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DanielLau16
DanielLau16
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2021-06-14
?
Signals of Real Interest Rates: Time to Buy Gold?
有分析师表示，美国的真实利率为正时，黄金往往表现不佳，尤其是在真实利率向下的时候，黄金往往能走出一波不错的行情。
Signals of Real Interest Rates: Time to Buy Gold?
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DanielLau16
DanielLau16
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2021-06-14
？
Haitong Strategy: Stock Market Begins to Desensitize to Inflation
核心结论：①中美最新的通胀数据均超预期上升，但A股和美股均不跌反涨，显示股市对通胀开始脱敏，下半年通胀压力下降。②历史上牛市中指数高点略提前于盈利高点，本轮ROE高点预计在21Q4-22Q1，结合年度
Haitong Strategy: Stock Market Begins to Desensitize to Inflation
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DanielLau16
DanielLau16
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2021-06-14
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"Wealth-making Myth" Bitcoin is going to be cold!
比特币又暴跌了！貌似这个已经算不上什么新闻了？好像确实如此，但是这一次和之前的几次都有所不同，前几次的暴跌，大多都与马斯克有关，而这一次则是换了个主角，变成了我们在电影中十分熟悉的FBI。 前段时间，
"Wealth-making Myth" Bitcoin is going to be cold!
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It can only be said to be a directional indicator.</p>","source":"wallstreetcn_api","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>Signals of Real Interest Rates: Time to Buy Gold?</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\">\nSignals of Real Interest Rates: Time to Buy Gold?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-14 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/0671078c90aba28be5e242e5b75ca4a0\" tg-width=\"1399\" tg-height=\"752\" referrerpolicy=\"no-referrer\">Some analysts at Zerohedge believe that when the real interest rate in the United States is positive, gold often performs poorly, especially when the real interest rate is downward, and gold often can get out of a good market.</p><p>The real interest rate here is an inflation-adjusted yield based on the three-month U.S. Treasury Bond yield minus the year-over-year CPI.</p><p>In addition, the real interest rate can't reflect the magnitude of the change. It can only be said to be a directional indicator.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632838\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c307757575ffe3d6ca9295ced646627f","relate_stocks":{"159934":"黄金ETF","518880":"黄金ETF华安","DUST":"二倍做空黄金矿业指数ETF-Direxion","NUGT":"二倍做多黄金矿业指数ETF-Direxion","GLD":"黄金ETF-SPDR","IAU":"黄金信托ETF-iShares","GDX":"黄金矿业ETF-VanEck"},"source_url":"https://wallstreetcn.com/articles/3632838","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143785481","content_text":"有Zerohedge的分析师认为，美国的实际利率为正时，黄金往往表现不佳，尤其是在真实利率向下的时候，黄金往往能走出一波不错的行情。\n这里的真实利率是根据三个月的美国国债收益率减去同比CPI来计算的通胀调整收益率。\n另外，真实利率并不能反映变动的幅度，它只能说是一个方向性指标。","news_type":1,"symbols_score_info":{"159934":0.9,"518880":0.9,"MGCmain":0.9,"SGUmain":0.9,"IAU":0.9,"GCmain":0.9,"ZNmain":0.9,"UBmain":0.9,"GLD":0.9,"ZTmain":0.9,"DUST":0.9,"ZBmain":0.9,"NUGT":0.9,"SGCmain":0.9,"ZFmain":0.9,"GDX":0.9,"TNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184362924,"gmtCreate":1623684993768,"gmtModify":1704208728271,"author":{"id":"3586663217774658","authorId":"3586663217774658","name":"DanielLau16","avatar":"https://static.tigerbbs.com/ede1462cf07466236d71548b855c6759","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586663217774658","authorIdStr":"3586663217774658"},"themes":[],"htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184362924","repostId":"1100801009","repostType":4,"repost":{"id":"1100801009","kind":"news","weMediaInfo":{"introduction":"侃投资/话人生/广交友","home_visible":1,"media_name":"股市荀策","id":"1012219063","head_image":"https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be"},"pubTimestamp":1623648594,"share":"https://ttm.financial/m/news/1100801009?lang=en_US&edition=fundamental","pubTime":"2021-06-14 13:29","market":"sh","language":"zh","title":"Haitong Strategy: Stock Market Begins to Desensitize to Inflation","url":"https://stock-news.laohu8.com/highlight/detail?id=1100801009","media":"股市荀策","summary":"核心结论：①中美最新的通胀数据均超预期上升，但A股和美股均不跌反涨，显示股市对通胀开始脱敏，下半年通胀压力下降。②历史上牛市中指数高点略提前于盈利高点，本轮ROE高点预计在21Q4-22Q1，结合年度","content":"<p><b>Core conclusions:</b>① The latest inflation data of China and the United States both rose beyond expectations, but both A-shares and US stocks rose instead of falling, indicating that the stock market began to desensitize to inflation, and the inflationary pressure declined in the second half of the year. ② Historically, the high point of the index in the bull market is slightly ahead of the high point of profit. The high point of this round of ROE is expected to be in 21Q4-22Q1. Combined with the annual amplitude law, the index is expected to hit a new high this year. ③ The leading high-quality companies represented by Mao Index are still better allocated and upright. Fast profit growth and compliance with policy direction<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing is more resilient, surprisingly.</p><p><b>Stocks Start to Desensitize to Inflation</b></p><p>Recently, the year-on-year growth rate of PPI in China in May exceeded 9%, and the year-on-year growth rate of CPI in the United States exceeded 5%, both of which rose sharply compared with the previous month and exceeded everyone's expectations. However, the performance of the capital market is very different from the previous month. This month, A-shares and US stocks rose instead of falling after inflation rose more than expected again. We believe that the time when the stock market is most worried about inflation has passed, and the A-share index is expected to hit a new high this year with the support of fundamentals.</p><p><b>1. Both A shares and US stocks are beginning to desensitize to inflation</b></p><p><b>Stock market concerns about inflation are marginally easing.</b>On June 9th, the National Bureau of Statistics announced that the year-on-year growth rate of PPI in May was 9%, which was the third highest reading since the birth of PPI year-on-year growth data in 1996, second only to the 10% in July 2008 and August 2008. Since the beginning of this year, the year-on-year growth rate of PPI has continuously exceeded expectations. Compared with the consensus expectation of wind, the actual published data was 0.3% year-on-year growth rate in January this year, and the consensus expectation of wind was 0.29%, with a difference of 0.01 percentage points. In February, this difference rose to 0.24 percentage points, and from March to May, it was 1.09/0.59/0.74 percentage points respectively. In the last round of PPI rising cycle (16-17 years), the year-on-year growth rate of PPI also constantly exceeded expectations, and the largest error between the actual value and the predicted value was 1 percentage point at the end of 2016. Although the year-on-year growth rate of PPI is still exceeding expectations, the stock market's worries about inflation are marginally slowing down. Inflation data for the past three months were released on April 9, May 11 and June 9, all at 9.30am. Observing the time-sharing chart of the Shanghai Composite Index, we can find that the market's reaction to the negative factor of PPI is passivating:</p><p><ul><li>April 9th: The March PPI announced on the same day was 4.4%, which exceeded wind's consensus expectation by 1.09 percentage points. The stock market fell unilaterally after the opening, and the Shanghai Composite Index fell by 0.5% on the same day at the close;</p><p></li><li>May 11: The April PPI announced on the same day was 6.8%, exceeding wind's consensus expectation by 0.59 percentage points. The stock market fell after the opening, and turned from falling to rising after 10:30. At the close, the Shanghai Composite Index rose by 1.07% on the same day</p><p></li><li>June 9th: The May PPI announced on the same day was 9%, exceeding wind's consensus expectation by 0.74 percentage points. However, the stock market rose at the opening, and the Shanghai Composite Index rose by 0.37% at the close.</p><p></li></ul><img src=\"https://static.tigerbbs.com/4d43a1b6f87fc189c51f50edfb57acf9\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>U.S. stocks, like A shares, have begun to blunt their response to high inflation. In the past two months, the CPI of the United States has also begun to rise sharply. In March, the CPI growth rate was 2.6% year-on-year, 4.2% in April, and 5% in May, the highest growth rate since August 2008; The year-on-year growth rate of core CPI, excluding food and energy, was still 1.6% in March, jumped to 3% in April, and rose by 3.8% in May, reaching a new high since 1992. However, the stock market's response to inflation data is passivating. On the day of the data release on May 12th, both S&P 500 and Nasdaq index plummeted by more than 2%. However, after the CPI was released on June 10th, the aforementioned indexes all rose slightly, with S&P 500 rising by 0.5% and Nasdaq rising by 0.8%.</p><p><img src=\"https://static.tigerbbs.com/8f2b782e453c8f7333af5d89de462a27\" tg-width=\"1080\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p><p><b>Inflationary pressures declined in the second half of the year.</b>In fact, this year's inflationary pressure itself is not as great as it seems. The 9% year-on-year growth rate of PPI in May seems to be very high, but it is largely due to the low base in the same period last year. The two-year annualized growth rate after excluding the base effect is actually only 2.5%. Looking back at the two rounds of inflation cycles in 2006-08 and 2009-11, the year-on-year upward cycle of PPI in China lasted for about two years on average. The upward trend of PPI in the early period was mainly due to abundant liquidity, while the upward trend of inflation in the later period was due to the improvement of fundamentals. This round of PPI began to rise year-on-year from the low of-3.7% in May 2020, and it has lasted for about a year. From the perspective of time and space, the first wave of price increase driven by liquidity may come to an end. Wind's consensus expectation shows that the year-on-year growth rate of PPI will gradually decline in the second half of the year, and the two-year annualized growth rate will be around 1.5%.</p><p>When will the second wave of inflation rise come? We think it may not be until the first half of next year. Drawing on 2009-11, when the recovery of global economies from the crisis was strong and basically synchronized, there was only a rest of more than half a year between the first wave and the second wave of commodities, that is, the first wave of commodities rose from the end of 2008 to the beginning of 10 years, and the second wave of commodities rose from 10Q3. The global economy under the impact of this epidemic has also experienced the process of \"crisis → water release → recovery\" as in 2009-11. However, due to different epidemic prevention and control measures and virus mutation in various countries, the economic recovery of various countries in the post-epidemic era is slow and out of synchrony, so the rest time after the first wave of commodity rises may be longer than that in 2009-11. This time, China has the best epidemic prevention measures and the fastest recovery. In the past 20 years, China is the only country in the world to achieve positive GDP growth. The epidemic prevention policies of developed countries such as the United States are not as effective as those of China, and the recovery pace is slightly lagging behind. The GDP growth rate in 2020 is negative. However, the World Bank predicts that the two-year annualized growth rate of U.S. GDP in 2021 will roughly return to the pre-epidemic level. However, due to backward epidemic prevention policies and repeated epidemics in most emerging market countries, the World Bank predicts that the two-year annualized growth rate of GDP in 20-21 will only be about 0%, and it may take until 2022 and beyond for the economic growth rate to really start to rise. The current misalignment of this recovery has dragged on the current round of global recovery longer, so the second phase of inflationary pressures may not be reflected until the first half of next year.</p><p><img src=\"https://static.tigerbbs.com/1e4aff9cdd327f629ac9684a72efd2db\" tg-width=\"1080\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0b4c14a26cc2f8af3541518dd20b86c6\" tg-width=\"1080\" tg-height=\"382\" referrerpolicy=\"no-referrer\"></p><p><b>2. The key to the future trend of A shares is profit</b></p><p><b>Bull highs are more correlated with earnings highs.</b>Now that the most worrying phase of inflation is about to pass, what are the main contradictions this year? We think it is still a return to fundamentals. Looking back at history, the high point of bull market is more correlated with the high point of corporate profit. Specifically, you can look at the year-on-year growth rate of net profit and ROE indicator. Because the year-on-year growth rate of A-share net profit is often disturbed by the base period factors, the year-on-year high of A-share net profit in a single quarter is often inconsistent with the high point of stock market index. This is because the low base leads to a large fluctuation of year-on-year growth rate. If it is smooth to two years, the annualized year-on-year growth rate of net profit in a single quarter in the past two years is consistent with the high point of index. In addition, ROE has a strong correlation with the high point of index. Specifically: during the bull market from 05/6 to 07/10, the highs of Shanghai Composite Index and CSI 300 were on 07/10, while the year-on-year high of A-shares' single-quarter net profit was 414% of 06Q4. In the past two years, the annualized year-on-year growth rate of A-shares' single-quarter net profit was 192% of 07Q4, and the highs of all A-shares' ROE were on 07Q4. During the bull market from 08/10 to 10/11, the Shanghai Composite Index reached a high point of 3,478 points in August 2009, and then began to fluctuate at a high level to 10/11, and then began to decline. The small and medium-sized board index reached a high point on 10/11, while the year-on-year high of A-share single-quarter net profit was 560% of that of 09Q4. In the past two years, the annualized year-on-year growth rate of A-share single-quarter net profit was 207% of that of 10Q4, and the high point of ROE was in 10Q4. The high point of ROE of small and medium-sized board index also appeared in 10Q4. During the bull market from 12/12 to 15/06, the GEM started a structural bull market. The annualized year-on-year growth rate of net profit in a single quarter, ROE, appeared in 15Q4. However, due to deleveraging factors such as inventory allocation, the GEM appeared at a high point in 15/06. Catalyzed by the improved performance, the GEM rebounded significantly in 15Q4.</p><p><b>The high of this earnings cycle is expected to be in 21Q4-22Q1.</b>First of all, from the perspective of the time and space law of the historical profit cycle, this profit cycle has not yet finished. In terms of time, it is characterized by the cumulative year-on-year growth rate or ROE of A-shares' net profit attributable to the parent. Since 2002, A-shares have experienced five complete profit cycles, each of which lasts for an average of 39 months, of which the upward cycle lasts for an average of 6-7 quarters. If we look at the cumulative year-on-year growth rate of A-shares' net profit attributable to the parent in this profit cycle, it bottomed out in 20Q1, began to rise in 20Q2, and only rose for 4 quarters in 21Q1; If you look at ROE (TTM), it bottomed out in 20Q2 and began to rise in Q3. So far, it has only lasted for 3 quarters, and the time has not gone. According to the time calculation, we expect the high point of this profit cycle to be in 21Q4-22Q1. In space, the two-year annualized growth rate of the net profit of all A shares attributable to the parent in 21Q1 is only 8%, which is equivalent to the level of 17Q2. Compared with the compound growth rate of 16% in 18Q2, there is still a lot of room. The ROE of all A shares in 21Q1 is 9.2%, which is equivalent to the level of 2019 and 17Q1, and there is still a lot of room.</p><p>In terms of specific forecast, our forecast method is to estimate the growth rate of net profit attributable to the parent of A shares this year and the corresponding ROE according to the proportion of profit in the first quarter to the whole year. First of all, since the impairment losses of assets including goodwill are mainly reflected in the statements of the fourth quarter of every year, we need to make up this part of the losses to analyze the proportion of the profit before impairment losses in each quarter. The profit of this new caliber is similar to the concept of EBIT. The profit before impairment loss accounts for about 20%, 25%, 25% and 30% in the four quarters of the year, which is very stable except for 2008/2009/2020. Therefore, we can roughly predict the annual growth rate by dividing the profit before impairment loss in 21Q1 by the proportion in the first quarter. On this basis, we need to further forecast the impact of asset impairment losses on the single quarter profit in the fourth quarter. Looking back at history, we can find that the scale of asset impairment losses has been very large since 18 years, with 300+ billion yuan in 18 years, nearly 500+ billion yuan in 19 years, and falling back to 400+ billion yuan in 20 years, which is basically equivalent to the profit in a single quarter. In 18 years, due to domestic deleveraging and Sino-US trade friction, many enterprises made a large amount of goodwill impairment losses in that year. That is, at the micro level, due to the poor performance in that year, listed companies had the incentive to further lower the performance in that year to raise the performance of the following year. The same logic should appear in 2020. After all, many enterprises lost money last year, and enterprises can release the negative factors in their statements through the impact of the epidemic. However, we see that the overall impairment loss last year was less than that of 2019, which may mean that there may not be so many potential assets that can be used for impairment (such as goodwill). Therefore, for this year's impairment loss forecast, we conservatively expect this year's amount to be equal to last year's amount, and it is estimated that this year's net profit of all A attributable to the parent will grow by more than 30%, corresponding to the two-year annualized growth rate of 17+ %; After excluding the financial two oils, the year-on-year growth rate of the net profit of all A shares attributable to the parent is expected to be more than 45%, and the two-year annualized growth rate is 30+ %. The actual growth rate announced in the future may exceed expectations due to the error item of asset impairment loss. Based on this, we expect the full A-share ROE (TTM) corresponding to the three quarters of 21Q2-Q4 to be 8.8-9.0%, 9.0-9.2%, and 9.5-9.7%, respectively.</p><p><img src=\"https://static.tigerbbs.com/89bada807b63fd2b6fbecd9e29e18bcb\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4ef2b3b099ac8377c86ca2a384acf06f\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p><b>3. Coping strategy: Follow the trend</b></p><p><b>A shares are expected to hit a new high during the year.</b>As the most worrying phase of inflation passes, earnings will be the main driver of the market, and we judge that corporate earnings will be upward this year. At the beginning of 2019, we proposed that 2440 points of the Shanghai Composite Index on January 4, 2019 was the starting point of this bull market, which is expected to last for three years. At the same time, we proposed that there are three stages of the bull market, with different driving forces and characteristics. This round of bull market is the incubation period of bull market driven by capital in 19 years, the market has entered the bull market outbreak period driven by fundamentals and capital in 20 years, and the market is expected to enter the bubble period driven by fundamentals and emotions in 21 years. At present, we judge that the profit is still in the rising cycle; In terms of sentiment, we track sentiment from three dimensions: PE/PB, asset comparison and trading indicators. At present, the market sentiment is about 60-65 degrees; In terms of liquidity, we believe that this year's monetary policy is likely to remain reasonably abundant and liquidity is neutral. Therefore, on the whole, the general pattern of the bull market has not changed, and the bull market has not yet finished. Statistics of the annual amplitude of major A-share stock indexes from 2000 to 2020 (the increase of the highest price relative to the lowest price during the year). Taking Shanghai Composite Index and CSI 300 as examples, the annual amplitude is basically around 25%-30%, and the amplitude will be slightly higher than 60% in bull market or bear market. So far this year (as of 20210614, the same below), the amplitude of Shanghai Composite Index/CSI 300 is only 12%/21%. This year's low point of Shanghai Composite Index is 3,328 points on March 9th, CSI 300 is 4,883 points on March 25th, and Wind All A is 5,071 points on March 9th. If the previous low is valid, the market is expected to hit a new high this year with reference to the fluctuation range of historical stock indexes.</p><p><img src=\"https://static.tigerbbs.com/977d2db1af801ea34b7b77b1f0797f0a\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The market value structure is surprisingly upright, and the industry structure lays out intelligent manufacturing.</b>Since 2016, individual stocks and funds in A shares have shown the Matthew effect. On individual stocks, we measure the dispersion of individual stocks' ups and downs by the absolute value of the standard deviation/mean of individual stocks' ups and downs every year. From 2000 to 15, the average dispersion of A-share stocks' ups and downs was 1.9, but since 2016 (as of 21/06/14, the same below) has rapidly expanded to 3.9. On the fund, the average dispersion of fund net value change has increased from 0.68 in 2006-2015 to 0.98 since 2016. And the trend of fund scale concentration to the head is very obvious. At present, the top 10% of funds account for 60% of the total fund scale. The reason behind this is the implementation of the registration system of A shares and the acceleration of the institutionalization + internationalization of A shares. In the future, this Matthew effect will continue to strengthen, similar to the US stocks after the 1990s, which is an important factor that cannot be ignored in the layout of market value structure and industry structure.</p><p><img src=\"https://static.tigerbbs.com/25b8377aa8411262d7bb3e0aa5ba2674\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p>In terms of market value structure, keeping integrity is surprising. According to the total market value, we divide A shares into three echelons: \"more than 80 billion/20-80 billion/less than 20 billion\". The number of stocks in the three echelons accounts for 4%/13%/83% respectively, and the market value accounts for 44%/27%/29%. The first echelon, the super-large market capitalization group represented by Mao Index, is a high-quality leader in various industries, and it still has allocation value, that is, \"keeping integrity\". From the perspective of profit valuation ratio and new fund allocation preference, this year's second echelon of medium and large markets has better cost performance, so-called \"surprise\". After the Spring Festival, the Mao Index dropped sharply. We think it is just a self-correction of cost performance. At present, the Mao Index has a trend of US stocking. Among the northbound capital positions, the constituent stocks of Mao Index also account for 47.7%. Drawing on the morphological characteristics of US stocks, this year may be in a wide range of shocks. With the epidemic under control, the economy is gradually on the right track in the post-epidemic era, and the fundamental relative advantage of super-large-cap stocks represented by Mao Index will not be as extreme as last year. We estimate that the annualized growth rate of the 21Q1 net profit attributable to the parent of super-large market-cap companies is 15% in two years. At present, PE (TTM, holistic method, the same below) is 30 times, medium and large market capitalization (total market capitalization 20-80 billion) is 19% and 28 times respectively, and small market capitalization (less than 20 billion) is 6% and 50 times. The performance of medium and large market capitalization stocks has improved significantly. For details, see \"The Way Out of Mao Index Worries-20210426\".</p><p><img src=\"https://static.tigerbbs.com/0f5b8e653ec1477016e48ffb83db9cac\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p>In the industry, intelligent manufacturing is expected to become the new main line. From the industry perspective, the most prominent of the aforementioned second echelon (20-80 billion) is the intelligent manufacturing-related industry. There are three logics to attach importance to intelligent manufacturing: First, the fundamentals of intelligent manufacturing are stronger. The gradual application of technologies such as 5G and new energy will promote the growth of intelligent manufacturing performance; The pandemic has led to the restructuring of the global manufacturing industry chain, and Made in China has taken advantage of the momentum to upgrade; In the phase of mild inflation, manufacturing earnings expanded. Second, policies support the rapid rise of intelligent manufacturing. The 14th Five-Year Plan focuses on building a modern industrial system. Third, institutions represented by funds have low allocation for intelligent manufacturing. In 21Q1, the intelligent manufacturing industry accounted for only 26.6% of the fund's heavyweight stocks, while the high point in 20Q2 was 32.3%, which is still slightly undermatched. For details, please refer to the previous reports \"Epidemic Situation Accelerates the Upgrading of China's Manufacturing-China Intelligent Manufacturing Series 1-20210319\", \"China Intelligent Manufacturing is Going to the Forefront of the World-China Intelligent Manufacturing Series 2-20210402\", \"Looking at the Prospects of Intelligent Manufacturing from the Technology Clock-China Intelligent Manufacturing Series 3-20210414\", \"Moderate Inflation Contributes to the Profit Expansion of Manufacturing Industry-China Intelligent Manufacturing Series 4-20210429\", \"China Intelligent Manufacturing: Wise and Courageous to Create the Future-20210511\", and \"Key Subfields of Intelligent Manufacturing-China Intelligent Manufacturing Series 5-20210528\". Along the main line of \"Intelligent Manufacturing in China\", Haitong strategically joined forces with the industry to sort out investment opportunities in related fields of intelligent manufacturing. See Table 2 for details of the specific targets.</p><p><img src=\"https://static.tigerbbs.com/a8b2519eefe59f94c4525d08fbeb40b3\" tg-width=\"1080\" tg-height=\"376\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4ff79edef1d8e1b39efffeb27c1b0163\" tg-width=\"1080\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Inflation continues to rise sharply, and the investment clock enters a stagflation period ahead of schedule.</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>Haitong Strategy: Stock Market Begins to Desensitize to Inflation</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\">\nHaitong Strategy: Stock Market Begins to Desensitize to Inflation\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012219063\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">股市荀策 </p>\n<p class=\"h-time smaller\">2021-06-14 13:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Core conclusions:</b>① The latest inflation data of China and the United States both rose beyond expectations, but both A-shares and US stocks rose instead of falling, indicating that the stock market began to desensitize to inflation, and the inflationary pressure declined in the second half of the year. ② Historically, the high point of the index in the bull market is slightly ahead of the high point of profit. The high point of this round of ROE is expected to be in 21Q4-22Q1. Combined with the annual amplitude law, the index is expected to hit a new high this year. ③ The leading high-quality companies represented by Mao Index are still better allocated and upright. Fast profit growth and compliance with policy direction<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing is more resilient, surprisingly.</p><p><b>Stocks Start to Desensitize to Inflation</b></p><p>Recently, the year-on-year growth rate of PPI in China in May exceeded 9%, and the year-on-year growth rate of CPI in the United States exceeded 5%, both of which rose sharply compared with the previous month and exceeded everyone's expectations. However, the performance of the capital market is very different from the previous month. This month, A-shares and US stocks rose instead of falling after inflation rose more than expected again. We believe that the time when the stock market is most worried about inflation has passed, and the A-share index is expected to hit a new high this year with the support of fundamentals.</p><p><b>1. Both A shares and US stocks are beginning to desensitize to inflation</b></p><p><b>Stock market concerns about inflation are marginally easing.</b>On June 9th, the National Bureau of Statistics announced that the year-on-year growth rate of PPI in May was 9%, which was the third highest reading since the birth of PPI year-on-year growth data in 1996, second only to the 10% in July 2008 and August 2008. Since the beginning of this year, the year-on-year growth rate of PPI has continuously exceeded expectations. Compared with the consensus expectation of wind, the actual published data was 0.3% year-on-year growth rate in January this year, and the consensus expectation of wind was 0.29%, with a difference of 0.01 percentage points. In February, this difference rose to 0.24 percentage points, and from March to May, it was 1.09/0.59/0.74 percentage points respectively. In the last round of PPI rising cycle (16-17 years), the year-on-year growth rate of PPI also constantly exceeded expectations, and the largest error between the actual value and the predicted value was 1 percentage point at the end of 2016. Although the year-on-year growth rate of PPI is still exceeding expectations, the stock market's worries about inflation are marginally slowing down. Inflation data for the past three months were released on April 9, May 11 and June 9, all at 9.30am. Observing the time-sharing chart of the Shanghai Composite Index, we can find that the market's reaction to the negative factor of PPI is passivating:</p><p><ul><li>April 9th: The March PPI announced on the same day was 4.4%, which exceeded wind's consensus expectation by 1.09 percentage points. The stock market fell unilaterally after the opening, and the Shanghai Composite Index fell by 0.5% on the same day at the close;</p><p></li><li>May 11: The April PPI announced on the same day was 6.8%, exceeding wind's consensus expectation by 0.59 percentage points. The stock market fell after the opening, and turned from falling to rising after 10:30. At the close, the Shanghai Composite Index rose by 1.07% on the same day</p><p></li><li>June 9th: The May PPI announced on the same day was 9%, exceeding wind's consensus expectation by 0.74 percentage points. However, the stock market rose at the opening, and the Shanghai Composite Index rose by 0.37% at the close.</p><p></li></ul><img src=\"https://static.tigerbbs.com/4d43a1b6f87fc189c51f50edfb57acf9\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>U.S. stocks, like A shares, have begun to blunt their response to high inflation. In the past two months, the CPI of the United States has also begun to rise sharply. In March, the CPI growth rate was 2.6% year-on-year, 4.2% in April, and 5% in May, the highest growth rate since August 2008; The year-on-year growth rate of core CPI, excluding food and energy, was still 1.6% in March, jumped to 3% in April, and rose by 3.8% in May, reaching a new high since 1992. However, the stock market's response to inflation data is passivating. On the day of the data release on May 12th, both S&P 500 and Nasdaq index plummeted by more than 2%. However, after the CPI was released on June 10th, the aforementioned indexes all rose slightly, with S&P 500 rising by 0.5% and Nasdaq rising by 0.8%.</p><p><img src=\"https://static.tigerbbs.com/8f2b782e453c8f7333af5d89de462a27\" tg-width=\"1080\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p><p><b>Inflationary pressures declined in the second half of the year.</b>In fact, this year's inflationary pressure itself is not as great as it seems. The 9% year-on-year growth rate of PPI in May seems to be very high, but it is largely due to the low base in the same period last year. The two-year annualized growth rate after excluding the base effect is actually only 2.5%. Looking back at the two rounds of inflation cycles in 2006-08 and 2009-11, the year-on-year upward cycle of PPI in China lasted for about two years on average. The upward trend of PPI in the early period was mainly due to abundant liquidity, while the upward trend of inflation in the later period was due to the improvement of fundamentals. This round of PPI began to rise year-on-year from the low of-3.7% in May 2020, and it has lasted for about a year. From the perspective of time and space, the first wave of price increase driven by liquidity may come to an end. Wind's consensus expectation shows that the year-on-year growth rate of PPI will gradually decline in the second half of the year, and the two-year annualized growth rate will be around 1.5%.</p><p>When will the second wave of inflation rise come? We think it may not be until the first half of next year. Drawing on 2009-11, when the recovery of global economies from the crisis was strong and basically synchronized, there was only a rest of more than half a year between the first wave and the second wave of commodities, that is, the first wave of commodities rose from the end of 2008 to the beginning of 10 years, and the second wave of commodities rose from 10Q3. The global economy under the impact of this epidemic has also experienced the process of \"crisis → water release → recovery\" as in 2009-11. However, due to different epidemic prevention and control measures and virus mutation in various countries, the economic recovery of various countries in the post-epidemic era is slow and out of synchrony, so the rest time after the first wave of commodity rises may be longer than that in 2009-11. This time, China has the best epidemic prevention measures and the fastest recovery. In the past 20 years, China is the only country in the world to achieve positive GDP growth. The epidemic prevention policies of developed countries such as the United States are not as effective as those of China, and the recovery pace is slightly lagging behind. The GDP growth rate in 2020 is negative. However, the World Bank predicts that the two-year annualized growth rate of U.S. GDP in 2021 will roughly return to the pre-epidemic level. However, due to backward epidemic prevention policies and repeated epidemics in most emerging market countries, the World Bank predicts that the two-year annualized growth rate of GDP in 20-21 will only be about 0%, and it may take until 2022 and beyond for the economic growth rate to really start to rise. The current misalignment of this recovery has dragged on the current round of global recovery longer, so the second phase of inflationary pressures may not be reflected until the first half of next year.</p><p><img src=\"https://static.tigerbbs.com/1e4aff9cdd327f629ac9684a72efd2db\" tg-width=\"1080\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0b4c14a26cc2f8af3541518dd20b86c6\" tg-width=\"1080\" tg-height=\"382\" referrerpolicy=\"no-referrer\"></p><p><b>2. The key to the future trend of A shares is profit</b></p><p><b>Bull highs are more correlated with earnings highs.</b>Now that the most worrying phase of inflation is about to pass, what are the main contradictions this year? We think it is still a return to fundamentals. Looking back at history, the high point of bull market is more correlated with the high point of corporate profit. Specifically, you can look at the year-on-year growth rate of net profit and ROE indicator. Because the year-on-year growth rate of A-share net profit is often disturbed by the base period factors, the year-on-year high of A-share net profit in a single quarter is often inconsistent with the high point of stock market index. This is because the low base leads to a large fluctuation of year-on-year growth rate. If it is smooth to two years, the annualized year-on-year growth rate of net profit in a single quarter in the past two years is consistent with the high point of index. In addition, ROE has a strong correlation with the high point of index. Specifically: during the bull market from 05/6 to 07/10, the highs of Shanghai Composite Index and CSI 300 were on 07/10, while the year-on-year high of A-shares' single-quarter net profit was 414% of 06Q4. In the past two years, the annualized year-on-year growth rate of A-shares' single-quarter net profit was 192% of 07Q4, and the highs of all A-shares' ROE were on 07Q4. During the bull market from 08/10 to 10/11, the Shanghai Composite Index reached a high point of 3,478 points in August 2009, and then began to fluctuate at a high level to 10/11, and then began to decline. The small and medium-sized board index reached a high point on 10/11, while the year-on-year high of A-share single-quarter net profit was 560% of that of 09Q4. In the past two years, the annualized year-on-year growth rate of A-share single-quarter net profit was 207% of that of 10Q4, and the high point of ROE was in 10Q4. The high point of ROE of small and medium-sized board index also appeared in 10Q4. During the bull market from 12/12 to 15/06, the GEM started a structural bull market. The annualized year-on-year growth rate of net profit in a single quarter, ROE, appeared in 15Q4. However, due to deleveraging factors such as inventory allocation, the GEM appeared at a high point in 15/06. Catalyzed by the improved performance, the GEM rebounded significantly in 15Q4.</p><p><b>The high of this earnings cycle is expected to be in 21Q4-22Q1.</b>First of all, from the perspective of the time and space law of the historical profit cycle, this profit cycle has not yet finished. In terms of time, it is characterized by the cumulative year-on-year growth rate or ROE of A-shares' net profit attributable to the parent. Since 2002, A-shares have experienced five complete profit cycles, each of which lasts for an average of 39 months, of which the upward cycle lasts for an average of 6-7 quarters. If we look at the cumulative year-on-year growth rate of A-shares' net profit attributable to the parent in this profit cycle, it bottomed out in 20Q1, began to rise in 20Q2, and only rose for 4 quarters in 21Q1; If you look at ROE (TTM), it bottomed out in 20Q2 and began to rise in Q3. So far, it has only lasted for 3 quarters, and the time has not gone. According to the time calculation, we expect the high point of this profit cycle to be in 21Q4-22Q1. In space, the two-year annualized growth rate of the net profit of all A shares attributable to the parent in 21Q1 is only 8%, which is equivalent to the level of 17Q2. Compared with the compound growth rate of 16% in 18Q2, there is still a lot of room. The ROE of all A shares in 21Q1 is 9.2%, which is equivalent to the level of 2019 and 17Q1, and there is still a lot of room.</p><p>In terms of specific forecast, our forecast method is to estimate the growth rate of net profit attributable to the parent of A shares this year and the corresponding ROE according to the proportion of profit in the first quarter to the whole year. First of all, since the impairment losses of assets including goodwill are mainly reflected in the statements of the fourth quarter of every year, we need to make up this part of the losses to analyze the proportion of the profit before impairment losses in each quarter. The profit of this new caliber is similar to the concept of EBIT. The profit before impairment loss accounts for about 20%, 25%, 25% and 30% in the four quarters of the year, which is very stable except for 2008/2009/2020. Therefore, we can roughly predict the annual growth rate by dividing the profit before impairment loss in 21Q1 by the proportion in the first quarter. On this basis, we need to further forecast the impact of asset impairment losses on the single quarter profit in the fourth quarter. Looking back at history, we can find that the scale of asset impairment losses has been very large since 18 years, with 300+ billion yuan in 18 years, nearly 500+ billion yuan in 19 years, and falling back to 400+ billion yuan in 20 years, which is basically equivalent to the profit in a single quarter. In 18 years, due to domestic deleveraging and Sino-US trade friction, many enterprises made a large amount of goodwill impairment losses in that year. That is, at the micro level, due to the poor performance in that year, listed companies had the incentive to further lower the performance in that year to raise the performance of the following year. The same logic should appear in 2020. After all, many enterprises lost money last year, and enterprises can release the negative factors in their statements through the impact of the epidemic. However, we see that the overall impairment loss last year was less than that of 2019, which may mean that there may not be so many potential assets that can be used for impairment (such as goodwill). Therefore, for this year's impairment loss forecast, we conservatively expect this year's amount to be equal to last year's amount, and it is estimated that this year's net profit of all A attributable to the parent will grow by more than 30%, corresponding to the two-year annualized growth rate of 17+ %; After excluding the financial two oils, the year-on-year growth rate of the net profit of all A shares attributable to the parent is expected to be more than 45%, and the two-year annualized growth rate is 30+ %. The actual growth rate announced in the future may exceed expectations due to the error item of asset impairment loss. Based on this, we expect the full A-share ROE (TTM) corresponding to the three quarters of 21Q2-Q4 to be 8.8-9.0%, 9.0-9.2%, and 9.5-9.7%, respectively.</p><p><img src=\"https://static.tigerbbs.com/89bada807b63fd2b6fbecd9e29e18bcb\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4ef2b3b099ac8377c86ca2a384acf06f\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p><b>3. Coping strategy: Follow the trend</b></p><p><b>A shares are expected to hit a new high during the year.</b>As the most worrying phase of inflation passes, earnings will be the main driver of the market, and we judge that corporate earnings will be upward this year. At the beginning of 2019, we proposed that 2440 points of the Shanghai Composite Index on January 4, 2019 was the starting point of this bull market, which is expected to last for three years. At the same time, we proposed that there are three stages of the bull market, with different driving forces and characteristics. This round of bull market is the incubation period of bull market driven by capital in 19 years, the market has entered the bull market outbreak period driven by fundamentals and capital in 20 years, and the market is expected to enter the bubble period driven by fundamentals and emotions in 21 years. At present, we judge that the profit is still in the rising cycle; In terms of sentiment, we track sentiment from three dimensions: PE/PB, asset comparison and trading indicators. At present, the market sentiment is about 60-65 degrees; In terms of liquidity, we believe that this year's monetary policy is likely to remain reasonably abundant and liquidity is neutral. Therefore, on the whole, the general pattern of the bull market has not changed, and the bull market has not yet finished. Statistics of the annual amplitude of major A-share stock indexes from 2000 to 2020 (the increase of the highest price relative to the lowest price during the year). Taking Shanghai Composite Index and CSI 300 as examples, the annual amplitude is basically around 25%-30%, and the amplitude will be slightly higher than 60% in bull market or bear market. So far this year (as of 20210614, the same below), the amplitude of Shanghai Composite Index/CSI 300 is only 12%/21%. This year's low point of Shanghai Composite Index is 3,328 points on March 9th, CSI 300 is 4,883 points on March 25th, and Wind All A is 5,071 points on March 9th. If the previous low is valid, the market is expected to hit a new high this year with reference to the fluctuation range of historical stock indexes.</p><p><img src=\"https://static.tigerbbs.com/977d2db1af801ea34b7b77b1f0797f0a\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The market value structure is surprisingly upright, and the industry structure lays out intelligent manufacturing.</b>Since 2016, individual stocks and funds in A shares have shown the Matthew effect. On individual stocks, we measure the dispersion of individual stocks' ups and downs by the absolute value of the standard deviation/mean of individual stocks' ups and downs every year. From 2000 to 15, the average dispersion of A-share stocks' ups and downs was 1.9, but since 2016 (as of 21/06/14, the same below) has rapidly expanded to 3.9. On the fund, the average dispersion of fund net value change has increased from 0.68 in 2006-2015 to 0.98 since 2016. And the trend of fund scale concentration to the head is very obvious. At present, the top 10% of funds account for 60% of the total fund scale. The reason behind this is the implementation of the registration system of A shares and the acceleration of the institutionalization + internationalization of A shares. In the future, this Matthew effect will continue to strengthen, similar to the US stocks after the 1990s, which is an important factor that cannot be ignored in the layout of market value structure and industry structure.</p><p><img src=\"https://static.tigerbbs.com/25b8377aa8411262d7bb3e0aa5ba2674\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p>In terms of market value structure, keeping integrity is surprising. According to the total market value, we divide A shares into three echelons: \"more than 80 billion/20-80 billion/less than 20 billion\". The number of stocks in the three echelons accounts for 4%/13%/83% respectively, and the market value accounts for 44%/27%/29%. The first echelon, the super-large market capitalization group represented by Mao Index, is a high-quality leader in various industries, and it still has allocation value, that is, \"keeping integrity\". From the perspective of profit valuation ratio and new fund allocation preference, this year's second echelon of medium and large markets has better cost performance, so-called \"surprise\". After the Spring Festival, the Mao Index dropped sharply. We think it is just a self-correction of cost performance. At present, the Mao Index has a trend of US stocking. Among the northbound capital positions, the constituent stocks of Mao Index also account for 47.7%. Drawing on the morphological characteristics of US stocks, this year may be in a wide range of shocks. With the epidemic under control, the economy is gradually on the right track in the post-epidemic era, and the fundamental relative advantage of super-large-cap stocks represented by Mao Index will not be as extreme as last year. We estimate that the annualized growth rate of the 21Q1 net profit attributable to the parent of super-large market-cap companies is 15% in two years. At present, PE (TTM, holistic method, the same below) is 30 times, medium and large market capitalization (total market capitalization 20-80 billion) is 19% and 28 times respectively, and small market capitalization (less than 20 billion) is 6% and 50 times. The performance of medium and large market capitalization stocks has improved significantly. For details, see \"The Way Out of Mao Index Worries-20210426\".</p><p><img src=\"https://static.tigerbbs.com/0f5b8e653ec1477016e48ffb83db9cac\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p>In the industry, intelligent manufacturing is expected to become the new main line. From the industry perspective, the most prominent of the aforementioned second echelon (20-80 billion) is the intelligent manufacturing-related industry. There are three logics to attach importance to intelligent manufacturing: First, the fundamentals of intelligent manufacturing are stronger. The gradual application of technologies such as 5G and new energy will promote the growth of intelligent manufacturing performance; The pandemic has led to the restructuring of the global manufacturing industry chain, and Made in China has taken advantage of the momentum to upgrade; In the phase of mild inflation, manufacturing earnings expanded. Second, policies support the rapid rise of intelligent manufacturing. The 14th Five-Year Plan focuses on building a modern industrial system. Third, institutions represented by funds have low allocation for intelligent manufacturing. In 21Q1, the intelligent manufacturing industry accounted for only 26.6% of the fund's heavyweight stocks, while the high point in 20Q2 was 32.3%, which is still slightly undermatched. For details, please refer to the previous reports \"Epidemic Situation Accelerates the Upgrading of China's Manufacturing-China Intelligent Manufacturing Series 1-20210319\", \"China Intelligent Manufacturing is Going to the Forefront of the World-China Intelligent Manufacturing Series 2-20210402\", \"Looking at the Prospects of Intelligent Manufacturing from the Technology Clock-China Intelligent Manufacturing Series 3-20210414\", \"Moderate Inflation Contributes to the Profit Expansion of Manufacturing Industry-China Intelligent Manufacturing Series 4-20210429\", \"China Intelligent Manufacturing: Wise and Courageous to Create the Future-20210511\", and \"Key Subfields of Intelligent Manufacturing-China Intelligent Manufacturing Series 5-20210528\". Along the main line of \"Intelligent Manufacturing in China\", Haitong strategically joined forces with the industry to sort out investment opportunities in related fields of intelligent manufacturing. See Table 2 for details of the specific targets.</p><p><img src=\"https://static.tigerbbs.com/a8b2519eefe59f94c4525d08fbeb40b3\" tg-width=\"1080\" tg-height=\"376\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4ff79edef1d8e1b39efffeb27c1b0163\" tg-width=\"1080\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Inflation continues to rise sharply, and the investment clock enters a stagflation period ahead of schedule.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100801009","content_text":"核心结论：①中美最新的通胀数据均超预期上升，但A股和美股均不跌反涨，显示股市对通胀开始脱敏，下半年通胀压力下降。②历史上牛市中指数高点略提前于盈利高点，本轮ROE高点预计在21Q4-22Q1，结合年度振幅规律，指数有望创年内新高。③以茅指数为代表的龙头优质公司仍是较好配置，守正。盈利增长较快、顺应政策方向的智能制造更有弹性，出奇。\n股市对通胀开始脱敏\n近期公布的我国5月PPI同比增速破9%，美国CPI同比增速破5%，均较前一个月大幅上升且超出大家的预期。但是资本市场的表现却和前一个月大相径庭，这个月A股和美股在通胀再次超预期上升后不跌反涨。我们认为股市对通胀最担忧的时间已经过去，基本面支持下A股指数年内有望创新高。\n1.A股和美股均对通胀开始脱敏\n股市对通胀的担忧正边际减缓。6月9日，国家统计局公布的5月PPI同比增速为9%，为PPI同比增速数据1996年诞生以来第三高的读数，仅次于08年7月和08年8月的10%。今年以来，PPI同比增速不断超预期，我们以实际公布的数据与wind一致预期相比，今年1月PPI同比增速为0.3%，wind一致预期为0.29%，相差0.01个百分点，而2月这一差值就上升至0.24个百分点，3-5月分别为1.09/0.59/0.74个百分点。在上一轮PPI上升周期（16-17年）中，PPI同比增速也是不断超预期，实际值与预测值最大的误差在16年底，也是1个百分点。虽然PPI的同比增速依旧在不断超预期，但是股市对通胀的担忧正边际减缓。过去三个月通胀数据公布的日期分别为4月9日、5月11日和6月9日，时间均为早上9点半。观察上证综指的分时图，可以发现市场对PPI这一负面因素的反应正在钝化：\n\n4月9日：当日公布的3月PPI为4.4%，大超wind一致预期1.09个百分点，股市在开盘后便单边下跌，收盘时上证综指当日下跌0.5%；\n5月11日：当日公布的4月PPI为6.8%，超过wind一致预期0.59个百分点，股市在开盘后下跌，10点半之后由跌转涨，收盘时上证综指当日上涨1.07%\n6月9日：当日公布的5月PPI为9%，超过wind一致预期0.74个百分点，然而股市在开盘反而上涨，至收盘时上证综指当日涨幅为0.37%。\n\n\n美股和A股一样，对高通胀的反应也开始钝化。过去两个月，美国的CPI也开始大幅上升，3月CPI同比增速为2.6%，4月为4.2%，5月已经上升到了5%，增速创2008年8月以来最高；扣除食品和能源的核心CPI同比增速3月时还是1.6%，4月就跳升到了3%，5月则大涨3.8%，增速创1992年以来新高。但股市对通胀数据的反应则在钝化，5月12日公布数据当天，标普500和纳斯达克指数均大跌超过2%，但是这次6月10日公布CPI后，前述指数均小幅上涨，标普500涨0.5%，纳斯达克指数涨0.8%。\n\n下半年通胀压力下降。其实今年通胀压力本身并没有看上去那么大，5月PPI同比9%的增速看似很高，但是很大程度上源自去年同期的低基数，剔除基数效应后的两年年化增速实际只有2.5%。回顾2006-08年和2009-11年两轮通胀周期，我国PPI当月同比上行周期平均持续两年左右，前期PPI上行主要源于流动性充裕，而后期通胀继续上行得益于基本面改善。本轮PPI当月同比从20年5月低点-3.7%见底开始回升，至今已经持续了1年左右。从时间和空间上看，流动性驱动第一波涨价潮可能告一段落，Wind一致预期显示，下半年PPI同比增速将逐渐回落，两年年化增速大约在1.5%附近。\n那第二波通胀上涨何时来临？我们认为可能要到明年上半年。借鉴09-11年，当时全球各经济体从危机中的复苏强劲且基本同步，因此大宗商品的第一波和第二波上涨之间只休息了半年多，即第一波上涨从08年底开始持续到10年初，第二波上涨则是从10Q3开始。这次疫情冲击下的全球经济和09-11年一样同样经历了“危机→放水→复苏”的过程，但由于各国疫情防控措施不同以及病毒变异，后疫情时代各国经济复苏缓慢且不同步，因此大宗商品第一波上涨之后的休息时间可能会比09-11年更长。这一次我国防疫措施最好、复苏最快，20年我国是全球唯一实现GDP正增长的国家。美国等发达国家防疫政策有效性不及我国，复苏节奏略落后，2020年GDP增速是负数，但世界银行预计2021年美国GDP的两年年化增速大致能回到疫情前的水平。而大部分新兴市场国家由于防疫政策落后和疫情反复，世界银行预计20-21年GDP两年年化增速仅在0%左右，经济增速真正开始上升可能要等到2022年及之后。当前这种复苏的错位使得本轮全球复苏时间拖得更长，因此第二阶段的通胀压力可能要等明年上半年才体现出来。\n\n2.A股未来走势关键看盈利\n牛市高点与盈利高点更加相关。既然对通胀最担忧的阶段即将过去，那今年的主要矛盾是什么？我们认为还是回归基本面。回顾历史，牛市高点与企业盈利的高点相关性更强，具体可以看净利润同比增速和ROE指标。因为A股净利润同比增速常受到基期因素扰动，所以A股单季度净利同比高点和股市指数高点往往不一致，这源于低基数导致同比增速波动大，如果平滑到两年发现，近两年单季度净利润年化同比增速与指数高点较一致，此外，ROE跟指数高点相关性强。具体而言：05/6-07/10牛市期间，上证指数和沪深300高点在07/10，而A股单季度净利同比高点为06Q4的414%，近两年A股单季度净利年化同比增速高点为07Q4的192%，全部A股ROE高点在07Q4。08/10-10/11牛市期间，上证指数在09年8月达到高点3478点，此后开始高位震荡至10/11，随后开始下行，中小板指在10/11达到高点，而A股单季度净利同比高点为09Q4的560%，近两年A股单季度净利年化同比增速高点为10Q4的207%，ROE高点在10Q4，中小板指ROE高点也出现于10Q4。12/12-15/06牛市期间，创业板开始结构性牛市，创业板指单季度净利润年化同比增速ROE高点出现在15Q4，但由于清查配资等去杠杆因素，创业板指在15/06出现高点，在业绩向好的催化下，15Q4创业板指反弹幅度显著。\n预计本轮盈利周期高点在21Q4-22Q1。首先，从历史盈利周期的时空规律上看，本轮盈利周期尚未走完。时间上，以A股归母净利润累计同比增速或ROE刻画，2002年以来A股已经经历了五轮完整的盈利周期，每轮周期平均持续39个月，其中上行周期平均持续6-7个季度，本轮盈利周期若看A股归母净利累计同比增速，20Q1见底，20Q2开始回升，至21Q1只回升了4个季度；若看ROE（TTM），20Q2见底、Q3开始回升，至今只持续了3个季度，时间都没走完，按照时间推算，本轮盈利周期高点我们预计在21Q4-22Q1。空间上，21Q1全A归母净利润两年年化增速只有8%，相当于17Q2的水平，相比18Q2的16%复合增速还有很大空间，21Q1全部A股ROE为9.2%，相当于2019年和17Q1的水平，也还有很大的空间。\n具体预测上，我们的预测方法是按照一季度的利润占全年的比重来推测A股今年全年的归母净利润增速和对应的ROE。首先，由于包括商誉在内的资产减值损失主要体现在每年四季度的报表中，我们需要把这部分的损失补回去来分析减值损失前的利润在各个季度的占比，这个新口径的利润类似EBIT的概念。这个减值损失前的利润在全年四个季度的占比大约是20%、25%、25%、30%，这一占比在除了2008/2009/2020年之外均非常稳定，因此以21Q1的减值损失前利润除以一季度的占比我们可以大概预测出全年的增速。在这一基础上，我们需要进一步预测资产减值损失对四季度单季度利润的影响。回顾历史，我们可以发现18年起资产减值损失的规模非常大，18年3000+亿元，19年近5000亿，20年回落至4000+亿，与单季度的利润量基本相当。18年由于国内去杠杆叠加中美贸易摩擦，当年许多企业大量计提商誉减值损失，即在微观层面上，由于当年业绩过差，上市公司有动力进一步做低当年的业绩来拉高次年的业绩。同样的逻辑理应出现在2020年，毕竟去年许多企业亏损，企业可以借疫情冲击释放报表中的负面因素，然而我们看到去年整体的减值损失还不及2019年，或许意味着潜在的可以用来减值的资产可能没有那么多了（比如商誉）。因此对于今年的减值损失预测，我们保守地预计今年的量等于去年的量，测算得今年全A归母净利润增速30%以上，对应两年年化增速17+%；剔除金融两油后，全部A股归母净利润同比增速预计45%以上，两年年化增速30+%，未来公布的实际增速可能因资产减值损失这一误差项而向上超预期。以此为基础，我们预计21Q2-Q4三个季度对应的全部A股ROE（TTM）分别为8.8-9.0%、9.0-9.2%和9.5-9.7%。\n\n3.应对策略：顺势而为\nA股年内有望创新高。随着通胀最担忧的阶段过去，盈利将成为市场主要的驱动力，而我们判断今年企业盈利还将向上。我们在19年初就提出，19年1月4日上证综指2440点为本轮牛市起点，本轮牛市有望持续三年，同时我们提出牛市有三个阶段，驱动力、特征各不相同。本轮牛市19年为由资金面驱动的牛市孕育期，20年市场进入了基本面和资金面双轮驱动的牛市爆发期，21年市场有望进入由基本面和情绪面驱动的泡沫期。目前我们判断盈利还在上升周期；情绪方面，我们从PE/PB、大类资产比价和交易指标三个维度跟踪情绪，目前市场情绪大约60-65度；流动性方面我们认为今年货币政策大概率保持合理充裕，流动性中性，因此综合来看，牛市大格局未变，牛市尚未走完。统计A股各主要股指在2000-2020年间每一年的振幅（年内最高价相对最低价的涨幅），以上证综指、沪深300为例，年振幅基本都在25%-30%附近，牛市或熊市时振幅会略高于60%，今年至今（截至20210614，下同）上证综指/沪深300振幅仅12%/21%。今年上证综指的低点是3月9日的3328点，沪深300在3月25日的4883点，万得全A在3月9日的5071点，如果前期低点有效，那参考历史股指的波动幅度，今年市场有望创新高。\n\n市值结构上守正出奇，行业结构上布局智能制造。2016年起A股中个股和基金均呈现出马太效应。个股上，我们以每年个股涨跌幅的标准差/均值的绝对值来度量个股涨跌幅离散度，2000-15年A股个股涨跌幅离散度均值为1.9，而2016年至今（截至21/06/14，下同）快速扩大至3.9。基金上，基金净值变化离散度均值从2006-2015年的0.68上升至2016年至今的0.98。并且基金规模向头部集中的趋势非常显著，目前规模前10%的基金占全部基金规模的比重达到了60%。背后的原因是A股实行注册制以及A股机构化+国际化不断加速，而未来这种马太效应将继续强化，类似1990年代后的美股，这是在进行市值结构和行业结构布局时不可忽视的重要因素。\n\n市值结构上，守正出奇。我们根据总市值将A股分为“800亿以上/200-800亿/200亿以下”三个梯队，三个梯队个股数量占比分别为4%/13%/83%，市值占比为44%/27%/29%。第一梯队以茅指数为代表的超大市值组，是各个行业的优质龙头，仍然具有配置价值，即“守正”。从盈利估值比、新基金配置偏好看，今年第二梯队的中大盘性价比更优，所谓“出奇”。春节后茅指数大幅下跌我们认为只是性价比的自我修正，当前茅指数已有美股化趋势，在北上资金持仓中，茅指数成分股占比也达47.7%，借鉴美股走势形态特征，今年或处在宽幅震荡之中。随着疫情得到控制，后疫情时代经济逐渐步入正轨，以茅指数为代表的超大盘股在基本面上的相对优势不会像去年那么极致，我们测算超大市值公司21Q1归母净利润两年年化增速为15%，当前PE（TTM，整体法，下同）为30倍，中大市值（总市值200-800亿）分别为19%、28倍，小市值（200亿以下）为6%、50倍，中大市值个股业绩改善较为明显。详见《茅指数忧虑的出路-20210426》。\n\n行业上，智能制造有望成为新主线。从行业层面来看，前述第二梯队（200-800亿）中最为凸显就是智能制造相关行业。重视智能制造逻辑有三：第一，智能制造基本面更强。5G和新能源等技术逐渐应用，推动智能制造业绩增长；疫情导致全球制造业产业链重构，中国制造乘势升级；温和通胀阶段，制造业盈利扩张。第二，政策支持智能制造快速崛起。十四五规划重在构建现代产业体系。第三，基金为代表的机构对智能制造配置不高。21Q1基金重仓股中智能制造类行业占比仅26.6%，而20Q2的高点为32.3%，目前仍略微低配。详见前期报告《疫情加快中国制造升级——中国智造系列1-20210319》、《中国智造正走向世界前列——中国智造系列2-20210402》、《从科技时钟看智能制造前景——中国智造系列3-20210414》、《温和通胀利于制造业盈利扩张——中国智造系列4-20210429》、《中国智造：智勇兼备，造就未来-20210511》、《智能制造的重点子领域——中国智造系列5-20210528》。沿着“中国智能制造”的主线，海通策略联合行业梳理了智能制造相关领域投资机会，具体标的详见表2。\n\n风险提示：通胀继续大幅上行，投资时钟提前进入滞胀期。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184368544,"gmtCreate":1623684928588,"gmtModify":1704208726010,"author":{"id":"3586663217774658","authorId":"3586663217774658","name":"DanielLau16","avatar":"https://static.tigerbbs.com/ede1462cf07466236d71548b855c6759","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586663217774658","authorIdStr":"3586663217774658"},"themes":[],"htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184368544","repostId":"1141192934","repostType":4,"repost":{"id":"1141192934","kind":"news","pubTimestamp":1623654209,"share":"https://ttm.financial/m/news/1141192934?lang=en_US&edition=fundamental","pubTime":"2021-06-14 15:03","market":"other","language":"zh","title":"\"Wealth-making Myth\" Bitcoin is going to be cold!","url":"https://stock-news.laohu8.com/highlight/detail?id=1141192934","media":"雷科技","summary":"比特币又暴跌了！貌似这个已经算不上什么新闻了？好像确实如此，但是这一次和之前的几次都有所不同，前几次的暴跌，大多都与马斯克有关，而这一次则是换了个主角，变成了我们在电影中十分熟悉的FBI。\n前段时间，","content":"<p>Bitcoin has plummeted again! It doesn't seem like this is any news anymore? It seems that this is true, but this time is different from the previous ones. Most of the previous plummets were related to Musk, but this time it changed the protagonist and became the FBI that we are very familiar with in the movie.</p><p>Some time ago, a hacker group from Russia attacked and sabotaged the control system of the largest oil pipeline company in the western United States, resulting in the company being forced to suspend oil deliveries in most of the western region, and the US government even declared a national emergency as a result. In order to restore oil supply as soon as possible,<b>Eventually Colonial Pipeline was forced to pay about $5 million worth of Bitcoin to the hacking group in exchange for gaining control of its own system.</b></p><p><img src=\"https://static.tigerbbs.com/a54a093754346578e6b5d1c4b26fa952\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>However, just before the hacker organization transferred the ransom, the FBI successfully found the wallet key where the ransom was stored, transferred most of the Bitcoin to the official account, and recovered nearly half of the losses. Why nearly half? Because of the influence of currency price, the total price of Bitcoin recovered has been far lower than the price paid before.</p><p>The claimed untraceable and completely decentralized Bitcoin transaction was successfully recovered, which directly caused another shock in the Bitcoin market.<b>Some say this proves that the so-called decentralization in Bitcoin is actually a hoax, and some say that the end of Bitcoin is here, so what is the truth?</b></p><p><b>How did the FBI recover Bitcoin?</b></p><p>The FBI mentioned in the report meeting that the Bitcoin recovered this time was about 80% of the payment amount, and the remaining 20% could not be recovered temporarily for other reasons. However, it is already good news for the extorted company. Moreover, the FBI's recovery operation has once again broken the myth of money laundering in Bitcoin, making people realize that the transactions in Bitcoin are traceable and traceable to some extent.</p><p>However, the process of FBI recovering Bitcoin may be different from what everyone thinks. Xiaolei noticed that many people think that FBI directly cracked the encryption algorithm of Bitcoin, thus taking Bitcoin away from the wallet. In fact, this is not the case.</p><p><img src=\"https://static.tigerbbs.com/69800b429ca8b06f1f57122c01e62e0b\" tg-width=\"773\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p>At least for now, the FBI can't directly crack Bitcoin wallet, because the SHA256 algorithm adopted by Bitcoin wallet is one of the mainstream encryption algorithms at present. SHA256 algorithm is not only used by Bitcoin, but most of the major banks and financial institutions in the world use similar algorithms to encrypt networks and systems.</p><p><b>If the algorithm is cracked, then what we should worry about is not Bitcoin, but whether the global financial system will collapse overnight.</b>Moreover, the SHA256 algorithm itself is almost impossible to crack, and it is impossible to crack this algorithm even with the most advanced supercomputer at present. Even the quantum computer, known as the next generation computer, is difficult to play a role in the face of SHA256 algorithm.</p><p>Therefore, the FBI's recovery of Bitcoin actually relies on its own control of server companies in the United States and its understanding of the Internet. Moreover, this hacker organization that launched attacks on many companies is indeed too careless to some extent.<b>Because according to the report released by the FBI, it is a lot of luck to be able to recover Bitcoin this time to some extent.</b></p><p>As we all know, similar ransom and black money basically need to be washed through a series of operations before being taken out, whether it is real currency or virtual currency. Even Bitcoin, which claims to be decentralized, will broadcast to the outside world when trading. If the source of Bitcoin is not concealed, it will easily be tracked to the address of cash withdrawal and directly found at the door.</p><p><img src=\"https://static.tigerbbs.com/863273f359ae01accb09f65f558655f1\" tg-width=\"635\" tg-height=\"451\" referrerpolicy=\"no-referrer\"></p><p>As a hacker organization that has committed dozens of crimes, Dark Side is also washing the Bitcoin obtained this time through a series of private and public wallets, and in these wallets, the public wallets belonging to the FBI are hidden. When the people of Dark Side transferred the ransom into the wallet, they were discovered by FBI agents who had been monitoring the wallet's status. After obtaining the judge's permission, they quickly transferred this part of Bitcoin to another wallet held by the government by relying on the private key of the wallet.</p><p>Of course, it is estimated that during the transfer process, it was also discovered by people from Dark Side, so in the end, all the Bitcoin was not transferred, but only 80% was recovered.<b>And because prices in Bitcoin have been steadily falling over the past period, less than $2.5 million has been successfully recovered.</b></p><p>Some readers may still be confused, so Xiao Lei gives another example. A group of robbers robbed a box of gold from a bank, and then wanted to exchange the gold for money that could be legally circulated. So they began to transfer between various strongholds, hoping that others could not tell the source of this box of gold.</p><p>The whole process went smoothly in the early stages, until they entered a seemingly sizable bar. As soon as they entered, they found a group of people standing inside. At the same time, the sound of locking came from the entrance and exit, followed by a voice,<b>FBI, You are surrounded.</b></p><p><img src=\"https://static.tigerbbs.com/440004c62d535ee1d38ae10eca1b5e81\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the whole process actually does not involve any hacker attack and defense or network confrontation. It is a simple process of a blind cat bumping into a dead mouse. The hacker himself walked into the trap laid by the FBI, which led to the recovery of the ransom. However, the above is only a guess based on the report published by the FBI, and the actual operation process should be far less simple than Xiao Lei said, and the FBI is not willing to publish the specific process, because they still need to use it to deal with the next hacker group's attack.</p><p>At least, Bitcoin itself is still safe at present, but if you want to withdraw cash and wash after obtaining Bitcoin rights, you will face many obstacles. For example, the high-profile global ransomware virus in the past few years. Many of the Bitcoin ransoms obtained by the makers of this virus still can't be withdrawn, and have been strictly monitored by the government.</p><p><b>Bitcoin is safe</b></p><p><b>Why is it still causing the price to plummet?</b></p><p>So Bitcoin is safe? So why is Bitcoin still plunging? First of all, prices in Bitcoin have actually been unstable recently,<b>Just a slight disturbance can lead to a plunge or surge.</b>However, this time, it is indeed a plunge affected by the news that the US FBI recovered the ransom of Bitcoin.</p><p>Although many people regard Bitcoin as a pure investment, there are still many investors, enterprises or organizations who secretly buy it as a currency that evades the tracking of real financial institutions. After that, these institutions may sell their Bitcoin due to panic or other purposes. The decline in currency price will then trigger the selling of other scattered investors and institutions, and finally the price of Bitcoin will drop sharply.</p><p>And, some time ago, it was rumored that Musk was considering selling<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Although the Bitcoin held by it has little impact on the market because there is no substantive action, it also shows its follow-up power with the shock brought by FBI-related news.</p><p>Moreover, most Bitcoin investors don't really know much about Bitcoin itself, so panic selling is a normal thing when similar major bad news comes out.</p><p>In fact, for most Bitcoin traders, as long as the transaction is conducted through the exchange, it is basically open and transparent, and the exchange can easily find the information of both parties to the transaction.<b>This is why some time ago, after the supervision of virtual currency was tightened in China, many traders' bank accounts were frozen because of black money involved in their transactions.</b></p><p>What's more interesting is that when Satoshi Nakamoto, the creator of Bitcoin, designed Bitcoin, although he gave it the characteristics of decentralization, he also gave it the characteristics of open transactions. Bitcoin transactions between all blocks will be broadcast, which is equivalent to putting all transaction information in the sun, making private transactions impossible (unless the whole wallet is directly traded).</p><p><img src=\"https://static.tigerbbs.com/34933b8430a8f2455534d939a5850daa\" tg-width=\"720\" tg-height=\"540\" referrerpolicy=\"no-referrer\"></p><p>In the past few years, intelligence officers and criminal police around the world have pursued many wanted criminals who have been on the loose, such as the operator of the famous deep web trading platform \"Silk Road\", according to the openness of transactions in Bitcoin. The information of holders hidden by Bitcoin is actually quite fragile to national powers all over the world. Friends who think that virtual currency is unregulated can basically take a rest.</p><p>In fact, this incident is not so much a proof of the traceability of Bitcoin as it is another proof of the instability of the virtual currency market.<b>Just a specious news may bring a new plunge. For various financial institutions, the virtual currency market is a better place to harvest \"leeks\" than the stock market.</b></p>","source":"lsy1582507589608","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>\"Wealth-making Myth\" Bitcoin is going to be cold!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Wealth-making Myth\" Bitcoin is going to be cold!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">雷科技</strong><span class=\"h-time small\">2021-06-14 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bitcoin has plummeted again! It doesn't seem like this is any news anymore? It seems that this is true, but this time is different from the previous ones. Most of the previous plummets were related to Musk, but this time it changed the protagonist and became the FBI that we are very familiar with in the movie.</p><p>Some time ago, a hacker group from Russia attacked and sabotaged the control system of the largest oil pipeline company in the western United States, resulting in the company being forced to suspend oil deliveries in most of the western region, and the US government even declared a national emergency as a result. In order to restore oil supply as soon as possible,<b>Eventually Colonial Pipeline was forced to pay about $5 million worth of Bitcoin to the hacking group in exchange for gaining control of its own system.</b></p><p><img src=\"https://static.tigerbbs.com/a54a093754346578e6b5d1c4b26fa952\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>However, just before the hacker organization transferred the ransom, the FBI successfully found the wallet key where the ransom was stored, transferred most of the Bitcoin to the official account, and recovered nearly half of the losses. Why nearly half? Because of the influence of currency price, the total price of Bitcoin recovered has been far lower than the price paid before.</p><p>The claimed untraceable and completely decentralized Bitcoin transaction was successfully recovered, which directly caused another shock in the Bitcoin market.<b>Some say this proves that the so-called decentralization in Bitcoin is actually a hoax, and some say that the end of Bitcoin is here, so what is the truth?</b></p><p><b>How did the FBI recover Bitcoin?</b></p><p>The FBI mentioned in the report meeting that the Bitcoin recovered this time was about 80% of the payment amount, and the remaining 20% could not be recovered temporarily for other reasons. However, it is already good news for the extorted company. Moreover, the FBI's recovery operation has once again broken the myth of money laundering in Bitcoin, making people realize that the transactions in Bitcoin are traceable and traceable to some extent.</p><p>However, the process of FBI recovering Bitcoin may be different from what everyone thinks. Xiaolei noticed that many people think that FBI directly cracked the encryption algorithm of Bitcoin, thus taking Bitcoin away from the wallet. In fact, this is not the case.</p><p><img src=\"https://static.tigerbbs.com/69800b429ca8b06f1f57122c01e62e0b\" tg-width=\"773\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p>At least for now, the FBI can't directly crack Bitcoin wallet, because the SHA256 algorithm adopted by Bitcoin wallet is one of the mainstream encryption algorithms at present. SHA256 algorithm is not only used by Bitcoin, but most of the major banks and financial institutions in the world use similar algorithms to encrypt networks and systems.</p><p><b>If the algorithm is cracked, then what we should worry about is not Bitcoin, but whether the global financial system will collapse overnight.</b>Moreover, the SHA256 algorithm itself is almost impossible to crack, and it is impossible to crack this algorithm even with the most advanced supercomputer at present. Even the quantum computer, known as the next generation computer, is difficult to play a role in the face of SHA256 algorithm.</p><p>Therefore, the FBI's recovery of Bitcoin actually relies on its own control of server companies in the United States and its understanding of the Internet. Moreover, this hacker organization that launched attacks on many companies is indeed too careless to some extent.<b>Because according to the report released by the FBI, it is a lot of luck to be able to recover Bitcoin this time to some extent.</b></p><p>As we all know, similar ransom and black money basically need to be washed through a series of operations before being taken out, whether it is real currency or virtual currency. Even Bitcoin, which claims to be decentralized, will broadcast to the outside world when trading. If the source of Bitcoin is not concealed, it will easily be tracked to the address of cash withdrawal and directly found at the door.</p><p><img src=\"https://static.tigerbbs.com/863273f359ae01accb09f65f558655f1\" tg-width=\"635\" tg-height=\"451\" referrerpolicy=\"no-referrer\"></p><p>As a hacker organization that has committed dozens of crimes, Dark Side is also washing the Bitcoin obtained this time through a series of private and public wallets, and in these wallets, the public wallets belonging to the FBI are hidden. When the people of Dark Side transferred the ransom into the wallet, they were discovered by FBI agents who had been monitoring the wallet's status. After obtaining the judge's permission, they quickly transferred this part of Bitcoin to another wallet held by the government by relying on the private key of the wallet.</p><p>Of course, it is estimated that during the transfer process, it was also discovered by people from Dark Side, so in the end, all the Bitcoin was not transferred, but only 80% was recovered.<b>And because prices in Bitcoin have been steadily falling over the past period, less than $2.5 million has been successfully recovered.</b></p><p>Some readers may still be confused, so Xiao Lei gives another example. A group of robbers robbed a box of gold from a bank, and then wanted to exchange the gold for money that could be legally circulated. So they began to transfer between various strongholds, hoping that others could not tell the source of this box of gold.</p><p>The whole process went smoothly in the early stages, until they entered a seemingly sizable bar. As soon as they entered, they found a group of people standing inside. At the same time, the sound of locking came from the entrance and exit, followed by a voice,<b>FBI, You are surrounded.</b></p><p><img src=\"https://static.tigerbbs.com/440004c62d535ee1d38ae10eca1b5e81\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the whole process actually does not involve any hacker attack and defense or network confrontation. It is a simple process of a blind cat bumping into a dead mouse. The hacker himself walked into the trap laid by the FBI, which led to the recovery of the ransom. However, the above is only a guess based on the report published by the FBI, and the actual operation process should be far less simple than Xiao Lei said, and the FBI is not willing to publish the specific process, because they still need to use it to deal with the next hacker group's attack.</p><p>At least, Bitcoin itself is still safe at present, but if you want to withdraw cash and wash after obtaining Bitcoin rights, you will face many obstacles. For example, the high-profile global ransomware virus in the past few years. Many of the Bitcoin ransoms obtained by the makers of this virus still can't be withdrawn, and have been strictly monitored by the government.</p><p><b>Bitcoin is safe</b></p><p><b>Why is it still causing the price to plummet?</b></p><p>So Bitcoin is safe? So why is Bitcoin still plunging? First of all, prices in Bitcoin have actually been unstable recently,<b>Just a slight disturbance can lead to a plunge or surge.</b>However, this time, it is indeed a plunge affected by the news that the US FBI recovered the ransom of Bitcoin.</p><p>Although many people regard Bitcoin as a pure investment, there are still many investors, enterprises or organizations who secretly buy it as a currency that evades the tracking of real financial institutions. After that, these institutions may sell their Bitcoin due to panic or other purposes. The decline in currency price will then trigger the selling of other scattered investors and institutions, and finally the price of Bitcoin will drop sharply.</p><p>And, some time ago, it was rumored that Musk was considering selling<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Although the Bitcoin held by it has little impact on the market because there is no substantive action, it also shows its follow-up power with the shock brought by FBI-related news.</p><p>Moreover, most Bitcoin investors don't really know much about Bitcoin itself, so panic selling is a normal thing when similar major bad news comes out.</p><p>In fact, for most Bitcoin traders, as long as the transaction is conducted through the exchange, it is basically open and transparent, and the exchange can easily find the information of both parties to the transaction.<b>This is why some time ago, after the supervision of virtual currency was tightened in China, many traders' bank accounts were frozen because of black money involved in their transactions.</b></p><p>What's more interesting is that when Satoshi Nakamoto, the creator of Bitcoin, designed Bitcoin, although he gave it the characteristics of decentralization, he also gave it the characteristics of open transactions. Bitcoin transactions between all blocks will be broadcast, which is equivalent to putting all transaction information in the sun, making private transactions impossible (unless the whole wallet is directly traded).</p><p><img src=\"https://static.tigerbbs.com/34933b8430a8f2455534d939a5850daa\" tg-width=\"720\" tg-height=\"540\" referrerpolicy=\"no-referrer\"></p><p>In the past few years, intelligence officers and criminal police around the world have pursued many wanted criminals who have been on the loose, such as the operator of the famous deep web trading platform \"Silk Road\", according to the openness of transactions in Bitcoin. The information of holders hidden by Bitcoin is actually quite fragile to national powers all over the world. Friends who think that virtual currency is unregulated can basically take a rest.</p><p>In fact, this incident is not so much a proof of the traceability of Bitcoin as it is another proof of the instability of the virtual currency market.<b>Just a specious news may bring a new plunge. For various financial institutions, the virtual currency market is a better place to harvest \"leeks\" than the stock market.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/KtaLGm2E85nm_5XZq1jScw\">雷科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/84fe7ef419cfbaaf95ccd6157b232e24","relate_stocks":{"EBON":"亿邦国际","CAN":"嘉楠科技"},"source_url":"https://mp.weixin.qq.com/s/KtaLGm2E85nm_5XZq1jScw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141192934","content_text":"比特币又暴跌了！貌似这个已经算不上什么新闻了？好像确实如此，但是这一次和之前的几次都有所不同，前几次的暴跌，大多都与马斯克有关，而这一次则是换了个主角，变成了我们在电影中十分熟悉的FBI。\n前段时间，一个来自俄罗斯的黑客组织攻击并破坏了美国西部最大的石油管道公司的控制系统，导致该公司被迫暂停大部分西部地区的石油输送，美国政府甚至因此宣布国家进入紧急状态。为了尽快恢复石油供应，最终殖民管道公司被迫向黑客组织支付了价值约500万美元的比特币，以此换回了自己的系统控制权。\n\n但是，就在黑客组织转移赎金前，FBI就成功找到了存放赎金的钱包密钥，将其中的大部分比特币转移到了官方账号上，挽回了近半的损失。为什么是近半？因为受币价影响，回收的比特币总价已经远低于之前支付的价格。\n号称无法追踪、完全去中心化的比特币交易被成功追回，直接造成了比特币市场的又一次震荡，有人说这证明了比特币所谓的去中心化其实就是一个骗局，有人说比特币的末日到了，那么真相到底是什么呢？\nFBI是如何追回比特币的？\nFBI在报告会中提到，此次追回的比特币约为支付数量的80%，剩余的20%则因为其它原因而暂时无法追回，不过，对于被勒索的公司来说，已经是一个很好的消息。而且，FBI此次的追回行动也再一次打破了比特币的洗钱神话，让人意识到比特币的交易在某种程度上是可溯源、可追踪的。\n不过，FBI追回比特币的过程可能与大家想得不太一样，小雷注意到不少人认为，FBI是直接破解了比特币的加密算法，从而把钱包中的比特币提走，实际上并非如此。\n\n至少就目前而言，FBI是无法直接破解比特币钱包的，因为比特币钱包采用的SHA256算法是目前的主流加密算法之一，SHA256算法不仅仅是比特币在使用，世界上的主要银行和金融机构大多都使用类似算法对网络和系统进行加密。\n如果该算法被破解，那么我们该担心的其实不是比特币，而是全球金融体系是否在一夜之间崩溃。而且，SHA256算法本身就几乎无法破解，想要破解该算法即使以目前最先进的超级计算机来运算也不可能实现，即使是被誉为下一代计算机的量子计算机，在面对SHA256算法时也是很难起到作用。\n所以，FBI追回比特币实际上依靠的是自己对美国境内服务器公司的掌控以及互联网的了解，而且，这个对多家公司发动攻击的黑客组织，在某种程度上来说也确实是过于大意。因为根据FBI公布的报告来看，此次能够追回比特币，某种程度上来说也是有着不小的运气成分。\n大家都知道，像类似的赎金、黑钱，基本上都需要通过一系列的操作将其洗白后再取出，不管是现实中的货币还是虚拟币，皆是如此。即使是号称去中心化的比特币，在交易的时候也会对外进行广播，如果不对比特币的来源进行遮掩，那么很轻松就会被追踪到提现的地址，直接被找上门。\n\n作为一个已经作案数十次的黑客组织，Dark Side也在通过一系列的私有与公有钱包洗白此次获得的比特币，而在这些钱包中就隐藏了属于FBI的公有钱包。当Dark Side的人将赎金转入该钱包时，就被一直盯控钱包状况的FBI特工发现，在取得法官许可后迅速依靠钱包的私钥将这部分比特币转入到了政府掌握的另一个钱包中。\n当然，估计在转移的过程中也是被Dark Side的人发现，所以最终没能将全部比特币进行转移，而是仅回收了80%，而且因为在过去一段时间里比特币的价格一直在稳步下跌，所以成功回收的金额尚不足250万美元。\n有的读者可能依然是一头雾水，所以小雷再举个例子，一伙劫匪抢了银行的一箱子黄金，然后想要把黄金换成可以合法流通的钱，于是他们开始在各个据点之间转移，想让别人无法分清楚这箱黄金的来源。\n整个流程的前期都很顺利，直到他们进了一间看似不小的酒吧，刚走进去，发现里面站着一群人，同时出入口还传来了上锁的声音，接着传来一个声音：FBI，You are surrounded。\n\n所以，整个过程其实并不涉及什么黑客攻防、网络对抗，就是一个瞎猫撞见死老鼠的简单过程，黑客自己走进了FBI布下的陷阱，从而导致赎金被追回。不过，以上只是根据FBI公布的报告所进行的猜测，而实际的操作流程应该远不如小雷说的这么简单，而且FBI也不愿意公布具体的流程，因为他们还需要以此来对付下一个黑客团体的攻击。\n至少，目前比特币本身还是安全的，但是在获得比特币后想要提现、洗白等操作的话，将会面临重重阻截。比如前几年备受瞩目的全球勒索病毒，该病毒制作者所获得的比特币赎金至今仍有不少无法取出，一直被政府严格监控。\n比特币是安全的\n 为什么仍然导致价格暴跌？\n这么说来，比特币就是安全的了？那么比特币为什么还是暴跌？首先，比特币的价格最近其实一直都不太稳定，只要稍微有些风吹草动就可能导致暴跌或暴涨。不过，本次也确实是受美国FBI追回比特币赎金的消息影响而出现的暴跌。\n虽然不少人都将比特币视为一种纯粹的投资，但是还是有不少的投资者、企业或组织暗地里将其作为一种规避现实金融机构追踪的货币来购买。这部分机构在此之后或因恐慌、或因其它目的，都有可能会出售掉自己的比特币，币价的下挫继而就引发了其余零散投资者和机构的抛售，最后让比特币的价格大幅度下降。\n而且，前段时间有传闻称马斯克在考虑出售特斯拉所持有的比特币，虽然因为没有实质行动而对市场影响不大，但是随着FBI相关新闻所带来的震荡，也是展现了其后续的威力。\n再者，大多数的比特币投资者对于比特币本身其实并不了解，所以在传出类似的重大不利好消息时，恐慌抛售也就是一件很正常的事情了。\n实际上对于大多数的比特币交易者来说，只要是通过交易所进行的交易，基本上就是公开透明的，交易所方面可以轻松找到交易双方的信息。这也是为什么前段时间国内收紧了虚拟币的监管后，不少交易者因为交易中涉及黑钱而导致银行账户被冻结。\n更有意思的是，比特币的创造者中本聪在设计比特币的时候，虽然赋予了其去中心化等特性，但是也同时赋予了其交易公开化的特征，所有区块间的比特币交易都会进行广播，相当于将一切交易信息都摆在了阳光下，让私下交易成为一件不可能的事情（除非直接交易整个钱包）。\n\n在过去数年里，全球的情报人员及刑警，就是依照比特币的交易公开化，追捕到了不少一直逍遥法外的通缉犯，比如著名的深网交易平台“丝绸之路”的运营者。比特币所隐藏的持有者信息，对于遍布全球的国家力量来说，实质上也是挺脆弱的，认为虚拟币不受监管的朋友基本上可以歇歇了。\n实际上，这次事件与其说是证明了比特币的可追踪性，不如说是再一次证明了虚拟币市场的不稳定性，仅仅是一个似是而非的消息，就可能带来一轮新的暴跌，对于各个金融机构来说，虚拟币市场是一个比股市还好收割“韭菜”的地方。","news_type":1,"symbols_score_info":{"EBON":0.9,"XBTmain":0.9,"CAN":0.9,"BTCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}