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Ryan Lau
Ryan Lau
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2021-06-29
666
Sorry, this post has been deleted
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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 difference in US stocks right 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 difference in US stocks right now
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Ryan Lau
Ryan Lau
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2021-06-28
666
Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time
屋顶分布式光伏开发方案出炉，光伏建筑板块掀起涨停潮！“碳中和”下的绿色建筑产业链迎来新机遇，这些龙头订单量爆发式增长（名单）。预计跨月期间博弈性资金退潮会导致市场结构性波动有所加大，建议紧抓高景气主线，继续增配成长制造板块。企业盈利扩张中、微观资金仍在流入市场，牛市格局未变，当前市场情绪距高点仍有距离。
Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time
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Ryan Lau
Ryan Lau
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2021-06-28
666
Preview: The U.S. non-farm payrolls are coming in June! Nayuki's tea landed on the Hong Kong Stock Exchange
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: The U.S. non-farm payrolls are coming in June! Nayuki's tea landed on the Hong Kong Stock Exchange
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Ryan Lau
Ryan Lau
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2021-06-28
666
HKEx to 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 to 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: S&P Index hits new high, Virgin Galactic rose 18%
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: S&P Index hits new high, Virgin Galactic rose 18%
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Ryan Lau
Ryan Lau
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2021-06-25
666
The Migration History of Internet Majors: From "Gypsy Wandering" to Buying Houses 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。
The Migration History of Internet Majors: From "Gypsy Wandering" to Buying Houses and Land
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Ryan Lau
Ryan Lau
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2021-06-25
666
China Travel Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange
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 Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange
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Ryan Lau
Ryan Lau
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2021-06-23
666
Spark Thinking submits an IPO application in the United States, impacting "the first online quality education stock"
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 an IPO application in the United States, impacting "the first online quality education stock"
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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 rates
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 rates
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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 U.S. stock market is growing, which has also had a huge impact on the style of the U.S. stock market. A wrestling between growth stocks and value stocks is unfolding.</p><p>In terms of uncertainty, on the one hand, U.S. 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. In addition, the U.S. government's plan to raise taxes is another potential disincentive factor.</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 that rate hike expectations rise, and U.S. stocks may go through a bumpy road.</p><p>These uncertainties dominate the trend of growth and value stocks, and expected changes in inflation and monetary policy will determine the style of U.S. stocks in the second half of the year.</p><p>Wall Street News previously mentioned that since the beginning of this year, as U.S. bond yields have risen rapidly and U.S. stocks have rotated rapidly, the stock prices of technology giants that have enjoyed great success during the epidemic have fallen sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and U.S. bond yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted that rate hike will be earlier than expected, the gains in technology stocks have intensified.</p><p>Many analysts sided with technology stocks, believing that after a correction, the valuations of U.S. technology giants have begun to show attractiveness, which means that these technology leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes U.S. technology stocks are relatively cheap right now. According to data from Barclays, FANMAG currently has an average forward P/E of 29.9 x. That's only marginally higher than the roughly 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, chief investment officer of Glenmede Private Wealth, believes that the market for value stocks is not over yet, and value stocks will outperform technology stocks:</p><p>We are still in the midst of a fundamental recovery, with improved economic growth and revenues. Our base 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 when the economy is stronger, there is a tendency to hold inflation-sensitive stocks, and people may underestimate the duration of this cycle.</p><p>Slimmon pointed out that value stocks are still cheap relative to the broader market, and the phase of value stocks' overperformance 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 difference in US stocks right 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 difference in US stocks right 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 U.S. stock market is growing, which has also had a huge impact on the style of the U.S. stock market. A wrestling between growth stocks and value stocks is unfolding.</p><p>In terms of uncertainty, on the one hand, U.S. 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. In addition, the U.S. government's plan to raise taxes is another potential disincentive factor.</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 that rate hike expectations rise, and U.S. stocks may go through a bumpy road.</p><p>These uncertainties dominate the trend of growth and value stocks, and expected changes in inflation and monetary policy will determine the style of U.S. stocks in the second half of the year.</p><p>Wall Street News previously mentioned that since the beginning of this year, as U.S. bond yields have risen rapidly and U.S. stocks have rotated rapidly, the stock prices of technology giants that have enjoyed great success during the epidemic have fallen sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and U.S. bond yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted that rate hike will be earlier than expected, the gains in technology stocks have intensified.</p><p>Many analysts sided with technology stocks, believing that after a correction, the valuations of U.S. technology giants have begun to show attractiveness, which means that these technology leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes U.S. technology stocks are relatively cheap right now. According to data from Barclays, FANMAG currently has an average forward P/E of 29.9 x. That's only marginally higher than the roughly 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, chief investment officer of Glenmede Private Wealth, believes that the market for value stocks is not over yet, and value stocks will outperform technology stocks:</p><p>We are still in the midst of a fundamental recovery, with improved economic growth and revenues. Our base 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 when the economy is stronger, there is a tendency to hold inflation-sensitive stocks, and people may underestimate the duration of this cycle.</p><p>Slimmon pointed out that value stocks are still cheap relative to the broader market, and the phase of value stocks' overperformance will continue.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"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":2355,"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,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127848276","repostId":"2146007781","repostType":4,"repost":{"id":"2146007781","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1624809720,"share":"https://ttm.financial/m/news/2146007781?lang=en_US&edition=fundamental","pubTime":"2021-06-28 00:02","market":"sh","language":"zh","title":"Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time","url":"https://stock-news.laohu8.com/highlight/detail?id=2146007781","media":"券商中国","summary":"屋顶分布式光伏开发方案出炉，光伏建筑板块掀起涨停潮！“碳中和”下的绿色建筑产业链迎来新机遇，这些龙头订单量爆发式增长（名单）。预计跨月期间博弈性资金退潮会导致市场结构性波动有所加大，建议紧抓高景气主线，继续增配成长制造板块。企业盈利扩张中、微观资金仍在流入市场，牛市格局未变，当前市场情绪距高点仍有距离。","content":"<p><img src=\"https://static.tigerbbs.com/87962f8b40fba9eb4be873ddab4a1916\" tg-width=\"586\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>: Entering the market transformation stage, grasping the main line of high prosperity</p><p>July is the transition stage for the market from a quiet period to a resonant upward period. It is expected that the ebb of gaming funds during the cross-month period will lead to an increase in structural fluctuations in the market. It is recommended to grasp the main line of high prosperity and continue to increase the allocation of growth manufacturing sectors.</p><p>First of all, in the second quarter, the incremental entry funds of institutions were limited, and the expectation of consistent rise drove a large number of game funds to enter the market. The ebb of game funds may lead to increased structural fluctuations in the market. Secondly, the overall economy still maintains a steady recovery trend. It is expected that economic data will continue to recover slowly in July, but disturbing factors such as slow pace and local credit risk events have also begun to increase. Policies will remain stable to support the continued recovery of the economy. Finally, domestic macro liquidity is limited by overseas influence, monetary policy is expected to remain stable, the relative attractiveness of equity assets is highlighted under the guidance of multiple policies, and capital market liquidity is still abundant. Overall, the market in July will shift from valuation-driven to profit-driven, return to normal from unanimous rising expectations, and switch from structurally overheated theme market to the main line of high prosperity in the mid-term report. In terms of allocation, it is recommended to continue to focus on new energy, independent and controllable technology, national defense security and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing four main manufacturing lines with high prosperity and growth, and structural fluctuations in the market will bring new entry opportunities.</p><p><a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: The bull market pattern has not changed, and the current market sentiment is still far from the high point</p><p>The microstructure shows that the current market risk appetite is actually high. As long as the prosperity is good, even if the valuation is high, the company's stock price will still rise greatly. During the expansion of corporate profits, micro-funds are still flowing into the market, the bull market pattern has not changed, and the current market sentiment is still far from the high point. The market is heading for a new high in the year, with high-quality leaders represented by the Mao Index as allocations, and intelligent manufacturing attacks with rapid profit growth and policy directions.</p><p><a href=\"https://laohu8.com/S/601066\">China Securities Investment</a>Securities: Loose liquidity continues, growth leads the market</p><p>From an economic perspective, the liquidity demand for base money will fall in July 2021, and the central bank will maintain the stability of base money supply. Treasury Bond interest rates are expected to fall by about 10-20bp in July-August. The RMB exchange rate will remain in a stable range of 6.3-6.4. Therefore, in this economic state, the market keeps running smoothly. However, there is a huge differentiation in the structure, and Science and Technology 50 and GEM 50 will continue to lead the market.</p><p>From the perspective of industry comparison, first, continue to be optimistic about growth industries such as photovoltaics and new energy vehicles. Second, growth sectors such as computers are dominant as scheduled, which is also quite sustainable. Third, under the condition that the market continues to be excellent, and the transaction volume continues to exceed one trillion yuan, there may be opportunities in the brokerage sector.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities: The pull-up is to be continued, it is completely too late to go long now</p><p>Don't be bearish for the sake of being bearish, break away from the confinement of stock thinking, pay attention to marginal improvement, and the pull-up is to be continued. The back is a pull-up, and it is completely too late to go long now. As the trend of inflation and credit contraction is determined, the downward trend of risk assessment continues to drive the market upward. In addition, the downward trend of risk-free interest rate will become a new force, which will drive the market up together with risk assessment. 1) Short-term perspective: Due to the domestic central bank's unexpected net investment, short-term interest rates in the market will marginally decline, and foreign inflation expectations will fall, and long-term interest rates on U.S. bonds will also marginally decline. Domestically, on June 24, the central bank increased the scale of reverse for the first time after three months, increasing net OMO investment by 20 billion more than expected to maintain stability, and short-term interest rates in the inter-bank market mainly declined. In addition, although the deposit interest rate reform is not a \"disguised interest rate cut\", the central bank's statement that \"maintaining reasonable and sufficient liquidity is not empty talk\" also conveys a positive signal. In the future, with the increase of inflation tolerance, the pressure to stabilize growth, and possible credit problems, it will be easier to loosen and harder to tighten as it moves backward. Overseas, although rate hike is expected to move forward after the interest rate meeting, the long-term interest rate of U.S. bonds has fallen instead of rising due to the fall in inflation expectations. 2) Long-term perspective: The real estate tax pilot is expected to increase, and the asset allocation structure of residents will change. From the perspective of major asset allocation, the stock market is expected to usher in more incremental funds.</p><p>The fire of technological growth can start a prairie fire. Key recommendations for industry allocation: 1) First recommend securities firms/banks; 2) The starting point of technological growth: new energy vehicles/electronics/computers/military industry/medicine; 3) The recovery in the post-epidemic era is accelerating: domestic consumption/emerging consumption/high-end consumption; 4) New opportunities in the next cycle of carbon neutrality: coal/building materials/steel; 5) Midstream manufacturing oversold counterattack under the expected marginal easing of cost constraints: home appliances/automobiles.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>: Focus on growth, taking into account the cycle</p><p>The global epidemic is \"first-in, first-out\", and China's economic growth rate is gradually falling back from rapid recovery to normal growth, and the overall policy environment may gradually favor supporting growth; The market's inflation expectations have been temporarily digested. Against this background, market capital concerns have decreased. After the market's focus has gradually shifted from \"post-epidemic recovery\" to \"normalized growth\", the relative prosperity is high, the growth potential is large, and the industrial cycle is still ongoing. The growth style may still be the main line of the market. Looking ahead, after some indexes are close to the previous high, the market may fluctuate in the short term. However, in the general direction, the market may still maintain a positive risk appetite, and the market style may be characterized by \"growth-oriented, taking into account the cycle\".</p><p>Operational suggestions: Focus on growth, taking into account the cycle. 1) High prosperity, China's competitive or growing industrial chain: electric vehicle industry chain, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc.; 2) Pan-consumer industry: bottom-up stock selection in the fields of daily necessities, light industrial home furnishing, hotel tourism, home appliances, automobiles and parts, medicine and medical equipment; 3) Gradually reduce cyclical allocation but focus on some cycles with favorable structures or structural growth characteristics: some non-ferrous metals such as lithium, chemicals, and financial leaders who benefit from the general development trend of wealth and asset management.</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>: Growth flies, mid-term report relay</p><p>The domestic economic stability period, the policy warm wind period, and the liquidity-friendly period are superimposed. Economic recovery is accelerating, monetary policy remains stable, global money market funds are accelerating their return to risky assets, and global equity assets are in a \"honeymoon period.\" The market is moving from the layout of the \"centennial\" market, slowly unfolding, and getting better and better, to the \"summer market\" that is in full swing, scorching sun, and shining brightly. It continues to prompt over-allocation growth, and pays attention to the cost-effective assets whose interim report performance exceeds expectations.</p><p>Industry configuration: \"Harvest cycle, layout growth\" is interpreted as scheduled, growth is still the main theme, and the mid-term report market can be laid out. 1) AIoT, Internet of Everything, China's domestic operating systems represented by Hongmeng are linked to smart terminal mobile phones, cars, etc., and the opportunities gestated deserve attention. Such as: computer, communication, electronics, etc. 2) Medicine, with both innovation, prosperity, technology and consumption attributes, focusing on medical devices, medical services and other directions. 3) New energy chain. Comparable to the 10-year golden growth cycle of consumer electronics, under the background of carbon neutrality and carbon peak, the three-wheel drive of policy + demand + technological change focuses on: new energy materials, lithium battery equipment, automobiles, intelligent driving and other subdivisions. 4) High-end manufacturing equipment. Mainly focusing on China's manufacturing moving towards high-end and localization, in line with industry needs and prosperous development, we can focus on semiconductor equipment, military industry and other directions. The market concerto of cost-effective assets cannot be ignored. In the next stage, you can pay attention to the catalyst of the mid-term report. With the economic recovery and the PPI maintaining a high level, it is possible to rush for cost-effective assets whose mid-term results exceed expectations, especially low-valuation leaders such as chemicals, machinery, non-ferrous metals, and coal.</p><p><a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Looking for small-cap growth with better odds</p><p>After five years of \"dragon-led\" leading stock style, there are problems in the microstructure of A-shares, and the crowded trading of leading stocks restricts its excess return space. 2021 is a big year for profits. The deterministic valuation premium of leading stocks has fallen. The market has gone from chasing leaders with stable ROE to favoring small and medium-sized caps with strong immediate performance flexibility. Rising inflation expectations in 2021 drive small-cap value stocks better; The peak of inflation expectations since mid-May has driven the global stock market style to turn to growth. At the same time, the profit expectations of individual stocks in representative sectors of the market value have been lowered, resulting in a slight double kill in performance valuations.</p><p>Since small-cap growth took over, some small and medium-sized market capitalization growth stocks have accumulated significant gains, but using the winning rate/odds framework, small-cap growth is still the best choice. This year's stock trading is still a winning rate investment (an industry with increased profit margins) taking into account odds (reflected in the sinking market value). In terms of allocation, we will pay attention to the direction of interest rate profit with room for improvement from the perspective of winning rate (good long-term growth or supply and demand gap), taking into account the odds perspective, choose a subdivided track with appropriate valuation and still room for market value sinking. Currently mainly focused on component and electronic manufacturing; Medical devices and medical services; Power supply equipment; Glass, chemicals/chemical fiber and other industries.</p><p>Essence Securities: The index may have limited room to continue to rise, and growth is still the future trend</p><p>The current market as a whole continues to be in a volatile stage. In the short term, the market is in a favorable environment, the liquidity of the inter-bank market is expected to be stable, and overseas concerns have also been alleviated. At the same time, the adjustment pressure of strong stocks in the early stage of the market is rising, and the compensatory gains of weak stocks in the early stage have started. There may be limited room for the index to continue to rise in this round. In the medium and long term, the fundamentals of A-shares in this year's mid-term report and the second half of the year are likely to be better than market expectations. Against the background of the Fed's significant dovish and the completion of domestic economic recovery, the upside of domestic bond market yields is limited, and the liquidity environment and risk preference factors as a whole are still favorable support, and the profitability and growth of enterprises will become the core logic of the market in the next stage.</p><p>In terms of industry allocation, it is recommended to pay attention to companies with reasonable valuations and mid-term reports that exceed expectations, and appropriately grasp the trading opportunities of cyclical stocks. At the same time, we will continue to hold varieties in the core track whose profit growth exceeds expectations, and focus on new main lines in non-core assets that are being gestated, and explore opportunities that have been neglected in the process of economic recovery and transformation from bottom to top. If there is an adjustment in short-term growth stocks, it will be a good time to increase the layout. The key direction includes three clues: 1) The mid-term report exceeds expectations under the recovery: chemicals, coal, banks, etc.; 2) Varieties that can continue to exceed expectations in the core track: semiconductors, photovoltaics, and some pharmaceutical companies; 3) New growth tracks: artificial intelligence, smart cars, new materials, military industry, Xinchuang network security, etc.</p><p>Guosheng Securities: The market remains volatile and continues to dig<a href=\"https://laohu8.com/S/KIM\">Jinke</a>Create</p><p>The market rose across the board last week, and the core lies in the marginal loosening of liquidity again. Science and technology innovation board continues to lead the market, and its attention continues to increase, and it is expected to gradually become a market consensus. Once again, there will be no systemic risks in the second half of the year, whether at home or overseas, and shocks will still be the main focus. Take advantage of the panic caused by each fluctuation to find buying opportunities.</p><p>Focus on the future, grasp the present, and configure scientific and technological innovation. Three clues to \"Nuggets\" the Science and Technology Innovation Board: 1) Open up a new direction for A-shares, and benchmark against the scarce subdivided track \"unicorns\". 2) The performance growth rate has always led the \"high growth\" of science and technology innovation; 3) Since its listing, the pullback/retracement has been deep, has fallen below the issue price, and has a valuation and price-performance ratio from the perspective of PEG; Petroleum, petrochemical and chemical, nonferrous metals, photovoltaic and other sectors benefit from overseas demand. Subdivided tracks such as new energy vehicles, semiconductors & consumer electronics, AI, CXO services & medical beauty, and sub-high-end liquor with strong certainty of prosperity and expected high growth.</p><p>Yuekai Securities: There is a high probability that the index will still maintain a high and volatile trend, and the growth style layout is at the right time</p><p>Looking forward to the market outlook, the index will most likely remain high and volatile. With the continued recovery of the global economy and overseas liquidity tightening, the price upward trend caused by the mismatch between supply and demand and the excessively abundant liquidity environment will be alleviated. Commodity prices in the second half of the year It is expected to usher in an inflection point, and the RMB exchange rate will most likely maintain two-way fluctuations, and the probability of unilateral sustained appreciation is small.</p><p>Pay attention to three main lines in the direction of allocation: First, pay attention to the sectors where the semi-annual performance is expected to improve and the performance exceeds expectations. The second is to pay attention to the growth style configuration with high prosperity. At present, the market's consensus on laying out the main line of growth is continuing to improve. In the context of sustained economic recovery, growth styles with strong policy support, broad development prospects, and strong profitability certainty have stronger premium capabilities. The third is to pay attention to thematic investment opportunities in environmental protection-related industries under policy dividends.</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>Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time</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\">\nTop Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-06-28 00:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/87962f8b40fba9eb4be873ddab4a1916\" tg-width=\"586\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>: Entering the market transformation stage, grasping the main line of high prosperity</p><p>July is the transition stage for the market from a quiet period to a resonant upward period. It is expected that the ebb of gaming funds during the cross-month period will lead to an increase in structural fluctuations in the market. It is recommended to grasp the main line of high prosperity and continue to increase the allocation of growth manufacturing sectors.</p><p>First of all, in the second quarter, the incremental entry funds of institutions were limited, and the expectation of consistent rise drove a large number of game funds to enter the market. The ebb of game funds may lead to increased structural fluctuations in the market. Secondly, the overall economy still maintains a steady recovery trend. It is expected that economic data will continue to recover slowly in July, but disturbing factors such as slow pace and local credit risk events have also begun to increase. Policies will remain stable to support the continued recovery of the economy. Finally, domestic macro liquidity is limited by overseas influence, monetary policy is expected to remain stable, the relative attractiveness of equity assets is highlighted under the guidance of multiple policies, and capital market liquidity is still abundant. Overall, the market in July will shift from valuation-driven to profit-driven, return to normal from unanimous rising expectations, and switch from structurally overheated theme market to the main line of high prosperity in the mid-term report. In terms of allocation, it is recommended to continue to focus on new energy, independent and controllable technology, national defense security and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing four main manufacturing lines with high prosperity and growth, and structural fluctuations in the market will bring new entry opportunities.</p><p><a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: The bull market pattern has not changed, and the current market sentiment is still far from the high point</p><p>The microstructure shows that the current market risk appetite is actually high. As long as the prosperity is good, even if the valuation is high, the company's stock price will still rise greatly. During the expansion of corporate profits, micro-funds are still flowing into the market, the bull market pattern has not changed, and the current market sentiment is still far from the high point. The market is heading for a new high in the year, with high-quality leaders represented by the Mao Index as allocations, and intelligent manufacturing attacks with rapid profit growth and policy directions.</p><p><a href=\"https://laohu8.com/S/601066\">China Securities Investment</a>Securities: Loose liquidity continues, growth leads the market</p><p>From an economic perspective, the liquidity demand for base money will fall in July 2021, and the central bank will maintain the stability of base money supply. Treasury Bond interest rates are expected to fall by about 10-20bp in July-August. The RMB exchange rate will remain in a stable range of 6.3-6.4. Therefore, in this economic state, the market keeps running smoothly. However, there is a huge differentiation in the structure, and Science and Technology 50 and GEM 50 will continue to lead the market.</p><p>From the perspective of industry comparison, first, continue to be optimistic about growth industries such as photovoltaics and new energy vehicles. Second, growth sectors such as computers are dominant as scheduled, which is also quite sustainable. Third, under the condition that the market continues to be excellent, and the transaction volume continues to exceed one trillion yuan, there may be opportunities in the brokerage sector.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities: The pull-up is to be continued, it is completely too late to go long now</p><p>Don't be bearish for the sake of being bearish, break away from the confinement of stock thinking, pay attention to marginal improvement, and the pull-up is to be continued. The back is a pull-up, and it is completely too late to go long now. As the trend of inflation and credit contraction is determined, the downward trend of risk assessment continues to drive the market upward. In addition, the downward trend of risk-free interest rate will become a new force, which will drive the market up together with risk assessment. 1) Short-term perspective: Due to the domestic central bank's unexpected net investment, short-term interest rates in the market will marginally decline, and foreign inflation expectations will fall, and long-term interest rates on U.S. bonds will also marginally decline. Domestically, on June 24, the central bank increased the scale of reverse for the first time after three months, increasing net OMO investment by 20 billion more than expected to maintain stability, and short-term interest rates in the inter-bank market mainly declined. In addition, although the deposit interest rate reform is not a \"disguised interest rate cut\", the central bank's statement that \"maintaining reasonable and sufficient liquidity is not empty talk\" also conveys a positive signal. In the future, with the increase of inflation tolerance, the pressure to stabilize growth, and possible credit problems, it will be easier to loosen and harder to tighten as it moves backward. Overseas, although rate hike is expected to move forward after the interest rate meeting, the long-term interest rate of U.S. bonds has fallen instead of rising due to the fall in inflation expectations. 2) Long-term perspective: The real estate tax pilot is expected to increase, and the asset allocation structure of residents will change. From the perspective of major asset allocation, the stock market is expected to usher in more incremental funds.</p><p>The fire of technological growth can start a prairie fire. Key recommendations for industry allocation: 1) First recommend securities firms/banks; 2) The starting point of technological growth: new energy vehicles/electronics/computers/military industry/medicine; 3) The recovery in the post-epidemic era is accelerating: domestic consumption/emerging consumption/high-end consumption; 4) New opportunities in the next cycle of carbon neutrality: coal/building materials/steel; 5) Midstream manufacturing oversold counterattack under the expected marginal easing of cost constraints: home appliances/automobiles.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>: Focus on growth, taking into account the cycle</p><p>The global epidemic is \"first-in, first-out\", and China's economic growth rate is gradually falling back from rapid recovery to normal growth, and the overall policy environment may gradually favor supporting growth; The market's inflation expectations have been temporarily digested. Against this background, market capital concerns have decreased. After the market's focus has gradually shifted from \"post-epidemic recovery\" to \"normalized growth\", the relative prosperity is high, the growth potential is large, and the industrial cycle is still ongoing. The growth style may still be the main line of the market. Looking ahead, after some indexes are close to the previous high, the market may fluctuate in the short term. However, in the general direction, the market may still maintain a positive risk appetite, and the market style may be characterized by \"growth-oriented, taking into account the cycle\".</p><p>Operational suggestions: Focus on growth, taking into account the cycle. 1) High prosperity, China's competitive or growing industrial chain: electric vehicle industry chain, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc.; 2) Pan-consumer industry: bottom-up stock selection in the fields of daily necessities, light industrial home furnishing, hotel tourism, home appliances, automobiles and parts, medicine and medical equipment; 3) Gradually reduce cyclical allocation but focus on some cycles with favorable structures or structural growth characteristics: some non-ferrous metals such as lithium, chemicals, and financial leaders who benefit from the general development trend of wealth and asset management.</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>: Growth flies, mid-term report relay</p><p>The domestic economic stability period, the policy warm wind period, and the liquidity-friendly period are superimposed. Economic recovery is accelerating, monetary policy remains stable, global money market funds are accelerating their return to risky assets, and global equity assets are in a \"honeymoon period.\" The market is moving from the layout of the \"centennial\" market, slowly unfolding, and getting better and better, to the \"summer market\" that is in full swing, scorching sun, and shining brightly. It continues to prompt over-allocation growth, and pays attention to the cost-effective assets whose interim report performance exceeds expectations.</p><p>Industry configuration: \"Harvest cycle, layout growth\" is interpreted as scheduled, growth is still the main theme, and the mid-term report market can be laid out. 1) AIoT, Internet of Everything, China's domestic operating systems represented by Hongmeng are linked to smart terminal mobile phones, cars, etc., and the opportunities gestated deserve attention. Such as: computer, communication, electronics, etc. 2) Medicine, with both innovation, prosperity, technology and consumption attributes, focusing on medical devices, medical services and other directions. 3) New energy chain. Comparable to the 10-year golden growth cycle of consumer electronics, under the background of carbon neutrality and carbon peak, the three-wheel drive of policy + demand + technological change focuses on: new energy materials, lithium battery equipment, automobiles, intelligent driving and other subdivisions. 4) High-end manufacturing equipment. Mainly focusing on China's manufacturing moving towards high-end and localization, in line with industry needs and prosperous development, we can focus on semiconductor equipment, military industry and other directions. The market concerto of cost-effective assets cannot be ignored. In the next stage, you can pay attention to the catalyst of the mid-term report. With the economic recovery and the PPI maintaining a high level, it is possible to rush for cost-effective assets whose mid-term results exceed expectations, especially low-valuation leaders such as chemicals, machinery, non-ferrous metals, and coal.</p><p><a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Looking for small-cap growth with better odds</p><p>After five years of \"dragon-led\" leading stock style, there are problems in the microstructure of A-shares, and the crowded trading of leading stocks restricts its excess return space. 2021 is a big year for profits. The deterministic valuation premium of leading stocks has fallen. The market has gone from chasing leaders with stable ROE to favoring small and medium-sized caps with strong immediate performance flexibility. Rising inflation expectations in 2021 drive small-cap value stocks better; The peak of inflation expectations since mid-May has driven the global stock market style to turn to growth. At the same time, the profit expectations of individual stocks in representative sectors of the market value have been lowered, resulting in a slight double kill in performance valuations.</p><p>Since small-cap growth took over, some small and medium-sized market capitalization growth stocks have accumulated significant gains, but using the winning rate/odds framework, small-cap growth is still the best choice. This year's stock trading is still a winning rate investment (an industry with increased profit margins) taking into account odds (reflected in the sinking market value). In terms of allocation, we will pay attention to the direction of interest rate profit with room for improvement from the perspective of winning rate (good long-term growth or supply and demand gap), taking into account the odds perspective, choose a subdivided track with appropriate valuation and still room for market value sinking. Currently mainly focused on component and electronic manufacturing; Medical devices and medical services; Power supply equipment; Glass, chemicals/chemical fiber and other industries.</p><p>Essence Securities: The index may have limited room to continue to rise, and growth is still the future trend</p><p>The current market as a whole continues to be in a volatile stage. In the short term, the market is in a favorable environment, the liquidity of the inter-bank market is expected to be stable, and overseas concerns have also been alleviated. At the same time, the adjustment pressure of strong stocks in the early stage of the market is rising, and the compensatory gains of weak stocks in the early stage have started. There may be limited room for the index to continue to rise in this round. In the medium and long term, the fundamentals of A-shares in this year's mid-term report and the second half of the year are likely to be better than market expectations. Against the background of the Fed's significant dovish and the completion of domestic economic recovery, the upside of domestic bond market yields is limited, and the liquidity environment and risk preference factors as a whole are still favorable support, and the profitability and growth of enterprises will become the core logic of the market in the next stage.</p><p>In terms of industry allocation, it is recommended to pay attention to companies with reasonable valuations and mid-term reports that exceed expectations, and appropriately grasp the trading opportunities of cyclical stocks. At the same time, we will continue to hold varieties in the core track whose profit growth exceeds expectations, and focus on new main lines in non-core assets that are being gestated, and explore opportunities that have been neglected in the process of economic recovery and transformation from bottom to top. If there is an adjustment in short-term growth stocks, it will be a good time to increase the layout. The key direction includes three clues: 1) The mid-term report exceeds expectations under the recovery: chemicals, coal, banks, etc.; 2) Varieties that can continue to exceed expectations in the core track: semiconductors, photovoltaics, and some pharmaceutical companies; 3) New growth tracks: artificial intelligence, smart cars, new materials, military industry, Xinchuang network security, etc.</p><p>Guosheng Securities: The market remains volatile and continues to dig<a href=\"https://laohu8.com/S/KIM\">Jinke</a>Create</p><p>The market rose across the board last week, and the core lies in the marginal loosening of liquidity again. Science and technology innovation board continues to lead the market, and its attention continues to increase, and it is expected to gradually become a market consensus. Once again, there will be no systemic risks in the second half of the year, whether at home or overseas, and shocks will still be the main focus. Take advantage of the panic caused by each fluctuation to find buying opportunities.</p><p>Focus on the future, grasp the present, and configure scientific and technological innovation. Three clues to \"Nuggets\" the Science and Technology Innovation Board: 1) Open up a new direction for A-shares, and benchmark against the scarce subdivided track \"unicorns\". 2) The performance growth rate has always led the \"high growth\" of science and technology innovation; 3) Since its listing, the pullback/retracement has been deep, has fallen below the issue price, and has a valuation and price-performance ratio from the perspective of PEG; Petroleum, petrochemical and chemical, nonferrous metals, photovoltaic and other sectors benefit from overseas demand. Subdivided tracks such as new energy vehicles, semiconductors & consumer electronics, AI, CXO services & medical beauty, and sub-high-end liquor with strong certainty of prosperity and expected high growth.</p><p>Yuekai Securities: There is a high probability that the index will still maintain a high and volatile trend, and the growth style layout is at the right time</p><p>Looking forward to the market outlook, the index will most likely remain high and volatile. With the continued recovery of the global economy and overseas liquidity tightening, the price upward trend caused by the mismatch between supply and demand and the excessively abundant liquidity environment will be alleviated. Commodity prices in the second half of the year It is expected to usher in an inflection point, and the RMB exchange rate will most likely maintain two-way fluctuations, and the probability of unilateral sustained appreciation is small.</p><p>Pay attention to three main lines in the direction of allocation: First, pay attention to the sectors where the semi-annual performance is expected to improve and the performance exceeds expectations. The second is to pay attention to the growth style configuration with high prosperity. At present, the market's consensus on laying out the main line of growth is continuing to improve. In the context of sustained economic recovery, growth styles with strong policy support, broad development prospects, and strong profitability certainty have stronger premium capabilities. The third is to pay attention to thematic investment opportunities in environmental protection-related industries under policy dividends.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146007781","content_text":"中信证券：步入行情转换阶段，紧抓高景气主线\n7月是市场从平静期向共振上行期的转换阶段。预计跨月期间博弈性资金退潮会导致市场结构性波动有所加大，建议紧抓高景气主线，继续增配成长制造板块。\n首先，二季度机构增量入场资金有限，一致性上涨预期驱动大量博弈资金入场，博弈性资金退潮可能导致市场结构性波动有所加大。其次，整体经济依旧维持稳步复苏趋势，预计7月经济数据延续缓慢复苏，但节奏迟缓、局部信用风险事件等扰动因素也开始增多，政策依然会保持平稳，支持经济持续修复。最后，国内宏观流动性受海外影响有限，货币政策有望继续保持平稳，权益资产的相对吸引力在多重政策引导下凸显，资本市场流动性依旧充裕。整体而言7月市场将从估值驱动转向盈利驱动，从一致上涨预期回归常态，从结构性过热的主题行情切换至中报高景气主线，配置上建议继续紧抓新能源、科技自主可控、国防安全和智能制造四条高景气成长制造主线，市场结构性波动将带来新的入场机会。\n海通证券：牛市格局未变，当前市场情绪距高点仍有距离\n微观结构显示当前市场风险偏好实际上是高，只要景气度好，即便估值高，公司股价涨幅仍大。企业盈利扩张中、微观资金仍在流入市场，牛市格局未变，当前市场情绪距高点仍有距离。市场奔向年内新高，以茅指数为代表的优质龙头做配置，盈利增长较快、顺应政策方向的智能制造进攻。\n中信建投证券：流动性宽松持续，成长领涨市场\n从经济层面来看，进入2021年7月基础货币的流动性需求降回落，央行将维持基础货币供给稳定，国债利率预计在7-8月回落10-20bp左右的水平。人民币汇率将维持在6.3-6.4的稳定区间中。因此，这种经济状态下， 市场保持平稳运行不变。但是结构上出现巨大的分化，科创 50、创业板50将继续领涨市场。\n从行业比较的层面来看，第一，继续看好光伏、新能源汽车等成长行业。第二，计算机等成长板块如 期占优，这也具有相当的持续性。第三，市场持续优异的条件下，在成交持续过万亿的情况下，券商板块将可能存在机会。\n国泰君安证券：拉升未完待续，现在做多完全来得及\n不要为了看空而看空，跳脱存量思维禁锢，重视边际改善，拉升未完待续。后面是拉升，现在做多完全来得及。随着通胀与信用收缩走向确定，风险评价下行继续驱动行情拉升。此外无风险利率下行将成为新的力量，与风险评价共同驱动行情拉升。1）短期视角：国内央行超预期净投放下市场短端利率边际下行，国外通胀预期回落美债长端利率亦边际下行。国内6月24日央行时隔三月首次加大逆回规模，超预期增加200亿OMO净投放维稳，银行间市场短端利率下行为主。此外尽管存款利率改革并非“变相降息”，但央行“保持流动性合理充裕不是一句空话”的表态亦传达积极信号。未来随通胀容忍度提升、稳增长压力以及可能出现的信用问题，越向后越是易松难紧的状态。海外方面，尽管议息会议后加息预期前移，但美债长端利率受通胀预期回落主导不升反降。2）长期视角：房地产税试点预期提升，居民资产配置结构将发生变化，从大类资产配置角度看股票市场有望迎来更多增量资金。\n科技成长之火，可以燎原。行业配置重点推荐：1）首推券商/银行；2）科技成长起点：新能源车/电子/计算机/军工/医药；3）后疫情时代复苏加速：国货消费/新兴消费/高端消费；4）碳中和下周期新机遇：煤炭/建材/钢铁；5）成本受制预期边际缓和下中游制造超跌反攻：家电/汽车。\n中金公司：成长为主，兼顾周期\n全球疫情“先进先出”，中国的经济增长速率正在从快速复苏逐步回落至常态增长，政策环境可能整体逐步偏向支持增长；市场对于通胀预期暂时消化，在此背景下，市场资金面担忧减少，市场关注点由“疫后复苏”逐步转向“常态化增长”后，相对景气度高、增长潜力大、产业周期仍在持续的成长风格可能仍然是市场的主线。往前看，在部分指数接近前期高点附近后，市场短期可能会有所波动。但大方向上，市场仍可能维持偏积极的风险偏好，市场风格可能呈现“成长为主，兼顾周期”的特征。\n操作建议：成长为主，兼顾周期。1）高景气度、中国已具备竞争力或正在壮大的产业链：电动车产业链、科技硬件与软件、电子半导体、部分制造业资本品等；2）泛消费行业：在日常用品、轻工家居、酒店旅游、家电、汽车及零部件、医药及医疗器械等领域自下而上择股；3）逐步降低周期配置但关注部分结构有利或具备结构性成长特征的周期：部分有色金属如锂等，化工以及受益于财富及资管大发展趋势的金融龙头。\n兴业证券：成长飞舞，中报接力\n国内经济平稳期、政策暖风期、流动性友好期，三期叠加。经济加快复苏、货币政策保持平稳，全球货币市场资金加速回流风险资产，全球权益资产处在“蜜月期”。市场正从“百周年”行情的布局、徐徐展开、渐入佳境，进入到热火朝天、骄阳似火、艳阳高照的“夏日行情”，持续提示超配成长，关注中报业绩超预期的高性价比资产。\n行业配置：“收获周期，布局成长”如期演绎，成长仍是主旋律，中报行情可布局。1）AIoT，万物互联，以鸿蒙为代表的中国国产操作系统与智能终端手机、汽车等相互链接，孕育的机会值得重点关注。如：计算机、通信、电子等。2）医药，创新、景气、科技与消费属性兼具，重点关注医疗器械、医疗服务等方向。3）新能源链条。媲美消费电子10年黄金成长周期，在碳中和和碳达峰背景下，政策+需求+技术变革三轮驱动，重点关注：新能源材料、锂电设备、汽车、智能驾驶等细分领域。4）高端制造设备。主要围绕中国制造走向高端化、国产化，顺应行业需求和景气发展，可重点关注半导体设备、军工等方向。高性价比资产的行情协奏曲，也不容忽视。下阶段可以关注中报预喜的催化剂。经济复苏，PPI保持高位运行，可以淘金中报业绩超预期的高性价比资产，特别是化工、机械、有色、煤炭等低估值龙头等。\n广发证券：寻找赔率更佳的小盘成长\n经过持续五年的“以龙为首”的龙头股风格，A股微观结构出现问题，龙头股交易拥挤制约其超额收益空间。2021年是盈利大年，龙头股的确定性估值溢价回落，市场从追逐稳定ROE的龙头到青睐即期业绩弹性强的中小盘。2021年通胀预期上行驱动小盘价值股更佳；而5月中旬以来通胀预期见顶驱动全球股市风格转向成长。与此同时，大盘价值的代表性板块个股出现了盈利预期下调，造成了业绩估值小幅双杀。\n小盘成长接棒以来，部分中小市值成长股已积累显著涨幅，但沿用胜率/赔率框架，小盘成长仍是最优选择。今年股票交易仍是胜率投资（利润率提升的行业）兼顾赔率（体现为市值下沉），在配置上，将从胜率角度关注利率润具备提升空间的方向（长期成长性佳或供需缺口），兼顾赔率角度选择估值合适、仍有市值下沉空间的细分赛道。当前主要集中在元件、电子制造；医疗器械、医疗服务；电源设备；玻璃、化学制品/化纤等行业。\n安信证券：指数继续上行空间可能有限，成长仍是未来趋势\n当前市场整体继续处于震荡阶段。从短期来看，市场处于有利环境当中，银行间市场流动性预期稳定，海外担忧也得到缓解。与此同时，市场前期强势股调整压力正在上升，前期弱势股补涨已经开启，本轮指数继续上行的空间可能有限。从中长期来看，今年中报和下半年A股基本面大概率好于市场预期，美联储显著鸽派和国内经济复苏完成的背景下，国内债市收益率上行空间有限，流动性环境和风险偏好因素整体依然是有利支持，企业的盈利能力和成长性将成为下一阶段市场的核心逻辑。\n行业配置上，建议关注估值合理中报超预期公司，适度把握周期股交易性机会。同时继续持有核心赛道中盈利增长超预期的品种，以及重点关注非核心资产中的正在孕育中的新主线，自下而上挖掘经济修复和转型过程中被忽视的机会。短期成长股如果出现调整将是加大布局的好时机，重点关注方向包括三条线索：1）复苏下中报超预期行业：化工、煤炭、银行等；2）核心赛道中能够继续持续超预期的品种：半导体、光伏、部分医药公司；3）新成长赛道：人工智能、智能汽车、新材料、军工、信创网安等。\n国盛证券：市场维持震荡，继续掘金科创\n上周市场全面上涨，核心在于流动性再度边际松动。科创板持续领跑市场，关注度持续提升，并有望逐步成为市场共识。再次强调，下半年无论是国内还是海外，都不存在系统性风险，仍将以震荡为主。利用每一次波动带来的恐慌找买入机会。\n着眼未来、把握当下、配置科创。三条线索“掘金”科创板：1）开拓A股新方向，对标稀缺的细分赛道“独角兽”的。2）业绩增速一直领跑科创的“高成长”；3）上市以来回撤较深，已跌破发行价、从PEG等角度具备估值性价比的；受益海外需求拉动的石油石化及化工、有色、光伏等板块。景气的确定性较强、有望高增长的新能源汽车、半导体&消费电子、AI、CXO服务&医美以及次高端白酒等细分赛道。\n粤开证券：指数大概率仍将维持高位震荡走势，成长风格布局正当时\n展望后市，指数大概率仍将维持高位震荡走势，随着全球经济的持续复苏和海外流动性收紧，由供需错配和过于充裕的流动性环境带来的价格上行将有所缓解，下半年大宗商品价格有望迎来拐点，人民币汇率大概率仍将维持双向波动，出现单边持续升值的概率较小。\n在配置方向上关注三条主线：一是关注半年度业绩预期向好，业绩表现超预期板块。二是关注高景气度的成长风格配置。目前市场对于布局成长主线的共识正在持续提升，在经济持续复苏的背景下，政策支持力度大、发展前景广阔、盈利确定性较强的成长风格具备更强的溢价能力。三是关注政策红利下环保相关产业的主题投资机会。","news_type":1,"symbols_score_info":{"TNmain":0.9,"UBmain":0.9,"ZFmain":0.9,"ZTmain":0.9,"ZBmain":0.9,"ZNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2036,"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,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"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":"sh","language":"zh","title":"Preview: The U.S. non-farm payrolls are coming in June! Nayuki's tea landed on the Hong Kong Stock Exchange","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>Summary:</p><p>In terms of economic data: China's official manufacturing PMI, China's Caixin manufacturing PMI, U.S. initial jobless claims, U.S. June<a href=\"https://laohu8.com/S/MRKT\">Markit</a>Initial manufacturing PMI value, U.S. June non-farm payrolls report, etc.; For new shares:<a href=\"https://laohu8.com/S/06626\">Yuexiu Services</a>、<a href=\"https://laohu8.com/S/00013\">Chi-Med</a>, \"the first new tea drink\"<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>、<a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Maicai, Atour Group... and many other new stocks are listed together! In terms of financial events: The 2021 FOMC voting committee and the chairman of Richmond Fed will deliver speeches. On the anniversary of Hong Kong's return to the motherland, Hong Kong stocks were closed for one day on Thursday.<b>Important economic data at a glance</b></p><p><b>Keywords for Monday, June 28: Federal Reserve 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 U.S. Dallas Fed Manufacturing Activity Index for June. In addition, investors pay attention to the trend of U.S. stocks and U.S. bonds to find clues to 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 Yuexiu Services Shares each, stock code 6626.</p><p>According to the data, Yuexiu's service revenue continues to grow rapidly, with revenue reaching 1.168 billion yuan in 2020, with an average annual compound growth rate of 23.7%. In the Bay Area, the company is also actively extending its layout beyond the Greater Bay Area.</p><p><b>Keywords for Tuesday, June 29: Richmond Fed President's Speech; Dingdong Maicai listing</b><img src=\"https://static.tigerbbs.com/835d984c6c7d7bbf6cf77ab2a1b42111\" tg-width=\"614\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><b>On Tuesday, investors mainly focused on the U.S. Consulting Council consumer confidence data</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 U.S. economy is expected to see stronger growth, and the number of consumers who are expected to record a net decrease in unemployment rate has hit a record high. Although inflation expectations fell in early June, rising inflation remains the top concern for consumers.</p><p>U.S. consumer sentiment rose more than expected in early June due to an improving economic outlook and moderating inflation expectations. In addition, consumer sentiment is more optimistic as travel restrictions are lifted, temperatures warm and health concerns weaken.</p><p><b>In terms of new shares, Dingdong 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 issuance range of US $23.5-US $25.5 per ADS;<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, Bank of America,<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Underwriters and other underwriters enjoy the over-allotment option of 2.1 million ADS shares. Based on the upper limit of this issuance range, Dingdong Maicai's IPO will raise up to US $410 million.</p><p><b>Keywords for Wednesday, June 30: China's official manufacturing PMI, Chi-Med, Nayuki's Tea and other new stocks listed</b><img src=\"https://static.tigerbbs.com/8b79e86151fa8448864cf47679b25d04\" tg-width=\"614\" tg-height=\"601\" referrerpolicy=\"no-referrer\">During the Asian session on June 30, focus on China's official manufacturing PMI in June.</p><p><b>Hong Kong stocks will usher in two new IPOs on Wednesday: Chi-Med and Nayuki's Tea.</b></p><p>Chi-Med is priced at HK $40.1 per share. Assuming that the over-allotment option is not exercised, the company's total proceeds from the global offering are expected to be HK $4.1704 billion. The company intends to use the net proceeds from the global offering to advance its late-stage clinical plans and its clinical-stage and preclinical drug candidate pipeline, further enhance its commercialization, clinical, regulatory and manufacturing capabilities, and provide funding for potential global business development and strategic acquisition opportunities, as well as for general corporate purposes.</p><p>Nayuki's tea offering price is between HK $17.20 and HK $19.80, and the maximum total fundraising is approximately HK $5.858 billion. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%.</p><p><b>Keywords for Thursday, July 1: China Caixin Manufacturing PMI; U.S. jobless 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, due to the anniversary of Hong Kong's return to the motherland, Hong Kong stocks were closed for one day.</b></p><p>Investors can focus on a series of economic data released by the United States, among which the one that may have a greater impact on the market is<b>Manufacturing PMI data for June</b>。</p><p>At present, the performance of the manufacturing industry in the United States is gradually improving. Despite this, manufacturers are still struggling to obtain raw materials and recruit qualified workers, which has greatly raised prices for enterprises and consumers. The strong performance in manufacturing underpinned economists' expectations for double-digit growth in the second quarter.</p><p>As COVID-19 pandemic keeps Americans at home, demand shifts from services to goods. Demand has remained strong as vaccinations and trillions of dollars in relief funding from the government have allowed 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, Atour Hotels was the largest mid-to-high-end hotel chain in China in terms of number of guest rooms as of the end of 2020.</p><p><b>Keywords for Friday, July 2: U.S. June non-farm payrolls report; Zhongjun Commercial Management is listed</b><img src=\"https://static.tigerbbs.com/423d184f221bc811afff249a68e94882\" tg-width=\"615\" tg-height=\"599\" referrerpolicy=\"no-referrer\">Friday,<b>The market will welcome the U.S. June non-farm payrolls report</b>The quality of the data will directly and significantly 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. According to the analysis, the rapid tightening of the labor market may bring a medium-term problem to the financial market. Although new jobs are increasing, the unemployment rate in the United States continues to rise and the employment rate is sluggish.</p><p>The Federal Reserve recently raised its inflation expectations and moved forward its rate hike timeline, and now expects two rate hike in 2023 as inflation in the United States is at multi-decade highs.</p><p>According to the analysis, the Fed seems to be quite determined to stick to this line at present, being looser than ever before, and maintaining liquidity as much as possible, but the rate of withdrawal of liquidity is very, very slow. According to the analysis, considering the existing valuation indicators, any factor that disrupts the financial market, including the labor market, is a real problem facing the financial market 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, positioning itself as a light asset management company, providing office buildings, commercial streets and residential management services for 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: The U.S. non-farm payrolls are coming in June! Nayuki's tea landed on the Hong Kong Stock Exchange</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: The U.S. non-farm payrolls are coming in June! Nayuki's tea landed on the Hong Kong Stock Exchange\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>Summary:</p><p>In terms of economic data: China's official manufacturing PMI, China's Caixin manufacturing PMI, U.S. initial jobless claims, U.S. June<a href=\"https://laohu8.com/S/MRKT\">Markit</a>Initial manufacturing PMI value, U.S. June non-farm payrolls report, etc.; For new shares:<a href=\"https://laohu8.com/S/06626\">Yuexiu Services</a>、<a href=\"https://laohu8.com/S/00013\">Chi-Med</a>, \"the first new tea drink\"<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>、<a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Maicai, Atour Group... and many other new stocks are listed together! In terms of financial events: The 2021 FOMC voting committee and the chairman of Richmond Fed will deliver speeches. On the anniversary of Hong Kong's return to the motherland, Hong Kong stocks were closed for one day on Thursday.<b>Important economic data at a glance</b></p><p><b>Keywords for Monday, June 28: Federal Reserve 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 U.S. Dallas Fed Manufacturing Activity Index for June. In addition, investors pay attention to the trend of U.S. stocks and U.S. bonds to find clues to 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 Yuexiu Services Shares each, stock code 6626.</p><p>According to the data, Yuexiu's service revenue continues to grow rapidly, with revenue reaching 1.168 billion yuan in 2020, with an average annual compound growth rate of 23.7%. In the Bay Area, the company is also actively extending its layout beyond the Greater Bay Area.</p><p><b>Keywords for Tuesday, June 29: Richmond Fed President's Speech; Dingdong Maicai listing</b><img src=\"https://static.tigerbbs.com/835d984c6c7d7bbf6cf77ab2a1b42111\" tg-width=\"614\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><b>On Tuesday, investors mainly focused on the U.S. Consulting Council consumer confidence data</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 U.S. economy is expected to see stronger growth, and the number of consumers who are expected to record a net decrease in unemployment rate has hit a record high. Although inflation expectations fell in early June, rising inflation remains the top concern for consumers.</p><p>U.S. consumer sentiment rose more than expected in early June due to an improving economic outlook and moderating inflation expectations. In addition, consumer sentiment is more optimistic as travel restrictions are lifted, temperatures warm and health concerns weaken.</p><p><b>In terms of new shares, Dingdong 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 issuance range of US $23.5-US $25.5 per ADS;<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, Bank of America,<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Underwriters and other underwriters enjoy the over-allotment option of 2.1 million ADS shares. Based on the upper limit of this issuance range, Dingdong Maicai's IPO will raise up to US $410 million.</p><p><b>Keywords for Wednesday, June 30: China's official manufacturing PMI, Chi-Med, Nayuki's Tea and other new stocks listed</b><img src=\"https://static.tigerbbs.com/8b79e86151fa8448864cf47679b25d04\" tg-width=\"614\" tg-height=\"601\" referrerpolicy=\"no-referrer\">During the Asian session on June 30, focus on China's official manufacturing PMI in June.</p><p><b>Hong Kong stocks will usher in two new IPOs on Wednesday: Chi-Med and Nayuki's Tea.</b></p><p>Chi-Med is priced at HK $40.1 per share. Assuming that the over-allotment option is not exercised, the company's total proceeds from the global offering are expected to be HK $4.1704 billion. The company intends to use the net proceeds from the global offering to advance its late-stage clinical plans and its clinical-stage and preclinical drug candidate pipeline, further enhance its commercialization, clinical, regulatory and manufacturing capabilities, and provide funding for potential global business development and strategic acquisition opportunities, as well as for general corporate purposes.</p><p>Nayuki's tea offering price is between HK $17.20 and HK $19.80, and the maximum total fundraising is approximately HK $5.858 billion. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%.</p><p><b>Keywords for Thursday, July 1: China Caixin Manufacturing PMI; U.S. jobless 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, due to the anniversary of Hong Kong's return to the motherland, Hong Kong stocks were closed for one day.</b></p><p>Investors can focus on a series of economic data released by the United States, among which the one that may have a greater impact on the market is<b>Manufacturing PMI data for June</b>。</p><p>At present, the performance of the manufacturing industry in the United States is gradually improving. Despite this, manufacturers are still struggling to obtain raw materials and recruit qualified workers, which has greatly raised prices for enterprises and consumers. The strong performance in manufacturing underpinned economists' expectations for double-digit growth in the second quarter.</p><p>As COVID-19 pandemic keeps Americans at home, demand shifts from services to goods. Demand has remained strong as vaccinations and trillions of dollars in relief funding from the government have allowed 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, Atour Hotels was the largest mid-to-high-end hotel chain in China in terms of number of guest rooms as of the end of 2020.</p><p><b>Keywords for Friday, July 2: U.S. June non-farm payrolls report; Zhongjun Commercial Management is listed</b><img src=\"https://static.tigerbbs.com/423d184f221bc811afff249a68e94882\" tg-width=\"615\" tg-height=\"599\" referrerpolicy=\"no-referrer\">Friday,<b>The market will welcome the U.S. June non-farm payrolls report</b>The quality of the data will directly and significantly 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. According to the analysis, the rapid tightening of the labor market may bring a medium-term problem to the financial market. Although new jobs are increasing, the unemployment rate in the United States continues to rise and the employment rate is sluggish.</p><p>The Federal Reserve recently raised its inflation expectations and moved forward its rate hike timeline, and now expects two rate hike in 2023 as inflation in the United States is at multi-decade highs.</p><p>According to the analysis, the Fed seems to be quite determined to stick to this line at present, being looser than ever before, and maintaining liquidity as much as possible, but the rate of withdrawal of liquidity is very, very slow. According to the analysis, considering the existing valuation indicators, any factor that disrupts the financial market, including the labor market, is a real problem facing the financial market 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, positioning itself as a light asset management company, providing office buildings, commercial streets and residential management services for 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","IAU":"黄金信托ETF-iShares","NUGT":"二倍做多黄金矿业指数ETF-Direxion","DUST":"二倍做空黄金矿业指数ETF-Direxion","GDX":"黄金矿业ETF-VanEck","GLD":"黄金ETF-SPDR"},"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,"NUGT":0.9,"SGUmain":0.9,"SImain":0.9,"GLD":0.9,"GCmain":0.9,"SGCmain":0.9,"IAU":0.9,"GDX":0.9,"MGCmain":0.9,"DUST":0.9}},"isVote":1,"tweetType":1,"viewCount":2431,"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,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/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":"us","language":"zh","title":"HKEx to 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, the Hong Kong Stock Exchange will cancel the morning trading due to the 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>Hong Kong Stock Exchange: Due to the black rainstorm warning issued by the Observatory, the opening of securities (including Shanghai and Shenzhen Stock Connect) and derivatives markets will be delayed in the morning trading session. If the black rainstorm warning signal is maintained at 9am, 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 under Shanghai-Hong Kong Stock Connect is suspended.</p><p>Shenzhen Stock Exchange: On June 28, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the \"Shenzhen Stock Exchange Shenzhen-Hong Kong Stock Connect Business Implementation Measures\", trading in Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect is suspended.<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>A black rainstorm is coming in Hong Kong, and the Hong Kong stock market is 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 rain with an hourly rainfall of more than 70 mm has been recorded or is expected in a wide area 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 early trading in Hong Kong stocks will be delayed. If it is lifted after 9 a.m., the early trading of Hong Kong stocks will be cancelled. If it is lifted between 11:00 and 11:30 pm, trading will begin at 1:30 pm; If it is lifted from 11:30 to 12:00, trading will start at 2:00 pm; It will be lifted after 12 noon and 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 HKEx's response measures are relatively complete.</p><p>On August 19th, 2020, the Hong Kong stock market was closed in early trading, and the Hong Kong Observatory changed its No.3 strong wind signal at 11:10 am on the 19th. The Hong Kong Stock Exchange subsequently announced that the afternoon trading session will begin at 13:30.</p><p>On August 23, 2017, the Hong Kong Stock Exchange announced in the morning that due to the Typhoon Signal No. 8 issued by the Observatory, the morning trading session of the securities market (including Shanghai and Shenzhen Stock Connect) and derivatives market will be delayed.</p><p>On October 21, 2016, the Hong Kong Stock Exchange stated that due to the Typhoon Signal No. 8 issued by the Observatory, the opening of the securities market (including Shanghai Stock Connect) and the derivatives market will be delayed during the morning trading session.</p><p>On August 2, 2016, the Hong Kong Stock Exchange announced that the Typhoon Signal No. 8 warning is still valid, and the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading hours.</p><p>On September 16th, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed during the morning trading hours. Previously, 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; 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>HKEx to cancel morning session trading due to black rainstorm warning signal</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\">\nHKEx to 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, the Hong Kong Stock Exchange will cancel the morning trading due to the 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>Hong Kong Stock Exchange: Due to the black rainstorm warning issued by the Observatory, the opening of securities (including Shanghai and Shenzhen Stock Connect) and derivatives markets will be delayed in the morning trading session. If the black rainstorm warning signal is maintained at 9am, 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 under Shanghai-Hong Kong Stock Connect is suspended.</p><p>Shenzhen Stock Exchange: On June 28, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the \"Shenzhen Stock Exchange Shenzhen-Hong Kong Stock Connect Business Implementation Measures\", trading in Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect is suspended.<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>A black rainstorm is coming in Hong Kong, and the Hong Kong stock market is 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 rain with an hourly rainfall of more than 70 mm has been recorded or is expected in a wide area 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 early trading in Hong Kong stocks will be delayed. If it is lifted after 9 a.m., the early trading of Hong Kong stocks will be cancelled. If it is lifted between 11:00 and 11:30 pm, trading will begin at 1:30 pm; If it is lifted from 11:30 to 12:00, trading will start at 2:00 pm; It will be lifted after 12 noon and 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 HKEx's response measures are relatively complete.</p><p>On August 19th, 2020, the Hong Kong stock market was closed in early trading, and the Hong Kong Observatory changed its No.3 strong wind signal at 11:10 am on the 19th. The Hong Kong Stock Exchange subsequently announced that the afternoon trading session will begin at 13:30.</p><p>On August 23, 2017, the Hong Kong Stock Exchange announced in the morning that due to the Typhoon Signal No. 8 issued by the Observatory, the morning trading session of the securities market (including Shanghai and Shenzhen Stock Connect) and derivatives market will be delayed.</p><p>On October 21, 2016, the Hong Kong Stock Exchange stated that due to the Typhoon Signal No. 8 issued by the Observatory, the opening of the securities market (including Shanghai Stock Connect) and the derivatives market will be delayed during the morning trading session.</p><p>On August 2, 2016, the Hong Kong Stock Exchange announced that the Typhoon Signal No. 8 warning is still valid, and the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading hours.</p><p>On September 16th, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed during the morning trading hours. Previously, 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":2203,"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,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/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: S&P Index hits new high, Virgin Galactic rose 18%","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 25th (Friday),<b>The S&P 500 index opened up 8.73 points, or 0.20%, to 4,275.22 points, hitting a record high of 4,277.40 points at the beginning of the session.</b>The Nasdaq Composite Index opened up 28.4 points, or 0.20%, to 14,398.1 points; The Dow Jones index opened up 184.02 points, or 0.54%, to 34,380.84 points; On the news, S&P raised its forecast for U.S. real GDP growth in 2021 to 6.7%, and raised its forecast for U.S. real GDP growth 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 opened up more than 2%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Its chip business established an independent company with a valuation of 13 billion.</p><p>Most of the popular Chinese concept 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 more than 3%, NetEase<a href=\"https://laohu8.com/S/DAO\">Youdao</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up more than 2%.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The opening rose more than 18%, and the company obtained a full commercial launch license from the Federal Aviation Administration to 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 increased 141% year-on-year to a record $5.38 billion.</p><p>Online payment solution platform<a href=\"https://laohu8.com/S/PSFE\">Paysafe</a>It rose more than 12%, the largest intraday increase in a month. The stock became a hot topic of discussion in WSB today.</p><p><a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition</a>The opening rose more than 15%, and Faraday Future announced that the merger and listing documents with PSAC came into effect, with the stock code 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 liquidated its holdings for about 400 billion yen ($3.6 billion), a spokesman for the company said Friday<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Stocks, the proceeds will be used for the company's strategic investment.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It opened down 0.08%. Thursday,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A completely new generation of desktop operating system, Windows 11, has been introduced. However, Microsoft did not announce the official release time of the Windows 11 system, only stating that it will provide free upgrades for eligible Windows 10 computers starting from this holiday.</p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>Falling more than 4%, the company's financial guidance for fiscal year 2022 was lower than market expectations; The company's CEO said that due to recruitment difficulties, the company's operations were 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: S&P Index hits new high, Virgin Galactic rose 18%</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: S&P Index hits new high, Virgin Galactic rose 18%\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 25th (Friday),<b>The S&P 500 index opened up 8.73 points, or 0.20%, to 4,275.22 points, hitting a record high of 4,277.40 points at the beginning of the session.</b>The Nasdaq Composite Index opened up 28.4 points, or 0.20%, to 14,398.1 points; The Dow Jones index opened up 184.02 points, or 0.54%, to 34,380.84 points; On the news, S&P raised its forecast for U.S. real GDP growth in 2021 to 6.7%, and raised its forecast for U.S. real GDP growth 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 opened up more than 2%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Its chip business established an independent company with a valuation of 13 billion.</p><p>Most of the popular Chinese concept 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 more than 3%, NetEase<a href=\"https://laohu8.com/S/DAO\">Youdao</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up more than 2%.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The opening rose more than 18%, and the company obtained a full commercial launch license from the Federal Aviation Administration to 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 increased 141% year-on-year to a record $5.38 billion.</p><p>Online payment solution platform<a href=\"https://laohu8.com/S/PSFE\">Paysafe</a>It rose more than 12%, the largest intraday increase in a month. The stock became a hot topic of discussion in WSB today.</p><p><a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition</a>The opening rose more than 15%, and Faraday Future announced that the merger and listing documents with PSAC came into effect, with the stock code 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 liquidated its holdings for about 400 billion yen ($3.6 billion), a spokesman for the company said Friday<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Stocks, the proceeds will be used for the company's strategic investment.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It opened down 0.08%. Thursday,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A completely new generation of desktop operating system, Windows 11, has been introduced. However, Microsoft did not announce the official release time of the Windows 11 system, only stating that it will provide free upgrades for eligible Windows 10 computers starting from this holiday.</p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>Falling more than 4%, the company's financial guidance for fiscal year 2022 was lower than market expectations; The company's CEO said that due to recruitment difficulties, the company's operations were affected.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"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":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2558,"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,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/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":"us","language":"zh","title":"The Migration History of Internet Majors: From \"Gypsy Wandering\" to Buying Houses 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 motif of the life of the most mysterious gypsy in the world. After repeated migrations, the Gypsies left India, went to Persia in the 11th century, to Southeast Europe in the early 14th century, and to Western Europe in the 15th century. In the second half of the 20th century, the traces of Gypsies spread all over North and South America. Legend has it that they migrate all their lives.</p><p>Internet giants adhering to the spirit of \"freedom and openness\" have also worked in Oriental Silicon Valley<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>, Wudaokou, and Xierqi migrated. They used to be like \"gypsies\" in big cities. They started with code and devoted themselves to science and technology. Nowadays, their tentacles have penetrated deep into public life and every corner of the city, and they have stepped out of the world that was originally only built in \"0\" and \"1\". They have more and more sense of existence in the real world by buying houses and land.</p><p>There is a saying in \"Mencius\" that says this: \"If a person has no permanent property, he must have no perseverance.\" Buildings and lands witness 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 reception 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, and Pony Ma rented a dance studio to start his struggle. On the road, Jack Ma is a little better. He owns a four-bedroom apartment in Hangzhou Lakeside Garden, and Robin Li is in<a href=\"https://laohu8.com/S/00618\">Peking University Resources</a>The hotel was created<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>······</p><p>The story of the new generation of BAT is more down-to-earth. The common hometown of Kuaishou, Byte, and Meituan is \"Huaqing Jiayuan\", a community located in Wudaokou, the \"center of the universe\". Although the current housing prices are often 8 figures, the early investor of Kuaishou Hu Boyu recalled: When I found Kuaishou, they only had 8 employees, in a very dilapidated residential building, without any income or tangible assets.</p><p>This is also the home of the two founders of Kuaishou. Cheng Yixiao's family rented a private house in Huaqing Jiayuan Community, and later Su Hua, another main founder and CEO, also chose to live here. There is a warm picture of the two people often eating a bowl of snail noodles together after get off work and walking home together.</p><p>Meituan was also born here. In a three-bedroom apartment, there are only three people, Wang Xing, Wang Huiwen, and Lai Binqiang. They work during the day and sleep 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 the important departments was that they could use the bedroom inside to work, while the unimportant departments would be 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 changed several times: from the earliest Chongwenmen<a href=\"https://laohu8.com/S/600628\">New World</a>Building A of the center moved to Kerry Center and the third floor of Oriental Plaza East, and finally found a place to live in Block D of Tsinghua Science and Technology Park, Wudaokou. Established Internet giants choose to settle down after migration, while cutting-edge Internet will inevitably repeat the old road and constantly migrate to their places of residence.</p><p>Migration is not necessarily a bad thing. \"If you can't move out in two or three years, this company will have to go yellow.\" This metaphor says that getting out of Huaqing Jiayuan and moving to a bigger place is the sign that the enterprise is on the right track. The story of Internet entrepreneurship always has a low starting point. After all, it is enough to have a computer to write code, but gradually, as the number of people increases, the small always becomes big, and the simple always becomes complicated.</p><p>Soon, Kuaishou 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 activity had reached tens of millions. Then, after a calculation problem, the two founders decided to put Kuaishou's LOGO was erected on the roof of Block D of the Science and Technology Building. Within 3 kilometers of Wudaokou, Kuaishou already has multiple 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 for Kuaishou to move again. At the end of 2018, Kuaishou moved to Lenovo Beiyan Park in Xier Banner. Regarding the reason for Kuaishou's relocation, there are rumors that the rent of Tsinghua Science and Technology Park is higher.</p><p>Su Hua chooses to go north, while Zhang Yiming prefers the prosperity of the urban area.</p><p>Zhongguancun, the \"Oriental Silicon Valley\", used to be the favorite stronghold of Internet companies. The founders come from the surrounding universities such as Qingbei National People's Congress, 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>The eternal landmark of Zhongguancun Internet is 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>Living in Xiaobailou in Wanquanzhuang, it is 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 the most beautiful day for Sina. According to People, Sina has always been the largest tenant of Ideal International Building. When the building was most crowded, it accommodated 4,500 people, of which there were more than 3,000 people in Sina. The more expensive the floors went up, Sina rented four floors from top to bottom.</p><p>Therefore, the building put up a huge logo for the most \"heroic\" tenants, which once became Baidu's heart disease. It was not until the listing that it was relieved by having 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 chose to move to Xier Banner further north; Some people migrate because they have abundant food and grass, while others migrate because they hurt their menstruations and bones. The ideal later tenant ofo moved to the Internet financial center after a short glorious stay. At this time, it has been reduced from the most prosperous 3,400 people to 400 people until it gradually tends to be forgotten.</p><p>Migration has become the early theme of Internet companies, and there is no fixed place. It was once the most dynamic evidence of Internet companies.</p><p><b>Settle down</b></p><p>Baidu was the first to settle down. In 2009, Baidu, which had been lingering in Zhongguancun for many years, took the lead in leaving, ending the scattered office work in many office buildings such as Putian Building, Ideal Building and roof of the world 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, which is enough to accommodate more than 7,000 Baidu employees, was once a proud existence for Baidu people. 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 Baidu employees was only in the early 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, becoming Baidu's new \"home\".</p><p>Later, in this garden, Sina spent more than 1.5 billion, and became neighbors with Baidu. NetEase is directly opposite Sina, and next door is<a href=\"https://laohu8.com/S/00700\">Tencent</a>, opposite Tencent is Baidu, and the four companies occupy the legendary intersection of the Internet, nicknamed \"Houchang Village F4\".</p><p>There is an old saying in Beijing that \"the upper wind is the upper water\". The north of Beijing has always been regarded as a treasure land of geomantic omen. 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 purchased Building 3 of Wangjing Greenland Center as the headquarters, but recently I want to return to the bustling north, and have already expanded land 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. Kuaishou also began to look for a new headquarters in mid-2018 to end the scattered state of multiple office areas, and finally bought a building for 2.8 billion to become a neighbor with Xiaomi.</p><p>Zhang Yiming, who loves Zhongguancun the most and wants to beat the Digital Festival, bought Xiaheng Fashion Center for Byte as his first home, and did not forget to remind employees to post their addresses to show that \"we are one of the few companies in Zhichun Road in the city center.\", unlike those companies in the urban-rural fringe areas such as Shangdi and Tongzhou. \"</p><p>A real estate agent told Tech Planet that Byte settled down here, which also indirectly boosted nearby housing prices. During that time, his favorite words were, \"If you settle down soon, you can be neighbors with Byte.\"</p><p>But mobility is still the theme of Byte employees. Although there are 4,333 stations in Fangheng Fashion Center, compared with the 5,618 stations in the original AVIC office and the 5,655 stations in Zhongguancun e-World Fortune Center, this \"home\" is not big enough. ByteDance has 39 office spaces like this in Beijing.</p><p>Every day, 53 shuttle buses shuttle back and forth between these 39 scattered office locations. According to the calculation of Liu Run, a native of We Media, it is necessary to shuttle a distance from Chengdu to Tokyo.</p><p>Ali, who is located in the \"Paradise Silicon Valley\", is much luckier. Not only does it have a park with a total construction area of 136,000 square meters 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, we won a commercial plot with a total volume of more than 700,000 square meters in Zhijiang Resort, Xihu District, and the surrounding house prices also rose accordingly.</p><p>In order to settle down, many Internet companies spend all their net worth. As early as 2006,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>Using 30% cash savings, he purchased Wudaokou Beijing Weixin International Building for a total price of about 277 million US dollars, and later built Sohu Media Building and Sohu Media Building<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>Building, the old aristocrats of the Internet did not expect that according to the stock price on June 22, the market value of US $675 million lost to the real estate in the early years.</p><p>Station B is currently rented in the center of Kaide, Wujiaochang, Yangpu District, Shanghai, and is the largest tenant here. In 2020, Bilibili, which has been \"drifting\" for 10 years, finally spent 8.1 billion yuan to settle in Shanghai. As of the third quarter of 2020, Bilibili's available monetary funds were only 1 billion.</p><p>Coincidentally, in November of the same year, Meituan also spent 6.541 billion yuan to acquire the land next door, and became its deskmate. Meituan, which was diligent and thrifty, moved and expanded in Wangjing again and again, and its employees were scattered in Henderson Weiye, Wangjing R&D Park, Qiming International Building, Cyberport Building and other office buildings of over 300,000 square meters. This is also the first time that Meituan has purchased such a large-scale real estate in the 10 years since its establishment.</p><p><b>Wider migration and weakening of headquarters</b></p><p>In addition to expanding the territory in the base camp, the tentacles of Internet companies have also extended to farther and wider places.</p><p>Companies in the north choose to go south, and Baidu's South China headquarters and international headquarters are both located in Shenzhen; Byte, which has been singing all the way, also spent 1 billion, and \"Dance\" went to Shenzhen and became neighbors with Tencent. In addition to the demand brought by its own business growth, the surge in employee scale may also be related to ByteDance's increased investment and acquisitions. CVSource investment data shows that since 2014, ByteDance has invested or acquired a total of 117 companies. Xiaomi also won a commercial land in Hai for 531 million yuan and officially joined the \"headquarters group\" in Houhai.</p><p>While companies rooted in the south choose to go north, Ali will set up dual headquarters in Beijing and Hangzhou, as well as regional headquarters in Chongqing, Zhengzhou, Xi'an and other places; Although Ren Zhengfei said that Huawei's headquarters will never leave Shenzhen, it does not prevent Huawei from preparing to acquire 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 strength, while on the other hand, they are also taking land acquisition as a business.</p><p><a href=\"https://laohu8.com/S/JD\">JD.com</a>Not only has it taken the action of acquiring land to build headquarters, logistics centers, and customer service centers, but it has also focused on the cake of new industrial cities. In 2017, JD.com invested in the construction of \"Plastic Rice Jingdong Cloud Yuedong Operation Center\" in Shantou, Guangdong. In the same year, JD.com signed a strategic cooperation agreement with the Dongguan Municipal Government of Guangdong, and spent 1.06 billion yuan to acquire land in Fenggang, Dongguan two years later. The \"Fenggang Jingdong Smart Valley\" project will be built. In October 2020, JD.com teamed up with Ping An,<a href=\"https://laohu8.com/S/000961\">Central South Construction</a>Two plots of land in the high-speed railway new city plate of Xiangcheng District, Suzhou were acquired for 4.73 billion yuan.</p><p>JD.COM's most famous recent acquisition was to spend 2.7 billion yuan to acquire the Jade Palace Hotel in Beijing. Soon, this building was transferred to the well-known hedge fund Anzug Gordon.</p><p>Buying land and building is also inseparable from the support of the place where the enterprise is located. When the US Mission won the Shanghai plot, the transfer conditions specified the introduction of the headquarters set up by well-known international, national and regional enterprises in the field of Internet online new economy industry; Behind Xiaomi's land acquisition at the reserve price is the new generation of mobile terminal equipment such as A0610 smartphones and mobile TVs stated in the access requirements.</p><p>Huawei, known as the light of domestic products, has a stronger GR. When Huawei moved to Dongguan, Dongguan City allocated 1,900 acres of land for Huawei's terminal headquarters to build Huawei employee apartments, Huawei terminal headquarters and other projects. Huawei's research institutes are located in Shenzhen, Shanghai, Hangzhou, Nanjing, Beijing, Xi'an, Wuhan and Suzhou.</p><p>Huawei already has a huge land reserve. In recent years, it has acquired a cumulative land area of about 10 million square meters, which is equivalent to a national small and medium-sized developer.</p><p>The headquarters economy brought about by the base camp that once made the Internet proud of has changed. The local economy is eager to bring a new leap myth by the Internet giants, while the Internet giants enjoy some supporting policies. At the same time, plan ahead to ensure that you have enough space in the future.</p><p>At a time when the growth of the Internet industry is generally slowing down and stabilizing, these office buildings and land parcels 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 property early\".</p><p>I heard that Tencent recently bought an island in Dachan Bay, and the hottest name on 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>The Migration History of Internet Majors: From \"Gypsy Wandering\" to Buying Houses 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\">\nThe Migration History of Internet Majors: From \"Gypsy Wandering\" to Buying Houses 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 motif of the life of the most mysterious gypsy in the world. After repeated migrations, the Gypsies left India, went to Persia in the 11th century, to Southeast Europe in the early 14th century, and to Western Europe in the 15th century. In the second half of the 20th century, the traces of Gypsies spread all over North and South America. Legend has it that they migrate all their lives.</p><p>Internet giants adhering to the spirit of \"freedom and openness\" have also worked in Oriental Silicon Valley<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>, Wudaokou, and Xierqi migrated. They used to be like \"gypsies\" in big cities. They started with code and devoted themselves to science and technology. Nowadays, their tentacles have penetrated deep into public life and every corner of the city, and they have stepped out of the world that was originally only built in \"0\" and \"1\". They have more and more sense of existence in the real world by buying houses and land.</p><p>There is a saying in \"Mencius\" that says this: \"If a person has no permanent property, he must have no perseverance.\" Buildings and lands witness 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 reception 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, and Pony Ma rented a dance studio to start his struggle. On the road, Jack Ma is a little better. He owns a four-bedroom apartment in Hangzhou Lakeside Garden, and Robin Li is in<a href=\"https://laohu8.com/S/00618\">Peking University Resources</a>The hotel was created<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>······</p><p>The story of the new generation of BAT is more down-to-earth. The common hometown of Kuaishou, Byte, and Meituan is \"Huaqing Jiayuan\", a community located in Wudaokou, the \"center of the universe\". Although the current housing prices are often 8 figures, the early investor of Kuaishou Hu Boyu recalled: When I found Kuaishou, they only had 8 employees, in a very dilapidated residential building, without any income or tangible assets.</p><p>This is also the home of the two founders of Kuaishou. Cheng Yixiao's family rented a private house in Huaqing Jiayuan Community, and later Su Hua, another main founder and CEO, also chose to live here. There is a warm picture of the two people often eating a bowl of snail noodles together after get off work and walking home together.</p><p>Meituan was also born here. In a three-bedroom apartment, there are only three people, Wang Xing, Wang Huiwen, and Lai Binqiang. They work during the day and sleep 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 the important departments was that they could use the bedroom inside to work, while the unimportant departments would be 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 changed several times: from the earliest Chongwenmen<a href=\"https://laohu8.com/S/600628\">New World</a>Building A of the center moved to Kerry Center and the third floor of Oriental Plaza East, and finally found a place to live in Block D of Tsinghua Science and Technology Park, Wudaokou. Established Internet giants choose to settle down after migration, while cutting-edge Internet will inevitably repeat the old road and constantly migrate to their places of residence.</p><p>Migration is not necessarily a bad thing. \"If you can't move out in two or three years, this company will have to go yellow.\" This metaphor says that getting out of Huaqing Jiayuan and moving to a bigger place is the sign that the enterprise is on the right track. The story of Internet entrepreneurship always has a low starting point. After all, it is enough to have a computer to write code, but gradually, as the number of people increases, the small always becomes big, and the simple always becomes complicated.</p><p>Soon, Kuaishou 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 activity had reached tens of millions. Then, after a calculation problem, the two founders decided to put Kuaishou's LOGO was erected on the roof of Block D of the Science and Technology Building. Within 3 kilometers of Wudaokou, Kuaishou already has multiple 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 for Kuaishou to move again. At the end of 2018, Kuaishou moved to Lenovo Beiyan Park in Xier Banner. Regarding the reason for Kuaishou's relocation, there are rumors that the rent of Tsinghua Science and Technology Park is higher.</p><p>Su Hua chooses to go north, while Zhang Yiming prefers the prosperity of the urban area.</p><p>Zhongguancun, the \"Oriental Silicon Valley\", used to be the favorite stronghold of Internet companies. The founders come from the surrounding universities such as Qingbei National People's Congress, 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>The eternal landmark of Zhongguancun Internet is 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>Living in Xiaobailou in Wanquanzhuang, it is 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 the most beautiful day for Sina. According to People, Sina has always been the largest tenant of Ideal International Building. When the building was most crowded, it accommodated 4,500 people, of which there were more than 3,000 people in Sina. The more expensive the floors went up, Sina rented four floors from top to bottom.</p><p>Therefore, the building put up a huge logo for the most \"heroic\" tenants, which once became Baidu's heart disease. It was not until the listing that it was relieved by having 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 chose to move to Xier Banner further north; Some people migrate because they have abundant food and grass, while others migrate because they hurt their menstruations and bones. The ideal later tenant ofo moved to the Internet financial center after a short glorious stay. At this time, it has been reduced from the most prosperous 3,400 people to 400 people until it gradually tends to be forgotten.</p><p>Migration has become the early theme of Internet companies, and there is no fixed place. It was once the most dynamic evidence of Internet companies.</p><p><b>Settle down</b></p><p>Baidu was the first to settle down. In 2009, Baidu, which had been lingering in Zhongguancun for many years, took the lead in leaving, ending the scattered office work in many office buildings such as Putian Building, Ideal Building and roof of the world 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, which is enough to accommodate more than 7,000 Baidu employees, was once a proud existence for Baidu people. 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 Baidu employees was only in the early 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, becoming Baidu's new \"home\".</p><p>Later, in this garden, Sina spent more than 1.5 billion, and became neighbors with Baidu. NetEase is directly opposite Sina, and next door is<a href=\"https://laohu8.com/S/00700\">Tencent</a>, opposite Tencent is Baidu, and the four companies occupy the legendary intersection of the Internet, nicknamed \"Houchang Village F4\".</p><p>There is an old saying in Beijing that \"the upper wind is the upper water\". The north of Beijing has always been regarded as a treasure land of geomantic omen. 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 purchased Building 3 of Wangjing Greenland Center as the headquarters, but recently I want to return to the bustling north, and have already expanded land 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. Kuaishou also began to look for a new headquarters in mid-2018 to end the scattered state of multiple office areas, and finally bought a building for 2.8 billion to become a neighbor with Xiaomi.</p><p>Zhang Yiming, who loves Zhongguancun the most and wants to beat the Digital Festival, bought Xiaheng Fashion Center for Byte as his first home, and did not forget to remind employees to post their addresses to show that \"we are one of the few companies in Zhichun Road in the city center.\", unlike those companies in the urban-rural fringe areas such as Shangdi and Tongzhou. \"</p><p>A real estate agent told Tech Planet that Byte settled down here, which also indirectly boosted nearby housing prices. During that time, his favorite words were, \"If you settle down soon, you can be neighbors with Byte.\"</p><p>But mobility is still the theme of Byte employees. Although there are 4,333 stations in Fangheng Fashion Center, compared with the 5,618 stations in the original AVIC office and the 5,655 stations in Zhongguancun e-World Fortune Center, this \"home\" is not big enough. ByteDance has 39 office spaces like this in Beijing.</p><p>Every day, 53 shuttle buses shuttle back and forth between these 39 scattered office locations. According to the calculation of Liu Run, a native of We Media, it is necessary to shuttle a distance from Chengdu to Tokyo.</p><p>Ali, who is located in the \"Paradise Silicon Valley\", is much luckier. Not only does it have a park with a total construction area of 136,000 square meters 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, we won a commercial plot with a total volume of more than 700,000 square meters in Zhijiang Resort, Xihu District, and the surrounding house prices also rose accordingly.</p><p>In order to settle down, many Internet companies spend all their net worth. As early as 2006,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>Using 30% cash savings, he purchased Wudaokou Beijing Weixin International Building for a total price of about 277 million US dollars, and later built Sohu Media Building and Sohu Media Building<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>Building, the old aristocrats of the Internet did not expect that according to the stock price on June 22, the market value of US $675 million lost to the real estate in the early years.</p><p>Station B is currently rented in the center of Kaide, Wujiaochang, Yangpu District, Shanghai, and is the largest tenant here. In 2020, Bilibili, which has been \"drifting\" for 10 years, finally spent 8.1 billion yuan to settle in Shanghai. As of the third quarter of 2020, Bilibili's available monetary funds were only 1 billion.</p><p>Coincidentally, in November of the same year, Meituan also spent 6.541 billion yuan to acquire the land next door, and became its deskmate. Meituan, which was diligent and thrifty, moved and expanded in Wangjing again and again, and its employees were scattered in Henderson Weiye, Wangjing R&D Park, Qiming International Building, Cyberport Building and other office buildings of over 300,000 square meters. This is also the first time that Meituan has purchased such a large-scale real estate in the 10 years since its establishment.</p><p><b>Wider migration and weakening of headquarters</b></p><p>In addition to expanding the territory in the base camp, the tentacles of Internet companies have also extended to farther and wider places.</p><p>Companies in the north choose to go south, and Baidu's South China headquarters and international headquarters are both located in Shenzhen; Byte, which has been singing all the way, also spent 1 billion, and \"Dance\" went to Shenzhen and became neighbors with Tencent. In addition to the demand brought by its own business growth, the surge in employee scale may also be related to ByteDance's increased investment and acquisitions. CVSource investment data shows that since 2014, ByteDance has invested or acquired a total of 117 companies. Xiaomi also won a commercial land in Hai for 531 million yuan and officially joined the \"headquarters group\" in Houhai.</p><p>While companies rooted in the south choose to go north, Ali will set up dual headquarters in Beijing and Hangzhou, as well as regional headquarters in Chongqing, Zhengzhou, Xi'an and other places; Although Ren Zhengfei said that Huawei's headquarters will never leave Shenzhen, it does not prevent Huawei from preparing to acquire 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 strength, while on the other hand, they are also taking land acquisition as a business.</p><p><a href=\"https://laohu8.com/S/JD\">JD.com</a>Not only has it taken the action of acquiring land to build headquarters, logistics centers, and customer service centers, but it has also focused on the cake of new industrial cities. In 2017, JD.com invested in the construction of \"Plastic Rice Jingdong Cloud Yuedong Operation Center\" in Shantou, Guangdong. In the same year, JD.com signed a strategic cooperation agreement with the Dongguan Municipal Government of Guangdong, and spent 1.06 billion yuan to acquire land in Fenggang, Dongguan two years later. The \"Fenggang Jingdong Smart Valley\" project will be built. In October 2020, JD.com teamed up with Ping An,<a href=\"https://laohu8.com/S/000961\">Central South Construction</a>Two plots of land in the high-speed railway new city plate of Xiangcheng District, Suzhou were acquired for 4.73 billion yuan.</p><p>JD.COM's most famous recent acquisition was to spend 2.7 billion yuan to acquire the Jade Palace Hotel in Beijing. Soon, this building was transferred to the well-known hedge fund Anzug Gordon.</p><p>Buying land and building is also inseparable from the support of the place where the enterprise is located. When the US Mission won the Shanghai plot, the transfer conditions specified the introduction of the headquarters set up by well-known international, national and regional enterprises in the field of Internet online new economy industry; Behind Xiaomi's land acquisition at the reserve price is the new generation of mobile terminal equipment such as A0610 smartphones and mobile TVs stated in the access requirements.</p><p>Huawei, known as the light of domestic products, has a stronger GR. When Huawei moved to Dongguan, Dongguan City allocated 1,900 acres of land for Huawei's terminal headquarters to build Huawei employee apartments, Huawei terminal headquarters and other projects. Huawei's research institutes are located in Shenzhen, Shanghai, Hangzhou, Nanjing, Beijing, Xi'an, Wuhan and Suzhou.</p><p>Huawei already has a huge land reserve. In recent years, it has acquired a cumulative land area of about 10 million square meters, which is equivalent to a national small and medium-sized developer.</p><p>The headquarters economy brought about by the base camp that once made the Internet proud of has changed. The local economy is eager to bring a new leap myth by the Internet giants, while the Internet giants enjoy some supporting policies. At the same time, plan ahead to ensure that you have enough space in the future.</p><p>At a time when the growth of the Internet industry is generally slowing down and stabilizing, these office buildings and land parcels 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 property early\".</p><p>I heard that Tencent recently bought an island in Dachan Bay, and the hottest name on 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,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/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 Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange","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 HKEx documents: China Travel Service Group,<a href=\"https://laohu8.com/S/601888\">China CDFG</a>Submit a listing application to the Hong Kong Stock Exchange.</p><p>China CDFG is cooperating with CICC. Sources said that the company is expected to become the largest new stock in Hong Kong this year, and the IPO scale 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 Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange</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 Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange\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 HKEx documents: China Travel Service Group,<a href=\"https://laohu8.com/S/601888\">China CDFG</a>Submit a listing application to the Hong Kong Stock Exchange.</p><p>China CDFG is cooperating with CICC. Sources said that the company is expected to become the largest new stock in Hong Kong this year, and the IPO scale 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":2237,"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,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/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 an IPO application in the United States, impacting \"the first online quality education stock\"","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 21, 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 underwriter of Spark Thinking's IPO is<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 Securities</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education stock\" 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 the founder Luo Jian was the CTO of Ganji.com. The company mainly aims at mathematical thinking training for children aged 3-10, focusing on online small class classes. Tianyancha APP shows that the main body of Spark Thinking Company is Beijing Xingengyuan Technology Development Co., Ltd.</p><p>Spark Thinking's products 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 Course\", which covers mathematics, Chinese and English for younger ages.</p><p>According to statistics from CIC, in terms of total revenue in 2020 and the number of students as of December 31, 2020, Spark Thinking has become the largest online small-class education company in China.</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 has a total of 370,530 students, and 77% of the students come from referrals and organic traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 will be 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, 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 class courses generate the vast majority of the company's revenue. In 2019, 2020, the first quarter of 2020, and the first quarter of 2021, online small class courses accounted for 99.2%, 95.6%, 97.6%, and 92.3% of the total net income, 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, 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, the sales and marketing expenses, research and development expenses and general administrative expenses of Spark Thinking in 2019 were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures will be 798 million yuan, 327 million yuan and 178 million yuan respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were 343 million yuan, a year-on-year increase of 203.5%. Spark Thinking stated in the prospectus that \"mainly due to our increased marketing and branding activities\" and \"increased sales and marketing personnel.\"</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, a year-on-year increase of 107.7%. General administrative expenses were 72 million yuan, a year-on-year increase of 110.72%.</p><p>As of March 31, Spark Thinking's deferred income in the first quarter of 2021 was 1.423 billion yuan, and its cash and cash-like assets were about 3 billion yuan. As of December 31, the deferred revenue in 2020 was 1.217 billion yuan.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Spark Thinking CTO Shan Zebing held 1.4% of the shares. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6% of the shares. The directors and senior executives of Spark Thinking hold a total of 16.3% of the shares.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5% of the shares, and other investors are GGV Capital 8.9%, IDG Capital 8.7%, and ZETA ASIA HOLDINGS PTE. LTD.8.5%, TBP Sparkling Holdings Limited7.5%, Shanxing Capital 6.3%, Lightspeed China 5.7%.</p><p>About 40% of the funds raised this time are used to improve teaching methods, courseware and educational content, and further expand the scope of courses; About 30% is used to improve technological infrastructure; About 15% is used to expand marketing and branding; The remainder provides funds for company operations and other purposes.</p><p>In recent years, the online mathematical thinking track where Spark Thinking is located has developed rapidly. According to data from iiMedia Consulting, the scale of 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 models, small class classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in the 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 rapid growth in the next four years. In 2022, the market size of small class classes will exceed the 1V1 model, and in 2025, the market size of small class classes exceeds the AI class model, becoming the mainstream education model second only to large classes.</p><p>According to CIC data, in 2020, there will be about 15 online small class K12 after-school tutoring with a total revenue of more than 500 million yuan. In 2020, China's online small class K12 after-school tutoring market has reached 11.9 billion yuan, and it is expected to reach 101.2 billion yuan by 2025. The compound annual growth rate from 2020 to 2025 is 53.3%.</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 an IPO application in the United States, impacting \"the first online quality education stock\"</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 an IPO application in the United States, impacting \"the first online quality education stock\"\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 21, 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 underwriter of Spark Thinking's IPO is<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 Securities</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education stock\" 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 the founder Luo Jian was the CTO of Ganji.com. The company mainly aims at mathematical thinking training for children aged 3-10, focusing on online small class classes. Tianyancha APP shows that the main body of Spark Thinking Company is Beijing Xingengyuan Technology Development Co., Ltd.</p><p>Spark Thinking's products 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 Course\", which covers mathematics, Chinese and English for younger ages.</p><p>According to statistics from CIC, in terms of total revenue in 2020 and the number of students as of December 31, 2020, Spark Thinking has become the largest online small-class education company in China.</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 has a total of 370,530 students, and 77% of the students come from referrals and organic traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 will be 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, 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 class courses generate the vast majority of the company's revenue. In 2019, 2020, the first quarter of 2020, and the first quarter of 2021, online small class courses accounted for 99.2%, 95.6%, 97.6%, and 92.3% of the total net income, 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, 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, the sales and marketing expenses, research and development expenses and general administrative expenses of Spark Thinking in 2019 were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures will be 798 million yuan, 327 million yuan and 178 million yuan respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were 343 million yuan, a year-on-year increase of 203.5%. Spark Thinking stated in the prospectus that \"mainly due to our increased marketing and branding activities\" and \"increased sales and marketing personnel.\"</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, a year-on-year increase of 107.7%. General administrative expenses were 72 million yuan, a year-on-year increase of 110.72%.</p><p>As of March 31, Spark Thinking's deferred income in the first quarter of 2021 was 1.423 billion yuan, and its cash and cash-like assets were about 3 billion yuan. As of December 31, the deferred revenue in 2020 was 1.217 billion yuan.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Spark Thinking CTO Shan Zebing held 1.4% of the shares. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6% of the shares. The directors and senior executives of Spark Thinking hold a total of 16.3% of the shares.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5% of the shares, and other investors are GGV Capital 8.9%, IDG Capital 8.7%, and ZETA ASIA HOLDINGS PTE. LTD.8.5%, TBP Sparkling Holdings Limited7.5%, Shanxing Capital 6.3%, Lightspeed China 5.7%.</p><p>About 40% of the funds raised this time are used to improve teaching methods, courseware and educational content, and further expand the scope of courses; About 30% is used to improve technological infrastructure; About 15% is used to expand marketing and branding; The remainder provides funds for company operations and other purposes.</p><p>In recent years, the online mathematical thinking track where Spark Thinking is located has developed rapidly. According to data from iiMedia Consulting, the scale of 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 models, small class classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in the 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 rapid growth in the next four years. In 2022, the market size of small class classes will exceed the 1V1 model, and in 2025, the market size of small class classes exceeds the AI class model, becoming the mainstream education model second only to large classes.</p><p>According to CIC data, in 2020, there will be about 15 online small class K12 after-school tutoring with a total revenue of more than 500 million yuan. In 2020, China's online small class K12 after-school tutoring market has reached 11.9 billion yuan, and it is expected to reach 101.2 billion yuan by 2025. The compound annual growth rate from 2020 to 2025 is 53.3%.</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":2702,"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,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/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 rates","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. \"Market method\" and \"central bank method\" for judging short-term interest rates</b></p><p><b>Other people's central banks usually just communicate their views with the market, and our central bank will also teach the market how to do research step by step.</b>For example, seeing that the market is often entangled in whether OMO is a net release or a net withdrawal, and speculates on the orientation of monetary policy, the central bank told everyone in the \"Monetary Policy Implementation Report\" that \"just look at whether the policy interest rate changes, and there is no need to pay too much attention to the number of open market operations.\" For another 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 guesses\".</p><p><b>Perhaps, these research methods taught by the central bank are different from those commonly used in the market, and some investors can't accept them for a while.</b>At this time, don't be preconceived, but emancipate your mind, seek truth from facts and make comparative analysis, and then choose the best ones among different methods.</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 relies on quantitative indicators such as OMO operation volume, net investment 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 rate is the ratio of two quantitative indicators, not an interest rate, so we still classify it as a quantitative indicator.)<b>In practice, we find that there are many problems in the \"market method\", and it is always right to listen to the central bank.</b></p><p><b>2. There are many problems with the \"market method\"</b></p><p><b>There are many problems with the \"market method\", which makes the conclusions drawn by this method very inaccurate or even contrary to the facts.</b>One of the important problems is that the factors affecting the amount of liquidity are numerous and difficult to predict. Another problem is that the method logically omits the decisive variable of central bank monetary policy.</p><p><b>There are many factors that affect the amount of liquidity and are difficult to predict, which is one reason why the \"market method\" often fails.</b>For example, some investors expect the net supply of land bonds to reach 1 trillion yuan in May, but looking back now, it is less than 590 billion yuan, which is a big 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 guarantee that our forecast value is accurate.\"</p><p><b>Moreover, the logic of the \"market approach\" is that the larger the liquidity gap, the tighter the funds will tend to be. This method seems reasonable, but it often biases 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, when faced with a large liquidity gap, the central bank can fully meet the reasonable liquidity needs of financial institutions at different maturities and maintain the reasonable and sufficient liquidity of the banking system by comprehensively using various monetary policy tools such as reserves, medium-term lending facilities, open market operations, refinancing and rediscounting. In other words, even if there is a large liquidity gap, funds may not necessarily tend to be tight.</p><p><b>Besides, there are many other problems with the \"market approach\".</b>For example, the dual relationship between the amount of liquidity and the capital interest rate is unstable, and it is difficult to predict the interest rate with quantitative indicators; Too much reliance on quantitative indicators such as OMO operations to judge monetary policy \"will lead to partial mistakes, and even often get results contrary to the facts.\"</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 everyone a more advanced method.</b>At this time, if we study with the attitude of opening the book and asking for something, we will certainly be able to hide the book and gain something. Some investors may be vaguely worried about whether the central bank can achieve \"unity of words and deeds\"? We think this is too much worry. 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 must not be false at all.</p><p><b>Historical experience has repeatedly told 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 \"giving priority to stability\", which is obviously not empty talk. The volatility of DR007 has dropped significantly compared with the same period in previous years. For another example, on April 3, 2020, the central bank lowered the excess reserve interest rate. Some investors believed that this policy was to guide the funding interest rate of overnight and other maturities downward, and were quite surprised by the subsequent increase in funding interest rates. 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 cuts to required reserve ratios for small and medium-sized banks to support the development of the real economy\" has clearly stated that \"this time the central bank lowered the excess reserve interest rate from 0.72% to 0.35%, which can promote banks to improve the efficiency of capital use and better serve the real economy, especially small and medium-sized enterprises.\" In other words, the real purpose of the policy is to reduce the income from holding excess reserves and guide funds to the real economy. It can be seen that the central bank is not \"inconsistent with words and deeds\", on the contrary, it has already clearly explained its policies.</p><p>As for how to accurately judge the trend of short-term interest rates, the central bank 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 specifically emphasized it at the press conference of financial statistics in the first quarter of this year.<b>We summarize it as \"focus on observing the operating interest rate of OMO + MLF and representative market interest rates such as DR007, and do not pay too much attention to the number of open market operations and the liquidity of the banking system\".</b>Among them, the OMO + MLF interest rate is the central bank's policy interest rate, through which the central bank conveys interest rate regulation signals, which is the most critical indicator when we judge interest rate trends; 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 the daytime and short-term fluctuations in the data:</b>First, the time-point interest rates such as the highest price and lowest price of DR007 are easily affected by accidental factors during the day, which contain a lot of noise. Therefore, it is recommended not to pay attention to it, and only the weighted average of DR007 interest rates can be judged. Secondly, the single-day value of DR007 interest rate is easily affected by short-term factors, so it is recommended to use H-P filtering or moving average to remove short-term fluctuations.</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 taught us a more advanced method: observe the operating interest rate of OMO + MLF and representative market interest rates such as DR007.</b>As a matter of fact, there have been many specious views in the market for a long time, such as thinking that banks are using deposit funds to issue loans, thinking that changes in base currency will be transmitted to M2 in equal proportion, and thinking that the government is the main body of money creation. The central bank has made an in-depth analysis of the above contents, and we market participants should further understand them.</p><p><b>5. Risk warning</b></p><p>Irrational expectations trigger rapid market fluctuations.</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 rates</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; 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}\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 rates\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. \"Market method\" and \"central bank method\" for judging short-term interest rates</b></p><p><b>Other people's central banks usually just communicate their views with the market, and our central bank will also teach the market how to do research step by step.</b>For example, seeing that the market is often entangled in whether OMO is a net release or a net withdrawal, and speculates on the orientation of monetary policy, the central bank told everyone in the \"Monetary Policy Implementation Report\" that \"just look at whether the policy interest rate changes, and there is no need to pay too much attention to the number of open market operations.\" For another 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 guesses\".</p><p><b>Perhaps, these research methods taught by the central bank are different from those commonly used in the market, and some investors can't accept them for a while.</b>At this time, don't be preconceived, but emancipate your mind, seek truth from facts and make comparative analysis, and then choose the best ones among different methods.</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 relies on quantitative indicators such as OMO operation volume, net investment 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 rate is the ratio of two quantitative indicators, not an interest rate, so we still classify it as a quantitative indicator.)<b>In practice, we find that there are many problems in the \"market method\", and it is always right to listen to the central bank.</b></p><p><b>2. There are many problems with the \"market method\"</b></p><p><b>There are many problems with the \"market method\", which makes the conclusions drawn by this method very inaccurate or even contrary to the facts.</b>One of the important problems is that the factors affecting the amount of liquidity are numerous and difficult to predict. Another problem is that the method logically omits the decisive variable of central bank monetary policy.</p><p><b>There are many factors that affect the amount of liquidity and are difficult to predict, which is one reason why the \"market method\" often fails.</b>For example, some investors expect the net supply of land bonds to reach 1 trillion yuan in May, but looking back now, it is less than 590 billion yuan, which is a big 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 guarantee that our forecast value is accurate.\"</p><p><b>Moreover, the logic of the \"market approach\" is that the larger the liquidity gap, the tighter the funds will tend to be. This method seems reasonable, but it often biases 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, when faced with a large liquidity gap, the central bank can fully meet the reasonable liquidity needs of financial institutions at different maturities and maintain the reasonable and sufficient liquidity of the banking system by comprehensively using various monetary policy tools such as reserves, medium-term lending facilities, open market operations, refinancing and rediscounting. In other words, even if there is a large liquidity gap, funds may not necessarily tend to be tight.</p><p><b>Besides, there are many other problems with the \"market approach\".</b>For example, the dual relationship between the amount of liquidity and the capital interest rate is unstable, and it is difficult to predict the interest rate with quantitative indicators; Too much reliance on quantitative indicators such as OMO operations to judge monetary policy \"will lead to partial mistakes, and even often get results contrary to the facts.\"</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 everyone a more advanced method.</b>At this time, if we study with the attitude of opening the book and asking for something, we will certainly be able to hide the book and gain something. Some investors may be vaguely worried about whether the central bank can achieve \"unity of words and deeds\"? We think this is too much worry. 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 must not be false at all.</p><p><b>Historical experience has repeatedly told 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 \"giving priority to stability\", which is obviously not empty talk. The volatility of DR007 has dropped significantly compared with the same period in previous years. For another example, on April 3, 2020, the central bank lowered the excess reserve interest rate. Some investors believed that this policy was to guide the funding interest rate of overnight and other maturities downward, and were quite surprised by the subsequent increase in funding interest rates. 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 cuts to required reserve ratios for small and medium-sized banks to support the development of the real economy\" has clearly stated that \"this time the central bank lowered the excess reserve interest rate from 0.72% to 0.35%, which can promote banks to improve the efficiency of capital use and better serve the real economy, especially small and medium-sized enterprises.\" In other words, the real purpose of the policy is to reduce the income from holding excess reserves and guide funds to the real economy. It can be seen that the central bank is not \"inconsistent with words and deeds\", on the contrary, it has already clearly explained its policies.</p><p>As for how to accurately judge the trend of short-term interest rates, the central bank 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 specifically emphasized it at the press conference of financial statistics in the first quarter of this year.<b>We summarize it as \"focus on observing the operating interest rate of OMO + MLF and representative market interest rates such as DR007, and do not pay too much attention to the number of open market operations and the liquidity of the banking system\".</b>Among them, the OMO + MLF interest rate is the central bank's policy interest rate, through which the central bank conveys interest rate regulation signals, which is the most critical indicator when we judge interest rate trends; 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 the daytime and short-term fluctuations in the data:</b>First, the time-point interest rates such as the highest price and lowest price of DR007 are easily affected by accidental factors during the day, which contain a lot of noise. Therefore, it is recommended not to pay attention to it, and only the weighted average of DR007 interest rates can be judged. Secondly, the single-day value of DR007 interest rate is easily affected by short-term factors, so it is recommended to use H-P filtering or moving average to remove short-term fluctuations.</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 taught us a more advanced method: observe the operating interest rate of OMO + MLF and representative market interest rates such as DR007.</b>As a matter of fact, there have been many specious views in the market for a long time, such as thinking that banks are using deposit funds to issue loans, thinking that changes in base currency will be transmitted to M2 in equal proportion, and thinking that the government is the main body of money creation. The central bank has made an in-depth analysis of the above contents, and we market participants should further understand them.</p><p><b>5. Risk warning</b></p><p>Irrational expectations trigger rapid market fluctuations.</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":2467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}