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极痛黑魂
极痛黑魂
·
2023-03-28
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Pre-market | Ali launches major organizational changes! Shares soared 10%
3月28日，美股指期货弱势震荡，截止发稿，道指期货涨0.06%，纳指期货涨0.04%，标普500指数期货涨0.02%。盘前行情阿里巴巴盘前大涨10%，张勇宣布设立六大业务集团或将独立上市；中概造车新势
Pre-market | Ali launches major organizational changes! Shares soared 10%
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极痛黑魂
极痛黑魂
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2023-03-26
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Dollar demand soars! Central banks reduce U.S. debt holdings at fastest pace in nine years
美联储海外流动性工具的使用量也激增，FIMA回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。
Dollar demand soars! Central banks reduce U.S. debt holdings at fastest pace in nine years
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极痛黑魂
极痛黑魂
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2023-03-21
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极痛黑魂
极痛黑魂
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2023-03-21
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极痛黑魂
极痛黑魂
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2023-03-21
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Pinduoduo with too high expectations suffered a disappointment backlash
3月20日，拼多多公布了2022年Q4财报，在中概股四季度均超市场预期的表现下，拼多多反倒成唯一一个低于市场预期的。在昨夜财报公布后，拼多多大跌14.17%，跌近5个月以来的低位，此前由于京东百亿补贴
Pinduoduo with too high expectations suffered a disappointment backlash
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极痛黑魂
极痛黑魂
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2023-03-15
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极痛黑魂
极痛黑魂
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2023-03-15
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Whether to want a rate hike in March, Wall Street is quarreling!
目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点。硅谷银行危机持续发酵，美国通胀涨势再起，美联储下一步会作何打算？隔夜发布的美国2月通胀
Whether to want a rate hike in March, Wall Street is quarreling!
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极痛黑魂
极痛黑魂
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2023-03-15
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极痛黑魂
极痛黑魂
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2023-03-11
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Reminder: The United States will enter daylight saving time from March 12, and U.S. stocks will open one hour earlier
美国2023年夏令时将于2023年3月12日美东时间02：00开始，至2023年11月5日美东时间02：00终止。届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日
Reminder: The United States will enter daylight saving time from March 12, and U.S. stocks will open one hour earlier
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极痛黑魂
极痛黑魂
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2023-03-07
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What happened to the bank stocks that were reduced by Buffett?
当地时间2月14日，伯克希尔公布了截至2022年12月31日的第四季度持仓情况。总体来看，伯克希尔股票市值2990.08亿美元，环比上升近30亿美元，也是继前两季度下滑后的首次上升。据whale wi
What happened to the bank stocks that were reduced by Buffett?
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Shares soared 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1146837828","media":"老虎资讯综合","summary":"3月28日，美股指期货弱势震荡，截止发稿，道指期货涨0.06%，纳指期货涨0.04%，标普500指数期货涨0.02%。盘前行情阿里巴巴盘前大涨10%，张勇宣布设立六大业务集团或将独立上市；中概造车新势","content":"<p><html><head></head><body>On March 28, U.S. stock index futures were weak and volatile. As of press time, Dow futures rose 0.06%, Nasdaq futures rose 0.04%, and S&P 500 futures rose 0.02%.</p><p><img src=\"https://static.tigerbbs.com/a3a7cf7961c462e3ece685ae528eff0e\" tg-width=\"401\" tg-height=\"198\" referrerpolicy=\"no-referrer\"/></p><p><b>Premarket Quotes</b></p><p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It rose 10% before the market, and Zhang Yong announced the establishment of six major business groups or will be listed independently;</p><p>China's new car-making forces collectively rose before the market,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Up more than 5%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Rose nearly 4%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Up more than 2%;</p><p><a href=\"https://laohu8.com/S/LYFT\">Lyft</a>It rose more than 5% before the market, hired<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Former retail chief David Risher is the new CEO;</p><p><a href=\"https://laohu8.com/S/VORB\">Virgin Orbit</a>It fell more than 10% before the market, and once again extended the suspension of operations and salary suspension;</p><p><a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>Up more than 2% before the market, Buffett increased his position again<a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>, has accumulated purchases of more than US $1 billion this month.</p><p><b>European Market</b></p><p>Most major European stock indexes rose. As of press time, the German DAX30 index rose 0.22%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It rose 0.17%, and France's CAC40 rose 0.23%.</p><p><img src=\"https://static.tigerbbs.com/a9b1671b1191c9540e3dcf660faece22\" tg-width=\"819\" tg-height=\"284\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures rose slightly. As of press time, WTI crude oil rose 0.21% to $72.96 per barrel; Brent crude oil rose 0.08% to $77.82 a barrel.</p><p><img src=\"https://static.tigerbbs.com/625c07b6b8a42024748dec81b4206dba\" tg-width=\"870\" tg-height=\"832\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/0827feb34a6c4134b2637f72b7e7cef0\" tg-width=\"870\" tg-height=\"830\" referrerpolicy=\"no-referrer\"/></p><p><b>Gold</b></p><p>Gold futures rose slightly, up 0.25% to $1,958.6 an ounce as of press time.</p><p><img src=\"https://static.tigerbbs.com/75acdb252662f925c4999a364a114283\" tg-width=\"870\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pre-market | Ali launches major organizational changes! 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Shares soared 10%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2023-03-28 19:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 28, U.S. stock index futures were weak and volatile. As of press time, Dow futures rose 0.06%, Nasdaq futures rose 0.04%, and S&P 500 futures rose 0.02%.</p><p><img src=\"https://static.tigerbbs.com/a3a7cf7961c462e3ece685ae528eff0e\" tg-width=\"401\" tg-height=\"198\" referrerpolicy=\"no-referrer\"/></p><p><b>Premarket Quotes</b></p><p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It rose 10% before the market, and Zhang Yong announced the establishment of six major business groups or will be listed independently;</p><p>China's new car-making forces collectively rose before the market,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Up more than 5%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Rose nearly 4%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Up more than 2%;</p><p><a href=\"https://laohu8.com/S/LYFT\">Lyft</a>It rose more than 5% before the market, hired<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Former retail chief David Risher is the new CEO;</p><p><a href=\"https://laohu8.com/S/VORB\">Virgin Orbit</a>It fell more than 10% before the market, and once again extended the suspension of operations and salary suspension;</p><p><a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>Up more than 2% before the market, Buffett increased his position again<a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>, has accumulated purchases of more than US $1 billion this month.</p><p><b>European Market</b></p><p>Most major European stock indexes rose. As of press time, the German DAX30 index rose 0.22%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It rose 0.17%, and France's CAC40 rose 0.23%.</p><p><img src=\"https://static.tigerbbs.com/a9b1671b1191c9540e3dcf660faece22\" tg-width=\"819\" tg-height=\"284\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures rose slightly. As of press time, WTI crude oil rose 0.21% to $72.96 per barrel; Brent crude oil rose 0.08% to $77.82 a barrel.</p><p><img src=\"https://static.tigerbbs.com/625c07b6b8a42024748dec81b4206dba\" tg-width=\"870\" tg-height=\"832\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/0827feb34a6c4134b2637f72b7e7cef0\" tg-width=\"870\" tg-height=\"830\" referrerpolicy=\"no-referrer\"/></p><p><b>Gold</b></p><p>Gold futures rose slightly, up 0.25% to $1,958.6 an ounce as of press time.</p><p><img src=\"https://static.tigerbbs.com/75acdb252662f925c4999a364a114283\" tg-width=\"870\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed4ee39e6b0f45214393093d70ba81a8","relate_stocks":{"BK4503":"景林资产持仓","BK4575":"芯片概念","BK4558":"双十一","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4535":"淡马锡持仓","BK4538":"云计算","BABA":"阿里巴巴","BK4579":"人工智能","BK4588":"碎股","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4524":"宅经济概念","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4527":"明星科技股","QNETCN":"纳斯达克中美互联网老虎指数","BK4526":"热门中概股","BK4534":"瑞士信贷持仓","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146837828","content_text":"3月28日，美股指期货弱势震荡，截止发稿，道指期货涨0.06%，纳指期货涨0.04%，标普500指数期货涨0.02%。盘前行情阿里巴巴盘前大涨10%，张勇宣布设立六大业务集团或将独立上市；中概造车新势力盘前集体走高，小鹏汽车涨超5%，理想汽车涨近4%，蔚来涨超2%；Lyft盘前涨超5%，聘请亚马逊前零售主管David Risher为新任CEO；维珍轨道盘前跌超10%，再次延长暂停运营和暂停发薪的时间；西方石油盘前涨超2%，巴菲特再度加仓西方石油，本月已经累计买入超10亿美元。欧洲市场欧洲主要股指多数上涨，截至发稿，德国DAX30指数涨0.22%，英国富时100涨0.17%，法国CAC40涨0.23%。原油原油期货小幅走高，截止发稿，WTI原油涨0.21%，报72.96美元/桶；布伦特原油涨0.08%，报77.82美元/桶。黄金黄金期货小幅走高，截止发稿，涨0.25%，报1958.6美元/盎司。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":2584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941013437,"gmtCreate":1679834494930,"gmtModify":1679834499518,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941013437","repostId":"2322108213","repostType":4,"repost":{"id":"2322108213","kind":"highlight","pubTimestamp":1679802924,"share":"https://ttm.financial/m/news/2322108213?lang=en_US&edition=fundamental","pubTime":"2023-03-26 11:55","market":"us","language":"zh","title":"Dollar demand soars! Central banks reduce U.S. debt holdings at fastest pace in nine years","url":"https://stock-news.laohu8.com/highlight/detail?id=2322108213","media":"华尔街见闻","summary":"美联储海外流动性工具的使用量也激增，FIMA回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。","content":"<p><html><head></head><body>Abstract: The use of the Federal Reserve's overseas liquidity facility has also surged, with the use of the FIMA repurchase agreement facility reaching a record $60 billion, far exceeding the peak of $1.4 billion reached at the peak of the epidemic. With the spread of the banking crisis, the global demand for the US dollar has surged, central banks have rapidly reduced their holdings of US debt to \"cash out\", and the use of the Fed's overseas liquidity tools has also surged.</p><p>Federal Reserve data showed that in the week ending March 22,<b>Foreign official holdings of U.S. Treasury Bond decreased by $76 billion to $2.86 trillion, the largest weekly decline since March 2014.</b></p><p>At the same time,<b>The use of the Federal Reserve's Foreign and International Monetary Authority (FIMA) repurchase agreement facility reached a record $60 billion, far exceeding the peak of $1.4 billion reached at the peak of the pandemic.</b></p><p>The Federal Reserve's FIMA Repurchase Agreement Facility was launched on March 31, 2020 to support liquidity in global financial markets and alleviate the impact of the pandemic on the global economy. The tool allows foreign central banks and international organizations to apply for dollar liquidity from the Federal Reserve with their holdings of U.S. Treasury Bond as collateral to ease funding pressures.</p><p>In response to the surge in the use of FIMA repurchase agreement tools, the media cited<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the dollar financing rate, we feel that borrowing is precautionary.\"</p><p>It is worth noting that only a small portion of the $136 billion raised by foreign official agencies from selling U.S. debt and FIMA buybacks flows directly back into the Fed's balance sheet or broader custody program.</p><p>As of March 22, the balance of foreign reverse repurchase pools increased by just $3 billion, while agency securities in the custody of the Federal Reserve, including mortgage-backed securities, increased by just $7 billion.</p><p><b>According to the analysis of Wrightson ICAP, the above phenomenon shows that most of the cash raised by central banks may have entered the private market.</b></p><p></body></html></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>Dollar demand soars! Central banks reduce U.S. debt holdings at fastest pace in nine years</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\">\nDollar demand soars! Central banks reduce U.S. debt holdings at fastest pace in nine years\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\">2023-03-26 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: The use of the Federal Reserve's overseas liquidity facility has also surged, with the use of the FIMA repurchase agreement facility reaching a record $60 billion, far exceeding the peak of $1.4 billion reached at the peak of the epidemic. With the spread of the banking crisis, the global demand for the US dollar has surged, central banks have rapidly reduced their holdings of US debt to \"cash out\", and the use of the Fed's overseas liquidity tools has also surged.</p><p>Federal Reserve data showed that in the week ending March 22,<b>Foreign official holdings of U.S. Treasury Bond decreased by $76 billion to $2.86 trillion, the largest weekly decline since March 2014.</b></p><p>At the same time,<b>The use of the Federal Reserve's Foreign and International Monetary Authority (FIMA) repurchase agreement facility reached a record $60 billion, far exceeding the peak of $1.4 billion reached at the peak of the pandemic.</b></p><p>The Federal Reserve's FIMA Repurchase Agreement Facility was launched on March 31, 2020 to support liquidity in global financial markets and alleviate the impact of the pandemic on the global economy. The tool allows foreign central banks and international organizations to apply for dollar liquidity from the Federal Reserve with their holdings of U.S. Treasury Bond as collateral to ease funding pressures.</p><p>In response to the surge in the use of FIMA repurchase agreement tools, the media cited<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Strategist Joseph Abate said, \"Given the dollar financing rate, we feel that borrowing is precautionary.\"</p><p>It is worth noting that only a small portion of the $136 billion raised by foreign official agencies from selling U.S. debt and FIMA buybacks flows directly back into the Fed's balance sheet or broader custody program.</p><p>As of March 22, the balance of foreign reverse repurchase pools increased by just $3 billion, while agency securities in the custody of the Federal Reserve, including mortgage-backed securities, increased by just $7 billion.</p><p><b>According to the analysis of Wrightson ICAP, the above phenomenon shows that most of the cash raised by central banks may have entered the private market.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3684881\">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/8535ed7b87b7ffdd85eab3e02f1fb1e0","relate_stocks":{"GOVT":"iShares安硕核心美国国债ETF","IEF":"债券指数ETF-iShares Barclays 7-10年","TLT":"20+年以上美国国债ETF-iShares","SHY":"债券指数ETF-iShares Barclays 1-3年国债","BK4588":"碎股","IEI":"iShares Barclays 3-7 Year Trea","BK4585":"ETF&股票定投概念","BND":"债券指数ETF-Vanguard美国"},"source_url":"https://wallstreetcn.com/articles/3684881","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2322108213","content_text":"摘要：美联储海外流动性工具的使用量也激增，FIMA回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。随着银行业危机蔓延，全球美元需求激增，各国央行快速减持美债“套现”，对美联储海外流动性工具的使用量也激增。美联储数据显示，截至 3 月 22 日的一周，外国官方持有的美国国债减少了 760 亿美元，至 2.86 万亿美元，这是自 2014 年 3 月以来的最大单周降幅。与此同时，美联储外国和国际货币管理局 (FIMA) 回购协议工具的使用规模达到创纪录的600亿美元，远超过疫情高峰期达到的14亿美元峰值。美联储FIMA回购协议工具于2020年3月31日推出，旨在支持全球金融市场的流动性，缓解疫情对全球经济的冲击。该工具允许外国中央银行和国际组织将其持有的美国国债作为抵押品向美联储申请美元流动性，以缓解资金压力。针对FIMA回购协议工具使用量激增，媒体援引巴克莱银行策略师Joseph Abate称，“鉴于美元融资利率，我们感觉借贷是预防性的。”值得注意的是，外国官方机构从抛售美债和FIMA回购中筹集的1360亿美元，只有很少一部分直接回流到美联储的资产负债表或更广泛的托管计划中。截至 3 月 22 日，外国逆回购池的余额仅增加了 30 亿美元，而美联储托管的机构证券（包括抵押贷款支持证券）仅增加了 70 亿美元。莱特森债券市场研究公司(Wrightson ICAP)分析指出，上述现象说明中央银行筹集的大部分现金可能进入了私人市场。","news_type":1,"symbols_score_info":{"TNmain":0.6,"IEF":0.6,"TLT":0.6,"ZTmain":0.6,"IEI":0.6,"UBmain":0.6,"GOVT":0.6,"BND":1,"ZBmain":0.6,"ZFmain":0.6,"SHY":0.6}},"isVote":1,"tweetType":1,"viewCount":2600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943635322,"gmtCreate":1679400767466,"gmtModify":1679400771244,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943635322","repostId":"1111560583","repostType":4,"isVote":1,"tweetType":1,"viewCount":2189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943635919,"gmtCreate":1679400742032,"gmtModify":1679400745788,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943635919","repostId":"1147797183","repostType":4,"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943632733,"gmtCreate":1679400716023,"gmtModify":1679400722134,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943632733","repostId":"2321667647","repostType":4,"repost":{"id":"2321667647","kind":"highlight","weMediaInfo":{"introduction":"坚守初心，不随俗流。用一颗匠子心打造一个具有广度、深度、高度、温度的港股交流圈。","home_visible":1,"media_name":"丫丫港股圈","id":"34","head_image":"https://static.tigerbbs.com/114bba396d364a71a322b5748847d493"},"pubTimestamp":1679399588,"share":"https://ttm.financial/m/news/2321667647?lang=en_US&edition=fundamental","pubTime":"2023-03-21 19:53","market":"us","language":"zh","title":"Pinduoduo with too high expectations suffered a disappointment backlash","url":"https://stock-news.laohu8.com/highlight/detail?id=2321667647","media":"丫丫港股圈","summary":"3月20日，拼多多公布了2022年Q4财报，在中概股四季度均超市场预期的表现下，拼多多反倒成唯一一个低于市场预期的。在昨夜财报公布后，拼多多大跌14.17%，跌近5个月以来的低位，此前由于京东百亿补贴","content":"<p><html><head></head><body>March 20th,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>The 2022 Q4 financial report was announced. With the performance of Chinese concept stocks exceeding market expectations in the fourth quarter, Pinduoduo turned out to be the only one that was lower than market expectations.</p><p>After the financial report was announced last night, Pinduoduo fell 14.17%, falling to a nearly five-month low. Previously, due to<a href=\"https://laohu8.com/S/JD\">JD.com</a>The impact of tens of billions of subsidies is not strong. Pinduoduo's trend is better than JD.com's, but why did the stock price plummet as soon as the financial report was released last night?</p><p>The financial report shows that the total revenue in 22Q4 was 39.82 billion yuan, a year-on-year increase of 46.2% and a month-on-month increase of 12.2%. Previously, Bloomberg unanimously expected it to be 41.948 billion yuan, and the expected growth rate will reach 50%, but this time it is significantly lower than this figure.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>22Q4 Non-GAAP net profit attributable to the parent was 12.11 billion yuan, a year-on-year increase of 43.4% and a month-on-month decrease of 2.7%. Previously, Bloomberg consensus forecast was 11.17 billion yuan, which was actually 8.4% higher than market expectations.</p><p>In the Q2 and Q3 quarters when the consumption situation was severe last year, Pinduoduo still performed well beyond market expectations, which gave institutions more room for imagination about Pinduoduo's performance in Q4. Especially when the market share of Alibaba and JD.COM declined last year, everyone has greater expectations for Pinduoduo, whose market share has increased.</p><p>There are two most intuitive reasons why Pinduoduo's financial report failed to meet everyone's expectations.</p><p>First, in order to rapidly expand the overseas version of Pinduoduo Temu business, Pinduoduo spent a lot of money on marketing to attract customers, and Pinduoduo's originally excellent cost control links were relaxed.</p><p>22Q4 marketing expenses were 17.7 billion yuan, a year-on-year increase of 56%, which was higher than the revenue growth rate. Management expenses increased from 224 million yuan in the same period of Q4 in 21 to 1.64 billion yuan, of which equity incentive expenses accounted for 1.28 billion yuan, which was caused by Pinduoduo to motivate Temu employees. R&D expenses are 2.4 billion, which is at the normal level in Pinduoduo and has not increased.</p><p>The second is that November and December of Q4 last year were deeply plagued by the epidemic, consumption was hindered, and everyone's demand for medicines surged. Alibaba and JD.com, which have pharmacy distribution businesses, benefit from this, but Pinduoduo does not have this business.</p><p>If you don't consider the high growth brought by drugs, in fact, the consumer goods revenue of Ali and JD.com is not good. The two companies also mentioned in their Q4 financial reports that the high growth of drugs offset the decline in consumption of other categories. Since Pinduoduo does not have this business, it does not have cushions to offset the decline in revenue of other categories.</p><p>From the perspective of business segmentation, online marketing service revenue in 22Q4 was 31 billion yuan, a year-on-year increase of 38%. The growth rate was slower than 58% in 22Q3, and lower than the market's higher expectation of 45-50%. However, this income is 125% of JD.com's income in the same period and 43.5% of Ali's income in the same period.</p><p>Although November to December of Q4 last year was home time, which was also good for the sales of daily necessities in Pinduoduo, online shopping always requires someone to deliver the goods to the home. In the last two months, logistics and distribution in many areas were not so smooth, and the deterioration of performance rate was also a factor affecting consumption.</p><p>The commission income in 22Q4 was 8.8 billion yuan, a year-on-year increase of 86%, but the growth rate was lower than the 102% growth in 22Q3. The business income exceeded market expectations of 8.2 billion yuan.</p><p>The gross profit margin of 22Q4 was 77.6%, slightly higher than the market expectation of 76.6%. In fact, the gross profit margin has not declined. Gross profit was 30.9 billion yuan, lower than market expectations of 31.9 billion yuan, which was mainly due to lower revenue and increased marketing expenses.</p><p>Overall, the market is too optimistic about Pinduoduo's unexpected performance in Q2 and Q3 last year, resulting in too high expectations for Q4 performance.</p><p>Ali and JD.com performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Except for pharmaceuticals, revenue from other consumer goods categories actually declined. Ali and JD.com have offline delivery capabilities such as Ele.me and JD.com Daojia, and they have an advantage in the case of high demand for home consumption. In contrast, Pinduoduo does not have the ability to deliver drugs offline.</p><p>It is worth noting that JD.com has started the so-called tens of billions of subsidy war for two weeks.</p><p>However, judging from consumer feedback, I didn't feel the price advantage mentioned in JD.COM's publicity. For example, the promise that \"if the price is not lower than Pinduoduo and Tmall, you will lose three times\" has not been fulfilled. In individual categories, the price of JD.com is slightly lower than that of Pinduoduo; But from the perspective of overall categories, Pinduoduo gives consumers greater efforts.</p><p>Chen Lei, CEO of Pinduoduo, said that the competition in the industry is very fierce. We believe that healthy competition is beneficial to consumers and the whole industry, but with the fierce competition, this competition will be alienated to varying degrees. Serving consumers well is the key to creating long-term value.</p><p><b>In the conference call, there is a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment of the company will be carefully considered. If this investment can bring long-term high-quality development to the company, Will invest without hesitation.</b></p><p><b>In the past, not only Ali and JD.com, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the period of rapid growth, some inexplicable investments will sometimes be made. However, the feedback of this investment to the company is not good, which leads to the company spending both money and energy to make some poor investments, which is a mistake that Internet companies often make.</b></p><p><b>This is also one of the reasons why Duan Yongping said before that he couldn't buy Tencent heavily. Tencent will also make some strange investments that are difficult for shareholders to understand.</b></p><p>Of course, Pinduoduo's size still cannot be compared with Tencent's, but in the period of rapid development of enterprises, making good investment is an important cornerstone for the company's better future development, such as Pinduoduo's expansion of overseas Temu business.</p><p>Chen Lei said that Temu's business is still in its early stages, and its current impact on financial reports is relatively small. However, judging from the 22Q4 financial report, Pinduoduo's marketing expenditures should gradually increase in the future, which will affect the performance of the financial report.</p><p><b>epilogue</b></p><p>This financial report is not a bad work, but a disappointment caused by excessive market expectations.</p><p>At present, JD.com has started a price war, which has not shaken Pinduoduo's low-price advantage. If it is the current price strength, I believe Pinduoduo, who was born in low-price strategy, can keep the ring well.</p><p>The growth of pharmaceutical sales provides a buffer for the decline of JD.com's other revenue, but the pharmaceutical category is a \"one-time\" source of revenue and cannot bring sustainable development to JD.com.</p><p>Therefore, the Q1 '23 report is particularly important, which will reflect how consumer loyalty is distributed in the first quarter of consumption recovery after the epidemic.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pinduoduo with too high expectations suffered a disappointment backlash</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\">\nPinduoduo with too high expectations suffered a disappointment backlash\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/34\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/114bba396d364a71a322b5748847d493);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">丫丫港股圈 </p>\n<p class=\"h-time smaller\">2023-03-21 19:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>March 20th,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>The 2022 Q4 financial report was announced. With the performance of Chinese concept stocks exceeding market expectations in the fourth quarter, Pinduoduo turned out to be the only one that was lower than market expectations.</p><p>After the financial report was announced last night, Pinduoduo fell 14.17%, falling to a nearly five-month low. Previously, due to<a href=\"https://laohu8.com/S/JD\">JD.com</a>The impact of tens of billions of subsidies is not strong. Pinduoduo's trend is better than JD.com's, but why did the stock price plummet as soon as the financial report was released last night?</p><p>The financial report shows that the total revenue in 22Q4 was 39.82 billion yuan, a year-on-year increase of 46.2% and a month-on-month increase of 12.2%. Previously, Bloomberg unanimously expected it to be 41.948 billion yuan, and the expected growth rate will reach 50%, but this time it is significantly lower than this figure.</p><p><img src=\"https://static.tigerbbs.com/8fa119ca11a84effab5f0f664bb59a4c\" tg-width=\"1080\" tg-height=\"489\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>22Q4 Non-GAAP net profit attributable to the parent was 12.11 billion yuan, a year-on-year increase of 43.4% and a month-on-month decrease of 2.7%. Previously, Bloomberg consensus forecast was 11.17 billion yuan, which was actually 8.4% higher than market expectations.</p><p>In the Q2 and Q3 quarters when the consumption situation was severe last year, Pinduoduo still performed well beyond market expectations, which gave institutions more room for imagination about Pinduoduo's performance in Q4. Especially when the market share of Alibaba and JD.COM declined last year, everyone has greater expectations for Pinduoduo, whose market share has increased.</p><p>There are two most intuitive reasons why Pinduoduo's financial report failed to meet everyone's expectations.</p><p>First, in order to rapidly expand the overseas version of Pinduoduo Temu business, Pinduoduo spent a lot of money on marketing to attract customers, and Pinduoduo's originally excellent cost control links were relaxed.</p><p>22Q4 marketing expenses were 17.7 billion yuan, a year-on-year increase of 56%, which was higher than the revenue growth rate. Management expenses increased from 224 million yuan in the same period of Q4 in 21 to 1.64 billion yuan, of which equity incentive expenses accounted for 1.28 billion yuan, which was caused by Pinduoduo to motivate Temu employees. R&D expenses are 2.4 billion, which is at the normal level in Pinduoduo and has not increased.</p><p>The second is that November and December of Q4 last year were deeply plagued by the epidemic, consumption was hindered, and everyone's demand for medicines surged. Alibaba and JD.com, which have pharmacy distribution businesses, benefit from this, but Pinduoduo does not have this business.</p><p>If you don't consider the high growth brought by drugs, in fact, the consumer goods revenue of Ali and JD.com is not good. The two companies also mentioned in their Q4 financial reports that the high growth of drugs offset the decline in consumption of other categories. Since Pinduoduo does not have this business, it does not have cushions to offset the decline in revenue of other categories.</p><p>From the perspective of business segmentation, online marketing service revenue in 22Q4 was 31 billion yuan, a year-on-year increase of 38%. The growth rate was slower than 58% in 22Q3, and lower than the market's higher expectation of 45-50%. However, this income is 125% of JD.com's income in the same period and 43.5% of Ali's income in the same period.</p><p>Although November to December of Q4 last year was home time, which was also good for the sales of daily necessities in Pinduoduo, online shopping always requires someone to deliver the goods to the home. In the last two months, logistics and distribution in many areas were not so smooth, and the deterioration of performance rate was also a factor affecting consumption.</p><p>The commission income in 22Q4 was 8.8 billion yuan, a year-on-year increase of 86%, but the growth rate was lower than the 102% growth in 22Q3. The business income exceeded market expectations of 8.2 billion yuan.</p><p>The gross profit margin of 22Q4 was 77.6%, slightly higher than the market expectation of 76.6%. In fact, the gross profit margin has not declined. Gross profit was 30.9 billion yuan, lower than market expectations of 31.9 billion yuan, which was mainly due to lower revenue and increased marketing expenses.</p><p>Overall, the market is too optimistic about Pinduoduo's unexpected performance in Q2 and Q3 last year, resulting in too high expectations for Q4 performance.</p><p>Ali and JD.com performed well in Q4, as we said above, but mainly due to the growth of pharmaceutical sales. Except for pharmaceuticals, revenue from other consumer goods categories actually declined. Ali and JD.com have offline delivery capabilities such as Ele.me and JD.com Daojia, and they have an advantage in the case of high demand for home consumption. In contrast, Pinduoduo does not have the ability to deliver drugs offline.</p><p>It is worth noting that JD.com has started the so-called tens of billions of subsidy war for two weeks.</p><p>However, judging from consumer feedback, I didn't feel the price advantage mentioned in JD.COM's publicity. For example, the promise that \"if the price is not lower than Pinduoduo and Tmall, you will lose three times\" has not been fulfilled. In individual categories, the price of JD.com is slightly lower than that of Pinduoduo; But from the perspective of overall categories, Pinduoduo gives consumers greater efforts.</p><p>Chen Lei, CEO of Pinduoduo, said that the competition in the industry is very fierce. We believe that healthy competition is beneficial to consumers and the whole industry, but with the fierce competition, this competition will be alienated to varying degrees. Serving consumers well is the key to creating long-term value.</p><p><b>In the conference call, there is a passage that should be of concern to investors: Pinduoduo executives mentioned that every investment of the company will be carefully considered. If this investment can bring long-term high-quality development to the company, Will invest without hesitation.</b></p><p><b>In the past, not only Ali and JD.com, or<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the period of rapid growth, some inexplicable investments will sometimes be made. However, the feedback of this investment to the company is not good, which leads to the company spending both money and energy to make some poor investments, which is a mistake that Internet companies often make.</b></p><p><b>This is also one of the reasons why Duan Yongping said before that he couldn't buy Tencent heavily. Tencent will also make some strange investments that are difficult for shareholders to understand.</b></p><p>Of course, Pinduoduo's size still cannot be compared with Tencent's, but in the period of rapid development of enterprises, making good investment is an important cornerstone for the company's better future development, such as Pinduoduo's expansion of overseas Temu business.</p><p>Chen Lei said that Temu's business is still in its early stages, and its current impact on financial reports is relatively small. However, judging from the 22Q4 financial report, Pinduoduo's marketing expenditures should gradually increase in the future, which will affect the performance of the financial report.</p><p><b>epilogue</b></p><p>This financial report is not a bad work, but a disappointment caused by excessive market expectations.</p><p>At present, JD.com has started a price war, which has not shaken Pinduoduo's low-price advantage. If it is the current price strength, I believe Pinduoduo, who was born in low-price strategy, can keep the ring well.</p><p>The growth of pharmaceutical sales provides a buffer for the decline of JD.com's other revenue, but the pharmaceutical category is a \"one-time\" source of revenue and cannot bring sustainable development to JD.com.</p><p>Therefore, the Q1 '23 report is particularly important, which will reflect how consumer loyalty is distributed in the first quarter of consumption recovery after the epidemic.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e42c16a083ab273c19aaae21cdb697a0","relate_stocks":{"PDD":"拼多多"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2321667647","content_text":"3月20日，拼多多公布了2022年Q4财报，在中概股四季度均超市场预期的表现下，拼多多反倒成唯一一个低于市场预期的。在昨夜财报公布后，拼多多大跌14.17%，跌近5个月以来的低位，此前由于京东百亿补贴带来的冲击并不强，拼多多的走势优于京东，但为什么昨夜财报一发，就引起了股价大跌？ 财报显示，22Q4总营收为398.2亿元，同比增长46.2%，环比增长12.2%。此前彭博一致预期为419.48亿元，预期增速将达50%，但这次明显低于该数据。22Q4 Non-GAAP归母净利润为121.1亿元，同比增长43.4%，环比下滑2.7%。此前彭博一致预期为111.7亿元，实际高于市场预期的8.4%。在去年消费形势严峻的Q2和Q3季度下，拼多多仍有大超市场预期的表现，这让机构对拼多多在Q4的表现增多了想象空间。尤其是在去年阿里和京东市场份额下滑的情况下，大家对市场份额增多的拼多多抱有更大期待。拼多多这次财报未能达到大家的预期，有个最直观的原因有两个。一是拼多多为了高速扩展海外版拼多多Temu业务，在营销上花了不少钱揽客，拼多多原本优秀的成本控制环节有所放松。22Q4营销费用支出为177亿元，同比大增56%，比营收增速还高。管理费用从21年Q4同期的2.24亿元增长至16.4亿，其中股权激励费用占12.8亿，这是拼多多为激励Temu员工所致的。研发费用为24亿，处于拼多多的正常水平，并无增多。第二个是去年Q4的11月和12月深受疫情困扰，消费受阻，大家对药品类的需求激增。而有药房配送业务的阿里和京东受益于此，但拼多多却没有这项业务。若不考虑药品带来的高增长，实际上阿里和京东的消费品营收也并不好看。这两家也在Q4财报中提到，药品高增长抵消了其他品类消费的下滑。拼多多由于没这项业务，即没有抵消其他品类营收下滑的缓冲垫。从业务细分来看，22Q4在线营销服务收入为310亿元，同比增长38%，增速慢于22Q3的58%，且低于市场45-50%的较高预期值。但该项收入是京东同期该项收入的125%，为阿里同期该项收入的43.5%。虽然去年Q4的11至12月是居家时间，对拼多多的日用品销售也有好处，但网购始终需要有人把货品送到家，而去年两个月中，很多地区的物流配送并不是那么顺畅，履约率恶化也是影响消费的因素。22Q4佣金收入为88亿元，同比增长86%，但增速低于22Q3增长的102%，该项业务收入超市场预期的82亿元。22Q4毛利率为77.6%，略高于市场预期的76.6%，其实毛利率并未有下滑。毛利润为309亿元，低于市场预期的319亿，这主要还是由于营收少了，及营销费用增多所致。整体而言，市场对拼多多去年Q2和Q3超预期表现过于乐观，导致对Q4业绩期待过高。而阿里和京东在Q4表现不错，与我们上述所说的一样，但主要得益于药品类销售增长。除去药品类外，其他消费品类营收实际下滑。阿里和京东有饿了么和京东到家等线下配送能力，在居家消费需求高涨的情况下占据优势。相比之下，拼多多没有线下配送药品能力。值得注意的是，京东已经打响了所谓的百亿补贴战两周时间。但从消费者反馈来看，并没有感受到京东宣传中所说的价格优势。例如，“价格不比拼多多和天猫低就赔三倍”的承诺并未兑现。在个别品类上，京东价格略低于拼多多；但从整体品类来看，拼多多给消费者更大力度。拼多多CEO陈磊表示，行业内的竞争非常激烈，我们相信良性的竞争对于消费者以及整个行业而言，都是有利的，但有事随着竞争的激烈，这种竞争也会出现不同程度的异化。服务好消费者是创造长期价值的关键所在。在电话会中，有一段话应是投资者关心的：拼多多高管提及到，公司的每一笔投资都会经过审慎考量，如果这笔投资能够为公司带来长期的高质量发展，将毫不犹豫地进行投资。在过去，不仅是阿里和京东，或是腾讯的高速增长期时，都会有时候做一些莫名其妙的投资。而这项投资对公司产生的反馈并不好，这导致公司即花费了钱也花费了精力做一些比较差的投资，这是互联网公司经常会犯的错。这也是段永平之前称为什么无法重手买腾讯的原因之一，腾讯也会做一些奇奇怪怪令股东难以理解的投资。当然，拼多多的体量仍不能跟腾讯相提并论，但在企业高速发展期中，做好投资是公司未来发展更好的重要基石，例如拼多多扩展海外Temu业务。陈磊表示，目前Temu业务仍处于早期的阶段，目前对财报的影响还相对较小。但我们从22Q4这次财报上看，未来拼多多的营销支出应该是会陆续增加，会影响至财报的表现。结语这次财报并非差劲之作，而是市场预期过高导致失望反噬。目前京东打响价格战，并未动摇拼多多低价优势。若就是现在的价格力度，相信靠低价策略出身的拼多多能守好擂台。药品类销售增长为京东其他营收下滑提供缓冲作用，但药品类属于“一次性”收入来源，并不能为京东带来持续发展。因此23年Q1报尤为重要，它将反映出在疫情结束后首个消费复苏季度中消费者忠诚度如何分布。","news_type":1,"symbols_score_info":{"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":2733,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949702755,"gmtCreate":1678870747078,"gmtModify":1678870750482,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949702755","repostId":"2319863087","repostType":4,"isVote":1,"tweetType":1,"viewCount":2571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949702517,"gmtCreate":1678870716140,"gmtModify":1678870718637,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949702517","repostId":"1137602481","repostType":4,"repost":{"id":"1137602481","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1678861510,"share":"https://ttm.financial/m/news/1137602481?lang=en_US&edition=fundamental","pubTime":"2023-03-15 14:25","market":"us","language":"zh","title":"Whether to want a rate hike in March, Wall Street is quarreling!","url":"https://stock-news.laohu8.com/highlight/detail?id=1137602481","media":"华尔街见闻","summary":"目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点。硅谷银行危机持续发酵，美国通胀涨势再起，美联储下一步会作何打算？隔夜发布的美国2月通胀","content":"<p><html><head></head><body>At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>The crisis continues to ferment, and U.S. inflation is rising again. What will the Fed do next?</p><p>The U.S. inflation report for February released overnight showed that the core CPI was higher than expected month-on-month, and Powell's preferred \"super core inflation\" (excluding housing and rents) rose from 0.36% to 0.5%, the highest level since September last year.</p><p><img src=\"https://static.tigerbbs.com/81828931ab9d7bfab19ac81de792bde9\" tg-width=\"500\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>In addition to housing, entertainment and airfare prices also increased, while egg and meat indexes declined and energy services declined. Although the Manheim index shows a sharp increase in used car prices, used car prices have unexpectedly declined, which means that used car prices in the CPI may lag relatively behind.</p><p>After the release of the CPI data, the short-term interest rate STIR market's expectation for the Fed's rate hike of 25 basis points rose slightly and is currently at 80%, having fallen below 50% at one point earlier.</p><p><img src=\"https://static.tigerbbs.com/17524ed0b30c9240810c5047991fa9c9\" tg-width=\"500\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>Of course, at the same time, we can't ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry crisis is just the beginning, and more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>Lowered the outlook for the U.S. banking industry to \"negative,\" saying the operating environment has deteriorated sharply.</p><p><b>What does Wall Street think? At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Fed to rate hike by 25 basis points at the FOMC meeting on March 22.</b>This means that<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And Barclays' calls for a suspension of rate hike and Nomura's calls for a rate cut may all be wrong.</p><p><b>Relatively dovish: inclined to pause rate hike or cut interest rates</b></p><p><b>Here's what relatively dovish analysts have to say.</b></p><p>Dennis DeBusschere, founder of 22V Research, doesn't think CPI will bring much move:</p><p>The CPI inflation data is a big hot spot, but it's not a game changer. The Federal Reserve is very concerned about the labor force data, and the market reaction after the non-agricultural release was dovish, which is why the market did not change the probability of rate hike after the CPI was released. Capital Economics economist Andrew Hunter highlights the negative impact of rate hike on the economy:</p><p>On the surface, the continued rise in inflation has left the Fed focused on maintaining financial stability in trouble, but even if the current crisis is resolved quickly, we think<b>The tightening of credit conditions brought on by rate hike will still cause lasting damage to the economy.</b>Victoria Scholar, head of investment at Interactive Investor, believes:</p><p>When financial conditions tighten and the risk of a recession in the United States increases, the impact of the banking crisis will actually ease inflationary pressures.<b>Relative Hawks: rate hike 25 basis points</b></p><p>Here's what relatively hawkish analysts have to say.</p><p>BMO fixed income strategist Ian Lyngen believes a 25 basis point rate hike next week is a foregone conclusion.</p><p>Overall, this latest inflation situation means that next week's rate hike of 25 basis points is a foregone conclusion. But at the same time, the pressure on the regional banking industry is still unknown. Ira Jersey BBG Intel Chief U.S. interest rate strategist said:</p><p><b>The numbers are strong enough to suggest the Fed will issue a 25 basis point rate hike next week.</b>The challenge for the Fed will be to send the message that it is ready to help ease liquidity in the financial sector, but it still needs to fight inflation. For the US Treasury Bond market, we think long-term yields will remain in the range of 3.32% to 3.9% ahead of the Fed meeting. Peter Boockvar, author of The Boock Report, writes:</p><p>We are seeing services inflation accelerate again, offsetting a slowdown in goods inflation. Rent growth has been exaggerated, and as housing demand will be stable, it will still maintain a growth rate of 3-4%. On the other hand, the continued downward trend in commodity prices means that the slowdown in inflation is sustainable, but as for why I support the Fed's rate hike of 25 basis points next week, after which rate hike may be paused.<b>It is pointless for the Fed to cut interest rates next week. It will not only make the Fed look weak, but also make all the outspoken hawks look silly.</b>Renaissance Macro strategist Neil Dutta points out succinctly:</p><p>The details of the inflation report aren't positive for the Fed, with core services inflation (excluding housing) accelerating. CPI data reminds the Fed that,<b>The fight against inflation isn't over. It is expected to have a rate hike of 25 basis points next week, and if SVB hadn't collapsed, the Fed might have a rate hike of 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the dilemma of the Federal Reserve in maintaining financial stability and fighting inflation:</p><p>So far this year, Powell has used the term \"anti-inflation,\" and Tuesday's report was anything but \"anti-inflation.\" The Fed has to confront the fact that rate hike has not only failed to control inflation, but has begun to cause instability in the banking system. We are currently in a situation where inflation remains high and there is a risk of further economic weakness, particularly in the light of recent bank failures. The Fed is running out of good options.</body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Whether to want a rate hike in March, Wall Street is quarreling!</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\">\nWhether to want a rate hike in March, Wall Street is quarreling!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2023-03-15 14:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Federal Reserve to rate hike by 25 basis points at the FOMC meeting on March 22.<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>The crisis continues to ferment, and U.S. inflation is rising again. What will the Fed do next?</p><p>The U.S. inflation report for February released overnight showed that the core CPI was higher than expected month-on-month, and Powell's preferred \"super core inflation\" (excluding housing and rents) rose from 0.36% to 0.5%, the highest level since September last year.</p><p><img src=\"https://static.tigerbbs.com/81828931ab9d7bfab19ac81de792bde9\" tg-width=\"500\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>In addition to housing, entertainment and airfare prices also increased, while egg and meat indexes declined and energy services declined. Although the Manheim index shows a sharp increase in used car prices, used car prices have unexpectedly declined, which means that used car prices in the CPI may lag relatively behind.</p><p>After the release of the CPI data, the short-term interest rate STIR market's expectation for the Fed's rate hike of 25 basis points rose slightly and is currently at 80%, having fallen below 50% at one point earlier.</p><p><img src=\"https://static.tigerbbs.com/17524ed0b30c9240810c5047991fa9c9\" tg-width=\"500\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>Of course, at the same time, we can't ignore<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry crisis is just the beginning, and more banks may fail one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>Lowered the outlook for the U.S. banking industry to \"negative,\" saying the operating environment has deteriorated sharply.</p><p><b>What does Wall Street think? At present, most Wall Street analysts believe that although the inflation data is not very hot, it is still enough to push the Fed to rate hike by 25 basis points at the FOMC meeting on March 22.</b>This means that<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And Barclays' calls for a suspension of rate hike and Nomura's calls for a rate cut may all be wrong.</p><p><b>Relatively dovish: inclined to pause rate hike or cut interest rates</b></p><p><b>Here's what relatively dovish analysts have to say.</b></p><p>Dennis DeBusschere, founder of 22V Research, doesn't think CPI will bring much move:</p><p>The CPI inflation data is a big hot spot, but it's not a game changer. The Federal Reserve is very concerned about the labor force data, and the market reaction after the non-agricultural release was dovish, which is why the market did not change the probability of rate hike after the CPI was released. Capital Economics economist Andrew Hunter highlights the negative impact of rate hike on the economy:</p><p>On the surface, the continued rise in inflation has left the Fed focused on maintaining financial stability in trouble, but even if the current crisis is resolved quickly, we think<b>The tightening of credit conditions brought on by rate hike will still cause lasting damage to the economy.</b>Victoria Scholar, head of investment at Interactive Investor, believes:</p><p>When financial conditions tighten and the risk of a recession in the United States increases, the impact of the banking crisis will actually ease inflationary pressures.<b>Relative Hawks: rate hike 25 basis points</b></p><p>Here's what relatively hawkish analysts have to say.</p><p>BMO fixed income strategist Ian Lyngen believes a 25 basis point rate hike next week is a foregone conclusion.</p><p>Overall, this latest inflation situation means that next week's rate hike of 25 basis points is a foregone conclusion. But at the same time, the pressure on the regional banking industry is still unknown. Ira Jersey BBG Intel Chief U.S. interest rate strategist said:</p><p><b>The numbers are strong enough to suggest the Fed will issue a 25 basis point rate hike next week.</b>The challenge for the Fed will be to send the message that it is ready to help ease liquidity in the financial sector, but it still needs to fight inflation. For the US Treasury Bond market, we think long-term yields will remain in the range of 3.32% to 3.9% ahead of the Fed meeting. Peter Boockvar, author of The Boock Report, writes:</p><p>We are seeing services inflation accelerate again, offsetting a slowdown in goods inflation. Rent growth has been exaggerated, and as housing demand will be stable, it will still maintain a growth rate of 3-4%. On the other hand, the continued downward trend in commodity prices means that the slowdown in inflation is sustainable, but as for why I support the Fed's rate hike of 25 basis points next week, after which rate hike may be paused.<b>It is pointless for the Fed to cut interest rates next week. It will not only make the Fed look weak, but also make all the outspoken hawks look silly.</b>Renaissance Macro strategist Neil Dutta points out succinctly:</p><p>The details of the inflation report aren't positive for the Fed, with core services inflation (excluding housing) accelerating. CPI data reminds the Fed that,<b>The fight against inflation isn't over. It is expected to have a rate hike of 25 basis points next week, and if SVB hadn't collapsed, the Fed might have a rate hike of 50 basis points.</b>Nancy Davis, founder of Quadratic Capital Management, pointed out the dilemma of the Federal Reserve in maintaining financial stability and fighting inflation:</p><p>So far this year, Powell has used the term \"anti-inflation,\" and Tuesday's report was anything but \"anti-inflation.\" The Fed has to confront the fact that rate hike has not only failed to control inflation, but has begun to cause instability in the banking system. We are currently in a situation where inflation remains high and there is a risk of further economic weakness, particularly in the light of recent bank failures. The Fed is running out of good options.</body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137602481","content_text":"目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点。硅谷银行危机持续发酵，美国通胀涨势再起，美联储下一步会作何打算？隔夜发布的美国2月通胀报告显示，核心CPI环比高于预期，鲍威尔首选的“超级核心通胀”（不包括住房和租金）从0.36%上升到0.5%，为去年9月以来的最高水平。除住房外，娱乐和机票价格也有所上涨，而鸡蛋和肉类指数下降，能源服务有所下降。尽管Manheim指数显示二手车价格大幅上涨，但二手车价格却意外下行，这意味着CPI中二手车价格可能相对滞后。CPI数据公布后，短期利率STIR市场对美联储加息25个基点的预期小幅上升，目前为80%，在早些时候曾一度跌破50%。当然，同时也不能忽视美国银行业危机，这仅仅是刚开始，可能更多的银行接连倒闭。穆迪下调美国银行业展望至“负面”，称运营环境急剧恶化。华尔街怎么看呢？目前大部分华尔街分析师认为，虽然通胀数据不是很火热，但仍足以推动美联储在3月22日的FOMC会议上加息25个基点，这意味着高盛和巴克莱呼吁暂停加息以及野村的降息呼吁可能都是错误的。相对鸽派：倾向暂停加息或降息以下是相对鸽派分析师的看法。22V Research创始人Dennis DeBusschere认为，CPI不会带来很大变动：CPI通胀数据是一大热点，但并不是游戏规则的改变者。美联储非常关注劳动力数据，而且非农发布后市场反应偏鸽，这就是为什么市场在CPI公布后没有改变加息概率。Capital Economics经济学家Andrew Hunter强调加息给经济带来的负面影响：从表面上看，通胀的持续加剧令专注于维持金融稳定美联储陷入困境，但即使当前危机迅速得到解决，我们认为加息带来的信贷条件收紧仍将对经济造成持久损害。Interactive Investor的投资主管Victoria Scholar认为：当金融条件收紧，美国经济衰退风险增加时，银行危机带来的影响实际上会缓解通胀压力。相对鹰派：加息25个基点以下是相对鹰派分析师的看法。BMO固定收益策略师Ian Lyngen认为，下周加息25基点已成定局。总的来说，这次最新通胀情况意味着下周加息25个基点已成定局。但同时，地区性银行业面临的压力仍是个未知数。Ira Jersey BBG Intel首席美国利率策略师表示：这些数据足够强劲，暗示美联储将在下周加息25个基点。美联储面临的挑战将是传达这样一种信息：它准备帮助缓解金融业的流动性，但仍需要抗击通胀。对于美国国债市场，我们认为在美联储会议之前，长期收益率将保持在3.32%至3.9%的区间。Boock Report的作者Peter Boockvar写道：我们看到服务通胀再次加速，抵消了商品通胀的放缓。租金增长被夸大了，由于房屋需求将为稳定，因此仍保持的3—4%的增速。另一方面，商品价格持续下行中意味着通胀放缓是可持续的，但至于为什么我支持美联储下周加息25个基点，之后可能会暂停加息。下周美联储降息是毫无意义，这不仅会显得美联储很软弱，还会让所有直言不讳的鹰派人士看起来很傻。Renaissance Macro策略师Neil Dutta简明扼要地指出：通胀报告的细节对美联储来说并不积极，核心服务通胀（不包括住房）正在加速。CPI数据提醒着美联储，抗通胀斗争还没有结束。预计下周将加息25个基点，如果不是SVB倒闭了，美联储可能加息50个基点。Quadratic Capital Management的创始人Nancy Davis则指出了美联储维护金融稳定和抗击通胀的两难境地：今年到目前为止，鲍威尔经常使用“反通胀”这个词，而周二的报告绝不是“反通胀”。美联储不得不面对这样一个事实，加息不仅未能控制通胀，而且已经开始导致银行体系的不稳定。我们目前的情况是，通货膨胀率仍然很高，经济有进一步疲软的风险，特别是在最近银行倒闭的情况下。美联储已经没有什么好的选择了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949702162,"gmtCreate":1678870682057,"gmtModify":1678870685051,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949702162","repostId":"1100406408","repostType":4,"isVote":1,"tweetType":1,"viewCount":2421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949607851,"gmtCreate":1678548886373,"gmtModify":1678548890090,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949607851","repostId":"1120362149","repostType":4,"repost":{"id":"1120362149","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1678079397,"share":"https://ttm.financial/m/news/1120362149?lang=en_US&edition=fundamental","pubTime":"2023-03-06 13:09","market":"hk","language":"zh","title":"Reminder: The United States will enter daylight saving time from March 12, and U.S. stocks will open one hour earlier","url":"https://stock-news.laohu8.com/highlight/detail?id=1120362149","media":"老虎资讯综合","summary":"美国2023年夏令时将于2023年3月12日美东时间02：00开始，至2023年11月5日美东时间02：00终止。届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日","content":"<p><html><head></head><body>U.S. Daylight Saving Time 2023 will begin at 02:00 EST on March 12, 2023 and end at 02:00 EST on November 5, 2023. At that time, the Beijing time corresponding to the regular trading hours of the U.S. stock market will be advanced by one hour, that is, from 21:30 Monday to Friday to 04:00 the next day; March 13 is the first trading day for U.S. stocks after entering daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 09:30 ~ 16:00 (closed at noon); Beijing time: 21:30 ~ 04:00 the next day</p><p><b>Pre-market trading hours</b></p><p>EST: 04:00 ~ 09:30; Beijing Time: 16:00 ~ 21:30</p><p><b>After-hours trading hours</b></p><p>EST: 16:00 ~ 20:00; Beijing Time: 04:00 ~ 08:00</p><p>(Note: Daylight saving time is from the second Sunday in March to the first Sunday in November each year, and winter time is from the first Sunday in November to the second Sunday in March each year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The United States will enter daylight saving time from March 12, and U.S. stocks will open one hour earlier</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\">\nReminder: The United States will enter daylight saving time from March 12, and U.S. stocks will open one hour earlier\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2023-03-06 13:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. Daylight Saving Time 2023 will begin at 02:00 EST on March 12, 2023 and end at 02:00 EST on November 5, 2023. At that time, the Beijing time corresponding to the regular trading hours of the U.S. stock market will be advanced by one hour, that is, from 21:30 Monday to Friday to 04:00 the next day; March 13 is the first trading day for U.S. stocks after entering daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 09:30 ~ 16:00 (closed at noon); Beijing time: 21:30 ~ 04:00 the next day</p><p><b>Pre-market trading hours</b></p><p>EST: 04:00 ~ 09:30; Beijing Time: 16:00 ~ 21:30</p><p><b>After-hours trading hours</b></p><p>EST: 16:00 ~ 20:00; Beijing Time: 04:00 ~ 08:00</p><p>(Note: Daylight saving time is from the second Sunday in March to the first Sunday in November each year, and winter time is from the first Sunday in November to the second Sunday in March each year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120362149","content_text":"美国2023年夏令时将于2023年3月12日美东时间02：00开始，至2023年11月5日美东时间02：00终止。届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日04：00；3月13日为进入夏令时后美股首个交易日。交易时间美国东部时间：09：30~16：00 (午间不休市)；北京时间：21：30~次日04：00盘前交易时间美国东部时间：04：00~09：30；北京时间：16：00~21:30盘后交易时间美国东部时间：16：00~20：00；北京时间：04：00~08：00（注：夏令时为每年3月的第二个星期日至11月的第一个星期日，冬令时为每年11月的第一个星期日至次年3月的第二个星期日。）","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3034,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940720328,"gmtCreate":1678190114965,"gmtModify":1678190118473,"author":{"id":"4100077768974590","authorId":"4100077768974590","name":"极痛黑魂","avatar":"https://static.tigerbbs.com/0d1f476ca7d333560fddc7c033fefec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4100077768974590","idStr":"4100077768974590"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940720328","repostId":"1138910794","repostType":4,"repost":{"id":"1138910794","kind":"news","pubTimestamp":1678188302,"share":"https://ttm.financial/m/news/1138910794?lang=en_US&edition=fundamental","pubTime":"2023-03-07 19:25","market":"us","language":"zh","title":"What happened to the bank stocks that were reduced by Buffett?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138910794","media":"丫丫港股圈","summary":"当地时间2月14日，伯克希尔公布了截至2022年12月31日的第四季度持仓情况。总体来看，伯克希尔股票市值2990.08亿美元，环比上升近30亿美元，也是继前两季度下滑后的首次上升。据whale wi","content":"<p><html><head></head><body>On February 14, local time, Berkshire announced its positions for the fourth quarter ending December 31, 2022. Overall, the market value of Berkshire's stock was US $299.008 billion, an increase of nearly US $3 billion from the previous quarter, and it was also the first increase after the decline in the previous two quarters.</p><p><b>According to whale wisdom data, Berkshire did not open new positions in stocks this quarter, and except for TSMC, which is more surprised by the market, U.S. Bank is the stock that has been greatly reduced.</b></p><p><b>1. Bank stocks are no longer favored?</b></p><p>It's the time when Buffett makes four moves a year. Due to his personal legend, any trouble with Buffett will receive the ultimate attention of the market. The sharp reduction in TSMC's holdings in the fourth quarter of this year, like the original reduction in BYD's holdings, has also aroused the infinite reverie of domestic and foreign investors.</p><p><b>TSMC is certainly worth discussing, but I want to know what happened to the bank stocks that were reduced by Lao Ba?</b></p><p>The bank stock that has been significantly reduced in this round is U.S. Bank, the fifth largest commercial bank in the United States, and one of the bank stocks that Berkshire has been \"favoring\" since 2006. But in fact, in the previous three quarters, the bank was already the target of Berkshire's largest reduction. In the fourth quarter, it reduced its holdings by 71.117 million shares, a quarter-on-quarter reduction of 91%.</p><p>Not long ago, at the 2021 shareholder meeting for investors around the world, he and Munger unanimously stated: Buffett, who \"has not lost confidence in the banking industry\", does not seem to be as loyal as his old friend in sticking to his original intention.</p><p><b>According to whale wisdom data, as of the end of the fourth quarter of 2022, Daily Journal's U.S. stock portfolio includes Bank of America, the largest holding, Wells Fargo, the second largest holding, and U.S. Bank, the fourth largest holding.</b></p><p><img src=\"https://static.tigerbbs.com/f05ab5516b72ffbda64fbff4b89b46a3\" tg-width=\"1080\" tg-height=\"807\" referrerpolicy=\"no-referrer\"/></p><p>It may be \"against the original intention\" to lighten his position in U.S. Bank of the United States, but in fact, Buffett's confidence in bank stocks still exists, but it is only placed on other bank stocks, such as investing since 2011, and Bank of America, which is still the second largest position in Berkshire, is the embodiment of this heart. And the grasp of this stock may be that even Buffett himself wants to indicate the existence of writing it into his personal honor roll.</p><p><b>Because in 2011, when I bought Bank of America, it was a real internal and external trouble.</b></p><p>The crises of that year included but were not limited to: the U.S. debt ceiling crisis, the real estate crisis, the European debt crisis, and even Standard & Poor's downgraded the highest rating of the United States in an unprecedented way. But in addition to these external reasons, Bank of America at that time also faced huge losses caused by being forced to upgrade the acquisition of Countrywide. Since the price of US $12.88 per share at the beginning of the year, in August when Buffett entered the market, Bank of America's stock price had already been halved.</p><p><img src=\"https://static.tigerbbs.com/80d417583f069f6687d28b9d6a5b0244\" tg-width=\"1080\" tg-height=\"805\" referrerpolicy=\"no-referrer\"/></p><p>It stands to reason that when the global stock market plummeted, investors' worries about the health of the banking industry and the economic prospects of the whole country had reached the extreme, and Bank of America still had an internal crisis at that time, but at this time, Buffett still firmly used his most classic trick-\"Be greedy when others are fearful\".</p><p><b>According to international financial reports: On August 25th, 2011, Buffett will invest US $5 billion in Bank of America. In this transaction, Berkshire purchased US $5 billion of preferred shares rights of Bank of America and enjoyed warrants to subscribe for 700 million common shares of Bank of America at a price of US $7.14 per share. These warrant made Berkshire's book profit increased to more than US $3 billion.</b></p><p>Although Bank of America's subsequent stock price fell far below US $7.14 per share, looking back on history, even in 2020, when the epidemic in the United States was the worst, Bank of America's stock price did not fall below the price at which Buffett entered the market that year. A low that only appears once in 11 years, Buffett's counter-trend operation is obviously very weighty.</p><p>At that time, the only thing that supported Buffett's choice was his trust in Brian Moynihan, the new CEO of Bank of America. This seems to be similar to the logic of Dongfang Selection's surge. Good managers play a decisive role in the development of a company and even in the emotional regulation of investors. But unlike selection, Bank of America has sufficient performance support and is not a long-term logic of petty bourgeoisie.</p><p><b>2. Financial technology and low valuation</b></p><p>In the past few years, the market can also clearly feel that Berkshire's holding style is constantly changing, and it is necessary to move closer to the technology field more obviously. At present, the first heavy position is a pure technology giant, and most investors It seems that it still belongs to the old and traditional banking industry, and Buffett also prefers to invest in individual stocks that actively develop financial technology.</p><p><b>And this is also a step ahead of Bank of America over U.S. Bank-retail banking.</b></p><p>This kind of comprehensive and integrated financial services provided to individuals, families and small and medium-sized enterprises by relying on modern high-tech means and modern business concepts has become one of the important trends in the future development of banking industry. After the epidemic and inflation, for most Americans today, this kind of business that is more personal-oriented and solves their embarrassing financial situation has undoubtedly become an \"urgent need\".</p><p><b>According to Bank of America's 2021 annual report, retail banking not only allowed the company to add nearly 1 million new checking accounts and millions of new credit card accounts, but also helped consumer investment assets grow by 20% during the year. In addition, Bank of America provides services to approximately 67 million consumers and small business customers through approximately 3,900 retail financial centers. In that year, the company recorded a retail business volume of US $1.4 trillion, ranking first in retail deposits in the United States.</b></p><p><img src=\"https://static.tigerbbs.com/02202513699631fa1833b487505dc1d8\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/></p><p>In the sluggish and turbulent macro environment, banks that actively embrace digital transformation will develop more outstanding. In addition to being heavily held by Berkshire, Bank of America itself is also an excellent investment institution. Consistent with Berkshire's investment philosophy, Bank of America also favors technology stocks. According to whale wisdom data, the total market value of Bank of America's holdings in the fourth quarter was about 878.015 billion US dollars, an increase of about 5% from the previous quarter. Among the top five heavyweight stocks, Microsoft ranked first and Apple ranked second.</p><p>Whether it is the direction of business development or the target of heavy investment, Bank of America has made a younger technological transformation than traditional banks, and has also achieved good results, but today's market doesn't seem to have time to react to all this.<b>As of the fourth quarter of 2022, the company's net interest income increased by 29% year-on-year, the net inflow of investment accounts was US $115 billion, and digital sales increased by 22% year-on-year. But it matches the price-to-book ratio of 1.1 times, while the price-to-book ratio of U.S. Bank in the same period was 1.7 (both calculated based on the closing price on the 21st and 22q4 data).</b></p><p><b>Obviously, compared with U.S. Bank, Bank of America has higher technology-enabled growth and a more reasonable (or even undervalued) price. It is precisely because of these two points that after the fourth quarter, Berkshire significantly reduced its holdings of bank stocks and only focused on investing in the US $36 billion shares of Bank of America. As for the current \"soft landing\" of the U.S. economic recession, it is becoming more and more favorable, and there is still room for long-term growth in the development of Bank of America.</b></p><p>And if you want to explore domestic bank stocks, of course, there are also companies that actively cluster financial technology, but since it is only used in brand copywriting, China Merchants Bank's approach to ChatGPT this time is obviously suspected of gaining popularity.</p><p><img src=\"https://static.tigerbbs.com/90c6af1fd766db975b58a97c99efaef2\" tg-width=\"589\" tg-height=\"148\" referrerpolicy=\"no-referrer\"/></p><p>However, judging from specific data, as of the third quarter of 2022, China Merchants Bank's retail loans were 3.163669 billion yuan, an increase of 5.89% over the end of the previous year; The balance of deposits from retail customers was RMB2, 701.873 billion, an increase of 18.08% as compared with the end of the previous year. Ping An Bank's retail customer assets under management (AUM) amounted to RMB3, 532.560 billion, representing an increase of 11.0% as compared to the end of the previous year; Among them, the balance of personal loans exceeded 2 trillion yuan, an increase of 4.9% over the end of the previous year. Personal loans in the retail business of Postal Savings Bank amounted to RMB4, 017.737 billion, representing an increase of 6.96% as compared with the end of the previous year.</p><p><img src=\"https://static.tigerbbs.com/100a8a2d715701ae53595f30fccb4ff2\" tg-width=\"877\" tg-height=\"666\" referrerpolicy=\"no-referrer\"/></p><p>At the same time, judging from the global retail banking data, Bank of China's retail business has the greatest potential due to its population base. Compared with the good performance of major domestic banks in retail business, the development of retail banking business has obviously become a new performance growth focus of traditional banking industry.</p><p><b>3. Conclusion</b></p><p>\"Rare new targets that have not been opened\", \"short-term operations of fast-in and fast-out\", \"bank stocks are no longer favored\", these behaviors that are different from market expectations may herald the arrival of Berkshire's new investment style. After all, no matter how legendary the god is, he will eventually grow old one day, and Buffett's giving way has become an established thing. Therefore, it may be biased to always analyze any investment behavior of Berkshire in the tone of \"Buffett\" in the future, because no one can say now how much Buffett's color Berkshire still has today.</p><p></body></html></p>","source":"lsy1568959956107","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>What happened to the bank stocks that were reduced by Buffett?</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\">\nWhat happened to the bank stocks that were reduced by Buffett?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">丫丫港股圈</strong><span class=\"h-time small\">2023-03-07 19:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On February 14, local time, Berkshire announced its positions for the fourth quarter ending December 31, 2022. Overall, the market value of Berkshire's stock was US $299.008 billion, an increase of nearly US $3 billion from the previous quarter, and it was also the first increase after the decline in the previous two quarters.</p><p><b>According to whale wisdom data, Berkshire did not open new positions in stocks this quarter, and except for TSMC, which is more surprised by the market, U.S. Bank is the stock that has been greatly reduced.</b></p><p><b>1. Bank stocks are no longer favored?</b></p><p>It's the time when Buffett makes four moves a year. Due to his personal legend, any trouble with Buffett will receive the ultimate attention of the market. The sharp reduction in TSMC's holdings in the fourth quarter of this year, like the original reduction in BYD's holdings, has also aroused the infinite reverie of domestic and foreign investors.</p><p><b>TSMC is certainly worth discussing, but I want to know what happened to the bank stocks that were reduced by Lao Ba?</b></p><p>The bank stock that has been significantly reduced in this round is U.S. Bank, the fifth largest commercial bank in the United States, and one of the bank stocks that Berkshire has been \"favoring\" since 2006. But in fact, in the previous three quarters, the bank was already the target of Berkshire's largest reduction. In the fourth quarter, it reduced its holdings by 71.117 million shares, a quarter-on-quarter reduction of 91%.</p><p>Not long ago, at the 2021 shareholder meeting for investors around the world, he and Munger unanimously stated: Buffett, who \"has not lost confidence in the banking industry\", does not seem to be as loyal as his old friend in sticking to his original intention.</p><p><b>According to whale wisdom data, as of the end of the fourth quarter of 2022, Daily Journal's U.S. stock portfolio includes Bank of America, the largest holding, Wells Fargo, the second largest holding, and U.S. Bank, the fourth largest holding.</b></p><p><img src=\"https://static.tigerbbs.com/f05ab5516b72ffbda64fbff4b89b46a3\" tg-width=\"1080\" tg-height=\"807\" referrerpolicy=\"no-referrer\"/></p><p>It may be \"against the original intention\" to lighten his position in U.S. Bank of the United States, but in fact, Buffett's confidence in bank stocks still exists, but it is only placed on other bank stocks, such as investing since 2011, and Bank of America, which is still the second largest position in Berkshire, is the embodiment of this heart. And the grasp of this stock may be that even Buffett himself wants to indicate the existence of writing it into his personal honor roll.</p><p><b>Because in 2011, when I bought Bank of America, it was a real internal and external trouble.</b></p><p>The crises of that year included but were not limited to: the U.S. debt ceiling crisis, the real estate crisis, the European debt crisis, and even Standard & Poor's downgraded the highest rating of the United States in an unprecedented way. But in addition to these external reasons, Bank of America at that time also faced huge losses caused by being forced to upgrade the acquisition of Countrywide. Since the price of US $12.88 per share at the beginning of the year, in August when Buffett entered the market, Bank of America's stock price had already been halved.</p><p><img src=\"https://static.tigerbbs.com/80d417583f069f6687d28b9d6a5b0244\" tg-width=\"1080\" tg-height=\"805\" referrerpolicy=\"no-referrer\"/></p><p>It stands to reason that when the global stock market plummeted, investors' worries about the health of the banking industry and the economic prospects of the whole country had reached the extreme, and Bank of America still had an internal crisis at that time, but at this time, Buffett still firmly used his most classic trick-\"Be greedy when others are fearful\".</p><p><b>According to international financial reports: On August 25th, 2011, Buffett will invest US $5 billion in Bank of America. In this transaction, Berkshire purchased US $5 billion of preferred shares rights of Bank of America and enjoyed warrants to subscribe for 700 million common shares of Bank of America at a price of US $7.14 per share. These warrant made Berkshire's book profit increased to more than US $3 billion.</b></p><p>Although Bank of America's subsequent stock price fell far below US $7.14 per share, looking back on history, even in 2020, when the epidemic in the United States was the worst, Bank of America's stock price did not fall below the price at which Buffett entered the market that year. A low that only appears once in 11 years, Buffett's counter-trend operation is obviously very weighty.</p><p>At that time, the only thing that supported Buffett's choice was his trust in Brian Moynihan, the new CEO of Bank of America. This seems to be similar to the logic of Dongfang Selection's surge. Good managers play a decisive role in the development of a company and even in the emotional regulation of investors. But unlike selection, Bank of America has sufficient performance support and is not a long-term logic of petty bourgeoisie.</p><p><b>2. Financial technology and low valuation</b></p><p>In the past few years, the market can also clearly feel that Berkshire's holding style is constantly changing, and it is necessary to move closer to the technology field more obviously. At present, the first heavy position is a pure technology giant, and most investors It seems that it still belongs to the old and traditional banking industry, and Buffett also prefers to invest in individual stocks that actively develop financial technology.</p><p><b>And this is also a step ahead of Bank of America over U.S. Bank-retail banking.</b></p><p>This kind of comprehensive and integrated financial services provided to individuals, families and small and medium-sized enterprises by relying on modern high-tech means and modern business concepts has become one of the important trends in the future development of banking industry. After the epidemic and inflation, for most Americans today, this kind of business that is more personal-oriented and solves their embarrassing financial situation has undoubtedly become an \"urgent need\".</p><p><b>According to Bank of America's 2021 annual report, retail banking not only allowed the company to add nearly 1 million new checking accounts and millions of new credit card accounts, but also helped consumer investment assets grow by 20% during the year. In addition, Bank of America provides services to approximately 67 million consumers and small business customers through approximately 3,900 retail financial centers. In that year, the company recorded a retail business volume of US $1.4 trillion, ranking first in retail deposits in the United States.</b></p><p><img src=\"https://static.tigerbbs.com/02202513699631fa1833b487505dc1d8\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/></p><p>In the sluggish and turbulent macro environment, banks that actively embrace digital transformation will develop more outstanding. In addition to being heavily held by Berkshire, Bank of America itself is also an excellent investment institution. Consistent with Berkshire's investment philosophy, Bank of America also favors technology stocks. According to whale wisdom data, the total market value of Bank of America's holdings in the fourth quarter was about 878.015 billion US dollars, an increase of about 5% from the previous quarter. Among the top five heavyweight stocks, Microsoft ranked first and Apple ranked second.</p><p>Whether it is the direction of business development or the target of heavy investment, Bank of America has made a younger technological transformation than traditional banks, and has also achieved good results, but today's market doesn't seem to have time to react to all this.<b>As of the fourth quarter of 2022, the company's net interest income increased by 29% year-on-year, the net inflow of investment accounts was US $115 billion, and digital sales increased by 22% year-on-year. But it matches the price-to-book ratio of 1.1 times, while the price-to-book ratio of U.S. Bank in the same period was 1.7 (both calculated based on the closing price on the 21st and 22q4 data).</b></p><p><b>Obviously, compared with U.S. Bank, Bank of America has higher technology-enabled growth and a more reasonable (or even undervalued) price. It is precisely because of these two points that after the fourth quarter, Berkshire significantly reduced its holdings of bank stocks and only focused on investing in the US $36 billion shares of Bank of America. As for the current \"soft landing\" of the U.S. economic recession, it is becoming more and more favorable, and there is still room for long-term growth in the development of Bank of America.</b></p><p>And if you want to explore domestic bank stocks, of course, there are also companies that actively cluster financial technology, but since it is only used in brand copywriting, China Merchants Bank's approach to ChatGPT this time is obviously suspected of gaining popularity.</p><p><img src=\"https://static.tigerbbs.com/90c6af1fd766db975b58a97c99efaef2\" tg-width=\"589\" tg-height=\"148\" referrerpolicy=\"no-referrer\"/></p><p>However, judging from specific data, as of the third quarter of 2022, China Merchants Bank's retail loans were 3.163669 billion yuan, an increase of 5.89% over the end of the previous year; The balance of deposits from retail customers was RMB2, 701.873 billion, an increase of 18.08% as compared with the end of the previous year. Ping An Bank's retail customer assets under management (AUM) amounted to RMB3, 532.560 billion, representing an increase of 11.0% as compared to the end of the previous year; Among them, the balance of personal loans exceeded 2 trillion yuan, an increase of 4.9% over the end of the previous year. Personal loans in the retail business of Postal Savings Bank amounted to RMB4, 017.737 billion, representing an increase of 6.96% as compared with the end of the previous year.</p><p><img src=\"https://static.tigerbbs.com/100a8a2d715701ae53595f30fccb4ff2\" tg-width=\"877\" tg-height=\"666\" referrerpolicy=\"no-referrer\"/></p><p>At the same time, judging from the global retail banking data, Bank of China's retail business has the greatest potential due to its population base. Compared with the good performance of major domestic banks in retail business, the development of retail banking business has obviously become a new performance growth focus of traditional banking industry.</p><p><b>3. Conclusion</b></p><p>\"Rare new targets that have not been opened\", \"short-term operations of fast-in and fast-out\", \"bank stocks are no longer favored\", these behaviors that are different from market expectations may herald the arrival of Berkshire's new investment style. After all, no matter how legendary the god is, he will eventually grow old one day, and Buffett's giving way has become an established thing. Therefore, it may be biased to always analyze any investment behavior of Berkshire in the tone of \"Buffett\" in the future, because no one can say now how much Buffett's color Berkshire still has today.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/AALidZg6WDF7KHrZI8I66g\">丫丫港股圈</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f05ab5516b72ffbda64fbff4b89b46a3","relate_stocks":{"USB":"美国合众银行"},"source_url":"https://mp.weixin.qq.com/s/AALidZg6WDF7KHrZI8I66g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138910794","content_text":"当地时间2月14日，伯克希尔公布了截至2022年12月31日的第四季度持仓情况。总体来看，伯克希尔股票市值2990.08亿美元，环比上升近30亿美元，也是继前两季度下滑后的首次上升。据whale wisdom数据，伯克希尔在本季度并未新建仓股票，而除了市场更为诧异的台积电外，美国合众银行才是其中被最大幅度减持的个股。一、银行股不再受宠？又是一年四次巴菲特出手的时间节点，由于个人的传奇色彩，巴菲特的任何风吹草动都会受到市场的极致关注。今年四季度的大幅减持台积电和当初减持比亚迪一样，也引起了国内外投资者的无限遐想。台积电固然值得讨论，但我更想知道被老巴减持的银行股到底怎么了？本轮被大幅减持的银行个股是美国合众银行，这家美国第五大的商业银行，是伯克希尔从2006年起就开始“宠幸”的银行股之一。但实际上，在此前的三季度该银行就已经是伯克希尔最大幅度减持的标的，到了四季度又减持了7111.7万股，环比减持幅度高达91%。而前不久还在2021年面向全世界投资者的股东大会上和芒格一致表示：“并非对银行业失去信心”的巴菲特，在坚持初心这一点上似乎并不及老伙计要来的忠贞。据whale wisdom数据显示，截至2022年4季度末，Daily Journal的美股组合包括第一大重仓股美国银行、第二大重仓股富国银行、第四大重仓股美国合众银行。在减仓美国合众银行这件事上或许是“违背初心”，但实际上巴菲特对银行股的信心仍然存在，只不过是放在了其他银行股上，比如从2011年就开始投资，且目前仍处于伯克希尔排名第二大重仓的美国银行，就是这份心心的体现。而对这只股票的把握，可能是连巴菲特本人都想指明写进个人光荣榜的存在。因为在买进美国银行的2011年，是真正意义上的内忧外患。当年的危机包括但不限于：美国债务上限危机、房地产危机、欧洲债务危机，甚至当年连标普都史无前例地调降了美国的最高评级。但除了这些外部原因，当时的美国银行还面临着被迫上调并购Countrywide带来的巨额损失。而距年初12.88美元/股的价格，巴菲特进场的8月，美国银行的股价已经是腰斩的处境。按理说，全球股市暴跌一片的场景，投资者对银行业健康和整个国家经济前景的担忧俨然已经达到了极点，且当时的美银还有内部危机，但这个时候的巴菲特仍然坚定的使出了他最经典的招数——“Be greedy when others are fearful”。据国际财经报道：2011年8月25日，巴菲特将向美国银行投资50亿美元。在该交易中，伯克希尔购入美银50亿美元的优先股，以及享有可按7.14美元/股的价格认购美银7亿普通股的认股权证，而这些权证令伯克希尔账面获利增至逾30亿美元。虽然美银后续的股价远远跌穿了7.14美元/股，但回首历史，即使是美国疫情最严重的2020年，美银的股价也没有跌穿巴菲特当年进场的价格，押中了长达11年只出现一次的低位，巴菲特的这波逆势操作显然很有份量。而在当时，唯一支撑巴菲特做出选择的是对美银新任CEO Brian Moynihan的信任。这似乎跟东方甄选大涨的逻辑有异曲同工之妙，好的管理者对一家企业的发展，甚至是对投资者的情绪调节都有着举足轻重的作用。但和甄选不同的是，美银有足够的业绩支撑、且不属小资的长线逻辑。二、金融科技和低估值这几年来，市场也能明显感觉到伯克希尔的持仓风格在不断变化，要更明显的往科技领域靠拢，目前重仓的第一位就是一个纯正的科技大厂，而在大部分投资者看来仍属于老旧传统的银行业，巴菲特也更青睐于投资积极发展金融科技的个股。而这也是美国银行对比合众银行领先的一步——零售银行业务。这种依托现代高科技手段以及现代经营理念，向个人、家庭和中小企业提供的综合性、一体化的金融服务，已经成为未来银行业发展的重要趋势之一。而在疫情后、通胀下，对于如今大部分的美国民众而言，这种更多的面向个人，解决其窘迫财务状况的业务无疑成为了“急需品”。据美银2021年年报，零售银行业务不仅使公司增加了近100万新支票账户以及数以百万计的新信用卡账户，同时还帮助消费者投资资产在该年期间增长了 20%。此外，美银通过约3900个零售金融中心向约6700万消费者和小型企业客户提供服务，在当年，公司录得零售业务金额1.4万亿美元，在全美零售存款中排名第一。在低迷动荡的宏观环境下，积极拥抱数字化转型的银行，才会发展的更为出众。而除了被伯克希尔重仓持有外，美银本身也是一个优秀的投资机构。和伯克希尔投资理念一致的是，美银也对科技股青睐有加，据whale wisdom数据显示，美银第四季度的持仓总市值约8780.15亿美元，较上一季度环比增长约5%，在前五大重仓股中，微软位列第一，苹果位列第二。不管是业务发展方向还是投资重仓的标的，美银都做出了比传统银行更为年轻化的科技改造，也取得了不俗的成绩，但如今的市场似乎对这一切并没来得及反应。截至2022年四季度，公司净利息收入同比增长 29%，投资账户净流入 1150 亿美元，数字销售额同比增长 22%。但与之匹对的也就是1.1倍的市帐率，而同期的合众银行市帐率为1.7（皆以21日收盘价和22q4数据计算）。显然，与美国合众银行对比来看，美银有更高的科技赋能成长性以及更为合理（甚至是低估）的价格。也正因为这两点，四季度后，伯克希尔大幅减少了所持有的银行股，仅集中投资美国银行的360亿美元股份。而对于目前美国经济衰退“软着陆”越来越真的利好，美国银行的发展仍然存在长期的增长空间。而如果要探究国内银行股，当然也有积极簇拥金融科技的企业，但从仅应用在品牌文案编写上，招行这次接近ChatGPT有明显的的蹭热度嫌疑。不过从具体数据来看，截止2022年三季度数据，招商银行的零售贷款为31,636.69亿元，较上年末增长5.89%；零售客户存款余额为27,018.73 亿元，较上年末增长18.08%。平安银行管理的零售客户资产（AUM）为35,325.60 亿元，较上年末增长 11.0%；其中，个人贷款余额突破 2 万亿元，较上年末增长 4.9%。邮储银行零售业务中的个人贷款为 40,177.37 亿元，较上年末增长 6.96%。同时从全球零售银行数据来看，中国银行的零售业务因人口基数具有最大潜力，对标国内主要银行在零售业务上的良好表现，零售银行业务的开展显然已经成为传统银行业新的业绩增长重点。三、结语“罕见的未建仓新标的”、“快进快出的短线操作”、“银行股不再受宠”，这些种种有别于市场预期的行为可能都在预示着伯克希尔新投资风格的到来，毕竟再传奇的神人也终有老去的一天，巴菲特的让位已经成为既定的事情。所以，日后总以“巴菲特”的口吻去分析伯克希尔的任何投资行为，可能都会有失偏颇，因为现在谁也说不准，如今的伯克希尔还有多少分巴菲特的色彩。","news_type":1,"symbols_score_info":{"USB":0.9}},"isVote":1,"tweetType":1,"viewCount":2837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}