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AceSU

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- AceSUAceSU
  ·2022-06-08
  666
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- AceSUAceSU
  ·2022-01-15
  666
  28 billion yuan rights issue! The securities giant first ruined himself.
  有些公司你买入持有，每年还有分红送钱，可是有些公司你买入了，不但没钱送，反而还得向你要钱。昨晚，券商“一哥”中信证券历时11个月的“要钱”计划正式落地，280亿的配股规模，超过招商证券2020年的12
  28 billion yuan rights issue! The securities giant first ruined himself.
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- AceSUAceSU
  ·2021-09-24
  $海底捞(06862)$?
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- AceSUAceSU
  ·2021-08-16
  Up up up
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- AceSUAceSU
  ·2021-07-11
  ???
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- AceSUAceSU
  ·2021-07-07
  DIDI up
  Will advertising become the core revenue stream for Didi's large-screen ride-hailing service in Licheng?
  种种迹象显示，滴滴正在加快户外广告业务的布局。长庚君了解到，滴滴已在部分礼橙专车上投放了车载广告屏，这是继一个月前滴滴在快车上投放车载广告屏后，再度加快该项业务的布局。(之前的报道在这里） 6月初，
  Will advertising become the core revenue stream for Didi's large-screen ride-hailing service in Licheng?
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- AceSUAceSU
  ·2021-07-01
  Is it time to buy?
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- AceSUAceSU
  ·2021-06-27
  I waiting for it...
  Sorry, this post has been deleted
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- AceSUAceSU
  ·2021-06-27
  ???
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- AceSUAceSU
  ·2021-06-25
  ???
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The securities giant first ruined himself.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140376268","media":"格隆汇投资学苑","summary":"有些公司你买入持有，每年还有分红送钱，可是有些公司你买入了，不但没钱送，反而还得向你要钱。昨晚，券商“一哥”中信证券历时11个月的“要钱”计划正式落地，280亿的配股规模，超过招商证券2020年的12","content":"<p><html><head></head><body>Some companies, if you buy and hold them, will give you dividends every year, but some companies, if you buy them, not only won't give you any money, but they'll even ask you for it.</p><p>Last night, the top brokerage firm...<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>The 11-month-long \"money-raising\" plan has been officially launched, with a rights issue scale of 28 billion yuan exceeding...<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>The 12.7 billion yuan rights issue in 2020 became the largest rights issue financing in the securities industry.</p><p><b>Rights issues have always had a short-term negative impact on stock prices. For shareholders who hold shares, they will definitely be \"beaten up\" and will have to consider whether to participate in rights issues.</b></p><p><img src=\"https://static.tigerbbs.com/9d857b3724e40eef11047ff3e34d8434\" tg-width=\"553\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>(Data source: Choice,<a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>(Intraday trend)</p><p>This morning, as expected, CITIC Securities gained 3% from the open low and continued to decline, dragging down a number of its \"underlings\" in the entire securities sector. If the Shanghai Composite Index underperformed the ChiNext Index today, CITIC Securities must have \"credit\" for it. By the close of trading, CITIC Securities fell 5%, almost at its lowest point, while the securities sector fell 2.38%.</p><p>In the memories of most veteran stock market investors, CITIC Securities is the big brother in the industry. Looking back to 2015, CITIC Securities was arrogant and once became the largest securities giant in Asia and the fourth largest in the world. However, six years later, it was pulled down by Eastmoney in China.</p><p>CITIC Securities' market capitalization was...<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>It has surpassed and fallen to second place. Although Eastmoney has declined somewhat in recent days, its market capitalization still significantly exceeds that of CITIC Securities.</p><p>With this massive 28 billion yuan rights issue, can the number one company regain its dignity?</p><p><i><b>01、</b></i><b>Who benefited from the rights issue?</b></p><p><b>For CITIC Securities itself, rights issues are currently a suitable refinancing method. On the one hand, it can directly obtain large amounts of financing from the market, and on the other hand, it does not dilute the equity of the controlling shareholder.</b></p><p>The rights issue is directly open to all existing shareholders, which will greatly reduce the financial pressure on each investor. In addition, the shareholding ratio of CITIC Securities' major shareholder is already very low, and a direct rights issue will not dilute the shareholding. Looking at the third quarter, the major shareholder, CITIC Limited, held a relatively small percentage of shares, accounting for only 15.47%.</p><p>In this margin trading, CITIC Securities raised approximately 28 billion yuan, of which 23 billion yuan was raised through A-share rights issues and 5 billion yuan through H-share rights issues.</p><p>If 28 billion yuan is raised, it is equivalent to directly supplementing 28 billion yuan of net cash assets. The company's net assets at the end of 2021 were 209.1 billion yuan, and after the rights issue, they will exceed 237 billion yuan, which will be more than 70 billion yuan behind the second-ranked Haitong.</p><p>In the securities industry, total assets are undoubtedly the most important consideration. Therefore, this rights issue will significantly increase CITIC Securities' asset size, thereby further consolidating its leading position in the industry.</p><p><b>However, rights issues may have short-term negative impacts on investors. On the one hand, after a rights issue, the stock price is diluted, and the number of shares in circulation will increase. On the other hand, if you don't participate in the rights issue, the lower the rights issue price, the more you will lose.</b></p><p>According to the announcement, the rights issue will be made to all A-share shareholders at a ratio of 1.5 shares for every 10 shares held. The rights issue price was 14.43 yuan per share, lower than the previous day's closing price of 26.36 yuan, representing a 55% discount.</p><p>If you own 100 shares of CITIC Securities, then you have the right of first refusal to subscribe to 15 shares in this rights issue. Of course, you can also give up the right to subscribe to these 15 shares, which means forfeiting the rights issue.</p><p>For shareholders who have not yet sold their holdings, if they do not participate in the rights issue, they will have to bear a 6% loss. So the question is, since there has already been a certain decline, is CITIC Securities still worth investing in?</p><p>In the short term, the stock price plummeted by 5% today. On Monday, the stock price opened with some emotion, and it fell directly to around 24.8 yuan after the rights issue and ex-rights. Based on the closing price of 25.03, this is less than a 1% drop. In other words, if you've been \"beaten\" today and haven't sold yet, and you don't want to pay for the rights issue, you'll only lose another 1% at most.</p><p>Whether the outlook is positive later on will depend on investors' faith.</p><p><i><b>02、</b></i><b>Challenging</b></p><p><b>The most severe case of CITIC Securities being \"hacked\" was its inverse indicators.</b></p><p>Last year's booming blue-chip market saw CITIC Securities announce on February 10th...<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The target price was set at 3,000 yuan, and Kweichow Moutai's stock price surged 5.9% that day, which was the last positive candlestick before Kweichow Moutai's stock price peaked.</p><p>As we all know, Moutai's stock price plummeted by 35% in just over six months, reaching a recent 1,662 yuan, with its market value evaporating by 11,000 yuan.</p><p>Last July,<a href=\"https://laohu8.com/S/300750\">CATL</a>With CATL's stock price soaring and rising steadily, CITIC Securities released a research report on July 30 stating that it maintains a buy rating on CATL with a target price of 754 yuan per share for 2023. This is 35% higher than the closing price of 556.8 yuan on the 29th. However, unfortunately, Ningwang hit a new historical high during trading on the 30th, but closed down 1.15% in a single day, embarking on a pullback/retracement and once falling below 470 yuan.</p><p><b>Bullish targets don't work, while bearish targets seem to have an impact.</b></p><p><a href=\"https://laohu8.com/S/600927\">Yong'an Futures</a>It went public on December 23, 2021, with an issue price of 17.97 yuan. After listing, it hit the daily limit for six consecutive days, reaching a high of 41.69 yuan on December 30, with a market value of over 60 billion yuan at one point. Subsequently, on December 31, Yong'an Futures experienced a limit-down adjustment, and on January 3, 2022, CITIC Securities released a research report that further criticized Yong'an Futures, stating that the stock price had a 35% downside potential. As a result, \"Qimao\" experienced another flash crash at the start of the new year.</p><p><img src=\"https://static.tigerbbs.com/5fccb088cf8458fdf5b2f6011ef62c62\" tg-width=\"553\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>(Data source: Choice, Yong'an Futures intraday trend)</p><p>Unfortunately, Yong'an Futures hit the daily limit today, closing at 34.41, up 8.27%. It seems that it is still quite far from CITIC Securities' bearish target price of 22 yuan.</p><p>Ningde and Moutai are undoubtedly excellent companies in their respective sectors, and Yong'an Futures' valuation is not cheap. However, when CITIC Securities gives a target price, sometimes luck is a bit unlucky, which causes it to lose some accuracy in the short term.</p><p><b>The deviation from the target price is not limited to these stocks that investors are widely talking about. Of course, it is also related to drastic changes in the macroeconomic environment and the deviation of the main theme of market speculation. It's just a coincidence that the \"number one\" stock has encountered it.</b></p><p>Besides the hacking of its directional indicators, the company's market capitalization has consistently lagged behind Eastmoney recently. Fifty securities firms with a total market capitalization of 4 trillion yuan. Eastmoney, the top securities firm, has a net worth of 334 billion yuan, 10.4 billion yuan more than CITIC Securities. It's worth noting that during the 2015 bull market, CITIC's stock price reached its highest historical high, with a market capitalization approaching 400 billion yuan. At that time, Eastmoney was less than 50 billion yuan, ranking outside the top 20 in market capitalization, while the former was eight times that of the latter.</p><p><b>Of course, even in the same industry, the mindset of those holding shares in Eastmoney and CITIC is vastly different.</b>Since its listing in 2010, Eastmoney has seen a cumulative increase of 32 times, while CITIC has seen less than double the increase during the same period. In 2021, Eastmoney rose 44%, while CITIC Securities fell 9%.</p><p>There is no harm without comparison, which shows that investors holding CITIC Securities are puzzled.</p><p><i><b>03、</b></i><b>A camel is bigger than a horse when it starves to death</b></p><p>Although its market capitalization is temporarily lagging behind, the eldest brother<b>CITIC's fundamentals are quite solid.</b></p><p>Just the day before releasing its rights issue announcement yesterday, CITIC Securities showed off its \"muscles\" to investors. The company released its 2021 preliminary financial results, showing revenue of RMB 76.5 billion, a year-on-year increase of 40.8%, net profit attributable to the parent company of RMB 23 billion, a year-on-year increase of 54.2%, while ROE, which is of great interest to value investors, was 12.01%, an increase of 3.58 percentage points year-on-year.</p><p><img src=\"https://static.tigerbbs.com/2780f5270ca95f901cd5683b4cb812fe\" tg-width=\"410\" tg-height=\"285\" referrerpolicy=\"no-referrer\"/></p><p>(Data source:<a href=\"https://laohu8.com/S/300033\">Tonghuashun</a>(CITIC Securities preliminary earnings report)</p><p>The company's revenue in the fourth quarter alone was approximately 18.8 billion yuan, a year-on-year increase of over 50%, and its net profit attributable to the parent company was 5.3 billion yuan, a year-on-year increase of more than double. Based on this calculation, the company's fourth-quarter results far exceeded expectations.</p><p><b>The better-than-expected results were mainly due to improved market prosperity in the fourth quarter, rapid development of the derivatives business, and high year-on-year growth in revenue from investment banking and other businesses.</b></p><p>In addition, CITIC Securities still ranks among the top in many indicators, making its position as the leading company unlikely to be shaken.</p><p>In 2021, CITIC Securities' IPO scale reached 85 billion yuan, a year-on-year increase of 88%, ranking first in the industry; The number of IPOs was 68, an increase of 27 compared to last year, ranking first in the industry. The refinancing scale reached 253.9 billion yuan, a year-on-year increase of 40%, ranking first in the industry. Bond underwriting reached 1,563.4 billion yuan, up 20% year-on-year, ranking first in the industry. Asset management business remained the largest in net revenue in the third quarter, with an increase of over 64%.</p><p><img src=\"https://static.tigerbbs.com/c4069729236c1f8455fca314d212fcb6\" tg-width=\"408\" tg-height=\"279\" referrerpolicy=\"no-referrer\"/></p><p>(Data source: China Aviation Securities, growth rate of asset management business of listed securities firms)</p><p>Capital intermediary business accounted for the vast majority of the purposes of this large-scale financing. Of the 28 billion yuan, the company will use no more than 19 billion yuan for capital intermediary business.</p><p>Intermediary services typically include margin trading, stock pledging, income swaps, equity derivatives, commodity derivatives, market making, and cross-border trading.</p><p><img src=\"https://static.tigerbbs.com/c35cd2dac3004171044926b7426dc8e6\" tg-width=\"458\" tg-height=\"265\" referrerpolicy=\"no-referrer\"/></p><p>(Data source:<a href=\"https://laohu8.com/S/002736\">Guoxin Securities</a>(Revenue structure of CITIC Securities' various businesses)</p><p>Judging from the company's past revenue structure, the company's business is becoming increasingly balanced. The proportion of the company's traditional brokerage business has been decreasing year by year, while the proportion of intermediary business has become an important business growth point for the company.</p><p>Generally speaking, capital intermediary business is characterized by a wide range of clients, rich products, stable interest rate spreads, and controllable risks, making it a key business direction that the company has focused on cultivating in recent years. With the pilot program for market-making trading on the Science and Technology Innovation Board imminent, the company's growth will receive</p><p><b>Some institutions predict that the company's rights issue will mainly be used to develop capital intermediary business, which mainly includes over-the-counter derivatives business and margin trading business. Both are high-quality businesses with relatively neutral risk and high ROA. The rights issue will have a short-term direct impact of about 0.8% on the company's ROE. However, after the rights issue raised funds are put into operation, the company's ROE is expected to rise to 12% in 2023.</b></p><p>Looking at it this way, the company's position as the \"number one\" can still be maintained.</p><p><i><b>04、</b></i><b>epilogue</b></p><p>The large-scale rights issue will hurt shareholders the most. Although the price has fallen sharply today and has almost wiped out the gap, the final ex-rights price is still higher than the closing price.<b>There is still some room for adjustment in the short term.</b></p><p><b>However, in the long run, the fundamentals of the \"number one\" company are relatively solid. The large amount of money raised from the rights issue will undoubtedly improve the company's asset quality and scale, thereby building it into a flagship securities firm.</b></p><p>Whether or not the company's management had foresight and made certain judgments about the securities market, taking advantage of the fact that they could still make money at this time to do more, remains to be seen.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>28 billion yuan rights issue! The securities giant first ruined himself.</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\">\n28 billion yuan rights issue! The securities giant first ruined himself.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇投资学苑 </p>\n<p class=\"h-time smaller\">2022-01-15 08:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Some companies, if you buy and hold them, will give you dividends every year, but some companies, if you buy them, not only won't give you any money, but they'll even ask you for it.</p><p>Last night, the top brokerage firm...<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>The 11-month-long \"money-raising\" plan has been officially launched, with a rights issue scale of 28 billion yuan exceeding...<a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>The 12.7 billion yuan rights issue in 2020 became the largest rights issue financing in the securities industry.</p><p><b>Rights issues have always had a short-term negative impact on stock prices. For shareholders who hold shares, they will definitely be \"beaten up\" and will have to consider whether to participate in rights issues.</b></p><p><img src=\"https://static.tigerbbs.com/9d857b3724e40eef11047ff3e34d8434\" tg-width=\"553\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>(Data source: Choice,<a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>(Intraday trend)</p><p>This morning, as expected, CITIC Securities gained 3% from the open low and continued to decline, dragging down a number of its \"underlings\" in the entire securities sector. If the Shanghai Composite Index underperformed the ChiNext Index today, CITIC Securities must have \"credit\" for it. By the close of trading, CITIC Securities fell 5%, almost at its lowest point, while the securities sector fell 2.38%.</p><p>In the memories of most veteran stock market investors, CITIC Securities is the big brother in the industry. Looking back to 2015, CITIC Securities was arrogant and once became the largest securities giant in Asia and the fourth largest in the world. However, six years later, it was pulled down by Eastmoney in China.</p><p>CITIC Securities' market capitalization was...<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>It has surpassed and fallen to second place. Although Eastmoney has declined somewhat in recent days, its market capitalization still significantly exceeds that of CITIC Securities.</p><p>With this massive 28 billion yuan rights issue, can the number one company regain its dignity?</p><p><i><b>01、</b></i><b>Who benefited from the rights issue?</b></p><p><b>For CITIC Securities itself, rights issues are currently a suitable refinancing method. On the one hand, it can directly obtain large amounts of financing from the market, and on the other hand, it does not dilute the equity of the controlling shareholder.</b></p><p>The rights issue is directly open to all existing shareholders, which will greatly reduce the financial pressure on each investor. In addition, the shareholding ratio of CITIC Securities' major shareholder is already very low, and a direct rights issue will not dilute the shareholding. Looking at the third quarter, the major shareholder, CITIC Limited, held a relatively small percentage of shares, accounting for only 15.47%.</p><p>In this margin trading, CITIC Securities raised approximately 28 billion yuan, of which 23 billion yuan was raised through A-share rights issues and 5 billion yuan through H-share rights issues.</p><p>If 28 billion yuan is raised, it is equivalent to directly supplementing 28 billion yuan of net cash assets. The company's net assets at the end of 2021 were 209.1 billion yuan, and after the rights issue, they will exceed 237 billion yuan, which will be more than 70 billion yuan behind the second-ranked Haitong.</p><p>In the securities industry, total assets are undoubtedly the most important consideration. Therefore, this rights issue will significantly increase CITIC Securities' asset size, thereby further consolidating its leading position in the industry.</p><p><b>However, rights issues may have short-term negative impacts on investors. On the one hand, after a rights issue, the stock price is diluted, and the number of shares in circulation will increase. On the other hand, if you don't participate in the rights issue, the lower the rights issue price, the more you will lose.</b></p><p>According to the announcement, the rights issue will be made to all A-share shareholders at a ratio of 1.5 shares for every 10 shares held. The rights issue price was 14.43 yuan per share, lower than the previous day's closing price of 26.36 yuan, representing a 55% discount.</p><p>If you own 100 shares of CITIC Securities, then you have the right of first refusal to subscribe to 15 shares in this rights issue. Of course, you can also give up the right to subscribe to these 15 shares, which means forfeiting the rights issue.</p><p>For shareholders who have not yet sold their holdings, if they do not participate in the rights issue, they will have to bear a 6% loss. So the question is, since there has already been a certain decline, is CITIC Securities still worth investing in?</p><p>In the short term, the stock price plummeted by 5% today. On Monday, the stock price opened with some emotion, and it fell directly to around 24.8 yuan after the rights issue and ex-rights. Based on the closing price of 25.03, this is less than a 1% drop. In other words, if you've been \"beaten\" today and haven't sold yet, and you don't want to pay for the rights issue, you'll only lose another 1% at most.</p><p>Whether the outlook is positive later on will depend on investors' faith.</p><p><i><b>02、</b></i><b>Challenging</b></p><p><b>The most severe case of CITIC Securities being \"hacked\" was its inverse indicators.</b></p><p>Last year's booming blue-chip market saw CITIC Securities announce on February 10th...<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The target price was set at 3,000 yuan, and Kweichow Moutai's stock price surged 5.9% that day, which was the last positive candlestick before Kweichow Moutai's stock price peaked.</p><p>As we all know, Moutai's stock price plummeted by 35% in just over six months, reaching a recent 1,662 yuan, with its market value evaporating by 11,000 yuan.</p><p>Last July,<a href=\"https://laohu8.com/S/300750\">CATL</a>With CATL's stock price soaring and rising steadily, CITIC Securities released a research report on July 30 stating that it maintains a buy rating on CATL with a target price of 754 yuan per share for 2023. This is 35% higher than the closing price of 556.8 yuan on the 29th. However, unfortunately, Ningwang hit a new historical high during trading on the 30th, but closed down 1.15% in a single day, embarking on a pullback/retracement and once falling below 470 yuan.</p><p><b>Bullish targets don't work, while bearish targets seem to have an impact.</b></p><p><a href=\"https://laohu8.com/S/600927\">Yong'an Futures</a>It went public on December 23, 2021, with an issue price of 17.97 yuan. After listing, it hit the daily limit for six consecutive days, reaching a high of 41.69 yuan on December 30, with a market value of over 60 billion yuan at one point. Subsequently, on December 31, Yong'an Futures experienced a limit-down adjustment, and on January 3, 2022, CITIC Securities released a research report that further criticized Yong'an Futures, stating that the stock price had a 35% downside potential. As a result, \"Qimao\" experienced another flash crash at the start of the new year.</p><p><img src=\"https://static.tigerbbs.com/5fccb088cf8458fdf5b2f6011ef62c62\" tg-width=\"553\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>(Data source: Choice, Yong'an Futures intraday trend)</p><p>Unfortunately, Yong'an Futures hit the daily limit today, closing at 34.41, up 8.27%. It seems that it is still quite far from CITIC Securities' bearish target price of 22 yuan.</p><p>Ningde and Moutai are undoubtedly excellent companies in their respective sectors, and Yong'an Futures' valuation is not cheap. However, when CITIC Securities gives a target price, sometimes luck is a bit unlucky, which causes it to lose some accuracy in the short term.</p><p><b>The deviation from the target price is not limited to these stocks that investors are widely talking about. Of course, it is also related to drastic changes in the macroeconomic environment and the deviation of the main theme of market speculation. It's just a coincidence that the \"number one\" stock has encountered it.</b></p><p>Besides the hacking of its directional indicators, the company's market capitalization has consistently lagged behind Eastmoney recently. Fifty securities firms with a total market capitalization of 4 trillion yuan. Eastmoney, the top securities firm, has a net worth of 334 billion yuan, 10.4 billion yuan more than CITIC Securities. It's worth noting that during the 2015 bull market, CITIC's stock price reached its highest historical high, with a market capitalization approaching 400 billion yuan. At that time, Eastmoney was less than 50 billion yuan, ranking outside the top 20 in market capitalization, while the former was eight times that of the latter.</p><p><b>Of course, even in the same industry, the mindset of those holding shares in Eastmoney and CITIC is vastly different.</b>Since its listing in 2010, Eastmoney has seen a cumulative increase of 32 times, while CITIC has seen less than double the increase during the same period. In 2021, Eastmoney rose 44%, while CITIC Securities fell 9%.</p><p>There is no harm without comparison, which shows that investors holding CITIC Securities are puzzled.</p><p><i><b>03、</b></i><b>A camel is bigger than a horse when it starves to death</b></p><p>Although its market capitalization is temporarily lagging behind, the eldest brother<b>CITIC's fundamentals are quite solid.</b></p><p>Just the day before releasing its rights issue announcement yesterday, CITIC Securities showed off its \"muscles\" to investors. The company released its 2021 preliminary financial results, showing revenue of RMB 76.5 billion, a year-on-year increase of 40.8%, net profit attributable to the parent company of RMB 23 billion, a year-on-year increase of 54.2%, while ROE, which is of great interest to value investors, was 12.01%, an increase of 3.58 percentage points year-on-year.</p><p><img src=\"https://static.tigerbbs.com/2780f5270ca95f901cd5683b4cb812fe\" tg-width=\"410\" tg-height=\"285\" referrerpolicy=\"no-referrer\"/></p><p>(Data source:<a href=\"https://laohu8.com/S/300033\">Tonghuashun</a>(CITIC Securities preliminary earnings report)</p><p>The company's revenue in the fourth quarter alone was approximately 18.8 billion yuan, a year-on-year increase of over 50%, and its net profit attributable to the parent company was 5.3 billion yuan, a year-on-year increase of more than double. Based on this calculation, the company's fourth-quarter results far exceeded expectations.</p><p><b>The better-than-expected results were mainly due to improved market prosperity in the fourth quarter, rapid development of the derivatives business, and high year-on-year growth in revenue from investment banking and other businesses.</b></p><p>In addition, CITIC Securities still ranks among the top in many indicators, making its position as the leading company unlikely to be shaken.</p><p>In 2021, CITIC Securities' IPO scale reached 85 billion yuan, a year-on-year increase of 88%, ranking first in the industry; The number of IPOs was 68, an increase of 27 compared to last year, ranking first in the industry. The refinancing scale reached 253.9 billion yuan, a year-on-year increase of 40%, ranking first in the industry. Bond underwriting reached 1,563.4 billion yuan, up 20% year-on-year, ranking first in the industry. Asset management business remained the largest in net revenue in the third quarter, with an increase of over 64%.</p><p><img src=\"https://static.tigerbbs.com/c4069729236c1f8455fca314d212fcb6\" tg-width=\"408\" tg-height=\"279\" referrerpolicy=\"no-referrer\"/></p><p>(Data source: China Aviation Securities, growth rate of asset management business of listed securities firms)</p><p>Capital intermediary business accounted for the vast majority of the purposes of this large-scale financing. Of the 28 billion yuan, the company will use no more than 19 billion yuan for capital intermediary business.</p><p>Intermediary services typically include margin trading, stock pledging, income swaps, equity derivatives, commodity derivatives, market making, and cross-border trading.</p><p><img src=\"https://static.tigerbbs.com/c35cd2dac3004171044926b7426dc8e6\" tg-width=\"458\" tg-height=\"265\" referrerpolicy=\"no-referrer\"/></p><p>(Data source:<a href=\"https://laohu8.com/S/002736\">Guoxin Securities</a>(Revenue structure of CITIC Securities' various businesses)</p><p>Judging from the company's past revenue structure, the company's business is becoming increasingly balanced. The proportion of the company's traditional brokerage business has been decreasing year by year, while the proportion of intermediary business has become an important business growth point for the company.</p><p>Generally speaking, capital intermediary business is characterized by a wide range of clients, rich products, stable interest rate spreads, and controllable risks, making it a key business direction that the company has focused on cultivating in recent years. With the pilot program for market-making trading on the Science and Technology Innovation Board imminent, the company's growth will receive</p><p><b>Some institutions predict that the company's rights issue will mainly be used to develop capital intermediary business, which mainly includes over-the-counter derivatives business and margin trading business. Both are high-quality businesses with relatively neutral risk and high ROA. The rights issue will have a short-term direct impact of about 0.8% on the company's ROE. However, after the rights issue raised funds are put into operation, the company's ROE is expected to rise to 12% in 2023.</b></p><p>Looking at it this way, the company's position as the \"number one\" can still be maintained.</p><p><i><b>04、</b></i><b>epilogue</b></p><p>The large-scale rights issue will hurt shareholders the most. Although the price has fallen sharply today and has almost wiped out the gap, the final ex-rights price is still higher than the closing price.<b>There is still some room for adjustment in the short term.</b></p><p><b>However, in the long run, the fundamentals of the \"number one\" company are relatively solid. The large amount of money raised from the rights issue will undoubtedly improve the company's asset quality and scale, thereby building it into a flagship securities firm.</b></p><p>Whether or not the company's management had foresight and made certain judgments about the securities market, taking advantage of the fact that they could still make money at this time to do more, remains to be seen.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26ca889a3e1a80f90c55621f8f5d7c3a","relate_stocks":{"161027":"证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140376268","content_text":"有些公司你买入持有，每年还有分红送钱，可是有些公司你买入了，不但没钱送，反而还得向你要钱。昨晚，券商“一哥”中信证券历时11个月的“要钱”计划正式落地，280亿的配股规模，超过招商证券2020年的127亿元配股，成为券商行业最大的一次配股融资。配股向来都会对股价带来短期负面影响，对于持有的股民来说，“挨打”肯定是少不了，还得考虑是否参与配股。（数据来源：Choice，中信证券分时走势）今日早盘，中信证券不出意外的跳空低开3%，而且一路走到黑，把整个证券板块一众“小弟”拖下水，要是说上证指数今日跑输创业板指数，肯定有中信证券的“功劳”。截至收盘，中信证券下跌5%，几乎收在最低位，证券板块下跌2.38%。在多数老股民记忆里，中信证券都是行业内的老大哥，遥想2015年，中信证券不可一世，一度成为亚洲第一大，全球第四大券商巨头，而6年过去了，在国内竟被东财拉下马来。中信证券市值在今年6月被东方财富超越，落到第二，尽管东方财富这些天有些回落，但市值依然超中信证券不少。这次280亿的巨额配股，一哥能挽回自己的尊严吗？01、配股利好了谁？对于中信证券自身来说，配股是当前比较合适的再融资方式。一方面可以直接从市场上获取大额融资，另一方面又不稀释控股股东的股权。配股直接面向全体老股东，那么分担到每个投资者的资金压力就会小很多。另外，中信证券大股东股权占比本来就很低，直接配股不会稀释股权。从三季度看，大股东中信有限公司持有股权比例并不高，只占15.47%。这次配资，中信证券本次配股募集大概280亿，其中，A股配股募230亿，H股配股募集50亿。如果募集资金280亿元，那么相当于直接补充了280亿元现金净资产。公司2021年底净资产2091亿，配股完成后将超2370亿，较第二名海通差距将超700亿。在券商行业，总资产无疑是最重要的考量方式，所以这次配股募资，将大幅提升中信证券的资产规模，从而进一步巩固在行业内的龙头地位。不过，配股对于投资者来说，可能会带来短期负面影响。一方面，配股之后，股价被稀释，流通中股票就会增多。另一方面，如果不参与配股的话，配股价越低，那就等于要亏越多。根据公告，配股按照每10股配售1.5股的比例向全体A股股东配售。配股价格为14.43元/股，比前一日收盘价26.36元低，相当打了55折发行。如果你手里有100股中信证券，那么这次配股你有15股的优先认购权，当然，你也可以放弃这15股的认购权，也就是弃配。对于还没有抛售持有的股民来说，如果不参与配股的话，就得承受6%的亏损，那问题来了，现在已经有一定跌幅了，中信证券还值得配吗？短期来看，今日股价大跌5%，股价周一开盘再来个情绪啥，直接就跌到配股除权后的价格24.8元附近，按照收盘价25.03计算，也就不到1%的跌幅。也就是说，今天“挨打”了还没抛售，又不想交钱配股，最多也就是再损失1%。至于后面是否看好，就得考验投资者信仰了。02、备受挑战中信证券被“黑”的最惨的莫过于它的反向指标。去年轰轰烈烈的大白马行情，中信证券在2月10日将贵州茅台目标价定为3000元，而当天贵州茅台股价大涨5.9%，这也是贵州茅台股价见顶之前的最后一根阳线。此后的故事大家也都知道了，茅台短短半年多大跌35%，股价最新1662元，市值蒸发1.1万。去年7月，宁德时代开车狂飙，一路涨不停，中信证券7月30日发布研报称，维持宁德时代买入评级，2023年目标价为754元/股。相较于29日收盘价的556.8元相比，还要高出35%。不过，很不凑巧，宁王30日盘中创下历史新高，但单日收跌1.15%，并开启了回撤之路，且期间一度跌破470元。看多目标不行，而看空目标好像又有影响力。永安期货2021年12月23日以17.97元的发行价上市，上市后连续6日涨停，至12月30日触及最高价41.69元，市值一度超600亿元。随后12月31日永安期货出现跌停调整，而中信证券2022年1月3日发布研报再踩永安期货一脚，称股价有35%下行空间。结果，“期茅”新年开盘再次闪崩。（数据来源：Choice，永安期货分时走势）不巧的是，今日永安期货盘中一度涨停，报收34.41，涨幅8.27%，看来距离中信证券的看空目标价22元，好像又远了不少。宁德、茅台等无疑都是各赛道的非常优秀的公司，而永安期货估值也是不便宜的标的，只是中信证券给出的目标价的时候，有时运气就是有点背，导致短期失去了一些准头。方向偏离目标价还不仅限于这些股民广为津津乐道的票，当然这背后固然也有宏观环境和市场炒作主线偏离等因素的剧烈变化有关，只是好巧不巧，偏偏“一哥”就遇上了。除了方向指标被黑，公司市值近来一直落后于东方财富。50家券商，总市值4万亿。券商一哥东方财富3340亿，高出中信证券104亿。要知道的是，2015大牛市时，中信历史股价最高时，市值逼近4000亿，那时东财不足500亿，市值排名20名开外，前者是后者的8倍。当然，同样的行业，持有东财和中信的心态却大相径庭。东财2010年上市至今，累计涨幅32倍，同期中信上涨不到1倍。2021年东财上涨44%，中信证券还反而下跌9%。没有对比就没有伤害，可以看出，持有中信证券的投资者表示很纳闷。03、瘦死骆驼比马大虽然市值暂时落后，但老大哥中信的基本面还是比较扎实的。就在昨天发布配股公告的前一天，中信证券还向投资者秀了一下“肌肉”。公司发布2021年度业绩快报，其中营收765亿元，同比增长40.8%，归母净利润230亿元，同比增长54.2%，而价值投资者比较关注的ROE12.01%，同比提升3.58个百分点。（数据来源：同花顺，中信证券业绩快报）公司单单四季度收入大约有188亿元，同比增长超50%，归母净利润53亿，同比增长超1倍。这么一算，公司第四季度业绩大超预期。超预期主要来自第四季度市场景气度上行、衍生品业务快速发展、投行业务、其他业务收入同比高增。此外，中信证券多项指标还是位居前列，老大哥的位置不容易撼动。2021年，中信证券IPO规模850亿，同比增长88%，位居行业第一；IPO家数68家，较去年增加27家，位居行业第一。再融资规模2539亿，同比增长40%，位居行业第一。债券承销15634亿，同比+20%，位居行业第一。资管业务三季度净收入依旧第一，增幅超过64%（数据来源：中航证券，上市券商资管业务增速）对于此次的大笔融资用途中，资本中介业务占据了绝大部分。在280亿元资金中，公司将使用不超190亿元用于资本中介业务。中介业务一般有就是融资融券、股票质押、收益互换、股权衍生品、大宗商品衍生品、做市交易、跨境交易等。（数据来源：国信证券，中信证券各业务收入结构）从公司过往的业务收入结构来看，公司业务越来越均衡。公司传统经纪业务占比逐年降低，而中介业务比列成为公司重要的业务增长点。一般来说，资本中介业务具有客户广泛、产品丰富、利差稳定、风险可控的特征，是公司近年来重点培育的业务方向。科创板做市交易试点在即，公司增长获得资金保障。有机构预测，公司配股主要用于发展资本中介业务，中介业务主要为场外衍生品业务及两融业务，均为风险相对中性且ROA较高的优质业务，配股对公司ROE将带来约0.8%的短期直接影响，但伴随配股募资投入经营后预计2023年公司ROE将升至12%。这么一看，公司“一哥”的地位还是能保住。04、结语大笔配股募资，最伤的还是股民，尽管今天已经大跌，也差不多抹掉差距，但最终除权价依旧高于收盘价，短时间还有一定调整的空间。但长远出发，“一哥”的基本面还是比较扎实，配股募来的大笔钱，毫无疑问将提升公司的资产质量与资产规模，进而打造航母级券商。至于是不是，公司管理层有先见之明，对证券市场的某些判断，趁着这个时候还能搞钱的时候，多搞一点，就不得而知了。","news_type":1,"symbols_score_info":{"161027":0.9}},"isVote":1,"tweetType":1,"viewCount":4593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863774079,"gmtCreate":1632440135591,"gmtModify":1676530781851,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576956646613612","idStr":"3576956646613612"},"themes":[],"title":"","htmlText":"<a 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up","listText":"DIDI up","text":"DIDI up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140365403","repostId":"1130494473","repostType":4,"repost":{"id":"1130494473","kind":"news","pubTimestamp":1625630000,"share":"https://ttm.financial/m/news/1130494473?lang=en_US&edition=fundamental","pubTime":"2021-07-07 11:53","market":"us","language":"zh","title":"Will advertising become the core revenue stream for Didi's large-screen ride-hailing service in Licheng?","url":"https://stock-news.laohu8.com/highlight/detail?id=1130494473","media":"长庚科技","summary":"种种迹象显示，滴滴正在加快户外广告业务的布局。\n长庚君了解到，滴滴已在部分礼橙专车上投放了车载广告屏，这是继一个月前滴滴在快车上投放车载广告屏后，再度加快该项业务的布局。(之前的报道在这里）\n6月初，","content":"<p><img src=\"https://static.tigerbbs.com/31b11f89302957ecc6711f825cf96303\" tg-width=\"1080\" tg-height=\"1440\"></p><p>All signs indicate that Didi is accelerating its expansion into its outdoor advertising business.</p><p>Chang Geng Jun learned that Didi has already deployed in-car advertising screens on some of its Li Cheng ride-hailing services. This is another acceleration of Didi's deployment of in-car advertising screens on its Express ride-hailing services a month ago. (Previous report here)</p><p>In early June, Chang Gengjun disclosed that drivers on some Didi Express vehicles operating in Beijing had received notices requiring the installation of in-vehicle advertising screens. At the time, a driver revealed that Didi only installed in-vehicle advertising screens on lower-priced express cars, and would not install large screens on premium and private cars. Contrary to drivers' predictions, Didi had actually been requiring some ride-hailing drivers to install in-vehicle advertising screens since mid-to-late June.</p><p>A ride-hailing driver revealed that his vehicle received a notification at the end of June to install in-vehicle advertising screens. According to his understanding, 15% of Licheng ride-hailing services in the Beijing market have already completed the installation.</p><p>Similar to Express, drivers who receive the notification are not required to pay installation and screen fees, and are not required to compensate for screen damage. The difference is that if the screen is lost, the driver needs to pay 2,500 yuan in compensation, while if the express driver loses the screen, the compensation is 1,800 yuan.</p><p>Chang Gengjun discovered that the in-vehicle screens installed on Licheng ride-hailing vehicles are much larger than those on express rides, and the screens do not show significant reflections, leading to the inference that the in-vehicle screens on ride-hailing vehicles are more expensive. Furthermore, compared to a month ago, the content on Didi's in-vehicle screens has been significantly improved. It not only features children's songs, movies, and variety shows, but also embeds LBS services such as food recommendations.</p><p>In terms of advertising, only Bilibili, Youku, Sina, and Didi still have their own promotional videos. It is currently unclear whether these advertising content is content replacement or direct placement.</p><p><img src=\"https://static.tigerbbs.com/d1728a2f74e6233348dbd4e0d0e0fa9e\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Unlike purely ad-playing platforms like Focus Media, Didi may hope to increase user acceptance of outdoor advertising through a combination of content, LBS services, and advertising.</p><p>In November 2019, Didi invested 10 million yuan to establish Beijing Lilicheng Media Co., Ltd. The company's main task is to create suitable in-vehicle content for Didi. Public information shows that the production team of Lilicheng has collaborated with Douyin and Zhenledao Culture to produce the variety show short drama \"Dream! Jingjing\", which will be broadcast jointly on Didi's in-car platform and Douyin platform.</p><p>It is understood that, unlike ride-hailing drivers, Didi does not mandate that ride-hailing drivers install in-vehicle advertising screens, but only promotes them to drivers by suggesting they install them.</p>","source":"lsy1575616094547","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>Will advertising become the core revenue stream for Didi's large-screen ride-hailing service in Licheng?</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\">\nWill advertising become the core revenue stream for Didi's large-screen ride-hailing service in Licheng?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">长庚科技</strong><span class=\"h-time small\">2021-07-07 11:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/31b11f89302957ecc6711f825cf96303\" tg-width=\"1080\" tg-height=\"1440\"></p><p>All signs indicate that Didi is accelerating its expansion into its outdoor advertising business.</p><p>Chang Geng Jun learned that Didi has already deployed in-car advertising screens on some of its Li Cheng ride-hailing services. This is another acceleration of Didi's deployment of in-car advertising screens on its Express ride-hailing services a month ago. (Previous report here)</p><p>In early June, Chang Gengjun disclosed that drivers on some Didi Express vehicles operating in Beijing had received notices requiring the installation of in-vehicle advertising screens. At the time, a driver revealed that Didi only installed in-vehicle advertising screens on lower-priced express cars, and would not install large screens on premium and private cars. Contrary to drivers' predictions, Didi had actually been requiring some ride-hailing drivers to install in-vehicle advertising screens since mid-to-late June.</p><p>A ride-hailing driver revealed that his vehicle received a notification at the end of June to install in-vehicle advertising screens. According to his understanding, 15% of Licheng ride-hailing services in the Beijing market have already completed the installation.</p><p>Similar to Express, drivers who receive the notification are not required to pay installation and screen fees, and are not required to compensate for screen damage. The difference is that if the screen is lost, the driver needs to pay 2,500 yuan in compensation, while if the express driver loses the screen, the compensation is 1,800 yuan.</p><p>Chang Gengjun discovered that the in-vehicle screens installed on Licheng ride-hailing vehicles are much larger than those on express rides, and the screens do not show significant reflections, leading to the inference that the in-vehicle screens on ride-hailing vehicles are more expensive. Furthermore, compared to a month ago, the content on Didi's in-vehicle screens has been significantly improved. It not only features children's songs, movies, and variety shows, but also embeds LBS services such as food recommendations.</p><p>In terms of advertising, only Bilibili, Youku, Sina, and Didi still have their own promotional videos. It is currently unclear whether these advertising content is content replacement or direct placement.</p><p><img src=\"https://static.tigerbbs.com/d1728a2f74e6233348dbd4e0d0e0fa9e\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Unlike purely ad-playing platforms like Focus Media, Didi may hope to increase user acceptance of outdoor advertising through a combination of content, LBS services, and advertising.</p><p>In November 2019, Didi invested 10 million yuan to establish Beijing Lilicheng Media Co., Ltd. The company's main task is to create suitable in-vehicle content for Didi. Public information shows that the production team of Lilicheng has collaborated with Douyin and Zhenledao Culture to produce the variety show short drama \"Dream! Jingjing\", which will be broadcast jointly on Didi's in-car platform and Douyin platform.</p><p>It is understood that, unlike ride-hailing drivers, Didi does not mandate that ride-hailing drivers install in-vehicle advertising screens, but only promotes them to drivers by suggesting they install them.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/By1Icoz6Fhvf4ok-fxNpDw\">长庚科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b65bfcb358a6800fc2fe39bc0b3af8fc","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://mp.weixin.qq.com/s/By1Icoz6Fhvf4ok-fxNpDw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130494473","content_text":"种种迹象显示，滴滴正在加快户外广告业务的布局。\n长庚君了解到，滴滴已在部分礼橙专车上投放了车载广告屏，这是继一个月前滴滴在快车上投放车载广告屏后，再度加快该项业务的布局。(之前的报道在这里）\n6月初，长庚君披露了在北京运营的部分滴滴快车上，司机收到过要求安装车载广告屏的通知。当时曾有司机透露，滴滴仅在价格较低的快车上安装车载广告屏，优享和专车将不会安装大屏。与司机们预测不同的是，事实上从6月中下旬开始，滴滴就已经要求部分专车司机安装车载广告屏。\n一位专车司机透露，他的车辆是在6月底收到通知安装车载广告屏，据他了解目前北京市场已有15%的礼橙专车完成了安装。\n与快车相同的是，收到通知的司机无需缴纳安装和屏幕费用，屏幕损坏也无需赔偿。不同的是屏幕如果丢失，司机需要赔偿2500元，而快车司机如果屏幕发生丢失，赔偿金额为1800元。\n长庚君发现，礼橙专车上安装的车载屏比快车的屏幕大很多，且屏幕没有明显反光现象，由此推断专车的车载屏成本更高。此外，与一个月前相比，滴滴在车载屏上的内容已经得到相当程度的完善。不仅有儿歌、影视、综艺等节目，还内嵌了如美食推荐等LBS服务。\n在广告方面、依然只有B站、优酷、新浪和滴滴自己的宣传片，目前尚不清楚是这些广告内容是内容置换还是直接投放。\n\n与分众这样的纯广告播放平台平台不同，滴滴可能希望以内容+LBS服务+广告的形式来提高用户对户外广告的接受程度。\n滴滴在2019年11月斥资1000万元人民币成立北京粒粒橙传媒有限公司。该公司主要任务就是为滴滴制作适合的车载内容。公开信息显示，粒粒橙的制作团队已经与抖音、真乐道文化联合制作综艺短剧《做梦吧!晶晶》，该剧会在滴滴的车载平台与抖音平台共同播出。\n据了解，与快车司机不同的是，滴滴并未强制要求专车司机安装车载广告屏，只是以建议安装的方式向司机推广。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":4254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158027417,"gmtCreate":1625115259539,"gmtModify":1703736473260,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576956646613612","idStr":"3576956646613612"},"themes":[],"title":"","htmlText":"Is 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