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Ryan Lau
Ryan Lau
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2021-06-29
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Ryan Lau
Ryan Lau
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2021-06-28
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Growth VS. Value, This is the Biggest Disagreement of U.S. Stocks Now
一场成长股与价值股之间的角力正在展开。 行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。 就不确定性而言，一方面，美国货币和财政支持可能
Growth VS. Value, This is the Biggest Disagreement of U.S. Stocks Now
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Ryan Lau
Ryan Lau
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2021-06-28
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Ryan Lau
Ryan Lau
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2021-06-28
666
Preview: U.S. Non-farm Strikes in June! Nayuki's Tea Lands on HKEx
摘要： 经济数据方面：中国官方制造业PMI、中国财新制造业PMI、美国初请失业金人数、美国6月Markit制造业PMI初值、美国6月非农就业报告等； 新股方面：越秀服务、和黄医药、“新式茶饮
Preview: U.S. Non-farm Strikes in June! Nayuki's Tea Lands on HKEx
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Ryan Lau
Ryan Lau
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2021-06-28
666
HKEx will cancel morning session trading due to black rainstorm warning signal
6月28日讯，港交所因黑色暴雨警告信号将取消上午时段交易。 此前，港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告，将取消盘前交易。 香港交易所：由于天文台发出黑色暴雨警告，证券（包括沪深股通
HKEx will cancel morning session trading due to black rainstorm warning signal
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Ryan Lau
Ryan Lau
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2021-06-25
666
Opening: Virgin Galactic jumps 18% as S&P hits new high
6月25日（周五），标普500指数开盘上涨8.73点，涨幅0.20%，报4275.22点，盘初创下4277.40点历史高位。纳斯达克综合指数开盘上涨28.4点，涨幅0.20%，报14398.1点；道琼
Opening: Virgin Galactic jumps 18% as S&P hits new high
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Ryan Lau
Ryan Lau
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2021-06-25
666
History of Migration of Big Internet Factories: From "Gypsy Wandering" to Buying Buildings and Land
迁徙，成为了互联网公司早期的主题，居无定所，曾是互联网公司们最有活力的证据。
History of Migration of Big Internet Factories: From "Gypsy Wandering" to Buying Buildings and Land
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Ryan Lau
Ryan Lau
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2021-06-25
666
China Travel Group and China Duty Free submitted listing applications to HKEx
据港交所文件：中旅集团、中国中免向港交所提交上市申请书。 中国中免正与中金合作，消息人士指公司有望成香港今年最大新股，并料IPO规模有望达93亿美元(约725亿港元)。
China Travel Group and China Duty Free submitted listing applications to HKEx
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Ryan Lau
Ryan Lau
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2021-06-23
666
Spark Thinking Submits IPO Application to the United States, Impact "The First Stock of Online Quality Education"
北京时间6月21日，在线素质教育机构火花思维向美国SEC提交IPO申请，寻求在纳斯达克挂牌上市，股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。 若顺
Spark Thinking Submits IPO Application to the United States, Impact "The First Stock of Online Quality Education"
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Ryan Lau
Ryan Lau
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2021-06-23
666
"Market Method" and "Central Bank Method" for Judging Short-term Interest Rate
1、研判短期利率的“市场方法”和“央行方法” 别人家的央行通常只是与市场沟通观点，我们的央行还会手把手地教市场如何做研究。比如说，看到市场常纠结于OMO是净投放还是净回笼，并以此揣测货币政策的取向，央
"Market Method" and "Central Bank Method" for Judging Short-term Interest Rate
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Value, This is the Biggest Disagreement of U.S. Stocks Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1175717613","media":"华尔街见闻","summary":"一场成长股与价值股之间的角力正在展开。\n\n行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。\n就不确定性而言，一方面，美国货币和财政支持可能","content":"<p>A wrestle between growth stocks and value stocks is unfolding. By the middle of the year, the uncertainty above the US stock market is increasing, which has also had a huge impact on the style of US stocks. A wrestle between growth stocks and value stocks is unfolding.</p><p>In terms of uncertainty, on the one hand, US monetary and fiscal support is likely to decrease, which will weaken the dynamism of the current economic recovery and put pressure on corporate earnings growth. And the U.S. government's plans to raise taxes are another potential disincentive.</p><p>On the other hand, the trend of inflation has become another major uncertainty affecting the trend of U.S. stocks. If the upward pressure on prices continues, the result is a rise in rate hike expectations, and U.S. stocks may experience a bumpy road.</p><p>These uncertainties dominate growth and value stock trends, and changes in inflation and monetary policy direction expectations will determine the style of U.S. stocks in the second half of the year.</p><p>Wall Street News mentioned earlier that since the beginning of this year, with the rapid rise of U.S. bond yields and the rapid rotation of U.S. stocks, the stock prices of technology giants with infinite scenery during the epidemic have been sharply corrected, while cyclical stocks that are sensitive to economic recovery have collectively rebounded.</p><p>However, recently, with the cooling of inflation expectations and the decline of U.S. bond yields, technology stocks have regained the favor of the market, especially since the Federal Reserve hinted that it would be earlier than expected rate hike, the rally of technology stocks has intensified.</p><p>Many analysts stand with technology stocks, thinking that after some correction, the valuation of American technology giants has begun to show attractiveness, which means that these technology leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande thinks U.S. tech stocks are relatively cheap right now. According to Barclays, FANMAG currently has an average expected P/E of 29.9x. That's only a tiny bit higher than the roughly 28 times mark in December 2019 before the pandemic began, and a sharp drop from the 40 times peak in the middle of last year.</p><p>Jason Pride, chief investment officer of private wealth at Glenmede, believes that the market for value stocks is not over yet, and that value stocks will outperform tech stocks:</p><p>We are still in the midst of a fundamental recovery, with both economic growth and revenues improving. Our underlying assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also prefers value stocks. Andrew Slimmon, senior portfolio manager at the agency, said that there is a tendency to hold inflation-sensitive stocks at times of stronger economy, and people may be underestimating the duration of this cycle.</p><p>Slimmon noted that value stocks remain cheap relative to the broader market, and the phase of value stocks performing super-large will continue.</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>Growth VS. Value, This is the Biggest Disagreement of U.S. Stocks Now</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\">\nGrowth VS. Value, This is the Biggest Disagreement of U.S. Stocks Now\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-27 21:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A wrestle between growth stocks and value stocks is unfolding. By the middle of the year, the uncertainty above the US stock market is increasing, which has also had a huge impact on the style of US stocks. A wrestle between growth stocks and value stocks is unfolding.</p><p>In terms of uncertainty, on the one hand, US monetary and fiscal support is likely to decrease, which will weaken the dynamism of the current economic recovery and put pressure on corporate earnings growth. And the U.S. government's plans to raise taxes are another potential disincentive.</p><p>On the other hand, the trend of inflation has become another major uncertainty affecting the trend of U.S. stocks. If the upward pressure on prices continues, the result is a rise in rate hike expectations, and U.S. stocks may experience a bumpy road.</p><p>These uncertainties dominate growth and value stock trends, and changes in inflation and monetary policy direction expectations will determine the style of U.S. stocks in the second half of the year.</p><p>Wall Street News mentioned earlier that since the beginning of this year, with the rapid rise of U.S. bond yields and the rapid rotation of U.S. stocks, the stock prices of technology giants with infinite scenery during the epidemic have been sharply corrected, while cyclical stocks that are sensitive to economic recovery have collectively rebounded.</p><p>However, recently, with the cooling of inflation expectations and the decline of U.S. bond yields, technology stocks have regained the favor of the market, especially since the Federal Reserve hinted that it would be earlier than expected rate hike, the rally of technology stocks has intensified.</p><p>Many analysts stand with technology stocks, thinking that after some correction, the valuation of American technology giants has begun to show attractiveness, which means that these technology leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande thinks U.S. tech stocks are relatively cheap right now. According to Barclays, FANMAG currently has an average expected P/E of 29.9x. That's only a tiny bit higher than the roughly 28 times mark in December 2019 before the pandemic began, and a sharp drop from the 40 times peak in the middle of last year.</p><p>Jason Pride, chief investment officer of private wealth at Glenmede, believes that the market for value stocks is not over yet, and that value stocks will outperform tech stocks:</p><p>We are still in the midst of a fundamental recovery, with both economic growth and revenues improving. Our underlying assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also prefers value stocks. Andrew Slimmon, senior portfolio manager at the agency, said that there is a tendency to hold inflation-sensitive stocks at times of stronger economy, and people may be underestimating the duration of this cycle.</p><p>Slimmon noted that value stocks remain cheap relative to the broader market, and the phase of value stocks performing super-large will continue.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175717613","content_text":"一场成长股与价值股之间的角力正在展开。\n\n行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。\n就不确定性而言，一方面，美国货币和财政支持可能会减少，这将削弱当前经济复苏的活力，并对企业盈利增长造成压力。此外美国政府酝酿提高税收的计划是另一个潜在的抑制因素。\n另一方面，通胀走势成为牵动美股走势的另一大不确定性，如果价格的上行压力持续，结果是加息预期上升，美股可能会经历一段坎坷之路。\n这些不确定性主宰着成长和价值股票走势，通胀和货币政策走向预期的变动将决定美股下半年的风格。\n华尔街见闻此前提及，今年初以来，随着美债收益率快速走高，美股快速轮动，疫情期间风光无限的科技巨头们股价大幅回调，而对经济复苏较为敏感的周期股集体反弹。\n但近期，随着通胀预期降温，美债收益率下行，科技股重获市场青睐，尤其是美联储暗示将早于预期加息以来，科技股涨势加剧。\n有不少分析师站队科技股，认为经过一番回调，目前美国科技巨头们的估值已经开始彰显吸引力，这意味着这些科技领头羊有望继续上涨。\n巴克莱策略师Maneesh Deshpande认为目前美国科技股相对便宜。巴克莱(Barclays)的数据显示，FANMAG目前的平均预期市盈率为29.9倍。这只比2019年12月大流行开始前的约28倍高一点点，比去年年中40倍的峰值大幅下降。\n格伦米德(Glenmede)私人财富首席投资官Jason Pride则认为，价值股的行情还未结束，价值股将跑赢科技股：\n\n 我们仍处于基本面复苏之中，经济增长和收入都有所提高。我们的基本假设是，通胀最终会稳定在2%至3%之间，这对价值股的益处将大于成长股。\n\n摩根士丹利资产管理公司也偏好价值股。该机构高级投资组合经理Andrew Slimmon表示，在经济形势更为强劲的时候，倾向于持有对通胀敏感的股票，而人们可能低估了这个周期的持续时间。\nSlimmon指出，相对于更广泛的市场，价值型股票仍然很便宜，价值股表现超大盘的阶段将持续下去。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127848276,"gmtCreate":1624844315695,"gmtModify":1703845962783,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127848276","repostId":"2146007781","repostType":4,"isVote":1,"tweetType":1,"viewCount":3084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127840712,"gmtCreate":1624844204236,"gmtModify":1703845957871,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127840712","repostId":"1111160299","repostType":4,"repost":{"id":"1111160299","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":1624835672,"share":"https://ttm.financial/m/news/1111160299?lang=en_US&edition=fundamental","pubTime":"2021-06-28 07:14","market":"hk","language":"zh","title":"Preview: U.S. Non-farm Strikes in June! Nayuki's Tea Lands on HKEx","url":"https://stock-news.laohu8.com/highlight/detail?id=1111160299","media":"老虎资讯综合","summary":"摘要：\n\n 经济数据方面：中国官方制造业PMI、中国财新制造业PMI、美国初请失业金人数、美国6月Markit制造业PMI初值、美国6月非农就业报告等；\n\n\n 新股方面：越秀服务、和黄医药、“新式茶饮","content":"<p>Abstract:</p><p>In terms of economic data: China's official manufacturing PMI, China's Caixin manufacturing PMI, U.S. initial unemployment claims, U.S. June<a href=\"https://laohu8.com/S/MRKT\">Markit</a>Initial value of manufacturing PMI, U.S. June non-farm payrolls report, etc.; In respect of new shares:<a href=\"https://laohu8.com/S/06626\">Yuexiu Services</a>、<a href=\"https://laohu8.com/S/00013\">Hutchison Medicine</a>\"The first share of new tea drinks\"<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>、<a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Buy groceries, Atour Group... and many other new shares are listed! In terms of financial events: The 2021 FOMC voting committee and Richmond Fed chairman will deliver a speech. On the anniversary of Hong Kong's handover, Hong Kong stocks were closed for a day on Thursday.<b>Important economic data at a glance</b></p><p><b>Monday, June 28th KEYWORDS: Fed Williams speech; Yuexiu Services Listing</b><img src=\"https://static.tigerbbs.com/56f5afbec3ae71eff87df037fadb34de\" tg-width=\"609\" tg-height=\"142\" referrerpolicy=\"no-referrer\">On Monday, investors paid a little attention to the June Dallas Fed Manufacturing Activity Index in the United States. In addition, investors pay attention to the trend of U.S. stocks and U.S. bonds, so as to find clues about changes in market sentiment.</p><p>In terms of new shares,<b>Yuexiu Services listed on the Main Board of the Stock Exchange on Monday</b>Will be traded in board lots of 500 shares of Yuexiu Services each, stock code 6626.</p><p>According to the data, Yuexiu's service revenue continued to grow rapidly. In 2020, the revenue reached 1.168 billion yuan, with an average annual compound growth rate of 23.7%. In terms of revenue by region, 78% and 92% of the revenue of non-commercial and commercial segments came from the Greater Bay Area respectively, and the company also actively extended its layout beyond the Greater Bay Area.</p><p><b>Tuesday, June 29 KEYWORDS: Richmond Fed President speaks; Ding Dong Maicai goes on the market</b><img src=\"https://static.tigerbbs.com/835d984c6c7d7bbf6cf77ab2a1b42111\" tg-width=\"614\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><b>On Tuesday, investors focused on consumer confidence data from the Consulting Council in the United States</b>。 At present, the market widely believes that consumer confidence in the United States has further improved.</p><p>The analysis pointed out that the US economy is expected to see stronger growth, and the number of consumers whose unemployment rate is expected to record a net decrease has reached a record high. Although inflation expectations fell in early June, rising inflation remains a top concern for consumers.</p><p>U.S. consumer sentiment rose more than expected in early June due to improved economic prospects and moderating inflation expectations. Additionally, consumer sentiment is more upbeat as travel restrictions are lifted, temperatures warm and health concerns wane.</p><p><b>In terms of new shares, Ding Dong Maicai is listed on the US stock market</b>。 The company plans to issue 14 million American Depositary Shares (ADS) in this IPO, with an offering range of $23.5-$25.5 per ADS share;<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Bank of America,<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>The underwriters also enjoy the over-allotment option of 2.1 million ADS shares. Based on the upper limit of this issuance range, the IPO of Dingdong Maicai will raise at most $410 million.</p><p><b>Wednesday, June 30th KEYWORDS: China's official manufacturing PMI, new stock listings such as Hutchison Medicine and Naixue's Tea</b><img src=\"https://static.tigerbbs.com/8b79e86151fa8448864cf47679b25d04\" tg-width=\"614\" tg-height=\"601\" referrerpolicy=\"no-referrer\">For the Asian session on June 30, focus on China's official manufacturing PMI for June.</p><p><b>On Wednesday, Hong Kong stocks will usher in two new IPOs: Hutchison Medicine and Naixue's Tea.</b></p><p>Hutchison Medicine is priced at HK$40.1 per share. Assuming the Over-allotment Option is not exercised, the gross proceeds received by the Company from the Global Offering are expected to be HK$4,170.4 million. The Company intends to use the net proceeds from the Global Offering to advance its late-stage clinical plans and its pipeline of clinical stage and preclinical drug candidates, to further enhance its commercialization, clinical, regulatory and manufacturing capabilities, to fund potential global business development and strategic acquisition opportunities, and for general corporate purposes.</p><p>The IPO price of Nayuki's tea is between HK$17.20 and HK$19.80, and the highest total fund-raising amount is about HK$5.858 billion. According to CIC, Nayuki's tea was the second largest teahouse brand in the high-end freshly made teahouse market in China with a market share of 18.9% in terms of total retail consumption in 2020.</p><p><b>Thursday, July 1st Keywords: China Caixin Manufacturing PMI; U.S. Unemployment Claims Data; Atour Group goes public</b><img src=\"https://static.tigerbbs.com/0c65a6ca86833610251c4e1b660500f4\" tg-width=\"609\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p><b>On Thursday, Hong Kong stocks were closed for a day on the anniversary of Hong Kong's handover.</b></p><p>Investors can focus on a series of economic data released by the United States, among which the bigger impact on the market may be<b>Manufacturing PMI Data for June</b>。</p><p>At present, the performance of the U.S. manufacturing industry is gradually improving. However, manufacturers are still struggling to obtain raw materials and recruit qualified workers, which has greatly increased prices for businesses and consumers. Strong performance in manufacturing underpinned economists' expectations for double-digit growth in the second quarter.</p><p>As COVID kept Americans at home, demand shifted from services to goods. Demand remains strong as vaccinations and trillions of dollars in government relief funding allow the economy to reopen more broadly.</p><p><b>In terms of new shares, Atour Group will be listed on the US stock market.</b>The company is a mid-to-high-end hotel chain group, and its brands cover the whole business chain from mid-range to luxury hotels. According to the Frost & Sullivan Report, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China in terms of number of rooms.</p><p><b>Friday, July 2nd Keywords: U.S. June Non-Farm Payrolls Report; Zhongjun Commercial Management listed</b><img src=\"https://static.tigerbbs.com/423d184f221bc811afff249a68e94882\" tg-width=\"615\" tg-height=\"599\" referrerpolicy=\"no-referrer\">On Friday,<b>Markets will usher in U.S. June non-farm payrolls report</b>The quality of the data will directly and greatly affect the trend of the market.</p><p>Although the U.S. job market is recovering, the extent of the recovery remains miss the market expectation. A rapid tightening of the labor market could pose a medium-term problem for financial markets, the analysis said. While new jobs are increasing, the U.S. unemployment rate continues to rise and employment rates are subdued.</p><p>The Federal Reserve recently raised its inflation forecasts and moved forward its rate hike timeline, and now expects two rate hike in 2023 as inflation in the United States is at a multi-decade high.</p><p>At present, the Fed seems to be sticking to this line quite firmly, looser than ever, and maintaining liquidity as much as possible, but withdrawing liquidity is very, very slow, the analysis said. According to the analysis, given the existing valuation indicators, any factors that disrupt financial markets, including the labor market, are the real problems that financial markets face in the medium term.</p><p><b>In terms of new shares, Zhongjun Commercial Management is listed on the Hong Kong stock market.</b>According to the data, Zhongjun Commercial Management is a comprehensive property management service provider, positioned as a light asset management company, providing management services such as office buildings, commercial streets and residential buildings to the parent company Zhongjun Group and third parties.</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>Preview: U.S. Non-farm Strikes in June! Nayuki's Tea Lands on HKEx</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\">\nPreview: U.S. Non-farm Strikes in June! Nayuki's Tea Lands on HKEx\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\">2021-06-28 07:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Abstract:</p><p>In terms of economic data: China's official manufacturing PMI, China's Caixin manufacturing PMI, U.S. initial unemployment claims, U.S. June<a href=\"https://laohu8.com/S/MRKT\">Markit</a>Initial value of manufacturing PMI, U.S. June non-farm payrolls report, etc.; In respect of new shares:<a href=\"https://laohu8.com/S/06626\">Yuexiu Services</a>、<a href=\"https://laohu8.com/S/00013\">Hutchison Medicine</a>\"The first share of new tea drinks\"<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>、<a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Buy groceries, Atour Group... and many other new shares are listed! In terms of financial events: The 2021 FOMC voting committee and Richmond Fed chairman will deliver a speech. On the anniversary of Hong Kong's handover, Hong Kong stocks were closed for a day on Thursday.<b>Important economic data at a glance</b></p><p><b>Monday, June 28th KEYWORDS: Fed Williams speech; Yuexiu Services Listing</b><img src=\"https://static.tigerbbs.com/56f5afbec3ae71eff87df037fadb34de\" tg-width=\"609\" tg-height=\"142\" referrerpolicy=\"no-referrer\">On Monday, investors paid a little attention to the June Dallas Fed Manufacturing Activity Index in the United States. In addition, investors pay attention to the trend of U.S. stocks and U.S. bonds, so as to find clues about changes in market sentiment.</p><p>In terms of new shares,<b>Yuexiu Services listed on the Main Board of the Stock Exchange on Monday</b>Will be traded in board lots of 500 shares of Yuexiu Services each, stock code 6626.</p><p>According to the data, Yuexiu's service revenue continued to grow rapidly. In 2020, the revenue reached 1.168 billion yuan, with an average annual compound growth rate of 23.7%. In terms of revenue by region, 78% and 92% of the revenue of non-commercial and commercial segments came from the Greater Bay Area respectively, and the company also actively extended its layout beyond the Greater Bay Area.</p><p><b>Tuesday, June 29 KEYWORDS: Richmond Fed President speaks; Ding Dong Maicai goes on the market</b><img src=\"https://static.tigerbbs.com/835d984c6c7d7bbf6cf77ab2a1b42111\" tg-width=\"614\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><b>On Tuesday, investors focused on consumer confidence data from the Consulting Council in the United States</b>。 At present, the market widely believes that consumer confidence in the United States has further improved.</p><p>The analysis pointed out that the US economy is expected to see stronger growth, and the number of consumers whose unemployment rate is expected to record a net decrease has reached a record high. Although inflation expectations fell in early June, rising inflation remains a top concern for consumers.</p><p>U.S. consumer sentiment rose more than expected in early June due to improved economic prospects and moderating inflation expectations. Additionally, consumer sentiment is more upbeat as travel restrictions are lifted, temperatures warm and health concerns wane.</p><p><b>In terms of new shares, Ding Dong Maicai is listed on the US stock market</b>。 The company plans to issue 14 million American Depositary Shares (ADS) in this IPO, with an offering range of $23.5-$25.5 per ADS share;<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Bank of America,<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>The underwriters also enjoy the over-allotment option of 2.1 million ADS shares. Based on the upper limit of this issuance range, the IPO of Dingdong Maicai will raise at most $410 million.</p><p><b>Wednesday, June 30th KEYWORDS: China's official manufacturing PMI, new stock listings such as Hutchison Medicine and Naixue's Tea</b><img src=\"https://static.tigerbbs.com/8b79e86151fa8448864cf47679b25d04\" tg-width=\"614\" tg-height=\"601\" referrerpolicy=\"no-referrer\">For the Asian session on June 30, focus on China's official manufacturing PMI for June.</p><p><b>On Wednesday, Hong Kong stocks will usher in two new IPOs: Hutchison Medicine and Naixue's Tea.</b></p><p>Hutchison Medicine is priced at HK$40.1 per share. Assuming the Over-allotment Option is not exercised, the gross proceeds received by the Company from the Global Offering are expected to be HK$4,170.4 million. The Company intends to use the net proceeds from the Global Offering to advance its late-stage clinical plans and its pipeline of clinical stage and preclinical drug candidates, to further enhance its commercialization, clinical, regulatory and manufacturing capabilities, to fund potential global business development and strategic acquisition opportunities, and for general corporate purposes.</p><p>The IPO price of Nayuki's tea is between HK$17.20 and HK$19.80, and the highest total fund-raising amount is about HK$5.858 billion. According to CIC, Nayuki's tea was the second largest teahouse brand in the high-end freshly made teahouse market in China with a market share of 18.9% in terms of total retail consumption in 2020.</p><p><b>Thursday, July 1st Keywords: China Caixin Manufacturing PMI; U.S. Unemployment Claims Data; Atour Group goes public</b><img src=\"https://static.tigerbbs.com/0c65a6ca86833610251c4e1b660500f4\" tg-width=\"609\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p><b>On Thursday, Hong Kong stocks were closed for a day on the anniversary of Hong Kong's handover.</b></p><p>Investors can focus on a series of economic data released by the United States, among which the bigger impact on the market may be<b>Manufacturing PMI Data for June</b>。</p><p>At present, the performance of the U.S. manufacturing industry is gradually improving. However, manufacturers are still struggling to obtain raw materials and recruit qualified workers, which has greatly increased prices for businesses and consumers. Strong performance in manufacturing underpinned economists' expectations for double-digit growth in the second quarter.</p><p>As COVID kept Americans at home, demand shifted from services to goods. Demand remains strong as vaccinations and trillions of dollars in government relief funding allow the economy to reopen more broadly.</p><p><b>In terms of new shares, Atour Group will be listed on the US stock market.</b>The company is a mid-to-high-end hotel chain group, and its brands cover the whole business chain from mid-range to luxury hotels. According to the Frost & Sullivan Report, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China in terms of number of rooms.</p><p><b>Friday, July 2nd Keywords: U.S. June Non-Farm Payrolls Report; Zhongjun Commercial Management listed</b><img src=\"https://static.tigerbbs.com/423d184f221bc811afff249a68e94882\" tg-width=\"615\" tg-height=\"599\" referrerpolicy=\"no-referrer\">On Friday,<b>Markets will usher in U.S. June non-farm payrolls report</b>The quality of the data will directly and greatly affect the trend of the market.</p><p>Although the U.S. job market is recovering, the extent of the recovery remains miss the market expectation. A rapid tightening of the labor market could pose a medium-term problem for financial markets, the analysis said. While new jobs are increasing, the U.S. unemployment rate continues to rise and employment rates are subdued.</p><p>The Federal Reserve recently raised its inflation forecasts and moved forward its rate hike timeline, and now expects two rate hike in 2023 as inflation in the United States is at a multi-decade high.</p><p>At present, the Fed seems to be sticking to this line quite firmly, looser than ever, and maintaining liquidity as much as possible, but withdrawing liquidity is very, very slow, the analysis said. According to the analysis, given the existing valuation indicators, any factors that disrupt financial markets, including the labor market, are the real problems that financial markets face in the medium term.</p><p><b>In terms of new shares, Zhongjun Commercial Management is listed on the Hong Kong stock market.</b>According to the data, Zhongjun Commercial Management is a comprehensive property management service provider, positioned as a light asset management company, providing management services such as office buildings, commercial streets and residential buildings to the parent company Zhongjun Group and third parties.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d256e82db1d71c864259845ce1d069bf","relate_stocks":{"159934":"黄金ETF","518880":"黄金ETF华安","GLD":"黄金ETF-SPDR","DUST":"二倍做空黄金矿业指数ETF-Direxion","IAU":"黄金信托ETF-iShares","GDX":"黄金矿业ETF-VanEck","NUGT":"二倍做多黄金矿业指数ETF-Direxion"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111160299","content_text":"摘要：\n\n 经济数据方面：中国官方制造业PMI、中国财新制造业PMI、美国初请失业金人数、美国6月Markit制造业PMI初值、美国6月非农就业报告等；\n\n\n 新股方面：越秀服务、和黄医药、“新式茶饮第一股”奈雪的茶、叮咚买菜、亚朵集团……等多只新股扎堆上市！\n\n\n 财经事件方面：2021年FOMC票委、里奇蒙德联储主席将发表讲话。香港回归纪念日，港股周四休市一天。\n\n重要经济数据一览\n6月28日周一关键词：美联储威廉姆斯讲话；越秀服务上市周一，投资者稍加留意美国的6月达拉斯联储制造业活动指数。另外，投资者关注美股和美债的走势，从而找到市场情绪变化的线索。\n新股方面，越秀服务周一在联交所主板上市，将以每手500股越秀服务股份进行买卖，股份代号为6626。\n资料显示，越秀服务收入持续快速增长，2020年收入达到11.68亿元，年均复合增长率为23.7%，按地域划分收入看，非商业板块和商业板块分别有78%和92%的收入来自大湾区，公司亦积极向大湾区之外延伸布局。\n6月29日周二关键词：里奇蒙德联储主席讲话；叮咚买菜上市周二，投资者主要关注美国的咨商会消费信心数据。目前市场广泛认为美国的消费信心有了进一步的好转。\n分析指出，美国经济预期会出现更强增长，预计失业率将录得净降低的消费者人数创下历史新高。尽管通胀预期在6月初有所下降，通胀上升仍然是消费者最关心的问题。\n由于经济前景的改善以及通胀预期趋缓，美国消费者情绪在6月初的上升幅度超过了预期。此外，随着旅行限制的取消，气温回暖以及健康担忧的弱化，消费者的情绪更加乐观。\n新股方面，叮咚买菜于美股上市。公司计划在本次IPO中发行1400万股美国存托股票（ADS），发行区间为每股ADS 23.5美元-25.5美元；摩根士丹利、美银、瑞士信贷等承销商另享有210万股ADS的超额配售权。以此发行区间上限计算，叮咚买菜本次IPO至多募资规模为4.1亿美元。\n6月30日周三关键词：中国官方制造业PMI，和黄医药、奈雪的茶等新股上市6月30日亚洲时段，重点关注中国的6月份官方制造业PMI。\n周三港股将迎来两个新股IPO：和黄医药和奈雪的茶。\n和黄医药每股定价为40.1港元。假设超额配股权未获行使，公司自全球发售获得的所得款项总额预期将为41.704亿港元。公司拟将全球发售的所得款项净额用作推进其后期临床计划以及其临床阶段及临床前候选药物管线、进一步增强其商业化、临床、监管及生产实力、为潜在的全球业务发展及策略收购机会提供资金，以及用作一般企业用途。\n奈雪的茶招股价为17.20港元-19.80港元之间，最高募资总额约为58.58亿港元。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。\n7月1日周四关键词：中国财新制造业PMI；美国初请失业金数据；亚朵集团上市\n周四，因香港回归纪念日，港股休市一天。\n投资者可重点关注美国公布的一系列经济数据，其中对市场影响较大的可能是6月份的制造业PMI数据。\n当前美国制造业表现逐步向好，虽然如此，但制造商仍在努力获取原材料和招聘合格工人，这大大提高了企业和消费者的价格。制造业的强劲表现支撑了经济学家对第二季度两位数增长的预期。\n由于新冠疫情使美国人留在国内，需求从服务转向商品。由于接种疫苗和政府提供的数万亿美元救济资金使经济更广泛地重新开放，需求仍保持强劲。\n新股方面，亚朵集团将于美股上市。公司为一家中高档连锁酒店集团，旗下品牌覆盖从中档到豪华酒店的全业务链条。根据弗若斯特沙利文报告，截至2020年底，按客房数量计，亚朵酒店是中国最大的中高档连锁酒店。\n7月2日周五关键词：美国6月非农就业报告；中骏商管上市周五，市场将迎来美国6月非农就业报告，数据的好坏将直接大幅度的影响市场行情的走向。\n尽管美国就业市场正在复苏，但复苏的程度仍然不及市场预期。分析表示，劳动力市场迅速收紧可能会给金融市场带来一个中期问题。虽然新增就业不断增加，但美国失业率持续上升，且雇佣率低迷。\n美联储最近上调了通胀预期，并提前了加息时间表，目前预计2023年将有两次加息，因为美国的通胀率正处于几十年来的高点。\n分析称，目前美联储似乎相当坚决地坚持这一路线，比以往任何时候都要宽松，并尽可能维持流动性，但撤回流动性的速度非常非常缓慢。分析认为，考虑到现有的估值指标，任何扰乱金融市场的因素，包括劳动力市场，都是金融市场在中期面临的真正问题。\n新股方面，中骏商管于港股上市。资料显示，中骏商管是一家综合物业管理服务提供商，定位轻资产管理公司，为母公司中骏集团及第三方提供办公楼、商业街及住宅等管理服务。","news_type":1,"symbols_score_info":{"159934":0.9,"518880":0.9,"GCmain":0.9,"SImain":0.9,"SGUmain":0.9,"SGCmain":0.9,"GLD":0.9,"GDX":0.9,"NUGT":0.9,"IAU":0.9,"MGCmain":0.9,"DUST":0.9}},"isVote":1,"tweetType":1,"viewCount":3278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127857475,"gmtCreate":1624844183497,"gmtModify":1703845956243,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","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/127857475","repostId":"1108579788","repostType":4,"repost":{"id":"1108579788","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":1624842781,"share":"https://ttm.financial/m/news/1108579788?lang=en_US&edition=fundamental","pubTime":"2021-06-28 09:13","market":"hk","language":"zh","title":"HKEx will cancel morning session trading due to black rainstorm warning signal","url":"https://stock-news.laohu8.com/highlight/detail?id=1108579788","media":"老虎资讯综合","summary":"6月28日讯，港交所因黑色暴雨警告信号将取消上午时段交易。\n此前，港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告，将取消盘前交易。\n香港交易所：由于天文台发出黑色暴雨警告，证券（包括沪深股通","content":"<p>On June 28th, HKEx will cancel morning trading due to black rainstorm warning signal.</p><p>Earlier, the Hong Kong Stock Exchange announced that if the black rainstorm warning issued by the Observatory could not be cancelled at 9 a.m., the pre-market trading would be cancelled.</p><p>HKEX: Due to the black rainstorm warning issued by the Observatory, the morning trading hours of the securities (including the Shanghai-Shenzhen Stock Connect) and derivatives markets will be delayed. If the 9 a.m. black rainstorm warning signal remains in place, morning trading will be cancelled.</p><p>Shanghai Stock Exchange: Hong Kong Stock Exchange suspended trading due to black rainstorm. Trading in Hong Kong Stock Connect was suspended under Shanghai-Hong Kong Stock Connect.</p><p>Shenzhen Stock Exchange: On June 28th, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the Measures for the Implementation of Shenzhen-Hong Kong Stock Connect Business of Shenzhen Stock Exchange, the trading of Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect was suspended.<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>The black rainstorm in Hong Kong hit, and Hong Kong stocks closed in the morning. How much do you know about the trading arrangements?</b></p><p>On June 28th, the Hong Kong Observatory issued a special report on the black rainstorm warning signal at 8: 20 am: The rainstorm warning signal is now black, indicating that heavy rains with an hourly rainfall of more than 70mm have been recorded or expected in extensive areas of Hong Kong, and the rain may continue.<img src=\"https://static.tigerbbs.com/c65808ce9685f3cd97d48ee260a04e71\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\">As of 9 a.m., the black rainstorm warning has not been lifted, and the opening of Hong Kong stocks in early trading will be delayed. If it is lifted after 9 am, the morning trading of Hong Kong stocks will be cancelled. If lifted between 11 and 11:30, trading begins at 1:30pm; If lifted between 11:30 and 12, trading begins at 2pm; It will be lifted after 12 noon and will be closed all day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\">Due to the frequent occurrence of typhoons and other weather, the Hong Kong market has repeatedly delayed trading due to weather factors. Therefore, the response measures of HKEx are relatively complete.</p><p>On August 19, 2020, the Hong Kong stock market was closed in early trading, and the Hong Kong Observatory changed the No.3 strong wind signal at 11: 10 a.m. on the 19th. The HKEx subsequently announced that the afternoon trading session would start at 13:30.</p><p>On August 23, 2017, HKEx announced in the morning that the morning trading hours of securities markets (including Shanghai-Shenzhen Stock Connect) and derivatives markets would be delayed due to the typhoon signal No.8 issued by the Observatory.</p><p>On October 21, 2016, the HKEx said that the morning trading hours of the securities market (including Shanghai Stock Connect) and the derivatives market would be delayed because the Observatory has now issued Typhoon 8 signal.</p><p>On August 2, 2016, the HKEx announced that the No.8 typhoon signal warning was still in effect, and the morning trading hours of the securities market (including Shanghai Stock Connect) and derivatives market would be delayed.</p><p>On September 16, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed in the morning trading hours, after the Hong Kong Observatory had issued the No. 8 storm signal for Typhoon Kalmaegi.</p><p>In 2013, similar actions were taken several times because of typhoons and heavy rains.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nHKEx will cancel morning session trading due to black rainstorm warning signal\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\">2021-06-28 09:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 28th, HKEx will cancel morning trading due to black rainstorm warning signal.</p><p>Earlier, the Hong Kong Stock Exchange announced that if the black rainstorm warning issued by the Observatory could not be cancelled at 9 a.m., the pre-market trading would be cancelled.</p><p>HKEX: Due to the black rainstorm warning issued by the Observatory, the morning trading hours of the securities (including the Shanghai-Shenzhen Stock Connect) and derivatives markets will be delayed. If the 9 a.m. black rainstorm warning signal remains in place, morning trading will be cancelled.</p><p>Shanghai Stock Exchange: Hong Kong Stock Exchange suspended trading due to black rainstorm. Trading in Hong Kong Stock Connect was suspended under Shanghai-Hong Kong Stock Connect.</p><p>Shenzhen Stock Exchange: On June 28th, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the Measures for the Implementation of Shenzhen-Hong Kong Stock Connect Business of Shenzhen Stock Exchange, the trading of Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect was suspended.<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>The black rainstorm in Hong Kong hit, and Hong Kong stocks closed in the morning. How much do you know about the trading arrangements?</b></p><p>On June 28th, the Hong Kong Observatory issued a special report on the black rainstorm warning signal at 8: 20 am: The rainstorm warning signal is now black, indicating that heavy rains with an hourly rainfall of more than 70mm have been recorded or expected in extensive areas of Hong Kong, and the rain may continue.<img src=\"https://static.tigerbbs.com/c65808ce9685f3cd97d48ee260a04e71\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\">As of 9 a.m., the black rainstorm warning has not been lifted, and the opening of Hong Kong stocks in early trading will be delayed. If it is lifted after 9 am, the morning trading of Hong Kong stocks will be cancelled. If lifted between 11 and 11:30, trading begins at 1:30pm; If lifted between 11:30 and 12, trading begins at 2pm; It will be lifted after 12 noon and will be closed all day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\">Due to the frequent occurrence of typhoons and other weather, the Hong Kong market has repeatedly delayed trading due to weather factors. Therefore, the response measures of HKEx are relatively complete.</p><p>On August 19, 2020, the Hong Kong stock market was closed in early trading, and the Hong Kong Observatory changed the No.3 strong wind signal at 11: 10 a.m. on the 19th. The HKEx subsequently announced that the afternoon trading session would start at 13:30.</p><p>On August 23, 2017, HKEx announced in the morning that the morning trading hours of securities markets (including Shanghai-Shenzhen Stock Connect) and derivatives markets would be delayed due to the typhoon signal No.8 issued by the Observatory.</p><p>On October 21, 2016, the HKEx said that the morning trading hours of the securities market (including Shanghai Stock Connect) and the derivatives market would be delayed because the Observatory has now issued Typhoon 8 signal.</p><p>On August 2, 2016, the HKEx announced that the No.8 typhoon signal warning was still in effect, and the morning trading hours of the securities market (including Shanghai Stock Connect) and derivatives market would be delayed.</p><p>On September 16, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed in the morning trading hours, after the Hong Kong Observatory had issued the No. 8 storm signal for Typhoon Kalmaegi.</p><p>In 2013, similar actions were taken several times because of typhoons and heavy rains.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26e574706ced777ba0af741c0072c424","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108579788","content_text":"6月28日讯，港交所因黑色暴雨警告信号将取消上午时段交易。\n此前，港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告，将取消盘前交易。\n香港交易所：由于天文台发出黑色暴雨警告，证券（包括沪深股通）及衍生产品市场之早上交易时段均会延迟开市。如果上午9点黑色暴雨警告信号仍维持，上午交易将取消。\n上交所：香港联合证券交易所因黑色暴雨暂停交易。沪港通下港股通暂停交易。\n深交所：6月28日，香港联合证券交易所因黑色暴雨暂停交易。根据《深圳证券交易所深港通业务实施办法》，深港通下的港股通暂停交易。香港黑色暴雨来袭，港股上午休市，交易安排知多少？\n6月28日消息，香港天文台在上午8时20分发出之有关黑色暴雨警告信号的特别报告：暴雨警告信号现时为黑色，表示香港广泛地区已录得或预料会有每小时雨量超过70毫米的豪雨，且雨势可能持续。截至上午9点，黑色暴雨警告尚未解除，港股早盘交易将延迟开市。如果上午9点以后解除，港股早盘交易将取消。如果11点至11点30分解除，下午1点30开始交易；如果11点30分到12点解除，下午2点开始交易；中午12点后解除，全天休市。由于台风等天气出现频繁，香港市场已多次因天气因素影响而延迟交易，因此，港交所应对措施也较为完善。\n2020年8月19日，香港股市早盘休市，香港天文台19日上午11时10分改发三号强风信号。港交所随后宣布，下午交易时段将于13：30时开始。\n2017年8月23日，港交所于早间宣布，由于天文台现已发出八号台风信号，证券市场 (包括沪深股通) 及衍生产品市场的上午交易时段会延迟开市。\n2016年10月21日，港交所表示，由于天文台现已发出八号台风信号，证券市场 (包括沪股通) 及衍生产品市场之上午交易时段会延迟开市。\n2016年8月2日，港交所公告显示，八号风球预警仍然有效，证券市场 (包括沪股通) 及衍生产品市场之上午交易时段会延迟开市。\n2014年9月16日，港交所宣布，证券及衍生品市场早上交易时段均会延迟开市，此前香港天文台已针对台风“海鸥”发出八号暴风风球信号。\n2013年，也有数次因为台风和暴雨采取类似的行动。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122749949,"gmtCreate":1624634570181,"gmtModify":1703842430001,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122749949","repostId":"1151678687","repostType":4,"repost":{"id":"1151678687","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":1624625455,"share":"https://ttm.financial/m/news/1151678687?lang=en_US&edition=fundamental","pubTime":"2021-06-25 20:50","market":"us","language":"zh","title":"Opening: Virgin Galactic jumps 18% as S&P hits new high","url":"https://stock-news.laohu8.com/highlight/detail?id=1151678687","media":"老虎资讯综合","summary":"6月25日（周五），标普500指数开盘上涨8.73点，涨幅0.20%，报4275.22点，盘初创下4277.40点历史高位。纳斯达克综合指数开盘上涨28.4点，涨幅0.20%，报14398.1点；道琼","content":"<p>June 25 (Friday),<b>The S&P 500 opened up 8.73 points, or 0.20%, at 4,275.22, hitting an all-time high of 4,277.40 at the start of the session.</b>The Nasdaq Composite opened up 28.4 points, or 0.20%, at 14,398.1; The Dow opened up 184.02 points, or 0.54%, at 34,380.84; On the news, S&P raised its forecast of real GDP growth in the United States in 2021 to 6.7%, and raised its forecast of real GDP growth in the United States in 2022 to 3.7%.</p><p><img src=\"https://static.tigerbbs.com/fc279c8c14f22142f7c28b993282f0f2\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It rose by more than 2% at the opening,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Its chip business set up an independent company with a valuation of 13 billion.</p><p>Most popular Chinese stocks rose,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up more than 5%,<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>up 4.85%,<a href=\"https://laohu8.com/S/HUYA\">Tiger tooth</a>Up over 3%, Netease<a href=\"https://laohu8.com/S/DAO\">Youdao</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It rose more than 2%.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>It rose by more than 18% at the opening, and the company obtained a full commercial launch license from the Federal Aviation Administration, which can send customers into space.</p><p><a href=\"https://laohu8.com/S/NKE\">Nike</a>It opened up more than 13%. The company's full-year and fourth-quarter results exceeded market expectations. Fiscal fourth quarter<a href=\"https://laohu8.com/S/NKE\">Nike</a>Revenue in the North American market rose 141% year-over-year to a record $5.38 billion.</p><p>Online payment solution platform<a href=\"https://laohu8.com/S/PSFE\">Paysafe</a>Up more than 12%, the biggest intraday gain in a month, the stock became a hot topic of discussion at WSB today.</p><p><a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition</a>At the opening, it rose more than 15%, and Faraday Future announced that the merger listing document with PSAC took effect, with the stock symbol FFIE.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It opened higher and rose more than 2%. Japan<a href=\"https://laohu8.com/S/PC\">Panasonic</a>The company has cleared its holdings for about 400 billion yen ($3.6 billion), a spokesman said Friday.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Shares, and the proceeds will be used for strategic investments of the company.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Opened down 0.08%. On Thursday,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Introduced a new generation of desktop operating system, Windows 11. However, Microsoft did not announce the official release time of Windows 11 system, only that it will provide free upgrades for eligible Windows 10 computers from this holiday.</p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>It fell by more than 4%, and the company's financial guidance for FY2022 was lower than market expectations; The CEO of the company said that due to recruitment difficulties, the company's operation was affected.</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>Opening: Virgin Galactic jumps 18% as S&P hits new high</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\">\nOpening: Virgin Galactic jumps 18% as S&P hits new high\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\">2021-06-25 20:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 25 (Friday),<b>The S&P 500 opened up 8.73 points, or 0.20%, at 4,275.22, hitting an all-time high of 4,277.40 at the start of the session.</b>The Nasdaq Composite opened up 28.4 points, or 0.20%, at 14,398.1; The Dow opened up 184.02 points, or 0.54%, at 34,380.84; On the news, S&P raised its forecast of real GDP growth in the United States in 2021 to 6.7%, and raised its forecast of real GDP growth in the United States in 2022 to 3.7%.</p><p><img src=\"https://static.tigerbbs.com/fc279c8c14f22142f7c28b993282f0f2\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It rose by more than 2% at the opening,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Its chip business set up an independent company with a valuation of 13 billion.</p><p>Most popular Chinese stocks rose,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up more than 5%,<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>up 4.85%,<a href=\"https://laohu8.com/S/HUYA\">Tiger tooth</a>Up over 3%, Netease<a href=\"https://laohu8.com/S/DAO\">Youdao</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It rose more than 2%.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>It rose by more than 18% at the opening, and the company obtained a full commercial launch license from the Federal Aviation Administration, which can send customers into space.</p><p><a href=\"https://laohu8.com/S/NKE\">Nike</a>It opened up more than 13%. The company's full-year and fourth-quarter results exceeded market expectations. Fiscal fourth quarter<a href=\"https://laohu8.com/S/NKE\">Nike</a>Revenue in the North American market rose 141% year-over-year to a record $5.38 billion.</p><p>Online payment solution platform<a href=\"https://laohu8.com/S/PSFE\">Paysafe</a>Up more than 12%, the biggest intraday gain in a month, the stock became a hot topic of discussion at WSB today.</p><p><a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition</a>At the opening, it rose more than 15%, and Faraday Future announced that the merger listing document with PSAC took effect, with the stock symbol FFIE.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It opened higher and rose more than 2%. Japan<a href=\"https://laohu8.com/S/PC\">Panasonic</a>The company has cleared its holdings for about 400 billion yen ($3.6 billion), a spokesman said Friday.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Shares, and the proceeds will be used for strategic investments of the company.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Opened down 0.08%. On Thursday,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Introduced a new generation of desktop operating system, Windows 11. However, Microsoft did not announce the official release time of Windows 11 system, only that it will provide free upgrades for eligible Windows 10 computers from this holiday.</p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>It fell by more than 4%, and the company's financial guidance for FY2022 was lower than market expectations; The CEO of the company said that due to recruitment difficulties, the company's operation was affected.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151678687","content_text":"6月25日（周五），标普500指数开盘上涨8.73点，涨幅0.20%，报4275.22点，盘初创下4277.40点历史高位。纳斯达克综合指数开盘上涨28.4点，涨幅0.20%，报14398.1点；道琼斯指数开盘上涨184.02点，涨幅0.54%，报34380.84点；消息面上，标普将2021年美国实际GDP增长预期上调至6.7％，将美国2022年实际GDP增速预期上调至3.7%。\n\n百度开盘涨超2%，百度旗下芯片业务成立独立公司，估值为130亿。\n热门中概股多数走高，哔哩哔哩涨超5%，逸仙电商涨4.85%，虎牙涨超3%，网易有道、京东、阿里巴巴涨超2%。\n维珍银河开盘涨超18%，公司获得美国联邦航空管理局的全面商业发射许可，可将客户送入太空。\n耐克开盘涨超13%。公司全年及第四季度业绩均超出市场预期。第四财季耐克北美市场营收同比增长141%，达到创纪录的53.8亿美元。\n在线支付解决方案平台Paysafe涨超12%，创一个月来最大盘中涨幅，该股今日成为WSB讨论热点。\nProperty Solutions Acquisition开盘涨超15%，法拉第未来宣布与PSAC公司的合并上市文件生效，股票代码为FFIE。\n特斯拉高开涨超2%。日本松下的新闻发言人周五表示，公司已经以约4000亿日元（折合约36亿美元）的价格清仓了所持有的特斯拉股票，所得款项将用于公司战略投资。\n微软开盘跌0.08%。周四，微软推出了全新一代的桌面操作系统Windows 11。不过，微软并未宣布Windows 11系统的正式发布时间，只表示从这个节假日开始为符合条件的Windows 10电脑提供免费升级。\n联邦快递跌逾4%，公司对2022财年财务指引低于市场预期；公司CEO表示因招聘困难，公司运营受到影响。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122757113,"gmtCreate":1624634528832,"gmtModify":1703842426717,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","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/122757113","repostId":"1131945227","repostType":4,"repost":{"id":"1131945227","kind":"news","pubTimestamp":1624630961,"share":"https://ttm.financial/m/news/1131945227?lang=en_US&edition=fundamental","pubTime":"2021-06-25 22:22","market":"hk","language":"zh","title":"History of Migration of Big Internet Factories: From \"Gypsy Wandering\" to Buying Buildings and Land","url":"https://stock-news.laohu8.com/highlight/detail?id=1131945227","media":"Tech星球","summary":"迁徙，成为了互联网公司早期的主题，居无定所，曾是互联网公司们最有活力的证据。","content":"<p>Text/Qiao Xue</p><p>Migration was once the theme of the life of the world's most mysterious gypsy. The Gypsies moved repeatedly out of India, to Persia in the 11th century, to Southeast Europe in the early 14th century, to Western Europe in the 15th century, and in the second half of the 20th century, the Gypsies had spread across North and South America. Legend has it that their entire lives have been migrating.</p><p>Adhering to the spirit of \"freedom and openness\", big Internet companies have also been in the Eastern Silicon Valley<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Wudaokou and Xierqi migrated. They used to be like \"gypsies\" in big cities, starting with code and devoting themselves to science and technology. Nowadays, their tentacles go deep into public life and every corner of the city, and they have gone out of the world that was originally only built in \"0\" and \"1\". They buy buildings and land, and have more and more sense of existence in the real world.</p><p>There is a saying in Mencius that says this: \"Without constant property, there will be no perseverance.\" Buildings and grounds have witnessed the rise and fall of Internet technology companies.</p><p><b>Migrating Internet \"Gypsies\"</b></p><p>When Jobs and Wozniak assembled the first generation of Apple computers in the garage,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Silicon Valley became Silicon Valley when the first garage office was rented.</p><p>The entrepreneurial story of Chinese technology companies is also continuing the \"glorious tradition\" on the other side of the ocean: Lenovo rented a communication room of less than 20 square meters in the Institute of Computing Technology of the Chinese Academy of Sciences, Huawei was born in a dilapidated private house in Shenzhen, Ma Huateng rented a dance studio to start the road of struggle, Jack Ma is a little better, with a four-bedroom apartment in Hangzhou's Lakeside Garden, and Robin Li is in<a href=\"https://laohu8.com/S/00618\">Peking University Resources</a>The hotel was founded<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>······</p><p>The new generation of BAT stories are more grounded. The common hometown of Aauto Quicker, Byte and Meituan is Huaqing Jiayuan, a community located in Wudaokou, the center of the universe. Although the current house price is 8 digits, Hu Boyu, an early investor of Aauto Quicker, recalled: When I found Aauto Quicker, they had only 8 employees, and in a very broken residential building, they had no income or tangible assets.</p><p>This is also the home of the two founders of Aauto Quicker. Cheng Yixiao and his family rented a private house in Jiayuan Community, Huaqing, and Su Hua, another major founder and CEO, also chose to live here. In this way, there is a warm picture of them often eating a bowl of snail noodles together after work and walking home together.</p><p>Meituan was also born here. In a three-bedroom apartment, there were only three people, Wang Xing, Wang Huiwen and Lai Binqiang. They worked during the day and slept there at night. Three people have no money. By sending a text message, they can see a group of \"angels\" in the same community.</p><p>Zhang Yiming's reward for important departments was that they could use the bedroom inside to work, while the unimportant departments were squeezed in the living room.</p><p>In 1998, Ding Lei will<a href=\"https://laohu8.com/S/NTES\">Netease</a>Moving from Guangzhou to Beijing, the office location has changed several times: from the earliest Chongwenmen<a href=\"https://laohu8.com/S/600628\">New World</a>Building A of the center moved to the third floor of Kerry Center and Oriental Plaza East, and finally found a shelter in Block D of Tsinghua Science and Technology Park in Wudaokou. The old Internet giants choose to settle down after migration, while the new Internet inevitably repeats the old road and constantly migrates to their shelter.</p><p>Migration is not necessarily a bad thing. \"If you can't move in two or three years, this company will be yellow.\" This metaphor indicates that stepping out of Huaqing Jiayuan and moving to a bigger place is a sign that the company is on the right track. The starting point of the story of Internet entrepreneurship is always low. After all, it is enough to write code and have a computer, but gradually, with the increasing number of people, the small always becomes big, and the simple always becomes complicated.</p><p>Soon, Aauto Quicker moved from Huaqing Jiayuan to Block B of Tsinghua Science and Technology Park, 200 meters away. At that time, there were about 20 employees, and the daily living had reached tens of millions. Then, after a calculation problem, the two founders decided to erect Aauto Quicker's LOGO on the roof of Block D of Science and Technology Building. Within 3km of Wudaokou, Aauto Quicker already has many office areas such as Tsinghua Science and Technology Park, Tongfang Science and Technology Plaza and Wenjin International Hotel.</p><p>But it didn't take long to move again. At the end of 2018, Aauto Quicker moved to Lenovo Beiyan Park in Xierqi. Regarding the reason for Aauto Quicker's relocation, there are rumors that the rent of Tsinghua Science and Technology Park is high.</p><p>Su Hua chose to go north, while Zhang Yiming preferred the prosperity of the urban area.</p><p>Zhongguancun, \"Oriental Silicon Valley\", used to be the favorite stronghold of Internet companies. The founders come from the surrounding universities such as Qingbei People's University, Beihang University and Beiyou University, and as one of the first areas to introduce preferential tax policies for high-tech companies, this is an incubator for high-quality IT enterprises.</p><p>Zhongguancun Internet Eternal Landmark is the Ideal Building, which is the earliest and most expensive Grade A office building in Zhongguancun. Before settling in Ideal,<a href=\"https://laohu8.com/S/SINA\">SINA</a>He lived in the small white building of Wanquan Village, which was an annex building of a primary school. \"Three floors, such a long strip, just like a small matchbox.”</p><p>Being able to settle in such an office building is Sina's most scenic day. According to People, Sina has always been the largest tenant of Ideal International Building. When the building is most crowded, it can accommodate 4,500 people, of which there are more than 3,000 people in Sina. The more the floor goes up, the more expensive it gets. Sina rented four floors from top to bottom.</p><p>Therefore, the building hung a huge logo for the most \"heroic\" tenants, which once became Baidu's heart disease. It was not until it was listed that it was relieved to have a name in its own search building.</p><p>Baidu's scale is getting bigger and bigger, and Putian Building and Ideal Building are not enough to carry it, so it chooses to move to Xierqi further north; Some people migrate because they have abundant grain and grass, while others migrate because they hurt their bones. ofo, the ideal later tenant, moved to the Internet financial center after a short and glorious stay. At this time, it has shrunk from the most prosperous 3,400 people to 400 people, until it is gradually forgotten.</p><p>Migration has become the early theme of Internet companies, and there is no fixed place to live. It was once the most dynamic evidence of Internet companies.</p><p><b>Settle home</b></p><p>Baidu was the first to settle down. In 2009, Baidu, which had lingered in Zhongguancun for many years, took the lead in setting off, ending the state of scattered office work in many office buildings such as Putian Building, Ideal Building and Third Pole Building. It went all the way north and moved from outside the North Third Ring Road to the new headquarters \"Search Box\" building of Shangdi Science and Technology Park outside the North Fifth Ring Road.</p><p>A Baidu person told Tech Planet that this 90,000-square-meter building, enough to accommodate more than 7,000 employees in Baidu, was once a proud existence for Baidu people, and there are not many companies with their own buildings in Beijing. But it didn't take long for the \"search box\" building to be overcrowded, and Baidu could only continue to move. Penghuan Building, Kuike Building and Capital Space Building around Shangdi all left Baidu's footprints.</p><p>In 2012, the number of employees in Baidu was only over 20,000, and it more than doubled in 2014. It was also in this year that Baidu Science and Technology Park was completed in the second phase of Zhongguancun Software Park, 3 kilometers west of the \"Search Box\" building, and became Baidu's new \"home\".</p><p>Later, in this garden, Sina spent more than 1.5 billion, turned around and Baidu became neighbors again. Sina is directly opposite Netease, and next door is<a href=\"https://laohu8.com/S/00700\">Tencent</a>Tencent is opposite Baidu, and the four companies occupy the legendary \"crossroads of the Internet\", which is nicknamed \"Houchang Village F4\".</p><p>There is an old saying in Beijing that \"the wind and the water\". The north of Beijing has a thousand weather, and it has always been regarded as a treasure land of feng shui. Except colleges and universities<a href=\"https://laohu8.com/S/YJ\">gather</a>Many Internet high-tech companies have unanimously set their companies in Xierqi.</p><p>Some people don't believe in evil and choose to go to Wangjing, which young people love more.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>In 2015, I bought Building 3 of Wangjing Greenland Center as the headquarters, but recently I wanted to return to the lively north, and I have expanded my soil in the north of Zhongguancun.</p><p>Lei Jun and Xiaomi successively moved to Yingu Building, Juanshi Building, China Resources Colorful City and other places until the completion of Xiaomi Science and Technology Park in 2019. This \"home\" cost Lei Jun 5.2 billion yuan. Aauto Quicker also began to look for a new headquarters in mid-2018 to end the scattered state of multiple office areas. Finally, 2.8 billion yuan bought a building and became a neighbor with Xiaomi.</p><p>Zhang Yiming, who loves Zhongguancun the most, also wants the digital festival to beat, bought Fangheng Fashion Center as the first home for Byte, and didn't forget to remind employees to show their addresses to show that \"we are rare in Zhichun Road in the city center, unlike those companies in Shangdi, Tongzhou and other urban-rural fringes.\"</p><p>A real estate agent told Tech Planet that Byte settled down here, which indirectly drove the nearby house prices. During that time, his favorite words were, \"Settle down quickly, and you can be a neighbor with Byte.\"</p><p>However, mobility is still the theme of ByteDance employees. Although Fangheng Fashion Center has 4,333 stations, compared with the 5,618 stations of AVIC Office and 5,655 stations of Zhongguancun e World Fortune Center, this \"home\" is not big enough, and ByteDance has 39 office spaces like this in Beijing.</p><p>Every day, 53 shuttle buses shuttle back and forth between these 39 scattered offices. According to the calculation of Liu Run, a native of We Media, they have to shuttle a distance from Chengdu to Tokyo.</p><p>Ali, who is in \"Paradise Silicon Valley\", is much more lucky. Not only does he have a park with a total construction area of 136,000㎡ in Binjiang District, Hangzhou, but in October 2020,<a href=\"https://laohu8.com/S/06688\">Ant Group</a>At a price of 2.699 billion yuan and a floor price of 5,194 yuan per square meter, a commercial plot with a total volume of more than 700,000 square meters in Zhijiang Resort, Xihu District was won, and the surrounding house prices also rose.</p><p>In order to settle down, many Internet companies take out all their net worth. Back in 2006,<a href=\"https://laohu8.com/S/SOHU\">SOHU</a>Using 30% of its cash savings, it bought Wudaokou Beijing Weixin International Building for a total price of about 277 million US dollars, and later built its own Sohu Media Building and Sohu<a href=\"https://laohu8.com/S/CYOU\">swimming</a>Building, the old aristocrat of the Internet didn't expect that according to the stock price on June 22nd, the market value of $675 million would lose to the real estate in the early years.</p><p>Station B is currently rented in Kaide Guozheng Center, Wujiaochang, Yangpu District, Shanghai, and is the largest tenant here. In 2020, Station B, which had been drifting for 10 years, finally took out 8.1 billion yuan to settle in Shanghai, while as of the third quarter of 2020, the available monetary funds of Station B were only 1 billion.</p><p>Coincidentally, in November of the same year, Meituan also spent 6.541 billion yuan to win the next plot, becoming its deskmate and diligent housekeeper Meituan. It moved and expanded in Wangjing again and again, and its employees were scattered in office buildings of over 300,000 square meters such as Henderson Weiye, Wangjing R&D Park, Qiming International Building and Cyberport Building. This is also the first time that Meituan has purchased such a large-scale real estate in 10 years since its establishment.</p><p><b>Wider migration and weakening of headquarters</b></p><p>In addition to expanding their territory in the base camp, the tentacles of Internet companies also extend further and wider.</p><p>Companies in the north choose to go south, and Baidu's South China headquarters and international headquarters both land in Shenzhen; Byte, which sang all the way, also spent 1 billion yuan, and \"Dance\" went to Shenzhen and became neighbors with Tencent. Behind the surge in employee size, besides the demand brought by its own business growth, it may also be related to ByteDance's increased investment and acquisition. According to CVSource investment data, ByteDance has invested or acquired 117 companies since 2014. Xiaomi also won a commercial land in the sea for 531 million yuan, and officially joined the \"headquarters group\" in Houhai.</p><p>While companies that took root in the south choose to go north, Ali will set up dual headquarters in Beijing and Hangzhou, and regional headquarters in Chongqing, Zhengzhou, Xi' an and other places; Although Mr Ren said that Huawei's headquarters would never leave Shenzhen, it did not prevent Huawei from also preparing to take over Beijing's emerging Lize business district and become the management headquarters and center of domestic business.</p><p>On the one hand, Internet technology companies are looking for a home for their growing power, while on the other hand, they are also taking land as a business.</p><p><a href=\"https://laohu8.com/S/JD\">Jingdong</a>Not only have they taken land to build headquarters, logistics centers and customer service centers, but they also have their eyes on the cake of the new industrial city. In 2017, JD.COM invested in the construction of \"Plastic Rice JD.COM Cloud Yuedong Operation Center\" in Shantou, Guangdong Province. In the same year, JD.COM signed a strategic cooperation agreement with Dongguan Municipal Government of Guangdong Province, and two years later spent 1.06 billion yuan to acquire land in Fenggang, Dongguan Province, and will build the \"Fenggang Jingdong Zhigu\" project. In October 2020, JD.COM joined forces with Ping An,<a href=\"https://laohu8.com/S/000961\">Zhongnan Construction</a>Two plots of high-speed railway new city plate in Xiangcheng District, Suzhou were collected for 4.73 billion yuan.</p><p>JD.COM's most famous recent acquisition was to spend 2.7 billion yuan to win Beijing Jade Palace Hotel. Soon, this building was transferred to Anzu Gordon, a well-known hedge fund.</p><p>Buying a building is also inseparable from the support of the place where the enterprise is located. When Meituan won the Shanghai plot, the transfer conditions designated the headquarters set up by international, national and regional well-known enterprises in the field of Internet online new economic industry; Behind Xiaomi's land acquisition at the reserve price, the access requirements state that the industry is a new generation of mobile terminal devices such as A0610 smart phones and mobile TVs.</p><p>Huawei, known as the light of domestic products, has a stronger GR. When Huawei moved to Dongguan, Dongguan allocated 1,900 mu of land for Huawei's terminal headquarters to build Huawei's employee apartments, Huawei's terminal headquarters and other projects. Huawei's research institutes are all over Shenzhen, Shanghai, Hangzhou, Nanjing, Beijing, Xi' an, Wuhan and Suzhou.</p><p>Huawei already has a huge land bank. In recent years, it has acquired an accumulated land area of about 10 million square meters, which is equivalent to the scale of a national small and medium-sized developer.</p><p>The headquarters economy brought about by the base camp that once made the Internet proud has changed. The local economy is eager to bring new leap myth by the Internet giants, who enjoy some supportive policies. At the same time, plan ahead to ensure that you have enough space in the future.</p><p>At the moment when the overall growth of the Internet industry is slowing down and stabilizing, these office buildings and plots have become one of the most valuable assets of Internet technology upstarts, which seems to confirm the old saying, \"If the main business is done well, it is better to buy a building early\".</p><p>I heard that Tencent recently bought an island in Dachan Bay, and the hottest name in the intranet is \"Goose City\", which makes people want to echo the phrase \"I just want to stand and earn money\" in \"Let the Bullets Fly\".</p>","source":"techxq","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>History of Migration of Big Internet Factories: From \"Gypsy Wandering\" to Buying Buildings and Land</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\">\nHistory of Migration of Big Internet Factories: From \"Gypsy Wandering\" to Buying Buildings and Land\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Tech星球</strong><span class=\"h-time small\">2021-06-25 22:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Text/Qiao Xue</p><p>Migration was once the theme of the life of the world's most mysterious gypsy. The Gypsies moved repeatedly out of India, to Persia in the 11th century, to Southeast Europe in the early 14th century, to Western Europe in the 15th century, and in the second half of the 20th century, the Gypsies had spread across North and South America. Legend has it that their entire lives have been migrating.</p><p>Adhering to the spirit of \"freedom and openness\", big Internet companies have also been in the Eastern Silicon Valley<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Wudaokou and Xierqi migrated. They used to be like \"gypsies\" in big cities, starting with code and devoting themselves to science and technology. Nowadays, their tentacles go deep into public life and every corner of the city, and they have gone out of the world that was originally only built in \"0\" and \"1\". They buy buildings and land, and have more and more sense of existence in the real world.</p><p>There is a saying in Mencius that says this: \"Without constant property, there will be no perseverance.\" Buildings and grounds have witnessed the rise and fall of Internet technology companies.</p><p><b>Migrating Internet \"Gypsies\"</b></p><p>When Jobs and Wozniak assembled the first generation of Apple computers in the garage,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Silicon Valley became Silicon Valley when the first garage office was rented.</p><p>The entrepreneurial story of Chinese technology companies is also continuing the \"glorious tradition\" on the other side of the ocean: Lenovo rented a communication room of less than 20 square meters in the Institute of Computing Technology of the Chinese Academy of Sciences, Huawei was born in a dilapidated private house in Shenzhen, Ma Huateng rented a dance studio to start the road of struggle, Jack Ma is a little better, with a four-bedroom apartment in Hangzhou's Lakeside Garden, and Robin Li is in<a href=\"https://laohu8.com/S/00618\">Peking University Resources</a>The hotel was founded<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>······</p><p>The new generation of BAT stories are more grounded. The common hometown of Aauto Quicker, Byte and Meituan is Huaqing Jiayuan, a community located in Wudaokou, the center of the universe. Although the current house price is 8 digits, Hu Boyu, an early investor of Aauto Quicker, recalled: When I found Aauto Quicker, they had only 8 employees, and in a very broken residential building, they had no income or tangible assets.</p><p>This is also the home of the two founders of Aauto Quicker. Cheng Yixiao and his family rented a private house in Jiayuan Community, Huaqing, and Su Hua, another major founder and CEO, also chose to live here. In this way, there is a warm picture of them often eating a bowl of snail noodles together after work and walking home together.</p><p>Meituan was also born here. In a three-bedroom apartment, there were only three people, Wang Xing, Wang Huiwen and Lai Binqiang. They worked during the day and slept there at night. Three people have no money. By sending a text message, they can see a group of \"angels\" in the same community.</p><p>Zhang Yiming's reward for important departments was that they could use the bedroom inside to work, while the unimportant departments were squeezed in the living room.</p><p>In 1998, Ding Lei will<a href=\"https://laohu8.com/S/NTES\">Netease</a>Moving from Guangzhou to Beijing, the office location has changed several times: from the earliest Chongwenmen<a href=\"https://laohu8.com/S/600628\">New World</a>Building A of the center moved to the third floor of Kerry Center and Oriental Plaza East, and finally found a shelter in Block D of Tsinghua Science and Technology Park in Wudaokou. The old Internet giants choose to settle down after migration, while the new Internet inevitably repeats the old road and constantly migrates to their shelter.</p><p>Migration is not necessarily a bad thing. \"If you can't move in two or three years, this company will be yellow.\" This metaphor indicates that stepping out of Huaqing Jiayuan and moving to a bigger place is a sign that the company is on the right track. The starting point of the story of Internet entrepreneurship is always low. After all, it is enough to write code and have a computer, but gradually, with the increasing number of people, the small always becomes big, and the simple always becomes complicated.</p><p>Soon, Aauto Quicker moved from Huaqing Jiayuan to Block B of Tsinghua Science and Technology Park, 200 meters away. At that time, there were about 20 employees, and the daily living had reached tens of millions. Then, after a calculation problem, the two founders decided to erect Aauto Quicker's LOGO on the roof of Block D of Science and Technology Building. Within 3km of Wudaokou, Aauto Quicker already has many office areas such as Tsinghua Science and Technology Park, Tongfang Science and Technology Plaza and Wenjin International Hotel.</p><p>But it didn't take long to move again. At the end of 2018, Aauto Quicker moved to Lenovo Beiyan Park in Xierqi. Regarding the reason for Aauto Quicker's relocation, there are rumors that the rent of Tsinghua Science and Technology Park is high.</p><p>Su Hua chose to go north, while Zhang Yiming preferred the prosperity of the urban area.</p><p>Zhongguancun, \"Oriental Silicon Valley\", used to be the favorite stronghold of Internet companies. The founders come from the surrounding universities such as Qingbei People's University, Beihang University and Beiyou University, and as one of the first areas to introduce preferential tax policies for high-tech companies, this is an incubator for high-quality IT enterprises.</p><p>Zhongguancun Internet Eternal Landmark is the Ideal Building, which is the earliest and most expensive Grade A office building in Zhongguancun. Before settling in Ideal,<a href=\"https://laohu8.com/S/SINA\">SINA</a>He lived in the small white building of Wanquan Village, which was an annex building of a primary school. \"Three floors, such a long strip, just like a small matchbox.”</p><p>Being able to settle in such an office building is Sina's most scenic day. According to People, Sina has always been the largest tenant of Ideal International Building. When the building is most crowded, it can accommodate 4,500 people, of which there are more than 3,000 people in Sina. The more the floor goes up, the more expensive it gets. Sina rented four floors from top to bottom.</p><p>Therefore, the building hung a huge logo for the most \"heroic\" tenants, which once became Baidu's heart disease. It was not until it was listed that it was relieved to have a name in its own search building.</p><p>Baidu's scale is getting bigger and bigger, and Putian Building and Ideal Building are not enough to carry it, so it chooses to move to Xierqi further north; Some people migrate because they have abundant grain and grass, while others migrate because they hurt their bones. ofo, the ideal later tenant, moved to the Internet financial center after a short and glorious stay. At this time, it has shrunk from the most prosperous 3,400 people to 400 people, until it is gradually forgotten.</p><p>Migration has become the early theme of Internet companies, and there is no fixed place to live. It was once the most dynamic evidence of Internet companies.</p><p><b>Settle home</b></p><p>Baidu was the first to settle down. In 2009, Baidu, which had lingered in Zhongguancun for many years, took the lead in setting off, ending the state of scattered office work in many office buildings such as Putian Building, Ideal Building and Third Pole Building. It went all the way north and moved from outside the North Third Ring Road to the new headquarters \"Search Box\" building of Shangdi Science and Technology Park outside the North Fifth Ring Road.</p><p>A Baidu person told Tech Planet that this 90,000-square-meter building, enough to accommodate more than 7,000 employees in Baidu, was once a proud existence for Baidu people, and there are not many companies with their own buildings in Beijing. But it didn't take long for the \"search box\" building to be overcrowded, and Baidu could only continue to move. Penghuan Building, Kuike Building and Capital Space Building around Shangdi all left Baidu's footprints.</p><p>In 2012, the number of employees in Baidu was only over 20,000, and it more than doubled in 2014. It was also in this year that Baidu Science and Technology Park was completed in the second phase of Zhongguancun Software Park, 3 kilometers west of the \"Search Box\" building, and became Baidu's new \"home\".</p><p>Later, in this garden, Sina spent more than 1.5 billion, turned around and Baidu became neighbors again. Sina is directly opposite Netease, and next door is<a href=\"https://laohu8.com/S/00700\">Tencent</a>Tencent is opposite Baidu, and the four companies occupy the legendary \"crossroads of the Internet\", which is nicknamed \"Houchang Village F4\".</p><p>There is an old saying in Beijing that \"the wind and the water\". The north of Beijing has a thousand weather, and it has always been regarded as a treasure land of feng shui. Except colleges and universities<a href=\"https://laohu8.com/S/YJ\">gather</a>Many Internet high-tech companies have unanimously set their companies in Xierqi.</p><p>Some people don't believe in evil and choose to go to Wangjing, which young people love more.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>In 2015, I bought Building 3 of Wangjing Greenland Center as the headquarters, but recently I wanted to return to the lively north, and I have expanded my soil in the north of Zhongguancun.</p><p>Lei Jun and Xiaomi successively moved to Yingu Building, Juanshi Building, China Resources Colorful City and other places until the completion of Xiaomi Science and Technology Park in 2019. This \"home\" cost Lei Jun 5.2 billion yuan. Aauto Quicker also began to look for a new headquarters in mid-2018 to end the scattered state of multiple office areas. Finally, 2.8 billion yuan bought a building and became a neighbor with Xiaomi.</p><p>Zhang Yiming, who loves Zhongguancun the most, also wants the digital festival to beat, bought Fangheng Fashion Center as the first home for Byte, and didn't forget to remind employees to show their addresses to show that \"we are rare in Zhichun Road in the city center, unlike those companies in Shangdi, Tongzhou and other urban-rural fringes.\"</p><p>A real estate agent told Tech Planet that Byte settled down here, which indirectly drove the nearby house prices. During that time, his favorite words were, \"Settle down quickly, and you can be a neighbor with Byte.\"</p><p>However, mobility is still the theme of ByteDance employees. Although Fangheng Fashion Center has 4,333 stations, compared with the 5,618 stations of AVIC Office and 5,655 stations of Zhongguancun e World Fortune Center, this \"home\" is not big enough, and ByteDance has 39 office spaces like this in Beijing.</p><p>Every day, 53 shuttle buses shuttle back and forth between these 39 scattered offices. According to the calculation of Liu Run, a native of We Media, they have to shuttle a distance from Chengdu to Tokyo.</p><p>Ali, who is in \"Paradise Silicon Valley\", is much more lucky. Not only does he have a park with a total construction area of 136,000㎡ in Binjiang District, Hangzhou, but in October 2020,<a href=\"https://laohu8.com/S/06688\">Ant Group</a>At a price of 2.699 billion yuan and a floor price of 5,194 yuan per square meter, a commercial plot with a total volume of more than 700,000 square meters in Zhijiang Resort, Xihu District was won, and the surrounding house prices also rose.</p><p>In order to settle down, many Internet companies take out all their net worth. Back in 2006,<a href=\"https://laohu8.com/S/SOHU\">SOHU</a>Using 30% of its cash savings, it bought Wudaokou Beijing Weixin International Building for a total price of about 277 million US dollars, and later built its own Sohu Media Building and Sohu<a href=\"https://laohu8.com/S/CYOU\">swimming</a>Building, the old aristocrat of the Internet didn't expect that according to the stock price on June 22nd, the market value of $675 million would lose to the real estate in the early years.</p><p>Station B is currently rented in Kaide Guozheng Center, Wujiaochang, Yangpu District, Shanghai, and is the largest tenant here. In 2020, Station B, which had been drifting for 10 years, finally took out 8.1 billion yuan to settle in Shanghai, while as of the third quarter of 2020, the available monetary funds of Station B were only 1 billion.</p><p>Coincidentally, in November of the same year, Meituan also spent 6.541 billion yuan to win the next plot, becoming its deskmate and diligent housekeeper Meituan. It moved and expanded in Wangjing again and again, and its employees were scattered in office buildings of over 300,000 square meters such as Henderson Weiye, Wangjing R&D Park, Qiming International Building and Cyberport Building. This is also the first time that Meituan has purchased such a large-scale real estate in 10 years since its establishment.</p><p><b>Wider migration and weakening of headquarters</b></p><p>In addition to expanding their territory in the base camp, the tentacles of Internet companies also extend further and wider.</p><p>Companies in the north choose to go south, and Baidu's South China headquarters and international headquarters both land in Shenzhen; Byte, which sang all the way, also spent 1 billion yuan, and \"Dance\" went to Shenzhen and became neighbors with Tencent. Behind the surge in employee size, besides the demand brought by its own business growth, it may also be related to ByteDance's increased investment and acquisition. According to CVSource investment data, ByteDance has invested or acquired 117 companies since 2014. Xiaomi also won a commercial land in the sea for 531 million yuan, and officially joined the \"headquarters group\" in Houhai.</p><p>While companies that took root in the south choose to go north, Ali will set up dual headquarters in Beijing and Hangzhou, and regional headquarters in Chongqing, Zhengzhou, Xi' an and other places; Although Mr Ren said that Huawei's headquarters would never leave Shenzhen, it did not prevent Huawei from also preparing to take over Beijing's emerging Lize business district and become the management headquarters and center of domestic business.</p><p>On the one hand, Internet technology companies are looking for a home for their growing power, while on the other hand, they are also taking land as a business.</p><p><a href=\"https://laohu8.com/S/JD\">Jingdong</a>Not only have they taken land to build headquarters, logistics centers and customer service centers, but they also have their eyes on the cake of the new industrial city. In 2017, JD.COM invested in the construction of \"Plastic Rice JD.COM Cloud Yuedong Operation Center\" in Shantou, Guangdong Province. In the same year, JD.COM signed a strategic cooperation agreement with Dongguan Municipal Government of Guangdong Province, and two years later spent 1.06 billion yuan to acquire land in Fenggang, Dongguan Province, and will build the \"Fenggang Jingdong Zhigu\" project. In October 2020, JD.COM joined forces with Ping An,<a href=\"https://laohu8.com/S/000961\">Zhongnan Construction</a>Two plots of high-speed railway new city plate in Xiangcheng District, Suzhou were collected for 4.73 billion yuan.</p><p>JD.COM's most famous recent acquisition was to spend 2.7 billion yuan to win Beijing Jade Palace Hotel. Soon, this building was transferred to Anzu Gordon, a well-known hedge fund.</p><p>Buying a building is also inseparable from the support of the place where the enterprise is located. When Meituan won the Shanghai plot, the transfer conditions designated the headquarters set up by international, national and regional well-known enterprises in the field of Internet online new economic industry; Behind Xiaomi's land acquisition at the reserve price, the access requirements state that the industry is a new generation of mobile terminal devices such as A0610 smart phones and mobile TVs.</p><p>Huawei, known as the light of domestic products, has a stronger GR. When Huawei moved to Dongguan, Dongguan allocated 1,900 mu of land for Huawei's terminal headquarters to build Huawei's employee apartments, Huawei's terminal headquarters and other projects. Huawei's research institutes are all over Shenzhen, Shanghai, Hangzhou, Nanjing, Beijing, Xi' an, Wuhan and Suzhou.</p><p>Huawei already has a huge land bank. In recent years, it has acquired an accumulated land area of about 10 million square meters, which is equivalent to the scale of a national small and medium-sized developer.</p><p>The headquarters economy brought about by the base camp that once made the Internet proud has changed. The local economy is eager to bring new leap myth by the Internet giants, who enjoy some supportive policies. At the same time, plan ahead to ensure that you have enough space in the future.</p><p>At the moment when the overall growth of the Internet industry is slowing down and stabilizing, these office buildings and plots have become one of the most valuable assets of Internet technology upstarts, which seems to confirm the old saying, \"If the main business is done well, it is better to buy a building early\".</p><p>I heard that Tencent recently bought an island in Dachan Bay, and the hottest name in the intranet is \"Goose City\", which makes people want to echo the phrase \"I just want to stand and earn money\" in \"Let the Bullets Fly\".</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqcfnca3242159.shtml\">Tech星球</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5ae87ee7fa7637f621353ab8a89104f8","relate_stocks":{"160636":"互联网","161025":"移动互联"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqcfnca3242159.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131945227","content_text":"文/乔雪\n迁徙，曾是世界上最神秘的吉普赛人一生的母题。吉普赛人经屡次迁徙，离开印度，11世纪到波斯，14世纪初到东南欧，15世纪到西欧，20世纪下半叶，吉普赛人的踪迹已遍布北美和南美。传说中，他们的一生都在迁徙。\n秉承“自由与开放”精神的互联网大厂们，也曾在东方硅谷的中关村、五道口、西二旗迁徙，他们曾经有如各个大城市里的“吉普赛人”，起始于代码，潜心于科技。如今，他们的触角深入大众生活和城市的各个角落，走出了原本只在“0”“1”中构建的世界，买楼买地，在现实世界中拥有越来越多的存在感。\n《孟子》中有一句话是这么说的：“人无恒产，必无恒心。”楼、地，见证着互联网科技公司们的兴衰变迁。\n迁徙的互联网“吉普赛人”\n当乔布斯和沃兹尼亚克在车库组装出第一代苹果电脑，谷歌租用了第一间车库办公室时，硅谷就成为了硅谷。\n中国科技公司的创业故事，也在延续着大洋彼岸的“光荣传统”：联想租用中科院计算所的一个不足20平的传达室，华为诞生在深圳一间破旧民房里，马化腾租着舞蹈室开启奋斗之路，马云好一点，在杭州湖畔花园拥有一套四居室，李彦宏则在北大资源宾馆创立了百度······\n新一代BAT故事更接地气，快手、字节、美团的共同故乡是“华清嘉园”，这个位于“宇宙中心”五道口的小区，虽然现在的房价动辄8位数，但快手早期投资人胡博予回忆：我找到快手的时候，他们只有8个员工，在一个非常破的居民楼里，没有任何收入，也没有任何有形资产。\n这里还是快手两位创始人的安家之所，程一笑一家租住在华清嘉园小区的一套民房里，而后来的另一位主要创始人、CEO宿华也选择住在这里，这样就有了两人经常下班后一起吃碗螺蛳粉，结伴步行回家的温馨画面。\n美团也诞生在这儿，在一个三居室里，只有王兴、王慧文、赖斌强三个人，白天办公，晚上就睡在那里。三个人已经没钱了，发个短信，就能在同小区见到一批“天使”。\n张一鸣给重要的部门的奖赏，是可以用里面的卧室办公，而不重要的部门就挤在客厅里。\n1998年，丁磊将网易从广州搬来北京，办公地点几经变迁：从最早的崇文门新世界中心A楼，搬到嘉里中心和东方广场东三楼，最终，终于在五道口清华科技园D座找到栖身之地。老牌互联网巨头经过迁徙选择定居，而新锐互联网也难免重复老路，不断迁徙栖身之地。\n迁徙未必是坏事，“如果两三年都搬不走，这公司就得黄。”这份暗喻表示，走出华清嘉园，搬到更大的地方，才是企业走上正轨的标志。互联网创业的故事，起点总是低微，毕竟，写代码，能拥有一台电脑就足够了，但渐渐地，随着人数越来越多，小总要变成大，简单总要走向繁复。\n很快，快手就从华清嘉园迁入了200米开外的清华科技园B座，当时员工20来人，日活已经来到千万，接着，两位创始人经过一道计算题，决定把快手的LOGO竖立在了科技大厦D座楼顶。五道口3公里范围内，快手已经拥有清华科技园、同方科技广场、文津国际酒店等多个办公区。\n但没过多久，就又再次搬家，2018年底，快手便搬到了位于西二旗的联想北研园区，关于快手易址的原因，坊间有传闻称是清华科技园租金较高。\n宿华选择北上，张一鸣则更喜欢市区内的繁华。\n“东方硅谷”中关村，曾经是互联网公司最爱的据点。创始人们出自周围环绕的清北人大、北航北邮等高校，加上作为最早一批出台高科技公司税收优惠政策的区域，这里是优质IT企业的孵化器。\n中关村互联网永恒地标是理想大厦，这里是中关村最早且最贵的甲级写字楼。在入驻理想前，新浪蜗居在万泉庄的小白楼，那是一所小学的附属楼。“三层楼，长长的这么一小条，就跟个小火柴盒一样。”\n能入驻这样的写字楼，是新浪最风光的日子，据《人物》报道，新浪始终是理想国际大厦最大的租户，大厦最拥挤的时候容纳4500人，其中新浪就有3000多人，楼层越往上越贵，新浪是从顶往下租了四层。\n因此，大厦为最“豪气”的租户挂上了硕大的logo，这一度成为了百度的心病，直到上市后，在自己的搜索大厦拥有姓名才纾解。\n百度的规模越来越大，普天大厦、理想大厦都不足以承载，于是选择迁往更北的西二旗；有人迁徙是因为拥有丰沛的粮草，而有的迁徙，则是伤经动骨，理想后来的租客ofo，在短暂的辉煌停留后搬去了互联网金融中心，此时已从最繁荣的3400人，缩减到400人，直至逐渐趋于被遗忘。\n迁徙，成为了互联网公司早期的主题，居无定所，曾是互联网公司们最有活力的证据。\n安家\n最先安家的是百度，2009年，在中关村流连多年的百度率先动身，结束了在普天大厦、理想大厦、第三极大厦等多幢写字楼分散办公的状态，一路北上，从北三环外搬到了北五环外的上地科技园区的新总部“搜索框”大厦。\n一位百度人告诉Tech星球，这座达9万平方米，足以容纳百度7000多名员工的大厦，曾一度是让百度人骄傲的存在，在北京有属于自己楼的公司并不多。但没多久，“搜索框”大厦也人满为患，百度只能继续搬家，上地周围的鹏寰大厦、奎科大厦、首创空间大厦都留下过百度的足迹。\n2012年，百度员工数量只有2万出头，2014年就翻了一倍多，也正是在这一年，“搜索框”大厦向西3公里的中关村软件园二期里百度科技园落成，成为了百度的新“家”。\n后来这座园子里，新浪花费了超过15亿，兜兜转转与百度又做上了邻居，新浪正对面是网易，隔壁是腾讯，腾讯对面是百度，四家公司分占据了传说中的「互联网的十字路口」，被戏称为“后厂村F4”。\n北京有句老话叫“上风上水”，北京城的北面气象万千，历来被认为是风水宝地。除了高校云集，众多互联网高科技公司都不约而同地将公司定在了西二旗。\n也有人不信邪，选择去年轻人更爱的望京，阿里巴巴2015年购得望京绿地中心3号楼，作为总部，但是最近又想要重回热闹的北边，已经在中关村的北部拓土。\n雷军和小米先后辗转银谷大厦、卷石大厦、华润五彩城等地，直到2019年小米科技园落成，这个“家”花掉雷军52亿元。快手也从2018年中开始寻找新总部，以结束多个办公区分散的状态，最后28亿买楼，跟小米做上邻居。\n最钟情中关村的还要数字节跳动的张一鸣，为字节买下方恒时尚中心作为第一个家，还不忘提醒员工要晒出地址，以彰显“我们是少有的在市中心知春路的，不像那些在上地、通州等城乡结合部的公司。”\n一位地产中介告诉Tech星球，字节在这里安家，还间接带动了附近的房价，那段时间，他最喜欢的话术是，“快定下来，就能和字节做邻居了。”\n但流动仍然是字节员工的主题，虽然方恒时尚中心有4333个工位，和原来中航办公室的5618个工位、中关村e世界财富中心5655工位相比，这个“家”还不够大，而类似这样的办公场所，字节跳动在北京有39个。\n每天的53辆穿梭车，就在这散落的39个办公地点之间来回反复穿梭、循环，根据自媒体人刘润计算，要穿梭出一个从成都到东京的距离。\n而身处“天堂硅谷”的阿里就幸运的多，不仅在杭州滨江区拥有总建筑面积136000㎡的园区，2020年10月，蚂蚁集团以26.99亿元、楼面价5194元每平方米的价格拿下西湖区之江度假区一宗总体量超过70万方的商办地块，周边的房价也应声上涨。\n为了安家，很多互联网公司拿出全部身家。早在2006年，搜狐动用30%的现金储蓄，以约2.77亿美元的总价，购置了五道口北京威新国际大厦，后来又自建了搜狐媒体大厦和搜狐畅游大厦，互联网旧贵族没有想到，按照6月22日股价，市值6.75亿美元不敌早年的不动产。\nB站目前整租于上海市杨浦区五角场凯德国正中心，是这里的最大租户。2020年，“上漂”10年的B站，终于拿出81亿元在上海落脚，而截至2020年三季度，B站可用货币资金只有10亿。\n巧合的是，同年11月，美团也斥资65.41亿元拿下隔壁地块，成为其同桌，勤俭持家的美团，一次次在望京搬家、扩张，员工分散在恒基伟业、望京研发园、启明国际大厦、数码港大厦等超30万平方米的写字楼，这也是美团成立10年来第一次购置如此大规模的不动产。\n更广的迁徙与总部的弱化\n除了在大本营不断扩大版图外，互联网公司的触角还伸向了更远更广的地方。\n北方的公司选择南下，百度的华南总部和国际总部，都在深圳落地；一路高歌的字节也花费10亿，“跳动”到深圳和腾讯做上了邻居，员工规模激增的背后除了自身业务增长带来的需求，或许也与字节跳动加大投资收购有关系。CVSource投中数据显示，2014年以来字节跳动累计对117家企业进行投资或并购。小米也以5.31亿元竞得海的一宗商业用地，正式加入到了后海“总部群”。\n而南方生根的公司选择北上，阿里将在北京和杭州设立双总部，还在重庆、郑州、西安等地都设有区域总部；虽然任正非表示，华为的总部永远不会离开深圳，但并不妨碍华为也准备拿下北京新兴的丽泽商业区，成为国内业务的管理总部和中心，\n一方面，互联网科技公司们是为了自己日益壮大的力量寻找归宿，而另一面，也在将拿地作为一门生意。\n京东不仅有过拿地建设总部、物流中心、客服中心的动作，其还盯上了产业新城这块蛋糕。2017年，京东在广东汕头投资建设“塑米京东云粤东运营中心”，同年，京东再与广东东莞市政府签署战略合作协议，并于两年后斥资10.6亿元在东莞凤岗拿地，将建设“凤岗京东智谷”项目。2020年10月，京东又联手平安、中南建设以47.3亿元将苏州相城区高铁新城板块两宗地块收入囊中。\n京东近期最著名的一次收购是花费27亿元拿下北京翠宫饭店，很快，这栋楼又被转给知名对冲基金安祖高顿。\n拿地买楼的也离不开企业所在地方的支持，美团拿下上海地块时，出让条件上指定要求引进互联网在线新经济产业领域的国际性、全国性和大区域性知名企业设立的总部；小米用底价拿地的背后，是准入要求中写明行业为A0610智能手机、移动电视等新一代移动终端设备。\n而称为国货之光的华为，则拥有更强大的GR，当年华为搬去东莞的时候，东莞市为华为终端总部划拨了1900亩土地，用来建设华为员工公寓、华为终端总部等项目，而华为的研究所，遍布深圳、上海、杭州、南京、北京、西安、武汉和苏州等。\n华为已拥有庞大的土地储备，近几年累计获得的土地面积约为1000万平方米，规模相当于一个全国性的中小型开发商。\n曾让互联网引以为傲的大本营所带来的总部经济变了，地方经济渴望由互联网巨头们带来新的飞跃神话，而互联网巨头们则享受一些扶持政策。同时，未雨绸缪，以保证自己未来有足够的空间。\n在互联网行业增长总体减速趋稳的当下，这些写字楼和地块，成为了互联网科技新贵们最值钱的资产之一，似乎印证着那句老话，“主业做得好，不如买楼买得早”。\n听说，最近腾讯在大铲湾买下了一座岛，内网最热的征名是“鹅城”，让人不禁想呼应《让子弹飞》那句“我就是想站着，还把钱挣了”。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9}},"isVote":1,"tweetTyp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Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","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/122754756","repostId":"1133892127","repostType":4,"repost":{"id":"1133892127","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":1624631213,"share":"https://ttm.financial/m/news/1133892127?lang=en_US&edition=fundamental","pubTime":"2021-06-25 22:26","market":"hk","language":"zh","title":"China Travel Group and China Duty Free submitted listing applications to HKEx","url":"https://stock-news.laohu8.com/highlight/detail?id=1133892127","media":"老虎资讯综合","summary":"据港交所文件：中旅集团、中国中免向港交所提交上市申请书。\n中国中免正与中金合作，消息人士指公司有望成香港今年最大新股，并料IPO规模有望达93亿美元(约725亿港元)。","content":"<p>According to the documents of the Hong Kong Stock Exchange: China Travel Group,<a href=\"https://laohu8.com/S/601888\">China Duty Free</a>Submit a listing application to the HKEx.</p><p>China Duty Free is cooperating with CICC. Sources say that the company is expected to become the largest new stock in Hong Kong this year, and the IPO size is expected to reach 9.3 billion US dollars (about 72.5 billion Hong Kong dollars).</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>China Travel Group and China Duty Free submitted listing applications to HKEx</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\">\nChina Travel Group and China Duty Free submitted listing applications to HKEx\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\">2021-06-25 22:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to the documents of the Hong Kong Stock Exchange: China Travel Group,<a href=\"https://laohu8.com/S/601888\">China Duty Free</a>Submit a listing application to the HKEx.</p><p>China Duty Free is cooperating with CICC. Sources say that the company is expected to become the largest new stock in Hong Kong this year, and the IPO size is expected to reach 9.3 billion US dollars (about 72.5 billion Hong Kong dollars).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/186ff42cf72b907a21ea58520e2c0f78","relate_stocks":{"601888":"中国中免","01880":"中国中免"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133892127","content_text":"据港交所文件：中旅集团、中国中免向港交所提交上市申请书。\n中国中免正与中金合作，消息人士指公司有望成香港今年最大新股，并料IPO规模有望达93亿美元(约725亿港元)。","news_type":1,"symbols_score_info":{"601888":0.9,"01880":1}},"isVote":1,"tweetType":1,"viewCount":2833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123883022,"gmtCreate":1624415610366,"gmtModify":1703836000836,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","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/123883022","repostId":"1168540454","repostType":4,"repost":{"id":"1168540454","kind":"news","weMediaInfo":{"introduction":"提供IPO最新消息，及时更新市场动态，专家团队助力分析可投资项目价值，提供IPO项目咨询服务。","home_visible":1,"media_name":"独角兽早知道","id":"1023683695","head_image":"https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5"},"pubTimestamp":1624414107,"share":"https://ttm.financial/m/news/1168540454?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:08","market":"us","language":"zh","title":"Spark Thinking Submits IPO Application to the United States, Impact \"The First Stock of Online Quality Education\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1168540454","media":"独角兽早知道","summary":"北京时间6月21日，在线素质教育机构火花思维向美国SEC提交IPO申请，寻求在纳斯达克挂牌上市，股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。\n若顺","content":"<p>On June 21st, Beijing time, Spark Thinking, an online quality education institution, submitted an IPO application to the US SEC, seeking to be listed on Nasdaq under the stock code \"SPRK\". The underwriters of Spark Thinking's IPO are<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Citigroup,<a href=\"https://laohu8.com/S/601995\">CICC</a>Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education\" in China.</p><p><img src=\"https://static.tigerbbs.com/bf1a3b45fc4dbcc69919d2476d07854e\" tg-width=\"1023\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p>Spark Thinking was established in December 2017, and its founder, Luo Jian, was the CTO of Ganji.com. The company mainly targets mathematical thinking training for children aged 3-10, focusing on online small classes. According to Tianyan APP, the main body of Spark Thinking Company is Beijing Xinmengyuan Technology Development Co., Ltd.</p><p>The products of Spark Thinking are divided into two categories. One is Spark Live Class, which focuses on mathematical thinking and Chinese; The second is the newly launched brand \"Little Spark AI Class\", which covers mathematics, Chinese and English for younger ages.</p><p>According to CIC, Spark Thinking has become the largest online small class education company in China in terms of total revenue in 2020 and the number of students as of December 31, 2020.</p><p><img src=\"https://static.tigerbbs.com/5b8a58dbaa6ec65f6b184f61ceae0939\" tg-width=\"645\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p>As of March 31, 2021, Spark Thinking had a total of 370,530 students, 77% of whom came from referrals and natural traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 was 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, representing a year-on-year increase of 203.3%.</p><p><img src=\"https://static.tigerbbs.com/26f8b6aa6f75b07e9467b5761fab85ef\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p>Online small classes generate the vast majority of the company's revenue. In 2019, 2020 and the first quarter of 2020 and the first quarter of 2021, the proportion of online small class courses to the total net revenue was 99.2%, 95.6%, 97.6% and 92.3%, respectively.</p><p>The net losses of Spark Thinking in 2019 and 2020 were 771 million yuan and 952 million yuan, respectively. The net loss in the first quarter of 2021 was 374 million yuan, representing a year-on-year increase of 78.95%. The loss was mainly attributable to the increase in selling and marketing expenses.</p><p>According to the prospectus, in 2019, the sales and marketing expenses, R&D expenses and general administrative expenses of Spark Thinking were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures were 798 million yuan, 327 million yuan and 178 million yuan, respectively.</p><p>In the first quarter of 2021, the sales and marketing expenses of Spark Thinking amounted to 343 million yuan, representing a year-on-year increase of 203.5%. \"primarily due to our increased marketing and branding activities\" and \"increased sales and marketing staff,\" Spark Thinking said in its prospectus.</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, representing a year-on-year increase of 107.7%. General administrative expenses amounted to RMB72 million, representing a year-on-year increase of 110.72%.</p><p>As of March 31, the deferred income of Spark Thinking in the first quarter of 2021 was 1.423 billion yuan, and the cash and cash-like assets held were approximately 3 billion yuan. As of December 31, the deferred income for 2020 was RMB1,217 million.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Shan Zebing, CTO of Spark Thinking, held 1.4%. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6%. The total shareholding ratio of directors and senior executives of Spark Thinking is 16.3%.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5%, and the other investors are GGV Capital 8.9%, IDG Capital 8.7% and ZETA ASIA HOLDINGS PTE. LTD. 8.5%, TBP Sparkling Holdings Limited7.5%, Shanhang Capital 6.3% and Lightspeed China 5.7%.</p><p>About 40% of the funds raised will be used to improve teaching methods, courseware and educational content, and further expand the scope of courses; Approximately 30% is spent on improving technological infrastructure; Approximately 15% is used to expand marketing and branding; The remainder is used to finance the company's operations and other purposes.</p><p>In recent years, the online mathematical thinking track where spark thinking is located has developed rapidly. According to iiMedia Consulting data, China's online mathematical thinking market will reach 8.23 billion yuan in 2020 and exceed 10 billion yuan in 2021.</p><p>As the best class type to balance users' personalized learning needs and enterprise economic model, small classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in Online Education Industry in 2020\" released by the Chinese Academy of Sciences in February this year, it is predicted that the small class model will maintain a relatively high growth rate in the next four years. In 2022, the market size of small class will exceed the 1V1 model, and in 2025, the market size of small class will exceed the AI model, becoming the mainstream education model second only to large class.</p><p>According to CIC data, in 2020, there were about 15 online small-class K12 after-school tutoring with a total revenue of more than 500 million yuan. China's online small class K12 after-school tutoring market has reached 11.9 billion yuan in 2020 and is expected to reach 101.2 billion yuan by 2025. It will grow at a CAGR of 53.3% from 2020 to 2025.</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>Spark Thinking Submits IPO Application to the United States, Impact \"The First Stock of Online Quality Education\"</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\">\nSpark Thinking Submits IPO Application to the United States, Impact \"The First Stock of Online Quality Education\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023683695\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">独角兽早知道 </p>\n<p class=\"h-time smaller\">2021-06-23 10:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 21st, Beijing time, Spark Thinking, an online quality education institution, submitted an IPO application to the US SEC, seeking to be listed on Nasdaq under the stock code \"SPRK\". The underwriters of Spark Thinking's IPO are<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Citigroup,<a href=\"https://laohu8.com/S/601995\">CICC</a>Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education\" in China.</p><p><img src=\"https://static.tigerbbs.com/bf1a3b45fc4dbcc69919d2476d07854e\" tg-width=\"1023\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p>Spark Thinking was established in December 2017, and its founder, Luo Jian, was the CTO of Ganji.com. The company mainly targets mathematical thinking training for children aged 3-10, focusing on online small classes. According to Tianyan APP, the main body of Spark Thinking Company is Beijing Xinmengyuan Technology Development Co., Ltd.</p><p>The products of Spark Thinking are divided into two categories. One is Spark Live Class, which focuses on mathematical thinking and Chinese; The second is the newly launched brand \"Little Spark AI Class\", which covers mathematics, Chinese and English for younger ages.</p><p>According to CIC, Spark Thinking has become the largest online small class education company in China in terms of total revenue in 2020 and the number of students as of December 31, 2020.</p><p><img src=\"https://static.tigerbbs.com/5b8a58dbaa6ec65f6b184f61ceae0939\" tg-width=\"645\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p>As of March 31, 2021, Spark Thinking had a total of 370,530 students, 77% of whom came from referrals and natural traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 was 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, representing a year-on-year increase of 203.3%.</p><p><img src=\"https://static.tigerbbs.com/26f8b6aa6f75b07e9467b5761fab85ef\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p>Online small classes generate the vast majority of the company's revenue. In 2019, 2020 and the first quarter of 2020 and the first quarter of 2021, the proportion of online small class courses to the total net revenue was 99.2%, 95.6%, 97.6% and 92.3%, respectively.</p><p>The net losses of Spark Thinking in 2019 and 2020 were 771 million yuan and 952 million yuan, respectively. The net loss in the first quarter of 2021 was 374 million yuan, representing a year-on-year increase of 78.95%. The loss was mainly attributable to the increase in selling and marketing expenses.</p><p>According to the prospectus, in 2019, the sales and marketing expenses, R&D expenses and general administrative expenses of Spark Thinking were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures were 798 million yuan, 327 million yuan and 178 million yuan, respectively.</p><p>In the first quarter of 2021, the sales and marketing expenses of Spark Thinking amounted to 343 million yuan, representing a year-on-year increase of 203.5%. \"primarily due to our increased marketing and branding activities\" and \"increased sales and marketing staff,\" Spark Thinking said in its prospectus.</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, representing a year-on-year increase of 107.7%. General administrative expenses amounted to RMB72 million, representing a year-on-year increase of 110.72%.</p><p>As of March 31, the deferred income of Spark Thinking in the first quarter of 2021 was 1.423 billion yuan, and the cash and cash-like assets held were approximately 3 billion yuan. As of December 31, the deferred income for 2020 was RMB1,217 million.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Shan Zebing, CTO of Spark Thinking, held 1.4%. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6%. The total shareholding ratio of directors and senior executives of Spark Thinking is 16.3%.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5%, and the other investors are GGV Capital 8.9%, IDG Capital 8.7% and ZETA ASIA HOLDINGS PTE. LTD. 8.5%, TBP Sparkling Holdings Limited7.5%, Shanhang Capital 6.3% and Lightspeed China 5.7%.</p><p>About 40% of the funds raised will be used to improve teaching methods, courseware and educational content, and further expand the scope of courses; Approximately 30% is spent on improving technological infrastructure; Approximately 15% is used to expand marketing and branding; The remainder is used to finance the company's operations and other purposes.</p><p>In recent years, the online mathematical thinking track where spark thinking is located has developed rapidly. According to iiMedia Consulting data, China's online mathematical thinking market will reach 8.23 billion yuan in 2020 and exceed 10 billion yuan in 2021.</p><p>As the best class type to balance users' personalized learning needs and enterprise economic model, small classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in Online Education Industry in 2020\" released by the Chinese Academy of Sciences in February this year, it is predicted that the small class model will maintain a relatively high growth rate in the next four years. In 2022, the market size of small class will exceed the 1V1 model, and in 2025, the market size of small class will exceed the AI model, becoming the mainstream education model second only to large class.</p><p>According to CIC data, in 2020, there were about 15 online small-class K12 after-school tutoring with a total revenue of more than 500 million yuan. China's online small class K12 after-school tutoring market has reached 11.9 billion yuan in 2020 and is expected to reach 101.2 billion yuan by 2025. It will grow at a CAGR of 53.3% from 2020 to 2025.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/65d31e4c3baa6ee7379282a92bdba277","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168540454","content_text":"北京时间6月21日，在线素质教育机构火花思维向美国SEC提交IPO申请，寻求在纳斯达克挂牌上市，股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。\n若顺利通过，火花思维将成为国内“在线素质教育第一股”。\n\n火花思维成立于2017年12月，创始人罗剑曾任赶集网CTO。该公司主要瞄准3-10岁孩子的数学思维训练，主打在线小班课。天眼查APP显示，火花思维公司主体为北京心更远科技发展有限公司。\n火花思维旗下产品分为两大类，一是以数理思维和语文为主的火花直播课；二是新推出的品牌“小火花AI课”，学科覆盖低龄段的数学、语文以及英语。\n据灼识咨询统计，就2020年的总收入以及截至2020年12月31日的学生人数而言，火花思维已成为中国最大的在线小班教育公司。\n\n截至2021年3月31日，火花思维共有370530名学员，77%的学员来自转介绍及自然流量。\n招股书显示，火花思维2019年、2020年净收入分别为1.95亿元、11.74亿元；2021年一季度净收入为4.537亿元，同比增长203.3%。\n\n在线小班课程为该公司带来绝大部分的收入。2019年、2020年以及2020年一季度、2021年一季度，在线小班课程占总净收入比例分别为99.2%、95.6%、97.6% 和92.3%。\n火花思维在2019年、2020年的净亏损分别为7.71亿元、9.52亿元。2021年一季度净亏损为3.74亿元，亏损同比扩大78.95%。亏损主要来自于销售及市场营销费用支出的增长。\n招股书显示，2019年火花思维的销售及市场营销费用、研发费用和一般行政管理支出费用分别是2.36亿元、2.4亿元及1.28亿元；2020年，这三项支出分别是7.98亿元、3.27亿元和1.78亿元。\n2021年一季度，火花思维的销售及市场营销费用支出为3.43亿元，同比增长203.5%。火花思维在招股书中称，“主要是由于我们增加了营销和品牌活动”以及“增加销售和营销人员”。\n2021年一季度的研发费用为1.44亿元，同比增长107.7%。一般行政管理支出为0.72亿元，同比增长110.72%。\n截至3月31日，火花思维2021年一季度的递延收入为14.23亿元，持有的现金及类现金资产约30亿元。截至12月31日，2020年的递延收入为12.17亿元。\n招股书显示，IPO前，火花思维创始人兼CEO罗剑占股13.6%，火花思维CTO单泽兵持股1.4%。此外，罗剑的关联公司Venus Mission Limited 持股为13.6%。火花思维董事及高管持股比例共16.3%。\n持股比例最高的投资方红杉资本中国持股10.5%、其他资方依次为GGV纪源资本8.9%、IDG资本8.7%、ZETA ASIA HOLDINGS PTE. LTD.8.5%、TBP Sparkling Holdings Limited7.5%、山行资本6.3%、光速中国5.7%。\n此次募集资金用途，约40%用于改进教学法、课件和教育内容，并进一步扩大课程范围；约30%用于改善技术基础设施；约15%用于扩大营销和品牌推广；剩余则为公司营运和其他用途提供资金。\n近年来，火花思维所在的在线数理思维赛道获得较快发展。据艾媒咨询数据显示，2020年中国在线数理思维市场规模将达到82.3亿元，2021年将突破100亿元。\n作为平衡用户的个性化学习需求和企业经济模型的最佳班型，小班课也在备受关注。\n中科院在今年二月发布的《2020年在线教育行业小班课发展研究及前瞻报告》中预测，小班课模式未来四年将保持较高速增长，2022年小班课市场规模将超过1V1模式，2025年小班课市场规模超过AI课模式，成为仅次于大班课的主流教育模式。\n据CIC数据，2020 年约有15家在线小班K12课后辅导的总收入超过5亿元。2020年中国在线小班K12课后辅导市场已达到119亿元，预计到2025年将达到1012亿元。2020年至2025年的复合年增长率为53.3%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123889388,"gmtCreate":1624415589344,"gmtModify":1703836000019,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","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/123889388","repostId":"1178642444","repostType":4,"repost":{"id":"1178642444","kind":"news","pubTimestamp":1624414683,"share":"https://ttm.financial/m/news/1178642444?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:18","market":"sh","language":"zh","title":"\"Market Method\" and \"Central Bank Method\" for Judging Short-term Interest Rate","url":"https://stock-news.laohu8.com/highlight/detail?id=1178642444","media":"光大证券","summary":"1、研判短期利率的“市场方法”和“央行方法”\n别人家的央行通常只是与市场沟通观点，我们的央行还会手把手地教市场如何做研究。比如说，看到市场常纠结于OMO是净投放还是净回笼，并以此揣测货币政策的取向，央","content":"<p><b>1. The \"market method\" and \"central bank method\" for studying and judging short-term interest rates</b></p><p><b>Other people's central banks usually only communicate their views with the market, while ours will teach the market how to do research.</b>For example, seeing that the market often struggles with whether OMO is net delivery or net withdrawal, and speculates on the orientation of monetary policy, the central bank told everyone in the Monetary Policy Implementation Report that \"just see whether the policy interest rate has changed, and there is no need to pay too much attention to the number of open market operations\". For example, seeing that some market players have unnecessary worries about liquidity, the Financial Times, which is in charge of the central bank, quickly published an article, saying that \"it is not appropriate to predict the 'tightening' and 'fluctuation' of liquidity and the policy orientation of the central bank with unfounded speculation\".</p><p><b>Perhaps, these research methods taught by the central bank are different from those commonly used in the market, and some investors are unacceptable for a while.</b>At this time, we must not be preconceived, but to emancipate our minds, seek truth from facts, compare and analyze, and then choose the best among different methods and follow them.</p><p>We believe that the difference between the \"market method\" and the \"central bank method\" for judging short-term interest rates is mainly reflected in the fact that the former depends on quantitative indicators such as OMO operation volume, net input volume, liquidity gap and excess reserve rate; The central bank suggests paying more attention to key interest rate indicators such as OMO interest rate. (Note: The excess reserve ratio is the ratio of two quantitative indicators, not the same interest rate, so we still classify it as a quantitative indicator.)<b>In practice, we find that there are many problems in the \"market approach\", and it is always right to listen to the central bank.</b></p><p><b>2. There are many problems in the \"market approach\"</b></p><p><b>There are many problems with the \"market approach\", which makes the conclusions drawn by the approach very inaccurate or even contrary to the truth.</b>One of the important issues is that the factors affecting the amount of liquidity are numerous and difficult to predict, and another is that the approach logically omits the decisive variable of central bank monetary policy.</p><p><b>The many and unpredictable factors that affect the amount of liquidity are one reason why the \"market approach\" often fails.</b>For example, some investors expect the net supply of land debt to reach 1 trillion yuan in May, but now looking back, it is less than 590 billion yuan, which is not a small gap. Our forecast result is 550 billion yuan, which is close to the actual situation, but to be honest, there is a lot of luck in it. In the forecast, we also frankly wrote that \"the scale of land bond issuance is not easy to predict, and it is difficult for us to ensure that our forecast value is accurate.\"</p><p><b>Moreover, the logic of the \"market approach\" is that the bigger the liquidity gap, the tighter the funds will be. This approach seems to make sense, but it often deviates in practice because it omits the decisive variable of central bank monetary policy.</b>(Note: This method also does not take into account the influence of factors such as the distribution structure of liquidity among different institutions.) For example, in the face of a large liquidity gap, the central bank can fully use various monetary policy tools such as reserves, medium-term lending facilities, open market operations, relending and rediscounting to meet the reasonable liquidity needs of financial institutions with different maturities and maintain reasonable and sufficient liquidity in the banking system. That is to say, even if there is a large liquidity gap, funds will not necessarily tend to be tight.</p><p><b>In addition, there are many other problems with the \"market approach\".</b>For example, the dual relationship between liquidity quantity and capital interest rate is unstable, and it is difficult to predict interest rate with quantitative indicators; Relying too much on quantitative indicators such as OMO operation volume to judge monetary policy \"will lead to generalization errors, and even often get the opposite results.\"</p><p><b>3. It's always right to listen to the central bank</b></p><p><b>In recent years, more and more market players are aware of the problems existing in traditional analysis methods, so they are deeply confused. Fortunately, the central bank has taught you a more advanced method.</b>At this time, we learn with the attitude of opening the book and asking for something, and we can certainly cover the book and gain something. Some investors may be vaguely worried about whether the central bank can achieve \"harmony of words and deeds\"? We think it's too much to worry about. On the one hand, there is no need for the central bank to mislead market expectations and artificially create fluctuations; On the other hand, these official communications need to stand the test of time, so they should not be false at all.</p><p><b>Historical experience has repeatedly taught us that it is always right to listen to the central bank.</b>For example, since the beginning of the year, the central bank has emphasized the policy orientation of \"steady word\", which is obviously not empty talk. The volatility of DR007 has dropped significantly compared with the same period of previous years. For another example, on April 3, 2020, the central bank lowered the excess reserve interest rate. Some investors thought that this policy was to guide the downward trend of the capital interest rate for overnight periods, and were quite surprised by the subsequent upward trend of the capital interest rate. In fact, the central bank's communication article on the same day, \"The relevant person in charge of the People's Bank of China said: Targeted RRR reduction for small and medium-sized banks to support the development of the real economy\", has clearly stated that \"this time, the central bank's reduction of the excess reserve interest rate from 0.72% to 0.35% can promote banks to improve the efficiency of capital use and promote banks to better serve the real economy, especially small and medium-sized enterprises.\" That is to say, the real purpose of the policy is to reduce the income of holding excess reserves and guide funds to the real economy. It can be seen that the central bank is not \"inconsistent in words and deeds\", on the contrary, it has made a clear explanation of the policy.</p><p>As for how to accurately judge the trend of short-term interest rates, the central bank has made a special explanation in the Monetary Policy Implementation Report in the fourth quarter of last year and the first quarter of this year. Director Sun Guofeng also emphasized it at the press conference of financial statistics in the first quarter of this year.<b>We summarize it as \"focusing on observing the operating rates of OMO + MLF and representative market rates such as DR007, without overly focusing on the number of open market operations and banking system liquidity\".</b>Among them, OMO + MLF interest rate is the policy interest rate of the central bank, through which the central bank conveys the signal of interest rate regulation, which is the most critical indicator for us to judge the trend of interest rates; DR007 interest rate is the key reference index of monetary policy regulation, so it can accurately reflect the policy orientation.</p><p><b>In addition, when observing the DR007 interest rate, we need to eliminate daytime and short-term fluctuations in the data:</b>First, the interest rates of DR007 at the highest price and lowest price are easily affected by occasional factors during the day, and contain a lot of noise. Therefore, it is recommended not to pay attention to it, and only the weighted average of DR007 interest rate can be judged. Second, the single-day value of DR007 interest rate is susceptible to short-term factors, so it is recommended to remove short-term fluctuations by H-P filtering or moving average.</p><p><b>4. Conclusion</b></p><p><b>When forecasting short-term interest rate, there are many problems in the traditional partial quantitative method of the market. The central bank has taught us a more advanced approach: look at the operating rates of OMO + MLF as well as representative market rates such as DR007.</b>In fact, there have been many specious views in the market for a long time, such as that banks are using deposit funds to grant loans, that the change of base money will be transmitted to M2 in equal proportion, and that the government is the main body of money creation. The central bank has made an in-depth analysis of the above contents, and our market participants should understand it in depth.</p><p><b>5. Risk warning</b></p><p>Irrational expectations trigger rapid market volatility.</p>","source":"gdzqyj","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>\"Market Method\" and \"Central Bank Method\" for Judging Short-term Interest Rate</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\">\n\"Market Method\" and \"Central Bank Method\" for Judging Short-term Interest Rate\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">光大证券</strong><span class=\"h-time small\">2021-06-23 10:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>1. The \"market method\" and \"central bank method\" for studying and judging short-term interest rates</b></p><p><b>Other people's central banks usually only communicate their views with the market, while ours will teach the market how to do research.</b>For example, seeing that the market often struggles with whether OMO is net delivery or net withdrawal, and speculates on the orientation of monetary policy, the central bank told everyone in the Monetary Policy Implementation Report that \"just see whether the policy interest rate has changed, and there is no need to pay too much attention to the number of open market operations\". For example, seeing that some market players have unnecessary worries about liquidity, the Financial Times, which is in charge of the central bank, quickly published an article, saying that \"it is not appropriate to predict the 'tightening' and 'fluctuation' of liquidity and the policy orientation of the central bank with unfounded speculation\".</p><p><b>Perhaps, these research methods taught by the central bank are different from those commonly used in the market, and some investors are unacceptable for a while.</b>At this time, we must not be preconceived, but to emancipate our minds, seek truth from facts, compare and analyze, and then choose the best among different methods and follow them.</p><p>We believe that the difference between the \"market method\" and the \"central bank method\" for judging short-term interest rates is mainly reflected in the fact that the former depends on quantitative indicators such as OMO operation volume, net input volume, liquidity gap and excess reserve rate; The central bank suggests paying more attention to key interest rate indicators such as OMO interest rate. (Note: The excess reserve ratio is the ratio of two quantitative indicators, not the same interest rate, so we still classify it as a quantitative indicator.)<b>In practice, we find that there are many problems in the \"market approach\", and it is always right to listen to the central bank.</b></p><p><b>2. There are many problems in the \"market approach\"</b></p><p><b>There are many problems with the \"market approach\", which makes the conclusions drawn by the approach very inaccurate or even contrary to the truth.</b>One of the important issues is that the factors affecting the amount of liquidity are numerous and difficult to predict, and another is that the approach logically omits the decisive variable of central bank monetary policy.</p><p><b>The many and unpredictable factors that affect the amount of liquidity are one reason why the \"market approach\" often fails.</b>For example, some investors expect the net supply of land debt to reach 1 trillion yuan in May, but now looking back, it is less than 590 billion yuan, which is not a small gap. Our forecast result is 550 billion yuan, which is close to the actual situation, but to be honest, there is a lot of luck in it. In the forecast, we also frankly wrote that \"the scale of land bond issuance is not easy to predict, and it is difficult for us to ensure that our forecast value is accurate.\"</p><p><b>Moreover, the logic of the \"market approach\" is that the bigger the liquidity gap, the tighter the funds will be. This approach seems to make sense, but it often deviates in practice because it omits the decisive variable of central bank monetary policy.</b>(Note: This method also does not take into account the influence of factors such as the distribution structure of liquidity among different institutions.) For example, in the face of a large liquidity gap, the central bank can fully use various monetary policy tools such as reserves, medium-term lending facilities, open market operations, relending and rediscounting to meet the reasonable liquidity needs of financial institutions with different maturities and maintain reasonable and sufficient liquidity in the banking system. That is to say, even if there is a large liquidity gap, funds will not necessarily tend to be tight.</p><p><b>In addition, there are many other problems with the \"market approach\".</b>For example, the dual relationship between liquidity quantity and capital interest rate is unstable, and it is difficult to predict interest rate with quantitative indicators; Relying too much on quantitative indicators such as OMO operation volume to judge monetary policy \"will lead to generalization errors, and even often get the opposite results.\"</p><p><b>3. It's always right to listen to the central bank</b></p><p><b>In recent years, more and more market players are aware of the problems existing in traditional analysis methods, so they are deeply confused. Fortunately, the central bank has taught you a more advanced method.</b>At this time, we learn with the attitude of opening the book and asking for something, and we can certainly cover the book and gain something. Some investors may be vaguely worried about whether the central bank can achieve \"harmony of words and deeds\"? We think it's too much to worry about. On the one hand, there is no need for the central bank to mislead market expectations and artificially create fluctuations; On the other hand, these official communications need to stand the test of time, so they should not be false at all.</p><p><b>Historical experience has repeatedly taught us that it is always right to listen to the central bank.</b>For example, since the beginning of the year, the central bank has emphasized the policy orientation of \"steady word\", which is obviously not empty talk. The volatility of DR007 has dropped significantly compared with the same period of previous years. For another example, on April 3, 2020, the central bank lowered the excess reserve interest rate. Some investors thought that this policy was to guide the downward trend of the capital interest rate for overnight periods, and were quite surprised by the subsequent upward trend of the capital interest rate. In fact, the central bank's communication article on the same day, \"The relevant person in charge of the People's Bank of China said: Targeted RRR reduction for small and medium-sized banks to support the development of the real economy\", has clearly stated that \"this time, the central bank's reduction of the excess reserve interest rate from 0.72% to 0.35% can promote banks to improve the efficiency of capital use and promote banks to better serve the real economy, especially small and medium-sized enterprises.\" That is to say, the real purpose of the policy is to reduce the income of holding excess reserves and guide funds to the real economy. It can be seen that the central bank is not \"inconsistent in words and deeds\", on the contrary, it has made a clear explanation of the policy.</p><p>As for how to accurately judge the trend of short-term interest rates, the central bank has made a special explanation in the Monetary Policy Implementation Report in the fourth quarter of last year and the first quarter of this year. Director Sun Guofeng also emphasized it at the press conference of financial statistics in the first quarter of this year.<b>We summarize it as \"focusing on observing the operating rates of OMO + MLF and representative market rates such as DR007, without overly focusing on the number of open market operations and banking system liquidity\".</b>Among them, OMO + MLF interest rate is the policy interest rate of the central bank, through which the central bank conveys the signal of interest rate regulation, which is the most critical indicator for us to judge the trend of interest rates; DR007 interest rate is the key reference index of monetary policy regulation, so it can accurately reflect the policy orientation.</p><p><b>In addition, when observing the DR007 interest rate, we need to eliminate daytime and short-term fluctuations in the data:</b>First, the interest rates of DR007 at the highest price and lowest price are easily affected by occasional factors during the day, and contain a lot of noise. Therefore, it is recommended not to pay attention to it, and only the weighted average of DR007 interest rate can be judged. Second, the single-day value of DR007 interest rate is susceptible to short-term factors, so it is recommended to remove short-term fluctuations by H-P filtering or moving average.</p><p><b>4. Conclusion</b></p><p><b>When forecasting short-term interest rate, there are many problems in the traditional partial quantitative method of the market. The central bank has taught us a more advanced approach: look at the operating rates of OMO + MLF as well as representative market rates such as DR007.</b>In fact, there have been many specious views in the market for a long time, such as that banks are using deposit funds to grant loans, that the change of base money will be transmitted to M2 in equal proportion, and that the government is the main body of money creation. The central bank has made an in-depth analysis of the above contents, and our market participants should understand it in depth.</p><p><b>5. Risk warning</b></p><p>Irrational expectations trigger rapid market volatility.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633616\">光大证券</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a8fca69a364eb1ccaf6e9078f1721480","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3633616","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178642444","content_text":"1、研判短期利率的“市场方法”和“央行方法”\n别人家的央行通常只是与市场沟通观点，我们的央行还会手把手地教市场如何做研究。比如说，看到市场常纠结于OMO是净投放还是净回笼，并以此揣测货币政策的取向，央行便在《货币政策执行报告》中告诉大家“只需看政策利率是否发生变化即可，无需过度关注公开市场操作数量”。再比如，看到部分市场主体对流动性产生不必要的担忧，央行主管的《金融时报》赶紧发表了篇文章，表示“不宜以没有根据的猜测去预测流动性‘收紧’和‘波动’以及央行政策取向”。\n也许，央行传授的这些研究方法与市场中惯用的有所区别，部分投资者一时不大能接受。此时千万不要先入为主，而是要解放思想，实事求是地对比分析，然后在不同的方法中择其善者而从之。\n我们认为，研判短期利率的“市场方法”和“央行方法”之间的差异主要体现于：前者依赖于OMO操作量、净投放量、流动性缺口、超储率等数量型的指标；央行则建议多关注OMO利率等关键的利率指标。（注：超储率为两个数量型指标之比，并不是一个利率，因此我们还是将其归为数量型指标。）在实践中我们发现，“市场方法”存在不少问题，听央行的话总是没错的。\n2、“市场方法”存在不少问题\n“市场方法”存在不少问题，这使得该方法得出的结论很不准确甚至与事实相反。其中一个重要的问题是影响流动性数量的因素很多且难以预测，另一个问题是该方法在逻辑上遗漏了央行货币政策这一决定性变量。\n影响流动性数量的因素很多且难以预测，这是导致“市场方法”常失效的一个原因。比如说，部分投资者预计5月地债净供给量会达到1万亿元，而现在回过头来看只有不到5900亿元，差距不小。我们的预测结果是5500亿元，与实际情况较为接近，但实话实说这里面有不少运气的成分，在预测时我们也坦诚地写道“地债发行规模不易预测，我们也很难保证自己的预测值是精确的。”\n而且，“市场方法”的逻辑是流动性缺口越大，资金就越会趋于紧张。该方法看似有道理，但在实践中经常出现偏差，这是因为其遗漏了央行货币政策这一决定性变量。（注：该方法也没有考虑到流动性在不同机构间的分布结构等因素所造成的影响。）例如，在面对较大的流动性缺口时，央行完全可以通过综合运用准备金、中期借贷便利、公开市场操作、再贷款、再贴现等多种货币政策工具，满足金融机构合理的不同期限的流动性需求，维护银行体系流动性的合理充裕。也就是说，即使有较大的流动性缺口，资金也不一定会趋于紧张。\n除此以外，“市场方法”还有不少其他的问题。比如说，流动性数量与资金利率之间的对偶关系并不稳定，难以用数量型指标预测利率；过多地依赖OMO操作量等数量上的指标来判断货币政策“会导致以偏概全的错误，甚至时常得到与事实相反的结果。”\n3、听央行的话总是没错的\n近几年以来，越来越多的市场主体意识到了传统分析方法中存在的问题，也因此深陷迷茫之中。万幸的是，央行教给了大家一个更为先进的方法。此时，我们以开卷有所求的态度去学习，必然可以掩卷有所获。部分投资者可能隐隐地担心央行能不能做到“言行合一”？我们觉得这是多虑的。一方面，央行没有必要误导市场预期，人为制造波动；另一方面，这些官方沟通都需要经受时间的检验，因此来不得半点虚假。\n历史经验反复告诉我们，听央行的话总是没错的。比如说，年初以来央行便强调“稳字当头”的政策取向，这显然不是句空话，DR007的波动率较往年同期明显下降。再比如说，2020年4月3日央行降低了超额准备金利率，部分投资者认为该政策是要引导隔夜等期限的资金利率下行，并对随后的资金利率上行颇感意外。事实上，央行在当日的沟通文章《中国人民银行有关负责人表示：对中小银行定向降准支持实体经济发展》中已经明确的表示“此次央行将超额准备金利率由0.72%下调至0.35%，可推动银行提高资金使用效率，促进银行更好地服务实体经济特别是中小微企业。”也就是说，政策真正的目的是降低持有超储的收益，将资金引导至实体经济。可见，央行并非“言行不一”，相反是对政策早有过明确的交代。\n对于如何准确地判断短期利率走势，央行在去年四季度以及今年一季度的《货币政策执行报告》中都有过专门的阐述，孙国峰司长在今年一季度金融统计数据新闻发布会上还特意强调过。我们将其总结为“重点观察OMO+MLF的操作利率以及DR007等具有代表性的市场利率，不过度关注公开市场操作数量和银行体系流动性”。其中的OMO+MLF利率是央行政策利率，央行通过其传达利率调控信号，是我们研判利率走势时最为关键的指标；DR007利率是货币政策调控的关键性参考指标，因此可以比较准确地体现出政策的取向。\n此外，在观测DR007利率时，我们需要剔除数据中日间的、短期的波动：第一，DR007的最高价、最低价等时点利率容易受到日间偶发因素的影响，所含的噪音颇多，因此建议不予关注，可以只对DR007利率的加权平均值进行研判。第二，DR007利率的单日数值容易受到短期因素的影响，因此建议用H-P滤波或是移动平均的方法将短期波动移除。\n4、结语\n在对短期利率进行预测时，市场传统的偏数量型的方法存在不少问题。央行教给了我们一个更先进的方法：观察OMO+MLF的操作利率以及DR007等具有代表性的市场利率。事实上，长时间以来在市场中还有不少似是而非的观点，比如说认为银行是在用存款资金发放贷款，认为基础货币的变化会等比例地传导至M2，认为政府是货币创造的主体。对以上内容，央行都有过深入腠理的分析，我们市场参与者还应再深入体悟。\n5、风险提示\n不理性的预期引发市场快速波动。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}