventually obey the so-called new American dream, and use money to buy time, the time for the US economic recovery and the time for the expansion of domestic demand in the United States. In the near future, whether with South Korea or some regions, the United States hopes that the advanced manufacturing industries in these regions can come to the United States, buy the time for manufacturing to return to the United States, and buy the time for American scientific and technological innovation and upgrading.\"</p><p>\"Before the policy shift, it can actually be expected that the Fed will guide the market's expectations. And before the Fed's policy, there may be other policies, including taxation.\"</p><p>\"The Fed's policy is equivalent to the main valve of global liquidity. At least this year and even the first quarter of next year, it is still difficult for us to see the tightening of this main valve.\"</p><p>\"These companies that can push the backbone of the US stock index to rise are not expensive, not expensive in the world, and not expensive compared with A shares. On the contrary, they are relatively weak, and the more thematic ones are more expensive.\"</p><p>\"U.S. stocks are definitely not a bear market. At this time, a bear market in U.S. stocks 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 brings opportunities to other markets around the world.\"</p><p>\"Don't think that the US stock index is very cattle, ignoring the specialized and institutionalized characteristics of the US stock market. I have always said that we should try to buy funds and fix investment funds as much as possible, so that professional investors can participate in US stocks. Don't consider the US stock market with the idea of speculating in A shares and retail investors.\"</p><p>\"The world has entered an era of low growth and low interest rate, which is a new era of mediocrity. At this stage, we have to find the best companies in the world... The era of global allocation has begun.\"</p><p>On May 25th, Zhang Yidong, global chief strategist of Industrial Securities, shared the above views in the live broadcast of \"Cloud Conference-Global Capital Market Linkage, What is the Value of US Stock Allocation?\" held by China Business News.</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 workbook, which is shared with you:</p><p><b>The Fed's monetary policy framework is so different that we can't think old-fashioned</b></p><p>Q: For the first time since the outbreak, Fed officials discussed the possibility of tightening monetary policy. What does this mean for global markets?</p><p>Zhang Yidong: If you try to find the way to the future with the old map, you think that the Fed's contraction and bond purchase this time may be further tightened in the distant future. The method is wrong. On the other hand, if you have done more in-depth research on the US stock market, you 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 U.S. stocks are going to collapse and the United States is going to end. The inflation of U.S. stocks 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 Federal Reserve should speed up the pace of tightening. However, in fact, this kind of thinking uses an \"old map\", and you think that the Federal Reserve used to focus on inflation and pay more attention to it than anything else.</p><p><b>The US economy remains resilient in the second half of the year, and no stimulus is needed at this time</b></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 18 floors at once, but it will maintain a range shock, and the kinetic energy of the whole marginal growth will weaken. There is no need to carry out stimulus policies at this time. This is the first point. The dimension of U.S. economic growth will slow down, and the kinetic energy of the month-on-month will weaken.</p><p>Second, from the perspective of unemployment rate, the economic data in April is very good. The unemployment rate is 6.1%, a little higher than in March, which is from simple to luxurious easy, from luxurious to simple difficult. In the past year, the United States has experienced three rounds of water release and bail-out. The low-and middle-income people 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%, and the average in American history is 6-8%, which is its normal savings rate level, so it is not in a hurry to work and find a job. In this case, the unemployment rate is relatively high.</p><p><b>The Fed is still focused on jobs</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 fall. However, the economy of the United States will not be so bad in the second half of the year. He may just work odd jobs, which will make the unemployment rate in the United States decline relatively smoothly, rather than rapidly and steeply.</p><p>The Federal Reserve pays more attention to the unemployment rate, so that when the inflation data appeared in April, on May 12th, US time, the inflation in the United States greatly exceeded expectations, and the market was in an uproar. At that time, many risky assets plummeted, triggering a small global turmoil that day.</p><p>However, immediately, several big figures with voting rights in the Fed, the vice chairman of the Fed, including another important official, suggested that they saw the data and suggested that the employment factor was more worrying than the inflation caused by the short-term transitional supply factor, so their focus was still on employment. Before the United States achieves full employment and the pressure of social conflicts eases, it is difficult to put away the water in the United States at once.</p><p>U.S. inflation peaked in the second quarter, and inflation high hovered in the second half of the year</p><p>Third, the inflation in the second half of the year in the United States will not go down at once. The peak of inflation is in the second quarter, but the 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>The United States buys time with money</b></p><p>Real interest rates are very important to the recovery of the US economy, and in turn play a guiding role in nominal interest rates. As you can see, obviously, everyone was worried in mid-March, but in mid-March, we clearly stated that the yield of U.S. long-term bonds would not pose a systemic risk. Under the current background of the big-power game, we think that the United States is buying time with money, which is a re-creation of the American dream, which means that both the U.S. dollar, the exchange rate of the U.S. dollar and the interest rate of the U.S. long-term bonds will eventually obey the so-called new American dream, and use money to buy time, the recovery of the U.S. economy and the expansion of domestic demand in the United States. Recently, whether with South Korea or some regions, the United States hopes that the advanced manufacturing industries in these regions can come to the United States, buy time for manufacturing to return to the United States, and buy time for American scientific and technological innovation and upgrading.</p><p>Generally speaking, in the current state, whether it is employment, inflation or the United States to enhance its competitiveness and maintain the sustainability of economic growth, it is far from the stage of contraction.</p><p>There are no systemic risks this year, and the tightening of market concerns has instead given the global opportunity to lay out high-quality assets</p><p>To sum up, my view is that everyone should see clearly the trump cards of the American elite and Powell's trump cards. Powell will decide on his second term next year. In this case, his focus is more on the sustainability of economic growth and employment. Therefore, we say that it is called overwhelming water, and there is no systemic risk this year.</p><p>When the market is worried about the tightening of U.S. policies, which in turn causes global worries, the shock caused by this is a short-term disturbance, but it gives us the opportunity to lay out better 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 will be the impact?</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 contracts, it will also bring differentiation, especially for emerging markets. At that time, we should pay attention to the rebound of the US dollar to form a trend of suppression on commodities, and then those emerging markets with middle and upstream raw materials and minerals as the main pillars will form a huge pressure, which will even lead to debt risks and debt crises in emerging markets.</p><p>As far as US stocks are concerned, the high valuation in it, especially some theme-based junk stocks, will also have an obvious adjustment, and history will repeat itself. What are we going to focus on now? When will it actually turn.</p><p>It's hard to see Fed policy tightening this year and even in the first quarter of next year</p><p>Before the policy shift, it is actually expected that the Fed will guide the market's expectations. And before the Fed's policy, there may be other policies, including taxes.</p><p>In the second half of today, there will also be tax increases that will be approved by the national tax, tax changes, bond issuance and fiscal stimulus packages. Generally speaking, we think that this year and even at the beginning of next year, we basically think that you can still see the Fed's trump card clearly.</p><p>Frankly speaking, the current global monetary system is still the international monetary system dominated by the US dollar, so the Fed's policy is equivalent to the main valve of global liquidity. At least this year and even the first quarter of next year, it is still difficult for us to see the tightening of this main valve.</p><p>It is not even excluded that, on the other hand, if the U.S. economy may be weaker than everyone thought 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 bring the opposite effect and bring better cost-effective assets all over the world, including individual high-quality companies in U.S. stocks, European stocks, Chinese A shares, Chinese Hong Kong stocks, including emerging markets.</p><p>It is OK to have a vague concept of the judgment of the Federal Reserve. It is difficult to make a judgment on the general trend, which is accurate to the month and week. We are also taking one step at a time. At least we can judge that the general trend is that we can't see the contraction of the Federal Reserve this year.</p><p><b>The slow bull and long bull of U.S. stocks are driven by the best group of companies</b></p><p>Q: Can U.S. stocks continue to improve? How long does it take to get better?</p><p>Zhang Yidong: Look at this matter in three aspects: First, look at this matter from a structural perspective. The structure of the US stock market itself has three indexes. We often talk about Dow Jones, Nasdaq and S&P. Among these three indexes, the best companies in the United States represented by Apple and Microsoft take the indexes. Similarly, we screen out the best companies in China to make an index. In fact, we are also super long bulls.</p><p>You don't have an idea that all of America is fine. A large number of companies in the U.S. market have launched, cleared, and delisted directly. There are quite a number of companies with no trading volume, like dead, and liquidity discounts. Therefore, the mature market is really a winner-take-all, and the best company has reliable performance. Everyone gives him a valuation that matches the profit growth, so we think its persistence is relatively long.</p><p>The US stock market itself is an index compilation, and its mechanism to effectively screen out the best companies is actually worth learning. Moreover, its trading mechanism, whether it is T +0 or securities lending mechanism, ensures its slow bull and long bull, so that the best companies will not rise several times in one year or a year and a half. After the rise, they will be Game over, and they will 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 companies, and the best companies benefit from its good market mechanism, trading mechanism and a series of market-oriented mechanisms, which makes the best companies have a small bubble.</p><p><b>Backbone companies in 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 out the backbone of US stocks alone and can push the US stock index to rise are not expensive, not expensive in the world, and not expensive compared with A shares. On the contrary, the relatively weak ones, the more subject matter ones are more expensive.</p><p>Second, because its interest rate is low, it has risen for so long, and the ten-year Treasury Bond yield of U.S. stocks is only 1.6 and 1.7. This is the first point. From the perspective of the structure of the US stock market, before the United States substantially tightens the faucet (substantial contraction), the path taken by the best companies in the US stock market leading the index is still invisible.</p><p><b>U.S. stocks are not a bear market this year, and the emergence of a bear market is definitely a global systemic risk</b></p><p>Second, the differences between countries. We think that this year's US stock market is not a bear market. At the end of last year, many people said that they were not optimistic about US stocks this year. I said that US stocks are definitely not a bear market. At this time, a bear market in US stocks must be a global systemic risk. If there is a bear market in U.S. stocks this year, it must be that the general valve of the Federal Reserve has tightened. It is a global systemic risk, and neither A-shares, emerging markets nor European stock markets can withstand it.</p><p>Second, 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 US stock market. Since the beginning of the year, US stock market has underperformed European stock market, and even some of its indexes have performed weaker than the relatively excellent stock markets in emerging markets. As long as the US stock market is not a big bear, it is a bull or structural market, which brings opportunities to other markets around the world. This is a comparison between national markets and regional stock markets.</p><p>Third, style. Obviously, this year's style of U.S. stocks is that small and medium-sized stocks perform better than large stocks, and the cycle and value performance are better than the growth style, which has been from the beginning of the year until now. However, it is possible that there will be changes, and the style of growth will not be ruled out 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 that these giants with scientific and technological innovation capabilities drag US stocks. This year's Dow Jones, Russell 3000 and Russell 2000 have performed much better than Nasdaq since the beginning of the year.</p><p>But it is precisely as we see that U.S. stocks are not rising and falling at the same time. It is a style rise, for example, the value rises and the growth is adjusting. Whether it is a Chinese stock or a local pure US stock, in fact, many of the partial growth since the beginning of this year have been adjusted by more than 30%-50%. Don't think that the US stock index is very cattle, ignoring the specialized and institutionalized characteristics of the US stock market. I have always said that I should try to buy funds and fix investment funds as much as possible, so that professional investors can participate in US stocks. Don't consider the US stock market with the idea of speculating in A shares and retail investors.</p><p><b>Pay attention to three points when investing in QDII: Know yourself, fight short with long, and fight fast with slow</b></p><p>Q: What should I pay attention to when investing in QDII?</p><p>Zhang Yidong: QDII itself is a tool, a product, a product that helps to enrich asset allocation. There are several concerns:</p><p>First, cognitive self. Before cognizing the product, take a look at what you look like. Because not all people can make money on certain products, for example, the products of some famous fund managers may have doubled dozens of times in more than a decade, but it is useless. The holders take them for a while and then sell them.</p><p>Some people say that buying QDII is the same as buying various products of A shares. When I make a band, it often falls in my hands. It is very important to know yourself. Your risk tolerance, whether you choose a time 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 bought is in a relatively unfamiliar market outside your own circle of competence. You should have a relatively familiar process for fund managers, know horsepower from a distance, be really professional and have a real awareness of the market. It is recognized that making money in U.S. stocks does not depend on timing, but on good companies and high-quality companies. In fact, it is still a measure of value to make layout when its cost performance is right.</p><p>Third, play slow and fast. Because everyone is interested in overseas markets, it is often because they think that A shares have no chance and like to invest their money, which is a little better than the yield of A shares. But the style of A shares is very fast once it goes crazy. 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 against short, slow against fast is my advice to everyone. Even if the US stock market index is doing well, if we can't have a clear understanding of ourselves, I suggest that you would rather do what you are good at, rather than follow the crowd.</p><p>In 2007 and 2008, when QDII was very hot, taking advantage of the heat to subscribe for QDII, many people lost a lot of money and cut their meat out.</p><p>Therefore, to subscribe for QDII, you need to look at the concept of investors' asset allocation 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 urgently in the short term, and constantly make regular fixed investments. Your purpose is very clear, that is, to buy some assets that A shares don't have, or even through Hong Kong Stock Connect, the assets that even Hong Kong shares don't have, and buy the best global core assets, not only the core assets of A shares and Hong Kong shares in China. This is my share.</p><p><b>The era of global allocation has begun, and it is necessary to 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 this basket? Is it an important starting point for our basket to allocate assets?</p><p>Zhang Yidong: Definitely, because the world has entered an era of low growth and low interest rate, which is a new era of mediocrity. At this stage, we have 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, we should find the best companies all over the world and continue to provide assets with core competitiveness and good cost performance.</p><p>When the social wealth of Chinese people has accumulated to a certain stage, now our per capita GDP has reached 10,000 US dollars. According to the experience of Europe and the United States, it is just the beginning of the global allocation of wealth in the United States. According to such an experience, we should start to consider regular fixed investment in QDII, and gradually become familiar with this excellent manager. Don't put all your energy on it at once. If you put it all on it, it is likely that you will lose your heart and hurt your heart because of a fluctuation. It is best to take your time, fight short with long, and fight fast with slow, but the era of global allocation has begun.</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":5040,"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,"idStr":"3536928846214760","authorIdStr":"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":3914,"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,"idStr":"3536928846214760","authorIdStr":"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 is investigated by \"intimate relationship\" and property division is feared to 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>Following the announcement of the divorce, regarding Bill Gates'relationship with<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>There are endless reports of inappropriate relationships among female employees. The Wall Street Journal reported that after an investigation into Gates' once-close relationship with a female Microsoft employee, Microsoft's board made a decision last year that Gates was no longer fit to remain on the board.</p><p>A spokesman for Gates acknowledged that Gates did have an affair 20 years ago, but denied that Gates' departure from Microsoft's board was directly related to the 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 have banned executives from falling in love with their subordinates. In 2019,<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>The company's former CEO was fired 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's personal reputation, but also put him at a disadvantage in the divorce lawsuit. 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>It was also reported that Satya Nadella, the current CEO of Microsoft, said on Friday that corporate executives should not abuse the powers they have been given. It was the first comment from a Microsoft executive after 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 helped revive Microsoft in a competitive tech industry. During this period, Nadella did not encounter many complicated problems.</p><p>Now, however, Nadella faces a thorny problem that his predecessor (Gates) created 20 years ago, when Nadella was just one of Microsoft's many vice presidents.</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. The most important thing for us is to ensure that everyone can feel comfortable raising any questions they see and allow us to conduct a full investigation into it.\"</p><p>In the second half of 2019, Microsoft received a report that Gates had tried to form an intimate relationship with an employee in 2000, according to a Microsoft spokesperson. With the help of a law firm, Microsoft looked into it. The investigation was reported in the media over the weekend. Shortly before that, Gates had announced his divorce.</p><p>During the interview, Della also said that Microsoft has had policies that prohibit executive misconduct since 2006. Prior to this, Nadella had not dealt with many tough issues, although he had also suffered some trouble.</p><p>In 2014, Nadella faced some criticism for advising female employees not to ask for a raise. Nadella said at the time that if women don't ask their employers for more pay, they will also be rewarded in the long run when they are recognized for their excellent work. 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 have made a principled decision that we will not deny technology to our democratically 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 is investigated by \"intimate relationship\" and property division is feared to 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 is investigated by \"intimate relationship\" and property division is feared to 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>Following the announcement of the divorce, regarding Bill Gates'relationship with<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>There are endless reports of inappropriate relationships among female employees. The Wall Street Journal reported that after an investigation into Gates' once-close relationship with a female Microsoft employee, Microsoft's board made a decision last year that Gates was no longer fit to remain on the board.</p><p>A spokesman for Gates acknowledged that Gates did have an affair 20 years ago, but denied that Gates' departure from Microsoft's board was directly related to the 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 have banned executives from falling in love with their subordinates. In 2019,<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>The company's former CEO was fired 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's personal reputation, but also put him at a disadvantage in the divorce lawsuit. 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>It was also reported that Satya Nadella, the current CEO of Microsoft, said on Friday that corporate executives should not abuse the powers they have been given. It was the first comment from a Microsoft executive after 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 helped revive Microsoft in a competitive tech industry. During this period, Nadella did not encounter many complicated problems.</p><p>Now, however, Nadella faces a thorny problem that his predecessor (Gates) created 20 years ago, when Nadella was just one of Microsoft's many vice presidents.</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. The most important thing for us is to ensure that everyone can feel comfortable raising any questions they see and allow us to conduct a full investigation into it.\"</p><p>In the second half of 2019, Microsoft received a report that Gates had tried to form an intimate relationship with an employee in 2000, according to a Microsoft spokesperson. With the help of a law firm, Microsoft looked into it. The investigation was reported in the media over the weekend. Shortly before that, Gates had announced his divorce.</p><p>During the interview, Della also said that Microsoft has had policies that prohibit executive misconduct since 2006. Prior to this, Nadella had not dealt with many tough issues, although he had also suffered some trouble.</p><p>In 2014, Nadella faced some criticism for advising female employees not to ask for a raise. Nadella said at the time that if women don't ask their employers for more pay, they will also be rewarded in the long run when they are recognized for their excellent work. 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 have made a principled decision that we will not deny technology to our democratically 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":4586,"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,"idStr":"3536928846214760","authorIdStr":"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 Brokers 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>On May 11th, MSCI, an international index compilation company, announced the quarterly adjustment results of the May index, among which,<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>It is included in the MSCI China All Shares Index, which will take effect after the close of market on May 27.</p><p>Wu Tianhua, founder and CEO of Tiger Brokers, said: \"The inclusion of Tiger Brokers 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. The mission of Tiger Brokers is that technology makes investment better. Through continuous technology 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 (MSCI) is the most important index company in the world at present, compiling hundreds of indices of various markets around the world, and is tracked by a large number of international institutions and investors as an investment benchmark. Since the release of the first index in 1969, MSCI has mainly provided products and services such as index, risk portfolio and performance analysis tools, and corporate governance tools according to different countries and regions, market size, industries and investment methods. About $10 trillion of global assets are benchmarked against the MSCI index, and 97 of the world's top 100 largest asset managers are MSCI clients. Pensions for 95% of invested interests in the United States are benchmarked against 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-float market value, liquidity and trading time.</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 Website</span></p><p>MSCI China All Shares Index Historical Performance:</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 and excluded 26 stocks this time. So, what does being on the list mean for Tiger?</p><p>It means the recognition and confidence of the international capital market in Tiger Brokers, which will help to further expand the influence of the company in the international capital market and enhance the internationalization level of the company's shareholders.</p><p>According to MSCI's estimate, trillions of dollars of funds around the world track emerging market indexes, including both active funds and passive funds. Passive funds take MSCI 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>Details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">Adjustment of MSCI China Index Constituent Stocks</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 Brokers 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 Brokers 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>On May 11th, MSCI, an international index compilation company, announced the quarterly adjustment results of the May index, among which,<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>It is included in the MSCI China All Shares Index, which will take effect after the close of market on May 27.</p><p>Wu Tianhua, founder and CEO of Tiger Brokers, said: \"The inclusion of Tiger Brokers 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. The mission of Tiger Brokers is that technology makes investment better. Through continuous technology 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 (MSCI) is the most important index company in the world at present, compiling hundreds of indices of various markets around the world, and is tracked by a large number of international institutions and investors as an investment benchmark. Since the release of the first index in 1969, MSCI has mainly provided products and services such as index, risk portfolio and performance analysis tools, and corporate governance tools according to different countries and regions, market size, industries and investment methods. About $10 trillion of global assets are benchmarked against the MSCI index, and 97 of the world's top 100 largest asset managers are MSCI clients. Pensions for 95% of invested interests in the United States are benchmarked against 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-float market value, liquidity and trading time.</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 Website</span></p><p>MSCI China All Shares Index Historical Performance:</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 and excluded 26 stocks this time. So, what does being on the list mean for Tiger?</p><p>It means the recognition and confidence of the international capital market in Tiger Brokers, which will help to further expand the influence of the company in the international capital market and enhance the internationalization level of the company's shareholders.</p><p>According to MSCI's estimate, trillions of dollars of funds around the world track emerging market indexes, including both active funds and passive funds. Passive funds take MSCI 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>Details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">Adjustment of MSCI China Index Constituent Stocks</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":5256,"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,"idStr":"3536928846214760","authorIdStr":"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":"Zhongtai 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's initiative to waive intellectual property protection for Covid vaccines, and we see limited short-term impact</p><p>U.S. President Joe Biden recently proposed to support the World Trade Organization's (WTO) proposal to require vaccine companies to give up their patents on COVID-19 vaccines, causing the stock prices of global vaccine companies to fluctuate. According to authoritative media reports, at present, 100 WTO member countries have supported the proposal. U.S. Trade Representative Dai Qi said that the United States will actively support the text negotiations held by the WTO to promote the above goals, but the negotiations will take time.</p><p>So far, Germany and Switzerland have expressed opposition. Considering reasons such as impacting the revenue of the leading pharmaceutical group and impacting the enthusiasm for vaccine research and development if approved, we expect that the negotiations 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 of COVID-19 vaccine, and the long-term clinical trials of drugs and vaccines are required before they are marketed, the number of manufacturers that meet the requirements is also limited. Therefore, it is not possible to copy it immediately after obtaining a patent. Therefore, we believe that even if the proposal is passed, the impact on vaccine companies in the short term will be limited.</p><p>In terms of domestic vaccines, WHO is currently evaluating the inactivated vaccines produced by Sinopharm Beijing Bio and Sinovac Zhongwei. According to the current public data, the clinical data of these two vaccines in the elderly over 60 years old and patients with underlying diseases (such as hypertension, diabetes, obesity, etc.) are insufficient due to the lack of cases, but they have shown good efficacy 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 the approval status of the participating Fubitai vaccine in Mainland China 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 WHO and is widely used in Hong Kong, we do not expect that the approval in China will take much time.</p><p>According to an earlier agreement,<a href=\"https://laohu8.com/S/02196\">FOSUN PHARMA</a>Purchasing at least 100 million doses of Fubita vaccine from Biontech in 2021, Fosun Pharma will have the rights to jointly develop and commercialize the Fubita vaccine in Mainland China, Hong Kong and Macau. We have not yet obtained information from the Chinese government on the purchase price and procurement model of Fubitai vaccine, but if we refer to the purchase price of US$19.5/dose (approximately RMB126) by the US government, Fosun Pharma will receive revenue of over RMB10 billion based on the purchase volume of 100 million doses. According to the earlier agreement, according to different procurement models, Fosun Pharma will receive 60% or 65% of the gross profit of Fubitai's sales in China, Hong Kong and Macau. Therefore, if it is calculated according to the gross profit margin of more than 80% of usual vaccine listed companies, if the approval and sales of vaccines go smoothly, Fosun Pharma will receive considerable income.</p><p>According to the National Centers for Disease Control and Prevention (CDC), Fubitai is as effective as 95% in preventing COVID-19 and 94% for the elderly over 65. Based on good clinical data, we are optimistic about the demand prospect of Fubitai vaccine in mainland China. In the future, we will pay attention to specific information such as the approval status, purchase price and procurement model of this product in mainland China to estimate the specific profit contribution to the company.</p><p>Continue to recommend leading enterprises in high-quality innovative drugs and biotechnology segments</p><p>We expect that if the Fubitai vaccine is approved in China,<b>Fosun Pharma (02196)</b>The benefits on this vaccine will gradually become clear. We estimate that the current market forecast for Fosun Pharma may not fully reflect the contribution of the vaccine as many details are still unclear, and we recommend paying attention to the progress of Fubitai's approval in the Mainland. In addition, judging from the pharmaceutical companies that have released their first quarterly reports, most of them operated well in the first quarter, and we still recommend innovative drugs and CXO sector leaders. In addition, we believe that if the epidemic situation in India, a major API manufacturer, continues to deteriorate, it will continue to push up the price of APIs.<a href=\"https://laohu8.com/S/03933\">United Lab</a>(03933) would benefit.</p><p><b><a href=\"https://laohu8.com/S/01093\">CSPC Pharmaceutical Group</a></b>: From the list of drugs involved in the fifth batch of volume procurement circulated on the Internet recently, the company's products are less affected. We expect the company's operating conditions to be good 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 listing application for the lung cancer drug lung cancer drug three-EGFR-TKI inhibitor as soon as possible. It is expected that the demand prospect is good. The company will actively promote the listing of 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>: In the first quarter, the company's revenue increased by 55.3% year-on-year to 4.95 billion yuan, and the shareholders' net profit increased by 394.9% year-on-year to about 1.5 billion yuan, while the adjusted Non-IFRS net profit, which reflects the company's core net profit, increased by 63.6% year-on-year to about 940 million yuan, leading the performance of China business to continue to grow rapidly. As the number of very successful customers of the company's \"long tail strategy\" continues to grow, the number of small molecule drug R&D and outsourcing service (CDMO) projects has increased rapidly, and with the resumption of the epidemic, clinical trials and other CRO businesses are also recovering. It is expected that the U.S. business will gradually recover with the epidemic. We expect 2020-23E revenue to be at a CAGR of 31.0% and adjusted Non-IFRS net income to be at a CAGR of 30.1%, with an \"Overweight\" rating and a price target of HK$206.2.</p><p><b><a href=\"https://laohu8.com/S/01801\">Innovent Biologics</a></b>: The company's main product, Daboshu, performed well in sales in the first quarter. As the product was approved for the treatment of first-line non-squamous non-small cell lung cancer in February, and the current marketing application for the treatment of EGFR-positive lung cancer resistant to first-line hepatocellular carcinoma and TKI preparations has also been accepted by the NMPA, we expect sales will maintain rapid growth, with a 2020-23E CAGR of 24.0%. In addition to Daboshu, the company's oncology drugs Dabohua (bevacizumab), Dabohua (rituximab) and Su Lixin are all new products that have just been approved for marketing in 2020 and are in the period of heavy sales. We expect revenue from our pharmaceutical sales business to increase from approximately RMB2.37 billion in 2020 to RMB6.12 billion, representing a 2020-23E CAGR of 37.2%. We reiterate our \"Buy\" rating at HK$102.1 price target.</p><p><b>United Lab</b>: The company is the leader in the domestic intermediate and API industry. In recent years, insulin has led the company's transformation into a specialty drug manufacturer. According to our understanding, the sales revenue of insulin glargine, the company's main third-generation insulin product, maintained 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 catalyst for the stock price. If the epidemic in India continues, it will also push up the price of API. 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 regulation 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>Zhongtai 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\">\nZhongtai 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's initiative to waive intellectual property protection for Covid vaccines, and we see limited short-term impact</p><p>U.S. President Joe Biden recently proposed to support the World Trade Organization's (WTO) proposal to require vaccine companies to give up their patents on COVID-19 vaccines, causing the stock prices of global vaccine companies to fluctuate. According to authoritative media reports, at present, 100 WTO member countries have supported the proposal. U.S. Trade Representative Dai Qi said that the United States will actively support the text negotiations held by the WTO to promote the above goals, but the negotiations will take time.</p><p>So far, Germany and Switzerland have expressed opposition. Considering reasons such as impacting the revenue of the leading pharmaceutical group and impacting the enthusiasm for vaccine research and development if approved, we expect that the negotiations 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 of COVID-19 vaccine, and the long-term clinical trials of drugs and vaccines are required before they are marketed, the number of manufacturers that meet the requirements is also limited. Therefore, it is not possible to copy it immediately after obtaining a patent. Therefore, we believe that even if the proposal is passed, the impact on vaccine companies in the short term will be limited.</p><p>In terms of domestic vaccines, WHO is currently evaluating the inactivated vaccines produced by Sinopharm Beijing Bio and Sinovac Zhongwei. According to the current public data, the clinical data of these two vaccines in the elderly over 60 years old and patients with underlying diseases (such as hypertension, diabetes, obesity, etc.) are insufficient due to the lack of cases, but they have shown good efficacy 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 the approval status of the participating Fubitai vaccine in Mainland China 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 WHO and is widely used in Hong Kong, we do not expect that the approval in China will take much time.</p><p>According to an earlier agreement,<a href=\"https://laohu8.com/S/02196\">FOSUN PHARMA</a>Purchasing at least 100 million doses of Fubita vaccine from Biontech in 2021, Fosun Pharma will have the rights to jointly develop and commercialize the Fubita vaccine in Mainland China, Hong Kong and Macau. We have not yet obtained information from the Chinese government on the purchase price and procurement model of Fubitai vaccine, but if we refer to the purchase price of US$19.5/dose (approximately RMB126) by the US government, Fosun Pharma will receive revenue of over RMB10 billion based on the purchase volume of 100 million doses. According to the earlier agreement, according to different procurement models, Fosun Pharma will receive 60% or 65% of the gross profit of Fubitai's sales in China, Hong Kong and Macau. Therefore, if it is calculated according to the gross profit margin of more than 80% of usual vaccine listed companies, if the approval and sales of vaccines go smoothly, Fosun Pharma will receive considerable income.</p><p>According to the National Centers for Disease Control and Prevention (CDC), Fubitai is as effective as 95% in preventing COVID-19 and 94% for the elderly over 65. Based on good clinical data, we are optimistic about the demand prospect of Fubitai vaccine in mainland China. In the future, we will pay attention to specific information such as the approval status, purchase price and procurement model of this product in mainland China to estimate the specific profit contribution to the company.</p><p>Continue to recommend leading enterprises in high-quality innovative drugs and biotechnology segments</p><p>We expect that if the Fubitai vaccine is approved in China,<b>Fosun Pharma (02196)</b>The benefits on this vaccine will gradually become clear. We estimate that the current market forecast for Fosun Pharma may not fully reflect the contribution of the vaccine as many details are still unclear, and we recommend paying attention to the progress of Fubitai's approval in the Mainland. In addition, judging from the pharmaceutical companies that have released their first quarterly reports, most of them operated well in the first quarter, and we still recommend innovative drugs and CXO sector leaders. In addition, we believe that if the epidemic situation in India, a major API manufacturer, continues to deteriorate, it will continue to push up the price of APIs.<a href=\"https://laohu8.com/S/03933\">United Lab</a>(03933) would benefit.</p><p><b><a href=\"https://laohu8.com/S/01093\">CSPC Pharmaceutical Group</a></b>: From the list of drugs involved in the fifth batch of volume procurement circulated on the Internet recently, the company's products are less affected. We expect the company's operating conditions to be good 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 listing application for the lung cancer drug lung cancer drug three-EGFR-TKI inhibitor as soon as possible. It is expected that the demand prospect is good. The company will actively promote the listing of 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>: In the first quarter, the company's revenue increased by 55.3% year-on-year to 4.95 billion yuan, and the shareholders' net profit increased by 394.9% year-on-year to about 1.5 billion yuan, while the adjusted Non-IFRS net profit, which reflects the company's core net profit, increased by 63.6% year-on-year to about 940 million yuan, leading the performance of China business to continue to grow rapidly. As the number of very successful customers of the company's \"long tail strategy\" continues to grow, the number of small molecule drug R&D and outsourcing service (CDMO) projects has increased rapidly, and with the resumption of the epidemic, clinical trials and other CRO businesses are also recovering. It is expected that the U.S. business will gradually recover with the epidemic. We expect 2020-23E revenue to be at a CAGR of 31.0% and adjusted Non-IFRS net income to be at a CAGR of 30.1%, with an \"Overweight\" rating and a price target of HK$206.2.</p><p><b><a href=\"https://laohu8.com/S/01801\">Innovent Biologics</a></b>: The company's main product, Daboshu, performed well in sales in the first quarter. As the product was approved for the treatment of first-line non-squamous non-small cell lung cancer in February, and the current marketing application for the treatment of EGFR-positive lung cancer resistant to first-line hepatocellular carcinoma and TKI preparations has also been accepted by the NMPA, we expect sales will maintain rapid growth, with a 2020-23E CAGR of 24.0%. In addition to Daboshu, the company's oncology drugs Dabohua (bevacizumab), Dabohua (rituximab) and Su Lixin are all new products that have just been approved for marketing in 2020 and are in the period of heavy sales. We expect revenue from our pharmaceutical sales business to increase from approximately RMB2.37 billion in 2020 to RMB6.12 billion, representing a 2020-23E CAGR of 37.2%. We reiterate our \"Buy\" rating at HK$102.1 price target.</p><p><b>United Lab</b>: The company is the leader in the domestic intermediate and API industry. In recent years, insulin has led the company's transformation into a specialty drug manufacturer. According to our understanding, the sales revenue of insulin glargine, the company's main third-generation insulin product, maintained 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 catalyst for the stock price. If the epidemic in India continues, it will also push up the price of API. 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 regulation 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":{"BNTX":"BioNTech SE","02196":"复星医药"},"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":3285,"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,"idStr":"3536928846214760","authorIdStr":"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 of $510 million, net income up 21% year over year","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>May 7, Cloud Storage Service Providers<a href=\"https://laohu8.com/S/AMC\">Dropbox</a>U.S. stocks reported the company's first quarter fiscal 2021 earnings after the bell. According to the report, 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 of last year. Excluding the impact of exchange rate changes, it was an increase of 11% year-on-year; Net income of $47.6 million, up 21% from net income of $39.3 million in the same period last year; Non-GAAP adjusted net income was $141.8 million, compared to $69.8 million a year earlier.</p><p>Dropbox's first-quarter revenue and adjusted earnings per share both beat Wall Street analysts' estimates, driving 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 $511.6 million, an increase of 12% compared with $455.0 million in the same period last year. Excluding the impact of exchange rate changes, it was an increase of 11% year-on-year, which 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 expected Dropbox's total revenue in the first quarter to reach $505.18 million on average.</p><p>On a U.S. GAAP basis, Dropbox's first-quarter net income was $47.6 million, up 21% compared to a year-ago net income of $39.3 million. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox reported adjusted net income of $141.8 million in the first quarter, compared to $69.8 million in the prior-year quarter.</p><p>On a U.S. GAAP basis, Dropbox's diluted earnings per share attributable to common shareholders were $0.12 in the first quarter, compared to $0.09 in the year-ago quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's diluted earnings per share attributable to common shareholders were $0.35 in the first quarter, compared to $0.17 in the year-ago quarter, a performance that also beat Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>According to data provided by the financial channel, the average of 10 analysts had expected Dropbox to report adjusted earnings of $0.3 per share in the first quarter.</p><p>Dropbox posted a gross profit of $402.3 million in the first quarter, compared to a gross profit of $351.9 million a year earlier. Dropbox earned $42.5 million from operations in the first quarter, compared to $26.8 million a year earlier.</p><p>Dropbox's total operating expenses were $359.8 million in the first quarter, compared to $325.1 million in the prior-year quarter. Among them, R&D expenditure was US$181.2 million, compared to US$181.8 million in the same period last year; Sales and marketing expenses were $102.7 million, compared to $104.3 million a year earlier; General and administrative expenses were $58.6 million, compared to $39 million in the prior year period; Impairment charges related to real assets were US$17.3 million, compared to no such charge in the same period last year.</p><p>Dropbox's total ARR (Accounting Yield Method, a measure of profitability) was $2.112 billion at the end of the first quarter, up 13% compared to the prior-year quarter. Excluding the impact of currency movements, Dropbox's total ARR at the end of the first quarter increased by $60.5 million compared to the previous quarter and 12% compared to the prior year quarter.</p><p>Dropbox had 15.83 million paid subscribers at the end of the first quarter, compared to 14.59 million at the end of the first quarter of fiscal 2020; The average revenue per paid user was $132.55, compared to $126.30 in the prior-year quarter.</p><p>On a U.S. GAAP basis, Dropbox had a gross margin of 78.6% in the first quarter, compared to 77.3% a year earlier. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's first-quarter gross margin was 80.2%, compared to 78.3% in the prior-year quarter.</p><p>On a U.S. GAAP basis, Dropbox's operating margin was 8.3% in the first quarter, compared to 5.9% a year earlier. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's operating margin was 29.1% in the first quarter, compared to 16.1% a year earlier.</p><p>Dropbox's net cash from business 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 to $25.5 million in the prior-year quarter.</p><p>At the end of the first quarter, Dropbox held cash and cash equivalents and short-term investments totaling $1.916 billion.</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 of $510 million, net income up 21% year over year</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 of $510 million, net income up 21% year over year\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>May 7, Cloud Storage Service Providers<a href=\"https://laohu8.com/S/AMC\">Dropbox</a>U.S. stocks reported the company's first quarter fiscal 2021 earnings after the bell. According to the report, 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 of last year. Excluding the impact of exchange rate changes, it was an increase of 11% year-on-year; Net income of $47.6 million, up 21% from net income of $39.3 million in the same period last year; Non-GAAP adjusted net income was $141.8 million, compared to $69.8 million a year earlier.</p><p>Dropbox's first-quarter revenue and adjusted earnings per share both beat Wall Street analysts' estimates, driving 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 $511.6 million, an increase of 12% compared with $455.0 million in the same period last year. Excluding the impact of exchange rate changes, it was an increase of 11% year-on-year, which 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 expected Dropbox's total revenue in the first quarter to reach $505.18 million on average.</p><p>On a U.S. GAAP basis, Dropbox's first-quarter net income was $47.6 million, up 21% compared to a year-ago net income of $39.3 million. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox reported adjusted net income of $141.8 million in the first quarter, compared to $69.8 million in the prior-year quarter.</p><p>On a U.S. GAAP basis, Dropbox's diluted earnings per share attributable to common shareholders were $0.12 in the first quarter, compared to $0.09 in the year-ago quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's diluted earnings per share attributable to common shareholders were $0.35 in the first quarter, compared to $0.17 in the year-ago quarter, a performance that also beat Wall Street analysts' expectations. According to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>According to data provided by the financial channel, the average of 10 analysts had expected Dropbox to report adjusted earnings of $0.3 per share in the first quarter.</p><p>Dropbox posted a gross profit of $402.3 million in the first quarter, compared to a gross profit of $351.9 million a year earlier. Dropbox earned $42.5 million from operations in the first quarter, compared to $26.8 million a year earlier.</p><p>Dropbox's total operating expenses were $359.8 million in the first quarter, compared to $325.1 million in the prior-year quarter. Among them, R&D expenditure was US$181.2 million, compared to US$181.8 million in the same period last year; Sales and marketing expenses were $102.7 million, compared to $104.3 million a year earlier; General and administrative expenses were $58.6 million, compared to $39 million in the prior year period; Impairment charges related to real assets were US$17.3 million, compared to no such charge in the same period last year.</p><p>Dropbox's total ARR (Accounting Yield Method, a measure of profitability) was $2.112 billion at the end of the first quarter, up 13% compared to the prior-year quarter. Excluding the impact of currency movements, Dropbox's total ARR at the end of the first quarter increased by $60.5 million compared to the previous quarter and 12% compared to the prior year quarter.</p><p>Dropbox had 15.83 million paid subscribers at the end of the first quarter, compared to 14.59 million at the end of the first quarter of fiscal 2020; The average revenue per paid user was $132.55, compared to $126.30 in the prior-year quarter.</p><p>On a U.S. GAAP basis, Dropbox had a gross margin of 78.6% in the first quarter, compared to 77.3% a year earlier. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's first-quarter gross margin was 80.2%, compared to 78.3% in the prior-year quarter.</p><p>On a U.S. GAAP basis, Dropbox's operating margin was 8.3% in the first quarter, compared to 5.9% a year earlier. Excluding certain one-time items (not in accordance with U.S. GAAP), Dropbox's operating margin was 29.1% in the first quarter, compared to 16.1% a year earlier.</p><p>Dropbox's net cash from business 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 to $25.5 million in the prior-year quarter.</p><p>At the end of the first quarter, Dropbox held cash and cash equivalents and short-term investments totaling $1.916 billion.</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":4480,"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,"idStr":"3536928846214760","authorIdStr":"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,"isVote":1,"tweetType":1,"viewCount":2985,"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,"idStr":"3536928846214760","authorIdStr":"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":3107,"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,"idStr":"3536928846214760","authorIdStr":"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":5592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}